Attachment_3_PRT_Manual_2015.docx

Attachment 3 Property Review Template (PRT) User’s Guide An OPIIS Business Tool

07/15/2015

Contents

What’s New in this Release of the Property Review Template (PRT)?

Introducing the New Windows PRT Advantages of Creating a Windows Application (MS Visual Studio) Version of the PRT The principal advantages of converting the PRT from Excel to a Windows application are as follows:

· Significant improvement in connectivity to the data mart, which translates into much greater speed with which data is retrieved from data mart into the tool

· Significant improvement in usability. Tab lay-out is simpler, more intuitive , faster than radio buttons and worksheet creation process that the Excel version utilized

· Significant improvement in overall stability and consistency in performance. Excel version of tool would often halt in the process of bringing up peers. This risk is eliminated by the web application version.

· Significant improvement in ability to maintain and improve the tool. Fundamental design of original Excel tool was inefficient and difficult to maintain. Growing the Excel version meant perpetuating and growing the faulty design even more.

Future Tool Maintenance and Enhancements

· The PRT Windows application was developed through the use of Microsoft Visual Studio, which is standard HUD software.

· Enhancements to the tool will continue to be implemented through use of MS Visual Studio.

· The PRT Windows application may be enhanced to better support risk management business practices upon application to the OPIIS GTM

· Enhanced versions of the tool will be formally submitted to the OCIO for testing and release to production.

Requirements Completed with the 2015 Release

Ability to select multiple counties in which to find peer properties Ability to select multiple zip codes in which to find peer properties

Requirements Completed with the 2014 Release

Performance (Speed)

· Increase the speed at which the Peer Selection and Trend Analysis Complete Data Connection

· Use of the OPIIs Data Mart ‘Mirror’ (and not the production data base) to run PRT analyses. This means that the PRT will always be operational and will not be interrupted by the Data Mart’s daily update process, during which time the data mart cannot be accessed Sorting Capability

· Added ability to sort by any column for any grid type template.

Enhanced Ability to Export to Multi-Worksheet Excel Workbook

· Ability to save data into Excel from any grid type structure Processing Affirmation

· Provide affirmation of process completion or of instructions at the top of screen in RED to guide users through process Enhanced Peer Selection

· Added Zip Code as selection criterion

· Added Major Program Type as selection criterion

· Automatically populate the Region, Market, and Submarket, MSA, SOA, Major Program Group, and Zip

· Disable Criteria not being used in analysis or only criteria to become active once the Peer Checkbox has been selected.

Improved Underwriting Analysis Capability

· Created a more streamlined process for comparing Underwriting Proforma with Peer Data

Getting Started Prerequisite: Must be an OPIIS User

· In order to use the PRT application, you must be a registered OPIIS User.

· If you are not an OPIIS User, request your Manager to submit a CHAMPS request on your behalf to obtain access to the system.

· Request the OPIIS Help Desk to install the PRT on your computer. Follow the instructions below under ‘PRT Application Installation’.

PRT Application Installation

· Send an email RE: PRT Installation Request to OPIIS@hud.gov

· Provide your:

· HID

· IP ADDRESS

· A window of time in which you will be available

· A member of the OPIIS Team will contact you to install the PRT application on your computer via Windows Communicator while you are at your desk

· Successful completion of the PRT application will result in the placement of the PRT icon on your desktop:

PRT ICON:

VPN Requirements

· Windows XP or Above

· User Must Know Machines IP Address

· VPN access – The PRT is installed on the User’s Desktop Computer. Since it is installed on the Desktop computer special instructions are not required.

Organization of PRT Functionality The PRT supports two business processes: Seasoned Property Analysis and Underwriting Analysis.

Seasoned Property Analysis Overview This body of functionality supports the benchmarking of existing projects in the HUD Multifamily portfolio against peer (comparable) properties and markets. The process is constituted of the following steps:

· Select property to analyze

· Select time period over which to pull:

· Profit and Loss Statements (P&L’s)

· Corresponding historical and projected market data for subject property

· Export P&L’s and Market data to Excel

· For any given operating year:

· Select peer properties or comps based on various criteria

· Export data on the peer properties selected

· Benchmark the subject property’s (per unit) operating data against the mean/max/min of that of the peer properties selected

· Export the operating data comparison between subject property and peers

Underwriting Analysis Overview This body of functionality supports the benchmarking of proforma operating statements for new projects that are being underwritten against the HUD Multifamily portfolio. The process is constituted of the following steps:

· Enter Proforma (stabilized projected) income and expenses for a new project

· For any given operating year:

· Select peer properties or comps based on various criteria

· Export data on the peer properties selected

· Benchmark the subject property’s (per unit)operating data against the mean/max/min of that of the peer properties selected

· Export the operating data comparison between subject and peers

Seasoned Property Analysis This process is demonstrated by example: Property ID 800213296, Colony and Fisher Arms Apartments in Detroit, MI

· Click the application icon on your desktop

· The application will open to the following screen:

· Click ‘Click to Start’

· The following screen will be displayed:

· Click the ‘Seasoned Analysis’ radio button on the upper left corner of the screen

· Enter the property ID, e.g. 800213296

· Click ‘Tab’ key to have the application obtain the entire range of financial statements on file for the property with FASS-MF. This action will populate the two dates with the range of HUD fiscal years available.

· Select the First Cash Flow year from the range of HUD Fiscal years displayed, e.g., 2008

· Select the Last Cash Flow year from the range of HUD Fiscal years displayed, e. g., 2014

· Click ‘Search’

· This action will populate the project data screen and pull up the P&L’s requested

· Proceed to view P&L’s selected by clicking the tab ‘Historical Operating Data’

· The REIS market information displays actual market Vacancy, Rent Change, and Gross Revenue/Unit data to date and forecasts for future years

· Click the column header ‘Forecast Year’ to re-order the market data

· To export data from this page to Excel, begin by clicking ‘Export Property and REIS Data’

· This action will cause the application to create a file in C:\PRT_DATA with filename ‘prt_property – 9-digit property id’

· The following or similar dialogue box will be displayed:

· Click ‘Yes’

· Next, click ‘Export Operating Data’

· The following dialogue box will be displayed again:

· Click ‘Yes’ again

· To view the Excel workbook that has been created, go to c:\prt_data, and click the file with property id of the subject under review

· Two worksheets will have been created:

· Trending Analysis, which will contain the operating data for the time period selected and

· Reis Market Forecast, which will contain the REIS historical and forecasted market data

· Perform any work in Excel that you wish to do

· Important: Save and close the Excel workbook when done before returning to the PRT tool

· This will permit you to add additional worksheets to the existing workbook

· Return to the PRT application by clicking the application icon

Note: Supplemental Process – Comparing market data between B/C and A properties

· This process permits you to compare historical, current, and projected rents and rent increases between Class A and Class B/C properties for the market in which the property is located

· The tool defaults to market data for B/C properties

· To also view data for A properties, click ‘Compare REIS A/BC’

· Select a REIS Region, Market, and Submarket

· In our example, we select Midwest, Detroit, and Downtown.

· Click ‘Compare REIS A’ to view Vacancy Rate, Rent Change, and Gross Revenue/Unit for Class A properties for the region/market/submarket selected

· Go to the second set of drop-downs, select the same REIS Region, Market, and Submarket

· Click ‘Compare REIS BC’ to view Vacancy Rate, Rent Change, and Gross Revenue/Unit for Class B/C properties for the region/market/submarket selected

· To proceed with subject-to-peer benchmarking, click the tab ‘Select Peer Criteria’

· Select an operating year from the drop-down on the upper left, e.g., 2013

· Select by clicking the check box for any combination of the following peer selection criteria options:

· REIS Region (Pre-populated)

· REIS Market (Pre-populated)

· REIS Submarket (Pre-populated)

· Metropolitan Statistical Area (Pre-populated)

· 236 Loan Indicator

· Active Properties Only Indicator

· Tax Credit Property Indicator

· Multifamily Only Indicator

· Nursing Home Indicator

· Assisted Living Indicator

· Board and Care Indicator

· Hospitals Indicator

· Building Type

· MROC (Risk) Category

· Major Program Type (Pre-selected)

· Tenancy Group

· SOA Code (Pre-selected)

· PASS Score

· Project Based Rental Assistance in Terms of Number of Units

· (Mortgagor) Company type

· Gross Rent per Unit

· Operating Expense per Unit

· Unit Count

· For any State, select all desired Counties; multiple selections are allowed

· Zip Code (Pre-populated)

· Multiple zip codes allowed.

· Surround zip codes with single quotation marks

· Separate zip codes with commas

Note: The check boxes for the Prepopulated criteria will automatically be checked by the application Deselect any criteria you do not wish to use by clicking the check box to remove the check mark.

· Click ‘Search’

· In the example, the following criteria have been selected:

· MSA = Detroit MSA

· Major Program Type = Other Rental

· MROC = Green (to benchmark the subject against properties with low risk of claim)

· Click ‘Search’ to initiate peer properties meeting the criteria selected

· While the OPIIS database is being interrogated by the tool, an hour glass icon will appear on your screen

· If properties are found meeting the criteria selected, the following dialogue box will be displayed:

· If no properties are found, such as sometimes occurs when too many criteria are selected, the following message will be displayed:

· If this is the case redefine the criteria or de-select a few criteria to broaden the search parameters

· If peer properties are found, click ‘OK’ in the dialogue box.

· Click the tab ‘Peer Properties’ to view the properties that met the criteria and for which financial statements were found for the operating year selected. In the example used, 45 properties were found.

· The criteria provided yield 16 properties

· To export the descriptive data for the peer properties selected, click ‘Export Peer Review Data’

· The following dialogue box will be displayed:

· Click ‘Yes’. This action will create a new tab for these data in the existing Excel workbook for the property

· Click the tab ‘Subject Property vs Peer Properties Operating Data to proceed with the analysis and to see how the subject property lines up with its peers with respect to income and expenses

· To export the comparison of per unit income and expense data between the subject and its peers, click ‘Export Peer Review Data’

· The following dialogue box will be displayed:

· Click ‘Yes’. This action will create a new tab for these data in the existing Excel workbook for the property

· To view the updated Excel workbook that has been created, go to c:\prt_data, and click the file with property id of the subject under review

· Two additional worksheets will have been created:

· Peer Selection, which will contain the following data elements for the peer properties selected:

· pk_property_id

· max_afs_year

· tag_property_name

· tag_prop_address

· cat_city

· cat_us_county

· cat_us_state

· tag_zip_code

· CAT_REIS_MARKET

· cat_metro_statistical_area

· mtr_ltst_phys_inspection_score

· mtr_latest_mroc_score

· cat_latest_mroc_score_color

· mtr_latest_intgrtd_risk_score

· cat_ltst_intgrtd_rsk_score_cat

· cat_building_type_name

· mtr_unit_count

· cat_company_type

· mtr_perc_asstd

· cat_major_program_type

· cat_soa_name

· fk_soa_code

· ind_property_active

· ind_has_financing

· mtr_active_loan_count

· cat_troubled_status

· cat_latest_dec_referral_status

· ind_is_on_watchlist

· mtr_grs_rent_unit

· mtr_op_expenses_per_unit

· mtr_debt_service_coverage

· mtr_obm2_original_score

· cat_obm2_orig_score_category

· date_occupancy_year

· cat_client_group_type

· ind_is_236_loan

· ind_dap_tax_credit

· Peer Statistics, which will contain the per unit income and expense data for the subject and the mean/median/min/max of the same for the peer properties select

· Perform any work in Excel that you wish to do

· Important: Save and close the Excel workbook when done before returning to the PRT tool

· This will permit you to add additional worksheets to the existing workbook

· Return to the PRT application by clicking the application icon

Benchmarking Subject’s Income and Expenses for Additional Operating Years

· In the example, peers were selected and income and expenses were benchmarked for the year 2013

· If the same needs to be done for other operating years (e.g., 2012 and 2014), repeat the steps above beginning with Page 14

· Important: Before doing this, however, rename the two existing worksheets in the Excel workbook that pertain to the year 2013, i.e.,

· Rename ‘Peer Selection’ to ‘2013 Peer Selection’

· Rename ‘Peer Statistics’ to ‘2013 Peer Statistics’

· This will enable the tool to create a new Peer Selection worksheet and a new Peer Statistics worksheet

· Repeat this process until as many of the subject’s operating years’ data as are desired have been benchmarked against peer data Take a Screenshot of the Summary (the Opening) Page To include an image of the summary page (which does not have an export button), go back to and click the tab ‘Rent and Vacancy Trend Analysis’ and with the Windows Snipping Tool, cut and paste an image of the tab onto an empty worksheet of your Excel workbook, labeling it something like ‘Project Description’

· Save (and close) your Excel workbook as needed

· To close the PRT application, click the red X in the upper right hand corner of the application screen

File Produced with the Seasoned Property Analysis Above

· Successful execution of the sample analysis for Property #800213296 should yield the file imbedded above under your directory C:\PRT_DATA

Underwriting Analysis This process is demonstrated by example: Riverview Towers, a 200-Unit High rise in New York, NY

· Click the application icon on your desktop

· The application will open to the following screen:

· Click ‘Click to Start’

Click the ‘Underwriting Analysis’ radio button on the upper left corner of the screen

· This action will open the following screen:

· Enter the project name, e.g., Riverview Towers

· Enter the following pieces of data for the entire project

· Gross Rental Income: 2400000

· Economic Vacancy Loss (5 % as ‘5’ and not ‘.05’): 5

· Other Income: 36000

· Operating Expenses: 1360000

· Number of Units: 200

· Click ‘Compute’

· This action will result in the computation of Per Unit data as shown in the screen below:

· Proceed to select peers

· Select the operating year for which you wish to obtain financial statements for any qualifying properties that meet the peer selection criteria, e.g., 2013

· Click the tab ‘Select Peer Criteria’, e.g.,

· MSA = New York, NY

· Building Type = Mid/High Rise Apartments

· Major Program Type = 221(d)4 and Other Rental

· Click ‘Search’

· The search criteria used in the example used yielded 17 properties

· To export the descriptive data for the peer properties selected, click ‘Export Peer Review Data’

· The following dialogue box will be displayed:

· Click ‘Yes’. This will create the file in your c:\PRT_DATA directory

· To view how the new project’s Proforma lines up with 2013 operating data for peer properties in HUD’s portfolio, click the tab ‘Subject Property vs Peer Properties Operating Data’

· Click ‘Export Peer Review Data’ to store data in the analysis’ Excel workbook

· Click ‘Yes’. This will add the Tab ‘Subject and Peer Prop Op Data’ in the analysis’ Excel workbook

· Go to C:\prt_data to review the Peer Selection and Peer Statistics worksheets in the new Excel workbook created by the tool

· Perform all comparative analysis desired in the workbook

· Save and close the Excel workbook

· To close the PRT application, click the red X in the upper right hand corner of the application screen

File Produced with the Underwriting Analysis Above

· Successful execution of the sample analysis for Riverview Tower should yield the file imbedded above under your directory C:\PRT_DATA

Sample Approaches to Optimizing PRT Data in Excel

1. Create a Difference Column for Per Unit Income and Expense Data between the Subject and Average of Peer Data

· In the Peer Statistics worksheet, create a new column D, called Difference, after the Subject and Mean columns

· Define D2 as B2 –C2

· Replicate the formula for D2 all the way down to the bottom of the worksheet

· Sort the data by Difference in ascending order

· What will come to the surface are those income and expense items that have the greatest variances from average peer data

2. Create Trend Lines from Year-Over-Year Operating Data

· In the Trending Analysis worksheet, create a trend line for DSCR for the period 2007 – 2013

· The default sequencing of operating data is the most recent to oldest, from left to right

· In order to create an intuitive trend line, this sequencing must be reversed

· Highlight columns B – H

· Click Data

· Click Sort

· Click Options

· Click Sort Left to Right (Excel defaults to Sort Top to Bottom)

· Click OK

· Click Sort By dropdown

· Select Row

· Click Order dropdown

· Select Oldest to Newest. This action will re-sequence the columns from [2013 to 2007] to [2007 to 2013]

· To create a trend line for DSCR

· Highlight cells A2…H2

· Click Insert Tab

· Click Insert Line Chart

· Click 2D

· The resultant curve shows that the property approached/stayed at break-even in 2010-2011 after a severe financial losses in 2008, only to fail again precipitously in the last two years, 2012 – 2013

· Replicate the steps above to create trend lines for other financial performance metrics

3. Create a Delta Column between Operating Years to view Absolute Changes in Income and Expense Categories

· Rename the Trending Analysis worksheet from Exercise 2

· Save and close the workbook

· Go to the Year-over-Year Historical Operating Data tab of the PRT

· Click ‘Export Operating Data’ (again) to create another Trending Analysis Worksheet

· To explore the steep decline in DSCR in 2012 and 2013, in the Trending Analysis, worksheet create a delta (change) column between 2011 and 2012 and 2012 and 2013

· Insert column between these three columns

· Define E3 as D3 – F3

· Replicate the formula for E3 for the rest of column E

· Replicate the formula for E3 in Column C

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IDENTIFY PROPERTY BY PROPERTY ID

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image5.png image6.png image7.png image8.png image9.png image10.png image11.png image12.png image13.png image14.png image15.png image16.png image17.png image18.png image19.png image20.png image21.png image22.png image23.emf prt_property - 800213296.xlsx Peer Statistics

Project Revenue Accounts Subject Mean Median Min Max

DCR (=NOI / Total Debt Service) 0.588 1.6 1.29 0.41 3.59

Net Rent per unit (=5152 / units / 12) 638.41 713.89 740.57 333.77 902.46

Gross Rent per unit (=5100T / units / 12) 748.45 728.98 743.71 335.69 915.66

NOI per Unit (=5000T - Total Operating Exp. per unit) 102.4 293.52 238.15 124.33 877.77

Total Operating Exp. per unit (=(6000T - 6800T) / units / 12) 527.83 486.74 494.49 244.69 657.46

Other Revenue per unit (=(5000T - Net Rent per unit) / 12) 7.07 61.61 22.18 4.29 533.91

Vacancy Rate (=5200T / 5100T) 0.147 0.02 0.01 0 0.06

Total Revenue 645.48 775.5 759.45 390.6 1,296.01

Operating Profit or (Loss) -61.42 -1.08 27.04 -213.75 318.52

Profit (Loss) before Depreciation -31.28 109.7 135.09 -134.52 441.98

Total Rent Revenue 748.45 728.98 743.71 335.69 915.66

Rent Revenue - Gross Potential 211.81 254.91 257.72 85.16 326.27

Tenant Assistance Payments 515.33 417.35 398.24 208.88 680.63

Rent Revenue - Stores and Commercial 0 0.23 0 0 1.71

Net Rental Revenue (Rent Revenue Less Vacancies) 638.41 713.89 740.57 333.77 902.46

Garage and Parking Spaces 0 0 0 0 0

Flexible Subsidy Revenue 0 0 0 0 0

Miscellaneous Rent Revenue 0 52.38 0 0 292.06

Excess Rent 0 0 0 0 0

Rent Revenue/Insurance 7.81 0 0 0 0

Special Claims Revenue 13.5 4.12 2.32 0 16.19

Retained Excess Income 0 0 0 0 0

Lease Revenue - Nursing Homes 0 0 0 0 0

Total Vacancies 110.04 15.09 8.32 0.68 54.56

Apartments 110.04 14.77 7.71 0.68 54.56

Stores and Commercial 0 0 0 0 0

Rental Concessions 0 0 0 0 0

Garage and Parking Space 0 0 0 0 0

Miscellaneous 0 0.32 0 0 5.17

Nursing Homes/ Assisted Living/Board & Care/Other Elderly Care/Coop/ and Other Revenues 0 10.65 0 0 77.54

Total Financial Revenue 0.03 2.84 0.43 0 32.51

Financial Revenue - Project Operations 0 0.04 0.01 0 0.36

Revenue from Investments - Residual Receipts 0 0.52 0 0 5.43

Revenue from Investments - Replacement Reserve 0.03 2.26 0.17 0 32.49

Revenue from Investments - Miscellaneous 0 0.01 0 0 0.16

Total Other Revenue 7.03 48.13 8.6 0 532.42

Laundry and Vending Revenue 0 3.36 3.32 0 7.36

Tenant Charges 7.03 1.36 0.32 0 12.59

Interest Reduction Payments Revenue 0 0 0 0 0

Expiration of Gift Donor Restrictions 0 0 0 0 0

Gifts 0 33.08 0 0 529.1

Miscellaneous Revenue 0 10.32 0.09 0 52.27

Total Cost of Operations before Depreciation 676.76 665.8 652.45 254.85 1,028.41

Conventions and Meetings 0 0.3 0 0 2.68

Management Consultants 0 2.37 0 0 26.25

Advertising and Marketing 1.65 2.57 1.94 0.27 9.23

Apartment Resale Expense (Coops) 0 0 0 0 0

Other Renting Expenses 0 0.44 0 0 3.33

Total Administrative Expenses 137.17 129.02 128.56 57.44 199.26

Office Salaries 0 20.81 18.54 0 39.91

Office Expenses 16.47 14.79 12.89 6.31 29.66

Office or Model Apartment Rent 0 0 0 0 0

Management Fee 32.82 41.11 41.49 16.22 54.49

Manager or Superintendent Salaries 39.82 21.13 20.82 0 65.5

Administrative Rent Free Unit 5.15 1.6 0 0 12.77

Legal Expense - Project 6.16 3.24 2.85 0 8.28

Audit Expense 3.8 6.63 6.01 3.24 12.3

Bookkeeping Fees/Accounting Services 6.04 6.37 7.85 0 13.97

Bad Debts 25.28 1.38 0.04 0 6.48

Miscellaneous Administrative Expenses 0 6.28 4.51 0 24.68

Total Utilities Expense 162.56 83.94 82.44 44 159.35

Fuel Oil/Coal 0 0.07 0 0 0.35

Electricity 111.83 32 22.07 9.61 87.84

Water 15.36 25.1 21.5 4.75 80.76

Gas 12.61 20.09 20.83 0.66 44.62

Sewer 22.76 6.68 0 0 37.58

Total Operating and Maintenance Expenses 165.59 156.17 156.31 83.55 232.57

Payroll 59.33 32.81 37.29 0 66.38

Supplies 31.56 15.79 13.7 8.32 29.21

Contracts 57.52 69.49 64.3 19.77 155.53

Operating and Maintenance Rent Free Unit 0 3.78 3.89 0 12.2

Garbage and Trash Removal 5.53 4.42 4.44 1.45 8.54

Security Payroll/Contract 11.54 12.02 4.11 0 60.12

Security Rent Free Unit 0 0 0 0 0

Heating/Cooling Repairs and Maintenance 0.12 8.29 5.83 0.12 20.32

Snow Removal 0 4.55 2.91 0 18.13

Vehicle and Maintenance Equipment Operation and Repairs 0 2.32 0.51 0 9.34

Miscellaneous Operating and Maintenance Expenses 0 2.71 0 0 43.31

Real Estate Taxes 5.07 17.57 0.03 0 78.86

Payroll Taxes (Project's Share) 11.31 7.29 6.67 3.4 14.32

Property & Liability Insurance (Hazard) 22.13 17.51 15.27 3.79 34.18

Fidelity Bond Insurance 0 0.03 0 0 0.33

Workmen's Compensation 2.99 1.09 0.82 0 4.21

Health Insurance and Other Employee Benefits 20.11 14.57 12.5 6.49 42.09

Miscellaneous Taxes, Licenses, Permits and Insurance 0.9 1.47 0.64 0 10.76

Total Financial Expenses 148.92 221.83 145.5 35.88 551.17

Interest of Mortgage (or Bonds) Payable 140.6 151.05 136.39 33.48 276.86

Interest on Notes Payable (Long Term) 0 0 0 0 0.02

Interest on Notes Payable (Short Term) 0 0 0 0 0

Interest on Capital Recovery Payment (M2M) 0 0 0 0 0

Mortgage Insurance Premium/ Service Charge 8.33 12.06 11.76 0 20.76

Miscellaneous Financial Expenses 0 58.72 0 0 292.06

Nursing Homes/Assisted Living/ Board & Care/Other Elderly Care Expenses 0 15.31 0 0 77.59

Net Entity Expenses -1.3 -37.16 0 -600.76 6.04

Entity Revenue 1.3 37.56 0 0 600.96

Officer's Salaries 0 0 0 0 0

Incentive Performance Fee (M2M) 0 0 0 0 0

Legal Expenses 0 0 0 0 0

Federal, State, and Other Income Taxes 0 0 0 0 0

Interest Income 0 0 0 0 0

Interest on Notes Payable 0 0 0 0 0

Interest on Mortgage Payable 0 0 0 0 0

Other Expenses 0 0.4 0 0 6.04

Peer Selection pk_property_id max_afs_year tag_property_name tag_prop_address cat_city cat_us_county cat_us_state tag_zip_code cat_client_group_type CAT_REIS_MARKET cat_metro_statistical_area mtr_ltst_phys_inspection_score mtr_latest_mroc_score cat_latest_mroc_score_color mtr_latest_intgrtd_risk_score cat_ltst_intgrtd_rsk_score_cat cat_building_type_name mtr_unit_count mtr_unit_count_assisted cat_company_type mtr_perc_asstd cat_major_program_type cat_soa_name fk_soa_code ind_property_active ind_has_financing mtr_active_loan_count cat_troubled_status cat_latest_dec_referral_status ind_is_on_watchlist mtr_grs_rent_unit mtr_op_expenses_per_unit mtr_debt_service_coverage mtr_obm2_original_score cat_obm2_orig_score_category date_occupancy_year cat_client_group_type1 ind_is_236_loan ind_dap_tax_credit ind_assisted_living_facility ind_board_and_care_facility ind_hospital ind_nursing_home ind_ass_cntrct_only_in_pipelne

800009894 2013 AUTUMN RIDGE VILLAGE 36300 Dequindre Road STERLING HEIGHTS Macomb Michigan 48310 Family Detroit DETROIT MI 92 84 Green 3 Green Mid/High Rise Apartments 322 321 Profit Motivated 0.9968944099 Other Rental 207/223(f) HRI Y Yes 1 Not Troubled Closed/Returned to Hub No 603.9013975155 452.520833 2.01831 100 Green 1983 Family N N N N N N N

800009906 2013 BARTON TOWERS 2 333 N TROY AVE ROYAL OAK Oakland Michigan 48067 Elderly Detroit DETROIT MI 99 60 Green 5 Green Mid/High Rise Apartments 211 210 Non-Profit 0.9952606635 Other Rental 207/223(f) HRI Y Yes 1 Potentially Troubled N/A No 732.044628752 424.4975 1.11151 1983 Elderly N N N N N N N

800009924 2013 BETHANY VILLA APARTMENTS I 1680 JACKSON DR TROY Oakland Michigan 48083 Elderly Detroit DETROIT MI 99 85 Green 2 Green Low Rise/Garden Apartment 119 46 Non-Profit 0.3865546218 Other Rental 207/223(f) HRI Y Yes 1 Not Troubled Closed/Returned to Hub No 534.0931372549 409.4625 1.54759 1967 Elderly N N N N N N N

800009969 2013 CAMBRIDGE TOWERS 19101 Evergreen Road DETROIT Wayne Michigan 48219 Elderly Detroit DETROIT MI 93 76 Green 7 Green Mid/High Rise Apartments 250 250 Profit Motivated 1 Other Rental 207/223(f) HRI Y Yes 1 Troubled Evaluation No 627.9693333333 473.6575 2.17669 1981 Elderly N N N N N N N

800010092 2013 EVANGELICAL MANOR 6720 W Outer Dr Detroit Wayne Michigan 48235 Elderly Detroit DETROIT MI 96 56 Green 5 Green Low Rise/Garden Apartment 65 64 Non-Profit 0.9846153846 Other Rental 207/223(f) HRI Y Yes 1 Not Troubled N/A No 830.4743589744 515.319166 0.40998 1992 Elderly N N N N N N N

800010105 2013 FARMINGTON PLACE 32900 GRAND RIVER FARMINGTON Oakland Michigan 48336 Elderly Detroit DETROIT MI 72 99 Green 7 Green Mid/High Rise Apartments 153 153 Profit Motivated 1 Other Rental 207/223(f) HRI Y Yes 1 Potentially Troubled Closed/Returned to Hub No 743.9918300654 1.97808 1981 Elderly N N N N N N N

800010189 2013 HAZEL PARK MANOR 701 E WOODWARD HGTS BLVD HAZEL PARK Oakland Michigan 48030 Elderly Detroit DETROIT MI 94 52 Green 5 Green Mid/High Rise Apartments 71 70 Non-Profit 0.985915493 Other Rental 207/223(f) HRI Y Yes 1 Not Troubled N/A No 874.6866197183 560.6525 0.96391 1990 Elderly N N N N N N N

800010195 2013 HERITAGE PLACE APARTMENTS (LAKE ORION) 211 ATWATER ST LAKE ORION Oakland Michigan 48362 Elderly Detroit DETROIT MI 90 55 Green 3 Green Mid/High Rise Apartments 58 57 Non-Profit 0.9827586207 Other Rental 207/223(f) HRI Y Yes 1 Potentially Troubled Closed/Returned to Hub No 743.4209770115 560.569166 0.90412 1986 Elderly N N N N N N N

800010306 2013 MADISON HEIGHTS COOPERATIVE APARTMENTS 500 E IRVING MADISON HEIGHTS Oakland Michigan 48071 Elderly Detroit DETROIT MI 97 90 Green 7 Green Mid/High Rise Apartments 151 150 Non-Profit 0.9933774834 Other Rental 223(a)(7)/231 REN Y Yes 1 Potentially Troubled N/A No 657.1374172185 527.31 1.14021 76 Green 1980 Elderly N N N N N N N

800010369 2013 NEW HORIZONS APTS 31101 EDWARD AVE MADISON HEIGHTS Oakland Michigan 48071 Elderly Detroit DETROIT MI 97 56 Green 5 Green Mid/High Rise Apartments 126 126 Non-Profit 1 Other Rental 207/223(f) HRI Y Yes 1 Potentially Troubled N/A No 796.3386243386 418.243333 2.67496 1985 Elderly N N N N N N N

800010461 2013 PLYMOUTH SQUARE VILLAGE APTS. 20201 PLYMOUTH RD DETROIT Wayne Michigan 48228 Elderly Detroit DETROIT MI 94 72 Green 17 Yellow Missing 280 340 Profit Motivated 1.2142857143 Other Rental 207/223(f) HRI Y Yes 1 Potentially Troubled Closed/Returned to Hub Yes 838.725 570.488333 2.39968 91 Green 1982 Elderly N N N N N N N

800010468 2013 THE VILLAGE OF HOLLY WOODLANDS I 3323 GRANGE HALL RD HOLLY Oakland Michigan 48442 Elderly N/A DETROIT MI 96 52 Green 5 Green Low Rise/Garden Apartment 71 70 Non-Profit 0.985915493 Other Rental 207/223(f) HRI Y Yes 1 Not Troubled N/A No 915.661971831 554.693333 1.17006 1991 Elderly N N N N N N N

800010517 2013 ROBERT HOLMES TEAMSTER HOUSING 5100 BRUSH ST DETROIT Wayne Michigan 48202 Elderly Detroit DETROIT MI 91 63 Green 5 Green Mid/High Rise Apartments 100 99 Non-Profit 0.99 Other Rental 207/223(f) HRI Y Yes 1 Not Troubled Closed/Returned to Hub No 893.2 657.458333 0.9897 1987 Elderly N N N N N N N

800010570 2013 ST DAVID'S GATE 44855 ANN ARBOR RD PLYMOUTH TOWNSHIP Wayne Michigan 48170 Elderly Detroit DETROIT MI 95 57 Green 2 Green Low Rise/Garden Apartment 42 42 Non-Profit 1 Other Rental 207/223(f) HRI Y Yes 1 Potentially Troubled N/A No 915.4722222222 520.9325 1.20905 1985 Elderly N N N N N N N

800010738 2013 ZIEGLER PLACE 30001 ST MARTINS LIVONIA Wayne Michigan 48152 Elderly Detroit DETROIT MI 83 57 Green 5 Green Mid/High Rise Apartments 141 140 Profit Motivated 0.9929078014 Other Rental 223(a)(7)/231 REN Y Yes 1 Not Troubled Closed/Returned to Hub No 620.9166666667 410.576666 1.36326 73 Green 1978 Elderly N N N N N N N

800223406 2013 BELLA VISTA GLEN 369 Glendale Avenue Highland Park Wayne Michigan 48203 Missing Detroit DETROIT MI 68 90 Green 10 Green Mid/High Rise Apartments 138 Limited Dividend Other Rental 207/223(f) HRI Y Yes 1 Not Troubled Closed/Returned to Hub No 335.6847826087 244.69 3.58468 Missing Missing N Y N N N N N

Trending Analysis

AFS Reporting Period End 12/31/13 12/31/12 12/31/11 12/31/10 12/31/09 12/31/08 12/31/07

Project Revenue Accounts

Rent Revenue - Gross Potential $338,050.00 $406,675.00 $304,156.00 $375,879.00 $463,298.00 $645,035.00 $407,773.00

Tenant Assistance Payments $914,162.00 $989,430.00 $1,099,133.00 $1,021,033.00 $921,020.00 $717,640.00 $918,184.00

Rent Revenue - Stores and Commercial $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00

Garage and Parking Spaces $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00

Flexible Subsidy Revenue $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00

Miscellaneous Rent Revenue $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00

Excess Rent $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00

Rent Revenue/Insurance $0.00 $14,993.00 $20,116.00 $0.00 $0.00 $0.00 $0.00

Special Claims Revenue $9,578.00 $25,926.00 $13,619.00 $7,892.00 $13,694.00 $0.00 $0.00

Retained Excess Income $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00

Lease Revenue - Nursing Homes $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00

Total Rent Revenue $1,261,790.00 $1,437,024.00 $1,437,024.00 $1,404,804.00 $1,398,012.00 $1,362,675.00 $1,325,957.00

Apartments $114,910.00 $211,272.00 $93,780.00 $151,262.00 $209,561.00 $306,031.00 $160,485.00

Stores and Commercial $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00

Rental Concessions $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00

Garage and Parking Spaces 1 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00

Miscellaneous $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00

Total Vacancies $114,910.00 $211,272.00 $93,780.00 $151,262.00 $209,561.00 $306,031.00 $160,485.00

Net Rental Revenue (Rent Revenue Less Vacancies) $1,146,880.00 $1,225,752.00 $1,343,244.00 $1,253,542.00 $1,188,451.00 $1,056,644.00 $1,165,472.00

Nursing Homes/ Assisted Living/Board & Care/Other Elderly Care/Coop/ and Other Revenues $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00

Financial Revenue - Project Operations $0.00 $0.00 $0.00 $0.00 $49.00 $418.00 $1,604.00

Revenue from Investments - Residual Receipts $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00

Revenue from Investments - Replacement Reserve $101.00 $67.00 $83.00 $95.00 $103.00 $229.00 $1,102.00

Revenue from Investments - Miscellaneous $5.00 $0.00 $18.00 $32.00 $0.00 $0.00 $0.00

Total Financial Revenue $106.00 $67.00 $101.00 $127.00 $152.00 $647.00 $2,706.00

Laundry and Vending Revenue $0.00 $0.00 $3,925.00 $7,198.00 $6,396.00 $4,232.00 $6,072.00

Tenant Charges $10,074.00 $13,504.00 $15,556.00 $4,294.00 $2,019.00 $1,071.00 $2,647.00

Interest Reduction Payments Revenue $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00

Expiration of Gift Donor Restrictions $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00

Gifts $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00

Miscellaneous Revenue $0.00 $0.00 $0.00 $270.00 $0.00 $0.00 $0.00

Total Other Revenue $10,074.00 $13,504.00 $19,481.00 $11,762.00 $8,415.00 $5,303.00 $8,719.00

Total Revenue $1,157,060.00 $1,239,323.00 $1,362,826.00 $1,265,431.00 $1,197,018.00 $1,062,594.00 $1,176,897.00

Conventions and Meetings $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00

Management Consultants $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00

Advertising and Marketing $2,029.00 $3,159.00 $1,975.00 $3,310.00 $2,626.00 $2,174.00 $0.00

Apartment Resale Expense (Coops) $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00

Other Renting Expenses $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00

Office Salaries $20,548.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00

Office Expenses $39,399.00 $31,616.00 $30,293.00 $27,593.00 $21,996.00 $42,799.00 $19,803.00

Office or Model Apartment Rent $9,888.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00

Management Fee $58,478.00 $63,005.00 $72,304.00 $68,521.00 $61,754.00 $48,038.00 $60,492.00

Manager or Superintendent Salaries $36,263.00 $76,461.00 $73,317.00 $71,666.00 $70,082.00 $44,429.00 $41,085.00

Administrative Rent Free Unit $4,290.00 $9,888.00 $9,888.00 $9,720.00 $9,720.00 $9,421.00 $9,004.00

Legal Expense - Project $3,220.00 $11,822.00 $4,418.00 $5,555.00 $6,926.00 $13,486.00 $7,460.00

Audit Expense $7,600.00 $7,300.00 $7,300.00 $7,300.00 $7,300.00 $7,300.00 $6,600.00

Bookkeeping Fees/Accounting Services $11,592.00 $11,592.00 $11,592.00 $11,592.00 $7,680.00 $7,680.00 $7,680.00

Bad Debts $92,321.00 $48,528.00 $0.00 $33,240.00 $57,000.00 $205,439.00 $145,538.00

Miscellaneous Administrative Expenses $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00

Total Administrative Expenses $285,628.00 $263,371.00 $211,087.00 $238,497.00 $245,084.00 $380,766.00 $297,662.00

Fuel Oil/Coal $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00

Electricity $269,047.00 $214,709.00 $212,904.00 $191,855.00 $217,766.00 $176,071.00 $200,525.00

Water $24,816.00 $29,496.00 $37,387.00 $27,064.00 $26,598.00 $11,734.00 $15,988.00

Gas $20,704.00 $24,220.00 $27,348.00 $29,111.00 $31,586.00 $25,453.00 $25,891.00

Sewer $60,393.00 $43,692.00 $69,728.00 $51,245.00 $43,047.00 $25,389.00 $37,464.00

Total Utilities Expense $374,960.00 $312,117.00 $347,367.00 $299,275.00 $318,997.00 $238,647.00 $279,868.00

Payroll $103,474.00 $113,905.00 $96,926.00 $107,842.00 $118,874.00 $134,430.00 $121,056.00

Supplies $46,113.00 $60,591.00 $32,816.00 $21,747.00 $59,103.00 $95,170.00 $32,661.00

Contracts $101,643.00 $110,436.00 $117,264.00 $137,871.00 $178,758.00 $260,556.00 $161,935.00

Operating and Maintenance Rent Free Unit $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00

Garbage and Trash Removal $7,470.00 $10,609.00 $8,648.00 $6,886.00 $4,580.00 $1,640.00 $5,296.00

Security Payroll/Contract $1,141.00 $22,164.00 $17,885.00 $54,332.00 $108,540.00 $49,882.00 $84,602.00

Security Rent Free Unit $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00

Heating/Cooling Repairs and Maintenance $227.00 $230.00 $261.00 $419.00 $0.00 $887.00 $275.00

Snow Removal $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00

Vehicle and Maintenance Equipment Operation and Repairs $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00

Miscellaneous Operating and Maintenance Expenses $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00

Total Operating and Maintenance Expenses $260,068.00 $317,935.00 $273,800.00 $329,097.00 $469,855.00 $542,565.00 $405,825.00

Real Estate Taxes $9,729.00 $9,729.00 $9,729.00 $9,729.00 $9,729.00 $9,729.00 $9,729.00

Payroll Taxes (Projects Share) $20,371.00 $21,716.00 $17,807.00 $19,440.00 $17,733.00 $0.00 $0.00

Property & Liability Insurance (Hazard) $44,202.00 $42,488.00 $39,678.00 $40,774.00 $45,437.00 $41,359.00 $42,591.00

Fidelity Bond Insurance $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00

Workmens Compensation $5,629.00 $5,741.00 $2,651.00 $5,850.00 $6,227.00 $0.00 $0.00

Health Insurance and Other Employee Benefits $29,276.00 $38,609.00 $27,680.00 $38,349.00 $30,208.00 $0.00 $0.00

Miscellaneous Taxes, Licenses, Permits and Insurance $2,570.00 $1,734.00 $4,104.00 $1,722.00 $11,114.00 $704.00 $2,168.00

Total Taxes and Insurance $111,777.00 $120,017.00 $101,649.00 $115,864.00 $120,448.00 $51,792.00 $54,488.00

Interest of Mortgage (or Bonds) Payable $265,675.00 $269,943.00 $273,869.00 $277,478.00 $280,797.00 $283,849.00 $286,656.00

$0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00

Interest on Notes Payable (Long Term) $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00

Interest on Notes Payable (Short Term) $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00

Interest on Capital Recovery Payment (M2M) $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00

Mortgage Insurance Premium/ Service Charge $15,730.00 $15,988.00 $16,223.00 $16,442.00 $16,643.00 $16,824.00 $16,995.00

Miscellaneous Financial Expenses $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00

Total Financial Expenses $281,405.00 $285,931.00 $290,092.00 $293,920.00 $297,440.00 $300,673.00 $303,651.00

Nursing Homes/Assisted Living/ Board & Care/Other Elderly Care Expenses $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00

Total Cost of Operations before Depreciation $1,313,838.00 $1,299,371.00 $1,223,995.00 $1,276,653.00 $1,451,824.00 $1,514,443.00 $1,341,494.00

Profit (Loss) before Depreciation ($156,778.00) ($60,048.00) $138,831.00 ($11,222.00) ($254,806.00) ($451,849.00) ($164,597.00)

Depreciation Expenses $63,899.00 $52,560.00 $51,634.00 $51,634.00 $51,634.00 $51,337.00 $51,294.00

Amortization Expense $5,318.00 $5,318.00 $5,318.00 $5,318.00 $5,318.00 $5,318.00 $5,318.00

Operating Profit or (Loss) ($225,995.00) ($117,926.00) $81,879.00 ($68,174.00) ($311,758.00) ($508,504.00) ($221,209.00)

Entity Revenue $0.00 $2,500.00 $0.00 $10,500.00 $1,500.00 $300.00 $3,422.00

Officers Salaries $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00

Incentive Performance Fee (M2M) $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00

Legal Expenses $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00

Federal, State, and Other Income Taxes $0.00 $0.00 $2,500.00 $0.00 $0.00 $0.00 $0.00

Interest Income $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00

Interest on Notes Payable $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00

Interest on Mortgage Payable $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00

Other Expenses $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00

Net Entity Expenses $0.00 ($2,500.00) $2,500.00 ($10,500.00) ($1,500.00) ($300.00) ($3,422.00)

Total Mortgage Principal Payments $52,674.00 $48,434.00 $44,536.00 $40,952.00 $37,656.00 $34,626.00 $31,838.00

Total Replacement Reserve Deposits $29,280.00 $29,280.00 $29,280.00 $29,280.00 $29,280.00 $29,280.00 $29,280.00

Replacement Reserves Included in Expenses $0.00 $0.00 $54,178.00 $54,992.00 $20,893.00 $69,421.00 $99,737.00

Project Improvement Reserves Included in Expenses $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00

Gross Rent/ Unit $657.18 $748.45 $748.45 $731.67 $728.13 $709.73 $690.60

Vacancy Rate % 0.091 0.147 0.065 0.108 0.15 0.225 0.121

Effective Rent / Unit $597.33 $638.41 $699.61 $652.89 $618.98 $550.34 $607.02

Other Income / Unit $5.30 $7.07 $10.20 $6.19 $4.46 $3.10 $5.95

Operating Expense / Unit $552.98 $543.08 $501.66 $527.09 $616.49 $647.42 $555.79

NOI / Unit $49.66 $102.40 $236.37 $160.63 $17.84 ($57.83) $109.12

DSCR 0.285 0.588 1.356 0.921 0.102 -0.331 0.624

Reis Market Forecast

Forecast Year Vacancy Rate Forecast (%) Effective Rent Change (%) Effective Rent Dollars Gross Revenue / Unit

2008 0.069 -0.005 $768.00 $778.00

2009 0.081 -0.021 $752.00 $756.00

2010 0.069 0.013 $762.00 $769.00

2011 0.054 0.024 $780.00 $798.00

2012 0.042 0.037 $809.00 $830.00

2013 0.037 0.026 $830.00 $854.00

2014 0.03 0.02 $847.00 $875.00

2015 0.029 0.024 $867.00 $896.00

2016 0.031 0.022 $886.00 $915.00

2017 0.032 0.02 $904.00 $936.00

2018 0.032 0.021 $923.00 $956.00

2019 0.033 0.023 $944.00 $974.00

Project Description

Sheet2

Sheet3 image1.png image24.png image25.png image26.png image27.png image28.png image29.png image30.png image31.png image32.emf prt_RIVERVIEW TOWER.xlsx Subject_N_Peer_Prop_Op_Data

Project Revenue Accounts Subject Mean Median Min Max

DCR (=NOI / Total Debt Service) 1.07 1.07 0.59 1.72

Net Rent per unit (=5152 / units / 12) 1,322.85 1,285.02 826.07 2,077.88

Gross Rent per unit (=5100T / units / 12) 1000 1,355.07 1,333.46 834.21 2,132.86

NOI per Unit (=5000T - Total Operating Exp. per unit) 398.33 416.79 407.18 76.92 887.21

Total Operating Exp. per unit (=(6000T - 6800T) / units / 12) 566.67 975.65 941.46 730.94 1,232.33

Other Revenue per unit (=(5000T - Net Rent per unit) / 12) 15 79.71 31.98 0.67 286

Vacancy Rate (=5200T / 5100T) 5 0.02 0.01 0 0.14

Total Revenue 1,402.55 1,322.33 982.67 2,119.54

Operating Profit or (Loss) -12.23 28.66 -235.73 150.36

Profit (Loss) before Depreciation 176.82 173.72 50.24 344.06

Total Rent Revenue 950 1,355.07 1,333.46 834.21 2,132.86

Rent Revenue - Gross Potential 450.37 330.29 221.55 1,400.84

Tenant Assistance Payments 838 932.55 21.16 1,750.95

Rent Revenue - Stores and Commercial 41.6 0 0 631.95

Net Rental Revenue (Rent Revenue Less Vacancies) 1,322.85 1,285.02 826.07 2,077.88

Garage and Parking Spaces 9.95 0 0 138.04

Flexible Subsidy Revenue 0 0 0 0

Miscellaneous Rent Revenue 3.74 0 0 37.58

Excess Rent 0 0 0 0

Rent Revenue/Insurance 0 0 0 0

Special Claims Revenue 0.13 0 0 2.24

Retained Excess Income 11.29 0 0 160.11

Lease Revenue - Nursing Homes 0 0 0 0

Total Vacancies 32.23 9.55 0 209.05

Apartments 20.91 9.55 0 97.67

Stores and Commercial 5 0 0 84.99

Rental Concessions 6.32 0 0 107.32

Garage and Parking Space 0 0 0 0

Miscellaneous 0 0 0 0

Nursing Homes/ Assisted Living/Board & Care/Other Elderly Care/Coop/ and Other Revenues 4.18 0 0 42.87

Total Financial Revenue 2.51 0.75 0.04 25.16

Financial Revenue - Project Operations 1.63 0 0 25.03

Revenue from Investments - Residual Receipts 0.02 0 0 0.28

Revenue from Investments - Replacement Reserve 0.68 0.27 0 3.61

Revenue from Investments - Miscellaneous 0.18 0 0 1.29

Total Other Revenue 73.02 18.99 0 260.84

Laundry and Vending Revenue 3.21 2.67 0 12.5

Tenant Charges 0.84 0 0 5.24

Interest Reduction Payments Revenue 43.22 0 0 235.6

Expiration of Gift Donor Restrictions 0 0 0 0

Gifts 0 0 0 0

Miscellaneous Revenue 25.74 9.3 0 230.67

Total Cost of Operations before Depreciation 1,225.74 1,183.54 897.46 1,896.98

Conventions and Meetings 0.02 0 0 0.3

Management Consultants 2.46 0 0 18.06

Advertising and Marketing 0.15 0 0 2.48

Apartment Resale Expense (Coops) 0 0 0 0

Other Renting Expenses 1.41 0 0 17.53

Total Administrative Expenses 201.1 196.86 114.32 374.28

Office Salaries 38.92 42.72 0 76.88

Office Expenses 9.27 9.49 0 22.64

Office or Model Apartment Rent 0.23 0 0 3.87

Management Fee 53.11 57.64 0 70.75

Manager or Superintendent Salaries 44.71 34.93 0 141.16

Administrative Rent Free Unit 14.11 11.21 0 61.13

Legal Expense - Project 5.56 2.28 0 17.53

Audit Expense 11.37 11.46 5.39 23.96

Bookkeeping Fees/Accounting Services 4.53 0 0 25.4

Bad Debts 6.77 0.53 0 52.55

Miscellaneous Administrative Expenses 8.49 3.63 0 26.41

Total Utilities Expense 200.12 178.47 109.03 390.33

Fuel Oil/Coal 50.86 0 0 209.16

Electricity 46.92 39.6 24.81 105.69

Water 49.82 62.4 0 94.84

Gas 38.93 47.01 0.58 78.35

Sewer 13.6 0 0 45.74

Total Operating and Maintenance Expenses 277.81 237.17 148.38 472.55

Payroll 79.97 75.51 0 209.5

Supplies 18.73 13.53 3.16 57.55

Contracts 72.34 67.24 0 171.28

Operating and Maintenance Rent Free Unit 0 0 0 0

Garbage and Trash Removal 0.95 0 0 11.31

Security Payroll/Contract 80.47 60.93 32.55 229.48

Security Rent Free Unit 0 0 0 0

Heating/Cooling Repairs and Maintenance 10.78 4.72 0 71.06

Snow Removal 0.03 0 0 0.23

Vehicle and Maintenance Equipment Operation and Repairs 0.44 0 0 5.25

Miscellaneous Operating and Maintenance Expenses 14.1 0 0 75.34

Real Estate Taxes 146.4 142.89 0 317.34

Payroll Taxes (Project's Share) 12.02 13.66 0 23.46

Property & Liability Insurance (Hazard) 43.87 43.26 17.52 71.97

Fidelity Bond Insurance 0.14 0 0 1.36

Workmen's Compensation 5.05 4.27 0 14.57

Health Insurance and Other Employee Benefits 31.43 34.42 0 59.29

Miscellaneous Taxes, Licenses, Permits and Insurance 4.71 0.4 0 60.23

Total Financial Expenses 287.81 300.12 83.85 700.72

Interest of Mortgage (or Bonds) Payable 261.45 276.43 46.54 695.51

Interest on Notes Payable (Long Term) 0.63 0 0 10.68

Interest on Notes Payable (Short Term) 1.53 0 0 25.95

Interest on Capital Recovery Payment (M2M) 0 0 0 0

Mortgage Insurance Premium/ Service Charge 12.74 2.83 0 47.34

Miscellaneous Financial Expenses 0.18 0 0 1.1

Nursing Homes/Assisted Living/ Board & Care/Other Elderly Care Expenses 15.29 0 0 64.85

Net Entity Expenses 0 0 0 0

Entity Revenue 0 0 0 0

Officer's Salaries 0 0 0 0

Incentive Performance Fee (M2M) 0 0 0 0

Legal Expenses 0 0 0 0

Federal, State, and Other Income Taxes 0 0 0 0

Interest Income 0 0 0 0

Interest on Notes Payable 0 0 0 0

Interest on Mortgage Payable 0 0 0 0

Other Expenses 0 0 0 0

Peer Selection pk_property_id max_afs_year tag_property_name tag_prop_address cat_city cat_us_county cat_us_state tag_zip_code cat_client_group_type CAT_REIS_MARKET cat_metro_statistical_area mtr_ltst_phys_inspection_score mtr_latest_mroc_score cat_latest_mroc_score_color mtr_latest_intgrtd_risk_score cat_ltst_intgrtd_rsk_score_cat cat_building_type_name mtr_unit_count mtr_unit_count_assisted cat_company_type mtr_perc_asstd cat_major_program_type cat_soa_name fk_soa_code ind_property_active ind_has_financing mtr_active_loan_count cat_troubled_status cat_latest_dec_referral_status ind_is_on_watchlist mtr_grs_rent_unit mtr_op_expenses_per_unit mtr_debt_service_coverage mtr_obm2_original_score cat_obm2_orig_score_category date_occupancy_year cat_client_group_type1 ind_is_236_loan ind_dap_tax_credit ind_assisted_living_facility ind_board_and_care_facility ind_hospital ind_nursing_home ind_ass_cntrct_only_in_pipelne

800014773 2013 ASSOCIATED BLIND 135 W 23RD ST NEW YORK New York New York 10011 Disabled New York NEW YORK NY 91 94 Green 9 Green Mid/High Rise Apartments 205 200 Non-Profit 0.9756097561 221(d)(4) 221(d)(4)MKT OMI Y Yes 1 Potentially Troubled Closed/Returned to Hub No 1396.3739837398 941.455833 1.12187 1980 Disabled N N N N N N N

800014870 2013 BROOKLYN HOME FOR AGED PEOPLE 1095 SAINT JOHNS PL BROOKLYN Kings New York 11213 Elderly New York NEW YORK NY 98 87 Green 3 Green Mid/High Rise Apartments 80 79 Non-Profit 0.9875 Other Rental 207/223(f) HRI Y Yes 2 Potentially Troubled Closed/Returned to Hub No 1684.328125 1044.705 1.33421 1982 Elderly N N N N N N N

800014931 2013 CATHERINE SHERIDAN HOUSES 31-41 23RD ST LONG ISLAND CITY Queens New York 11106 Elderly New York NEW YORK NY 96 46 Yellow 0 Green Mid/High Rise Apartments 241 240 Non-Profit 0.9958506224 Other Rental 207/223(f) HRI Y Yes 1 Not Troubled Closed/Returned to Hub No 1243.1051175657 875.0725 1.63343 79 Green 1979 Elderly N N N N N N N

800015170 2013 GENERAL CHAUNCEY M. HOOPER TOWERS 10 W 138TH ST NEW YORK New York New York 10037 Elderly New York NEW YORK NY 88 43 Yellow 12 Green Mid/High Rise Apartments 76 75 Non-Profit 0.9868421053 Other Rental 207/223(f) HRI Y Yes 1 Troubled Closed/Returned to Hub No 1558.6907894737 1134.443333 0.93817 1984 Elderly N N N N N N N

800015185 2013 GOODWILL TERRACE 4-21 27TH AVE ASTORIA Queens New York 11102 Family New York NEW YORK NY 81 21 Yellow 9 Green Mid/High Rise Apartments 208 Non-Profit Other Rental 207/223(f) HRI Y Yes 2 Not Troubled Closed/Returned to Hub No 834.2123397436 879.798333 0.59202 35 Yellow 1979 Family N N N N N N N

800015230 2013 HARLEM WEST III 365 W 118 ST NEW YORK New York New York 10026 Family New York NEW YORK NY 89 65 Green 16 Yellow Mid/High Rise Apartments 70 68 Profit Motivated 0.9714285714 Other Rental 207/223(f) HRI Y Yes 1 Not Troubled Closed/Returned to Hub No 1333.4630952381 1122.3425 0.82177 1978 Family N N N N N N N

800015231 2013…