HUD 52484 Development Cost Budget/Cost Statement

Development Cost Budget/
Cost Statement
Dwelling Units
Family

Elderly

U.S. Department of Housing
and Urban Development
Office of Public and Indian Housing

OMB Approval No. 2577-0157 (exp. 3 /31/2020)

Copy Number:

PR/Project Number:

Public Housing Agency:

Locality of Project:

Total

No financial or technical assistance may be provided to a project pursuant to an Annual Contributions Terms and Conditons (ACC) unless a PHA Proposal, including a
Development cost budget, has been approved (24 CFR 905).
Housing Type and Production Method

Turnkey

Conv.

PHA Proposal (PP) Budget
Budget Between PP and Contract Award
Final Development Cost Budget
Contract of Sale/Contract Award Budget
Development Cost Control Statement
Budget Between Contract Award & Final
Statement of Actual Development Cost

Force Act. Status (Check one)

New Construction
ACQ W/Subst. Rehab.
ACQ WO/Subst. Rehab.
Subpart I - Budget
Line
No.

Account Classification
(a)

Latest Approved
Budget
Date __________
(b)

Actual Development
Cost Incurred
To __________
(c)

Actual Contract
Award Balance
(d)

Estimated
Additional to
Complete
(e)

Amount
(c) + (d) + (e)
(f)

Per Unit
(g)

Developer's Price
1 1480
Site
2

1480

Site Improvements

3

1480

Dwelling Construction

4

1480

Dwelling Equipment

5
6

1480
1480

Nondwelling Construction
Nondwelling Equipment

7
8
9

1480

Archit. & Engr. Svcs.
Other
Total Developer's Price

Public Housing Agency Costs
Operations
10 1406
Operations
Administration
11
12

1410
1410

Nontechnical Salaries
Technical Salaries

13
14

1410
1410

Legal Expenses
Employee Benefit Contribution

15
16

1410 Travel
1410 Equipment Expended

17
18

1410

19
20
21
22
23

Sundry
Total Administration

Liquidated Damages
1415
Liquidated Damages
Interest
1420 Interest to HUD
1420 Interest on Notes—Non-HUD
1420 Interest Earned from Invest.
Total Interest

25

Initial Operating Deficit
1425
Initial Operating Deficit
Planning
1430 Architectural & Engr. Fees

26

1430

Consultant Fees

27
28
29
30
31

1430
1430
1430
1430

Permit Fees
Inspection Costs
Housing Surveys
Sundry Planning Costs
Total Planning

24

Page 1 of 5

form HUD-52484 (8/96)
ref Capital Fund Guidebook

Copy Number:

PR/Project Number:

Subpart I - Budget (continued)
Line
No.

Account Classification
(a)

Latest Approved
Budget
Date _________
(b)

Actual Development
Cost Incurred
To __________
(c)

Actual Contract
Award Balance
(d)

Estimated
Additional to
Complete
(e)

Amount
(c) + (d) + (e)
(f)

Per Unit
(g)

Site Acquisition
32 1480 Property Purchases
33 1480 Condemnation Deposit1
34 480 Excess Property
35 1480 Surveys and Maps
36 1480 Appraisals
37 1480 Title Information
38 1480 Legal Costs – Site
39 1480 Option Negotiations
40 1480 Current Tax Settlement
41 1480 Sundry Site Costs
42 1480 Site Net Income
43
Total Site Acquisition
44 1480 Site Improvements
45 1480 Dwelling Construction
46 1480 Dwelling Equipment
47 1480 Nondwelling Construction
48 1480 Nondwelling Equipment
49 1480 Contract Work in Progress
50 1480 Demolition

51
52
53
54
55
56
57

1480 Relocation Costs
1480 Development Used for Mod
.Total (Including Donations)
Less Donations
Total Before Contingency (less Donations)
Contingency: 1% to 5% (or less) of line 55
Total Development Cost

Subpart II - Detail of Other in Developer's Price
1. Developer's Fee and Overhead
$ ___________________
2. Interim Financing
_________________
3. Closing Costs
_________________
4. Property Taxes and Assessments
_________________
5. State or Local Sales, Excise or Other Taxes
_________________
Total Other
$ ___________________

1480: Provide the same information required for 1410 and 1410, listing
employees of the architect (or PHA when use of PHA employees has been
previously approved) who will perform inspection work for the project.
1480: Where off-site facilities are proposed to be included, identify and show
the cost of such facilities and provide justification for including such costs in TDC.
1480: Non Dwell Equip.­ Complete the Table below and, on a separate attachment, li
st and show the cost of each item included in each sub-account.
Nondwelling Equipment (1480
)

Subpart III - Supporting Data for Cost Estimates
For the PP Budget, attach an itemized breakdown of the costs chargeable to each
of the following accounts. For subsequent budgets, provide this information only
for accounts that are being changed.
1410: List, by job title, each PHA employee whose salary, or
portions thereof, will be chargeable to these accounts. For each, show the annual
rate of gross salary, the estimated length of time to be spent in connection with
development of this project, and the total gross salary which is properly chargeable to either of these accounts. If only a portion of the employee's time will be
chargeable to this project, show the percentage that will be so chargeable; and
show, in a footnote, the percentage distribution to other projects and the accounts
to which distributed.
1410: List and show the cost of each item of administrative and general
expense for which a specific account is not provided in the 1410 group of
accounts. If only a portion of the cost of any item will be chargeable to this project,
show the percentage and amount that will be so chargeable; and show, in a
footnote, the percentage distribution to other projects.
1430: List all planning consultants not paid under the architect's contract and,
for each, identify and show the cost of the services provided.

Cost

14780 Office Furniture and Equipmen
t
1480 Maintenance Equipment
1480 Community Space Equipment
14780 Automotive Equipment
1480 Expendable Equipment
Total Nondwelling Equipment
1495: Demolition - State the number of households and businesses to be
displaced, and identify and show the estimated cost of relocation services
and payments to be provided.

Page 2 of 5

form HUD-52484 (8/96)
ref Capital Fund Guidebook

Copy Number:

PR/Project Number:

Subpart IV - New Construction – Prototype Cost Comparison Percentage

Subpart V - Acquisition–Development Cost Comparison Percentage

A. Dwelling Construction and Equipment (DC&E) Cost from Subpart I
1. Total for Account 1480 Dwell Struct.
$ ___________________
2. Total for Account 1480 Dwell Equip.
_________________
3. Subtotal (1 + 2)
$ ___________________
4. Contingency (_ % x line 3)5. Total D
_________________
C&E (3 + 4)
$ ___________________

A. Proposed TDC from Subpart I

$ ___________________

B. Hypothetical TDC
(Attach calculation from PP, Part I,
Subpart B, Item 5a or, if applicable,
other estimate and rationale.)

$ ___________________

B. PPCL Total
_________________
(Attach calculation from PP, Part I, Subpart B, Item 3)

C. Comparison Percentage
(Line A ÷ Line B)

= __________________ %

C. Comparison Percentage
(Line A5 ÷ Line B)

= __________________ %

Subpart VI - Detail of Donations
Line
No.

Item
(Please List)

1

Subpart VII - Previously Approved Budgets
Amount
(Value)

List chronologically the dates and TDC on all previously approved budgets,
beginning with the PHA Proposal (P) Budget, and state the purpose (i.e., one of
the budgets listed in the “Status” block on page 1 and any amendments thereto).
Date

TDC

Purpose

PP

2
3
4
Total

I hereby certify that all the information stated herein, as well as any information provided in the accompaniment herewith, is true and accurate.
Warning: HUD will prosecute false claims and statements. Conviction may result in criminal and/or civil penalties. (18 U.S.C. 1001, 1010, 1012; 31 U.S.C. 3729, 3802)
Submitted By:

Name & Title of Official Authorized to Sign for PHA:
Signature of PHA's Authorized Official & Date:

X

For HUD Use Only
Recommended Name & Title of Authorized Official:
for Approval By:
Signature of Authorized Official & Date:

X

Approved By:

Name & Title of Authorized Official:
Signature of Authorized Official & Date:

X

Page 3 of 5

form HUD-52484 (8/96)
ref Capital Fund Guidebook

This form HUD-52484 includes the account classification numbers, actual
development cost incurred, actual contract award balance, and total
development cost which are apart of a Public Housing Agency's (PHA's)
development cost budget/cost statement for development of a public
housing project.
PHAs provide information on the amount of monies which will be needed to
develop the project and other costs associated with it . The information
collected in the proposal is used by HUD for review and approval of
development funds.

Public Reporting Burden for this collection of information is estimated to
average 10 hours per response, including the time for reviewing instructions,
searching existing data sources, gathering and maintaining the data needed,
and completing and reviewing the collection of information.
Response to this collection of information is mandatory to obtain a benefit or
to retain a benefit.
The information requested does not lend itself to confidentiality.
HUD may not conduct or sponsor, and person is not required to respond to
a collection of information unless it displays a currently valid OMB control
number.

Instructions for Preparing Development Cost Budgets/Cost Statements, Form HUD-52484
A. General
This form HUD-52484 shall be used for all Development Cost
Budgets and Statements identified in the “Status” section on page
1 and should be carefully completed for each type of submission.
For information supplementing these instructions, see Capital
Fund Guidebook Descriptions of the budget
accounts to which costs should be charged are set forth in LowRent Technical Accounting Guide 7510.1, Chapter 4, Section 15.
The HUD Field Office, upon request, will assist PHAs in the
distribution of costs to individual accounts.
1. General Preparation. The Form should cover all of the
housing to be built under a single Contract of Sale/Construction
Contract, whether on one or several sites. The “Dwelling Units”
section at the top of page 1 shall show, in the “Elderly” block, the
total of all units designed specifically for the elderly, including any
such units which have more than one bedroom; and the other
sections at the top of the page shall be completed as appropriate.
Round out all amounts to even dollars. Where descriptions or
supplementary data are required, use an attached sheet, identifying the item to which it is applicable.
I hereby certify that all the information stated herein, as well as
any information provided in the accompaniment herewith, is true
and accurate. Warning: HUD will prosecute false claims and
statements. Conviction may result in criminal and/or civil penalties.
(18 U.S.C. 1001, 1010, 1012; 31 U.S.C. 3729, 3802)
2.

Use of Form as Development Cost Budget

a. When first used (with form HUD-52483-A, PHA Proposal (PP), Part I, Subpart B, Item 2), the PHA shall submit an
original and 2 copies to the HUD Field Office, as in the case of the
PP and other related attachments. (If any major changes are
proposed following approval of the PP, a revised PP and PP budget
shall be submitted in accordance with Capital Fund Guidebook.) If there
was no preliminary loan, the PHA shall enter the estimated costs for
development of the project in column (f) and complete column (g)
as appropriate. If the PHA received a preliminary loan, the form
shall be completed as follows. In column (b), cross out the words
“Latest Approved Budget” in the heading and enter the date the
Preliminary Loan Contract was executed; enter the words “Preliminary Loan Contract” lengthwise in the column; and enter the total
preliminary loan amount in line 58. In columns (c) and (d), enter the
latest readily available figures from the books of account maintained for the Preliminary Loan Contract; and, in the heading of
column (c), enter the date as of which such figures were taken. In
column (e), enter the estimated costs for development of the
project. Enter in column (f) the sum of columns (c), (d) and (e); and
complete column (g) as appropriate.
b. For subsequent Development Cost Budgets, submit an
original and 2 copies to the HUD Field Office. Enter the date of the
latest approved budget in the heading of column (b) and, for each
line item, enter the applicable latest approved cost. Enter in
columns (c) and (d) the latest readily available figures from the

books of account for Accounts 1410 through 1475 and Accounts
1485, 1495, and 1499; and, in the heading of column (c), show the
date as of which such figures were taken. Enter in column (e) for
each Account 1410 through 1475, 1485, 1495, and 1499 an
estimate of any additional cost to be incurred in completing the
development work. Enter in column (v) the sum of columns (c), (d)
and (e); and complete column (g) as appropriate. For Account
1480, which is not applicable to turnkey projects, leave all columns
blank until submission of the Contract Award Budget. At that time
and thereafter, the entries for Account 1480 shall be as follows:
(1) For a Contract Award Budget, list each proposed
construction contract to be included under Account 1480 in column
(a) by name of contractor and type of work. Opposite each such
listing, enter in columns (d) and (f) the amount shown in column (3)
of the corresponding form HUD-52396, Analysis of Main Construction Contact (or, in cases where a change in any bid amount is
proposed, enter the amount shown in column (5) of form HUD52396 and identify change order(s) included in the contract amount).
Amounts for all work and equipment not covered by contracts shall
remain in the appropriate subsidiary account.
(2) For each budget submitted after a Contract Award
Budget, enter in column (c) the total of payments made to each
contractor; in column (d) the balance owing under each original
contract; in column (e) the amount of any increases or decreases
for change orders known to be needed at the time the budget is
submitted; and in column (f) the sum of columns (c), (d) and (e). If
the sum of columns (c) and (d) differs from the original contract
amount in column (f) of the latest approved budget because of
executed change orders, identify such change orders.
(3) For the Final Budget, this Account 1480 is to be
left blank and the amounts for each completed construction contract shall be redistributed to the appropriate Accounts 1450
through 1475, 1485, and 1499. On an attachment to the Final
Budget, identify each construction contract by name of contractor
and type of work; and show the final contract amounts, broken down
in to the appropriate Accounts 1450 through 1475, 1485, and 1499.
3.

Use of Form as Cost Statement

a. When used as the quarterly Development Cost Control
Statement (required during the period beginning with the date a
project is placed under an ACC and ending with the date the form
HUD-52427, Actual Development Cost Certificate, is submitted for
each project), columns (b), (c), (d) and (f) shall be completed; and
columns (e) and (g) shall be left blank. However, in cases where the
PHA is reasonably certain that it will be necessary to incur additional
costs that were not anticipated at the time of submission of the
latest approved budget (identified in column (b)), the PHA shall
enter the estimated amounts of such additional costs in column (e)
so the Field Office will be aware of its budgetary problems and can
take appropriate steps to help solve them. (In such cases, the
amount in column (f) will be the sum of columns (c), (d) and (e).) If

Page 4 of 5

form HUD-52484 (8/96)
ref Capital Fund Guidebook

it is determined that the solution involves a change in any of the
latest approved budget amounts, the PHA shall prepare a revised
budget and submit it to the Field Office in accordance with
instructions in Capital Fund Guidebook and Item A2b, above.
b. When used as the Statement of Actual Development
Cost (which is submitted simultaneously with form HUD-52427,
Actual Development Cost Certificate), only columns (b) and (c)
shall be completed for all accounts, except Account 1480 (which
requires no entries in any column).
B. Subpart I – Budget
1.

Development Method

a. Turnkey. For projects developed under the turnkey
method, the account classifications for Developer's Price (lines 1
through 9) are to be completed. Where preselected sites are used,
entries should be made in lines 32 through 43, as applicable, for
those site costs borne by the PHA prior to the assignment to the
developer of the right to purchase the site. The Total Developer's
Price (line 9) shall be the price agreed upon by the developer, the
PHA and HUD. The amounts entered for site and architectural and
engineering services (lines 1 and 7) should be the amounts to be
included, where applicable, in the Preliminary Contract of Sale for
the eventuality of separate purchase by he PHA. The amount
entered for Other (line 98 and Subpart II) should be the sum of (1)
Developer's fee and Overhead, exclusive of builder-contractor's
overhead and profit which is in other items of the developer's
price; (2) Interim Financing; (3) Closing Costs; (4) property taxes
and assessments during construction; and (5) State or local sales,
excise or other taxes, if any. Planning costs approved by the HUD
Field Office will allow for entries in lines 25 and 26, as well as in
line 7 (in addition to inspections for which an entry will be made in
line 28).
b. Conventional. For conventional projects, lines 1
through 9 will remain blank and, instead, those accounts will be
completed utilizing lines 25 through 48. For lines 44 through 48,
the Schematic Design Documents and the Architect's Estimate of
Project Construction Cost will provide a basis for reasonable
estimates for costs. Any comments from the HUD Field Office as
a result of the prior submission of these documents shall be
reflected in the Budget.
c. Acquisition. For acquisition projects, Account 1440
will be the approved price for the site, including the structures
thereon which are to be acquired for the project; and Accounts
1450 through 1485 will be used for the work to be done. Lines 1
through 9, or 32 through 48, will be completed as required by the
development method being used and other instructions herein.
2. 1410 – Administration (lines 10 through 18). PHAs with
experience in the development of low-income housing should
estimate development-related administration costs on the basis
of such experience, as applicable, for the current development
method. For turnkey projects, there will be less administration
activity than for conventional projects. The amounts for the
various subaccounts shall be the costs of the items of expense
which are directly traceable to and essential in the planning,
construction and completion of the project, and the prorata
amounts of the PHA's total administration costs with respect to the
items which are not wholly traceable to the project. Administration
(1410) and Planning (1430) Costs ordinarily terminate with the
End of the Initial Operating Period. After this date, only costs of
personnel employed full time in development work may be charged
to these accounts.

3. 1420 – Interest (lines 22 through 26). For turnkey projects,
because of the limited PHA financing until the completed project
is acquired, PHA interest shall be limited to not more than 5
percent for 5 months on the total development cost, excluding
interest and contingency. If the project is so planned as to be
completed and occupied in several stages, PHA interest shall be
computed from the time the PHA takes title to completed increments of the projects to not more than 5 percent for 5 months after
completion of the last increment. For a conventional project PP
budget, interest shall be limited to not more than 5 percent for
each 12 months or portion thereof. For budgets subsequent to the
PP Budget, Accounts 1420.1 and .2 shall be charged, to the extent
specifically approved by HUD, in accordance with Capital Fund
Guidebook Line 26, Total Interest, is the amount which results after
the deducting interest earned on investments from the interest
charged.
4. 1425 – Initial Operating Deficit (line 24). In the absence
of dependable previous experience data on which to base a
preliminary estimate of the initial operating deficit, an allowance of
not to exceed $50 per dwelling unit may be used unless more is
specifically authorized by HUD.
5. 1430 – Planning (lines 25 through 31). For turnkey
projects generally, architectural-engineering services will be included in the Developer's Price except for periodic inspection of
construction by an independent architect employed by the PHA
(Account 1430.7).
6. 1440.5 – Appraisals (line 36). No entry shall be made in
this Account when HUD performs the appraisal since no fee will be
charged. This Account shall be charged with the costs incurred by
the PHA for appraisals of land or improvements when provided by
fee appraisers.
7. Donations (lines 53 and 54). Account 2850 is described
in Handbook 7510.1. A donation represents cash and/or the
reasonable value of property donated to the project. Any costs
met from cash donations and the value of any donations in kind will
be included under the appropriate cost account and itemized in
Subpart VI. Since donations cannot be included in the Total
Development Cost, the total of donations will be subtracted
therefrom in Subpart I of the Budget.
8. Contingency (line 56). Enter not more than 5 percent for
conventional projects, nor more than 1 percent for turnkey, of the
Total Before Contingency.
C. Subpart III – Supporting Data for Cost Estimate in Account
1475 (Lines 6 and 48). Generally, the PHA provides nondwelling
equipment, requiring an entry in line 48 only. Include only
nondwelling equipment intended for use in developing the specific
project. Account 1475 shall not include automotive passenger
vehicles; and shall not, without detailed, itemized justification fully
endorsed by the officials involved in its approval, exceed one-half
of one percent of the project's Total Development Cost.
D. Subpart IV – New Construction-Prototype Comparison
Percentage The accounts used in this comparison—1460 and
1465 (lines 3, 4, 45 and 46)—should be carefully prepared. It is
particularly important that nondwelling construction and equipment costs (chargeable to Accounts 1470 and 1475) not be
combined with the dwelling construction and equipment costs in
Accounts 1460 and 1465 because this could adversely affect the
prototype comparison percentage. Care should also be taken to
assure that, in the case of a turnkey project where the developer
and the PHA will each provide certain items of dwelling equipment,
the amount in Item A2 of this Subpart is the sum of lines 4 and 46.

Page 5 of 5

form HUD-52484 (8/96)
ref Capital Fund Guidebook