What do you need in the loan file to document affordable housing to LMI?

Can you use the following calculation versus the amount of rent being offered by the Multi-Housing Complex?

AMI x 50% = Low Income
AMI x 80% = Moderate Income
Divide by 12 = monthly income
Multiply by 30% = affordable house costs per month

Do you need documentation in file of other Multi-Housing complex rent fee for comparison?

Do you have a worksheet for documentation?

Looks good to me cowgirl. I do not believe you need other rent comparisons.

What kind of information should I present in the following scenario;

Approved loan to a housing authority to renovate former hotel with tax credit financing for affordable housing. The renovation hasn't started, so there aren't any rent roles. I do, however, have documentation from the HA that shows 100% of their current clients in other housing developments are LMI. This is the first loan of this nature I have come across (only been CRA officer for about 8 months now), so I wasn't sure what kind of documentation would suffice. Do I need to ask the HA what the proposed rent roles are for the complex?

I should also add that the loan officer isn't much help. CRA is outside of his interest and he doesn't usually care to provide very much information. I guess that he thinks that is exclusively on me to gather that kind of info.... So, I think I'm going to have to reach out to the housing authority or the loan assistant directly for this one.

Any ideas or guidance would be great.

Thank you!

lewis935 - show the examiners the tax credit financing deal sheet. It (the housing authority) has as its purpose and mission affordable housing - case closed!

So I'm new to CRA is this (Tax Credit Financing deal sheet) something our LO should obtain and/or have as a part of their underwriting?

Sorry, I am referring to the credit memo, underwriting memo, whatever the bank has to evidencing a loan to a Housing Authority. It is a slam dunk CD loan.

After calculations you find the rents are lower than the affordable house costs per month then this would count as affordable housing?

I need some clarification when performing my calculations for affordable housing. Do I use the Estimated MSA/MD Median Family Income or the Estimated Tract Median Family Income when calculating?

Howdy folks. I'm working on trying to put together an affordable housing case (after loan booking- imagine that). So, using the math in the top post, I can get those figures but is there any guidance saying those rents should apply to a 1-4, studio, micro, etc?

I have a property that has been rehabbed and offers affordable rates (imo) but 1/3 of those are micro and studio units.

The FRB examiner I worked with last summer used HUDs FMR. It has rates for efficiency, one, two, three, and four bedroom units.