English Hills
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Print Preview - Final Application
Tax Credits, RPP Loans, and/or Tax Exempt Bond Loans
Resources Requested
Check all that apply: Federal Low Income Housing Tax Credit State Low Income Housing Tax Credit Tax Exempt Bonds Rental Production Program (RPP) Loan Requested RPP Loan Amount: RPP Loan Product Requested:
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Project Name and Location
Project Name: English Hills Address: City: TBD Hillview, Mills Avenue and North Lane Brevard County: TRANSYLVANIA Zip: 28712 Block Group: 3
Census Tract: 9602
Is project in Qualified Census Tract & Difficult to Develop area: No Political Jurisdiction: Jurisdiction Address: Jurisdiction City: Jurisdiction Phone: City of Brevard Last: Harris Title: Mayor 151 W. Main Street Brevard (828)884-4124 Zip: 28712
Jurisdiction CEO Name: First: Jimmy
Site Latitude: Site Longitude:
35.234 -82.742
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Project Description
Project Type:* New Construction Rehab Adaptive Reuse
Is this project a follow-on (Phase II, etc) to a previously-awarded tax credit development project? No If yes, list names of previous phase(s): Will the project be receiving federal rental assistance? Yes If yes, provide the subsidy source: HUD and number of units: 48
Target Population: Family Indicate below any additional targeting for special populations proposed for this project: Mobility impaired handicapped: 5% of units comply with QAP Section IV(F)(3) (in addition to other federal and state requirements) Persons with disabilities or homeless populations: the greater of 5 units or 10% of the total units Remarks: Local service providers have indicated a need for mobility impaired units and targeting for other disabilities.
Proposed number of residential buildings: 15 Types of Units:* Project Includes:
Maximum number of stories in buildings: 2
Townhouse
Duplex
Garden Apartment
Detached Single-Family
Separate community building - Sq. Ft. (Floor Area): 1,948 Community space within residential bulding(s) - Sq. Ft. (Floor Area): Elevators - Number of Elevators: Square Footage Information Gross Floor Square Footage: 54,244
Total Net Sq. Ft. (All Heated Areas): 49,111
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Applicant Information
Applicant Name: The Affordable Housing Group Address: City: Contact: Telephone: 1300 Baxter Street, Suite 215 Charlotte First: Kathy (704)342-3316 State: NC Zip: 28204 Last: Stilwell Title: Director of Real Estate Development
Alt Phone:
Fax:
(704)376-8709
Email Address:
[email protected]
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Site Description
Total Site Acreage: 6.99 Total Buildable Acreage: 5.57 If buildable acreage is less than total acreage, please explain: Unbuildable acreage lies within the 100 year floodplain.
Identify utilities and services currently available (and with adequate capacity) for this site: Storm Sewer Water Sanitary Sewer Electric
Is the demolition of any buildings required or planned? No If yes, please describe:
Are existing buildings on the site currently occupied? No If yes: (a) Briefly describe the situation:
(b) Will tenant displacement be temporary? (c) Will tenant displacement be permanent? Is the site in a distressed neighborhood? Yes If yes, does a community revitalization plan exist? Yes Is the site directly accessed by an existing, paved, publicly maintained road? Yes If no, please explain:
Is any portion of the site located inside the 100 year floodplain? Yes If yes: (a) Describe placement of project buildings in relation to this area: Norton Creek and an unnamed branch border one side of the property. In addition, Norton Creek must be crossed to allow access to the property. An Erosion Control Plan as been filed with NCDENR (approval pending) to protect these streams from sediment. A floodway and floodplain cross the property and there will be a small amount of fill in the floodplain, which will be permitted through FEMA. All buildings are located outside the 100 year floodplain and all finished floor elevations are a minimum of 5 feet above the 100 year flood elevation.
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(b) Describe flood mitigation if the project is in the East Region and will have improvements within the 100 year floodplain:
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Site Control
Does the owner have fee simple ownership of the property (site/buildings)? Yes If yes provide: Purchase Date: 10/13/1999 If no: (a) Does the owner/principal or ownership entity have vaild option/contract to purchase the property? (b) Does an identity of interest (direct or indirect) exist between the owner/principal or ownership entity with the option/contract for purchase of the property and the seller of the property? If yes, specify the relationship:
Purchase Price: 272,000
(c) Enter the current expiration date of the option/contract to purchase: (D) Enter Purchase Price:
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Zoning
Present zoning classification of the site: O-I Is mutifamily use permitted? Yes Are variances, special or conditional use permits or any other item requiring a public hearing needed to develop this proposal? No If yes, have the hearings been completed and permits been obtained? If yes, specify permit or variance required and date obtained. If no, describe permits/variances required and schedule for obtaining them:
Is a public hearing of any kind required in the future for you to fully develop this property? Yes If yes, describe the nature of the hearing and when you expect the hearing will be held: The City of Brevard is holding public hearings for proposed CDBG funding of off-site improvements. The hearings are scheduled for June 2 and June 16.
Are there any existing conditions of historical significance located on the project site that will require State Historic Preservation office review? No If yes, describe below:
Are there any existing conditions of environmental significance located on the project site? No If yes, describe below:
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Ownership Entity
Owner Name: English Hills LLC Address: City: 1300 Baxter Street, Suite 215 Charlotte State: NC Zip: 28204 (If assigned) 56-0883684 (If Not Assigned)
Federal Tax ID Number of Ownership Entity: Federal Tax ID Number of Managing GP or Member:
Entity Type: Limited Liability Company Entity Status: Already Formed Is the applicant requesting that the Agency treat the application as Non-Profit sponsored? Is the applicant requesting that the Agency treat the application as CHDO sponsored?
Yes No
List all general partners, members,and principals. Specify nonprofit corporate general partners or members. Click [Add] to add additional partners, members, and principals.
Org:
English Hills Housing of Brevard Inc. Last Name: Stilwell Function: Managing Member
First Name: Kathy Address: City: Phone: EMail:
1300 Baxter Street, Suite 215 Charlotte (704)342-3316 kstilwell@affordablehousinggroup State: NC Zip: 28204
Fax: (704)376-8709 Nonprofit: No TaxID 56-0883684
Org:
Western Carolina Community Action, Inc. Last Name: Fortune Function: Member
First Name: Sheryl Address: City: Phone: EMail: P.O. Box 685 Hendersonville (828)693-1711
State: NC
Zip: 28793-0685
Fax: (828)697-4277 Nonprofit: Yes TaxID 56-0846319
[email protected]
Org:
The Affordable Housing Group Last Name: Stilwell Function: Member
First Name: Kathy Address: City: Phone: EMail:
1300 Baxter Street, Suite 215 Charlotte (704)342-3316 kstilwell@affordablehousinggroup State: NC Zip: 28204
Fax: (704)376-8709 Nonprofit: Yes TaxID 56-0883684
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Unit Mix
List each applicable unit mix combination in a separate row below. Click [Add] to create another row. Click "X" (at the left of each row) to delete a row. Low Income Units Type Gdn Apt Gdn Apt Gdn Apt Gdn Apt Gdn Apt Gdn Apt # BRs Net Sq.Ft. 1 2 3 1 2 3 728 934 1195 728 934 1195 Total # Units 10 16 10 2 8 2 # Units 3 1 0 1 0 1 Monthly Rent 306 387 528 304 360 413 Electric Utility Allowance 80 101 119 80 101 119 Gas Other trash collection Mandatory Serv. Fees **Total Housing Exp. 386 488 647 384 461 532
Utilites included in rents:
Water/Sewer
Market Rate Units Type # BRs Net Sq.Ft. Total # Units # Units Monthly Rent Utility Allowance Gas Other Mandatory Serv. Fees **Total Housing Exp.
Utilites included in rents:
Water/Sewer
Electric
Statistics All Units Low Income....... Market Rate....... Totals............... 48 6 18846 48 Gross Monthly Rental Income 18846
Units 6
Notes * ** Paint-to-Paint Square Footage Please refer to the Income Limits and Maximum Housing Expense Table to ensure that Total Monthly Tenant Expenses for low income units are within established thresholds.
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Targeting
Specify Low Income Unit Targeting in table below. List each applicable targeting combination in a separate row below. Click [Add] to create another row. Click "X" (at the left of each row) to delete a row. Add as many rows as needed.
# BRs 1 2 3 1 2 3 10 16 10 2 8 2
Units targeted at 50 targeted at 50 targeted at 50 targeted at 40 targeted at 40 targeted at 40
% percent of median income. percent of median income. percent of median income. percent of median income. percent of median income. percent of median income.
Total Low Income Units:
48
Note: This number should match the total number of low income units in the Unit Mix section.
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Funding Sources
NonAmortizing* Rate (%) 8.00 Term (Years) 18 Amort. Period (Years) 30 Annual Debt Service 51,378
Source Bank Loan RPP Loan Local Gov. Loan - Specify: RD Loan AHP Loan Other Loan 1 - Specify: Asheville Home Consortium Other Loan 2 - Specify: Other Loan 3 - Specify: Tax Exempt Bonds State Tax Credit(Loan) State Tax Credit(Direct Refund) Equity: Federal LIHTC Non-Repayable Grant Equity: Historic Tax Credits Deferred Developer Fees Owner Investment Other - Specify: Total Sources**
Amount 583,500
0 310,000 225,000 0 0 0 846,390 0 2,564,261 0 30 30 0 0.00 0.00 20 20 20 20
0 7,268 0 0 4,536,419
* "Non-amortizing" indicates that the loan does not have a fixed annual debt service. For these items, you must fill in 20-year debt service below. ** Total Sources must equal total replacement cost in Project Development Cost (PDC) section. Estimated pricing on sale of Federal Tax Credits: $0. 77 Remarks concerning project funding sources: (Please be sure to include the name of the funding source(s))
Loans with Variable Amortization Please fill in the annual debt service as applicable for the first 20 years of the project life.
AHP Loan
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Year: Amt: Year: Amt:
1 0 11 0
2 0 12 0
3 0 13 0
4 0 14 0
5 0 15 0
6 0 16 0
7 0 17 0
8 0 18 0
9 0 19 0
10 0 20 0
Other Loan 1 - Asheville Home Consortium Year: Amt: Year: Amt: 1 0 11 0 2 0 12 0 3 0 13 0 4 0 14 0 5 0 15 0 6 0 16 0 7 0 17 0 8 0 18 0 9 0 19 0 10 0 20 0
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P ag e
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Development Costs
Item Cost Element 1 Purchase of Buildings (Rehab) 2 Demolition 3 On-site Improvements 4 Rehabilitation 5 Construction of New Building(s) 6 Accessory Building(s) 7 General Requirements 8 Contractor Overhead 9 Contractor Profit 10 Construction Contingency 11 Architect's Fee - Design 12 Architect's Fee - Inspection SUBTOTAL (lines 1 through 12) 13 Construction Insurance (prorate) 14 Construction Loan Orig. Fee (prorate) 15 Construction Loan Interest (prorate) 16 Construction Loan Credit Enhancement (prorate) 17 Construction Period Taxes (prorate) 18 Water, Sewer and Impact Fees 19 Survey 20 Property Appraisal 21 Environmental Report 22 Market Study 23 Bond Costs (specify) 24 Cost of Issuance 25 Placement Fee 26 Permanent Loan Origination Fee 27 Permanent Loan Credit Enhancement 28 Title and Recording SUBTOTAL (lines 13 through 28) 29 Real Estate Attorney 30 Other Attorney's Fees 31 Tax Credit App Fees 32 Cost Certification/Accounting Fees (specify) 33 Tax Opinion 34 Organizational (Partnership) 35 Tax Credit Monitoring Fee SUBTOTAL (lines 29 through 35) 36 Furnishings and Equipment 37 Relocation Expenses 38 Developer's Fee (max 15% lines 2-36, less 8 & 9) 39 40 42 43 Bank Inspection Fees, permits Engineering, soil borings, testing Other Non-basis Expense (off-site Road & Water) Other Non-basis Expense (specify) SUBTOTAL (lines 36 through 43) 44 Rent up Reserve 0 628,200 14,400 TOTAL COST 0 0 604,450 0 2,051,618 83,206 164,356 58,073 232,290 95,820 48,000 9,600 3,347,413 6,081 23,000 92,978 0 1,000 86,400 12,000 5,200 2,500 4,000 0 0 0 11,670 500 10,000 255,329 30,000 17,500 22,988 19,500 3,000 2,500 25,200 120,688 20,000 0 517,000 11,000 49,000 31,200 20,000 0 517,000 0 49,000 30,000 17,500 22,988 19,500 4,865 18,400 74,382 0 800 86,400 12,000 5,200 2,500 4,000 604,450 0 2,051,618 83,206 164,356 58,073 232,290 95,820 48,000 9,600 Eligible Basis 30% PV 70% PV 0
41 Rent-up Expenses
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45 Operating Reserve 46 47 <%specify text=""%> Other Reserve (specify)
100,389
0 4,466,419 0 0 0 0 4,231,948 100.00% 4,231,948 333,054 359,715 360,430 848,071 70,000 4,536,419 0 100% 0 0.00% 0 0 0 4,231,948 0 0 0 0 4,231,948 100% 4,231,948 7.87% 333,054 359,715 360,430
48 DEVELOPMENT COST (lines 1-47) 49 Less Federal Financing 50 Less Disproportionate Standard 51 Less Nonqualified Nonrecourse Financing 52 Less Historic Tax Credit (residential) 53 TOTAL ELIGIBLE BASIS 54 Times Applicable Fraction 55 TOTAL QUALIFIED BASIS 56 Tax Credit Rate 57 FEDERAL TAX CREDITS at Estimated Rate 57a FEDERAL TAX CREDITS at 8.5% or 3.75% 58 FEDERAL TAX CREDITS REQUESTED 59 STATE TAX CREDITS 60 Land Cost 61 TOTAL REPLACEMENT COST Comments:
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Market Study Information
Please provide a detailed description of the proposed project: English Hills will be a new 48-unit multi-family rental complex situated within Brevard city limits. It is planned as one and two-story, garden apartments for families, in duplex, triplex, and quadplex configurations. A minimum of 10% of the units and all community facilties will be handicapped accessible and there will be continuous sidewalk through the complex that will faciltate visitability between apartments. On-site amenities will include a community building and an on-site management office. The community spaces will include meeting rooms, computer center, maintenance area, playground and gazebo. There will also be a supportive service package geared toward economic self-sufficiency available for residents of the community. The site is located on property owned by Western Carolina Community Action, Inc., that lies north of Mills Ave., northeast of Hillview St.(AKA Picklesimer Ave.), and west of North Lane. It is near the Hillview Children's Center and Mary C. Jenkins Center in the Rosenwald Community. Units in the complex will be available and affordable to families earning at or below 50% of area median income with rents subsidized by project based Section 8. Construction (check all that apply): Brick Vinyl Wood HardiPlank Balconies/Patios Sunrooms Front Porches
Front Gables or Dormers Other:
Wide Banding or Vertical/Horizontal Siding
Columns, decorative gable vents and shutters.
Have you built other tax credit developments that use the same building design as this project? No If yes, please provide name and address:
Site Amenities (check all that apply): Community Bldg - Sq Ft: 1,948 Laundry Rm Game/Craft Rm Chapel/Prayer Rm Irrigated Lawns Walking Trails Pool Screened Porch Exercise Rm Picnic Area Security Gate Garden Spots Fitness Stations Community Room - Sq Ft: Resident Computer Center TV Rm Onsite Leasing Office Car Care Area Basketball/Tennis Court Horseshoe Pit Garages - Number: Exam Rm Beauty Salon Onsite Mgr Storage Units Playground Shuffleboard Reading Rm/Library Vending Rm Onsite Maint. Person Gazebos Ball Field Covered Drive Thru
Onsite Activities: Residents of English Hills will be offered the opportunity to participate in the Family Self-Sufficiency (FSS) Program operated by WCCA. The program is designed to promote economic self-sufficiency by connecting families with appropriate supportive services and resources, such as education, job training, and employment. Families receive ongoing case management, counseling, and coordination of services in their progression from dependence to independence of Government programs. At the same time, they save money, and are nurtured toward homeownership through
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credit counseling Homebuyer Education. All families residing in English Hills, whether FSS participants or not, will have the opportunity to participate in educational classes, health seminars, legal presentations, life-skills classes, parenting education, financial education workshops, and homebuyer education that will be scheduled periodically in the community facility. All opportunities offered will promote self-sufficiency, financial independence and more effective functioning for family units. The Brevard Police Department will establish and support a Neighborhood Watch Program for English Hills Apartments. In addition, periodic seminars on safety related topics (such as personal safety and crime prevention) will be conducted. A computer provided by WCCA will be available to residents that will provide on-site ability for residents to access job listings, prepare resumes, and improve their computer skills in conjunction with Work First and Employment Security Commission supportive services. Periodic programs will be offered on-site by the Transylvania County Health Department. Landscaping Plans: The developer plans to preserve as many existing trees as possible on this largely wooded site, particularly those located within the 100 year flood plain. A comprehensive grading and tree protection plan will be in place before construction begins. The developer is also committed to installing large trees and native plants to make the community a welcome addition to the neighborhood. Typical plantings would include foundation shrubs, street trees, landscaped entry with sign and screenings from adjoining properties.
Interior Apartment Amenities (check all that apply): Range W/D Hookups Flooring: Carpet Hood Mini-blinds Vinyl Central Air Dishwasher Pantry Wood Gas Heat Disposal Ceiling fans Wood Parquet Heat Pump Refrigerator (frost free) Walk-in closets Other Storage interior/exterior
Ceramic Tile Electric Pump
Heating/Cooling:
Do you plan to submit additional market data (market study, etc.) that you want considered? No If yes, please make sure to include the additional information in your pre-application packet.
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Applicant's Site Evaluation
Briefly describe your site in each of the following categories: NEIGHBORHOOD CHARACTERISTICS Physical condition of buildings and improvements. Trend and direction of real estate development relative to the project. Area economic health (degree of decline or investment). This project is part of a funded revitalization plan for the Rosenwald neighborhood. The State of North Carolina has awarded $1,750,000 for housing rehabilitation, job training,, business expansion, public infrastructure and services. These funds, when leveraged with other public and private dollars will generate a dramatic economic influx into this community. There are no buildings on the proposed site. The existing housing developments in the area range from low to moderate income. The businesses and majority of the single family homes adjacent to the site and immediate surrounding area have been relatively well maintained. These developments will not negatively impact the appeal of the site or the ability of the development to lease its units. Conversely, the development of English Hills will not negatively affect these existing developments. Suitability of surrounding development. Land use pattern is primarily residential with a balance of other uses, including non-competing multifamily and single family units, relevant amenities, shopping and services. The site is bordered in most directions by moderate income, single-family homes. There is a community park/playground located to the west of the site on Mills Lane. The proposed development will be compatible with the existing developments in the area. The Land Use Plan shows representation of this tract north of Norton Creek as a high-density residential area. The remaining WCCA land is shown as mixed use neighborhood. In addition to the surrounding housing, the neighborhood is home to a wide variety of services and amenities as demonstrated in the proximity of services listed below. Of particular interest is the proximity (less than .1 miles) of the Head Start center which will recruit children from the site for their programs. SITE SUITABILITY Adequacy of street(s) and/or access road(s) serving the proposed project and traffic controls (lights, stop signs, turning lanes). Access to mass transit (if applicable). The main access will be off Hillview Street extension. The City of Brevard will apply for CDBGHousing Development funds to construct a public road that will cross Norton Creek and provide the best access (creek crossing) to English Hills. Plans are being made to upgrade the existing street leading into the WCCA property with sidewalks on the playground side extending to Mills Avenue from the proposed new access street into the property. The site is directly accessible from North Lane (off West Main Street). This access (20 foot right of way) will only be used as access for emergency vehicles or for an outlet in the event of a flood that makes Hillview Street impassable (the street runs in the 100 year flood plain on the other side of Norton Creek). Amount and character of vacant, undeveloped land. Effect of industrial, large-scale institutional or other incompatible uses: wastewater treatment facilities, high traffic corridors, junkyards, prisons, landfills, large swamps, distribution facilities, frequently used railroad tracks, power transmission lines and towers, factories or similar operations, sources of excessive noise, and sites with environmental concerns (such as odors or pollution). The project site is part of a 34 acre tract of land owned by WCCA that is one of the largest undeveloped parcels inside the City limits. The majority of the parcel is undeveloped and heavily wooded. There are no known issues associated with industrial, large-scale institutional, or other incompatible use.
Degree of on-site negative features and physical barriers that will impede project construction or adversely affect future tenants; for example: power transmission lines and towers, flood hazards, steep slopes, large boulders, ravines, year-round streams, wetlands, and other similar features. For adaptive re-use projects- suitability for residential use and difficulties posed by the building(s), such as limited parking, environmental problems or the need for excessive demolition. The 6.99 acre tract topography is flat near the Norton Creek floodplain. The land rises from rolling to steep land to the north to northeast property boundary and will require substantial grading to level the site for building pads. While the land is bordered by Norton Creek, careful site planning has been instituted to keep buildings and amenities outside of the 100 year flood plain. A Flood Study has been ordered and will be used in obtaining a "No Rise" Certificate from FEMA so that the access road crossing the creek will result in no significant impact on the creek level. Indications of the study
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are that the proposed culvert will help in reducing flooding on Hillview Street as well as the creekbed bordering the site. Detention Ponds will be put in place on the lower side of the property nearest to Norton Creek in order to controll the majority of storm water from the site that would spill into the creek. Similarity of scale and aesthetics/architecture between project and surroundings. English Hills Apartments has adopted building plans and elevations that will blend with the surrounding neighborhood. These include one and two story buildings with no more than 4 units per building. Exterior details such as porches with columns and decorative shutters will be used to retain the residential scale and apprearance of the structures.
Concentration of affordable housing (housing credit, project-based rental assistance, public housing). Brevard Housing Authority owns units in the Rosenwald Neighborhood within 1 mile of the site.
Availability of Supportive Services (if applicable): A variety of supportive services will be available to the residents of English Hills. The Head Start/Early Head Start operations of WCCA will actively recruit children from the apartments. WCCA provides a well-equipped, new center building designed for child day care operations on the adjoining WCCA propoerty. A mini-school bus and van are available to transport children as needed. The Family Self-sufficiency Program of WCCA will be made available to English Hills residents. Through this program, families are prepared for homeownership. They are assisted in preparing a plan consisting of benchmarks toward homeownership such as credit counseling, credit repair, budgeting, pre-purchase counseling, predatory lending education, mortgage shopping, home shopping, post-ownership counseling. The Service Coordinator will work to identify unemployed and underemployed residents and coordinate with Employment Security Commission to refer those residents to local employers and/or training programs offered through ESC. A computer will be available on-site that will provide ability for residents to access job listings. The Service Coordinator will refer eligible residents to the Work First Program at the Department of Social Services that will provide support services to remove barriers to employment. Transylvania County Health Department will provide health services for residents at the convenient Health Department clinic. In addition, periodic on-site information will be offered based on need. The Brevard Police Department will establish and support a Neighborhood Watch Program for English Hills. Periodic seminars on safety related topices (such as personal safety and crime prevention) will be conducted. For each applicable neighborhood feature, enter distance from project in miles. .8 .8 .5 .1 1 Grocery Store Mall/Strip Center Outdoor Athletic Fields Day Care/After School Schools .1 2 .8 .5 .5 Community/Senior Center Hospital Pharmacy Basic Health Care Medical Offices Bank/Credit Union Restaurants Professional Services Movie Theater Video Rental
Public Transportation Stop .5 .5 .1 .1 .5 Convenience Store Basketball/Tennis Courts Public Parks Gas Station .5 .5 .5 .6
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.5 .1 1
Library Fitness/Nature Trails Public Swimming Pools
.4 .3
Public Safety (Fire/Police) Post Office
Other facilities or services:
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Development Team
Provide contact information for development team members below: Management Agent Company: GEM Management Inc. Address: City: Phone 2021 Cross Beam Drive Charlotte (704)357-6000 State: NC Zip: 28217 Email: [email protected] Last: Ellis
Contact Name: First: Danny
Architect Company: Address: City: Phone
J Davis Architects PLLC. 510 Glenwood Avenue, Suite 201 Raleigh (919)835-1500 State: NC Zip: 27603 Email: [email protected] Last: Davis
Contact Name: First: Jeff
Attorney Company: Address: City: Phone
Moore & Van Allen PO Box 26507 Raleigh (919)821-6228 State: NC Zip: 27611-6507 Email: [email protected] Last: Ellinger
Contact Name: First: Susan
Investor Company: Address: City: Phone
Lend Lease Real Estate Investments 101 Arch Street, 13th Floor Boston (617)790-1647 State: MA Zip: 02110-1106 Email: Last: Maxwell
Contact Name: First: Tom
Consultant/Application Preparer (if different from developer) Company: Address: City: Phone Contact Name: First: State: Email: Last: Zip:
Identity of Interest? General Contractor Company: Crosland Contractors Address: City: Phone 107 Scaleybark Road Charlotte (704)561-5295 State: NC Zip: 28209 Email: [email protected] Last: Carpenter
Contact Name: First: Buzzy
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Project Team Experience
Development List number low-income/tax credit housing projects and units developed, operated, and maintained in compliance by the principal(s) between December 1, 1996 and January 1, 2003: North Carolina Other States Projects: Units: 8 344 0 0
Management List number of low-income housing tax credit units managed in the past 10 years: North Carolina Other States Projects: Units: 49 1,483 61 1,953
Has any owner, principal, or management agent been debarred or received a limited denial participation in the past 10 years by any federal or state agency? No Has any owner, principal, or management agent been involved in a bankruptcy, an adverse fair housing settlement, an adverse civil rights settlement, or an adverse federal or state government proceeding and settlement in the past 10 years? No Has any owner or principal been in a mortgage default or delinquency of three months or more within the last 5 years on a FHA-insured project, a Rural Development funded rental project, a tax-exempt funded mortgage, a tax credit project, or any other publicly subsidized project? No Has any owner or principal been involved within the last 10 years in a project which previously received an allocation of tax credits but failed to meet compliance standards of the tax credit allocation, including return of a reservation of tax credits to the Agency after the carryover agreement has been signed? No Has any owner or principal had a Form 8823 filed with the IRS for noncompliance on a project using low-income housing tax credits or received a letter of non-compliance from the Agency? No
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Financing Commitments
Does the project have a firm commitment for construction financing? Does the project have a letter of intent for private permenant financing? Does the project have a firm commitment for government financing? Does the project have a letter of intent from an investor? Is any portion of the eligible basis of new contruction or rehabilitation financed with federal subsidies other than CDBG funds or funds from the HOME program? If yes, indicate the type and amount below: Tax Exempt Financing: $ RD 515 Financing: Hope VI Financing: Other: $ $ $ Yes Yes Yes Yes No
If Other, specify the type of Federal subsidy:
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Projected Operating Costs
Project Operations (Year One) Administrative Expenses Advertising Other Administrative Expense (specify): Office Salaries Office Supplies Office or Model Apartment Rent Management Fee Manager or Superintendent Salaries Manager or Superintendent Rent Free Unit Legal Expenses (Project) Auditing Expenses (Project) Bookkeeping Fees/Accounting Services Telephone and Answering Service Bad Debts Other Administrative Expenses (specify): SUBTOTAL Utilities Expense Fuel Oil Electricity (Light and Misc. Power) Water Gas Sewer SUBTOTAL Operating and Maintenance Expenses Janitor and Cleaning Payroll Janitor and Cleaning Supplies Janitor and Cleaning Contract Exterminating Payroll/Contract Exterminating Supplies Garbage and Trash Removal Security Payroll/Contract Grounds Payroll Grounds Supplies Grounds Contract Repairs Payroll Repairs Material Repairs Contract Elevator Maintenance/Contract Heating/Cooling Repairs and Maintenance Swimming Pool Maintenance/Contract Snow Removal Decorating Payroll/Contract Decorating Supplies Other (specify): Miscellaneous Operating & Maintenance Expenses SUBTOTAL Taxes and Insurance Real Estate Taxes
1,000 1,000 0 2,500 0 24,192 14,400 0 1,000 3,900 0 875 0 0 48,867 0 1,000 12,500 0 600 14,100 0 462 500 800 96 500 0 0 1,000 8,200 8,000 3,000 5,000 0 500 0 0 5,000 1,000 0 0 34,058 24,000
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Payroll Taxes (FICA) Miscellaneous Taxes, Licenses and Permits Property and Liability Insurance (Hazard) Fidelity Bond Insurance Workmen's Compensation Health Insurance and Other Employee Benefits Other Insurance: SUBTOTAL Supportive Service Expenses Service Coordinator Service Supplies Tenant Association Funds Other Expenses (specify): SUBTOTAL Reserves Replacement Reserves SUBTOTAL TOTAL OPERATING EXPENSES ADJUSTED TOTAL OPERATING EXPENSES (Does not include taxes, reserves and resident support services) * TOTAL UNITS (from total units in the Unit Mix section) PER UNIT PER YEAR
1,700 0 10,000 75 0 1,600 0 37,375 2,000 1,000 0 0 3,000 12,000 12,000 149,400 110,400 48 2,300
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Projected Cash Flow Year One
OPERATING INCOME Gross rental income (from Unit Mix - Total Monthly Rent) Stores and Commercial Laundry and Vending Other (specify): 3,456 226,152
Total Gross Income Potential at 100% Occupancy Seven Percent Vacancy Allowance NET RENTAL/OTHER INCOME TOTAL OPERATING EXPENSES (from Projected Operating Costs) NET OPERATING INCOME DEBT SERVICE (from Funding Sources Loans) NET CASH FLOW DEBT COVERAGE RATIO (Must not be less than 1.15)
229,608 16,072 213,536
149,400 64,136
51,378
12,758 1.248
20-Year Cash Flow
Year Net Rental/Other Income* Total Operating Expenses* Debt Service Net Cash Flow Debt Coverage Ratio Year Net Rental/Other Income* Total Operating Expenses* Debt Service Net Cash Flow Debt Coverage Ratio 1 213,536 149,400 51,378 12,758 1.248 11 286,973 221,150 51,378 14,445 1.281 2 219,942 155,376 51,378 13,188 1.257 12 295,582 229,996 51,378 14,208 1.277 3 226,540 161,591 51,378 13,571 1.264 13 304,449 239,196 51,378 13,875 1.27 4 233,336 168,055 51,378 13,903 1.271 14 313,582 248,764 51,378 13,440 1.262 5 240,336 174,777 51,378 14,181 1.276 15 322,989 258,715 51,378 12,896 1.251 6 247,546 181,768 51,378 14,400 1.28 16 332,679 269,064 51,378 12,237 1.238 7 254,972 189,039 51,378 14,555 1.283 17 342,659 279,827 51,378 11,454 1.223 8 262,621 196,601 51,378 14,642 1.285 18 352,939 291,020 51,378 10,541 1.205 9 270,500 204,465 51,378 14,657 1.285 19 363,527 302,661 51,378 9,488 1.185 10 278,615 212,644 51,378 14,593 1.284 20 374,433 314,767 51,378 8,288 1.161
* Net Rental Income escalated at annual rate of 3% and expenses escalated at a rate of 4% after the first year.
Calculations:
1. "Net Rental/Other Income" comes from 1st-year cash flow, then it is escalated by 3% per year. 2. "Total Operating Expenses" comes from 1st-year cash flow, then it is escalated by 4% per year. 3. "Debt Service" is the sum of "regular/amortized loan debt service + non-amortizing annual service" as entered by user from Funding Sources section. 4. "Net Cash Flow" is "Net Rental/Other Income" minus "Total Operating Expenses" minus "Debt Service". 5. "Debt Coverage Ratio" is ("Net Rental/Other Income" minus "Total Operating Expenses") divided by "Debt Service".
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Design Features
ITEM Foundation/Slab Components Primary Windows DESCRIPTION Monolithic Concrete Slab/Foundation Make: Silver Line Model: Series 2900
Type/Construction: Vinyl - Single Hung Exterior Doors Siding Type: Fiberglass Type: Vinyl Lap Frames: Metal Grade/Thickness: 0.44
Warranty: Limited Lifetime Warranty Exterior Trim Shingles Vinyl or Aluminum Covered Wood Type: Fiberglass - 3 tab Warranty: 25 year Sprinkler System Cabinets Heat Pump N/A Grandview Products Corp or Equal SEER: 11 Model: 1.5 ton, 2 ton, 2.5 ton Air Conditioner SEER: N/A Model: Other Heat Systems SEER: N/A Model: Make: Make: Make: Equal to Carrier Weight: 240#
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Costs - Construction
This is a detailed breakdown of rehabilitation or construction costs you summarized in the Development Costs table (Rehabilitation and Construction of New Building(s)). The total should match those roll-up values. ITEM Concrete Footings Backfill-slab, Crawl Slab-concrete/Rebar/Gravel Waterproofing Masonry Foundation Brick Veneer Steel/Structure/Rails Framing/Lumber/Nails Trusses Crane Rental Windows/Grilles/Screen Exterior Doors Roofing Fencing Vinyl Siding/Trim/Box Gutters/Shutters Insulation Drywall Interior Doors Int. & Final/Stair/Trim/Shelves Cabinets & Tops Painting Marble - Tub/Shwr/Tops Plumbing Electrical Heating/Air Conditioning Floor Covering and Underlayment Wall Paper Mailboxes/Special Features/Signage Gypcrete Blinds/Shades/Art Work Light Fixtures/Fans Sprinkler System Security Alarm Hardwood Floors Elevator Ceramic Tiles Acoustical Ceilings 5,000 5,968 72,945 67,730 69,020 24,000 82,945 67,730 69,020 24,000 4,000 35,000 21,135 2,000 46,295 4,000 14,785 72,945 10,000 10,000 11,000 35,000 21,100 35,000 21,135 6,500 46,295 4,000 14,785 72,945 40,000 52,000 40,000 20,000 73,200 20,000 121,000 10,000 50,000 40,000 362,000 28,000 37,300 77,000 LABOR MATERIAL TOTAL 0 0 114,300 0 0 123,200 60,000 483,000 38,000 0 25,100 70,000 42,270 8,500 92,590 8,000 29,570 145,890 50,000 62,000 51,000 55,000 0 155,890 135,460 138,040 48,000 0 10,968 0 0 0 0 0 0 0 0 0
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Mirror/Shower Door/Encls. Hardware/Bath Access. Appliances Playground Equipment Interior Clean Exterior Clean/Dumpster Other 1 (specify in Remarks) Other 2 (specify in Remarks) Total Cost Remarks: 798,355 1,253,263 5,000 3,000 2,000 8,000 14,000 15,640 46,200 8,000 2,000 1,000
0 20,640 49,200 10,000 10,000 15,000 0 0 2,051,618
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Costs - General
This is a detailed breakdown of the General Requirements cost element you summarized in the Development Costs table (General Requirements). The total should match that roll-up value. ITEM Supervision Job Site Office/Trailer Rental Impact Fees Office Supplies Security/Watchman Water and Sewer Connection Fees Project Signage Tools and Equipment Gas, Oil, and Maintenance Cleanup/Dumpster Rental Temporary Water, Electric, and Telephone Storage/Hauling Driveway Access Permit Porta-John Rental/Dumping Builders Risk Insurance Re-inspection Fees Extra Plans and Specifications Miscellaneous, Casual Labor Equipment Rental Other 1 (specify in Remarks) Other 2 (specify in Remarks) Total Cost Remarks: 164,356 1,000 5,500 10,200 3,630 14,000 500 2,000 2,000 5,025 15,259 15,000 1,000 TOTAL 79,642 9,600
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Costs - Improvements
This is a detailed breakdown of the Site Improvements cost element you summarized in the Development Costs table (On-site Improvements). The total should match that roll-up value. ITEM Subsurface Exploration/Perk Testing/Site Engineering Clearing/Grading/Final Grading/Excess and Borrow Demolition Earthwork/Excavation/Aerating Soil Treatment Pile Foundations Caissons Shoring/Bracing Site Drainage Site Utilities/Site Lighting Paving and Surfacing/Curb and Gutter Walkways Site Signage Parking Lot Painting Dumpsite Pads/Fencing Fencing/Gates Landscaping/Topsoil Waterproofing/De-Watering Operation of Construction Equipment/Fuel/Oil Crane Rental Rock and Hardpan Excavation Site Supervision Personnel Other (specify in Remarks) Total Cost Remarks: CDBG funds will be used off-site to extend the roadway across the creek and to install sidewalks, fire hydrant and to extend water to the site. These funds do not show in the project budget, as they will be awarded to and administered by the City of Brevard. 604,450 19,490 33,750 10,000 80,300 140,070 177,540 18,570 2,500 50,480 TOTAL 3,500 68,250
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Costs - Bond Costs
This is a detailed breakdown of the Bond Costs cost element you summarized in the Development Costs table (Bond Costs). The total should match that roll-up value. ITEM Letter of Credit Fee Credit Enhancement Underwriter Discount Capital Interest Fund Other 1 (specify in Remarks) Other 2 (specify in Remarks) Total Cost Remarks: 0 TOTAL
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Costs - Bond Issuance
This is a detailed breakdown of the Bond Issuance cost element you summarized in the Development Costs table (Cost of Issuance). The total should match that roll-up value. ITEM Bond Counsel Issuer Counsel Credit Enhancement/LOC Counsel Underwriter Counsel Developer's Counsel Rating Agency Fee Printing Trustee Fee Trustee Counsel Other 1 (specify in Remarks) Other 2 (specify in Remarks) Other 3 (specify in Remarks) Total Cost Remarks: 0 TOTAL
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Minimum Set-Asides
MINIMUM REQUIRED SET ASIDES (No Points Awarded): Select one of the following two options: 20% of the qualified units are rent restricted and occupied by households with incomes at or below 50% of the median income (Note: No Tax Credit Eligble Units in the the project can exceed 50% of median income) 40% of the qualified units are rent restricted and occupied by households with incomes at or below 60% of the median income (Note: No Tax Credit Eligble Units in the the project can exceed 60% of median income) If requesting RPP funds: 40% of the qualified unit are occupied by households with incomes at or below 50% of median income.
State Tax Credit and QAP Targeting Points: High Income county: At least twenty-five percent (25%) of qualified units will be affordable to households with incomes at or below thirty percent (30%) of county median income. At least twenty-five percent (25%) of qualified units will be affordable to and occupied by households with incomes at or below thirty percent (30%) of county median income.
At least fifty percent (50%) of qualified units will be affordable to households with incomes at or below forty percent (40%) of county median income. At least fifty percent (50%) of qualified units will be affordable to and occupied by households with incomes at or below forty percent (40%) of county median income. Moderate Income County: At least twenty-five percent (25%) of qualified units will be affordable to and occupied by households with incomes at or below forty percent (40%) of county median income.
At least fifty percent (50%) of qualified units will be affordable to households with incomes at or below fifty percent (50%) of county median income. At least fifty percent (50%) of qualified units will be affordable to and occupied by households with incomes at or below fifty percent (50%) of county median income. Low Income County: At least forty percent (40%) of qualified units will be affordable to households with incomes at or below fifty percent (50%) of county median income. At least forty percent (40%) of qualified units will be affordable to and occupied by households with incomes at or below fifty percent (50%) of county median income.
Tax Exempt Bonds Threshold requirement (select one): At least ten percent (10%) of qualified units will be affordable to and occupied by households with incomes at or below fifty percent (50%) of county median income. At least five percent (5%) of qualified units will be affordable to and occupied by households with incomes at or below forty percent (40%) of county median income. Eligible for mortgage subsidy points (select one): At least twenty percent (20%) of qualified units will be affordable to and occupied by households with incomes at or below fifty percent (50%) of county median income. At least ten percent(10%) of qualified units will be affordable to and occupied by households with incomes at or below forty percent (40%) of county median income.
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Full Application Checklist
PLEASE indicate which of the following exhibits are attached to your application. Others may be required as noted. A Nonprofit Organization Documentation or For-profit Corporation Documentation B Current Financial Statements/Principals and Owners C Ownership Entity Agreement, Development Agreement or any other agreements governing development services D Management Agent Agreement E Development and manager multi-family experience & Management Questionnaire (Appendix C) F Letters from State Housing Agencies or designated monitoring agent verifying Out of State Management Experience G Completed IRS Form 8821 (Appendix I) H Permitted zoning letter (including conditional and special use) I Site plan, floor plans and elevations
J Hazard and structural inspection and termite reports (Renovation projects only) K Description of any existing conditions of historical significance. L Description of environmental significance. M Anticipated budget demonstrating how the project would meet the 10% test by November 14th. N Evidence of Architect's Errors and Omissions insurance (or equivalent). O Description of acquisition for existing/occupied projects or for projects with occupied buildings to be demolished. P Description of proposed Relocation Plan & Relocation Budget, Etc. If any relocation is anticipated, reference Appendix F. Q Targeting Plan and supporting documentation (Required for projects targeted to Special Populations) R Local Housing Authority Agreement (Reference Model in Appendix I) S Appraisal (for land costs greater than $5,000 and for buildings in rehab projects) T Evidence of Permanent Loan Commitment, other sources of funds, and project-based subsidies. U Statement regarding terms of Deferred Developer Fee and, if nonprofit, resolution of Board approving fee. V Inducement Resolution (Tax-Exempt Bond Financed Projects only) W Documentation to support estimated utility costs.
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Print Preview - Final Application
Tax Credits, RPP Loans, and/or Tax Exempt Bond Loans
Resources Requested
Check all that apply: Federal Low Income Housing Tax Credit State Low Income Housing Tax Credit Tax Exempt Bonds Rental Production Program (RPP) Loan Requested RPP Loan Amount: RPP Loan Product Requested:
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Project Name and Location
Project Name: English Hills Address: City: TBD Hillview, Mills Avenue and North Lane Brevard County: TRANSYLVANIA Zip: 28712 Block Group: 3
Census Tract: 9602
Is project in Qualified Census Tract & Difficult to Develop area: No Political Jurisdiction: Jurisdiction Address: Jurisdiction City: Jurisdiction Phone: City of Brevard Last: Harris Title: Mayor 151 W. Main Street Brevard (828)884-4124 Zip: 28712
Jurisdiction CEO Name: First: Jimmy
Site Latitude: Site Longitude:
35.234 -82.742
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Project Description
Project Type:* New Construction Rehab Adaptive Reuse
Is this project a follow-on (Phase II, etc) to a previously-awarded tax credit development project? No If yes, list names of previous phase(s): Will the project be receiving federal rental assistance? Yes If yes, provide the subsidy source: HUD and number of units: 48
Target Population: Family Indicate below any additional targeting for special populations proposed for this project: Mobility impaired handicapped: 5% of units comply with QAP Section IV(F)(3) (in addition to other federal and state requirements) Persons with disabilities or homeless populations: the greater of 5 units or 10% of the total units Remarks: Local service providers have indicated a need for mobility impaired units and targeting for other disabilities.
Proposed number of residential buildings: 15 Types of Units:* Project Includes:
Maximum number of stories in buildings: 2
Townhouse
Duplex
Garden Apartment
Detached Single-Family
Separate community building - Sq. Ft. (Floor Area): 1,948 Community space within residential bulding(s) - Sq. Ft. (Floor Area): Elevators - Number of Elevators: Square Footage Information Gross Floor Square Footage: 54,244
Total Net Sq. Ft. (All Heated Areas): 49,111
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Applicant Information
Applicant Name: The Affordable Housing Group Address: City: Contact: Telephone: 1300 Baxter Street, Suite 215 Charlotte First: Kathy (704)342-3316 State: NC Zip: 28204 Last: Stilwell Title: Director of Real Estate Development
Alt Phone:
Fax:
(704)376-8709
Email Address:
[email protected]
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Site Description
Total Site Acreage: 6.99 Total Buildable Acreage: 5.57 If buildable acreage is less than total acreage, please explain: Unbuildable acreage lies within the 100 year floodplain.
Identify utilities and services currently available (and with adequate capacity) for this site: Storm Sewer Water Sanitary Sewer Electric
Is the demolition of any buildings required or planned? No If yes, please describe:
Are existing buildings on the site currently occupied? No If yes: (a) Briefly describe the situation:
(b) Will tenant displacement be temporary? (c) Will tenant displacement be permanent? Is the site in a distressed neighborhood? Yes If yes, does a community revitalization plan exist? Yes Is the site directly accessed by an existing, paved, publicly maintained road? Yes If no, please explain:
Is any portion of the site located inside the 100 year floodplain? Yes If yes: (a) Describe placement of project buildings in relation to this area: Norton Creek and an unnamed branch border one side of the property. In addition, Norton Creek must be crossed to allow access to the property. An Erosion Control Plan as been filed with NCDENR (approval pending) to protect these streams from sediment. A floodway and floodplain cross the property and there will be a small amount of fill in the floodplain, which will be permitted through FEMA. All buildings are located outside the 100 year floodplain and all finished floor elevations are a minimum of 5 feet above the 100 year flood elevation.
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(b) Describe flood mitigation if the project is in the East Region and will have improvements within the 100 year floodplain:
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Site Control
Does the owner have fee simple ownership of the property (site/buildings)? Yes If yes provide: Purchase Date: 10/13/1999 If no: (a) Does the owner/principal or ownership entity have vaild option/contract to purchase the property? (b) Does an identity of interest (direct or indirect) exist between the owner/principal or ownership entity with the option/contract for purchase of the property and the seller of the property? If yes, specify the relationship:
Purchase Price: 272,000
(c) Enter the current expiration date of the option/contract to purchase: (D) Enter Purchase Price:
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Zoning
Present zoning classification of the site: O-I Is mutifamily use permitted? Yes Are variances, special or conditional use permits or any other item requiring a public hearing needed to develop this proposal? No If yes, have the hearings been completed and permits been obtained? If yes, specify permit or variance required and date obtained. If no, describe permits/variances required and schedule for obtaining them:
Is a public hearing of any kind required in the future for you to fully develop this property? Yes If yes, describe the nature of the hearing and when you expect the hearing will be held: The City of Brevard is holding public hearings for proposed CDBG funding of off-site improvements. The hearings are scheduled for June 2 and June 16.
Are there any existing conditions of historical significance located on the project site that will require State Historic Preservation office review? No If yes, describe below:
Are there any existing conditions of environmental significance located on the project site? No If yes, describe below:
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Ownership Entity
Owner Name: English Hills LLC Address: City: 1300 Baxter Street, Suite 215 Charlotte State: NC Zip: 28204 (If assigned) 56-0883684 (If Not Assigned)
Federal Tax ID Number of Ownership Entity: Federal Tax ID Number of Managing GP or Member:
Entity Type: Limited Liability Company Entity Status: Already Formed Is the applicant requesting that the Agency treat the application as Non-Profit sponsored? Is the applicant requesting that the Agency treat the application as CHDO sponsored?
Yes No
List all general partners, members,and principals. Specify nonprofit corporate general partners or members. Click [Add] to add additional partners, members, and principals.
Org:
English Hills Housing of Brevard Inc. Last Name: Stilwell Function: Managing Member
First Name: Kathy Address: City: Phone: EMail:
1300 Baxter Street, Suite 215 Charlotte (704)342-3316 kstilwell@affordablehousinggroup State: NC Zip: 28204
Fax: (704)376-8709 Nonprofit: No TaxID 56-0883684
Org:
Western Carolina Community Action, Inc. Last Name: Fortune Function: Member
First Name: Sheryl Address: City: Phone: EMail: P.O. Box 685 Hendersonville (828)693-1711
State: NC
Zip: 28793-0685
Fax: (828)697-4277 Nonprofit: Yes TaxID 56-0846319
[email protected]
Org:
The Affordable Housing Group Last Name: Stilwell Function: Member
First Name: Kathy Address: City: Phone: EMail:
1300 Baxter Street, Suite 215 Charlotte (704)342-3316 kstilwell@affordablehousinggroup State: NC Zip: 28204
Fax: (704)376-8709 Nonprofit: Yes TaxID 56-0883684
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Unit Mix
List each applicable unit mix combination in a separate row below. Click [Add] to create another row. Click "X" (at the left of each row) to delete a row. Low Income Units Type Gdn Apt Gdn Apt Gdn Apt Gdn Apt Gdn Apt Gdn Apt # BRs Net Sq.Ft. 1 2 3 1 2 3 728 934 1195 728 934 1195 Total # Units 10 16 10 2 8 2 # Units 3 1 0 1 0 1 Monthly Rent 306 387 528 304 360 413 Electric Utility Allowance 80 101 119 80 101 119 Gas Other trash collection Mandatory Serv. Fees **Total Housing Exp. 386 488 647 384 461 532
Utilites included in rents:
Water/Sewer
Market Rate Units Type # BRs Net Sq.Ft. Total # Units # Units Monthly Rent Utility Allowance Gas Other Mandatory Serv. Fees **Total Housing Exp.
Utilites included in rents:
Water/Sewer
Electric
Statistics All Units Low Income....... Market Rate....... Totals............... 48 6 18846 48 Gross Monthly Rental Income 18846
Units 6
Notes * ** Paint-to-Paint Square Footage Please refer to the Income Limits and Maximum Housing Expense Table to ensure that Total Monthly Tenant Expenses for low income units are within established thresholds.
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Targeting
Specify Low Income Unit Targeting in table below. List each applicable targeting combination in a separate row below. Click [Add] to create another row. Click "X" (at the left of each row) to delete a row. Add as many rows as needed.
# BRs 1 2 3 1 2 3 10 16 10 2 8 2
Units targeted at 50 targeted at 50 targeted at 50 targeted at 40 targeted at 40 targeted at 40
% percent of median income. percent of median income. percent of median income. percent of median income. percent of median income. percent of median income.
Total Low Income Units:
48
Note: This number should match the total number of low income units in the Unit Mix section.
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Funding Sources
NonAmortizing* Rate (%) 8.00 Term (Years) 18 Amort. Period (Years) 30 Annual Debt Service 51,378
Source Bank Loan RPP Loan Local Gov. Loan - Specify: RD Loan AHP Loan Other Loan 1 - Specify: Asheville Home Consortium Other Loan 2 - Specify: Other Loan 3 - Specify: Tax Exempt Bonds State Tax Credit(Loan) State Tax Credit(Direct Refund) Equity: Federal LIHTC Non-Repayable Grant Equity: Historic Tax Credits Deferred Developer Fees Owner Investment Other - Specify: Total Sources**
Amount 583,500
0 310,000 225,000 0 0 0 846,390 0 2,564,261 0 30 30 0 0.00 0.00 20 20 20 20
0 7,268 0 0 4,536,419
* "Non-amortizing" indicates that the loan does not have a fixed annual debt service. For these items, you must fill in 20-year debt service below. ** Total Sources must equal total replacement cost in Project Development Cost (PDC) section. Estimated pricing on sale of Federal Tax Credits: $0. 77 Remarks concerning project funding sources: (Please be sure to include the name of the funding source(s))
Loans with Variable Amortization Please fill in the annual debt service as applicable for the first 20 years of the project life.
AHP Loan
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Year: Amt: Year: Amt:
1 0 11 0
2 0 12 0
3 0 13 0
4 0 14 0
5 0 15 0
6 0 16 0
7 0 17 0
8 0 18 0
9 0 19 0
10 0 20 0
Other Loan 1 - Asheville Home Consortium Year: Amt: Year: Amt: 1 0 11 0 2 0 12 0 3 0 13 0 4 0 14 0 5 0 15 0 6 0 16 0 7 0 17 0 8 0 18 0 9 0 19 0 10 0 20 0
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Development Costs
Item Cost Element 1 Purchase of Buildings (Rehab) 2 Demolition 3 On-site Improvements 4 Rehabilitation 5 Construction of New Building(s) 6 Accessory Building(s) 7 General Requirements 8 Contractor Overhead 9 Contractor Profit 10 Construction Contingency 11 Architect's Fee - Design 12 Architect's Fee - Inspection SUBTOTAL (lines 1 through 12) 13 Construction Insurance (prorate) 14 Construction Loan Orig. Fee (prorate) 15 Construction Loan Interest (prorate) 16 Construction Loan Credit Enhancement (prorate) 17 Construction Period Taxes (prorate) 18 Water, Sewer and Impact Fees 19 Survey 20 Property Appraisal 21 Environmental Report 22 Market Study 23 Bond Costs (specify) 24 Cost of Issuance 25 Placement Fee 26 Permanent Loan Origination Fee 27 Permanent Loan Credit Enhancement 28 Title and Recording SUBTOTAL (lines 13 through 28) 29 Real Estate Attorney 30 Other Attorney's Fees 31 Tax Credit App Fees 32 Cost Certification/Accounting Fees (specify) 33 Tax Opinion 34 Organizational (Partnership) 35 Tax Credit Monitoring Fee SUBTOTAL (lines 29 through 35) 36 Furnishings and Equipment 37 Relocation Expenses 38 Developer's Fee (max 15% lines 2-36, less 8 & 9) 39 40 42 43 Bank Inspection Fees, permits Engineering, soil borings, testing Other Non-basis Expense (off-site Road & Water) Other Non-basis Expense (specify) SUBTOTAL (lines 36 through 43) 44 Rent up Reserve 0 628,200 14,400 TOTAL COST 0 0 604,450 0 2,051,618 83,206 164,356 58,073 232,290 95,820 48,000 9,600 3,347,413 6,081 23,000 92,978 0 1,000 86,400 12,000 5,200 2,500 4,000 0 0 0 11,670 500 10,000 255,329 30,000 17,500 22,988 19,500 3,000 2,500 25,200 120,688 20,000 0 517,000 11,000 49,000 31,200 20,000 0 517,000 0 49,000 30,000 17,500 22,988 19,500 4,865 18,400 74,382 0 800 86,400 12,000 5,200 2,500 4,000 604,450 0 2,051,618 83,206 164,356 58,073 232,290 95,820 48,000 9,600 Eligible Basis 30% PV 70% PV 0
41 Rent-up Expenses
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45 Operating Reserve 46 47 <%specify text=""%> Other Reserve (specify)
100,389
0 4,466,419 0 0 0 0 4,231,948 100.00% 4,231,948 333,054 359,715 360,430 848,071 70,000 4,536,419 0 100% 0 0.00% 0 0 0 4,231,948 0 0 0 0 4,231,948 100% 4,231,948 7.87% 333,054 359,715 360,430
48 DEVELOPMENT COST (lines 1-47) 49 Less Federal Financing 50 Less Disproportionate Standard 51 Less Nonqualified Nonrecourse Financing 52 Less Historic Tax Credit (residential) 53 TOTAL ELIGIBLE BASIS 54 Times Applicable Fraction 55 TOTAL QUALIFIED BASIS 56 Tax Credit Rate 57 FEDERAL TAX CREDITS at Estimated Rate 57a FEDERAL TAX CREDITS at 8.5% or 3.75% 58 FEDERAL TAX CREDITS REQUESTED 59 STATE TAX CREDITS 60 Land Cost 61 TOTAL REPLACEMENT COST Comments:
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Market Study Information
Please provide a detailed description of the proposed project: English Hills will be a new 48-unit multi-family rental complex situated within Brevard city limits. It is planned as one and two-story, garden apartments for families, in duplex, triplex, and quadplex configurations. A minimum of 10% of the units and all community facilties will be handicapped accessible and there will be continuous sidewalk through the complex that will faciltate visitability between apartments. On-site amenities will include a community building and an on-site management office. The community spaces will include meeting rooms, computer center, maintenance area, playground and gazebo. There will also be a supportive service package geared toward economic self-sufficiency available for residents of the community. The site is located on property owned by Western Carolina Community Action, Inc., that lies north of Mills Ave., northeast of Hillview St.(AKA Picklesimer Ave.), and west of North Lane. It is near the Hillview Children's Center and Mary C. Jenkins Center in the Rosenwald Community. Units in the complex will be available and affordable to families earning at or below 50% of area median income with rents subsidized by project based Section 8. Construction (check all that apply): Brick Vinyl Wood HardiPlank Balconies/Patios Sunrooms Front Porches
Front Gables or Dormers Other:
Wide Banding or Vertical/Horizontal Siding
Columns, decorative gable vents and shutters.
Have you built other tax credit developments that use the same building design as this project? No If yes, please provide name and address:
Site Amenities (check all that apply): Community Bldg - Sq Ft: 1,948 Laundry Rm Game/Craft Rm Chapel/Prayer Rm Irrigated Lawns Walking Trails Pool Screened Porch Exercise Rm Picnic Area Security Gate Garden Spots Fitness Stations Community Room - Sq Ft: Resident Computer Center TV Rm Onsite Leasing Office Car Care Area Basketball/Tennis Court Horseshoe Pit Garages - Number: Exam Rm Beauty Salon Onsite Mgr Storage Units Playground Shuffleboard Reading Rm/Library Vending Rm Onsite Maint. Person Gazebos Ball Field Covered Drive Thru
Onsite Activities: Residents of English Hills will be offered the opportunity to participate in the Family Self-Sufficiency (FSS) Program operated by WCCA. The program is designed to promote economic self-sufficiency by connecting families with appropriate supportive services and resources, such as education, job training, and employment. Families receive ongoing case management, counseling, and coordination of services in their progression from dependence to independence of Government programs. At the same time, they save money, and are nurtured toward homeownership through
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credit counseling Homebuyer Education. All families residing in English Hills, whether FSS participants or not, will have the opportunity to participate in educational classes, health seminars, legal presentations, life-skills classes, parenting education, financial education workshops, and homebuyer education that will be scheduled periodically in the community facility. All opportunities offered will promote self-sufficiency, financial independence and more effective functioning for family units. The Brevard Police Department will establish and support a Neighborhood Watch Program for English Hills Apartments. In addition, periodic seminars on safety related topics (such as personal safety and crime prevention) will be conducted. A computer provided by WCCA will be available to residents that will provide on-site ability for residents to access job listings, prepare resumes, and improve their computer skills in conjunction with Work First and Employment Security Commission supportive services. Periodic programs will be offered on-site by the Transylvania County Health Department. Landscaping Plans: The developer plans to preserve as many existing trees as possible on this largely wooded site, particularly those located within the 100 year flood plain. A comprehensive grading and tree protection plan will be in place before construction begins. The developer is also committed to installing large trees and native plants to make the community a welcome addition to the neighborhood. Typical plantings would include foundation shrubs, street trees, landscaped entry with sign and screenings from adjoining properties.
Interior Apartment Amenities (check all that apply): Range W/D Hookups Flooring: Carpet Hood Mini-blinds Vinyl Central Air Dishwasher Pantry Wood Gas Heat Disposal Ceiling fans Wood Parquet Heat Pump Refrigerator (frost free) Walk-in closets Other Storage interior/exterior
Ceramic Tile Electric Pump
Heating/Cooling:
Do you plan to submit additional market data (market study, etc.) that you want considered? No If yes, please make sure to include the additional information in your pre-application packet.
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Applicant's Site Evaluation
Briefly describe your site in each of the following categories: NEIGHBORHOOD CHARACTERISTICS Physical condition of buildings and improvements. Trend and direction of real estate development relative to the project. Area economic health (degree of decline or investment). This project is part of a funded revitalization plan for the Rosenwald neighborhood. The State of North Carolina has awarded $1,750,000 for housing rehabilitation, job training,, business expansion, public infrastructure and services. These funds, when leveraged with other public and private dollars will generate a dramatic economic influx into this community. There are no buildings on the proposed site. The existing housing developments in the area range from low to moderate income. The businesses and majority of the single family homes adjacent to the site and immediate surrounding area have been relatively well maintained. These developments will not negatively impact the appeal of the site or the ability of the development to lease its units. Conversely, the development of English Hills will not negatively affect these existing developments. Suitability of surrounding development. Land use pattern is primarily residential with a balance of other uses, including non-competing multifamily and single family units, relevant amenities, shopping and services. The site is bordered in most directions by moderate income, single-family homes. There is a community park/playground located to the west of the site on Mills Lane. The proposed development will be compatible with the existing developments in the area. The Land Use Plan shows representation of this tract north of Norton Creek as a high-density residential area. The remaining WCCA land is shown as mixed use neighborhood. In addition to the surrounding housing, the neighborhood is home to a wide variety of services and amenities as demonstrated in the proximity of services listed below. Of particular interest is the proximity (less than .1 miles) of the Head Start center which will recruit children from the site for their programs. SITE SUITABILITY Adequacy of street(s) and/or access road(s) serving the proposed project and traffic controls (lights, stop signs, turning lanes). Access to mass transit (if applicable). The main access will be off Hillview Street extension. The City of Brevard will apply for CDBGHousing Development funds to construct a public road that will cross Norton Creek and provide the best access (creek crossing) to English Hills. Plans are being made to upgrade the existing street leading into the WCCA property with sidewalks on the playground side extending to Mills Avenue from the proposed new access street into the property. The site is directly accessible from North Lane (off West Main Street). This access (20 foot right of way) will only be used as access for emergency vehicles or for an outlet in the event of a flood that makes Hillview Street impassable (the street runs in the 100 year flood plain on the other side of Norton Creek). Amount and character of vacant, undeveloped land. Effect of industrial, large-scale institutional or other incompatible uses: wastewater treatment facilities, high traffic corridors, junkyards, prisons, landfills, large swamps, distribution facilities, frequently used railroad tracks, power transmission lines and towers, factories or similar operations, sources of excessive noise, and sites with environmental concerns (such as odors or pollution). The project site is part of a 34 acre tract of land owned by WCCA that is one of the largest undeveloped parcels inside the City limits. The majority of the parcel is undeveloped and heavily wooded. There are no known issues associated with industrial, large-scale institutional, or other incompatible use.
Degree of on-site negative features and physical barriers that will impede project construction or adversely affect future tenants; for example: power transmission lines and towers, flood hazards, steep slopes, large boulders, ravines, year-round streams, wetlands, and other similar features. For adaptive re-use projects- suitability for residential use and difficulties posed by the building(s), such as limited parking, environmental problems or the need for excessive demolition. The 6.99 acre tract topography is flat near the Norton Creek floodplain. The land rises from rolling to steep land to the north to northeast property boundary and will require substantial grading to level the site for building pads. While the land is bordered by Norton Creek, careful site planning has been instituted to keep buildings and amenities outside of the 100 year flood plain. A Flood Study has been ordered and will be used in obtaining a "No Rise" Certificate from FEMA so that the access road crossing the creek will result in no significant impact on the creek level. Indications of the study
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are that the proposed culvert will help in reducing flooding on Hillview Street as well as the creekbed bordering the site. Detention Ponds will be put in place on the lower side of the property nearest to Norton Creek in order to controll the majority of storm water from the site that would spill into the creek. Similarity of scale and aesthetics/architecture between project and surroundings. English Hills Apartments has adopted building plans and elevations that will blend with the surrounding neighborhood. These include one and two story buildings with no more than 4 units per building. Exterior details such as porches with columns and decorative shutters will be used to retain the residential scale and apprearance of the structures.
Concentration of affordable housing (housing credit, project-based rental assistance, public housing). Brevard Housing Authority owns units in the Rosenwald Neighborhood within 1 mile of the site.
Availability of Supportive Services (if applicable): A variety of supportive services will be available to the residents of English Hills. The Head Start/Early Head Start operations of WCCA will actively recruit children from the apartments. WCCA provides a well-equipped, new center building designed for child day care operations on the adjoining WCCA propoerty. A mini-school bus and van are available to transport children as needed. The Family Self-sufficiency Program of WCCA will be made available to English Hills residents. Through this program, families are prepared for homeownership. They are assisted in preparing a plan consisting of benchmarks toward homeownership such as credit counseling, credit repair, budgeting, pre-purchase counseling, predatory lending education, mortgage shopping, home shopping, post-ownership counseling. The Service Coordinator will work to identify unemployed and underemployed residents and coordinate with Employment Security Commission to refer those residents to local employers and/or training programs offered through ESC. A computer will be available on-site that will provide ability for residents to access job listings. The Service Coordinator will refer eligible residents to the Work First Program at the Department of Social Services that will provide support services to remove barriers to employment. Transylvania County Health Department will provide health services for residents at the convenient Health Department clinic. In addition, periodic on-site information will be offered based on need. The Brevard Police Department will establish and support a Neighborhood Watch Program for English Hills. Periodic seminars on safety related topices (such as personal safety and crime prevention) will be conducted. For each applicable neighborhood feature, enter distance from project in miles. .8 .8 .5 .1 1 Grocery Store Mall/Strip Center Outdoor Athletic Fields Day Care/After School Schools .1 2 .8 .5 .5 Community/Senior Center Hospital Pharmacy Basic Health Care Medical Offices Bank/Credit Union Restaurants Professional Services Movie Theater Video Rental
Public Transportation Stop .5 .5 .1 .1 .5 Convenience Store Basketball/Tennis Courts Public Parks Gas Station .5 .5 .5 .6
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.5 .1 1
Library Fitness/Nature Trails Public Swimming Pools
.4 .3
Public Safety (Fire/Police) Post Office
Other facilities or services:
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Development Team
Provide contact information for development team members below: Management Agent Company: GEM Management Inc. Address: City: Phone 2021 Cross Beam Drive Charlotte (704)357-6000 State: NC Zip: 28217 Email: [email protected] Last: Ellis
Contact Name: First: Danny
Architect Company: Address: City: Phone
J Davis Architects PLLC. 510 Glenwood Avenue, Suite 201 Raleigh (919)835-1500 State: NC Zip: 27603 Email: [email protected] Last: Davis
Contact Name: First: Jeff
Attorney Company: Address: City: Phone
Moore & Van Allen PO Box 26507 Raleigh (919)821-6228 State: NC Zip: 27611-6507 Email: [email protected] Last: Ellinger
Contact Name: First: Susan
Investor Company: Address: City: Phone
Lend Lease Real Estate Investments 101 Arch Street, 13th Floor Boston (617)790-1647 State: MA Zip: 02110-1106 Email: Last: Maxwell
Contact Name: First: Tom
Consultant/Application Preparer (if different from developer) Company: Address: City: Phone Contact Name: First: State: Email: Last: Zip:
Identity of Interest? General Contractor Company: Crosland Contractors Address: City: Phone 107 Scaleybark Road Charlotte (704)561-5295 State: NC Zip: 28209 Email: [email protected] Last: Carpenter
Contact Name: First: Buzzy
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Project Team Experience
Development List number low-income/tax credit housing projects and units developed, operated, and maintained in compliance by the principal(s) between December 1, 1996 and January 1, 2003: North Carolina Other States Projects: Units: 8 344 0 0
Management List number of low-income housing tax credit units managed in the past 10 years: North Carolina Other States Projects: Units: 49 1,483 61 1,953
Has any owner, principal, or management agent been debarred or received a limited denial participation in the past 10 years by any federal or state agency? No Has any owner, principal, or management agent been involved in a bankruptcy, an adverse fair housing settlement, an adverse civil rights settlement, or an adverse federal or state government proceeding and settlement in the past 10 years? No Has any owner or principal been in a mortgage default or delinquency of three months or more within the last 5 years on a FHA-insured project, a Rural Development funded rental project, a tax-exempt funded mortgage, a tax credit project, or any other publicly subsidized project? No Has any owner or principal been involved within the last 10 years in a project which previously received an allocation of tax credits but failed to meet compliance standards of the tax credit allocation, including return of a reservation of tax credits to the Agency after the carryover agreement has been signed? No Has any owner or principal had a Form 8823 filed with the IRS for noncompliance on a project using low-income housing tax credits or received a letter of non-compliance from the Agency? No
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Financing Commitments
Does the project have a firm commitment for construction financing? Does the project have a letter of intent for private permenant financing? Does the project have a firm commitment for government financing? Does the project have a letter of intent from an investor? Is any portion of the eligible basis of new contruction or rehabilitation financed with federal subsidies other than CDBG funds or funds from the HOME program? If yes, indicate the type and amount below: Tax Exempt Financing: $ RD 515 Financing: Hope VI Financing: Other: $ $ $ Yes Yes Yes Yes No
If Other, specify the type of Federal subsidy:
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Projected Operating Costs
Project Operations (Year One) Administrative Expenses Advertising Other Administrative Expense (specify): Office Salaries Office Supplies Office or Model Apartment Rent Management Fee Manager or Superintendent Salaries Manager or Superintendent Rent Free Unit Legal Expenses (Project) Auditing Expenses (Project) Bookkeeping Fees/Accounting Services Telephone and Answering Service Bad Debts Other Administrative Expenses (specify): SUBTOTAL Utilities Expense Fuel Oil Electricity (Light and Misc. Power) Water Gas Sewer SUBTOTAL Operating and Maintenance Expenses Janitor and Cleaning Payroll Janitor and Cleaning Supplies Janitor and Cleaning Contract Exterminating Payroll/Contract Exterminating Supplies Garbage and Trash Removal Security Payroll/Contract Grounds Payroll Grounds Supplies Grounds Contract Repairs Payroll Repairs Material Repairs Contract Elevator Maintenance/Contract Heating/Cooling Repairs and Maintenance Swimming Pool Maintenance/Contract Snow Removal Decorating Payroll/Contract Decorating Supplies Other (specify): Miscellaneous Operating & Maintenance Expenses SUBTOTAL Taxes and Insurance Real Estate Taxes
1,000 1,000 0 2,500 0 24,192 14,400 0 1,000 3,900 0 875 0 0 48,867 0 1,000 12,500 0 600 14,100 0 462 500 800 96 500 0 0 1,000 8,200 8,000 3,000 5,000 0 500 0 0 5,000 1,000 0 0 34,058 24,000
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Payroll Taxes (FICA) Miscellaneous Taxes, Licenses and Permits Property and Liability Insurance (Hazard) Fidelity Bond Insurance Workmen's Compensation Health Insurance and Other Employee Benefits Other Insurance: SUBTOTAL Supportive Service Expenses Service Coordinator Service Supplies Tenant Association Funds Other Expenses (specify): SUBTOTAL Reserves Replacement Reserves SUBTOTAL TOTAL OPERATING EXPENSES ADJUSTED TOTAL OPERATING EXPENSES (Does not include taxes, reserves and resident support services) * TOTAL UNITS (from total units in the Unit Mix section) PER UNIT PER YEAR
1,700 0 10,000 75 0 1,600 0 37,375 2,000 1,000 0 0 3,000 12,000 12,000 149,400 110,400 48 2,300
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Projected Cash Flow Year One
OPERATING INCOME Gross rental income (from Unit Mix - Total Monthly Rent) Stores and Commercial Laundry and Vending Other (specify): 3,456 226,152
Total Gross Income Potential at 100% Occupancy Seven Percent Vacancy Allowance NET RENTAL/OTHER INCOME TOTAL OPERATING EXPENSES (from Projected Operating Costs) NET OPERATING INCOME DEBT SERVICE (from Funding Sources Loans) NET CASH FLOW DEBT COVERAGE RATIO (Must not be less than 1.15)
229,608 16,072 213,536
149,400 64,136
51,378
12,758 1.248
20-Year Cash Flow
Year Net Rental/Other Income* Total Operating Expenses* Debt Service Net Cash Flow Debt Coverage Ratio Year Net Rental/Other Income* Total Operating Expenses* Debt Service Net Cash Flow Debt Coverage Ratio 1 213,536 149,400 51,378 12,758 1.248 11 286,973 221,150 51,378 14,445 1.281 2 219,942 155,376 51,378 13,188 1.257 12 295,582 229,996 51,378 14,208 1.277 3 226,540 161,591 51,378 13,571 1.264 13 304,449 239,196 51,378 13,875 1.27 4 233,336 168,055 51,378 13,903 1.271 14 313,582 248,764 51,378 13,440 1.262 5 240,336 174,777 51,378 14,181 1.276 15 322,989 258,715 51,378 12,896 1.251 6 247,546 181,768 51,378 14,400 1.28 16 332,679 269,064 51,378 12,237 1.238 7 254,972 189,039 51,378 14,555 1.283 17 342,659 279,827 51,378 11,454 1.223 8 262,621 196,601 51,378 14,642 1.285 18 352,939 291,020 51,378 10,541 1.205 9 270,500 204,465 51,378 14,657 1.285 19 363,527 302,661 51,378 9,488 1.185 10 278,615 212,644 51,378 14,593 1.284 20 374,433 314,767 51,378 8,288 1.161
* Net Rental Income escalated at annual rate of 3% and expenses escalated at a rate of 4% after the first year.
Calculations:
1. "Net Rental/Other Income" comes from 1st-year cash flow, then it is escalated by 3% per year. 2. "Total Operating Expenses" comes from 1st-year cash flow, then it is escalated by 4% per year. 3. "Debt Service" is the sum of "regular/amortized loan debt service + non-amortizing annual service" as entered by user from Funding Sources section. 4. "Net Cash Flow" is "Net Rental/Other Income" minus "Total Operating Expenses" minus "Debt Service". 5. "Debt Coverage Ratio" is ("Net Rental/Other Income" minus "Total Operating Expenses") divided by "Debt Service".
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Design Features
ITEM Foundation/Slab Components Primary Windows DESCRIPTION Monolithic Concrete Slab/Foundation Make: Silver Line Model: Series 2900
Type/Construction: Vinyl - Single Hung Exterior Doors Siding Type: Fiberglass Type: Vinyl Lap Frames: Metal Grade/Thickness: 0.44
Warranty: Limited Lifetime Warranty Exterior Trim Shingles Vinyl or Aluminum Covered Wood Type: Fiberglass - 3 tab Warranty: 25 year Sprinkler System Cabinets Heat Pump N/A Grandview Products Corp or Equal SEER: 11 Model: 1.5 ton, 2 ton, 2.5 ton Air Conditioner SEER: N/A Model: Other Heat Systems SEER: N/A Model: Make: Make: Make: Equal to Carrier Weight: 240#
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Costs - Construction
This is a detailed breakdown of rehabilitation or construction costs you summarized in the Development Costs table (Rehabilitation and Construction of New Building(s)). The total should match those roll-up values. ITEM Concrete Footings Backfill-slab, Crawl Slab-concrete/Rebar/Gravel Waterproofing Masonry Foundation Brick Veneer Steel/Structure/Rails Framing/Lumber/Nails Trusses Crane Rental Windows/Grilles/Screen Exterior Doors Roofing Fencing Vinyl Siding/Trim/Box Gutters/Shutters Insulation Drywall Interior Doors Int. & Final/Stair/Trim/Shelves Cabinets & Tops Painting Marble - Tub/Shwr/Tops Plumbing Electrical Heating/Air Conditioning Floor Covering and Underlayment Wall Paper Mailboxes/Special Features/Signage Gypcrete Blinds/Shades/Art Work Light Fixtures/Fans Sprinkler System Security Alarm Hardwood Floors Elevator Ceramic Tiles Acoustical Ceilings 5,000 5,968 72,945 67,730 69,020 24,000 82,945 67,730 69,020 24,000 4,000 35,000 21,135 2,000 46,295 4,000 14,785 72,945 10,000 10,000 11,000 35,000 21,100 35,000 21,135 6,500 46,295 4,000 14,785 72,945 40,000 52,000 40,000 20,000 73,200 20,000 121,000 10,000 50,000 40,000 362,000 28,000 37,300 77,000 LABOR MATERIAL TOTAL 0 0 114,300 0 0 123,200 60,000 483,000 38,000 0 25,100 70,000 42,270 8,500 92,590 8,000 29,570 145,890 50,000 62,000 51,000 55,000 0 155,890 135,460 138,040 48,000 0 10,968 0 0 0 0 0 0 0 0 0
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Mirror/Shower Door/Encls. Hardware/Bath Access. Appliances Playground Equipment Interior Clean Exterior Clean/Dumpster Other 1 (specify in Remarks) Other 2 (specify in Remarks) Total Cost Remarks: 798,355 1,253,263 5,000 3,000 2,000 8,000 14,000 15,640 46,200 8,000 2,000 1,000
0 20,640 49,200 10,000 10,000 15,000 0 0 2,051,618
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Costs - General
This is a detailed breakdown of the General Requirements cost element you summarized in the Development Costs table (General Requirements). The total should match that roll-up value. ITEM Supervision Job Site Office/Trailer Rental Impact Fees Office Supplies Security/Watchman Water and Sewer Connection Fees Project Signage Tools and Equipment Gas, Oil, and Maintenance Cleanup/Dumpster Rental Temporary Water, Electric, and Telephone Storage/Hauling Driveway Access Permit Porta-John Rental/Dumping Builders Risk Insurance Re-inspection Fees Extra Plans and Specifications Miscellaneous, Casual Labor Equipment Rental Other 1 (specify in Remarks) Other 2 (specify in Remarks) Total Cost Remarks: 164,356 1,000 5,500 10,200 3,630 14,000 500 2,000 2,000 5,025 15,259 15,000 1,000 TOTAL 79,642 9,600
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Costs - Improvements
This is a detailed breakdown of the Site Improvements cost element you summarized in the Development Costs table (On-site Improvements). The total should match that roll-up value. ITEM Subsurface Exploration/Perk Testing/Site Engineering Clearing/Grading/Final Grading/Excess and Borrow Demolition Earthwork/Excavation/Aerating Soil Treatment Pile Foundations Caissons Shoring/Bracing Site Drainage Site Utilities/Site Lighting Paving and Surfacing/Curb and Gutter Walkways Site Signage Parking Lot Painting Dumpsite Pads/Fencing Fencing/Gates Landscaping/Topsoil Waterproofing/De-Watering Operation of Construction Equipment/Fuel/Oil Crane Rental Rock and Hardpan Excavation Site Supervision Personnel Other (specify in Remarks) Total Cost Remarks: CDBG funds will be used off-site to extend the roadway across the creek and to install sidewalks, fire hydrant and to extend water to the site. These funds do not show in the project budget, as they will be awarded to and administered by the City of Brevard. 604,450 19,490 33,750 10,000 80,300 140,070 177,540 18,570 2,500 50,480 TOTAL 3,500 68,250
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Costs - Bond Costs
This is a detailed breakdown of the Bond Costs cost element you summarized in the Development Costs table (Bond Costs). The total should match that roll-up value. ITEM Letter of Credit Fee Credit Enhancement Underwriter Discount Capital Interest Fund Other 1 (specify in Remarks) Other 2 (specify in Remarks) Total Cost Remarks: 0 TOTAL
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Costs - Bond Issuance
This is a detailed breakdown of the Bond Issuance cost element you summarized in the Development Costs table (Cost of Issuance). The total should match that roll-up value. ITEM Bond Counsel Issuer Counsel Credit Enhancement/LOC Counsel Underwriter Counsel Developer's Counsel Rating Agency Fee Printing Trustee Fee Trustee Counsel Other 1 (specify in Remarks) Other 2 (specify in Remarks) Other 3 (specify in Remarks) Total Cost Remarks: 0 TOTAL
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Minimum Set-Asides
MINIMUM REQUIRED SET ASIDES (No Points Awarded): Select one of the following two options: 20% of the qualified units are rent restricted and occupied by households with incomes at or below 50% of the median income (Note: No Tax Credit Eligble Units in the the project can exceed 50% of median income) 40% of the qualified units are rent restricted and occupied by households with incomes at or below 60% of the median income (Note: No Tax Credit Eligble Units in the the project can exceed 60% of median income) If requesting RPP funds: 40% of the qualified unit are occupied by households with incomes at or below 50% of median income.
State Tax Credit and QAP Targeting Points: High Income county: At least twenty-five percent (25%) of qualified units will be affordable to households with incomes at or below thirty percent (30%) of county median income. At least twenty-five percent (25%) of qualified units will be affordable to and occupied by households with incomes at or below thirty percent (30%) of county median income.
At least fifty percent (50%) of qualified units will be affordable to households with incomes at or below forty percent (40%) of county median income. At least fifty percent (50%) of qualified units will be affordable to and occupied by households with incomes at or below forty percent (40%) of county median income. Moderate Income County: At least twenty-five percent (25%) of qualified units will be affordable to and occupied by households with incomes at or below forty percent (40%) of county median income.
At least fifty percent (50%) of qualified units will be affordable to households with incomes at or below fifty percent (50%) of county median income. At least fifty percent (50%) of qualified units will be affordable to and occupied by households with incomes at or below fifty percent (50%) of county median income. Low Income County: At least forty percent (40%) of qualified units will be affordable to households with incomes at or below fifty percent (50%) of county median income. At least forty percent (40%) of qualified units will be affordable to and occupied by households with incomes at or below fifty percent (50%) of county median income.
Tax Exempt Bonds Threshold requirement (select one): At least ten percent (10%) of qualified units will be affordable to and occupied by households with incomes at or below fifty percent (50%) of county median income. At least five percent (5%) of qualified units will be affordable to and occupied by households with incomes at or below forty percent (40%) of county median income. Eligible for mortgage subsidy points (select one): At least twenty percent (20%) of qualified units will be affordable to and occupied by households with incomes at or below fifty percent (50%) of county median income. At least ten percent(10%) of qualified units will be affordable to and occupied by households with incomes at or below forty percent (40%) of county median income.
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Full Application Checklist
PLEASE indicate which of the following exhibits are attached to your application. Others may be required as noted. A Nonprofit Organization Documentation or For-profit Corporation Documentation B Current Financial Statements/Principals and Owners C Ownership Entity Agreement, Development Agreement or any other agreements governing development services D Management Agent Agreement E Development and manager multi-family experience & Management Questionnaire (Appendix C) F Letters from State Housing Agencies or designated monitoring agent verifying Out of State Management Experience G Completed IRS Form 8821 (Appendix I) H Permitted zoning letter (including conditional and special use) I Site plan, floor plans and elevations
J Hazard and structural inspection and termite reports (Renovation projects only) K Description of any existing conditions of historical significance. L Description of environmental significance. M Anticipated budget demonstrating how the project would meet the 10% test by November 14th. N Evidence of Architect's Errors and Omissions insurance (or equivalent). O Description of acquisition for existing/occupied projects or for projects with occupied buildings to be demolished. P Description of proposed Relocation Plan & Relocation Budget, Etc. If any relocation is anticipated, reference Appendix F. Q Targeting Plan and supporting documentation (Required for projects targeted to Special Populations) R Local Housing Authority Agreement (Reference Model in Appendix I) S Appraisal (for land costs greater than $5,000 and for buildings in rehab projects) T Evidence of Permanent Loan Commitment, other sources of funds, and project-based subsidies. U Statement regarding terms of Deferred Developer Fee and, if nonprofit, resolution of Board approving fee. V Inducement Resolution (Tax-Exempt Bond Financed Projects only) W Documentation to support estimated utility costs.
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