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Indianapolis Homeownership Application File
2010
Indianapolis 2010 Application Homeownership Proforma Instructions
General Instructions
1) This proforma consist of 3 worksheets for you to fill out:
Sheet 1: Summary
Sheet 2: Development Costs & Sales Per Address
Sheet 3: Buyer Affordability Analysis
All other worksheets are for Indianapolis DMD use.
2) Only input data into yellow cells. All other cells are write-protected or are for DMD use.
3) Fill in the worksheets in the order they are numbered (1-3), per the instructions below.
4) Be sure to complete all 3 worksheets.
5) Questions may be directed to Andrew Houge, HOME Grant Manager, Indianapolis DMD.
Sheet 1: Summary
1) Enter basic project information.
2) Enter all project sources (mortgage, equity, requested HOME funds, other grants, etc.).
3) You may choose to enter project costs on the "Development Costs & Sales" worksheet
first and then input subsidy sources.
Sheet 2: Development Costs & Sales
1) For each individual address/unit, enter information about location and unit.
2) Enter estimates for all development costs on a PER UNIT BASIS.
3) "Other" lines have been included for any costs that don't fit in existing line items.
4) Enter the estimated Sales Price (finished appraised value) for each address.
5) The worksheet will calculate Development Gap, which will show up on the Summary
worksheet.
Sheet 3: Buyer Affordability
1) For each address, determine the PROJECTED profile of the homebuyer (s) to whom you
expect to sell each unit. DMD understands this is an estimate conducted for planning
purposes. Use your previous experience to inform this project.
2) Enter a projected scenario, including household size, income, etc.
3) The worksheet will calculate the maximum monthly mortgage payment your projected
buyer can afford based on DMD's 30% housing-to-income ratio limit.
4) Enter any homebuyer subsidy you anticpate buyers will secure that will bring down the
amount of the 1st mortgage.(INHP down payment assistance, 2nd mortgage, etc.). DO NOT
ENTER CLOSING COST ASSISTANCE.
5) Enter estimated mortgage loan interest rate, loan term, property taxes, homeowners'
insurance, private mortgage insurance, and homeowner association fees.
6) Check to insure the housing-to-income ratio in your projection is at or below the 30% limit.
f7a7d539-6b58-4a9e-b663-bf6fbc46170c.xls 0)INSTRUCTIONS
Indianapolis Homeownership Application File
2010
Indianapolis HOME Program
HOMEOWNERSHIP PROJECT SUMMARY
Project Information
Project Name
Neighborhood
Street Address
City: Indianapolis County: Marion
Zip Code:
Developer/Sponsor/Owner Information
Dev/Owner/Sponsor CHDO?
Address
Contact Person Habitat for
Phone Humanity
Email Project?
Funding Request
Total Dev. Costs $0 HOME as % TDC#DIV/0!
Subsidy Requested #DIV/0!
Funds Leveraged other dollars for every HOME dollar
Subsidy Granted for DMD use only
Total Units: 0 Project Type: AvgSqFt: #DIV/0!
HOME Units: Average Sale Price: #DIV/0! Total SqFt: 0
Unit Mix 1 Bath 1.5 Bath 2 Bath 2.5+ Bath Subtotals
1 Bedroom 0
2 Bedroom 0
3 Bedroom 0
4+ Bedroom 0
Subtotals 0 0 0 0 0
SUMMARY SOURCES & USES
Uses (Development Costs) Total Per Unit % of Total
Predevelopment: $0 #DIV/0! #DIV/0!
Acquisition: $0 #DIV/0! #DIV/0!
Construction/Rehab: $0 #DIV/0! #DIV/0!
Professional Fees: $0 #DIV/0! #DIV/0!
Finance & Carrying Costs: $0 #DIV/0! #DIV/0!
Seller's Closing Costs $0 #DIV/0! #DIV/0! Construction Cost/SqFt: #DIV/0!
Developer Fee $0 #DIV/0! #DIV/0! Total Cost/SqFt: #DIV/0!
Total Development Costs $0 #DIV/0! #DIV/0!
Counts
as HOME
Sources Total Per Unit % of Total Match? Match
Home Sales Proceeds (Mortgage, Downpymt) $0 #DIV/0! #DIV/0! No Amount
Indianapolis HOME Funds #DIV/0! #DIV/0! No
#DIV/0! #DIV/0! $0
#DIV/0! #DIV/0! $0
#DIV/0! #DIV/0! $0
#DIV/0! #DIV/0! $0
#DIV/0! #DIV/0! $0
#DIV/0! #DIV/0! $0
Total Sources $0 #DIV/0! #DIV/0! $0
Surplus/(Gap)? $0 #DIV/0! #DIV/0!
Per HOME
Total HOME Subsidy Total Per Unit Unit
Development Subsidy (Appraisal Gap) $0 #DIV/0! #DIV/0!
Direct Homebuyer Subisdy (Affordability Gap) $0 #DIV/0! #DIV/0!
Total $0 #DIV/0! #DIV/0!
Contract & Funding Information (For DMD Use Only)
PO #
PO Expiration Date
Grant #/CPS #
Total Dev. Costs $0 HOME as % TDC #DIV/0!
HOME Investment $0 Funds Leveraged #DIV/0! dollars for every HOME dollar
Remaining Balance $0
Contract Amendments
Notes
f7a7d539-6b58-4a9e-b663-bf6fbc46170c.xls 1)Summary
8/17/2011 Indianapolis Homeownership Application File 3
2010
Indianapolis HOME Program
HOMEOWNERSHIP DEVELOPMENT COSTS PER INDIVIDUAL ADDRESS
Project: 0
Dev/Owner/Sponsor: 0
Address Address Address Address Address Address Address Address Address Address Address PROJECT
1 2 3 4 5 6 7 8 9 10 11 TOTAL Per Unit
UNIT INFORMATION
LOCATION
Street Address
Zip Code
Neighborhood Name
UNIT(S)
Total Square Footage 0 #DIV/0!
Unit Type
Bedrooms
Bathrooms
DEVELOPMENT COSTS
PREDEVELOPMENT COST TOTAL Per Unit
Architect & Structural Engineer $0 #DIV/0!
Asbestos & Lead Based Paint Testing $0 #DIV/0!
Phase I Environmental Inspections $0 #DIV/0!
Market Analysis $0 #DIV/0!
Survey & Civil Engineering $0 #DIV/0!
Other $0 #DIV/0!
Total Predevelopment: $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 #DIV/0!
BUILDING AND PROPERTY ACQUISITION
Land & Building $0 #DIV/0!
Settlement Costs (Title Ins., Recording Fees) $0 #DIV/0!
Relocation $0 #DIV/0!
Other $0 #DIV/0!
Total Acquisition: $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 #DIV/0!
CONSTRUCTION COSTS
City/County Fees & Building Permits $0 #DIV/0!
Demolition & Environmental Clearance $0 #DIV/0!
On-Site Infrastructure Improvements $0 #DIV/0!
Rehab and/or New Construction of Unit $0 #DIV/0!
Landscaping $0 #DIV/0!
Appliances $0 #DIV/0!
Other $0 #DIV/0!
Contractor Fees & Overhead $0 #DIV/0!
CONSTRUCTION CONTINGENCY ##### $0 #DIV/0!
Total Construction: $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 #DIV/0!
PROFESSIONAL SERVICES
Legal $0 #DIV/0!
Marketing/Advertising $0 #DIV/0!
Other $0 #DIV/0!
Total Professional Fees: $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 #DIV/0!
CARRYING AND FINANCING COSTS
Inspection & Draw Fees $0 #DIV/0!
Points & Bank Fees: Construction Loan $0 #DIV/0!
Title Insurance: Construction Loans $0 #DIV/0!
Construction Loan Interest $0 #DIV/0!
Builder's Risk Insurance $0 #DIV/0!
Property Liability Insurance $0 #DIV/0!
Real Estate Taxes During Development $0 #DIV/0!
Other $0 #DIV/0!
Total Carrying Costs: $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 #DIV/0!
SELLER'S CLOSING COSTS
Realtor Commission $0 #DIV/0!
Closing Costs $0 #DIV/0!
Home Warranty $0 #DIV/0!
Other $0 #DIV/0!
Total Seller's Closing Costs: $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 #DIV/0!
DEVELOPER FEE ( Fee Limit : 8% ##### $0 #DIV/0!
on new construction; 12% on rehab.)
TOTAL DEVELOPMENT COSTS (TDC): $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 #DIV/0!
DEVELOPMENT GAP
ESTIMATED SALE PRICE
$0 #DIV/0!
(Appraised Value)
Development Gap/Surplus $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 #DIV/0!
f7a7d539-6b58-4a9e-b663-bf6fbc46170c.xls 2)Development Costs & Sales
Indianapolis Homeownership Application File
2010
HOMEBUYER AFFORDABILITY ANALYSIS
For Homebuyer Projects with or without Downpayment Assistance
Project: 0
Dev/Owner/Sponsor: 0
Address 1 Address 2 Address 3 Address 4 Address 5 Address 6 Address 7 Address 8 Address 9 Address 10 Property 11 PROJECT
Per Unit
Street Address: 0 0 0 0 0 0 0 0 0 0 0 TOTAL
PROJECTED HOMEBUYER SCENARIO
Projected Household Size #DIV/0!
80% Median Income for Household Size (table below)
Projected Homebuyer Income #DIV/0!
% AMI #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
Housing-to-Income Ratio Analysis (Front-End Ratio)
Gross Monthly Income Homebuyer $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
Maximum Allowed Housing-to-Income Ratio 30% 30% 30% 30% 30% 30% 30% 30% 30% 30% 30%
Maximum Allowed Mortgage Payment (PITI) $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 #DIV/0!
ESTIMATED HOME SALE PRICE: $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
Projected downpayment to be paid by Homebuyer
Indianapolis HOME Downpayment Assistance $0 #DIV/0!
Other Downpayment or Mortgage Assistance
Habitat for Humanity 2nd Mortgage
FIRST MORTGAGE PRINCIPAL AMOUNT: $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
First Mortgage Loan-to-Value Ratio: #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
First Mortgage Interest Rate: 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
First Mortgage Term (years): 30 30 30 30 30 30 30 30 30 30 30
First Mortgage Principal & Interest $0.00 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
Property Taxes (monthly)
Homeowners Insurance (monthly)
Private Mortgage Insurance (monthly)
Homeowners Association Fees (monthly)
TOTAL MONTHLY MORTGAGE PAYMENT (PITI): $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
Minimum Annual Income Required $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
Housing-to-Income Ratio (Max 30%) #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
Is Payment Affordable to Buyer? #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
ACTUAL HOMEBUYER AFFORDABILITY (For DMD Staff Use Only)
Homebuyer Name:
Household Size #DIV/0!
80% Area Median Income for Household Size
Homebuyer's Gross Annual Income: #DIV/0!
Income Eligible? Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes
% AMI #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
Appraised Value of Home #DIV/0!
ACTUAL HOME SALE PRICE: #DIV/0!
Downpayment to be paid by Homebuyer $0 #DIV/0!
Indianapolis HOME Downpayment Assistance $0 #DIV/0!
Other Downpayment or Mortgage Assistance $0 #DIV/0!
Developer Loss $0 #DIV/0!
Principal Amount on 1st Mortgage as calculated $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 #DIV/0!
ACTUAL Principal Amount on 1st Mortgage $0 #DIV/0!
Loan-to-Value Ratio on 1st Mortgage #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
TOTAL MONTHLY MORTGAGE PAYMENT:
#DIV/0!
(Principal, Interest, Taxes & Insurance)
Housing-to-Income Ratio (Max 30%) #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
Is Payment Affordable to Buyer? #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
f7a7d539-6b58-4a9e-b663-bf6fbc46170c.xls 3)Buyer Affordability
Indianapolis Homeownership Application File
2010
Indianapolis HOME Program
HOMEBUYER HOME COMPLIANCE CHECKS
For DMD Staff Use Only
Project: 0
Dev/Owner/Sponsor: 0
HOME Investment Info
HOME Development Subsidy (Appraisal Gap) $0
HOME Dev. Subsidy as a portion of TDC #DIV/0!
Total Units 0
HOME Assisted Units 0
HOME Direct Homebuyer Subisdy (Affordability Gap) $0 Not in contract with developer. This comes from INHP.
Total HOME Investment $0 (Development + Direct Homebuyer Subsidies)
Total HOME Funding per HOME Assited Unit #DIV/0! (Development + Direct Homebuyer Subsidies)
Affordability Period & Minimum HAUs
Minimum Affordability Period #DIV/0!
Minimum # of Home-Assisted Units #DIV/0! #DIV/0!
Other Federal Requirements
Is Affirmative Marketing Required? No If 5 units or more
Lead Iterim Controls Required? #DIV/0! If over $5,000 of HOME Funds invested
Lead Abatement Required (For Rehab Only)? #DIV/0! If the lesser of federal assistance or rehab cost is >$25K
Davis Bacon Triggered? No If 12 units or more.
Section 3 Requirements Apply? No If $200K or more in federal funds.
Overall Subsidy Layering Analysis (See "Subsidy Layering Analysis Per Address" Worksheet for More Info.)
Minimum per unti HOME Investment $1,000
Maximum per unit HOME Investment Allowed 221d(3) limits; changes annually. See table to the right.
Total HOME Funding per HOME Assited Unit #DIV/0!
Is HOME Investment within HUD limits? #DIV/0!
Other Federal Funds in Project $0
HOME Leverage: #DIV/0! other dollars for every HOME dollar
HOME Match $0 Enter into Match Tracking Log for Yearly Report to HUD
Indianapolis DMD
Justifincation for Funding
f7a7d539-6b58-4a9e-b663-bf6fbc46170c.xls 5)HOME Compliance
Indianapolis Homeownership Application File
2010
Indianapolis HOME Program
HOMEOWNERSHIP SUBSIDY ANALYSIS PER INDIVIDUAL ADDRESS
For DMD Staff Use Only
Project: 0
0
Dev/Owner/Sponsor:
Address 1 Address 2 Address 3 Address 4 Address 5 Address 6 Address 7 Address 8 Address 9 Address 10 Address 11 TOTAL
Street Address 0 0 0 0 0 0 0 0 0 0 0 na
# of Bedrooms 0 0 0 0 0 0 0 0 0 0 0
Unit Type 0 0 0 0 0 0 0 0 0 0 0 na
Total Development Costs $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
Construction Cost/SqFt: #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
Total Cost/SqFt: #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
Development Gap $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
HOME Subsidy Analysis
HOME Development Gap Subsidy $0
HOME Affordability Gap Subsidy $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
Sale Price Compliance
Actual Sales Price $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
HOME Price Limit for Homebuyer
$200,160 $200,160 $200,160 $200,160 $200,160 $200,160 $200,160 $200,160 $200,160 $200,160
Unit (Limit Set Annually by HUD)
Is Sale Price Compliant w/HOME? Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes
Subsidy Layering Analysis
Minimum HOME Investment/Unit $1,000 $1,000 $1,000 $1,000 $1,000 $1,000 $1,000 $1,000 $1,000 $1,000 $1,000
Maximum HOME Investment/Unit
Is HOME Investment within HUD limits? Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes
HOME as % TDC #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
Sales Proceeds as % TDC #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
Funds Leveraged Per HOME Dollar #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
f7a7d539-6b58-4a9e-b663-bf6fbc46170c.xls 6)Subsidy Analysis Per Address
Indianapolis Homeownership Application File
2010
Indianapolis HOME Program
HOMEOWNERSHIP PROJECT INVOICES/CLAIMS
For DMD Staff Use Only
Project: 0 Total Dev. Costs $0
Dev/Owner/Sponsor 0 HOME Contract Amount $0
Project Type 0 HOME % Total Dev. Costs #DIV/0!
PO # 0 Amount Drawn/Paid $0
PO Expiration Date 0 Balance Remaining $0
Grant #/CPS # 0
Home Sales Date Revenue
Date Drawn in Claim Settlement Homebuyer Completed Post Revenue PY-413
Date of Claim IDIS Invoice # HUD Act. # Address Voucher # Amount Date (Purchaser) in IDIS Document Post Date CY-411
TOTAL $0.00
f7a7d539-6b58-4a9e-b663-bf6fbc46170c.xls 7)Draw Log
Indianapolis Homeownership Application File
2010
Indianapolis HOME Program
HOMEOWNERSHIP PROJECT FILE CHECKLIST
For DMD Staff Use Only
Project: 0
Dev/Owner/Sponsor: 0
Date Placed In Paper File
HOMEBUYER PROJECT FILE DOCUMENTATION In File? File Location
1 Program Application
2 Relocation Notice (if applicable)
3 Initial Inspection Form
4 Homebuyer Written HOME Agreement
5 Sales Prices (if rehab use estimated property value)
6 Environmental Clearance
7 Written Recapture or Resale Agreement
8 IDIS Set-Up
9 Work Write-Up/Cost Estimate
10 Payment Certifications
11 Progress Payment Authorizations
12 Contractor Bid Documents
13 Contractor Eligibility Form
14 Contractor Approval Form
15 Pre-Construction Conference Report
16 Lead-Based Paint Compliance Documentation
a. Lead Hazard Evaluation
b. Clearance Reports
c. Copies of Notices
17 Rehabilitation Contract (if applicable)
18 Notice to Proceed
19 Approved Change Orders (if applicable)
20 Documentation of Final Inspection
21 Final Invoice from Contractor
22 Waiver of Liens from General Contractor, Subcontractors
23 Warranties (if applicable)
24 Receipt of Final Payment Form
25 Applicant Completion Checklist:
HOMEBUYER DEVELOPMENT (Acquistion Rehab and/or New Construction)
1. HUD Completion Report
2. HUD 1 Settlement Statement
3. Promissory Note from Lender
4. HOME Mortgage from CDC/Agency
5. HOME Promissory Note from CDC/Agency
6. Declaration of Covenants (Resale provisions only)
7. Resale or Recapture Acknowledgement Form
8. Appraisal Form
9. Subcontractor's List
10. Income Qualification Form
11. When-Done Project Proforma
12. Affordability Analysis Form
13. Match Documentation
14. Certificate of Completion of Work Specs.
15. Marketing Materials
16, Affirmative Marketing Survey (5+ HOME units)
DIRECT HOMEBUYER SUBSIDY (Downpayment Assistance, Closing Cost Assitance)
1. HUD Completion Report
2. HUD 1 Settlement Statement
3. Promissory Note from Lender
4. HOME Mortgage from CDC/Agency
5. HOME Promissory Note from CDC/Agency
6. Declaration of Covenants (Resale provisions only)
7. Resale or Recapture Acknowledgement Form
8. Appraisal Form
9. Income Qualification Form
10. Affordability Analysis Form
Indianapolis Homeownership Application File
2010
Indianapolis HOME Program
HOMEOWNERSHIP PROJECT NOTES
For DMD Staff Use Only
Project: 0
Dev/Owner/Sponsor 0
Date Entered Notes
f7a7d539-6b58-4a9e-b663-bf6fbc46170c.xls 8)Notes
