Part IV - Project Costs

Transcription

1 Part IV - Project Costs (Click on any of the items below) Signature Page Rent Qualification Chart Eligible Basis Limits Breakdown of Costs and Basis Carryover Tie Breaker Percentage Limits Operating Income Net Operating Income Print Menu

2 15-YEAR OPERATING PROFORMA REQUIRED SIGN-OFFS We acknowledge the attached pro forma substantially matches the assumptions used in our underwriting of the mortgage (equity investment). 1st Mortgagee OR Syndicator/Investor (if no lender) BREAKDOWN OF COSTS AND BASIS REQUIRED SIGN-OFFS The undersigned acknowledges review of the attached Breakdown of Costs and Basis. Application/Re-Application, or 42(m) Determination 1st Mortgagee Syndicator/Investor Carryover OR 869 1st Mortgagee Syndicator/Investor Accountant CURRENT INDICATIONS Print Date 8/2/29 11:18 Net Income (Year 1) $ Net Expense (Year 1) $ Qualified Basis $ Annual Tax Credit Amount

3 TAX CREDIT RENT QUALIFICATION CHART The purpose of this chart is to show that the rent charged for each tax credit eligible unit is at or below the set-aside selected. See N.J.A.C. 5: (c)(7)(i). a b c d e f g h i j k = e + f = g x 12 = i x 3% = h / j Studio, Eff, SRO or Unit Tenant County Income Limit (1%) 3% of Affordability # of Units # of Bedrooms Square Footage # of Bathrooms Net Rent Utility Allowances Gross Rent Annual Gross Rent Adjusted for Family Size County Median Income Percentage Provide information for Superintendent's Unit(s) below: Column A: Column B: Column C: Column D: Column E: Column F: Column G: Column H: Column I: Show the number of units for each bedroom size. If you need more lines, you may duplicate this chart. Show all units in the project on this chart, including market rate units. 1BR, 2BR, 3BR, etc. Unit Square Footage 1 Bath, 1.5 Baths, 2 Baths, etc. Show the amount of rent charged for each unit. This is the actual rent a non-subsidized tenant will pay. If the unit will be a Section 8 Project Based Assistance unit, you may show Fair Market Rent (FMR). Only Project Based Section 8 may show FMRs. Even if you anticipate renting to Section 8 Certificate holders, you must still reflect rents at or below 5% or 6% (depending on elected set-aside). Calculate the utility allowance for each tax credit unit using the chart provided. Refer to IRS Final Regulation TD 852 for requirements relating to the calculation of utility allowances. Add the utility allowance to the monthly rent to find the Gross Rent. Multiply the Gross Rent by 12 to get the Annualized Gross Rent. List the county median income limit for the appropriate size household. Assume 1.5 persons per bedroom. Refer to the chart titled "New Jersey Income Limits by County Adjusted by Family Size". Column J: Multiply the County Median Income Limit by 3%. Column K: Divide the number in Column H by the number in Column J. The Code does not allow for the rounding down of affordability percentages. In allocating the units in a project which shall be occupied by individuals of low and moderate income, the distribution must reflect low and moderate income units among the different sized units to reflect the same percentage distribution as the number of different sized units bears to the total number of units. A greater percentage of the low and moderate income units may, however, be allocated to the larger units. Additionally, low and moderate income units shall be distributed throughout the project such that the tenants of such units will have equal acess to and enjoyment of all common facilities of the project. N.J.A.C. 5:8-8.3.

4 29 ELIGIBLE BASIS LIMITS WORKSHEET Project: Municipality: County: Additional Items Added to Eligible Basis Limits: Special Needs Cycle (Y or N) Community Service Facility $ Volume Cap Tax Credits (Y or N) Garage Parking for Tax Credit Residents $ Total Units (including Super) Total $ NON HOPE VI / REPLACEMENT HOUSING HOPE VI / REPLACEMENT HOUSING # of Units # of Units Bedrooms # of Units Per Unit x Bedrooms # of Units Per Unit x (include all units) Elig Basis Limit Per Unit Limit (include all units) Elig Basis Limit Per Unit Limit EFFICIENCIES $17,368 $ EFFICIENCIES $182,253 $ 1-BR $195,292 $ 1-BR $28,918 $ 2-BR $237,474 $ 2-BR $254,43 $ 3-BR $37,21 $ 3-BR $328,642 $ 4-BR $337,223 $ 4-BR $36,749 $ 5-BR $37,943 $ 5-BR $396,822 $ TOTAL ELIGIBLE BASIS LIMIT $ TOTAL ELIGIBLE BASIS LIMIT $ $ Limits apply to total eligible basis for rehabilitation or new construction tax credits BEFORE any applicable 13% adjustment for project location within a DDA or QCT.

5 Unified Application for Housing Production Programs revised - 8/2/29 BREAKDOWN OF COSTS & BASIS Reviewer: Print Date: 2-Aug-9 Stage: QCT (Y or N) Project Name: DDA (Y or N) Municipality: Special Needs (Y or N) County: Scattered Site Single/Duplex (Y or N) Davis Bacon Wages (Y or N) ACQUISITION Building Relocation Other: Development Non-Depreciable Non-Eligible Eligible Basis for Eligible Basis Cost Costs Costs Rehab / NC for Acquisition CONSTRUCTION Demolition Off-Site Improvements Residential Structures Environmental Clearances Surety & Bonding Building Permits Community Service Facility Garage Parking Fire Suppression System Green Features Other: CONTRACTOR FEE Contractor Overhead & Profit General Requirements CONTINGENCY Hard Contingency Soft Contingency PROFESSIONAL SERVICES Appraiser & Market Study Architect Attorney Cost Certification / Audit Engineering Environmental Consultant Historical Consultant Professional Planner Soil Investigation Surveyor CARRYING & FINANCING Interest Points & Bank Fees R.E. Taxes Insurance Title Insurance & Recording Utility Connection Fees Other Impact Fees Tax Credit Fees Neg. Arb, Cost of Issuance Other: SUB-TOTAL DEVELOPER FEE LAND X X ORGANIZATIONAL COSTS X X SYNDICATION EXPENSES X X MARKETING EXP & HAS FEE X X ESCROWS: Working Capital X X Replacement Reserves X X Operating Deficit Escrow X X Debt & Insurance X X Tax X X Other: X X TOTAL First Mortgage DSCR <PERMANENT PHASE NEEDS ANALYSIS> Eligible Basis Limit Lesser of Total or Limit x QCT / DDA Adjustment 1% FUNDING SOURCE INTEREST AMORTIZATION AMOUNT RATE = Basis as Adjusted HMFA 1st Mortgage, NOTE I BH/HMFA Subsidy x Applicable Fraction 1.% 1.% = Qualified Basis x Tax Credit Percentage 9.% 3.4% INVESTOR PROCEEDS NEEDED FROM LOW INC HSG TAX CREDITS SYNDICATOR LP or Non-Voting Member % PRICING Tax Credits based = on Qualified Basis Total Maximum LIHTC FEDERAL LOW INCOME HOUSING TAX CREDITS NEEDED Carryover Test Development Cost / Unit Construction Cost / Unit

6 Unified Application for Housing Production Programs revised - 8/2/29 29 PERCENTAGE LIMITS Project Name: Contractor Profit/Overhead Limits Construction Contract Amount Bracket % Maximum Fee for Example Calculation of Maximum Contractor Profit/OH Bracket Minimum Bracket Maximum Lower Brackets $1 to $5, 11.75% $ Construction Contract $12,3, $5,1 to $1,, 1.75% of amount over $ 5, + $58,75 $1,,1 to $5,, 9.5% of amount over $ 1,, + $112,5 - Bracket Minimum $1,,1 $5,,1 to $1,, 8.5% of amount over $ 5,, + $492,5 $1,,1 to $15,, 7.% of amount over $1,, + $917,5 Difference $2,299,999 $15,,1 to $2,, 6.7% of amount over $15,, + $1,267,5 $2,,1 and over 6.2% of amount over $2,, + $1,62,5 x Bracket % for Contract Amount 7.% Difference x Bracket % $161, +Maximum Fee for Lower Brackets $917,5 Amounts included in Maximum Profit & OH $1,78,5 Construction Contract Demolition $ Calculation of Maximum Contractor Profit & Overhead Off-Site Improvements $ Residential Structures $ Construction Contract $ Environmental Clearances $ Surety & Bonding $ - Bracket Minimum $ Building Permits $ Community Service Facility $ Difference $ Garage Parking $ Fire Suppression System $ x Bracket % for Contract Amount % Green Features Other: $ Difference x Bracket % $ General Requirements $ + Maximum Fee for Lower Brackets $ Construction Contract Amount $ Maximum Profit & OH $ Developer Fee Limits Projects with 25 Units or Less 2.% Developer Fee Projects serving a Special Needs Population 2.% Subtotal Scattered Site Single Family or Duplex Projects 2.% General Rule* 15.% Acquisition 8.% % *Building Acquisition Costs Excluded if Related Party Transaction Substantial v. Minimum Rehabilitation (NOTE: Minimum Rehab. is defined as less than $25,/unit) Rehabilitation expenses per unit = Construction Cost + Contractor Fee Total Number of Units per unit

7 Unified Application for Housing Production Programs revised - 8/2/29

8 CARRYOVER Project Name: Municipality: County: Costs Development Reasonably Expected Incurred through Cost Basis ACQUISITION Building $ Relocation $ Other: $ CONSTRUCTION Demolition $ $ Off-Site Improvements $ Residential Structures $ Environmental Clearances $ Surety & Bonding $ Building Permits $ Community Service Facility $ Garage Parking $ Fire Suppression System $ Green Features $ Other: $ CONTRACTOR FEE Contractor Overhead & Profit $ General Requirements $ CONTINGENCY Hard Contingency (1% Rehab / 5% New) $ Soft Contingency $ PROFESSIONAL SERVICES Appraiser & Market Study $ Architect $ Attorney $ Cost Certification / Audit $ Engineering $ Environmental Consultant $ Historical Consultant $ Professional Planner $ Soil Investigation $ Surveyor $ CARRYING & FINANCING Interest $ Points & Bank Fees $ R.E. Taxes $ Insurance $ Title Insurance & Recording $ Utility Connection Fees $ Other Impact Fees $ Tax Credit Fees $ $ Neg. Arb, Cost of Issuance $ $ Other: $ SUB-TOTAL $ $ $ DEVELOPER FEE $ LAND $ $ ORGANIZATIONAL COSTS $ X X SYNDICATION EXPENSES $ X X MARKETING EXP & HAS FEE $ X X ESCROWS: Working Capital $ X X Replacement Reserves $ X X Operating Deficit Escrow $ X X Debt & Insurance $ X X Tax $ X X Other: $ X X TOTAL $ $ $ CARRYOVER PERCENTAGE DEVELOPER PERCENTAGE INCURRED

9 Unified Application for Housing Production Programs revised - 8/2/29 29 TIEBREAKER WORKSHEET Project Name: Tiebreaker #1: Least Amount of BH/HMFA Subsidy per Subsidized Unit # of Subsidized Units in Project: *Note: HMFA subsidy does NOT include Special Needs Housing Trust Fund. **Note: Only income qualified units are eligible (including Super's unit). Unit Size # of Subsidized Units Studio, SRO, etc. 1BR 2BR 3BR 4BR 5BR # of Subsidized Units in Project: BH/HMFA Subsidy Amount: BH/HMFA Subsidy Per Subsidized Unit = = BH/HMFA Subsidy Amount # of Subsidized Units in the Project Tiebreaker #2: Lowest Total Development Cost Per Bedroom # of Bedrooms in Project: Unit Size # of Units # of Bedrooms Studio, SRO, etc. x.75 = 1BR x 1 = 2BR x 2 = 3BR x 3 = 4BR x 4 = 5BR x 5 = # of Bedrooms in Project: Total Development Cost = Total Development Cost Per Bedroom # of Bedrooms =

10 FEDERAL LOW INCOME HOUSING TAX CREDITS CALENDAR YEAR OPERATING INCOME PER UNIT ANNUAL YEAR YEAR YEAR YEAR YEAR YEAR YEAR YEAR YEAR YEAR YEAR YEAR YEAR YEAR YEAR or % TRENDING INCOME TAX CREDIT UNITS GROSS RENT 2.% $ $ $ $ $ $ $ $ $ $ $ $ $ $ LAUNDRY 1.% $ $ $ $ $ $ $ $ $ $ $ $ $ $ PARKING 1.% $ $ $ $ $ $ $ $ $ $ $ $ $ $ OTHER 1.% $ $ $ $ $ $ $ $ $ $ $ $ $ $ SUBTOTAL $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ VACANCY PHYSICAL 6% $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ COLLECTION 1% $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ NET $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ SUBSIDIES SECTION 8 SECTION 9 OTHER SUBTOTAL $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ VACANCY 5% $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ NET $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ NON TAX CREDIT UNITS GROSS RENT 2.% $ $ $ $ $ $ $ $ $ $ $ $ $ $ LAUNDRY 1.% $ $ $ $ $ $ $ $ $ $ $ $ $ $ PARKING 1.% $ $ $ $ $ $ $ $ $ $ $ $ $ $ OTHER 1.% $ $ $ $ $ $ $ $ $ $ $ $ $ $ SUBTOTAL $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ VACANCY PHYSICAL 9% $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ COLLECTION 1% $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ NET $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ COMMERCIAL INCOME GROSS RENT 2.% $ $ $ $ $ $ $ $ $ $ $ $ $ $ PARKING 1.% $ $ $ $ $ $ $ $ $ $ $ $ $ $ OTHER: 1.% $ $ $ $ $ $ $ $ $ $ $ $ $ $ OTHER 1.% $ $ $ $ $ $ $ $ $ $ $ $ $ $ SUBTOTAL $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ VACANCY PHYSICAL 9% $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ COLLECTION 1% $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ NET $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ EFFECTIVE INCOME $ $ $ $ $ $ $ $ $ $ $ $ $ $ $

11 FEDERAL LOW INCOME HOUSING TAX CREDITS CALENDAR YEAR NET OPERATING INCOME Tenant Population Elevator (Y or N) Rehab or New PER UNIT ANNUAL YEAR YEAR YEAR YEAR YEAR YEAR YEAR YEAR YEAR YEAR YEAR YEAR YEAR YEAR YEAR or % TRENDING EFFECTIVE INCOME $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ EXPENSES ADMINISTRATION 3.% $ $ $ $ $ $ $ $ $ $ $ $ $ $ SALARIES 3.% $ $ $ $ $ $ $ $ $ $ $ $ $ $ M&R 3.% $ $ $ $ $ $ $ $ $ $ $ $ $ $ MAINTENANCE CONTRACTS 3.% $ $ $ $ $ $ $ $ $ $ $ $ $ $ INSURANCE 3.% $ $ $ $ $ $ $ $ $ $ $ $ $ $ SUBTOTAL $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ UTILITIES 3.% $ $ $ $ $ $ $ $ $ $ $ $ $ $ MANAGEMENT FEE net rent $ $ $ $ $ $ $ $ $ $ $ $ $ $ REAL ESTATE TAXES net rent $ $ $ $ $ $ $ $ $ $ $ $ $ $ RESERVES 3.% $ $ $ $ $ $ $ $ $ $ $ $ $ $ SOCIAL SERVICES 3.% $ $ $ $ $ $ $ $ $ $ $ $ $ $ OTHER: 3.% $ $ $ $ $ $ $ $ $ $ $ $ $ $ OTHER: 3.% $ $ $ $ $ $ $ $ $ $ $ $ $ $ OTHER: 3.% $ $ $ $ $ $ $ $ $ $ $ $ $ $ TOTAL OPERATING EXPENSES $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ NET OPERATING INCOME $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ DEBT SERVICE FIRST HARD DEBT SERVICE $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ FIRST HARD DEBT SERVICING FEE bp $ $ $ $ $ $ $ $ $ $ $ $ $ $ SECOND HARD DEBT SERVICE CASH FLOW AFTER HARD DEBT $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ HOME EXPRESS DEBT SERVICE (If Applicable) N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A RATIO ANALYSIS FIRST HARD DEBT COVERAGE RATIO EXPENSE : EFFECTIVE INCOME OPERATING DEFICIT RESERVE INTEREST INCOME % $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ UTILIZATION FOR CASH FLOW SHORTFALL $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ BALANCE $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $