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The first mortgage is sized from the first stabilized year's NOI (…) at …x coverage, the permanent rate and …-year amortization in the financing assumptions. Tax-credit equity comes from eligible basis × the …x basis boost × the applicable fraction (…) × 9%, capped at the per-project limit and priced at $… per credit. The city gap is whatever remains, so every edit to cost or financing shows up there first.