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Sample Pro Forma Single Family Rentals change orders. rypi."r *ntini"-n;;;;;;; ;;;;;;;ir;;;.;;;;;;;;.;;;. ;;:[, ;;;; - carefully the proiect has been evaluated and specifications identified, the lower the contingency amountneeded. Soft Costs 'Architectural fees should be based on estimates from an architect. Fhese fees may be based on a certainpercentage ofthe consiluction contract amount, a fee per dwelling unit, a flat fee for services, or anotherbasis' with rental rehab projects, the specifications and cost estimates are often completed by a rehabspecialist, either a specialist on the developer's staff or a contracted specialist. Note that design andconstruction management costs could be So for budgeting purposes if the developer fee has been calculatedto pay for all project planning and management costs. o The engineering fee should also include mechanical or structural engin€ering costs, if any, incurred as partof the design process. o Environmental review costs could include the cost of a third-party contractor completing revie$/s requiredtodetermineclearance; thethird-partyreviewswouldneedtobeapprovedbythegranteeorother "responsible entity". ' A survey prior to acquisition may or may not be required by NSP grantees for single-family programs. prior to providing construction or permanent financing, it may be required by the mortgage lender. A survey canreveal easements that make sorne of the land unbuildable. ' As-is appraisals are required in NSP for foreclosed properties, to determine if the selling price is at least 1%above the market value. lt is a good practice to ask the appraiser or another entity to provide ,,comparable rents" forthe housing units in completed condition, based on a transrnittal ofthe plans and specificationsorinspection of the unit{s) after the redevelopment is complete. The "rent comparables,' should be used toestablish the rents in the operating pro forma. r Property/casualty insurance should be obtained by the developer for the interim pe riod before builder,s l':111'_i_':,:::j:T"_'ll,_"-."I"3_ll:1"-1:_::':T'_':-:t:,,Esf.T::1,:_.ll::_1T::1"_y9H11"1111,i,"