The HOME Multifamily Underwriting Template is composed of several interrelated Excel worksheets, illustrated by tabs found at the bottom of the Excel screen. Open the Template in Excel and look along the bottom of the screen. You will see a set of tabs reading:

• Introduction
• HOME and Other Affordable Housing Requirements
• Rents and Income
• Development Costs
• Operating Expenses
• Financing Sources
• Custom Loans
• Operating Pro-Forma
• Gap Analysis
• Summary

Notice that each tab in the Template corresponds to a training topic in this online module.

Click on the Introduction tab of the Template. This worksheet is used to enter information identifying the project you are working on and other information that will clearly label the Template for future reference. Once you begin using this Template regularly, you will likely have different versions saved on your computer that correspond to different projects.

In addition to the project's identifying information, the Introduction tab describes limitations and assumptions related to using the Template. Review these limitations and assumptions carefully to avoid misusing the Template or misinterpreting its results. They read as follows:

• This template is intended to be used in tandem with web-based training materials available on HUD's HOME Front Website. Failure to consult the online training may result in inaccurate results.
  
  
• The template is intended to assist in planning multifamily, not single-family, affordable housing.
  
  
• The U.S. Department of Housing and Urban Development and ICF Consulting assume no liability for the use, functionality, or content of this template. This template is for draft calculations only. All inputs, outcomes, and calculations should be independently verified.
  
  
• Do not change formulas within the template, as many of them track to other formulas.
  
  
• Users must determine and enter into the template the minimum required number of HOME units given the level of HOME investment and the per unit HOME investment caps. The template does not automatically assume or calculate a specific number of HOME units.
  
  
• This template does not automatically cap rents at HOME levels. Each user must do this, as applicable.
  
  
• This template does not automatically cap the level of HOME investment using the investment limits. PJs must ensure that they do not invest more than the per unit investment limits would allow or more than is required by the project. PJs are encouraged to review Notice 98-02 for guidance on allocating costs and determining maximum investment and minimum HOME units.
  
  
• PJ's must conduct a subsidy layering analysis for investment of HOME funds.

Users should note that cells for data entry are flagged with Excel's comments feature and colored green.

Once the Introduction tab of the Template is complete, proceed to the next tab in the Template, HOME and Other Affordable Housing Requirements. (Note that the Excel tab reads "HOME and Other Requirements", an abbreviation of the full title of the worksheet.)