Transcript New Mexico Finance Authority Daniel Puccetti Director of Housing Development The Imperial Building Acquisition Costs Construction Costs Professional Services / Fees Construction Financing Permanent Financing Costs Soft Costs Reserves Developer.

New Mexico Finance Authority
Daniel Puccetti
Director of Housing Development
The Imperial Building
Acquisition Costs
Construction Costs
Professional Services / Fees
Construction Financing
Permanent Financing Costs
Soft Costs
Reserves
Developer Fees
New Mexico Mortgage Finance Authority
Cost / Uses
650,000
13,900,000
1,200,000
900,000
120,000
400,000
230,000
1,900,000
Total $ 19,300,000
Sources
Construction Permanent
Bernalillo County bonds
8,500,000
1,365,000
City of Albq. Workforce Housing grant
3,350,000
3,350,000
Low Income Housing Tax Credit equity
2,400,000
11,960,000
Deferred Developer Fee
1,800,000
365,000
MFA Housing Trust Fund loan
1,500,000
500,000
City of Albq. Wfce Housing land donation
575,000
575,000
City of Albq. Wkfce Housing redev grant
445,000
100,000
Federal Home loan Bank grant
380,000
380,000
Reserves/Equity
245,000
600,000
MFA Primero grants
105,000
105,000
Total $ 19,300,000 $ 19,300,000
New Mexico Mortgage Finance Authority
Operations
Stabilized Rental Income
Less 7% vacancy
Gross Revenue
Less Op Expenses/Replacement Reserves
Net Operating Income (NOI)
Annual Debt Service
Net Project Cash Flow
Debt Service Coverage Ratio
New Mexico Mortgage Finance Authority
488,000
-35,000
453,000
-315,000
138,000
-120,000
$ 18,000
1.15
Area Median Income (AMI) Restrictions
Families at 30% of AMI or less
Families at 40% of AMI or less
Families at 50% of AMI or less
Market rate units
Total
Unit Distribution
Studios
One Bedrooms
Two Bedrooms
Total
New Mexico Mortgage Finance Authority
No. of Units
8
10
36
20
74
No. of Units
9
54
11
74
Sq Ft Per Unit
504
662
969