HUD-50150 Term Sheet Fee Calculator

Public/Private Partnerships for the Mixed-Finance Development of Public Housing Units

HUD-50150 Term Sheet Calculator Final.xlsx

Public/Private Partnerships for the Mixed-Finance Development of Public Housing Units

OMB: 2577-0275

Document [xlsx]
Download: xlsx | pdf

Overview

TDC Instructions
Select City & State
Unit Mix
TDC & HCC Limit calculations
Exh F-1 Const
Exh F-2 Perm
Developer Fee
Contractor Fee
Admin Fee
Snapshot
ProForma Assumptions
ProForma Rents
15 Yr. ProForma
Draw Schedule
Other Exhibits

Sheet 1: TDC Instructions
Term Sheet Fee Calculator U.S. Department of Housing
and Urban Development
OMB Approval No. 2577-NEW
(exp. )
Office of Public and Indian Housing




Public reporting burden for this collection of information is estimated to average 2 hours per response, including the time for reviewing instructions, searching existing data sources , gathering and maintaining the data needed, and completing and reviewing the collection of information. This agency may not collect this information, and you are not required to complete this form, unless it displays a currently valid OMB control number.
This collection of information is required for developing a Mixed-Finance rental project pursuant to HUD regulations 24 CFR 941.600. The information will be used to provide HUD with sufficient information to enable a determination that the proposed housing project is demographically and financially feasible and that HUD statutory and regulatory requirements have been met.































Instructions: TDC & HCC Limit Calculation Worksheets
















Tips: Enter information in cells with blue borders, text or numbers on screen.












All other cells are locked, and all calculations are automated.







Print these Instructions for easy reference, then begin at Step 1.






















Step 1. Select City and State Note: To navigate among the worksheets, click the individual worksheet tabs at the bottom of this window. If no worksheet tabs are visible, select "Options..." from the "Tools" menu. In the dialogue box, select the "View" tab. Under "Window options" put a check mark in the "Sheet tabs" box.

> Navigate to the worksheet titled "Select City & State".

> Make the appropriate selections from the menu lists provided there.

> Navigate to the worksheet titled "Unit Mix".







> Continue at Step 2.




























Step 2. Enter the PHA Name, Development Name, and Phase Number or Description (on the "Unit Mix" worksheet)
















Step 3. Enter the Number of Units of Each Type and Size (on the "Unit Mix" worksheet)

> Select the appropriate column(s) for the proposed units based on tenure type (Rental or Homeownership, PH or Non-PH), and the development method.

• Rent-to-Own units are to be counted initially as Rental Units.

• Possible development methods are Rehabilitation (of existing public housing only), New Construction, or Acquisition (with or without rehab).
















> Enter the number of units proposed, by Structure Type, in the appropriate row based on the Number of Bedrooms.

• TDC limit applies to all units on the Annual Contributions Contract (ACC) with HUD, or developed with Public Housing Capital Assistance (PHCA).

• Public Housing Capital Assistance (PHCA) includes the following development sources (and borrowed funds to be repaid from these sources):

- HOPE VI grant funds;

- Public housing Capital Fund and Public Housing Development assistance provided under sections 9 and 5 of the 1937 Housing Act; and

- Public Housing Operating Fund assistance provided under section 9 of the 1937 Housing Act that is used for development.
















• The TDC limit for Modernization of existing public housing is 90% of the published TDC limit for a given structure and unit type.

• The HCC limit is applicable only to New Construction units (not applicable to Rehabilitation of existing public housing, or to Acquisition units).

- The "TDC & HCC Limit calculations" worksheet reflects all such applicability as described above.
















• Definitions of Structure Types specified on the Unit Mix worksheet:

- Detached: A structure that consists of a single living unit surrounded by permanent open space on all sides.

- Semi-detached: A structure containing two living units separated by a common vertical wall.

- Elevator: Any structure of four or more stories above ground in which an elevator is provided.

- Row House: A structure containing three or more living units separated only by vertical walls.

- Walk-up: A multi-level low-rise structure containing two or more living units, in which any units are separated by any common ceiling/floor.
















Step 4. Enter Number of Tax Credit, Market-Rate Rental, and Market-Rate For-Sale Units (for reference only; not used in TDC calculation)
















Step 5. Enter Number of Special-Needs Units, and Describe Accessibility Design Features (for reference only; not used in TDC calculation)
















Step 6. Enter Demolition & Replacement Units (total, all project phases) (on "TDC & HCC Limit calculations" worksheet)

> Enter the number of public housing units to be demolished (or eliminated by conversion) for all phases of the project.

> Enter the total number of replacement units to be built back on the original public housing site(s) in all phases of the project.

• Include only on-site, new-construction replacement rental public housing units and, and ownership units developed with

Public Housing Capital Assistance (see Step 3, above for a definition of Public Housing Capital Assistance).




























Step 7. Enter All Sources of Public Housing Capital Assistance

> Include: Public Housing Capital Assistance used for development, and borrowed funds secured by repayment with Public Housing Capital Assistance.


> Do not include: sources other than Public Housing Capital Assistance (e.g., HOME and CDBG), or any non-HUD funding sources.
















Step 8. Enter All Uses of Public Housing Capital Assistance

• Use the budget line items provided. These track HUD Notice PIH 2003-8 and regulations at 24 CFR 941. For example:

- BLI 1440: Site Acquisition costs are all expenses of acquiring sites (only sites that do not include structures to be retained for housing).

- BLI 1450: Site Improvement includes streets and public improvements, and site improvements other than on-site utilities & finish landscaping.

• Dwelling Structure costs must be categorized as Rehabilitation, New Construction, or Acquisition:

- BLI 1460: "Dwelling Structures, Rehabilitation" includes only those "hard" (construction) costs of rehabilitating existing public housing units.

- BLI 1460: "Dwelling Structures, New Construction" includes only hard costs for the building, utilities from the street and finish landscaping.

- BLI 1460: "Dwelling Structures, Acquisition" includes all acquisition costs for existing housing units, including the site and associated rehab.
















> Confirm that all Public Housing Capital Assistance sources are included.

> For multi-phase projects, a TDC limit analysis must be conducted for the entire project in conjunction with the TDC limit analysis for each phase.

> Confirm that sources of PHCA are equal to uses of PHCA.
















Step 10. Enter any Extraordinary Site Cost (a component of Additional Project Costs -- not subject to TDC limit)

> Enter any Extraordinary Site Cost in the cell provided. This may be some or all of the funds entered in BLI 1450 (Step 8).

• Extraordinary Site Costs must be verified by an independent registered engineer, and must be approved by HUD in accordance with 24 CFR 941.103.
















Step 11. Review TDC and HCC Limit Calculation Results

> Review the results of the TDC and HCC limit calculations, and print the worksheet.

• The TDC and HCC limit analysis results are shown on the lower right of the "TDC & HCC Limit calculations" worksheet.

• All worksheets are pre-formatted for printing. To print the current worksheet or all worksheets, select "Print…" from the "File" menu.

• Direct project questions to the Project Manager or Team Leader in the HUD Office of Public Housing Investments, (202) 401-8812 (not toll-free).

• Direct questions or comments on this Excel workbook to Brodie Hefner (212) 542-7624 (not a toll-free call).
















Disclaimer: This workbook does not replace applicable statutes, regulations, notices or other HUD guidance. Use of this form is not required by HUD.























Page 1 of 15





form HUD-50150 (7/30/2011)

Sheet 2: Select City & State













Step 1. Using the Drop-down Lists Provided, Select the City (or Region) and State










in which the Project is Located










> After selecting City and State, navigate to the "Unit Mix" worksheet by selecting its tab at the bottom of this window and continue at Step 2.



This workbook uses the TDC and HCC







limits published in HUD Notice: PIH 2010-20 (HA)













City - all -




The Notice was published on: 5/24/2010

StateName - all -




The Notice expires on: 5/31/2011













Type Data

Note 2: When you select a valid City/State combination, this table will show the TDC and HCC limits from the above-referenced HUD Notice. Use the TDC and HCC limits in effect at the time of project closing.

Detached/Semi-Detached Sum of 0 Bedrooms, TDC 56551989.1552



Sum of 1 Bedrooms, TDC 73296914.336



Sum of 2 Bedrooms, TDC 83300710.9342001



Sum of 3 Bedrooms, TDC 98699362.0284



Sum of 4 Bedrooms, TDC 116032805.553









Sum of 5 Bedrooms, TDC 127114735.253
Note 3: If the desired City/State combination is not included in the list here, contact the local HUD Field Office. They will assist in determining the most appropriate City/State combination.


Sum of 6 Bedrooms, TDC 137447558.4431



Sum of 0 Bedrooms, HCC 32315422.372



Sum of 1 Bedrooms, HCC 41883951.04785



Sum of 2 Bedrooms, HCC 47600406.2479



Sum of 3 Bedrooms, HCC 56399635.4448









Sum of 4 Bedrooms, HCC 66304460.316
Note 4: Total Development Cost limits and Housing Construction Cost limits from this table will be transferred automatically to the "TDC & HCC Limit calculations" worksheet.


Sum of 5 Bedrooms, HCC 72636991.5747



Sum of 6 Bedrooms, HCC 78541461.9687


Elevator Sum of 0 Bedrooms, TDC 41239479.0952



Sum of 1 Bedrooms, TDC 57735270.7331



Sum of 2 Bedrooms, TDC 74231062.3732









Sum of 3 Bedrooms, TDC 98974749.8283
(There is no need to print this worksheet)







Sum of 4 Bedrooms, TDC 123718437.2856









Sum of 5 Bedrooms, TDC 140214228.9235









Sum of 6 Bedrooms, TDC 156710020.5636









Sum of 0 Bedrooms, HCC 25774674.4345









Sum of 1 Bedrooms, HCC 36084544.2106999









Sum of 2 Bedrooms, HCC 46394413.99095









Sum of 3 Bedrooms, HCC 61859218.6428









Sum of 4 Bedrooms, HCC 77324023.3144









Sum of 5 Bedrooms, HCC 87633893.0882









Sum of 6 Bedrooms, HCC 97943762.862








Row House Sum of 0 Bedrooms, TDC 46076937.9508









Sum of 1 Bedrooms, TDC 60684406.4084









Sum of 2 Bedrooms, TDC 72995572.6801









Sum of 3 Bedrooms, TDC 88406691.3425









Sum of 4 Bedrooms, TDC 105336580.5662









Sum of 5 Bedrooms, TDC 116120079.8585









Sum of 6 Bedrooms, TDC 126318016.1323









Sum of 0 Bedrooms, HCC 26329678.82775









Sum of 1 Bedrooms, HCC 34676803.66314









Sum of 2 Bedrooms, HCC 41711755.82205









Sum of 3 Bedrooms, HCC 50518109.3355









Sum of 4 Bedrooms, HCC 60192331.7545









Sum of 5 Bedrooms, HCC 66354331.3524









Sum of 6 Bedrooms, HCC 72181723.5096








Walkup Sum of 0 Bedrooms, TDC 40360937.41319









Sum of 1 Bedrooms, TDC 54601562.01









Sum of 2 Bedrooms, TDC 69374489.8648









Sum of 3 Bedrooms, TDC 90563159.1858









Sum of 4 Bedrooms, TDC 112416591.0891









Sum of 5 Bedrooms, TDC 126507142.0993









Sum of 6 Bedrooms, TDC 140393015.2862









Sum of 0 Bedrooms, HCC 23063392.80625









Sum of 1 Bedrooms, HCC 31200892.5754









Sum of 2 Bedrooms, HCC 39642565.6341









Sum of 3 Bedrooms, HCC 51750376.6775999









Sum of 4 Bedrooms, HCC 64238052.0518









Sum of 5 Bedrooms, HCC 72289795.4858









Sum of 6 Bedrooms, HCC 80224580.1598






















Page 2 of 15






form HUD-50150 (7/30/2011)

Sheet 3: Unit Mix

















Unit Mix and Accessibility Summary, Post-Revitalization



Step 2: Enter the PHA Name, the Development Name, and Phase Number or Description






















Applicant PHA/Grantee: [enter official PHA/Grantee name]













Grant Name, if applicable: [enter the HOPE VI or Choice Neighborhoods grant name]













Phase/Project Name: [enter project Name and Phase description]













PIC Development Number: [enter the new AMP-format development number]



























Step 3: Enter the Number of Units (by Structure Type and Unit Size, according to Unit Category and Development Method)

Rental Unit Categories Homeownership Unit Categories

Public Housing
(ACC, w/PHCA or Op-sub-only)		 Non-Public Housing
(not on ACC, no PHCA used)		 Developed with
Pub. Housing Capital Assistance		 Developed without
Pub. Housing Capital Assistance

Rehab
of Existing
Public Housing		 New
Construction		 Acquisition
with or without
Rehabilitation		 Rehab
of Existing
Public Housing		 New
Construction		 Acquisition
with or without
Rehabilitation		 Rehab
of Existing
Public Housing		 New
Construction		 Acquisition
with or without
Rehabilitation		 Rehab
of Existing
Public Housing		 New
Construction		 Acquisition
with or without
Rehabilitation

Detached 0 - - - - - - - - - - - -

1 - - - - - - - - - - - -

2 - - - - - - - - - - - -

3 - - - - - - - - - - - -

4 - - - - - - - - - - - -

5 - - - - - - - - - - - -

6 - - - - - - - - - - - -

Semi-
Detached		 0 - - - - - - - - - - - -

1 - - - - - - - - - - - -

2 - - - - - - - - - - - -

3 - - - - - - - - - - - -

4 - - - - - - - - - - - -

5 - - - - - - - - - - - -

6 - - - - - - - - - - - -

Row
House		 0 - - - - - - - - - - - -

1
- - - - -
- - - - -

2 - - - - - - - - - - - -

3 - - - - - - - - - - - -

4 - - - - - - - - - - - -

5 - - - - - - - - - - - -

6 - - - - - - - - - - - -

Walk-Up 0 - - - - - - - - - - - -

1 - - - - - - - - - - - -

2 - - - - - - - - - - - -

3 - - - - - - - - - - - -

4 - - - - - - - - - - - -

5 - - - - - - - - - - - -

6 - - - - - - - - - - - -

Elevator 0 - - - - - - - - - - - -

1 - - - - - - - - - - - -

2 - - - - - - - - - - - -

3 - - - - - - - - - - - -

4 - - - - - - - - - - - -

5 - - - - - - - - - - - -

6 - - - - - - - - - - - -


Totals: - - - - - - - - - - - -

















Step 4: Enter Number of Tax Credit, Market-Rate Rental, and Market-Rate For-Sale Units

Unit Summary
















Total Tax Credit Units: -

Market (unrestricted) Rental: -

Market (unrestricted) HO: -



















Rehab (of existing PH) Units: -












New Construction Units: -
Rental: -



PH Rental, + HO w/PHCA (subject to TDC limit): -



Acquisition Units: -
Homeownership: -



Non-PH Rental, + HO w/o PHCA (no TDC limit): -



Total Units: -
Total Units: -



Total Units: -

















Step 5: Enter number of Special-Needs Units and describe Accessibility Design Features



Planned Accessibility: Units for Mobility-Impaired and Hearing/Sight-Impaired



Rental Unit Categories Homeownership Unit Categories


Minimum Required units project-wide Public Housing
(on ACC, including Op-sub-only)		 Non-Public Housing
(not on ACC, no PHCA)		 Developed with Pub. Housing Capital Assistance Developed without Pub. Housing Capital Assistance


Rehab
of Existing
Pub Hsg		 New
Const		 Acq
with or w/o
Rehab		 Rehab
of Existing
Pub Hsg		 New
Const		 Acq
with or w/o
Rehab		 Rehab
of Existing
Pub Hsg		 New
Const		 Acq
with or w/o
Rehab		 Rehab
of Existing
Pub Hsg		 New
Const		 Acq
with or w/o
Rehab

Units for Mobility-Impaired 0













Units, Hearing-or Sight-Impaired 0













Visitability Features:






Note: Minimum required units are estimates. Consult with HUD and applicable program regulations for actual requirements regarding accessible units.




































Page 3 of 15






form HUD-50150 (7/30/2011)

Sheet 4: TDC & HCC Limit calculations

















Total Development Cost (TDC) Limit and Housing Construction Cost (HCC) Limit Calculations






















DEVELOPMENT NAME AND PHASE: [enter project Name and Phase description]






















using TDC and HCC limits published in HUD Notice PIH 2010-20 (HA) for: (All), (All)






















Step 3. Unit Mix (Note: enter info on the "Unit Mix" worksheet) HCC Limits TDC Limits






Structure Type BRs Rehab
of Existing
Pub. Hsg.		 New
Const.		 Acq.
with or w/o
Rehab		 (new const. only)
Per Unit		 (new const. only)
Phase Totals		 Per Unit
Phase Totals






1 - - - $41,883,951 $- $73,296,914 $-






2 - - - $47,600,406 $- $83,300,711 $-






3 - - - $56,399,635 $- $98,699,362 $-






4 - - - $66,304,460 $- $116,032,806 $-






5 - - - $72,636,992 $- $127,114,735 $-






6 - - - $78,541,462 $- $137,447,558 $-






1 - - - $34,676,804 $- $60,684,406 $-






2 - - - $41,711,756 $- $72,995,573 $-






3 - - - $50,518,109 $- $88,406,691 $-






4 - - - $60,192,332 $- $105,336,581 $-






5 - - - $66,354,331 $- $116,120,080 $-






6 - - - $72,181,724 $- $126,318,016 $-






Walkup 0 - - - $23,063,393 $- $40,360,937 $-






1 - - - $31,200,893 $- $54,601,562 $-






2 - - - $39,642,566 $- $69,374,490 $-






3 - - - $51,750,377 $- $90,563,159 $-






4 - - - $64,238,052 $- $112,416,591 $-






5 - - - $72,289,795 $- $126,507,142 $-






6 - - - $80,224,580 $- $140,393,015 $-






Elevator 0 - - - $25,774,674 $- $41,239,479 $-






1 - - - $36,084,544 $- $57,735,271 $-






2 - - - $46,394,414 $- $74,231,062 $-






3 - - - $61,859,219 $- $98,974,750 $-






4 - - - $77,324,023 $- $123,718,437 $-






5 - - - $87,633,893 $- $140,214,229 $-






6 - - - $97,943,763 $- $156,710,021 $-








- - -
$-
$-






















Step 6. Enter Demo & Replacement Units (total, all phases)


(This portion of
demolition cost
is excluded from
TDC limit)






Number of public housing units to be demolished or lost to conversion (total, all phases) -








(Minus) the number of replacement PH units to be built back on the original site (total, all phases) ( - )







Equals PH units demolished and not replaced on the original PH site (total, all phases)
- % of units: 0%






































Step 7. Enter all Sources of Public Housing Capital Assistance











PH Capital Assistance incl. CFP, HOPE VI Revitalization, HOPE VI Demo-only Funds
$-









Borrowed Funds to be Repaid with Public Housing Capital Assistance
$-









Total Sources of Public Housing Capital Assistance




$-












HUD Bdgt










Step 8. Enter All Uses of Public Housing Capital Assistance
Line Item










Community and Supportive Services ("CSS" -- for HOPE VI projects only) 1408 $-




PH Unit-to-PH Funds Ratio

Note: in order to calculate the
PH Unit-to-PH Funds ratio here,
you must enter all sources of funds
on the worksheet titled
"Exh F Perm"


Management Improvements, PHA 1408 $-







Administration, PHA 1410 $-







Fees and Costs (planning, prog mgmt, insurance, initial oper deficit, etc.) 1430 $-







Site Acquisition (cost of sites w/o structures to be retained as housing) 1440 $-







Site Improvement (streets, site improvements and public improvements) 1450 $-







Dwelling Structures, Rehab (cost to rehab existing PH units only) 1460 $-







Dwelling Structures, New Const (w/OH+P, finish landscape + on-site util's) 1460 $-







Dwelling Structures, Acquisition (acq. of existing units, + rehab cost) 1460 $-




PH Funds
as % of
Total Funds:		 PH Units
as % of
Total Units:


Dwelling Equip, New Const (for new construction units only) 1465 $-
Step 9. Confirm:




Dwelling Equip, Rehab or Acq. Units (for existing PH and Acq. units) 1465 $-






Nondwelling Structures (community facilities, social service space, etc.) 1470 $-


No Sources No Units


Nondwelling Equipment (e.g., vehicles) 1475 $-
Sources = Uses

NA


Demolition (enter total of all demo & environmental remediation costs) 1485 $-
Total Sources (Step 7) must






Relocation (moving expenses, & PHA cost of full-time relo staff) 1495 $-
equal Total Uses (Step 8)






Total Uses of Public Housing Capital Assistance




$- ----> Difference: $0













Okay: Sources = Uses






Excluded Demolition and Abatement Cost Calculation












Total Cost of Public Housing Unit Demo & Associated Env. Abatement (BLI 1485) $-
(± $5 rounding allowance)

For reference, TDC is over (under) the limit by:

Times % of Demo Costs Excluded as "Additional Project Costs" (% from Step 6) x 0%


NA

Equals Amount of Demo Costs Excluded from TDC Limit as "Additional Project Costs" $-



















For reference, HCC is over (under) the limit by:

Step 10. Enter Extraordinary Site Cost (must be approved by HUD)
$- Step 11. Review Results

NA







TDC Limit Analysis:






Community & Supportive Services ("CSS" -- for HOPE VI projects only)
-
Total Development Cost






(Minus) Total of "Extraordianry Site Costs" and CSS (excluded from TDC limit)
- (PH Capital Assistance only)






Total Uses of Public Housing Capital Assistance (amount subject to TDC Limit)
$- as Percentage of TDC Limit

Are both TDC and HCC less than or equal to 100% ?








No PH units (Step 3)



Total Development Cost Limit (from Step 3 above)



If so, the project budget is within
the TDC and HCC limits
established by HUD.



























Public Housing Capital Assistance for Housing Construction Costs


HCC Limit Analysis:






Dwelling Structures, New Const (w/OH+P, finish landscape + on-site util's) 1460
$- Housing Construction Cost

. . . or, is either TDC or HCC greater than 100% ?

Dwelling Equipment, New Const (if not already included in 1460) 1465
- (PH Capital Assistance only)



Total Housing Construction Cost




$- as Percentage of HCC Limit

In this case, project budget violates
the TDC and/or HCC limit(s)
established by HUD.








No PH units (Step 3)



Housing Construction Cost Limit (if any, from Step 3 above)






















Page 4 of 15



form HUD-50150 (7/30/2011)





Sheet 5: Exh F-1 Const









CONSTRUCTION PERIOD SOURCES AND USES

EXHIBIT F TO THE MIXED-FINANCE ACC AMENDMENT

SUMMARY BUDGET -- CURRENT PHASE ONLY (CONSTRUCTION PERIOD)

Applicant PHA/Grantee: [enter official PHA/Grantee name]

Grant Name, if applicable: [enter the HOPE VI or Choice Neighborhoods grant name]

Phase/Project Name: [enter project Name and Phase description]

PIC Development Number: [enter the new AMP-format development number]









Unit Type: Rental Public Housing Rental non-PH HO w/PH Assistance HO w/o PH Assistance Total Units this Phase

Number of Units (entered on Unit Mix worksheet): - - - - -









Part A: Development Sources Loan/Grant/Equity PH Capital Assist. Private Funds Other Public Funds Total

Public Housing Capital Assistance: Loan
$- $- $- $-

Public Housing Capital Assistance: Grant Grant $- $- $- $-

Low Income Housing Tax Credit Equity Equity $- $- $- $-

Other: Insert Label 1st Mortgage $- $- $- $-

Construction Loan
$- $- $- $-

Other: Insert Label
$- $- $- $-

Other: Insert Label
$- $- $- $-

Other: Insert Label
$- $- $- $-

Other: Insert Label
$- $- $- $-

Other: Insert Label
$- $- $- $-

Other: Insert Label
$- $- $- $-

Total Development Sources (Part A)
$- $- $- $-









Part B: Additional Sources
PH Capital Assist. Private Funds Other Public Funds Total

Public Housing Capital Assistance:
$- $- $- $-

Other: Insert Label
$- $- $- $-

Other: Insert Label
$- $- $- $-

Total Additional Sources (Part B)
$- $- $- $-





Total Sources this Phase (Parts A and B)
$- $- $- $-

















Part A: Development Uses






Development Construction Costs HUD Bdgt Line Item PH Capital Assist. Private Funds Other Public Funds Total

Residential Construction 1460 $- $- $- $-

Residential Rehabilitation 1460 $- $- $- $-

Other Residential Construction: Insert Label 1460 $- $- $- $-

Builder's General Requirements 1460 $- $- $- $-

Builder's Overhead] 1460 $- $- $- $-

Builder's Profit 1460 $- $- $- $-

Other BLI 1460: Insert Label 1460 $- $- $- $-

Other BLI 1460: Insert Label 1460 $- $- $- $-

Site Improvement 1450 $- $- $- $-

Extraordinary Site Costs 1450 $- $- $- $-

Other Site Improvement: Insert Label 1450 $- $- $- $-

Other Site Improvement: Insert Label 1450 $- $- $- $-

Non-Residential Construction: Community Ctr. 1470 $- $- $- $-

Other Non-Residential Const.: Insert Label: 1470 $- $- $- $-

Other Non-Residential Const.: Insert Label: 1470 $- $- $- $-

Subtotal: Development Construction Costs
$- $- $- $-









Development Soft Costs HUD Bdgt Line Item PH Capital Assist. Private Funds Other Public Funds Total

Acquisition of Site(s) 1440 $- $- $- $-

Other Acquisition Cost: Insert Label 1440 $- $- $- $-

Other Acquisition Cost: Insert Label 1440 $- $- $- $-

Accounting and Cost Certification 1430 $- $- $- $-

Appraisal Expense 1430 $- $- $- $-

Architect & Engineer Fees 1430 $- $- $- $-

Environmental Assessment, Testing & Cleanup 1430 $- $- $- $-

Financing & Application Expense, Lender 1430 $- $- $- $-

Financing & Application Expense, Tax Credit 1430 $- $- $- $-

Insurance, Construction Period 1430 $- $- $- $-

Interest, Construction & Bridge Loan(s) 1430 $- $- $- $-

Legal Expense, Developer & Lender(s) 1430 $- $- $- $-

Marketing & Lease-up Expense 1430 $- $- $- $-

Permits, Construction & Utility Hookup 1430 $- $- $- $-

PILOT & Taxes, Construction Period 1430 $- $- $- $-

Survey 1430 $- $- $- $-

Title & Recording Fees 1430 $- $- $- $-

Operating Deficit (Construction Period) 1430 $- $- $- $-

Program Manager 1430 $- $- $- $-

Other Fees & Costs: Insert Label 1430 $- $- $- $-

Other Fees & Costs: Insert Label 1430 $- $- $- $-

Other Fees & Costs: Insert Label 1430 $- $- $- $-

Other Fees & Costs: Insert Label 1430 $- $- $- $-

Other Fees & Costs: Insert Label 1430 $- $- $- $-

Developer Fee
$- $- $- $-

Other Developer Fee:: Insert Label
$- $- $- $-

Other Developer Fee:: Insert Label
$- $- $- $-

Contingency 1430 $- $- $- $-

Reserve Deposit, Operating
$- $- $- $-

Operating subsidy reserve
$- $- $- $-

Lease-up Reserve
$- $- $- $-

Supportive service reserve
$- $- $- $-

Other Reserves: Insert Label
$- $- $- $-

Other Reserves: Insert Label
$- $- $- $-

Subtotal: Development Soft Costs
$- $- $- $-





Total Uses for Development (Part A)
$- $- $- $-









Part B: Additional Uses HUD Bdgt Line Item PH Capital Assist. Private Funds Other Public Funds Total

Community & Supp. Services (HOPE VI only) 1408 $- $- $- $-

Management Improvements, PHA 1408 $- $- $- $-

Administration 1410 $- $-
$-

Outside Legal Cost: PHA/Grantee 1430 $- $- $- $-

Fees & Costs 1430 $- $- $- $-

Site Acquisition 1440 $- $- $- $-

Site Improvement 1450 $- $- $- $-

Non-Dwelling Structures 1470 $- $- $- $-

Non-Dwelling Equipment 1475 $- $- $- $-

Demolition (and associated remediation) 1485 $- $- $- $-

Relocation Expense 1495 $- $- $- $-

Total Additional Uses (Part B)
$- $- $- $-





Total Uses this Phase (Parts A and B)
$- $- $- $-











Page 5 of 15


form HUD-50150 (7/30/2011)


















Check--Do Sources Equals Uses?






Sources minus Uses, Part A $- $- $- $-


Sources minus Uses, Part B $- $- $- $-


Sources minus Uses, Phase Total $- $- $- $-

Sheet 6: Exh F-2 Perm












PERMANENT SOURCES AND USES




EXHIBIT F TO THE MIXED-FINANCE ACC AMENDMENT




SUMMARY BUDGET -- PHASE I ONLY (PERMANENT FINANCING)















Grantee or Applicant HA: [enter official PHA/Grantee name]








Development Name and Phase: [enter the HOPE VI or Choice Neighborhoods grant name]: [enter project Name and Phase description]








PIC Development Number: [enter the new AMP-format development number]



















Unit Type: Rental Public Housing Rental non-PH HO w/PH Assistance HO w/o PH Assistance Total Units this Phase




Number of Units (entered on Unit Mix worksheet): - - - - -















Part A: Development Sources Loan/Grant/Equity PH Capital Assist. Private Funds Other Public Funds Total




Public Housing Capital Assistance: Loan Loan $- $- $- $-




Public Housing Capital Assistance: Grant Grant $- $- $- $-




Low Income Housing Tax Credit Equity Equity $- $- $- $-




Other: Insert Label 1st Mortgage $- $- $- $-




Other: Insert Label
$- $- $- $-




Other: Insert Label
$- $- $- $-




Other: Insert Label
$- $- $- $-




Other: Insert Label
$- $- $- $-




Other: Insert Label
$- $- $- $-




Other: Insert Label
$- $- $- $-




Other: Insert Label
$- $- $- $-




Total Development Sources (Part A)
$- $- $- $-















Part B: Additional Sources
PH Capital Assist. Private Funds Other Public Funds Total




Public Housing Capital Assistance:
$- $- $- $-




Other: Insert Label
$- $- $- $-




Other: Insert Label
$- $- $- $-




Total Additional Sources (Part B)
$- $- $- $-











Total Sources this Phase (Parts A and B)
$- $- $- $-


























Part A: Development Uses









Development Construction Costs HUD Bdgt Line Item PH Capital Assist. Private Funds Other Public Funds Total




Residential Construction 1460 $- $- $- $-




Residential Rehabilitation 1460 $- $- $- $-




Other Residential Construction: Insert Label 1460 $- $- $- $-




Builder's General Requirements 1460 $- $- $- $-




Builder's Overhead] 1460 $- $- $- $-


1460 Total

Builder's Profit 1460 $- $- $- $-


$-

Other BLI 1460: Insert Label 1460 $- $- $- $-




Other BLI 1460: Insert Label 1460 $- $- $- $-




Site Improvement 1450 $- $- $- $-


1450 Total With Extraordinary Costs

Extraordinary Site Costs 1450 $- $- $- $-


$-

Other Site Improvement: Insert Label 1450 $- $- $- $-


1450 Total Without Extraordinary Costs

Other Site Improvement: Insert Label 1450 $- $- $- $-


$-

Non-Residential Construction: Community Ctr. 1470 $- $- $- $-


1470 Total

Other Non-Residential Const.: Insert Label: 1470 $- $- $- $-


$-

Other Non-Residential Const.: Insert Label: 1470 $- $- $- $-




Subtotal: Development Construction Costs
$- $- $- $-















Development Soft Costs HUD Bdgt Line Item PH Capital Assist. Private Funds Other Public Funds Total




Acquisition of Site(s) 1440 $- $- $- $-


1440 Total

Other Acquisition Cost: Insert Label 1440 $- $- $- $-


$-

Other Acquisition Cost: Insert Label 1440 $- $- $- $-




Accounting and Cost Certification 1430 $- $- $- $-


1430 Total+Dev Fee+Reserves

Appraisal Expense 1430 $- $- $- $-


$-

Architect & Engineer Fees 1430 $- $- $- $-


1430 Without Dev Fee and Reserves

Environmental Assessment, Testing & Cleanup 1430 $- $- $- $-


$-

Financing & Application Expense, Lender 1430 $- $- $- $-




Financing & Application Expense, Tax Credit 1430 $- $- $- $-




Insurance, Construction Period 1430 $- $- $- $-


GC's G&A (Incl Bond Premiums

Interest, Construction & Bridge Loan(s) 1430 $- $- $- $-




Legal Expense, Developer & Lender(s) 1430 $- $- $- $-




Marketing & Lease-up Expense 1430 $- $- $- $-




Permits, Construction & Utility Hookup 1430 $- $- $- $-




PILOT & Taxes, Construction Period 1430 $- $- $- $-




Survey 1430 $- $- $- $-




Title & Recording Fees 1430 $- $- $- $-




Operating Deficit (Construction Period) 1430 $- $- $- $-




Program Manager 1430 $- $- $- $-




Other Fees & Costs: Insert Label 1430 $- $- $- $-




Other Fees & Costs: Insert Label 1430 $- $- $- $-




Other Fees & Costs: Insert Label 1430 $- $- $- $-




Other Fees & Costs: Insert Label 1430 $- $- $- $-




Other Fees & Costs: Insert Label 1430 $- $- $- $-




Developer Fee
$- $- $- $-


Total Developer Fee

Other Developer Fee:: Insert Label
$- $- $- $-


$-

Other Developer Fee:: Insert Label
$- $- $- $-




Contingency 1430 $- $- $- $-


Total Reserves

Reserve Deposit, Operating
$- $- $- $-


$-

Operating subsidy reserve
$- $- $- $-




Lease-up Reserve
$- $- $- $-




Supportive service reserve
$- $- $- $-




Other Reserves: Insert Label
$- $- $- $-




Other Reserves: Insert Label
$- $- $- $-




Subtotal: Development Soft Costs
$- $- $- $-











Total Uses for Development (Part A)
$- $- $- $-















Part B: Additional Uses HUD Bdgt Line Item PH Capital Assist. Private Funds Other Public Funds Total




Community & Supp. Services (HOPE VI only) 1408 $- $- $- $-




Management Improvements, PHA 1408 $- $- $- $-




Administration 1410 $- $- $- $-




Outside Legal Cost: PHA/Grantee 1430 $- $- $- $-




Fees & Costs 1430 $- $- $- $-




Site Acquisition 1440 $- $- $- $-




Site Improvement 1450 $- $- $- $-




Non-Dwelling Structures 1470 $- $- $- $-




Non-Dwelling Equipment 1475 $- $- $- $-




Demolition (and associated remediation) 1485 $- $- $- $-




Relocation Expense 1495 $- $- $- $-




Total Additional Uses (Part B)
$- $- $- $-











Total Uses this Phase (Parts A and B)
$- $- $- $-

















Page 6 of 15


form HUD-50150 (7/30/2011)




Check--Do Sources Equals Uses?









Sources minus Uses, Part A $- $- $- $-





Sources minus Uses, Part B $- $- $- $-





Sources minus Uses, Phase Total $- $- $- $-



Sheet 7: Developer Fee







DEVELOPER FEE LIMIT



















Applicant PHA/Grantee:
[enter official PHA/Grantee name]








Grant Name, if applicable:
[enter the HOPE VI or Choice Neighborhoods grant name]








Phase/Project Name:
[enter project Name and Phase description]








PIC Development Number:
[enter the new AMP-format development number]










































Project Costs taken from Exhibit F-2, Permanent S&U
Under the tab named "Exh F-2 Perm"







Total project costs (Part A)
$-







developer Fee $-







program mgt fee $-







reloc activities $-







Total reserves








Reserve Deposit, Operating $-







Operating subsidy reserve $-







Lease-up Reserve $-







Supportive service reserve $-







Other Reserves: Insert Label $-







Other Reserves: Insert Label $-







PHA site improments and fees $-

Check ("X") blue box if Developer is not performing activity


acquisition $-




demolition $-




HA admin $-





















Basis for Fee $0





















Developer's Fee as % of Basis #DIV/0!













9% of Basis Maximum






























Calculated 9% Fee $0









Within 9% Limit $0













Negotiated Fee Between 9% and 12%











Enter Fee Percentage












































12% Maximum


















12% Fee $0









Within 12% Limit $0




















Page 7 of 15

form HUD-50150 (7/30/2011)

Sheet 8: Contractor Fee












Contractor Fee Limit















Applicant PHA/Grantee: [enter official PHA/Grantee name]






Grant Name, if applicable: [enter the HOPE VI or Choice Neighborhoods grant name]






Phase/Project Name: [enter project Name and Phase description]






PIC Development Number: [enter the new AMP-format development number]















Project Costs taken from Exhibit F-2, Permanent S&U
Under the tab named "Exh F-2 Perm"










Hard Construction Costs








Residential construction
$-
Total of All Residential Construction



Site work and landscaping
$-
Total of Site Improvements
Part A



Basis
$0
















Amount
Percentage of Basis


Overhead: 2% Limit








term sheet
$-
#DIV/0!



calculated
$0
2.00%



difference
$0
Within Limit











Profit: 6% Limit








term sheet
$0
#DIV/0!



calculated
$0
6.00%



difference
$0
Within Limit











General Conditions: 6% Limit (G&A includes Bond Premium)








term sheet
$0
#DIV/0!



calculated
$0
6.00%



difference
$0
Within Limit






















Page 8 of 15



form HUD-50150 (7/30/2011)

Sheet 9: Admin Fee







PHA/Grantee Administration Fee







Project Costs taken from Exhibit F-2, Permanent S&U
Under the tab named "Exh F-2 Perm"







Total Project Cost
$0


- CSS
$0


- Outside Legal
$0


Basis
$0








Term Sheet
$0


Calculated (3% of Basis)
$0








Difference
$0


Within 3% Limit








Percent Administration in Term Sheet
#DIV/0!








Page 9 of 15


form HUD-50150 (7/30/2011)

Sheet 10: Snapshot
PHA/Grantee: [enter official PHA/Grantee name]






Enter Date Prepared
Grant Name: [enter the HOPE VI or Choice Neighborhoods grant name]






Project Name: [enter project Name and Phase description]

















Developer Fee:








Project Costs








Total project costs



$0



- developer fee



$0



- developer fee



$0



- program mgt fee



$0



Reserves:








- Reserve Deposit, Operating



$0



- Operating subsidy reserve



$0



- Lease-up Reserve



$0



- Supportive service reserve



$0



- Other Reserves: Insert Label



$0



Part B Uses:








- Community & Supp. Services



$0



- Management Improvements, PHA



$0



- Administration



$0



- Outside Legal Cost: PHA/Grantee



$0



- Fees & Costs



$0



- Site Acquisition



$0 If checked,
activities are
NOT being
performed
by Developer
- Site Improvement



$0

- Non-Dwelling Structures



$0

- Non-Dwelling Equipment



$0

- Demolition (and associated remediation)



$0

- Relocation Expense



$0



basis for fee



$0



dev fee as %



#DIV/0!













Max allowed: 9%
12%
Check [X] 9% or 12%













difference



#VALUE! #VALUE!











Contractor Fee:






Administrative Fee: (3% of Dev. Cost)










Hard Construction Costs






Total Project Cost $0
residential construction



$-

- CSS $0
non-residential construction



$-











- Outside Legal $0
site work and landscaping



$0

Basis $0
basis



$0











Term Sheet $-





$
% Calculated (3%) $0
Overhead 2%






Difference $0
term sheet



$0.00
#DIV/0!
Within Limit
calculated



$0
2.00% Term Sheet Percentage #DIV/0!
difference



$0 Within Limit










Profit 6%








term sheet



$0.00
#DIV/0!

calculated



$0
6.00%

difference



$0 Within Limit












General Conditions 6%








term sheet



$0.00
#DIV/0! G&A includes bond premium
calculated



$0
6.00%

difference



$0 Within Limit

















Page 10 of 15


form HUD-50150 (7/30/2011)

Sheet 11: ProForma Assumptions















Mixed-Finance Operating Pro forma Worksheet






Applicant PHA/Grantee: [enter official PHA/Grantee name]







Grant Name, if applicable: [enter the HOPE VI or Choice Neighborhoods grant name]







Phase/Project Name: [enter project Name and Phase description]







PIC Development Number: [enter the new AMP-format development number]















This is a workbook of integrated spreadsheets designed to produce the income and operating








pro forma in support of Rental Term Sheet submission. If you have any familiarity with pro forma








this workbook should be straightforward to complete. Start with the assumptions below. Then








click on the "Rents" tab where you will list the number of units and rents for the various types of








units that you have. Finally, click on the "ProForma" tab to list "Other Income" and all first-year








expenses except "Property Management Fee" and "Replacement Reserve." Feel free to change








row headings to fit your circumstance.


















ASSUMPTIONS





















Rental income annual increase 3.0%







Other income annual increase 3.5%







Vacancy rate 4.0%







Expense annnual increase 4.0%







Replacement reserve monthly amount $25.00







Replacement reserve annual increase 2.5%














Property Management Fee (Fixed fee OR % of EGI, NOT BOTH)










Fixed fee (per unit per month)








Annual increase



















Percentage of Effective Gross Income 5.0%


















Page 11 of 15


form HUD-50150 (7/30/2011)

Sheet 12: ProForma Rents













Rental Income















Applicant PHA/Grantee: [enter official PHA/Grantee name]






Grant Name, if applicable: [enter the HOPE VI or Choice Neighborhoods grant name]






Phase/Project Name: [enter project Name and Phase description]






PIC Development Number: [enter the new AMP-format development number]














# of Number Monthly Avg PH Operating Annual

Type Bedrooms of Units Rent Rent Subsidy Rent

Market 1 2 900

21,600

Market 1 6 1,018

73,296

Market 1 48 1,059

609,984

Market 2 46 1,450

800,400

Market 2 14 1,475

247,800

Market 2 6 1,662

119,664

Market 2 8 1,977

189,792

Market 3 3 1,956

70,416

Market 3 3 1,947

70,092

Market 3 4 1,836

88,128

Total Market
140


2,291,172

LIHTC only 2 24 275

79,200

LIHTC only




0

LIHTC only




0

LIHTC only




0

LIHTC only




0

Total LIHTC only
24


79,200

S8/LIHTC* 1 4 507

24,336

S8/LIHTC* 2 8 605

58,080

Total S8/Tax Credit
12


82,416

ACC Units**
24
25 226 72,288



200


2,525,076










*Section 8/Low Income Housing Tax Credit rent is the lower of S8 or LIHTC allowable rent. For this project LIHTC rent is lower.










** Public Housing rent is the greater of 30% of income or $25.










All rents should be net of utility allowances.



















Page 12 of 15


form HUD-50150 (7/30/2011)

Sheet 13: 15 Yr. ProForma

























15 Year Operating Pro Forma




























Applicant PHA/Grantee: [enter official PHA/Grantee name]















Grant Name, if applicable: [enter the HOPE VI or Choice Neighborhoods grant name]















Phase/Project Name: [enter project Name and Phase description]















PIC Development Number: [enter the new AMP-format development number]

































2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024

Operating Pro Forma 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15

Market Rate Rent 2,291,172 2,359,907 2,430,704 2,503,626 2,578,734 2,656,096 2,735,779 2,817,853 2,902,388 2,989,460 3,079,144 3,171,518 3,266,663 3,364,663 3,465,603

Low Income Housing Tax Credit-Only Rent 79,200 81,576 84,023 86,544 89,140 91,815 94,569 97,406 100,328 103,338 106,438 109,631 112,920 116,308 119,797

Section 8/Low Income Housing Tax Credit 82,416 84,888 87,435 90,058 92,760 95,543 98,409 101,361 104,402 107,534 110,760 114,083 117,506 121,031 124,662

Public Housing Income 72,288 74,457 76,690 78,991 81,361 83,802 86,316 88,905 91,572 94,319 97,149 100,063 103,065 106,157 109,342

Gross Rental Income 2,525,076 2,600,828 2,678,853 2,759,219 2,841,995 2,927,255 3,015,073 3,105,525 3,198,691 3,294,651 3,393,491 3,495,296 3,600,155 3,708,159 3,819,404

Other Income 35,200 36,432 37,707 39,027 40,393 41,807 43,270 44,784 46,352 47,974 49,653 51,391 53,190 55,051 56,978

Allowance for Vacancy (101,003) (104,033) (107,154) (110,369) (113,680) (117,090) (120,603) (124,221) (127,948) (131,786) (135,740) (139,812) (144,006) (148,326) (152,776)

Effective Gross Income 2,459,273 2,533,227 2,609,406 2,687,877 2,768,708 2,851,971 2,937,740 3,026,088 3,117,095 3,210,839 3,307,404 3,406,875 3,509,338 3,614,884 3,723,606

Operating Expense















Salaries 131,195 136,443 141,901 147,577 153,480 159,619 166,004 172,644 179,549 186,731 194,201 201,969 210,047 218,449 227,187

Property Management Fee 122,964 126,661 130,470 130,470 130,470 130,470 130,470 130,470 130,470 130,470 130,470 130,470 130,470 130,470 130,470

Utilities 57,200 59,488 61,868 64,342 66,916 69,593 72,376 75,271 78,282 81,413 84,670 88,057 91,579 95,242 99,052

Maintenance 210,950 219,388 228,164 237,290 246,782 256,653 266,919 277,596 288,700 300,248 312,258 324,748 337,738 351,247 365,297

Snow Removal 3,224 3,353 3,487 3,627 3,772 3,922 4,079 4,243 4,412 4,589 4,772 4,963 5,162 5,368 5,583

Insurance 110,232 114,641 119,227 123,996 128,956 134,114 139,479 145,058 150,860 156,895 163,170 169,697 176,485 183,544 190,886
Real Estate Taxes/PILOT 154,875 161,070 167,513 174,213 181,182 188,429 195,966 203,805 211,957 220,435 229,253 238,423 247,960 257,878 268,193

Supportive Services 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0

Advertising 2,500 2,600 2,704 2,812 2,925 3,042 3,163 3,290 3,421 3,558 3,701 3,849 4,003 4,163 4,329

Telephone/office expenses 6,000 6,240 6,490 6,749 7,019 7,300 7,592 7,896 8,211 8,540 8,881 9,237 9,606 9,990 10,390

Accounting 6,760 7,030 7,312 7,604 7,908 8,225 8,554 8,896 9,252 9,622 10,006 10,407 10,823 11,256 11,706

Security 10,000 10,400 10,816 11,249 11,699 12,167 12,653 13,159 13,686 14,233 14,802 15,395 16,010 16,651 17,317

Replacement Reserves 50,000 51,250 52,531 53,845 55,191 56,570 57,985 59,434 60,920 62,443 64,004 65,604 67,244 68,926 70,649

Total Operating Exp. 865,900 898,565 932,481 963,774 996,298 1,030,103 1,065,240 1,101,761 1,139,721 1,179,177 1,220,189 1,262,818 1,307,128 1,353,185 1,401,060

Net Operating Income 1,593,373 1,634,662 1,676,925 1,724,103 1,772,410 1,821,868 1,872,500 1,924,327 1,977,374 2,031,662 2,087,215 2,144,057 2,202,210 2,261,699 2,322,546

Debt Service DCR 1.23 1.26 1.30 1.33 1.37 1.41 1.45 1.49 1.53 1.57 1.61 1.66 1.70 1.75 1.80

1st Mortg. - BOND 1,244,585 1,244,585 1,244,585 1,244,585 1,244,585 1,244,585 1,244,585 1,244,585 1,244,585 1,244,585 1,244,585 1,244,585 1,244,585 1,244,585 1,244,585

2nd Mortg. - HTF 11,000 11,000 11,000 11,000 11,000 11,000 11,000 11,000 11,000 11,000 11,000 11,000 11,000 11,000 11,000

3rd Mortg.Hope VI 37,364 37,364 37,364 37,364 37,364 37,364 37,364 37,364 37,364 37,364 37,364 37,364 37,364 37,364 37,364





































Total Debt Service 1,292,949 1,292,949 1,292,949 1,292,949 1,292,949 1,292,949 1,292,949 1,292,949 1,292,949 1,292,949 1,292,949 1,292,949 1,292,949 1,292,949 1,292,949

Net Cash Flow 300,424 341,713 383,976 431,154 479,461 528,919 579,551 631,378 684,425 738,713 794,266 851,108 909,261 968,750 1,029,597



















Public Housing Rent 72,288















less Prorated Expense 103,908















Public Housing Subsidy to Other Units (31,620)







































Page 13 of 15







form HUD-50150 (7/30/2011)






























Sheet 14: Draw Schedule































SAMPLE Draw Schedule

This is not a mandatory HUD format. The Grantee may use any format that is acceptable to the HUD Grant Manager. This Tab is not Protected and may be replaced. When replacing the Tab, be sure that the Grantee Name, Phase/Project Name and PIC Development Number are included.

























Applicant PHA/Grantee: [enter official PHA/Grantee name]



























Grant Name, if applicable: [enter the HOPE VI or Choice Neighborhoods grant name]



























Phase/Project Name: [enter project Name and Phase description]



























PIC Development Number: [enter the new AMP-format development number]



























































Date Prepared: 17-Dec-10




1,225,314 1,293,387 1,070,573 808,367 323,347 269,456 269,456
















% of Construction Costs Completed 2.50% 7.50% 7.50% 10.00% 12.50% 12.00% 12.00% 10.00% 7.50% 3.00% 2.50% 2.50% 2.50% 8.00% 0.00% 0.00%





100%


Flow of Funds Analysis


Closing Draw Draw1 Draw2 Draw3 Draw4 Draw5 Draw6 Draw7 Draw8 Draw9 Draw10 Draw11 Draw12 Draw13 Draw14 Draw15 Draw16 Draw17 Draw18 Draw20 Draw21 Draw22





Starting Balance Dec-10 Jan-11 Feb-11 Mar-11 Apr-11 May-11 Jun-11 Jul-11 Aug-11 Sep-11 Oct-11 Nov-11 Dec-11 Jan-12 Feb-12 Mar-12 Apr-12 May-12 Jun-12 Jul-12 Aug-12 Sep-12 Ending Balance


Uses of Funds


Closing










2nd Installment - Construction Completion


3rd Installment - Conversion
4th Installment - Stabilization/ 8609s





Acquisition Costs




























Land

- - - - - - - - - - - - - - - - - - - - - - - 0 -

Building

- - - - - - - - - - - - - - - - - - - - - - - 0 -

Total Acquisition Costs

0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -

Hard Costs

























-

Hard Construction Costs

9,075,000 226,875 680,625 680,625 907,500 1,134,375 1,089,000 1,089,000 907,500 680,625 272,250 226,875 226,875 226,875 726,000 0






0 - 0

Site Work

1,000,000 25,000 75,000 75,000 100,000 125,000 120,000 120,000 100,000 75,000 30,000 25,000 25,000 25,000 80,000 0






0 -

General Requirements

544,500 13,613 40,838 40,838 54,450 68,063 65,340 65,340 54,450 40,838 16,335 13,613 13,613 13,613 43,560 0






0 -

Contractor Overhead

181,500 4,538 13,613 13,613 18,150 22,688 21,780 21,780 18,150 13,613 5,445 4,538 4,538 4,538 14,520 0






0 -

Contractor Profit

544,500 13,613 40,838 40,838 54,450 68,063 65,340 65,340 54,450 40,838 16,335 13,613 13,613 13,613 43,560 0






0 -

Contractor Bond Premium



0 0 0 0
















0 -

Contingency

725,000 0 0 217,500 0 0 145,000 0 145,000 0 0 0 0 0 0
0 217,500




0 -

FF&E

250,000 37,500 - - 25,000 25,000 - - - - - 25,000 25,000 25,000 37,500 50,000 - 0 0



0 -

Retainage


(28,364) (85,091) (85,091) (113,455) (141,819) (136,146) (68,073) (63,978) (42,546) 50% complete retainage to 5% (17,018) (14,182) (14,182) (14,182) (45,382) 869,508 0
0



0 -

Total Hard Costs
12,320,500 292,774 765,821 983,321 1,046,095 1,301,369 1,370,314 1,293,387 1,215,573 808,367 323,347 294,456 294,456 294,456 899,758 919,508 0 217,500 0 0 0 0 0 0 -

Soft Construction Costs

























-

Architecture Design & Engineering

680,000 470,000 15,000 15,000 15,000 15,000 15,000 15,000 15,000 15,000 15,000 15,000 15,000 15,000 30,000 0 0 0 0 0 0

0 -

Survey & As-Built Survey

25,000 25,000




















0 -

Environmental

60,000 60,000




















0 -

Soils & Materials Testing/Structural Report

20,000 20,000




















0 -

Insurance

60,000 30,000 0






0

30,000








0 -

Construction Loan Interest Rate Cap

0 0




















0 -

Construction Loan Legal, Due Diligence and Appraisal

48,000 48,000




















0 -

Permanent Loan Origination

19,625


















19,625

0 -

Inspection Fees

35,000
2,692 2,692 2,692 2,692 2,692 2,692 2,692 2,692 2,692 2,692 2,692 2,692 2,692







0 -

Title & Recording

34,000 34,000

















0
0 0 -

Developer Legal

125,000 100,000

















25,000

0 -

Accountant and Audit

80,000 40,000










0 40,000







0 -

Appraisal & Market Study

15,000 15,000 0



















0 -

Marketing

55,000



11,000 5,500 5,500 5,500 5,500 5,500 5,500 5,500 5,500








0 -

Rent-up Reserve

200,000












33,333 33,333 33,333 33,333 33,333 33,333

0 0 -

Soft Cost Contingency

48,503






3,731 3,731 3,731 3,731 3,731 3,731 3,731 3,731 3,731 3,731 3,731 3,731 3,731

0 -

Operating Reserve

581,500











0



0
581,500 0 0 0 -

Replacement Reserve

49,452


















49,452

0 -

Tax Credit Application Fees

4,000 4,000 0



















0 -

Tax Credit Fees (Reservation and Monitoring)

171,700 171,700












0 0 0 0 0 0 0 0 0 -

Developer Overhead

488,800 391,040 0 0 0 0 0 0 0 0 0 0 0 41,396 56,364 0 0 0 0 0 0

0 -

Developer Fee

1,466,400 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1,466,400
0 0 -

AHA Developer Fee

488,800 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 488,800 0 0 0 -

Total Soft Construction Costs

5,979,797 2,050,757 18,992 20,627 21,859 32,859 27,359 30,014 38,934 44,162 47,714 49,260 50,692 154,526 191,327 62,271 62,271 62,271 37,064 37,064 2,939,773 0 0 0 - 37,064

Total Development Costs

18,300,297 2,343,531 784,813 1,003,948 1,067,954 1,334,228 1,397,673 1,323,401 1,254,507 852,528 371,061 343,716 345,148 448,982 1,091,085 981,779 62,271 279,771 37,064 37,064 2,939,773 0 0 18,300,297 -

Loan Repayment

10,925,000







0






10,925,000
0 0
0 10,925,000


Total Project Uses
29,225,297 2,343,531 784,813 1,003,948 1,067,954 1,334,228 1,397,673 1,323,401 1,254,507 852,528 371,061 343,716 345,148 448,982 1,091,085 981,779 62,271 11,204,771 37,064 37,064 2,939,773 - - 29,225,297


Constr. Sources of Funds
% Equity
pay-in 		24% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 36% 0% 0% 0% 42% 0% 0.0% 18.0% 0% 0% Ending Balance


Investor Disbursement/Draws

8,599,320 1,719,864 - - - - - - - - - -
448,982 1,091,085 464,779 62,271 2,404,413 37,064 37,064 2,333,796 - - 8,599,320


Investor Balance Available

- - - - - - - - -
- - - 2,130,814 1,039,729 574,950 512,678 1,118,027 1,080,963 1,043,898 - - -



Bank Construction Loan Disbursement
50% 10,925,000 311,833 392,406 295,760 - - 637,267 1,245,416 1,254,507 852,528 371,061 343,716 345,148 - - - - 4,875,357 - - - - - 10,925,000


AHA Disbursement
50% 5,170,000 311,833 392,406 708,188 1,067,954 1,334,228 760,406 77,985






517,000 -


-

5,170,000


Deferred Developers Fee

605,977











-
(0)


(0) 605,977 -
605,977






























































Permanent Sources




























Interest Earnings























- -


Deferred Developers Fee


-



















-



Total Project Sources

29,225,297 2,343,531 784,813 1,003,948 1,067,954 1,334,228 1,397,673 1,323,401 1,254,507 852,528 371,061 343,716 345,148 448,982 1,091,085 981,779 62,271 11,204,771 37,064 37,064 2,939,773 - - 29,225,297 -




- - - - - - - - - - - - - - - 0 - 0 - - - - - 0


AHA Potential Eligible Costs

5,170,000 1,544,724 784,813 1,003,948 1,067,954 1,334,228 1,355,391 594,985 517,000 517,000 371,061 343,716 345,148 407,586 517,000 517,000 - - - -
- - 11,221,551


AHA Loan Disbursement


311,833 392,406 708,188 1,067,954 1,334,228 760,406 77,985 - - - - - - - 517,000 - - - -
- - 5,170,000


AHA Loan Balance Start Month


5,170,000 4,858,167 4,465,760 3,757,572 2,689,619 1,355,391 594,985 517,000 517,000 517,000 517,000 517,000 517,000 517,000 517,000 - - - - - - - -


AHA Disbursements for Eligible Costs Only


Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes
Yes Yes



AHA Cumulative Loan Balance


311,833 704,240 1,412,428 2,480,381 3,814,609 4,575,015 4,653,000 4,653,000 4,653,000 4,653,000 4,653,000 4,653,000 4,653,000 4,653,000 5,170,000 5,170,000 5,170,000 5,170,000 5,170,000 5,170,000 5,170,000 5,170,000



Projected Construction Interest Due Based on Draw Schedule

10,925,000 - 1,299 2,934 4,167 4,167 4,167 6,822 12,011 17,238 20,790 22,337 23,769 25,207 25,207 25,207 25,207 25,207 - - - - - 245,735


Cumulative Bank Construction Loan Balance


311,833 704,240 1,000,000 1,000,000 1,000,000 1,637,267 2,882,683 4,137,190 4,989,719 5,360,779 5,704,495 6,049,643 6,049,643 6,049,643 6,049,643 6,049,643 - - - - - -




Page 14 of 15

form HUD-50150 (7/30/2011)























Sheet 15: Other Exhibits





Other Exhibts to be Attached














1) City map, showing location of project



2) Site plan



3) Building designs



4) Summary of market study if project includes tax credit only or market rate units in addition to public housing.



5) Construction cost estimate by major trade categories including contractor general conditions, overhead and profit



6) Cost comparison of new construction




Page 15 of 15



form HUD-50150 (7/30/2011)
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