Document/Exhibit Description Pages Size
1: 8-K Current Report 5± 21K
2: EX-4 Neighborhood Restoration Limited Partnership, Vii 94± 351K
3: EX-4 Neighborhood Restorations Limited Partnership, Vii 6± 20K
4: EX-10 Neighborhood Restoration Limited Partnership, Vii 9± 41K
5: EX-10 Neighborhood Restoration Limited Partnership, Vii 3± 16K
EX-4 — Neighborhood Restorations Limited Partnership, Vii
Exhibit Table of Contents
GENERAL PARTNER'S PAYMENT CERTIFICATE
(First Installment)
Certificate, dated as of March 11, 1998 (this
"Certificate"), of WPB II, L.P., a Pennsylvania limited partnership
("WPB") (the "General Partner").
This Certificate is delivered pursuant to the provisions of
Section 5.1 of the First Amended and Restated Agreement of Limited
Partnership dated as of March 11, 1998 (the "Partnership
Agreement") of NEIGHBORHOOD RESTORATIONS LIMITED PARTNERSHIP, VII
(the "Partnership").
The undersigned hereby certify that:
(i) The General Partner has satisfied and
continues to satisfy all of its material obligations
under the Partnership Agreement.
(ii) The covenants, representations and
warranties set forth in Sections 6.5 and 6.6 of the Partnership
Agreement are true and correct as of the date hereof.
(iii) The Partnership is not in default under any
of the Project Documents or any other material
obligation of the Partnership.
(iv) The covenants, representations and
warranties set forth in the Tax Certificate issued by the General
Partner to BOSTON CAPITAL TAX CREDIT FUND IV L.P. and dated as
of March 11, 1998 are correct as of the date hereof in all
material respects.
(v) The facts and representations set forth
in the Fact Sheet attached hereto as Exhibit A are true
and correct as of the date hereof.
(vi) Each of the conditions precedent to the
payment of the First Installment (as such term is
defined in the Partnership Agreement) has been
satisfied as of the date hereof.
IN WITNESS WHEREOF, the undersigned has caused this
Certificate to be executed as of the day and year set forth
above.
GENERAL PARTNER:
WPB II, L.P., a Pennsylvania limited
partnership, by its general partner,
WPB II, Inc., a Pennsylvania
corporation
By:/s/
Exhibit A
FACT SHEET
NEIGHBORHOOD RESTORATIONS LIMITED
PARTNERSHIP, VII
1. Sources and Uses of Funds
SOURCES OF FUNDS APPLICATIONS OF FUNDS
Permanent Loan $2,600,000 Land $302,348
Grant $216,000 Construction Hard $4,265,000
Costs
Investment Limited $3,816,835 Construction Soft $1,289,049
Partner Capital Costs
General Partner $100 Construction $201,538
Capital Contingency
Deferred 0 Development Fee $575,000
Development Fee
Total $6,632,935 Total $6,632,935
2. Financing
Construction
A. Lender Royal Bank of Pennsylvania
B. Mortgage Amount $4,100,000
C. Note Date: April 15, 1997
D. Interest Rate: April 15, 1997
E. Amortization: Interest only (15-amortization on
an extension)
F. Maturity Date: July, 1998 (extendable for up to
five years
G. Guarantors:
Permanent
A. Lender: Collaborative Lending Initiative, Inc.
B. Mortgage Amount: $2,600,000
C. Note Date: To be determined
D. Interest Rate: 10-year Treasuries plus 2.75%
E. Amortization: 15 years
F. Maturity Date: 15 years
G. Guarantors: None
3. Eligible Basis: $5,496,553
4. Qualified Basis: $7,145,519
(130% of Eligibe Basis0
5. GP Capital Contribution: $100
6. Type of Credit: 9%, New Construction and Rehabilitation
7. Rent-up Schedule:
100% by March 1, 1998
8. Project Credit to
Investment Partnership:
9. Total Projected Credit:
A. $439,156 for 1998,
B. $526,987 per annum for each of the years 1999 through 2007
(inclusive), and
C. $87,831 for 2008
10. Tax Credit Application:
A. Reservation Date: October 9, 1996
B. Reservation Amount: $528,826/year
C. Carryover Allocation Date: December 12, 1996
D. Carryover Allocation: $526,987/year
E. Tax Credit Rate on 8609: 8.6%
11. A. Name: Neighborhood Restorations
B. Address: 44 Scattered Sites
C. County:
D. MSA: West Philadelphia
E. Type of Project: Multifamily
12. Median Income: ($44,000 (Family of four)
13. Kind of Apartments
Number of Number of Total Basic Utility
Bedrooms Units Sq. Ft. Rent Allowance
1BR 5 1,000/unit $500/month $
2BR 10 1,200/unit $538/month $
2BR 10 1,200/unit $600/month $
3BR 23 1,315/unit $619/month $
3BR 23 1,315/unit $764/month $
4BR 1 1,000/unit $685/month $
14. Rental Assistance: N/A
15. Annual Operating Expense: $143,448
(plus 3%annual
(beginning 1998) inflation)
16. Replacement Reserve Account: $14,400/year
(beginning 1998)
17. Maximum Yearly Distribution of
Cash Flow permitted: N/A
18. Amount of Asset Management Fee
to Boston Capital: $7,500/year
(commencing 1998)
19. Amount of Total Depreciable Base
Allocated to Personal Property: $114,251
20. Completion Date: March 31, 1998
(anticipated)
21. Total Capital Contribution of
Investment Partnership: $3,816,835
22. Schedule of Capital Contributions
Amount Installment Conditions on Capital
Contributions
$202,094 First on the Admission Date
$3,226,741 Second on the latest of (A) the
Completion Date, (B) Cost
Certification, (C) receipt of
an updated Title Policy in
form and substance
satisfactory to the Special
Limited Partner, (D) receipt
by the Investment Limited
Partner of the Contractor Pay-
Off Letter, (E) receipt by the
Investment Limited Partner of
an Estoppel Letter from each
Lender or (F) satisfaction of
the Due Diligence
Recommendations
$380,500 Third on the latest of (A) the
Initial 100% Occupancy Date,
(B) Permanent Mortgage
Commencement, (C) State
Designation or (D) Rental
Achievement
$7,500 Fourth upon the receipt by the
Investment Limited Partner of
a copy of the properly filed
Partnership federal income tax
return and an audited
Partnership financial
statement for the year in
which Rental Achievement
occurs
23. Fees and Special Distributions to be paid from
Capital Contributions:
$_________ of the Development Fee is
anticipated to be paid out of Capital Contributions
24. General Partner: WPB II, Inc.
Contact: James Levin
Address: c/o Prime Property
Management, Inc.
8300 Westchester Pike
Upper Darby, PA 19082
Telephone: (215) 653-7985
Fax: (610) 853-3506
25. Ownership Interests:
Partner Normal Capital Cash Tax
Operations Transactions Flow Credits
General Partner 0.9% 89.999% 90% 0.1%
Investment Limited Partner
26. Management Agent: PrimeProperty Management, Inc.
Contact: James Levin
Address: c/o Prime Property
Management, Inc.
8300 Westchester Pike
Upper Darby, PA 19082
Telephone: (215) 653-7985
Fax: (610) 853-3506
Amount of Fee: 8% of collected rents
27. Partnership Federal ID Number: 23-2831149
28. Operating Deficit Guarantees: Capped at $575,000
through third anniversary of Rental Achievement
Capped at $250,000 between third and fifth
anniversaries of Rental Achievement
No such guaranties after the fifth anniversary of
Rental Achievement
29. Building Breakdown:
BIN # of Units
PA96-01031 72
through
PA96-33031
33 Total BINS 72
TOTAL 72
Dates Referenced Herein and Documents Incorporated by Reference
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