Input schema (JSON)
{
"type": "object",
"required": [
"program",
"state",
"units",
"value",
"noi"
],
"properties": {
"noi": {
"type": "number",
"maximum": 1000000000,
"minimum": 0,
"description": "Underwritten annual net operating income in dollars."
},
"rate": {
"type": "number",
"maximum": 12,
"minimum": 1,
"description": "Note rate in percent. Default 5.54, the median note rate on apartment loans HUD endorsed in the year to September 30, 2026 (not a quote)."
},
"tier": {
"enum": [
"market",
"affordable",
"assisted",
"middle"
],
"type": "string",
"default": "market",
"description": "Rents: market (87% / 1.15), affordable (tax credit or Section 8 rents at least 10% below market), assisted (90%+ of units with rental assistance), middle (221(d)(4) only; on 223(f) it sizes as market). Default market."
},
"price": {
"type": "number",
"maximum": 5000000000,
"minimum": 0,
"description": "223f_purchase only: price plus repairs and closing costs, for the acquisition cost test."
},
"state": {
"type": "string",
"pattern": "^[A-Za-z]{2}$",
"description": "Two-letter state or territory code, e.g. TX. AK, HI, GU and VI use the 405% high-cost percentage; all others 270%."
},
"units": {
"type": "object",
"properties": {
"br1": {
"type": "integer",
"maximum": 5000,
"minimum": 0
},
"br2": {
"type": "integer",
"maximum": 5000,
"minimum": 0
},
"br3": {
"type": "integer",
"maximum": 5000,
"minimum": 0
},
"br4": {
"type": "integer",
"maximum": 5000,
"minimum": 0
},
"studio": {
"type": "integer",
"maximum": 5000,
"minimum": 0
}
},
"description": "Unit count by bedroom, e.g. {\"br1\": 48, \"br2\": 60, \"br3\": 12}. Keys: studio, br1, br2, br3, br4 (four or more bedrooms). Omitted keys are 0.",
"additionalProperties": false
},
"value": {
"type": "number",
"maximum": 5000000000,
"minimum": 1,
"description": "223(f): property (or appraised) value in dollars. 221(d)(4): total replacement cost in dollars."
},
"payoff": {
"type": "number",
"maximum": 5000000000,
"minimum": 0,
"description": "223f_refinance only: existing debt plus closing costs, for the cash-out test."
},
"program": {
"enum": [
"223f_refinance",
"223f_purchase",
"221d4_new_construction",
"221d4_substantial_rehab"
],
"type": "string",
"description": "223f_refinance, 223f_purchase, 221d4_new_construction or 221d4_substantial_rehab."
},
"elevator": {
"type": "boolean",
"default": false,
"description": "Elevator building (higher per-unit limits). Default false."
},
"build_months": {
"type": "integer",
"default": 20,
"maximum": 60,
"minimum": 1,
"description": "221(d)(4) only: construction period in months, for the upfront MIP. Default 20 (the sizer page default)."
}
},
"additionalProperties": false
}