Contract to Purchase Land

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Contract to Purchase Land Powered By Docstoc
					                      Instructions for Completing Attachment D and Detailed Cost Breakdown

Step       Tab         What To Do

                    Enter the Member Bank, Sponsor, Project Number, Borrower Name, and Closing Date. The Closing Date is
                    the date found on the closing HUD-1 Settlement Statement, closing statement, or Note/Mortgage. The Closing Date
 1     Attachment D
                    will populate the Market Rate of the Habitat Mortgage. The borrower name and project number will populate on the
                    Detailed Cost Breakdown Sheet.

                    Enter the Habitat Loan Amount, Term in months, and Rate for all repayable Habitat loans as shown on the
                    Note/Mortgage. Forgivable loans should not be shown here. The Net Present Value of Below Market Rate Mortgage
 2     Attachment D
                    will calculate from these items and will be shown as Sponsor's Cash Contribution in the Cash Sources section of the
                    Attachment D and the Detailed Cost Breakdown. This is the value of Habitat's Mortgage.

                     Cost Overview - Enter the Paid Cost, Donated Land Value, Donated Professional Labor Value, and/or Donated
       Detailed Cost
 3                   Materials Value for each cost pertaining to the unit constructed/rehabbed for this homebuyer. For each section, the
                     spreadsheet will subtotal and populate the Attachment D spreadsheet.

       Detailed Cost Ineligible Costs - Signage, drinks/food, t-shirts, lawn mowers, gifts/gift cards, entertainment, parking fees, cell phone
        Breakdown bills, gas. These costs must not be included on the Detailed Cost Breakdown.

                     For Land Cost, enter the price paid in the Paid Cost column as verified with a warranty deed, HUD-1 Settlement
                     Statement, or Purchase Contract. This applies to below-market properties too. You will also need to submit a
       Detailed Cost
 5                   Property Value Assessment or Appraisal dated within 6 months of the acquisition to verify the reasonableness of the
                     acquisition cost. The address or legal description must match. If the cost paid is not reasonable, the grant amount
                     will be reduced by the difference. You will not enter an amount in donated land cost.

                     For Donated Land Cost, enter the Property Value Assessment or Appraisal Value from the verification dated within
       Detailed Cost 6 months of acquisition under Donated Land Value. You will also need to submit a warranty deed or purchase
        Breakdown contract indicating the land is donated. The address or legal description must match. You will not enter an amount in
                     land cost.

                     The Developer Fee/Construction Management for the project cannot exceed the amount the project was approved
                     for OR the percentage of developer fee/construction management approved, whichever is higher. Each developer
       Detailed Cost fee/construction management amount approved at application should be divided by the number of homebuyers in the
        Breakdown project to determine the dollar amount available for the homebuyer, or use the percentage as approved. Once the
                     dollar amount has been reached or percentage per the project is used, there will be no more developer fee/construction
                     management fee allowed on any remaining homebuyers.

                     Sources Overview - Enter all of the Sources for the project including homebuyer downpayment, other cash sources,
       Detailed Cost etc. These totals will populate in Attachment D. You will have to designate what the "Other" is under Other Cash
        Breakdown Sources if you complete this box. For any Other Cash Sources listed, you will need to submit the executed grant
                     agreements that Habitat received for the project. The agreements need only be submitted one time.

       Detailed Cost For Cash Contributions/Fundraising, enter the amount that the Sponsor is contributing to the homebuyer's home
        Breakdown aside from the Value of the Habitat Mortgage

       Detailed Cost Total Sources and Total Costs must equal. In the lower right-hand corner, you will see an "Alert" if these do not
        Breakdown balance. If this occurs, you will need to correct the mismatch of costs and sources to make them match.

                    Once you have all Sources and Costs entered into in the Detailed Cost Breakdown and the Mortgage
       Attachment D
                    information entered into the Attachment D, the Funding Gap (AHP Required) will be calculated. This amount
       and Detailed
 11                 must match the amount on the Request for Funds submitted for the homebuyer. Note: the grant amount should be
                    divided evenly among all homebuyers in the project. If the grant exceeds this limit, you will need to submit an

       Attachment D
                    Print off both spreadsheets, sign the bottom of the Detailed Cost Breakdown, and submit them with the Disbursement
       and Detailed
 12                 package. The FHLBank will only accept these two documents. Quick Books or any other format for the
                    Detailed Cost Breakdown will no longer be accepted.
                                                                 Page 1                                        Effective 8/1/2009
    HABITAT FOR HUMANITY AHP NEEDS ANALYSIS SUMMARY (Attachment D)                                                             Effective 8/1/2009

A Member
    Project Number

B Calculate the net present value of the mortgage(s). (Sponsors cash contribution)
    Market Rate (Assigned by the FHLB)                    0.000%
    Habitat Note/Mortgage Amount                                                     Borrower Name
    Mortgage Term (Mos.)                                                             Closing Date
    Mortgage Rate (0.00)
    Mortgage P&I Payment                              #DIV/0!
    Net Present Value of Below Market Rate
    Mortgage                                          #DIV/0!

C IN-KIND SOURCES                                                                    IN-KIND COSTS
    Value of Donated Land                                   $0.00                    Donated Land                      $0.00
    Value of Donated Professional Labor                     $0.00                    Donated Professional Labor        $0.00
    Value of Donated Materials                              $0.00                    Donated Materials                 $0.00
                                     Sub-total:             $0.00 C1                                      Sub-total:   $0.00 C2

D CASH SOURCES                                                                       CASH COSTS
    Homebuyer Downpayment                                   $0.00                    Land/Site Work                    $0.00
    Cash Contributions/Fundraising                          $0.00                    Materials and Labor Cost          $0.00
    Other Cash Sources                                      $0.00                    Insurance                         $0.00
    Sponsor's Cash Contribution                       #DIV/0!                        Survey/Appraisal                  $0.00
    (Value of Habitat Mortgage)
    Subtotal Sources Excluding AHP                    #DIV/0!       D1               Developer's Fee                   $0.00 #DIV/0!         #DIV/0!
                                                                                     Administration/Overhead           $0.00
E                 Funding Gap (AHP required)          #DIV/0!       E                Recording/Attorney/Other Fees     $0.00
                                                                                     Total Cash Cost of Unit           $0.00 D2

F TOTAL SOURCES                                       #DIV/0!       (C1+D1+E)        TOTAL COSTS                       $0.00 (C2+D2)
                                                                                                                                  Effective 8/1/2009
                                                       Detailed Cost Breakdown
Borrower Name:                                                            0.00              Project #:               0

                                                                             Donated Land   Professional         Donated
Cost Code Description                                         Paid Cost         Value       Labor Value       Materials Value

Land/Site Work Costs
Land Development
Trench, backfill & compaction
Landscaping (trees, shrubs, & ground cover)
Driveways & sidewalks
Underground water & sewer (including hook-up fees)
Land/Site Work Total                                            0.00

Materials and Labor Costs
Appliances (range/stove, refrigerator, washer/dryer )
Bridge Loan Interest
Building insulation
Cabinets (kitchen and bath)
Ceiling fans/lights
Closet (bar, hangers, shelves)
Construction Loan Interest
Countertops and backsplashes
Deck, including structure and railings
Doors (exterior and interior), including trim and locksets
Drywall, gypsum wallboard (including systems)
Electric (wiring, panel, breakers), including phone & cable
Flashing & sheet metal
Flooring (carpet, tile, vinyl, wood)
Foundation and footers
Framing, including lumber
Gutters, drains, & downspouts
HVAC/furnace/hot water heater
Lighting fixtures
Local permits/fees
Lumber, not included elsewhere
Mailbox (including house numbers)
Paint and Painting, Exterior
Paint and Painting, Interior
Plumbing fixtures
Port-O-Potty rental
Quality Control Energy Star
Real Estate taxes
Roofing (including shingles and flashing)
Shed, including foundation
Siding, including exterior trim and soffits
Site security
Temporary electric/water
Termite control
Wall panels, structural
Window coverings (blinds & shades)
Materials Total                                                 0.00

Insurance Costs
Risk/liability Insurance
Insurance Total                                                 0.00

                                                                Page 3                                     Effective 8/1/2009
                                             Detailed Cost Breakdown
                                                                  Donated Land    Professional         Donated
Cost Code Description                               Paid Cost        Value        Labor Value       Materials Value

Survey/Appraisal Costs
Survey/Appraisal Total                                 0.00

Developer's Fee Costs
Developer fee/Construction mgt                                                   Developer Fee %        #DIV/0!
Developer's Fee Total                                  0.00                                             #DIV/0!

Recording/Attorney/Other Fees Costs
Title/Escrow fees
Recording fees/deed prep
Recording/Attorney/Other Fees Total                   0.00

TOTAL CASH COSTS OF UNIT                              0.00
TOTAL INKIND (DONATED) COSTS                          0.00               0.00         0.00                0.00
TOTAL COSTS                                           0.00

Cash Sources

Homebuyer Downpayment

Other Cash Sources
SHOP grant
CDBG grant
HOME grant
State Housing Finance Agency grant
State/Local Gov't Grant
Foundation Grant
Member Bank cash contribution
Other Cash Sources Total                               0.00

Cash Contributions/Fundraising

Value of Habitat Mortgage                            #DIV/0!
Funding Gap (AHP Required)                           #DIV/0!

SUBTOTAL SOURCES                                     #DIV/0!
TOTAL INKIND (DONATED) COSTS                          0.00               0.00         0.00                0.00
TOTAL SOURCES                                       #DIV/0!

TOTAL COSTS MUST EQUAL TOTAL SOURCES                                               #DIV/0!

All of the costs and sources for the above       Sponsor Signature:
homebuyer are accurate to the best of my         Sponsor Printed Name:
knowledge.                                       Date:

                                                      Page 4                                     Effective 8/1/2009

Description: Contract to Purchase Land document sample