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This presents a variation on a form developed by Joseph Guggenheim and explained in his book
Tax Credits for Low Income Housing (Simon Publications, P.O.Box 229, Glen Echo, Maryland.)
When completed, the form will be interactive so that you may change any number shown
in green, click update, and the form will be revised for whatever changes in assumptions have been made.
At present, the forms are presented with the same numbers as are presented in the book (11th edition)
on pages 98-105 (minor differences are rounding errors).
| New Construction - $80,000 Cost per Unit; Conventional Financing | no bonus | bonus |
| Rehabilitation - $80,000 Cost per Unit; Conventional Financing | no bonus | bonus |
| New Construction - $100,000 Cost per Unit; Conventional Financing | no bonus | bonus |
| Rehabilitation - $100,000 Cost per Unit; Conventional Financing | no bonus | bonus |
| New Construction - $50,000 Cost per Unit; Conventional Financing | no bonus | bonus |
| Rehabilitation - $80,000 Cost per Unit; Tax-exempt Financing | no bonus | bonus |
| New Construction - $100,000 Cost per Unit; Tax-exempt Financing | no bonus | bonus |
| Rehabilitation - $50,000 Cost per Unit; Tax-exempt Financing | no bonus | bonus |
The formats shown above are what is often called in the real estate development industry a "setup". It compares development costs and financing with a "proforma" year.
A more sophisticated financial analysis is likely to include a time series projection. The following are various formats for a single time series projection for the first of the sixteen analyses shown above. These formats provide for a great deal more complexity than this data requires, but do suggest additional issues likely to be encountered as development gets underway. For a more complete presentation of the economic model which created this time series projection, see ProCash, an Economic Model for Income Properties.
