Initial Operating Deficit Escrow Calculation
Section 232 |
U.S. Department of Housing and Urban Development
Office of Residential Care Facilities |
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OMB Approval No. 9999-9999
(exp. mm/dd/yyyy) |
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Public reporting burden for this collection of information is estimated to average 1.5 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. |
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| Project Name: |
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Date Prepared: |
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Lender Name: |
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| Income & Occupancy Assumptions |
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| Unit Type |
UW Eff. Gross Inc. per year |
For Assisted Living, you will typically enter the number of units here, instead of beds.
Total # Beds |
You are asked to enter the underwritten occupancy bedcause it is needed for the computation of the Effective Gross Income per Occupied Unit. The percentage will not be applied to the incomes, as vacacy is already implicit in Effective Gross Income
UW Occupancy |
# Occupied Units |
EGI per Occp'd Unit |
Number of Preleases |
The absorption numbers must be estimated in a way that accounts for move-outs in the net gain per month.
Net Monthly Absorption |
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| e.g. Assisted Living |
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0.00 |
#DIV/0! |
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| e.g. Memory Care |
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0.00 |
#DIV/0! |
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| e.g. Skilled Nursing or Sub-Acute |
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0.00 |
#DIV/0! |
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| e.g. Independent Living |
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0.00 |
#DIV/0! |
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| Other Income |
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#DIV/0! |
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| Totals |
This total should exactly equal the Effective Gross Income concluded in the lender's underwriting. Do not enter potential gross income. (Potential Gross Income minus Vacancy = EGI)
$0 |
0 |
#DIV/0! |
0.00 |
#DIV/0! |
0.00 |
0.00 |
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| Expense Assumptions |
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Total UW |
Total UW |
Per Res |
POU |
% of EGI |
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Enter the base amount that an expense cannot fall below as a percentage of the total expense. If there is no floor, enter 0%. If the expense amount is constant regardless of occupancy (as with taxes), enter 100%. The percentages shown in this template represent the Lean expectations for the example expense categories entered. Giving justification when departing from these expectations may serve to expitite the review processs.
Expense Floor |
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The categories below in blue are examples. The names should be changed to correspond to the categories presented in the Lender Narrative. Categories in black are either always present or have special rules about how and when they are applied. These should not be changed.
Category |
Exp. per year |
Exp. per Month |
Day |
per year |
UW |
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Percentage |
Yearly Floor |
Monthly Floor |
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| e.g. General & Administrative |
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$0 |
#DIV/0! |
#DIV/0! |
#DIV/0! |
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100.00% |
$0 |
$0 |
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| e.g. Payroll Taxes and Benefits |
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$0 |
#DIV/0! |
#DIV/0! |
#DIV/0! |
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80.00% |
$0 |
$0 |
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| e.g. Resident Care |
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$0 |
#DIV/0! |
#DIV/0! |
#DIV/0! |
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30.00% |
$0 |
$0 |
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| e.g. Food Services |
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$0 |
#DIV/0! |
#DIV/0! |
#DIV/0! |
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30.00% |
$0 |
$0 |
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| e.g. Activities |
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$0 |
#DIV/0! |
#DIV/0! |
#DIV/0! |
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30.00% |
$0 |
$0 |
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| e.g. Housekeeping & Laundry |
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$0 |
#DIV/0! |
#DIV/0! |
#DIV/0! |
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10.00% |
$0 |
$0 |
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| e.g. Maintenance |
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$0 |
#DIV/0! |
#DIV/0! |
#DIV/0! |
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30.00% |
$0 |
$0 |
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| e.g. Utilities |
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$0 |
#DIV/0! |
#DIV/0! |
#DIV/0! |
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50.00% |
$0 |
$0 |
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| e.g. Bad Debt |
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$0 |
#DIV/0! |
#DIV/0! |
#DIV/0! |
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0.00% |
$0 |
$0 |
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If you have an expense that is charged only on occupied units, such as a provider tax, the lender may correct the formulas that calcuate the monthly charges in the tab called "Details & Draw Requests" to give the correct answer.
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$0 |
#DIV/0! |
#DIV/0! |
#DIV/0! |
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0.00% |
$0 |
$0 |
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This expense will not be charged in Interval 1. The expense for this period is covered in the mortgage.
Ground Rent |
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$0 |
#DIV/0! |
#DIV/0! |
#DIV/0! |
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100.00% |
$0 |
$0 |
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This expense will automatically be applied at 200% of normal until break even occupancy is reached.
Marketing and Promotion |
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$0 |
#DIV/0! |
#DIV/0! |
#DIV/0! |
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100.00% |
$0 |
$0 |
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This expense will automatically be distributed as a lump sum payment in month 3, then be impounded at the normal monthly rate.
Insurance (property & liability) |
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$0 |
#DIV/0! |
#DIV/0! |
#DIV/0! |
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100.00% |
$0 |
$0 |
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| Real Estate (Property) Taxes |
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$0 |
#DIV/0! |
#DIV/0! |
#DIV/0! |
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100.00% |
$0 |
$0 |
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| Management Fees |
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$0 |
#DIV/0! |
#DIV/0! |
#DIV/0! |
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Enter the expense floor during the lease-up period. The amount will be spelled out in the management agreement. During the lease-up period, this expense is not likely to be calculated as a percentage of EGI, as it will be later. Management will need compensation during the lease-up period, eventhough the project is still minimally occupied.
80.00% |
$0 |
$0 |
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Enter the amount determined by the lender that will actually be charged, not the "market" amount estimated by the appraiser.
Replacement Reserves |
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$0 |
#DIV/0! |
#DIV/0! |
#DIV/0! |
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100.00% |
$0 |
$0 |
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| TOTAL |
This total should exactly match the expense total concluded by the lender. This means using HUD reserve amounts instead of market amounts, when different.
$0 |
$0 |
#DIV/0! |
#DIV/0! |
#DIV/0! |
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| Debt Service Assumptions |
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| Interest Only |
$- |
per month |
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Debt Service Calculator |
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| Principal Plus Interest |
#NUM! |
per month |
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Mortgage Amount |
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| MIP |
An annual MIP payment is made at start of amortization.
$- |
per month |
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Term in Months |
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Annual Interest Rate |
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MIP Percentage |
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NC/SR Healthcare Facilities without LIHTC = 0.77%
NC/SR Assisted Living Facilities with LIHTC = 0.45%
232/223f Healthcare Facilities without LIHTC = 0.65%
232/223f Healthcare Facilities with LIHTC = 0.45%
0.77% |
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