Free 50-310 Schedule B - Texas

50-310 (09-03) FORM B, Page 1 [11.1825, Rule 9.415]

SCHEDULE B: REHABILITATING BUILDINGS FOR LOW-INCOME HOUSING
Final Exemption Preliminary Determination of Exemption*

Complete one Schedule B form for EACH building and land qualified for exemption. Attach all completed schedules to your application for exemption.
Name of owner (please print):

Property address:

Building:

City, state:

ZIP code + 4:

Appraisal district account number (Optional):

Legal description of property:

Describe the primary use of the property:

Date of acquisition of property: ______/______/______

Is this property reasonably necessary for operation of the Organization?

Yes

No

Answer these questions about the property listed above: 1. When did actual rehabilitation of this property begin, or when is it expected to begin? 2. When will rehabilitation of this property be completed? 3. When was the original construction of this housing project completed? 4. If the organization acquired this property from another person/organization, how long did the person/organization own the property? 5. Has the organization spent or does it intend to spend the greater of: (check one) $5,000 or the financial lender for each dwelling unit in the project for the rehabilitation of this property? amount required by Yes No ______/______/______ ______/______/______ ______/______/______

______________ years

Attach a written statement prepared by a certified public account stating what the organization has spent or a copy of the development budget to verify the intent to spend the requisite amount. 6. Does the organization maintain a reserve fund for replacements? In what amount: amount required by the financial lender for each dwelling unit in the project or $300 for each dwelling unit in the project or _______ amount for each dwelling unit in the project adjusted for cost-of-living (for tax years 2005 or later) Has the organization made withdrawals from the reserve? If "Yes," was it: (check one) authorized by the financial lender or to pay the cost of capital improvements needed to maintain habitability under the Minimum Property Standards of the U. S. Department of Housing and Urban Development. "Capital improvement" is a property improvement that has a depreciable life of at least five years, excluding typical "make ready" expenses such as plaster repair, interior paint, or floor coverings. 7. Does the organization plan to rent or sell dwelling units in this building to individuals or families? If rent, attach rent schedule. Yes No

Yes

No

Rent

Sell

50-310 (09-03) FORM B, Page 2 [11.1825, Rule 9.415]

Questions regarding renting dwelling units: Do/will the individuals and families have a median income that is not more than 60 percent of either the area or statewide median family income? (Complete A or B): A. The area median family income for the household's place of residence, as adjusted for family size and as established by the United States Department of Housing and Urban Development, which is $ ______________, Yes No

OR B. The statewide area median family income, as adjusted for family size and as established by the United States Department of Housing and Urban Development, which is $ ______________.
What is the annual total of the monthly rent charged or to be charged for each dwelling unit in this building that is reserved for an individual or family noted in question No. 2 above? Will the organization be renting or offering to rent the applicable square footage of dwelling units in this building to qualified individuals and families by the third anniversary of the date the organization acquired this property? Questions regarding selling dwelling units:

Yes

No

$___________ /year

Yes

No

Do/will the individuals and families have a median income that is below either the area or statewide median family income? (Complete A or B): A. The area median family income for the household's place of residence, as adjusted for family size and as established by the United States Department of Housing and Urban Development, which is $ ______________,

Yes

No

OR B. The statewide area median family income, as adjusted for family size and as established by the United States Department of Housing and Urban Development, which is $ ______________.
8. How many dwelling units does the above described property have?

______________ units

9. What percentage of the total square footage of the dwelling units in this building described above are reserved for individuals or families noted in question No. 2 above?

________________ %