Transactional Documents for Mortgagees and Contractors

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Maximum Insurable Loan
Calculation (MILC)

U.S. Department of Housing
and Urban Development
Office of Residential
Care Facilities

OMB Approval No. 9999-9999
(exp. mm/dd/yy)

Public reporting burden for this collection of information is estimated to average 2 hours. This includes the time for collecting, reviewing, and
reporting the data. The information is being collected to obtain the supportive documentation which must be submitted to HUD for approval, and
is necessary to ensure that viable projects are developed and maintained. The Department will use this information to determine if properties
meet HUD requirements with respect to development, operation and/or asset management, as well as ensuring the continued marketability of
the properties. 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.
Warning: Any person who knowingly presents a false, fictitious, or fraudulent statement or claim in a matter within the jurisdiction of the U.S.
Department of Housing and Urban Development is subject to criminal penalties, civil liability, and administrative sanctions.

Project Name:
Project Number:
Program Type:
Instructions
1. Complete the project name, project number, and program type on this page (column D).
It will be carried forward to other tabs.
2. Fields to be completed are shaded in aqua.
3. For 223f, 223a7, 223d, and 232i complete the applicable Sources and Uses tab before
completing the criteria.
For NC, SR, BR and 241a complete the Land Calculation, Other Fees, Replacement Cost
and Sources and Uses tabs before completing the criteria.
Formulas on the criteria pages use data from the Land Calculation, Replacement Cost and
Sources and Uses tab.
4. ORCF benchmarks should be used for all criteria. Do not use regulatory percentages.
5. The MILC should reflect existing ORCF benchmarks. If the requested mortgage amount
exceeds the lowest of all applicable criteria a waiver request (Form HUD-2-OHP) must
be included as part of the application and attached to the HUD-92264a-OHP as an exhibit.
6. Applicable criteria are shown in the Criteria by Program tab. That tab and this instructions
tab are for information purposes only and are not to be attached to the firm commitment.
7. Fields with red arrows in the corner have additional notes. Placing your cursor over the
those fields will make them appear.
8. The percentage fields in the S & U tab for 223(f), 223(a)(7), 223(d) and 232(i) only drive the
calculations for Criteria G and H. Enter the actual, fixed dollar amount in the adjacent fields
when the mortgage amount has been determined. Both percentages and dollars must be
provided for all calculations to be completed.
9. The mortgage amount should be entered as the lowest of all applicable criteria. See the
Criteria by Program Type chart to determine which criteria apply.
10. A lender's underwriter signature and date are required for all submissions.
11. 223f, 223a7, 223d, and 232i Firm Commitments should include the applicable Sources and
Uses page and the Maximum Insurable Loan Calculation pages.
12. NC, SR, BR and 241a Firm Commitments should include the Land Calculation, Other Fees,
and Replacement Cost pages, the applicable Sources and Uses page, and the
Maximum Insurable Mortgage pages.

Previous versions obsolete

form HUD-92264a-ORCF (mm/dd/yyyy)

U.S. Department of Housing
and Urban Development
Office of Residential
Care Facilities

Maximum Insurable
Loan Calculation, by Program
Section 232

Section 232 New
Construction
Section 232 Substantial
Rehabilitation
Section 232 Blended Rate
Section 232/241(a)
Section 232/223(f)
Section 232/223(a)(7)
Section 223(d)
Section 232(i)

Previous versions obsolete

Requested
Loan Amount

Original
Principal
Balance

A.

B.

OMB Approval No. 9999-9999
(exp. mm/dd/yy)

Amount Based on
Amount
Amount
Deduction of
Amount
Amount
Amount
Amount Based on Amount Based
Based on
Amount Based Amount Based Based on
Grant(s), Loan(s),
Based on
Based on Based on Debt Estimated Cost of on Borrower's
100% of the
on the Cost to
on Total
100% of the
LIHTCs and
Replacement Loan to
Service
Rehabilitation Total Cost of
Cost of Fire
Refinance
Indebtedness
Operating
Gift(s) for
Cost
Value
Coverage
Plus
Acquisition
Safety
Loss
Mortgageable
Equipment
Items
C.

D.

E.

X

X

X

X

X
X
X
X
X
X
X

X
X
X

X
X
X
X

X
X
X
X

X
X

F.

G.

H.

I.

J.

K.

L.
X

X
X

X
X
X
X

X
X

X
X
X
X

form HUD-92264a-ORCF (mm/dd/yyyy)

U.S. Department of Housing
and Urban Development
Office of Residential
Care Facilities

Maximum Insurable
Loan Calculation
Section 232

OMB Approval No. 9999-9999
(exp. mm/dd/yy)

Sources and Uses
Pursuant to Sections 223(f), 223(a)(7), 223(d) and 232(i)

Project Name:
Project Number:
Program Type:
SOURCES

0
0
0
HUD Insured Loan
Existing Replacement Reserves to Transfer
Cash/Letter of Credit
Interest Rate Premium
Other (Describe)
Other (Describe)
TOTAL

$0
$0
$0
$0
$0
$0
$0

HUD ELIGIBLE COSTS
Existing Indebtedness or Purchase Price
Prepayment Penalty
Initial Deposit to the Reserve for Replacement
Existing Replacement Reserves to Transfer
Estimate of Repair Cost (Critical & Non Critical)
Appraisal (incl. update)
Phase I ESA / HUD 4128
PCNA
Financing/Placement Fee
Lender Legal
Borrower Legal
Title & Recording
HUD Inspection Fee
First Year MIP
HUD Exam Fee
Survey
Additional Other Fees (Describe)
Other (Describe)
Other (Describe)
TOTAL HUD ELIGIBLE COSTS

$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0

NON-ELIGIBLE COSTS
Initial Operating Deficit Escrow
Special Escrow - Debt Service Reserve
Repair Completion Assurance Escrow
Other (Describe)
Other (Describe)
TOTAL ADDITIONAL COSTS

$0
$0
$0
$0
$0
$0

TOTAL COSTS

$0

USES

Previous versions obsolete

0.00%

0.00%
0.00%

form HUD-92264a-ORCF (mm/dd/yyyy)

Maximum Insurable
Loan Calculation
Section 232

U.S. Department of Housing
and Urban Development
Office of Residential
Care Facilities

OMB Approval No. 9999-9999
(exp. mm/dd/yy)

Information Concerning Land or Property
Pursuant to New Construction, Substantial
Rehabilitation, Blended Rate and Section 241(a)

Last Arms-Length Transaction
Buyer
Seller
Date Acquired
Purchase Price
Additional Cost
Annual Ground Rent
Total Cost

$0
$0
$0
$0

Note: If this is an allocation of a purchase of a larger site or a combination of multiple sites
provide detail (including basis of allocation) below.

Special Assessments
Prepayable, Non-Prepayable or N/A
Principal Balance
Annual Payment
Remaining Term

$0
$0

Value of Land and Cost Certification
Fair Market Value of land fully improved
Deduct unusual land improvements
Equals warranted price of land fully improved

$0
$0
$0

For Cost Certification Purposes:
Demolition
Off-site Cost
Estimate of "as is" by subtraction from improved value
Estimate of "as is" by comparison (from appraisal)
"As is" based on acquisition cost (include legal, title, etc.)
Estimate of value of land "as is" for cost certification purposes

$0
$0
$0
$0
$0
$0

Previous versions obsolete

form HUD-92264a-ORCF (mm/dd/yyyy)

Maximum Insurable
Loan Calculation
Section 232

U.S. Department of Housing
and Urban Development
Office of Residential
Care Facilities

OMB Approval No. 9999-9999
(exp. mm/dd/yy)

Schedule of Other Fees to be paid by Borrower
Pursuant to New Construction, Substantial
Rehabilitation, Blended Rate and Section 241(a)

Line Description
A Survey--Land and Final "as built"
B Building Permits
C Soils Report
D Traffic Study
E Impact Fees
F Hook-up Fees
G
H
I
J

Total

Amount
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0

Schedule of Other Fees included in Construction Contract
Line Description
A Survey
B Cost Certification
C Municipal Inspections
D Special Engineering Tests/Fees
E Special Taxes
F Permits
G
H
I
J

Total

Previous versions obsolete

Amount
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0

form HUD-92264a-ORCF (mm/dd/yyyy)

Maximum Insurable
Loan Calculation, by Program
Section 232

U.S. Department of Housing
and Urban Development
Office of Residential
Care Facilities

OMB Approval No. 9999-9999
(exp. mm/dd/yy)

Estimated Replacement Cost
Pursuant to New Construction, Substantial
Rehabilitation, Blended Rate and Section 241(a)

Unusual Land Improvements
Other Land Improvements
Total Land Improvements
Main Building
Other Structures (identify)
Other Structures (identify)
Total Structures
General Requirements

$0
$0
$0
$0
$0
$0
$0
$0

General Contractor General Overhead
General Contractor Profit
Architect Design Fee
Architect Supervisory Fee
Bond Premium

$0
$0
$0
$0
$0

Borrower Other Fees
General Contractor Other Fees
Total Other Fees

$0
$0
$0

Total For All Improvements
Note: Estimated Construction Time (months)
Note: Estimated Interest Time (months)
Note: Estimated Interest Rate (percent)

$0
0
0

Interest
Taxes
Insurance
HUD Mortgage Insurance Premium
HUD Exam (Application) Fee
HUD Inspection Fee
Initial Financing Fee
Non-profit Developer's Fee (includes consultant)
Permanent Placement Fee
Title and Recording
Total Carrying Charges and Financing

$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0

Previous versions obsolete

form HUD-92264a-ORCF (mm/dd/yyyy)

Maximum Insurable
Loan Calculation, by Program
Section 232

U.S. Department of Housing
and Urban Development
Office of Residential
Care Facilities

Legal
Organizational
Borrower's Cost Certification Audit Fee
Total Legal, Organizational, Audit
Major Movable Equipment
Marketing
Contingency
Relocation
Initial Deposit
Other (Describe)
Total Estimated Development Cost
Warranted Price of Land
Offsite Costs (Rehab only)
Total Estimated Replacement Cost

Previous versions obsolete

OMB Approval No. 9999-9999
(exp. mm/dd/yy)

$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0

form HUD-92264a-ORCF (mm/dd/yyyy)

Maximum Insurable
Loan Calculation
Section 232

U.S. Department of Housing
and Urban Development
Office of Residential
Care Facilities

OMB Approval No. 9999-9999
(exp. mm/dd/yy)

Sources and Uses
Pursuant to New Construction, Substantial
Rehabilitation, Blended Rate and Section 241(a)

Project Name:
Project Number:
Program Type:
SOURCES

0
0
0
HUD Insured Loan
Cash/Letter of Credit
Existing Reserve for Replacement Deposit
Grants/Other Loans (Describe)
Other (Describe)
TOTAL

$0
$0
$0
$0
$0
$0

HUD ELIGIBLE COSTS
Existing Indebtedness
Repairs
Initial Deposit to the Reserve for Replacement
Land Purchase
Land Improvements
Structures
General Requirements
Builder’s Overhead
Builder’s Profit
Architect Fees (Design)
Architect Fees (Supervisory)
Bond Premium
Interest
Taxes
Insurance
Appraisal (incl. update)
Market Study
Phase I ESA / HUD 4128
A&E / Cost Reviews
Financing/Placement Fee/Lender Legal
Borrower Legal
Title and Recording
Borrower's Cost Certification Audit Fee
Major Movable Equipment
Marketing
Pre-Opening Management Fees
HUD Inspection Fee
HUD Initial MIP
HUD Exam Fee
Other Fees
Other (Describe)
Other (Describe)
Other (Describe)
Other (Describe)
TOTAL HUD ELIGIBLE 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
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0

USES

NON-ELIGIBLE COSTS
Initial Operating Deficit Escrow
Working Capital Escrow
Special Escrow - Minor Moveable Equipment
Special Escrow - Demolition
Special Escrow - Off-site Construction
Special Escrow - Short-Term Debt Service Reserve
Other (Describe)
Other (Describe)
Other (Describe)
TOTAL ADDITIONAL COSTS

$0
$0
$0
$0
$0
$0
$0
$0
$0
$0

TOTAL COSTS

$0

Replacement Cost minus HUD Eligible Costs

$0

Previous versions obsolete

form HUD-92264a-ORCF (mm/dd/yyyy)

Maximum Insurable
Loan Calculation
Section 232

U.S. Department of Housing
and Urban Development
Office of Residential
Care Facilities

OMB Approval No. 9999-9999
(exp. mm/dd/yy)

Public reporting burden for this collection of information is estimated to average 1.25 hours. This includes the time for collecting, reviewing, and reporting the data. The
information is being collected to obtain the supportive documentation which must be submitted to HUD for approval, and is necessary to ensure that viable projects are
developed and maintained. The Department will use this information to determine if properties meet HUD requirements with respect to development, operation and/or
asset management, as well as ensuring the continued marketability of the properties.
Warning: Any person who knowingly presents a false, fictitious, or fraudulent statement or claim in a matter within the jurisdiction of the U.S. Department of Housing and
Urban Development is subject to criminal penalties, civil liability, and administrative sanctions.

Project Name:
Project Number:
Program Type:

0
0
0

A. Requested Loan Amount

$0

B. Original Principal Amount

$0

C. Amount Based on Replacement Cost
a. Replacement Cost in Fee Simple
b.(1) Optional Purchase Price from 92070M
(2) Grant/Loan funds attributable to R.C. items
(3) Excess Unusual Land Improvement
(4) Total lines (1) to (3)
c. Unpaid Balance of Special Assessment
d. Total line b plus line c
e. Line a minus line d
D. Amount Based on Required Loan to Value
a. Value in Fee Simple
b. Optional Purchase Price from 92070M
c. Unpaid Balance of Special Assessment
d. Total line b plus line c
e. Line a minus line d
E. Amount Based on Required Debt Service Coverage
a. Mortgage Interest Rate
b. Mortgage Insurance Premium Rate
c. Initial Curtail Rate
d. Sum of Above Rates
e. Net Operating Income
f. Annual Ground Rent + Annual Special Assessment
g. Line e minus line f
h. Line g divided by line d
i. Annual Tax Abatement Savings
j. Line h plus line i

$0
$0
$0
$0
$0

x

90%

x

90%

$0
$0
$0
$0

$0
$0

x
x

0%
0%

$0
$0
$0
$0
$0

Loan term (years)

0.00%
0.00%
#NUM!

0

$0
$0

÷
+
+

1.45
$0

$0

÷
÷

0.00

F. Amount Based on Estimated Cost of Rehabilitation Plus
(i) "as is" Value, or (ii) acquisition cost,
or (iii) existing mortgage indebtedness against the property before rehabilitation:
a. Total Estimated Development Cost
b. Estimated Cost of Off-Site Construction
c. Sum of lines a & b
d. Grant/Loan funds attributable to R.C. items
e. Line c minus line d
f. "As Is" Value of Prop. Before Rehab.
$0
x
90 %
g. Existing Mortgage Indebtedness (Property Owned) or Purchase Price of Property (to be Acquired)
$0
x
90 %
h. Line e plus line f or line g, whichever is less
i. Line h
x
100 %

Previous versions obsolete

$0

#NUM!
$0
$0
$0
#NUM!
#DIV/0!
#DIV/0!

$0
$0
$0
$0
$0
$0
$0
$0
$0

form HUD-92264a-ORCF (mm/dd/yyyy)

Maximum Insurable
Loan Calculation
Section 232

U.S. Department of Housing
and Urban Development
Office of Residential
Care Facilities

G. Amount Based on Borrower's Total Cost of Acquisition Section 223(f)
a. HUD Eligible Costs
b. Enter the Sum of any Grant/Loan and Reserves for
Replacement and Major Movable Equipment to be
Purchased as an asset of the project
c. Line a minus line b
d. Line c
x
H. Amount Based on the Cost to Refinance
a. HUD Eligible Costs
b. Enter the Sum of any Grant/Loan and Reserves for
Replacement and Major Movable Equipment on Deposit
c. Line a minus line b

OMB Approval No. 9999-9999
(exp. mm/dd/yy)

$0

$0
85 %

$0

$0

$0

I. Amount Based on Total Indebtedness
a. As-Proposed Value
b. Loan-to-Value Percentage
c. Line a times line b
d. Total of All Outstanding Indebtedness Relating to Property
e. Line c minus line d

$0
90%
$0
$0
$0

J. Amount based on Percentage of the Operating Loss

$0

K. Amount based on 100% of the Cost of Fire Safety Equipment
100% of the Cost of Fire Safety Equipment

$0

L. Amount Based on Deduction of Grant(s), Loan(s), LIHTCs and Gift(s) for mortgageable items
a. 100% Project (Replacement) Cost
b. (1) Grants/Loans/Gifts
(2) Tax Credits
(3) Optional Purchase Price from 92070M
(4) Excess Unusual Land Improvement Cost
(5) Unpaid Balance of Special Assessment
(6) Sum of Lines (1) through (5)
c. Line a. minus line b. (6)

$0
0

Maximum Insurable Loan (Lowest of Foregoing Criteria)
Notes:
Estimated Liquidated Damages--Construction Contract
Incentive Percentage--Construction Contract (if applicable)
Estimated Soft Costs--Construction Period

0
0
#DIV/0!

Lender's Underwriter Signature

Date:

Office of Healthcare Programs Signature

Date:

Previous versions obsolete

$0
$0
$0
$0
$0
$0
$0

form HUD-92264a-ORCF (mm/dd/yyyy)