92000-ORCF Appraisal Sockets

Comprehensive Listing of Transactional Documents for Mortgagors, Mortgagees and Contractors

92000_orcf_Final_Clean.xlsx

Transactional Documents for Mortgagees and Contractors

OMB: 2502-0605

⚠️ Notice: This form may be outdated. More recent filings and information on OMB 2502-0605 can be found here:

2023-06-15 - No material or nonsubstantive change to a currently approved collection
2023-03-22 - No material or nonsubstantive change to a currently approved collection

Document [xlsx]

Download: xlsx | pdf

Overview

Sockets
Lender Notes

Sheet 1: Sockets

Version Control Number

11.7.2017

Application Overview

Unit Schedule

Rates

Private Pay Comparables

Occupancy and Census Comparables

Revenue Forecast

Expense History

Expense Comparables

Sales Comparison Data

Appraisal Sockets U.S. Department of Housing and Urban Development OMB Approval No. 2502-0605

Supplemental Data Input - Not a Required Input

Supplemental Data Input- Not a Required Input

Select

Section 232 Office of Residential Care Facilities (exp. 03/31/2018)

Project Name

Select

What is the property's Investment Grade

Indicate the historical financial data periods reported. Note: If 4 periods of income data are not available leave the oldest slots blank, not the newest. If supplemental data is added (not required), direct input the dates.

Project Unit Type

Care Type

Room Type

# of Units

# of Beds

Baths

Unit Sq. Ft.

Current Rent

Appraisal Rent

Rental Rate Bed or Unit

Notes

Medicare Rates:

Project Unit Type

Rent Comparable Name

Care Type

Room Type

Beds or Units

Unadjusted Rate

Adjusted Rate

Gross Total Adjustments

Notes

Care Type

Occupancy and Census Comparable Name

Occupancy Rate

Occupancy / Census Survey Time Period

Private Pay

Medicare

Medicaid

Veterans Admin

HMO (Insurance)

Other

Total

Period

FY 1900

Appraisal (Market)

Lender (for DSCR)

Enter Period

Expense Categories

FY 1900

Appraisal (Market)

Lender's DSC

Enter Period

Expense Comparable Name

Unit Types

Sale Comparable Name

City

State

Sale Date

Bulk Sale

Sales Price

Year Built

# of Units

# of Beds

Private Pay %

Medicare %

Medicaid %

Other %

Occ. %

Sales Data Info Source

Date of NOI

Sale Income Growth

Cap Rate

Unit of Comparison

Unadjusted Price

Adjusted Price

Gross Adjustment %

EGIM

Expense Ratio

Comments/Important Factors

Project Street Address

Select

Is the subject operated as a non-profit?

Historical Average RUG Rate:

Time Period:

Income Source

Total $

# of Days

Total $

# of Days

Total $

# of Days

Total $

# of Days

Total $

# of Days

Total $

# of Days

Total $

# of Days

Total $

# of Days

Total $

# of Days

City

Public reporting burden for this collection of information is estimated to average 1.5 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.

City

Select

Is there or will there be a ground lease?

Select

SN-Private-pay

e.g. General & Administrative

State

Select

State

Select

Will the project have any encumbrances such as rent, occupancy or private restrictions?

Select

Medicaid Rates

SN-Medicaid

e.g. Payroll Taxes and Benefits

Year Built

Select

FHA Number

Select

Does the underwritten income include any commercial income?

Begin Date

End Date

Period Type

Headers

Select

Published Rate:

Rate Date:

SN-Medicare (Part A)

e.g. Resident Care

Gross Square Footage

Select

Lender (Firm)

Not A Required Question

Oldest Period ˃

Fiscal Year (FY)

days

FY 1900

Select

As a percentage of the census mix.

SN-HMO/Ins/Medicare (Part C)

e.g. Food Services

Occupancy

0.0%

Select

Lender (UW Name)

Not A Required Question

Fiscal Year (FY)

days

FY 1900

Select

0.0%

SN-Veterans Admin (VA)

e.g. Activities

Unit Count by Mix

Select

Mortgage Amount

Select

Are the real estate taxes based upon an abatement or special tax consideration?

Fiscal Year (FY)

days

FY 1900

Select

0.0%

e. g. SNF-Other Payers

e.g. Housekeeping & Laundry

Skilled Nursing beds

Select

Mortgage Term (in months)

Select

Does the underwritten income include adult day care income?

Most Recent ˃

Fiscal Year (FY)

days

FY 1900

Select

0.0%

ALF-Private-pay

e.g. Maintenance

Assisted Living beds

Select

Mortgage Interest Rate

Not A Required Question

Select

0.0%

ALF-Medicaid

e.g. Utilities

Memory Care beds

Select

Mortgage Ins. Premium (MIP)

Not A Required Question

The appraisal analyzed the project's financial data through what date?

Select

0.0%

ALF-Other

e.g. Insurance (property & liability)

Independent Living units

Select

1. This workbook is to be filled out and accompany each appraisal submitted to ORCF for the 232/223(f) refinance program. Other programs that involve new construction will not use this form. The data may be entered by the appraiser or by the lender. It is however the lender's responsibility to ensure the entries are correct.

Select

Is the building's footprint changing?

Select

0.0%

MC-Private-pay

e.g. Marketing and Promotion

Total

Select

Appraisal Firm

Select

Has the property sold (or pending) within 3 years of the appraisal date?

Select

0.0%

MC-Medicaid

e.g. Ground Rent

Payor Mix (enter as % of resident days)

Select

Appraiser Name

Select

Not A Required Question

Select

0.0%

MC-Other Payers

e.g. Bad Debt

Private Pay

Select

Date of Valuation

Not A Required Question

Total

Select

0.0%

IL-Private-pay

Other [delineate]

Medicare

Select

2. Input information into cells that are shaded this color green.

Appraised Value

Not A Required Question

Select

0.0%

IL-Other Payers

Other [delineate]

Medicaid

Select

Optional Information can be added to cells with this color yellow.

Underwritten Value

Other Unit Description

Select

0.0%

Residential Revenue Achieved

Other [delineate]

Other

Select

The data entered calculates to a number that exceeds the parameters for that data i.e. occupancy in excess of 100%

Cost Approach Conclusion (if utilized)

Market

Select

0.0%

Medicare Part B

Other [delineate]

Total

0.0%

Select

Income Capitalization Conclusion

Select

Is the project's market population, target population, real estate values, or employment base declining?

Select

0.0%

e.g. Therapy

Sub-total

Select

3. Cells displaying the word "Select" contain predetermined drop-down for you to select from. Only use the responses in the drop down list.

Appraiser's Capitalization Rate

Select

0.0%

e.g. Level of Care Fees

Real Estate (Property) Taxes

Effective Gross Income (per year)

Select

Sales Comparison Conclusion

Select

Are there any negative market influences that require special consideration?

Select

0.0%

e.g. Second Occupant Fees

Management Fees

Expense Categories

Select

4. Some cells (see below) include instructional aids to complete the responses. The pop-up can easily be moved to a different location on the sheet by left clicking on the pop-up.

Year Built

Select

Will the project be impacted by a current/projected oversupply of competitive units?

Select

0.0%

e.g. Misc./Assessment Fees

Replacement Reserves

e.g. General & Administrative

Select

Remaining Economic Life (in years)

Select

Have new units/beds been approved for construction, completed construction within the past year, or are currently in lease-up within the PMA?

Select

0.0%

e.g. Commercial Space

Total Expenses

e.g. Payroll Taxes and Benefits

Select

Lender Proposed Repair Amount

Select

0.0%

e.g. Day Care

e.g. Resident Care

Select

Appraisal Indicated Repair Amount

Select

0.0%

Period

FY 1900

Enter Period

e.g. Food Services

Select

Land Square Size (Sq.Ft.)

Appraisal

Select

0.0%

e.g. Activities

Select

Building Size (Sq.Ft.)

Select

Hypothetical Conditions: Other than assuming that the critical and non-critical repairs have been made, does the appraisal make other hypothetical assumptions?

Select

0.0%

Other Revenue Achieved

Total Revenue from Financial Statement

e.g. Housekeeping & Laundry

Select

Star Rating

Select

0.0%

Effective Gross Income

Effective Gross Income Reported in Appraisal

e.g. Maintenance

Select

Undepreciated Cost New

Select

Extraordinary Assumptions: Does the appraisal make any extraordinary assumptions?

Select

0.0%

Difference

e.g. Utilities

Select

Does the application propose reduced debt seasoning (less than 2 years) pursuant to Healthcare Mortgage Insurance Program Handbook (4232.1) Ch. 3.13D?

Select

Jurisdictional Exceptions: Does the appraisal invoke any jurisdictional exceptions?

Select

0.0%

Potential Days

Net Income from Financial Statement

e.g. Insurance (property & liability)

Select

Functional Obsolescence: Does the appraisal identify any functional obsolescence?

Select

NOI Reported in Appraisal

e.g. Marketing and Promotion

Select

6. Each input cell is named. When the cell is selected the name appears in the name box to the left of the formula bar (see Illustration below). Users are welcome to integrate this workbook's names into their worksheets but this workbook's assigned names must not change. To migrate the Sockets tab into another Excel workbook without losing the cell names, first open both this worksheet and the destination workbook, then right-click the "Sockets" tab, select “move or copy”, under “To Book” select the destination workbook (which you opened) from the list, then finish by clicking “OK”. Prior to submitting this document to ORCF make sure any external links are broken.

Select

External Obsolescence: Does the appraisal identify any external obsolescence?

Select

Difference

e.g. Ground Rent

Select

Reconcile Items

e.g. Bad Debt

Select

e.g. Fundraising Income

Other [delineate]

Select

e.g. Fundraising Expense

Other [delineate]

Select

e.g. Depreciation

Other [delineate]

Select

e.g. Amortization

Other [delineate]

Select

e.g. Unusual Administration

Sub-total

Select

e.g. Unique Employees

Real Estate Taxes

Select

e.g. Major single-item capital exp.

Management Fees (Actual)

Select

e.g. Facility Lease

Replacement Reserves

Select

Total Expenses

Select

Net Operating Income

8. Do not delete or add rows as this will impact other tables that share the same row.

Select

Year of Expense Information

e.g. Jul-12

Select

Balance

Net adjust. amount applied for date

0.0%

9. The inputs typically call for data to be reported on a per resident day (PRD) basis. Please do not alter this formatting as it is the format HUD will use in data collecting.

Select

e.g. General & Administrative

10. The data fields are intended to stay static but if ORCF requires changes patch notes will be circulated for version control.

Select

e.g. Payroll Taxes and Benefits

Select

e.g. Resident Care

11. The navigation bar to the left provides quick links to the various worksheet sections.

Select

e.g. Food Services

A bulk sale is the combined sale of more than one property.

e.g. Activities

12. This spreadsheet requires the use of Excel 2010 or newer.

Other Unit Description

e.g. Housekeeping & Laundry

Select

Unit Type

Room Description

e.g. Maintenance

13. Any items that need further clarification can be explained in the lenders note tab of this workbook. It is suggested that the explanation start with the reason for

e.g. Utilities

for the explanation. i.e. PREVIOUS SALES - The property sold in May of 2017. It was a sale from father to daughter - related parties.

e.g. Insurance (property & liability)

e.g. Marketing and Promotion

Abbreviations / Definitions:

e.g. Ground Rent

SNF - Skilled Nursing

e.g. Bad Debt

ALF - Assisted Living also includes Board and Care

Other [delineate]

MC - Memory Care

Other [delineate]

IL - Independent Living

Other [delineate]

ORCF - Office of Residential Care Facilities

Other [delineate]

NOI - Net Operating Income

e.g. Fundraising Income

e.g. Jul-12

MIP - Mortgage Insurance Premium

e.g. Fundraising Expense

LIHTC - Low Income Housing Tax Credits

e.g. Depreciation

NC - New Construction

e.g. Amortization

SR - Substantial Rehabilitation

e.g. Unusual Administration

W/O - Without

e.g. Unique Employees

Refi - Refinance

e.g. Major single-item capital exp.

EGIM - Effective Gross Income Multiplier

e.g. Facility Lease

PMA - Prime Market Area

Gross Adjustment: The absolute addition of the positive and negative adjustments applied to a property. If a property is adjusted upward 20% for certain features and downward 20% for other features the gross adjustment is 40%

Property Investment Classes:

Class A Property:

A Class A property, also known as institutional grade property, is the market’s premier property. These are the properties most likely to be purchased by REITs and public companies. A Class A property is in a primary metropolitan area with improvements are less than 15 years old, are larger than 80 units and incorporate high-end construction and finishes, modern design, high-tech mechanical systems as well a variety of property amenities. The improvements are in excellent condition. A rated properties also demand the highest rent and have the high-quality census mix. These projects have the highest potential for increases in income. For example, Class A skilled nursing facilities include physical therapy rooms, therapy pools, medical facilities, advanced patient monitoring and formal dining and entertaining rooms. Class A assisted living will almost always offer near resort-like settings complete with open spaces with fountains, movie theatres, modern technology, and fitness centers. Class A properties are best-in-class assets that usually command the highest possible rents in their respective submarkets.

Class B Property:

Class B properties are typically over 15 years old improvement with quality, location, and amenities below the level of a Class A facility. To be considered the Class B the improvement’s condition must be good to very good and the property must have more than 80 units. Typically, the property is a primary or a secondary Metropolitan market which is experiencing modest growth in rents and average occupancy. A Class B project achieves above average rents, but rents and census mix quality are lower when compared to a Class A facility. Often very well maintained projects will be considered Class B as the technology, design, and mechanical systems available at the time of construction are not state of the art by today’s standards.

Class C Property:

Commercial properties that have a C rating are typically over 20 years old, have less than 80 units are in less affluent neighborhoods or nonmetropolitan areas when compared to A and B rated properties. Often these projects would require substantial renovation to be considered modern by today’s standards but are economically viable due to restrictions on the addition of competing for new projects. Typically, market conditions limit the ability to renovate the project to more modern standards and there is deferred maintenance. Consequently, Class C properties generate the lowest rents, have the lowest quality census mix and have the highest vacancy rates.

Previous versions obsolete form HUD-92000-ORCF (03/2018)

Sheet 2: Lender Notes

Lender Notes:

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