The Operating Pro-Forma tab of the HOME Multifamily Underwriting Template uses information on development costs, loan characteristics, income, expenses, and other variables to project the project's annual finances during the relevant time period. This tab differs from those that precede it because it does not require additional information from you, the user. If the pro-forma is incomplete, first check the previous tabs to ensure that you have provided all of the necessary information.

The format for the operating pro-forma used in the HOME Multifamily Underwriting Template is just one of many alternatives for presenting this financial data. Lenders and investors may request other formats or you may choose to develop your own.

The pro-forma presented here is divided in to several sections. For an explanation of the terms and concepts within each section, click on the corresponding link below.

• Project Timeline
• Gross Potential Rent (GPR) Projections
• Effective Gross Income (EGI) Projections
• Expenses and Net Operating Income (NOI) Projections
• Debt Service and Cash Flow
• Developer Return on Equity
• Annual Debt Summary

Once you have a grasp of the Operating Pro-Forma tab, proceed to the Gap Analysis tab.