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Sample Pro Forma Single Famity RentalsGuide to completing Development and operating pro FormasAnd Cash Flow ProjectionsA. DEVETOPMENT PRO FORMAThis worksheet is used to calculate yourtotaldevelopment budget. lt includes all uses of funds for hard andsoft costs as well as sources of funds. From the operating budget workheet, it carries over the amount of amortgage loan that the project can support, then subtracts the rnortgage amount and developer equity byformula to determine the required NSp funding amount.Acquisition Costsln this version separate lines are shown for land and building costs, although these could be combined intoone line item if desired. Soft costs related to acquisition, such as the appraisal and closing costs, should belisted under soft costs-C.onstruction CostsThe amount should be estimated until there is a contract, then the actual contract amount should beentered. Besides the "hard" costs of materials and labor, the contract price will typically include suchcomponents as an allowance for the contractor's project-related expenses or "general requirements,, suchas building permits, fencing around the site, temporary storaBe for materials, the contractor,soverhead/profit, and the cost of a performance bond or letter of credit provided by the contractor to insurethat the project will be completed (if required). This amount should also include site improvements such asexcavation for foundations or utilities, grading of the site, walkways, on-site roads, landscaping outdoorlighting or parking spaces. Estimates of construction costs for single-family rental rehab projects are usuallycompleted by a rehabilitation specialist based on a work write-up. lf substantial rehab or structural repairsare involved, the estimate or a portion thereof might be created by an architect with input from a engineer.ln the case of single-family rental rehab projects funded by NSp, limited off-site infrastructure costs might beincluded that are crucial to making the home marketable. This coutd include work repairing contiguous andnearby sidewalks or alleys.lncluding a construction contingency amount outside the construction contract is typical and advisable.I ltllallv. thp amntrnt of continsencv firnds is nnt sharpd with thp contrerfor. Thp cnntingpncv is ,spd to frrnd