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{"sheet":"Intro","index":0,"n_rows":51,"n_cols":4,"rows_kept":51,"cut":false,"hidden":false,"merged":[[18,2,18,3],[33,1,33,4],[21,2,21,3],[22,2,22,3],[23,2,23,3],[24,2,24,3],[19,2,19,3],[20,2,20,3],[35,2,35,3],[36,2,36,3],[0,2,0,3],[1,2,1,3],[3,2,3,3],[4,2,4,3],[7,1,7,4],[16,1,16,4],[14,3,14,4],[10,3,10,4],[11,3,11,4],[12,3,12,4],[13,3,13,4],[8,3,8,4],[9,3,9,4],[5,2,5,3],[46,1,46,4],[48,2,48,3],[40,2,40,3],[38,1,38,4],[42,1,42,4],[44,2,44,3]]}
[null,null,"HOME Investment Partnerships Program (\"HOME\")"]
[null,null,"Multi-Family Underwriting Template"]
[]
[null,null,"U.S. Department of Housing and Urban Development"]
[null,null,"Office of Community Planning and Development"]
[]
[]
[null,"Project Information"]
[null,null,"Project Name:"]
[null,null,"Address:"]
[null,null,"Developer:"]
[null,null,"Date of Analysis:"]
[null,null,"City:"]
[null,null,"State:"]
[null,null,"Development Type:"]
[]
[null,"NOTES ON KEY HOME REQUIREMENTS AND THIS TEMPLATE"]
[]
[null,null,"This HOME Multi-Family Underwriting Template is intended to assist in planning multi-family affordable rental housing, not single-family affordable housing."]
[null,null,"Typical users will be Participating Jurisdiction (PJ) underwriters, Community Housing Development Organization (CHDO) underwriters, and underwriters for other developers of HOME-assisted affordable rental housing projects.  This template supports normal underwriting tasks such as review of development costs and review of operating revenues and expenses, but also includes features that help the user determine the appropriate amount of HOME assistance as well as the appropriate number and mix of HOME-assisted units."]
[null,null,"Users may find it helpful to review the HOME Underwriting and Subsidy Layering Notice, CPD 15-11.  This template does not cover all elements of the Notice requirements.  "]
[null,null,"The U.S. Department of Housing and Urban Development and ICF International assume no liability for the use, functionality, or content of this template.  This template is for draft calculations only.  All inputs, outcomes, and calculations should be independently verified."]
[null,null,"This template does not automatically cap rents at HOME levels.  Each user must do this, as applicable, on the Rents and Income tab."]
[null,null,"This template does not include cost allocation which must be completed separately by the PJ to allocate costs and designate the number of HOME units.  Users should refer to the guidance provided in CPD Notice 16-15 and utilize the HOME cost allocation tool available at the following links: https://www.hudexchange.info/resources/documents/Notice-CPD-16-15-Allocating-Eligible-Costs-and-Identifying-HOME-Assisted-Units-in-Multi-Unit-HOME-Rental-and-Homeownership-Development-Projects.pdf, and https://www.hudexchange.info/resource/5190/home-cost-allocation-tool/ for guidance on allocating costs and determining maximum investment and minimum HOME units.”"]
[null,null,"HOME PJs must conduct a subsidy layering analysis prior to commitment of HOME funds."]
[]
[null,null,407,"  Cells with light green background are data entry cells"]
[null,null,{"$f":"IF(C27=0,\"\",ROUND(C27*100,0))","v":40700},"  Cells with white background are formulas"]
[null,null,"  Do not change formulas (many of them track to other formulas)"]
[]
[null,"?","  Blue boxes like this contain guidance (place the mouse pointer over the question mark)"]
[null,null,"  If the guidance text is too small for the user to read, increase the zoom setting on the tab."]
[]
[null,"The Role of HOME Funds in a Development Project"]
[]
[null,null,"In rental housing development projects, HOME funds typically serve as “gap financing” – funds provided when the contributions of private lenders and other funding resources are not sufficient to cover the cost of developing and leasing-up the project.  PJ and non-profit staff are often called upon to determine the appropriate amount of HOME funds required to “fill the gap” in order to make the project feasible, while ensuring the project is not over-subsidized and that HOME funds are used only for HOME-eligible expenses."]
[null,null,"While HOME funds are an indispensable resource for many affordable housing projects, they come with requirements that can also influence a project’s finances.  To ensure that a portion of the housing units created when HOME funds are invested will remain available to low-income and very-low-income households, rents for these units are limited for a specified period to affordable levels appropriate to the project's geographic area.  These HOME rent limits may impact the amount of income generated by the property, which in turn can influence the amount and availability of private and other public funding resources for the project."]
[]
[null,"Multi-Family Underwriting"]
[]
[null,null,"Underwriting is the process of determining the financial feasibility and the terms of a project.  The objective of underwriting is to determine whether the ongoing revenues from a property will be sufficient to cover construction and operating costs to ensure that property will be sustainable for the specific period of affordability.  There is no one “right” way to do underwriting.  However, across all approaches, there are some common elements:\n\n• Review of costs for constructing the project in order to determine both reasonableness and eligibility.  \n• Review of the sources of financing for the project.\n• Review the projected profitability and financial health of the project.\n• Establish the financing and operating terms.\n"]
[]
[null,"Introduction to this Template"]
[]
[null,null,"The HOME Multi-Family Underwriting Template is composed of several interrelated Excel tabs, which are accessible by tabs found at the bottom of the Excel screen.  Open the Template in Excel and look along the bottom of the screen.  You will see a set of tabs reading:\n\n• Intro\n• Requirements\n• Rents and Income\n• Development Costs\n• Repl Reserve\n• Const Schedule\n• LIHTC Basis\n• Operating Expenses\n• First Mortgage Sizing\n• Sources and Uses\n• Pro Forma Assumptions\n• Operating Pro-Forma\n• Administrative Record\n• Summary\n"]
[]
[null,"Microsoft Excel and This Template"]
[]
[null,null,"This template is provided in Excel 2007 format.  Two versions are available.  One is macro-enabled (an .xlsm file); this version includes radio buttons that will allow the user to hide and reveal columns and rows used for supporting calculations, and helpful features such as automatically providing the appropriate number of columns on the Operating Pro-Forma tab.    If you are using the .xlsm format, be sure to always save the file in .xlsm format (if you save it in .xlsx format, you will lose all of the macros).\n\nIn the .xlsm format, if you click on a radio button labeled 'Hide Columns' or 'Hide Rows', the template will hide the rows or columns that hold supporting calculations.  A radio button labeled 'Reveal columns' or 'Reveal rows' will reveal (un-hide) the supporting calculations.\n\nFor users whose information technology policies do not allow enabled macros, this template is also available in a non-macro-enabled format (an .xlsx file).\n\nThis template also contains two forms of protection.  The first is worksheet (tab) protection (formula cells are locked to prevent accidental damage to formulas).  The second is workbook protection (which prevents accidental deletion of tabs).  However, if you need to make custom modifications to this template, you can do so by entering the password (the password is a single blank character)."]
[]
[null,"Upon completing this tab, proceed to the Requirements tab."]

{"sheet":"Controls","index":1,"n_rows":70,"n_cols":3,"rows_kept":70,"cut":false,"hidden":true,"merged":[]}
["Controls (Normally Hidden)","Don't insert rows or columns in A1:B24"]
[]
["Macro Controls"]
["Requirements tab hide-reveal starting column",{"$f":"COLUMN(Requirements!$K$1)","v":11}]
["Requirements tab hide-reveal ending column",{"$f":"COLUMN(Requirements!$R$1)","v":18}]
[]
["LIHTC Basis tab hide-reveal starting column",{"$f":"COLUMN('LIHTC Basis'!$K$1)","v":11}]
["LIHTC Basis tab hide-reveal ending column",{"$f":"COLUMN('LIHTC Basis'!$M$1)","v":13}]
[]
["First Mortgage Sizing tab hide-reveal starting column",{"$f":"COLUMN('First Mortgage Sizing'!$J$1)","v":10}]
["First Mortgage Sizing tab hide-reveal ending column",{"$f":"COLUMN('First Mortgage Sizing'!K$1)","v":11}]
[]
["Sources and Uses tab hide-reveal starting column",{"$f":"COLUMN('Sources and Uses'!$H$1)","v":8}]
["Sources and Uses tab hide-reveal ending column",{"$f":"COLUMN('Sources and Uses'!$Q$1)","v":17}]
[]
["Cost Allocation tab hide-reveal starting column",{"$f":"COLUMN(#REF!)","v":{"$error":"#REF!"}}]
["Cost Allocation tab hide-reveal ending column",{"$f":"COLUMN(#REF!)","v":{"$error":"#REF!"}}]
[]
["Operating Pro Forma tab hide-reveal starting column",{"$f":"COLUMN('Operating Pro Forma'!$D$1)","v":4}]
["Operating Pro Forma tab reveal 30-year ending column",{"$f":"COLUMN('Operating Pro Forma'!AG$1)","v":33}]
["Operating Pro Forma hide beyond sale year starting column",{"$f":"B19+30-(30-'Pro Forma Assumptions'!D24)","v":4},{"$f":"IF(B21>B20,\"Not Applicable; Sale Year 30\",\"\")","v":""}]
["Operating Pro Forma tab hide-reveal starting row",{"$f":"ROW('Operating Pro Forma'!A62)","v":62}]
["Operating Pro Forma tab reveal 30-year ending row",{"$f":"ROW('Operating Pro Forma'!A102)","v":102}]
[]
["Requirements drop-down #1"]
["Rehabilitation or Acquisition of Existing Housing"]
["Refinance of Rehabilitation Project"]
["New Construction or Acquisition of New Housing"]
[]
["Requirements drop-down #2"]
["Less than $15,000"]
["$15,000-$40,000"]
["More than $40,000"]
[]
["Rent and Income drop-down #1"]
["Low HOME"]
["High HOME"]
["Market"]
[{"$f":"Requirements!K20","v":"LIHTC 50 AMI"}]
[{"$f":"Requirements!K21","v":"LIHTC 60 AMI"}]
[{"$f":"Requirements!K22","v":"LIHTC 40 AMI"}]
[{"$f":"Requirements!K23","v":"LIHTC 30 AMI"}]
[{"$f":"Requirements!K24","v":"Other 1"}]
[{"$f":"Requirements!K25","v":"Other 2"}]
[{"$f":"Requirements!K26","v":"Other 3"}]
[{"$f":"Requirements!K27","v":"Other 4"}]
[]
["Rent and Income drop-down #2"]
["HOME"]
["Market"]
[{"$f":"Requirements!K37","v":"LIHTC 50 AMI"}]
[{"$f":"Requirements!K38","v":"LIHTC 60 AMI"}]
[{"$f":"Requirements!K39","v":"LIHTC 40 AMI"}]
[{"$f":"Requirements!K40","v":"LIHTC 30 AMI"}]
[{"$f":"Requirements!K41","v":"Other 1"}]
[{"$f":"Requirements!K42","v":"Other 2"}]
[{"$f":"Requirements!K43","v":"Other 3"}]
[{"$f":"Requirements!K44","v":"Other 4"}]
[]
["Yes or No drop-down"]
["Yes"]
["No"]
[]
["Drop-Down for Development Type"]
["Single Story Garden Apartments"]
["Walkup Garden Apartments (2-4 Stories)"]
["Townhouses"]
["Elevator Buildings 2-5 Stories"]
["Elevator Buildings 6+ Stories"]
["Multiple Building Types"]

{"sheet":"Requirements","index":2,"n_rows":185,"n_cols":19,"rows_kept":185,"cut":false,"hidden":false,"merged":[[64,2,64,8],[78,2,78,8],[92,2,92,8],[106,2,106,8],[10,2,10,3],[0,2,0,6],[2,2,2,8],[68,5,68,6],[82,2,82,4],[82,5,82,6],[68,2,68,4],[37,2,37,5],[39,2,39,5],[54,2,54,4],[54,5,54,6],[14,2,14,3],[15,2,15,3],[38,2,38,5],[34,2,34,4],[35,2,35,4],[7,2,7,8],[166,2,166,8],[17,2,17,8],[31,2,31,8],[48,2,48,8],[11,2,11,3],[12,2,12,3],[13,2,13,3],[96,2,96,4],[96,5,96,6],[34,5,34,7],[35,5,35,7],[50,2,50,8],[110,2,110,4],[110,5,110,6],[120,2,120,8],[124,2,124,4],[152,2,152,4],[152,5,152,6],[162,2,162,8],[124,5,124,6],[134,2,134,8],[138,2,138,4],[138,5,138,6],[148,2,148,8]]}
[null,null,"HOME and Other Affordable Housing Requirements",null,null,null,null,null,"Enter data in green cells only"]
[]
[null,null,"The HOME Program, as well as other affordable housing programs (e.g., Low-Income Housing Tax Credits or the Community Development Block Grant), are designed to provide effective resources for housing development, while ensuring that use of public funds results in increased availability of affordable housing.  To meet the latter objective, the HOME Program and other affordable housing programs impose requirements and restrictions, such as maximum subsidies, maximum rents for units reserved for affordable housing, and affordability periods during which units must remain affordable.  \n\nNote that some individual units may be subsidized using both HOME funds and funds from another affordable housing program.  For the purposes of this Template, consider those units to be HOME-assisted units.\n\nUse this worksheet to enter (or change) the following: Area Median Incomes, rents, utility allowances, the HOME period of affordability, and HOME per-unit investment limits."]
[null,null,{"$f":"\"Project Name - \"&Intro!$D$9&\" : \"&'Rents and Income'!$E$31&\" Units\"","v":"Project Name -  : 0 Units"}]
[]
[null,null,"4 Person AMI",100600,"at 100% AMI"]
[]
[]
[]
["?",null,"HOME Investment Limits"]
[null,null,"HOME per Unit Limit - 0 Bedroom",null,149868]
[null,null,"HOME per Unit Limit - 1 Bedroom",null,171801.60000000001,null,null,null,null,null,null,{"$f":"+'Sources and Uses'!$D$25","v":0},"total HOME",{"$f":"+'Rents and Income'!$M$31+'Rents and Income'!$N$31","v":0},"total HOME units",{"$f":"IF(N12=0,0,L12/N12)","v":0},"per HOME unit"]
[null,null,"HOME per Unit Limit - 2 Bedroom",null,208912.8]
[null,null,"HOME per Unit Limit - 3 Bedroom",null,270266.40000000002,null,null,null,null,null,"The table of gross rents below is automatically created based on your entries on this tab.  This table is used on the Rents and Income tab."]
[null,null,"HOME per Unit Limit - 4 Bedroom",null,296666.40000000002]
[null,null,"HOME per Unit Limit - 5 Bedroom",null,{"$f":"+E15","v":296666.40000000002}," (same as 4BR limit)",null,null,null,null,"Gross Rent Table","0BR Gross Rent","1BR Gross Rent","2BR Gross Rent","3BR Gross Rent","4BR Gross Rent","5BR Gross Rent"]
[null,null,null,null,null,null,null,null,null,null,"Low HOME",{"$f":"+C$22","v":881},{"$f":"+D$22","v":943},{"$f":"+E$22","v":1132},{"$f":"+F$22","v":1308},{"$f":"+G$22","v":1458},{"$f":"+H$22","v":1610}]
[null,null,null,null,null,null,null,null,null,null,"High HOME",{"$f":"+C$24","v":1042},{"$f":"+D$24","v":1188},{"$f":"+E$24","v":1447},{"$f":"+F$24","v":1728},{"$f":"+G$24","v":1908},{"$f":"+H$24","v":2087}]
[null,null,null,null,null,null,null,null,null,null,"Market",{"$f":"+C$47","v":0},{"$f":"+D$47","v":0},{"$f":"+E$47","v":0},{"$f":"+F$47","v":0},{"$f":"+G$47","v":0},{"$f":"+H$47","v":0}]
["?",null,"HOME Rent Limits (monthly, including rent and tenant-paid utilities)",null,null,null,null,null,null,null,{"$f":"+F55","v":"LIHTC 50 AMI"},{"$f":"+C$59","v":880},{"$f":"+D$59","v":943},{"$f":"+E$59","v":1132},{"$f":"+F$59","v":1308},{"$f":"+G$59","v":1459},{"$f":"+H$59","v":1610}]
[null,null,"Low 0 BR","Low 1 BR","Low 2 BR","Low 3 BR","Low 4 BR","Low 5 BR",null,null,{"$f":"+F69","v":"LIHTC 60 AMI"},{"$f":"+C$73","v":1056},{"$f":"+D$73","v":1132},{"$f":"+E$73","v":1358},{"$f":"+F$73","v":1570},{"$f":"+G$73","v":1751},{"$f":"+H$73","v":1932}]
[null,null,881,943,1132,1308,1458,1610,null,null,{"$f":"+F83","v":"LIHTC 40 AMI"},{"$f":"+C$87","v":704},{"$f":"+D$87","v":754},{"$f":"+E$87","v":905},{"$f":"+F$87","v":1046},{"$f":"+G$87","v":1167},{"$f":"+H$87","v":1288}]
[null,null,"High 0 BR","High 1 BR","High 2 BR","High 3 BR","High 4 BR","High 5 BR",null,null,{"$f":"+F97","v":"LIHTC 30 AMI"},{"$f":"+C$101","v":528},{"$f":"+D$101","v":565},{"$f":"+E$101","v":679},{"$f":"+F$101","v":784},{"$f":"+G$101","v":875},{"$f":"+H$101","v":965}]
[null,null,1042,1188,1447,1728,1908,2087,null,null,{"$f":"+F111","v":"Other 1"},{"$f":"+C$115","v":352},{"$f":"+D$115","v":377},452,523,583,643]
[null,null,null,null,null,null,null,null,null,null,{"$f":"+F125","v":"Other 2"},{"$f":"+C$129","v":440},{"$f":"+D$129","v":471},565,653,729,804]
["?",null,"HOME Utility Allowances (monthly)",null,null,null,null,null,null,null,{"$f":"+F139","v":"Other 3"},{"$f":"+C$143","v":616},{"$f":"+D$143","v":660},792,915,1021,1126]
[null,null,"0 BR","1 BR","2 BR","3 BR","4 BR","5 BR",null,null,{"$f":"+F153","v":"Other 4"},{"$f":"+C$157","v":1408},{"$f":"+D$157","v":1509},1810,2092,2333,2575]
[]
[]
[]
[]
[null,null,null,null,null,null,null,null,null,null,"The table of utility allowances below is automatically created based on your entries on this tab.  This table is used on the Rents and Income tab."]
[]
["?",null,"HOME Affordability Period",null,null,null,null,null,null,null,"Utility Allowance Table","0BR UA","1BR UA","2BR UA","3BR UA","4BR UA","5BR UA"]
[null,null,"HOME-Eligible Rental Activity (select one)",null,null,null,null,null,null,null,"HOME",{"$f":"+C$28","v":0},{"$f":"+D$28","v":0},{"$f":"+E$28","v":0},{"$f":"+F$28","v":0},{"$f":"+G$28","v":0},{"$f":"+H$28","v":0}]
[null,null,"Average Per-Unit HOME Subsidy (select one)",null,null,null,null,null,"    See the Note below",null,"Market",0,0,0,0,0,0]
[null,null,null,null,{"$f":"IF($F$35=Controls!$A$26,1,IF($F$35=Controls!$A$27,2,3))","v":3},{"$f":"IF(F36=Controls!$A$31,1,IF(F36=Controls!$A$32,2,3))","v":3},null,null,null,null,{"$f":"+K20","v":"LIHTC 50 AMI"},{"$f":"+C$63","v":0},{"$f":"+D$63","v":0},{"$f":"+E$63","v":0},{"$f":"+F$63","v":0},{"$f":"+G$63","v":0},{"$f":"+H$63","v":0}]
[null,null,"HOME Required Affordability Period (in years)",null,null,null,{"$f":"IF(E37=2,15,IF(E37=3,20,IF(F37=1,5,IF(F37=2,10,15))))","v":20},"(Advisory information only.)",null,null,"LIHTC 60 AMI",{"$f":"+C$77","v":0},{"$f":"+D$77","v":0},{"$f":"+E$77","v":0},{"$f":"+F$77","v":0},{"$f":"+G$77","v":0},{"$f":"+H$77","v":0}]
["?",null,"PJ's Required Affordability Period (in years)",null,null,null,null,"(Must be at least as long as HOME requirement.)",null,null,"LIHTC 40 AMI",{"$f":"+C$91","v":0},{"$f":"+D$91","v":0},{"$f":"+E$91","v":0},{"$f":"+F$91","v":0},{"$f":"+G$91","v":0},{"$f":"+H$91","v":0}]
["?",null,"PJ's Affordability Period in Compliance with HOME Program?",null,null,null,{"$f":"IF(G39=0,\"Entry Missing\",IF(G39<G38,\"No\",\"Yes\"))","v":"Entry Missing"},{"$f":"IF(OR(G39=0,G39=\"\"),\"Enter PJ's Affordability Period\",\"\")","v":"Enter PJ's Affordability Period"},null,null,"LIHTC 30 AMI",{"$f":"+C$105","v":0},{"$f":"+D$105","v":0},{"$f":"+E$105","v":0},{"$f":"+F$105","v":0},{"$f":"+G$105","v":0},{"$f":"+H$105","v":0}]
[null,null,{"$f":"\"Note: the Template indicates underwritten HOME subsidy of \"&TEXT($P$12,\"$#,##0\")&\" per unit.  See the Sources and Uses and Rents and Income tabs.\"","v":"Note: the Template indicates underwritten HOME subsidy of $0 per unit.  See the Sources and Uses and Rents and Income tabs."},null,null,null,null,null,null,null,"Other 1",{"$f":"+C$119","v":0},{"$f":"+D$119","v":0},0,0,0,0]
[null,null,null,null,null,null,null,null,null,null,"Other 2",{"$f":"+C$133","v":0},{"$f":"+D$133","v":0},0,0,0,0]
["?",null,"Market Rents (the rents that these units could achieve without rent or income restrictions)",null,null,null,null,null,null,null,"Other 3",{"$f":"+C$147","v":0},{"$f":"+D$147","v":0},0,0,0,0]
[null,null,null,null,null,null,null,null,null,null,"Other 4",{"$f":"+C$161","v":0},{"$f":"+D$161","v":0},0,0,0,0]
[null,null,"Market Rents (monthly, rent only, do not add tenant-paid utilities)"]
[null,null,"0 BR","1 BR","2 BR","3 BR","4 BR","5 BR"]
[]
[]
[]
[]
[null,null,"On the Rents and Income tab, for each unit type you will be able to select the most restrictive rent limit (for example, High HOME or Market or Project Based Section 8) and a set of utility allowances.  You will also be able to underwrite, for each unit type, less than 100% of the applicable rent limit (for example, you can underwrite 95% of the High HOME rent instead of 100% if you choose).\n\nBelow are several sections in which you can enter the gross rents (rent plus tenant-paid utilities) and utility allowances for affordable housing programs other than HOME.  Examples might include Low Income Housing Tax Credit (LIHTC) units restricted at 60% AMI rents, LIHTC units restricted at 50% AMI rents, CDBG units, and project-based Section 8 units.\n\nIf multiple programs use the same utility allowances (for example, LIHTC 60% and 50% and 40% AMI), you might choose to enter the utility allowances only once in the sections below."]
[]
[null,null,"Gross Rents and Utility Allowances for Other Affordable Housing Program #1"]
[]
[null,null,"Other Affordable Housing Program Name",null,null,"LIHTC 50 AMI",null,0.49999999999999994,"      of AMI (if AMI rents are applicable)"]
[]
[null,null,{"$f":"\"Gross Rent Limits for \"&TRIM(F55)&\" (monthly)\"","v":"Gross Rent Limits for LIHTC 50 AMI (monthly)"},null,null,null,null,null,null,null,null,3,{"$f":"+L57+1","v":4},{"$f":"+M57+1","v":5},{"$f":"+N57+1","v":6},{"$f":"+O57+1","v":7},{"$f":"+P57+1","v":8}]
[null,null,"0 BR","1 BR","2 BR","3 BR","4 BR","5 BR",null,null,null,"0 BR","1 BR","2 BR","3 BR","4 BR","5 BR"]
[null,null,880,943,1132,1308,1459,1610,null,null,null,{"$f":"VLOOKUP($H55,$A$173:$H$185,L57,FALSE)","v":880},943,1131,1307,1458,1609]
[]
[null,null,{"$f":"\"Utility Allowances for \"&TRIM(F55)&\" (monthly)\"","v":"Utility Allowances for LIHTC 50 AMI (monthly)"}]
[null,null,"0 BR","1 BR","2 BR","3 BR","4 BR","5 BR"]
[]
[]
[]
[]
[null,null,"Gross Rents and Utility Allowances for Other Affordable Housing Program #2"]
[]
[null,null,"Other Affordable Housing Program Name",null,null,"LIHTC 60 AMI",null,0.6,"      of AMI (if AMI rents are applicable)"]
[]
[null,null,{"$f":"\"Gross Rent Limits for \"&TRIM(F69)&\" (monthly)\"","v":"Gross Rent Limits for LIHTC 60 AMI (monthly)"},null,null,null,null,null,null,null,null,3,{"$f":"+L71+1","v":4},{"$f":"+M71+1","v":5},{"$f":"+N71+1","v":6},{"$f":"+O71+1","v":7},{"$f":"+P71+1","v":8}]
[null,null,"0 BR","1 BR","2 BR","3 BR","4 BR","5 BR",null,null,null,"0 BR","1 BR","2 BR","3 BR","4 BR","5 BR"]
[null,null,1056,1132,1358,1570,1751,1932,null,null,null,{"$f":"VLOOKUP($H69,$A$173:$H$185,L71,FALSE)","v":1056},1131,1358,1569,1750,1931]
[]
[null,null,{"$f":"\"Utility Allowances for \"&TRIM(F69)&\" (monthly)\"","v":"Utility Allowances for LIHTC 60 AMI (monthly)"}]
[null,null,"0 BR","1 BR","2 BR","3 BR","4 BR","5 BR"]
[]
[]
[]
[]
[null,null,"Gross Rents and Utility Allowances for Other Affordable Housing Program #3"]
[]
[null,null,"Other Affordable Housing Program Name",null,null,"LIHTC 40 AMI",null,0.39999999999999997,"      of AMI (if AMI rents are applicable)"]
[]
[null,null,{"$f":"\"Gross Rent Limits for \"&TRIM(F83)&\" (monthly)\"","v":"Gross Rent Limits for LIHTC 40 AMI (monthly)"},null,null,null,null,null,null,null,null,3,{"$f":"+L85+1","v":4},{"$f":"+M85+1","v":5},{"$f":"+N85+1","v":6},{"$f":"+O85+1","v":7},{"$f":"+P85+1","v":8}]
[null,null,"0 BR","1 BR","2 BR","3 BR","4 BR","5 BR",null,null,null,"0 BR","1 BR","2 BR","3 BR","4 BR","5 BR"]
[null,null,704,754,905,1046,1167,1288,null,null,null,{"$f":"VLOOKUP($H83,$A$173:$H$185,L85,FALSE)","v":704},754,905,1046,1166,1287]
[]
[null,null,{"$f":"\"Utility Allowances for \"&TRIM(F83)&\" (monthly)\"","v":"Utility Allowances for LIHTC 40 AMI (monthly)"}]
[null,null,"0 BR","1 BR","2 BR","3 BR","4 BR","5 BR"]
[]
[]
[]
[]
[null,null,"Gross Rents and Utility Allowances for Other Affordable Housing Program #4"]
[]
[null,null,"Other Affordable Housing Program Name",null,null,"LIHTC 30 AMI",null,0.3,"      of AMI (if AMI rents are applicable)"]
[]
[null,null,{"$f":"\"Gross Rent Limits for \"&TRIM(F97)&\" (monthly)\"","v":"Gross Rent Limits for LIHTC 30 AMI (monthly)"},null,null,null,null,null,null,null,null,3,{"$f":"+L99+1","v":4},{"$f":"+M99+1","v":5},{"$f":"+N99+1","v":6},{"$f":"+O99+1","v":7},{"$f":"+P99+1","v":8}]
[null,null,"0 BR","1 BR","2 BR","3 BR","4 BR","5 BR",null,null,null,"0 BR","1 BR","2 BR","3 BR","4 BR","5 BR"]
[null,null,528,565,679,784,875,965,null,null,null,{"$f":"VLOOKUP($H97,$A$173:$H$185,L99,FALSE)","v":528},565,679,784,875,965]
[]
[null,null,{"$f":"\"Utility Allowances for \"&TRIM(F97)&\" (monthly)\"","v":"Utility Allowances for LIHTC 30 AMI (monthly)"}]
[null,null,"0 BR","1 BR","2 BR","3 BR","4 BR","5 BR"]
[]
[]
[]
[]
[null,null,"Gross Rents and Utility Allowances for Other Affordable Housing Program #5"]
[]
[null,null,"Other Affordable Housing Program Name",null,null,"Other 1",null,0.2,"      of AMI (if AMI rents are applicable)"]
[]
[null,null,{"$f":"\"Gross Rent Limits for \"&TRIM(F111)&\" (monthly)\"","v":"Gross Rent Limits for Other 1 (monthly)"},null,null,null,null,null,null,null,null,3,{"$f":"+L113+1","v":4},{"$f":"+M113+1","v":5},{"$f":"+N113+1","v":6},{"$f":"+O113+1","v":7},{"$f":"+P113+1","v":8}]
[null,null,"0 BR","1 BR","2 BR","3 BR","4 BR","5 BR",null,null,null,"0 BR","1 BR","2 BR","3 BR","4 BR","5 BR"]
[null,null,352,377,452,523,583,643,null,null,null,{"$f":"VLOOKUP($H111,$A$173:$H$185,L113,FALSE)","v":352},377,452,523,583,643]
[]
[null,null,{"$f":"\"Utility Allowances for \"&TRIM(F111)&\" (monthly)\"","v":"Utility Allowances for Other 1 (monthly)"}]
[null,null,"0 BR","1 BR","2 BR","3 BR","4 BR","5 BR"]
[]
[]
[]
[]
[null,null,"Gross Rents and Utility Allowances for Other Affordable Housing Program #6"]
[]
[null,null,"Other Affordable Housing Program Name",null,null,"Other 2",null,0.25,"      of AMI (if AMI rents are applicable)"]
[]
[null,null,{"$f":"\"Gross Rent Limits for \"&TRIM(F125)&\" (monthly)\"","v":"Gross Rent Limits for Other 2 (monthly)"},null,null,null,null,null,null,null,null,3,{"$f":"+L127+1","v":4},{"$f":"+M127+1","v":5},{"$f":"+N127+1","v":6},{"$f":"+O127+1","v":7},{"$f":"+P127+1","v":8}]
[null,null,"0 BR","1 BR","2 BR","3 BR","4 BR","5 BR",null,null,null,"0 BR","1 BR","2 BR","3 BR","4 BR","5 BR"]
[null,null,440,471,565,653,729,804,null,null,null,{"$f":"VLOOKUP($H125,$A$173:$H$185,L127,FALSE)","v":440},471,565,653,729,804]
[]
[null,null,{"$f":"\"Utility Allowances for \"&TRIM(F125)&\" (monthly)\"","v":"Utility Allowances for Other 2 (monthly)"}]
[null,null,"0 BR","1 BR","2 BR","3 BR","4 BR","5 BR"]
[]
[]
[]
[]
[null,null,"Gross Rents and Utility Allowances for Other Affordable Housing Program #7"]
[]
[null,null,"Other Affordable Housing Program Name",null,null,"Other 3",null,0.35,"      of AMI (if AMI rents are applicable)"]
[]
[null,null,{"$f":"\"Gross Rent Limits for \"&TRIM(F139)&\" (monthly)\"","v":"Gross Rent Limits for Other 3 (monthly)"},null,null,null,null,null,null,null,null,3,{"$f":"+L141+1","v":4},{"$f":"+M141+1","v":5},{"$f":"+N141+1","v":6},{"$f":"+O141+1","v":7},{"$f":"+P141+1","v":8}]
[null,null,"0 BR","1 BR","2 BR","3 BR","4 BR","5 BR",null,null,null,"0 BR","1 BR","2 BR","3 BR","4 BR","5 BR"]
[null,null,616,660,792,915,1021,1126,null,null,null,{"$f":"VLOOKUP($H139,$A$173:$H$185,L141,FALSE)","v":616},660,792,915,1021,1126]
[]
[null,null,{"$f":"\"Utility Allowances for \"&TRIM(F139)&\" (monthly)\"","v":"Utility Allowances for Other 3 (monthly)"}]
[null,null,"0 BR","1 BR","2 BR","3 BR","4 BR","5 BR"]
[]
[]
[]
[]
[null,null,"Gross Rents and Utility Allowances for Other Affordable Housing Program #8"]
[]
[null,null,"Other Affordable Housing Program Name",null,null,"Other 4",null,0.8,"      of AMI (if AMI rents are applicable)"]
[]
[null,null,{"$f":"\"Gross Rent Limits for \"&TRIM(F153)&\" (monthly)\"","v":"Gross Rent Limits for Other 4 (monthly)"},null,null,null,null,null,null,null,null,3,{"$f":"+L155+1","v":4},{"$f":"+M155+1","v":5},{"$f":"+N155+1","v":6},{"$f":"+O155+1","v":7},{"$f":"+P155+1","v":8}]
[null,null,"0 BR","1 BR","2 BR","3 BR","4 BR","5 BR",null,null,null,"0 BR","1 BR","2 BR","3 BR","4 BR","5 BR"]
[null,null,1408,1509,1810,2092,2333,2575,null,null,null,{"$f":"VLOOKUP($H153,$A$173:$H$185,L155,FALSE)","v":1408},1509,1810,2092,2333,2575]
[]
[null,null,{"$f":"\"Utility Allowances for \"&TRIM(F153)&\" (monthly)\"","v":"Utility Allowances for Other 4 (monthly)"}]
[null,null,"0 BR","1 BR","2 BR","3 BR","4 BR","5 BR"]
[]
[]
[]
[]
[null,null,"Upon completing this tab, proceed to the Rents and Income tab."]
[]
[]
[]
[null,null,"The rows below are working computations for AMI rents"]
[]
[null,null,null,null,null,null,null,null,null,null,null,0.7,0.8,0.9,1,1.08,1.1599999999999999,1.24,1.32]
[null,null,"0 BR","1 BR","2 BR","3 BR","4 BR","5 BR","Percentage of AMI",null,null,"1 Person","2 Person","3 Person","4 Person","5 Person","6 Person","7 Person","8 Person"]
[{"$f":"+I173","v":0.2},null,{"$f":"ROUNDDOWN(L173*0.3/12,0)","v":352},{"$f":"ROUNDDOWN((L173+M173)/2*0.3/12,0)","v":377},{"$f":"ROUNDDOWN(N173*0.3/12,0)","v":452},{"$f":"ROUNDDOWN((P173+O173)/2*0.3/12,0)","v":523},{"$f":"ROUNDDOWN(Q173*0.3/12,0)","v":583},{"$f":"ROUNDDOWN((R173+S173)/2*0.3/12,0)","v":643},0.2,null,null,{"$f":"+$O173*L$171","v":14084},16096,18108,{"$f":"+$D$6*I173","v":20120},{"$f":"+$O173*P$171","v":21729.600000000002},23339.199999999997,24948.799999999999,26558.400000000001]
[{"$f":"+I174","v":0.25},null,440,471,565,653,729,804,{"$f":"+I173+5%","v":0.25},null,null,17605,20120,22635,25150,27162,29173.999999999996,31186,33198]
[0.3,null,528,565,679,784,875,965,0.3,null,null,21126,24144,27162,30180,32594.400000000001,35008.799999999996,37423.199999999997,39837.599999999999]
[0.35,null,616,660,792,915,1021,1126,0.35,null,null,24647,28168,31689,35210,38026.800000000003,40843.599999999999,43660.4,46477.200000000004]
[0.39999999999999997,null,704,754,905,1046,1166,1287,0.39999999999999997,null,null,28168,32192,36216,40240,43459.200000000004,46678.399999999994,49897.599999999999,53116.800000000003]
[0.44999999999999996,null,792,848,1018,1177,1312,1448,0.44999999999999996,null,null,31688.999999999993,36215.999999999993,40742.999999999993,45269.999999999993,48891.6,52513.19999999999,56134.799999999988,59756.399999999994]
[0.49999999999999994,null,880,943,1131,1307,1458,1609,0.49999999999999994,null,null,35209.999999999993,40240,45269.999999999993,50299.999999999993,54323.999999999993,58347.999999999985,62371.999999999993,66396]
[0.54999999999999993,null,968,1037,1244,1438,1604,1770,0.54999999999999993,null,null,38730.999999999993,44264,49796.999999999993,55329.999999999993,59756.399999999994,64182.799999999988,68609.2,73035.599999999991]
[0.6,null,1056,1131,1358,1569,1750,1931,0.6,null,null,42252,48288,54324,60360,65188.800000000003,70017.599999999991,74846.399999999994,79675.199999999997]
[0.8,null,1408,1509,1810,2092,2333,2575,0.8,null,null,56336,64384,72432,80480,86918.400000000009,93356.799999999988,99795.199999999997,106233.60000000001]
[1,null,1760,1886,2263,2615,2917,3219,1,null,null,70420,80480,90540,100600,108648,116695.99999999999,124744,132792]
[1.2,null,2112,2263,2716,3138,3500,3863,1.2,null,null,84504,96576,108648,120720,130377.60000000001,140035.19999999998,149692.79999999999,159350.39999999999]
["N/A",null,null,null,null,null,null,null,"N/A"]

{"sheet":"Rents and Income","index":3,"n_rows":53,"n_cols":35,"rows_kept":53,"cut":false,"hidden":false,"merged":[[50,2,50,21],[0,2,0,4],[0,5,0,8],[48,2,48,9],[4,12,4,16],[33,2,33,21],[48,11,48,17],[2,2,2,9],[31,2,31,3]]}
["?",null,"Rents and Income",null,null,"Enter data in green cells only",null,null,null,null,null,{"$f":"Requirements!C4","v":"Project Name -  : 0 Units"}]
[]
[null,null,"Use this worksheet to enter (or to modify) the unit mix, the mix of Low and High HOME units, the mix of LIHTC and CDBG and market rate units, and square footage for each unit type. Also use this worksheet to select the maximum rents that will be underwritten for each unit type, and to select utility allowances. Also use this worksheet to enter any 'other revenue' such as commercial revenue or tenant late fees.  Information for number of units, Low HOME units, High HOME units, LIHTC units, CDBG units, market rate units, square footage, underwritten rents, underwritten utility allowances, and underwritten other revenue will carry forward from this worksheet into the rest of the underwriting template."]
[]
[null,null,"?","?","?","?","?","?",null,"?",null,null,"Are these units:",null,null,null,null,"?",null,"?","?"]
["?",null,"Unit Type","Underwritten \nRent Level","Number of Units","Square Footage per Unit","Gross Rent, \nper unit,\nper month","Monthly Utility Allowance","Net Rent After Utilities, \nper unit, per month","Within Rent Limit?",null,"# of BRs?","Low HOME?","High HOME?","Market Rate \n(no rent limits)?","LIHTC?","CDBG?","Which Rent Should Be Underwritten (which limit is most restrictive)?","Gross Rent","Underwrite What % of the Maximum Rents?","Use Which Utility Allowance?","Utility Allowance",null,"Restricted Rents for HOME Units","Restricted Rents for Other Affordable Units","Rents for Market Units","Market Rents for HOME Units","Market Rents for Other Affordable Units","Square Feet for LIHTC Units","Square Feet for HOME Units","HOME Funding Limit (per unit)","HOME Funding Limit (HOME Assisted Units)"]
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[null,null,"Total",null,{"$f":"SUM(E7:E30)","v":0},{"$f":"SUMPRODUCT($E$7:$E$30,F7:F30)","v":0},"NA",null,{"$f":"SUMPRODUCT($E$7:$E$30,I7:I30)","v":0},null,null,null,{"$f":"SUMIF(M7:M30,\"Yes\",$E$7:$E$30)","v":0},{"$f":"SUMIF(N7:N30,\"Yes\",$E$7:$E$30)","v":0},{"$f":"SUMIF(O7:O30,\"Yes\",$E$7:$E$30)","v":0},{"$f":"SUMIF(P7:P30,\"Yes\",$E$7:$E$30)","v":0},{"$f":"SUMIF(Q7:Q30,\"Yes\",$E$7:$E$30)","v":0},"Unit count",null,null,null,null,null,{"$f":"SUMPRODUCT($E$7:$E$30,X7:X30)","v":0},{"$f":"SUMPRODUCT($E$7:$E$30,Y7:Y30)","v":0},{"$f":"SUMPRODUCT($E$7:$E$30,Z7:Z30)","v":0},{"$f":"SUMPRODUCT($E$7:$E$30,AA7:AA30)","v":0},{"$f":"SUMPRODUCT($E$7:$E$30,AB7:AB30)","v":0},{"$f":"SUM(AC7:AC30)","v":0},{"$f":"SUM(AD7:AD30)","v":0},null,{"$f":"SUM(AF7:AF30)","v":0}]
[null,null,"Annual Gross Potential Rent",null,null,null,null,null,{"$f":"+I31*12","v":0},null,null,null,"?","?",null,"?",null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"IF((M31+N31)=0,0,AF31/(M31+N31))","v":0}]
[]
[]
[]
[null,null,"Rent Loss (Vacancy + Bad Debt + Concessions)"]
[null,null,"Rent Loss Rates \n(As % of GPR)",null,"HOME Units","Market Rate Units","Other Affordable Units"]
["?",null,"Rent Loss Year 1 (Lease-Up)",null,0.2]
["?",null,"Stabilized Rent Loss Rate\n(after Year 1)",null,7.0000000000000007E-2]
[]
["?",null,"Other Revenue"]
[null,null,"Laundry and Other",null,null,"per month"]
[null,null,"Parking",null,null,"per month"]
[null,null,"Other - Describe",null,null,"per month"]
[null,null,"Other - Describe",null,null,"per month"]
[null,null,"Other - Describe",null,null,"per month"]
[null,null,null,null,null,"per month"]
[null,null,"Total Other Revenue",null,{"$f":"SUM(E41:E47)","v":0},"per month"]
[]
[]
[]
[]
[null,null,"Upon completing this tab, proceed to the Development Costs tab."]

{"sheet":"Development Costs","index":4,"n_rows":138,"n_cols":13,"rows_kept":138,"cut":false,"hidden":false,"merged":[[51,0,52,0],[62,0,63,0],[80,0,81,0],[71,0,72,0],[87,0,88,0],[8,0,9,0],[27,0,28,0],[30,0,31,0],[40,0,41,0],[38,0,39,0],[36,0,37,0],[12,0,13,0],[18,0,19,0],[126,4,126,6],[119,2,119,6],[132,4,132,6],[133,4,133,6],[127,4,127,6],[128,4,128,6],[129,4,129,6],[130,4,130,6],[131,4,131,6],[99,2,99,3],[124,4,124,6],[123,4,123,6],[125,4,125,6],[0,3,0,5],[121,2,121,6]]}
[null,null,"Development Costs","Enter data in green cells only"]
[null,null,{"$f":"Requirements!C4","v":"Project Name -  : 0 Units"}]
["?",null,"Cost","Amount","Cost Per Unit","Cost Per Square Foot","Comment",null,"LIHTC Acquisition Basis","LIHTC Construction Basis","Costs Outside Basis"]
["?",null,"Acquisition Costs"]
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[null,null,"Existing Structures",null,{"$f":"IF(D6=0,\"need data\",IF('Rents and Income'!$E$31=0,0,D6/'Rents and Income'!$E$31))","v":"need data"},{"$f":"IF(ISERROR(IF(D6=0,\"need data\",D6/SUMPRODUCT('Rents and Income'!$E$7:$E$30*'Rents and Income'!$F$7:$F$30))),0,IF(D6=0,\"need data\",D6/SUMPRODUCT('Rents and Income'!$E$7:$E$30*'Rents and Income'!$F$7:$F$30)))","v":"need data"},null,null,{"$f":"+D6","v":0},0,{"$f":"+D6-I6-J6","v":0},null,"?"]
["?",null,null,null,{"$f":"IF(D7=0,\"need data\",IF('Rents and Income'!$E$31=0,0,D7/'Rents and Income'!$E$31))","v":"need data"},{"$f":"IF(ISERROR(IF(D7=0,\"need data\",D7/SUMPRODUCT('Rents and Income'!$E$7:$E$30*'Rents and Income'!$F$7:$F$30))),0,IF(D7=0,\"need data\",D7/SUMPRODUCT('Rents and Income'!$E$7:$E$30*'Rents and Income'!$F$7:$F$30)))","v":"need data"},null,null,{"$f":"+D7","v":0},0,{"$f":"+D7-I7-J7","v":0}]
["?",null,"Site Work Costs (not included in construction contract)"]
["?",null,"Demolition/Clearance ",null,{"$f":"IF(D9=0,\"need data\",IF('Rents and Income'!$E$31=0,0,D9/'Rents and Income'!$E$31))","v":"need data"},{"$f":"IF(ISERROR(IF(D9=0,\"need data\",D9/SUMPRODUCT('Rents and Income'!$E$7:$E$30*'Rents and Income'!$F$7:$F$30))),0,IF(D9=0,\"need data\",D9/SUMPRODUCT('Rents and Income'!$E$7:$E$30*'Rents and Income'!$F$7:$F$30)))","v":"need data"},null,null,0,0,{"$f":"+D9-I9-J9","v":0},null,"?"]
[null,null,"Site Remediation",null,{"$f":"IF(D10=0,\"need data\",IF('Rents and Income'!$E$31=0,0,D10/'Rents and Income'!$E$31))","v":"need data"},{"$f":"IF(ISERROR(IF(D10=0,\"need data\",D10/SUMPRODUCT('Rents and Income'!$E$7:$E$30*'Rents and Income'!$F$7:$F$30))),0,IF(D10=0,\"need data\",D10/SUMPRODUCT('Rents and Income'!$E$7:$E$30*'Rents and Income'!$F$7:$F$30)))","v":"need data"},null,null,0,{"$f":"+D10","v":0},0]
["?",null,"Off-Site Costs (these are not HOME eligible)",null,null,null,null,null,0,0,0]
["?",null,"Improvements ",null,{"$f":"IF(D12=0,\"need data\",IF('Rents and Income'!$E$31=0,0,D12/'Rents and Income'!$E$31))","v":"need data"},{"$f":"IF(ISERROR(IF(D12=0,\"need data\",D12/SUMPRODUCT('Rents and Income'!$E$7:$E$30*'Rents and Income'!$F$7:$F$30))),0,IF(D12=0,\"need data\",D12/SUMPRODUCT('Rents and Income'!$E$7:$E$30*'Rents and Income'!$F$7:$F$30)))","v":"need data"},null,null,0,0,0,null,"?"]
["?",null,"Construction Equipment (HOME eligible portion)",null,{"$f":"IF(D13=0,\"need data\",IF('Rents and Income'!$E$31=0,0,D13/'Rents and Income'!$E$31))","v":"need data"},{"$f":"IF(ISERROR(IF(D13=0,\"need data\",D13/SUMPRODUCT('Rents and Income'!$E$7:$E$30*'Rents and Income'!$F$7:$F$30))),0,IF(D13=0,\"need data\",D13/SUMPRODUCT('Rents and Income'!$E$7:$E$30*'Rents and Income'!$F$7:$F$30)))","v":"need data"},null,null,0,0,0]
[null,null,"Construction Equipment (non-HOME eligible portion)",null,{"$f":"IF(D14=0,\"need data\",IF('Rents and Income'!$E$31=0,0,D14/'Rents and Income'!$E$31))","v":"need data"},{"$f":"IF(ISERROR(IF(D14=0,\"need data\",D14/SUMPRODUCT('Rents and Income'!$E$7:$E$30*'Rents and Income'!$F$7:$F$30))),0,IF(D14=0,\"need data\",D14/SUMPRODUCT('Rents and Income'!$E$7:$E$30*'Rents and Income'!$F$7:$F$30)))","v":"need data"},null,null,0,0,0]
["?",null,null,null,{"$f":"IF(D15=0,\"need data\",IF('Rents and Income'!$E$31=0,0,D15/'Rents and Income'!$E$31))","v":"need data"},{"$f":"IF(ISERROR(IF(D15=0,\"need data\",D15/SUMPRODUCT('Rents and Income'!$E$7:$E$30*'Rents and Income'!$F$7:$F$30))),0,IF(D15=0,\"need data\",D15/SUMPRODUCT('Rents and Income'!$E$7:$E$30*'Rents and Income'!$F$7:$F$30)))","v":"need data"},null,null,0,0,0]
["?",null,null,null,{"$f":"IF(D16=0,\"need data\",IF('Rents and Income'!$E$31=0,0,D16/'Rents and Income'!$E$31))","v":"need data"},{"$f":"IF(ISERROR(IF(D16=0,\"need data\",D16/SUMPRODUCT('Rents and Income'!$E$7:$E$30*'Rents and Income'!$F$7:$F$30))),0,IF(D16=0,\"need data\",D16/SUMPRODUCT('Rents and Income'!$E$7:$E$30*'Rents and Income'!$F$7:$F$30)))","v":"need data"},null,null,0,0,0]
["?",null,"Construction / Rehabilitation Costs (construction contract costs)"]
["?",null,"Site Work Included in Construction Contract",null,{"$f":"IF(D18=0,\"need data\",IF('Rents and Income'!$E$31=0,0,D18/'Rents and Income'!$E$31))","v":"need data"},{"$f":"IF(ISERROR(IF(D18=0,\"need data\",D18/SUMPRODUCT('Rents and Income'!$E$7:$E$30*'Rents and Income'!$F$7:$F$30))),0,IF(D18=0,\"need data\",D18/SUMPRODUCT('Rents and Income'!$E$7:$E$30*'Rents and Income'!$F$7:$F$30)))","v":"need data"},null,null,0,{"$f":"+D18","v":0},{"$f":"+D18-I18-J18","v":0}]
["?",null,"Construction Equipment (HOME eligible portion)",null,{"$f":"IF(D19=0,\"need data\",IF('Rents and Income'!$E$31=0,0,D19/'Rents and Income'!$E$31))","v":"need data"},{"$f":"IF(ISERROR(IF(D19=0,\"need data\",D19/SUMPRODUCT('Rents and Income'!$E$7:$E$30*'Rents and Income'!$F$7:$F$30))),0,IF(D19=0,\"need data\",D19/SUMPRODUCT('Rents and Income'!$E$7:$E$30*'Rents and Income'!$F$7:$F$30)))","v":"need data"},null,null,0,{"$f":"+D19","v":0},{"$f":"+D19-I19-J19","v":0}]
[null,null,"Construction Equipment (non-HOME eligible portion)",null,{"$f":"IF(D20=0,\"need data\",IF('Rents and Income'!$E$31=0,0,D20/'Rents and Income'!$E$31))","v":"need data"},{"$f":"IF(ISERROR(IF(D20=0,\"need data\",D20/SUMPRODUCT('Rents and Income'!$E$7:$E$30*'Rents and Income'!$F$7:$F$30))),0,IF(D20=0,\"need data\",D20/SUMPRODUCT('Rents and Income'!$E$7:$E$30*'Rents and Income'!$F$7:$F$30)))","v":"need data"},null,null,0,{"$f":"+D20","v":0},{"$f":"+D20-I20-J20","v":0}]
["?",null,"New Construction",null,{"$f":"IF(D21=0,\"need data\",IF('Rents and Income'!$E$31=0,0,D21/'Rents and Income'!$E$31))","v":"need data"},{"$f":"IF(ISERROR(IF(D21=0,\"need data\",D21/SUMPRODUCT('Rents and Income'!$E$7:$E$30*'Rents and Income'!$F$7:$F$30))),0,IF(D21=0,\"need data\",D21/SUMPRODUCT('Rents and Income'!$E$7:$E$30*'Rents and Income'!$F$7:$F$30)))","v":"need data"},null,null,0,0,0]
["?",null,"Rehabilitation",null,{"$f":"IF(D22=0,\"need data\",IF('Rents and Income'!$E$31=0,0,D22/'Rents and Income'!$E$31))","v":"need data"},{"$f":"IF(ISERROR(IF(D22=0,\"need data\",D22/SUMPRODUCT('Rents and Income'!$E$7:$E$30*'Rents and Income'!$F$7:$F$30))),0,IF(D22=0,\"need data\",D22/SUMPRODUCT('Rents and Income'!$E$7:$E$30*'Rents and Income'!$F$7:$F$30)))","v":"need data"},null,null,0,0,0]
["?",null,"General Requirements",null,{"$f":"IF(D23=0,\"need data\",IF('Rents and Income'!$E$31=0,0,D23/'Rents and Income'!$E$31))","v":"need data"},{"$f":"IF(ISERROR(IF(D23=0,\"need data\",D23/SUMPRODUCT('Rents and Income'!$E$7:$E$30*'Rents and Income'!$F$7:$F$30))),0,IF(D23=0,\"need data\",D23/SUMPRODUCT('Rents and Income'!$E$7:$E$30*'Rents and Income'!$F$7:$F$30)))","v":"need data"},null,null,0,0,0]
["?",null,"Builder’s Overhead",null,{"$f":"IF(D24=0,\"need data\",IF('Rents and Income'!$E$31=0,0,D24/'Rents and Income'!$E$31))","v":"need data"},{"$f":"IF(ISERROR(IF(D24=0,\"need data\",D24/SUMPRODUCT('Rents and Income'!$E$7:$E$30*'Rents and Income'!$F$7:$F$30))),0,IF(D24=0,\"need data\",D24/SUMPRODUCT('Rents and Income'!$E$7:$E$30*'Rents and Income'!$F$7:$F$30)))","v":"need data"},null,null,0,0,0]
["?",null,"Builder Profit",null,{"$f":"IF(D25=0,\"need data\",IF('Rents and Income'!$E$31=0,0,D25/'Rents and Income'!$E$31))","v":"need data"},{"$f":"IF(ISERROR(IF(D25=0,\"need data\",D25/SUMPRODUCT('Rents and Income'!$E$7:$E$30*'Rents and Income'!$F$7:$F$30))),0,IF(D25=0,\"need data\",D25/SUMPRODUCT('Rents and Income'!$E$7:$E$30*'Rents and Income'!$F$7:$F$30)))","v":"need data"},null,null,0,0,0]
["?",null,"Performance Bond Premium",null,{"$f":"IF(D26=0,\"need data\",IF('Rents and Income'!$E$31=0,0,D26/'Rents and Income'!$E$31))","v":"need data"},{"$f":"IF(ISERROR(IF(D26=0,\"need data\",D26/SUMPRODUCT('Rents and Income'!$E$7:$E$30*'Rents and Income'!$F$7:$F$30))),0,IF(D26=0,\"need data\",D26/SUMPRODUCT('Rents and Income'!$E$7:$E$30*'Rents and Income'!$F$7:$F$30)))","v":"need data"},null,null,0,0,0]
["?",null,"Construction Contingency",null,{"$f":"IF(D27=0,\"need data\",IF('Rents and Income'!$E$31=0,0,D27/'Rents and Income'!$E$31))","v":"need data"},{"$f":"IF(ISERROR(IF(D27=0,\"need data\",D27/SUMPRODUCT('Rents and Income'!$E$7:$E$30*'Rents and Income'!$F$7:$F$30))),0,IF(D27=0,\"need data\",D27/SUMPRODUCT('Rents and Income'!$E$7:$E$30*'Rents and Income'!$F$7:$F$30)))","v":"need data"},null,null,0,0,0]
["?",null,null,null,{"$f":"IF(D28=0,\"need data\",IF('Rents and Income'!$E$31=0,0,D28/'Rents and Income'!$E$31))","v":"need data"},{"$f":"IF(ISERROR(IF(D28=0,\"need data\",D28/SUMPRODUCT('Rents and Income'!$E$7:$E$30*'Rents and Income'!$F$7:$F$30))),0,IF(D28=0,\"need data\",D28/SUMPRODUCT('Rents and Income'!$E$7:$E$30*'Rents and Income'!$F$7:$F$30)))","v":"need data"},null,null,0,{"$f":"+D28","v":0},0]
[null,null,null,null,{"$f":"IF(D29=0,\"need data\",IF('Rents and Income'!$E$31=0,0,D29/'Rents and Income'!$E$31))","v":"need data"},{"$f":"IF(ISERROR(IF(D29=0,\"need data\",D29/SUMPRODUCT('Rents and Income'!$E$7:$E$30*'Rents and Income'!$F$7:$F$30))),0,IF(D29=0,\"need data\",D29/SUMPRODUCT('Rents and Income'!$E$7:$E$30*'Rents and Income'!$F$7:$F$30)))","v":"need data"},null,null,0,0,0]
["?",null,"Architectural and Engineering Fees"]
["?",null,"Architect Fee -- Design",null,{"$f":"IF(D31=0,\"need data\",IF('Rents and Income'!$E$31=0,0,D31/'Rents and Income'!$E$31))","v":"need data"},{"$f":"IF(ISERROR(IF(D31=0,\"need data\",D31/SUMPRODUCT('Rents and Income'!$E$7:$E$30*'Rents and Income'!$F$7:$F$30))),0,IF(D31=0,\"need data\",D31/SUMPRODUCT('Rents and Income'!$E$7:$E$30*'Rents and Income'!$F$7:$F$30)))","v":"need data"},null,null,0,{"$f":"+D31","v":0},{"$f":"+D31-I31-J31","v":0}]
[null,null,"Architect Fee -- Construction Supervision",null,{"$f":"IF(D32=0,\"need data\",IF('Rents and Income'!$E$31=0,0,D32/'Rents and Income'!$E$31))","v":"need data"},{"$f":"IF(ISERROR(IF(D32=0,\"need data\",D32/SUMPRODUCT('Rents and Income'!$E$7:$E$30*'Rents and Income'!$F$7:$F$30))),0,IF(D32=0,\"need data\",D32/SUMPRODUCT('Rents and Income'!$E$7:$E$30*'Rents and Income'!$F$7:$F$30)))","v":"need data"},null,null,0,{"$f":"+D32","v":0},{"$f":"+D32-I32-J32","v":0}]
["?",null,"Engineering Fees",null,{"$f":"IF(D33=0,\"need data\",IF('Rents and Income'!$E$31=0,0,D33/'Rents and Income'!$E$31))","v":"need data"},{"$f":"IF(ISERROR(IF(D33=0,\"need data\",D33/SUMPRODUCT('Rents and Income'!$E$7:$E$30*'Rents and Income'!$F$7:$F$30))),0,IF(D33=0,\"need data\",D33/SUMPRODUCT('Rents and Income'!$E$7:$E$30*'Rents and Income'!$F$7:$F$30)))","v":"need data"},null,null,0,{"$f":"+D33","v":0},{"$f":"+D33-I33-J33","v":0}]
["?",null,null,null,{"$f":"IF(D34=0,\"need data\",IF('Rents and Income'!$E$31=0,0,D34/'Rents and Income'!$E$31))","v":"need data"},{"$f":"IF(ISERROR(IF(D34=0,\"need data\",D34/SUMPRODUCT('Rents and Income'!$E$7:$E$30*'Rents and Income'!$F$7:$F$30))),0,IF(D34=0,\"need data\",D34/SUMPRODUCT('Rents and Income'!$E$7:$E$30*'Rents and Income'!$F$7:$F$30)))","v":"need data"},null,null,0,{"$f":"+D34","v":0},{"$f":"+D34-I34-J34","v":0}]
["?",null,"Other Owner Costs"]
["?",null,"Project Consultant Fees",null,{"$f":"IF(D36=0,\"need data\",IF('Rents and Income'!$E$31=0,0,D36/'Rents and Income'!$E$31))","v":"need data"},{"$f":"IF(ISERROR(IF(D36=0,\"need data\",D36/SUMPRODUCT('Rents and Income'!$E$7:$E$30*'Rents and Income'!$F$7:$F$30))),0,IF(D36=0,\"need data\",D36/SUMPRODUCT('Rents and Income'!$E$7:$E$30*'Rents and Income'!$F$7:$F$30)))","v":"need data"},null,null,0,{"$f":"+D36","v":0},{"$f":"+D36-I36-J36","v":0}]
["?",null,"Owner Attorney Fees (initial closing)",null,{"$f":"IF(D37=0,\"need data\",IF('Rents and Income'!$E$31=0,0,D37/'Rents and Income'!$E$31))","v":"need data"},{"$f":"IF(ISERROR(IF(D37=0,\"need data\",D37/SUMPRODUCT('Rents and Income'!$E$7:$E$30*'Rents and Income'!$F$7:$F$30))),0,IF(D37=0,\"need data\",D37/SUMPRODUCT('Rents and Income'!$E$7:$E$30*'Rents and Income'!$F$7:$F$30)))","v":"need data"},null,null,0,{"$f":"+D37","v":0},0]
[null,null,"Owner Attorney Fees (final closing)",null,{"$f":"IF(D38=0,\"need data\",IF('Rents and Income'!$E$31=0,0,D38/'Rents and Income'!$E$31))","v":"need data"},{"$f":"IF(ISERROR(IF(D38=0,\"need data\",D38/SUMPRODUCT('Rents and Income'!$E$7:$E$30*'Rents and Income'!$F$7:$F$30))),0,IF(D38=0,\"need data\",D38/SUMPRODUCT('Rents and Income'!$E$7:$E$30*'Rents and Income'!$F$7:$F$30)))","v":"need data"},null,null,0,{"$f":"+D38","v":0},0]
["?",null,"Syndication Costs",null,{"$f":"IF(D39=0,\"need data\",IF('Rents and Income'!$E$31=0,0,D39/'Rents and Income'!$E$31))","v":"need data"},{"$f":"IF(ISERROR(IF(D39=0,\"need data\",D39/SUMPRODUCT('Rents and Income'!$E$7:$E$30*'Rents and Income'!$F$7:$F$30))),0,IF(D39=0,\"need data\",D39/SUMPRODUCT('Rents and Income'!$E$7:$E$30*'Rents and Income'!$F$7:$F$30)))","v":"need data"},null,null,0,0,0,null,"?"]
[null,null,"Other Owner Organizational Expenses",null,{"$f":"IF(D40=0,\"need data\",IF('Rents and Income'!$E$31=0,0,D40/'Rents and Income'!$E$31))","v":"need data"},{"$f":"IF(ISERROR(IF(D40=0,\"need data\",D40/SUMPRODUCT('Rents and Income'!$E$7:$E$30*'Rents and Income'!$F$7:$F$30))),0,IF(D40=0,\"need data\",D40/SUMPRODUCT('Rents and Income'!$E$7:$E$30*'Rents and Income'!$F$7:$F$30)))","v":"need data"},null,null,0,0,0,null,"?"]
["?",null,"Market Study",null,{"$f":"IF(D41=0,\"need data\",IF('Rents and Income'!$E$31=0,0,D41/'Rents and Income'!$E$31))","v":"need data"},{"$f":"IF(ISERROR(IF(D41=0,\"need data\",D41/SUMPRODUCT('Rents and Income'!$E$7:$E$30*'Rents and Income'!$F$7:$F$30))),0,IF(D41=0,\"need data\",D41/SUMPRODUCT('Rents and Income'!$E$7:$E$30*'Rents and Income'!$F$7:$F$30)))","v":"need data"},null,null,0,{"$f":"+D41","v":0},0]
[null,null,"Survey",null,{"$f":"IF(D42=0,\"need data\",IF('Rents and Income'!$E$31=0,0,D42/'Rents and Income'!$E$31))","v":"need data"},{"$f":"IF(ISERROR(IF(D42=0,\"need data\",D42/SUMPRODUCT('Rents and Income'!$E$7:$E$30*'Rents and Income'!$F$7:$F$30))),0,IF(D42=0,\"need data\",D42/SUMPRODUCT('Rents and Income'!$E$7:$E$30*'Rents and Income'!$F$7:$F$30)))","v":"need data"},null,null,0,0,0]
["?",null,"Appraisal Fees",null,{"$f":"IF(D43=0,\"need data\",IF('Rents and Income'!$E$31=0,0,D43/'Rents and Income'!$E$31))","v":"need data"},{"$f":"IF(ISERROR(IF(D43=0,\"need data\",D43/SUMPRODUCT('Rents and Income'!$E$7:$E$30*'Rents and Income'!$F$7:$F$30))),0,IF(D43=0,\"need data\",D43/SUMPRODUCT('Rents and Income'!$E$7:$E$30*'Rents and Income'!$F$7:$F$30)))","v":"need data"},null,null,0,0,0]
["?",null,"Environmental Studies",null,{"$f":"IF(D44=0,\"need data\",IF('Rents and Income'!$E$31=0,0,D44/'Rents and Income'!$E$31))","v":"need data"},{"$f":"IF(ISERROR(IF(D44=0,\"need data\",D44/SUMPRODUCT('Rents and Income'!$E$7:$E$30*'Rents and Income'!$F$7:$F$30))),0,IF(D44=0,\"need data\",D44/SUMPRODUCT('Rents and Income'!$E$7:$E$30*'Rents and Income'!$F$7:$F$30)))","v":"need data"},null,null,0,0,0]
["?",null,"Capital Needs Assessment",null,{"$f":"IF(D45=0,\"need data\",IF('Rents and Income'!$E$31=0,0,D45/'Rents and Income'!$E$31))","v":"need data"},{"$f":"IF(ISERROR(IF(D45=0,\"need data\",D45/SUMPRODUCT('Rents and Income'!$E$7:$E$30*'Rents and Income'!$F$7:$F$30))),0,IF(D45=0,\"need data\",D45/SUMPRODUCT('Rents and Income'!$E$7:$E$30*'Rents and Income'!$F$7:$F$30)))","v":"need data"},null,null,0,0,0]
["?",null,null,null,{"$f":"IF(D46=0,\"need data\",IF('Rents and Income'!$E$31=0,0,D46/'Rents and Income'!$E$31))","v":"need data"},{"$f":"IF(ISERROR(IF(D46=0,\"need data\",D46/SUMPRODUCT('Rents and Income'!$E$7:$E$30*'Rents and Income'!$F$7:$F$30))),0,IF(D46=0,\"need data\",D46/SUMPRODUCT('Rents and Income'!$E$7:$E$30*'Rents and Income'!$F$7:$F$30)))","v":"need data"},null,null,0,0,0]
["?",null,"Tap Fees and Impact Fees",null,{"$f":"IF(D47=0,\"need data\",IF('Rents and Income'!$E$31=0,0,D47/'Rents and Income'!$E$31))","v":"need data"},{"$f":"IF(ISERROR(IF(D47=0,\"need data\",D47/SUMPRODUCT('Rents and Income'!$E$7:$E$30*'Rents and Income'!$F$7:$F$30))),0,IF(D47=0,\"need data\",D47/SUMPRODUCT('Rents and Income'!$E$7:$E$30*'Rents and Income'!$F$7:$F$30)))","v":"need data"},null,null,0,0,0]
["?",null,"Building Permits and Fees",null,{"$f":"IF(D48=0,\"need data\",IF('Rents and Income'!$E$31=0,0,D48/'Rents and Income'!$E$31))","v":"need data"},{"$f":"IF(ISERROR(IF(D48=0,\"need data\",D48/SUMPRODUCT('Rents and Income'!$E$7:$E$30*'Rents and Income'!$F$7:$F$30))),0,IF(D48=0,\"need data\",D48/SUMPRODUCT('Rents and Income'!$E$7:$E$30*'Rents and Income'!$F$7:$F$30)))","v":"need data"},null,null,0,0,0]
["?",null,"Tax Credit Fees",null,{"$f":"IF(D49=0,\"need data\",IF('Rents and Income'!$E$31=0,0,D49/'Rents and Income'!$E$31))","v":"need data"},{"$f":"IF(ISERROR(IF(D49=0,\"need data\",D49/SUMPRODUCT('Rents and Income'!$E$7:$E$30*'Rents and Income'!$F$7:$F$30))),0,IF(D49=0,\"need data\",D49/SUMPRODUCT('Rents and Income'!$E$7:$E$30*'Rents and Income'!$F$7:$F$30)))","v":"need data"},null,null,0,0,0,null,"?"]
["?",null,"Accounting / Cost Certification / Audit",null,{"$f":"IF(D50=0,\"need data\",IF('Rents and Income'!$E$31=0,0,D50/'Rents and Income'!$E$31))","v":"need data"},{"$f":"IF(ISERROR(IF(D50=0,\"need data\",D50/SUMPRODUCT('Rents and Income'!$E$7:$E$30*'Rents and Income'!$F$7:$F$30))),0,IF(D50=0,\"need data\",D50/SUMPRODUCT('Rents and Income'!$E$7:$E$30*'Rents and Income'!$F$7:$F$30)))","v":"need data"},null,null,0,{"$f":"+D50","v":0},{"$f":"+D50-I50-J50","v":0}]
["?",null,"Soft Cost Contingency",null,{"$f":"IF(D51=0,\"need data\",IF('Rents and Income'!$E$31=0,0,D51/'Rents and Income'!$E$31))","v":"need data"},{"$f":"IF(ISERROR(IF(D51=0,\"need data\",D51/SUMPRODUCT('Rents and Income'!$E$7:$E$30*'Rents and Income'!$F$7:$F$30))),0,IF(D51=0,\"need data\",D51/SUMPRODUCT('Rents and Income'!$E$7:$E$30*'Rents and Income'!$F$7:$F$30)))","v":"need data"},null,null,0,{"$f":"+D51","v":0},0]
["?",null,null,null,{"$f":"IF(D52=0,\"need data\",IF('Rents and Income'!$E$31=0,0,D52/'Rents and Income'!$E$31))","v":"need data"},{"$f":"IF(ISERROR(IF(D52=0,\"need data\",D52/SUMPRODUCT('Rents and Income'!$E$7:$E$30*'Rents and Income'!$F$7:$F$30))),0,IF(D52=0,\"need data\",D52/SUMPRODUCT('Rents and Income'!$E$7:$E$30*'Rents and Income'!$F$7:$F$30)))","v":"need data"},null,null,0,{"$f":"+D52","v":0},0]
[null,null,null,null,{"$f":"IF(D53=0,\"need data\",IF('Rents and Income'!$E$31=0,0,D53/'Rents and Income'!$E$31))","v":"need data"},{"$f":"IF(ISERROR(IF(D53=0,\"need data\",D53/SUMPRODUCT('Rents and Income'!$E$7:$E$30*'Rents and Income'!$F$7:$F$30))),0,IF(D53=0,\"need data\",D53/SUMPRODUCT('Rents and Income'!$E$7:$E$30*'Rents and Income'!$F$7:$F$30)))","v":"need data"},null,null,0,{"$f":"+D53","v":0},0]
["?",null,"Interim Financing Costs"]
["?",null,"Construction Period Insurance",null,{"$f":"IF(D55=0,\"need data\",IF('Rents and Income'!$E$31=0,0,D55/'Rents and Income'!$E$31))","v":"need data"},{"$f":"IF(ISERROR(IF(D55=0,\"need data\",D55/SUMPRODUCT('Rents and Income'!$E$7:$E$30*'Rents and Income'!$F$7:$F$30))),0,IF(D55=0,\"need data\",D55/SUMPRODUCT('Rents and Income'!$E$7:$E$30*'Rents and Income'!$F$7:$F$30)))","v":"need data"},null,null,0,{"$f":"+D55","v":0},{"$f":"+D55-I55-J55","v":0}]
["?",null,"Construction Period Taxes",null,{"$f":"IF(D56=0,\"need data\",IF('Rents and Income'!$E$31=0,0,D56/'Rents and Income'!$E$31))","v":"need data"},{"$f":"IF(ISERROR(IF(D56=0,\"need data\",D56/SUMPRODUCT('Rents and Income'!$E$7:$E$30*'Rents and Income'!$F$7:$F$30))),0,IF(D56=0,\"need data\",D56/SUMPRODUCT('Rents and Income'!$E$7:$E$30*'Rents and Income'!$F$7:$F$30)))","v":"need data"},null,null,0,{"$f":"+D56","v":0},0]
["?",null,"Construction Interest (see calculation below)",null,{"$f":"IF(D57=0,\"need data\",IF('Rents and Income'!$E$31=0,0,D57/'Rents and Income'!$E$31))","v":"need data"},{"$f":"IF(ISERROR(IF(D57=0,\"need data\",D57/SUMPRODUCT('Rents and Income'!$E$7:$E$30*'Rents and Income'!$F$7:$F$30))),0,IF(D57=0,\"need data\",D57/SUMPRODUCT('Rents and Income'!$E$7:$E$30*'Rents and Income'!$F$7:$F$30)))","v":"need data"},null,null,0,{"$f":"+D108+D109","v":0},0,null,"?"]
["?",null,"Construction Loan Origination Fee",null,{"$f":"IF(D58=0,\"need data\",IF('Rents and Income'!$E$31=0,0,D58/'Rents and Income'!$E$31))","v":"need data"},{"$f":"IF(ISERROR(IF(D58=0,\"need data\",D58/SUMPRODUCT('Rents and Income'!$E$7:$E$30*'Rents and Income'!$F$7:$F$30))),0,IF(D58=0,\"need data\",D58/SUMPRODUCT('Rents and Income'!$E$7:$E$30*'Rents and Income'!$F$7:$F$30)))","v":"need data"},null,null,0,{"$f":"+D58","v":0},0]
["?",null,"Construction Loan Legal Fees",null,{"$f":"IF(D59=0,\"need data\",IF('Rents and Income'!$E$31=0,0,D59/'Rents and Income'!$E$31))","v":"need data"},{"$f":"IF(ISERROR(IF(D59=0,\"need data\",D59/SUMPRODUCT('Rents and Income'!$E$7:$E$30*'Rents and Income'!$F$7:$F$30))),0,IF(D59=0,\"need data\",D59/SUMPRODUCT('Rents and Income'!$E$7:$E$30*'Rents and Income'!$F$7:$F$30)))","v":"need data"},null,null,0,{"$f":"+D59","v":0},0]
["?",null,"Other Construction Loan Fees",null,{"$f":"IF(D60=0,\"need data\",IF('Rents and Income'!$E$31=0,0,D60/'Rents and Income'!$E$31))","v":"need data"},{"$f":"IF(ISERROR(IF(D60=0,\"need data\",D60/SUMPRODUCT('Rents and Income'!$E$7:$E$30*'Rents and Income'!$F$7:$F$30))),0,IF(D60=0,\"need data\",D60/SUMPRODUCT('Rents and Income'!$E$7:$E$30*'Rents and Income'!$F$7:$F$30)))","v":"need data"},null,null,0,{"$f":"+D60","v":0},0]
["?",null,"Bond Costs of Issuance",null,{"$f":"IF(D61=0,\"need data\",IF('Rents and Income'!$E$31=0,0,D61/'Rents and Income'!$E$31))","v":"need data"},{"$f":"IF(ISERROR(IF(D61=0,\"need data\",D61/SUMPRODUCT('Rents and Income'!$E$7:$E$30*'Rents and Income'!$F$7:$F$30))),0,IF(D61=0,\"need data\",D61/SUMPRODUCT('Rents and Income'!$E$7:$E$30*'Rents and Income'!$F$7:$F$30)))","v":"need data"},null,null,null,null,0]
["?",null,"Title and Recording Costs (for the construction loan)",null,{"$f":"IF(D62=0,\"need data\",IF('Rents and Income'!$E$31=0,0,D62/'Rents and Income'!$E$31))","v":"need data"},{"$f":"IF(ISERROR(IF(D62=0,\"need data\",D62/SUMPRODUCT('Rents and Income'!$E$7:$E$30*'Rents and Income'!$F$7:$F$30))),0,IF(D62=0,\"need data\",D62/SUMPRODUCT('Rents and Income'!$E$7:$E$30*'Rents and Income'!$F$7:$F$30)))","v":"need data"},null,null,0,{"$f":"+D62","v":0},0]
["?",null,null,null,{"$f":"IF(D63=0,\"need data\",IF('Rents and Income'!$E$31=0,0,D63/'Rents and Income'!$E$31))","v":"need data"},{"$f":"IF(ISERROR(IF(D63=0,\"need data\",D63/SUMPRODUCT('Rents and Income'!$E$7:$E$30*'Rents and Income'!$F$7:$F$30))),0,IF(D63=0,\"need data\",D63/SUMPRODUCT('Rents and Income'!$E$7:$E$30*'Rents and Income'!$F$7:$F$30)))","v":"need data"},null,null,0,{"$f":"+D63","v":0},0]
[null,null,null,null,{"$f":"IF(D64=0,\"need data\",IF('Rents and Income'!$E$31=0,0,D64/'Rents and Income'!$E$31))","v":"need data"},{"$f":"IF(ISERROR(IF(D64=0,\"need data\",D64/SUMPRODUCT('Rents and Income'!$E$7:$E$30*'Rents and Income'!$F$7:$F$30))),0,IF(D64=0,\"need data\",D64/SUMPRODUCT('Rents and Income'!$E$7:$E$30*'Rents and Income'!$F$7:$F$30)))","v":"need data"},null,null,0,{"$f":"+D64","v":0},0]
["?",null,"Permanent Financing Costs"]
["?",null,"Credit Report",null,{"$f":"IF(D66=0,\"need data\",IF('Rents and Income'!$E$31=0,0,D66/'Rents and Income'!$E$31))","v":"need data"},{"$f":"IF(ISERROR(IF(D66=0,\"need data\",D66/SUMPRODUCT('Rents and Income'!$E$7:$E$30*'Rents and Income'!$F$7:$F$30))),0,IF(D66=0,\"need data\",D66/SUMPRODUCT('Rents and Income'!$E$7:$E$30*'Rents and Income'!$F$7:$F$30)))","v":"need data"},null,null,0,{"$f":"+D66","v":0},{"$f":"+D66-I66-J66","v":0}]
["?",null,"Lender Origination / Financing Fee",null,{"$f":"IF(D67=0,\"need data\",IF('Rents and Income'!$E$31=0,0,D67/'Rents and Income'!$E$31))","v":"need data"},{"$f":"IF(ISERROR(IF(D67=0,\"need data\",D67/SUMPRODUCT('Rents and Income'!$E$7:$E$30*'Rents and Income'!$F$7:$F$30))),0,IF(D67=0,\"need data\",D67/SUMPRODUCT('Rents and Income'!$E$7:$E$30*'Rents and Income'!$F$7:$F$30)))","v":"need data"},null,null,0,0,0,null,"?"]
["?",null,"Lender’s Counsel Fee",null,{"$f":"IF(D68=0,\"need data\",IF('Rents and Income'!$E$31=0,0,D68/'Rents and Income'!$E$31))","v":"need data"},{"$f":"IF(ISERROR(IF(D68=0,\"need data\",D68/SUMPRODUCT('Rents and Income'!$E$7:$E$30*'Rents and Income'!$F$7:$F$30))),0,IF(D68=0,\"need data\",D68/SUMPRODUCT('Rents and Income'!$E$7:$E$30*'Rents and Income'!$F$7:$F$30)))","v":"need data"},null,null,0,0,0]
["?",null,"Other Lender Fees",null,{"$f":"IF(D69=0,\"need data\",IF('Rents and Income'!$E$31=0,0,D69/'Rents and Income'!$E$31))","v":"need data"},{"$f":"IF(ISERROR(IF(D69=0,\"need data\",D69/SUMPRODUCT('Rents and Income'!$E$7:$E$30*'Rents and Income'!$F$7:$F$30))),0,IF(D69=0,\"need data\",D69/SUMPRODUCT('Rents and Income'!$E$7:$E$30*'Rents and Income'!$F$7:$F$30)))","v":"need data"},null,null,null,0,0]
["?",null,"Title and Recording Costs (for permanent financing)",null,{"$f":"IF(D70=0,\"need data\",IF('Rents and Income'!$E$31=0,0,D70/'Rents and Income'!$E$31))","v":"need data"},{"$f":"IF(ISERROR(IF(D70=0,\"need data\",D70/SUMPRODUCT('Rents and Income'!$E$7:$E$30*'Rents and Income'!$F$7:$F$30))),0,IF(D70=0,\"need data\",D70/SUMPRODUCT('Rents and Income'!$E$7:$E$30*'Rents and Income'!$F$7:$F$30)))","v":"need data"},null,null,0,0,0,null,"?"]
["?",null,"Establish Tax and Insurance Escrows",null,{"$f":"IF(D71=0,\"need data\",IF('Rents and Income'!$E$31=0,0,D71/'Rents and Income'!$E$31))","v":"need data"},{"$f":"IF(ISERROR(IF(D71=0,\"need data\",D71/SUMPRODUCT('Rents and Income'!$E$7:$E$30*'Rents and Income'!$F$7:$F$30))),0,IF(D71=0,\"need data\",D71/SUMPRODUCT('Rents and Income'!$E$7:$E$30*'Rents and Income'!$F$7:$F$30)))","v":"need data"},null,null,null,0,0,null,"?"]
["?",null,null,null,{"$f":"IF(D72=0,\"need data\",IF('Rents and Income'!$E$31=0,0,D72/'Rents and Income'!$E$31))","v":"need data"},{"$f":"IF(ISERROR(IF(D72=0,\"need data\",D72/SUMPRODUCT('Rents and Income'!$E$7:$E$30*'Rents and Income'!$F$7:$F$30))),0,IF(D72=0,\"need data\",D72/SUMPRODUCT('Rents and Income'!$E$7:$E$30*'Rents and Income'!$F$7:$F$30)))","v":"need data"},null,null,0,{"$f":"+D72","v":0},0]
[null,null,null,null,{"$f":"IF(D73=0,\"need data\",IF('Rents and Income'!$E$31=0,0,D73/'Rents and Income'!$E$31))","v":"need data"},{"$f":"IF(ISERROR(IF(D73=0,\"need data\",D73/SUMPRODUCT('Rents and Income'!$E$7:$E$30*'Rents and Income'!$F$7:$F$30))),0,IF(D73=0,\"need data\",D73/SUMPRODUCT('Rents and Income'!$E$7:$E$30*'Rents and Income'!$F$7:$F$30)))","v":"need data"},null,null,0,{"$f":"+D73","v":0},0]
["?",null,"Developer's Fee",null,{"$f":"IF(D74=0,\"need data\",IF('Rents and Income'!$E$31=0,0,D74/'Rents and Income'!$E$31))","v":"need data"},{"$f":"IF(ISERROR(IF(D74=0,\"need data\",D74/SUMPRODUCT('Rents and Income'!$E$7:$E$30*'Rents and Income'!$F$7:$F$30))),0,IF(D74=0,\"need data\",D74/SUMPRODUCT('Rents and Income'!$E$7:$E$30*'Rents and Income'!$F$7:$F$30)))","v":"need data"},null,null,0,{"$f":"+D74","v":0},0]
["?",null,"Initial Project Reserves",null,null,null,null,null,null,null,null,null,"?"]
["?",null,"Initial Rent-Up Reserve (not HOME eligible)",null,{"$f":"IF(D76=0,\"need data\",IF('Rents and Income'!$E$31=0,0,D76/'Rents and Income'!$E$31))","v":"need data"},{"$f":"IF(ISERROR(IF(D76=0,\"need data\",D76/SUMPRODUCT('Rents and Income'!$E$7:$E$30*'Rents and Income'!$F$7:$F$30))),0,IF(D76=0,\"need data\",D76/SUMPRODUCT('Rents and Income'!$E$7:$E$30*'Rents and Income'!$F$7:$F$30)))","v":"need data"},null,null,0,0,{"$f":"+D76-I76-J76","v":0}]
["?",null,"Initial Operating Reserve (HOME-eligible portion)",null,{"$f":"IF(D77=0,\"need data\",IF('Rents and Income'!$E$31=0,0,D77/'Rents and Income'!$E$31))","v":"need data"},{"$f":"IF(ISERROR(IF(D77=0,\"need data\",D77/SUMPRODUCT('Rents and Income'!$E$7:$E$30*'Rents and Income'!$F$7:$F$30))),0,IF(D77=0,\"need data\",D77/SUMPRODUCT('Rents and Income'!$E$7:$E$30*'Rents and Income'!$F$7:$F$30)))","v":"need data"},null,null,0,0,0]
["?",null,"Initial Operating Reserve (non-HOME-eligible portion)"]
["?",null,"Initial Debt Service Reserve (not HOME eligible)",null,{"$f":"IF(D79=0,\"need data\",IF('Rents and Income'!$E$31=0,0,D79/'Rents and Income'!$E$31))","v":"need data"},{"$f":"IF(ISERROR(IF(D79=0,\"need data\",D79/SUMPRODUCT('Rents and Income'!$E$7:$E$30*'Rents and Income'!$F$7:$F$30))),0,IF(D79=0,\"need data\",D79/SUMPRODUCT('Rents and Income'!$E$7:$E$30*'Rents and Income'!$F$7:$F$30)))","v":"need data"},null,null,0,0,0]
["?",null,"Initial Replacement Reserve (not HOME eligible)",null,{"$f":"IF(D80=0,\"need data\",IF('Rents and Income'!$E$31=0,0,D80/'Rents and Income'!$E$31))","v":"need data"},{"$f":"IF(ISERROR(IF(D80=0,\"need data\",D80/SUMPRODUCT('Rents and Income'!$E$7:$E$30*'Rents and Income'!$F$7:$F$30))),0,IF(D80=0,\"need data\",D80/SUMPRODUCT('Rents and Income'!$E$7:$E$30*'Rents and Income'!$F$7:$F$30)))","v":"need data"},null,null,0,0,0]
["?",null,null,null,{"$f":"IF(D81=0,\"need data\",IF('Rents and Income'!$E$31=0,0,D81/'Rents and Income'!$E$31))","v":"need data"},{"$f":"IF(ISERROR(IF(D81=0,\"need data\",D81/SUMPRODUCT('Rents and Income'!$E$7:$E$30*'Rents and Income'!$F$7:$F$30))),0,IF(D81=0,\"need data\",D81/SUMPRODUCT('Rents and Income'!$E$7:$E$30*'Rents and Income'!$F$7:$F$30)))","v":"need data"},null,null,0,0,0]
[null,null,null,null,{"$f":"IF(D82=0,\"need data\",IF('Rents and Income'!$E$31=0,0,D82/'Rents and Income'!$E$31))","v":"need data"},{"$f":"IF(ISERROR(IF(D82=0,\"need data\",D82/SUMPRODUCT('Rents and Income'!$E$7:$E$30*'Rents and Income'!$F$7:$F$30))),0,IF(D82=0,\"need data\",D82/SUMPRODUCT('Rents and Income'!$E$7:$E$30*'Rents and Income'!$F$7:$F$30)))","v":"need data"},null,null,0,0,0]
["?",null,"Project Administration and Management Costs (during construction only)"]
["?",null,"Marketing/Management",null,{"$f":"IF(D84=0,\"need data\",IF('Rents and Income'!$E$31=0,0,D84/'Rents and Income'!$E$31))","v":"need data"},{"$f":"IF(ISERROR(IF(D84=0,\"need data\",D84/SUMPRODUCT('Rents and Income'!$E$7:$E$30*'Rents and Income'!$F$7:$F$30))),0,IF(D84=0,\"need data\",D84/SUMPRODUCT('Rents and Income'!$E$7:$E$30*'Rents and Income'!$F$7:$F$30)))","v":"need data"},null,null,0,{"$f":"+D84","v":0},{"$f":"+D84-I84-J84","v":0}]
["?",null,"Operating Expenses",null,{"$f":"IF(D85=0,\"need data\",IF('Rents and Income'!$E$31=0,0,D85/'Rents and Income'!$E$31))","v":"need data"},{"$f":"IF(ISERROR(IF(D85=0,\"need data\",D85/SUMPRODUCT('Rents and Income'!$E$7:$E$30*'Rents and Income'!$F$7:$F$30))),0,IF(D85=0,\"need data\",D85/SUMPRODUCT('Rents and Income'!$E$7:$E$30*'Rents and Income'!$F$7:$F$30)))","v":"need data"},null,null,0,{"$f":"+D85","v":0},0]
["?",null,"Furniture, Fixtures & Equipment",null,{"$f":"IF(D86=0,\"need data\",IF('Rents and Income'!$E$31=0,0,D86/'Rents and Income'!$E$31))","v":"need data"},{"$f":"IF(ISERROR(IF(D86=0,\"need data\",D86/SUMPRODUCT('Rents and Income'!$E$7:$E$30*'Rents and Income'!$F$7:$F$30))),0,IF(D86=0,\"need data\",D86/SUMPRODUCT('Rents and Income'!$E$7:$E$30*'Rents and Income'!$F$7:$F$30)))","v":"need data"},null,null,0,{"$f":"D86","v":0},0,null,"?"]
["?",null,"Tenant Relocation Costs",null,{"$f":"IF(D87=0,\"need data\",IF('Rents and Income'!$E$31=0,0,D87/'Rents and Income'!$E$31))","v":"need data"},{"$f":"IF(ISERROR(IF(D87=0,\"need data\",D87/SUMPRODUCT('Rents and Income'!$E$7:$E$30*'Rents and Income'!$F$7:$F$30))),0,IF(D87=0,\"need data\",D87/SUMPRODUCT('Rents and Income'!$E$7:$E$30*'Rents and Income'!$F$7:$F$30)))","v":"need data"},null,null,0,0,0]
["?",null,null,null,{"$f":"IF(D88=0,\"need data\",IF('Rents and Income'!$E$31=0,0,D88/'Rents and Income'!$E$31))","v":"need data"},{"$f":"IF(ISERROR(IF(D88=0,\"need data\",D88/SUMPRODUCT('Rents and Income'!$E$7:$E$30*'Rents and Income'!$F$7:$F$30))),0,IF(D88=0,\"need data\",D88/SUMPRODUCT('Rents and Income'!$E$7:$E$30*'Rents and Income'!$F$7:$F$30)))","v":"need data"},null,null,0,{"$f":"+D88","v":0},0]
[null,null,null,null,{"$f":"IF(D89=0,\"need data\",IF('Rents and Income'!$E$31=0,0,D89/'Rents and Income'!$E$31))","v":"need data"},{"$f":"IF(ISERROR(IF(D89=0,\"need data\",D89/SUMPRODUCT('Rents and Income'!$E$7:$E$30*'Rents and Income'!$F$7:$F$30))),0,IF(D89=0,\"need data\",D89/SUMPRODUCT('Rents and Income'!$E$7:$E$30*'Rents and Income'!$F$7:$F$30)))","v":"need data"},null,null,0,{"$f":"+D89","v":0},0]
["?",null,"Other Development Costs"]
[null,null,null,null,{"$f":"IF(D91=0,\"need data\",IF('Rents and Income'!$E$31=0,0,D91/'Rents and Income'!$E$31))","v":"need data"},{"$f":"IF(ISERROR(IF(D91=0,\"need data\",D91/SUMPRODUCT('Rents and Income'!$E$7:$E$30*'Rents and Income'!$F$7:$F$30))),0,IF(D91=0,\"need data\",D91/SUMPRODUCT('Rents and Income'!$E$7:$E$30*'Rents and Income'!$F$7:$F$30)))","v":"need data"},null,null,0,{"$f":"+D91","v":0},{"$f":"+D91-I91-J91","v":0}]
[null,null,null,null,{"$f":"IF(D92=0,\"need data\",IF('Rents and Income'!$E$31=0,0,D92/'Rents and Income'!$E$31))","v":"need data"},{"$f":"IF(ISERROR(IF(D92=0,\"need data\",D92/SUMPRODUCT('Rents and Income'!$E$7:$E$30*'Rents and Income'!$F$7:$F$30))),0,IF(D92=0,\"need data\",D92/SUMPRODUCT('Rents and Income'!$E$7:$E$30*'Rents and Income'!$F$7:$F$30)))","v":"need data"},null,null,0,0,0]
[null,null,null,null,{"$f":"IF(D93=0,\"need data\",IF('Rents and Income'!$E$31=0,0,D93/'Rents and Income'!$E$31))","v":"need data"},{"$f":"IF(ISERROR(IF(D93=0,\"need data\",D93/SUMPRODUCT('Rents and Income'!$E$7:$E$30*'Rents and Income'!$F$7:$F$30))),0,IF(D93=0,\"need data\",D93/SUMPRODUCT('Rents and Income'!$E$7:$E$30*'Rents and Income'!$F$7:$F$30)))","v":"need data"},null,null,0,0,0]
[null,null,null,null,{"$f":"IF(D94=0,\"need data\",IF('Rents and Income'!$E$31=0,0,D94/'Rents and Income'!$E$31))","v":"need data"},{"$f":"IF(ISERROR(IF(D94=0,\"need data\",D94/SUMPRODUCT('Rents and Income'!$E$7:$E$30*'Rents and Income'!$F$7:$F$30))),0,IF(D94=0,\"need data\",D94/SUMPRODUCT('Rents and Income'!$E$7:$E$30*'Rents and Income'!$F$7:$F$30)))","v":"need data"},null,null,0,0,0]
[null,null,null,null,{"$f":"IF(D95=0,\"need data\",IF('Rents and Income'!$E$31=0,0,D95/'Rents and Income'!$E$31))","v":"need data"},{"$f":"IF(ISERROR(IF(D95=0,\"need data\",D95/SUMPRODUCT('Rents and Income'!$E$7:$E$30*'Rents and Income'!$F$7:$F$30))),0,IF(D95=0,\"need data\",D95/SUMPRODUCT('Rents and Income'!$E$7:$E$30*'Rents and Income'!$F$7:$F$30)))","v":"need data"},null,null,0,0,0]
[null,null,null,null,{"$f":"IF(D96=0,\"need data\",IF('Rents and Income'!$E$31=0,0,D96/'Rents and Income'!$E$31))","v":"need data"},{"$f":"IF(ISERROR(IF(D96=0,\"need data\",D96/SUMPRODUCT('Rents and Income'!$E$7:$E$30*'Rents and Income'!$F$7:$F$30))),0,IF(D96=0,\"need data\",D96/SUMPRODUCT('Rents and Income'!$E$7:$E$30*'Rents and Income'!$F$7:$F$30)))","v":"need data"},null,null,0,0,0]
[]
[null,null,"Total Development Costs",{"$f":"SUM(D5:D97)","v":0},null,null,null,null,{"$f":"SUM(I5:I97)","v":0},{"$f":"SUM(J5:J97)","v":0},{"$f":"SUM(K5:K97)","v":0}]
[]
[null,null,"Construction Interest Calculation"]
["?",null,"Construction Loan Amount"]
[null,null,"Interest Rate"]
["?",null,"Estimated First Draw Amount"]
["?",null,"Months of Construction"]
["?",null,"Months Const. Loan Outstanding After Completion"]
["?",null,"Average Outstanding Balance"]
[]
[null,null,"Interest on first draw, during construction period",{"$f":"ROUND(D103*$D$102/12*$D$104,0)","v":0}]
[null,null,"Interest on remaining funds, during construction",{"$f":"ROUND((D101-D103)*D106*$D$102/12*$D$104,0)","v":0}]
[null,null,"Construction interest after completion",{"$f":"ROUND(D101*$D$102/12*$D$105,0)","v":0}]
[null,null,"Total Construction Interest",{"$f":"SUM(D108:D110)","v":0}]
[]
[]
[null,null,"Notes:",null,null,null,null,null,{"$f":"+D18+D21+D22+D26+D27+D28+D29","v":0},"Construction Costs before Contractor Compensation"]
[null,null,{"$f":"J115&\" is \"&IF((I114-I115)=0,\"0%\",TEXT(I115/($I$114-I115),\"0.0%\"))","v":"Construction Contingency is 0%"},null,null,null,null,null,{"$f":"+D27","v":0},{"$f":"+C27","v":"Construction Contingency"}]
[null,null,{"$f":"J116&\" is \"&IF(I114=0,\"0%\",TEXT(I116/$I$114,\"0.0%\"))&\" of construction costs\"","v":"General Requirements is 0% of construction costs"},null,null,null,null,null,{"$f":"+D23","v":0},{"$f":"+C23","v":"General Requirements"}]
[null,null,{"$f":"J117&\" is \"&IF(I114=0,\"0%\",TEXT(I117/$I$114,\"0.0%\"))&\" of construction costs\"","v":"Builder’s Overhead is 0% of construction costs"},null,null,null,null,null,{"$f":"+D24","v":0},{"$f":"+C24","v":"Builder’s Overhead"}]
[null,null,{"$f":"J118&\" is \"&IF(I114=0,\"0%\",TEXT(I118/$I$114,\"0.0%\"))&\" of construction costs\"","v":"Builder Profit is 0% of construction costs"},null,null,null,null,null,{"$f":"+D25","v":0},{"$f":"+C25","v":"Builder Profit"}]
[null,null,null,null,null,null,null,null,{"$f":"+D98-D74-SUM(D76:D82)","v":0},"Developer Fee Base"]
[null,null,{"$f":"J120&\" is \"&IF(I119=0,\"0%\",TEXT(I120/$I$119,\"0.0%\"))&\" of total development cost (excluding developer fee and initial reserves)\"","v":"Developer's Fee is 0% of total development cost (excluding developer fee and initial reserves)"},null,null,null,null,null,{"$f":"+D74","v":0},{"$f":"+C74","v":"Developer's Fee"}]
[]
[null,null,"Later in this template, you will calculate the maximum allowable HOME investment and the minimum required number of HOME-assisted units.  These calculations take place on the Cost Allocation tab.  For these calculations, you need to have identified any development costs that are not HOME-eligible.  List the ineligible costs here (these costs can be funded from other sources of funds, but cannot be funded by HOME)."]
[]
["?",null,"Costs that Are Not HOME-Eligible","Amount","Comment"]
[null,null,{"$f":"+C14","v":"Construction Equipment (non-HOME eligible portion)"},{"$f":"+D14+D20","v":0}]
[null,null,{"$f":"+C11","v":"Off-Site Costs (these are not HOME eligible)"},{"$f":"+D11","v":0}]
[null,null,{"$f":"+C76","v":"Initial Rent-Up Reserve (not HOME eligible)"},{"$f":"+D76","v":0}]
[null,null,{"$f":"+C78","v":"Initial Operating Reserve (non-HOME-eligible portion)"},0]
[null,null,"Initial Debt Service Reserve (not HOME eligible)",0]
[null,null,"Initial Replacement Reserve (not HOME eligible)",0]
[null,null,"Other HOME-Ineligible Cost 1",0]
[null,null,"Other HOME-Ineligible Cost 2",0]
[null,null,"Other HOME-Ineligible Cost 3",0]
[null,null,"Other HOME-Ineligible Cost 4",0]
[]
[null,null,"Total Non-HOME-Eligible Costs",{"$f":"SUM(D124:D135)","v":0}]
[]
[null,null,"Upon completing this tab, proceed to the Repl Reserve tab "]

{"sheet":"Repl Reserve","index":5,"n_rows":49,"n_cols":15,"rows_kept":49,"cut":false,"hidden":false,"merged":[[46,2,46,7],[0,3,0,7],[3,2,3,7],[40,2,40,7],[5,2,5,7],[42,2,42,7],[45,2,45,7],[43,2,43,7]]}
[null,null,"Replacement Reserve","Enter data in green cells only"]
[null,null,{"$f":"Requirements!C4","v":"Project Name -  : 0 Units"},null,null,null,null,null,null,{"$f":"+Requirements!$G$39","v":0},"Year PJ HOME Affordability Period"]
[]
[null,null,"For HOME rental projects involving rehabilitation, Section 92.250(b)(1) of the HOME Final Rule requires the PJ to estimate the long term capital needs of the project and to determine a replacement reserve funding approach that will allow 100% of estimated long term capital needs -- over the HOME period of affordability -- to be funded from the replacement reserve.  If the project has 26 total units or more, the PJ must require a capital needs assessment.  These requirements must be included in the PJ's underwriting standards for rental projects involving rehabilitation.\n\nThere is no similar requirement for new construction rental projects, but it would be a best practice for PJs to include a similar requirement in the PJ's underwriting standards for new construction rental projects."]
[]
[null,null,"This worksheet will allow the user to determine an annual replacement reserve deposit that will satisfy the 92.250(b) requirement, plus a higher annual reserve deposit that will be adequate over the long term (including the years after completion of the HOME period of affordability)."]
[]
[null,null,null,null,"?","?","?","?",null,null,null,null,"?","?","?"]
[null,null,"Component","Quantity","Unit of Measure","Replacement Cost (UoM)","RUL (Years)","EUL (Years)",null,"Replacement Cost (Total)","Per Year of RUL","Per Year of EUL","Repl During HOME POA?","Accrual (HOME)","Accrual (All)"]
[]
[null,null,"Signage",null,null,null,null,null,null,{"$f":"+F11*D11","v":0},{"$f":"IF(G11=0,0,$J11/G11)","v":0},{"$f":"IF(H11=0,0,$J11/H11)","v":0},{"$f":"IF(G11<$J$2,\"Yes\",\"No\")","v":"No"},{"$f":"IF(M11=\"Yes\",K11,0)","v":0},{"$f":"MAX(K11,L11)","v":0}]
[null,null,"Driveways and Parking Areas (resurfacing)",null,null,null,null,null,null,0,{"$f":"IF(G12=0,0,$J12/G12)","v":0},{"$f":"IF(H12=0,0,$J12/H12)","v":0},"No",0,0]
[null,null,"Driveways and Parking Areas (sealing)",null,null,null,null,null,null,0,0,0,"No",0,0]
[null,null,"Other Site 1",null,null,null,null,null,null,0,0,0,"No",0,0]
[null,null,"Other Site 2",null,null,null,null,null,null,0,0,0,"No",0,0]
[null,null,"Other Site 3",null,null,null,null,null,null,0,0,0,"No",0,0]
[null,null,"Windows",null,null,null,null,null,null,0,0,0,"No",0,0]
[null,null,"Exterior Walls 1",null,null,null,null,null,null,0,0,0,"No",0,0]
[null,null,"Exterior Walls 2",null,null,null,null,null,null,0,0,0,"No",0,0]
[null,null,"Exterior Painting",null,null,null,null,null,null,0,0,0,"No",0,0]
[null,null,"Other Exterior 1",null,null,null,null,null,null,0,0,0,"No",0,0]
[null,null,"Other Exterior 2",null,null,null,null,null,null,0,{"$f":"IF(G22=0,0,$J22/G22)","v":0},{"$f":"IF(H22=0,0,$J22/H22)","v":0},"No",0,0]
[null,null,"Roofing",null,null,null,null,null,null,0,{"$f":"IF(G23=0,0,$J23/G23)","v":0},{"$f":"IF(H23=0,0,$J23/H23)","v":0},"No",0,0]
[null,null,"Gutters",null,null,null,null,null,null,0,{"$f":"IF(G24=0,0,$J24/G24)","v":0},{"$f":"IF(H24=0,0,$J24/H24)","v":0},"No",0,0]
[null,null,"Interior Flooring (Tile)",null,null,null,null,null,null,0,0,0,"No",0,0]
[null,null,"Interior Flooring (Carpet)",null,null,null,null,null,null,0,0,0,"No",0,0]
[null,null,"Kitchen Cabinets and Bath Vanities",null,null,null,null,null,null,0,0,0,"No",0,0]
[null,null,"Counter Tops and Sinks (Kitchens and Baths)",null,null,null,null,null,null,0,{"$f":"IF(G28=0,0,$J28/G28)","v":0},{"$f":"IF(H28=0,0,$J28/H28)","v":0},"No",0,0]
[null,null,"Refrigerators",null,null,null,null,null,null,0,{"$f":"IF(G29=0,0,$J29/G29)","v":0},{"$f":"IF(H29=0,0,$J29/H29)","v":0},"No",0,0]
[null,null,"Ranges",null,null,null,null,null,null,0,0,0,"No",0,0]
[null,null,"Exterior Doors",null,null,null,null,null,null,0,0,0,"No",0,0]
[null,null,"Elevators",null,null,null,null,null,null,0,0,0,"No",0,0]
[null,null,"Unit Heating System",null,null,null,null,null,null,0,0,0,"No",0,0]
[null,null,"Unit Cooling System",null,null,null,null,null,null,0,0,0,"No",0,0]
[null,null,"Unit Hot Water Heating System",null,null,null,null,null,null,0,0,0,"No",0,0]
[null,null,"Other Interior 1",null,null,null,null,null,null,0,0,0,"No",0,0]
[null,null,"Other Interior 2",null,null,null,null,null,null,0,0,0,"No",0,0]
[null,null,"Other Interior 3",null,null,null,null,null,null,0,0,0,"No",0,0]
[]
[null,null,null,null,null,null,null,null,null,{"$f":"SUM(J10:J39)","v":0},null,null,null,{"$f":"SUM(N10:N39)","v":0},{"$f":"SUM(O10:O39)","v":0}]
[null,null,"Comment on capital needs estimate"]
[]
[null,null,"Reserve Deposit Adequate During the HOME Period of Affordability (but likely to be inadequate thereafter): For a typical rental project, an annual replacement reserve deposit in the amount described below would satisfy the 92.250(b) requirement so long as (1) the annual deposit is increased each year for inflation and (2) there are no high-cost systems that will require replacement early in the HOME period of affordability.  If either condition (1) or condition (2) cannot be satisfied, the PJ will need to make a more sophisticated computation, using a capital needs assessment or using a spreadsheet that is similar to those used in preparing capital needs assessments.  Similarly, a more sophisticated computation should be used if the PJ intends to utilize a large initial reserve deposit and a smaller annual deposit. PJs should note that minimum compliance with the 92.250(b) requirement will not generally result in a replacement reserve that will be adequately funded over the long term; see the additional discussion in the next section.  Over the HOME affordability period:"]
[null,null,{"$f":"\"Long term capital needs accrue at a rate of \"&TEXT(N44,\"$#,##0\")&\" per year during the HOME period of affordability.  This accrual rate is \"&TEXT(N44/'Rents and Income'!$E$31,\"$#,##0\")&\" per unit per year.  An annual reserve deposit at this rate (increased annually for inflation) should be adequate to fund 100% of capital needs during the HOME period of affordability, for a typical rental project.\"","v":{"$error":"#DIV/0!"}},null,null,null,null,null,null,null,null,null,null,{"$f":"+N40","v":0}]
[]
[null,null,"Reserve Deposit Adequate Over The Long Term: For a typical rental project, an annual replacement reserve deposit in the amount described below would be adequate to fund all long-term capital needs so long as (1) the annual deposit is increased each year for inflation and (2) there are no high-cost systems that will require replacement early in the life of the project.  If either condition (1) or condition (2) cannot be satisfied, the PJ will need to make a more sophisticated computation, using a capital needs assessment or using a spreadsheet that is similar to those used in preparing capital needs assessments. Over the long term:"]
[null,null,{"$f":"\"Long term capital needs accrue at a rate of \"&TEXT(N47,\"$#,##0\")&\" per year (when all building systems are considered).  This accrual rate is \"&TEXT(N47/'Rents and Income'!$E$31,\"$#,##0\")&\" per unit per year.  An annual reserve deposit at this rate (increased annually for inflation) should be adequate to fund 100% of capital needs over the long term, for a typical rental project.\"","v":{"$error":"#DIV/0!"}},null,null,null,null,null,null,null,null,null,null,{"$f":"+O40","v":0}]
[]
[null,null,"Upon completing this tab, proceed to the Const Schedule tab "]

{"sheet":"Const Schedule","index":6,"n_rows":44,"n_cols":14,"rows_kept":44,"cut":false,"hidden":false,"merged":[[38,2,38,8],[40,2,40,8],[31,2,31,8],[33,2,33,8],[36,2,36,8],[35,2,35,8],[3,2,3,8],[0,4,0,7],[21,2,21,8],[23,2,23,8],[26,2,26,8]]}
[null,null,"Construction Schedule",null,"Enter data in green cells only"]
[null,null,{"$f":"Requirements!C4","v":"Project Name -  : 0 Units"}]
[]
[null,null,"The HOME Final Rule's definition of commitment specifies that if a project includes rehabilitation or new construction, a construction schedule is required at or before the time of the commitment.  Additionally, construction must be scheduled to start within twelve months after the commitment date, and construction must be scheduled to be completed within four years after the commitment date.",null,null,null,null,null,null,null,"Total","Per Unit"]
[]
[null,null,"Intended HOME Commitment Date",null,null,null,null,null,null,null,{"$f":"+SUM('Development Costs'!$D$8:$D$17)+SUM('Development Costs'!$D$18:$D$22)","v":0},{"$f":"+K6/'Rents and Income'!$E$31","v":{"$error":"#DIV/0!"}},null,"Hard cost before contingency"]
[null,null,null,null,null,null,null,null,null,null,{"$f":"+'Development Costs'!$D$27","v":0},{"$f":"+K7/'Rents and Income'!$E$31","v":{"$error":"#DIV/0!"}},{"$f":"+K7/K6","v":{"$error":"#DIV/0!"}},"Hard cost contingency"]
[null,null,"Initial Closing Date",null,null,{"$f":"IF(E8=\"\",\"\",\"months after HOME Commitment Date\")","v":""},null,null,null,null,{"$f":"SUM('Development Costs'!$D$23:$D$25)","v":0},{"$f":"+K8/'Rents and Income'!$E$31","v":{"$error":"#DIV/0!"}},{"$f":"+K8/K6","v":{"$error":"#DIV/0!"}},"GR / BO / BP"]
[null,null,"Construction Start Date",null,{"$f":"IF(OR(D$6=0,D$6=\"\",D9=0,D9=\"\"),\"\",(D9-D$6)/(365.25/12))","v":""},{"$f":"IF(E9=\"\",\"\",\"months after HOME Commitment Date\")","v":""},null,null,null,null,{"$f":"+SUM('Development Costs'!$D$75:$D$83)","v":0},{"$f":"+K9/'Rents and Income'!$E$31","v":{"$error":"#DIV/0!"}},null,"Initial reserves"]
[null,null,"Other construction milestone #1",null,null,null,null,null,null,null,{"$f":"+'Development Costs'!$D$98-'Development Costs'!$D$74-$K$9-$K$8-$K$7-$K$6-$K$11","v":0},{"$f":"+K10/'Rents and Income'!$E$31","v":{"$error":"#DIV/0!"}},null,"Soft costs before contingency"]
[null,null,"Other construction milestone #2",null,null,null,null,null,null,null,{"$f":"+'Development Costs'!$D$51","v":0},{"$f":"+K11/'Rents and Income'!$E$31","v":{"$error":"#DIV/0!"}},{"$f":"+K11/K10","v":{"$error":"#DIV/0!"}},"Soft cost contingency"]
[null,null,"Other construction milestone #3",null,null,null,null,null,null,null,{"$f":"+'Development Costs'!$D$74","v":0},{"$f":"+K12/'Rents and Income'!$E$31","v":{"$error":"#DIV/0!"}},{"$f":"+K12/(K10+K6)","v":{"$error":"#DIV/0!"}},"Developer fee (gross)"]
[null,null,"Other construction milestone #4"]
[null,null,"First Building Completion Date",null,null,null,null,null,null,null,{"$f":"SUM(K5:K13)","v":0},{"$f":"+K14/'Rents and Income'!$E$31","v":{"$error":"#DIV/0!"}},null,"Total Uses of Funds"]
[null,null,"Last Building Completion Date",null,{"$f":"IF(OR(D$9=0,D$9=\"\",D15=0,D15=\"\"),\"\",(D15-D$9)/(365.25/12))","v":""},{"$f":"IF(E15=\"\",\"\",\"months construction time\")","v":""}]
[null,null,null,null,{"$f":"IF(OR(D$6=0,D$6=\"\",D15=0,D15=\"\"),\"\",(D15-D$6)/(365.25/12))","v":""},{"$f":"IF(E16=\"\",\"\",\"months after HOME Commitment Date\")","v":""}]
[]
[null,null,"Achievement of Sustaining Occupancy",null,{"$f":"IF(OR(D$15=0,D$15=\"\",D18=0,D18=\"\"),\"\",(D18-D$15)/(365.25/12))","v":""},{"$f":"IF(E18=\"\",\"\",\"months lease-up time\")","v":""}]
[]
[null,null,"Closing of Permanent Financing",null,{"$f":"IF(OR(D$15=0,D$15=\"\",D20=0,D20=\"\"),\"\",(D20-D$15)/(365.25/12))","v":""},{"$f":"IF(E20=\"\",\"\",\"months after construction completion\")","v":""}]
[]
[null,null,{"$f":"IF(OR(E9=\"\",E9<=12),\"\",\"Warning: Construction Scheduled to Start More than 12 Months After HOME Commitment Date\")","v":""}]
[]
[null,null,{"$f":"IF(OR(E16=\"\",E16<=48),\"\",\"Warning: Construction Scheduled to Be Completed More than 48 Months After HOME Commitment Date\")","v":""}]
[]
[null,null,"Below, please include any comments about the construction schedule"]
[]
[]
[null,null,{"$f":"\"Budgeted construction cost is \"&TEXT(L6,\"$#,##0\")&\" per unit.  Budgeted hard cost contingency is \"&TEXT(M7,\"0.0%\")&\" of hard cost.\"","v":{"$error":"#DIV/0!"}}]
[null,null,{"$f":"\"Budgeted soft costs are \"&TEXT(L10,\"$#,##0\")&\" per unit.  Budgeted soft cost contingency is \"&TEXT(M11,\"0.0%\")&\" of soft cost.\"","v":{"$error":"#DIV/0!"}}]
[null,null,{"$f":"\"The budgeted developer fee is \"&TEXT(L12,\"$#,##0\")&\" per unit before any deferral.  This is \"&TEXT(M12,\"0.0%\")&\" of total hard cost + total soft cost.\"","v":{"$error":"#DIV/0!"}}]
[null,null,"Adequacy of the Development Budget and Risk of Cost Increases.  Experience indicates that the primary risk of delay in starting construction is unanticipated escalation in development costs, to the extent that the sponsor has to seek additional funding.  The three lines above present key information about the development budget, about available contingency allowances, and about the developer fee (which -- if not already deferred -- can provide additional ability to absorb cost increases).\n\nThe risk of cost increases is most significant early in the development process.  Once the plans and specifications are completed and there is a firm-fixed-price construction contract, there is a lower risk of increases in hard costs.  However, even if there is a performance bond, there is still the risk of hard cost increases due to change orders.  The risk of increases in soft costs depends on how many of the soft costs are subject to firm-fixed-price contracts. Construction period interest costs will run over budget whenever construction takes longer than anticipated.  Even if there is no construction loan or bridge loan, additional construction time typically results in increased soft costs of some sort."]
[null,null,"Below, please discuss the current state of (1) plans and specs and (2) the construction contract.  Discuss whether the contractor is bonded."]
[]
[]
[null,null,"Below, please discuss the adequacy of the development budget, the risk of cost increases, and why you are confident that even with moderately severe increases in development cost, the project is still likely to go forward on schedule."]
[]
[]
[null,null,"Construction to Start Within Twelve Months.  The HOME Final Rule definition of commitment specifies that construction must be scheduled to start within twelve months after the date of the written agreement between the PJ and the project sponsor.\n\nExperience indicates that the primary risks of delay in starting construction are (1) unanticipated increases in development cost requiring increased sources of funds; (2) unanticipated difficulties in finalizing non-HOME sources of funds; and (3) unanticipated difficulties with zoning, building permits and other entitlements."]
[null,null,"Below, please explain why you believe that construction will start within twelve months.  Please address each of the primary risks discussed above."]
[]
[]
[]
[null,null,"Upon completing this tab, proceed to the LIHTC Basis tab or (if the project will not be utilizing LIHTCs) to the Operating Expenses tab"]

{"sheet":"LIHTC Basis","index":7,"n_rows":58,"n_cols":12,"rows_kept":58,"cut":false,"hidden":false,"merged":[[0,6,0,7],[3,2,3,8],[55,2,55,8]]}
[null,null,"LIHTC Basis",null,null,null,"Enter data in green cells only"]
[null,null,{"$f":"Requirements!C4","v":"Project Name -  : 0 Units"}]
[]
[null,null,"This tab is useful for projects that will have Low Income Housing Tax Credits (LIHTCs).  The purpose of this tab is to make a rough estimate of LIHTC equity, which you can use to compare to the developer's estimate.  If the rough estimate here is materially different from the developer's estimate, you should ask the developer for an explanation.\n\nTo enter (or change) the number of LIHTC units, use column P of the Rents and Income tab."]
[]
["?",null,"LIHTC Eligible Basis","Acquisition",null,"Construction"]
[null,null,"Estimated LIHTC Eligible Basis From"]
[null,null,"'Development Costs' page ",{"$f":"+'Development Costs'!I98","v":0},null,{"$f":"+'Development Costs'!J98","v":0}]
[]
["?",null,"Less any amounts not eligible as a result of a grant or other ineligible source of funds (enter as negative amounts):"]
[null,null,"Ineligible"]
[]
[]
[]
[]
[]
[]
[]
[]
[null,null,"LIHTC Eligible basis",{"$f":"SUM(D7:D19)","v":0},null,{"$f":"SUM(F7:F19)","v":0}]
[]
[null,null,"Applicable Fraction by Units:",{"$f":"IF(D24=0,0,D23/D24)","v":0}]
[null,null,"Total LIHTC Units",{"$f":"+'Rents and Income'!P31","v":0},null," (from the Rents and Income tab)"]
[null,null,"Total Units",{"$f":"+'Rents and Income'!$E$31","v":0},null," (from the Rents and Income tab)"]
[]
[]
[]
[]
[]
[]
[]
[]
[null,null,"Applicable Fraction by Square Feet:",{"$f":"IF(D35=0,0,D34/D35)","v":0}]
[null,null,"Square feet of total LIHTC Units",{"$f":"+'Rents and Income'!AC31","v":0},null," (from the Rents and Income tab)"]
[null,null,"Square feet of total Units",{"$f":"+'Rents and Income'!F31","v":0},null," (from the Rents and Income tab)"]
[]
["?",null,"Use This Applicable Fraction:",{"$f":"MIN(D22,D33)","v":0},null,"  (lowest of the two methods)"]
[]
[null,null,"LIHTC Calculation","Acquisition",null,"Construction"]
[]
[null,null,"Eligible Basis",{"$f":"D20","v":0},null,{"$f":"F20","v":0}]
[null,null,"Applicable Fraction",{"$f":"D41*$G42","v":0},null,{"$f":"F41*$G42","v":0},{"$f":"+D37","v":0}]
["?",null,"Basis Boost Factor",{"$f":"D42*$G43","v":0},null,{"$f":"F42*$G43","v":0},1]
[]
["?",null,"Credit Factor"]
[]
[null,null,"Annual Credits",{"$f":"+D43*D45","v":0},null,{"$f":"+F43*F45","v":0}]
[]
["?",null,"LIHTC Equity Price (per dollar)",{"$f":"+F49","v":0}]
[]
[null,null,"Estimated LIHTC Equity",{"$f":"ROUND(D47*10*D49,0)","v":0},null,{"$f":"ROUND(F47*10*F49,0)","v":0}]
[]
[null,null,"Total Estimated LIHTC Equity",{"$f":"+D51+F51","v":0}]
["?",null,"Proposed LIHTC Equity",{"$f":"+'Sources and Uses'!D18","v":0},null,{"$f":"IF(OR(D53=0,D54=0),\"\",IF(OR(K54<90%,K54>110%),\"Verify LIHTC equity amount with applicant\",\"\"))","v":""},null,null,null,null,{"$f":"IF(D54=0,0,D53/D54)","v":0},"estimated as % of proposed"]
[]
[]
[]
[null,null,"Upon completing this tab, proceed to the Operating Expenses tab."]

{"sheet":"Operating Expenses","index":8,"n_rows":59,"n_cols":7,"rows_kept":59,"cut":false,"hidden":false,"merged":[[0,4,0,5],[9,0,10,0],[12,0,13,0],[17,0,18,0],[22,0,25,0],[56,2,56,6],[27,0,28,0],[30,0,32,0],[35,0,37,0],[39,0,40,0],[41,0,42,0]]}
["?",null,"Operating Expenses",null,"Enter data in green cells only"]
[null,null,{"$f":"Requirements!C4","v":"Project Name -  : 0 Units"}]
[null,null,"Expense","Annual Cost","Monthly Cost","Per Unit Per Year","Comment"]
[null,null,"Administrative / Management Expenses"]
["?",null,"Management Fee",null,{"$f":"D5/12","v":0},{"$f":"IF('Rents and Income'!$E$31=0,0,IF(D5=0,\"\",D5/'Rents and Income'!$E$31))","v":0}]
["?",null,"Management Administrative Payroll Costs",null,{"$f":"D6/12","v":0},{"$f":"IF('Rents and Income'!$E$31=0,0,IF(D6=0,\"\",D6/'Rents and Income'!$E$31))","v":0}]
["?",null,"Renting / Advertising / Marketing Expenses",null,{"$f":"D7/12","v":0},{"$f":"IF('Rents and Income'!$E$31=0,0,IF(D7=0,\"\",D7/'Rents and Income'!$E$31))","v":0}]
["?",null,"Legal Fees",null,0,{"$f":"IF('Rents and Income'!$E$31=0,0,IF(D8=0,\"\",D8/'Rents and Income'!$E$31))","v":0}]
["?",null,"Accounting / Audit Fees",null,0,{"$f":"IF('Rents and Income'!$E$31=0,0,IF(D9=0,\"\",D9/'Rents and Income'!$E$31))","v":0}]
["?",null,"Telephone",null,0,{"$f":"IF('Rents and Income'!$E$31=0,0,IF(D10=0,\"\",D10/'Rents and Income'!$E$31))","v":0}]
[null,null,"Office Supplies",null,0,{"$f":"IF('Rents and Income'!$E$31=0,0,IF(D11=0,\"\",D11/'Rents and Income'!$E$31))","v":0}]
["?",null,"PJ Monitoring Fee (if any)",null,{"$f":"D12/12","v":0},{"$f":"IF('Rents and Income'!$E$31=0,0,IF(D12=0,\"\",D12/'Rents and Income'!$E$31))","v":0}]
["?",null,null,null,0,{"$f":"IF('Rents and Income'!$E$31=0,0,IF(D13=0,\"\",D13/'Rents and Income'!$E$31))","v":0}]
[null,null,null,null,0,{"$f":"IF('Rents and Income'!$E$31=0,0,IF(D14=0,\"\",D14/'Rents and Income'!$E$31))","v":0}]
[null,null,"Operations and Maintenance Expenses"]
["?",null,"Security",null,{"$f":"D16/12","v":0},{"$f":"IF('Rents and Income'!$E$31=0,0,IF(D16=0,\"\",D16/'Rents and Income'!$E$31))","v":0}]
["?",null,"Operations and Maintenance Payroll Costs",null,0,{"$f":"IF('Rents and Income'!$E$31=0,0,IF(D17=0,\"\",D17/'Rents and Income'!$E$31))","v":0}]
["?",null,"Repairs Supplies",null,{"$f":"D18/12","v":0},{"$f":"IF('Rents and Income'!$E$31=0,0,IF(D18=0,\"\",D18/'Rents and Income'!$E$31))","v":0}]
[null,null,"Repairs Contracts",null,{"$f":"D19/12","v":0},{"$f":"IF('Rents and Income'!$E$31=0,0,IF(D19=0,\"\",D19/'Rents and Income'!$E$31))","v":0}]
["?",null,"Elevator (if any)",null,0,{"$f":"IF('Rents and Income'!$E$31=0,0,IF(D20=0,\"\",D20/'Rents and Income'!$E$31))","v":0}]
["?",null,"Other Mechanical Equipment",null,0,{"$f":"IF('Rents and Income'!$E$31=0,0,IF(D21=0,\"\",D21/'Rents and Income'!$E$31))","v":0}]
["?",null,"Interior Painting",null,0,{"$f":"IF('Rents and Income'!$E$31=0,0,IF(D22=0,\"\",D22/'Rents and Income'!$E$31))","v":0}]
["?",null,"Exterminating",null,0,{"$f":"IF('Rents and Income'!$E$31=0,0,IF(D23=0,\"\",D23/'Rents and Income'!$E$31))","v":0}]
[null,null,"Lawn and Landscaping",null,0,{"$f":"IF('Rents and Income'!$E$31=0,0,IF(D24=0,\"\",D24/'Rents and Income'!$E$31))","v":0}]
[null,null,"Garbage Removal",null,0,{"$f":"IF('Rents and Income'!$E$31=0,0,IF(D25=0,\"\",D25/'Rents and Income'!$E$31))","v":0}]
[null,null,"Snow Removal",null,0,{"$f":"IF('Rents and Income'!$E$31=0,0,IF(D26=0,\"\",D26/'Rents and Income'!$E$31))","v":0}]
["?",null,"Resident Service Cost",null,0,{"$f":"IF('Rents and Income'!$E$31=0,0,IF(D27=0,\"\",D27/'Rents and Income'!$E$31))","v":0}]
["?",null,null,null,0,{"$f":"IF('Rents and Income'!$E$31=0,0,IF(D28=0,\"\",D28/'Rents and Income'!$E$31))","v":0}]
[null,null,null,null,0,{"$f":"IF('Rents and Income'!$E$31=0,0,IF(D29=0,\"\",D29/'Rents and Income'!$E$31))","v":0}]
[null,null,"Utilities Paid by the Property"]
["?",null,"Electricity",null,{"$f":"D31/12","v":0},{"$f":"IF('Rents and Income'!$E$31=0,0,IF(D31=0,\"\",D31/'Rents and Income'!$E$31))","v":0}]
[null,null,"Natural Gas, Oil, Other Fuel",null,{"$f":"D32/12","v":0},{"$f":"IF('Rents and Income'!$E$31=0,0,IF(D32=0,\"\",D32/'Rents and Income'!$E$31))","v":0}]
[null,null,"Sewer and Water",null,{"$f":"D33/12","v":0},{"$f":"IF('Rents and Income'!$E$31=0,0,IF(D33=0,\"\",D33/'Rents and Income'!$E$31))","v":0}]
["?",null,null,null,{"$f":"D34/12","v":0},{"$f":"IF('Rents and Income'!$E$31=0,0,IF(D34=0,\"\",D34/'Rents and Income'!$E$31))","v":0}]
[null,null,"Taxes / Insurance / Other Expenses"]
["?",null,"Real Estate Taxes",null,{"$f":"D36/12","v":0},{"$f":"IF('Rents and Income'!$E$31=0,0,IF(D36=0,\"\",D36/'Rents and Income'!$E$31))","v":0}]
[null,null,"Payroll Taxes",null,null,{"$f":"IF('Rents and Income'!$E$31=0,0,IF(D37=0,\"\",D37/'Rents and Income'!$E$31))","v":0}]
[null,null,"Other Taxes and Licenses",null,{"$f":"D38/12","v":0},{"$f":"IF('Rents and Income'!$E$31=0,0,IF(D38=0,\"\",D38/'Rents and Income'!$E$31))","v":0}]
["?",null,"Property Insurance",null,{"$f":"D39/12","v":0},{"$f":"IF('Rents and Income'!$E$31=0,0,IF(D39=0,\"\",D39/'Rents and Income'!$E$31))","v":0}]
["?",null,"Workers Compensation Insurance",null,null,{"$f":"IF('Rents and Income'!$E$31=0,0,IF(D40=0,\"\",D40/'Rents and Income'!$E$31))","v":0}]
[null,null,"Health Insurance / Other Employee Benefits",null,null,{"$f":"IF('Rents and Income'!$E$31=0,0,IF(D41=0,\"\",D41/'Rents and Income'!$E$31))","v":0}]
["?",null,null,null,{"$f":"D42/12","v":0},{"$f":"IF('Rents and Income'!$E$31=0,0,IF(D42=0,\"\",D42/'Rents and Income'!$E$31))","v":0}]
[null,null,null,null,{"$f":"D43/12","v":0},{"$f":"IF('Rents and Income'!$E$31=0,0,IF(D43=0,\"\",D43/'Rents and Income'!$E$31))","v":0}]
[]
[null,null,"TOTAL OPERATING EXPENSES",{"$f":"SUM(D4:D44)","v":0},{"$f":"D45/12","v":0},{"$f":"IF('Rents and Income'!$E$31=0,0,IF(D45=0,\"\",D45/'Rents and Income'!$E$31))","v":0}]
[]
["?",null,"Reserve for Replacement Deposit",null,{"$f":"D47/12","v":0},{"$f":"IF('Rents and Income'!$E$31=0,0,IF(D47=0,\"\",D47/'Rents and Income'!$E$31))","v":0}]
[]
[null,null,"TOTAL EXPENSES PLUS RESERVE",{"$f":"+D45+D47","v":0},{"$f":"D49/12","v":0},{"$f":"IF('Rents and Income'!$E$31=0,0,IF(D49=0,\"\",D49/'Rents and Income'!$E$31))","v":0}]
[]
[null,null,"SUBTOTAL ADMINISTRATIVE EXPENSES",{"$f":"SUM(D4:D15)","v":0},{"$f":"SUM(E4:E15)","v":0},{"$f":"SUM(F4:F15)","v":0}]
[null,null,"SUBTOTAL O&M EXPENSES",{"$f":"SUM(D15:D30)","v":0},{"$f":"SUM(E15:E30)","v":0},{"$f":"SUM(F15:F30)","v":0}]
[null,null,"SUBTOTAL OWNER PAID UTILITIES",{"$f":"SUM(D30:D35)","v":0},{"$f":"SUM(E30:E35)","v":0},{"$f":"SUM(F30:F35)","v":0}]
[null,null,"SUBTOTAL TAXES / INSURANCE / OTHER",{"$f":"SUM(D35:D44)","v":0},{"$f":"SUM(E35:E44)","v":0},{"$f":"SUM(F35:F44)","v":0}]
[null,null,"TOTAL OPERATING EXPENSES",{"$f":"SUM(D50:D54)","v":0},{"$f":"SUM(E50:E54)","v":0},{"$f":"SUM(F50:F54)","v":0}]
[]
[]
[]
[null,null,"Upon completing this tab, proceed to the First Mortgage Sizing tab."]

{"sheet":"First Mortgage Sizing","index":9,"n_rows":110,"n_cols":11,"rows_kept":110,"cut":false,"hidden":false,"merged":[[107,2,107,7],[47,2,47,7],[0,3,0,5],[18,4,18,6],[37,2,37,7],[25,2,25,7],[20,4,20,7],[23,2,23,7],[35,2,35,7]]}
["?",null,"First Mortgage Sizing and","Enter data in green cells only"]
[null,null,"Junior Loan Characteristics",{"$f":"Requirements!C4","v":"Project Name -  : 0 Units"}]
[]
["?",null,"Net Operating Income Summary","Annual","HOME Units","Other Affordable","Market Units"]
[]
[null,null,"Gross Potential Rents",{"$f":"+'Rents and Income'!I32","v":0},{"$f":"+'Rents and Income'!X31*12","v":0},{"$f":"+'Rents and Income'!Y31*12","v":0},{"$f":"+'Rents and Income'!Z31*12","v":0}]
[null,null,"Rent Loss",{"$f":"SUM(E7:G7)","v":0},{"$f":"-ROUND(E6*'Rents and Income'!E39,0)","v":0},{"$f":"-ROUND(F6*'Rents and Income'!F39,0)","v":0},{"$f":"-ROUND(G6*'Rents and Income'!G39,0)","v":0}]
[null,null,"Other Income",{"$f":"+'Rents and Income'!E48*12","v":0}]
[]
[null,null,"Effective Gross Income",{"$f":"SUM(D5:D9)","v":0}]
[]
[null,null,"Total Operating Expenses",{"$f":"-'Operating Expenses'!D45","v":0}]
[null,null,"Replacement Reserve Deposit",{"$f":"-'Operating Expenses'!D47","v":0}]
[]
[null,null,"Net Operating Income (NOI)",{"$f":"SUM(D10:D14)","v":0}]
[]
[null,null,"Capitalization Rate and Value"]
["?",null,"Capitalization Rate"]
[null,null,"Calculated Market Value",null," (NOI ÷ Capitalization Rate)"]
["?",null,"Lender's Appraised Value for the Project"]
["?",null,"Value of Project at Sale**",null,{"$f":"\" (Year of sale is year \"&'Pro Forma Assumptions'!$D$24&\")\"","v":" (Year of sale is year )"}]
[null,null,"**  If Value of Project at Sale is left blank, the Template will use the Capitalization Rate to determine the project's value when sold."]
[]
[]
[]
[null,null,"In this Template:\n   First Mortgage means a fixed-rate, fixed-payment, self-amortizing loan (without balloon payments).\n   Amortizing Second Mortgage means a junior fixed-rate, fixed-payment, self-amortizing loan (without balloon payments).\n   Deferred Payment Loan means a loan that will receive no payments during its term. \n   Custom Loan means any other type of loan (i.e., with some payments but not fixed-payment / self-amortizing)."]
[]
["?",null,"First Mortgage Characteristics"]
["?",null,"Minimum Debt Service Coverage"]
["?",null,"Maximum Loan to Value"]
[null,null,"Interest Rate",null,{"$f":"IF(ISERROR(PMT(D31/12,D33*12,-1)*12),0,PMT(D31/12,D33*12,-1)*12)","v":0},"Annual P+I as % of loan amount"]
["?",null,"Mortgage Insurance Premium",null,{"$f":"+D32","v":0},"Annual MIP as % of loan amount"]
["?",null,"Loan Term (years)"]
["?",null,"First Mortgage Lender"]
[]
[]
[]
[null,null,"For each loan below, the Template asks 'Is this loan funded by the HOME program?'.  The Template uses your answers to calculate the total amount of proposed HOME funding, recognizing that you may be planning multiple types of HOME funding (for example, a first mortgage loan with required monthly payments plus a soft second mortgage loan with payments limited to a share of cash flow).  Later, on the Sources and Uses tab, you will verify that the proposed total HOME funding does not exceed the project's funding gap.  "]
[]
[null,null,"First Mortgage Loan Amount"]
[null,null,"Maximum Loan Amount by LTV",{"$f":"ROUNDDOWN(D20*D30,-2)","v":0},"  (Lender's value x maximum LTV)",null,null,null,null,"Yes","No"]
[null,null,"Maximum Loan Amount by DSC",{"$f":"IF(ISERROR(ROUNDDOWN(D15/D29/(E31+E32),-2)),0,ROUNDDOWN(D15/D29/(E31+E32),-2))","v":0},"  (NOI ÷ DSC ÷ [PI factor + MIP factor])"]
[null,null,"Calculated Maximum Loan Amount",{"$f":"MIN(D41:D42)","v":0},"  (Lesser of the two limitations above)"]
["?",null,"Lender's Proposed Loan Amount"]
[null,null,"Is this loan funded by the HOME program?","No"]
[null,null,"Calculated Monthly P+I+MIP Payment",{"$f":"IF(OR(D41=0,D33=0),0,D44*(E31+E32)/12)","v":0},"  (This total is sometimes referred to as the 'debt service' payment)"]
[]
[null,null,"Debt Service Coverage (DSC) is the ratio of Net Operating Income to the 1st mortgage debt service payment (P+I+MIP).  If the ratio is below 1.0 it means that there is not enough NOI to cover the debt service payment, and the proposed project will not be viable unless the first mortgage debt service payment can be reduced (for example, by utilizing more HOME funds so that the first mortgage loan amount can be reduced).  The HOME underwriter will want to consider whether to require DSC that is higher than required by the first mortgage lender.  In general, the higher the DSC, the less risk that the project will have negative cash flow because of a future revenue or expense problem.  However, a high DSC may indicate that the first mortgage loan amount can be increased (without endangering the finances of the project) which would allow HOME funding to be decreased."]
[]
[null,null,"Estimated Debt Service Coverage (DSC) Ratio",{"$f":"IF(D46=0,0,D15/(D46*12))","v":0},{"$f":"IF(D50=0,\"\",IF(D50<1,\"Warning: Estimated DSC is below 1.0\",IF(D50<1.1,\"Warning: DSC is between 1.0 and 1.1\",\"\")))","v":""}]
[]
[null,null,"First Mortgage Lender Origination and Financing Fees (Points)"]
["?",null,"Origination and Financing Fees",0.02,"of the loan amount"]
[null,null,"Calculated Origination and Financing Fees",{"$f":"ROUND(D44*D53,0)","v":0}]
[null,null,"Amount entered on Development Costs tab",{"$f":"ROUND('Development Costs'!D67,0)","v":0},{"$f":"IF(D54=D55,\"\",\"Differs from calculated amount above\")","v":""}]
[]
["?",null,"Characteristics of Amortizing Second Mortgage Loan"]
[null,null,"Amortizing Second Mortgage Loan Amount"]
[null,null,"Is this loan funded by the HOME program?"]
[null,null,"Amortizing Second Mortgage Source"]
[null,null,"Interest Rate"]
[null,null,"Loan Term (years)"]
[null,null,"Calculated Monthly P+I Payment",{"$f":"IF(OR(D58=0,D62=0),0,-PMT(D61/12,D62*12,D58))","v":0}]
[]
["?",null,"Final year of Operating Pro Forma",{"$f":"ROUND('Pro Forma Assumptions'!$D$24,0)","v":0},"  (from Pro Forma Assumptions page)"]
[]
["?",null,"Characteristics of Deferred Payment Loan #1"]
[null,null,"Name of Deferred Payment Loan #1"]
[null,null,{"$f":"\"Loan Amount for \"&D68","v":"Loan Amount for "}]
[null,null,"Is this loan funded by the HOME program?"]
[null,null,{"$f":"\"Lender for \"&D68","v":"Lender for "}]
[null,null,{"$f":"\"Interest Rate for \"&D68","v":"Interest Rate for "}]
[null,null,{"$f":"\"Loan Term (Maturity) for \"&D68","v":"Loan Term (Maturity) for "},null,{"$f":"IF(OR(D73=0,ROUND(D73,0)>=D65),\"\",\"Warning: Loan matures prior to sale of the property\")","v":""}]
[null,null,"A deferred loan is one with no payments due until maturity"]
[]
[]
["?",null,"Characteristics of Deferred Payment Loan #2"]
[null,null,"Name of Deferred Payment Loan #2"]
[null,null,{"$f":"\"Loan Amount for \"&D78","v":"Loan Amount for "}]
[null,null,"Is this loan funded by the HOME program?"]
[null,null,{"$f":"\"Lender for \"&D78","v":"Lender for "}]
[null,null,{"$f":"\"Interest Rate for \"&D78","v":"Interest Rate for "}]
[null,null,{"$f":"\"Loan Term (Maturity) for \"&D78","v":"Loan Term (Maturity) for "},null,{"$f":"IF(ROUND(D83,0)>=D75,\"\",\"Warning: Loan matures prior to sale of the property\")","v":""}]
[null,null,"A deferred loan is one with no payments due until maturity"]
[]
[]
["?",null,"Characteristics of Custom Loan #1"]
[null,null,"Name of Custom Loan #1"]
[null,null,{"$f":"\"Loan Amount for \"&D88","v":"Loan Amount for "}]
[null,null,"Is this loan funded by the HOME program?"]
[null,null,{"$f":"\"Lender for \"&D88","v":"Lender for "}]
[null,null,{"$f":"\"Interest Rate for \"&D88","v":"Interest Rate for "}]
[null,null,{"$f":"\"Loan Term (Maturity) for \"&D88","v":"Loan Term (Maturity) for "},null,{"$f":"IF(ROUND(D93,0)>=D85,\"\",\"Warning: Loan matures prior to sale of the property\")","v":""}]
[null,null,"A custom loan has payments prior to maturity but is not a normal fixed rate amortizing loan."]
[null,null,"Enter the annual payments for this loan directly on the Operating Pro Forma tab."]
[]
[]
["?",null,"Characteristics of Custom Loan #2"]
[null,null,"Name of Custom Loan #2"]
[null,null,"Loan Amount (Custom loan 1)"]
[null,null,"Is this loan funded by the HOME program?"]
[null,null,"Custom Loan 1 Source"]
[null,null,"Custom Loan 1 Interest Rate"]
[null,null,"Custom Loan 1 Year of Maturity",null,{"$f":"IF(ROUND(D104,0)>=D96,\"\",\"Warning: Loan matures prior to sale of the property\")","v":""}]
[null,null,"A custom loan has payments prior to maturity but is not a normal fixed rate amortizing loan."]
[null,null,"Enter the annual payments for this loan directly on the Operating Pro Forma tab."]
[]
[]
[]
[null,null,"Upon completing this tab, proceed to the Sources and Uses tab."]

{"sheet":"Sources and Uses","index":10,"n_rows":50,"n_cols":17,"rows_kept":50,"cut":false,"hidden":false,"merged":[[3,14,6,14],[27,4,27,5],[28,4,28,5],[29,4,29,5],[4,2,4,5],[30,4,30,5],[31,4,31,5],[32,4,32,5],[33,4,33,5],[34,4,34,5],[46,2,46,5],[35,4,35,5],[36,4,36,5],[37,4,37,5],[38,4,38,5],[39,4,39,5]]}
[null,null,"Sources and Uses of Funds",null,null,"Enter data in green cells only"]
[]
[null,null,{"$f":"Requirements!C4","v":"Project Name -  : 0 Units"}]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,"Amounts Funded by HOME"]
[null,null,"In this template, the underwriter enters all proposed Sources of Funds (including HOME) on this tab (other than those that were already entered on the First Mortgage Sizing tab).  The Uses of Funds are repeated below (from the Development Costs tab).  Then the template verifies whether the Sources and Uses are in balance; be sure that Sources and Uses are balanced before moving forward.  If there are insufficient Sources, potential solutions include deferring a greater portion of the developer fee, increasing HOME funding, and obtaining increased funding from some other source.  If there are excess Sources, the HOME underwriter should consider reducing the proposed HOME funding.\n\nPJs must perform cost allocation separately from this tool to verify that the proposed amount of HOME funding is within the allowable maximum HOME investment."]
[]
["?",null,"Sources of Funds","Amount","HOME?","Comment"]
["?",null,"First Mortgage Loan (proposed amount)",{"$f":"'First Mortgage Sizing'!D44","v":0},{"$f":"+N8","v":"No"},null,null,{"$f":"+'First Mortgage Sizing'!D43","v":0},"is estimated on the 1st Mortgage Sizing tab",null,null,null,{"$f":"+'First Mortgage Sizing'!D34","v":0},{"$f":"+'First Mortgage Sizing'!D45","v":"No"},{"$f":"IF(E8=\"Yes\",D8,0)","v":0},"Yes","No"]
[null,null,"Amortizing Second Mortgage Loan",{"$f":"+'First Mortgage Sizing'!D58","v":0},0,null,null,null,null,null,null,null,{"$f":"+'First Mortgage Sizing'!D60","v":0},{"$f":"+'First Mortgage Sizing'!D59","v":0},0]
[null,null,{"$f":"IF(OR('First Mortgage Sizing'!D68=0,'First Mortgage Sizing'!D68=\"\"),\"\",'First Mortgage Sizing'!D68)","v":""},{"$f":"+'First Mortgage Sizing'!D69","v":0},0,null,null,null,null,null,null,null,{"$f":"+'First Mortgage Sizing'!D71","v":0},{"$f":"+'First Mortgage Sizing'!D70","v":0},0]
[null,null,{"$f":"IF(OR('First Mortgage Sizing'!D78=0,'First Mortgage Sizing'!D78=\"\"),\"\",'First Mortgage Sizing'!D78)","v":""},{"$f":"+'First Mortgage Sizing'!D79","v":0},0,null,null,null,null,null,null,null,{"$f":"+'First Mortgage Sizing'!D81","v":0},{"$f":"+'First Mortgage Sizing'!D80","v":0},0]
[null,null,{"$f":"IF(OR('First Mortgage Sizing'!D88=0,'First Mortgage Sizing'!D88=\"\"),\"\",'First Mortgage Sizing'!D88)","v":""},{"$f":"+'First Mortgage Sizing'!D89","v":0},0,null,null,null,null,null,null,null,{"$f":"+'First Mortgage Sizing'!D91","v":0},{"$f":"+'First Mortgage Sizing'!D90","v":0},0]
[null,null,{"$f":"IF(OR('First Mortgage Sizing'!D99=0,'First Mortgage Sizing'!D99=\"\"),\"\",'First Mortgage Sizing'!D99)","v":""},{"$f":"+'First Mortgage Sizing'!D100","v":0},0,null,null,null,null,null,null,null,{"$f":"+'First Mortgage Sizing'!D102","v":0},{"$f":"+'First Mortgage Sizing'!D101","v":0},0]
["?",null,"Deferred Developer Fee",null,null,null,null,null,null,null,null,null,null,null,{"$f":"IF(E14=\"Yes\",D16,0)","v":0}]
["?",null,"Developer Cash Investment",null,null,null,null,null,null,null,null,null,null,null,{"$f":"IF(E15=\"Yes\",D17,0)","v":0}]
["?",null,"Tax Credit Equity (proposed amount)",null,null,null,null,{"$f":"+'LIHTC Basis'!D53","v":0},"is estimated on the LIHTC Basis tab",null,null,null,null,null,{"$f":"IF(E16=\"Yes\",D18,0)","v":0}]
["?",null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"IF(E17=\"Yes\",#REF!,0)","v":0}]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"IF(E18=\"Yes\",#REF!,0)","v":0}]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,0]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,0]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,0]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,0]
[null,null,"Total Sources of Funds",{"$f":"ROUND(SUM(D7:D22),0)","v":0},null,null,null,null,null,null,null,null,null,null,{"$f":"ROUND(SUM(O7:O22),0)","v":0}]
[]
["?",null,"Total HOME Funding",{"$f":"+O23","v":0}]
["?",null,"Developer Investment for Financial Analysis",{"$f":"+D16+D17","v":0},null,"  (used in Operating Pro Forma for IRR, etc.)"]
[]
["?",null,"Uses of Funds / Total Development Cost","Amount","Comment"]
[null,null,"Acquisition Costs",{"$f":"SUM('Development Costs'!D4:D8)","v":0}]
[null,null,"Site Work Costs",{"$f":"SUM('Development Costs'!D8:D17)","v":0}]
[null,null,"Construction / Rehabilitation Costs",{"$f":"SUM('Development Costs'!D17:D30)","v":0}]
[null,null,"Architectural / Engineering Costs",{"$f":"SUM('Development Costs'!D30:D35)","v":0}]
[null,null,"Other Owner Costs",{"$f":"SUM('Development Costs'!D35:D54)","v":0}]
[null,null,"Construction Interest",{"$f":"+'Development Costs'!D57","v":0}]
[null,null,"Other Interim Financing Costs",{"$f":"SUM('Development Costs'!D54:D65)-D34","v":0}]
[null,null,"Permanent Financing Costs",{"$f":"SUM('Development Costs'!D65:D75)-D37","v":0}]
[null,null,"Developer's Fee",{"$f":"+'Development Costs'!D74","v":0}]
[null,null,"Initial Project Reserves",{"$f":"SUM('Development Costs'!D75:D83)","v":0}]
[null,null,"Project Management Costs ",{"$f":"SUM('Development Costs'!D83:D90)","v":0}]
[null,null,"Other Development Costs",{"$f":"D41-SUM(D28:D39)","v":0}]
[null,null,"Total Uses of Funds",{"$f":"ROUND('Development Costs'!D98,0)","v":0}]
[]
[null,null,"Subsidy layering gap (before HOME funding)",{"$f":"+D41-(D23-D25)","v":0}," (Total Uses of Funds minus Total Sources of Funds other than HOME)"]
[]
[null,null,{"$f":"IF(H45=0,\"\",IF(H45>0,\"Inadequate sources of funds; \"&TEXT($H$45,\"$#,##0\")&\" of additional sources are needed\",\"Excess sources of funds; sources need to be reduced by \"&TEXT(-$H$45,\"$#,##0\")))","v":""},null,null,null,null,{"$f":"+D41-D23","v":0}]
[]
[]
[]
[null,null,"Upon completing this tab, proceed to the Sources and Uses By Month tab.  The Sources and Uses By Month tab is optional but is highly"]
[null,null,"recommended, as a way of verifying the construction interest estimate from the Development Costs tab."]

{"sheet":"S&U By Month","index":11,"n_rows":130,"n_cols":32,"rows_kept":130,"cut":false,"hidden":false,"merged":[[129,2,129,3],[125,2,125,3],[3,24,5,24],[3,25,5,25],[3,26,5,26],[123,5,123,8],[127,2,127,5],[3,27,5,27],[3,6,5,6],[3,28,5,28],[3,23,5,23],[3,9,5,9],[3,8,5,8],[3,7,5,7],[3,18,5,18],[3,19,5,19],[3,20,5,20],[3,21,5,21],[3,22,5,22],[0,3,0,5],[3,5,5,5],[3,17,5,17],[3,16,5,16],[3,15,5,15],[3,14,5,14],[3,13,5,13],[3,12,5,12],[3,11,5,11],[3,10,5,10]]}
["?",null,"Sources and Uses by Month","Enter data in green cells only"]
[null,null,{"$f":"Requirements!C4","v":"Project Name -  : 0 Units"}]
[null,null,null,null,0,1,{"$f":"+F3+1","v":2},{"$f":"+G3+1","v":3},4,5,6,7,8,9,10,11,12,{"$f":"+Q3+1","v":13},14,15,16,17,18,19,20,21,22,23,24]
[null,null,"Months of Construction",{"$f":"ROUND('Development Costs'!D104,0)","v":0},null,{"$f":"IF(F3=$D$4,\"Construction Completion\",IF(F3=$D$4+$D$5,\"Const. Loan Payoff\",\"\"))","v":""},"","","","","","","","","","","","","","","","","","","","","","",""]
[null,null,"Months Const. Loan Outstanding After Completion",{"$f":"ROUND('Development Costs'!D105,0)","v":0}]
[]
["?",null,"Development Costs (Uses of Funds)","Total","Initial Closing / First Draw",{"$f":"\"Month \"&F3","v":"Month 1"},{"$f":"\"Month \"&G3","v":"Month 2"},"Month 3","Month 4","Month 5","Month 6","Month 7","Month 8","Month 9","Month 10","Month 11","Month 12",{"$f":"\"Month \"&R3","v":"Month 13"},"Month 14","Month 15","Month 16","Month 17","Month 18","Month 19","Month 20","Month 21","Month 22","Month 23","Month 24",null,"Total For All Months"]
[null,null,"Acquisition Costs"]
[null,null,{"$f":"+'Development Costs'!C5","v":"Land"},{"$f":"+'Development Costs'!D5","v":0},{"$f":"+D9","v":0},{"$f":"IF($D$4=0,0,ROUND((D9-E9)/$D$4,0))","v":0},{"$f":"IF(G$3<$D$4,F9,IF(G$3=$D$4,$D9-SUM($E9:F9),0))","v":0},{"$f":"IF(H$3<$D$4,G9,IF(H$3=$D$4,$D9-SUM($E9:G9),0))","v":0},{"$f":"IF(I$3<$D$4,H9,IF(I$3=$D$4,$D9-SUM($E9:H9),0))","v":0},{"$f":"IF(J$3<$D$4,I9,IF(J$3=$D$4,$D9-SUM($E9:I9),0))","v":0},{"$f":"IF(K$3<$D$4,J9,IF(K$3=$D$4,$D9-SUM($E9:J9),0))","v":0},{"$f":"IF(L$3<$D$4,K9,IF(L$3=$D$4,$D9-SUM($E9:K9),0))","v":0},{"$f":"IF(M$3<$D$4,L9,IF(M$3=$D$4,$D9-SUM($E9:L9),0))","v":0},{"$f":"IF(N$3<$D$4,M9,IF(N$3=$D$4,$D9-SUM($E9:M9),0))","v":0},{"$f":"IF(O$3<$D$4,N9,IF(O$3=$D$4,$D9-SUM($E9:N9),0))","v":0},{"$f":"IF(P$3<$D$4,O9,IF(P$3=$D$4,$D9-SUM($E9:O9),0))","v":0},{"$f":"IF(Q$3<$D$4,P9,IF(Q$3=$D$4,$D9-SUM($E9:P9),0))","v":0},{"$f":"IF(R$3<$D$4,Q9,IF(R$3=$D$4,$D9-SUM($E9:Q9),0))","v":0},{"$f":"IF(S$3<$D$4,R9,IF(S$3=$D$4,$D9-SUM($E9:R9),0))","v":0},{"$f":"IF(T$3<$D$4,S9,IF(T$3=$D$4,$D9-SUM($E9:S9),0))","v":0},{"$f":"IF(U$3<$D$4,T9,IF(U$3=$D$4,$D9-SUM($E9:T9),0))","v":0},{"$f":"IF(V$3<$D$4,U9,IF(V$3=$D$4,$D9-SUM($E9:U9),0))","v":0},{"$f":"IF(W$3<$D$4,V9,IF(W$3=$D$4,$D9-SUM($E9:V9),0))","v":0},{"$f":"IF(X$3<$D$4,W9,IF(X$3=$D$4,$D9-SUM($E9:W9),0))","v":0},{"$f":"IF(Y$3<$D$4,X9,IF(Y$3=$D$4,$D9-SUM($E9:X9),0))","v":0},{"$f":"IF(Z$3<$D$4,Y9,IF(Z$3=$D$4,$D9-SUM($E9:Y9),0))","v":0},{"$f":"IF(AA$3<$D$4,Z9,IF(AA$3=$D$4,$D9-SUM($E9:Z9),0))","v":0},{"$f":"IF(AB$3<$D$4,AA9,IF(AB$3=$D$4,$D9-SUM($E9:AA9),0))","v":0},{"$f":"IF(AC$3<$D$4,AB9,IF(AC$3=$D$4,$D9-SUM($E9:AB9),0))","v":0},null,{"$f":"SUM(E9:AC9)","v":0},{"$f":"IF(AE9>D9,\"ERROR: Total Amount Drawn Exceeds Total Available\",\"\")","v":""}]
[null,null,{"$f":"+'Development Costs'!C6","v":"Existing Structures"},{"$f":"+'Development Costs'!D6","v":0},{"$f":"+D10","v":0},{"$f":"IF($D$4=0,0,ROUND((D10-E10)/$D$4,0))","v":0},{"$f":"IF(G$3<$D$4,F10,IF(G$3=$D$4,$D10-SUM($E10:F10),0))","v":0},{"$f":"IF(H$3<$D$4,G10,IF(H$3=$D$4,$D10-SUM($E10:G10),0))","v":0},{"$f":"IF(I$3<$D$4,H10,IF(I$3=$D$4,$D10-SUM($E10:H10),0))","v":0},{"$f":"IF(J$3<$D$4,I10,IF(J$3=$D$4,$D10-SUM($E10:I10),0))","v":0},{"$f":"IF(K$3<$D$4,J10,IF(K$3=$D$4,$D10-SUM($E10:J10),0))","v":0},{"$f":"IF(L$3<$D$4,K10,IF(L$3=$D$4,$D10-SUM($E10:K10),0))","v":0},{"$f":"IF(M$3<$D$4,L10,IF(M$3=$D$4,$D10-SUM($E10:L10),0))","v":0},{"$f":"IF(N$3<$D$4,M10,IF(N$3=$D$4,$D10-SUM($E10:M10),0))","v":0},{"$f":"IF(O$3<$D$4,N10,IF(O$3=$D$4,$D10-SUM($E10:N10),0))","v":0},{"$f":"IF(P$3<$D$4,O10,IF(P$3=$D$4,$D10-SUM($E10:O10),0))","v":0},{"$f":"IF(Q$3<$D$4,P10,IF(Q$3=$D$4,$D10-SUM($E10:P10),0))","v":0},{"$f":"IF(R$3<$D$4,Q10,IF(R$3=$D$4,$D10-SUM($E10:Q10),0))","v":0},{"$f":"IF(S$3<$D$4,R10,IF(S$3=$D$4,$D10-SUM($E10:R10),0))","v":0},{"$f":"IF(T$3<$D$4,S10,IF(T$3=$D$4,$D10-SUM($E10:S10),0))","v":0},{"$f":"IF(U$3<$D$4,T10,IF(U$3=$D$4,$D10-SUM($E10:T10),0))","v":0},{"$f":"IF(V$3<$D$4,U10,IF(V$3=$D$4,$D10-SUM($E10:U10),0))","v":0},{"$f":"IF(W$3<$D$4,V10,IF(W$3=$D$4,$D10-SUM($E10:V10),0))","v":0},{"$f":"IF(X$3<$D$4,W10,IF(X$3=$D$4,$D10-SUM($E10:W10),0))","v":0},{"$f":"IF(Y$3<$D$4,X10,IF(Y$3=$D$4,$D10-SUM($E10:X10),0))","v":0},{"$f":"IF(Z$3<$D$4,Y10,IF(Z$3=$D$4,$D10-SUM($E10:Y10),0))","v":0},{"$f":"IF(AA$3<$D$4,Z10,IF(AA$3=$D$4,$D10-SUM($E10:Z10),0))","v":0},{"$f":"IF(AB$3<$D$4,AA10,IF(AB$3=$D$4,$D10-SUM($E10:AA10),0))","v":0},{"$f":"IF(AC$3<$D$4,AB10,IF(AC$3=$D$4,$D10-SUM($E10:AB10),0))","v":0},null,{"$f":"SUM(E10:AC10)","v":0},{"$f":"IF(AE10>D10,\"ERROR: Total Amount Drawn Exceeds Total Available\",\"\")","v":""}]
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[null,null,"Site Work Costs (not included in construction contract)"]
[null,null,{"$f":"+'Development Costs'!C9","v":"Demolition/Clearance "},{"$f":"+'Development Costs'!D9","v":0},{"$f":"+D13","v":0},{"$f":"IF($D$4=0,0,ROUND((D13-E13)/$D$4,0))","v":0},{"$f":"IF(G$3<$D$4,F13,IF(G$3=$D$4,$D13-SUM($E13:F13),0))","v":0},{"$f":"IF(H$3<$D$4,G13,IF(H$3=$D$4,$D13-SUM($E13:G13),0))","v":0},{"$f":"IF(I$3<$D$4,H13,IF(I$3=$D$4,$D13-SUM($E13:H13),0))","v":0},{"$f":"IF(J$3<$D$4,I13,IF(J$3=$D$4,$D13-SUM($E13:I13),0))","v":0},{"$f":"IF(K$3<$D$4,J13,IF(K$3=$D$4,$D13-SUM($E13:J13),0))","v":0},{"$f":"IF(L$3<$D$4,K13,IF(L$3=$D$4,$D13-SUM($E13:K13),0))","v":0},{"$f":"IF(M$3<$D$4,L13,IF(M$3=$D$4,$D13-SUM($E13:L13),0))","v":0},{"$f":"IF(N$3<$D$4,M13,IF(N$3=$D$4,$D13-SUM($E13:M13),0))","v":0},{"$f":"IF(O$3<$D$4,N13,IF(O$3=$D$4,$D13-SUM($E13:N13),0))","v":0},{"$f":"IF(P$3<$D$4,O13,IF(P$3=$D$4,$D13-SUM($E13:O13),0))","v":0},{"$f":"IF(Q$3<$D$4,P13,IF(Q$3=$D$4,$D13-SUM($E13:P13),0))","v":0},{"$f":"IF(R$3<$D$4,Q13,IF(R$3=$D$4,$D13-SUM($E13:Q13),0))","v":0},{"$f":"IF(S$3<$D$4,R13,IF(S$3=$D$4,$D13-SUM($E13:R13),0))","v":0},{"$f":"IF(T$3<$D$4,S13,IF(T$3=$D$4,$D13-SUM($E13:S13),0))","v":0},{"$f":"IF(U$3<$D$4,T13,IF(U$3=$D$4,$D13-SUM($E13:T13),0))","v":0},{"$f":"IF(V$3<$D$4,U13,IF(V$3=$D$4,$D13-SUM($E13:U13),0))","v":0},{"$f":"IF(W$3<$D$4,V13,IF(W$3=$D$4,$D13-SUM($E13:V13),0))","v":0},{"$f":"IF(X$3<$D$4,W13,IF(X$3=$D$4,$D13-SUM($E13:W13),0))","v":0},{"$f":"IF(Y$3<$D$4,X13,IF(Y$3=$D$4,$D13-SUM($E13:X13),0))","v":0},{"$f":"IF(Z$3<$D$4,Y13,IF(Z$3=$D$4,$D13-SUM($E13:Y13),0))","v":0},{"$f":"IF(AA$3<$D$4,Z13,IF(AA$3=$D$4,$D13-SUM($E13:Z13),0))","v":0},{"$f":"IF(AB$3<$D$4,AA13,IF(AB$3=$D$4,$D13-SUM($E13:AA13),0))","v":0},{"$f":"IF(AC$3<$D$4,AB13,IF(AC$3=$D$4,$D13-SUM($E13:AB13),0))","v":0},null,{"$f":"SUM(E13:AC13)","v":0},{"$f":"IF(AE13>D13,\"ERROR: Total Amount Drawn Exceeds Total Available\",\"\")","v":""}]
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[]
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[]
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[]
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[]
[null,null,"Construction Loan Beginning Balance",null,{"$f":"+D122","v":0},{"$f":"IF(F$3>($D$4+$D$5),0,E122)","v":0},{"$f":"IF(G$3>($D$4+$D$5),0,F122)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Plus This Draw",null,{"$f":"+E117","v":0},{"$f":"+F117","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Plus Interest              (Total Interest at immediate right)",{"$f":"SUM(E121:AD121)","v":0},{"$f":"ROUND('Development Costs'!$D$102*('S&U By Month'!E119+'S&U By Month'!E120/2)/12,0)","v":0},{"$f":"ROUND('Development Costs'!$D$102*('S&U By Month'!F119+'S&U By Month'!F120/2)/12,0)","v":0},{"$f":"ROUND('Development Costs'!$D$102*('S&U By Month'!G119+'S&U By Month'!G120/2)/12,0)","v":0},{"$f":"ROUND('Development Costs'!$D$102*('S&U By Month'!H119+'S&U By Month'!H120/2)/12,0)","v":0},{"$f":"ROUND('Development Costs'!$D$102*('S&U By Month'!I119+'S&U By Month'!I120/2)/12,0)","v":0},{"$f":"ROUND('Development Costs'!$D$102*('S&U By Month'!J119+'S&U By Month'!J120/2)/12,0)","v":0},{"$f":"ROUND('Development Costs'!$D$102*('S&U By Month'!K119+'S&U By Month'!K120/2)/12,0)","v":0},{"$f":"ROUND('Development Costs'!$D$102*('S&U By Month'!L119+'S&U By Month'!L120/2)/12,0)","v":0},{"$f":"ROUND('Development Costs'!$D$102*('S&U By Month'!M119+'S&U By Month'!M120/2)/12,0)","v":0},{"$f":"ROUND('Development Costs'!$D$102*('S&U By Month'!N119+'S&U By Month'!N120/2)/12,0)","v":0},{"$f":"ROUND('Development Costs'!$D$102*('S&U By Month'!O119+'S&U By Month'!O120/2)/12,0)","v":0},{"$f":"ROUND('Development Costs'!$D$102*('S&U By Month'!P119+'S&U By Month'!P120/2)/12,0)","v":0},{"$f":"ROUND('Development Costs'!$D$102*('S&U By Month'!Q119+'S&U By Month'!Q120/2)/12,0)","v":0},{"$f":"ROUND('Development Costs'!$D$102*('S&U By Month'!R119+'S&U By Month'!R120/2)/12,0)","v":0},{"$f":"ROUND('Development Costs'!$D$102*('S&U By Month'!S119+'S&U By Month'!S120/2)/12,0)","v":0},{"$f":"ROUND('Development Costs'!$D$102*('S&U By Month'!T119+'S&U By Month'!T120/2)/12,0)","v":0},{"$f":"ROUND('Development Costs'!$D$102*('S&U By Month'!U119+'S&U By Month'!U120/2)/12,0)","v":0},{"$f":"ROUND('Development Costs'!$D$102*('S&U By Month'!V119+'S&U By Month'!V120/2)/12,0)","v":0},{"$f":"ROUND('Development Costs'!$D$102*('S&U By Month'!W119+'S&U By Month'!W120/2)/12,0)","v":0},{"$f":"ROUND('Development Costs'!$D$102*('S&U By Month'!X119+'S&U By Month'!X120/2)/12,0)","v":0},{"$f":"ROUND('Development Costs'!$D$102*('S&U By Month'!Y119+'S&U By Month'!Y120/2)/12,0)","v":0},{"$f":"ROUND('Development Costs'!$D$102*('S&U By Month'!Z119+'S&U By Month'!Z120/2)/12,0)","v":0},{"$f":"ROUND('Development Costs'!$D$102*('S&U By Month'!AA119+'S&U By Month'!AA120/2)/12,0)","v":0},{"$f":"ROUND('Development Costs'!$D$102*('S&U By Month'!AB119+'S&U By Month'!AB120/2)/12,0)","v":0},{"$f":"ROUND('Development Costs'!$D$102*('S&U By Month'!AC119+'S&U By Month'!AC120/2)/12,0)","v":0}]
[null,null,"Equals Ending Balance",null,{"$f":"+E119+E120+E121","v":0},{"$f":"+F119+F120+F121","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,null,"Construction interest estimate from Development Costs tab",{"$f":"+'Development Costs'!D111","v":0},null,"Construction interest estimate from detailed Sources and Uses By Month",null,null,null,{"$f":"+D121","v":0}]
[]
["?",null,{"$f":"IF(D124=0,0,IF(ABS((D121-D124)/D124)>10%,\"Construction interest calculated above is \"&TEXT((D121/D124),\"##.#%\")&\" of the Construction interest estimate from Development Costs tab. *** NOTE--This variance is in excess of 10%. ***\",\"Construction interest calculated above is \"&TEXT((D121/D124),\"##.#%\")&\" of the Construction interest estimate from Development Costs tab.\"))","v":0}]
[]
[]
[]
[null,null,"Upon completing this tab, proceed to Pro Forma Assumptions tab."]

{"sheet":"Pro Forma Assumptions","index":12,"n_rows":43,"n_cols":6,"rows_kept":43,"cut":false,"hidden":false,"merged":[[0,4,1,5],[40,2,40,5]]}
["?",null,"Key Assumptions",null,"Enter data in green cells only"]
[null,null,"For Operating Pro Forma"]
[null,null,{"$f":"Requirements!C4","v":"Project Name -  : 0 Units"}]
[]
[null,null,"HOME Affordability Period",{"$f":"+Requirements!G39","v":0},"years"]
[null,null,"Go to the Requirements tab to adjust the HOME affordability period"]
["?",null,"Switch HOME unit rents to market after:",{"$f":"+D5","v":0},"years",{"$f":"IF(D7<D5,\"Cannot be shorter than \"&D5&\" years\",\"\")","v":""}]
[null,null,"For units originally at HOME rents, the Operating Pro Forma uses HOME rents during this period, and market rents thereafter"]
[]
[null,null,"Other Affordable Housing Affordability Period"]
["?",null,"Other Affordable Housing Affordability Period",null,"years"]
["?",null,"Switch 'Other Affordable' unit rents to market after:",null,"years",{"$f":"IF(D12<D11,\"Cannot be shorter than \"&D11&\" years\",\"\")","v":""}]
[null,null,"For units originally at LIHTC / Other Affordable rents, the Operating Pro Forma uses restricted rents during this period, and market rents thereafter"]
[]
[null,null,"Inflation / Trending Assumptions","Total"]
["?",null,"Rent increase / rent trending assumptions:"]
[null,null,"HOME-assisted units",0.02,{"$f":"IF(D17=\"\",\"   required\",\"\")","v":""}]
[null,null,"Market Rate units",0.02,{"$f":"IF(D18=\"\",\"   required\",\"\")","v":""}]
[null,null,"Other affordable units",0.02,{"$f":"IF(D19=\"\",\"   required\",\"\")","v":""}]
["?",null,"Other income trending assumption",0.02,{"$f":"IF(D20=\"\",\"   required\",\"\")","v":""}]
["?",null,"Operating Expense Increase per Year",2.5000000000000001E-2,{"$f":"IF(D21=\"\",\"   required\",\"\")","v":""}]
[]
[null,null,"Length of Pro Forma"]
["?",null,"Years to Sale*",null,"years",{"$f":"IF(D24=\"\",\"required\",\"\")","v":"required"}]
[null,null,"* Years to Sale is used by the Template to determine the final year of the Pro-Forma."]
[]
[null,null,"Use one of the two radio buttons below, to set the number of years in the Operating Pro Forma tab."]
[]
[]
[]
[]
[]
[]
[null,null,"Debt Service Coverage Ratio"]
[null,null,"In year 2 (first stabilized year)",{"$f":"+'Operating Pro Forma'!E102","v":100}]
[null,null,"In year 5",{"$f":"+'Operating Pro Forma'!H102","v":100}]
[null,null,"In year 10",{"$f":"+'Operating Pro Forma'!M102","v":100}]
[null,null,"In year 15",{"$f":"+'Operating Pro Forma'!R102","v":100}]
[null,null,"In year 20",{"$f":"+'Operating Pro Forma'!W102","v":100}]
[]
[]
[]
[null,null,"Upon completing this tab, proceed to the Operating Pro Forma tab."]

{"sheet":"Operating Pro Forma","index":13,"n_rows":110,"n_cols":33,"rows_kept":110,"cut":false,"hidden":false,"merged":[[44,3,44,5],[45,3,45,5],[1,4,1,11]]}
[null,null,"Operating Pro-Forma",null,"\"####\" indicates that the columns should be widened.",null,null,null,null,null,null,{"$f":"Requirements!C4","v":"Project Name -  : 0 Units"}]
[null,null,null,null,"The only data entry cells on this tab are for payments on any 'custom loans' (see rows 31 and 32)."]
["?",null,"PROJECT TIMELINE"]
[null,null,null,"Year 1","Year 2","Year 3","Year 4","Year 5","Year 6","Year 7","Year 8","Year 9","Year 10","Year 11","Year 12","Year 13","Year 14","Year 15","Year 16","Year 17","Year 18","Year 19","Year 20","Year 21","Year 22","Year 23","Year 24","Year 25","Year 26","Year 27","Year 28","Year 29","Year 30"]
[null,null,null,1,2,3,4,5,6,7,8,9,10,11,12,13,14,15,16,17,18,19,20,21,22,23,24,25,26,27,28,29,30]
[null,null,"Gross Potential Rent (GPR) Projections"]
["?",null,"HOME/CDBG/LIHTC Rents",{"$f":"ROUND(IF('Pro Forma Assumptions'!$D$24<D5,0,D68),0)","v":0},{"$f":"ROUND(IF('Pro Forma Assumptions'!$D$24<E5,0,E68),0)","v":0},{"$f":"ROUND(IF('Pro Forma Assumptions'!$D$24<F5,0,F68),0)","v":0},{"$f":"ROUND(IF('Pro Forma Assumptions'!$D$24<G5,0,G68),0)","v":0},{"$f":"ROUND(IF('Pro Forma Assumptions'!$D$24<H5,0,H68),0)","v":0},{"$f":"ROUND(IF('Pro Forma Assumptions'!$D$24<I5,0,I68),0)","v":0},{"$f":"ROUND(IF('Pro Forma Assumptions'!$D$24<J5,0,J68),0)","v":0},{"$f":"ROUND(IF('Pro Forma Assumptions'!$D$24<K5,0,K68),0)","v":0},{"$f":"ROUND(IF('Pro Forma Assumptions'!$D$24<L5,0,L68),0)","v":0},{"$f":"ROUND(IF('Pro Forma Assumptions'!$D$24<M5,0,M68),0)","v":0},{"$f":"ROUND(IF('Pro Forma Assumptions'!$D$24<N5,0,N68),0)","v":0},{"$f":"ROUND(IF('Pro Forma Assumptions'!$D$24<O5,0,O68),0)","v":0},{"$f":"ROUND(IF('Pro Forma Assumptions'!$D$24<P5,0,P68),0)","v":0},{"$f":"ROUND(IF('Pro Forma Assumptions'!$D$24<Q5,0,Q68),0)","v":0},{"$f":"ROUND(IF('Pro Forma Assumptions'!$D$24<R5,0,R68),0)","v":0},{"$f":"ROUND(IF('Pro Forma Assumptions'!$D$24<S5,0,S68),0)","v":0},{"$f":"ROUND(IF('Pro Forma Assumptions'!$D$24<T5,0,T68),0)","v":0},{"$f":"ROUND(IF('Pro Forma Assumptions'!$D$24<U5,0,U68),0)","v":0},{"$f":"ROUND(IF('Pro Forma Assumptions'!$D$24<V5,0,V68),0)","v":0},{"$f":"ROUND(IF('Pro Forma Assumptions'!$D$24<W5,0,W68),0)","v":0},{"$f":"ROUND(IF('Pro Forma Assumptions'!$D$24<X5,0,X68),0)","v":0},{"$f":"ROUND(IF('Pro Forma Assumptions'!$D$24<Y5,0,Y68),0)","v":0},{"$f":"ROUND(IF('Pro Forma Assumptions'!$D$24<Z5,0,Z68),0)","v":0},{"$f":"ROUND(IF('Pro Forma Assumptions'!$D$24<AA5,0,AA68),0)","v":0},{"$f":"ROUND(IF('Pro Forma Assumptions'!$D$24<AB5,0,AB68),0)","v":0},{"$f":"ROUND(IF('Pro Forma Assumptions'!$D$24<AC5,0,AC68),0)","v":0},{"$f":"ROUND(IF('Pro Forma Assumptions'!$D$24<AD5,0,AD68),0)","v":0},{"$f":"ROUND(IF('Pro Forma Assumptions'!$D$24<AE5,0,AE68),0)","v":0},{"$f":"ROUND(IF('Pro Forma Assumptions'!$D$24<AF5,0,AF68),0)","v":0},{"$f":"ROUND(IF('Pro Forma Assumptions'!$D$24<AG5,0,AG68),0)","v":0}]
["?",null,"Market Rents",{"$f":"ROUND(IF('Pro Forma Assumptions'!$D$24<D5,0,D69),0)","v":0},{"$f":"ROUND(IF('Pro Forma Assumptions'!$D$24<E5,0,E69),0)","v":0},{"$f":"ROUND(IF('Pro Forma Assumptions'!$D$24<F5,0,F69),0)","v":0},{"$f":"ROUND(IF('Pro Forma Assumptions'!$D$24<G5,0,G69),0)","v":0},{"$f":"ROUND(IF('Pro Forma Assumptions'!$D$24<H5,0,H69),0)","v":0},{"$f":"ROUND(IF('Pro Forma Assumptions'!$D$24<I5,0,I69),0)","v":0},{"$f":"ROUND(IF('Pro Forma Assumptions'!$D$24<J5,0,J69),0)","v":0},{"$f":"ROUND(IF('Pro Forma Assumptions'!$D$24<K5,0,K69),0)","v":0},{"$f":"ROUND(IF('Pro Forma Assumptions'!$D$24<L5,0,L69),0)","v":0},{"$f":"ROUND(IF('Pro Forma Assumptions'!$D$24<M5,0,M69),0)","v":0},{"$f":"ROUND(IF('Pro Forma Assumptions'!$D$24<N5,0,N69),0)","v":0},{"$f":"ROUND(IF('Pro Forma Assumptions'!$D$24<O5,0,O69),0)","v":0},{"$f":"ROUND(IF('Pro Forma Assumptions'!$D$24<P5,0,P69),0)","v":0},{"$f":"ROUND(IF('Pro Forma Assumptions'!$D$24<Q5,0,Q69),0)","v":0},{"$f":"ROUND(IF('Pro Forma Assumptions'!$D$24<R5,0,R69),0)","v":0},{"$f":"ROUND(IF('Pro Forma Assumptions'!$D$24<S5,0,S69),0)","v":0},{"$f":"ROUND(IF('Pro Forma Assumptions'!$D$24<T5,0,T69),0)","v":0},{"$f":"ROUND(IF('Pro Forma Assumptions'!$D$24<U5,0,U69),0)","v":0},{"$f":"ROUND(IF('Pro Forma Assumptions'!$D$24<V5,0,V69),0)","v":0},{"$f":"ROUND(IF('Pro Forma Assumptions'!$D$24<W5,0,W69),0)","v":0},{"$f":"ROUND(IF('Pro Forma Assumptions'!$D$24<X5,0,X69),0)","v":0},{"$f":"ROUND(IF('Pro Forma Assumptions'!$D$24<Y5,0,Y69),0)","v":0},{"$f":"ROUND(IF('Pro Forma Assumptions'!$D$24<Z5,0,Z69),0)","v":0},{"$f":"ROUND(IF('Pro Forma Assumptions'!$D$24<AA5,0,AA69),0)","v":0},{"$f":"ROUND(IF('Pro Forma Assumptions'!$D$24<AB5,0,AB69),0)","v":0},{"$f":"ROUND(IF('Pro Forma Assumptions'!$D$24<AC5,0,AC69),0)","v":0},{"$f":"ROUND(IF('Pro Forma Assumptions'!$D$24<AD5,0,AD69),0)","v":0},{"$f":"ROUND(IF('Pro Forma Assumptions'!$D$24<AE5,0,AE69),0)","v":0},{"$f":"ROUND(IF('Pro Forma Assumptions'!$D$24<AF5,0,AF69),0)","v":0},{"$f":"ROUND(IF('Pro Forma Assumptions'!$D$24<AG5,0,AG69),0)","v":0}]
["?",null,"Other Affordable Rents",{"$f":"ROUND(IF('Pro Forma Assumptions'!$D$24<D5,0,D72),0)","v":0},{"$f":"ROUND(IF('Pro Forma Assumptions'!$D$24<E5,0,E72),0)","v":0},{"$f":"ROUND(IF('Pro Forma Assumptions'!$D$24<F5,0,F72),0)","v":0},{"$f":"ROUND(IF('Pro Forma Assumptions'!$D$24<G5,0,G72),0)","v":0},{"$f":"ROUND(IF('Pro Forma Assumptions'!$D$24<H5,0,H72),0)","v":0},{"$f":"ROUND(IF('Pro Forma Assumptions'!$D$24<I5,0,I72),0)","v":0},{"$f":"ROUND(IF('Pro Forma Assumptions'!$D$24<J5,0,J72),0)","v":0},{"$f":"ROUND(IF('Pro Forma Assumptions'!$D$24<K5,0,K72),0)","v":0},{"$f":"ROUND(IF('Pro Forma Assumptions'!$D$24<L5,0,L72),0)","v":0},{"$f":"ROUND(IF('Pro Forma Assumptions'!$D$24<M5,0,M72),0)","v":0},{"$f":"ROUND(IF('Pro Forma Assumptions'!$D$24<N5,0,N72),0)","v":0},{"$f":"ROUND(IF('Pro Forma Assumptions'!$D$24<O5,0,O72),0)","v":0},{"$f":"ROUND(IF('Pro Forma Assumptions'!$D$24<P5,0,P72),0)","v":0},{"$f":"ROUND(IF('Pro Forma Assumptions'!$D$24<Q5,0,Q72),0)","v":0},{"$f":"ROUND(IF('Pro Forma Assumptions'!$D$24<R5,0,R72),0)","v":0},{"$f":"ROUND(IF('Pro Forma Assumptions'!$D$24<S5,0,S72),0)","v":0},{"$f":"ROUND(IF('Pro Forma Assumptions'!$D$24<T5,0,T72),0)","v":0},{"$f":"ROUND(IF('Pro Forma Assumptions'!$D$24<U5,0,U72),0)","v":0},{"$f":"ROUND(IF('Pro Forma Assumptions'!$D$24<V5,0,V72),0)","v":0},{"$f":"ROUND(IF('Pro Forma Assumptions'!$D$24<W5,0,W72),0)","v":0},{"$f":"ROUND(IF('Pro Forma Assumptions'!$D$24<X5,0,X72),0)","v":0},{"$f":"ROUND(IF('Pro Forma Assumptions'!$D$24<Y5,0,Y72),0)","v":0},{"$f":"ROUND(IF('Pro Forma Assumptions'!$D$24<Z5,0,Z72),0)","v":0},{"$f":"ROUND(IF('Pro Forma Assumptions'!$D$24<AA5,0,AA72),0)","v":0},{"$f":"ROUND(IF('Pro Forma Assumptions'!$D$24<AB5,0,AB72),0)","v":0},{"$f":"ROUND(IF('Pro Forma Assumptions'!$D$24<AC5,0,AC72),0)","v":0},{"$f":"ROUND(IF('Pro Forma Assumptions'!$D$24<AD5,0,AD72),0)","v":0},{"$f":"ROUND(IF('Pro Forma Assumptions'!$D$24<AE5,0,AE72),0)","v":0},{"$f":"ROUND(IF('Pro Forma Assumptions'!$D$24<AF5,0,AF72),0)","v":0},{"$f":"ROUND(IF('Pro Forma Assumptions'!$D$24<AG5,0,AG72),0)","v":0}]
[null,null,"Gross Potential Rent ",{"$f":"SUM(D7:D9)","v":0},{"$f":"IF(E5>'Pro Forma Assumptions'!$D$24,0,SUM(E7:E9))","v":0},{"$f":"IF(F5>'Pro Forma Assumptions'!$D$24,0,SUM(F7:F9))","v":0},{"$f":"IF(G5>'Pro Forma Assumptions'!$D$24,0,SUM(G7:G9))","v":0},{"$f":"IF(H5>'Pro Forma Assumptions'!$D$24,0,SUM(H7:H9))","v":0},{"$f":"IF(I5>'Pro Forma Assumptions'!$D$24,0,SUM(I7:I9))","v":0},{"$f":"IF(J5>'Pro Forma Assumptions'!$D$24,0,SUM(J7:J9))","v":0},{"$f":"IF(K5>'Pro Forma Assumptions'!$D$24,0,SUM(K7:K9))","v":0},{"$f":"IF(L5>'Pro Forma Assumptions'!$D$24,0,SUM(L7:L9))","v":0},{"$f":"IF(M5>'Pro Forma Assumptions'!$D$24,0,SUM(M7:M9))","v":0},{"$f":"IF(N5>'Pro Forma Assumptions'!$D$24,0,SUM(N7:N9))","v":0},{"$f":"IF(O5>'Pro Forma Assumptions'!$D$24,0,SUM(O7:O9))","v":0},{"$f":"IF(P5>'Pro Forma Assumptions'!$D$24,0,SUM(P7:P9))","v":0},{"$f":"IF(Q5>'Pro Forma Assumptions'!$D$24,0,SUM(Q7:Q9))","v":0},{"$f":"IF(R5>'Pro Forma Assumptions'!$D$24,0,SUM(R7:R9))","v":0},{"$f":"IF(S5>'Pro Forma Assumptions'!$D$24,0,SUM(S7:S9))","v":0},{"$f":"IF(T5>'Pro Forma Assumptions'!$D$24,0,SUM(T7:T9))","v":0},{"$f":"IF(U5>'Pro Forma Assumptions'!$D$24,0,SUM(U7:U9))","v":0},{"$f":"IF(V5>'Pro Forma Assumptions'!$D$24,0,SUM(V7:V9))","v":0},{"$f":"IF(W5>'Pro Forma Assumptions'!$D$24,0,SUM(W7:W9))","v":0},{"$f":"IF(X5>'Pro Forma Assumptions'!$D$24,0,SUM(X7:X9))","v":0},{"$f":"IF(Y5>'Pro Forma Assumptions'!$D$24,0,SUM(Y7:Y9))","v":0},{"$f":"IF(Z5>'Pro Forma Assumptions'!$D$24,0,SUM(Z7:Z9))","v":0},{"$f":"IF(AA5>'Pro Forma Assumptions'!$D$24,0,SUM(AA7:AA9))","v":0},{"$f":"IF(AB5>'Pro Forma Assumptions'!$D$24,0,SUM(AB7:AB9))","v":0},{"$f":"IF(AC5>'Pro Forma Assumptions'!$D$24,0,SUM(AC7:AC9))","v":0},{"$f":"IF(AD5>'Pro Forma Assumptions'!$D$24,0,SUM(AD7:AD9))","v":0},{"$f":"IF(AE5>'Pro Forma Assumptions'!$D$24,0,SUM(AE7:AE9))","v":0},{"$f":"IF(AF5>'Pro Forma Assumptions'!$D$24,0,SUM(AF7:AF9))","v":0},{"$f":"IF(AG5>'Pro Forma Assumptions'!$D$24,0,SUM(AG7:AG9))","v":0}]
[]
[null,null,"Effective Gross Income (EGI) Projections"]
["?",null,"Vacancy Loss",{"$f":"ROUND(-D79,0)","v":0},{"$f":"ROUND(-E79,0)","v":0},{"$f":"ROUND(-F79,0)","v":0},{"$f":"ROUND(-G79,0)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
["?",null,"Other Revenue",{"$f":"ROUND(IF('Pro Forma Assumptions'!$D$24<D5,0,D74),0)","v":0},{"$f":"ROUND(IF('Pro Forma Assumptions'!$D$24<E5,0,E74),0)","v":0},{"$f":"ROUND(IF('Pro Forma Assumptions'!$D$24<F5,0,F74),0)","v":0},{"$f":"ROUND(IF('Pro Forma Assumptions'!$D$24<G5,0,G74),0)","v":0},{"$f":"ROUND(IF('Pro Forma Assumptions'!$D$24<H5,0,H74),0)","v":0},{"$f":"ROUND(IF('Pro Forma Assumptions'!$D$24<I5,0,I74),0)","v":0},{"$f":"ROUND(IF('Pro Forma Assumptions'!$D$24<J5,0,J74),0)","v":0},{"$f":"ROUND(IF('Pro Forma Assumptions'!$D$24<K5,0,K74),0)","v":0},{"$f":"ROUND(IF('Pro Forma Assumptions'!$D$24<L5,0,L74),0)","v":0},{"$f":"ROUND(IF('Pro Forma Assumptions'!$D$24<M5,0,M74),0)","v":0},{"$f":"ROUND(IF('Pro Forma Assumptions'!$D$24<N5,0,N74),0)","v":0},{"$f":"ROUND(IF('Pro Forma Assumptions'!$D$24<O5,0,O74),0)","v":0},{"$f":"ROUND(IF('Pro Forma Assumptions'!$D$24<P5,0,P74),0)","v":0},{"$f":"ROUND(IF('Pro Forma Assumptions'!$D$24<Q5,0,Q74),0)","v":0},{"$f":"ROUND(IF('Pro Forma Assumptions'!$D$24<R5,0,R74),0)","v":0},{"$f":"ROUND(IF('Pro Forma Assumptions'!$D$24<S5,0,S74),0)","v":0},{"$f":"ROUND(IF('Pro Forma Assumptions'!$D$24<T5,0,T74),0)","v":0},{"$f":"ROUND(IF('Pro Forma Assumptions'!$D$24<U5,0,U74),0)","v":0},{"$f":"ROUND(IF('Pro Forma Assumptions'!$D$24<V5,0,V74),0)","v":0},{"$f":"ROUND(IF('Pro Forma Assumptions'!$D$24<W5,0,W74),0)","v":0},{"$f":"ROUND(IF('Pro Forma Assumptions'!$D$24<X5,0,X74),0)","v":0},{"$f":"ROUND(IF('Pro Forma Assumptions'!$D$24<Y5,0,Y74),0)","v":0},{"$f":"ROUND(IF('Pro Forma Assumptions'!$D$24<Z5,0,Z74),0)","v":0},{"$f":"ROUND(IF('Pro Forma Assumptions'!$D$24<AA5,0,AA74),0)","v":0},{"$f":"ROUND(IF('Pro Forma Assumptions'!$D$24<AB5,0,AB74),0)","v":0},{"$f":"ROUND(IF('Pro Forma Assumptions'!$D$24<AC5,0,AC74),0)","v":0},{"$f":"ROUND(IF('Pro Forma Assumptions'!$D$24<AD5,0,AD74),0)","v":0},{"$f":"ROUND(IF('Pro Forma Assumptions'!$D$24<AE5,0,AE74),0)","v":0},{"$f":"ROUND(IF('Pro Forma Assumptions'!$D$24<AF5,0,AF74),0)","v":0},{"$f":"ROUND(IF('Pro Forma Assumptions'!$D$24<AG5,0,AG74),0)","v":0}]
[null,null,"Effective Gross Income",{"$f":"D10+D13+D14","v":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]
[]
["?",null,"Expense and Net Operating Income (NOI) Projections"]
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[null,null,"Operations and Maintenance Expenses",{"$f":"ROUND(SUM('Operating Expenses'!D15:D30),0)","v":0},{"$f":"ROUND(IF(E$5>'Pro Forma Assumptions'!$D$24,0,D19*(1+'Pro Forma Assumptions'!$D$21)),0)","v":0},{"$f":"ROUND(IF(F$5>'Pro Forma Assumptions'!$D$24,0,E19*(1+'Pro Forma Assumptions'!$D$21)),0)","v":0},{"$f":"ROUND(IF(G$5>'Pro Forma Assumptions'!$D$24,0,F19*(1+'Pro Forma Assumptions'!$D$21)),0)","v":0},{"$f":"ROUND(IF(H$5>'Pro Forma Assumptions'!$D$24,0,G19*(1+'Pro Forma Assumptions'!$D$21)),0)","v":0},{"$f":"ROUND(IF(I$5>'Pro Forma Assumptions'!$D$24,0,H19*(1+'Pro Forma Assumptions'!$D$21)),0)","v":0},{"$f":"ROUND(IF(J$5>'Pro Forma Assumptions'!$D$24,0,I19*(1+'Pro Forma Assumptions'!$D$21)),0)","v":0},{"$f":"ROUND(IF(K$5>'Pro Forma Assumptions'!$D$24,0,J19*(1+'Pro Forma Assumptions'!$D$21)),0)","v":0},{"$f":"ROUND(IF(L$5>'Pro Forma Assumptions'!$D$24,0,K19*(1+'Pro Forma Assumptions'!$D$21)),0)","v":0},{"$f":"ROUND(IF(M$5>'Pro Forma Assumptions'!$D$24,0,L19*(1+'Pro Forma Assumptions'!$D$21)),0)","v":0},{"$f":"ROUND(IF(N$5>'Pro Forma Assumptions'!$D$24,0,M19*(1+'Pro Forma Assumptions'!$D$21)),0)","v":0},{"$f":"ROUND(IF(O$5>'Pro Forma Assumptions'!$D$24,0,N19*(1+'Pro Forma Assumptions'!$D$21)),0)","v":0},{"$f":"ROUND(IF(P$5>'Pro Forma Assumptions'!$D$24,0,O19*(1+'Pro Forma Assumptions'!$D$21)),0)","v":0},{"$f":"ROUND(IF(Q$5>'Pro Forma Assumptions'!$D$24,0,P19*(1+'Pro Forma Assumptions'!$D$21)),0)","v":0},{"$f":"ROUND(IF(R$5>'Pro Forma Assumptions'!$D$24,0,Q19*(1+'Pro Forma Assumptions'!$D$21)),0)","v":0},{"$f":"ROUND(IF(S$5>'Pro Forma Assumptions'!$D$24,0,R19*(1+'Pro Forma Assumptions'!$D$21)),0)","v":0},{"$f":"ROUND(IF(T$5>'Pro Forma Assumptions'!$D$24,0,S19*(1+'Pro Forma Assumptions'!$D$21)),0)","v":0},{"$f":"ROUND(IF(U$5>'Pro Forma Assumptions'!$D$24,0,T19*(1+'Pro Forma Assumptions'!$D$21)),0)","v":0},{"$f":"ROUND(IF(V$5>'Pro Forma Assumptions'!$D$24,0,U19*(1+'Pro Forma Assumptions'!$D$21)),0)","v":0},{"$f":"ROUND(IF(W$5>'Pro Forma Assumptions'!$D$24,0,V19*(1+'Pro Forma Assumptions'!$D$21)),0)","v":0},{"$f":"ROUND(IF(X$5>'Pro Forma Assumptions'!$D$24,0,W19*(1+'Pro Forma Assumptions'!$D$21)),0)","v":0},{"$f":"ROUND(IF(Y$5>'Pro Forma Assumptions'!$D$24,0,X19*(1+'Pro Forma Assumptions'!$D$21)),0)","v":0},{"$f":"ROUND(IF(Z$5>'Pro Forma Assumptions'!$D$24,0,Y19*(1+'Pro Forma Assumptions'!$D$21)),0)","v":0},{"$f":"ROUND(IF(AA$5>'Pro Forma Assumptions'!$D$24,0,Z19*(1+'Pro Forma Assumptions'!$D$21)),0)","v":0},{"$f":"ROUND(IF(AB$5>'Pro Forma Assumptions'!$D$24,0,AA19*(1+'Pro Forma Assumptions'!$D$21)),0)","v":0},{"$f":"ROUND(IF(AC$5>'Pro Forma Assumptions'!$D$24,0,AB19*(1+'Pro Forma Assumptions'!$D$21)),0)","v":0},{"$f":"ROUND(IF(AD$5>'Pro Forma Assumptions'!$D$24,0,AC19*(1+'Pro Forma Assumptions'!$D$21)),0)","v":0},{"$f":"ROUND(IF(AE$5>'Pro Forma Assumptions'!$D$24,0,AD19*(1+'Pro Forma Assumptions'!$D$21)),0)","v":0},{"$f":"ROUND(IF(AF$5>'Pro Forma Assumptions'!$D$24,0,AE19*(1+'Pro Forma Assumptions'!$D$21)),0)","v":0},{"$f":"ROUND(IF(AG$5>'Pro Forma Assumptions'!$D$24,0,AF19*(1+'Pro Forma Assumptions'!$D$21)),0)","v":0}]
[null,null,"Utilities Paid by Property",{"$f":"ROUND(SUM('Operating Expenses'!D30:D35),0)","v":0},{"$f":"ROUND(IF(E$5>'Pro Forma Assumptions'!$D$24,0,D20*(1+'Pro Forma Assumptions'!$D$21)),0)","v":0},{"$f":"ROUND(IF(F$5>'Pro Forma Assumptions'!$D$24,0,E20*(1+'Pro Forma Assumptions'!$D$21)),0)","v":0},{"$f":"ROUND(IF(G$5>'Pro Forma Assumptions'!$D$24,0,F20*(1+'Pro Forma Assumptions'!$D$21)),0)","v":0},{"$f":"ROUND(IF(H$5>'Pro Forma Assumptions'!$D$24,0,G20*(1+'Pro Forma Assumptions'!$D$21)),0)","v":0},{"$f":"ROUND(IF(I$5>'Pro Forma Assumptions'!$D$24,0,H20*(1+'Pro Forma Assumptions'!$D$21)),0)","v":0},{"$f":"ROUND(IF(J$5>'Pro Forma Assumptions'!$D$24,0,I20*(1+'Pro Forma Assumptions'!$D$21)),0)","v":0},{"$f":"ROUND(IF(K$5>'Pro Forma Assumptions'!$D$24,0,J20*(1+'Pro Forma Assumptions'!$D$21)),0)","v":0},{"$f":"ROUND(IF(L$5>'Pro Forma Assumptions'!$D$24,0,K20*(1+'Pro Forma Assumptions'!$D$21)),0)","v":0},{"$f":"ROUND(IF(M$5>'Pro Forma Assumptions'!$D$24,0,L20*(1+'Pro Forma Assumptions'!$D$21)),0)","v":0},{"$f":"ROUND(IF(N$5>'Pro Forma Assumptions'!$D$24,0,M20*(1+'Pro Forma Assumptions'!$D$21)),0)","v":0},{"$f":"ROUND(IF(O$5>'Pro Forma Assumptions'!$D$24,0,N20*(1+'Pro Forma Assumptions'!$D$21)),0)","v":0},{"$f":"ROUND(IF(P$5>'Pro Forma Assumptions'!$D$24,0,O20*(1+'Pro Forma Assumptions'!$D$21)),0)","v":0},{"$f":"ROUND(IF(Q$5>'Pro Forma Assumptions'!$D$24,0,P20*(1+'Pro Forma Assumptions'!$D$21)),0)","v":0},{"$f":"ROUND(IF(R$5>'Pro Forma Assumptions'!$D$24,0,Q20*(1+'Pro Forma Assumptions'!$D$21)),0)","v":0},{"$f":"ROUND(IF(S$5>'Pro Forma Assumptions'!$D$24,0,R20*(1+'Pro Forma Assumptions'!$D$21)),0)","v":0},{"$f":"ROUND(IF(T$5>'Pro Forma Assumptions'!$D$24,0,S20*(1+'Pro Forma Assumptions'!$D$21)),0)","v":0},{"$f":"ROUND(IF(U$5>'Pro Forma Assumptions'!$D$24,0,T20*(1+'Pro Forma Assumptions'!$D$21)),0)","v":0},{"$f":"ROUND(IF(V$5>'Pro Forma Assumptions'!$D$24,0,U20*(1+'Pro Forma Assumptions'!$D$21)),0)","v":0},{"$f":"ROUND(IF(W$5>'Pro Forma Assumptions'!$D$24,0,V20*(1+'Pro Forma Assumptions'!$D$21)),0)","v":0},{"$f":"ROUND(IF(X$5>'Pro Forma Assumptions'!$D$24,0,W20*(1+'Pro Forma Assumptions'!$D$21)),0)","v":0},{"$f":"ROUND(IF(Y$5>'Pro Forma Assumptions'!$D$24,0,X20*(1+'Pro Forma Assumptions'!$D$21)),0)","v":0},{"$f":"ROUND(IF(Z$5>'Pro Forma Assumptions'!$D$24,0,Y20*(1+'Pro Forma Assumptions'!$D$21)),0)","v":0},{"$f":"ROUND(IF(AA$5>'Pro Forma Assumptions'!$D$24,0,Z20*(1+'Pro Forma Assumptions'!$D$21)),0)","v":0},{"$f":"ROUND(IF(AB$5>'Pro Forma Assumptions'!$D$24,0,AA20*(1+'Pro Forma Assumptions'!$D$21)),0)","v":0},{"$f":"ROUND(IF(AC$5>'Pro Forma Assumptions'!$D$24,0,AB20*(1+'Pro Forma Assumptions'!$D$21)),0)","v":0},{"$f":"ROUND(IF(AD$5>'Pro Forma Assumptions'!$D$24,0,AC20*(1+'Pro Forma Assumptions'!$D$21)),0)","v":0},{"$f":"ROUND(IF(AE$5>'Pro Forma Assumptions'!$D$24,0,AD20*(1+'Pro Forma Assumptions'!$D$21)),0)","v":0},{"$f":"ROUND(IF(AF$5>'Pro Forma Assumptions'!$D$24,0,AE20*(1+'Pro Forma Assumptions'!$D$21)),0)","v":0},{"$f":"ROUND(IF(AG$5>'Pro Forma Assumptions'!$D$24,0,AF20*(1+'Pro Forma Assumptions'!$D$21)),0)","v":0}]
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Mortgage Sizing'!$D$83,IF('Pro Forma Assumptions'!$D$24='Operating Pro Forma'!AD5,'Operating Pro Forma'!AD94,0),IF('First Mortgage Sizing'!$D$83='Operating Pro Forma'!AD5,'Operating Pro Forma'!AD94,0)),0)","v":0},{"$f":"ROUND(IF('Pro Forma Assumptions'!$D$24<='First Mortgage Sizing'!$D$83,IF('Pro Forma Assumptions'!$D$24='Operating Pro Forma'!AE5,'Operating Pro Forma'!AE94,0),IF('First Mortgage Sizing'!$D$83='Operating Pro Forma'!AE5,'Operating Pro Forma'!AE94,0)),0)","v":0},{"$f":"ROUND(IF('Pro Forma Assumptions'!$D$24<='First Mortgage Sizing'!$D$83,IF('Pro Forma Assumptions'!$D$24='Operating Pro Forma'!AF5,'Operating Pro Forma'!AF94,0),IF('First Mortgage Sizing'!$D$83='Operating Pro Forma'!AF5,'Operating Pro Forma'!AF94,0)),0)","v":0},{"$f":"ROUND(IF('Pro Forma Assumptions'!$D$24<='First Mortgage Sizing'!$D$83,IF('Pro Forma Assumptions'!$D$24='Operating Pro Forma'!AG5,'Operating Pro Forma'!AG94,0),IF('First Mortgage Sizing'!$D$83='Operating Pro Forma'!AG5,'Operating Pro Forma'!AG94,0)),0)","v":0}]
["?",null,{"$f":"CONCATENATE('First Mortgage Sizing'!D88,\" Debt Service\")","v":" Debt Service"},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]
["?",null,{"$f":"CONCATENATE('First Mortgage Sizing'!D99,\" Debt Service\")","v":" Debt Service"},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,null,"Cash Flow (After Debt Service)"]
[null,null,"Cash Flow",{"$f":"IF('Pro Forma Assumptions'!$D$24<D5,0,SUM(D24:D32))","v":0},{"$f":"IF('Pro Forma Assumptions'!$D$24<E5,0,SUM(E24:E32))","v":0},{"$f":"IF('Pro Forma Assumptions'!$D$24<F5,0,SUM(F24:F32))","v":0},{"$f":"IF('Pro Forma Assumptions'!$D$24<G5,0,SUM(G24:G32))","v":0},{"$f":"IF('Pro Forma Assumptions'!$D$24<H5,0,SUM(H24:H32))","v":0},{"$f":"IF('Pro Forma Assumptions'!$D$24<I5,0,SUM(I24:I32))","v":0},{"$f":"IF('Pro Forma Assumptions'!$D$24<J5,0,SUM(J24:J32))","v":0},{"$f":"IF('Pro Forma Assumptions'!$D$24<K5,0,SUM(K24:K32))","v":0},{"$f":"IF('Pro Forma Assumptions'!$D$24<L5,0,SUM(L24:L32))","v":0},{"$f":"IF('Pro Forma Assumptions'!$D$24<M5,0,SUM(M24:M32))","v":0},{"$f":"IF('Pro Forma Assumptions'!$D$24<N5,0,SUM(N24:N32))","v":0},{"$f":"IF('Pro Forma Assumptions'!$D$24<O5,0,SUM(O24:O32))","v":0},{"$f":"IF('Pro Forma Assumptions'!$D$24<P5,0,SUM(P24:P32))","v":0},{"$f":"IF('Pro Forma Assumptions'!$D$24<Q5,0,SUM(Q24:Q32))","v":0},{"$f":"IF('Pro Forma Assumptions'!$D$24<R5,0,SUM(R24:R32))","v":0},{"$f":"IF('Pro Forma Assumptions'!$D$24<S5,0,SUM(S24:S32))","v":0},{"$f":"IF('Pro Forma Assumptions'!$D$24<T5,0,SUM(T24:T32))","v":0},{"$f":"IF('Pro Forma Assumptions'!$D$24<U5,0,SUM(U24:U32))","v":0},{"$f":"IF('Pro Forma Assumptions'!$D$24<V5,0,SUM(V24:V32))","v":0},{"$f":"IF('Pro Forma Assumptions'!$D$24<W5,0,SUM(W24:W32))","v":0},{"$f":"IF('Pro Forma Assumptions'!$D$24<X5,0,SUM(X24:X32))","v":0},{"$f":"IF('Pro Forma Assumptions'!$D$24<Y5,0,SUM(Y24:Y32))","v":0},{"$f":"IF('Pro Forma Assumptions'!$D$24<Z5,0,SUM(Z24:Z32))","v":0},{"$f":"IF('Pro Forma Assumptions'!$D$24<AA5,0,SUM(AA24:AA32))","v":0},{"$f":"IF('Pro Forma Assumptions'!$D$24<AB5,0,SUM(AB24:AB32))","v":0},{"$f":"IF('Pro Forma Assumptions'!$D$24<AC5,0,SUM(AC24:AC32))","v":0},{"$f":"IF('Pro Forma Assumptions'!$D$24<AD5,0,SUM(AD24:AD32))","v":0},{"$f":"IF('Pro Forma Assumptions'!$D$24<AE5,0,SUM(AE24:AE32))","v":0},{"$f":"IF('Pro Forma Assumptions'!$D$24<AF5,0,SUM(AF24:AF32))","v":0},{"$f":"IF('Pro Forma Assumptions'!$D$24<AG5,0,SUM(AG24:AG32))","v":0}]
[null,null,"Proceeds from Property Sale",{"$f":"IF('Pro Forma Assumptions'!$D$24=D5,IF('First Mortgage Sizing'!$D$21<>0,'First Mortgage Sizing'!$D$21,D42),0)","v":0},{"$f":"IF('Pro Forma Assumptions'!$D$24=E5,IF('First Mortgage Sizing'!$D$21<>0,'First Mortgage Sizing'!$D$21,E42),0)","v":0},{"$f":"IF('Pro Forma Assumptions'!$D$24=F5,IF('First Mortgage Sizing'!$D$21<>0,'First Mortgage Sizing'!$D$21,F42),0)","v":0},{"$f":"IF('Pro Forma Assumptions'!$D$24=G5,IF('First Mortgage Sizing'!$D$21<>0,'First Mortgage Sizing'!$D$21,G42),0)","v":0},{"$f":"IF('Pro Forma Assumptions'!$D$24=H5,IF('First Mortgage Sizing'!$D$21<>0,'First Mortgage Sizing'!$D$21,H42),0)","v":0},{"$f":"IF('Pro Forma Assumptions'!$D$24=I5,IF('First Mortgage Sizing'!$D$21<>0,'First Mortgage Sizing'!$D$21,I42),0)","v":0},{"$f":"IF('Pro Forma Assumptions'!$D$24=J5,IF('First Mortgage Sizing'!$D$21<>0,'First Mortgage Sizing'!$D$21,J42),0)","v":0},{"$f":"IF('Pro Forma Assumptions'!$D$24=K5,IF('First Mortgage Sizing'!$D$21<>0,'First Mortgage Sizing'!$D$21,K42),0)","v":0},{"$f":"IF('Pro Forma Assumptions'!$D$24=L5,IF('First Mortgage Sizing'!$D$21<>0,'First Mortgage Sizing'!$D$21,L42),0)","v":0},{"$f":"IF('Pro Forma Assumptions'!$D$24=M5,IF('First Mortgage Sizing'!$D$21<>0,'First Mortgage Sizing'!$D$21,M42),0)","v":0},{"$f":"IF('Pro Forma Assumptions'!$D$24=N5,IF('First Mortgage Sizing'!$D$21<>0,'First Mortgage Sizing'!$D$21,N42),0)","v":0},{"$f":"IF('Pro Forma Assumptions'!$D$24=O5,IF('First Mortgage Sizing'!$D$21<>0,'First Mortgage Sizing'!$D$21,O42),0)","v":0},{"$f":"IF('Pro Forma Assumptions'!$D$24=P5,IF('First Mortgage Sizing'!$D$21<>0,'First Mortgage Sizing'!$D$21,P42),0)","v":0},{"$f":"IF('Pro Forma Assumptions'!$D$24=Q5,IF('First Mortgage Sizing'!$D$21<>0,'First Mortgage Sizing'!$D$21,Q42),0)","v":0},{"$f":"IF('Pro Forma Assumptions'!$D$24=R5,IF('First Mortgage Sizing'!$D$21<>0,'First Mortgage Sizing'!$D$21,R42),0)","v":0},{"$f":"IF('Pro Forma Assumptions'!$D$24=S5,IF('First Mortgage Sizing'!$D$21<>0,'First Mortgage Sizing'!$D$21,S42),0)","v":0},{"$f":"IF('Pro Forma Assumptions'!$D$24=T5,IF('First Mortgage Sizing'!$D$21<>0,'First Mortgage Sizing'!$D$21,T42),0)","v":0},{"$f":"IF('Pro Forma Assumptions'!$D$24=U5,IF('First Mortgage Sizing'!$D$21<>0,'First Mortgage Sizing'!$D$21,U42),0)","v":0},{"$f":"IF('Pro Forma Assumptions'!$D$24=V5,IF('First Mortgage Sizing'!$D$21<>0,'First Mortgage Sizing'!$D$21,V42),0)","v":0},{"$f":"IF('Pro Forma Assumptions'!$D$24=W5,IF('First Mortgage Sizing'!$D$21<>0,'First Mortgage Sizing'!$D$21,W42),0)","v":0},{"$f":"IF('Pro Forma Assumptions'!$D$24=X5,IF('First Mortgage Sizing'!$D$21<>0,'First Mortgage Sizing'!$D$21,X42),0)","v":0},{"$f":"IF('Pro Forma Assumptions'!$D$24=Y5,IF('First Mortgage Sizing'!$D$21<>0,'First Mortgage Sizing'!$D$21,Y42),0)","v":0},{"$f":"IF('Pro Forma Assumptions'!$D$24=Z5,IF('First Mortgage Sizing'!$D$21<>0,'First Mortgage Sizing'!$D$21,Z42),0)","v":0},{"$f":"IF('Pro Forma Assumptions'!$D$24=AA5,IF('First Mortgage Sizing'!$D$21<>0,'First Mortgage Sizing'!$D$21,AA42),0)","v":0},{"$f":"IF('Pro Forma Assumptions'!$D$24=AB5,IF('First Mortgage Sizing'!$D$21<>0,'First Mortgage Sizing'!$D$21,AB42),0)","v":0},{"$f":"IF('Pro Forma Assumptions'!$D$24=AC5,IF('First Mortgage Sizing'!$D$21<>0,'First Mortgage Sizing'!$D$21,AC42),0)","v":0},{"$f":"IF('Pro Forma Assumptions'!$D$24=AD5,IF('First Mortgage Sizing'!$D$21<>0,'First Mortgage Sizing'!$D$21,AD42),0)","v":0},{"$f":"IF('Pro Forma Assumptions'!$D$24=AE5,IF('First Mortgage Sizing'!$D$21<>0,'First Mortgage Sizing'!$D$21,AE42),0)","v":0},{"$f":"IF('Pro Forma Assumptions'!$D$24=AF5,IF('First Mortgage Sizing'!$D$21<>0,'First Mortgage Sizing'!$D$21,AF42),0)","v":0},{"$f":"IF('Pro Forma Assumptions'!$D$24=AG5,IF('First Mortgage Sizing'!$D$21<>0,'First Mortgage Sizing'!$D$21,AG42),0)","v":0}]
[null,null,"Net Cash Return",{"$f":"SUM(D35:D36)","v":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]
[null,null,{"$f":"IF(D110=\"\",\"\",\"Cash flow after debt service is negative in these years: \"&D110)","v":""}]
[]
[null,null,{"$f":"\"Developer Return on Equity (\"&IF('Sources and Uses'!$D$26=0,\"N/A; there is no developer investment)\",\"Developer Investment is \"&TEXT('Sources and Uses'!$D$26,\"$#,##0\")&\")\")","v":"Developer Return on Equity (N/A; there is no developer investment)"}]
[null,null,"Cash on Cash",{"$f":"IF('Pro Forma Assumptions'!$D$24<D5,0,IF('Sources and Uses'!$D$26>0,D99/'Sources and Uses'!$D$26,\"no equity\"))","v":0},{"$f":"IF('Pro Forma Assumptions'!$D$24<E5,0,IF('Sources and Uses'!$D$26>0,E99/'Sources and Uses'!$D$26,\"no equity\"))","v":0},{"$f":"IF('Pro Forma Assumptions'!$D$24<F5,0,IF('Sources and Uses'!$D$26>0,F99/'Sources and Uses'!$D$26,\"no equity\"))","v":0},{"$f":"IF('Pro Forma Assumptions'!$D$24<G5,0,IF('Sources and Uses'!$D$26>0,G99/'Sources and Uses'!$D$26,\"no equity\"))","v":0},{"$f":"IF('Pro Forma Assumptions'!$D$24<H5,0,IF('Sources and Uses'!$D$26>0,H99/'Sources and Uses'!$D$26,\"no equity\"))","v":0},{"$f":"IF('Pro Forma Assumptions'!$D$24<I5,0,IF('Sources and Uses'!$D$26>0,I99/'Sources and Uses'!$D$26,\"no equity\"))","v":0},{"$f":"IF('Pro Forma Assumptions'!$D$24<J5,0,IF('Sources and Uses'!$D$26>0,J99/'Sources and Uses'!$D$26,\"no equity\"))","v":0},{"$f":"IF('Pro Forma Assumptions'!$D$24<K5,0,IF('Sources and Uses'!$D$26>0,K99/'Sources and Uses'!$D$26,\"no equity\"))","v":0},{"$f":"IF('Pro Forma Assumptions'!$D$24<L5,0,IF('Sources and Uses'!$D$26>0,L99/'Sources and Uses'!$D$26,\"no equity\"))","v":0},{"$f":"IF('Pro Forma Assumptions'!$D$24<M5,0,IF('Sources and Uses'!$D$26>0,M99/'Sources and Uses'!$D$26,\"no equity\"))","v":0},{"$f":"IF('Pro Forma Assumptions'!$D$24<N5,0,IF('Sources and Uses'!$D$26>0,N99/'Sources and Uses'!$D$26,\"no equity\"))","v":0},{"$f":"IF('Pro Forma Assumptions'!$D$24<O5,0,IF('Sources and Uses'!$D$26>0,O99/'Sources and Uses'!$D$26,\"no equity\"))","v":0},{"$f":"IF('Pro Forma Assumptions'!$D$24<P5,0,IF('Sources and Uses'!$D$26>0,P99/'Sources and Uses'!$D$26,\"no equity\"))","v":0},{"$f":"IF('Pro Forma Assumptions'!$D$24<Q5,0,IF('Sources and Uses'!$D$26>0,Q99/'Sources and Uses'!$D$26,\"no equity\"))","v":0},{"$f":"IF('Pro Forma Assumptions'!$D$24<R5,0,IF('Sources and Uses'!$D$26>0,R99/'Sources and Uses'!$D$26,\"no equity\"))","v":0},{"$f":"IF('Pro Forma Assumptions'!$D$24<S5,0,IF('Sources and Uses'!$D$26>0,S99/'Sources and Uses'!$D$26,\"no equity\"))","v":0},{"$f":"IF('Pro Forma Assumptions'!$D$24<T5,0,IF('Sources and Uses'!$D$26>0,T99/'Sources and Uses'!$D$26,\"no equity\"))","v":0},{"$f":"IF('Pro Forma Assumptions'!$D$24<U5,0,IF('Sources and Uses'!$D$26>0,U99/'Sources and Uses'!$D$26,\"no equity\"))","v":0},{"$f":"IF('Pro Forma Assumptions'!$D$24<V5,0,IF('Sources and Uses'!$D$26>0,V99/'Sources and Uses'!$D$26,\"no equity\"))","v":0},{"$f":"IF('Pro Forma Assumptions'!$D$24<W5,0,IF('Sources and Uses'!$D$26>0,W99/'Sources and Uses'!$D$26,\"no equity\"))","v":0},{"$f":"IF('Pro Forma Assumptions'!$D$24<X5,0,IF('Sources and Uses'!$D$26>0,X99/'Sources and Uses'!$D$26,\"no equity\"))","v":0},{"$f":"IF('Pro Forma Assumptions'!$D$24<Y5,0,IF('Sources and Uses'!$D$26>0,Y99/'Sources and Uses'!$D$26,\"no equity\"))","v":0},{"$f":"IF('Pro Forma Assumptions'!$D$24<Z5,0,IF('Sources and Uses'!$D$26>0,Z99/'Sources and Uses'!$D$26,\"no equity\"))","v":0},{"$f":"IF('Pro Forma Assumptions'!$D$24<AA5,0,IF('Sources and Uses'!$D$26>0,AA99/'Sources and Uses'!$D$26,\"no equity\"))","v":0},{"$f":"IF('Pro Forma Assumptions'!$D$24<AB5,0,IF('Sources and Uses'!$D$26>0,AB99/'Sources and Uses'!$D$26,\"no equity\"))","v":0},{"$f":"IF('Pro Forma Assumptions'!$D$24<AC5,0,IF('Sources and Uses'!$D$26>0,AC99/'Sources and Uses'!$D$26,\"no equity\"))","v":0},{"$f":"IF('Pro Forma Assumptions'!$D$24<AD5,0,IF('Sources and Uses'!$D$26>0,AD99/'Sources and Uses'!$D$26,\"no equity\"))","v":0},{"$f":"IF('Pro Forma Assumptions'!$D$24<AE5,0,IF('Sources and Uses'!$D$26>0,AE99/'Sources and Uses'!$D$26,\"no equity\"))","v":0},{"$f":"IF('Pro Forma Assumptions'!$D$24<AF5,0,IF('Sources and Uses'!$D$26>0,AF99/'Sources and Uses'!$D$26,\"no equity\"))","v":0},{"$f":"IF('Pro Forma Assumptions'!$D$24<AG5,0,IF('Sources and Uses'!$D$26>0,AG99/'Sources and Uses'!$D$26,\"no equity\"))","v":0}]
[null,null,"Project Value based on Capitalization Rate",{"$f":"IF('First Mortgage Sizing'!$D$18=0,0,IF(D24>0,ROUND(D24/'First Mortgage Sizing'!$D$18,0),0))","v":0},{"$f":"IF('First Mortgage Sizing'!$D$18=0,0,IF(E24>0,ROUND(E24/'First Mortgage Sizing'!$D$18,0),0))","v":0},{"$f":"IF('First Mortgage Sizing'!$D$18=0,0,IF(F24>0,ROUND(F24/'First Mortgage Sizing'!$D$18,0),0))","v":0},{"$f":"IF('First Mortgage Sizing'!$D$18=0,0,IF(G24>0,ROUND(G24/'First Mortgage Sizing'!$D$18,0),0))","v":0},{"$f":"IF('First Mortgage Sizing'!$D$18=0,0,IF(H24>0,ROUND(H24/'First Mortgage Sizing'!$D$18,0),0))","v":0},{"$f":"IF('First Mortgage Sizing'!$D$18=0,0,IF(I24>0,ROUND(I24/'First Mortgage Sizing'!$D$18,0),0))","v":0},{"$f":"IF('First Mortgage Sizing'!$D$18=0,0,IF(J24>0,ROUND(J24/'First Mortgage Sizing'!$D$18,0),0))","v":0},{"$f":"IF('First Mortgage Sizing'!$D$18=0,0,IF(K24>0,ROUND(K24/'First Mortgage Sizing'!$D$18,0),0))","v":0},{"$f":"IF('First Mortgage Sizing'!$D$18=0,0,IF(L24>0,ROUND(L24/'First Mortgage Sizing'!$D$18,0),0))","v":0},{"$f":"IF('First Mortgage Sizing'!$D$18=0,0,IF(M24>0,ROUND(M24/'First Mortgage Sizing'!$D$18,0),0))","v":0},{"$f":"IF('First Mortgage Sizing'!$D$18=0,0,IF(N24>0,ROUND(N24/'First Mortgage Sizing'!$D$18,0),0))","v":0},{"$f":"IF('First Mortgage Sizing'!$D$18=0,0,IF(O24>0,ROUND(O24/'First Mortgage Sizing'!$D$18,0),0))","v":0},{"$f":"IF('First Mortgage Sizing'!$D$18=0,0,IF(P24>0,ROUND(P24/'First Mortgage Sizing'!$D$18,0),0))","v":0},{"$f":"IF('First Mortgage Sizing'!$D$18=0,0,IF(Q24>0,ROUND(Q24/'First Mortgage Sizing'!$D$18,0),0))","v":0},{"$f":"IF('First Mortgage Sizing'!$D$18=0,0,IF(R24>0,ROUND(R24/'First Mortgage Sizing'!$D$18,0),0))","v":0},{"$f":"IF('First Mortgage Sizing'!$D$18=0,0,IF(S24>0,ROUND(S24/'First Mortgage Sizing'!$D$18,0),0))","v":0},{"$f":"IF('First Mortgage Sizing'!$D$18=0,0,IF(T24>0,ROUND(T24/'First Mortgage Sizing'!$D$18,0),0))","v":0},{"$f":"IF('First Mortgage Sizing'!$D$18=0,0,IF(U24>0,ROUND(U24/'First Mortgage Sizing'!$D$18,0),0))","v":0},{"$f":"IF('First Mortgage Sizing'!$D$18=0,0,IF(V24>0,ROUND(V24/'First Mortgage Sizing'!$D$18,0),0))","v":0},{"$f":"IF('First Mortgage Sizing'!$D$18=0,0,IF(W24>0,ROUND(W24/'First Mortgage Sizing'!$D$18,0),0))","v":0},{"$f":"IF('First Mortgage Sizing'!$D$18=0,0,IF(X24>0,ROUND(X24/'First Mortgage Sizing'!$D$18,0),0))","v":0},{"$f":"IF('First Mortgage Sizing'!$D$18=0,0,IF(Y24>0,ROUND(Y24/'First Mortgage Sizing'!$D$18,0),0))","v":0},{"$f":"IF('First Mortgage Sizing'!$D$18=0,0,IF(Z24>0,ROUND(Z24/'First Mortgage Sizing'!$D$18,0),0))","v":0},{"$f":"IF('First Mortgage Sizing'!$D$18=0,0,IF(AA24>0,ROUND(AA24/'First Mortgage Sizing'!$D$18,0),0))","v":0},{"$f":"IF('First Mortgage Sizing'!$D$18=0,0,IF(AB24>0,ROUND(AB24/'First Mortgage Sizing'!$D$18,0),0))","v":0},{"$f":"IF('First Mortgage Sizing'!$D$18=0,0,IF(AC24>0,ROUND(AC24/'First Mortgage Sizing'!$D$18,0),0))","v":0},{"$f":"IF('First Mortgage Sizing'!$D$18=0,0,IF(AD24>0,ROUND(AD24/'First Mortgage Sizing'!$D$18,0),0))","v":0},{"$f":"IF('First Mortgage Sizing'!$D$18=0,0,IF(AE24>0,ROUND(AE24/'First Mortgage Sizing'!$D$18,0),0))","v":0},{"$f":"IF('First Mortgage Sizing'!$D$18=0,0,IF(AF24>0,ROUND(AF24/'First Mortgage Sizing'!$D$18,0),0))","v":0},{"$f":"IF('First Mortgage Sizing'!$D$18=0,0,IF(AG24>0,ROUND(AG24/'First Mortgage Sizing'!$D$18,0),0))","v":0}]
[null,null,"NOTE: Project Value equals $0 if Net Operating Income is negative."]
[]
[null,null,null,null,null,null,"IRR"]
[null,null,null,"IRR (Year 1 through sale of project)",null,null,{"$f":"IF('Sources and Uses'!D26=0,\"no investment\",IF(ISERROR(C100),\"N/A\",C100))","v":"no investment"}]
[]
["?",null,"Debt at Year End"]
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[null,null,"Upon completing review of this tab, proceed to the Administrative Record tab."]
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[null,null,"Calculations"]
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[null,null,"Other Affordable Unit Rent Projections (during affordability period)",{"$f":"+'Rents and Income'!Y31*12","v":0},{"$f":"D70*(1+'Pro Forma Assumptions'!$D$19)","v":0},{"$f":"E70*(1+'Pro Forma Assumptions'!$D$19)","v":0},{"$f":"F70*(1+'Pro Forma Assumptions'!$D$19)","v":0},{"$f":"G70*(1+'Pro Forma Assumptions'!$D$19)","v":0},{"$f":"H70*(1+'Pro Forma Assumptions'!$D$19)","v":0},{"$f":"I70*(1+'Pro Forma Assumptions'!$D$19)","v":0},{"$f":"J70*(1+'Pro Forma Assumptions'!$D$19)","v":0},{"$f":"K70*(1+'Pro Forma Assumptions'!$D$19)","v":0},{"$f":"L70*(1+'Pro Forma Assumptions'!$D$19)","v":0},{"$f":"M70*(1+'Pro Forma Assumptions'!$D$19)","v":0},{"$f":"N70*(1+'Pro Forma Assumptions'!$D$19)","v":0},{"$f":"O70*(1+'Pro Forma Assumptions'!$D$19)","v":0},{"$f":"P70*(1+'Pro Forma Assumptions'!$D$19)","v":0},{"$f":"Q70*(1+'Pro Forma Assumptions'!$D$19)","v":0},{"$f":"R70*(1+'Pro Forma Assumptions'!$D$19)","v":0},{"$f":"S70*(1+'Pro Forma Assumptions'!$D$19)","v":0},{"$f":"T70*(1+'Pro Forma Assumptions'!$D$19)","v":0},{"$f":"U70*(1+'Pro Forma Assumptions'!$D$19)","v":0},{"$f":"V70*(1+'Pro Forma Assumptions'!$D$19)","v":0},{"$f":"W70*(1+'Pro Forma Assumptions'!$D$19)","v":0},{"$f":"X70*(1+'Pro Forma Assumptions'!$D$19)","v":0},{"$f":"Y70*(1+'Pro Forma Assumptions'!$D$19)","v":0},{"$f":"Z70*(1+'Pro Forma Assumptions'!$D$19)","v":0},{"$f":"AA70*(1+'Pro Forma Assumptions'!$D$19)","v":0},{"$f":"AB70*(1+'Pro Forma Assumptions'!$D$19)","v":0},{"$f":"AC70*(1+'Pro Forma Assumptions'!$D$19)","v":0},{"$f":"AD70*(1+'Pro Forma Assumptions'!$D$19)","v":0},{"$f":"AE70*(1+'Pro Forma Assumptions'!$D$19)","v":0},{"$f":"AF70*(1+'Pro Forma Assumptions'!$D$19)","v":0}]
[null,null,"Other Affordable Unit Rent Projections (after affordability period)",{"$f":"+'Rents and Income'!AB31*12","v":0},{"$f":"D71*(1+'Pro Forma Assumptions'!$D$18)","v":0},{"$f":"E71*(1+'Pro Forma Assumptions'!$D$18)","v":0},{"$f":"F71*(1+'Pro Forma Assumptions'!$D$18)","v":0},{"$f":"G71*(1+'Pro Forma Assumptions'!$D$18)","v":0},{"$f":"H71*(1+'Pro Forma Assumptions'!$D$18)","v":0},{"$f":"I71*(1+'Pro Forma Assumptions'!$D$18)","v":0},{"$f":"J71*(1+'Pro Forma Assumptions'!$D$18)","v":0},{"$f":"K71*(1+'Pro Forma Assumptions'!$D$18)","v":0},{"$f":"L71*(1+'Pro Forma Assumptions'!$D$18)","v":0},{"$f":"M71*(1+'Pro Forma Assumptions'!$D$18)","v":0},{"$f":"N71*(1+'Pro Forma Assumptions'!$D$18)","v":0},{"$f":"O71*(1+'Pro Forma Assumptions'!$D$18)","v":0},{"$f":"P71*(1+'Pro Forma Assumptions'!$D$18)","v":0},{"$f":"Q71*(1+'Pro Forma Assumptions'!$D$18)","v":0},{"$f":"R71*(1+'Pro Forma Assumptions'!$D$18)","v":0},{"$f":"S71*(1+'Pro Forma Assumptions'!$D$18)","v":0},{"$f":"T71*(1+'Pro Forma Assumptions'!$D$18)","v":0},{"$f":"U71*(1+'Pro Forma Assumptions'!$D$18)","v":0},{"$f":"V71*(1+'Pro Forma Assumptions'!$D$18)","v":0},{"$f":"W71*(1+'Pro Forma Assumptions'!$D$18)","v":0},{"$f":"X71*(1+'Pro Forma Assumptions'!$D$18)","v":0},{"$f":"Y71*(1+'Pro Forma Assumptions'!$D$18)","v":0},{"$f":"Z71*(1+'Pro Forma Assumptions'!$D$18)","v":0},{"$f":"AA71*(1+'Pro Forma Assumptions'!$D$18)","v":0},{"$f":"AB71*(1+'Pro Forma Assumptions'!$D$18)","v":0},{"$f":"AC71*(1+'Pro Forma Assumptions'!$D$18)","v":0},{"$f":"AD71*(1+'Pro Forma Assumptions'!$D$18)","v":0},{"$f":"AE71*(1+'Pro Forma Assumptions'!$D$18)","v":0},{"$f":"AF71*(1+'Pro Forma Assumptions'!$D$18)","v":0}]
[null,null,"Other Affordable Rent Active",{"$f":"IF(D5<='Pro Forma Assumptions'!$D$12,'Operating Pro Forma'!D70,'Operating Pro Forma'!D71)","v":0},{"$f":"IF(E5<='Pro Forma Assumptions'!$D$12,'Operating Pro Forma'!E70,'Operating Pro Forma'!E71)","v":0},{"$f":"IF(F5<='Pro Forma Assumptions'!$D$12,'Operating Pro Forma'!F70,'Operating Pro Forma'!F71)","v":0},{"$f":"IF(G5<='Pro Forma Assumptions'!$D$12,'Operating Pro Forma'!G70,'Operating Pro Forma'!G71)","v":0},{"$f":"IF(H5<='Pro Forma Assumptions'!$D$12,'Operating Pro Forma'!H70,'Operating Pro Forma'!H71)","v":0},{"$f":"IF(I5<='Pro Forma Assumptions'!$D$12,'Operating Pro Forma'!I70,'Operating Pro Forma'!I71)","v":0},{"$f":"IF(J5<='Pro Forma Assumptions'!$D$12,'Operating Pro Forma'!J70,'Operating Pro Forma'!J71)","v":0},{"$f":"IF(K5<='Pro Forma Assumptions'!$D$12,'Operating Pro Forma'!K70,'Operating Pro Forma'!K71)","v":0},{"$f":"IF(L5<='Pro Forma Assumptions'!$D$12,'Operating Pro Forma'!L70,'Operating Pro Forma'!L71)","v":0},{"$f":"IF(M5<='Pro Forma Assumptions'!$D$12,'Operating Pro Forma'!M70,'Operating Pro Forma'!M71)","v":0},{"$f":"IF(N5<='Pro Forma Assumptions'!$D$12,'Operating Pro Forma'!N70,'Operating Pro Forma'!N71)","v":0},{"$f":"IF(O5<='Pro Forma Assumptions'!$D$12,'Operating Pro Forma'!O70,'Operating Pro Forma'!O71)","v":0},{"$f":"IF(P5<='Pro Forma Assumptions'!$D$12,'Operating Pro Forma'!P70,'Operating Pro Forma'!P71)","v":0},{"$f":"IF(Q5<='Pro Forma Assumptions'!$D$12,'Operating Pro Forma'!Q70,'Operating Pro Forma'!Q71)","v":0},{"$f":"IF(R5<='Pro Forma Assumptions'!$D$12,'Operating Pro Forma'!R70,'Operating Pro Forma'!R71)","v":0},{"$f":"IF(S5<='Pro Forma Assumptions'!$D$12,'Operating Pro Forma'!S70,'Operating Pro Forma'!S71)","v":0},{"$f":"IF(T5<='Pro Forma Assumptions'!$D$12,'Operating Pro Forma'!T70,'Operating Pro Forma'!T71)","v":0},{"$f":"IF(U5<='Pro Forma Assumptions'!$D$12,'Operating Pro Forma'!U70,'Operating Pro Forma'!U71)","v":0},{"$f":"IF(V5<='Pro Forma Assumptions'!$D$12,'Operating Pro Forma'!V70,'Operating Pro Forma'!V71)","v":0},{"$f":"IF(W5<='Pro Forma Assumptions'!$D$12,'Operating Pro Forma'!W70,'Operating Pro Forma'!W71)","v":0},{"$f":"IF(X5<='Pro Forma Assumptions'!$D$12,'Operating Pro Forma'!X70,'Operating Pro Forma'!X71)","v":0},{"$f":"IF(Y5<='Pro Forma Assumptions'!$D$12,'Operating Pro Forma'!Y70,'Operating Pro Forma'!Y71)","v":0},{"$f":"IF(Z5<='Pro Forma Assumptions'!$D$12,'Operating Pro Forma'!Z70,'Operating Pro Forma'!Z71)","v":0},{"$f":"IF(AA5<='Pro Forma Assumptions'!$D$12,'Operating Pro Forma'!AA70,'Operating Pro Forma'!AA71)","v":0},{"$f":"IF(AB5<='Pro Forma Assumptions'!$D$12,'Operating Pro Forma'!AB70,'Operating Pro Forma'!AB71)","v":0},{"$f":"IF(AC5<='Pro Forma Assumptions'!$D$12,'Operating Pro Forma'!AC70,'Operating Pro Forma'!AC71)","v":0},{"$f":"IF(AD5<='Pro Forma Assumptions'!$D$12,'Operating Pro Forma'!AD70,'Operating Pro Forma'!AD71)","v":0},{"$f":"IF(AE5<='Pro Forma Assumptions'!$D$12,'Operating Pro Forma'!AE70,'Operating Pro Forma'!AE71)","v":0},{"$f":"IF(AF5<='Pro Forma Assumptions'!$D$12,'Operating Pro Forma'!AF70,'Operating Pro Forma'!AF71)","v":0},{"$f":"IF(AG5<='Pro Forma Assumptions'!$D$12,'Operating Pro Forma'!AG70,'Operating Pro Forma'!AG71)","v":0}]
[]
[null,null,"Other Revenue",{"$f":"'Rents and Income'!$E$48*12","v":0},{"$f":"D74*(1+'Pro Forma Assumptions'!$D$20)","v":0},{"$f":"E74*(1+'Pro Forma Assumptions'!$D$20)","v":0},{"$f":"F74*(1+'Pro Forma Assumptions'!$D$20)","v":0},{"$f":"G74*(1+'Pro Forma Assumptions'!$D$20)","v":0},{"$f":"H74*(1+'Pro Forma Assumptions'!$D$20)","v":0},{"$f":"I74*(1+'Pro Forma Assumptions'!$D$20)","v":0},{"$f":"J74*(1+'Pro Forma Assumptions'!$D$20)","v":0},{"$f":"K74*(1+'Pro Forma Assumptions'!$D$20)","v":0},{"$f":"L74*(1+'Pro Forma Assumptions'!$D$20)","v":0},{"$f":"M74*(1+'Pro Forma Assumptions'!$D$20)","v":0},{"$f":"N74*(1+'Pro Forma Assumptions'!$D$20)","v":0},{"$f":"O74*(1+'Pro Forma Assumptions'!$D$20)","v":0},{"$f":"P74*(1+'Pro Forma Assumptions'!$D$20)","v":0},{"$f":"Q74*(1+'Pro Forma Assumptions'!$D$20)","v":0},{"$f":"R74*(1+'Pro Forma Assumptions'!$D$20)","v":0},{"$f":"S74*(1+'Pro Forma Assumptions'!$D$20)","v":0},{"$f":"T74*(1+'Pro Forma Assumptions'!$D$20)","v":0},{"$f":"U74*(1+'Pro Forma Assumptions'!$D$20)","v":0},{"$f":"V74*(1+'Pro Forma Assumptions'!$D$20)","v":0},{"$f":"W74*(1+'Pro Forma Assumptions'!$D$20)","v":0},{"$f":"X74*(1+'Pro Forma Assumptions'!$D$20)","v":0},{"$f":"Y74*(1+'Pro Forma Assumptions'!$D$20)","v":0},{"$f":"Z74*(1+'Pro Forma Assumptions'!$D$20)","v":0},{"$f":"AA74*(1+'Pro Forma Assumptions'!$D$20)","v":0},{"$f":"AB74*(1+'Pro Forma Assumptions'!$D$20)","v":0},{"$f":"AC74*(1+'Pro Forma Assumptions'!$D$20)","v":0},{"$f":"AD74*(1+'Pro Forma Assumptions'!$D$20)","v":0},{"$f":"AE74*(1+'Pro Forma Assumptions'!$D$20)","v":0},{"$f":"AF74*(1+'Pro Forma Assumptions'!$D$20)","v":0}]
[]
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[null,null,"Market Rate Unit Rent Loss",{"$f":"D8*'Rents and Income'!F38","v":0},{"$f":"E8*'Rents and Income'!$F$39","v":0},{"$f":"F8*'Rents and Income'!$F$39","v":0},{"$f":"G8*'Rents and Income'!$F$39","v":0},{"$f":"H8*'Rents and Income'!$F$39","v":0},{"$f":"I8*'Rents and Income'!$F$39","v":0},{"$f":"J8*'Rents and Income'!$F$39","v":0},{"$f":"K8*'Rents and Income'!$F$39","v":0},{"$f":"L8*'Rents and Income'!$F$39","v":0},{"$f":"M8*'Rents and Income'!$F$39","v":0},{"$f":"N8*'Rents and Income'!$F$39","v":0},{"$f":"O8*'Rents and Income'!$F$39","v":0},{"$f":"P8*'Rents and Income'!$F$39","v":0},{"$f":"Q8*'Rents and Income'!$F$39","v":0},{"$f":"R8*'Rents and Income'!$F$39","v":0},{"$f":"S8*'Rents and Income'!$F$39","v":0},{"$f":"T8*'Rents and Income'!$F$39","v":0},{"$f":"U8*'Rents and Income'!$F$39","v":0},{"$f":"V8*'Rents and Income'!$F$39","v":0},{"$f":"W8*'Rents and Income'!$F$39","v":0},{"$f":"X8*'Rents and Income'!$F$39","v":0},{"$f":"Y8*'Rents and Income'!$F$39","v":0},{"$f":"Z8*'Rents and Income'!$F$39","v":0},{"$f":"AA8*'Rents and Income'!$F$39","v":0},{"$f":"AB8*'Rents and Income'!$F$39","v":0},{"$f":"AC8*'Rents and Income'!$F$39","v":0},{"$f":"AD8*'Rents and Income'!$F$39","v":0},{"$f":"AE8*'Rents and Income'!$F$39","v":0},{"$f":"AF8*'Rents and Income'!$F$39","v":0},{"$f":"AG8*'Rents and Income'!$F$39","v":0}]
[null,null,"Other Affordable Unit Rent Loss",{"$f":"D9*'Rents and Income'!G38","v":0},{"$f":"E9*'Rents and Income'!$G$39","v":0},{"$f":"F9*'Rents and Income'!$G$39","v":0},{"$f":"G9*'Rents and Income'!$G$39","v":0},{"$f":"H9*'Rents and Income'!$G$39","v":0},{"$f":"I9*'Rents and Income'!$G$39","v":0},{"$f":"J9*'Rents and Income'!$G$39","v":0},{"$f":"K9*'Rents and Income'!$G$39","v":0},{"$f":"L9*'Rents and Income'!$G$39","v":0},{"$f":"M9*'Rents and Income'!$G$39","v":0},{"$f":"N9*'Rents and Income'!$G$39","v":0},{"$f":"O9*'Rents and Income'!$G$39","v":0},{"$f":"P9*'Rents and Income'!$G$39","v":0},{"$f":"Q9*'Rents and Income'!$G$39","v":0},{"$f":"R9*'Rents and Income'!$G$39","v":0},{"$f":"S9*'Rents and Income'!$G$39","v":0},{"$f":"T9*'Rents and Income'!$G$39","v":0},{"$f":"U9*'Rents and Income'!$G$39","v":0},{"$f":"V9*'Rents and Income'!$G$39","v":0},{"$f":"W9*'Rents and Income'!$G$39","v":0},{"$f":"X9*'Rents and Income'!$G$39","v":0},{"$f":"Y9*'Rents and Income'!$G$39","v":0},{"$f":"Z9*'Rents and Income'!$G$39","v":0},{"$f":"AA9*'Rents and Income'!$G$39","v":0},{"$f":"AB9*'Rents and Income'!$G$39","v":0},{"$f":"AC9*'Rents and Income'!$G$39","v":0},{"$f":"AD9*'Rents and Income'!$G$39","v":0},{"$f":"AE9*'Rents and Income'!$G$39","v":0},{"$f":"AF9*'Rents and Income'!$G$39","v":0},{"$f":"AG9*'Rents and Income'!$G$39","v":0}]
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[]
[null,null,"Debt",{"$f":"\"Year \"&D$5","v":"Year 1"},{"$f":"\"Year \"&E$5","v":"Year 2"},"Year 3","Year 4","Year 5","Year 6","Year 7","Year 8","Year 9","Year 10","Year 11","Year 12","Year 13","Year 14","Year 15","Year 16","Year 17","Year 18","Year 19","Year 20","Year 21","Year 22","Year 23","Year 24","Year 25","Year 26","Year 27","Year 28","Year 29","Year 30"]
[]
[null,null,"First Mortgage"]
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[]
[null,null,"Second Mortgage"]
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[null,null,"Payments Remaining at the End of the Year",{"$f":"'First Mortgage Sizing'!D62*12-12","v":-12},{"$f":"IF(E89=1,D90-12,0)","v":0},{"$f":"IF(F89=1,E90-12,0)","v":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]
[null,null,"Unpaid Balance at Year End Calculation",{"$f":"IF(D90<0,0,PV('First Mortgage Sizing'!$D$61/12,D90,D28/12))","v":0},{"$f":"IF(E90<0,0,PV('First Mortgage Sizing'!$D$61/12,E90,E28/12))","v":0},{"$f":"IF(F90<0,0,PV('First Mortgage Sizing'!$D$61/12,F90,F28/12))","v":0},{"$f":"IF(G90<0,0,PV('First Mortgage Sizing'!$D$61/12,G90,G28/12))","v":0},{"$f":"IF(H90<0,0,PV('First Mortgage Sizing'!$D$61/12,H90,H28/12))","v":0},{"$f":"IF(I90<0,0,PV('First Mortgage Sizing'!$D$61/12,I90,I28/12))","v":0},{"$f":"IF(J90<0,0,PV('First Mortgage Sizing'!$D$61/12,J90,J28/12))","v":0},{"$f":"IF(K90<0,0,PV('First Mortgage Sizing'!$D$61/12,K90,K28/12))","v":0},{"$f":"IF(L90<0,0,PV('First Mortgage Sizing'!$D$61/12,L90,L28/12))","v":0},{"$f":"IF(M90<0,0,PV('First Mortgage Sizing'!$D$61/12,M90,M28/12))","v":0},{"$f":"IF(N90<0,0,PV('First Mortgage Sizing'!$D$61/12,N90,N28/12))","v":0},{"$f":"IF(O90<0,0,PV('First Mortgage Sizing'!$D$61/12,O90,O28/12))","v":0},{"$f":"IF(P90<0,0,PV('First Mortgage Sizing'!$D$61/12,P90,P28/12))","v":0},{"$f":"IF(Q90<0,0,PV('First Mortgage Sizing'!$D$61/12,Q90,Q28/12))","v":0},{"$f":"IF(R90<0,0,PV('First Mortgage Sizing'!$D$61/12,R90,R28/12))","v":0},{"$f":"IF(S90<0,0,PV('First Mortgage Sizing'!$D$61/12,S90,S28/12))","v":0},{"$f":"IF(T90<0,0,PV('First Mortgage Sizing'!$D$61/12,T90,T28/12))","v":0},{"$f":"IF(U90<0,0,PV('First Mortgage Sizing'!$D$61/12,U90,U28/12))","v":0},{"$f":"IF(V90<0,0,PV('First Mortgage Sizing'!$D$61/12,V90,V28/12))","v":0},{"$f":"IF(W90<0,0,PV('First Mortgage Sizing'!$D$61/12,W90,W28/12))","v":0},{"$f":"IF(X90<0,0,PV('First Mortgage Sizing'!$D$61/12,X90,X28/12))","v":0},{"$f":"IF(Y90<0,0,PV('First Mortgage Sizing'!$D$61/12,Y90,Y28/12))","v":0},{"$f":"IF(Z90<0,0,PV('First Mortgage Sizing'!$D$61/12,Z90,Z28/12))","v":0},{"$f":"IF(AA90<0,0,PV('First Mortgage Sizing'!$D$61/12,AA90,AA28/12))","v":0},{"$f":"IF(AB90<0,0,PV('First Mortgage Sizing'!$D$61/12,AB90,AB28/12))","v":0},{"$f":"IF(AC90<0,0,PV('First Mortgage Sizing'!$D$61/12,AC90,AC28/12))","v":0},{"$f":"IF(AD90<0,0,PV('First Mortgage Sizing'!$D$61/12,AD90,AD28/12))","v":0},{"$f":"IF(AE90<0,0,PV('First Mortgage Sizing'!$D$61/12,AE90,AE28/12))","v":0},{"$f":"IF(AF90<0,0,PV('First Mortgage Sizing'!$D$61/12,AF90,AF28/12))","v":0},{"$f":"IF(AG90<0,0,PV('First Mortgage Sizing'!$D$61/12,AG90,AG28/12))","v":0}]
[]
[null,null,"Deferred Payment 1 Loan Unpaid Balance",{"$f":"FV('First Mortgage Sizing'!$D$72,D5,0,'First Mortgage Sizing'!$D$69)","v":0},{"$f":"FV('First Mortgage Sizing'!$D$72,E5,0,'First Mortgage Sizing'!$D$69)","v":0},{"$f":"FV('First Mortgage Sizing'!$D$72,F5,0,'First Mortgage Sizing'!$D$69)","v":0},{"$f":"FV('First Mortgage Sizing'!$D$72,G5,0,'First Mortgage Sizing'!$D$69)","v":0},{"$f":"FV('First Mortgage Sizing'!$D$72,H5,0,'First Mortgage Sizing'!$D$69)","v":0},{"$f":"FV('First Mortgage Sizing'!$D$72,I5,0,'First Mortgage Sizing'!$D$69)","v":0},{"$f":"FV('First Mortgage Sizing'!$D$72,J5,0,'First Mortgage Sizing'!$D$69)","v":0},{"$f":"FV('First Mortgage Sizing'!$D$72,K5,0,'First Mortgage Sizing'!$D$69)","v":0},{"$f":"FV('First Mortgage Sizing'!$D$72,L5,0,'First Mortgage Sizing'!$D$69)","v":0},{"$f":"FV('First Mortgage Sizing'!$D$72,M5,0,'First Mortgage Sizing'!$D$69)","v":0},{"$f":"FV('First Mortgage Sizing'!$D$72,N5,0,'First Mortgage Sizing'!$D$69)","v":0},{"$f":"FV('First Mortgage Sizing'!$D$72,O5,0,'First Mortgage Sizing'!$D$69)","v":0},{"$f":"FV('First Mortgage Sizing'!$D$72,P5,0,'First Mortgage Sizing'!$D$69)","v":0},{"$f":"FV('First Mortgage Sizing'!$D$72,Q5,0,'First Mortgage Sizing'!$D$69)","v":0},{"$f":"FV('First Mortgage Sizing'!$D$72,R5,0,'First Mortgage Sizing'!$D$69)","v":0},{"$f":"FV('First Mortgage Sizing'!$D$72,S5,0,'First Mortgage Sizing'!$D$69)","v":0},{"$f":"FV('First Mortgage Sizing'!$D$72,T5,0,'First Mortgage Sizing'!$D$69)","v":0},{"$f":"FV('First Mortgage Sizing'!$D$72,U5,0,'First Mortgage Sizing'!$D$69)","v":0},{"$f":"FV('First Mortgage Sizing'!$D$72,V5,0,'First Mortgage Sizing'!$D$69)","v":0},{"$f":"FV('First Mortgage Sizing'!$D$72,W5,0,'First Mortgage Sizing'!$D$69)","v":0},{"$f":"FV('First Mortgage Sizing'!$D$72,X5,0,'First Mortgage Sizing'!$D$69)","v":0},{"$f":"FV('First Mortgage Sizing'!$D$72,Y5,0,'First Mortgage Sizing'!$D$69)","v":0},{"$f":"FV('First Mortgage Sizing'!$D$72,Z5,0,'First Mortgage Sizing'!$D$69)","v":0},{"$f":"FV('First Mortgage Sizing'!$D$72,AA5,0,'First Mortgage Sizing'!$D$69)","v":0},{"$f":"FV('First Mortgage Sizing'!$D$72,AB5,0,'First Mortgage Sizing'!$D$69)","v":0},{"$f":"FV('First Mortgage Sizing'!$D$72,AC5,0,'First Mortgage Sizing'!$D$69)","v":0},{"$f":"FV('First Mortgage Sizing'!$D$72,AD5,0,'First Mortgage Sizing'!$D$69)","v":0},{"$f":"FV('First Mortgage Sizing'!$D$72,AE5,0,'First Mortgage Sizing'!$D$69)","v":0},{"$f":"FV('First Mortgage Sizing'!$D$72,AF5,0,'First Mortgage Sizing'!$D$69)","v":0},{"$f":"FV('First Mortgage Sizing'!$D$72,AG5,0,'First Mortgage Sizing'!$D$69)","v":0}]
[null,null,"Deferred Payment 2 Loan Unpaid Balance",{"$f":"FV('First Mortgage Sizing'!$D$82,D5,0,'First Mortgage Sizing'!$D$79)","v":0},{"$f":"FV('First Mortgage Sizing'!$D$82,E5,0,'First Mortgage Sizing'!$D$79)","v":0},{"$f":"FV('First Mortgage Sizing'!$D$82,F5,0,'First Mortgage Sizing'!$D$79)","v":0},{"$f":"FV('First Mortgage Sizing'!$D$82,G5,0,'First Mortgage Sizing'!$D$79)","v":0},{"$f":"FV('First Mortgage Sizing'!$D$82,H5,0,'First Mortgage Sizing'!$D$79)","v":0},{"$f":"FV('First Mortgage Sizing'!$D$82,I5,0,'First Mortgage Sizing'!$D$79)","v":0},{"$f":"FV('First Mortgage Sizing'!$D$82,J5,0,'First Mortgage Sizing'!$D$79)","v":0},{"$f":"FV('First Mortgage Sizing'!$D$82,K5,0,'First Mortgage Sizing'!$D$79)","v":0},{"$f":"FV('First Mortgage Sizing'!$D$82,L5,0,'First Mortgage Sizing'!$D$79)","v":0},{"$f":"FV('First Mortgage Sizing'!$D$82,M5,0,'First Mortgage Sizing'!$D$79)","v":0},{"$f":"FV('First Mortgage Sizing'!$D$82,N5,0,'First Mortgage Sizing'!$D$79)","v":0},{"$f":"FV('First Mortgage Sizing'!$D$82,O5,0,'First Mortgage Sizing'!$D$79)","v":0},{"$f":"FV('First Mortgage Sizing'!$D$82,P5,0,'First Mortgage Sizing'!$D$79)","v":0},{"$f":"FV('First Mortgage Sizing'!$D$82,Q5,0,'First Mortgage Sizing'!$D$79)","v":0},{"$f":"FV('First Mortgage Sizing'!$D$82,R5,0,'First Mortgage Sizing'!$D$79)","v":0},{"$f":"FV('First Mortgage Sizing'!$D$82,S5,0,'First Mortgage Sizing'!$D$79)","v":0},{"$f":"FV('First Mortgage Sizing'!$D$82,T5,0,'First Mortgage Sizing'!$D$79)","v":0},{"$f":"FV('First Mortgage Sizing'!$D$82,U5,0,'First Mortgage Sizing'!$D$79)","v":0},{"$f":"FV('First Mortgage Sizing'!$D$82,V5,0,'First Mortgage Sizing'!$D$79)","v":0},{"$f":"FV('First Mortgage Sizing'!$D$82,W5,0,'First Mortgage Sizing'!$D$79)","v":0},{"$f":"FV('First Mortgage Sizing'!$D$82,X5,0,'First Mortgage Sizing'!$D$79)","v":0},{"$f":"FV('First Mortgage Sizing'!$D$82,Y5,0,'First Mortgage Sizing'!$D$79)","v":0},{"$f":"FV('First Mortgage Sizing'!$D$82,Z5,0,'First Mortgage Sizing'!$D$79)","v":0},{"$f":"FV('First Mortgage Sizing'!$D$82,AA5,0,'First Mortgage Sizing'!$D$79)","v":0},{"$f":"FV('First Mortgage Sizing'!$D$82,AB5,0,'First Mortgage Sizing'!$D$79)","v":0},{"$f":"FV('First Mortgage Sizing'!$D$82,AC5,0,'First Mortgage Sizing'!$D$79)","v":0},{"$f":"FV('First Mortgage Sizing'!$D$82,AD5,0,'First Mortgage Sizing'!$D$79)","v":0},{"$f":"FV('First Mortgage Sizing'!$D$82,AE5,0,'First Mortgage Sizing'!$D$79)","v":0},{"$f":"FV('First Mortgage Sizing'!$D$82,AF5,0,'First Mortgage Sizing'!$D$79)","v":0},{"$f":"FV('First Mortgage Sizing'!$D$82,AG5,0,'First Mortgage Sizing'!$D$79)","v":0}]
[]
[null,null,"Cash Flow for IRR",{"$f":"\"Year \"&D$5","v":"Year 1"},{"$f":"\"Year \"&E$5","v":"Year 2"},"Year 3","Year 4","Year 5","Year 6","Year 7","Year 8","Year 9","Year 10","Year 11","Year 12","Year 13","Year 14","Year 15","Year 16","Year 17","Year 18","Year 19","Year 20","Year 21","Year 22","Year 23","Year 24","Year 25","Year 26","Year 27","Year 28","Year 29","Year 30"]
[]
[null,null,"Initial Investment","Cash Flows"]
[null,null,{"$f":"-'Sources and Uses'!D26","v":0},{"$f":"D37","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,{"$f":"IRR(C99:AG99)","v":{"$error":"#NUM!"}},"IRR"]
[]
[null,null,"1st mortgage DSCR",{"$f":"IF(D27=0,100,-D24/D27)","v":100},{"$f":"IF(E27=0,100,-E24/E27)","v":100},100,100,100,100,100,100,100,100,100,100,100,100,100,100,100,100,100,100,100,100,100,100,100,100,100,100,100,100]
[]
[null,null,"Negative Cash Flow",{"$f":"\"Year \"&D$5","v":"Year 1"},{"$f":"\"Year \"&E$5","v":"Year 2"},"Year 3","Year 4","Year 5","Year 6","Year 7","Year 8","Year 9","Year 10","Year 11","Year 12","Year 13","Year 14","Year 15","Year 16","Year 17","Year 18","Year 19","Year 20","Year 21","Year 22","Year 23","Year 24","Year 25","Year 26","Year 27","Year 28","Year 29","Year 30"]
[]
[null,null,"Year # of years with negative CF",{"$f":"IF(D35<0,D5,\"\")","v":""},{"$f":"IF(E35<0,E5,\"\")","v":""},"","","","","","","","","","","","","","","","","","","","","","","","","","","",""]
[null,null,"Negative CF in any prior year?",null,{"$f":"IF(SUM($D106:D106)=0,\"No\",\"Yes\")","v":"No"},{"$f":"IF(SUM($D106:E106)=0,\"No\",\"Yes\")","v":"No"},{"$f":"IF(SUM($D106:F106)=0,\"No\",\"Yes\")","v":"No"},{"$f":"IF(SUM($D106:G106)=0,\"No\",\"Yes\")","v":"No"},{"$f":"IF(SUM($D106:H106)=0,\"No\",\"Yes\")","v":"No"},{"$f":"IF(SUM($D106:I106)=0,\"No\",\"Yes\")","v":"No"},{"$f":"IF(SUM($D106:J106)=0,\"No\",\"Yes\")","v":"No"},{"$f":"IF(SUM($D106:K106)=0,\"No\",\"Yes\")","v":"No"},{"$f":"IF(SUM($D106:L106)=0,\"No\",\"Yes\")","v":"No"},{"$f":"IF(SUM($D106:M106)=0,\"No\",\"Yes\")","v":"No"},{"$f":"IF(SUM($D106:N106)=0,\"No\",\"Yes\")","v":"No"},{"$f":"IF(SUM($D106:O106)=0,\"No\",\"Yes\")","v":"No"},{"$f":"IF(SUM($D106:P106)=0,\"No\",\"Yes\")","v":"No"},{"$f":"IF(SUM($D106:Q106)=0,\"No\",\"Yes\")","v":"No"},{"$f":"IF(SUM($D106:R106)=0,\"No\",\"Yes\")","v":"No"},{"$f":"IF(SUM($D106:S106)=0,\"No\",\"Yes\")","v":"No"},{"$f":"IF(SUM($D106:T106)=0,\"No\",\"Yes\")","v":"No"},{"$f":"IF(SUM($D106:U106)=0,\"No\",\"Yes\")","v":"No"},{"$f":"IF(SUM($D106:V106)=0,\"No\",\"Yes\")","v":"No"},{"$f":"IF(SUM($D106:W106)=0,\"No\",\"Yes\")","v":"No"},{"$f":"IF(SUM($D106:X106)=0,\"No\",\"Yes\")","v":"No"},{"$f":"IF(SUM($D106:Y106)=0,\"No\",\"Yes\")","v":"No"},{"$f":"IF(SUM($D106:Z106)=0,\"No\",\"Yes\")","v":"No"},{"$f":"IF(SUM($D106:AA106)=0,\"No\",\"Yes\")","v":"No"},{"$f":"IF(SUM($D106:AB106)=0,\"No\",\"Yes\")","v":"No"},{"$f":"IF(SUM($D106:AC106)=0,\"No\",\"Yes\")","v":"No"},{"$f":"IF(SUM($D106:AD106)=0,\"No\",\"Yes\")","v":"No"},{"$f":"IF(SUM($D106:AE106)=0,\"No\",\"Yes\")","v":"No"},{"$f":"IF(SUM($D106:AF106)=0,\"No\",\"Yes\")","v":"No"}]
[null,null,"Text string for this year",{"$f":"+D106","v":""},{"$f":"IF(E106=\"\",\"\",IF(E107=\"Yes\",\", \",\"\")&E106)","v":""},{"$f":"IF(F106=\"\",\"\",IF(F107=\"Yes\",\", \",\"\")&F106)","v":""},"","","","","","","","","","","","","","","","","","","","","","","","","","",""]
[]
[null,null,"CF is negative in these years",{"$f":"CONCATENATE(D108,E108,F108,G108,H108,I108,J108,K108,L108,M108,N108,O108,P108,Q108,R108,S108,T108,U108,V108,W108,X108,Y108,Z108,AA108,AB108,AC108,AD108,AE108,AF108,AG108)","v":""}]

{"sheet":"Administrative Record","index":14,"n_rows":46,"n_cols":5,"rows_kept":46,"cut":false,"hidden":false,"merged":[[15,2,15,7],[18,2,18,7],[20,2,20,7],[23,2,23,7],[3,2,3,7],[10,2,10,7],[13,2,13,7],[5,2,5,7],[8,2,8,7],[7,2,7,7],[42,2,42,7],[0,4,0,7],[12,2,12,7],[40,2,40,7],[43,2,43,7],[22,2,22,7],[27,2,27,7],[32,2,32,7],[37,2,37,7],[25,2,25,7],[28,2,28,7],[30,2,30,7],[33,2,33,7],[35,2,35,7],[38,2,38,7],[17,2,17,7]]}
[null,null,"Administrative Record",null,"Enter data in green cells only"]
[null,null,{"$f":"Requirements!C4","v":"Project Name -  : 0 Units"}]
[]
[null,null,"This is an optional worksheet that the PJ can use to document compliance with certain requirements of the HOME Final Rule."]
[]
[null,null,"Cost Allocation. Section 92.205(d)(1) and the guidance in Notice 16-15 prescribes methods for allocating costs and the designation of HOME units within a project.  PJs must perform cost allocation separately from this tool to verify that the proposed amount of HOME funding is within the allowable maximum HOME investment.  Attach the completed cost allocation to this document and note any issues within the below narrative."]
[]
[null,null,"Below, discuss the cost allocation and designation of HOME assisted units within the project.  "]
[]
[]
[null,null,"Fees to be Charged by the Project Owner.  Section 92.214(b)(3) prohibits project owners from charging fees (such as a laundry room access fee) that are not customary in rental housing.  This Section, however, allows:\n   (1) Reasonable application fees to prospective tenants.\n   (2) Parking fees for tenants only if such fees are customary for rental housing projects\n        in the neighborhood.\n   (3) Fees for services such as bus transportation or meals, as long as the services are \n        voluntary and fees are charged for services provided."]
[]
[null,null,"Below, discuss any fees that the project owner proposes to charge, demonstrating that the owner's proposal complies with the Final Rule."]
[]
[]
[null,null,"PJ Assessment of Current Market Demand.  Section 92.250(b)(2) requires the PJ to assess the current market demand in the neighborhood in which the project will be located, before committing HOME funds."]
[]
[null,null,"Below, discuss your assessment of current market demand."]
[]
[]
[null,null,"PJ Assessment of Developer Experience.  Section 92.250(b)(2) requires the PJ to assess the experience of the developer, before committing HOME funds."]
[]
[null,null,"Below, discuss your assessment of developer experience."]
[]
[]
[null,null,"PJ Assessment of Developer Financial Capacity.  Section 92.250(b)(2) requires the PJ to assess the financial capacity of the developer, before committing HOME funds.  \n\nThis encompasses the developer's ability to uphold its financial responsibilities such as capacity to absorb cost overruns, capacity to perform on any financial guarantees, and capacity to provide any equity the developer has committed to provide to the project."]
[]
[null,null,"Below, discuss your assessment of developer financial capacity."]
[]
[]
[null,null,"Firm Financial Commitments in Writing.  Section 92.250(b)(2) requires the PJ to obtain and assess firm written financial commitments for the project before committing HOME funds.\n\nThis encompasses all sources of funds other than HOME funds, including construction period sources of funds such as a construction loan or bridge loan.  For bond-financed projects, this includes the issuing agency's commitment to issue the bonds and the bond purchaser's commitment to purchase the bonds.  For projects utilizing tax credits, this includes the allocating agency's reservation of tax credits and the equity provider's commitment to purchase the tax credits."]
[]
[null,null,"Below, discuss your assessment of firm written financial commitments for the project."]
[]
[]
[null,null,"Project-Specific Utility Allowances.  Section 92.252(d) requires the PJ to establish project-specific utility allowances, using either the HUD Utility Schedule Model or another appropriate method.\n\nThis Section also requires the PJ to update the utility allowances annually."]
[]
[null,null,"Below, discuss how you established the utility allowances and your plans for annual updates."]
[]
[]
[null,null,"Fixed versus Floating Units.  For rental projects in which less than 100% of the units are HOME-assisted, Section 92.252(j) requires the PJ to make the fixed-versus-floating designation at the time of project commitment, in the written agreement.\n\nThis Section also requires that the specific HOME units be identified not later than the time of initial unit occupancy.\n\nFixed units must remain the same throughout the period of affordability.  Floating units may be changed, but (1) the total number of HOME-assisted units must remain constant, and (2) each substituted unit must be comparable to the originally designated unit (in terms of size, features and number of bedrooms)."]
[]
[null,null,"Below, discuss your fixed-floating determination and how compliance with 92.252(j) will be documented."]
[]
[]
[null,null,"Upon completing review of this tab, proceed to the Summary tab."]

{"sheet":"Summary","index":15,"n_rows":83,"n_cols":13,"rows_kept":83,"cut":false,"hidden":false,"merged":[[54,5,55,5],[43,5,43,7],[44,5,44,7],[45,5,45,7],[46,5,46,7],[47,5,47,7],[38,5,38,7],[39,5,39,7],[40,5,40,7],[41,5,41,7],[42,5,42,7],[29,5,29,7],[34,5,34,7],[35,5,35,7],[36,5,36,7],[37,5,37,7],[24,5,24,7],[28,5,28,7],[25,5,25,7],[26,5,26,7],[27,5,27,7],[80,6,80,7],[80,8,80,10],[78,6,78,7],[78,8,78,10],[79,6,79,7],[79,8,79,10],[6,4,6,9],[7,4,7,9],[8,4,8,9],[2,4,2,9],[3,4,3,9],[4,4,4,9],[5,4,5,9],[13,5,13,7],[14,5,14,7],[15,5,15,7],[62,6,62,7],[64,8,64,10],[64,6,64,7],[62,8,62,10],[63,8,63,10],[63,6,63,7],[16,5,16,7],[17,5,17,7],[18,5,18,7],[19,5,19,7],[21,5,21,7],[22,5,22,7],[23,5,23,7],[67,6,67,7],[68,6,68,7],[65,6,65,7],[66,6,66,7],[66,8,66,10],[67,8,67,10],[65,8,65,10],[74,6,74,7],[74,8,74,10],[68,8,68,10],[69,8,69,10],[70,8,70,10],[71,8,71,10],[73,8,73,10],[72,8,72,10],[73,6,73,7],[71,6,71,7],[69,6,69,7],[70,6,70,7],[72,6,72,7]]}
["?",null,null,"PROJECT SUMMARY"]
[]
[null,null,null,"Project Name and Unit Count:",{"$f":"IF(Intro!D9>0,Intro!D9&\" : \"&'Rents and Income'!E31&\" Units\",\"\")","v":""}]
[null,null,null,{"$f":"Intro!C10","v":"Address:"},{"$f":"IF(Intro!D10>0,Intro!D10,\"\")","v":""}]
[null,null,null,{"$f":"Intro!C11","v":"Developer:"},{"$f":"IF(Intro!D11>0,Intro!D11,\"\")","v":""}]
[null,null,null,{"$f":"Intro!C12","v":"Date of Analysis:"},{"$f":"IF(Intro!D12>0,Intro!D12,\"\")","v":""}]
[null,null,null,{"$f":"Intro!C13","v":"City:"},{"$f":"IF(Intro!D13>0,Intro!D13,\"\")","v":""}]
[null,null,null,{"$f":"Intro!C14","v":"State:"},{"$f":"IF(Intro!D14>0,Intro!D14,\"\")","v":""}]
[null,null,null,{"$f":"Intro!C15","v":"Development Type:"},{"$f":"IF(Intro!D15>0,Intro!D15,\"\")","v":""}]
[]
[]
["?",null,null,"DEVELOPMENT SOURCES SUMMARY"]
[]
[null,null,null,"Funding Sources","Amount","Comment"]
[null,null,null,{"$f":"IF(OR('Sources and Uses'!C8=\"\",'Sources and Uses'!C8=0),\"\",'Sources and Uses'!C8)","v":"First Mortgage Loan (proposed amount)"},{"$f":"+'Sources and Uses'!D8","v":0},{"$f":"IF('Sources and Uses'!F8=\"\",\"\",'Sources and Uses'!F8)","v":""}]
[null,null,null,{"$f":"IF(OR('Sources and Uses'!C9=\"\",'Sources and Uses'!C9=0),\"\",'Sources and Uses'!C9)","v":"Amortizing Second Mortgage Loan"},{"$f":"+'Sources and Uses'!D9","v":0},{"$f":"IF('Sources and Uses'!F9=\"\",\"\",'Sources and Uses'!F9)","v":""}]
[null,null,null,{"$f":"IF(OR('Sources and Uses'!C10=\"\",'Sources and Uses'!C10=0),\"\",'Sources and Uses'!C10)","v":""},{"$f":"+'Sources and Uses'!D10","v":0},{"$f":"IF('Sources and Uses'!F10=\"\",\"\",'Sources and Uses'!F10)","v":""}]
[null,null,null,{"$f":"IF(OR('Sources and Uses'!C11=\"\",'Sources and Uses'!C11=0),\"\",'Sources and Uses'!C11)","v":""},{"$f":"+'Sources and Uses'!D11","v":0},{"$f":"IF('Sources and Uses'!F11=\"\",\"\",'Sources and Uses'!F11)","v":""}]
[null,null,null,{"$f":"IF(OR('Sources and Uses'!C12=\"\",'Sources and Uses'!C12=0),\"\",'Sources and Uses'!C12)","v":""},{"$f":"+'Sources and Uses'!D12","v":0},{"$f":"IF('Sources and Uses'!F12=\"\",\"\",'Sources and Uses'!F12)","v":""}]
[null,null,null,{"$f":"IF(OR('Sources and Uses'!C13=\"\",'Sources and Uses'!C13=0),\"\",'Sources and Uses'!C13)","v":""},{"$f":"+'Sources and Uses'!D13","v":0},{"$f":"IF('Sources and Uses'!F13=\"\",\"\",'Sources and Uses'!F13)","v":""}]
[null,null,null,{"$f":"IF(OR('Sources and Uses'!C14=\"\",'Sources and Uses'!C14=0),\"\",'Sources and Uses'!C14)","v":"Deferred Developer Fee"},{"$f":"+'Sources and Uses'!D16","v":0}]
[null,null,null,{"$f":"IF(OR('Sources and Uses'!C15=\"\",'Sources and Uses'!C15=0),\"\",'Sources and Uses'!C15)","v":"Developer Cash Investment"},{"$f":"+'Sources and Uses'!D17","v":0},{"$f":"IF('Sources and Uses'!F15=\"\",\"\",'Sources and Uses'!F15)","v":""}]
[null,null,null,{"$f":"IF(OR('Sources and Uses'!C16=\"\",'Sources and Uses'!C16=0),\"\",'Sources and Uses'!C16)","v":"Tax Credit Equity (proposed amount)"},{"$f":"+'Sources and Uses'!D18","v":0},{"$f":"IF('Sources and Uses'!F16=\"\",\"\",'Sources and Uses'!F16)","v":""}]
[null,null,null,{"$f":"IF(OR('Sources and Uses'!C17=\"\",'Sources and Uses'!C17=0),\"\",'Sources and Uses'!C17)","v":""},{"$f":"+'Sources and Uses'!#REF!","v":{"$error":"#REF!"}},{"$f":"IF('Sources and Uses'!F17=\"\",\"\",'Sources and Uses'!F17)","v":""}]
[null,null,null,{"$f":"IF(OR('Sources and Uses'!C18=\"\",'Sources and Uses'!C18=0),\"\",'Sources and Uses'!C18)","v":""},{"$f":"+'Sources and Uses'!#REF!","v":{"$error":"#REF!"}},{"$f":"IF('Sources and Uses'!F18=\"\",\"\",'Sources and Uses'!F18)","v":""}]
[null,null,null,{"$f":"IF(OR('Sources and Uses'!C19=\"\",'Sources and Uses'!C19=0),\"\",'Sources and Uses'!C19)","v":""},{"$f":"+'Sources and Uses'!D19","v":0},{"$f":"IF('Sources and Uses'!F19=\"\",\"\",'Sources and Uses'!F19)","v":""}]
[null,null,null,{"$f":"IF(OR('Sources and Uses'!C20=\"\",'Sources and Uses'!C20=0),\"\",'Sources and Uses'!C20)","v":""},{"$f":"+'Sources and Uses'!D20","v":0},{"$f":"IF('Sources and Uses'!F20=\"\",\"\",'Sources and Uses'!F20)","v":""}]
[null,null,null,{"$f":"IF(OR('Sources and Uses'!C21=\"\",'Sources and Uses'!C21=0),\"\",'Sources and Uses'!C21)","v":""},{"$f":"+'Sources and Uses'!D21","v":0},{"$f":"IF('Sources and Uses'!F21=\"\",\"\",'Sources and Uses'!F21)","v":""}]
[null,null,null,{"$f":"IF(OR('Sources and Uses'!C22=\"\",'Sources and Uses'!C22=0),\"\",'Sources and Uses'!C22)","v":""},{"$f":"+'Sources and Uses'!D22","v":0},{"$f":"IF('Sources and Uses'!F22=\"\",\"\",'Sources and Uses'!F22)","v":""}]
[null,null,null,{"$f":"'Sources and Uses'!C23","v":"Total Sources of Funds"},{"$f":"'Sources and Uses'!D23","v":0},{"$f":"IF('Sources and Uses'!F23=\"\",\"\",'Sources and Uses'!F23)","v":""}]
[]
[]
["?",null,null,"DEVELOPMENT USES SUMMARY"]
[]
[null,null,null,"Development Uses","Amount","Comment"]
[null,null,null,{"$f":"+'Sources and Uses'!C29","v":"Acquisition Costs"},{"$f":"+'Sources and Uses'!D29","v":0},{"$f":"IF('Sources and Uses'!F29=\"\",\"\",'Sources and Uses'!F29)","v":""}]
[null,null,null,{"$f":"+'Sources and Uses'!C30","v":"Site Work Costs"},{"$f":"+'Sources and Uses'!D30","v":0},{"$f":"IF('Sources and Uses'!F30=\"\",\"\",'Sources and Uses'!F30)","v":""}]
[null,null,null,{"$f":"+'Sources and Uses'!C31","v":"Construction / Rehabilitation Costs"},{"$f":"+'Sources and Uses'!D31","v":0},{"$f":"IF('Sources and Uses'!F31=\"\",\"\",'Sources and Uses'!F31)","v":""}]
[null,null,null,{"$f":"+'Sources and Uses'!C32","v":"Architectural / Engineering Costs"},{"$f":"+'Sources and Uses'!D32","v":0},{"$f":"IF('Sources and Uses'!F32=\"\",\"\",'Sources and Uses'!F32)","v":""}]
[null,null,null,{"$f":"+'Sources and Uses'!C33","v":"Other Owner Costs"},{"$f":"+'Sources and Uses'!D33","v":0},{"$f":"IF('Sources and Uses'!F33=\"\",\"\",'Sources and Uses'!F33)","v":""}]
[null,null,null,{"$f":"+'Sources and Uses'!C34","v":"Construction Interest"},{"$f":"+'Sources and Uses'!D34","v":0},{"$f":"IF('Sources and Uses'!F34=\"\",\"\",'Sources and Uses'!F34)","v":""}]
[null,null,null,{"$f":"+'Sources and Uses'!C35","v":"Other Interim Financing Costs"},{"$f":"+'Sources and Uses'!D35","v":0},{"$f":"IF('Sources and Uses'!F35=\"\",\"\",'Sources and Uses'!F35)","v":""}]
[null,null,null,{"$f":"+'Sources and Uses'!C36","v":"Permanent Financing Costs"},{"$f":"+'Sources and Uses'!D36","v":0},{"$f":"IF('Sources and Uses'!F36=\"\",\"\",'Sources and Uses'!F36)","v":""}]
[null,null,null,{"$f":"+'Sources and Uses'!C37","v":"Developer's Fee"},{"$f":"+'Sources and Uses'!D37","v":0},{"$f":"IF('Sources and Uses'!F37=\"\",\"\",'Sources and Uses'!F37)","v":""}]
[null,null,null,{"$f":"+'Sources and Uses'!C38","v":"Initial Project Reserves"},{"$f":"+'Sources and Uses'!D38","v":0},{"$f":"IF('Sources and Uses'!F38=\"\",\"\",'Sources and Uses'!F38)","v":""}]
[null,null,null,{"$f":"+'Sources and Uses'!C39","v":"Project Management Costs "},{"$f":"+'Sources and Uses'!D39","v":0},{"$f":"IF('Sources and Uses'!F39=\"\",\"\",'Sources and Uses'!F39)","v":""}]
[null,null,null,{"$f":"+'Sources and Uses'!C40","v":"Other Development Costs"},{"$f":"+'Sources and Uses'!D40","v":0},{"$f":"IF('Sources and Uses'!F40=\"\",\"\",'Sources and Uses'!F40)","v":""}]
[null,null,null,{"$f":"+'Sources and Uses'!C41","v":"Total Uses of Funds"},{"$f":"+'Sources and Uses'!D41","v":0},{"$f":"IF('Sources and Uses'!F41=\"\",\"\",'Sources and Uses'!F41)","v":""}]
[]
[null,null,null,{"$f":"+'Sources and Uses'!C45","v":""}]
[]
["?",null,null,"UNIT SUMMARY"]
[]
[null,null,null,"Unit Types","Number of Units","Total Rents \n(Year 1, without vacancy)"]
[null,null,null,"High HOME Units",{"$f":"+'Rents and Income'!$N$31","v":0},{"$f":"+'Rents and Income'!X31*12","v":0}]
[null,null,null,"Low HOME Units",{"$f":"+'Rents and Income'!$M$31","v":0}]
[null,null,null,"Market Rate Units",{"$f":"+'Rents and Income'!$O$31","v":0},{"$f":"+'Rents and Income'!$Z$31*12","v":0}]
[null,null,null,"Other Affordable Units",{"$f":"+E59-SUM(E55:E57)","v":0},{"$f":"+'Rents and Income'!$Y$31*12","v":0}]
[null,null,null,"Total",{"$f":"+'Rents and Income'!$E$31","v":0},{"$f":"SUM(F55:F58)","v":0}]
[]
[]
["?",null,null,"OPERATIONS SUMMARY"]
[]
[null,null,null,"Project Income","Year 1","Year 2","Year 5",null,"Year 10",null,null,"Year 15","Year 30"]
[null,null,null,{"$f":"'Operating Pro Forma'!C7","v":"HOME/CDBG/LIHTC Rents"},{"$f":"'Operating Pro Forma'!D7","v":0},{"$f":"'Operating Pro Forma'!E7","v":0},{"$f":"'Operating Pro Forma'!H7","v":0},null,{"$f":"'Operating Pro Forma'!M7","v":0},null,null,{"$f":"'Operating Pro Forma'!R7","v":0},{"$f":"'Operating Pro Forma'!AG7","v":0}]
[null,null,null,{"$f":"'Operating Pro Forma'!C8","v":"Market Rents"},{"$f":"'Operating Pro Forma'!D8","v":0},{"$f":"'Operating Pro Forma'!E8","v":0},{"$f":"'Operating Pro Forma'!H8","v":0},null,{"$f":"'Operating Pro Forma'!M8","v":0},null,null,{"$f":"'Operating Pro Forma'!R8","v":0},{"$f":"'Operating Pro Forma'!AG8","v":0}]
[null,null,null,{"$f":"'Operating Pro Forma'!C9","v":"Other Affordable Rents"},{"$f":"'Operating Pro Forma'!D9","v":0},{"$f":"'Operating Pro Forma'!E9","v":0},{"$f":"'Operating Pro Forma'!H9","v":0},null,{"$f":"'Operating Pro Forma'!M9","v":0},null,null,{"$f":"'Operating Pro Forma'!R9","v":0},{"$f":"'Operating Pro Forma'!AG9","v":0}]
[null,null,null,{"$f":"'Operating Pro Forma'!C10","v":"Gross Potential Rent "},{"$f":"'Operating Pro Forma'!D10","v":0},{"$f":"'Operating Pro Forma'!E10","v":0},{"$f":"'Operating Pro Forma'!H10","v":0},null,{"$f":"'Operating Pro Forma'!M10","v":0},null,null,{"$f":"'Operating Pro Forma'!R10","v":0},{"$f":"'Operating Pro Forma'!AG10","v":0}]
[null,null,null,{"$f":"'Operating Pro Forma'!C13","v":"Vacancy Loss"},{"$f":"'Operating Pro Forma'!D13","v":0},{"$f":"'Operating Pro Forma'!E13","v":0},{"$f":"'Operating Pro Forma'!H13","v":0},null,{"$f":"'Operating Pro Forma'!M13","v":0},null,null,{"$f":"'Operating Pro Forma'!R13","v":0},{"$f":"'Operating Pro Forma'!AG13","v":0}]
[null,null,null,{"$f":"'Operating Pro Forma'!C14","v":"Other Revenue"},{"$f":"'Operating Pro Forma'!D14","v":0},{"$f":"'Operating Pro Forma'!E14","v":0},{"$f":"'Operating Pro Forma'!H14","v":0},null,{"$f":"'Operating Pro Forma'!M14","v":0},null,null,{"$f":"'Operating Pro Forma'!R14","v":0},{"$f":"'Operating Pro Forma'!AG14","v":0}]
[null,null,null,{"$f":"'Operating Pro Forma'!C15","v":"Effective Gross Income"},{"$f":"'Operating Pro Forma'!D15","v":0},{"$f":"'Operating Pro Forma'!E15","v":0},{"$f":"'Operating Pro Forma'!H15","v":0},null,{"$f":"'Operating Pro Forma'!M15","v":0},null,null,{"$f":"'Operating Pro Forma'!R15","v":0},{"$f":"'Operating Pro Forma'!AG15","v":0}]
[null,null,null,{"$f":"'Operating Pro Forma'!C22","v":"Total Expenses"},{"$f":"'Operating Pro Forma'!D22","v":0},{"$f":"'Operating Pro Forma'!E22","v":0},{"$f":"'Operating Pro Forma'!H22","v":0},null,{"$f":"'Operating Pro Forma'!M22","v":0},null,null,{"$f":"'Operating Pro Forma'!R22","v":0},{"$f":"'Operating Pro Forma'!AG22","v":0}]
[null,null,null,{"$f":"'Operating Pro Forma'!C24","v":"Net Operating Income"},{"$f":"'Operating Pro Forma'!D24","v":0},{"$f":"'Operating Pro Forma'!E24","v":0},{"$f":"'Operating Pro Forma'!H24","v":0},null,{"$f":"'Operating Pro Forma'!M24","v":0},null,null,{"$f":"'Operating Pro Forma'!R24","v":0},{"$f":"'Operating Pro Forma'!AG24","v":0}]
[null,null,null,"Total Debt Service",{"$f":"SUM('Operating Pro Forma'!D27:D29)","v":0},{"$f":"SUM('Operating Pro Forma'!E27:E29)","v":0},{"$f":"SUM('Operating Pro Forma'!H27:H29)","v":0},null,{"$f":"SUM('Operating Pro Forma'!M27:M29)","v":0},null,null,{"$f":"SUM('Operating Pro Forma'!R27:R29)","v":0},{"$f":"SUM('Operating Pro Forma'!AG27:AG29)","v":0}]
[null,null,null,"Cash Flow (After Debt Service)",{"$f":"'Operating Pro Forma'!D35","v":0},{"$f":"'Operating Pro Forma'!E35","v":0},{"$f":"'Operating Pro Forma'!H35","v":0},null,{"$f":"'Operating Pro Forma'!M35","v":0},null,null,{"$f":"'Operating Pro Forma'!R35","v":0},{"$f":"'Operating Pro Forma'!AG35","v":0}]
[]
[]
["?",null,null,"RETURNS SUMMARY"]
[]
[null,null,null,"Developer Returns on Equity","Year 1","Year 2","Year 5",null,"Year 10",null,null,"Year 15","Year 30"]
[null,null,null,"Cash on Cash",{"$f":"'Operating Pro Forma'!D41","v":0},{"$f":"'Operating Pro Forma'!E41","v":0},{"$f":"'Operating Pro Forma'!H41","v":0},null,{"$f":"'Operating Pro Forma'!M41","v":0},null,null,{"$f":"'Operating Pro Forma'!R41","v":0},{"$f":"'Operating Pro Forma'!AG41","v":0}]
[]
[null,null,null,{"$f":"'Operating Pro Forma'!D46","v":"IRR (Year 1 through sale of project)"},{"$f":"'Operating Pro Forma'!G46","v":"no investment"}]