Read the Seattle Pacific Hotel case with particular focus to the Project Financing/Sources of Funds box and the Tax Credit Analysis box. Assuming the following factors change:

1. The current yield for the Rehabilitation Credit is 90 cents to the dollar.
2. The equity yield for the Low Income Credit is 75 cents to the dollar.

Required:

• Using the Tax Credit Analysis provided in the case recalculate how much Combined Equity will be raised based on the change in yields. The result should be calculation of equity for the Rehabilitation Credit, the calculation of equity for the Low Income Credit and the Total Equity Raise amount. This must be a calculated dollar amount. No discussion or analysis is required only the dollar amounts.
    
   
   
   
   

gram, one of the key resources used in the Pacific Hotel project, was under fire on the national level. The previous week the House Ways and Means committee had voted to "sunset" the tax credit by the end of 1997, an action that was later defeated. In the case of the Pacific Hotel, $3.7 Ownership structure: Pacific Hotel Limited Partnership General Partner(s): Plymouth Housing Properties Limited Partner(s): National Equity Fund 1993 Limited Partnership million in corporate equity was generated through the com- bined usage of the historic rehabilitation tax credit and LIHTC programs. Without these programs, it is doubtful that the Pacific Hotel could have been rehabilitated, nor received a second chance at life. In 1996, the Pacific Ho- tel received the State Preservation Officer's Award for Outstanding Achievement in Historic Rehabilitation. Developer: Cheryl DeBoise, Executive Director Plymouth Housing Group 2209 1" Avenue Seattle, WA 98121 (1) Current executive director is Paul Lambros. Architect: Stickney Murphy Romine Architects, PLLC Ron Murphy, Principal-in-Charge and Mike Romine, Project Architect 911 Western Avenue, #200 Seattle, WA 98104 General Contractor: MARPAC Construction (formerly Pacific Components) 1227 S. Weller Street Seattle, WA 98144 Preservation Consultant: Shirley L. Courtois 235 13 Avenue E., Suite 203 Seattle, WA 98102 State Historic Preservation Office: State of Washington Department of Community Development Office of Archaeology and Historic Preservation 420 Golf Club Road, S.E., Suite 201 This CASE STUDY IN AFFORDABLE HOUSING was pre- pared by Aleca Sullivan, Technical Preservation Services Branch, Heritage Preservation Services, National Park Ser- vice, with the assistance of Ron Murphy of Stickney Murphy Romine Architects. Special thanks are extended to Kaaren Dodge, Charles Fisher and Deborah Maylie of the National Service. Lacey, WA 98504 State Housing Authority: Washington State Housing Finance Commission 1000 Second Avenue, Suite 2700 Seattle, WA 98104-1046 CASE STUDIES IN AFFORDABLE HOUSING are de- signed to provide practical information on innovative tech- niques for successfully preserving historic structures while creating affordable housing. This Case Study was prepared pursuant to the National Historic Preservation Act, as amended, which directs the Secretary of the Interior to develop and make available to government agencies and individuals information concerning professional methods and techniques for the preservation of historic properties. Comments on the usefulness of this information are wel- comed and should be addressed to Affordable Housing Case Studies, Heritage Preservation Services, National Park Service, 1849 C Street NW (NC 200), Washington, D.C. 20240. CSAF-1 August 1998