DOCUMENTATION

Tracking Number
UDA Name
ADO
Responsible Personnel
Location
Frequency of Use

Purpose

Inputs

Outputs

Processing

- Logic

- Calculations

- Macros

- Manual Entries

- Inactive

UDA Limitations

Location of Procedures
25071
FHLBDM HC Model
Craig Horton
Rick Bloxham
I:\FHLBUDA\Community Investment\I DRIVE FHLBUDA\UDAs\Production\25071_Hard Cost Model
Transactional

This workbook is used to evaluate the feasibility of developments, based on hard costs, for rental and homeownership projects in the AHP competitive grant pr
analysis page where project information and budgets are inputted, then calculations are performed based on industry cost indices and variances to determine
Worksheets included are: user instructions, cost analysis, base costs, general assumptions of costs, scope factors, location factors, quality definitions, and acc

Inputs are performed by external AHP sponsor users.

AHP Hard Cost Model that is reviewed by CID analysts.

Processing

See purpose.

See AHP Hard Cost Instructions: I:\FHLBUDA\Community Investment\I DRIVE FHLBUDA\UDAs\Production\25071_Hard Cost Model

N/A

See AHP Hard Cost Instructions: I:\FHLBUDA\Community Investment\I DRIVE FHLBUDA\UDAs\Production\25071_Hard Cost Model

N/A

AHP online system does not provide the functionality needed to collect this information from AHP sponsors.

I:\FHLBUDA\Community Investment\I DRIVE FHLBUDA\UDAs\Production\25071_Hard Cost Model

Hard Cost Model

osts, for rental and homeownership projects in the AHP competitive grant program. The workbook includes a cost
s are performed based on industry cost indices and variances to determine the hard cost feasibility of the project.
umptions of costs, scope factors, location factors, quality definitions, and acceptable variance ranges.

LBUDA\UDAs\Production\25071_Hard Cost Model

LBUDA\UDAs\Production\25071_Hard Cost Model

tion from AHP sponsors.

Hard Cost Model

 Competitive AHP Application
Affordable Housing Program
Construction Cost Calculator
Project Name:
Sponsor
Subsidy Requested:

Application Instructions ● The purpose of this workbook is to determine the hard cost feasibility of a project's budg
compared to a typical project of that type at the project location. This workbook uses co
derived from Marshall and Swift Commercial and Residential Cost data, and location info
from RS Means, in its analysis.

● Input information in the light blue shaded fields. Fields that are not shaded are locked an
changed.
● For fields with a dropdown selection, select one option - do not type the selection
● Some required project information is located in Rental or Homeownership Feasibility Wo
should correspond to those inputs. See Below for specific locations

Descriptions and Instructions for each of the individual Excel worksheets

Tab Worksheet Description and Required Fields
Instructions Instructions for the applicant to use the model
Model to calculate hard cost feasibility for the development, using industry and internal data f
Cost Analysis tabs to calculate. Light blue fields are inputted by applicant. This is the only tab which will req
manual user inputs.
● Rental and
Homeownership

Select Building Type from dropdown list.

Select Basements, Elevators, Balconies/Exterior Covered Areas with
included in scope of work.
Select Scope of Work from dropdown list. See Scope tab in this Work
descriptions.
Enter Zip Code of project location. For scattered site lo
central or primary site.
Select Quality of Vertical and Site Improvements from
list. See Quality tab in this Workbook for descriptions.
● Homeownership
Enter Floor Area, from Cell C13 (Total Square Footage) in Cost Breako
the Homeownership Feasibility Workbook.

Enter Hard Cost Budget Including Contingency, from Cell F11 (Constr
Rehabilitation Cost) in Feasibility Guidelines tab of Homeownership F
Workbook.
● Rental Enter Floor Area, from Cell C14 (Total Square Footage) in Cost Breako
Rental Feasibility Workbook.
Enter Hard Cost Budget Including Contingency, from Cell G13 (Adjust
Development Cost) in Feasibility Guidelines tab of Rental Feasibility W
 Gives definitions for different construction scopes for new construction and rehabilitation pro
Scope definitions are provided based on the extent of improvements or repairs and typical property
and is used as a multiplier in the Cost Analysis.

Gives definitions for the different quality ratings for new construction and rehabilitation projec
Quality completing the Cost Analysis match the actual or expected quality of the project with the best
Quality factors are used as a multiplier in the Cost Analysis.

If you encounter a problem with the Workbook, please e-mail: communityinvestment@fhlbdm.com

Refer to the specific Worksheet and cells that are involved and provide a detailed description of the problem
cost feasibility of a project's budget when
location. This workbook uses cost data
ential Cost data, and location information

that are not shaded are locked and cannot be

- do not type the selection

r Homeownership Feasibility Workbooks and
fic locations

using industry and internal data from other

This is the only tab which will require

n list.
nies/Exterior Covered Areas with Y/N if

n list. See Scope tab in this Workbook for

ect location. For scattered site locations use

rtical and Site Improvements from dropdown

ok for descriptions.
al Square Footage) in Cost Breakout tab of
kbook.

ntingency, from Cell F11 (Construction or

idelines tab of Homeownership Feasibility

al Square Footage) in Cost Breakout tab of

ntingency, from Cell G13 (Adjusted

delines tab of Rental Feasibility Workbook.
nstruction and rehabilitation projects. Scope
s or repairs and typical property condition,

truction and rehabilitation projects. In

uality of the project with the best definition.

yinvestment@fhlbdm.com
iled description of the problem.
Construction / Rehabilitation Cost Reasonableness Analysis
Project Number:
Project Name: 0
Analysis Date:

Sponsor's Project Plan

• Building Type
• Floor Area (Gross Conditioned Sq. Ft.)

• Scope of Work
• Location Zip Code
• Quality of Vertical and Site Improvements

Sponsor's Project Cost

[ Total Hard Cost Budget, including Contingency
[ Total Hard Cost Budget per Sq. Ft. $ -

FHLBank's Construction Cost Factors & Estimate

1 National Avg. New Constr. or Repl. Cost per Sq. Ft. $ -
2 Scope of Work Factor -
3 Location Factor -
4 Quality Factor -
[ Total Estimated Hard Cost per Sq. Ft. $ -
[ Total Estimated Hard Cost Based on Input Factors $ -

FHLBank's Analysis of Reasonable Cost

5 Acceptable Variance Range (%)
[ Variance between Budget and Estimate $ -
[ Variance Acceptable?
 • Basement
Sq. Ft. • Elevator
•
Balconies/Exterior
Covered Area

0.00% to +0.00%
0.00% +0.00%
Scope of Construction or Rehabilitation

Scope Factor Definition Expected Property Condition

Developed lots ready for vertical 1.00 New residential construction on developed Site has already been fitted with roads and
construction lots. Roads and utilities included in land utilities and is fully prepared for new
acquisition cost. construction.

Raw land requiring Infrastructure 1.10 New residential construction on lots that still Raw land which does not require demolitions or
require infrastructure site improvements, but does require
infrastructure.

Raw land requiring minor demolition 1.15 New residential construction on lots that Raw land which requires some demolition,
before infrastructure require some site work before developing excavation grading, or improvements before
infrastructure roads, utilities, etc. can be developed

Extensive existing improvements or 1.20 New residential construction on lots that Land which requires major demolition,
demolition before infrastructure require major sitework before developing excavation, grading, or improvements before
infrastructure roads, utilities, etc. can be developed

< Minor Rehab 0.05 A less than minor level of rehabilitation. Minor The property has been very recently constructed
spot repair of a single system, or single exterior and not previously been occupied, or an existing
or interior repair. unit in above normal condition. The entire
structure and all components are new or as new
and the property features no physical
depreciation.

Minor Rehab 0.15 Repair of a major system (roof repair, HVAC
servicing, spot window repair or replacement)
and/or spot repair of interior or exterior
finishes (spot repair of wall and ceiling, minor
painting, spot floor coverings, some plumbing
and electrical fixtures, minor provisions for
seniors and the handicapped).
The property is an existing unit with little
physical depreciation. Virtually all building
components are new or in good repair. Most
components and finishes have been updated
and/or replaced with components that meet
current standards. Most depreciation may be
corrected with spot repair or replacement of
minor components.

Minor to Moderate Rehab
0.30 Spot repair or replacement of a major system
(roofing, HVAC, plumbing, electric, or
windows), and minor repair of interior and
exterior finishes (spot repair of wall and
ceiling, some interior painting, spot floor
coverings, some plumbing and electrical
fixtures, minor provisions for seniors and the
handicapped, or some siding repair and paint.
The property is in good to very good condition
but features some minor physical depreciation
due to normal wear and tear. A major system or
building component may require replacement,
but most deprecitation may be corrected with
spot repair or replacement of some
components.

Moderate Rehab 0.45 Spot repair or replacement of one or more The property is in good condition but has some
major systems (roofing, HVAC, plumbing, deferred maintenance and physical depreciation
electric, or windows) and minor to moderate due to normal wear and tear. Most major
repair or replacement of interior and exterior systems and building components have been
finishes (spot repair of walls and ceiling, some adequately maintained or are functionally
interior painting, spot floor coverings, some adequate, but one or more systems may require
plumbing and electrical fixtures, some cabinets repair or replacement, and there is need for
and countertrops, minor provisions for seniors minor to moderate repair of interior and exterior
and the handicapped, siding repair and paint finishes.
or siding replacement).

Moderate to Major Rehab
0.60 Replacement of some major systems (roofing,
HVAC, plumbing, electric, or windows) and
moderate to major repair or replacement of
interior and exterior finishes (wall and ceiling
repair, painting, floor coverings, plumbing and
electrical fixtures, cabinets and countertrops,
provisions for seniors and handicapped, siding
repair and paint or siding replacement).
The property's functional utility and overall
livability is diminished due to deferred
manitenance and physical depreciation, but it
remains in usable and functional as a residence.
Some major systems and building components
need repair, replacement, or updating to meet
current standards.

Major Rehab 0.80 Replacement of nearly all major systems and
building components, and major repair or
replacement of interior and exterior finishes.
Foundation and structural frame repair may be
required.
The property has deferred maintenance or
damage to most major systems and building
components, with deficiencies that are severe
enough to affect its safety, soundness, or
structural integrity. The property would not be
functional as a residence without rehabilitation,
and displacement of current occupants may be
required to facilitate rehabilitation.

Gut Rehab or Adaptive Reuse
1.00 Replacement of all major systems and building
components and interior and exterior finsihes.
Foundation and structural frame repair or
replacement may be required. Significant
architectural changes may occur including
changes to room layout and/or additions to
correct functional obsolescence.
The property has deferred maintenance or
damage to all major systems and components,
with deficiencies that are severe enough to
affect its safety, soundness, or structural
integrity. Significant functional obsolescence
requiring architectural changes is present, or the
project includes adaptive re-use of a non-
residential structure. Theese properties are
typcially vacant and if not would require
displacmwent of current residents to facilitate
rehabilitaion.
Quality Ratings, Definitions, and Factors

Rating Definition
Structures with this quality rating are of basic quality an
occupancy. Such structures are often built by persons w
construction skills. Electrical, plumbing, and other mech
existant. Low quality ratings are not acceptable in the F
Q1. Low
Structures with this quality rating emphasize economy o
produced. Such structures feature a basic design using r
with minimal exterior ornamentation and interior detail
constructed with inexpensive and basic materials.
Q2. Fair
Structures with this quality rating meet or exceed the re
modified building plans and design are used with some
Materials, workmanship, finish, and equipment are of b

Q3. Average
Structures with this quality rating are of higher quality b
includes significant exterior ornamentation and interior
building code requirements and many materials and fin
basic grade.
Q4. Good
Structures with this quality rating are individually design
design features detailed, high-quality exterior refinemen
interior refinements. The workmanship, materials, and fi
quality. Very good quality ratings may exceed feasibility
require explanation and documentation to justify this qu
Q5. Very Good
Structures with this quality rating are unusually unique
a specified use and feature an exceptionally high level o
through the interior and exterior of the structure. The s
refinements and ornamentation, and exceptionally high
and finishes throughout the dwelling are exceptionally h
feasibility guidelines of the FHLB Des Moines AHP Progr
documentation to justify this quality rating

Q6. Excellent
lity rating are of basic quality and lower cost; some may not be suitable for year-round
res are often built by persons who are professionally unskilled or possess only minimal
rical, plumbing, and other mechanical systems and equipment may be minimal or non-
tings are not acceptable in the FHLB Des Moines AHP Program.

lity rating emphasize economy of construction, basic functionality, and may be mass
es feature a basic design using readily available or basic floor plans featuring basic finish
rnamentation and interior detail. These structures meet minimum building codes and are
nsive and basic materials.

lity rating meet or exceed the requirements of applicable building codes. Standard or
and design are used with some exterior ornamentation and interior refinements.
, finish, and equipment are of basic grade and may feature some upgrades.

lity rating are of higher quality build from individual or readily available plans. The design
rior ornamentation and interiors that are well finished. The workmanship exceeds local
ents and many materials and finishes throughout the structure have been upgraded from

lity rating are individually designed for construction on the specific property site. The
, high-quality exterior refinements and ornamentation, and exceptionally high-quality
e workmanship, materials, and finishes throughout the dwelling are exceptionally high
ty ratings may exceed feasibility guidelines of the FHLB Des Moines AHP Program and will
documentation to justify this quality rating.

lity rating are unusually unique structures that are individually designed by an architect for
ure an exceptionally high level of workmanship and exceptionally high-grade materials
d exterior of the structure. The structure features exceptionally high-quality exterior
entation, and exceptionally high-quality interior refinements. The workmanship, materials,
the dwelling are exceptionally high quality. Excellent quality ratings may exceed the
the FHLB Des Moines AHP Program and will require substantial and detailed
y this quality rating