92264a-ORCF Maximum Insurable Loan

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Overview

Instructions
Criteria by Prog Type
S & U
Land Calc
Other Fees
Repl Cost
S & U NC, SR, BR, 241a
MILC Pg 1
MILC Pg 2

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Sheet 1: Instructions

Public reporting burden for this collection of information is estimated to average 2 hours. This includes the time for collecting, reviewing, and reporting the data. The information is being collected to obtain the supportive documentation which must be submitted to HUD for approval, and is necessary to ensure that viable projects are developed and maintained. The Department will use this information to determine if properties meet HUD requirements with respect to development, operation and/or asset management, as well as ensuring the continued marketability of the properties. This agency may not collect this information, and you are not required to complete this form, unless it displays a currently valid OMB control number. Warning: Any person who knowingly presents a false, fictitious, or fraudulent statement or claim in a matter within the jurisdiction of the U.S. Department of Housing and Urban Development is subject to criminal penalties, civil liability, and administrative sanctions.
	Project Name:
	Project Number:
	Program Type:
	Instructions
1.	Complete the project name, project number, and program type on this page (column D).
	It will be carried forward to other tabs.
2.	Fields to be completed are shaded in aqua.
3.	For 223f, 223a7, 223d, and 232i complete the applicable Sources and Uses tab before
	completing the criteria.
	For NC, SR, BR and 241a complete the Land Calculation, Other Fees, Replacement Cost
	and Sources and Uses tabs before completing the criteria.
	Formulas on the criteria pages use data from the Land Calculation, Replacement Cost and
	Sources and Uses tab.
4.	ORCF benchmarks should be used for all criteria. Do not use regulatory percentages.
5.	The MILC should reflect existing ORCF benchmarks. If the requested mortgage amount
	exceeds the lowest of all applicable criteria a waiver request (Form HUD-2-OHP) must
	be included as part of the application and attached to the HUD-92264a-OHP as an exhibit.
6.	Applicable criteria are shown in the Criteria by Program tab. That tab and this instructions
	tab are for information purposes only and are not to be attached to the firm commitment.
7.	Fields with red arrows in the corner have additional notes. Placing your cursor over the
	those fields will make them appear.
8.	The percentage fields in the S & U tab for 223(f), 223(a)(7), 223(d) and 232(i) only drive the
	calculations for Criteria G and H. Enter the actual, fixed dollar amount in the adjacent fields
	when the mortgage amount has been determined. Both percentages and dollars must be
	provided for all calculations to be completed.
9.	The mortgage amount should be entered as the lowest of all applicable criteria. See the
	Criteria by Program Type chart to determine which criteria apply.
10.	A lender's underwriter signature and date are required for all submissions.
11.	223f, 223a7, 223d, and 232i Firm Commitments should include the applicable Sources and
	Uses page and the Maximum Insurable Loan Calculation pages.
12.	NC, SR, BR and 241a Firm Commitments should include the Land Calculation, Other Fees,
	and Replacement Cost pages, the applicable Sources and Uses page, and the
	Maximum Insurable Mortgage pages.

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Sheet 2: Criteria by Prog Type

Requested Loan Amount

Original Principal Balance

Amount Based on Replacement Cost

Amount Based on Loan to Value

Amount Based on Debt Service Coverage

Amount Based on Estimated Cost of Rehabilitation Plus

Amount Based on Borrower's Total Cost of Acquisition

Amount Based on the Cost to Refinance

Amount Based on Total Indebtedness

Amount Based on 100% of the Operating Loss

Amount Based on 100% of the Cost of Fire Safety Equipment

Amount Based on Deduction of Grant(s), Loan(s), LIHTCs and Gift(s) for Mortgageable Items

A.

B.

C.

D.

E.

F.

G.

H.

I.

J.

K.

L.

Section 232 New Construction

X

X

X

X

X

Section 232 Substantial Rehabilitation

X

X

X

X

X

X

Section 232 Blended Rate

X

X

X

X

X

X

Section 232/241(a)

X

X

X

X

X

X

Section 232/223(f)

X

X

X

Used for Acquisition Projects X

Used for Refinances X

X

Section 232/223(a)(7)

X

X

X

Section 223(d)

X

X

X

Section 232(i)

X

X

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Sheet 3: S & U

Sources and Uses
Pursuant to Sections 223(f), 223(a)(7), 223(d) and 232(i)
Project Name:	0
Project Number:	0
Program Type:	0
SOURCES	HUD Insured Loan	$0
	Existing Replacement Reserves to Transfer	$0
	Cash/Letter of Credit	$0
	Interest rate premiums may only be applied on behalf of the borrower to prepayment penalties and reserves for replacement. The transaction costs in MILC Criterion H are reduced by the amount of the interest rate premium. Interest Rate Premium	$0
	Other (Describe)	$0
	Other (Describe)	$0
	TOTAL	$0
USES
	HUD ELIGIBLE COSTS
	Use detailed guidance from email blasts, mortgagee letters, etc. to determine this figure. Existing Indebtedness or Purchase Price	$0
	Prepayment Penalty	$0
	This does not include any R4R transfer. Initial Deposit to the Reserve for Replacement	$0
	Existing Replacement Reserves to Transfer	$0
	Estimate of Repair Cost (Critical & Non Critical)	$0
	Appraisal (incl. update)	$0
	Phase I ESA / HUD 4128	$0
	PCNA	$0
	Financing/Placement Fee	$0	0.00%
	If this is included in the financing/placement fee percentage calculation please detail the dollars here. Lender Legal	$0
	Borrower Legal	$0
	Title & Recording	$0
	HUD Inspection Fee	$0
	First Year MIP	$0	0.00%
	HUD Exam Fee	$0	0.00%
	Survey	$0
	Additional Other Fees (Describe)	$0
	Other (Describe)	$0
	Other (Describe)	$0
	TOTAL HUD ELIGIBLE COSTS	$0
	NON-ELIGIBLE COSTS
	Initial Operating Deficit Escrow	$0
	Special Escrow - Debt Service Reserve	$0
	Repair Completion Assurance Escrow	$0
	Other (Describe)	$0
	Other (Describe)	$0
	TOTAL ADDITIONAL COSTS	$0
	TOTAL COSTS	$0

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Sheet 4: Land Calc

Information Concerning Land or Property
Pursuant to New Construction, Substantial Rehabilitation, Blended Rate and Section 241(a)
Last Arms-Length Transaction
Buyer
Seller
Date Acquired
Purchase Price	$0
Additional Cost	$0
Annual Ground Rent	$0
Total Cost	$0
Note: If this is an allocation of a purchase of a larger site or a combination of multiple sites
provide detail (including basis of allocation) below.
Special Assessments
Prepayable, Non-Prepayable or N/A
Principal Balance	$0
Annual Payment	$0
Remaining Term
Value of Land and Cost Certification
Fair Market Value of land fully improved	$0
Deduct unusual land improvements	$0
Equals warranted price of land fully improved	$0
For Cost Certification Purposes:
Demolition	$0
Off-site Cost	$0
Estimate of "as is" by subtraction from improved value	$0
Estimate of "as is" by comparison (from appraisal)	$0
"As is" based on acquisition cost (include legal, title, etc.)	$0
Estimate of value of land "as is" for cost certification purposes	$0

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Sheet 5: Other Fees

Schedule of Other Fees to be paid by Borrower
Pursuant to New Construction, Substantial Rehabilitation, Blended Rate and Section 241(a)
Line	Description	Amount
A	Survey--Land and Final "as built"	$0
B	Building Permits	$0
C	Soils Report	$0
D	Traffic Study	$0
E	Impact Fees	$0
F	Hook-up Fees	$0
G		$0
H		$0
I		$0
J		$0
Total		$0
Schedule of Other Fees included in Construction Contract
Line	Description	Amount
A	Survey	$0
B	Required for cost plus contracts Cost Certification	$0
C	Municipal Inspections	$0
D	Special Engineering Tests/Fees	$0
E	Special Taxes	$0
F	Permits	$0
G		$0
H		$0
I		$0
J		$0
Total		$0

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Sheet 6: Repl Cost

Estimated Replacement Cost
Pursuant to New Construction, Substantial Rehabilitation, Blended Rate and Section 241(a)
Unusual Land Improvements	$0
Other Land Improvements	$0
Total Land Improvements	$0
Main Building	$0
Other Structures (identify)	$0
Other Structures (identify)	$0
Total Structures	$0
General Requirements	$0
General Contractor General Overhead	$0
General Contractor Profit	$0
Architect Design Fee	$0
Architect Supervisory Fee	$0
Bond Premium	$0
Borrower Other Fees	$0
General Contractor Other Fees	$0
Total Other Fees	$0
Total For All Improvements	$0
Note: Estimated Construction Time (months)	0
Note: Estimated Interest Time (months)	0
Note: Estimated Interest Rate (percent)
Interest	$0
Taxes	$0
Insurance	$0
Use detailed guidance from email blasts, mortgagee letters, etc. to determine this figure. HUD Mortgage Insurance Premium	$0
HUD Exam (Application) Fee	$0
HUD Inspection Fee	$0
Initial Financing Fee	$0
Use detailed guidance from email blasts, mortgagee letters, etc. to determine this figure. Non-profit Developer's Fee (includes consultant)	$0
Permanent Placement Fee	$0
Survey may be in Borrower's Other Fees or included in this line item. If it is included here indicate that in lender narrative. Title and Recording	$0
Total Carrying Charges and Financing	$0
Legal	$0
Details should be provided in the lender narrative. Organizational	$0
Borrower's Cost Certification Audit Fee	$0
Total Legal, Organizational, Audit	$0
Major Movable Equipment	$0
Marketing	$0
Rehab only Contingency	$0
Rehab only--a budget should be provided indicating budget number of relocations and detailed cost estimates. Relocation	$0
Rehab only Initial Deposit	$0
Repairs in SR or BR should be included here. Other (Describe)	$0
Total Estimated Development Cost	$0
"As is" Value for Rehab projects Warranted Price of Land	$0
Offsite Costs (Rehab only)	$0
Total Estimated Replacement Cost	$0

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Sheet 7: S & U NC, SR, BR, 241a

Sources and Uses
Pursuant to New Construction, Substantial Rehabilitation, Blended Rate and Section 241(a)
Project Name:	0
Project Number:	0
Program Type:	0
SOURCES	HUD Insured Loan	$0
	Cash/Letter of Credit	$0
	Not applicable for new construction Existing Reserve for Replacement Deposit	$0
	Grants/Other Loans (Describe)	$0
	Other (Describe)	$0
	TOTAL	$0
USES
	HUD ELIGIBLE COSTS
	Existing Indebtedness	$0
	Repairs	$0
	Initial Deposit to the Reserve for Replacement	$0
	Land Purchase	$0
	Land Improvements	$0
	Structures	$0
	General Requirements	$0
	Builder’s Overhead	$0
	Builder’s Profit	$0
	Architect Fees (Design)	$0
	Architect Fees (Supervisory)	$0
	Bond Premium	$0
	during construction period Interest	$0
	during construction period Taxes	$0
	during construction period Insurance	$0
	Appraisal (incl. update)	$0
	Market Study	$0
	Phase I ESA / HUD 4128	$0
	A&E / Cost Reviews	$0
	Financing/Placement Fee/Lender Legal	$0
	Borrower Legal	$0
	Title and Recording	$0
	Borrower's Cost Certification Audit Fee	$0
	Major Movable Equipment	$0
	Marketing	$0
	Pre-Opening Management Fees	$0
	HUD Inspection Fee	$0
	HUD Initial MIP	$0
	HUD Exam Fee	$0
	Other Fees	$0
	Other (Describe)	$0
	Other (Describe)	$0
	Other (Describe)	$0
	Other (Describe)	$0
	TOTAL HUD ELIGIBLE COSTS	$0
	NON-ELIGIBLE COSTS
	Initial Operating Deficit Escrow	$0
	Working Capital Escrow	$0
	Special Escrow - Minor Moveable Equipment	$0
	Special Escrow - Demolition	$0
	Special Escrow - Off-site Construction	$0
	Special Escrow - Short-Term Debt Service Reserve	$0
	Other (Describe)	$0
	Other (Describe)	$0
	Other (Describe)	$0
	TOTAL ADDITIONAL COSTS	$0
	TOTAL COSTS	$0
	Replacement Cost minus HUD Eligible Costs	$0

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Sheet 8: MILC Pg 1

Public reporting burden for this collection of information is estimated to average 1.25 hours. This includes the time for collecting, reviewing, and reporting the data. The information is being collected to obtain the supportive documentation which must be submitted to HUD for approval, and is necessary to ensure that viable projects are developed and maintained. The Department will use this information to determine if properties meet HUD requirements with respect to development, operation and/or asset management, as well as ensuring the continued marketability of the properties. Warning: Any person who knowingly presents a false, fictitious, or fraudulent statement or claim in a matter within the jurisdiction of the U.S. Department of Housing and Urban Development is subject to criminal penalties, civil liability, and administrative sanctions.
Project Name:	0
Project Number:	0
Program Type:	0
A. Requested Loan Amount						$0		232 NC
								232 SR
B. Original Principal Amount						$0		232 BR
								241(a)
C. Amount Based on Replacement Cost								223(f)
a. Replacement Cost in Fee Simple	241(a): if building an addition, only use replacement cost of the addition $0	x	90%		$0			223(a)(7)
When land is leased, enter the optional purchase price specified in the 92070M. b.(1) Optional Purchase Price from 92070M	$0							223(d)
(2) Grant/Loan funds attributable to R.C. items	$0							232(i)
(3) Excess Unusual Land Improvement	$0
(4) Total lines (1) to (3)	$0	x	90%	$0
c. Unpaid Balance of Special Assessment				$0
d. Total line b plus line c					$0
e. Line a minus line d						$0
D. Amount Based on Required Loan to Value
a. Value in Fee Simple	$0	x	Use the OHP Loan to Value Limit for the program and project type 0%		$0
When land is leased, enter the optional purchase price specified in the 92070M. b. Optional Purchase Price from 92070M	$0	x	Use the OHP Loan to Value Limit for the program and project type 0%	$0
c. Unpaid Balance of Special Assessment				$0
d. Total line b plus line c					$0
e. Line a minus line d						$0
E. Amount Based on Required Debt Service Coverage
a. Mortgage Interest Rate				0.00%
b. Mortgage Insurance Premium Rate				0.00%
c. Initial Curtail Rate	Loan term (years)	0		#NUM!
d. Sum of Above Rates					#NUM!
Use Lender's Underwritten NOI e. Net Operating Income	223(d): insert NOI less existing debt service 241(a): insert incremental NOI for new additions $0	÷	Use 1.11 for 223(d) 1.45		$0
f. Annual Ground Rent + Annual Special Assessment	$0	+	$0		$0
g. Line e minus line f		+			$0
h. Line g divided by line d						#NUM!
i. Annual Tax Abatement Savings	$0	÷	Debt service constant for the abatement period 0.00			#DIV/0!
j. Line h plus line i		÷				#NUM!
F. Amount Based on Estimated Cost of Rehabilitation Plus
(i) "as is" Value, or (ii) acquisition cost,
or (iii) existing mortgage indebtedness against the property before rehabilitation:
a. Total Estimated Development Cost					$0
b. Estimated Cost of Off-Site Construction					$0
c. Sum of lines a & b					$0
d. Grant/Loan funds attributable to R.C. items					$0
e. Line c minus line d					$0
f. "As Is" Value of Prop. Before Rehab.	$0	x	95% Non-Profit 90	%	$0
g. Existing Mortgage Indebtedness (Property Owned) or Purchase Price of Property (to be Acquired)
	$0	x	100% if refinance and 90% if purchase by for-profit borrowers and 95% if purchase by non-profit borrowers 90	%	$0
h. Line e plus line f or line g, whichever is less					$0
i. Line h	x	100	%			$0

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Sheet 9: MILC Pg 2

G. Amount Based on Borrower's Total Cost of Acquisition Section 223(f)
a. HUD Eligible Costs		$0
b. Enter the Sum of any Grant/Loan and Reserves for
Replacement and Major Movable Equipment to be
Purchased as an asset of the project
c. Line a minus line b		$0
d. Line c	x	90% Non-Profit 85	%			$0
H. Amount Based on the Cost to Refinance
a. HUD Eligible Costs		$0
b. Enter the Sum of any Grant/Loan and Reserves for
Replacement and Major Movable Equipment on Deposit
c. Line a minus line b						$0
I. Amount Based on Total Indebtedness
a. As-Proposed Value		$0
b. Loan-to-Value Percentage		90%
c. Line a times line b		$0
d. Total of All Outstanding Indebtedness Relating to Property		$0
e. Line c minus line d						$0
J. Amount based on Percentage of the Operating Loss						Use detailed guidance from email blasts, mortgagee letters, etc. to determine this figure. $0
K. Amount based on 100% of the Cost of Fire Safety Equipment
100% of the Cost of Fire Safety Equipment						$0
If grants or loans are used for non-mortgageable items details should be provided in the lender narrative. L. Amount Based on Deduction of Grant(s), Loan(s), LIHTCs and Gift(s) for mortgageable items
a. 100% Project (Replacement) Cost					241(a): if building an addition, only use replacement cost of the addition $0
b. (1) Grants/Loans/Gifts					$0
(2) Tax Credits					$0
When land is leased, enter the optional purchase price specified in the 92070M. (3) Optional Purchase Price from 92070M					$0
(4) Excess Unusual Land Improvement Cost					$0
(5) Unpaid Balance of Special Assessment					$0
(6) Sum of Lines (1) through (5)					$0
c. Line a. minus line b. (6)						$0
Maximum Insurable Loan (Lowest of Foregoing Criteria)						Round down to the nearest $100. 0
Notes:
Estimated Liquidated Damages--Construction Contract		0
Incentive Percentage--Construction Contract (if applicable)		0
Estimated Soft Costs--Construction Period		#DIV/0!
Lender's Underwriter Signature	Date:
Office of Healthcare Programs Signature	Date: