Overview of the Affordable Housing Program Rental Project Workbook (AHP/APP 108)

1. Overview of the Affordable Housing Program Rental Project Workbook (AHP/APP 108)

2. Overview & System Requirements • Customized Microsoft Excel 2007 Workbook that replaces the former Microsoft Excel Workbooks for Rental Project submissions utilized in prior AHP rounds. • Requires Microsoft Excel 2007, or later, in a Windows environment to be installed on the User’s machine. • Utilizes standard Excel functionality to ensure maximum compatibility across all prospective Users; any PC running Windows with Microsoft Excel 2007 (or later) installed should be able to complete and save an AHP Rental Project Workbook (workbook.xlsm). • The template can be downloaded directly from the FHLBNY’s public Website; once downloaded, the User can begin filling out the AHP Rental Project Workbook.

3. Instructions Tab • Provides an overview of each worksheet • Users should input information into cells shaded in yellow • Cells shaded in orange provide formulas to recognize possible input errors • Red triangles contain comments to assist in completing the workbook

4. Project Schedule Tab • Provides a timeline of the projected Project lifecycle • Appropriate dates are entered into the yellow cells • Additional pertinent milestones or project objectives may be added to the grid in the Other section

5. Site Information Tab • Provides a detailed breakdown of the site(s) within the Project • The top portion should be data for the location of the majority of project units • The next section should include specific data on each address

6. Development Budget Tab • Provides a breakdown of the Total Project Costs • Indicate what will be paid for with AHP funds • TIPS: • Total Acquisition on Dev Budget mustequal Acquisition Price on Site Info,whichmust be substantiated by 3rd party documentation. • Total Construction Costs on Dev Budget must equal the construction cost documentation submitted • An explanation must be provided for all Working Capital and Project Reserve items noted on the Dev Budget • Any amounts input on the “Other” line items on the DevBudget must be further explained on the Supplement worksheet

7. Supplement Tab • Provides details for any “Other” items on the Dev Budget • Input the Profit, Overhead and General Requirement amount and all Commercial Construction costs

8. Source of Funds Tab • Provides a list of the Project’s source of funds and their corresponding commitment status • Tax Credit Projects should also include information regarding their allocation • Select the Funding Source Type from the dropdown menu and then provide the name of the source and the amount of construction and permanent funding. • The commitment status is only required for the permanent financing sources

9. Debt Service Tab • Provides information regarding the monthly debt payments required by permanent funding sources • Data must be input into the yellow shaded columns in order for the debt service amount to auto populate on the Pro Forma worksheet • The first 3 columns auto populate from the Source of Funds worksheet • TIPS: • The lender & funder fee amount must correspond to the amount input on the Dev Budget • The term length must be input in months

10. Rent Plan Tab • Provides data on the income targeting, unit counts and bedroom distribution for the Project • Input income limits into the AMI chart – use the current years income • Next, input data points shaded in yellow for each targeted AMI for your Project • Dropdowns are available for Targeted AMI, Unit Type & Apartment Type • If the tenant’s rent will be subsidized, be sure to reference the number of subsidized units and the source of subsidy

11. 15 Year Operating Pro Forma (Residential) • Provides 15 year operating income and expenses for the Project • Rents are obtained from data on the Rent Plan tab for year 1 • Input a vacancy percentage and the form will auto populate • Year 1 amounts for all expenses are to be input with an annual % increase that will auto populate the remainder of the pro forma • Input other expenses as needed

12. Commercial & Social Services Pro Forma • Not applicable to all projects • Open worksheet – no standard format

13. Results • Provides a summary of the data that has been input • Provides a measurement of your application against the feasibility guidelines • Provide a detailed explanation to any items resulting in “Explain”

14. Questions? Please e-mail us at ahp@fhlbny.com