What is the timeline for a project to submit their first operating budget?
Assuming a project submitted their funding application in October 2006, the following timeline would apply: Example: January 2007 – Project receives funding approval April 2007 Firm Commitment is issued October 2007 Lease Up begins (Use FIN 117 Lease Up Cost Breakdown) 2008 Cost Certify, Reach 90% occupancy (Use 2013 budget) 2009 Submit 1st year Operating budget by November 15, 2008; Available for 1st rent increase
