Standard Underwriting Documents Checklist

  • Binding letter of commitment from AA/Aa or AAA/Aaa rated credit enhancer covering the amount and life of the proposed bond issue.

    • Binding letter of commitment from Tax Credit Syndicator on amount and timing of funds from sale of tax credits, net of all associated fees.

      • Proposed final sources and uses of funds, including cash from tax credit syndication, grants or any subordinated debt as well as proposed draw schedule on use of bond proceeds.

        • Partnership Agreement or Articles of Incorporation for the sponsoring organization.

          • Certificate of Registration from the Nevada Secretary of State under NRS 88.580 or 86.551 as appropriate, for the sponsor’s corporation or partnership.

            • Articles of Organization and any resolutions or operating agreements which establish the signing authority for any person who will be signing legal documents associated with the financing.

              • Contract of Purchase for the land upon which the proposed project is to be sited.

                • Title report on the project site, a list of all exceptions and a pro forma ALTA policy to be issued for the lending organization.

                  • Copy of a Phase I Environmental Report on the project site that is less than 12 months old.

                    • Copy of the most recent geotechnical reports (less than 12 months old) on the project site.

                      • Copy of credit enhancer approved certified appraisal.

                        • A copy of a ‘certified’ "As-built" survey of the subject property, ALTA qualified, showing the project properly placed on the subject site along with all title exceptions plotted.

                          • Copy of any development agreement with the owner of the project.

                            • Copy of any management agreement to be utilized for the project.

                              • Copy of any general contractor’s agreement between the development organization and the proposed general contractor for the project.

                                • Parcel Map, recorded form only.

                                  • If property is located on a FEMA flood zone, a copy of the zone with the subject property sited on it.

                                    • Copy of zoning allowing for the development of the subject project on the proposed site.