Updated HOME Multifamily Underwriting Template

This template assists HOME Participating Jurisdictions (PJs) to complete required underwriting and subsidy layering. The model is a series of spreadsheets within a Microsoft Excel workbook that allows a PJ to create a customized profile of a rental housing development scheme and determine what role HOME funds might play in the project. The template can be altered by the PJ to reflect local HOME underwriting policies and standards. PJs are not required to use the HOME Multifamily Underwriting Template. It is an optional tool to assist PJs in undertaking and documenting the underwriting process.

A PJ or HOME project developer can use this template to:

• Support the required elements of HOME underwriting as required by 24 CFR 92.250(b) and CPD Notice 15-11 HOME Underwriting and Subsidy Layering Guidelines, issued December 22, 2015
• Determine the amount of HOME funds necessary to provide financially viable affordable housing
• Document sources and uses to ensure that adequate funding is committed
• Track the projected expenses versus projected cash flow
• Evaluate to ensure financial viability for the entire affordability period