1. Appraisals & Capital Needs Assessments
TCAC Application Workshops
January 2016
Appraisals & Capital Needs Assessments
This template can be used as a starter file for presenting training materials in a group setting.
Sections
Right-click on a slide to add sections. Sections can help to organize your slides or facilitate collaboration between multiple authors.
Notes
Use the Notes section for delivery notes or to provide additional details for the audience. View these notes in Presentation View during your presentation.
Keep in mind the font size (important for accessibility, visibility, videotaping, and online production)
Coordinated colors
Pay particular attention to the graphs, charts, and text boxes.
Consider that attendees will print in black and white or grayscale. Run a test print to make sure your colors work when printed in pure black and white and grayscale.
Graphics, tables, and graphs
Keep it simple: If possible, use consistent, non-distracting styles and colors.
Label all graphs and tables.
DC Navarrette
Regional Analyst
CTCAC
California Tax Credit Allocation Committee

2. TCAC Application Workshops
January 2016
Discussion Topics
Appraisal 1
Capital Needs Assessments (CNA’s) 2
CNA’s & Resyndications 3
This is another option for an Overview slide.
California Tax Credit Allocation Committee

3. TCAC Application Workshops
January 2016
APPRAISALS
Completed 120 days before or after the execution of the purchase contract or property transfer
Housing California

4. TCAC Application Workshops
January 2016
APPRAISALS
APPROACHES
Highest and best use value as a residential property
Sales comparison approach
Income approach
Cost approach for adaptive re-use
Housing California

5. TCAC Application Workshops
January 2016
APPRAISALS
STAFF SUGGESTIONS
Always use the as-is value and not a post- rehab value
Identify all adjustments made
Pro-rate any savings between land and improvements
Housing California

6. CAPITAL NEEDS ASESSMENTS
TCAC Application Workshops
January 2016
CAPITAL NEEDS ASESSMENTS
Performed within 180 days of the application deadline
Required for all rehab projects
California Tax Credit Allocation Committee

7. CAPITAL NEEDS ASSESSMENTS
TCAC Application Workshops
January 2016
CAPITAL NEEDS ASSESSMENTS
REQUIREMENTS
CNA costs should match the sources/uses budget
Address all immediate needs in the scope of rehabilitation
California Tax Credit Allocation Committee

8. CAPITAL NEEDS ASSESSMENTS
TCAC Application Workshops
January 2016
CAPITAL NEEDS ASSESSMENTS
REQUIREMENTS
All necessary work/associated costs
Nature of the work
Useful life of structural components
Immediate and long term repairs
California Tax Credit Allocation Committee

9. CAPITAL NEEDS ASSESSMENTS
TCAC Application Workshops
January 2016
CAPITAL NEEDS ASSESSMENTS
RESYNDICATIONS
Required for all projects
No net equity does not waive requirement
Must be a “Qualified CNA”
Housing California

10. CAPITAL NEEDS ASSESSMENTS
TCAC Application Workshops
January 2016
CAPITAL NEEDS ASSESSMENTS
QUALIFIED CNA
Follow guidelines of Fannie Mae, Freddie Mac, HUD, or ASTN
Projected reserve contributions
Pre-rehab 15 year work study
Post-rehab 15 year reserve study
California Tax Credit Allocation Committee

11. CAPITAL NEEDS ASSESSMENTS
TCAC Application Workshops
January 2016
CAPITAL NEEDS ASSESSMENTS
QUALIFIED CNA (Pre-Rehab)
Identify first 2 year Capital Needs (Short Term Work)
Capital Needs for subsequent 13 years
Include a capitalized replacement reserve for short term work in sources/uses budget
California Tax Credit Allocation Committee

12. CAPITAL NEEDS ASSESSMENTS
TCAC Application Workshops
January 2016
CAPITAL NEEDS ASSESSMENTS
OTHER OPTIONS FOR QUALIFIED CNA
Can use funds to pay for rehab in lieu of a capitalized reserve
Costs can be carried to basis
Seller credit
Price reduction
General partner equity contribution
California Tax Credit Allocation Committee

13. TCAC Application Workshops
January 2016
Questions?
California Tax Credit Allocation Committee

14. TCAC Application Workshops
January 2016
CONTACT INFORMATION
DC Navarrette
San Diego County
Inland Empire Region
This template can be used as a starter file for presenting training materials in a group setting.
Sections
Right-click on a slide to add sections. Sections can help to organize your slides or facilitate collaboration between multiple authors.
Notes
Use the Notes section for delivery notes or to provide additional details for the audience. View these notes in Presentation View during your presentation.
Keep in mind the font size (important for accessibility, visibility, videotaping, and online production)
Coordinated colors
Pay particular attention to the graphs, charts, and text boxes.
Consider that attendees will print in black and white or grayscale. Run a test print to make sure your colors work when printed in pure black and white and grayscale.
Graphics, tables, and graphs
Keep it simple: If possible, use consistent, non-distracting styles and colors.
Label all graphs and tables.
California Tax Credit Allocation Committee