Loading (50 kb)...'
(continued)
(A) Low vacancy rate for rental housing.
(B) Typical local market-rate rents as a high percentage of the income limit for very low-income households. The income limit for very low-income households is provided in section 6932 pursuant to Health and Safety Code section 50105. For example, in Sacramento County the typical market-rate rent for a three-bedroom rental is $750, while the monthly income for a very low-income family of four is $1,562.50. Such a family will pay 48% of their income to rent such a dwelling unit. Since affordable rent is set at 25% of income pursuant to section 6922 of title 25, 48% of income is high.
(C) Length of wait for units in comparable subsidized housing developments.
(D) High rental housing development costs, in comparison to costs in other areas of the state.
(4) The extent to which the proposed project complements the implementation of an existing housing program in the local agency in which the proposed project is located. "Local agency" means the same as defined in section 50077 of the Health and Safety Code. Points shall be allocated based upon the following criteria:
(A) The extent to which the local agency has an existing housing program, such as a housing element in compliance with the requirements of article 10.6, commencing with section 65580, of chapter 3, division 1 of title 7 of the Government Code, or a similar plan or policy formally considered by the local city council or board of supervisors. A plan or policy shall ordinarily be deemed to be similarly based upon the extent to which it addresses affordable housing issues such as the following: an assessment of need in the area and an inventory of resources and any constraints on those resources; a statement of the community's goals, objectives and policies relative to the maintenance, preservation, improvement and development of housing; a program which sets forth a schedule of actions which the local government has undertaken, is undertaking and intends to undertake to implement these goals; and a program for preserving existing assisted housing developments. Examples of actions which a local government may have taken, is taking, or may intend to take in implementing the community's goals, objectives and policies include the following: demonstrated performance in support of the development of affordable housing; utilization of federal, state, and local financing and subsidy programs; land use development controls; and regulatory provisions, concessions and incentives.
(B) The extent to which the local agency is providing, or could provide, financial or nonfinancial assistance to the applicant's project. Financial assistance is defined as assistance that is equal to at least five percent of the project development cost, excluding any costs of tax-credit syndication, or $250,000, whichever is less. Nonfinancial assistance includes forms of assistance such as the granting of density bonuses, the modification of development standards, and the fast tracking of local approvals, but does not include simply the provision of technical assistance, consultation or advice.
(5) The program loan amount divided by the sum of the total development cost of all assisted units and lower income nonassisted units. Total development cost does not include any costs of tax-credit syndication.
(6) The degree of the project's economic feasibility, as demonstrated by the following:
(A) The capacity of the applicant, including its board, staff and any consultants, as evidenced by previous development and ownership experience with residential projects and by the applicant's financial, operational and organizational stability.
(B) The readiness of the project to start construction as evidenced by the status of local development approvals and project financing commitments.
(7) The applicant's budget for construction and construction-related expenses, such as architectural, building permit, and local development fees, divided by typical costs for the same sized project, as estimated by the department.
Maximum possible points 70
Note: Authority cited: Section 50771.1, Health and Safety Code. Reference: Sections 50735 and 50771.1, Health and Safety Code.
s 8096. Legal Documents.
(a) The department shall enter into a Standard Agreement with the sponsor which shall encumber monies from the fund in an amount sufficient to fund the approved loan amount. The Standard Agreement shall contain the following:
(1) A description of the approved project and the permitted uses of program funds;
(2) provisions governing the amount and terms of the loan;
(3) provisions regarding the regulatory restrictions to be applied to the project through the Regulatory Agreement;
(4) provisions governing the construction work and, as applicable, the acquisition of the project site, and the disbursement of loan proceeds;
(5) special conditions imposed as part of department approval of the project;
(6) requirements for the execution and the recordation of the agreements and documents required under the program;
(7) terms and conditions required by federal or state law;
(8) requirements regarding the establishment of escrow accounts for the deposit of documents and the disbursement of loan proceeds;
(9) remedies available to the department in the event of a violation, breach, or default of the Standard Agreement to ensure compliance with program requirements for the full term of the Regulatory Agreement, including repayment of all costs of enforcement;
(10) other provisions necessary to ensure compliance with the requirements of this program.
(b) The department shall enter into a Development Agreement with the sponsor which shall be executed prior to the disbursement of funds to the sponsor, govern the performance of the project, and include the following:
(1) The approved schedule of the project, including land acquisition, if any, commencement and completion of construction work, and occupancy by eligible households;
(2) provisions ensuring that the construction contract is consistent with section 8092 and other program requirements and that all financing agreements are consistent with program requirements;
(3) the approved budget for construction work, land acquisition and other project costs, if applicable;
(4) provisions relating to fund disbursement;
(5) provisions relating to acquisition agreements, preparation of construction specifications, bidding, awards to contractors, and disbursement of funds to contractors, or others;
(6) requirements for reporting to the department;
(7) terms and conditions for the inspection and monitoring of the project in order to verify compliance with the Standard Agreement and this agreement;
(8) provisions regarding tenant relocation;
(9) bonding and insurance requirements consistent with the requirements of this subchapter;
(10) conditions constituting breach of the Development Agreement and remedies available to the parties thereto, including repayment of costs of enforcement;
(11) a requirement that the contractor comply with state prevailing wage law, as set forth in Labor Code section 1720 et seq., where program funds are provided as construction financing; and
(12) other provisions necessary to ensure compliance with the requirements of this program.
(c) The department shall enter into a Regulatory Agreement with the sponsor for not less than the original term of the loan which shall be recorded against the project property prior to the disbursement of funds. The Regulatory Agreement shall include the following:
(1) designation of the number and type of assisted units pursuant to section 8086;
(2) standards for tenant selection pursuant to section 8087(a);
(3) provisions regulating the terms of the rental agreement pursuant to section 8087(c);
(4) provisions related to an annual budget approved by the department pursuant to section 8102;
(5) provisions related to a management plan pursuant to section 8100;
(6) provisions related to a rent schedule, including initial rent levels for assisted and nonassisted units pursuant to section 8088(a);
(7) conditions and procedures for permitting rent increases pursuant to section 8088(b);
(8) provisions for limitations on distributions pursuant to section 8089;
(9) provision requiring annual reports, inspections and audits pursuant to section 8101;
(10) provisions regarding the withdrawal of funds from reserve accounts and additional payments by the department;
(11) assurances that sponsor will maintain the rental housing development in a safe and sanitary condition in compliance with state and local housing codes and the management plan pursuant to section 8100;
(12) conditions constituting breach of the Regulatory Agreement and remedies available to the parties thereto;
(13) provisions governing use and operation of nonassisted units and common areas to the extent necessary to ensure compliance with program requirements;
(14) provisions authorizing enforcement of program requirements by tenants;
(15) special conditions of loan approval imposed by the department;
(16) provisions specifying that the Regulatory Agreement shall be binding on all assigns and successors in interest of the sponsor and that all sales, transfers, and encumbrances shall be subject to section 8099; and
(17) other provisions necessary to assure compliance with the requirements of the program.
(d) All loans shall be evidenced by a promissory note payable to the department in the principal amount of the loan and stating the terms of the loan consistent with the requirements of the program. The note shall be secured by a deed of trust on the project property naming the department as beneficiary or by other security acceptable to the department; this deed of trust or other security shall be recorded junior only to such liens, encumbrances and other matters of record approved by the department and shall secure the department's financial interest in the project and the performance of sponsor's program obligations.
Note: Authority cited: Section 50771.1, Health and Safety Code. Reference: Sections 50771.1 and 53130, Health and Safety Code.
s 8097. Disbursement of Loan Funds.
(a) The sponsor shall request funds from the department for actual expenditures in accordance with the schedule and the authorized amounts in the approved project budget in the Development Agreement. The information on any request for funds shall be subject to verification by the department. Requests shall be made on form HCD 810, "Request for Funds," 12/89, as set forth in subsection (b). This form is provided by the department.
(b) Text of form HCD 810, "Request for Funds," dated 12/89:
RENTAL HOUSING CONSTRUCTION PROGRAM REQUEST FOR FUNDS #
1. BORROWER (Payee)__________:
2. ADDRESS:__________
3. CONTRACT NUMBER:__________
4.
TOTAL
APPROVED AMOUNT PER PREVIOUSLY AMOUNT
LOAN AMOUNT THIS REQUEST APPROVED BALANCE
$ _________ $ __________ $ ________ $ _____
5. USE OF FUNDS REQUESTED: (Specify line items per Development Agreement Budget.)
$____________________________
$____________________________
$____________________________
$____________________________
6. DRAW CHECK IN TOTAL AMOUNT OF:
7. SEND CHECK TO: Department of Housing and Community Development Accounting Office P.O. Box 952050 Sacramento, CA 94252-2050
8. CERTIFICATION: I, the undersigned, do hereby certify that (1) the funds requested above will be used only in accordance with the above numbered State Standard Agreement and the Development Agreement entered into pursuant to this Standard Agreement, and only for eligible costs, as specified in the RHCP regulations; and (2) the Borrower and the project are in full compliance with the Standard Agreement, the Development Agreement, and all other agreements by and between the Borrower and the Department of Housing and Community Development entered into pursuant to the Standard Agreement.
Signed: _______________________________
Title: ___________________ Date: ___________________
DO NOT WRITE BELOW THIS LINE
The work performed for which this request for disbursement is presented is in accordance with all provisions of Contract Number _____ between _____ and the Department of Housing and Community Development, and is hereby approved for payment.
Program Manager: ____________________ Date: _______________
(c) Prior to the disbursement of funds, the sponsor shall provide or execute all required documents which the department determines are necessary to verify the claimed expenditure.
(d) The department may enter into agreements with other lenders or public or private entities to disburse funds and monitor construction and may make direct payments to such third party contractors on behalf of sponsors.
(e)(1) If a sponsor is a nonprofit corporation or a government entity, the department may disburse an initial advance payment subject to the following conditions:
(A) any required documents are executed by the sponsor;
(B) the sponsor is in compliance with all applicable conditions for the advance of funds;
(C) the sponsor submits a "Request for Funds"; and
(D) the sponsor certifies that it does not have adequate funds to commence the project.
(2) The advance payment shall not exceed 25 percent of the approved administrative costs.
(3) All disbursements subject to the initial advance shall be made only to pay for actual eligible costs incurred.
Note: Authority cited: Section 50771.1, Health and Safety Code. Reference: Section 50771.1, Health and Safety Code.
s 8098. Sales, Transfers, and Encumbrances.
(a) A sponsor shall not sell, assign, transfer, or convey the rental housing development, or any interest therein or portion thereof, without the express prior written approval of the department. A sale, transfer or conveyance shall be approved only if all of the following requirements are met:
(1) the existing sponsor is in compliance with the Regulatory Agreement or the sale, transfer or conveyance will result in the cure of any existing violations;
(2) the successor-in-interest to the sponsor agrees to assume all obligations of the existing sponsor pursuant to the Regulatory Agreement and this program;
(3) the successor-in-interest is an eligible sponsor and demonstrates to the department's satisfaction that it can successfully own and operate the rental housing development and comply with all program requirements; and
(4) no terms of the sale, transfer, or conveyance jeopardize either the department's security or the successor's ability to comply with all program requirements.
(b) The department shall grant its approval of such sale, assignment, transfer, or conveyance subject to such terms and conditions as may be necessary to preserve or establish the fiscal integrity of the project. Such conditions shall include:
(1) the deposit of sales proceeds, or a portion thereof, to maintain required reserves, or to offset negative cash flow;
(2) the recapture of syndication proceeds or other funds in accordance with special conditions included in the Standard Agreement or any other agreement executed by the sponsor;
(3) such conditions as may be necessary to ensure compliance with the program requirements.
(c) The sponsor shall not encumber, pledge, or hypothecate the rental housing development, or any interest therein or portion thereof, or allow any lien, charge, or assessment against the rental housing development without the prior written approval of the department. The department may permit refinancing of existing liens or additional financing secured by the rental housing development to the extent necessary to maintain or improve the fiscal integrity of the project, to maintain affordable rents, or to decrease rents.
Note: Authority cited: Section 50771.1, Health and Safety Code. Reference: Section 50771.1, Health and Safety Code.
s 8099. Defaults and Loan Cancellations.
(a) In the event of a breach or violation by the sponsor of any of the provisions of the Regulatory Agreement, the Standard Agreement, the Development Agreement, the promissory note, or the deed of trust, or any other agreement pertaining to the project, the department may give written notice to the sponsor to cure the breach or violation within a period of not less than 15 days. If the breach or violation is not cured to the satisfaction of the department within the specified time period, the department, at its option, may declare a default under the relevant document and may seek legal remedies for the default including the following:
(1) The department may accelerate all amounts, including outstanding principal and interest, due under the loan and demand immediate repayment thereof. Upon a failure to repay such accelerated amount in full, the department may proceed with a foreclosure in accordance with the provisions of the deed of trust and state law regarding foreclosures.
(2) The department may seek, in a court of competent jurisdiction, an order for specific performance of the defaulted obligation or the appointment of a receiver to complete the project or operate the rental housing development in accordance with program requirements.
(3) The department may seek such other remedies as may be available under the relevant agreement or any law.
(b) In the event that the breach or violation involves charging tenants rent or other charges in excess of those permitted under the Regulatory Agreement, the department may demand the return of such excess rents or other charges to the affected households. In any action to enforce the provisions of the Regulatory Agreement, the department may seek as additional remedy, the repayment of such overcharges.
(c) Loan commitments may be canceled by the department under any of the following conditions:
(1) the objectives and requirements of the program cannot be met;
(2) implementation cannot proceed in a timely fashion in accordance with the approved plans and schedules;
(3) special conditions have not been fulfilled within required time periods;
(4) the construction work has not commenced within one year of the date of loan approval;
(5) there has been a material change in the principals or management of the sponsor or project, which was not approved by the department.
The department, in writing and upon demonstration by the sponsor of good cause, may extend the date for compliance with any of the conditions in this subdivision.
(d) Upon receipt of a notice of intent to cancel the loan from the department, the sponsor shall have the right to appeal to the Director.
(e) The department may use amounts available in the fund pursuant to section 8103(b) for the purpose of curing, or avoiding, a sponsor's defaults on the terms of any loan or other obligation which jeopardize completion of construction, the fiscal integrity of a project or the department's security in the project. Such defaults include defaults or impending defaults in payments on mortgages, failures to pay taxes, or failures to maintain insurance or required operating reserves. The payment or advance of funds by the department pursuant to this subdivision shall be solely within the discretion of the department and no sponsor shall be entitled to or have any right to payment of these funds. All funds so advanced shall be part of the program loan to the sponsor and, upon demand, due and payable to the department. Where it becomes necessary to use the fund for the purpose of assisting a project to avoid threatened defaults or foreclosures, the department shall take those actions necessary, including, but not limited to, foreclosure or forced sale of the project property, to prevent similar occurrences and insure compliance with the terms of the applicable agreements.
Note: Authority cited: Section 50771.1, Health and Safety Code. Reference: Section 50771.1, Health and Safety Code.
s 8100. Management and Maintenance.
(a) The sponsor shall be responsible for all management functions of the rental housing development including selection of the tenants, annual recertification of household income and size, evictions, and collection of rent.
(b) The sponsor is responsible for all repair and maintenance functions of the rental housing development, including ordinary maintenance and replacement of capital items. The sponsor shall maintain residential units, commercial space and common areas in accordance with local health, building, and housing codes and the management plan.
(c) The sponsor, with the prior approval of the department, may contract with a management agent for the performance of the services or duties required in subdivisions (a) and (b). However, such an arrangement does not relieve the sponsor of responsibility for proper performance of these duties. Such contract shall be subject to Department approval and contain a provision allowing the sponsor to terminate the contract upon thirty days' notice. The sponsor shall terminate said contract as directed by the department upon determination that management does not comply with program requirements.
(d) The sponsor shall develop a management plan subject to department approval prior to loan closing. The plan shall be consistent with this subchapter and shall include the following:
(1) the role and responsibility of the sponsor and its delegation of authority, if any, to the managing agent;
(2) personnel policy and staffing arrangements;
(3) plans and procedures for publicizing and achieving early and continued occupancy;
(4) procedures for determining tenant eligibility and for certifying and annually recertifying household income and size;
(5) plans for carrying out an effective maintenance and repair program;
(6) rent collection policies and procedures;
(7) program for maintaining adequate accounting records and handling necessary forms and vouchers;
(8) plans for enhancing tenant-management relations;
(9) management agreement, if any;
(10) description of direct or supportive tenant services, if any;
(11) provisions for periodic update of management plan;
(12) for limited equity housing cooperatives, plans for board and member training and education;
(13) appeal and grievance procedures;
(14) plans for collections for tenant-caused damages;
(15) plans for processing evictions and termination; and
(16) equal opportunity provisions that apply to hiring and renting.
Note: Authority cited: Section 50771.1, Health and Safety Code. Reference: Sections 50736 and 50771.1, Health and Safety Code.
s 8101. Reporting.
(a) No later than 90 days after the end of each fiscal year, the sponsor shall report to the department on form HCD 820, "RHCP Annual Sponsor Certification," 12/89, as set forth in subsection (c). This form is provided by the department.
(b) As part of the annual report, the sponsor shall submit an audit of the rental housing development prepared in accordance with generally accepted auditing standards by a certified public accountant. Upon a determination that the cost of meeting this requirement exceeds the potential benefits from it to the department and to the tenants of the rental housing development, the department shall:
(1) reduce the required frequency of the audit;
(2) accept an audited financial statement in lieu of the audit; or
(3) waive this requirement completely.
(c) Copy of form HCD 820, "RHCP Annual Sponsor Certification," dated 12/89:
RHCP ANNUAL SPONSOR CERTIFICATION
FISCAL YEAR _____
Contract:_____________________
Development name:_____________________
Sponsor:____________________
The sponsor must send the Audit and Sponsor Certification to HCD within ninety (90) days after the fiscal year ends. Send one copy of the Audit and Sponsor Certification with original signatures, plus an additional copy of the Sponsor Certification.
Check here for forms included:
___ RHCP Annual Sponsor Certification (all projects) Page 1
___ Report of Actual Income (all projects) Page 2
___ Report of Actual Expenses (all projects) Page 3 and 4
___ Calculation of Assisted Unit Expenses (all projects) Page 5 and 6
___ Calculation of Commercial Space Expenses (with commercial Page 7 and 8
space only projects)
___ Uses of Net Operating Income (all projects) Page 9
___ Report of RHCP Loan Payment Balances (all projects) Page 10
___ Report of Vacancy Loss and Uncollectible Rents (all Page 11
projects)
___ Report on Replacement Reserve Account (all projects) Page 12
___ Report on Operating Reserve Account (all projects) Page 13
Sponsor Certification
It is hereby certified that all of the representations made by the Sponsor in the Regulatory Agreement and the financial disclosures contained in this report are true and correct, and that there is not any condition, event, or act which would constitute an event of default thereunder, or which with notice, passage of time, or both, would constitute such an event of default.
_____________________________________________________________
Sponsor
_____________________________________________________________
Signature
_____________________________________________________________
Title Date
REPORT OF ACTUAL INCOME
FISCAL Year _________
Contract:__________________________ Development name:___________
Units-Assisted/Total: ______________ Prepared by:______________
BUDGET (A) ACTUAL (B) HCD APPROVED (C)
---------- ---------- ----------------
Assisted Units:
1. Not Rental Income ________ ________ ________
2. Prorated Interest Income ________ ________ ________
3. Prorated Laundry Income ________ _________ ________
4. Resident Collections ________ _________ ________
5. Operating Reserve Withdrawls ________ ________ ________
6. Prorated Other Project Income ________ ________ ________
7. Subtotal Income-Assisted Units ________ ________ ________
8. Uncollectible Rents ________ ________ ________
9. Uncollectible Resident Damage ________ ________ ________
10. Total Income--Assisted Units ________ ________ ________
-------------------------------------------------------------------------------
Nonassisted Units
11. Sponsor Contribution ________ ________ ________
12. Net Rental Income ________ ________ ________
13. Prorated Interest Income ________ ________ ________
14. Prorated Laundry Income ________ ________ ________
15. Resident Collections ________ ________ ________
16. Operating Reserve Withdrawals ________ ________ ________
17. Prorated Other Project Income ________ ________ ________
18 Subtotal Income-Nonassisted Units ________ ________ ________
19. Uncollectible Rents ________ ________ ________
20. Uncollectible Resident Damage ________ ________ ________
21. Total Income-Nonassisted Units ________ ________ ________
-------------------------------------------------------------------------------
22. Commercial Income ________ ________ ________
-------------------------------------------------------------------------------
23. Total Project Income ________ ________ ________
-------------------------------------------------------------------------------
REPORT OF ACTUAL EXPENSES
FISCAL YEAR______
Contract:_____________________ Development name:_______________
Units-Assisted/Total________________ Prepared by ______________
-------------------------------------------------------------------------------
ACCOUNT NAME TOTAL EXPENSES
-------------------------------------------------------------------------------
BUDGET (A) BUDGET (B) HCD APPROVED
(C)
-------------------------------------
MANAGEMENT FEE:
1. Sponsor Overhead -------------------------------------
2. Contract Management Fee -------------------------------------
3. TOTAL MANAGEMENT FEES. -------------------------------------
-------------------------------------------------------------------------------
ADMINISTRATION:
4. Marketing -------------------------------------
5. Audit -------------------------------------
6. Legal -------------------------------------
7. Misc. Administrative Equipment -------------------------------------
8. TOTAL ADMINISTRATION -------------------------------------
-------------------------------------------------------------------------------
SALARIES
9. On-Site or Off-Site Manager -------------------------------------
10. Assistant Manager -------------------------------------
11. Grounds and Maintenance Personnel -------------------------------------
12. Desk Clerks -------------------------------------
13. Janitorial Personnel -------------------------------------
14. Housekeepers -------------------------------------
15. Services Staff -------------------------------------
16. Other -------------------------------------
17.TOTAL SALARIES -------------------------------------
-------------------------------------------------------------------------------
MAINTENANCE:
18.TOTAL SALARIES -------------------------------------
19.Elevator Maintenance -------------------------------------
20.Pest Control -------------------------------------
21.Grounds Contracts -------------------------------------
22.Interior Painting and Decorating -------------------------------------
23.Other -------------------------------------
24.TOTAL MAINTENANCE -------------------------------------
-------------------------------------------------------------------------------
UTILITIES:
25.Trash Removal -------------------------------------
26. Electricity -------------------------------------
27. Water and Sewer -------------------------------------
28. Gas -------------------------------------
29. HCD Use Only -------------------------------------
30. TOTAL UTILITIES -------------------------------------
-------------------------------------------------------------------------------
INSURANCE:
31. Property & Liability Insurance -------------------------------------
32. TOTAL INSURANCE -------------------------------------
-------------------------------------------------------------------------------
TAXES:
33. Real Estate Taxes/PILOTS -------------------------------------
34. Business License -------------------------------------
35. TOTAL TAXES -------------------------------------
-------------------------------------------------------------------------------
OTHER:
36. FOOD -------------------------------------
37. Support Services -------------------------------------
38. Co-op Member Training/Education -------------------------------------
39. __________ -------------------------------------
40. __________ -------------------------------------
-------------------------------------------------------------------------------
41. TOTAL DEPOSITS TO RESERVE ACCOUNTS: -------------------------------------
-------------------------------------------------------------------------------
42. SUBTOTAL OPERATING EXPENSES: -------------------------------------
-------------------------------------------------------------------------------
DEPOSITS TO RESERVE ACCOUNTS:
43. Re¢ ;ace,emt Reserve
44. Operating Reserve
45. TOTAl DEPOSITS TO RESERVE ACCOUNTS -------------------------------------
-------------------------------------------------------------------------------
FINANCIAL EXPENSES (NON-RHCP):
46. Debt Service (1st) -------------------------------------
47. Debt Service (2nd) -------------------------------------
48. Other __________ -------------------------------------
49. Other __________ -------------------------------------
50. Other __________ -------------------------------------
51. TOTAL FINANCIAL EXPENSES -------------------------------------
-------------------------------------------------------------------------------
DISTRIBUTIONS:
52. Distributions -------------------------------------
-------------------------------------------------------------------------------
53. TOTAL EXPENSES: -------------------------------------
-------------------------------------------------------------------------------
CALCULATION OF ASSISTED UNIT EXPENSES
FISCAL YEAR ___________
Contact: _________________________ Development name:___________
Units-Assisted/Total:___________ Prepared by: __________________
-------------------------------------------------------------------------------
ACCOUNT NAME ASSISTED EXPENSES
-------------------------------------------------------------------------------
TOTAL APPROVED ASSISTED ASSISTED
ACTUAL PRORATION UNIT UNIT
EXPENSES FACTOR (ACTUALS BUDGET
(D) (E) (F) (G)
-----------------------------------------------
MANAGEMENT FEE:
1. Sponsor Ordered -----------------------------------------------
2. Contract Management Fee -----------------------------------------------
3. TOTAL MANAGEMENT FEES -----------------------------------------------
-------------------------------------------------------------------------------
ADMINISTRATION:
4. Marketing -----------------------------------------------
5. Audit -----------------------------------------------
6. Legal -----------------------------------------------
7. Misc. Administrative -----------------------------------------------
Expenses
8. TOTAL ADMINISTRAITON: -----------------------------------------------
-------------------------------------------------------------------------------
SALARIES:
9. On-Site or Off-Site -----------------------------------------------
Manager
10. Assistant Manager -----------------------------------------------
11. Grounds and Maintenance -----------------------------------------------
Personnel
12. Desk Clerks -----------------------------------------------
13. Janitorial Personnel -----------------------------------------------
14. Housekeepers -----------------------------------------------
15. Services Staff -----------------------------------------------
16. Other __________ -----------------------------------------------
17. TOTAL SALARIES -----------------------------------------------
-------------------------------------------------------------------------------
MAINTENANCE
18. Supplies -----------------------------------------------
19. Elevator Maintenance -----------------------------------------------
20. Pest Control -----------------------------------------------
21. Grounds Contracts -----------------------------------------------
22. Indoor Painting and -----------------------------------------------
Decorating
23. Other __________ -----------------------------------------------
24. TOTAL MAINTENANCE -----------------------------------------------
-------------------------------------------------------------------------------
UTILITIES
25. Trash Removal -----------------------------------------------
26. Electricity -----------------------------------------------
27. Water and Sewer -----------------------------------------------
28. Gas -----------------------------------------------
29. HCD Use Only -----------------------------------------------
30. TOTAL UTILITIES -----------------------------------------------
-------------------------------------------------------------------------------
INSURANCE:
31. Property & Liability -----------------------------------------------
Insurance
32. TOTAL INSURANCE: -----------------------------------------------
TAXES:
-------------------------------------------------------------------------------
33. Real Estate Taxes/PILOTS -----------------------------------------------
34. Business License -----------------------------------------------
35. TOTAL TAXES: -----------------------------------------------
-------------------------------------------------------------------------------
OTHER:
36. Food -----------------------------------------------
37. Support Services -----------------------------------------------
38. Co-op Member -----------------------------------------------
Training/Education
39. __________ -----------------------------------------------
40. __________ -----------------------------------------------
41. TOTAL OTHER: -----------------------------------------------
-------------------------------------------------------------------------------
42. SUBTOTAL OPERATING -----------------------------------------------
EXPENSES
-------------------------------------------------------------------------------
DEPOSITS TO RESERVE ACCOUNTS -----------------------------------------------
43. Replacement Reserve -----------------------------------------------
44. Operating Reserve -----------------------------------------------
45. TOTAL RESERVES -----------------------------------------------
-------------------------------------------------------------------------------
FINANCIAL EXPENSES (NON-RHCP):
46. Debt Services (1st) -----------------------------------------------
47. Debt Services (2nd) -----------------------------------------------
48. Other __________ -----------------------------------------------
49. Other __________ -----------------------------------------------
50. Other __________ -----------------------------------------------
51. TOTAL FINANCIAL EXPENSES -----------------------------------------------
-------------------------------------------------------------------------------
DISTRIBUTIONS
52. Distributions -----------------------------------------------
-------------------------------------------------------------------------------
53. TOTAL EXPENSES: -----------------------------------------------
-------------------------------------------------------------------------------
CALCULATION OF COMMERCIAL SPACE EXPENSES
FISCAL YEAR ___________
Contact: _________________________ Development name:___________
Units-Assisted/Total:___________ Prepared by: __________________
-------------------------------------------------------------------------------
ACCOUNT NAME COMMERCIAL SPACE EXPENSES
-------------------------------------------------------------------------------
TOTAL APPROVED COMMERCIAL COMMERCIAL
ACTUAL PRORATION SPACE SPACE
EXPENSES FACTOR ACTUALS BUDGET (G)
(D) (E) (F)
---------------------------------------------------
MANAGEMENT FEE:
1. Sponsor Ordered ---------------------------------------------------
2. Contract Management ---------------------------------------------------
Fee
3. TOTAL MANAGEMENT FEES ---------------------------------------------------
-------------------------------------------------------------------------------
ADMINISTRATION:
4. Marketing ---------------------------------------------------
5. Audit ---------------------------------------------------
6. Legal ---------------------------------------------------
7. Misc. Administrative ---------------------------------------------------
Expenses
8. TOTAL ADMINISTRAITON: ---------------------------------------------------
-------------------------------------------------------------------------------
SALARIES:
9. On-Site or Off-Site ---------------------------------------------------
Manager
10. Assistant Manager ---------------------------------------------------
11. Grounds and ---------------------------------------------------
Maintenance Personnel
12. Desk Clerks ---------------------------------------------------
13. Janitorial Personnel ---------------------------------------------------
14. Housekeepers ---------------------------------------------------
15. Services Staff ---------------------------------------------------
16. Other __________ ---------------------------------------------------
17. TOTAL SALARIES ---------------------------------------------------
-------------------------------------------------------------------------------
MAINTENANCE
18. Supplies ---------------------------------------------------
19. Elevator Maintenance ---------------------------------------------------
20. Pest Control ---------------------------------------------------
21. Grounds Contracts ---------------------------------------------------
22. Indoor Painting and ---------------------------------------------------
Decorating
23. Other __________ ---------------------------------------------------
24. TOTAL MAINTENANCE ---------------------------------------------------
-------------------------------------------------------------------------------
UTILITIES
25. Trash Removal ---------------------------------------------------
26. Electricity ---------------------------------------------------
27. Water and Sewer ---------------------------------------------------
28. Gas ---------------------------------------------------
29. HCD Use Only ---------------------------------------------------
30. TOTAL UTILITIES ---------------------------------------------------
-------------------------------------------------------------------------------
INSURANCE:
31. Property & Liability ---------------------------------------------------
Insurance
32. TOTAL INSURANCE: ---------------------------------------------------
TAXES:
-------------------------------------------------------------------------------
33. Real Estate ---------------------------------------------------
Taxes/PILOTS
34. Business License ---------------------------------------------------
35. TOTAL TAXES: ---------------------------------------------------
-------------------------------------------------------------------------------
OTHER:
36. Food ---------------------------------------------------
37. Support Services ---------------------------------------------------
38. Co-op Member ---------------------------------------------------
Training/Education
39. __________ ---------------------------------------------------
40. __________ ---------------------------------------------------
41. TOTAL OTHER: ---------------------------------------------------
-------------------------------------------------------------------------------
42. SUBTOTAL OPERATING ---------------------------------------------------
EXPENSES
-------------------------------------------------------------------------------
DEPOSITS TO RESERVE ---------------------------------------------------
ACCOUNTS
43. Replacement Reserve ---------------------------------------------------
44. Operating Reserve ---------------------------------------------------
45. TOTAL RESERVES ---------------------------------------------------
-------------------------------------------------------------------------------
FINANCIAL EXPENSES
(NON-RHCP):
46. Debt Services (1st) ---------------------------------------------------
47. Debt Services (2nd) ---------------------------------------------------
48. Other __________ ---------------------------------------------------
49. Other __________ ---------------------------------------------------
50. Other __________ ---------------------------------------------------
51. TOTAL FINANCIAL ---------------------------------------------------
EXPENSES
-------------------------------------------------------------------------------
DISTRIBUTIONS
52. Distributions ---------------------------------------------------
-------------------------------------------------------------------------------
53. TOTAL EXPENSES: ---------------------------------------------------
-------------------------------------------------------------------------------
USES OF NET OPERATING INCOME
FISCAL YEAR ___________
Contact: _________________________ Development name:___________
Units-Assisted/Total:___________ Prepared by: __________________
-------------------------------------------------------------------------------
ASSISTED NONASSISTED RESIDENTIAL COMMERCIAL
UNITS UNITS TOTAL SPACE
-------------------------------------------------------------------------------
1. Actual Income ----------------------------------------------
2. Approved Budget Operating ----------------------------------------------
Expenses
3. Actual Operating Expenses ----------------------------------------------
4. Lesser of Line 2 or 3 ----------------------------------------------
5. Net Operating Income ----------------------------------------------
6. Deposits to Reserve Accounts ----------------------------------------------
7. Financial Expenses ----------------------------------------------
8. Sponsor Distributions ----------------------------------------------
9. RHCP Interest Payments ----------------------------------------------
10. RHCP Principal Payments ----------------------------------------------
11. Sponsor Incentive Payments ----------------------------------------------
12. Amount to Deposit in HCD ----------------------------------------------
Emergency Reserve Fund
-------------------------------------------------------------------------------
REPORT OF RHCP LOAN PAYMENT BALANCES
FISCAL YEAR ___________
Contact: _________________________
Units-Assisted/Total:______________________________
Development name:___________________________________
Prepared by: ______________________________________________
----------------------------------------------------
AMOUNT
----------------------------------------------------
1. Original Principal Amount ------
2. Total Principal Paid in Previous Years ------
3. Principal Paid in This Fiscal Year ------
4. Outstanding Principal Balance ------
----------------------------------------------------
5. Total Interest Due in Previous Years ------
6.Interest Due in This Fiscal Year ------
7. Total Interest Due ------
8. Total Interest Paid in Previous Years ------
9. Interest Paid in This Fiscal Year ------
10. Total Interest Paid ------
11. Outstanding Interest Balance ------
----------------------------------------------------
REPORT OF VACANCY LOSS AND UNCOLLECTIBLE RENTS
FISCAL YEAR ___________
Contact: ________________ Development name: _________________
Units-Assisted/Total:_______________ Prepared by: ____________
------------------------------------------------------------------
PROPOSED (A) APPROVED (B)
------------------------------------------------------------------
Assisted Units:
1. Rent Loss Due to Vacancy --------------------------
2. Uncollectible Rents --------------------------
3. Total Rent Loss-Assisted Units --------------------------
------------------------------------------------------------------
Noassisted Units:
4.Rent Loss Due to Vacancy --------------------------
5. Uncollectible Rents --------------------------
6. Total Rent Loss-Nonassisted Units --------------------------
------------------------------------------------------------------
Commercial Space: --------------------------
4. Rent Loss Due to Vacancy --------------------------
5. Uncollectible Rents --------------------------
6. Total Rent Loss-Commercial Space --------------------------
------------------------------------------------------------------
7. TOTAL PROJECT RENT LOSS --------------------------
------------------------------------------------------------------
REPORT OF REPLACEMENT RESERVE ACCOUNT
FISCAL YEAR ___________
Contact: ________________ Development name: _________________
Units-Assisted/Total:_______________ Prepared by: ____________
---------------------------------------------------
PROPOSED (A) APPROVED (B)
---------------------------------------------------
1. Beginning Balance --------------------------
2. Deposits --------------------------
3. Withdrawals --------------------------
4.Ending Balance --------------------------
---------------------------------------------------
5. Summary Withdrawals --------------------------
----------------------- --------------------------
----------------------- --------------------------
----------------------- --------------------------
----------------------- --------------------------
6. TOTAL WITHDRAWALS
---------------------------------------------------
FOOTNOTES:______________________________________________________
________________________________________________________________
________________________________________________________________
________________________________________________________________
________________________________________________________________ (continued)