| | Conduit Bond Financing | IHDA enhanced Bond Financing | Risk Sharing Participation Certificates | Ambac Participation Certificates | FHA221(d) 3&4,223, 241,202 | HOME Financing | Trust Fund | Tax Credits |
| Processing Time | 3-6 months | 3-13 months(Depends on Cr. Enhancement) | 6 months | 4 months | 10-13 months | 8 months | 4 - 6 months | 4 months |
| Loan Limits | Determined By transaction | Minimum of $5 million - $25 million | Minimum of $2 million - $25 million | Minimum of $2 million - $25 million | None | Variable | Maximum of $750,000 | Equity |
| Loan Terms | Up to 40 years | See: Risk Share,AMBAC, FHA | Maximum of 40 years for new construction; 25 years for rehabilitation | Maximum of 40 years for new construction; 25 years for rehabilitation | New constructionMax.-40 yr.Rehabilitation-30 yr. | Minimum of 20 years; Maximum of 40 years; must be coterminous with other loans | Maximum of 40 years | N/A |
| Amortization | Determined by credit enhancer | Fully amortized | Fully amortized | Fully amortized | Fully Amortized | Fully amortized preferred; interest only allowed in some cases | Fully amortized preferred; interest only allowed | N/A |
| Debt Coverage Ratio | Determined by Credit enhancer | See:Risk Share,AMBAC, FHA | 1.15 (new construction) 1.25 (rehabilitation) | 1.15 (new construction) 1.25 (rehabilitation) | Range1.11 to 1.40depending onproperty&loan type | 1.15 | 1.10Overall | 1.1 |
| Loan to Development Cost | Maximum Loan To cost of 90% | See:Risk Share,AMBAC, FHA | Maximum Loan to cost of 90% | Maximum Loan to cost of 70% | 85%-90%Depending onProperty& loantype | Variable | Variable | N/A |
| Typical Equity Required | Determined by Credit enhancer | Dependent upon 9% or 4% Tax Credit structure | Dependent upon9% or 4% TaxCredit structure | Dependent upon9% or 4% Tax Credit structure | Dependent upon9%or4% TaxCredit structure | Dependent upon 9% or 4% TaxCredit structure | Case by case | N/A |
| Recourse/Non-Recourse | Determined by Credit enhancer | Recourse during construction | Recourse during construction | Recourse during construction | Recourseduringconstruction | Recourse during construction | Recourse during construction | N/A |
| Security | Determined by Credit enhancer | First mortgage non-recourse after construction period | First mortgage non-recourse after construction period | First mortgage non-recourseafterconstructionperiod | First mortgageNon-recourseAfterConstructionperiod | First or second mortgage; non-recourse after construction period | First or second mortgage; non-recourse after construction period | N/A |
| Loan Application Fee | $1,000-$1,500 | See: Risk Share, AMBAC, FHA | $1,000 or $1,500 | $1,000 or $1,500 | IHDA:$1,000- $1,500FHA:.3% ofMortgage amt. | $1,000 or $1,500 | $525 or $750 | $500 or $1,100 |
| Upfront Credit Enhancement/ Loan Origination Fee | 1% of bond principal amount | 2% of bond principal amount | 2% of mortgage amt. | 2% of mortgage amt. | 2% of mortgageamt. | NA | N/A | 6.5%(Reservation Fee) |
| Annual Credit EnhancementFee | Determined by Credit enhancer | Usually 50 basis points | 50 basis points | 50 basis points | 50 basis points | NA | N/A | N/A |
| Servicing/Admin. Fee | 25 basis pointsadministrationfee | 25 basis points, | 25 basis points | 25 basis points | 25 basis points | NA | N/A | $22/ unitper year |
| Cost of Issuance | $40,000- Bond Counsel
$15,000- IssuerCounsel | $350,000 or >dependent onbond structure | Less than $45,000 | Less than $45,000 | HUD: Insp. Fee.5% of mtg. amt.GNMA placement fee1.5% of mtg. amt. (if needed) | Less than$20,000 | N/A | N/A |
| Reserves | Determined by Credit enhancer | $250-$350 per unit per year | $250-$350 per unit per year | $250-$350 per unit per year | .6% of cost ofdevelopment, or such amountdeemed necessary | $250-350 per unit per year | $250 - $350 per unit per year | $250-350/ unit per year |
| Unit Cost | Determined by Credit enhancer | No set limitation; evaluated on a case-by-case basis | No set limitation; evaluated on a case-by-case basis | No set limitation; evaluated on a case-by-case basis | Set by HUD Reg. | Limited by Maximum HOME subsidy per unit amount | No set limitation; evaluated on a case-by-case basis | Varies by geographic area |
| Subordinate Financing | Determined by Credit enhancer | Usually Permitted | Permitted | Permitted | Permitted(Cash flow only) | Permitted | Permitted | N/A |