HUD USER

This Appendix includes individual case study narratives for the fifteen nonprofit housing development projects examined as part of this research. Two exhibits are included at the end of each case study. For each of the case studies, Exhibit 1 - Sources and Uses of Cash and Non-Cash Resources summarizes the financing, subsidies, contributions and donations received by the project, as well as the out-of-pocket and "contributed" costs for the development effort. Exhibit 2 - Summary of Financial Data Analysis for each case study examines the financing of the project m terms of percentage of cash equity, debt funds, non-cash resources, public sources and private sources. Project "uses" are presented in terms of percentage of total expenses represented by out-of-pocket costs, versus costs covered by subsidies and donations, and costs attributable to each of the twelve major line item categories incorporated in the cost framework/data collection instrument. The cumulative cost for development including the value of subsidies, contributions and other donations-which is termed the "full development cost"_ was "normalized" to adjust for differences in location and year completed. A normalized full development cost is shown both with and without land expenses, and from these figures normalized costs for a standard two-bedroom unit for each project was derived. For each case study, Exhibit 2 also presents data on initial rent/carrying cost levels, rent levels for a standardized two-bedroom unit, rent levels as a percentage of the prevailing FMR and median income, and impact on rent if the value of development period Subsidies/contributions had been conventionally financed. For projects involving allocations of Section 8 rental assistance, an additional calculation is included showing the impact on the rent paid by tenants if this rental subsidy also was not available. In addition, Exhibit 2 shows the net present value of the development subsidies and contributions received.