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Mercy House
<br />Development Proforma
<br />Development Costs
<br />Sources and Uses
<br />TOTAL
<br />PER UNIT
<br />NSP
<br />SHP
<br />HOPWA
<br />Land Costs
<br />Acquisition
<br />405,728
<br />81,146
<br />202,864
<br />202,864
<br />0
<br />Closing Costs
<br />6,935
<br />1,387
<br />3,468
<br />3,467
<br />0
<br />Total Land Costs
<br />412,663
<br />82,533
<br />206,332
<br />206,331
<br />0
<br />Total Acquisition Costs
<br />412,663
<br />82,533
<br />206,332
<br />206,331
<br />0
<br />Rehabilitation
<br />Site Work
<br />2,500
<br />500
<br />0
<br />2,500
<br />0
<br />Structures
<br />132.090
<br />26,418
<br />26.000
<br />106,090
<br />0
<br />Construction Management
<br />7,500
<br />1,500
<br />0
<br />7,500
<br />0
<br />Total New Construction Costs
<br />142,090
<br />28,418
<br />26,000
<br />116,090
<br />0
<br />Architectural Fees
<br />Design
<br />2,350
<br />470
<br />2,350
<br />0
<br />0
<br />Supervision
<br />0
<br />0
<br />0
<br />0
<br />0
<br />Total Architectural Costs
<br />2,350
<br />470
<br />2,350
<br />0
<br />0
<br />Total Survey & Engineering Costs
<br />0
<br />0
<br />0
<br />0
<br />0
<br />Construction Interest and Fees
<br />Acquisition Loan Fees & Interest
<br />0
<br />0
<br />0
<br />0
<br />0
<br />Construction Loan Interest
<br />3,065
<br />613
<br />3,065
<br />0
<br />0
<br />Loan Origination Fee
<br />3,500
<br />700
<br />3,500
<br />0
<br />0
<br />Broker Fee
<br />3,000
<br />600
<br />3,000
<br />0
<br />0
<br />Property Taxes
<br />1,266
<br />253
<br />1,266
<br />0
<br />0
<br />Construction Period Insurance
<br />3,000
<br />600
<br />3,000
<br />0
<br />0
<br />Title & Recording
<br />500
<br />100
<br />500
<br />0
<br />0
<br />Total Construction Interest & Fees
<br />14,331
<br />2,866
<br />14,331
<br />0
<br />0
<br />Permanent Financing
<br />Permanent Loan Origination Fee
<br />0
<br />0
<br />0
<br />0
<br />0
<br />Bond Issuer fee
<br />0
<br />0
<br />0
<br />0
<br />0
<br />Bridge Loan Interest
<br />0
<br />0
<br />0
<br />0
<br />0
<br />Other Bond fees
<br />0
<br />0
<br />0
<br />0
<br />0
<br />Title & Recording
<br />250
<br />50
<br />250
<br />0
<br />0
<br />Total Permanent Financing Costs
<br />250
<br />50
<br />250
<br />0
<br />0
<br />Leila/Fees
<br />Legal Costs (Contt Loan+ Project Related)
<br />2,000
<br />400
<br />0
<br />2,000
<br />0
<br />Other
<br />0
<br />0
<br />0
<br />0
<br />0
<br />Total Attorney Costs
<br />2,000
<br />400
<br />0
<br />2,000
<br />0
<br />Total Appraisal Costs Inc. in acq
<br />0
<br />0
<br />0
<br />0
<br />0
<br />Reserves
<br />Operating Reserves - 2 months
<br />9,378
<br />0
<br />0
<br />0
<br />9,378
<br />Other
<br />0
<br />0
<br />0
<br />0
<br />0
<br />Total Reserve Costs
<br />9,378
<br />0
<br />0
<br />0
<br />9,378
<br />Total Construction Contingency Costs (10%)
<br />13,209
<br />2,642
<br />0
<br />13,209
<br />0
<br />Other
<br />NSP + required inspections
<br />4,300
<br />860
<br />4,300
<br />0
<br />0
<br />Environmental Reports/Expenses
<br />6,000
<br />1,200
<br />6,000
<br />0
<br />0
<br />Local Permit Fees
<br />2,500
<br />500
<br />2,500
<br />0
<br />0
<br />Marketing
<br />1,000
<br />200
<br />0
<br />1,000
<br />0
<br />Insurance
<br />11,950
<br />2,390
<br />11,950
<br />0
<br />0
<br />Appliances
<br />7,000
<br />1,400
<br />1,750
<br />5,250
<br />XXXX
<br />Fumishings/Fixtures
<br />20,150
<br />4,030
<br />XXXX
<br />20,150
<br />XXXX
<br />Relocation
<br />0
<br />0
<br />0
<br />0
<br />0
<br />Soft Cost Contingency (10%)
<br />8,877
<br />1.775
<br />0
<br />8,877
<br />0
<br />Property Taxes
<br />9,960
<br />1,992
<br />9,960
<br />0
<br />0
<br />Holding costs
<br />6,093
<br />1.219
<br />0
<br />6,093
<br />0
<br />Zoning/NCST fees
<br />800
<br />160
<br />0
<br />0
<br />800
<br />Total Other Costs
<br />78,630
<br />15,726
<br />36,460
<br />41,370
<br />800
<br />Sub -Total Residential Costs
<br />674,901
<br />215,637
<br />285,723
<br />379,000
<br />10,178
<br />Developer Costs
<br />Developer Overhead/Profit 10 %
<br />67,490
<br />13,498
<br />0
<br />0
<br />67,490
<br />Consultant/Processing Agent Fees
<br />3,749
<br />750
<br />3,749
<br />0
<br />0
<br />Project Management
<br />12,332
<br />2,466
<br />0
<br />0
<br />12,332
<br />Other
<br />0
<br />0
<br />0
<br />0
<br />0
<br />Total Developer Costs
<br />83.571
<br />16,714
<br />3,749
<br />0
<br />79,822
<br />Total Project Costs
<br />758,472
<br />232,351
<br />289,472
<br />379,000
<br />90,000
<br />
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