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A. Nton Lumber_Project Budget 60 unit.pdf
Prepared by MBL Housing and Development, Inc.Amherst, MA Northampton Lumber Housing Northampton, MA2-Sep-14 Number Units 60 AmountDrawsBalance Final BudgetSources of FundsConstruction Loan $12,500,000Equity (Development Fee Loan)$0 Equity (Federal credits)$8,800,000 Equity (state tax credits $4,427,096Smith College Fund $500,000CPA$500,000AHTF$1,000,000 HSF $1,000,000 Other: CDBG $150,000Permanent Debt $3,600,000Subtotal$32,477,096Construction Loan Repayment $12,500,000 Total Sources-w/o Constr.$19,977,096 Uses of FundsAcquisition $1,000,000 Hard Costs Direct Construction Dwelling Units $13,188,800 Site Costs $0 Total Construction $13,188,800 Construction Contingency 5.00%$659,440 Total Hard Costs $13,848,240Soft Costs Construction Loan Interest 4.00%$527,718Architectural & Engineering 7.00%$923,216 Survey & Permits $30,000 Clerk of the Works $125,000Environmental Engineer $15,000Bond Premium 1.20%$0Legal: Owner $200,000 Title and Recording $15,000 Accounting & Cost Certific `$45,000Marketing & Rent Up $75,000Real Estate Taxes $15,000Insurance$25,000 Relocation $0 Appraisal $10,000Security$10,000Inspection Engineer $24,000Fees to:Other: Permanent loan $75,000 DHCD tax credit $60,000 Misc/constr loan $130,000Credit Enhancement fees $0Construction Monitoring Fee $0Development Consultant $250,000 Option fees $0 Predevelopment loan (CEDAC)$42,000Carrying costs (CEDAC)$231,000Soft Cost Contingency 7.50%$212,095Total Soft Costs $3,040,029 Other Development Costs Developer's Overhead $831,913Developers Fee $831,913Commercial Leaseup deficit reserve & Year One DS $100,000Capitalized Reserves $200,000 Syndication Costs $125,000 Total Uses of Funds $19,977,096Surplus/(Deficit)($0) Construction Loan Balance TDC/Unit $332,952 Northampton Lumber Construction Costs Estimate Square footage Cost/Sq Ft Total Cost Commercial 3566 $150 $534,900 Common areas 21940 $60 $1,316,400 1 Br 2Br 3Br Total Units 17 38 5 60 Size 600 800 950 Total 10200 30400 4750 45350 $250 $11,337,500 Total Direct Construct.$13,188,800 CEDAC Carrying costs years $1,100,000 7%3 $231,000 400000 7%3 42000 assuming 50% Prepared byMBL Housing and Development, Inc.Amherst, MA Northampton Lumber Housing OPERATING BUDGET Northampton, MA 2-Sep-14 Year Year Year Year Year Year Filename: 1 2 3 4 5 6 2009 2010 2011 2012 2013 2014 Income No.Type @ 1 BR (30%)0 $0 0 0 0 0 0 0 1 Br (50%)0 $769 0 0 0 0 0 0 1 Br ( 60%)17 $930 189,720 193,514 197,385 201,332 205,359 209,466 2 Br (30%)7 RA $902 75,768 77,283 78,829 80,406 82,014 83,654 2 BR (50%)0 $0 0 0 0 0 0 0 2 BR (60%)31 $1,112 413,664 421,937 430,376 438,984 447,763 456,718 3 BR ( 30%)1 $1,126 13,512 13,782 14,058 14,339 14,626 14,918 3 BR (50%) 0 $0 0 0 0 0 0 0 3 Br (60%)4 $1,279 61,392 62,620 63,872 65,150 66,453 67,782 Residential Total 60 754,056 769,137 784,520 800,210 816,214 832,539 Less vacancy 5.00%(37,703)(38,457)(39,226)(40,011)(40,811)(41,627)Effective Residential Income 716,353 730,680 745,294 760,200 775,404 790,912Commercial Rent 1 (VCDC)15 2,000 $2,500 30,000 30,600 31,212 31,836 32,473 33,122Commercial Rent 2 15 1,566 $1,958 23,490 23,960 24,439 24,928 25,426 25,935 Commercial Rent 3 15 0 $0 0 0 0 0 0 0 Commercial Rent 4 15 0 $0 0 0 0 0 0 0 Commercial Rent 5 15 0 $0 0 0 0 0 0 0 Commercial Rent 6 0 0 $0 0 0 0 0 0 0 Less vacancy @ 10%10.00%(5,349)(5,456)(5,565)(5,676)(5,790)(5,906) Effective Commercial Income 48,141 49,104 50,086 51,088 52,109 53,152Effective Rental Income (ERI)764,494 779,784 795,380 811,287 827,513 844,063Parking income 0 0 0 0 0 0Laundry income/family/week $2 6,240 6,365 6,492 6,622 6,754 6,889Net Rental Income 770,734 786,149 801,872 817,909 834,267 850,953Draws on reserves to meet Debt Coverage of 1.15 0 0 0Total Income 770,734 786,149 801,872 817,909 834,267 850,953Expenses:Residential Management fee 6.00%46,244 47,169 48,112 49,075 50,056 51,057 Audit, accounting 9,000 9,270 9,548 9,835 10,130 10,433 Accounting & data processing 0 0 0 0 0 0 Communications (phone, internet)2,000 2,060 2,122 2,185 2,251 2,319 Legal 4,000 4,120 4,244 4,371 4,502 4,637 License, Permits, Fees 0 0 0 0 0 0Marketing, Renting Expense 5,000 5,150 5,305 5,464 5,628 5,796Payroll: Administrative 40,000 41,200 42,436 43,709 45,020 46,371Payroll taxes & benefits 10,000 10,300 10,609 10,927 11,255 11,593monitorig fee -$ 1,800 1,854 1,910 1,967 2,026 2,087Supplies1,500 1,545 1,591 1,639 1,688 1,739Training2,000 2,060 2,122 2,185 2,251 2,319 Travel 1,000 1,030 1,061 1,093 1,126 1,159 Subtotal: Administrative 76,300 78,589 80,947 83,375 85,876 88,453 Decorating (interior)5,000 5,150 5,305 5,464 5,628 5,796 Exterminating 3,000 3,090 3,183 3,278 3,377 3,478 Grounds Upkeep/Landscaping 8,000 8,240 8,487 8,742 9,004 9,274 Janitorial/maintenance supplies 7,500 7,725 7,957 8,195 8,441 8,695Payroll: Maint & Repairs 45,000 46,350 47,741 49,173 50,648 52,167Payroll taxes & benefits 13,500 13,905 14,322 14,752 15,194 15,650Repairs contract 20,000 20,600 21,218 21,855 22,510 23,185Snow removal 10,000 10,300 10,609 10,927 11,255 11,593Trash removal 15,000 15,450 15,914 16,391 16,883 17,389Elevator Maintenance 0 0 0 0 0 0 Subtotal: Maintenance 127,000 130,810 134,734 138,776 142,940 147,228 Electricity 20,000 20,600 21,218 21,855 22,510 23,185 Gas hot water, heat 60,000 61,800 63,654 65,564 67,531 69,556 Oil Heat 0 0 0 0 0 0 Water/sewer use fees 15,000 15,450 15,914 16,391 16,883 17,389 Subtotal: Utilities 95,000 97,850 100,786 103,809 106,923 110,131 Real estate taxes 35,000 35,875 36,772 37,691 38,633 39,599Insurance30,000 30,900 31,827 32,782 33,765 34,778Subtotal: Taxes, Insurance 65,000 66,775 68,599 70,473 72,399 74,378Resident Security 0 0 0 0 0 0Total Residential Operating Expenses 409,544 421,193 433,178 445,508 458,194 471,246Total Expenses Per Unit 6,826 7,020 7,220 7,425 7,637 7,854Replacement reserve $325 19,500 20,085 20,688 21,308 21,947 22,606 Total Residential NOI 287,309 289,402 291,429 293,384 295,262 297,060 Commercial Space (Maintenance)2,500 2,500 2,575 2,652 2,732 2,814 Commercial Space (Heat)4,000 5,000 5,150 5,305 5,464 5,628 Commercial Space (Insurance)2,000 2,060 2,122 2,185 2,251 2,319 Commercial Space (RE Taxes)4,000 4,000 4,100 4,203 4,308 4,415Total Commercial Operating Expenses 12,500 13,560 13,947 14,345 14,754 15,175Total Commercial NOI 35,641 35,544 36,139 36,743 37,355 37,976Total Net operating income (NOI) and Draws on Reserve 322,950 324,946 327,568 330,126 332,618 335,036Permanent loan (term, interest, Principle)25 6.5%$3,600,000 291,689 291,689 291,689 291,689 291,689 291,689Cashflow$31,261 $33,257 $35,878 $38,437 $40,928 $43,347 Debt coverage ratio 1.11 1.11 1.12 1.13 1.14 1.15 Prepared byMBL Housing and Development, Inc.Amherst, MA Year Year Year Year Year Year Year Year Year Year Year Year Year Year 7 8 9 10 11 12 13 14 15 16 17 18 19 20 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 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 0 213,656 217,929 222,287 226,733 231,268 235,893 240,611 245,423 250,332 255,338 260,445 265,654 270,967 276,386 85,327 87,034 88,774 90,550 92,361 94,208 96,092 98,014 99,974 101,974 104,013 106,093 108,215 110,380 0 0 0 0 0 0 0 0 0 0 0 0 0 0 465,853 475,170 484,673 494,367 504,254 514,339 524,626 535,118 545,821 556,737 567,872 579,229 590,814 602,630 15,217 15,521 15,831 16,148 16,471 16,800 17,136 17,479 17,829 18,185 18,549 18,920 19,298 19,6840000000000000069,137 70,520 71,931 73,369 74,837 76,333 77,860 79,417 81,005 82,626 84,278 85,964 87,683 89,437 849,190 866,173 883,497 901,167 919,190 937,574 956,325 975,452 994,961 1,014,860 1,035,157 1,055,860 1,076,978 1,098,517(42,459)(43,309)(44,175)(45,058)(45,960)(46,879)(47,816)(48,773)(49,748)(50,743)(51,758)(52,793)(53,849)(54,926)806,730 822,865 839,322 856,108 873,231 890,695 908,509 926,679 945,213 964,117 983,399 1,003,067 1,023,129 1,043,59133,785 34,461 35,150 35,853 36,570 37,301 38,047 38,808 39,584 40,376 41,184 42,007 42,847 43,70426,454 26,983 27,522 28,073 28,634 29,207 29,791 30,387 30,995 31,614 32,247 32,892 33,550 34,220 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 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 (6,024)(6,144)(6,267)(6,393)(6,520)(6,651)(6,784)(6,920)(7,058)(7,199)(7,343)(7,490)(7,640)(7,792) 54,215 55,299 56,405 57,533 58,684 59,857 61,054 62,276 63,521 64,791 66,087 67,409 68,757 70,132860,945 878,164 895,727 913,641 931,914 950,552 969,563 988,955 1,008,734 1,028,909 1,049,487 1,070,476 1,091,886 1,113,724000000000000007,027 7,168 7,311 7,457 7,607 7,759 7,914 8,072 8,234 8,398 8,566 8,738 8,912 9,091867,972 885,331 903,038 921,099 939,521 958,311 977,477 997,027 1,016,967 1,037,307 1,058,053 1,079,214 1,100,798 1,122,8140000000000000867,972 885,331 903,038 921,099 939,521 958,311 977,477 997,027 1,016,967 1,037,307 1,058,053 1,079,214 1,100,798 1,122,814 52,078 53,120 54,182 55,266 56,371 57,499 58,649 59,822 61,018 62,238 63,483 64,753 66,048 67,369 10,746 11,069 11,401 11,743 12,095 12,458 12,832 13,217 13,613 14,022 14,442 14,876 15,322 15,782 0 0 0 0 0 0 0 0 0 0 0 0 0 0 2,388 2,460 2,534 2,610 2,688 2,768 2,852 2,937 3,025 3,116 3,209 3,306 3,405 3,507 4,776 4,919 5,067 5,219 5,376 5,537 5,703 5,874 6,050 6,232 6,419 6,611 6,810 7,014 0 0 0 0 0 0 0 0 0 0 0 0 0 05,970 6,149 6,334 6,524 6,720 6,921 7,129 7,343 7,563 7,790 8,024 8,264 8,512 8,76847,762 49,195 50,671 52,191 53,757 55,369 57,030 58,741 60,504 62,319 64,188 66,114 68,097 70,14011,941 12,299 12,668 13,048 13,439 13,842 14,258 14,685 15,126 15,580 16,047 16,528 17,024 17,5352,149 2,214 2,280 2,349 2,419 2,492 2,566 2,643 2,723 2,804 2,888 2,975 3,064 3,1561,791 1,845 1,900 1,957 2,016 2,076 2,139 2,203 2,269 2,337 2,407 2,479 2,554 2,6302,388 2,460 2,534 2,610 2,688 2,768 2,852 2,937 3,025 3,116 3,209 3,306 3,405 3,507 1,194 1,230 1,267 1,305 1,344 1,384 1,426 1,469 1,513 1,558 1,605 1,653 1,702 1,754 91,106 93,839 96,655 99,554 102,541 105,617 108,786 112,049 115,411 118,873 122,439 126,112 129,896 133,793 5,970 6,149 6,334 6,524 6,720 6,921 7,129 7,343 7,563 7,790 8,024 8,264 8,512 8,768 3,582 3,690 3,800 3,914 4,032 4,153 4,277 4,406 4,538 4,674 4,814 4,959 5,107 5,261 9,552 9,839 10,134 10,438 10,751 11,074 11,406 11,748 12,101 12,464 12,838 13,223 13,619 14,028 8,955 9,224 9,501 9,786 10,079 10,382 10,693 11,014 11,344 11,685 12,035 12,396 12,768 13,15153,732 55,344 57,005 58,715 60,476 62,291 64,159 66,084 68,067 70,109 72,212 74,378 76,609 78,90816,120 16,603 17,101 17,614 18,143 18,687 19,248 19,825 20,420 21,033 21,664 22,313 22,983 23,67223,881 24,597 25,335 26,095 26,878 27,685 28,515 29,371 30,252 31,159 32,094 33,057 34,049 35,07011,941 12,299 12,668 13,048 13,439 13,842 14,258 14,685 15,126 15,580 16,047 16,528 17,024 17,53517,911 18,448 19,002 19,572 20,159 20,764 21,386 22,028 22,689 23,370 24,071 24,793 25,536 26,30300000000000000 151,645 156,194 160,880 165,706 170,677 175,798 181,072 186,504 192,099 197,862 203,798 209,912 216,209 222,695 23,881 24,597 25,335 26,095 26,878 27,685 28,515 29,371 30,252 31,159 32,094 33,057 34,049 35,070 71,643 73,792 76,006 78,286 80,635 83,054 85,546 88,112 90,755 93,478 96,282 99,171 102,146 105,210 0 0 0 0 0 0 0 0 0 0 0 0 0 0 17,911 18,448 19,002 19,572 20,159 20,764 21,386 22,028 22,689 23,370 24,071 24,793 25,536 26,303 113,435 116,838 120,343 123,953 127,672 131,502 135,447 139,511 143,696 148,007 152,447 157,021 161,731 166,583 40,589 41,604 42,644 43,710 44,803 45,923 47,071 48,248 49,454 50,690 51,958 53,257 54,588 55,95335,822 36,896 38,003 39,143 40,317 41,527 42,773 44,056 45,378 46,739 48,141 49,585 51,073 52,60576,411 78,500 80,647 82,853 85,120 87,450 89,844 92,304 94,832 97,429 100,099 102,842 105,661 108,55800000000000000484,675 498,491 512,707 527,333 542,382 557,866 573,797 590,189 607,055 624,410 642,266 660,639 679,545 698,9988,078 8,308 8,545 8,789 9,040 9,298 9,563 9,836 10,118 10,407 10,704 11,011 11,326 11,65023,284 23,983 24,702 25,443 26,206 26,993 27,802 28,636 29,495 30,380 31,292 32,231 33,197 34,193 298,771 300,391 301,913 303,332 304,642 305,837 306,910 307,854 308,662 309,327 309,842 310,198 310,387 310,400 2,898 2,985 3,075 3,167 3,262 3,360 3,461 3,564 3,671 3,781 3,895 4,012 4,132 4,256 5,796 5,970 6,149 6,334 6,524 6,720 6,921 7,129 7,343 7,563 7,790 8,024 8,264 8,512 2,388 2,460 2,534 2,610 2,688 2,768 2,852 2,937 3,025 3,116 3,209 3,306 3,405 3,507 4,526 4,639 4,755 4,874 4,995 5,120 5,248 5,380 5,514 5,652 5,793 5,938 6,086 6,23915,608 16,054 16,512 16,984 17,469 17,968 18,482 19,010 19,553 20,112 20,687 21,279 21,888 22,51438,606 39,245 39,893 40,549 41,215 41,889 42,573 43,266 43,968 44,679 45,400 46,130 46,870 47,618337,377 339,636 341,805 343,881 345,857 347,726 349,482 351,119 352,630 354,006 355,242 356,328 357,256 358,019291,689 291,689 291,689 291,689 291,689 291,689 291,689 291,689 291,689 291,689 291,689 291,689 291,689 291,689$45,688 $47,946 $50,116 $52,192 $54,167 $56,037 $57,793 $59,430 $60,940 $62,317 $63,552 $64,638 $65,567 $66,329 1.16 1.16 1.17 1.18 1.19 1.19 1.20 1.20 1.21 1.21 1.22 1.22 1.22 1.23 Prepared byMBL Housing and Development, Inc.Amherst, MA Year 21 2024 0 0 281,914 112,587 0 614,683 20,078091,225 1,120,488(56,024)1,064,46344,57834,905 0 0 0 0 (7,948) 71,5351,135,99809,2721,145,27001,145,270 68,716 16,255 0 3,612 7,224 09,03172,24418,0613,2512,7093,612 1,806 137,806 9,031 5,418 14,449 13,54681,27524,38336,12218,06127,0920 229,376 36,122 108,367 0 27,092 171,581 57,35254,183111,5350719,01411,98435,219 310,230 4,384 8,768 3,612 6,39523,15848,377358,607291,689$66,917 1.23 Prepared byMBL Housing and Development, Inc.Amherst, MA Northampton Lumber2-Sep-14 Total Acquisition Costs $1,000,000Deductions from Basis $250,000Total Eligible Acq. Costs $750,000Less: Historic Rehab Credit $0Subtotal: Eligible Basis $750,000"Hard to Develop" area 100%Total: Eligible Basis $750,000 Applicable Fraction 100.00% Total: Qualified Basis $750,000 Applicable Percentage 0.00% Maximum Low Income Tax Credit $0 Total Construction $18,552,096 Less:Deductions from Basis $2,000,000 Less: Other basis deductions $1,074,303 Total Eligible Rehabilitation Costs $15,477,793 Less: Historic Rehab Credit $0 Subtotal: Eligible Basis $15,477,793 Other Basis deductions "Hard to Develop" area 100%Commercial Construction $534,900Total: Eligible Basis $15,477,793 Commercial Soft Costs $304,003Applicable Fraction 100.00%Total: Qualified Basis $15,477,793 Legal $200,000 20%$40,000Applicable Percentage 7.59%Title & Recording $15,000Marketing and Rentup $75,000Maximum Rehab Credit $1,174,764 NHHFA Fees $50,400Accounting$30,000$1,174,764 Dev. Consulting $25,000Maximum Credit Calculation: Basis CAP Total $1,074,303.Units $1,000,000 Allocated Credits $0 $1,080,000 Tax Credit CAP $1,000,000 Yield $0.88 $8,800,000 State Tax Credits Over/UnderAmount of Credits $1,212,903 $0Term5Yield0.73Total equity $4,427,096Over/Under ($0)$4,427,095.95 State Credits per Unit $20,215