Willets Point Affordable Housing Pro Forma Template

8/3/2019 Willets Point Affordable Housing Pro Forma Template

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Willets Point Phase 1 Development

Pro Forma

Instructions

Applicants must provide these forms in Excel file format by e-mail or on CD.

Fill in the cells shaded blue. Keep cells linked and maintain calculations. If youmodify given assumptions, please clearly note the changes and update theworksheets.

Please be sure the Summary Worksheet accuratly reflects each item. If anythingneeds to be changed manually, please do so and note the changes. The grayedline items are for a second scenario that may include an ownership component.Please also copy and add tabs as required for additional buildings.

for a proposed additional scenario. Be sure to update the Summary Worksheetaccordingly.


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Building 1 Units: 0

These calculations must match the architectural plans included in the proposal.

TOTAL BUILT FLOOR AREA (Gross Square Feet):

1 Residential GSF 0

2 Mechanical / Utility Areas

3 Commercial GSF 0

4 Community GSF 0

5 Parking GSF

6 Other ___________________

7 Total Gross Square Feet 0

ARCHITECTUAL DETAILS

Lot Area (GSF)

Building Height (Ft.)

No. of Stories


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Building 1 Units: -

SOURCES AND USES

Construction Sources per DU % of totalHDC Bond First Mortgage $ #DIV/0! #DIV/0!

HDC Second Mortgage $ #DIV/0! #DIV/0!HPD Subsidy Third Mortgage $ #DIV/0! #DIV/0!

urth Mortgage (Lender: ) $ #DIV/0! #DIV/0!Developer Equity $ #DIV/0! #DIV/0!

Deferred Developer's Fee $

Other source (Specify: ) $

TOTAL SOURCES $ #DIV/0! #DIV/0!

Permanent SourcesHDC Bond First Mortgage #REF! #REF! #REF!

HDC Second Mortgage $ #DIV/0! #REF!HPD Subsidy Third Mortgage $ #DIV/0! #REF!

urth Mortgage (Lender: ) $ #DIV/0! #REF!Developer Equity $ #DIV/0! #REF!



TOTAL SOURCES #REF! #REF! #REF!

Uses

Acquisition Cost $ #DIV/0! #REF!Construction Cost $ #DIV/0! #REF!Soft Cost #REF! #REF! #REF!Developer's Fee $ #DIV/0! #REF!

TOTAL USES #REF! #REF! #REF!


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Building 1

DEVELOPMENT BUDGETDeveloper Costs

Acquisition Cost -

Construction Cost

Contractor Price

Residential #DIV/0! /du

Commercial Space

Community SpaceParking

Contingency -

Total Hard Cost #DIV/0! /du -

Soft Cost

Borrower's Legal

Borrower's Engineer/Architect Fees

Accounting & Cost Certification

Bank's Engineer

Bank LegalPermits and expediting

Environmental Phase I & II

City Environmental Quality Review ("CEQR")Borings

Survey

Geotechnical

Title Insurance

Appraisal

Other (Specify:_________________)

Subtotal $0

Financing Fees (Please maintain links to original calculations and note any change

Upfront L/C Fee of LOC amt -Annual L/C Fee of LOC amt -

HDC Fee (if applicable) 0.75% of HDC cons 1 -

HDC Inducement Fee

Costs of Bond Issuance 1.50% of HDC cons 1 -

HPD Fee (if applicable)

Interest Rate Cap (estimate)

Freddie Origination Fee on loan amoun #REF!


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Freddie Annual Fee on loan amoun #REF!

DUS Lender Origination Fee on loan amoun #REF!

Standby fee (Freddie/Wachovia) on loan amoun #REF!

Tax Incentive Fees & ConsultantLIHTC Application Fee

Non Profit Sponsor Fee

Other (Specify:_________________)Subtotal #REF!

Carrying Costs

Construction Interest #REF!

Negative Arbitrage #REF!

Mortgage Recording Tax

Water/Sewer & Real Estate Taxes

UtilitiesInsurance

Construction MonitorMarketing

Security

Other (Specify:_________________)

Subtotal #REF!

Reserves and Contingency

Social Service Reserve

Capitalized Operating Reserve /unit -

Additional Operating Reserve (if applicable)

Soft Cost Contingency .Subtotal -

Total Soft Costs #REF!

Developer's Fee

Total Development Cost: #REF!#REF!

#REF!

#REF!

Construction SourcesHDC Bond First Mortgage

HDC Second Mortgage

HPD Subsidy Third Mortgage

ourth Mortgage (Lender: )


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Developer Equity

Deferred Developer's Fee

Other source (Specify: )

TOTAL $0

( )

Permanent Sources

HDC Bond First Mortgage #REF!HDC Second Mortgage -

HPD Subsidy Third Mortgage -

ourth Mortgage (Lender: ) -

Developer Equity



TOTAL #REF!


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Units: 0Rooms: 0

#DIV/0! psf

#DIV/0! psf

#DIV/0! psf#DIV/0! psf

#DIV/0! average per sf

#DIV/0! average per DU

Includes Environmental Site Assessm

Typically underwritten to .9% of all loa

s)

(change link if assuming variable rate(change link if assuming variable rate

For Variable Rate Deals only


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e.g.- 421aSee HPD or DHCR Quailfied Allocatio

(change link if assuming variable rate

Only Applicable for Fixed Rate Deals

Does not apply to HDC Bond deals

For any required homeless set-aside

See term sheets

#REF!of soft costs

#REF!of TDC less Dev Fe

per du

per room

per sf

#REF!

#REF!

#DIV/0!

#DIV/0!


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#DIV/0!

#DIV/0!

#DIV/0!

#REF!

#REF!#REF!

#DIV/0!

#DIV/0!

#REF!

#DIV/0!

#DIV/0!

#REF!


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Building 1

CONSTRUCTION INTEREST

Bond Amount % of bondLong Term Amount #REF! #REF!

Short Term Amount #REF! #REF!

Total Bond Amount $

Term Months Years

Construction term 0.00

Rent-up & conversion term 0.00Total term 0 0.00

Fixed RatesLong Term

Short Term2nd Construction

3rd Construction

4th Construction

Variable Rate

SIFMA 0.00%+___ bps cushion 0.00%

Variable Rate 0.00%

Interest Calculations

Fixed Rate Amount % Outstanding Term (years)

1st - Short Term #REF! 50% 0.0

#REF! 100% 0.0

1st - Long Term #REF! 50% 0.0#REF! 100% 0.0

2nd Construction $ 100% 0.03rd Construction $ 100% 0.0

4th Construction $ 100% 0.0

Total Fixed Rate Co


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Variable Rate Amount % Outstanding Term (years)

HDC 1st $ 50% 0.0

$ 100% 0.0

HDC 2nd $ 100% 0.0

MIRP $ 100% 0.0

Total Variable Rate Co

NEGATIVE ARBITRAGE

(for fixed-rate deals only)

Investment Rate

Short Term Long Term

Rate 0.00% 0.00%

Short Term Amount #REF! #REF!% Outstanding 50% 50%

Investment Spread 0.00% 0.00%

Construction Term (years) 1.5 1.5

#REF! #REF!

Negative Arbitrage #REF!

LETTER OF CREDIT AMOUNT

Fixed Rate Variable RateBond Amount $0 $0Days Interest 60 35

Interest Rate 0.00% 0.00%

LC Amount $0 $0


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Units: 0

nterest Rate Interest

0.00% #REF!

0.00%#DIV/0!

0.00%#DIV/0!0.00%#DIV/0!

0.00% $0.000.00% $0.00

0.00% $0.00

ns. Interest #REF!


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0.00% $0.00

0.00% $0.00

0.00% $0.00

0.00% $0.00

ns. Interest $0.00


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Building 1

UNITS AND INCOME

SF DISTRIBUTION GSF Efficiency NSF

#DIV/0! Residential GSF 0

#DIV/0! Commercial GSF 0

#DIV/0! Community GSF 0

#DIV/0! Parking GSF 0

0 Total Project GSF 0 Total Project

UNIT DISTRIBUTION

Average Net SFTotal # of Units # of Rms/ DU # Rooms per Unit

Studio 0 2 0

1 Bedroom 0 3 0

2 Bedroom 0 4 0

3 Bedroom 0 5 0

Subtotal

Super's Unit 4 0

Total 0 Net Residential Squa#DIV/0! (Average Net SF pe

COMMERICAL AND ANCILLARY INCOME

# of Spaces Monthly Rent

Parking - at grade $

Total s.f. Annual Rent/SF

Commercial 0 $

Total s.f. Annual Rent/SF

Community 0 $

# units Annual per unit

Laundry 0 $

AnnualIncome

AnnualIncome

Income


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Total Commercial & Ancillary Income $ #DIV/0!

RESIDENTIAL INCOME

2008 HUD Income Limits 79,200 Family of Four 2 rooms1,318 2 BR FMR 3 rooms

4 roomsRent Less Electricity = 1, Rent Less Electricity/Gas 1 5 rooms

HUD IL 0

Unit size HH size HH factor HH income

studio 1 0.60 - 0 -49

1 BR 1.5 0.75 - 0 -542 BR 3 0.90 - 0 -60

3 BR 4.5 1.04 - 0 -70

HUD IL 0


studio 1 0.60 - 0 -491 BR 1.5 0.75 - 0 -54

2 BR 3 0.90 - 0 -603 BR 4.5 1.04 - 0 -70

HUD IL 0

Unit size HH size HH factor HH incomestudio 1 0.60 - 0 -49

1 BR 1.5 0.75 - 0 -54

2 BR 3 0.90 - 0 -60

3 BR 4.5 1.04 - 0 -70

HUD IL #VALUE!


studio 1 0.60 - 0 -49

1 BR 1.5 0.75 - 0 -54

2 BR 3 0.90 - 0 -60

Note: For market rate units, please hard code rents

max grossmonthly rent

utilityallowance


rent lesselectricity






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3 BR 4.5 1.04 - 0 -70

HUD IL 0


studio 1 0.60 - 0 -491 BR 1.5 0.75 - 0 -54

2 BR 3 0.90 - 0 -60

3 BR 4.5 1.04 - 0 -70

Market Rate

Unit size

studio

1 BR2 BR

3 BR

If Applicable

Total Senior Units Total Annual RentalTotal Formaly Homeless Units

TOTAL AN




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Units:

Rooms:

SF

# Market Rat # Affordable

0 0

0 0

0 0

0 0

0 0

#REF! #REF! Percent of Total

re Feet

DU )


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studio 49 211 BR 54 24

2 BR 60 263 BR 70 26

Annual Rent

-49 -

-54 --60 -

-70 -

Total 0 #DIV/0!

Annual Rent

-49 --54 -

-60 --70 -

Total 0 #DIV/0!

Annual Rent-49 -

-54 -

-60 -

-70 -

Total 0 #DIV/0!

Annual Rent

-49 -

-54 -

-60 -

ElectricityAllowance

GasAllowance

max netmonthly rent

Number ofunits

max netmonthly rent

Number ofunits

max netmonthly rent

Number ofunits

max netmonthly rent

Number ofunits


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-70 -

Total 0 #DIV/0!

Annual Rent

-49 --54 -

-60 -

-70 -

Total 0 #DIV/0!

Annual Rent

-

--

-

Total 0 #DIV/0!

Total units 0

ncome upon occupancy -

UAL PROJECT INCOME -

max netmonthly rent

Number ofunits

MonthlyRent

Number ofunits


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Building 1

MAINTENANCE & OPERATING EXPENSES Units:

Rooms:

Expenses per rm/duSupplies/Cleaning/Exterminating - per room

Heating (oil) - per room

Gas & Electricity - per roomCooking Gas - per unit

Repairs/Replacement - per unit

Legal - per unit

Accounting - per project

Painting - per roomSuperintendent & Maintenance Staff $ #DIV/0! per unit

Number of:F/T super(s) $ annual + fringe

porters $ annual + fringe

Elevator Maintenance & Repairs - per elevatorManagement Fee - of ERIWater & Sewer - per roomFire and Liability Insurance - per unitPark Maintenance - $200 per unitOther Expenses(Specify:_________)

Other Expenses(Specify:_________)Replacement Reserve 0 per unit

M & O Before Taxes and Debt Service - Total

#DIV/0!per room

#DIV/0!per unit

Real estate taxes $

TOTAL ANNUAL PROJECT EXPENSES #REF!

#REF! per room

#REF! per unit


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Building 1

MORTGAGE SIZING

IncomeResidential Income $

Less Residential Vacancies $

Net Residential Income $

Parking Income $Commercial Income $

Community Space Income $

Ancillary/Laundry $

Less Parking Vacancies $Less Commercial Vac $

Less Community Space Income $

Less Ancillary/Laundry Vac $

Net Comm & Ancillary Income $

Net Income $

ExpensesMaintenance/Operating #DIV/0! per unit $

Real estate taxes #DIV/0! per unit $

Replacement Reserve #DIV/0! per unit $Total Expenses #DIV/0! per unit $

NET OPERATING INCOME $

Net Available @1.05 Income to Expense $

Combined DSCR

Net Available for Debt Service @ #REF!

Income to Expense #REF!1st Mort DSCR

Net Available for Debt Service @ #DIV/0!

Income to Expense #DIV/0!


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Determination of Maximum Insurable Mortgage

based on net available for debt service and land taxes

Variable Interest Rates Fixed Interest Rates

Base Rate Base Underwriting Rate

Underwriting Cushion Servicing Fee

LC Fees MIP

Trustee Sum of above rates

RemarketingServicing

0.00%

Total Supportable First Mortgage Enter 1st Mortga

Second Mortgage #REF!

Third Mortgage -

Fourth Mortgage -

Total Combined Debt #REF!

1st Loan 2nd Loan 3rd Loan

#REF! - $0

Rate 0.00%

Term

Yrs 1 - 30 mt Amortized #REF! #REF! $

Balance $ #REF! $

Balloon % #REF! 100% #DIV/0!

Debt Service #REF! #REF! -

Debt Coverage #REF! #REF! #REF!

Assumed Subsidies2nd Loan Source: /du

3rd Loan Source: /du

4th Loan Source:


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Units: 0

Rooms: 0

TAX EXEMPT

0.00%

e Amount from Cell H30 here

4th Loan Total

$0 #REF!

$

$

0%

- #REF!

#REF!


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Building 1

increases Year 1 Year 2 Year 3

EFFECTIVE INCOMESResidential Income 0 0 0

Parking Income 0 0 0

Commercial Income 0 0 0

Community Space Income 0 0 0

Ancillary Income 0 0 0

Total Income 0 0 0

EXPENSES

M&O Expenses 0 0 0Building Reserve 0 0 0

Total Expenses 0 0 0

NOI 0 0 0

Debt Service #REF! #REF! #DIV/0!

Net Cash Flow #REF! #DIV/0! #DIV/0!

et Cash Flow in 12 years #REF!


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Year 4 Year 5 Year 6 Year 7 Year 8 Year 9

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 00 0 0 0 0 0

0 0 0 0 0 0

0 0 0 0 0 0

#DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!



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Units: 0

Year 10 Year 11 Year 12

0 0 0

0 0 0

0 0 0

0 0 0

0 0 0

0 0 0

0 0 00 0 0

0 0 0

0 0 0

#DIV/0! #DIV/0! #DIV/0!

#DIV/0! #DIV/0! #DIV/0!


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Building 1

TAX CREDIT ANAYLSIS*

*This is an estimate; for actual raise and calculation, defer to LIHTC Investor

Eligible Cost (Y/N) (Total Cost )

Acquisition Cost N -

Construction Cost

Contractor Price

Residential Y -

Commercial Space Y -

Community Space Y -

Parking Y -

Contingency Y -

Total Hard Cost -

Soft Cost

Borrower's Legal Y -

Borrower's Engineer/Architect Fees Y -

Accounting & Cost Certification Y -

Bank's Engineer Y -

Bank Legal Y -Permits and expediting Y -

Environmental Phase I & II Y -

City Environmental Quality Review ("CEQR Y -

Borings Y -Survey Y -

Geotechnical Y -

Title Insurance Y -

Appraisal Y -

Other (Specify:_________________) -

Subtotal -

Financing Fees (Please maintain links to original calculations and note any c

Upfront L/C Fee N -Annual L/C Fee N -

HDC Fee (if applicable) N -

HDC Inducement Fee N -

Costs of Bond Issuance N -


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HPD Fee (if applicable) N -

Interest Rate Cap (estimate) N -

Freddie Origination Fee N #REF!

Freddie Annual Fee N #REF!

DUS Lender Origination Fee N #REF!

Standby fee (Freddie/Wachovia) N #REF!

Tax Incentive Fees & Consultant N -LIHTC Application Fee N -

Non Profit Sponsor Fee N -Other (Specify:_________________)

Subtotal #REF!

Carrying CostsConstruction Interest Y #REF!

Negative Arbitrage Y #REF!Mortgage Recording Tax N -

Water/Sewer & Real Estate Taxes Y -Utilities Y -Insurance Y -

Construction Monitor Y -

Marketing N -

Security Y -

Other (Specify:_________________) -

Subtotal #REF!


Social Service Reserve N -Capitalized Operating Reserve N -

Additional Operating Reserve (if applicable N -

Soft Cost Contingency Y -

Subtotal -

Total Soft Costs #REF!

Developer's Fee Y -

Total Development Cost: #REF!


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(Units: ) -

(Rooms: ) -

Number of TC Units

Eligible Amount % TC Units #REF!- % Non Residential Costs #DIV/0!

Aplicable Fraction #DIV/0!

Construction Bonds #REF!

#DIV/0!

#DIV/0! Eligible Basis with Boost #DIV/0!

#DIV/0! Annual Credit @ #DIV/0!

#DIV/0! Amount Raised per Credit @ #DIV/0!

#DIV/0! Amount Raised Total #DIV/0!

#DIV/0!

#DIV/0!

(#DIV/0! )

(#DIV/0! )

(#DIV/0! )

(#DIV/0! )(#DIV/0! )

(#DIV/0! )

(#DIV/0! )

(#DIV/0! )(#DIV/0! )

(#DIV/0! )

(#DIV/0! )

(#DIV/0! )

-

#DIV/0!

hanges)

--

-

-

-


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-

-

-

-

-

-

--

--

-

#DIV/0!

#DIV/0!

#DIV/0!#DIV/0!#DIV/0!

#DIV/0!

#DIV/0!

-

#DIV/0!

#DIV/0!

#DIV/0!

#DIV/0!

#DIV/0!

#DIV/0!


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Willets Point Phase 1 Development Units: 0

Building 1

TRADE ITEM $ AMOUNT

1 Demolition

2 Environmental Remediation

3 Railroad trench deck (Site B only)

4 Landscaping / Site Work

5 Concrete

6a Masonry, pointing, waterproofing, steam cleaning

6b Carpentry, rough

7 Carpentry, finished

8 Metals, structural steel

9 Roofing

10 Insulation

11 Doors, frames, hardware

12 Windows and glazing

13 Entrance doors

14 Drywall and plastering

15 Ceramic tile

16 Finish flooring

17a Painting

17b Kitchen cabinets

18 Applicances, medicine cabinet

19 Heating and ventilation

20 Plumbing

21 Electrical

22 Other:__________________

23 Other:__________________

24 Other:__________________

25 SUBTOTAL $0

26 General Conditions

27 Overhead


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28 Profit

29 GRAND TOTAL $0


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Building 2 Units: 0

These calculations must match the architectural plans included in the proposal.

TOTAL BUILT FLOOR AREA (Gross Square Feet):

1 Residential GSF 0

2 Mechanical / Utility Areas

3 Commercial GSF 0

4 Community GSF 0

5 Parking GSF

6 Other ___________________

7 Total Gross Square Feet 0

ARCHITECTUAL DETAILS

Lot Area (GSF)

Building Height (Ft.)

No. of Stories


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Building 2 (Units: ) -

(Rooms: ) -

SOURCES AND USES

Construction Sources per DU % of totalHDC Bond First Mortgage $ #DIV/0! #DIV/0!

HDC Second Mortgage $ #DIV/0! #DIV/0!HPD Subsidy Third Mortgage $ #DIV/0! #DIV/0!

urth Mortgage (Lender: ) $ #DIV/0! #DIV/0!Developer Equity $ #DIV/0! #DIV/0!



TOTAL SOURCES $ #DIV/0! #DIV/0!

Permanent SourcesHDC Bond First Mortgage #NAME? #NAME? #NAME?

HDC Second Mortgage $ #DIV/0! #NAME?HPD Subsidy Third Mortgage $ #DIV/0! #NAME?

urth Mortgage (Lender: ) $ #DIV/0! #NAME?Developer Equity $ #DIV/0! #NAME?



TOTAL SOURCES #NAME? #NAME? #NAME?

Uses

Acquisition Cost $ #DIV/0! #NAME?Construction Cost $ #DIV/0! #NAME?Soft Cost #NAME? #NAME? #NAME?Developer's Fee $ #DIV/0! #NAME?

TOTAL USES #NAME? #NAME? #NAME?


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Building 2

DEVELOPMENT BUDGETDeveloper Costs

Acquisition Cost

Construction Cost

Contractor Price

Residential #DIV/0! /du

Commercial Space

Community SpaceParking

Contingency -

Total Hard Cost #DIV/0! /du -

Soft Cost

Borrower's Legal

Borrower's Engineer/Architect Fees

Accounting & Cost Certification

Bank's Engineer

Bank LegalPermits and expediting

Environmental Phase I & II

City Environmental Quality Review ("CEQR")Borings

Survey

Geotechnical

Title Insurance

Appraisal

Other (Specify:_________________)

Subtotal $0

Financing Fees (Please maintain links to original calculations and note any chan

Upfront L/C Fee of LOC amt -Annual L/C Fee of LOC amt -

HDC Fee (if applicable) 0.75% of HDC cons 1s -

HDC Inducement Fee

Costs of Bond Issuance 1.50% of HDC cons 1stHPD Fee (if applicable)

Interest Rate Cap (estimate)

Freddie Origination Fee on loan amount #NAME?


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Freddie Annual Fee on loan amount #NAME?

DUS Lender Origination Fee on loan amount #NAME?

Standby fee (Freddie/Wachovia) on loan amount #NAME?

Tax Incentive Fees & ConsultantLIHTC Application Fee

Non Profit Sponsor Fee

Other (Specify:_________________)Subtotal #NAME?

Carrying Costs

Construction Interest #NAME?

Negative Arbitrage #NAME?

Mortgage Recording Tax

Water/Sewer & Real Estate Taxes

Utilities

Insurance

Construction MonitorMarketing

Security

Other (Specify:_________________)

Subtotal #NAME?


Social Service ReserveCapitalized Operating Reserve /unit -

Additional Operating Reserve (if applicable)

Soft Cost Contingency .Subtotal -

Total Soft Costs #NAME?

Developer's Fee

Total Development Cost: #NAME?

#NAME?

#NAME?#NAME?

Construction Sources

HDC Bond First MortgageHDC Second Mortgage

HPD Subsidy Third Mortgage

ourth Mortgage (Lender: )


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Developer Equity



TOTAL $0

( )

Permanent Sources

HDC Bond First Mortgage #NAME?HDC Second Mortgage -

HPD Subsidy Third Mortgage -

ourth Mortgage (Lender: ) -

Developer Equity



TOTAL #NAME?


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Units: 0Rooms: 0

#DIV/0! psf

#DIV/0! psf

#DIV/0! psf#DIV/0! psf

#DIV/0! average per sf

#DIV/0! average per DU

Includes Environmental Site Assessment

Typically underwritten to .9% of all loans

es)

(change link if assuming variable rate)(change link if assuming variable rate)

For Variable Rate Deals only


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e.g.- 421a

See HPD or DHCR Quailfied Allocation Plan

(change link if assuming variable rate)

Only Applicable for Fixed Rate Deals

Does not apply to HDC Bond deals

For any required homeless set-aside units

See term sheets

#NAME?of soft costs

#NAME? of TDC less Dev Fee

per du

per roomper sf

#NAME?#DIV/0!

#DIV/0!

#DIV/0!


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#DIV/0!

#DIV/0!

#DIV/0!

#NAME?

#NAME?#DIV/0!

#DIV/0!

#DIV/0!

#DIV/0!

#DIV/0!

#DIV/0!

#NAME?


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Building 2

CONSTRUCTION INTEREST

Bond Amount % of bondLong Term Amount #NAME? #NAME?

Short Term Amount #NAME? #NAME?

Total Bond Amount $

Term Months Years

Construction term 0.00

Rent-up & conversion term 0.00Total term 0 0.00

Fixed RatesLong Term

Short Term2nd Construction

3rd Construction

4th Construction

Variable Rate

SIFMA 0.00%+___ bps cushion 0.00%

Variable Rate 0.00%

Interest Calculations

Fixed Rate Amount % Outstanding Term (years)

1st - Short Term #NAME? 50% 0.0

#NAME? 100% 0.0

1st - Long Term #NAME? 50% 0.0#NAME? 100% 0.0

2nd Construction $ 100% 0.03rd Construction $ 100% 0.0

4th Construction $ 100% 0.0

Total Fixed Rate Co


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Variable Rate Amount % Outstanding Term (years)

HDC 1st $ 50% 0.0

$ 100% 0.0

HDC 2nd $ 100% 0.0

MIRP $ 100% 0.0

Total Variable Rate Co

NEGATIVE ARBITRAGE

(for fixed-rate deals only)

Investment Rate

Short Term Long Term

Rate 0.00% 0.00%

Short Term Amount #NAME? #NAME?% Outstanding 50% 50%

Investment Spread 0.00% 0.00%

Construction Term (years) 1.5 1.5

#NAME? #NAME?

Negative Arbitrage #NAME?

LETTER OF CREDIT AMOUNT

Fixed Rate Variable RateBond Amount $0 $0Days Interest 60 35

Interest Rate 0.00% 0.00%

LC Amount $0 $0


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Units: 0


0.00% #NAME?

0.00%#DIV/0!

0.00%#DIV/0!0.00%#DIV/0!

0.00% $0.000.00% $0.00

0.00% $0.00

ns. Interest #NAME?


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0.00% $0.00

0.00% $0.00

0.00% $0.00

0.00% $0.00

ns. Interest $0.00


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Building 2

UNITS AND INCOME

SF DISTRIBUTION GSF Efficiency NSF

#DIV/0! Residential GSF 0





UNIT DISTRIBUTION

Average Net SFTotal # of Units # of Rms/ DU # Rooms per Unit

Studio 0 2 0

1 Bedroom 0 3 0

2 Bedroom 0 4 0

3 Bedroom 0 5 0

Subtotal

Super's Unit 4 0

Total 0 Net Residential Squ#DIV/0! (Average Net SF p

COMMERICAL AND ANCILLARY INCOME

# of Spaces Monthly Rent

Parking - at grade $

Total s.f. Annual Rent/s.f.

Commercial 0 $

Total s.f. Annual Rent/s.f.

Community 0 $

# units Annual per unitLaundry 0 $

AnnualIncome

AnnualIncome

Income


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Total Commercial & Ancillary Income $ #DIV/0!

RESIDENTIAL INCOME

2008 HUD Income Limits 76,800 Family of Four 2 rooms1,318 2 BR FMR 3 rooms

4 roomsRent Less Electricity = 1, Rent Less Electricity/Gas 1 5 rooms

HUD IL 0


studio 1 0.60 - 0 -49

1 BR 1.5 0.75 - 0 -542 BR 3 0.90 - 0 -60

3 BR 4.5 1.04 - 0 -70

HUD IL 0


studio 1 0.60 - 0 -491 BR 1.5 0.75 - 0 -54

2 BR 3 0.90 - 0 -603 BR 4.5 1.04 - 0 -70

HUD IL 0

Unit size HH size HH factor HH incomestudio 1 0.60 - 0 -49

1 BR 1.5 0.75 - 0 -54

2 BR 3 0.90 - 0 -60

3 BR 4.5 1.04 - 0 -70

HUD IL #VALUE!


studio 1 0.60 - 0 -49

1 BR 1.5 0.75 - 0 -54

2 BR 3 0.90 - 0 -60

Note: For market rate units, please hard code rents


utilityallowance








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3 BR 4.5 1.04 - 0 -70

HUD IL 0


studio 1 0.60 - 0 -491 BR 1.5 0.75 - 0 -54

2 BR 3 0.90 - 0 -60

3 BR 4.5 1.04 - 0 -70

Market Rate

Unit size

studio

1 BR2 BR

3 BR

If Applicable

Total Senior Units Total Annual Rental ITotal Formaly Homeless Units

TOTAL AN




50/95


51/95

255

studio 49 211 BR 54 24

2 BR 60 263 BR 70 26

Annual Rent

-49 -

-54 --60 -

-70 -

Total 0 #DIV/0!

Annual Rent

-49 --54 -

-60 --70 -

Total 0 #DIV/0!

Annual Rent-49 -

-54 -

-60 -

-70 -

Total 0 #DIV/0!

Annual Rent

-49 -

-54 -

-60 -

ElectricityAllowance

GasAllowance

max netmonthly rent

Number ofunits

max netmonthly rent

Number ofunits

max netmonthly rent

Number ofunits

max netmonthly rent

Number ofunits


52/95

256

-70 -

Total 0 #DIV/0!

Annual Rent

-49 --54 -

-60 -

-70 -

Total 0 #DIV/0!

Annual Rent

-

--

-

Total 0 #DIV/0!

Total units 0

ncome upon occupancy -

UAL PROJECT INCOME -

max netmonthly rent

Number ofunits

MonthlyRent

Number ofunits


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Building 2

MAINTENANCE & OPERATING EXPENSES Units:

Rooms:

Expenses per rm/duSupplies/Cleaning/Exterminating - per room

Heating (oil) - per room

Gas & Electricity - per roomCooking Gas - unit

Repairs/Replacement - per unit

Legal - per unit

Accounting - per project

Painting - per roomSuperintendent & Maintenance Staff $ #DIV/0! per unit



Elevator Maintenance & Repairs - per elevatorManagement Fee - of ERIWater & Sewer - per roomFire and Liability Insurance - per unitPark Maintenance - $200 per unitOther Expenses(Specify:_________) -

Other Expenses(Specify:_________) -Replacement Reserve - per unit

M & O Before Taxes and Debt Service - Total

#DIV/0!per room

#DIV/0!per unit

Real estate taxes

TOTAL ANNUAL PROJECT EXPENSES #NAME?

#NAME?per room

#NAME?per unit


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Building 2

MORTGAGE SIZING

IncomeResidential Income $

Less Residential Vacancies $

Net Residential Income $

Parking Income $Commercial Income $

Community Space Income $

Ancillary/Laundry $

Less Parking Vacancies $Less Commercial Vac $

Less Community Space Income $

Less Ancillary/Laundry Vac $

Net Comm & Ancillary Income $

Net Income $

ExpensesMaintenance/Operating #DIV/0! per unit $

Real estate taxes #DIV/0! per unit $

Replacement Reserve #DIV/0! per unit $Total Expenses #DIV/0! per unit $

NET OPERATING INCOME $

Net Available @1.05 Income to Expense $

Combined DSCR

Net Available for Debt Service @ #REF!

Income to Expense #REF!1st Mort DSCR

Net Available for Debt Service @ #DIV/0!

Income to Expense #DIV/0!


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based on net available for debt service and land taxes

Variable Interest Rates Fixed Interest Rates

Base Rate Base Underwriting Rate

Underwriting Cushion Servicing Fee

LC Fees MIP

Trustee Sum of above rates

RemarketingServicing

0.00%

Total Supportable First Mortgage Enter 1st Mortga

Second Mortgage #NAME?

Third Mortgage -

Fourth Mortgage -

Total Combined Debt #NAME?

1st Loan 2nd Loan 3rd Loan

#NAME? - $0

Rate 0.00%

Term

Yrs 1 - 30 mt Amortized #NAME? #NAME? $

Balance $ #NAME? $

Balloon % #NAME? 100% #DIV/0!

Debt Service #NAME? #NAME? -

Debt Coverage #NAME? #NAME? #NAME?

Assumed Subsidies2nd Loan Source: /du

3rd Loan Source: /du

4th Loan Source:


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Units: 0

Rooms: 0

TAX EXEMPT

0.00%

e Amount from Cell H30 here

4th Loan Total

$0 #NAME?

$

$

0%

- #NAME?

#NAME?


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Building 2

increases Year 1 Year 2 Year 3

EFFECTIVE INCOMESResidential Income 0 0 0

Parking Income 0 0 0

Commercial Income 0 0 0

Community Space Income 0 0 0

Ancillary Income 0 0 0

Total Income 0 0 0

EXPENSES

M&O Expenses 0 0 0Building Reserve 0 0 0

Total Expenses 0 0 0

NOI 0 0 0

Debt Service #NAME? #NAME? #DIV/0!

Net Cash Flow #NAME? #DIV/0! #DIV/0!

et Cash Flow in 12 years #NAME?


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262

Year 4 Year 5 Year 6 Year 7 Year 8 Year 9

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 00 0 0 0 0 0

0 0 0 0 0 0

0 0 0 0 0 0




59/95

263

Units: 0

Year 10 Year 11 Year 12

0 0 0

0 0 0

0 0 0

0 0 0

0 0 0

0 0 0

0 0 00 0 0

0 0 0

0 0 0

#DIV/0! #DIV/0! #DIV/0!

#DIV/0! #DIV/0! #DIV/0!


60/95


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265

HPD Fee (if applicable) N -

Interest Rate Cap (estimate) N -

Freddie Origination Fee N -

Freddie Annual Fee N -

DUS Lender Origination Fee N

Standby fee (Freddie/Wachovia) N

Tax Incentive Fees & Consultant NLIHTC Application Fee N

Non Profit Sponsor Fee NOther (Specify:_________________) -

Subtotal #NAME?

Carrying CostsConstruction Interest Y #NAME?

Negative Arbitrage Y #NAME?Mortgage Recording Tax N -

Water/Sewer & Real Estate Taxes Y -Utilities Y -Insurance Y -

Construction Monitor Y -

Marketing N -

Security Y -

Other (Specify:_________________)

Subtotal #NAME?


Social Service Reserve N -Capitalized Operating Reserve N -

Additional Operating Reserve (if applicable N -

Soft Cost Contingency Y -

Subtotal -

Total Soft Costs #NAME?

Developer's Fee Y -

Total Development Cost: #NAME?


62/95

266

(Units: ) -

(Rooms: ) -

Number of TC Units

Eligible Amount % TC Units #NAME?- % Non Residential Costs #DIV/0!

Aplicable Fraction #DIV/0!

Construction Bonds #NAME?

#DIV/0!

#DIV/0! Eligible Basis with Boost #DIV/0!

#DIV/0! Annual Credit @ #DIV/0!

#DIV/0! Amount Raised per Credit @ #DIV/0!

#DIV/0! Amount Raised Total #DIV/0!

#DIV/0!

#DIV/0!

(#DIV/0! )

(#DIV/0! )

(#DIV/0! )

(#DIV/0! )(#DIV/0! )

(#DIV/0! )

(#DIV/0! )

(#DIV/0! )(#DIV/0! )

(#DIV/0! )

(#DIV/0! )

(#DIV/0! )

-

#DIV/0!

hanges)

--

-

-

-


63/95

267

-

-

-

-

-

-

--

--

-

#DIV/0!

(#DIV/0! )-

(#DIV/0! )(#DIV/0! )(#DIV/0! )

(#DIV/0! )

-

(#DIV/0! )

-

#DIV/0!

--

-

#DIV/0!

#DIV/0!

#DIV/0!

#DIV/0!

#DIV/0!


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Willets Point Phase 1 Development Units: 0

Building 2

TRADE ITEM $ AMOUNT

1 Demolition

2 Environmental Remediation

3 Railroad trench deck (Site B only)

4 Landscaping / Site Work

5 Concrete

6a Masonry, pointing, waterproofing, steam cleaning

6b Carpentry, rough

7 Carpentry, finished

8 Metals, structural steel

9 Roofing

10 Insulation

11 Doors, frames, hardware

12 Windows and glazing

13 Entrance doors

14 Drywall and plastering

15 Ceramic tile

16 Finish flooring

17a Painting

17b Kitchen cabinets

18 Applicances, medicine cabinet

19 Heating and ventilation

20 Plumbing

21 Electrical

22 Other:__________________

23 Other:__________________

24 Other:__________________

25 SUBTOTAL $0

26 General Conditions

27 Overhead


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269

28 Profit

29 GRAND TOTAL $0


66/95

270


Fianancial Feasibility of Development Proposal: Weight 50%

Proposal 1

Building 1 Building 2 TotalDevelopment Team

Developer

Architect

ZONING/SIZE

Lot Area - - -

Building Height - - -

No. of Stories - - -

Total GSF of Project - - -

Total Residential GSF - - -

Total Commercial GSF - - -

Community Facility - - -Parking GSF - - -

Other GSF - - -

Total Gross Sq Feet - - -

UNIT COUNT % Total % Total

Market Rate Units - #DIV/0! - #DIV/0! -

Affordable Units - #DIV/0! - #DIV/0! -

Homeownership (excl SH) #DIV/0! #DIV/0! -

Rental (excl SH) - #DIV/0! - #DIV/0! -

Senior - #DIV/0! - #DIV/0! -

Formerly Homeless - #DIV/0! - #DIV/0! -

Total - - -

Net Sq. Ft. - - -AFFORDABILITY % Total % Total

30-80% of AMI - #DIV/0! - #DIV/0! 0

81-130% of AMI - #DIV/0! - #DIV/0! 0

131-165% of AMI - #DIV/0! - #DIV/0! 0

Market rate 0 #DIV/0! 0 #DIV/0! 0

Total - - -

30% of AMI -

40% of AMI -

50% of AMI -

60% of AMI -

70% of AMI -

80% of AMI -90% of AMI -

100% of AMI -

110% of AMI -

120% of AMI -

130% of AMI -

140% of AMI -

150% of AMI -

165% of AMI -

Market rate - - -


67/95

271

Total - - -

UNIT DISTRIBUTION

# Units % Total % Total

Studio - #DIV/0! - #DIV/0! -

1-Bedroom - #DIV/0! - #DIV/0! -

2-Bedrooms - #DIV/0! - #DIV/0! -

3-Bedrooms - #DIV/0! - #DIV/0! -

Total Unit Count/Distribution - - -Size Units

Studio - -

1-Bedroom - -

2-Beddrooms - -

3-Bedrooms - -

Weighted Average Unit Size #DIV/0! #DIV/0! #DIV/0!


68/95

272

RENTS

#DIV/0! #DIV/0! #DIV/0!

Market Condo Fee psf -

Affordable Coop Maintenance psf -

Commercial Rent psf - - -

Community Facility Rent psf - - -

Parking Rent per space - - -

SALES

Market Rate - Studios

Market Rate - 1 BR

Market Rate - 2 BR

Market Rate - 3 BR

Average Market Rate Sales

Affordable - Studios

Affordable - 1 BR

Affordable - 2 BR

Affordable - 3 BR

Average Affordable Sales

Parking Sales psf

INCOME SUMMARY

Residential Income (annual) - - -

Commercial Income - - -

Community Facility Income - - -

Parking Income (monthly) - - -

PGI - - -

EGI - - -

M&O (w. park maintenance) Befo #REF! #NAME? -

per Room #DIV/0! #DIV/0! #DIV/0!

per DU #DIV/0! #DIV/0! #DIV/0! Replacement Rsrv. Per DU - - #DIV/0!

Debt Coverage Ratio - -

NOI (before taxes) #REF! #REF! #REF!

Real Estate Taxes - - -

DEVELOPMENT BUDGET % Total % Total

Hard Costs - Residential Total - #DIV/0! - #DIV/0! -

per SF #DIV/0! #DIV/0! #DIV/0!

per DU #DIV/0! #DIV/0! #DIV/0!

Hard Costs - Commercial Total - #DIV/0! - #DIV/0! -


Hard Costs - Community Space T - #DIV/0! - #DIV/0! -

per SF #DIV/0! #DIV/0! #DIV/0! Hard Cost Contingency - #DIV/0! - #DIV/0! -

Total Hard Costs - #REF! - ### -


per DU #DIV/0! #DIV/0! #DIV/0!

Financing Costs #REF! #REF! #NAME? ### #NAME?

Professional Fees - #REF! - ### -

Total Soft Costs #REF! #REF! #NAME? ### #NAME?

Developer Fee - #REF! - ### -

Up Front Developer Fee - #DIV/0! - #DIV/0! -

Market Rent psf(wtd.)


69/95


70/95

274

FEASIBILITY % Total % Total

Construction Sources

HDC Bond First Mortgage - #DIV/0! - #DIV/0! -

HDC Second Mortgage - #DIV/0! - #DIV/0! -

HPD Subsidy Third Mortgage - #DIV/0! - #DIV/0! -

Fourth Mortgage (Lender: - #DIV/0! - #DIV/0! -

Developer Equity - #DIV/0! - #DIV/0! -

Deferred Developer's Fee - 0% - 0% -Other source (Specify: - 0% - 0% -

Total Construction Sources - - -

Permanent Sources

HDC Bond First Mortgage #REF! #REF! #NAME? ### #NAME?

HDC Second Mortgage - #REF! - ### -

HPD Subsidy Third Mortgage - #REF! - ### -

Fourth Mortgage (Lender: - #REF! - ### -

Developer Equity - #REF! - ### -

Deferred Developer's Fee - 0% - 0% -

Other source (Specify: - 0% - 0% -

Sales Proceeds

Total Permanent Sources #REF! #NAME? #REF!

per DU per DU

Total HPD Subsidy Requirement - #DIV/0! - #DIV/0! -

Total Volume Cap #REF! #REF! #NAME? ### #NAME?


71/95

275

% Total

#DIV/0!

#DIV/0!

#DIV/0!

#DIV/0!

#DIV/0!

#DIV/0!

% Total

#DIV/0!

#DIV/0!

#DIV/0!

#DIV/0!

column ifnecessary


72/95

276

% Total

#DIV/0!

#DIV/0!

#DIV/0!

#DIV/0!


73/95

277

% Total

#DIV/0!

#DIV/0!

#DIV/0!

#DIV/0!


74/95


75/95

279

% Total

#DIV/0!

#DIV/0!

#DIV/0!

#DIV/0!

#DIV/0!

#DIV/0!#DIV/0!

#REF!

#DIV/0!

#DIV/0!

#DIV/0!

#DIV/0!

#DIV/0!

#DIV/0!

#DIV/0!

###


76/95

280


SOURCES AND USES

Per unit

CONSTRUCTION SOURCES

First Mortgage (Lender: ) $ #REF! #DIV/0!cond Mortgage (Lender: ) $ #DIV/0! #DIV/0!Third Mortgage (Lender: ) $ #DIV/0! #DIV/0!

Other (Specify: _______________) $ #DIV/0! #DIV/0!Deferred Developer's Fee $ #DIV/0! #DIV/0!

Developer Equity $ #DIV/0! #DIV/0!

Total $ #REF! #DIV/0!

PERMANENT SOURCES

Sale Proceeds $ #REF! #REF!First Mortgage (Lender: ) $ #DIV/0! #DIV/0!cond Mortgage (Lender: ) #REF! #DIV/0! #DIV/0!Third Mortgage (Lender: ) #REF! #DIV/0! #DIV/0!

Other (Specify: _______________) $ #DIV/0! #DIV/0!Developer Equity $ #DIV/0! #DIV/0!

GAP/(SURPLUS) #REF! #DIV/0! #DIV/0!

Total #REF! #REF! #REF!

USES

Acquisition Costs $ #REF! #REF!Construction Costs $ #REF! #REF!

Soft Costs #REF! #REF! #REF!Developer's Fee $ #REF! #REF!

-------------------- ------------------

TOTAL USES #REF! #REF! #REF!

01/26/12_)


77/95

281


0

Development Budget

Predevelopment CostsPredevelopment loan interest

ACQUISITION COSTS:

Acquisition $0

City Transfer Tax 1.425% of acquisition $0

State Transfer Tax 0.40% of acquisition $0

Subtotal: #REF! /du $0

CONSTRUCTION COSTS:

Construction Cost

Contractor Price

Residential #REF! /du #DIV/0!

Commercial Space #DIV/0!

Community Space #DIV/0!

Parking #DIV/0!

Contingency -

Total Hard Cost #DIV/0! /du $0 #DIV/0!

PROFESSIONAL FEES:Borrower Legal

Accounting

Architect/Engineering Fees #DIV/0!

Appraisal

AG/Coop Plan Fees

Environmental Phase I

City Environmental Quality Review/Environmental Site Assesment

Survey

Borings

Bank Engineer

DOB Fees

Bank Legal

421-a Fees (if applicable) 40bps of TDC

Subtotal $0

CLOSING FEES:

Bank Commitment Fee

Title


78/95


79/95

283

psf

psf

psf

psf

average per sf

of HC

or sell out price


80/95

284

ry $500 sales

M&O/yr x 1 yr

of soft costs

unsubsidized costs

5% min


81/95

285


0

Arbitrage and Construction Interest Calculations

Loan Amount $

Long-term $Short-term $

Long-term & Short-term

Construction period Sales period

Construction Loan $ $

% Outstanding 50% 100%

Accrual Rate 5.50% 5.50%

Time (years) 1.50 0.50

Interest Cost $ $

TOTAL #REF!


82/95

286

2nd

onstruction & Sales period

#REF!

100%

1.00%

2.00

#REF!


83/95

287


0

OWNERSHIP - UNITS & INCOME

Total Unit Distribution Affordability

# of Units # of Rooms Average nsf #Market Units

Studio 0 0 Studio 0

One Bedroom 0 0 One Bedroom 0

Two Bedrooms 0 0 Two Bedrooms 0

Three Bedrooms 0 0 Three Bedrooms 0

Super's Apartment 0 Total 0

Total 0 0 % of Total less Super #DIV/0!

Total Residential NSF: 0

SF DISTRBUTI gsf Efficiency NSF#DIV/0! Residential GSF 0





Project Income

Commercial Income:

# of Spaces Monthly Rent nnual Income

Parking $

Total s.f. Annual Rent/s.f. nnual Income

Commercial $

Total s.f. Annual Rent/s.f. nnual Income

Community $

# units er unit/per year

Laundry #REF! #REF!.

Total Ancillary & Commercial Income: #REF!

Residential Income: HH size HH factor

1 0.65

2008 HUD IL 76,800 Family of Four 1.5 0.75


84/95

288

1,318 2 BR FMR 3 0.90

Interest Rate % Down 4.5 1.04

0.00% 0.0%

0% HUD IL 0

HH income Monthly Maint Annual Maint

studio - 0 0

1 BR - 0 0

2 BR - 0 0

3 BR - 0 0

HUD IL 0


studio - 0 0

1 BR - 0 0

2 BR - 0 0

3 BR - 0 0

HUD IL 0


studio - 0 0

1 BR - 0 0

2 BR - 0 0

3 BR - 0 0

HUD IL 0


studio - 0 0

1 BR - 0 0

2 BR - 0 0

3 BR - 0 0

Market Rate

Monthly Maint Annual Maint Est Sales Price umber of unit

studio 0

max grossmonthlyhousing cost

Estimatedunit size

max gross

monthlyhousing cost estimatedunit size

max grossmonthly

housing costestimatedunit size

max grossmonthly

housing costestimatedunit size

estimatedunit size


85/95

289

1 BR 0

2 BR 0

3 BR 0

Total Annual Maintance: -

Total Sales Proceeds: -

Total Project Income: #REF!


86/95

290

Affordable Units

0

0

0

0

0

#DIV/0!

NSF


87/95

291

Avail to Mort Est Mort AmtEst Sales Price umber of unit Subotal

0 - - -

0 - - -

0 - - -

0 - - -


0 - - -

0 - - -

0 - - -

0 - - -


0 - - -

0 - - -

0 - - -

0 - - -


0 - - -

0 - - -

0 - - -

0 - - -

Subotal

-


88/95

292

-

-

-


89/95

293

Willets Point Phase 1 Development Units: #REF!

0 Rooms: #REF!

Ownership = Maintenance and Operating Expenses

EXPENSES Developer Costs PER rm/du

Supplies/Cleaning/Exterminating #REF! /rm

Heating #REF! /rm

Gas & Electricity #REF! /rm

Cooking Gas #REF! /du

Repairs/Replacement #REF! /du

Legal and #REF! /du

Accounting $0 /Bldg

Painting #REF! /rm

Superintendent & Maintenance Staff Salaries $ #REF! per unit



Elevator Maintenance & Repairs - per elevator

Management Fee #REF! of EGI

Water & Sewer #REF! /rm

Fire and Liability Insurance #REF! du

Security $ /Bldg

Other Expenses (Specify): #REF! /du

Other Expenses (Specify): #REF! /du

Other Expenses (Specify): #REF! /duM & O Before Taxes and Debt Service #REF! #REF! /du

Operating Reserve $ /Bldg

Bldg Reserve #REF! /du

Real estate taxes #REF! /du

Total Expenses #REF! #REF! /du

#REF! /rm

1/26/2012


90/95

294


0


Based on Net Available for Debt Service and land taxes

DeterminationINCOME Amount base

Annual Maintenance $

Less Residential Vac 0% $ Loan amortiz

Net Residential Income $ Mortgage Inte

Servicing Fee

Parking $ MIP

Commercial Income $ Sum of above

Community $

Ancillary/Laundry #REF!

Less Parking Vac 0% $ Max Total SuLess Comm. Vac. $ Max Total Su

Less Community Vac. $

Less Laundry Vac. #REF! Max Total Su

Max Second

Gross Effective Income #REF! Max Total Co

2nd Mortgag

Maintenance/Operating #REF! per unit #REF! Constant on 2

Real estate taxes #REF! per unit $

Replacement Reserve #REF! per unit #REF!

Total Expenses #REF! per unit #REF!

NET OPERATING INCOME #REF!

Net Available for Debt Service @ 1.05 DCR #REF!

Net Available for Debt Service @ 1.00 Income to Ex #REF!

Income to Expense Ratio #REF!


91/95

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92/95

296

26-Jan-12_)

of maximum insurable mortgageon debt service ratio

tion years:

rest rate

rates

portable First Mortgage based on DCR Minimum (1.05)portable First Mortgage based on Income to expense Minimum (1.00)

portable First Mortgage

ortgage

bined Debt

Interest Rate

nd Mortgage

subsidy/du subsidy/du

First Motgage econd Mortgag Third Mortgage

#REF! #REF!

Yrs 1 - 30 Amount Amortiz $ #REF! $0

30 Balance $ #REF! #VALUE!

Debt Service $ #REF! #REF!

Debt Coverage #REF! #REF!


93/95

297


94/95

298

0.00%

#REF!#REF!

#REF!

#REF!

#REF!

1%

1.00%

Total

#REF!

#REF!

#REF!


95/95

Documents

Willets Point Affordable Housing Pro Forma Template