The purpose of this form is to provide comparable property information for Minnesota Housing to review alongside the proposed development listed below. Minnesota Housing will consider all comparable properties provided, in addition to comparables in Minnesota Housing’s portfolio (refer to Chapter 3 in the Multifamily Underwriting Standards for more information).  

Instructions: Complete this form for each comparable property that aligns with the proposed development. Do not include comparable properties located outside of Minnesota. Additionally, the most recent audit for the comparable property should coincide with the financial information in the chart below. Attach a copy of the audit with this form.  All questions must be fully completed or answered as “not applicable” (NA).

Proposed Development 	
Name	     	
D# (if known)	     	
Address	     	
City, State, Zip Code	     	

Comparable Property	
Name	     	
County	     	
Address	     	
City, State, Zip Code	     	
Management Company	     	
Service Provider (if applicable)	     	

Provide the following information for the comparable property. Answer all items or identify as NA (not applicable).
1.	Explain why this comparable property is similar to the proposed development. Explain in detail the similarities with the proposed development (location, size, operating expenses, population served, etc.). Include information outlining what is unique (such as energy efficiency upgrades) to the proposed development and how those unique details directly compare to the comparable property.   
     

2.	How many years has it been since the comparable property was constructed or last renovated? Include any details, such as whether there was a renovation that also included new construction of additional units. 
     

3.	What type of structure is the property?
 Townhouse      Walkup      Elevator      Combination of any of the three
For combination structure types, include the breakdown of number of units in each structure type (e.g., a development has a total of 100 units: 60 units [elevator building]; 40 units [townhomes]). 
     

4.	What type of construction is the property?
 Wood frame      Concrete      Steel frame

5.	Total number of units:
Efficiency:         1 BR:         2 BR:       3 BR:         4 BR:       5 BR:       

6.	What are the contract rents (monthly rent charged to tenant) for each type of unit listed in #5 above? 
Efficiency: $        1 BR: $        2 BR: $      3 BR: $        4 BR: $      5 BR: $      

7.	What is the square footage of each unit type listed in #5 above? 
Efficiency:      sq. ft.   1 BR:      sq. ft.   2 BR:      sq. ft.  3 BR:      sq. ft.   
4 BR:      sq. ft.    5 BR:      sq. ft. 

8.	Total number of rooms (refer to Chapter 3 in the Multifamily Underwriting Standards for room count guidelines) 
     

9.	What utilities are paid through the operations budget? 
     

What utilities are paid by the tenant? Provide the Utility Allowance breakdown by unit type paid by the tenant.
     

10.	What is the number of subsidized units?      

What is the subsidy source(s) for all units? Provide all sources and include any specific sources for any supportive housing units and the rent amount that is currently being paid on each unit type. 
     

11.	Does the development serve supportive housing units?  Yes      No
If yes, list the number of supportive housing units and type (high priority homeless (HPH) or long-term homeless (LTH)), and identify what populations are being served (e.g., single adults, families with children, youth). 
     

12.	Is there front desk staff?  Yes      No

If yes, how many full-time employees (FTE)?      

What are the total front desk costs that are paid for out of the operating budget? 
     

13.	Is there a tenant services coordinator? Yes      No

If yes, how many full-time employees (FTE)?      

What are the total tenant service coordinator costs that are paid for out of the operating budget? 
     

14.	Are there any supportive service expenses included in the operating budget other than what is listed in items #12 and #13 above? Yes      No

If yes, specify any additional supportive service expenses and indicate in which expense line(s) they are listed in the table in #15.
     

15.	Complete the table below that outlines the financial information for the comparable property.
Income	Year End Totals	Comments	
Rental Income	     	     	
Vacancy	     	     	
Other Income	     	     	
Other Vacancy	     	     	
Total Revenue	     	     	
Expenses			
Management Fees	     	     	
Admin and Marketing	     	     	
Payroll	     	     	
Maintenance	     	     	
Utilities	     	     	

Unique Operating Expenses (front desk staff and tenant services coordinator) 	     	     	
Insurance	     	     	
Real estate taxes	     	     	
Total Expenses	     	     	

Name and title of person completing this form	     	
Email address	     	
Phone number