Slide 1

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

2014 FEDERAL HOME LOAN BANK OF NEW YORK 101 PARK AVENUE NEW YORK, NY 10178 WWW.FHLBNY.COMFEDERAL HOME LOAN BANK OF NEW YORKRequires Microsoft Excel 2007, or later, in a Windows environment to be installed on the Users machine.Customized Microsoft Excel 2007 Workbook that replaces the former Microsoft Excel Workbooks for Rental Project submissions utilized in prior AHP rounds.Overview & System RequirementsUtilizes standard Excel functionality to ensure maximum compatibility across all prospective Users; any PC running Windows with Microsoft Excel 2007 (or later) installed should be able to complete and save an AHP Rental Project Workbook (workbook.xlsm). The template can be downloaded directly from the FHLBNYs public Website; once downloaded, the User can begin filling out the AHP Rental Project Workbook.

FEDERAL HOME LOAN BANK OF NEW YORKCells shaded in orange provide formulas to recognize possible input errorsUsers should input information into cells shaded in yellowInstructions TabProvides an overview of each worksheetRed triangles contain comments to assist in completing the workbook

FEDERAL HOME LOAN BANK OF NEW YORKProvides a timeline of the projected Project lifecycleProject Schedule Tab

Additional pertinent milestones or project objectives may be added to the grid in the Other sectionAppropriate dates are entered into the yellow cells

FEDERAL HOME LOAN BANK OF NEW YORKProvides a detailed breakdown of the site(s) within the ProjectSite Information Tab

The top portion should be data for the location of the majority of project unitsThe next section should include specific data on each address

FEDERAL HOME LOAN BANK OF NEW YORK

Provides a breakdown of the Total Project CostsDevelopment Budget TabTotal Acquisition on Dev Budget must equal Acquisition Price on Site Info, which must be substantiated by 3rd party documentation. TIPS:Total Construction Costs on Dev Budget must equal the construction cost documentation submittedAny amounts input on the Other line items on the Dev Budget must be further explained on the Supplement worksheetAn explanation must be provided for all Working Capital and Project Reserve items noted on the Dev BudgetIndicate what will be paid for with AHP funds

FEDERAL HOME LOAN BANK OF NEW YORK

Provides details for any Other items on the Dev BudgetSupplement Tab

Input the Profit, Overhead and General Requirement amount and all Commercial Construction costs

FEDERAL HOME LOAN BANK OF NEW YORK

Provides a list of the Projects source of funds and their corresponding commitment statusSource of Funds TabTax Credit Projects should also include information regarding their allocationSelect the Funding Source Type from the dropdown menu and then provide the name of the source and the amount of construction and permanent funding.The commitment status is only required for the permanent financing sources

FEDERAL HOME LOAN BANK OF NEW YORK8Provides information regarding the monthly debt payments required by permanent funding sourcesDebt Service Tab

Data must be input into the yellow shaded columns in order for the debt service amount to auto populate on the Pro Forma worksheetTIPS:The lender & funder fee amount must correspond to the amount input on the Dev BudgetThe term length must be input in months

The first 3 columns auto populate from the Source of Funds worksheet

FEDERAL HOME LOAN BANK OF NEW YORKProvides data on the income targeting, unit counts and bedroom distribution for the ProjectRent Plan Tab

Input income limits into the AMI chart use the current years incomeNext, input data points shaded in yellow for each targeted AMI for your ProjectIf the tenants rent will be subsidized, be sure to reference the number of subsidized units and the source of subsidyDropdowns are available for Targeted AMI, Unit Type & Apartment Type

FEDERAL HOME LOAN BANK OF NEW YORK

Provides 15 year operating income and expenses for the Project15 Year Operating Pro Forma (Residential)Input other expenses as neededRents are obtained from data on the Rent Plan tab for year 1Input a vacancy percentage and the form will auto populateYear 1 amounts for all expenses are to be input with an annual % increase that will auto populate the remainder of the pro forma

FEDERAL HOME LOAN BANK OF NEW YORKNot applicable to all projectsCommercial & Social Services Pro FormaOpen worksheet no standard format

FEDERAL HOME LOAN BANK OF NEW YORKProvides a summary of the data that has been inputResults

Provide a detailed explanation to any items resulting in ExplainProvides a measurement of your application against the feasibility guidelines

FEDERAL HOME LOAN BANK OF NEW YORKQuestions?Please e-mail us at ahp@fhlbny.com

101 PARK AVENUE NEW YORK, NY 10178 WWW.FHLBNY.COMAdvancing Housing and Community GrowthThe information provided by the Federal Home Loan Bank of New York (FHLBNY) in this communications is set forth for informational purposes only. The information should not be construed as an opinion, recommendation or solicitation regarding the use of any financial strategy and/or the purchase or sale of any financial instrument. All customers are advised to conduct their own independent due diligence before making any financial decisions. Please note that the past performance of any FHLBNY service or product should not be viewed as a guarantee of future results. Also, the information presented here and/or the services or products provided by the FHLBNY may change at any time without notice.FEDERAL HOME LOAN BANK OF NEW YORK