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26MultiUnitAcquisition-RehabilitationAffordableRentalHousingDEvELOpMENTNOTES1.x1ex1eFinancingx1eGapsx1earex1esigni.cantx1eifx1eyoux1earex1etry-ingx1etox1etargetx1erentsx1ebelowx1e80x1eofx1emedian.2.x1ex1eInx1emanyx1emarketsx1e80x1eofx1emedianx1eisx1eatx1eorx1eabovex1emarketx1erents.3.x1ex1eItx1eisx1etoughx1etox1egetx1e.nancingx1eforx1eprojectsx1ethatx1ehavex1emarketx1elease-upx1erisk.4.x1ex1eTransactionx1ecostsx1earex1everyx1ehigh.x1ex1eMostx1eofx1ethex1etransactionx1ecostsx1earex1e.xedx1emeaningx1ethatx1eyoux1ewouldx1epayx1eaboutx1ethex1esamex1efeesx1eforx1eax1e1x1emil-lionx1eprojectx1eversusx1eax1e30x1emillionx1eproject.x1e5.x1ex1eRestrictionsx1eremainx1ethex1esamex1easx1ethex1etermx1eofx1ethex1ebondsx1etypicallyx1e30x1eyears.6.x1ex1eUsex1erealx1eestatex1ebrokersx1eexperiencedx1einx1elargerx1ecommercialx1etransactions.7.x1ex1eLandx1ecostsx1ewillx1ebex1erestrainedx1ebyx1elocalx1egov-ernmentx1esourcesx1ewhichx1earex1etypicallyx1elimitedx1ebyx1ethex1eappraisedx1evalue.8.x1ex1eDonx19tx1e.xatex1eonx1ethex1e.rstx1esitex1eorx1eprojectx1eyoux1e.ndx1eorx1efocusx1eonlyx1eonx1eonex1eproject9.x1ex1eNegotiatex1eongoingx1efeesx1ewithx1elocalx1egapx1elendersx1ewithx1eresidualx1ereceiptx1e.nancingx1etox1eensurex1ethatx1eexcessx1ecashx1e0owx1edoesx1enotx1egox1etox1erepayx1ethex1egapx1eloanx1einsteadx1eofx1egoingx1etox1eman-agementx1efeesx1eorx1eprojectx1eservices.10.x1ex1eCushionx1eisx1eneededx1einx1ethex1edevelopmentx1ebud-get.x1ex1eYoux1ewillx1eneverx1ehavex1etoox1emuchx1emoneyx1eandx1eexpectx1ethex1emostx1eunexpectedx1ereasonsx1eforx1ecostx1eover-runs.x1ex1eItx1eisx1edif.cultx1etox1egox1ebackx1etox1eequityx1eandx1egrantx1esourcesx1eforx1emorex1efunds.11.x1ex1eKeepx1earchitectx1einx1echeckx1eforx1ecostx1epurposes.12.x1eKeepx1elawyersx1einx1echeckx1eforx1ecostx1epurposes.13.x1eKeepx1econsultantsx1einx1echeckx1eforx1ecostx1epurposes.14.x1ex1eDox1enotx1edevelopx1eprojectsx1eforx1ecashx1e0owx1eorx1ede-veloperx1efeesx1ebene.tsx1etox1ethex1ecommunityx1ewillx1ealwaysx1ebex1egreaterx1ethanx1eanyx1e.nancialx1ereturnsx1eyoux1ewillx1egenerate.15.x1ex1eThex1estrongerx1ethex1edevelopmentx1eteamx1ethex1estrongerx1ethex1eprojectx1eandx1eitsx1eabilityx1etox1e.ndx1esolutionsx1ewhenx1eproblemsx1earise.16.x1ex1eServicesx1eandx1eprogramsx1eforx1ethex1eresidentsx1ewillx1emakex1eax1esigni.cantx1eimprovementx1einx1ethex1eprojectsx1elongx1etermx1eviabilityx1eandx1esuccess.x1ex1eOtherx1efamilyx1eorx1ecommunityx1eservicesx1emayx1ebex1eaddedx1etox1esupportx1etenantx1eneedsx1ebutx1ethesex1ecostsx1eandx1eservicesx1earex1eusuallyx1eoutsidex1eofx1ethex1eprojectx1e.nancingx1estructure.x1ex1eIfx1etherex1eisx1eexcessx1ecashx1e0owx1egeneratedx1ebyx1ethex1eprojectx1eitx1ewouldx1ebex1ebene.cialx1etox1eaddx1ethisx1eintox1ethex1epro-formax1eversusx1eusingx1eexcessx1ecashx1e0owx1etox1epayx1ebackx1edifferedx1eloansx1efromx1ethex1ecity.17.x1ex1eIfx1eyoux1edox1enotx1ehavex1eexperiencex1econsiderx1epart-neringx1ewithx1esomeonex1ewithx1eextensivex1eexperi-encex1eandx1ewithx1esomeonex1eyoux1elike.x1ex1eYoux1ewillx1ebex1ewithx1ethemx1eforx1e15x1eyearsx1eorx1emorex1eworkingx1ecloselyx1einx1estressfulx1esituationsx1eleadingx1eupx1etox1ethex1eclosingx1eofx1ethex1e.nancingx1eandx1emanagingx1ethex1eunitsx1eoncex1etheyx1earex1eoccupied.18.x1ex1eHavex1estaffx1edesignatedx1etox1ebex1ethex1epointx1epersonx1eorx1ex1cquarterbackx1dx1eforx1ethex1eproject.x1ex1eHeshex1ewillx1ebex1eresponsiblex1eforx1ecommunicatingx1ewithx1estaffx1eandx1emanagementx1eandx1ewithx1eallx1eofx1ethex1eprojectx1edevelopmentx1eteamx1emembers.x1ex1eTheyx1emustx1ebex1eresponsiblex1eandx1ehavex1ethex1eabilityx1etox1emulti-taskx1eassignments.19.x1ex1eNegotiatex1ehardx1ewithx1eyourx1einvestor.x1ex1eIfx1eyoux1edox1enotx1ehavex1ethisx1eskillx1eusex1eax1econsultant.x1ex1eTotalx1epurchasex1eamountx1etermsx1edatestimex1eofx1eeq-uityx1epaymentsx1eandx1eexitx1etermsx1earex1eallx1enego-tiable.x1ex1eFinalx8NoteDevelopmentx1eofx1emultix1eunitx1eprojectsx1eisx1enotx1eeasyx1eandx1erequiresx1eax1estrongx1ecommitmentx1efromx1ethex1eorganizationx1eandx1ethex1emembersx1eofx1ethex1edevelop-mentx1eteam.x1ex1eThex1egoalx1ecanx1ebex1eaccomplishedx1ewithx1ethex1esupportx1eofx1ethex1ecommunityx1elocalx1egovernmentx1eandx1einterestedx1e.nancialx1einstitutions.x1ex1eItx1eisx1emostx1eimportantx1etox1ehavex1estaffx1ededicatedx1etox1ethex1eprojectx1eandx1eifx1etheyx1edox1enotx1ehavex1ethex1eexpertisex1elocatex1eresourcesx1etox1esupportx1eandx1eguidex1ethex1eeffort.Thisx1edocumentx1eisx1eintendedx1etox1ebex1eax1eguidex1ethatx1eoutlinesx1esomex1eofx1ethex1ekeyx1eissuesx1eandx1eidenti.esx1epossiblex1esolutionsx1eandx1esteps.x1ex1eItx1eisx1enotx1eintendedx1etox1ebex1eyourx1eonlyx1esourcex1esincex1eeveryx1eprojectx1ehasx1eitsx1eownx1eissuesx1econcernsx1eandx1epeculiaritiesx1eandx1eitsx1eownx1euniquex1esolutions.x1ex1eThex1edocumentx1eisx1enotx1eintendedx1etox1eencouragex1eanyx1eorganizationx1eintox1eprojectx1edevelopmentx1ebutx1eonlyx1etox1elayx1eoutx1esomex1eofx1ethex1ekeyx1estepsx1eandx1eissuesx1eoncex1ethex1edecisionx1eisx1emadex1etox1eproceed.x1e