Total legal and organization. Total estimated cost (exclusive of land and required construction off the site)--- Fair market price for this parcel of land in fee simple (from FHA form 2401): square feet @ per sq. ft. Total estimate of replacement cost of property- I hereby certify that I have read section 512 (a) of the National Housing Act, as amended; that I have no personal interest, persent or prospective, in the property, the proceeds of a mortgage proposed to be secured by the property or the applicant therefor. Date Date (Signed). Valuator. (Approved) Chief Valuator. Deputy for Chief Valuator. DETERMINATION OF MAXIMUM INSURABLE MORTGAGE 1. Total for all physical improvements, carrying charges, and financing-. 2. 90% of total estimated replacement cost of property. 3. Amount based on limitation as to debt service ratio: (a) Mortgage interest rate‒‒‒‒ (b) Mortgage insurance premium_. $ (f) Annual special assessments. -% -% -% % (d) (e) Net income__ (g) (h) Total of (f) and (g) (i) Item (e) minus (h) (j) Item (i)÷Item (d). (a) Number of rooms units___X$_ 4. Amount based on statutory limitation per room or per unit: (b) Ratio cost of "Total Structures" to "Residential and =$. Related Uses" (c) Item (a)×Item (b). % (From Form 2412). 5. Mortgage amount stated in application_. MAXIMUM INSURABLE MORTGAGE (Lowest of above amounts). ESTIMATED REQUIREMENTS FOR COMPLETION OF THE PROJECT 1. FHA total estimated cost exclusive of land (and exclusive of required construction off the site... 2. Mortgage loan proceeds__ 3. Amount for fees to be paid by means other than cash- 4. Estimated amount of cash to be escrowed at closing_ $. 5. Total (to equal the amount of Item 1)_. ADDITIONAL REQUIREMENTS In addition to the above requirements land must be free and clear of encumbrances; additional cash must be escrowed at closing in the event the cash required by the contract documents exceeds the sum of the mortgage and the cash indicated in Item 4 above; cash working capital of $---escrowed at closing, and provision must be made for off-site requirements estimated to cost $_. (Form 2411). Ratio: Mortgage $. ANALYTICAL SUMMARY carrying charges, and financing $_. Ratio: Mortgage $. of Property $- to total for all improvements, is to be _% to estimated Replacement Cost % % Ratio: Debt service requirements $to estimated net income $- Amount of mortgage allocable to dwellings only; per family unit, Ratio: Income from dwellings @ 100% occupancy to all income at 100% occupancy Ratio: Total operating expenses and taxes $. to gross income expectancy $. Ratio: Debt service requirements $. to gross income expectancy Point of technical default: Point of FHA loss: REMARKS: Date_ Date_ (Signed) (Signed) (Approved) Mortgage Credit Examiner. Chief Mortgage Credit Examiner. The CHAIRMAN. Unless there is objection, the committee will stand in recess until 2: 30, at which time we will have Mr. Greene, Mr. Kane, who is legislative representative of the Office of the Comptroller General, and William A. Newman, Associate Director, Division of Audit, General Accounting Office. (Whereupon, at 12:30 p. m., the committee recessed, to reconvene at 2:30 p. m. the same day.) AFTERNOON SESSION The CHAIRMAN. The committee will please come to order. Our first witness will be Mr. Kane, legislative attorney of the Office of the Comptroller General. Mr. HOLLYDAY. Mr. Chairman, may I ask a procedural question? The CHAIRMAN. You may, of course. Mr. HOLLYDAY. I wasn't here, sir, during all of the testimony this morning because I was checking on my own testimony of yesterday and, as a matter of fact, for the benefit of my memory, I am going to ask if I may have a copy of Mr. Cole's testimony when it is ready this afternoon. The CHAIRMAN. The testimony in a public hearing such as this is available to anybody who wants to look at it. Mr. HOLLYDAY. If at the end of the day I could have it, I would like very much The CHAIRMAN. You can't have it until tomorrow morning when it is typed. Mr. HOLLYDAY. Whenever it is available. The CHAIRMAN. This is a public hearing and the testimony is available to anybody. Mr. HOLLYDAY. May I ask another question? The CHAIRMAN. Certainly. Mr. HOLLYDAY. I am very much interested in the order of procedure. I understand you have Mr. Greene, and I assume you will have Mr. Murphy, whom you said yesterday that you would call, and I would like to know when Mr. Murphy will be on. He has charge of all the investigators. Then after the testimony has been made, I presume you are going to give me an opportunity to clarify anything that has not been clarified by the previous witnesses. As a matter of fact, if possible, I hope to leave at the end of the week. The CHAIRMAN. If you think you can add anything to the facts and be helpful to us we will be delighted to listen to you. Mr. HOLLYDAY. Thank you, sir. If I could leave at the end of the week, Thursday morning or Thursday afternoon, I will leave it to you. The CHAIRMAN. Fine. If you have any information that you think will be valuable, you speak to me. Mr. HOLLYDAY. I am speaking to you right now and I would like Thursday or anytime that suits you. The CHAIRMAN. You want to testify again? Mr. HOLLYDAY. Yes, sir; very definitely. The CHAIRMAN. Very well, we will speak to you when the hearings are over today, and see when we can schedule you. Mr. HOLLYDAY. Thank you. The CHAIRMAN. Thank you, sir. Now, Mr. Kane, you are the legislative attorney of the Office of the Comptroller General? Mr. KANE. That is right. The CHAIRMAN. And you want to read a short statement. I think we had better swear you in. Mr. KANE. I have with me Mr. William Newman, Associate Director of Audits. The CHAIRMAN. Do you both solemnly swear to tell the truth, the whole truth and nothing but the truth, so help you God? Mr. NEWMAN. I do. Mr. KANE. I do. |