{"text_format":"1","workbook":"xlsx","n_sheets":7,"sheets":["Instructions","Lookup Tables","Development Costs","Operating Budget","Capital Sources","20-Year Operating Pro Forma","Sources & Uses"],"not_rendered":{"charts":0,"images":0,"macros":1,"external_links":0,"defined_names":13,"comments":0,"pivot_tables":0},"unopened":[],"bounds":{"document_bytes":16777216,"sheet_cells":100000,"rows_first":2000,"rows_last":500,"rows_between":2000,"halvings":0,"cell_chars":16384,"cell_head_chars":4096},"cells_cut":0,"cells_raw":0,"read":"whole","date_system":"1900"}

{"sheet":"Instructions","index":0,"n_rows":4,"n_cols":1,"rows_kept":4,"cut":false,"hidden":false,"merged":[]}
["About this Tool"]
["A development financial model can be an intimidating set of information to collect, input and interpret. There are many values. Terms are not always well explained. It can be difficult to interpret the outputs. This tool provides a starting point for completing a financial model similar to those you will need to complete to understand the viability of your development and apply for funding. Additional instructions, descriptions and contextual information is included to help you. \n\nThe tool consists of 5 worksheets intended to be completed in the following order:\n-Development Costs:Captures the costs to develop your project.\n-Operating Budget: Summarizes a rental project's bedroom distribution, income targets, operating income and expenses.\n-Capital Sources: Captures all permanent sources of funds for the development of this project.\n-20 Year Operating Pro Forma: Captures income, expenses and cash flow over a 15 year period.\n-Sources and Uses Statement: Used to show which funding sources will pay for which project development costs.\n\nFollowing the instructions in each of these tabs will help you understand the financial feasibility of your development and prepare you to adapt the detailed information for funding application templates.\n\nThis tool was created by Enterprise Community Partners in 2022 as part of the Preservation Next Toolkit for preserving small to medium multifamily properties. It is a modified version of a financial model created by the Colorado Division of Housing. \n\nThe full toolkit can be accessed at the following url: https://preservation-next.enterprisecommunity.org\n\n"]
["How To Use"]
["There are two main sources of guidance for each worksheet:\n\nFirst, each worksheet contains a set of instructions located in a green-shaded box that can be displayed or hidden using the \"Show/Hide Instructions\" button located at the top of the worksheet. Note that you may need to click \"Enable content\" and trust the workbook in the yellow ribbon in order for these buttons to work, as they rely on macros to function.\n\nSecond, clicking on specific cells will display a small tooltip that provides additional information about what a value means or how it is calculated. Cells shaded in tan are those you should input values into if they are relevant to your project. \n\nNote that worksheets have protection enabled to prevent accidental changes to the model, but there is no password. If you would like to make changes to the model, you can turn off protection under the Format menu in the Ribbon and select \"Unprotect Sheet.\"\n\nNote that when using another financial model template, you may see line items categorized or aggregated differently, so you will need to pay close attention to both what is there and what is missing. Make sure key numbers like your total development cost, net operating income and total sources of funding match, even if there are some variations in costs by category or other subtotals due to differences in templates."]

{"sheet":"Lookup Tables","index":1,"n_rows":4,"n_cols":1,"rows_kept":4,"cut":false,"hidden":true,"merged":[]}
["Types of Loans:"]
["Conventional"]
["Tax-Exempt"]
["Federal Financing"]

{"sheet":"Development Costs","index":2,"n_rows":67,"n_cols":8,"rows_kept":67,"cut":false,"hidden":false,"merged":[]}
["DEVELOPMENT COSTS",null,null,null,null,"Project Name:","Sample Project"]
[null,null,null,null,null,"Date of Model Version","2022-01-01"]
["Development Costs by Line Item","Total Cost","Cost/Unit","Cost/Sq Ft",null,"Property Summary (From Operating Budget Worksheet )"]
["Acquisition Costs",null,null,null,null,"Total Square Footage in Units",{"$f":"'Operating Budget'!C21","v":0}]
["Land ",null,{"$f":"IFERROR(B5/$G$7,\"\")","v":""},{"$f":"IFERROR(B5/$G$6,\"\")","v":""},null,"Non Living Square Footage",{"$f":"'Operating Budget'!C22","v":0}]
["Existing Structures *",null,{"$f":"IFERROR(B6/$G$7,\"\")","v":""},{"$f":"IFERROR(B6/$G$6,\"\")","v":""},null,"Total Project Square Footage",{"$f":"G4+G5","v":0}]
["Subtotal",{"$f":"SUM(B5:B6)","v":0},"","",null,"Number of Units",{"$f":"'Operating Budget'!B21","v":0}]
["Site Improvements"]
["Off Site Infrastructure *",null,"",{"$f":"IFERROR(B9/$G$6,\"\")","v":""},null,"Development Costs Summary",null,"% of Total Expenses"]
["On Site Infrastructure *",null,"",{"$f":"IFERROR(B10/$G$6,\"\")","v":""},null,"Hard Cost Per Unit",{"$f":"IFERROR((B6+B12+B20)/G7,\"\")","v":""},{"$f":"IFERROR(G10/C67,\"\")","v":""}]
["Demolition*",null,"","",null,"Land Cost Per Unit",{"$f":"IFERROR(+B5/G7,\"\")","v":""},{"$f":"IFERROR(G11/C67,\"\")","v":""}]
["Subtotal",{"$f":"SUM(B9:B11)","v":0},"","",null,"Soft Cost Per Unit",{"$f":"IFERROR((B29+B37+B44+B54+B59+B66)/G7,\"\")","v":""},{"$f":"IFERROR(G12/C67,\"\")","v":""}]
["Construction"]
["Building Permit Fees *",null,"",{"$f":"IFERROR(B14/$G$6,\"\")","v":""},null,"Hard Cost Per Square Foot",{"$f":"IFERROR((B6+B12+B20)/G6,\"\")","v":""}]
["Tap Fees *",null,"",{"$f":"IFERROR(B15/$G$6,\"\")","v":""},null,"Soft Cost Per Square Foot",{"$f":"IFERROR((B29+B37+B44+B54+B59+B66)/G6,\"\")","v":""}]
["Construction  / Rehabilitation *",null,"","",null,"Line Items marked with a * are included in hard cost evaluation."]
["Landscaping *",null,"",""]
["Contingency *",null,"","",null,"Additional Metrics"]
["Other (please specify) *",null,"","",null,"Developer Fee/Profit % of Total Budget "]
["Subtotal",{"$f":"SUM(B14:B19)","v":0},"","",null,"(excluding Dev. Fee, reserves and acquisition)",{"$f":"IFERROR(+B59/(B67-B59-B66-B7),\"\")","v":""}]
["Professional Fees"]
["Architect Fees",null,"",{"$f":"IFERROR(B22/$G$6,\"\")","v":""},null,"Months of debt & expense reserves",{"$f":"IFERROR((B61+B62)/((-'Operating Budget'!$K$19+'Operating Budget'!$H$32)/12),\"\")","v":""}]
["Engineering Fees",null,"",{"$f":"IFERROR(B23/$G$6,\"\")","v":""},null,"Contingency % of Total Construction Expenses",{"$f":"IFERROR(+B18/(B9+B10+B16+B17+B19),\"\")","v":""}]
["Real Estate Attorney Fees",null,"","",null,"Total HOME Eligible Expenses",{"$f":"B67-B66+B63","v":0}]
["Soils Tests",null,"",""]
["Surveys",null,"",""]
["Green Planning and Design Fees",null,"",""]
["Other (please specify)",null,"",""]
["Subtotal",{"$f":"SUM(B22:B28)","v":0},"",""]
["Construction Finance"]
["Construction Insurance",null,{"$f":"IFERROR(B31/$G$7,\"\")","v":""},{"$f":"IFERROR(B31/$G$6,\"\")","v":""}]
["Construction Loan Orig. Fee",null,"",{"$f":"IFERROR(B32/$G$6,\"\")","v":""}]
["Construction Interest",null,"",""]
["Attorney Fees",null,"",""]
["Title and Recording",null,"",""]
["Other (please specify)",null,"",""]
["Subtotal",{"$f":"SUM(B31:B36)","v":0},"",""]
["Permanent Finance & Syndication"]
["Loan Fees & Expenses",null,{"$f":"IFERROR(B39/$G$7,\"\")","v":""},{"$f":"IFERROR(B39/$G$6,\"\")","v":""}]
["LIHTC Fees",null,"",{"$f":"IFERROR(B40/$G$6,\"\")","v":""}]
["Attorney Fees",null,"",""]
["Title and Recording",null,"",""]
["Other (please specify)",null,"",""]
["Subtotal",{"$f":"SUM(B39:B43)","v":0},"",""]
["Soft Costs"]
["Appraisals & Market Study",null,{"$f":"IFERROR(B46/$G$7,\"\")","v":""},{"$f":"IFERROR(B46/$G$6,\"\")","v":""}]
["Environmental Reports",null,"",{"$f":"IFERROR(B47/$G$6,\"\")","v":""}]
["Capital Needs Assessment",null,"",""]
["Temporary Relocation",null,"",""]
["Permanent Relocation",null,"",""]
["Marketing",null,"",""]
["Soft Cost Contingency",null,"",""]
["Other (please specify)",null,"",""]
["Subtotal",{"$f":"SUM(B46:B53)","v":0},"",""]
["Developer Fee / Profit"]
["Developer's Fee",null,{"$f":"IFERROR(B56/$G$7,\"\")","v":""},{"$f":"IFERROR(B56/$G$6,\"\")","v":""}]
["Consultants",null,"",{"$f":"IFERROR(B57/$G$6,\"\")","v":""}]
["Admininstration Fee",null,"",""]
["Subtotal (ie - maximum developer fee)",{"$f":"SUM(B56:B58)","v":0},"",""]
["Reserves"]
["Operating Reserve",null,{"$f":"IFERROR(B61/$G$7,\"\")","v":""},{"$f":"IFERROR(B61/$G$6,\"\")","v":""}]
["Debt Service Reserve",null,"",{"$f":"IFERROR(B62/$G$6,\"\")","v":""}]
["Lease-up Reserve",null,"",""]
["Replacement Reserve",null,{"$f":"IFERROR(#REF!/$G$7,\"\")","v":""},{"$f":"IFERROR(#REF!/$G$6,\"\")","v":""}]
["Other (please specify)",null,{"$f":"IFERROR(B64/$G$7,\"\")","v":""},{"$f":"IFERROR(B64/$G$6,\"\")","v":""}]
["Subtotal",{"$f":"SUM(B61:B64)","v":0},"",""]
["Total Development Expenses",{"$f":"B54+B20+B59+B66+B44+B37+B29+B12+B7","v":0},{"$f":"IFERROR(B67/$G$7,\"\")","v":""},{"$f":"IFERROR(B67/$G$6,\"\")","v":""}]

{"sheet":"Operating Budget","index":3,"n_rows":34,"n_cols":11,"rows_kept":34,"cut":false,"hidden":false,"merged":[]}
["OPERATING BUDGET",null,null,null,null,null,null,null,null,"Project Name:",{"$f":"'Development Costs'!G1","v":"Sample Project"}]
[null,null,null,null,null,null,null,null,null,"Date of Model Version",{"$f":"'Development Costs'!G2","v":"2022-01-01"}]
["Stabilized First Year Income",null,null,null,null,null,"Stabilized First Year Annual Expenses",null,null,"Property Summary"]
["# Bedrooms","# of units","Sq. Ft.","Monthly Rent","Total Annual Rent",null,"Administrative Expenses",null,null,"Total Square Feet in Units",{"$f":"C21","v":0}]
[null,null,null,null,{"$f":"((B5*D5)*12)","v":0},null,"Management Fee",null,null,"Non Living Square Footage",{"$f":"C22","v":0}]
[null,null,null,null,0,null,"Salaries and Benefits",null,null,"Total Project Square Feet",{"$f":"C23","v":0}]
[null,null,null,null,0,null,"Legal & Accounting",null,null,"Number of Units",{"$f":"'Operating Budget'!B21","v":0}]
[null,null,null,null,0,null,"Advertising"]
[null,null,null,null,0,null,"Office Supplies",null,null,"Annual Operating Budget Summary"]
[null,null,null,null,0,null,"Telephone",null,null,"Effective Gross Income",{"$f":"E34","v":0}]
[null,null,null,null,0,null,"Audit",null,null,"Total Annual Expenses",{"$f":"H32","v":0}]
[null,null,null,null,0,null,"Other (please specify)",null,null,"Net Operating Income",{"$f":"(K10-K11)","v":0}]
[null,null,null,null,0,null,"Total Administrative",{"$f":"SUM(H5:H12)","v":0}]
[null,null,null,null,0,null,"Operating Expenses"]
[null,null,null,null,0,null,"Utilities ",null,null,"Debt Service Coverage (From Capital Sources sheet)"]
[null,null,null,null,0,null,"Trash Removal",null,null,"Annual Debt Service: 1st Mortgage",{"$f":"'Capital Sources'!I17","v":0}]
[null,null,null,null,0,null,"Other (please specify)",null,null,"Annual Debt Service: 2nd Mortgage",{"$f":"'Capital Sources'!I18","v":0}]
[null,null,null,null,0,null,"Total Operating",{"$f":"SUM(H15:H17)","v":0},null,"Annual Debt Service: 3rd Mortgage",{"$f":"'Capital Sources'!I19","v":0}]
[null,null,null,null,0,null,"Maintenance Expenses",null,null,"Total Debt Service",{"$f":"K16+K17+K18","v":0}]
[null,null,null,null,0,null,"Maintenance Supplies",null,null,"Property Debt Coverage Ratio",{"$f":"IFERROR(K12/-(K19),\"\")","v":""}]
["Total",{"$f":"SUM(B5:B20)","v":0},{"$f":"SUMPRODUCT(B5:B20,C5:C20)","v":0},{"$f":"SUMPRODUCT(D5:D20,B5:B20)","v":0},null,null,"Repairs"]
[null,"Non Living Square Footage",0,null,null,null,"Extermination",null,null,"Break Even Point (BEP)",{"$f":"IFERROR((H32-K19)/E29,\"\")","v":""}]
[null,"Total Square Footage",{"$f":"C22+C21","v":0},null,null,null,"Grounds (inc. snow removal)"]
[null,null,null,null,null,null,"Other (elevator, etc.)",null,null,"Maximum Debt Service Calculator"]
[null,null,null,"Total Potential Rental Income",{"$f":"SUM(E5:E20)","v":0},null,"Total Maintenance",{"$f":"SUM(H20:H24)","v":0},null,"Lender Minimum Debt Coverage Ratio",1.1499999999999999]
[null,null,null,"Parking Income",null,null,"Other Expenses",null,null,"Maximum Debt Service",{"$f":"-'Operating Budget'!K12/K25","v":0}]
[null,null,null,"Laundry Income",null,null,"Real Estate Taxes"]
[null,null,null,"Other Income (please specify)",null,null,"Property Insurance",null,null,"Additional Expenses Metrics"]
[null,null,null,"Total Potential Income",{"$f":"E25+E26+E27+E28","v":0},null,"Replacement Reserve",null,null,"Per Unit Per Annum (PUPA) Expenses",{"$f":"IFERROR(H32/B21,\"\")","v":""}]
[null,null,null,null,null,null,"Other (please specify)",null,null,"Annual Per Unit Replacement Reserve",{"$f":"IFERROR(H29/B21,\"\")","v":""}]
[null,null,null,"List utilities included in rent (for clarity - doesn't affect calculations)",null,null,"Total Other",{"$f":"SUM(H27:H30)","v":0},null,"Monthly Utility Cost Per Unit",{"$f":"IFERROR(H15/B21/12,\"\")","v":""}]
[null,null,null,"Average Vacancy Rate",0.05,null,"Total Annual Expenses",{"$f":"H13+H18+H25+H31","v":0}]
[null,null,null,"Annual Vacancy Loss",{"$f":"-(E32*E29)","v":0},null,"Net Operating Income",{"$f":"E34-H32","v":0},null,"Management Fee as a % of Rental Income",{"$f":"IFERROR(H5/E25,\"\")","v":""}]
[null,null,null,"Effective Gross Income",{"$f":"(E29+E33)","v":0},null,null,null,null,"Administrative Expenses as a % of Rental Income",{"$f":"IFERROR(H13/E25,\"\")","v":""}]

{"sheet":"Capital Sources","index":4,"n_rows":40,"n_cols":10,"rows_kept":40,"cut":false,"hidden":false,"merged":[]}
["CAPITAL SOURCES",null,null,null,null,null,null,null,"Project Name:",{"$f":"'Development Costs'!G1","v":"Sample Project"}]
[null,null,null,null,null,null,null,null,"Date of Model Version",{"$f":"'Development Costs'!G2","v":"2022-01-01"}]
["SOURCES OF FUNDS",null,null,null,null,null,null,"Capital Sources Summary"]
["Hard Debt",null,null,null,null,null,null,null,"Total","% of Total"]
[null,"Source","Principal","Type of Loan","Interest Rate","Term (Years)",null,"Conventional (C)",{"$f":"IF($D$6=\"Conventional\",$C$6,0)+IF($D$7=\"Conventional\",$C$7,0)+IF($D$8=\"Conventional\",$C$8,0)","v":0},{"$f":"IFERROR(I5/($C$32+$C$34),\"\")","v":""}]
["First Mortgage",null,null,null,null,null,null,"Tax Exempt (T)",{"$f":"IF($D$6=\"tax-exempt\",$C$6,0)+IF($D$7=\"tax-exempt\",$C$7,0)+IF($D$8=\"tax-exempt\",$C$8,0)","v":0},{"$f":"IFERROR(I6/($C$32+$C$34),\"\")","v":""}]
["Second Mortgage",null,null,null,null,null,null,"Federal Financing (F)",{"$f":"IF($D$6=\"federal financing\",$C$6,0)+IF($D$7=\"federal financing\",$C$7,0)+IF($D$8=\"federal financing\",$C$8,0)","v":0},""]
["Third Mortgage",null,null,null,null,null,null,"Tax Credits",{"$f":"SUM(C22:C24)","v":0},""]
["Government Grants and Soft Debt",null,null,null,null,null,null,"Government Grants",{"$f":"SUM(C11:C13)","v":0},""]
[null,"Source","Amount","Amount Per Unit",null,null,null,"Other Grants",{"$f":"SUM(C16:C18)","v":0},""]
[null,null,null,{"$f":"IFERROR(+C11/'Operating Budget'!$B$21,\"\")","v":""},null,null,null,"Other Equity",{"$f":"SUM(C27:C30)","v":0},""]
[null,null,null,{"$f":"IFERROR(+C12/'Operating Budget'!$B$21,\"\")","v":""},null,null,null,"GAP",{"$f":"C34","v":0},""]
[null,null,null,{"$f":"IFERROR(+C13/'Operating Budget'!$B$21,\"\")","v":""},null,null,null,"Total Sources",{"$f":"SUM(I5:I12)","v":0},""]
["Other Grants (Non-Governmental)"]
[null,"Source","Amount","Amount Per Unit",null,null,null,"Debt Service Summary"]
[null,null,null,{"$f":"IFERROR(+C16/'Operating Budget'!$B$21,\"\")","v":""},null,null,null,null,"Annual Payment","Debt Coverate Ratio"]
[null,null,null,{"$f":"IFERROR(+C17/'Operating Budget'!$B$21,\"\")","v":""},null,null,null,"First Mortgage",{"$f":"IF(F6=0,PMT(E6/12,12*1,C6,0,0)*12,PMT(E6/12,12*F6,C6,0,0)*12)","v":0},{"$f":"IFERROR('Operating Budget'!$K$12/-'Capital Sources'!I17,\"\")","v":""}]
[null,null,null,{"$f":"IFERROR(+C18/'Operating Budget'!$B$21,\"\")","v":""},null,null,null,"Second Mortgage",{"$f":"IF(F7=0,PMT(E7/12,12*1,C7,0,0)*12,PMT(E7/12,12*F7,C7,0,0)*12)","v":0},{"$f":"IFERROR('Operating Budget'!$K$12/-('Capital Sources'!I18+I17),\"\")","v":""}]
[null,null,null,{"$f":"IFERROR(+C19/'Operating Budget'!$B$21,\"\")","v":""},null,null,null,"Third Mortgage",{"$f":"IF(F8=0,PMT(E8/12,12*1,C8,0,0)*12,PMT(E8/12,12*F8,C8,0,0)*12)","v":0},{"$f":"IFERROR('Operating Budget'!$K$12/-('Capital Sources'!I19+I18+I17),\"\")","v":""}]
["Tax Credit Equity",null,null,null,null,null,null,"Total Debt Service",{"$f":"SUM(I17:I19)","v":0}]
[null,"Source","Amount","Amount Per Unit"]
[null,"9% LIHTC Proceeds",null,{"$f":"IFERROR(+C22/'Operating Budget'!$B$21,\"\")","v":""},null,null,null,"Property Debt Coverage Ratio",{"$f":"IFERROR('Operating Budget'!$K$20,\"\")","v":""}]
[null,"4% LIHTC Proceeds",null,{"$f":"IFERROR(+C23/'Operating Budget'!$B$21,\"\")","v":""},null,null,null,"Break Even Point (BEP)",{"$f":"'Operating Budget'!K22","v":""}]
[null,"Historic Tax Credits",null,{"$f":"IFERROR(+C24/'Operating Budget'!$B$21,\"\")","v":""}]
["Other Equity",null,null,null,null,null,null,"Maximum Debt Service Calculator"]
[null,"Source","Amount","Amount Per Unit","Amount Kept Upfront",null,null,"Lender Minimum Debt Coverage Ratio",1.1499999999999999]
[null,"Deferred Developer Fee",null,{"$f":"IFERROR(+C27/'Operating Budget'!$B$21,\"\")","v":""},{"$f":"+'Development Costs'!B56-'Capital Sources'!C27","v":0},null,null,"Maximum Debt Service",{"$f":"-'Operating Budget'!H33/'Capital Sources'!I26","v":0}]
[null,"Owner Equity",null,{"$f":"IFERROR(+C28/'Operating Budget'!$B$21,\"\")","v":""}]
[null,null,null,{"$f":"IFERROR(+C29/'Operating Budget'!$B$21,\"\")","v":""},null,null,null,"Mortgage Principal Quick Calculator"]
[null,null,null,{"$f":"IFERROR(+C30/'Operating Budget'!$B$21,\"\")","v":""},null,null,null,"Appraised Value"]
[null,null,null,null,null,null,null,"Loan to Value Ratio (LVR)",0.65]
[null,"Total Sources",{"$f":"SUM(C11:C30)+C8+C7+C6","v":0},null,null,null,null,"Maximum Loan Amount",{"$f":"I30*I31","v":0}]
[null,"Total Development Costs",{"$f":"'Development Costs'!B67","v":0}]
[null,"Gap (Surplus)",{"$f":"C33-C32","v":0},null,null,null,null,"OR"]
[]
[null,null,null,null,null,null,null,"Net Operating Income (NOI)",{"$f":"'Operating Budget'!K12","v":0}]
[null,null,null,null,null,null,null,"Capitalization Rate",4.7699999999999999E-2]
[null,null,null,null,null,null,null,"Value at Cap Rate",{"$f":"I36/I37","v":0}]
[null,null,null,null,null,null,null,"Loan to Value Ratio (LVR)",0.65]
[null,null,null,null,null,null,null,"Maximum Loan Amount",{"$f":"I38*I39","v":0}]

{"sheet":"20-Year Operating Pro Forma","index":5,"n_rows":40,"n_cols":21,"rows_kept":40,"cut":false,"hidden":false,"merged":[]}
["15-YEAR OPERATING PRO FORMA",null,null,null,null,null,null,null,null,null,null,null,null,null,"Project Name:",{"$f":"'Development Costs'!G1","v":"Sample Project"},{"$f":"'Development Costs'!H1","v":0},{"$f":"'Development Costs'!I1","v":0},{"$f":"'Development Costs'!J1","v":0},{"$f":"'Development Costs'!K1","v":0},{"$f":"'Development Costs'!L1","v":0}]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,"Date of Model Version",{"$f":"'Development Costs'!G2","v":"2022-01-01"},{"$f":"'Development Costs'!H2","v":"00:00:00"},{"$f":"'Development Costs'!I2","v":"00:00:00"},{"$f":"'Development Costs'!J2","v":"00:00:00"},{"$f":"'Development Costs'!K2","v":"00:00:00"},{"$f":"'Development Costs'!L2","v":"00:00:00"}]
["Assumptions"]
["Rent Annual Growth Rate",0.02]
["Other Income Annual Growth Rate",0.02]
["Expenses Annual Growth Rate",0.03]
["Vacancy Rate",{"$f":"'Operating Budget'!$E$32","v":0.05}]
[]
["Cash Flow Summary"]
["Total Cash Flow over years 1-10",{"$f":"SUM(B32:K32)","v":0}]
["Total Cash Flow over years 1-15",{"$f":"SUM(L32:P32)+B10","v":0}]
[]
["Total Cash Flow After Obligations over years 1-10",{"$f":"SUM(B40:K40)","v":0}]
["Total Cash Flow After Obligations over years 1-15",{"$f":"SUM(B40:P40)","v":0}]
[]
["Return Summary"]
["Cash-on-cash Return on Equity (Year 1, excluding tax credits)",{"$f":"IFERROR(B32/'Capital Sources'!I11,\"\")","v":""}]
[]
[]
[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"]
["Rent Income",{"$f":"'Operating Budget'!E25","v":0},{"$f":"B21*(1+$B4)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"P21*(1+$B4)","v":0},{"$f":"Q21*(1+$B4)","v":0},{"$f":"R21*(1+$B4)","v":0},{"$f":"S21*(1+$B4)","v":0},{"$f":"T21*(1+$B4)","v":0}]
["Vacancy Loss",{"$f":"'Operating Budget'!E33+0","v":0},{"$f":"-(C21*'Operating Budget'!$E$32)","v":0},{"$f":"-(D21*'Operating Budget'!$E$32)","v":0},{"$f":"-(E21*'Operating Budget'!$E$32)","v":0},{"$f":"-(F21*'Operating Budget'!$E$32)","v":0},{"$f":"-(G21*'Operating Budget'!$E$32)","v":0},{"$f":"-(H21*'Operating Budget'!$E$32)","v":0},{"$f":"-(I21*'Operating Budget'!$E$32)","v":0},{"$f":"-(J21*'Operating Budget'!$E$32)","v":0},{"$f":"-(K21*'Operating Budget'!$E$32)","v":0},{"$f":"-(L21*'Operating Budget'!$E$32)","v":0},{"$f":"-(M21*'Operating Budget'!$E$32)","v":0},{"$f":"-(N21*'Operating Budget'!$E$32)","v":0},{"$f":"-(O21*'Operating Budget'!$E$32)","v":0},{"$f":"-(P21*'Operating Budget'!$E$32)","v":0},{"$f":"-(Q21*'Operating Budget'!$E$32)","v":0},{"$f":"-(R21*'Operating Budget'!$E$32)","v":0},{"$f":"-(S21*'Operating Budget'!$E$32)","v":0},{"$f":"-(T21*'Operating Budget'!$E$32)","v":0},{"$f":"-(U21*'Operating Budget'!$E$32)","v":0}]
["Other Income",{"$f":"('Operating Budget'!E26+'Operating Budget'!E27+'Operating Budget'!E28)","v":0},{"$f":"B23*(1+$B5)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"P23*(1+$B5)","v":0},{"$f":"Q23*(1+$B5)","v":0},{"$f":"R23*(1+$B5)","v":0},{"$f":"S23*(1+$B5)","v":0},{"$f":"T23*(1+$B5)","v":0}]
["Eff. Gross Income",{"$f":"'Operating Budget'!E34+0","v":0},{"$f":"C21+C22+C23","v":0},0,0,0,0,0,0,0,0,{"$f":"L21+L22+L23","v":0},{"$f":"M21+M22+M23","v":0},{"$f":"N21+N22+N23","v":0},{"$f":"O21+O22+O23","v":0},{"$f":"P21+P22+P23","v":0},{"$f":"Q21+Q22+Q23","v":0},0,0,0,0]
["Total Annual Expenses",{"$f":"-'Operating Budget'!H32","v":0},{"$f":"B25*(1+$B6)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"P25*(1+$B6)","v":0},{"$f":"Q25*(1+$B6)","v":0},{"$f":"R25*(1+$B6)","v":0},{"$f":"S25*(1+$B6)","v":0},{"$f":"T25*(1+$B6)","v":0}]
["Net Operating Income",{"$f":"B24+B25","v":0},0,0,0,0,0,0,0,0,0,{"$f":"L24+L25","v":0},{"$f":"M24+M25","v":0},{"$f":"N24+N25","v":0},{"$f":"O24+O25","v":0},{"$f":"P24+P25","v":0},{"$f":"Q24+Q25","v":0},0,0,0,0]
[]
["Total Debt Service",{"$f":"IF('Capital Sources'!$F$6>0,'Capital Sources'!$I$17,0)+IF('Capital Sources'!$F$7>0,'Capital Sources'!$I$18,0)+IF('Capital Sources'!$F$8>0,'Capital Sources'!$I$19,0)","v":0},{"$f":"IF('Capital Sources'!$F$6>1,'Capital Sources'!$I$17,0)+IF('Capital Sources'!$F$7>1,'Capital Sources'!$I$18,0)+IF('Capital Sources'!$F$8>1,'Capital Sources'!$I$19,0)","v":0},{"$f":"IF('Capital Sources'!$F$6>2,'Capital Sources'!$I$17,0)+IF('Capital Sources'!$F$7>2,'Capital Sources'!$I$18,0)+IF('Capital Sources'!$F$8>2,'Capital Sources'!$I$19,0)","v":0},{"$f":"IF('Capital Sources'!$F$6>3,'Capital Sources'!$I$17,0)+IF('Capital Sources'!$F$7>3,'Capital Sources'!$I$18,0)+IF('Capital Sources'!$F$8>3,'Capital Sources'!$I$19,0)","v":0},{"$f":"IF('Capital Sources'!$F$6>4,'Capital Sources'!$I$17,0)+IF('Capital Sources'!$F$7>4,'Capital Sources'!$I$18,0)+IF('Capital Sources'!$F$8>4,'Capital Sources'!$I$19,0)","v":0},{"$f":"IF('Capital Sources'!$F$6>5,'Capital Sources'!$I$17,0)+IF('Capital Sources'!$F$7>5,'Capital Sources'!$I$18,0)+IF('Capital Sources'!$F$8>5,'Capital Sources'!$I$19,0)","v":0},{"$f":"IF('Capital Sources'!$F$6>6,'Capital Sources'!$I$17,0)+IF('Capital Sources'!$F$7>6,'Capital Sources'!$I$18,0)+IF('Capital Sources'!$F$8>6,'Capital Sources'!$I$19,0)","v":0},{"$f":"IF('Capital Sources'!$F$6>7,'Capital Sources'!$I$17,0)+IF('Capital Sources'!$F$7>7,'Capital Sources'!$I$18,0)+IF('Capital Sources'!$F$8>7,'Capital Sources'!$I$19,0)","v":0},{"$f":"IF('Capital Sources'!$F$6>8,'Capital Sources'!$I$17,0)+IF('Capital Sources'!$F$7>8,'Capital Sources'!$I$18,0)+IF('Capital Sources'!$F$8>8,'Capital Sources'!$I$19,0)","v":0},{"$f":"IF('Capital Sources'!$F$6>9,'Capital Sources'!$I$17,0)+IF('Capital Sources'!$F$7>9,'Capital Sources'!$I$18,0)+IF('Capital Sources'!$F$8>9,'Capital Sources'!$I$19,0)","v":0},{"$f":"IF('Capital Sources'!$F$6>9,'Capital Sources'!$I$17,0)+IF('Capital Sources'!$F$7>9,'Capital Sources'!$I$18,0)+IF('Capital Sources'!$F$8>9,'Capital Sources'!$I$19,0)","v":0},{"$f":"IF('Capital Sources'!$F$6>9,'Capital Sources'!$I$17,0)+IF('Capital Sources'!$F$7>9,'Capital Sources'!$I$18,0)+IF('Capital Sources'!$F$8>9,'Capital Sources'!$I$19,0)","v":0},{"$f":"IF('Capital Sources'!$F$6>9,'Capital Sources'!$I$17,0)+IF('Capital Sources'!$F$7>9,'Capital Sources'!$I$18,0)+IF('Capital Sources'!$F$8>9,'Capital Sources'!$I$19,0)","v":0},{"$f":"IF('Capital Sources'!$F$6>9,'Capital Sources'!$I$17,0)+IF('Capital Sources'!$F$7>9,'Capital Sources'!$I$18,0)+IF('Capital Sources'!$F$8>9,'Capital Sources'!$I$19,0)","v":0},{"$f":"IF('Capital Sources'!$F$6>9,'Capital Sources'!$I$17,0)+IF('Capital Sources'!$F$7>9,'Capital Sources'!$I$18,0)+IF('Capital Sources'!$F$8>9,'Capital Sources'!$I$19,0)","v":0},{"$f":"IF('Capital Sources'!$F$6>9,'Capital Sources'!$I$17,0)+IF('Capital Sources'!$F$7>9,'Capital Sources'!$I$18,0)+IF('Capital Sources'!$F$8>9,'Capital Sources'!$I$19,0)","v":0},{"$f":"IF('Capital Sources'!$F$6>9,'Capital Sources'!$I$17,0)+IF('Capital Sources'!$F$7>9,'Capital Sources'!$I$18,0)+IF('Capital Sources'!$F$8>9,'Capital Sources'!$I$19,0)","v":0},{"$f":"IF('Capital Sources'!$F$6>9,'Capital Sources'!$I$17,0)+IF('Capital Sources'!$F$7>9,'Capital Sources'!$I$18,0)+IF('Capital Sources'!$F$8>9,'Capital Sources'!$I$19,0)","v":0},{"$f":"IF('Capital Sources'!$F$6>9,'Capital Sources'!$I$17,0)+IF('Capital Sources'!$F$7>9,'Capital Sources'!$I$18,0)+IF('Capital Sources'!$F$8>9,'Capital Sources'!$I$19,0)","v":0},{"$f":"IF('Capital Sources'!$F$6>9,'Capital Sources'!$I$17,0)+IF('Capital Sources'!$F$7>9,'Capital Sources'!$I$18,0)+IF('Capital Sources'!$F$8>9,'Capital Sources'!$I$19,0)","v":0}]
["Bridge Loan Debt Service",0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
["Debt Coverage Ratio",{"$f":"IFERROR(B26/-B28,\"\")","v":""},{"$f":"IFERROR(C26/-C28,\"\")","v":""},"","","","","","","","","","","","","",{"$f":"IFERROR(Q26/-Q28,\"\")","v":""},"","","",""]
[]
["Cash flow Available",{"$f":"B26+B28-B29","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"Q26+Q28-Q29","v":0},0,0,0,0]
[]
["Projected Payments from Cash Flow"]
["Deferred Developer Fees",0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
["Soft Debt #1",0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
["Soft Debt #2",0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
["Partnership Management Fees",0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
["Asset Management Fees",0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
["Cash Remaining Expected After Payments",{"$f":"B32-SUM(B35:B39)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"Q32-SUM(Q35:Q39)","v":0},0,0,0,0]

{"sheet":"Sources & Uses","index":6,"n_rows":17,"n_cols":6,"rows_kept":17,"cut":false,"hidden":false,"merged":[]}
["SOURCES AND USES BUDGET",null,null,null,"Project Name:",{"$f":"'Development Costs'!G1","v":"Sample Project"}]
[null,null,null,null,"Date of Model Version",{"$f":"'Development Costs'!G2","v":"2022-01-01"}]
["Project Activities","Total Project Cost","Funds Requested","Total Other Funds","Source","Status"]
["Acquisition Costs",{"$f":"'Development Costs'!B7","v":0},null,{"$f":"+B4-C4","v":0}]
["Site Improvements",{"$f":"'Development Costs'!B12","v":0},null,{"$f":"+B5-C5","v":0}]
["Construction",{"$f":"'Development Costs'!B20","v":0},null,0]
["Professional Fees",{"$f":"'Development Costs'!B29","v":0},null,0]
["Construction Finance",{"$f":"'Development Costs'!B37","v":0},null,0]
["Permanent Finance and Syndication",{"$f":"'Development Costs'!B44","v":0},null,0]
["Soft Costs",{"$f":"'Development Costs'!B54","v":0},null,0]
["Developer Fee / Profit",{"$f":"'Development Costs'!B59","v":0},null,0]
["Reserves",{"$f":"'Development Costs'!B66","v":0},null,{"$f":"+B12-C12","v":0}]
["Totals Costs from Project Costs cells above",{"$f":"SUM(B4:B12)","v":0},{"$f":"SUM(C4:C12)","v":0},{"$f":"SUM(D4:D12)","v":0}]
["Total Costs from Develoment Costs Worksheet (to Check)",{"$f":"'Development Costs'!B67","v":0}]
[]
["Total Funds (Requested + Other)",{"$f":"+C13+D13","v":0}]
["Gap (Surplus)",{"$f":"B13-B16","v":0}]