Transcript Slide 1

Overview of the Affordable
Housing Program
Owner Project Workbook
(AHP/APP-104)
© 2014FEDERAL
FEDERALHOME
HOMELOAN
LOANBANK
BANKOF
OFNEW
NEWYORK
YORK • 101 PARK AVENUE • NEW YORK, NY 10178 • WWW.FHLBNY.COM
Overview & System Requirements
» Customized Microsoft Excel 2007 Workbook that replaces the former
Microsoft Excel Workbooks for Owner Project Workbook submissions
utilized in prior AHP rounds.
» Requires Microsoft Excel 2007, or later, in a Windows environment to be
installed on the User’s machine.
» Utilizes standard Excel functionality to ensure maximum compatibility
across all prospective Users; any PC running Windows with Microsoft Excel
2007 (or later) installed should be able to complete and save an AHP Owner
Project Workbook (workbook.xlsm).
» The template can be downloaded directly from the FHLBNY’s public
Website; once downloaded, the User can begin filling out the AHP Owner
Project Workbook.
FEDERAL HOME LOAN BANK OF NEW YORK
Instructions Tab
» Provides an overview of each worksheet
» Users should input information into cells shaded in yellow
» Cells shaded in orange provide formulas to recognize
possible input errors
» Red triangles contain comments to assist in completing the
workbook
General Instructions:
This Workbook contains multiple worksheets. On some, you will input information. Others will be filled-in based on formulas linked to those worksheets.
These worksheets are write-protected except for the cells in which you are permitted to input data. The information that you input will feed into the formulas
that the FHLB-NY staff will use during the financial review, of the application, and the draw down review process. We are providing the worksheets used by
FHLB-NY staff to enable you to identify items that may need to be corrected or explained.
Note the following formatting information:
1 Cells shaded yellow are unlocked. Input the data that is applicable to your project in these cells.
2 Cells shaded orange contain formulas which may help you to identify possible input errors.
3 Cells with red triangles contain comments, which are visible when you move your cursor over the triangle.
FEDERAL HOME LOAN BANK OF NEW YORK
Project Schedule Tab
» Provides the anticipated timeline of the Project lifecycle
» Appropriate dates are entered into the yellow cells
» Additional pertinent objectives may be added to the grid in the
Other section
MILESTONE / PROJECT OBJECTIVE
1 Acquisition of the Project site(s)
17 Other
18 Other
19 Other
FEDERAL HOME LOAN BANK OF NEW YORK
DATE (MM/YY) Otherwise, state
“Completed”
Site Information Tab
» Provides a detailed breakdown of the site(s) within the Project
» The top portion should be data for the location of the majority
of project units
» The next section should include specific data on each address
Provide the State, County, and City that encompass the majority of the project units:
Street Address(es)
1 Main Street
City
State:
County:
City:
Test
FEDERAL HOME LOAN BANK OF NEW YORK
State
County
Zip Code +
Four
Congressional
District
NY
Test
12345-1234
1
Development Budget Tab
» Provides a breakdown of the Total
Project Costs
» Indicate what will be paid for with AHP
funds
» TIPS:
– Total Acquisition on Dev Budget must
equal Acquisition Price on Site Info this
must be substantiated by 3rd party
documentation
– Total Construction Costs on Dev Budget
must equal the construction cost
documentation submitted
– Any amounts input on the “Other” line
items on the Dev Budget must be further
explained on the Supplement worksheet
FEDERAL HOME LOAN BANK OF NEW YORK
AHP
Acquisition
Land
Structures
TOTAL ACQUISTION
Soft Costs
Appraisals
Architecture Fees
Closing Costs
Engineering Fees
Environmental Fees
Housing Consultant
Insurances
Interim Interest
Lender & Funder Fees
Legal Fees
Marketing
Permits
Planning & Zoning
Relocation Expenses
Security
Sewer & Water
Survey
Taxes
Title & Recording
Utilities
Warranty
Other (specify on Supplement Tab)
TOTAL SOFT COSTS
Construction /
TOTAL CONSTRUCTION
Hard Cost Contingency
Soft Cost Contingency
Developers Fee
TOTAL PROJECT COSTS
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
Supplement Tab
» Provides details for the “Other” soft costs on the Dev Budget
» Input the Profit, Overhead and General Requirement amount
and all Commercial Construction costs
"Other" Soft Cost(s)
Description
Amount
Explanation
$0
Profit Overhead and General
$0
Requirements
$0
$0
$0
Commercial Construction
$0
Costs
$0
$0.00
$0.00
FEDERAL HOME LOAN BANK OF NEW YORK
$0
Source of Funds Tab
» Provides a list of the Project’s source of funds and their
corresponding commitment statuses
Select the Funding Source Type from
the dropdown
The commitment
status ismenu
onlyand then provide
thepermanent
name of the source and the
required for the
amount of construction and
financing sources
permanent funding.
Section 1: Funding Sources
Select Funding Source Type
Program or Funder Name
FEDERAL HOME LOAN BANK OF NEW YORK
Construction
Amount
Permanent
Amount
Section 1A: Status of Permanent Funding Sources
Committed
Non-Committed
Amount
Status
Amount
$0
$0
$0
$0
Targeting Tab
» Provides data on the targeting, unit counts and bedroom
distribution for the Project
» Input income limits into the AMI chart – use the current year’s
income
Apartmentinput
Type
0BR/SRO
» Next,
data points1BRshaded2BR
in yellow3BRfor each4BR
targeted5BR
AMI
Household Size
1
2
3
5
6
8
for
your
Project
50% AMI
60% AMI $
$
$
$
$ to that
$
» If applicable,
provide
any -explanations
relevant
80% AMI
Dropdowns are available for Targeted
Targeted
AMI bucket
AMI, Unit Type & Apartment Type
Targeted AMI
Number of Units
Building Type
FEDERAL HOME LOAN BANK OF NEW YORK
Number of
Bedrooms
Unit Type
AMI adjusted for
Family Size
Explanations
Market Tab
» Provides a breakdown of the Project’s typical household by
Targeted AMI buckets
» For purchase transactions only, including Habitat projects,
provide the expected purchase transaction details
» For all transactions, provide the expected financing details for
a typical household
1: Expected Purchase
Details
» ForSection
all transactions,
provide
the typical household’s income
Select the$0Funding Source Type from
Purchaser'
Contract Sales Price
and
expenses
the dropdown menu and then provide
Closing Costs
TOTAL
$0
Income Guideline:
Section 2: Typical Household Income & Expense Statement
$0.00
Total Annual Household Income
Total Monthly Household Expense
$0 P&I Payments
Earned Income
$0
$0 Property Taxes
Self-Employment
$0
For
, Construction $0
orHazard
Rehabilitation
Transactions
RentalPurchase
Income
Insurance
$0
$0 PMI
Child Support
$0
Section 1A: Expected Financing Details
Permanent
$0 Flood Insurance
Alimony
$0
Select Funding Source
Type
Funder Name
Amount
$0Program
Other Income
Other Debt or
Service
$0
$0 Other Debt Service
Other Income
$0
$0
Total Annual
$0
Total Monthly
$0.00 Total Monthly
$0.00
FEDERAL HOME LOAN BANK OF NEW YORK
the name of the source and the
amount of permanent funding.
Results Tab
» Provides a summary of the data that has been input
» Provides a measurement of your application against the
Bank’s feasibility guidelines
» Provide a detailed explanation to any items resulting in
“Explain”
» Provides a per unit breakdown of costs and financing as
compared to the Project
» Provides a snapshot of the typical household’s debt-to-income
ratios
Unit Breakdown Analysis
TOTAL DEVELOPMENT COSTS
UNIT COSTS BREAKDOWN
Total Acquisition
0.00
$0.00
Total Soft Costs
19,540.50
$1,133,349.00
Total Construction / Rehabilitation
14
TOTAL PROJECT COSTS
172,931.03
$10,030,000.00
Total Contingencies
10,523.93
$610,388.00
Total Developer's Fee
6,981.17
$404,908.00
Total Project Costs
209,976.64
$12,178,645.00
Typical Homeowner Ratio Analysis
14 Front End Ratio for Targeted AMI ≤50%
$0.00
24%
TOTAL DEVELOPMENT FINANCING
15 BackBudget
End Ratio
for Targeted AMI ≤50%
Development
Analysis
6
Is the
fee (including
for housing consultants) within the standard?
16 developer’s
Front End Ratio
for Targetedany
AMIadditional
>51% andfees
≤60%
Amboy Bank Perm Loan
Construction Loan from Amboy
17 Back End Ratio for Targeted AMI >51% and ≤60%
15
18 Front End Ratio for Targeted AMI >61% and ≤80%
19 Back End Ratio for Targeted AMI >61% and ≤80%
UNIT FINANCING BREAKDOWN
Result
0.00%
28%
Maximum
$300.00
Developer Equity
$21,555.95
Proceeds from Sale
$170,879.31
Affordable Housing Program
$17,241.38
All Other Funding Sources
Total Sources
15.00%
25%
$0.00
$0.00
$209,976.64
TOTAL PROJECT FINANCING
Minimum
$17,400.00
5.00%
$0.00
28%
34%
$1,250,245.00
$9,911,000.00
$1,000,000.00
44%
$0.00
$12,178,645
$0
FEDERAL HOME LOAN BANK OF NEW YORK
OK?
Explain
Advancing Housing and Community Growth
Questions?
Please e-mail us at [email protected]
The information provided by the Federal Home Loan Bank of New York (FHLBNY) in this communications is set forth for informational purposes only. The
information should not be construed as an opinion, recommendation or solicitation regarding the use of any financial strategy and/or the purchase or sale of
any financial instrument. All customers are advised to conduct their own independent due diligence before making any financial decisions. Please note that the
past performance of any FHLBNY service or product should not be viewed as a guarantee of future results. Also, the information presented here and/or the
services or products provided by the FHLBNY may change at any time without notice.
101BANK
PARKOF
AVENUE
• NEW YORK, NY 10178 • WWW.FHLBNY.COM
FEDERAL HOME LOAN
NEW YORK