Get Hmfa Form 10 Proforma Instruction Sheet - State Of New Jersey

Navigating the HMFA Form 10 Proforma Instruction Sheet can seem challenging, but with this user-friendly guide, you will be equipped to complete it online with ease. This guide breaks down each section and field of the form, ensuring you have the necessary information at your fingertips.

Follow the steps to successfully complete the form online:

1. Click ‘Get Form’ button to obtain the form and open it in the editor.
2. Begin by identifying the sources of funds during construction. In this section, list all the funding sources that will be used, specifying whether each is a grant (g), loan requiring repayment (y), or loan that does not require repayment (n). Make sure to only include funds that are accessible during the construction phase.
3. Next, move to the uses of funds during construction. Here, you will detail all costs associated with project construction, including acquisition and construction costs. Provide specific figures for land, buildings, environmental clearances, and other required expenses.
4. Proceed to the section for balance of funds needed for construction. Calculate and indicate the difference between available funds and total project construction costs to identify any potential overage or shortage.
5. In the sources of funds for permanent closing section, list all funding sources required for transitioning to a permanent loan. Ensure to indicate how any surplus from construction funding affects this section.
6. List the developer’s fee, ensuring it is only the portion not deferred during the construction phase. Follow with the uses of funds for permanent closing, detailing any applicable fees such as HMFA points and second note financing fees.
7. Conclude with the total project costs and maximum mortgage loan details. Outline the equity differential and any relation to the repayment of the second note section. This will provide comprehensive oversight of the project’s financial requirements.
8. Once completed, review the entire form for accuracy and completeness. You can then save changes, download, print, or share the finalized document.

Ensure you have all your documents ready and start filling out the HMFA Form 10 Proforma Instruction Sheet online today!