2. FEDERAL HOME LOAN BANK OF NEW YORK © 2014 FEDERAL HOME LOAN BANK OF NEW YORK 101 PARK AVENUE NEW YORK, NY 10178 WWW.FHLBNY.COM Overview of the Affordable Housing Program Rental Project Workbook (AHP/APP 108)

3. FEDERAL HOME LOAN BANK OF NEW YORK  Requires Microsoft Excel 2007, or later, in a Windows environment to be installed on the User’s machine.  Customized Microsoft Excel 2007 Workbook that replaces the former Microsoft Excel Workbooks for Rental Project submissions utilized in prior AHP rounds. Overview & System Requirements  Utilizes standard Excel functionality to ensure maximum compatibility across all prospective Users; any PC running Windows with Microsoft Excel 2007 (or later) installed should be able to complete and save an AHP Rental Project Workbook (workbook.xlsm).  The template can be downloaded directly from the FHLBNY’s public Website; once downloaded, the User can begin filling out the AHP Rental Project Workbook.

4. FEDERAL HOME LOAN BANK OF NEW YORK  Cells shaded in orange provide formulas to recognize possible input errors  Users should input information into cells shaded in yellow Instructions Tab  Provides an overview of each worksheet  Red triangles contain comments to assist in completing the workbook

5. FEDERAL HOME LOAN BANK OF NEW YORK  Provides a timeline of the projected Project lifecycle Project Schedule Tab  Additional pertinent milestones or project objectives may be added to the grid in the Other section  Appropriate dates are entered into the yellow cells

6. FEDERAL HOME LOAN BANK OF NEW YORK  Provides a detailed breakdown of the site(s) within the Project Site Information Tab  The top portion should be data for the location of the majority of project units  The next section should include specific data on each address

7. FEDERAL HOME LOAN BANK OF NEW YORK  Provides a breakdown of the Total Project Costs Development Budget Tab –Total Acquisition on Dev Budget must equal Acquisition Price on Site Info, which must be substantiated by 3 rd party documentation.  TIPS: –Total Construction Costs on Dev Budget must equal the construction cost documentation submitted –Any amounts input on the “Other” line items on the Dev Budget must be further explained on the Supplement worksheet –An explanation must be provided for all Working Capital and Project Reserve items noted on the Dev Budget  Indicate what will be paid for with AHP funds

8. FEDERAL HOME LOAN BANK OF NEW YORK  Provides details for any “Other” items on the Dev Budget Supplement Tab  Input the Profit, Overhead and General Requirement amount and all Commercial Construction costs

9. FEDERAL HOME LOAN BANK OF NEW YORK  Provides a list of the Project’s source of funds and their corresponding commitment status Source of Funds Tab  Tax Credit Projects should also include information regarding their allocation Select the Funding Source Type from the dropdown menu and then provide the name of the source and the amount of construction and permanent funding. The commitment status is only required for the permanent financing sources

10. FEDERAL HOME LOAN BANK OF NEW YORK  Provides information regarding the monthly debt payments required by permanent funding sources Debt Service Tab  Data must be input into the yellow shaded columns in order for the debt service amount to auto populate on the Pro Forma worksheet  TIPS: –The lender & funder fee amount must correspond to the amount input on the Dev Budget –The term length must be input in months The first 3 columns auto populate from the Source of Funds worksheet

11. FEDERAL HOME LOAN BANK OF NEW YORK  Provides data on the income targeting, unit counts and bedroom distribution for the Project Rent Plan Tab  Input income limits into the AMI chart – use the current years income  Next, input data points shaded in yellow for each targeted AMI for your Project  If the tenant’s rent will be subsidized, be sure to reference the number of subsidized units and the source of subsidy Dropdowns are available for Targeted AMI, Unit Type & Apartment Type

12. FEDERAL HOME LOAN BANK OF NEW YORK  Provides 15 year operating income and expenses for the Project 15 Year Operating Pro Forma (Residential)  Input other expenses as needed  Rents are obtained from data on the Rent Plan tab for year 1  Input a vacancy percentage and the form will auto populate  Year 1 amounts for all expenses are to be input with an annual % increase that will auto populate the remainder of the pro forma

13. FEDERAL HOME LOAN BANK OF NEW YORK  Not applicable to all projects Commercial & Social Services Pro Forma  Open worksheet – no standard format

14. FEDERAL HOME LOAN BANK OF NEW YORK  Provides a summary of the data that has been input Results  Provide a detailed explanation to any items resulting in “Explain”  Provides a measurement of your application against the feasibility guidelines

15. FEDERAL HOME LOAN BANK OF NEW YORK 101 PARK AVENUE NEW YORK, NY 10178 WWW.FHLBNY.COM Advancing Housing and Community Growth The information provided by the Federal Home Loan Bank of New York (FHLBNY) in this communications is set forth for informational purposes only. The information should not be construed as an opinion, recommendation or solicitation regarding the use of any financial strategy and/or the purchase or sale of any financial instrument. All customers are advised to conduct their own independent due diligence before making any financial decisions. Please note that the past performance of any FHLBNY service or product should not be viewed as a guarantee of future results. Also, the information presented here and/or the services or products provided by the FHLBNY may change at any time without notice. Questions? Please e-mail us at ahp@fhlbny.comahp@fhlbny.com