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STATE OF WEST VIRGINIA UPDATED July 2009
NEIGHBORHOOD STABILIZATION PROGRAM
EXHIBIT 8 - HOMEBUYER WORKBOOK
ORGANIZATIONAL CAPACITY - HOMEBUYER ONLY
# of Units Points For an applicant to receive points, the Applicant must complete this
Produced Awarded section. If section is complete, then Applicant will receive points
>75 10 based on Units Produced over the last five years.
51-75 5
1-50 2
A. DEVELOPER CAPACITY
What is the average time (in months) for you to rehabilitate/construct a house?
How many houses can you rehabilitate or build concurrently?
Over the last five years, how many units have you rehabbed,
built and/or sold? (If you incorporated within last five years, how
many houses have your key staff or leadership rehabbed, built Units Built Units Rehabbed Units Sold
and/or sold?)
How many spec houses* have you completed in the last
five years? (New Construction & Rehab Units)
List of Most Recently Built and Sold Spec Houses* in West Virginia
Month & Months for
Year Work sale on the Rehab or New
Address Sales Price Complete market Construction?
* Spec Home: A unit built on spec to be sold upon construction completion and exhibit quality work product and
construction techniques of development team.
B. HOUSING COUNSELOR CAPACITY
Since 2004, how many households have you provided homebuyer education to? households
Of those households, how many purchased a home? households or #DIV/0!
On average how long is the potential homebuyer in the program before they
qualify to purchase a home? months
How many households are in your homebuyer education program now that
would be eligible and likely to purchase an NSP-assisted unit? households
61feede4-d56f-4246-badc-4c91cb0697b2.xls Homebuyer Capacity
STATE OF WEST VIRGINIA UPDATED July 2009
NEIGHBORHOOD STABILIZATION PROGRAM
EXHIBIT 8 - HOMEBUYER WORKBOOK
C. PORTFOLIO OF PREVIOUS WORK AND RELEVANT EXPERIENCE
Provide three (3) examples that demonstrate capacity, skill and experience rehabing/building owner-occupied
units in West Virginia. Projects must have been completed within last three years. If incorporated within last
three years, demonstrate examples of project experience of key staff and leadership. All property must be
occupied by homeowner with fee simple title. Describe the scope of work for each project below. Include budget,
estimated appraised value before rehabilitation (if applicable), estimated sales price, and references. Provide
and attach before photos (optional) and after photos (required) of the house.
EXAMPLE #1
AFTER Rehab
BEFORE Rehab Appraised Value
Address Rehab Budget Appraised Value / Sales Price
Client / Homeowner / Homebuyer Contact Information
Name Phone E-mail
Description of Scope of Work
Before and After Photos. Attach and Label as TAB M - Project 1
EXAMPLE #2
AFTER Rehab
BEFORE Rehab Appraised Value
Address Rehab Budget Appraised Value / Sales Price
Client / Homeowner / Homebuyer Contact Information
Name Phone E-mail
Description of Scope of Work
Before and After Photos. Attach and Label as TAB M - Project 2
61feede4-d56f-4246-badc-4c91cb0697b2.xls Homebuyer Capacity
STATE OF WEST VIRGINIA UPDATED July 2009
NEIGHBORHOOD STABILIZATION PROGRAM
EXHIBIT 8 - HOMEBUYER WORKBOOK
EXAMPLE #3
AFTER Rehab
BEFORE Rehab Appraised Value
Address Rehab Budget Appraised Value / Sales Price
Client / Homeowner / Homebuyer Contact Information
Name Phone E-mail
Description of Scope of Work
Before and After Photos. Attach and Label as TAB M - Project 3
61feede4-d56f-4246-badc-4c91cb0697b2.xls Homebuyer Capacity
STATE OF WEST VIRGINIA UPDATED July 2009
NEIGHBORHOOD STABILIZATION PROGRAM
EXHIBIT 8 - HOMEBUYER WORKBOOK
HOMEBUYER WORKSHEET
A. NSP-Assisted Units will be (check all that apply):
Scattered Site & Rehab for Homebuyer Purchase (if yes, complete Rehab Budget & ProForma and
Project Summary)
Scattered Site & New Construction for Homebuyer Purchase (if yes, complete New Construction Budget
& ProForma and Project Summary)
B. Foreclosed or Abandoned Property (check all that apply):
1. If Scattered-Site and Rehabilitation, will you purchase and rehabilitate a foreclosed or abandoned
residential property?
Yes No (if No, go to Questions B. 6.)
2. If Scattered-Site and New Construction, will you purchase and build new on a foreclosed or abandoned
residential vacant lot?
Yes No (if No, go to Questions B. 7.)
3. If Scattered Site and New Construction, will you purchase, demolish and build new on a foreclosed or
abandoned residential property?
Yes No (if No, go to Questions B. 8.)
C. Comparison of NSP-Assisted Homebuyer Units
# of Rehabilitated Units # of New Construction Units
0-50% 51-120% 0-50% 51-120%
AMI AMI Total AMI AMI Total
NSP-Assisted Units 0 0
D. Unit Breakdown by Unit Count
2 Bdrms. 3 Bdrms. 4 Bdrms. 5 Bdrms Total
Rehabilitation # Units 0
New Construction # Units 0
Total # Units 0 0 0 0 0
E. Unit Breakdown by Sales Price
Rehabilitation New Construction
2 Bdrms
3 Bdrms
4 Bdrms
5 Bdrms
F. Sales Proceeds and Average Sales Price
Rehabilitation New Construction Total
2 Bdrms Sales Proceeds $ - $ - $ -
3 Bdrms Sales Proceeds $ - $ - $ -
4 Bdrms Sales Proceeds $ - $ - $ -
5 Bdrms Sales Proceeds $ - $ - $ -
Total Sales Proceeds $ - $ - $ -
Average Sales Price #DIV/0! #DIV/0! #DIV/0!
61feede4-d56f-4246-badc-4c91cb0697b2.xls Homebuyer Worksheet
STATE OF WEST VIRGINIA UPDATED July 2009
NEIGHBORHOOD STABILIZATION PROGRAM
EXHIBIT 8 - HOMEBUYER WORKBOOK
HOMEBUYER DEVELOPMENT BUDGET - SCATTERED SITE REHABILITATION
NOTE: Assumes Project categorized as Eligible Use B - Rehabilitation
Provide your estimated Per Unit Costs to rehab a Scattered-Site Single Family Unit
Demolition Costs accounted for in Project Summary
Total Rehab Units 0
USES
PROJECT PER
PREDEVELOPMENT TOTAL UNIT
As-Is and As-Built Appraisals 0
Title and Recording 0
Architect & Structural Engineer 0
Asbestos & Lead Based Paint Testing 0
Market Analysis/Study 0
Environmental Review and Assessments 0
Survey & Civil Engineering 0
Total Predevelopment: $0 $0
BUILDING AND PROPERTY ACQUISITION
Land & Building 0
Permanent Displacement 0 Units 0 0
Temporary Relocation 0 Units 0 0
Total Acquisition: $0 $0
*Contact State if relocation; but assume $9000 for relocation; $3000 for temporary relocation
CONSTRUCTION COSTS
REHABILITATION Average Cost per Square Foot
Average Square Footage of Unit 0 0
Infrastructure Improvements 0
Lead Based Paint & Asbestos Abatement 0
Landscaping 0
CONTRACTOR FEE / hard cost 0 0
Contractor Overhead / hard cost 0 0
General Conditions / hard cost 0 0
CONSTRUCTION CONTINGENCY / hard cost 0 0
Total Construction: 0 0
CARRYING COSTS
Builder's Risk Insurance 0
Property Liability Insurance 0
Real Estate Taxes 0
Total Carrying Costs: 0 0
PROFESSIONAL SERVICES
Legal 0
Accounting 0
Consultant 0
Marketing /Advertising 0
Total Professional Fees: 0 0
SELLER'S CLOSING COSTS
Realtor Commission 6.0% of sale price or $ 6,000 (whichever more) 0 0
Seller's Closing Costs of sale price 0 0
Homebuyer Education $ 1,500 per unit 0 0
Seller Paid Transfer Taxes of sale price 0 0
Total Seller's Closing Costs: 0 0
Hard & Soft Costs $0 $0
DEVELOPER FEE
20% of hard & soft costs OR $ 15,000 (whichever less) 0 0
Total Developer Fee: 0 $0
TOTAL DEVELOPMENT COSTS (TDC): $0 $0
61feede4-d56f-4246-badc-4c91cb0697b2.xls Budget - Scatter Rehab
STATE OF WEST VIRGINIA UPDATED July 2009
NEIGHBORHOOD STABILIZATION PROGRAM
EXHIBIT 8 - HOMEBUYER WORKBOOK
HOMEBUYER DEVELOPMENT BUDGET - SCATTERED SITE NEW CONSTRUCTION
NOTE: Assumes Project categorized as Eligible Use E - Redevelopment
Provide your estimated Per Unit Costs to rehab a Scattered-Site Single Family Unit
Demolition Costs accounted for in Project Summary
Total New Construction Units 0
USES
PROJECT PER
PREDEVELOPMENT TOTAL UNIT
As-Is and As-Built Appraisals 0
Title and Recording 0
Architect & Structural Engineer 0
Asbestos & Lead Based Paint Testing 0
Market Analysis/Study 0
Environmental Review and Assessments 0
Survey & Civil Engineering 0
Total Predevelopment: $0 $0
BUILDING AND PROPERTY ACQUISITION
Land & Building 0
Permanent Displacement Units 0 0
Temporary Relocation Units 0 0
Total Acquisition: $0 $0
*Contact State if relocation; but assume $9000 for relocation; $3000 for temporary relocation
CONSTRUCTION COSTS
NEW CONSTRUCTION Average Cost per Square Foot
Average Sq. Footage of Unit 0 0
Infrastructure Improvements 0
Lead Based Paint & Asbestos Abatement 0
Landscaping 0
CONTRACTOR FEE / hard cost 0 0
Contractor Overhead / hard cost 0 0
General Conditions / hard cost 0 0
CONSTRUCTION CONTINGENCY / hard cost 0 0
Total Construction: 0 0
CARRYING COSTS
Builder's Risk Insurance 0
Property Liability Insurance 0
Real Estate Taxes 0
Total Carrying Costs: 0 0
PROFESSIONAL SERVICES
Legal 0
Accounting 0
Consultant 0
Marketing /Advertising 0
Total Professional Fees: 0 0
SELLER'S CLOSING COSTS
Realtor Commission 6.0%of sale price or $ 6,000 (whichever more) 0 0
Seller's Closing Costs of sale price 0 0
Homebuyer Education $ 1,500 per unit 0 0
Seller Paid Transfer Taxes of sale price 0 0
Total Seller's Closing Costs: 0 0
Hard & Soft Costs $0 $0
DEVELOPER FEE
20% of hard & soft costs OR $ 15,000 (whichever less) 0 0
Total Developer Fee: 0 $0
TOTAL DEVELOPMENT COSTS (TDC): $0 $0
61feede4-d56f-4246-badc-4c91cb0697b2.xls Budget - Scatter NewCons
STATE OF WEST VIRGINIA UPDATED July 2009
NEIGHBORHOOD STABILIZATION PROGRAM
EXHIBIT 8 - HOMEBUYER WORKBOOK
HOMEBUYER REHABILITATION SUBSIDY PROFORMA
Total Rehab Units 0
A CALCULATE DEVELOPMENT "Appraisal GAP" SUBSIDY
REHABILITATION - DEVELOPMENT SUBSIDY PER UNIT COSTS PROJECT TOTAL
HARD & SOFT COSTS plus DEVELOPER FEE $0 $0
plus HOMEBUYER EDUCATION FEE $1,500 per unit $0 0
TOTAL DEVELOPMENT COSTS: $0 $0
less FAIR MARKET VALUE / SALES PRICE $ - $ -
NSP REHAB DEVELOPER SUBSIDY: $0 $0
B CALCULATE HOMEBUYER "Affordability GAP" SUBSIDY
BUYER MAXIMUM PAYMENT ANALYSIS
100% Area Median Income (family of 4):
Estimated Average % Area Median Income of Target Buyers:
Annual Incomes of Target Buyers $0
Monthly Incomes of Target Buyers $0
MAXIMUM Housing/Income Ratio
Annual Property Taxes
Annual Homeowners Insurance
Target Buyers' Maximum Monthly Mrtg Pmt (Principal and Interest): $0
Estimated Interest Rate:
Target Buyers' Maximum Mortgage: $0
MORTGAGE ANALYSIS
REHAB SALES PRICE (to Buyer After Improvements): $0
Maximum First Mortgage Loan-to-Value Ratio:
Maximum Mortgage of Property at Acquisition - Rehab Unit $0
Estimated Buyer's Closing Costs
Total Minimum Due at Closing for Rehab: $0
Down Payment from Buyer's Funds:
NSP Down Payment Assistance Funds: $0
Total Down Payment Remaining: $0
Maximum Mortgage of Property at Acquisition: $0
NSP Down Payment Assistance (less Closing Costs): $0
Target Buyers Maximum Mortgage: $0
Deferred Soft Second Mortgage Affordability Gap: $0
PER UNIT COSTS PROJECT TOTAL
TOTAL NSP HOMEBUYER ASSISTANCE FOR REHAB UNITS: $0 $0
61feede4-d56f-4246-badc-4c91cb0697b2.xls H'buyer ProForma - Rehab
STATE OF WEST VIRGINIA UPDATED July 2009
NEIGHBORHOOD STABILIZATION PROGRAM
EXHIBIT 8 - HOMEBUYER WORKBOOK
HOMEBUYER NEW CONSTRUCTION SUBSIDY PROFORMA
Total New Construction Units 0
A CALCULATE DEVELOPMENT "Appraisal GAP" SUBSIDY
NEW CONSTRUCTION - DEVELOPMENT SUBSIDY PER UNIT COSTS PROJECT TOTAL
HARD & SOFT COSTS plus DEVELOPER FEE $0 $0
plus HOMEBUYER EDUCATION FEE $1,500 per unit $0 0
TOTAL DEVELOPMENT COSTS: $0 $0
less FAIR MARKET VALUE / SALES PRICE $ - $ -
NSP NEW CONSTRUCTION DEVELOPER SUBSIDY: $0 $0
B CALCULATE HOMEBUYER "Affordability GAP" SUBSIDY
BUYER MAXIMUM PAYMENT ANALYSIS
100% Area Median Income (family of 4):
Estimated Average % Area Median Income of Target Buyers:
Annual Incomes of Target Buyers $0
Monthly Incomes of Target Buyers $0
MAXIMUM Housing/Income Ratio
Annual Property Taxes
Annual Homeowners Insurance
Target Buyers' Maximum Monthly Mrtg Pmt (Principal and Interest): $0
Estimated Interest Rate:
Target Buyers' Maximum Mortgage: $0
MORTGAGE ANALYSIS
NEW CONSTRUCTION SALES PRICE (to Buyer After Improvements): $0
Maximum First Mortgage Loan-to-Value Ratio:
Maximum Mortgage of Property at Acquisition - Rehab Unit $0
Estimated Buyer's Closing Costs
Total Minimum Due at Closing for New Construction: $0
Down Payment from Buyer's Funds:
NSP Down Payment Assistance Funds: $0
Total Down Payment Remaining: $0
Maximum Mortgage of Property at Acquisition: $0
NSP Down Payment Assistance (less Closing Costs): $0
Target Buyers Maximum Mortgage: $0
Deferred Soft Second Mortgage Affordability Gap: $0
PER UNIT COSTS PROJECT TOTAL
TOTAL NSP HOMEBUYER ASSISTANCE FOR NEW CONSTRUCTION UNITS: $0 $0
61feede4-d56f-4246-badc-4c91cb0697b2.xls H'buyer ProForma - NewCon
STATE OF WEST VIRGINIA UPDATED July 2009
NEIGHBORHOOD STABILIZATION PROGRAM
EXHIBIT 8 - HOMEBUYER WORKBOOK
HOMEBUYER PROJECT SUMMARY BY UNIT COUNT AND SUBSIDY AMOUNTS
Per Unit 0% - 50% AMI 51-120% AMI Market Rate Total Units
Subsidy
USES Amount Units Amount Units Amount Units Amount Units Amount
Use A - Financing Mechanisms
Deferred 2nd Mortgage / DPA - Rehab $0 0 $0 0 $0 0 $0
Deferred 2nd Mortgage / DPA - New Construction $0 0 $0 0 $0 0 $0
Use B - Purchase and rehab of abandoned or foreclosed upon
homes and residential properties to sell, rent or redevelop
For Sale - Development Appraisal Gap $0 0 $0 0 $0 0 $0
For Sale - Homebuyer Counseling $1,500 0 $0 0 $0 0 $0
Use D - Demolition Blighted Structures
Scattered Site Single Family Demolition $0
Use E - Redevelop demolished or vacant properties
For Sale - Development Appraisal Gap $0 0 $0 0 $0 0 $0
For Sale - Homebuyer Counseling $0 0 $0 0 $0 0 $0
Total 0 $0 0 $0 0 $0 0 $0
61feede4-d56f-4246-badc-4c91cb0697b2.xls Project Summary
STATE OF WEST VIRGINIA UPDATED July 2009
NEIGHBORHOOD STABILIZATION PROGRAM
EXHIBIT 8 - HOMEBUYER WORKBOOK
HOMEBUYER SOURCES & USES BUDGET
USES SOURCES
Source: Source:
Total Units Total Amount NSP
Committed?* Committed?*
YES?NO YES?NO Gap Analysis
Use A - Financing Mechanisms
Deferred 2nd Mortgage (DPA) - Rehab 0 $0 0
Deferred 2nd Mortgage (DPA) - New Construction 0 $0 0
Use B - Purchase and rehab of abandoned or foreclosed upon
homes and residential properties to sell, rent or redevelop
For Sale - Development Appraisal Gap 0 $0 0
For Sale - Homebuyer Counseling 0 $0 0
Use D - Demolition Blighted Structures
Scattered Site Single Family Demolition 0 $0 0
Use E - Redevelop demolished or vacant properties
For Sale - Development Appraisal Gap 0 $0 0
For Sale - Homebuyer Counseling 0 $0 0
Total 0 0 0 0 0 0
*Attach commitment letters under TAB P
61feede4-d56f-4246-badc-4c91cb0697b2.xls Sources & Uses Budget
