Initial Mortgage Amount Current Mortgage Amount Monthly Debt Service Interest Reduction Payment (IRP) Initial Equity Item Guidance Enter the initial mortgage amount for Section 221(d)(3), Section Initial 236 and Section 202 loans. Also include any other debt Mortgage Amount approved by HUD (e.g. Section 223(d) or Section 241(a) loans). Current Enter the current amount for the project’s mortgage loans, if applicable. Mortgage Amount Monthly Enter the monthly debt service payment(s) for HUD-approved debt. Debt Service Interest Reduction For Section 236 projects only, the amount of the IRP for the Payment budgeted year. This can be found in the project’s amortization schedule. (if applicable) Obtain this from iREMS or form HUD 92264. For non-profit owners, this is $0. However, if the owner subsequently Initial Equity refinanced and formed a for-profit entity for the purpose of using (Section tax credits, use the new equity amount. Make sure you select the 221(d)(3)s and correct ownership type above (for-profit if previously a Section 236 Also review the owner’s submission of Attachment 5 if properties only) this is the new owner’s first BBRI request on a Preservation transaction. BOX A: Debt Service Computation This section computes the annual debt service requirement which will be incorporated into the Cash Requirements in Box C and is used to compute the new MARP. Reviewers must use the current debt service in computing the new MARP for projects
Initial Mortgage Amount Current Mortgage Amount Monthly Debt Service Interest Reduction Payment (IRP) Initial Equity Item Guidance Initial Mortgage Amount Enter the initial mortgage amount for Section 221(d)(3), Section 236 and Section 202 loans. Also include any other debt approved by HUD (e.g. Section 223(d) or Section 241(a) loans). Current Mortgage Amount Enter the current amount for the project’s mortgage loans, if applicable. Monthly Debt Service Enter the monthly debt service payment(s) for HUD-approved debt. Interest Reduction Payment (if applicable) For Section 236 projects only, the amount of the IRP for the budgeted year. This can be found in the project’s amortization schedule. Initial Equity (Section 221(d)(3)s and Section 236 properties only) Obtain this from iREMS or form HUD 92264. For non-profit owners, this is $0. However, if the owner subsequently refinanced and formed a for-profit entity for the purpose of using tax credits, use the new equity amount. Make sure you select the correct ownership type above (for-profit if previously a Also review the owner’s submission of Attachment 5 if this is the new owner’s first BBRI request on a Preservation transaction. BOX A: Debt Service Computation This section computes the annual debt service requirement which will be incorporated into the Cash Requirements in Box C and is used to compute the new MARP. Reviewers must use the current debt service in computing the new MARP for projects
CHAPT2.6BUDBASERENTINCRE.DOCX