16 Appdx - for PRA

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Appendix 16
Organizational Chart for Lease Structure

MF Housing currently requires the MAP Lender to provide a rendering of an organizational structure in the Underwriter Narrative for a loan application. Examples of two structures are below.

Organization Structure/Transaction Chart

(Federal Historic, State Historic, New Markets Tax Credits)

State Historic Tax Credit Investor 0.1%		Managing Member (Building Manager, LLC) 99.99%		Managing Member 94%
Owner/Landlord Singe Asset Mortgagor Entity (Owner, LLC)				Member 1%
				Member 1.6665% Member 1.667% Member 1.6665%
		HUD Insured Loan
Master Lease		Master Commercial Sub-Lessor (Operating Company, LLC)		Property Management Agreement
Managing Member (Building Manager, LLC) 0.01%				Apartment Manager
New Markets/Federal Historic Tax Credit Investor Member 99.99%				Residential Leases with Tenants
Managing Member (Building Manager, LLC) 100%		Commercial Master Tenant (Commercial Sub-lessor, LLC)
Leases with Commercial Tenants

16A Sample Master Lease Ownership Structure

Organization Structure/Transaction Chart

(Federal Historic, State Historic, New Markets Tax Credits)

State Historic Tax Credit Investor 0.1%		Managing Member (Building Manager, LLC) 99.99%		Managing Member 94%
Owner/Landlord (Owner, LLC)				Member 1%
				Member 1.6665% Member 1.667% Member 1.6665%
		HUD Insured Loan
Master Lease		MASTER TENANT – Operating Company/Tenant (Operating Company, LLC)		Property Management Agreement
Managing Member (Building Manager, LLC) 0.01%				Apartment Manager
New Markets/Federal Historic Tax Credit Investor Member 99.99%				Residential Leases with Tenants
Managing Member (Building Manager, LLC) 100%		Commercial Master Tenant (Commercial Sublessor, LLC)
Leases with Commercial Tenants

Appendix 16 OMB Version Page 5 of 5