8-Attachment C - 2026 Master UW Template 5.4.26.xlsx

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XLSX spreadsheet 4 MB Posted Jun 1, 2026

Attached to: Multifamily Management System
Solicitation number: 332-RFO26-1007
Issued by: Texas

Written by GovTribe AI · Jun 8, 2026

This file is a 2026 Master Underwriting Template spreadsheet used by the Texas Department of Housing and Community Affairs (TDHCA) for managing multifamily housing development applications and awards. The template serves as a comprehensive tool for tracking and analyzing housing developments across TDHCA's multifamily programs, including Competitive (9%) and Non-Competitive (4%) Housing Tax Credits, Multifamily Direct Loans, Multifamily Mortgage Revenue Bonds, HOME Investment Partnerships Program, HOME American Rescue Plan (ARP) funds, and National Housing Trust Fund initiatives. The spreadsheet contains multiple functional modules designed to support the application intake, underwriting, asset management, compliance, document management, and workflow management processes. The template includes sections for recording development details such as location, unit counts, construction types, financing structures, and cost allocations, along with standardized conditions that must be satisfied at various stages including receipt and acceptance before loan contracts, loan closings, determinations, and cost certifications. The file establishes conditions for different deal types, including Direct Loans, ARP Loans, 9% Tax Credit deals, Bond deals, and Cost Certifications, with specific requirements addressing environmental assessments, flood zone compliance, noise studies, asbestos and radon testing, wetland mitigation, endangered species habitat evaluation, and other regulatory compliance matters.

The template functions as a master underwriting document supporting TDHCA's financial feasibility review process and includes provisions for appeals of underwriting recommendations through the Executive Director and Board of Directors, with formal appeal deadlines of seven days from the notice date. The spreadsheet captures detailed financial information including sources and uses of funds, unit designations by federal and state tax credit categories, capitalization structures, development budgets, and cost certifications. Standard conditions referenced throughout the template include requirements for updated application exhibits such as rent schedules, utility allowances, operating expenses, and long-term pro formas; substantially final construction contracts with schedules of values; updated term sheets from all lenders; draft limited partnership agreements; guaranty agreements for operating deficits; and various environmental and compliance certifications. The document serves as a working template for underwriters to track development progress and condition clearance status, with provisions allowing TDHCA legal staff to add, remove, or modify conditions during contract drafting and closing processes. The file includes embedded comments and instructions directing underwriters on proper use of the template and data source references, ensuring consistency in application of underwriting standards across TDHCA's multifamily portfolio.

File	Type	Posted
4-Multifamily System RFO Final w vethub 6-1-26.pdf	PDF	Jun 1, 2026
7-Attachment B - REA Pipeline-2026.xlsx	XLSX spreadsheet	Jun 1, 2026
3-Exhibit A Terms And Conditions 6-1-26.pdf	PDF	Jun 1, 2026
9-Attachment A - 26-MFUniformApp-2026-4-1.xlsx	XLSX spreadsheet	Jun 1, 2026
1-EXHIBIT F VENDOR REFERENCE QUESTIONNAIRE.pdf	PDF	Jun 1, 2026
5-EXHIBIT G ISPA(rev2023-2)final.pdf	PDF	Jun 1, 2026
6-Attachment D - Multifamily System Requirements.docx	DOCX document	Jun 1, 2026
2-Exhibit C VETHub Subcontracting Plan.pdf	PDF	Jun 1, 2026

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keep bold and have the status line showing. 8/10/2023

Direct Loan Supportive Housing: Include if MDL award is a SUBSEQUENT underwriting. If MDL at original award, then the Supp Hsg Guaranty in application is enough.

To be cleared at direct loan closing by program staff.

Documentation of approval of proposed HAP Rent increase.

Approval of increased HAP Rents

Signed Agreement to enter into Housing Assistance Payment Contract from (voucher sponsor) for xx project-based vouchers specifying the payment standard that will apply

Uncommitted project-based vouchers

18269 2400 Bryan

Receipt and acceptance before ARP Loan Contract:

The file's text, extracted by GovTribe without its formatting.

REA DB Import (UW)

Original Allocation File Num

T-Drive Hyperlink

Q Drive Hyperlink

Secondary Allocation File Num

T-Drive Folder

Q-Drive Folder

Deal Type

Deal Stage

Application Link

Developer Name

Developer Contact

Developer CMTS

Consultant

Related Party General Contractor

Architect Name

Development Name

Development Address

Development City

Development County

Development Zip Code

Region

Lattitude

Longitude

Map Excel

Map google

Acres

Structural Parking (Y/N)

At-Risk (Y/N)

USDA (Y/N)

High Cost Area Adjustment

Total LI Units

Total Units

Total NRA

Aver Unit Size

Const Type

Building Type

# of Stories

Population Served

Appl Requested Award

Recommended Award

Allocation/Unit

TDHCA HOME Funds (as Requested by App)

App Site Acquisition Costs

Sitework Total (Excludes Demo)

Sitework Per Unit

App Bldg Total

App Bldg Per Unit

Mechanical (HVAC; Plumbing)

Electrical

Architect Design Fees

0.00

ERROR:#DIV/0!

ERROR:#REF!

ERROR:#DIV/0!

Appeal Letter

TEXAS DEPARTMENT OF HOUSING AND COMMUNITY AFFAIRS						REAL ESTATE ANALYSIS
		www.tdhca.state.tx.us				Appeal Election Form
Greg Abbott			Board Members
GOVERNOR				Leo Vasquez, Chair
				Kenny Marchant, Vice Chair			Date Sent to TDHCA:
				Anna Maria Farias, Member
				Holland Harper, Member	0
	REAL ESTATE ANALYSIS			Ajay Thomas, Member
	Underwriting Report Notice			Cindy Conroy, Member	I am in receipt of my 2026 Underwriting Report Notice and have reviewed the Appeal Policy at 10TAC Chapter 11. I recognize that should I choose to file an appeal, I must file a formal appeal to the Executive Director within seven days from the date this Notice was issued and the Underwriting report was posted to the Department’s website. I understand that my appeal documentation must identify my specific grounds for appeal.

0				Date Issued:	12/31/99
0			This transmission will only be sent by email
Phone:	-0
Email:	-0
0							No appeal to the recommendations of the Department’s underwriting report as published on the Department’s website.
Email:	-0
							Email form to the report Underwriter:	0.0@tdhca.texas.gov	0	0
RE: 2026 Tax Credit Application for:		0					Appeal to the Executive Director.
							Email form to REA Director	Jeanna.Adams@tdhca.texas.gov
Attention:	0					If my appeal is denied by the Executive Director:

The Texas Department of Housing and Community Affairs (the “Department”) completed its financial feasibility review and published the Underwriting Report for the above referenced application pursuant to Texas Administrative Code: 10TAC Chapters 11. As of the date of this notice, the Underwriting Report is posted on the Department’s web site at www.tdhca.state.tx.us/REA for your review. For your convenience, a copy is attached. Appeal to the Board of Directors and request that the appeal is added to the next available Board of Directors’ meeting agenda. I understand that my Board appeal documentation must still be submitted by 5:00 p.m., seven days prior to the next board meeting or three days prior if the Executive Director has not responded to my appeal in order to be included in the board book. I understand that if no documentation is submitted, the appeal documentation submitted to the Executive Director will be utilized.

If you wish to appeal the conclusions or recommendations contained in the Underwriting Report, pursuant to the formal appeals policy outlined in the TAC, you must file your appeal with the Department not later than 5:00 p.m., seven (7) days from the date of this notice. The Executive Director will then have up to fourteen (14) days to review, consider and respond to your appeal. If your appeal is denied by the Executive Director, you may appeal directly to the Department’s Board of Directors (the “Board”) at its next available meeting.

Wait to hear the Executive Director’s response before deciding whether to appeal to the Board of Directors or not.

Signed:

Title:

Due to timing requirements for appeal submission, Executive Director’s response and Board meeting submission requirements, THE DEPARTMENT STRONGLY SUGGESTS that you indicate in your appeal whether you do or do not want the appeal to be automatically considered by the Board upon a denial of the appeal by the Executive Director. The formal appeal requirements can be found in 10TAC Chapter 11. Date:

0 0 12/31/99

In an effort to track appeals in advance of upcoming Board meeting(s) and to facilitate your appeal being reviewed as soon as possible, all applicants are provided the attached form. Please check the appropriate box, fill in the date and return the notice as soon as possible (even in advance of your formal appeal if you wish). Please return the form whether you are appealing or not. If your appeal is denied by the Executive Director, returning the form within the deadline will ensure the appeal will be on the agenda of the next available Board meeting.

Be aware that while the submission of the form will add the appeal to the agenda, any additional information, including the actual appeal to the Board, must be received by the Department by deadlines proscribed in the TAC. All Underwriting Report appeals should be submitted to the attention of Jeanna Adams.

If you have any concerns regarding this notice, please contact Jeanna Adama or me by email to jeanna.adams@tdhca.state.tx.us or tom.cavanagh@tdhca.state.tx.us.

Sincerely, Jeanna Adams

Jeanna Adams

Director of Real Estate Analysis

http://www.tdhca.state.tx.us/ conditions Applicable deals Examples Rule reference

	Receipt and acceptance before Direct Loan Contract		Direct Loan Deals Only
	a:	Certification that if the site is in the 100-year floodplain when it places in service, the finished ground floor elevation of the building will be at least one foot above the floodplain and that all drives, parking and amenities will be no more than 6 inches below the floodplain, or a Letter of Map Amendment ("LOMA") or Letter of Map Revision ("LOMR-F") indicating that the development is no longer within the 100 year floodplain.	Direct Loan in Flood Zone		An architect or engineer certification that the finished ground floor elevation of the building will be at least one foot above the floodplain and that all drives, parking and amenities will be no more than 6 inches below the floodplain, or a Letter of Map Amendment ("LOMA") or Letter of Map Revision ("LOMR-F") indicating that the development is no longer within the 100 year floodplain.
	b:	Documentation that a noise study has been completed, and certification from the Architect that all recommendations from the noise study are incorporated into the development plans.	Direct Loan in Noise Zone
		Agreement to enter into Housing Assistance Payment Contract or written commitment from (voucher sponsor) for xx project-based vouchers specifying the payment standard that will apply	Uncommitted project-based vouchers	18269 2400 Bryan
0

tc={471BACFC-2A33-4F45-88C1-6D96CFE2CFF5}: [Threaded comment]

Your version of Excel allows you to read this threaded comment; however, any edits to it will get removed if the file is opened in a newer version of Excel. Learn more: https://go.microsoft.com/fwlink/?linkid=870924

Comment:

If there is not a direct loan, this number needs to be 0. Receipt and acceptance before Direct Loan Closing tc={972B1086-8E63-4B29-BCA2-2F464C58D173}: [Threaded comment]

Comment:

Do not change this condition. Condition #1 must always be the MDL conditions. Just hide if not used.			Direct Loan Deals Only
	a:	Updated application exhibits: Rent Schedule, Utility Allowance, Operating Expenses, Long-Term Pro Forma, Development Cost Schedule, Schedule of Sources; and documentation necessary to support any changes from previous underwriting.
	b:	Substantially final construction contract with Schedule of Values.
	c:	Updated term sheets with substantially final terms from all lenders
	d:	Substantially final draft of limited partnership agreement.		Does not apply if no LIHTC.
	e:	Senior loan documents and/or partnership documents must contain a provision that any stabilization resizing on the senior debt includes the debt service on the TDHCA MDL at a minimum 1.15 DCR, or 1.0 if the MDL is subordinate to FHA financing in accordance with §11.302(d)(4)(D)(iv).		Do not include this condition if MDL is soft repayable; MDL has no DS to include in DCR calc, so not applicable.

Do not include this condition if MDL is the senior loan.

f:	Substantially final ground lease.	If ground lease contemplated.
	Updated Guaranty Agreement to the Department that satisfies Department requirements to fund any operating deficits throughout the term of the affordability period and MFDL loan term.

tc={E21C0788-5938-43B2-859B-44210F4F5B2B}: [Threaded comment]

Comment:

tc={F616B08E-E0CE-441E-AD53-D32C8DEC00C0}: [Threaded comment]

Comment:

Do not change this condition. Condition #1 must always be the MDL conditions. Just hide if not used.				HOME ARP Deals Only
		a:	Certification that if the site is in the 100-year floodplain when it places in service, the finished ground floor elevation of the building will be at least one foot above the floodplain and that all drives, parking and amenities will be no more than 6 inches below the floodplain, or a Letter of Map Amendment ("LOMA") or Letter of Map Revision ("LOMR-F") indicating that the development is no longer within the 100 year floodplain.		ARP Loan in Flood Zone		An architect or engineer certification that the finished ground floor elevation of the building will be at least one foot above the floodplain and that all drives, parking and amenities will be no more than 6 inches below the floodplain, or a Letter of Map Amendment ("LOMA") or Letter of Map Revision ("LOMR-F") indicating that the development is no longer within the 100 year floodplain.
		b:	Documentation that a noise study has been completed, and certification from the Architect that all recommendations from the noise study are incorporated into the development plans.		ARP Loan in Noise Zone
			Agreement to enter into Housing Assistance Payment Contract or written commitment from (voucher sponsor) for xx project-based vouchers specifying the payment standard that will apply		Uncommitted project-based vouchers	18269 2400 Bryan
	0

tc={D4CB3030-F929-4CCD-9474-270F018563FC}: [Threaded comment]

Comment:

If there is not a direct loan, this number needs to be 0. Receipt and acceptance before ARP Loan Closing tc={6547A8A7-0795-4794-844E-83DE64DB61E1}: [Threaded comment]

Comment:

Do not change this condition. Condition #1 must always be the MDL conditions. Just hide if not used.			HOME ARP Deals Only
	a:	Updated application exhibits: Rent Schedule, Utility Allowance, Operating Expenses, Long-Term Pro Forma, Development Cost Schedule, Schedule of Sources; and documentation necessary to support any changes from previous underwriting.
	b:	Substantially final construction contract with Schedule of Values.
	c:	Updated term sheets with substantially final terms from all lenders
	d:	Substantially final draft of limited partnership agreement.		Does not apply if no LIHTC.
	e:	Senior loan documents and/or partnership documents must contain a provision that any stabilization resizing on the senior debt includes the debt service on the TDHCA HOME ARP at a minimum 1.15 DCR.		Do not include this condition if ARP is soft repayable; ARP has no DS to include in DCR calc, so not applicable.

Do not include this condition if ARP is the senior loan.

f:	Substantially final ground lease.	If ground lease contemplated.
	Updated Guaranty Agreement to the Department that satisfies Department requirements to fund any operating deficits throughout the term of the affordability period and HOME ARP loan term.

tc={9B938E37-6109-4006-B9A2-5A6CEB94A164}: [Threaded comment]

Comment:

keep bold and have the status line showing. 8/10/2023				ARP Supportive Housing: Include if ARP award is a SUBSEQUENT underwriting. If ARP at original award, then the Supp Hsg Guaranty in application is enough.
	Status:		To be cleared at direct loan closing by program staff.
			Documentation of approval of proposed HAP Rent increase.		Approval of increased HAP Rents
			Signed Agreement to enter into Housing Assistance Payment Contract from (voucher sponsor) for xx project-based vouchers specifying the payment standard that will apply		Uncommitted project-based vouchers	18269 2400 Bryan
	1	BEFORE DETERMINATION NOTICE			Bond Deals Only
			Certification that if the site is in the 100-year floodplain when it places in service, the finished ground floor elevation of the buildings will be at least one foot above the floodplain and that parking and drive areas will be no more than 6 inches below the floodplain; and that the Owner will provide flood insurance for the buildings as long as they remain in the floodplain.		floodplain

flood elevations §11.101(a)(1) insurance requirement §11.302(g)(2)(B)

		Formal approval for $xxx loan from (local entity) clearly stating all terms, conditions and source of funding.	Significant uncommitted local funding source	If they can defer more fee and and the deal still works, then don't need to condition this, but state this in your financing narrative on the UW Report.
		Documentation of approval of proposed HAP Rent increase.	Approval of increased HAP Rents
		Agreement to enter into Housing Assistance Payment Contract or written commitment from (voucher sponsor) for xx project-based vouchers specifying the payment standard that will apply.	Uncommitted project-based vouchers
		Department approval of TDHCA XXXXX (HOME, NHTF, etc) loan transfer.	Transfer ot TDHCA Loan
1	COMMITMENT		9% Deals Only
		Certification that if the site is in the 100-year floodplain when it places in service, the finished ground floor elevation of the buildings will be at least one foot above the floodplain and that parking and drive areas will be no more than 6 inches below the floodplain; and that the Owner will provide flood insurance for the buildings as long as they remain in the floodplain.	floodplain

flood elevations §11.101(a)(1) insurance requirement §11.302(g)(2)(B) 18259 Cannon Courts 18087 Residences of Long Branch Revised site plan that clearly delineates the floodplain boundary. floodplain 18259 Cannon Courts

2 CARRYOVER

tc={F3A6632C-D485-4E45-9AA9-67D40727A193}: [Threaded comment]

Comment:

DO NOT USE		9% Deals Only
	Documentation of approval of proposed HAP Rent increase.		Approval of increased HAP Rents
	Agreement to enter into Housing Assistance Payment Contract or written commitment from (voucher sponsor) for xx project-based vouchers specifying the payment standard that will apply		Uncommitted project-based vouchers	18269 2400 Bryan
	Formal approval for $xxx loan from (local entity) clearly stating all terms, conditions and source of funding.		Significant uncommitted local funding source	If they can defer more fee and and the deal still works, then don't need to condition this, but state this in your financing narrative on the UW Report.
	A revised site plan that provides sufficient free parking consistent with the local code and the QAP.		required free parking	18221 Cypress Creek Apartment Homes

		Report from a qualified pipeline compliance consultant evaluating the existing pipeline conditions and development of the proposed project pursuant to guidance and best practices recommended by the Pipelines and Informed Planning Alliance (“PIPA”). Consultant must demonstrate specific experience with PIPA best practices. Consultant must certify that the development's design and construction planning considers all applicable PIPA standards as well as any PHMSA or other relevant requirements.	PIPA	16118 Standard on the Creek
		Department approval of TDHCA XXXXX (HOME, NHTF, etc) loan transfer.	Transfer ot TDHCA Loan
3	10% Test		RAD Conversion
		HUD approval of RAD conversion including a commitment to enter into the Housing Assistance Payment contract (or executed CHAP or similar agreement) and documentation of HUD approved rents and operating budget.
4	Cost Certification		All deals
		Attorney opinion validating federally sourced funds can be considered bona fide debt with a reasonable expectation that it will be repaid in full and further stating that the funds should not be deducted from eligible basis.

tc={39D4A079-03E5-4A8B-91CF-3692FB99B207}: [Threaded comment]

Comment:

1/3/2024 Any deal that has federal funds from the city, county, etc, should have this condition and "soft" funds incuded in S&U X62 if it is a grant, soft repayable, cash flow, or at a discounted interest rate. This includes: HOME, HOME ARP, CDBG, etc.

If a local government loan is sourced from "GO Bonds" that means General Obligation bonds are the source of the loan and that is from the local municipality...not federally sourced and you do not need this condition.		federal funds
	Architect certification that a noise assessment was completed, and that all recommendations were implemented and the Development is compliant with HUD noise guidelines.		noise study - bond deals - IF NOISE STUDY WAS NOT COMPLETED PREVIOUSLY	18221 Cypress Creek Apartment Homes

18087 Residences of Long Branch 18142 San Juan Mission Villas

Certification of comprehensive testing for asbestos; that any appropriate abatement procedures were implemented; and that any remaining asbestos-containing materials are being managed in accordance with an acceptable Operations and Maintenance (O&M) program.	asbestos in rehab
Certification that testing for asbestos was performed on the existing structures prior to demolition, and if necessary, a certification that any appropriate abatement procedures were implemented.	asbestos in existing structures that will be demolished

tc={45A4FFCB-77CA-42EA-892F-5989B9C1C2D0}: [Threaded comment]

Comment:

2/15/2022 no longer doing LBP in buildings being demolished. Only standard is OSHA standard that the contractor can confirm. WE don't police OSHA standards. Agreed with Rosalio.

tc={F616B08E-E0CE-441E-AD53-D32C8DEC00C0}: [Threaded comment]

Comment:

Do not change this condition. Condition #1 must always be the MDL conditions. Just hide if not used.

tc={D4CB3030-F929-4CCD-9474-270F018563FC}: [Threaded comment]

Comment:

If there is not a direct loan, this number needs to be 0.

tc={471BACFC-2A33-4F45-88C1-6D96CFE2CFF5}: [Threaded comment]

Comment:

If there is not a direct loan, this number needs to be 0.

tc={6547A8A7-0795-4794-844E-83DE64DB61E1}: [Threaded comment]

Comment:

Do not change this condition. Condition #1 must always be the MDL conditions. Just hide if not used.

tc={972B1086-8E63-4B29-BCA2-2F464C58D173}: [Threaded comment]

Comment:

Do not change this condition. Condition #1 must always be the MDL conditions. Just hide if not used.

tc={39D4A079-03E5-4A8B-91CF-3692FB99B207}: [Threaded comment]

Comment:

If a local government loan is sourced from "GO Bonds" that means General Obligation bonds are the source of the loan and that is from the local municipality...not federally sourced and you do not need this condition.

tc={04FF9A4A-64F8-4119-93FE-E570C775EC94}: [Threaded comment]

Comment:

3/15/2020 use this when the floodplain boundary is not clear at original underwriting Jeanna Adams: Jeanna Adams:

removed lead based paint conditions..no certifcation available to clear condtioins.

tc={F3A6632C-D485-4E45-9AA9-67D40727A193}: [Threaded comment]

Comment:

DO NOT USE

tc={9B938E37-6109-4006-B9A2-5A6CEB94A164}: [Threaded comment]

Comment:

keep bold and have the status line showing. 8/10/2023 17013 Rio Lofts 18142 San Juan Mission Villas Certification that subsurface environmental investigation was performed as specified in the ESA, and if necessary, that any recommended mitigation measures were fully implemented. Phase II / additional environmental investigation required (soils/groundwater) 18015 Cambria East Riverside 17259 Mistletoe Station 17013 Rio Lofts 18269 2400 Bryan Certification that continued testing was performed on the contaminated groundwater, and if necessary, a certification that any appropriate abatement procedures were implemented by a qualified abatement company, or a certification from a qualified abatement company that no abatement is required at this time. contaminated groundwater 18269 2400 Bryan 17315 Provision at North Valentine

Certification of implementation of all recommended abatement measures for mold, and/or implementation of a Mold and Moisture Minimization Plan if required by ESA.	mold in rehab
Architect or engineer certification that the finished ground floor elevation for each building is at least one foot above the floodplain and that all drives and parking areas are not more than 6 inches below the floodplain; or certification (including a Letter of Map Amendment or Revision ("LOMA / LOMR-F") if applicable, documenting that the development is not within the 100 year floodplain.	new construction in floodplain

flood elevations §11.101(a)(1) 17042 Huntington at Paseo de la Resaca 18259 Cannon Courts 18087 Residences of Long Branch For any buildings remaining in the floodplain, documentation that flood insurance is in place at the property owner's expense covering the buildings and coverage will remain in force as long as they remain in the floodplain. new construction in floodplain insurance requirement ( §11.302(g)(2)(B))

Evidence that the units and buildings have met the requirements for use of a Green Discount Utility Allowance.	Green Discount / Energy Star Utility Allowance
Architect certification that buildings were tested for the presence of radon and any recommended mitigation measures were implemented.	radon testing
Final report stating that the development was constructed in accordance with PIPA best practices and that any on-going operational plans with respect to the pipelines are in place.	PIPA - follow-up
If any portion of the site is determined to be a wetland area, certification that compliance with all federal, state and local wetland mitigation requirements has been met.	wetland - follow-up	16118 Standard on the Creek

16104 Villa Verde 17080 Palladium Ft Worthl 17235 Henrietta Pioneer Crossing Determination of whether any endangered or threatened species habitat is present on the site, and if so, that all necessary mitigation measures were followed. endangered species 17285 Oak Trails 17736 Providence at Ted Trout

If there is not a direct loan, this number needs to be 0.

Do not change this condition. Condition #1 must always be the MDL conditions. Just hide if not used.

keep bold and have the status line showing. 8/10/2023

Do not change this condition. Condition #1 must always be the MDL conditions. Just hide if not used.

If there is not a direct loan, this number needs to be 0.

Do not change this condition. Condition #1 must always be the MDL conditions. Just hide if not used.

keep bold and have the status line showing. 8/10/2023

3/15/2020 use this when the floodplain boundary is not clear at original underwriting

DO NOT USE

2/15/2022 no longer doing LBP in buildings being demolished. Only standard is OSHA standard that the contractor can confirm. WE don't police OSHA standards. Agreed with Rosalio.

Market Study Comments

Demand Comments	Situation		Rule Reference
Rehab or reconstruction projects where: (i) 100% of units are covered by an existing project based rental assistance that will continue for at least the Compliance Period, an existing Department LURA, or the subject rents are at or below 50% AMGI rents, (ii) is 80% occupied, and (iii) gives existing tenants leasing preference or the right to return, do not require a full market study. The subject property is XX% occupied.	A/R Reconst with 100% PBV/HAP	Just make comment stating the current occupancy and hide all other sections of the market section.	§11.205.Required Third Party Reports. 2(A)(i
Rehab or reconstruction projects where: (i) 100% of units are covered by an existing project based rental assistance that will continue for at least the Compliance Period, an existing Department LURA, or the subject rents are at or below 50% AMGI rents, (ii) is 80% occupied, and (iii) gives existing tenants leasing preference or the right to return, do not require a full market study. The subject property is XX% occupied.	High Occupancy A/R or Reconst	Just make comment stating the current occupancy and hide all other sections of the market section.	§11.205.Required Third Party Reports. 2(A)
USDA Developments with occupancy greater than 80% are not required to provide a market study. The required appraisal provides similar information regarding the market area and comparable market. The subject property is XX% occupied.	USDA	Just make comment stating the current occupancy and hide all other sections of the market section.	§11.205.Required Third Party Reports. 2(C)

	A Secondary Market Area (SMA) is allowed to account for demand that will come from outside the PMA. Potential Demand from an SMA may be included in Gross Demand to the extent that SMA
demand does not exceed 25 percent of Gross Demand. The supply of proposed and unstabilized Comparable Units in the SMA must be included in the calculation of the capture rate at the same proportion that Potential Demand from the SMA is included in Gross Demand.		SMA
	The Market Analyst defined a Secondary Market that extends north and south of the PMA.

MDL Exhibit C Conditions

0, 0, #

Development Conditions

Jeanna Adams: Underwriters

Cells linked to UW Report Conditions. For amendments or Closings, must relink to the corresponding memo conditions if changed. Or fill in status update if no different conditions. Also update the deals number(s) and program types in row 1.	0	Receipt and acceptance before HOME ARP Contract:
			a:	0
			Status:		0

Jeanna Adams: TDHCA Legal can add or remove any condition on this tab during contract drafting.	b:	0
			Status:		0
		0	Receipt and acceptance before HOME ARP Closing:
			a:	Updated application exhibits: Rent Schedule, Utility Allowance, Operating Expenses, Long-Term Pro Forma, Development Cost Schedule, Schedule of Sources; and documentation necessary to support any changes from previous underwriting.
			Status:		0
			b:	Substantially final construction contract with Schedule of Values.
			Status:		0
			c:	Substantially final construction contract with Schedule of Values.
			Status:		0
			d:	Substantially final draft of limited partnership agreement.
			Status:		0
			e:	Senior loan documents and/or partnership documents must contain a provision that any stabilization resizing on the senior debt includes the debt service on the TDHCA HOME ARP at a minimum 1.15 DCR.
			Status:		0
			f:	0
			Status:		0
			g:	0
			Status:		0
		0	Receipt and acceptance before Direct Loan Contract:
			a:	0
			Status:		0
			b:	0
			Status:		0
		0	Receipt and acceptance before Direct Loan Closing:
			a:	Updated application exhibits: Rent Schedule, Utility Allowance, Operating Expenses, Long-Term Pro Forma, Development Cost Schedule, Schedule of Sources; and documentation necessary to support any changes from previous underwriting.
			Status:		0
			b:	Substantially final construction contract with Schedule of Values.
			Status:		0
			c:	Updated term sheets with substantially final terms from all lenders.
			Status:		0
			d:	Substantially final draft of limited partnership agreement.
			Status:		0
			e:	Senior loan documents and/or partnership documents must contain a provision that any stabilization resizing on the senior debt includes the debt service on the TDHCA MDL at a minimum 1.15 DCR, or 1.0 if the MDL is subordinate to FHA financing in accordance with §11.302(d)(4)(D)(iv).
			Status:		0
			f:	Substantially final ground lease.
			Status:		0
			g:	Updated Guaranty Agreement to the Department that satisfies Department requirements to fund any operating deficits throughout the term of the affordability period and MFDL loan term.
			Status:		To be cleared at direct loan closing by program staff.
			h:	Documentation of approval of proposed HAP Rent increase.
			Status:		0
			i:	Signed Agreement to enter into Housing Assistance Payment Contract from (voucher sponsor) for xx project-based vouchers specifying the payment standard that will apply
			Status:		0
			j:	0
			Status:		0
		1	Receipt and acceptance before Determination Notice:
			a:	0
			Status:		0
			b:	0
			Status:		0
		2	Receipt and acceptance by Cost Certification:
			a:	0
			Status:		0
			b:	0
			Status:		0
		3	Receipt and acceptance before Determination Notice:
			a:	0
			Status:		0
			b:	0
			Status:		0
		4	Receipt and acceptance by Cost Certification:
			a:	0
			Status:		0
			b:	0
			Status:		0
		5	0
			a:	0
			Status:		0
			b:	0
			Status:
		6	0
			a:	0
			Status:		0
			b:	0
			Status:		0
		-	Receipt and acceptance by Cost Certification:
			a:	0
			Status:		0
			b:	0
			Status:		0
			c:	0
			Status:		0
			d:	0
			Status:		0
			e:	0
			Status:		0
		Should any terms of the proposed capital structure change or if there are material changes to the overall development plan or costs, the analysis must be re-evaluated and adjustment to the credit allocation and/or terms of other TDHCA funds may be warranted.

MDL Exhibit C Units

0, 0, #

Development Units

Unit Designation Summary

9/11/20

# Units

Bed rooms

Bath rooms

Unit Size

(NRA SF)

Total NRA (sf)

Federal Tax Credit Designation

State Tax Credit Designation

MFDL HOME

MFDL NHTF

HOME ARP

HOME Match

Other Unit Designation

Federal HTC Units

HOME Units

NHTF Units

TC 2000%

30%/30%

NHTF 3000%

TC 3000%

40%/40%

TC 4000%

LH/50%

HOME ARP Units

Jeanna Adams: Jeanna Adams:

TDHCA HOME ARP column J hidden

TC 5000%	0	HH/60%	0	QP	0
TC 6000%	0	HH/80%	0	HH/60%	0
TC 7000%	0			HH/80%	0
TC 8000%	0	Match Units		SHTC Units
MR	0	Match	0	Total	0
Total	0

tc={3A8A24AD-8C1C-4AE7-B9A6-5A89132F70DE}: [Threaded comment]

Comment:

1/24/2023 If this turns RED, determine why Total Units does not match Unit Mix Jeanna Adams: Jeanna Adams:

TDHCA HOME ARP column J hidden 0 tc={86C60CCD-5478-4A4F-B9AC-283228E761B7}: [Threaded comment]

Comment:

1/24/2023 If this turns RED, determine why Total NRA does not match Unit Mix Jeanna Adams: Underwriters:

This page pulls from working data. Make sure you're pulling the most recent working data.

Jeanna Adams: TDHCA Legal can change the number of and move the match to other units in column K.		0	0
	*MFDL units float among Unit Types

1/24/2023 If this turns RED, determine why Total Units does not match Unit Mix

If this turns RED, determine why Total NRA does not match Unit Mix

MDL Exhibit C Sources

0, 0, #
Development Sources
			9/11/20
	Interim	Permanent Period

tc={9962AFBE-F321-4776-A9CC-EBBE2CE81AED}: [Threaded comment]

Comment:

Permanent Sources must be referenced from S&U

Source	Type	Principal	Term	Rate	Principal	Term	Amort	Rate
Debt

Jeanna Adams: TDHCA Legal can update :

Interim term by rule Lien positions; can note Interim positions in Col A / Perm in Col G Name of Lender/Equity if no change to amount, rate or amort Cash flow/Grant construction amounts 0 tc={68A13666-1767-40FF-91AE-2D7FAB0D29CF}: [Threaded comment]

Comment:

Tom Cavanagh: 1/24/2023 If Construction Lender is separate from Perm Lender, then B7:F7 should reference Construction Debt on Working Data If Perm Lender is also Construction Lender, then HIDE Row 7 and show Construction Debt in Row 8 (same line as Perm Debt) tc={9962AFBE-F321-4776-A9CC-EBBE2CE81AED}: [Threaded comment]

Comment:

Permanent Sources must be referenced from S&U	0		$0	.0 yrs	0.0	0.00%
		Adjustment to Debt Per §11.302(c)(2)		$0	.0 yrs	0.0	0.00%
		0		$0	.0 yrs	0.0	0.00%
		0		$0	.0 yrs	0.0	0.00%
		0		$0	.0 yrs	0.0	0.00%
		Cash Flow Debt / Grants
		0		$0	.0 yrs	0.0	0.00%
		0		$0	.0 yrs	0.0	0.00%
		0		$0	.0 yrs	0.0	0.00%
		0		$0	.0 yrs	0.0	0.00%
		0		$0	.0 yrs	0.0	0.00%
		0		$0	.0 yrs	0.0	0.00%
		0		$0	.0 yrs	0.0	0.00%
		0		$0	.0 yrs	0.0	0.00%

TOTAL $0 $0

Third Party Equity
0	LIHTC Equity	$0	ERROR:#DIV/0!
0	SHTC Equity	$0	$0
0	0	$0	$0

TOTAL $0 ERROR:#DIV/0!

Partnership Debt
0	Deferred Developer Fees	ERROR:#DIV/0!
0	0	$0

TOTAL $0 ERROR:#DIV/0!

TOTAL CAPITALIZATION $0 ERROR:#DIV/0!

tc={871FB858-4BB3-4A93-A7B9-9FC6FB10437C}: [Threaded comment]

Comment:

1/24/2023 If this turns RED, determine why Total Capitalization does not match S&U Jeanna Adams: Underwriters:

You must link the Interim Sources to the Working Data Source names and Perm sources pull from S&U.

Change yellow cells to white b/f you save. ERROR:#DIV/0!

Permanent Sources must be referenced from S&U

If this turns RED, determine why Total Capitalization does not match S&U

MDL Exhibit C Budget

0, 0, #
Development Budget
			9/11/20
Description	Hard Cost	Total Development Cost

Land Acquisition $0 tc={872B29B2-1BD2-4989-9C53-6F2DF1F05B5E}: [Threaded comment]

Comment:

1/24/2023 Make sure this column refers to the values being used for analysis on S&U … Sometimes we force S&U to use the REA side regardless of the 5% variance … In that case, this sheet should refer directly to the REA side

Building Acquisition		$0
		$0
Off-Sites	$0	$0
Site Work	$0	$0
Site Amenities	$0	$0
other construction cost	$0	$0
Structured Parking	$0	$0
Building Cost	$0	$0
Contingency		$0
Contractor Fees		ERROR:#DIV/0!
Soft Costs		$0
Financing		$0
Developer Fee		ERROR:#DIV/0!
Reserves		ERROR:#DIV/0!
Totals	$0	ERROR:#DIV/0!

tc={C9D044E3-5094-420C-96DE-DEB1222FC06F}: [Threaded comment]

Comment:

1/24/2023 If this turns RED, determine why Total Cost does not match S&U Jeanna Adams: Underwriters this pulls from the S&U,make sure we are pulling correct side for costs.

tc={872B29B2-1BD2-4989-9C53-6F2DF1F05B5E}: [Threaded comment]

Comment:

Description Value

AIA Document Total	ERROR:#REF!
Less: General Requirements	($580,254)
Less: Profit	ERROR:#REF!
Less: Bond	ERROR:#REF!
Total Building & Site Costs	ERROR:#REF!

Make sure this column refers to the values being used for analysis on S&U … Sometimes we force S&U to use the REA side regardless of the 5% variance … In that case, this sheet should refer directly to the REA side

If this turns RED, determine why Total Cost does not match S&U

Memo

					Cost Certification
			Real Estate Analysis Division		Amendment
				December 31, 1899	New Application - Initial Underwriting
					1st Addendum to Prior Report
					Amendment/Post Construction
					Amendment/Pre-Construction
Addendum to Underwriting Report					2nd Addendum to Prior Report
					3rd Addendum to Prior Report
	TDHCA Application #:	Program(s):			Appeal

Address/Location: 0

City: 0 County: 0 Zip: 0

	APPLICATION HISTORY
Report Date	PURPOSE

ALLOCATION

tc={DADDB70F-8D27-4A1B-AE30-327290D6737F}: [Threaded comment]

Comment:

instruction HIDE Allocation section if memo does not involve re-evaluation of finances

Previous Allocation

RECOMMENDATION

For MDL Only (No HTC)

TDHCA Program

Amount

Int.

Rate

Amort

Term

Amount

Int.

Rate

Amort

Perm. Term

Perm. Lien

Const. Term

Const. Lien

ERROR:#DIV/0!

LTV <80%

0.00%

.0 yrs

Owner Equity over 10%

tc={21550557-46A5-4742-A904-EFA5A5ED74FF}: [Threaded comment]

Comment:

3/18/2022 link owners equity and divide by total devcost S&U L70.

0	$0	0.00%	0	.0 yrs
0	$0	0.00%	0	.0 yrs

tc={E598D81D-B68A-494D-B155-E6864EF89812}: [Threaded comment]

Comment:

Recommendations ALWAYS refer back to worksheets (i.e. S&U tab) 0 $0 tc={8ED8B83A-F4F1-4508-8F0E-155C9306864C}: [Threaded comment]

Comment:

Recommendations ALWAYS refer back to worksheets (i.e. S&U tab) tc={21550557-46A5-4742-A904-EFA5A5ED74FF}: [Threaded comment]

Comment:

3/18/2022 link owners equity and divide by total devcost S&U L70.

tc={B5AF5F8A-9B55-4BB0-B40B-C061F5E7052E}: [Threaded comment]

Comment:

date of current memo tc={095B4D73-7A94-45C1-B237-0D5253452BC5}: [Threaded comment]

Comment:

DUT:

Copy & Paste "values" of Original UW Report tab BEFORE completing a new/updated UW analysis. Original values will stay fixed in the UW Report tab.

Use the pro forma & cost tables located in the bottom right margin of this tab to refer to the new/updated UW evaluation.

tc={FB256EF5-3B67-4445-87AF-9CAD228594A0}: [Threaded comment]

Comment:

previous reports and memos in reverse order	ERROR:#REF!		ERROR:#REF!
		0		$0
		0		$0
		FHTC (4% Credit)		$0	$0
		* Multifamily Direct Loan and HOME ARP Terms:
		* The term of a Multifamily Direct Loan or HOME ARP loan should match the term of any superior loan (within 6 months).				HIDE unless we have a MDL/ARP loan
		** Construction loan term cannot exceed the recommendation above, but may be less depending on actual closing date. Final construction term will be noted in the loan documents

CONDITIONS STATUS

tc={1AA3D19A-C6B6-4BBA-A61D-712CAC966669}: [Threaded comment]

Comment:

1. Copy condition ROWS from UW report.

2. Insert Copied Cells Here

3. Update condition numbers

SET-ASIDES

TDHCA SET-ASIDES for HTC LURA
Income Limit	Rent Limit	Number of Units
20% of AMI	20% of AMI	0
30% of AMI	30% of AMI	0
40% of AMI	40% of AMI	0
50% of AMI	50% of AMI	0
60% of AMI	60% of AMI	0

tc={B0FD09DE-7C31-45C5-85DC-E74F70B9F06B}: [Threaded comment]

Comment:

DUT: includes EO units

70% of AMI	70% of AMI	0
80% of AMI	80% of AMI	0

TDHCA SET-ASIDES for DIRECT LOAN LURA
Income Limit	Rent Limit	Number of Units
30% of AMFI	30% of AMFI	0
40% of AMFI	40% of AMFI	0
50% of AMFI	Low HOME	0
60% of AMFI	High HOME	0
80% of AMFI	High HOME	0

TDHCA SET-ASIDES for STATE HOUSING TAX CREDITS
Income Limit	Rent Limit	Number of Units
30% of AMFI	30% of AMI	0
40% of AMFI	40% of AMI	0
50% of AMFI	50% of AMI	0
60% of AMFI	60% of AMI	0
80% of AMFI	80% of AMI	0

TDHCA SET-ASIDES for HOME ARP LURA
Federal Affordability Period		Remaining State Affordability Period
Income Limit	Number of Units	Income Limit	Number of Units
QP	0	TC 20%	0
Low HOME (50% AMFI)	0	TC 30%	0
High HOME(60% AMFI)	0	TC 40%	0
		TC 50%	0
		TC 60%	0
		TC 70%	0
		TC 80%	0
		30%/30%	0
		40%/40%	0
		Low HOME	0
		High HOME	0
		NHTF 30%	0

TDHCA SET-ASIDES for HOME ARP LURA
Federal Affordability Period		Remaining State Affordability Period
Income Limit	Number of Units	Income Limit	Number of Units
QP	0	TC 20%	0
Low HOME (50% AMFI)	0	TC 30%	0
High HOME(60% AMFI)	0	TC 40%	0
		TC 50%	0
		TC 60%	0
		TC 70%	0
		TC 80%	0
		30%/30%	0
		40%/40%	0
		Low HOME	0
		High HOME	0
		NHTF 30%	0

ANALYSIS

Operating Pro Forma

Development Cost

Sources of Funds

Underwriter:

Manager of Real Estate Analysis: Diamond Unique Thompson

Director of Real Estate Analysis: Jeanna Adams

Operating Pro Forma
ERROR:#DIV/0!
NOI:	ERROR:#DIV/0!	Avg. Rent:	ERROR:#DIV/0!

tc={296664FC-82C5-49CA-9EE0-D0565A6D1A7A}: [Threaded comment]

Comment:

DUT:

Assumes units are identified in rent schedule with "PHU" in "Other" column.

The very bottom drop down menu in the "Applicable Programs" table needs to be filled in in order for these formulas to work properly.		Expense Ratio:		ERROR:#DIV/0!
	Debt Service:		$0		B/E Rent:	ERROR:#DIV/0!	Controllable Expenses:	ERROR:#DIV/0!
	Net Cash Flow:		ERROR:#DIV/0!		UW Occupancy:	ERROR:#DIV/0!	Property Taxes/Unit:	ERROR:#DIV/0!
	Aggregate DCR:		ERROR:#DIV/0!		B/E Occupancy:	ERROR:#DIV/0!	Program Rent Year:	2022

tc={990F6A3D-F6C4-4863-9646-070D24E18D66}: [Threaded comment]

Comment:

make sure this is correct particularly watch on bond deals tc={296664FC-82C5-49CA-9EE0-D0565A6D1A7A}: [Threaded comment]

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