Please follow these instructions when using the Mortgage and Equity Calculator spreadsheet.

You will need to enter the following information:

1. Number of units by unit-type
2. Rents by unit-types
3. All Expenses for all units per year
4. Vacancy Rate. Leave at 7% if you have no other vacancy data.
5. Amount of Replacement Reserve per unit, per year (PUPY)
6. Debt Service Coverage required by lender
7. Interest on permanent loan
8. Number of years in Loan term

Given these assumptions, the amount of the permanent mortgage that can be supported will be shown at bottom of sheet.

On the Equity Worksheet, enter development costs. Then identify:

1. Will this building have an elevator?
2. Is this building in a Qualified Census Tract?
3. The current month's IRS Tax Credit rate (If using tax exempt bonds, use the 4% rate in both boxes). You can get this information at www.housingonline.com.
4. A "pay-in" rate for the tax credits. If you do not know, leave at 90 cents.

If you want to manipulate any of the other cells, you must "unprotect" the worksheet on the "Tools" menu.

If you have problems with this spreadsheet or you have suggestions for improvements, contact:

Edward Bobinchak
(313) 841-3751