THRESHOLDS Application DETAILED PRELIMINARY BUDGET. Development Name: Development Item. Site Acquisition

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1 DETAILED PRELIMINARY BUDGET Development Name: Development Item Cost Site Acquisition Hard Costs: Site Preparation Infrastructure (roads, utilities) Demolition/Lead Abatement Construction Contingency Landscaping Environmental Remediation Total Hard Costs: $0 Soft Costs: Permits/Surveys Appraisal/Market Study Environmental Reports Architectural Fees Engineering Construction Manager Legal Costs Title/Recording Insurance during construction Utilities during construction Taxes during construction Financing Fees Accounting Marketing and Lease-Up Consultant Developer Fee Soft Cost Contingency Relocation Reserves Total Soft Costs: $0 Total Development Costs: $0 *Attach cost estimates. Cost estimates for rehabilitation or new construction must be prepared by a contractor, architect, qualified staff or other qualified professional. Sufficient detail must be provided to demonstrate compliance with housing quality standards and codes. Rental and Homeownership Proposals

2 Rent Worksheet Complete this worksheet for all units in the development. If tenants pay their own utilities, insert figures from the Utility Allowance Sheet. If the rent includes utilities, put a zero in the Utility column. Pre-set formulas will calculate gross monthly rent and annual rent (excluding utilities). Use the Annual Rent column total for line 2 on your operating proforma. Do Tenants If Yes, Monthly Monthly Rent Unit Bedroom Unit Program Pay Utilities? Utility Gross You Will Annual Rent Number Count Type* Yes / No Allowance Monthly Rent Collect Per Unit *Program types may include Thresholds, HUD Section 811, SHP, Shelter+Care, NOP, BHRI, HCVP, SNRP, HOME, HOPWA, etc. TOTAL $0 THRESHOLDS proformas.xlsrent Worksheet

3 Operating Proforma For projects involving Rental Units Annual Income Notes Total Number of Units 0 Total Annual Rent (from Rent Worksheet) Less Vacancy Rate of 5% $0 If a higher vacancy rate will be calculated, please justify. Other Income (laundry etc.) Specify source: TOTAL Annual Income $0 Annual Operating Expenses Utilities (incl. sewer, water) $0 Maintenance $0 Taxes $0 Insurance $0 Reserves & Capital Expenditures $0 Property Management $0 Approximately 6-8% of Gross Rent if professionally managed Supportive Services $0 Other: $0 TOTAL Operating Expenses Annual Cash Flow TOTAL Annual Income $0 TOTAL Operating Expenses $0 Net Operating Income (NOI) $0 Total Annual Income less Total Operating Expenses NOI $0 Debt Service Coverage (DSC) Amount Available for Debt Service #DIV/0! Annual Interest Rate: 6.00% Term (in years): 360 Mortgage Amount Maximum Mortgage Amount: #DIV/0! Actual Mortgage Amount: Monthly Mortgage Payment: $0.00 Annual Debt Service $0 monthly mortgage X 12 Cash Flow $0 NOI minus Annual Debt Service Debt Coverage Ratio #DIV/0! NOI divided by Annual Debt Service Total Operating Cost per Unit #DIV/0! Divide Total Operating Expenses by the number of units. THRESHOLDS proformas.xls Operating Worksheet

4 Development Proforma: SOURCES Sources Project Name: SOURCES (fill in all those that apply) Amount Terms Committed? Yes / No Thresholds RIH HOME funds Other HOME - City: Building Homes Rhode Island NSP (Neighborhood Stabilization Program) HUD 811 HUD 202 McKinney (Supportive Housing Program) Funds CDBG - municipality: Lead - RIH or Municipality: Weatherization Special Needs Rental Production Program (SNRP) Self Help Homeownership Program (SHOP) Affordable Housing Program (FHLB) Tax Credits Federal Historic Tax Credits State Historic Tax Credits Targeted Loan Rhode Island Housing First Mortgage Other Permanent Financing Indicate Lender: Construction Financing Indicate Lender: Private Foundations Sales Proceeds Other: TOTAL $0 *Provide documentation as to the status of each source. THRESHOLDS proformas.xls Development Proforma-Sources

5 Development Proforma USES The Sources Columns should correspond with those listed on the Sources page of the Development Proforma. Indicate Source Indicate Source Indicate Source Indicate Source Indicate Source here: THRESHOLDS here: here: here: here: Uses Activity Amount Acquisition $0 Architectural/Engineering $0 Demolition $0 Lead Abatement $0 Construction/Rehabilitation $0 Contingency $0 Site Work $0 Environmental Remediation $0 Financing costs $0 Legal costs $0 Soft Costs - see preliminary budget $0 Developer Fee $0 Consultant Fee $0 Relocation * $0 Other: $0 $0 TOTAL $0 * calculate permanent relocation at $9,000/household and temporary at $3,000/household THRESHOLDS proformas.xls Development Proforma-Uses

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