@uhero/feasim 0.1.1 → 0.2.0

package/dist/index.js

@@ -169,8 +169,27 @@ var COMMERCIAL_COVERAGE = {
 };
 var GRANT = {
   pre_construct: 5e4,
-  post_construct: 12e3
+  post_construct: 12e3,
+  small_unit_sqft: 300,
+  small_unit_per_sqft: 40
 };
+var PREVAILING_WAGE = {
+  // on-site labor share of hard cost (2022 economic census, DBEDT data book
+  // tables 21.05-21.06: 22-27%)
+  onsite_labor_share: 0.25,
+  // prevailing wage premium on that labor (trey's memo; test 10% and 20%)
+  labor_premium: 0.15
+};
+function postGrantPerUnit(unit_sqft) {
+  return unit_sqft < GRANT.small_unit_sqft ? unit_sqft * GRANT.small_unit_per_sqft : GRANT.post_construct;
+}
+function mixPostGrant(mix_key) {
+  const mix = UNIT_MIX[mix_key] ?? UNIT_MIX["one_bb_100"];
+  return mix.reduce(
+    (sum, m) => sum + postGrantPerUnit(UNIT_SIZE[m.type] ?? 500) * m.weight,
+    0
+  );
+}
 var PARKING = {
   // default stalls per dwelling unit
   stalls_per_unit: 0,
@@ -1501,29 +1520,8 @@ function waikikiOpenSpaceFrac(zone_class, far) {
 function envelopeCoverage(zone_class, far, coverage) {
   return Math.min(coverage, 1 - waikikiOpenSpaceFrac(zone_class, far));
 }
-function constructionMonthsByZone(zone_class) {
-  if (zone_class === "R-5" || zone_class === "A-1" || zone_class === "AMX-1" || zone_class === "low_rise")
-    return 18;
-  if (zone_class === "A-2" || zone_class === "AMX-2" || zone_class === "B-2" || zone_class === "mid_rise")
-    return 24;
-  if (zone_class === "A-3" || zone_class === "AMX-3" || zone_class === "BMX-3" || zone_class === "BMX-4" || ZONE_GROUPS.waikiki.includes(zone_class))
-    return 36;
-  return 18;
-}
-function resolveConstMonths(zone_class, override) {
-  if (override != null && override > 0) return override;
-  return constructionMonthsByZone(zone_class);
-}
-function permittingMonthsByZone(zone_class) {
-  if (zone_class === "A-1" || zone_class === "AMX-1" || zone_class === "low_rise")
-    return Math.round(425 / 30);
-  if (zone_class === "A-2" || zone_class === "AMX-2" || zone_class === "A-3" || zone_class === "AMX-3" || ZONE_GROUPS.waikiki.includes(zone_class) || zone_class === "mid_rise")
-    return Math.round(535 / 30);
-  if (zone_class === "B-2" || zone_class === "BMX-3" || zone_class === "BMX-4")
-    return Math.round(454 / 30);
-  if (zone_class === "R-5") return Math.round(353 / 30);
-  return 14;
-}
+var DEFAULT_PERMITTING_MONTHS = 18;
+var DEFAULT_CONST_MONTHS = 12;
 function yardFootprint(lot_sqft, front, rear, side, ratio = 2) {
   const width = Math.sqrt(lot_sqft / ratio);
   const depth = ratio * width;
@@ -2011,23 +2009,24 @@ function calcLeaseupCarry(principal, rental_units, sale_units, annual_rate, leas
     final_principal: running_principal
   };
 }
-function calcDevRLV(gdv, dev_cost, total_financing_cost, affordable_units, grant_type, lot_sqft, total_months, land_rate = DEFAULT_TARGET_RETURN, profit_margin = DEFAULT_PROFIT_MARGIN, grant_amount = GRANT.post_construct) {
+function calcDevRLV(gdv, dev_cost, total_financing_cost, grant_flows, lot_sqft, total_months, land_rate = DEFAULT_TARGET_RETURN, profit_margin = DEFAULT_PROFIT_MARGIN) {
   const selling_costs = gdv * FINANCING.disposition_cost;
-  const post_construction_grant = grant_type === "post_construct" ? affordable_units * grant_amount : 0;
-  const pre_construction_subsidy = grant_type === "pre_construct" ? affordable_units * grant_amount : 0;
   const project_cost = dev_cost + total_financing_cost;
   const profit = project_cost * profit_margin;
-  const residual = gdv - selling_costs + post_construction_grant - project_cost - profit;
+  const residual = gdv - selling_costs - project_cost - profit;
   const land_carry = (1 + land_rate) ** (total_months / 12);
-  const rlv = residual / land_carry + pre_construction_subsidy;
+  const grants_pv = grant_flows.reduce(
+    (sum, g, m) => sum + g / (1 + land_rate) ** (m / 12),
+    0
+  );
+  const rlv = residual / land_carry + grants_pv;
   const rlv_sqft = rlv / lot_sqft;
   return {
     selling_costs: Math.round(selling_costs),
-    post_construction_grant,
-    pre_construction_subsidy,
+    grants_pv: Math.round(grants_pv),
     profit: Math.round(profit),
     project_cost: Math.round(project_cost),
-    land_carry: Math.round(land_carry * 1e4) / 1e4,
+    land_carry,
     rlv: Math.round(rlv),
     rlv_sqft: Math.round(rlv_sqft * 100) / 100
   };
@@ -2053,7 +2052,7 @@ function calcDscrMaxLoan(noi, permanent_rate, amort_years, min_dscr) {
   const annual_constant = calcAnnualLoanConstant(permanent_rate, amort_years);
   return noi > 0 && annual_constant > 0 ? noi / (min_dscr * annual_constant) : 0;
 }
-function sizeConstructionLoan(amount_to_finance, equity_floor, ltc_stabilized_balance, take_out, closing_grant = 0) {
+function sizeConstructionLoan(amount_to_finance, equity_floor, ltc_stabilized_balance, take_out) {
   const ltc_principal = amount_to_finance * (1 - equity_floor);
   const balance_per_dollar = ltc_principal > 0 ? ltc_stabilized_balance / ltc_principal : 0;
   const take_out_principal = take_out == null || balance_per_dollar <= 0 ? Infinity : take_out / balance_per_dollar;
@@ -2062,10 +2061,7 @@ function sizeConstructionLoan(amount_to_finance, equity_floor, ltc_stabilized_ba
     0,
     Math.min(ltc_principal, take_out_principal)
   );
-  const equity_amount = Math.max(
-    0,
-    amount_to_finance - loan_principal - closing_grant
-  );
+  const equity_amount = Math.max(0, amount_to_finance - loan_principal);
   return {
     loan_principal,
     equity_amount,
@@ -2185,7 +2181,8 @@ function zeroOutput(tmk, zone_class, lot_sqft, height_limit = 0) {
     total_predev_cost: 0,
     construction_equity: 0,
     rlv_selling_costs: 0,
-    rlv_post_grant: 0,
+    rlv_grants_pv: 0,
+    rlv_land_carry: 1,
     rlv_profit: 0,
     rlv_project_cost: 0,
     rlv: 0,
@@ -2373,7 +2370,7 @@ function bill6DevFlip(equity_amount, loan_balance, gdv, noi, dev_cost, total_fin
     dev_equity_invested: total_equity_invested
   };
 }
-function bill6Hold(equity_amount, loan_balance, gdv, noi, egi, operating_expenses, dev_cost, total_financing_cost, total_predev_cost, hard_cost, total_months, land_cost_sqft, lot_sqft, permanent_rate, hold_years, amort_years, min_dscr, cap_rate, gross_sales) {
+function bill6Hold(equity_amount, loan_balance, gdv, noi, egi, operating_expenses, dev_cost, total_financing_cost, total_predev_cost, hard_cost, total_months, permitting_months, monthly_predev_spend, land_cost_sqft, lot_sqft, permanent_rate, hold_years, amort_years, min_dscr, cap_rate, gross_sales) {
   const land_cost = land_cost_sqft * lot_sqft;
   const land_value = land_cost;
   const improvement_value = hard_cost;
@@ -2400,7 +2397,14 @@ function bill6Hold(equity_amount, loan_balance, gdv, noi, egi, operating_expense
   const hold_months = hold_years * 12;
   const total_with_hold = total_months + hold_months;
   const cf = new Array(total_with_hold + 1).fill(0);
-  cf[0] = -equity_amount;
+  equityFirstDraws(
+    equity_amount,
+    land_cost,
+    monthly_predev_spend,
+    permitting_months
+  ).forEach((d, m) => {
+    cf[m] += d;
+  });
   cf[total_months] += excess_sale_cash;
   let current_egi = egi, current_opex = operating_expenses;
   let assessed_value = land_value + improvement_value;
@@ -2488,7 +2492,7 @@ function calcbill6Single(sliders) {
   const impact_fee_per_unit = sliders.impact_fee ?? FEES.impact.per_dwelling;
   const waivable_fee_basis = sliders.waivable_fee_basis ?? "market_units";
   const floor_height = sliders.floor_height ?? BILL6_DEFAULT_FLOOR_HEIGHT;
-  const permitting_months_val = sliders.permitting_months ?? permittingMonthsByZone(zone_class);
+  const permitting_months_val = sliders.permitting_months ?? DEFAULT_PERMITTING_MONTHS;
   const setback = sliders.setback ?? 10;
   const hard_cost_per_sqft = sliders.hard_cost_per_sqft ?? 450;
   const parking_ratio = sliders.parking_ratio ?? (sliders.parking_exempt ? 0 : legalParkingRatio(unit_type));
@@ -2513,7 +2517,7 @@ function calcbill6Single(sliders) {
   );
   if (hard.max_units <= 0)
     return zeroOutput("hypothetical", zone_class, lot_sqft, height_limit);
-  const const_months = resolveConstMonths(zone_class, sliders.const_months);
+  const const_months = sliders.const_months || DEFAULT_CONST_MONTHS;
   const cost_inflation_multiplier = FINANCING.cost_inflation ** ((permitting_months_val + const_months / 2) / 12);
   const hard_cost = hard.hard_cost * cost_inflation_multiplier;
   const soft = calcSoftCosts({
@@ -2617,10 +2621,8 @@ function calcbill6Single(sliders) {
     noi_result.gdv,
     loan.total_dev_cost,
     rlv_financing_cost,
-    0,
-    // no affordable_units for grants in bill6
-    "none",
-    // no grant_type
+    [],
+    // no grants in bill6
     lot_sqft,
     total_months,
     sliders.target_return ?? DEFAULT_TARGET_RETURN,
@@ -2652,6 +2654,8 @@ function calcbill6Single(sliders) {
     predev.total_predev_cost,
     hard_cost,
     total_months,
+    permitting_months_val,
+    predev.monthly_predev_spend,
     land_cost,
     lot_sqft,
     permanent_rate,
@@ -2728,7 +2732,8 @@ function calcbill6Single(sliders) {
     cap_rate: noi_result.cap_rate,
     gdv: noi_result.gdv,
     rlv_selling_costs: rlv.selling_costs,
-    rlv_post_grant: rlv.post_construction_grant,
+    rlv_grants_pv: rlv.grants_pv,
+    rlv_land_carry: rlv.land_carry,
     rlv_profit: rlv.profit,
     rlv_project_cost: rlv.project_cost,
     rlv: rlv.rlv,
@@ -2763,7 +2768,7 @@ function calcBill7Single(sliders) {
   const min_dscr = sliders.min_dscr ?? 1.15;
   const opex_ratio = sliders.opex_ratio ?? 0.19;
   const grant_type = sliders.grant_type ?? DEFAULT_GRANT_TYPE;
-  const grant_amount = sliders.grant_amount ?? (grant_type === "pre_construct" ? GRANT.pre_construct : GRANT.post_construct);
+  const grant_amount = sliders.grant_amount ?? (grant_type === "pre_construct" ? GRANT.pre_construct : mixPostGrant(unit_type));
   const include_retail = sliders.include_retail ?? false;
   const retail_rent = sliders.retail_rent ?? 3;
   const affordable_ami = sliders.affordable_ami ?? DEFAULT_AFFORDABLE_AMI;
@@ -2771,7 +2776,7 @@ function calcBill7Single(sliders) {
   const construction_rate = sliders.construction_rate ?? FINANCING.construction_rate;
   const has_zone = sliders.zone_class != null;
   const zone_class = sliders.zone_class ?? (height_limit <= 30 ? "low_rise" : "mid_rise");
-  const permitting_months_val = sliders.permitting_months ?? (has_zone ? permittingMonthsByZone(zone_class) : height_limit <= 30 ? Math.round(425 / 30) : Math.round(535 / 30));
+  const permitting_months_val = sliders.permitting_months ?? DEFAULT_PERMITTING_MONTHS;
   const hard_cost_per_sqft = sliders.hard_cost_per_sqft ?? 450;
   const parking_ratio = sliders.parking_ratio ?? 0;
   const retail_share = sliders.retail_share ?? DEFAULT_RETAIL_SHARE;
@@ -2827,9 +2832,22 @@ function calcBill7Single(sliders) {
   const affordable_units = afd_rent_units;
   const parking_cost = env.parking_cost;
   const hard_cost_base = building_cost + parking_cost;
-  const const_months_val = has_zone ? resolveConstMonths(zone_class, sliders.const_months) : sliders.const_months ?? 12;
+  const const_months_val = sliders.const_months || DEFAULT_CONST_MONTHS;
   const cost_inflation_multiplier = FINANCING.cost_inflation ** ((permitting_months_val + const_months_val / 2) / 12);
-  const hard_cost = hard_cost_base * cost_inflation_multiplier;
+  const open_shop_hard_cost = hard_cost_base * cost_inflation_multiplier;
+  const post_construction_grant = grant_type === "post_construct" ? affordable_units * grant_amount : 0;
+  const is_pre = grant_type === "pre_construct";
+  const pw_premium = is_pre ? sliders.prevailing_wage_premium ?? PREVAILING_WAGE.labor_premium : 0;
+  const onsite_labor = (sliders.onsite_labor_share ?? PREVAILING_WAGE.onsite_labor_share) * open_shop_hard_cost;
+  const pw_premium_cost = onsite_labor * pw_premium;
+  const hard_cost = open_shop_hard_cost + pw_premium_cost;
+  const subsidy_labor_cap = onsite_labor + pw_premium_cost;
+  const subsidy_units = sliders.grant_units === "affordable" ? affordable_units : max_units;
+  const subsidy_requested = is_pre ? subsidy_units * grant_amount : 0;
+  const pre_construction_subsidy = Math.min(
+    subsidy_requested,
+    subsidy_labor_cap
+  );
   const living_stories = env.living_stories;
   const soft = calcSoftCosts({
     hard_cost,
@@ -2848,20 +2866,15 @@ function calcBill7Single(sliders) {
     fu_per_unit: mixFixtureUnits(unit_type)
   });
   const soft_cost = soft.total;
-  const pre_construction_subsidy = grant_type === "pre_construct" ? affordable_units * grant_amount : 0;
   const construct_cost = hard_cost + soft_cost;
   const hard_cost_contingency = hard_cost * FINANCING.contingency;
   const total_dev_cost = hard_cost_contingency + soft_cost;
   const amount_to_finance = total_dev_cost;
   const land_cost_total = land_cost * lot_sqft;
-  const closing_grant = grant_type === "pre_construct" ? pre_construction_subsidy : 0;
-  const financeAt = (land_in_base, loan_principal2, grant = 0) => {
+  const financeAt = (land_in_base, loan_principal2) => {
     const base = amount_to_finance + land_in_base;
     const loan_fee2 = loan_principal2 * FINANCING.loan_fee;
-    const equity_amount2 = Math.max(
-      0,
-      base + loan_fee2 - loan_principal2 - grant
-    );
+    const equity_amount2 = Math.max(0, base + loan_fee2 - loan_principal2);
     const predev2 = calcPredevEquity(
       construct_cost,
       permitting_months_val,
@@ -2893,6 +2906,12 @@ function calcBill7Single(sliders) {
   const ltc_pass = financeAt(0, amount_to_finance * (1 - equity));
   const total_carry_months = ltc_pass.leaseup.total_carry_months;
   const total_months = permitting_months_val + const_months_val + total_carry_months;
+  const construction_end = permitting_months_val + const_months_val;
+  const grant_flows = new Array(total_months + 1).fill(0);
+  for (let m = permitting_months_val + 1; m <= construction_end; m++)
+    grant_flows[m] += pre_construction_subsidy / const_months_val;
+  grant_flows[construction_end] += post_construction_grant;
+  const total_grants = pre_construction_subsidy + post_construction_grant;
   const afd_rent_multiplier = FINANCING.ami_escalation ** ((const_months_val + total_carry_months) / 12);
   const mkt_rent_multiplier = FINANCING.ami_escalation ** ((permitting_months_val + const_months_val + total_carry_months) / 12);
   const affordable_rent = mixRentByAmi(affordable_ami, unit_type) * afd_rent_multiplier;
@@ -2917,7 +2936,7 @@ function calcBill7Single(sliders) {
   const tax_exempt = Number(String(affordable_ami).replace("ami_", "")) <= 80;
   const property_tax = calcPropertyTax(
     land_cost * lot_sqft,
-    hard_cost,
+    open_shop_hard_cost,
     tax_exempt
   );
   const tax = allocatePropertyTax(property_tax, residential_egi, retail_egi);
@@ -2941,17 +2960,12 @@ function calcBill7Single(sliders) {
   );
   const rlv_financing_cost = (rlv_sizing.dscr_binds ? financeAt(0, rlv_sizing.loan_principal) : ltc_pass).total_financing_cost;
   const deal_base = amount_to_finance + land_cost_total;
-  const deal_ltc = financeAt(
-    land_cost_total,
-    deal_base * (1 - equity),
-    closing_grant
-  );
+  const deal_ltc = financeAt(land_cost_total, deal_base * (1 - equity));
   const sizing = sizeConstructionLoan(
     deal_base,
     equity,
     deal_ltc.leaseup.final_principal,
-    take_out,
-    closing_grant
+    take_out
   );
   const {
     equity_amount,
@@ -2961,28 +2975,24 @@ function calcBill7Single(sliders) {
     const_int,
     leaseup,
     total_financing_cost
-  } = sizing.dscr_binds ? financeAt(land_cost_total, sizing.loan_principal, closing_grant) : deal_ltc;
+  } = sizing.dscr_binds ? financeAt(land_cost_total, sizing.loan_principal) : deal_ltc;
   const target_return = sliders.target_return ?? DEFAULT_TARGET_RETURN;
   const rlv = calcDevRLV(
     gdv,
     total_dev_cost,
     rlv_financing_cost,
-    affordable_units,
-    grant_type,
+    grant_flows,
     lot_sqft,
     total_months,
     target_return,
-    sliders.profit_margin ?? DEFAULT_PROFIT_MARGIN,
-    grant_amount
+    sliders.profit_margin ?? DEFAULT_PROFIT_MARGIN
   );
   const total_equity_invested = equity_amount;
   let dev;
   if (hold_years === 0) {
     const selling_costs = gdv * FINANCING.disposition_cost;
-    let post_grant = 0;
-    if (grant_type === "post_construct")
-      post_grant = affordable_units * grant_amount;
-    const equity_out = gdv - selling_costs - leaseup.final_principal + post_grant;
+    const post_grant = post_construction_grant;
+    const equity_out = gdv - selling_costs - leaseup.final_principal;
     const cashflows = new Array(total_months + 1).fill(0);
     equityFirstDraws(
       equity_amount,
@@ -2992,10 +3002,14 @@ function calcBill7Single(sliders) {
     ).forEach((d, m) => {
       cashflows[m] += d;
     });
-    cashflows[total_months] = equity_out;
+    grant_flows.forEach((g, m) => {
+      cashflows[m] += g;
+    });
+    cashflows[total_months] += equity_out;
     const levered_irr = solveIRR(cashflows, true);
-    const equity_multiple = equity_out / total_equity_invested;
-    const roi = (equity_out - total_equity_invested) / total_equity_invested;
+    const cash_in = equity_out + total_grants;
+    const equity_multiple = cash_in / total_equity_invested;
+    const roi = (cash_in - total_equity_invested) / total_equity_invested;
     const total_dev_cost_full = total_dev_cost + land_cost_total + total_financing_cost;
     const profit = gdv - selling_costs - total_dev_cost_full + post_grant + pre_construction_subsidy;
     const capital_subsidy = post_grant + pre_construction_subsidy;
@@ -3016,7 +3030,7 @@ function calcBill7Single(sliders) {
       dev_roc: Math.round(roc * 1e4) / 1e4,
       dev_gdv: gdv,
       dev_selling_costs: Math.round(selling_costs),
-      dev_equity_out: Math.round(equity_out),
+      dev_equity_out: Math.round(cash_in),
       dev_loan_payoff: Math.round(leaseup.final_principal),
       dev_perm_principal: null,
       dev_perm_rate: null,
@@ -3030,11 +3044,9 @@ function calcBill7Single(sliders) {
       dev_equity_invested: total_equity_invested
     };
   } else {
-    let post_grant = 0;
-    if (grant_type === "post_construct")
-      post_grant = affordable_units * grant_amount;
+    const post_grant = post_construction_grant;
     const land_value = land_cost * lot_sqft;
-    const improvement_value = hard_cost;
+    const improvement_value = open_shop_hard_cost;
     const tax_rate = FINANCING.rpt_residential;
     const yr1_prop_tax = tax_exempt ? land_value * tax_rate : (land_value + improvement_value) * tax_rate;
     const yr1_noi_after_tax = egi - operating_expenses - yr1_prop_tax;
@@ -3051,7 +3063,17 @@ function calcBill7Single(sliders) {
     const hold_months = hold_years * 12;
     const total_with_hold = total_months + hold_months;
     const cf = new Array(total_with_hold + 1).fill(0);
-    cf[0] = -equity_amount;
+    equityFirstDraws(
+      equity_amount,
+      land_cost_total,
+      predev.monthly_predev_spend,
+      permitting_months_val
+    ).forEach((d, m) => {
+      cf[m] += d;
+    });
+    grant_flows.forEach((g, m) => {
+      cf[m] += g;
+    });
     let current_egi = egi;
     let current_opex = operating_expenses;
     let assessed_value = land_value + improvement_value;
@@ -3064,8 +3086,7 @@ function calcBill7Single(sliders) {
       }
       const prop_tax = tax_exempt && yr <= HOLD.tax_exemption_years ? land_value * tax_rate : assessed_value * tax_rate;
       const current_noi = current_egi - current_opex - prop_tax;
-      let levered_cf = current_noi - perm.annual_debt_svc;
-      if (yr === 1 && post_grant > 0) levered_cf += post_grant;
+      const levered_cf = current_noi - perm.annual_debt_svc;
       const monthly_cf = levered_cf / 12;
       for (let mo = 1; mo <= 12; mo++) {
         cf[total_months + (yr - 1) * 12 + mo] = monthly_cf;
@@ -3148,6 +3169,9 @@ function calcBill7Single(sliders) {
     total_financing_cost,
     rlv_financing_cost,
     pre_construction_subsidy,
+    pw_premium_cost,
+    subsidy_labor_cap: is_pre ? subsidy_labor_cap : 0,
+    subsidy_cap_binds: subsidy_requested > subsidy_labor_cap,
     equity_amount,
     dev_equity_pct_realized: sizing.equity_pct_realized,
     dev_dscr_binds: sizing.dscr_binds,
@@ -3179,7 +3203,8 @@ function calcBill7Single(sliders) {
     gdv,
     // RLV
     rlv_selling_costs: rlv.selling_costs,
-    rlv_post_grant: rlv.post_construction_grant,
+    rlv_grants_pv: rlv.grants_pv,
+    rlv_land_carry: rlv.land_carry,
     rlv_profit: rlv.profit,
     rlv_project_cost: rlv.project_cost,
     rlv: rlv.rlv,
@@ -3230,7 +3255,7 @@ function calcH201Single(sliders) {
   const permitting_months = sliders.permitting_months ?? H201_DEFAULT_PERMITTING_MO;
   const impact_fee_per_unit = sliders.impact_fee ?? 0;
   const waivable_fee_basis = sliders.waivable_fee_basis ?? "market_units";
-  const const_months = resolveConstMonths(zone_class, sliders.const_months);
+  const const_months = sliders.const_months || DEFAULT_CONST_MONTHS;
   const hard_cost_per_sqft = sliders.hard_cost_per_sqft ?? 450;
   const parking_ratio = sliders.parking_ratio ?? (sliders.parking_exempt ? 0 : legalParkingRatio(unit_type));
   const retail_share = sliders.retail_share ?? DEFAULT_RETAIL_SHARE;
@@ -3409,10 +3434,8 @@ function calcH201Single(sliders) {
     gdv,
     dev_cost,
     rlv_financing_cost,
-    0,
-    // no per-unit grant
-    "none",
-    // no grant type
+    [],
+    // no grants in 201H
     lot_sqft,
     total_months,
     sliders.target_return ?? DEFAULT_TARGET_RETURN,
@@ -3420,7 +3443,6 @@ function calcH201Single(sliders) {
   );
   const rlv = {
     ...rlv_base,
-    post_construction_grant: 0,
     rlv: rlv_base.rlv,
     rlv_sqft: Math.round(rlv_base.rlv / lot_sqft * 100) / 100
   };
@@ -3504,7 +3526,14 @@ function calcH201Single(sliders) {
     const hold_months = hold_years * 12;
     const total_with_hold = total_months + hold_months;
     const cf = new Array(total_with_hold + 1).fill(0);
-    cf[0] = -equity_amount;
+    equityFirstDraws(
+      equity_amount,
+      land_cost_total,
+      predev.monthly_predev_spend,
+      permitting_months
+    ).forEach((d, m) => {
+      cf[m] += d;
+    });
     cf[total_months] += excess_sale_cash;
     let current_egi = egi, current_opex = operating_expenses;
     let assessed_value = land_value + improvement_value;
@@ -3634,7 +3663,8 @@ function calcH201Single(sliders) {
     cap_rate,
     gdv: Math.round(gdv),
     rlv_selling_costs: rlv.selling_costs,
-    rlv_post_grant: 0,
+    rlv_grants_pv: rlv.grants_pv,
+    rlv_land_carry: rlv.land_carry,
     rlv_profit: rlv.profit,
     rlv_project_cost: rlv.project_cost,
     rlv: rlv.rlv,
@@ -3825,7 +3855,7 @@ function standardDevFlip(equity_amount, loan_balance, gdv, noi, dev_cost, total_
     dev_equity_invested: total_equity_invested
   };
 }
-function standardHold(equity_amount, loan_balance, gdv, noi, egi, operating_expenses, dev_cost, total_financing_cost, total_predev_cost, hard_cost, total_months, land_cost_sqft, lot_sqft, permanent_rate, hold_years, amort_years, min_dscr, cap_rate, gross_sales) {
+function standardHold(equity_amount, loan_balance, gdv, noi, egi, operating_expenses, dev_cost, total_financing_cost, total_predev_cost, hard_cost, total_months, permitting_months, monthly_predev_spend, land_cost_sqft, lot_sqft, permanent_rate, hold_years, amort_years, min_dscr, cap_rate, gross_sales) {
   const land_cost = land_cost_sqft * lot_sqft;
   const land_value = land_cost;
   const improvement_value = hard_cost;
@@ -3852,7 +3882,14 @@ function standardHold(equity_amount, loan_balance, gdv, noi, egi, operating_expe
   const hold_months = hold_years * 12;
   const total_with_hold = total_months + hold_months;
   const cf = new Array(total_with_hold + 1).fill(0);
-  cf[0] = -equity_amount;
+  equityFirstDraws(
+    equity_amount,
+    land_cost,
+    monthly_predev_spend,
+    permitting_months
+  ).forEach((d, m) => {
+    cf[m] += d;
+  });
   cf[total_months] += excess_sale_cash;
   let current_egi = egi, current_opex = operating_expenses;
   let assessed_value = land_value + improvement_value;
@@ -3940,7 +3977,7 @@ function calcStandardSingle(sliders) {
   const impact_fee_per_unit = sliders.impact_fee ?? FEES.impact.per_dwelling;
   const waivable_fee_basis = sliders.waivable_fee_basis ?? "market_units";
   const floor_height = sliders.floor_height ?? STD_DEFAULT_FLOOR_HEIGHT;
-  const permitting_months_val = sliders.permitting_months ?? permittingMonthsByZone(zone_class);
+  const permitting_months_val = sliders.permitting_months ?? DEFAULT_PERMITTING_MONTHS;
   const setback = sliders.setback ?? 10;
   const hard_cost_per_sqft = sliders.hard_cost_per_sqft ?? 450;
   const parking_ratio = sliders.parking_ratio ?? (sliders.parking_exempt ? 0 : legalParkingRatio(unit_type));
@@ -3965,7 +4002,7 @@ function calcStandardSingle(sliders) {
   );
   if (hard.max_units <= 0)
     return zeroOutput("hypothetical", zone_class, lot_sqft, height_limit);
-  const const_months = resolveConstMonths(zone_class, sliders.const_months);
+  const const_months = sliders.const_months || DEFAULT_CONST_MONTHS;
   const cost_inflation_multiplier = FINANCING.cost_inflation ** ((permitting_months_val + const_months / 2) / 12);
   const hard_cost = hard.hard_cost * cost_inflation_multiplier;
   const soft = calcSoftCosts({
@@ -4069,10 +4106,8 @@ function calcStandardSingle(sliders) {
     noi_result.gdv,
     loan.total_dev_cost,
     rlv_financing_cost,
-    0,
-    // no affordable_units for grants in Standard
-    "none",
-    // no grant_type
+    [],
+    // no grants in Standard
     lot_sqft,
     total_months,
     sliders.target_return ?? DEFAULT_TARGET_RETURN,
@@ -4104,6 +4139,8 @@ function calcStandardSingle(sliders) {
     predev.total_predev_cost,
     hard_cost,
     total_months,
+    permitting_months_val,
+    predev.monthly_predev_spend,
     land_cost,
     lot_sqft,
     permanent_rate,
@@ -4180,7 +4217,8 @@ function calcStandardSingle(sliders) {
     cap_rate: noi_result.cap_rate,
     gdv: noi_result.gdv,
     rlv_selling_costs: rlv.selling_costs,
-    rlv_post_grant: rlv.post_construction_grant,
+    rlv_grants_pv: rlv.grants_pv,
+    rlv_land_carry: rlv.land_carry,
     rlv_profit: rlv.profit,
     rlv_project_cost: rlv.project_cost,
     rlv: rlv.rlv,
@@ -4223,11 +4261,11 @@ function calcTodSingle(sliders) {
   const affordable_ami = sliders.affordable_ami ?? TOD_DEFAULT_AFFORDABLE_AMI;
   const market_ami = sliders.market_ami ?? TOD_DEFAULT_MARKET_AMI;
   const construction_rate = sliders.construction_rate ?? FINANCING.construction_rate;
-  const permitting_months = sliders.permitting_months ?? 18;
+  const permitting_months = sliders.permitting_months ?? DEFAULT_PERMITTING_MONTHS;
   const impact_fee_per_unit = sliders.impact_fee ?? FEES.impact.per_dwelling;
   const waivable_fee_basis = sliders.waivable_fee_basis ?? "market_units";
   const park = sliders.park ?? "in_lieu";
-  const const_months = resolveConstMonths(zone_class, sliders.const_months);
+  const const_months = sliders.const_months || DEFAULT_CONST_MONTHS;
   const opex_ratio = sliders.opex_ratio ?? 0.3;
   const hard_cost_per_sqft = sliders.hard_cost_per_sqft ?? 450;
   const parking_ratio = sliders.parking_ratio ?? PARKING.stalls_per_unit;
@@ -4415,8 +4453,7 @@ function calcTodSingle(sliders) {
     gdv,
     dev_cost,
     rlv_financing_cost,
-    0,
-    "none",
+    [],
     lot_sqft,
     total_months,
     sliders.target_return ?? DEFAULT_TARGET_RETURN,
@@ -4502,7 +4539,14 @@ function calcTodSingle(sliders) {
     const hold_months = hold_years * 12;
     const total_with_hold = total_months + hold_months;
     const cf = new Array(total_with_hold + 1).fill(0);
-    cf[0] = -equity_amount;
+    equityFirstDraws(
+      equity_amount,
+      land_cost_total,
+      predev.monthly_predev_spend,
+      permitting_months
+    ).forEach((d, m) => {
+      cf[m] += d;
+    });
     cf[total_months] += excess_sale_cash;
     let current_egi = egi, current_opex = operating_expenses;
     let assessed_value = land_value + improvement_value;
@@ -4632,7 +4676,8 @@ function calcTodSingle(sliders) {
     cap_rate,
     gdv: Math.round(gdv),
     rlv_selling_costs: rlv.selling_costs,
-    rlv_post_grant: rlv.post_construction_grant,
+    rlv_grants_pv: rlv.grants_pv,
+    rlv_land_carry: rlv.land_carry,
     rlv_profit: rlv.profit,
     rlv_project_cost: rlv.project_cost,
     rlv: rlv.rlv,
@@ -4904,8 +4949,9 @@ var DEFAULT_INPUTS = (() => {
       retail_rent: 3,
       retail_share: 0.1,
       building_area_per_unit: 800,
+      // no grant_amount: the model takes it from grant_type (GRANT), so a
+      // pre-construction run gets $50,000 rather than the post-construction $12,000
       grant_type: "post_construct",
-      grant_amount: 12e3,
       hard_cost_per_sqft: 450,
       land_cost: 130,
       opex_ratio: 0.19,

package/package.json

@@ -1,6 +1,6 @@
 {
   "name": "@uhero/feasim",
-  "version": "0.1.1",
+  "version": "0.2.0",
   "description": "UHERO's development feasibility model for Oahu housing policy pathways",
   "private": false,
   "type": "module",