Form 50-310 - Schedule B: Rehabilitating Buildings For Low-Income Housing - 2003
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250-310 (09-03) FORM B, Page 1
[11.1825, Rule 9.415]
SCHEDULE B: REHABILITATING BUILDINGS FOR LOW-INCOME HOUSING
Final Exemption
Preliminary Determination of Exemption*
Complete one Schedule B form for EACH building and land qualified for exemption. Attach all completed schedules to your application for exemption.
Name of owner (please print):
Property address:
Building:
City, state:
ZIP code + 4:
Appraisal district account number (Optional):
Legal description of property:
Describe the primary use of the property:
Date of acquisition of property: ______/______/______
Is this property reasonably necessary for operation of the Organization?
Yes
No
Answer these questions about the property listed above:
1. When did actual rehabilitation of this property begin, or when is it expected to begin?
______/______/______
2. When will rehabilitation of this property be completed?
______/______/______
3. When was the original construction of this housing project completed?
______/______/______
4. If the organization acquired this property from another person/organization, how long did the person/organization
own the property?
______________ years
5. Has the organization spent or does it intend to spend the greater of: (check one)
$5,000 or
amount required by
the financial lender for each dwelling unit in the project for the rehabilitation of this property?
Yes
No
Attach a written statement prepared by a certified public account stating what the organization has spent or a copy
of the development budget to verify the intent to spend the requisite amount.
6. Does the organization maintain a reserve fund for replacements?
Yes
No
In what amount:
amount required by the financial lender for each dwelling unit in the project or
$300 for each dwelling unit in the project or
_______ amount for each dwelling unit in the project adjusted for cost-of-living (for tax years 2005 or later)
Has the organization made withdrawals from the reserve?
Yes
No
If “Yes,” was it: (check one)
authorized by the financial lender or
to pay the cost of capital improvements needed to maintain habitability under the Minimum Property Standards of the U. S.
Department of Housing and Urban Development. “Capital improvement” is a property improvement that has a depreciable
life of at least five years, excluding typical “make ready” expenses such as plaster repair, interior paint, or floor coverings.
7. Does the organization plan to rent or sell dwelling units in this building to individuals or families? If rent, attach rent
schedule.
Rent
Sell
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