Willets Point Phase 1 Development Pro Forma Instructions Please complete this pro forma for the Willets

Point Phase 1 Development project Fill in the cells shaded blue. Keep cells linked and maintain calculations. If you modify given assumptions, please clearly note the changes and update the worksheets. Applicants must provide these forms in Excel file format by e-mail or on CD. Please be sure the Summary Worksheet accuratly reflects each item. If anything needs to be changed manually, please do so and note the changes. The grayed line items are for a second scenario that may include an ownership component. Please also copy and add tabs as required for additional buildings. The ownership worksheets, which are located at the end of this workbook, are only for a proposed additional scenario. Be sure to update the Summary Worksheet accordingly.

205

206

207

Willets Point Phase 1 Development Building 1

Units: 0

These calculations must match the architectural plans included in the proposal. TOTAL BUILT FLOOR AREA (Gross Square Feet): 1 2 3 4 5 6 7 Residential GSF Mechanical / Utility Areas Commercial GSF Community GSF Parking GSF Other ___________________ Total Gross Square Feet 0 0 0 0

ARCHITECTUAL DETAILS Lot Area (GSF) Building Height (Ft.) No. of Stories

208

Willets Point Phase 1 Development Building 1 SOURCES AND USES Construction Sources HDC Bond First Mortgage HDC Second Mortgage HPD Subsidy Third Mortgage Fourth Mortgage (Lender: ) Developer Equity Deferred Developer's Fee Other source (Specify: ) TOTAL SOURCES Permanent Sources HDC Bond First Mortgage HDC Second Mortgage HPD Subsidy Third Mortgage Fourth Mortgage (Lender: ) Developer Equity Deferred Developer's Fee Other source (Specify: ) TOTAL SOURCES Uses Acquisition Cost Construction Cost Soft Cost Developer's Fee TOTAL USES

Units:

$ $ $ $ $ $ $ $

per DU #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!

% of total #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!

#DIV/0!

#DIV/0!

#REF! $ $ $ $ $ $ #REF!

#REF! #DIV/0! #DIV/0! #DIV/0! #DIV/0!

#REF! #REF! #REF! #REF! #REF!

#REF!

#REF!

$ $ #REF! $ #REF!

#DIV/0! #DIV/0! #REF! #DIV/0! #REF!

#REF! #REF! #REF! #REF! #REF!

209

Willets Point Phase 1 Development Building 1 DEVELOPMENT BUDGET Acquisition Cost Construction Cost Contractor Price Residential Commercial Space Community Space Parking Contingency Developer Costs -

#DIV/0! /du

Total Hard Cost #DIV/0! /du

Soft Cost Borrower's Legal Borrower's Engineer/Architect Fees Accounting & Cost Certification Bank's Engineer Bank Legal Permits and expediting Environmental Phase I & II City Environmental Quality Review ("CEQR") Borings Survey Geotechnical Title Insurance Appraisal Other (Specify:_________________) Subtotal

$0

Financing Fees (Please maintain links to original calculations and note any changes) Upfront L/C Fee of LOC amt Annual L/C Fee of LOC amt HDC Fee (if applicable) 0.75% of HDC cons 1st HDC Inducement Fee Costs of Bond Issuance 1.50% of HDC cons 1st HPD Fee (if applicable) Interest Rate Cap (estimate) Freddie Origination Fee on loan amount #REF! 210

Freddie Annual Fee DUS Lender Origination Fee Standby fee (Freddie/Wachovia) Tax Incentive Fees & Consultant LIHTC Application Fee Non Profit Sponsor Fee Other (Specify:_________________) Subtotal Carrying Costs Construction Interest Negative Arbitrage Mortgage Recording Tax Water/Sewer & Real Estate Taxes Utilities Insurance Construction Monitor Marketing Security Other (Specify:_________________) Subtotal Reserves and Contingency Social Service Reserve Capitalized Operating Reserve Additional Operating Reserve (if applicable) Soft Cost Contingency . Subtotal Total Soft Costs Developer's Fee

on loan amount on loan amount on loan amount

#REF! #REF! #REF!

#REF!

#REF! #REF!

#REF!

/unit

#REF!

Total Development Cost:

#REF! #REF! #REF! #REF!

Construction Sources HDC Bond First Mortgage HDC Second Mortgage HPD Subsidy Third Mortgage Fourth Mortgage (Lender: ) 211

Developer Equity Deferred Developer's Fee Other source (Specify: ) TOTAL ( ) Permanent Sources HDC Bond First Mortgage HDC Second Mortgage HPD Subsidy Third Mortgage Fourth Mortgage (Lender: ) Developer Equity Deferred Developer's Fee Other source (Specify: ) TOTAL

$0

#REF! -

#REF!

212

Units: Rooms:

0 0

#DIV/0! psf #DIV/0! psf #DIV/0! psf #DIV/0! psf #DIV/0! average per sf #DIV/0! average per DU

Includes Environmental Site Assessment

Typically underwritten to .9% of all loans

ny changes) (change link if assuming variable rate) (change link if assuming variable rate)

For Variable Rate Deals only

213

e.g.- 421a See HPD or DHCR Quailfied Allocation Plan

(change link if assuming variable rate) Only Applicable for Fixed Rate Deals Does not apply to HDC Bond deals

For any required homeless set-aside units See term sheets #REF! of soft costs

#REF! of TDC less Dev Fee

per du per room per sf

#REF! #REF! #DIV/0! #DIV/0! 214

#DIV/0! #DIV/0! #DIV/0! #REF!

#REF! #REF! #DIV/0! #DIV/0! #REF! #DIV/0! #DIV/0! #REF!

215

Willets Point Phase 1 Development Building 1 CONSTRUCTION INTEREST

Bond Amount Long Term Amount Short Term Amount Total Bond Amount

#REF! #REF! $

% of bond #REF! #REF!

Term Construction term Rent-up & conversion term Total term

Months

Years 0.00 0.00 0.00

Fixed Rates Long Term Short Term 2nd Construction 3rd Construction 4th Construction Variable Rate SIFMA +___ bps cushion Variable Rate 0.00% 0.00% 0.00%

Interest Calculations Fixed Rate 1st - Short Term 1st - Long Term 2nd Construction 3rd Construction 4th Construction Amount % Outstanding Term (years) #REF! 50% 0.0 #REF! 100% 0.0 #REF! 50% 0.0 #REF! 100% 0.0 $ 100% 0.0 $ 100% 0.0 $ 100% 0.0 Total Fixed Rate Cons. Interest

216

Variable Rate HDC 1st HDC 2nd MIRP

Amount $ $ $ $

% Outstanding Term (years) 50% 0.0 100% 0.0 100% 0.0 100% 0.0 Total Variable Rate Cons. Interest

NEGATIVE ARBITRAGE
(for fixed-rate deals only)

Investment Rate

Rate Short Term Amount % Outstanding Investment Spread Construction Term (years)

Short Term 0.00% #REF! 50% 0.00% 1.5 #REF! #REF!

Long Term 0.00% #REF! 50% 0.00% 1.5 #REF!

Negative Arbitrage

LETTER OF CREDIT AMOUNT Fixed Rate Variable Rate Bond Amount $0 $0 Days Interest 60 35 Interest Rate 0.00% 0.00% LC Amount $0 $0

217

Units:

Interest Rate Interest 0.00% #REF! 0.00% #DIV/0! 0.00% #DIV/0! 0.00% #DIV/0! 0.00% $0.00 0.00% $0.00 0.00% $0.00 d Rate Cons. Interest #REF!

218

Interest Rate 0.00% 0.00% 0.00% 0.00% e Rate Cons. Interest

Interest $0.00 $0.00 $0.00 $0.00 $0.00

219

Willets Point Phase 1 Development Building 1 UNITS AND INCOME SF DISTRIBUTION

#DIV/0! #DIV/0! #DIV/0! #DIV/0!

GSF Residential GSF Commercial GSF Community GSF Parking GSF 0 Total Project GSF

Efficiency 0 0 0 0

NSF

0 Total Project NSF

UNIT DISTRIBUTION Total # of Units # of Rms/ DU Studio 0 2 1 Bedroom 0 3 2 Bedroom 0 4 3 Bedroom 0 5 Subtotal Super's Unit 4 Total # Rooms 0 0 0 0 Average Net SF per Unit

0 0 Net Residential Square Feet #DIV/0! (Average Net SF per DU )

COMMERICAL AND ANCILLARY INCOME # of Spaces Monthly Rent Parking - at grade Annual Income $ Annual Income $

Commercial

Total s.f. 0 Total s.f. 0

Annual Rent/SF

Annual Rent/SF $ Annual Income $

Community

Laundry

# units Annual per unit 0

220

Total Commercial & Ancillary Income

$ #DIV/0!

RESIDENTIAL INCOME

2008 HUD Income Limits

79,200 Family of Four 1,318 2 BR FMR 1

Rent Less Electricity = 1, Rent Less Electricity/Gas = 0 Note: For market rate units, please hard code rents HUD IL 0 Unit size studio 1 BR 2 BR 3 BR HH size 1 1.5 3 4.5 HH factor 0.60 0.75 0.90 1.04

2 rooms 3 rooms 4 rooms 5 rooms

HH income -

max gross monthly rent 0 0 0 0

utility allowance -49 -54 -60 -70

HUD IL Unit size studio 1 BR 2 BR 3 BR HH size 1 1.5 3 4.5

0 HH factor 0.60 0.75 0.90 1.04 HH income max gross monthly rent 0 0 0 0 rent less electricity -49 -54 -60 -70

HUD IL Unit size studio 1 BR 2 BR 3 BR HH size 1 1.5 3 4.5

0 HH factor 0.60 0.75 0.90 1.04 HH income max gross monthly rent 0 0 0 0 rent less electricity -49 -54 -60 -70

HUD IL Unit size studio 1 BR 2 BR HH size 1 1.5 3

#VALUE! HH factor 0.60 0.75 0.90 HH income max gross monthly rent 0 0 0 rent less electricity -49 -54 -60 221

3 BR

4.5

1.04

-70

HUD IL Unit size studio 1 BR 2 BR 3 BR HH size 1 1.5 3 4.5

0 HH factor 0.60 0.75 0.90 1.04 HH income max gross monthly rent 0 0 0 0 rent less electricity -49 -54 -60 -70

Market Rate

Unit size studio 1 BR 2 BR 3 BR

If Applicable Total Senior Units Total Formaly Homeless Units

Total Annual Rental Income upo

TOTAL ANNUAL PROJE

222

Units: Rooms:

al Project NSF

# Market Rate Affordable # 0 0 0 0 0

#REF! #REF! Percent of Total

0 0 0 0 0

Residential Square Feet

rage Net SF per DU )

223

studio 1 BR 2 BR 3 BR

Electricity Allowance 49 54 60 70

Gas Allowance 21 24 26 26

max net Number of monthly rent units -49 -54 -60 -70 Total 0

Annual Rent #DIV/0!

max net Number of monthly rent units -49 -54 -60 -70 Total 0

Annual Rent #DIV/0!

max net Number of monthly rent units -49 -54 -60 -70 Total 0

Annual Rent #DIV/0!

max net Number of monthly rent units -49 -54 -60

Annual Rent 224

-70 Total

#DIV/0!

max net Number of monthly rent units -49 -54 -60 -70 Total 0

Annual Rent #DIV/0!

Monthly Rent

Number of units

Total Total units

0 0

Annual Rent #DIV/0!

al Rental Income upon occupancy

OTAL ANNUAL PROJECT INCOME

225

Willets Point Phase 1 Development Building 1 MAINTENANCE & OPERATING EXPENSES Units: Rooms: per rm/du $ $ $ per room per room per room per unit per unit per unit per project per room #DIV/0! per unit annual + fringe annual + fringe per elevator of ERI per room per unit $200 per unit

Expenses Supplies/Cleaning/Exterminating Heating (oil) Gas & Electricity Cooking Gas Repairs/Replacement Legal Accounting Painting Superintendent & Maintenance Staff Salaries Number of: F/T super(s) porters Elevator Maintenance & Repairs Management Fee Water & Sewer Fire and Liability Insurance Park Maintenance Other Expenses(Specify:_________) Other Expenses(Specify:_________) Replacement Reserve M & O Before Taxes and Debt Service

0 per unit Total #DIV/0! per room #DIV/0! per unit

Real estate taxes TOTAL ANNUAL PROJECT EXPENSES

$ #REF! #REF! per room #REF! per unit

226

Willets Point Phase 1 Development Building 1

MORTGAGE SIZING

Income Residential Income Less Residential Vacancies Net Residential Income Parking Income Commercial Income Community Space Income Ancillary/Laundry Less Parking Vacancies Less Commercial Vac Less Community Space Income Less Ancillary/Laundry Vac Net Comm & Ancillary Income Net Income Expenses Maintenance/Operating Real estate taxes Replacement Reserve Total Expenses

$ $ $ $ $ $ $ $ $ $ $ $ $

#DIV/0! per unit #DIV/0! per unit #DIV/0! per unit #DIV/0! per unit

$ $ $ $

NET OPERATING INCOME

Net Available @1.05 Income to Expense Combined DSCR Net Available for Debt Service @ Income to Expense 1st Mort DSCR Net Available for Debt Service @ Income to Expense

$ #REF! #REF! #DIV/0! #DIV/0!

227

Determination of Maximum Insurable Mortgage based on net available for debt service and land taxes Variable Interest Rates Base Rate Underwriting Cushion LC Fees Trustee Remarketing Servicing 0.00% Fixed Interest Rates Base Underwriting Rate Servicing Fee MIP Sum of above rates

Total Supportable First Mortgage Second Mortgage Third Mortgage Fourth Mortgage Total Combined Debt

Enter 1st Mortgage Amount from C #REF! #REF!

1st Loan Rate Term Yrs 1 - 30 Amt Amortized Balance Balloon % Debt Service Debt Coverage #REF! 0.00% #REF! $ #REF! #REF! #REF!

2nd Loan -

3rd Loan $0

#REF! #REF! 100% #REF! #REF!

$ $ #DIV/0! #REF!

2nd Loan 3rd Loan 4th Loan

Assumed Subsidies Source: Source: Source:

/du /du

228

Units: Rooms:

0 0

TAX EXEMPT

0.00%

1st Mortgage Amount from Cell H30 here

4th Loan $0

Total #REF!

$ $ 0% -

#REF! #REF!

229

Willets Point Phase 1 Development Building 1

increases EFFECTIVE INCOMES Residential Income Parking Income Commercial Income Community Space Income Ancillary Income Total Income EXPENSES M&O Expenses Building Reserve Total Expenses NOI Debt Service Net Cash Flow Net Cash Flow in 12 years

Year 1

Year 2

Year 3

0 0 0 0 0 0

0 0 0 0 0 0

0 0 0 0 0 0

0 0 0 0 #REF! #REF! #DIV/0! #REF!

0 0 0 0 #REF! #DIV/0! #DIV/0!

0 0 0 0

230

Year 4

Year 5

Year 6

Year 7

Year 8

Year 9

0 0 0 0 0 0

0 0 0 0 0 0

0 0 0 0 0 0

0 0 0 0 0 0

0 0 0 0 0 0

0 0 0 0 0 0

0 0 0 0 #DIV/0! #DIV/0! #DIV/0! #DIV/0!

0 0 0 0 #DIV/0! #DIV/0!

0 0 0 0 #DIV/0! #DIV/0!

0 0 0 0 #DIV/0! #DIV/0!

0 0 0 0 #DIV/0! #DIV/0!

0 0 0 0

231

Units:

Year 10

Year 11

Year 12

0 0 0 0 0 0

0 0 0 0 0 0

0 0 0 0 0 0

0 0 0 0 #DIV/0! #DIV/0! #DIV/0! #DIV/0!

0 0 0 0 #DIV/0! #DIV/0!

0 0 0 0

232

Willets Point Phase 1 Development Building 1 TAX CREDIT ANAYLSIS* *This is an estimate; for actual raise and calculation, defer to LIHTC Investor Eligible Cost (Y/N) (Total Cost ) N -

Acquisition Cost Construction Cost Contractor Price Residential Commercial Space Community Space Parking Contingency Total Hard Cost

Y Y Y Y Y

Soft Cost Borrower's Legal Borrower's Engineer/Architect Fees Accounting & Cost Certification Bank's Engineer Bank Legal Permits and expediting Environmental Phase I & II City Environmental Quality Review ("CEQR") Borings Survey Geotechnical Title Insurance Appraisal Other (Specify:_________________) Subtotal Y Y Y Y Y Y Y Y Y Y Y Y Y -

Financing Fees (Please maintain links to original calculations and note any changes) Upfront L/C Fee N Annual L/C Fee N HDC Fee (if applicable) N HDC Inducement Fee N Costs of Bond Issuance N 233

HPD Fee (if applicable) Interest Rate Cap (estimate) Freddie Origination Fee Freddie Annual Fee DUS Lender Origination Fee Standby fee (Freddie/Wachovia) Tax Incentive Fees & Consultant LIHTC Application Fee Non Profit Sponsor Fee Other (Specify:_________________) Subtotal Carrying Costs Construction Interest Negative Arbitrage Mortgage Recording Tax Water/Sewer & Real Estate Taxes Utilities Insurance Construction Monitor Marketing Security Other (Specify:_________________) Subtotal Reserves and Contingency Social Service Reserve Capitalized Operating Reserve Additional Operating Reserve (if applicable) Soft Cost Contingency Subtotal Total Soft Costs Developer's Fee Total Development Cost:

N N N N N N N N N

#REF! #REF! #REF! #REF! #REF!

Y Y N Y Y Y Y N Y

#REF! #REF! #REF!

N N N Y

#REF!

#REF!

234

(Units: ) (Rooms: )

Eligible Amount -

Number of TC Units % TC Units % Non Residential Costs Aplicable Fraction Construction Bonds

#REF! #DIV/0! #DIV/0! #REF!

#DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!

Eligible Basis with Boost Annual Credit @ Amount Raised per Credit @ Amount Raised Total

#DIV/0! #DIV/0! #DIV/0! #DIV/0!

#DIV/0! (#DIV/0! ) (#DIV/0! ) (#DIV/0! ) (#DIV/0! ) (#DIV/0! ) (#DIV/0! ) (#DIV/0! ) (#DIV/0! ) (#DIV/0! ) (#DIV/0! ) (#DIV/0! ) (#DIV/0! ) #DIV/0!

note any changes) 235

#DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!

#DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!

236

Willets Point Phase 1 Development Building 1

TRADE ITEM 1 2 3 4 5 Demolition Environmental Remediation Railroad trench deck (Site B only) Landscaping / Site Work Concrete

Units:

$ AMOUNT

6a Masonry, pointing, waterproofing, steam cleaning 6b Carpentry, rough 7 8 9 Carpentry, finished Metals, structural steel Roofing

10 Insulation 11 Doors, frames, hardware 12 Windows and glazing 13 Entrance doors 14 Drywall and plastering 15 Ceramic tile 16 Finish flooring 17a Painting 17b Kitchen cabinets 18 Applicances, medicine cabinet 19 Heating and ventilation 20 Plumbing 21 Electrical 22 Other:__________________ 23 Other:__________________ 24 Other:__________________ 25 SUBTOTAL 26 General Conditions 27 Overhead $0

237

28 Profit 29 GRAND TOTAL $0

238

Willets Point Phase 1 Development Building 2

Units: 0

These calculations must match the architectural plans included in the proposal. TOTAL BUILT FLOOR AREA (Gross Square Feet): 1 2 3 4 5 6 7 Residential GSF Mechanical / Utility Areas Commercial GSF Community GSF Parking GSF Other ___________________ Total Gross Square Feet 0 0 0 0

ARCHITECTUAL DETAILS Lot Area (GSF) Building Height (Ft.) No. of Stories

239

Willets Point Phase 1 Development Building 2 SOURCES AND USES Construction Sources HDC Bond First Mortgage HDC Second Mortgage HPD Subsidy Third Mortgage Fourth Mortgage (Lender: ) Developer Equity Deferred Developer's Fee Other source (Specify: ) TOTAL SOURCES Permanent Sources HDC Bond First Mortgage HDC Second Mortgage HPD Subsidy Third Mortgage Fourth Mortgage (Lender: ) Developer Equity Deferred Developer's Fee Other source (Specify: ) TOTAL SOURCES Uses Acquisition Cost Construction Cost Soft Cost Developer's Fee TOTAL USES

(Units: ) (Rooms: )

$ $ $ $ $ $ $ $

per DU #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!

% of total #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!

#DIV/0!

#DIV/0!

#NAME? $ $ $ $ $ $ #NAME?

#NAME? #DIV/0! #DIV/0! #DIV/0! #DIV/0!

#NAME? #NAME? #NAME? #NAME? #NAME?

#NAME?

#NAME?

$ $ #NAME? $ #NAME?

#DIV/0! #DIV/0! #NAME? #DIV/0! #NAME?

#NAME? #NAME? #NAME? #NAME? #NAME?

240

Willets Point Phase 1 Development Building 2 DEVELOPMENT BUDGET Developer Costs Acquisition Cost Construction Cost Contractor Price Residential Commercial Space Community Space Parking Contingency

#DIV/0! /du

Total Hard Cost #DIV/0! /du

Soft Cost Borrower's Legal Borrower's Engineer/Architect Fees Accounting & Cost Certification Bank's Engineer Bank Legal Permits and expediting Environmental Phase I & II City Environmental Quality Review ("CEQR") Borings Survey Geotechnical Title Insurance Appraisal Other (Specify:_________________) Subtotal

$0

Financing Fees (Please maintain links to original calculations and note any changes) Upfront L/C Fee of LOC amt Annual L/C Fee of LOC amt HDC Fee (if applicable) 0.75% of HDC cons 1st HDC Inducement Fee Costs of Bond Issuance 1.50% of HDC cons 1st HPD Fee (if applicable) Interest Rate Cap (estimate) #NAME? Freddie Origination Fee on loan amount 241

Freddie Annual Fee DUS Lender Origination Fee Standby fee (Freddie/Wachovia)

on loan amount on loan amount on loan amount

#NAME? #NAME? #NAME?

Tax Incentive Fees & Consultant LIHTC Application Fee Non Profit Sponsor Fee Other (Specify:_________________) Subtotal Carrying Costs Construction Interest Negative Arbitrage Mortgage Recording Tax Water/Sewer & Real Estate Taxes Utilities Insurance Construction Monitor Marketing Security Other (Specify:_________________) Subtotal Reserves and Contingency Social Service Reserve Capitalized Operating Reserve Additional Operating Reserve (if applicable) Soft Cost Contingency . Subtotal Total Soft Costs Developer's Fee

#NAME?

#NAME? #NAME?

#NAME?

/unit

#NAME?

Total Development Cost:

#NAME?
#NAME? #NAME? #NAME?

Construction Sources HDC Bond First Mortgage HDC Second Mortgage HPD Subsidy Third Mortgage Fourth Mortgage (Lender: ) 242

Developer Equity Deferred Developer's Fee Other source (Specify: ) TOTAL ( ) Permanent Sources HDC Bond First Mortgage HDC Second Mortgage HPD Subsidy Third Mortgage Fourth Mortgage (Lender: ) Developer Equity Deferred Developer's Fee Other source (Specify: ) TOTAL

$0

#NAME? -

#NAME?

243

Units: Rooms:

0 0

#DIV/0! psf #DIV/0! psf #DIV/0! psf #DIV/0! psf #DIV/0! average per sf #DIV/0! average per DU

Includes Environmental Site Assessment

Typically underwritten to .9% of all loans

any changes)
(change link if assuming variable rate) (change link if assuming variable rate)

For Variable Rate Deals only

244

e.g.- 421a See HPD or DHCR Quailfied Allocation Plan

(change link if assuming variable rate) Only Applicable for Fixed Rate Deals Does not apply to HDC Bond deals

For any required homeless set-aside units See term sheets

#NAME? of soft costs

#NAME? of TDC less Dev Fee

per du per room per sf

#NAME? #DIV/0! #DIV/0! #DIV/0! 245

#DIV/0! #DIV/0! #DIV/0! #NAME?

#NAME? #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #NAME?

246

Willets Point Phase 1 Development Building 2 CONSTRUCTION INTEREST

Bond Amount Long Term Amount Short Term Amount Total Bond Amount

#NAME? #NAME? $

% of bond #NAME? #NAME?

Term Construction term Rent-up & conversion term Total term

Months

Years 0.00 0.00 0.00

Fixed Rates Long Term Short Term 2nd Construction 3rd Construction 4th Construction Variable Rate SIFMA +___ bps cushion Variable Rate 0.00% 0.00% 0.00%

Interest Calculations Fixed Rate 1st - Short Term 1st - Long Term 2nd Construction 3rd Construction 4th Construction Amount % Outstanding Term (years) #NAME? 50% 0.0 #NAME? 100% 0.0 #NAME? 50% 0.0 #NAME? 100% 0.0 $ 100% 0.0 $ 100% 0.0 $ 100% 0.0 Total Fixed Rate Cons. Interest

247

Variable Rate HDC 1st HDC 2nd MIRP

Amount $ $ $ $

% Outstanding Term (years) 50% 0.0 100% 0.0 100% 0.0 100% 0.0 Total Variable Rate Cons. Interest

NEGATIVE ARBITRAGE
(for fixed-rate deals only)

Investment Rate

Rate Short Term Amount % Outstanding Investment Spread Construction Term (years)

Short Term 0.00% #NAME? 50% 0.00% 1.5 #NAME? #NAME?

Long Term 0.00% #NAME? 50% 0.00% 1.5 #NAME?

Negative Arbitrage

LETTER OF CREDIT AMOUNT Fixed Rate Variable Rate Bond Amount $0 $0 Days Interest 60 35 Interest Rate 0.00% 0.00% LC Amount $0 $0

248

Units:

Interest Rate Interest 0.00% #NAME? 0.00% #DIV/0! 0.00% #DIV/0! 0.00% #DIV/0! 0.00% $0.00 0.00% $0.00 0.00% $0.00 d Rate Cons. Interest #NAME?

249

Interest Rate 0.00% 0.00% 0.00% 0.00% e Rate Cons. Interest

Interest $0.00 $0.00 $0.00 $0.00 $0.00

250

Willets Point Phase 1 Development Building 2 UNITS AND INCOME SF DISTRIBUTION

#DIV/0! #DIV/0! #DIV/0! #DIV/0!

GSF Residential GSF Commercial GSF Community GSF Parking GSF 0 Total Project GSF

Efficiency 0 0 0 0

NSF

0 Total Project NSF

UNIT DISTRIBUTION Total # of Units # of Rms/ DU Studio 0 2 1 Bedroom 0 3 2 Bedroom 0 4 3 Bedroom 0 5 Subtotal Super's Unit 4 Total # Rooms 0 0 0 0 Average Net SF per Unit

0 0 Net Residential Square Feet #DIV/0! (Average Net SF per DU )

COMMERICAL AND ANCILLARY INCOME # of Spaces Monthly Rent Parking - at grade Annual Income $ Annual Income $

Commercial

Total s.f. 0 Total s.f. 0

Annual Rent/s.f.

Annual Rent/s.f. $ Annual Income $

Community

Laundry

# units Annual per unit 0

251

Total Commercial & Ancillary Income

$ #DIV/0!

RESIDENTIAL INCOME

2008 HUD Income Limits

76,800 Family of Four 1,318 2 BR FMR 1

Rent Less Electricity = 1, Rent Less Electricity/Gas = 0 Note: For market rate units, please hard code rents HUD IL 0 Unit size studio 1 BR 2 BR 3 BR HH size 1 1.5 3 4.5 HH factor 0.60 0.75 0.90 1.04

2 rooms 3 rooms 4 rooms 5 rooms

HH income -

max gross utility monthly rent allowance 0 -49 0 -54 0 -60 0 -70

HUD IL Unit size studio 1 BR 2 BR 3 BR HH size 1 1.5 3 4.5

0 HH factor 0.60 0.75 0.90 1.04 HH income max gross monthly rent 0 0 0 0 rent less electricity -49 -54 -60 -70

HUD IL Unit size studio 1 BR 2 BR 3 BR HH size 1 1.5 3 4.5

0 HH factor 0.60 0.75 0.90 1.04 HH income max gross monthly rent 0 0 0 0 rent less electricity -49 -54 -60 -70

HUD IL Unit size studio 1 BR 2 BR HH size 1 1.5 3

#VALUE! HH factor 0.60 0.75 0.90 HH income max gross monthly rent 0 0 0 rent less electricity -49 -54 -60 252

3 BR

4.5

1.04

-70

HUD IL Unit size studio 1 BR 2 BR 3 BR HH size 1 1.5 3 4.5

0 HH factor 0.60 0.75 0.90 1.04 HH income max gross monthly rent 0 0 0 0 rent less electricity -49 -54 -60 -70

Market Rate

Unit size studio 1 BR 2 BR 3 BR

If Applicable Total Senior Units Total Formaly Homeless Units

Total Annual Rental Income upon

TOTAL ANNUAL PROJE

253

Units: Rooms:

tal Project NSF

# Market Rate Affordable # 0 0 0 0 0

#NAME? #NAME?

0 0 0 0 0
Percent of Total

Residential Square Feet

erage Net SF per DU )

254

studio 1 BR 2 BR 3 BR

Electricity Allowance 49 54 60 70

Gas Allowance 21 24 26 26

max net Number of monthly rent units -49 -54 -60 -70 Total 0

Annual Rent #DIV/0!

max net Number of monthly rent units -49 -54 -60 -70 Total 0

Annual Rent #DIV/0!

max net Number of monthly rent units -49 -54 -60 -70 Total 0

Annual Rent #DIV/0!

max net Number of monthly rent units -49 -54 -60

Annual Rent 255

-70 Total

#DIV/0!

max net Number of monthly rent units -49 -54 -60 -70 Total 0

Annual Rent #DIV/0!

Monthly Rent

Number of units

Total Total units

0 0

Annual Rent #DIV/0!

al Rental Income upon occupancy

OTAL ANNUAL PROJECT INCOME

256

Willets Point Phase 1 Development Building 2 MAINTENANCE & OPERATING EXPENSES Units: Rooms: per rm/du $ $ $ per room per room per room unit per unit per unit per project per room #DIV/0! per unit annual + fringe annual + fringe per elevator of ERI per room per unit $200 per unit

Expenses Supplies/Cleaning/Exterminating Heating (oil) Gas & Electricity Cooking Gas Repairs/Replacement Legal Accounting Painting Superintendent & Maintenance Staff Salaries Number of: F/T super(s) porters Elevator Maintenance & Repairs Management Fee Water & Sewer Fire and Liability Insurance Park Maintenance Other Expenses(Specify:_________) Other Expenses(Specify:_________) Replacement Reserve M & O Before Taxes and Debt Service

per unit Total #DIV/0! per room #DIV/0! per unit

Real estate taxes TOTAL ANNUAL PROJECT EXPENSES #NAME? #NAME? per room #NAME? per unit

257

Willets Point Phase 1 Development Building 2

MORTGAGE SIZING

Income Residential Income Less Residential Vacancies Net Residential Income Parking Income Commercial Income Community Space Income Ancillary/Laundry Less Parking Vacancies Less Commercial Vac Less Community Space Income Less Ancillary/Laundry Vac Net Comm & Ancillary Income Net Income Expenses Maintenance/Operating Real estate taxes Replacement Reserve Total Expenses

$ $ $ $ $ $ $ $ $ $ $ $ $

#DIV/0! per unit #DIV/0! per unit #DIV/0! per unit #DIV/0! per unit

$ $ $ $

NET OPERATING INCOME

Net Available @1.05 Income to Expense Combined DSCR Net Available for Debt Service @ Income to Expense 1st Mort DSCR Net Available for Debt Service @ Income to Expense

$ #REF! #REF! #DIV/0! #DIV/0!

258

Determination of Maximum Insurable Mortgage based on net available for debt service and land taxes Variable Interest Rates Base Rate Underwriting Cushion LC Fees Trustee Remarketing Servicing 0.00% Fixed Interest Rates Base Underwriting Rate Servicing Fee MIP Sum of above rates

Total Supportable First Mortgage Second Mortgage Third Mortgage Fourth Mortgage Total Combined Debt

Enter 1st Mortgage Amount from C #NAME? #NAME?

Rate Term Yrs 1 - 30 Amt Amortized Balance Balloon % Debt Service Debt Coverage

1st Loan #NAME? 0.00% #NAME? $ #NAME? #NAME? #NAME?

2nd Loan -

3rd Loan $0

#NAME? #NAME? 100% #NAME? #NAME?

$ $ #DIV/0! #NAME?

2nd Loan 3rd Loan 4th Loan

Assumed Subsidies Source: Source: Source:

/du /du

259

Units: Rooms:

0 0

TAX EXEMPT

0.00%

1st Mortgage Amount from Cell H30 here

4th Loan $0

Total #NAME?

$ $ 0% -

#NAME? #NAME?

260

Willets Point Phase 1 Development Building 2

increases EFFECTIVE INCOMES Residential Income Parking Income Commercial Income Community Space Income Ancillary Income Total Income EXPENSES M&O Expenses Building Reserve Total Expenses NOI Debt Service Net Cash Flow Net Cash Flow in 12 years

Year 1

Year 2

Year 3

0 0 0 0 0 0

0 0 0 0 0 0

0 0 0 0 0 0

0 0 0 0 #NAME?

0 0 0 0 #NAME? #DIV/0! #DIV/0!

0 0 0 0

#NAME? #DIV/0! #NAME?

261

Year 4

Year 5

Year 6

Year 7

Year 8

Year 9

0 0 0 0 0 0

0 0 0 0 0 0

0 0 0 0 0 0

0 0 0 0 0 0

0 0 0 0 0 0

0 0 0 0 0 0

0 0 0 0 #DIV/0! #DIV/0! #DIV/0! #DIV/0!

0 0 0 0 #DIV/0! #DIV/0!

0 0 0 0 #DIV/0! #DIV/0!

0 0 0 0 #DIV/0! #DIV/0!

0 0 0 0 #DIV/0! #DIV/0!

0 0 0 0

262

Units:

Year 10

Year 11

Year 12

0 0 0 0 0 0

0 0 0 0 0 0

0 0 0 0 0 0

0 0 0 0 #DIV/0! #DIV/0! #DIV/0! #DIV/0!

0 0 0 0 #DIV/0! #DIV/0!

0 0 0 0

263

Willets Point Phase 1 Development Building 2 TAX CREDIT ANAYLSIS* *This is an estimate; for actual raise and calculation, defer to LIHTC Investor Eligible Cost (Y/N) (Total Cost ) N -

Acquisition Cost Construction Cost Contractor Price Residential Commercial Space Community Space Parking Contingency Total Hard Cost

Y Y Y Y Y

Soft Cost Borrower's Legal Borrower's Engineer/Architect Fees Accounting & Cost Certification Bank's Engineer Bank Legal Permits and expediting Environmental Phase I & II City Environmental Quality Review ("CEQR") Borings Survey Geotechnical Title Insurance Appraisal Other (Specify:_________________) Subtotal Y Y Y Y Y Y Y Y Y Y Y Y Y -

Financing Fees (Please maintain links to original calculations and note any changes) Upfront L/C Fee N Annual L/C Fee N HDC Fee (if applicable) N HDC Inducement Fee N Costs of Bond Issuance N 264

HPD Fee (if applicable) Interest Rate Cap (estimate) Freddie Origination Fee Freddie Annual Fee DUS Lender Origination Fee Standby fee (Freddie/Wachovia) Tax Incentive Fees & Consultant LIHTC Application Fee Non Profit Sponsor Fee Other (Specify:_________________) Subtotal Carrying Costs Construction Interest Negative Arbitrage Mortgage Recording Tax Water/Sewer & Real Estate Taxes Utilities Insurance Construction Monitor Marketing Security Other (Specify:_________________) Subtotal Reserves and Contingency Social Service Reserve Capitalized Operating Reserve Additional Operating Reserve (if applicable) Soft Cost Contingency Subtotal Total Soft Costs Developer's Fee Total Development Cost:

N N N N N N N N N

#NAME?

Y Y N Y Y Y Y N Y

#NAME? #NAME? #NAME?

N N N Y

#NAME?

#NAME?

265

(Units: ) (Rooms: )

Eligible Amount -

Number of TC Units % TC Units % Non Residential Costs Aplicable Fraction Construction Bonds

#NAME? #DIV/0! #DIV/0! #NAME?

#DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!

Eligible Basis with Boost Annual Credit @ Amount Raised per Credit @ Amount Raised Total

#DIV/0! #DIV/0! #DIV/0! #DIV/0!

#DIV/0! (#DIV/0! ) (#DIV/0! ) (#DIV/0! ) (#DIV/0! ) (#DIV/0! ) (#DIV/0! ) (#DIV/0! ) (#DIV/0! ) (#DIV/0! ) (#DIV/0! ) (#DIV/0! ) (#DIV/0! ) #DIV/0!

note any changes) 266

#DIV/0! (#DIV/0! ) (#DIV/0! ) (#DIV/0! ) (#DIV/0! ) (#DIV/0! ) (#DIV/0! ) #DIV/0!

#DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!

267

Willets Point Phase 1 Development Building 2

TRADE ITEM 1 2 3 4 5 Demolition Environmental Remediation Railroad trench deck (Site B only) Landscaping / Site Work Concrete

Units:

$ AMOUNT

6a Masonry, pointing, waterproofing, steam cleaning 6b Carpentry, rough 7 8 9 Carpentry, finished Metals, structural steel Roofing

10 Insulation 11 Doors, frames, hardware 12 Windows and glazing 13 Entrance doors 14 Drywall and plastering 15 Ceramic tile 16 Finish flooring 17a Painting 17b Kitchen cabinets 18 Applicances, medicine cabinet 19 Heating and ventilation 20 Plumbing 21 Electrical 22 Other:__________________ 23 Other:__________________ 24 Other:__________________ 25 SUBTOTAL 26 General Conditions 27 Overhead $0

268

28 Profit 29 GRAND TOTAL $0

269

Willets Point Phase 1 Development

Fianancial Feasibility of Development Proposal: Weight 50%
Proposal 1 Building 1 Development Team Developer Architect ZONING/SIZE Lot Area Building Height No. of Stories Total GSF of Project Total Residential GSF Total Commercial GSF Community Facility Parking GSF Other GSF Total Gross Sq Feet UNIT COUNT Market Rate Units Affordable Units Homeownership (excl SH) Rental (excl SH) Senior Formerly Homeless Total Net Sq. Ft. AFFORDABILITY 30-80% of AMI 81-130% of AMI 131-165% of AMI Market rate Total 30% of AMI 40% of AMI 50% of AMI 60% of AMI 70% of AMI 80% of AMI 90% of AMI 100% of AMI 110% of AMI 120% of AMI 130% of AMI 140% of AMI 150% of AMI 165% of AMI Market rate Building 2 Total

% Total - #DIV/0! - #DIV/0! #DIV/0! - #DIV/0! - #DIV/0! - #DIV/0! % Total - #DIV/0! - #DIV/0! - #DIV/0! 0 #DIV/0! -

% Total - #DIV/0! - #DIV/0! #DIV/0! - #DIV/0! - #DIV/0! - #DIV/0! % Total - #DIV/0! - #DIV/0! - #DIV/0! 0 #DIV/0! -

0 0 0 0 -

270

Total UNIT DISTRIBUTION # Units Studio 1-Bedroom 2-Bedrooms 3-Bedrooms Total Unit Count/Distribution Size Units Studio 1-Bedroom 2-Beddrooms 3-Bedrooms Weighted Average Unit Size

% Total #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!

% Total #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!

#DIV/0!

271

RENTS Market Rent psf (wtd.) Market Condo Fee psf Affordable Coop Maintenance psf Commercial Rent psf Community Facility Rent psf Parking Rent per space SALES Market Rate - Studios Market Rate - 1 BR Market Rate - 2 BR Market Rate - 3 BR Average Market Rate Sales Affordable - Studios Affordable - 1 BR Affordable - 2 BR Affordable - 3 BR Average Affordable Sales Parking Sales psf INCOME SUMMARY Residential Income (annual) Commercial Income Community Facility Income Parking Income (monthly) PGI EGI M&O (w. park maintenance) Before DS per Room per DU Replacement Rsrv. Per DU Debt Coverage Ratio NOI (before taxes) Real Estate Taxes DEVELOPMENT BUDGET Hard Costs - Residential Total per SF per DU Hard Costs - Commercial Total per SF Hard Costs - Community Space Total per SF Hard Cost Contingency Total Hard Costs per SF per DU Financing Costs Professional Fees Total Soft Costs Developer Fee Up Front Developer Fee

#DIV/0!

#DIV/0!

#DIV/0! -

#REF! #DIV/0! #DIV/0! #REF! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #REF! #REF! % Total #DIV/0!

#NAME? #DIV/0! #DIV/0! #REF! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #NAME? #NAME? % Total #DIV/0!

#DIV/0! #DIV/0! #DIV/0! #REF! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #NAME? #NAME? -

#DIV/0! #DIV/0! #DIV/0! #REF!

#DIV/0! #DIV/0! #DIV/0! ###

#REF! #REF! #REF! #REF! #DIV/0!

### ### ### ### #DIV/0!

272

Total Development Costs Financing Interest Rate Variable Const Rate Term All-In DSCR LIHTC Raise

#REF!

#NAME?

#NAME?

0.00% 0.00% -

0.00% 0.00% -

273

FEASIBILITY Construction Sources HDC Bond First Mortgage HDC Second Mortgage HPD Subsidy Third Mortgage Fourth Mortgage (Lender: Developer Equity Deferred Developer's Fee Other source (Specify: Total Construction Sources Permanent Sources HDC Bond First Mortgage HDC Second Mortgage HPD Subsidy Third Mortgage Fourth Mortgage (Lender: Developer Equity Deferred Developer's Fee Other source (Specify: Sales Proceeds Total Permanent Sources Total HPD Subsidy Requirement Total Volume Cap

% Total #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! 0% 0% -

% Total #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! 0% 0% -

#REF! ) ) -

#REF! #REF! #REF! #REF! #REF! 0% 0%

#NAME? -

### ### ### ### ### 0% 0%

#NAME? -

#REF! per DU - #DIV/0! #REF! #REF!

#NAME? per DU - #DIV/0! #NAME? ###

#REF! #NAME?

274

Create Buiding 3 column if necessary

% Total #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!

% Total #DIV/0! #DIV/0! #DIV/0! #DIV/0!

275

% Total #DIV/0! #DIV/0! #DIV/0! #DIV/0!

276

% Total #DIV/0!

#DIV/0! #DIV/0! #DIV/0!

277

278

% Total #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!

#REF! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!

#DIV/0! ###

279

Willets Point Phase 1 Development

SOURCES AND USES Per unit CONSTRUCTION SOURCES First Mortgage (Lender: ) Second Mortgage (Lender: ) Third Mortgage (Lender: ) Other (Specify: _______________) Deferred Developer's Fee Developer Equity Total $ $ $ $ $ $ $ #REF! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #REF! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!

PERMANENT SOURCES Sale Proceeds First Mortgage (Lender: ) Second Mortgage (Lender: ) Third Mortgage (Lender: ) Other (Specify: _______________) Developer Equity GAP/(SURPLUS) Total $ #REF! #REF! $ #DIV/0! #DIV/0! #REF! #DIV/0! #DIV/0! #REF! #DIV/0! #DIV/0! $ #DIV/0! #DIV/0! $ #DIV/0! #DIV/0! #REF! #DIV/0! #DIV/0! #REF! #REF! #REF!

USES Acquisition Costs Construction Costs Soft Costs Developer's Fee

$ #REF! $ #REF! #REF! #REF! $ #REF! -------------------- -----------------TOTAL USES #REF! #REF!

#REF! #REF! #REF! #REF! #REF!

01/26/12_)

280

Willets Point Phase 1 Development 0 Development Budget

Predevelopment Costs Predevelopment loan interest ACQUISITION COSTS: Acquisition City Transfer Tax State Transfer Tax Subtotal:

1.425% of acquisition 0.40% of acquisition #REF! /du

$0 $0 $0 $0

CONSTRUCTION COSTS: Construction Cost Contractor Price Residential Commercial Space Community Space Parking Contingency Total Hard Cost

#REF! /du

#DIV/0! #DIV/0! #DIV/0! #DIV/0!

$0 #DIV/0!

#DIV/0! /du

PROFESSIONAL FEES: Borrower Legal Accounting Architect/Engineering Fees Appraisal AG/Coop Plan Fees Environmental Phase I City Environmental Quality Review/Environmental Site Assesment Survey Borings Bank Engineer DOB Fees Bank Legal 421-a Fees (if applicable) Subtotal CLOSING FEES: Bank Commitment Fee Title

#DIV/0!

40bps of TDC or sell out price $0

281

Other (Specify:____________________) Other (Specify:____________________) Subtotal CARRYING COSTS: Construction Interest Title Continuations Water & Sewer Tax Real Estate Taxes Transfer Tax (developer to Coop) - State Coop Maintenance for Unsold Shares Capital Reserves Insurance (Fire and Extended) Coop Offering Plan Marketing Partnership Fee RISCO Fee Soft Cost Contingency Other (Specify:____________________) Subtotal TOTAL SOFT COSTS Developer's Fee Total Development Cost: #REF! /unit

$0

$0

sale proceeds /du

$0 $2 tax per every $500 sales #REF! 25% of units x M&O/yr x 1 yr #REF!

/du /du

#REF! #REF! #REF! #REF! #REF! #REF! #REF!

Construction Sources First Mortgage (Lender: ) Second Mortgage (Lender: ) Third Mortgage (Lender: ) Other (Specify: _______________) Deferred Developer's Fee Developer Equity Total Permanent Sources Sale Proceeds First Mortgage (Lender: ) Second Mortgage (Lender: ) Third Mortgage (Lender: ) Other (Specify: _______________) Developer Equity GAP/(SURPLUS) Total

#DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! $0 #DIV/0!

$0 #REF! $0 #DIV/0! #REF! #DIV/0! #REF! #DIV/0! #DIV/0! #DIV/0! #REF! #DIV/0! #REF! #REF!

282

psf psf psf psf

average per sf

of HC

bps of TDC or sell out price

283

tax per every $500 sales % of units x M&O/yr x 1 yr

of soft costs

unsubsidized costs

5% min

284

Willets Point Phase 1 Development 0

Arbitrage and Construction Interest Calculations Loan Amount Long-term Short-term

$ $ $

Construction Loan % Outstanding Accrual Rate Time (years) Interest Cost

TOTAL

Long-term & Short-term Construction period Sales period $ $ 50% 100% 5.50% 5.50% 1.50 0.50 $ #REF! $

285

2nd Construction & Sales periods #REF! 100% 1.00% 2.00 #REF!

286

Willets Point Phase 1 Development 0 OWNERSHIP - UNITS & INCOME Total Unit Distribution # of Units Studio One Bedroom Two Bedrooms Three Bedrooms Super's Apartment Total 0 0 0 0 # of Rooms Average nsf Studio One Bedroom Two Bedrooms Three Bedrooms Total % of Total less Super 0 Efficiency 0 0 0 0 Affordability #Market Units 0 0 0 0 0 #DIV/0!

0 0 0 0 0 0 0 Total Residential NSF:

SF DISTRBUTION gsf #DIV/0! #DIV/0! #DIV/0! #DIV/0!

NSF

Residential GSF Commercial GSF Community GSF Parking GSF 0 Total Project GSF

0 Total Project NSF

Project Income Commercial Income: # of Spaces Monthly RentAnnual Income Parking $

Commercial

Total s.f. Annual Rent/s.f.Annual Income $

Community

Total s.f. Annual Rent/s.f.Annual Income $ # unitsPer unit/per year #REF! .

Laundry

#REF! #REF!

Total Ancillary & Commercial Income:

Residential Income: 2008 HUD IL 76,800 Family of Four

HH size 1 1.5

HH factor 0.65 0.75

287

1,318 2 BR FMR Interest Rate % Down 0.00% 0.0%

3 4.5

0.90 1.04

0%

studio 1 BR 2 BR 3 BR

0 max gross monthly HH income housing cost 0 0 0 0

HUD IL

Estimated unit size

Monthly Maint

Annual Maint 0 0 0 0

studio 1 BR 2 BR 3 BR

0 max gross monthly HH income housing cost 0 0 0 0

HUD IL

estimated unit size

Monthly Maint

Annual Maint 0 0 0 0

studio 1 BR 2 BR 3 BR

0 max gross monthly HH income housing cost 0 0 0 0

HUD IL

estimated unit size

Monthly Maint

Annual Maint 0 0 0 0

studio 1 BR 2 BR 3 BR Market Rate

0 max gross monthly HH income housing cost 0 0 0 0

HUD IL

estimated unit size

Monthly Maint

Annual Maint 0 0 0 0

estimated unit size studio

Monthly Maint Annual Maint 0

Est Sales Price Number of units

288

1 BR 2 BR 3 BR Total Annual Maintance: Total Sales Proceeds: Total Project Income: #REF!

0 0 0

289

# Affordable Units 0 0 0 0 0 #DIV/0!

otal Project NSF

290

Avail to Mort Est Mort AmtEst Sales PriceNumber of units 0 0 0 0 -

Subotal -

Avail to Mort Est Mort AmtEst Sales PriceNumber of units 0 0 0 0 -

Subotal -

Avail to Mort Est Mort AmtEst Sales PriceNumber of units 0 0 0 0 -

Subotal -

Avail to Mort Est Mort AmtEst Sales PriceNumber of units 0 0 0 0 -

Subotal -

Subotal -

291

292

Willets Point Phase 1 Development 0

Ownership = Maintenance and Operating Expenses

Units: Rooms:

#REF! #REF!

EXPENSES Supplies/Cleaning/Exterminating Heating Gas & Electricity Cooking Gas Repairs/Replacement Legal and Accounting Painting Superintendent & Maintenance Staff Salaries Number of: F/T super(s) porters Elevator Maintenance & Repairs Management Fee Water & Sewer Fire and Liability Insurance Security Other Expenses (Specify): Other Expenses (Specify): Other Expenses (Specify): M & O Before Taxes and Debt Service Operating Reserve Bldg Reserve Real estate taxes

Developer Costs #REF! #REF! #REF! #REF! #REF! #REF! $0 #REF! $ $ $ #REF! #REF! #REF! $ #REF! #REF! #REF! #REF! $ #REF!

PER rm/du /rm /rm /rm /du /du /du /Bldg /rm #REF! per unit annual + fringe annual + fringe per elevator of EGI /rm du /Bldg /du /du /du #REF! /du /Bldg /du #REF! /du

Total Expenses

#REF!

#REF! /du #REF! /rm

1/26/2012

293

Willets Point Phase 1 Development 0 Determination of Maximum Insurable Mortgage Based on Net Available for Debt Service and land taxes

INCOME Annual Maintenance Less Residential Vac Net Residential Income Parking Commercial Income Community Ancillary/Laundry Less Parking Vac Less Comm. Vac. Less Community Vac. Less Laundry Vac. Gross Effective Income

Determination of maximum insurable m Amount based on debt service ratio 0% $ $ $ $ $ $ #REF! $ $ $ #REF! #REF! Loan amortization years: Mortgage Interest rate Servicing Fee MIP Sum of above rates

0%

Max Total Supportable First Mortgage Max Total Supportable First Mortgage

Max Total Supportable First Mortgage Max Second Mortgage Max Total Combined Debt 2nd Mortgage Interest Rate Constant on 2nd Mortgage

Maintenance/Operating Real estate taxes Replacement Reserve Total Expenses

#REF! per unit #REF! per unit #REF! per unit #REF! per unit

#REF! $ #REF! #REF!

NET OPERATING INCOME #REF! Net Available for Debt Service @ 1.05 DCR #REF! Net Available for Debt Service @ 1.00 Income to Expense#REF! Income to Expense Ratio #REF!

294

295

26-Jan-12_)

etermination of maximum insurable mortgage mount based on debt service ratio

an amortization years: ortgage Interest rate rvicing Fee

m of above rates

ax Total Supportable First Mortgage based on DCR Minimum (1.05) ax Total Supportable First Mortgage based on Income to expense Minimum (1.00)

ax Total Supportable First Mortgage ax Second Mortgage ax Total Combined Debt

nd Mortgage Interest Rate onstant on 2nd Mortgage subsidy/du subsidy/du

First Motgage Second MortgageThird Mortgage #REF! #REF!

Yrs 1 - 30

Amount Amortized 30 Balance Debt Service Debt Coverage

$ $ $ #REF!

#REF! #REF! #REF! #REF!

$0 #VALUE! #REF!

296

297

0.00%

#REF! #REF! #REF! #REF! #REF! 1% 1.00%

Total #REF!

#REF! #REF!

298

299