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Grantee: (Development Name) Homeownership Phase (list number of units and income tiers) EXHIBIT F-1 CONSTRUCTION BUDGET FOR SPECIFIC PHASE (Rename columns with actual development sources) Public Hsg Funds Private Funds Other Public Funds Total Funds A. Proposal: Development Sources HOPE VI Funds Capital Funds HOME CDBG Construction Loan Bridge Loan Other City Funds Other: Subtotal Development Sources B. Additional Project Sources HOPE VI Funds Capital Funds Other: TOTAL SOURCES (A & B) A. Proposal: Development Uses Construction Costs: Residential Construction Site Work General Requirements Builder's Overhead Builder's Profit Bond Premium Utilities from the Street Finish Landscaping Public Improvements Contingency Other: Other: Subtotal Development Fees: Architects Accounting PHA Legal Developer Legal Permits Appraisal Environmental Engineering Constr. PILOT & Taxes Insurance Title & Recording Fees Construction Loan Interest Bridge Loan Interest 6/18/2009 EXHIBIT F Page 1 Grantee: (Development Name) Homeownership Phase (list number of units and income tiers) EXHIBIT F-1 CONSTRUCTION BUDGET FOR SPECIFIC PHASE (Rename columns with actual development sources) Public Hsg Funds Private Funds Other Public Funds Total Funds Consultants Equipment & Furnishings Marketing Developer's Fee Acquisition Other: Subtotal Total Project Development Costs (Proposal) B. Additional Project Uses Housing Authority Administration Program Management Community & Supportive Services Homeownership Counseling Demolition & Remediation Relocation Other: Total Additional Uses TOTAL PROJECT USES (A & B) 6/18/2009 EXHIBIT F Page 2 Grantee: (Development Name) Homeownership Phase (list number of units and income tiers) EXHIBIT F-1 PERMANENT BUDGET FOR SPECIFIC PHASE (Rename columns with actual development sources) Public Hsg Funds Private Funds Other Public Funds Total Funds A. Proposal: Development Sources HOPE VI Funds Homebuyer Subordinate Loan HOPE VI Funds Cost Writedown CGP Funds HOME CDGB Federal Home Loan Bank Aff. Hsg. Funds Homebuyer's First Mortgage Homebuyer's Downpayment and Closing Costs Bridge Loan TIF Funds Other: Other: Subtotal Development Sources B. Additional Grant Agreement Sources HOPE VI Funds TIF Funds CGP Funds TOTAL SOURCES (A & B) A. Proposal: Uses of Funds for Development Developer's Fee Section 3/MWBE Compliance Security Fees and Permit Contingency Second Mortgage Carrying Costs Downpayment Assistance Closing Costs Construction Loan Repayment Other Development Costs Subtotal Total Project Development Costs (Proposal) B. Additional Grant Agreement Uses Housing Authority Administration Program Management Homeownership Counseling Community & Supportive Services Demolition & Remediation Relocation TOTAL PROJECT USES (A & B) 6/18/2009 EXHIBIT F Page 3 Proposed Homeownership Unit Mix Post Revitalization Grantee: Development/Phase Name: New Construction Affordable Homeownership Number of Replacement Bedrooms Units Substantial Rehabilitation Acquisition Only Type of Structure Detached Other Affordable Homeownership Market Homeownership Affordable Affordable Homeownership Homeownership Replacement Other Affordable Market Replacement Other Affordable Market Units Homeownership Homeownership Units Homeownership Homeownership 1 2 3 4 5 Other (describe) Semi-Detached 1 2 3 4 5 Other (describe) Row House 1 2 3 4 5 Other (describe) Walk-Up 1 2 3 4 Other (describe) Elevator 1 2 Other (describe) Totals 0 0 0 0 0 0 Affordable Homeownership Replacement Units Mobility Impaired - % of Category and Number of Units Other Affordable Homeownership Market Homeownership Affordable Affordable Homeownership Homeownership Replacement Other Affordable Market Replacement Other Affordable Market Units Homeownership Homeownership Units Homeownership Homeownership Hearing and sight impaired - % of Category and Number of Units Describe methods to be used to make the development visitable: SALES FINANCING SCHEDULE (A) Model 1 (1) Number of Units Total Project Uses (2) 19 125,000 Model 2 25 135,000 Model 3 25 145,000 Model 4 30 155,000 Total 99 141,667 Write Down PH Funds Other Funds Total Write Down Amount Closing Costs (3) PH Funds Other Funds Closing Costs from Purchaser's Funds Average Projected Closing Costs Average Projected Sales Price/Appraised Value (4) Average Projected 1st Mortgage (5) Down Payment (6) PH Funds Other Funds Downpayment From Purchaser's Funds Average Projected Down Payment 2nd Mortgage PH Funds Other Funds Average Projected 2nd Mortgage Cross Check Total Project Uses Cross Check - If Not Zero, then error 25,000 2,000 27,000 30,000 2,000 32,000 35,000 2,000 37,000 40,000 2,000 42,000 500 2,000 500 3,000 95,000 70,000 500 2,000 500 3,000 100,000 72,500 500 2,000 500 3,000 105,000 75,000 500 2,000 500 3,000 110,000 77,500 800 3,000 950 4,750 750 3,250 1,000 5,000 700 3,500 1,050 5,250 650 3,750 1,100 5,500 18,150 2,100 20,250 125,000 - 19,650 2,850 22,500 135,000 - 22,150 2,600 24,750 145,000 - 24,650 2,350 27,000 155,000 - Total PH Funds Per Unit Total Other Funds Per Unit Total from Purchaser's Fund Per Unit Total 1st Mortgage Per Unit Total Funds Per Unit Cross Check - If Not Zero, then error 44,450 9,100 1,450 70,000 125,000 - 50,900 10,100 1,500 72,500 135,000 - 58,350 10,100 1,550 75,000 145,000 - 65,800 10,100 1,600 77,500 155,000 Overall Total (7) 5,549,800 980,900 151,800 7,342,500 14,025,000 Total PH Funds Total Other Funds Total from Purchaser's Funds Total 1st Mortgage Total Funds Cross Check Cross Check - If Not Zero, then error 844,550 172,900 27,550 1,330,000 2,375,000 2,375,000 - 1,272,500 252,500 37,500 1,812,500 3,375,000 3,375,000 - 1,458,750 252,500 38,750 1,875,000 3,625,000 3,625,000 - 1,974,000 303,000 48,000 2,325,000 4,650,000 4,650,000 - (A) The underlying intent of this schedule is to provide a format by which the PHA can demonstrate what its projected sales structure is, and be able to tie that into its permanent Exhibit F. It is expected that PHAs will modify this schedule as necessary to fit the specifics of their homeownership program. However, the schedule when modified, should still reflect (A) the projected sales structure, and (B) tie into the permanent Exhibit F. (1) In its homownership term sheet, the housing authority should identify and describe each model type it is proposing to construct. The above noted information should tie into both this Sales Financing Schedule, and the TDC Schedule. (2) This is the total cost to construct and closing costs. The average for all models should tie into Total Per Unit Part A costs. (3) Closing Costs should be included in Total Project Uses. (4) Should be supported by a market study. (5) Based upon Projected Income Levels of Purchaser as projected by PHA. HUD does not underwrite the deal, it is the PHA's responsibility to ensure that projections are accurate, and that they support the projected average first mortgage, which in turn impacts the 2nd Mortgage, downpayment, etc. (6) See Some Homeownership Guidelines for PHAs for additional background on requirements of different programs. (7) These Figures Should Tie into the Permanent Exhibit F for the Phase SALES FINANCING SCHEDULE (A) Model 1 (1) Number of Units Total Project Uses (2) #DIV/0! Model 2 Model 3 Model 4 Total 0 Write Down PH Funds Other Funds Total Write Down Amount Closing Costs (3) PH Funds Other Funds Closing Costs from Purchaser's Funds Average Projected Closing Costs Average Projected Sales Price/Appraised Value (4) Average Projected 1st Mortgage (5) Down Payment (6) PH Funds Other Funds Downpayment From Purchaser's Funds Average Projected Down Payment 2nd Mortgage PH Funds Other Funds Average Projected 2nd Mortgage Cross Check Total Project Uses Cross Check - If Not Zero, then error - - - - - - - - - - - - - - - - Total PH Funds Per Unit Total Other Funds Per Unit Total from Purchaser's Fund Per Unit Total 1st Mortgage Per Unit Total Funds Per Unit Cross Check - If Not Zero, then error - - - Overall Total (7) Total PH Funds Total Other Funds Total from Purchaser's Funds Total 1st Mortgage Total Funds Cross Check Cross Check - If Not Zero, then error - - - - - (A) The underlying intent of this schedule is to provide a format by which the PHA can demonstrate what its projected sales structure is, and be able to tie that into its permanent Exhibit F. It is expected that PHAs will modify this schedule as necessary to fit the specifics of their homeownership program. However, the schedule when modified, should still reflect (A) the projected sales structure, and (B) tie into the permanent Exhibit F. (1) In its homownership term sheet, the housing authority should identify and describe each model type it is proposing to construct. The above noted information should tie into both this Sales Financing Schedule, and the TDC Schedule. (2) This is the total cost to construct and closing costs. The average for all models should tie into Total Per Unit Part A costs. (3) Closing Costs should be included in Total Project Uses. (4) Should be supported by a market study. (5) Based upon Projected Income Levels of Purchaser as projected by PHA. HUD does not underwrite the deal, it is the PHA's responsibility to ensure that projections are accurate, and that they support the projected average first mortgage, which in turn impacts the 2nd Mortgage, downpayment, etc. (6) See Some Homeownership Guidelines for PHAs for additional background on requirements of different programs. (7) These Figures Should Tie into the Permanent Exhibit F for the Phase Sample Housing Authority Average Sales Price and HOPE VI Loan Amounts Financial Assumptions MSA Median Income - FY 2002 Maximum Sale Price - New Construction Maximum Sale Price - Existing Homes Targeted Homebuyers Max. Payment - Housing Max. Payment - Housing/Other Debt Monthly Escrows (Insurance & Taxes) Avg. Monthly Payment - Other Debt Minimum Downpayment from Purchaser Max. Closing Costs (4%) - New Construction Max. Closing Costs (4%) - Existing WIN Downpayment/Closing Cost Assistance < 80% AMI First Mortgage Interest Rate Loan Term (years) HOPE VI Loan Interest Rate $50,500 $145,560 $109,716 50% - 80% AMI 30% 40% $300 $400 2% $5,822 $4,389 $10,000 8.00% 30 0% Per Unit Calculation of Maximum Supportable Debt and Resource Requirements by AMI Income bracket Average AMI within income bracket Projected number of loans to families within this income bracket Annual Income - 2002 AMI Monthly income Income available for monthly housing escrows and other debt Total monthly housing escrows and other debt Net available for debt service Max. supportable first mortgage Average HOPE VI Loan Required - New Construction Average Program Purchase Price ($100K) + Closing Costs Less Max. Supportable First Mortgage Less Purchaser Downpayment (i.e. 2% of purchase price) Less Max. WIN Downpayment/Closing Cost Assistance HOPE VI Loan Required for Avg. Program Purchase Price HOPE VI Loan Limit (i.e. 33% of appraised value) Average Sale Price Affordable by Income Tier Average HOPE VI Loan Required - Existing Homes Average Program Purchase Price ($85K) + Closing Costs Less Max. Supportable First Mortgage Less Purchaser Downpayment (i.e. 2% of purchase price) Less Max. WIN Downpayment/Closing Cost Assistance HOPE VI Loan Required for Avg. Program Purchase Price HOPE VI Loan Limit (i.e. 33% of appraised value) Average Sale Price Affordable by Income Tier 50%-60% 55% 15 $29,700 $2,475 $743 $300 $443 $60,305 60%-70% 65% 50 $32,825 $2,735 $1,094 $700 $394 $53,718 70-80% 75% 35 $37,875 $3,156 $1,263 $700 $563 $76,659 $104,000 $60,305 $2,911 $10,000 $30,783 $33,000 $102,217 $104,000 $53,718 $2,911 $10,000 $37,370 $33,000 $100,000 $104,000 $76,659 $2,911 $10,000 $14,429 $33,000 $100,000 $88,400 $60,305 $2,194 $10,000 $15,900 $26,400 $98,900 $88,400 $53,718 $2,194 $10,000 $22,487 $26,400 $85,000 $88,400 $76,659 $2,194 $10,000 -$454 $26,400 N/A Calculation of Total HOPE VI Available for City-Wide Loan-to-Purchaser Program Average HOPE VI needed for loans (assuming 20 loans for new construction + 80 loans for existing homes) Average HOPE VI loan % of AMI of Average Homebuyer Number of average sized HOPE VI loans which could be financed $2,419,644 $24,196 70.5 100 Direct Financing Budget Note: This spreadsheet serves as a model, but can be modified by the PHA to adapt to specific project terms. Name of PHA: Name of Homeownership Project: Financial Assumptions Area Median Income - FY 2002 Maximum Program Sale Price (if applicable) Max. Payment - Housing (%) Max. Payment - Housing/Other Debt (%) Monthly Escrows (Insurance & Taxes) Avg. Monthly Payment - Other Debt Minimum Downpayment from Purchaser Maximum Closing Costs Local Program Downpayment/Closing Cost Assistance First Mortgage Interest Rate Loan Term (years) HOPE VI Loan Interest Rate Per Unit Calculation of Maximum Supportable Debt and Resource Requirements by AMI Income bracket - PHAs may elect to use income brackets. The following brackets are intended for illustration purposes and may be changed or omitted. Average AMI within income bracket Projected number of loans to families within this income bracket Annual Income - 2002 AMI Monthly income Income available for monthly housing escrows and other debt Total monthly housing escrows and other debt Net available for debt service Max. supportable first mortgage Average PHA Funded Loan Average Program Purchase Price + Closing Costs Less Max. Supportable First Mortgage Less Purchaser Downpayment Less Max. Local Program Downpayment/Closing Cost Assistance PHA Funded Loan Required for Avg. Program Purchase Price Average Sale Price Affordable by Income Tier 40-50% 50-60% 60-70% 70-80% $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 Calculation of Total PHA Funds Required for Direct Purchase Program Average PHA funds needed for loans Average HOPE VI loan % of AMI of Average Homebuyer $0 #DIV/0!