Transcript Slide 1

Overview of the Affordable
Housing Program
Rental Project Workbook
(AHP/APP 108)
© 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 Rental Project
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 Rental 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 Rental 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
FEDERAL HOME LOAN BANK OF NEW YORK
Project Schedule Tab
» Provides a timeline of the projected Project lifecycle
» Appropriate dates are entered into the yellow cells
» Additional pertinent milestones or project 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, which must be
substantiated by 3rd party documentation.
– Total Construction Costs on Dev Budget must
equal the construction cost documentation
submitted
– An explanation must be provided for all
Working Capital and Project Reserve items
noted on the Dev Budget
– 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-Acquisition
Soft Costs
Appraisals
Housing Consultant
Survey
Soil Borings
Asbestos & Lead Based Paint Testing
Architecture Fees
Engineering Fees
Construction Manager Fee
Legal Fees
NPDA (Not for profit Dev Allowance)
Cost Certification Audit
Insurances
Taxes
Interim Interest
Closing Costs
Title & Recording
Relocation Expenses
Lender & Funder Fees
Other (specify on Supplement Tab)
TOTAL SOFT COSTS
Construction
TOTAL CONSTRUCTION
Hard Cost Contingency
Soft Cost Contingency
Developers Fee
TOTAL DEVELOPMENT COSTS
WORKING CAPITAL
Initial Operating Deficit
Supplemental. Mgmt. Fee & Marketing
Purch. of Maintenance & Other Equipment
Other (specify on Supplement Tab)
TOTAL WORKING CAPITAL
PROJECT RESERVES
Capitalization of Operating Reserve
Capitalization of Replacement Reserve
TOTAL PROJECT RESERVES
TOTAL PROJECT COSTS
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0.00
Supplement Tab
» Provides details for any “Other” items 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 status
» Tax Credit Projects should also include information regarding
Select the Funding Source Type from
their allocation
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
Debt Service Tab
» Provides information regarding the monthly debt payments
required by permanent funding sources
» Data must be input into the yellow shaded columns in order
for the debt service amount to auto populate on the Pro
Forma worksheet
» TIPS:
The first 3 columns auto populate
from the Source of Funds worksheet
– The lender & funder fee amount must correspond to the amount
input on the Dev Budget
– The term length must be input in months
Program or Funder
Funding Source Type Name
0
0
Permanent
Amount
Lender & Funder
Fees
Term Length
(in months)
Interest Rate /
Percentage of Cash
Flow
Monthly Debt
Service
Monthly Debt
Service
$0
$0.00
0
0.000%
$0.00
$0.00
FEDERAL HOME LOAN BANK OF NEW YORK
Repayment
Terms
Rent Plan Tab
» Provides data on the income targeting, unit counts and
bedroom distribution for the Project
» Input income limits into the AMI chart – use the current years
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
AMI $
$
$
$
$
$
» If the60%
tenant’s
rent
will
be
subsidized,
be
sure
to
reference
the
Dropdowns are available for Targeted
80% AMI
number of subsidized units and
of subsidy
AMI,the
Unit source
Type & Apartment
Type
Targeted AMI
Number of Units
Unit Type
Apartment
Type
FEDERAL HOME LOAN BANK OF NEW YORK
AMI adjusted for
family size
Max Monthly Rent - Monthly Tenant
30% of AMI
Portion of Rent
Monthly Rental
Subsidy
15 Year Operating Pro Forma (Residential)
» Provides 15 year operating
income and expenses for the
Project
» Rents are obtained from data
on the Rent Plan tab for year 1
» Input a vacancy percentage
and the form will auto populate
» Year 1 amounts for all
expenses are to be input with
an annual % increase that will
auto populate the remainder of
the pro forma
» Input other expenses as
needed
FEDERAL HOME LOAN BANK OF NEW YORK
INSTRUCTIONS
YEAR OF OPERATION:
RESIDENTIAL INCOME
Tenant Rents
Subsidized Rents
Gross Rents
Vacancy and Arrears
Net Residential Income
Ancillary Income (Specify)
Subsidy Income (Specify)
Total Effective Income
ESTIMATE OF ANNUAL EXPENSE
Administration
Manager Payroll
Management Fee
Accounting and Audit
Legal
Advertising
Office Supplies & Equipment
Other (Specify)
Total Administration
Debt Service
Mandatory
Percentage of Cash Flow
Soft / Accrues
Miscellaneous Debt (specify)
Total Debt Service
Annual
% Increase
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
1
2
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
0
$0
0
0
0
0
$0
Commercial & Social Services Pro Forma
» Not applicable to all projects
» Open worksheet – no standard format
FEDERAL HOME LOAN BANK OF NEW YORK
Results
» Provides a summary of the data that has been input
» Provides a measurement of your application against the
feasibility guidelines
» Provide a detailed explanation to any items resulting in
“Explain”
Reserve Analysis
Result
Maximum
Minimum
Rep. Reserve/Unit
$0.00
$400.00
$200.00
Rep. Reserve/% net TDC
0.00%
0.50%
0.25%
OK?
21 Is the annual contribution to the replacement reserve within the standard?
FEDERAL HOME LOAN BANK OF NEW YORK
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