BUDGET REQUIREMENTS cont.

· Written explanation on how sources of income were determined, i.e., Rent
     Revenue - Gross Potential, Rental Concessions, Rent Revenue – Stores &      Commercial, Miscellaneous Rent Revenue, etc.
· Written explanations for each and every expense line.
· A list of development personnel including their position, salary and hours
    worked.
· A list of administrative charges (i.e. bookkeeping charges) and a list of
    resident charges in addition to rent (i.e. air conditioning charges).
· A schedule of estimated Replacement Reserve Releases and Capital
    Improvements needed this fiscal year.
· An updated Capital Needs Summary.

Please submit a paper copy of these required forms and schedules. You are reminded that submission of a budget (approved by Owner) thirty (30) days prior to the beginning of the development’s new fiscal year is critical. Budgets are required by the CHFA Regulatory and Management Agreements.

Should you have any questions, please contact your Asset Manager.