Forest Hills

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Print Preview - Final Application
Tax Credits, RPP Loans, and/or Tax Exempt Bond Loans

Project Name and Location
Project Name: Forest Hills Address: City: TBD Wheeler Hills Road Burnsville County: Yancey Zip: 28714 Block Group: 00

Census Tract: 9602

Is project in Qualified Census Tract & Difficult to Develop area? No Does a community revitalization plan exist? No Political Jurisdiction: Jurisdiction Address: Jurisdiction City: Jurisdiction Phone: City of Burnsville Last: Grindstaff Title: Mayor P.O. Box 97 Burnsville (828)682-2420 Zip: 28714

Jurisdiction CEO Name: First: David

Site Latitude: Site Longitude:

35.916065 -82.332993

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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 project based federal rental assistance? Yes If yes, provide the subsidy source: HUD and number of units: 40

Target Population: Elderly (55) 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 the units required by other federal and state codes.) Persons with disabilities or homeless populations: the greater of 5 units or 10% of the total units Remarks:

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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)968-7202 State: NC Zip: 28204 Last: Stilwell Title: Director of Real Estate Development

Alt Phone:

(704)342-3316

Fax:

(704)376-8709

Email Address:

[email protected]

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Site Description
Total Site Acreage: 8.619 Total Buildable Acreage: 8.619 If buildable acreage is less than total acreage, please explain:

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 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? No If yes: (a) Describe placement of project buildings in relation to this area:

(b) Describe flood mitigation if the project 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)? No If yes provide: Purchase Date: If no: (a) Does the owner/principal or ownership entity have vaild option/contract to purchase the property? Yes (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? No If yes, specify the relationship:

Purchase Price:

(c) Enter the current expiration date of the option/contract to purchase: 12/31/2004 (D) Enter Purchase Price: 200,000

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Zoning
Present zoning classification of the site: No Zoning Exists 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:

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: Forest Hills Housing LLC Address: City: 1300 Baxter Street, Suite 215 Charlotte State: NC Zip: 28204 20-1075995 (If assigned) (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:

Forest Hills Housing of Burnsville Inc. Last Name: Stilwell Function: Managing Member

First Name: Kathy Address: City: Phone: EMail:

1300 Baxter Street, Suite 215 Charlotte (704)968-7202 kstilwell@affordablehousinggroup State: NC Zip: 28204

Fax: (704)376-8709 Nonprofit: No TaxID 20-1075987

Org:

Northwestern Housing Enterprises Incorporated Last Name: Fowler Function: Principal

First Name: Ned Address: City: Phone: EMail: P.O. Box 1673 Boone (828)264-6683 [email protected]

State: NC

Zip: 28607

Fax: (828)264-0272 Nonprofit: Yes TaxID 56-1924027

Org:

The Affordable Housing Group of North Carolina, Inc. Last Name: Stilwell Function: Principal

First Name: Kathy Address: City: Phone: EMail:

1300 Baxter Street, Suite 215 Charlotte (704)968-7202 kstilwell@affordablehousinggroup State: NC Zip: 28204

Fax: (704)376-8709 Nonprofit: Yes TaxID 56-0883684

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Unit Mix
The Median Income for Yancey county is $45,200. Low Income Units Type Sgl Fam Gdn Apt Duplex Duplex Total # BRs Net Sq.Ft. # Units 1 1 2 2 735 735 937 937 22 2 15 1 # Units 1 2 1 1 Monthly Rent 339 339 399 399 Electric Utility Allowance 64 64 81 81 Gas Mandatory Serv. Fees 0 0 0 0 Other trash **Total Housing Exp. 403 403 480 480

Utilites included in rents:

Water/Sewer

Employee Units (will add to Low Income Unit total) Type # BRs Net Sq.Ft. Total # Units # Units Monthly Rent Electric Utility Allowance Gas Other Mandatory Serv. Fees **Total Housing Exp.

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............... 40 5 14520 40 Gross Monthly Rental Income 14520

Units 5

Proposed number of residential buildings: 14 Project Includes:

Maximum number of stories in buildings: 1

Separate community building - Sq. Ft. (Floor Area): 1,430 Community space within residential bulding(s) - Sq. Ft. (Floor Area): Elevators - Number of Elevators: Square Footage Information Gross Floor Square Footage: 39,388

Total Net Sq. Ft. (All Heated Areas): 34,124

Notes ** 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 24 16

Units targeted at 50 targeted at 50

% percent of median income. percent of median income.

Total Low Income Units:

40

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 (%) 7.50 Term (Years) 18 Amort. Period (Years) 30 Annual Debt Service 6,712

Source Bank Loan RPP Loan Local Gov. Loan - Specify: RD 515 Loan RD 538 Loan - Specify: AHP Loan Other Loan 1 - Specify: AHP Grant (Loaned by TAHG) 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 80,000

400,000 200,000

2.00 4.00

20 20

20 20

24,282

1,007,901

0

30

30

0

2,072,641

39,771

3,800,313

* "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. 78 Remarks concerning project funding sources: (Please be sure to include the name of the funding source(s)) RPP Loan - NCHFA FHLB-AHP Loan thru RBC Centura FHLB-AHP Grant thru RBC Centura to The Affordable Housing Group and loaned to Forest Hills Housing LLC State Credit Loan - NCHFA

Loans with Variable Amortization Please fill in the annual debt service as applicable for the first 20 years of the project life.

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Other Loan 1 - AHP Grant (Loaned by TAHG) 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 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 Engineering/Borings/Testing Other Basis Expense (specify) 26,000 Other Non-basis Expense (specify) Other Non-basis Expense (specify) SUBTOTAL (lines 36 through 43) 44 Rent up Reserve 509,582 12,000 419,582 44,000 419,582 44,000 11,000 252,994 30,000 17,500 19,550 15,500 3,000 2,500 21,000 109,050 20,000 20,000 30,000 17,500 19,550 15,500 4,800 1,000 80,000 11,000 5,500 4,000 4,000 800 80,000 11,000 5,500 4,000 4,000 1,616,618 65,000 128,176 45,289 181,156 74,727 60,000 16,000 2,641,616 8,000 23,000 100,694 3,200 18,400 70,486 1,616,618 65,000 128,176 45,289 181,156 74,727 60,000 16,000 454,650 409,185 TOTAL COST Eligible Basis 30% PV 70% PV 0

41 Rent-up Expenses

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45 Operating Reserve 46 47 Reserve Required by Equity Investor Other Reserve (specify)

75,071 0

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 Applicable Fraction (percentage of LI Units) 55 Basis Before Boost 56 Boost for QCT/DDA (if applicable, enter 130%) 57 TOTAL QUALIFIED BASIS 58 Tax Credit Rate 59 Federal Tax Credits at Estimated Rate 60 Federal Tax Credits at 8.5% or 3.75% 61 Federal Tax Credits Requested 62 Land Cost 63 TOTAL REPLACEMENT COST

3,600,313

0

3,359,669

0 3,359,669 100.00% 3,359,669 3,359,669 265,749 285,571 0 200,000 3,800,313 0 100% 0 100.00% 0 0.00% 0 0 3,359,669 100% 3,359,669 100.00% 3,359,669 7.91% 265,749 285,571

Comments: The Purchase Option for this site is for 9.619 acres for $240,000. During preliminary application process we attached an additional option for Northwestern Housing Enterprises Incorporated to purchase 1 acre of the tract of land for $40,000 to develop their supportive housing development, Hawthorne House, which has already been funded. This makes the total parcel for Forest Hills to be 8.619 acres.

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Market Study Information
Please provide a detailed description of the proposed project: Forest Hills will be an affordable housing development that will target individuals that are 55 and older and are also at or below 50% of area median income for the Yancey County Area. The project will consist of 24 1-bedroom and 16 2-bedroom units for a total of 40 residential units. Each unit will have a spacious living and bedroom areas with additional storage space inside of each unit. The property will provide a community building for resident supportive services, social events, etc. There will be a community laundry facility available for those residents that are unable to provide their own laundry equipment in their individual units. Many on-site recreational amenities will be available to residents. Some of these on-site amenities may include: community garden, horseshoe pit, picnic area with grill, screened sitting room, game/craft room, etc. 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

Synthetic stone will be used in place of brick.

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: 1,430 Laundry Rm Game/Craft Rm Chapel/Prayer Rm Irrigated Lawns Walking Trails Pool Onsite Activities: Meals On Wheels Monthly Movie Nights Monthly Birthday Parties Seasonal Holiday Parites 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

Landscaping Plans: Forest Hills will have an exceptional layout with a variety of landscaping features that will greatly

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enhance the property’s physical appearance. Some of these features may include: Generous amounts of foundation plantings A maximum amount of open green space throughout the project to facilitate the use of our many outdoor recreational activities A community garden will highlight the green space and will offer the residents both a recreational and a visual amenity during all seasons Amply callipered trees will be planted throughout the site so that residents are able to enjoy shade and privacy as the project matures Finally, the site will include an attractively landscaped entrance so as to maximize curb appeal. 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? Yes 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). Concentration of affordable housing. Physical Condition: The site lies in a well-established residential neighborhood. There are a number of moderate-income single-family homes that border the northern side of the site. There is a small family farm and several homes to the east of the site all of which are well maintained and in good condition. To the south of the site lies a brand new satellite campus of Mayland Community College, which is very attractive and in excellent condition. Trend and Direction of Real Estate: The Forest Hills Apartments will be coming at an ideal time and place for the Town of Burnsville. To the south of the site is already located a new satellite campus of Mayland Community College, which will provide an array of continuing education opportunities for our senior residents. Directly adjacent to the south of the site will be the Yancey County Health Department, Yancey County Emergency Management Services, a Family Medical Clinic and a Children's Medical Clinic all of which have just broken ground and will offer basic and emergency medical care to the residents. In addition, the Hawthorne House, a recently funded supporting housing development, will also be constructed adjacent to the site. The recent investment in this area will be a great asset to this development and will help to ensure its ongoing success. Economic Health: The area has experienced steady growth since 1990 with its population increasing by 15.3% over that time period. The population is also expected to grow by an additional 10.8% by 2010. There have been no recent job layoffs in this area. The downtown is characterized by its rural charm and appears to be in a very healthy economic state. Concentration of Affordable Housing: There are several small senior housing developments scattered throughout Burnsville, but none are in close proximity to the subject property. All of the senior developments in Burnsville are running at zero or near zero vacancy. Suitability of surrounding development. Land use pattern is primarily residential (single and multifamily housing) with a balance of other uses (particularly retail and amenities). Amount and character of vacant, undeveloped land. Effect of industrial, large-scale institutional or other incompatible uses: wastewater treatment facilities, high traffic corridors, junkyards, prisions, 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 surrounding neighborhood is primarily residential with several commercial uses making up the balance of the neighborhood. In addition to residential there is a high school, a satellite community college campus, several medical offices and a café. There is undeveloped vacant land scattered throughout the neighborhood, most of which is difficult to develop due to the nature of the mountain location. There are no incompatible uses adjacent to the site and there are no apparent environmental concerns.

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). Forest Hills has an exceptionally adequate street access, with access to this site along Wheeler Hills Road, which has a very low traffic volume. The traffic passing the development comes from the small single-family neighborhood behind the site. There will be clear views in both directions when exiting the site. Also, the main artery that will link our site to downtown will be Hwy 19. The intersection of Wheeler Hills Road and Hwy 19 has a traffic light in order to provide safe entry and exit from the Wheeler Hills Road. There is not a public transportation system in Burnsville, however we have signed a MOU with the Yancey County Transportation Authority to provide van service to our senior residents at no cost to the residents. This will assure that all of our residents are able to have safe and free transportation to any town amenity that is not within walking distance.

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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 proposed site has an extremely low degree of on-site negative features. Compared with other undeveloped tracts of land in the Burnsville area, this site offers an easy to develop tract of land. The site has a gradual slope and is already clear of trees, which is very favorable considering its mountain location. The site will also be laid out so as to flow with the contour of the land in order to keep on-site slope to a minimum. All buildings will offer covered entrances either from a porch or breezeway. Each building will be positioned to shelter from the Westerly prevailing winds. There are no waterways on or around the site and there are no other foreseeable environmental concerns. Overall this will be a very physically appealing site for our senior residents to live on. Similarity of scale and aesthetics/architecture between project and surroundings. The building placement will complement the contour of the land and will offer a wonderful opportunity for beautiful landscaping and green space. The alpine styled, single story building design is attractive and very fitting for this mountain community. Careful attention will be given to the selection of colors for the stone, siding, roof and trim. The final design characteristics will ensure that this development will be an asset to the neighborhood and will compliment and enhance the architectural styles already found there.

For each applicable neighborhood feature, enter distance from project in miles. 1.3 1.3 0.3 4.0 0.3 0 1.0 0.3 0.3 1.0 2.0 0.3 3.5 Grocery Store Mall/Strip Center Outdoor Athletic Fields Day Care/After School Schools 2.0 0 0 2.0 Community/Senior Center Hospital Pharmacy Basic Health Care Medical Offices Bank/Credit Union Restaurants Professional Services Movie Theater 2.5 3.0 1.3 Video Rental Public Safety (Fire/Police) Post Office

Public Transportation Stop 1.0 Convenience Store Basketball/Tennis Courts Public Parks Gas Station Library Fitness/Nature Trails Public Swimming Pools 1.0 2.5

Other facilities or services: Amish Store 2 miles Adjacent to the site will lie a medical park which will include: Children's Medical Clinic Family Medical Clinic Yancey County Health Department Yancey County Emergency Management Service

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Development Team
Provide contact information for development team members below: Management Agent Company: Northwestern Regional Housing Authority Address: City: Phone 869 Hwy 105 Extension Boone (828)264-6683 State: NC Zip: 28607 Email: [email protected] Last: Fowler

Contact Name: First: Ned

Architect Company: Address: City: Phone

Tise Kiester Architects 118 1/2 East Main Street Carrboro (919)967-0158 State: NC Zip: 27510 Email: [email protected] Last: Tise

Contact Name: First: Don

Attorney Company: Address: City: Phone

Nelson Mullins Riley & Scarborough GlenLake One, Suite 200, 4140 Parklake Avenue Raleigh (800)237-2000 State: NC Zip: 27612 Email: [email protected] Last: Ellinger

Contact Name: First: Susan

Investor Company: Address: City: Phone

MMA Financial 101 Arch Street Boston (617)439-3911 State: MA Zip: 02110 Email: [email protected] 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: Weaver Cooke Construction Address: City: Phone 7900 McCloud Road, Suite 200 Greensboro (336)378-7900 State: NC Zip: 27409 Email: [email protected] Last: Morgan

Contact Name: First: Mark

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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: 16 606 0 0

Management List number of low-income housing tax credit units managed in the past 10 years: North Carolina Other States Projects: Units: 7 246 1 40

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 No 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 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): training/mileage 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 Payroll Taxes (FICA) Miscellaneous Taxes, Licenses and Permits 500 21,750 12,000 1,700 350 2,000 12,000 1,400 2,000 1,500 1,500 11,750 26,500 1,500 12,697 17,500 0 250 3,400

500 750 1,800

1,500 39,897

3,000 11,750

500

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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

6,500 50 750

21,000

0 10,000 10,000 119,147 97,147 40 2,428

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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): 1,022 174,240

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)

175,262 12,268 162,994

119,147 43,847

30,994

12,853 1.415

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 1 162,994 119,147 30,994 12,853 1.415 11 219,052 176,366 30,994 11,692 1.377 2 167,884 123,913 30,994 12,977 1.419 12 225,624 183,421 30,994 11,209 1.362 3 172,921 128,870 30,994 13,057 1.421 13 232,393 190,758 30,994 10,641 1.343 4 178,109 134,025 30,994 13,090 1.422 14 239,365 198,388 30,994 9,983 1.322 5 183,452 139,386 30,994 13,072 1.422 15 246,546 206,324 30,994 9,228 1.298 6 188,956 144,961 30,994 13,001 1.419 16 253,942 214,577 30,994 8,371 1.27 7 194,625 150,759 30,994 12,872 1.415 17 261,560 223,160 30,994 7,406 1.239 8 200,464 156,789 30,994 12,681 1.409 18 269,407 232,086 30,994 6,327 1.204 9 206,478 163,061 30,994 12,423 1.401 19 277,489 241,369 30,994 5,126 1.165 10 212,672 169,583 30,994 12,095 1.39 20 285,814 251,024 30,994 3,796 1.122

* 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 concrete footings/concrete slab Make: double hung

Model:

Type/Construction: vinyl/insulated glass Exterior Doors Siding Type: full glass Type: vinyl Warranty: Exterior Trim Shingles vinyl & hardi-trim Type: fiberglass Warranty: 25 year, antifungal Sprinkler System Cabinets Heat Pump N/A wood doors & fronts/laminate tops SEER: 12 SEER Model: varies Air Conditioner SEER: N/A Model: Other Heat Systems SEER: N/A Model: Make: Make: Make: Trane Frames: metal clad Grade/Thickness: .044

Weight:

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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 2,088 4,560 2,088 4,560 1,600 1,600 30,000 18,600 7,500 60,000 44,000 54,000 22,000 30,000 18,600 7,500 60,000 44,000 54,000 22,000 31,436 5,240 14,080 56,800 38,750 31,436 5,240 14,080 56,800 38,750 12,992 3,220 28,160 12,992 3,220 28,160 48,431 37,655 15,500 213,600 48,431 37,655 15,500 125,600 LABOR 73,920 MATERIAL 73,920 TOTAL 147,840 0 0 0 96,862 75,310 31,000 339,200 0 0 25,984 6,440 56,320 0 62,872 10,480 28,160 113,600 77,500 0 60,000 37,200 15,000 120,000 88,000 108,000 44,000 0 3,200 0 4,176 9,120 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 Rental Other 1 (specify in Remarks) Other 2 (specify in Remarks) Total Cost Remarks:

2,074 3,140 18,000 750 2,373 1,840

2,074 3,140 18,000 750 2,373 1,840

4,148 6,280 36,000 1,500 4,746 3,680 0 0

852,309

764,309

1,616,618

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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 Office Supplies Security/Watchman Project Signage Tools and Equipment Gas, Oil, and Maintenance 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: 128,176 1,146 200 4,000 19,730 1,200 16,000 300 4,000 TOTAL 71,000 9,600 1,000

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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 Dumpster Pads/Fencing Fencing/Gates Landscaping/Topsoil Rock and Hardpan Excavation Site Supervision Personnel Other (specify in Remarks) Total Cost Remarks: 454,650 43,000 12,000 126,000 110,880 24,960 4,500 1,000 4,525 4,620 TOTAL 15,165 108,000

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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 0

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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 Issuer's Fee Other 1 (specify in Remarks) Other 2 (specify in Remarks) Other 3 (specify in Remarks) Total Cost Remarks: 0 TOTAL 0

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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: 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 Letters from Local Utility Providers (original on letterhead, no fax or photocopies) I Local Government Letter or Letter from Certified Engineer or Land Surveyor Confirming Floodplain Designation with Map showing 100 year and 500 year floodplain (original on letterhead, no fax or photocopies)

J Local Government Letter Confirming Zoning (original on letterhead, no fax or photocopies) K Copy of certificate of occupancy or proof of placed-in-service date (Rehabs Only) L Site plan, floor plans and elevations M Hazard and structural inspection and termite reports (Renovation projects only) N Anticipated budget demonstrating how the project would meet the 10% test by November 14th. O Evidence of Architect's Errors and Omissions insurance (or equivalent). P Description of acquisition for existing/occupied projects or for projects with occupied buildings to be demolished. Q Description of proposed Relocation Plan & Relocation Budget, Etc. If any relocation is anticipated, reference Appendix F. R Targeting Plan and supporting documentation (Required for all projects) S Local Housing Authority Agreement (Reference Model in Appendix I) T Appraisal (for land costs greater than $5,000 and for buildings in rehab projects) U Evidence of Permanent Loan Commitment, other sources of funds, and project-based subsidies. V Statement regarding terms of Deferred Developer Fee and, if nonprofit, resolution of Board approving fee. W Inducement Resolution (Tax-Exempt Bond Financed Projects only) X Documentation to support estimated utility costs.

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