Bellemont Oaks
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Tax Credits, RPP Loans, and/or Tax Exempt Bond Loans
Project Description
Project Name: Bellemont Oaks Address: City: Lowes Drive (SE corner of intersection of US 15-501 & US 64 by-pass) Pittsboro County: Chatham Block Group: 1 Zip: 27312
Census Tract: 208
Is project in Qualified Census Tract or Difficult to Develop Area? No Are you requesting the basis boost under section II(E)(4) of the QAP? Yes Political Jurisdiction: Jurisdiction CEO Name: Jurisdiction Address: Jurisdiction City: Jurisdiction Phone: Town of Pittsboro First:William Last: Terry 635 East Street Pittsboro
(919)542-4621
Title: Town Manager
Zip: 27312
Site Latitude: Site Longitude:
35.7451 -79.1644
Project Type: New Construction Is this project a previously awarded tax credit development? New Construction/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): Rehab: Number of residents holding Section 8 vouchers:
Will the project meet Energy Star standards as defined in Appendix B? Yes Does a community revitalization plan exist? No Will the project use steel and concrete construction and have at least 4 stories? No
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Will the project include a Community Service Facility under IRS Revenue Ruling 2003-77? No If yes, please describe:
Target Population:Family Will the project be receiving project based federal rental assistance? No If yes, provide the subsidy source: and number of units:
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Applicant Information
Indicate below an individual or a validly existing entity (a corporation, nonprofit, limited partnership or LLC) as the official applicant. Under QAP Section III(C)(5) only this individual or entity will be able to make decisions with regard to this application. If awarded the applicant must become part of the ownership entity. The applicant will execute the signature page for this application. Applicant Name: Address: City: Contact: Telephone: Alt Phone: Fax: Email Address:
(336)765-3909 [email protected]
NCHF Affordable Housing Corp. 8 West Third Street, Suite 565 Winston-Salem State: NC Zip: 27101 First: John Last:Nichols Title:Executive Director
(336)725-3568
NOTE: Email Address above will be used for communication between NCHFA and Applicant.
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Site Description
Total Site Acreage: 6.46 Total Buildable Acreage: 6.46
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? Yes If yes, please describe: There is no required demolition. This note applies to the water and sanitary sewer availability noted above. The seller of the site is required to extend the road and all utilities to the site. Cost to extend will be the responsibility of the seller. Regarding capacity, the Town of Pittsboro currently has a moratorium on approval of new major subdivisions and PUDs due to problems with the existing processing plant. The Town has addressed this with the planned construction of a new facility and will be upgrading existing facilities in order to solve their immediate concerns. As part of an agreement with developers to fund the cost of the upgrades, there will be capacity available to those developers. Bellemont Oaks will be covered by the capacity created by the upgrades. 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? No If no, please explain: The site will be accessed by the extension of Lowes Drive into the Bellemont Pointe PUD. The seller will be responsible for completion of the road, which will be dedicated as a public road.
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:
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(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 valid 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: 12/31/2009 (D) Enter Purchase Price: 648,000
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Zoning
Present zoning classification of the site:MUPD Is multifamily use permitted?Yes Are variances, special or conditional use permits or any other item requiring a public hearing needed to develop this proposal?Yes If yes, have the hearings been completed and permits been obtained?No If yes, specify permit or variance required and date obtained. If no, describe permits/variances required and schedule for obtaining them: The site is located within the Bellemont Pointe PUD. The zoning is mixed use planned development (MUPD) and included in the MUPD is a multi-family component. The Bellemont Oaks site is located within the MUPD site plan on the area designated for multi-family use. The site will require site plan approval and will need to be parceled out of the larger multi-family area, however, from a land use designation, multifamily is designated for this area. The availability of sewer capacity is currently governing the ability to subdivide the tract and a discussion of the sewer capacity is addressed in the site description section of this preliminary application.
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: Address: City: Bellemont Oaks, LLC 9349 WaterStone Boulevard Cincinnati State:OH Zip: 45249
26-2453972
Federal Tax ID Number of Ownership Entity:
(If assigned)
Note: Do not submit social security numbers for individuals. Entity Type: Limited Liability Company Entity Status: Already Formed Is the applicant requesting that the Agency treat the application as Non-Profit sponsored? Yes Is the applicant requesting that the Agency treat the application as CHDO sponsored? 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: Address: City: Phone: EMail:
Miller-Valentine Apartments III LLC (to-be-formed subsidiary of) Last Name: McGeady State: OH Function: Managing Member Zip: 45249 9349 WaterStone Boulevard Cincinnati
(513)588-1000 [email protected]
First Name: Brian
Fax: (937)913-5452 Nonprofit: No
Org: Address: City: Phone: EMail:
NCHF Affordable Housing Corp. (to-be-formed subsidiary of) Last Name: Nichols State: NC Fax: (336)765-3909 Nonprofit: Yes Function: Member Zip: 27101 8 West Third Street, Suite 565 Winston-Salem
(336)725-3568 [email protected]
First Name: John
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Unit Mix
The Median Income for Chatham county is $71,300. Low Income Units Type # BRs Net Sq.Ft.
710 710 710 943 943 943 1153 1153 1153
Total # Units
2 3 3 10 14 16 6 9 9
# Units
1 0 0 1 1 2 1 1 1
Monthly Rent
294 450 475 340 600 625 388 650 675
Utility Allowance
107 107 107 141 141 141 168 168 168
Mandatory Serv. Fees
0 0 0 0 0 0 0 0 0
**Total Housing Exp.
401 557 582 481 741 766 556 818 843
Gdn Apt 1 Gdn Apt 1 Gdn Apt 1 Gdn Apt 2 Gdn Apt 2 Gdn Apt 2 Gdn Apt 3 Gdn Apt 3 Gdn Apt 3
Utilities included in rents:
Water/Sewer
Electric
Gas
Other Waste Removal
Employee Units (will add to Low Income Unit total) Total # Monthly Utility Mandatory **Total Type # BRs Net Sq.Ft. # Units Units Rent Allowance Serv. Fees Housing Exp. Utilities included in rents: Water/Sewer Electric Gas Other
Market Rate Units Total # Monthly Utility Mandatory **Total Type # BRs Net Sq.Ft. # Units Units Rent Allowance Serv. Fees Housing Exp. Utilities included in rents: Water/Sewer Electric Gas Other
Statistics All Units Low Income....... Market Rate....... Totals...............
72 8 39416 72
Units
8
Gross Monthly Rental Income
39416
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Proposed number of residential buildings: 9 Project Includes:
Maximum number of stories in buildings: 2
Separate community building - Sq. Ft. (Floor Area): 1,611 Community space within residential bulding(s) - Sq. Ft. (Floor Area):
Elevators - Number of Elevators: Square Footage Information Gross Floor Square Footage:
91,995
Total Net Sq. Ft. (All Heated Areas): 72,448
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.) Number of Units: 72 Number of Units Required:
8
Persons with disabilities or homeless populations.
Number of Units: 8
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 1 1 2 2 2 3 3 3
2 3 3 10 14 16 6 9 9
Units targeted at 30 targeted at 50 targeted at 60 targeted at 30 targeted at 50 targeted at 60 targeted at 30 targeted at 50 targeted at 60
% percent of median income affordable to/occupied by percent of median income affordable to/occupied by percent of median income affordable to/occupied by percent of median income affordable to/occupied by percent of median income affordable to/occupied by percent of median income affordable to/occupied by percent of median income affordable to/occupied by percent of median income affordable to/occupied by percent of median income affordable to/occupied by
Total Low Income Units:
72
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
Source Bank Loan RPP Loan Local Gov. Loan - Specify: RD 515 Loan RD 538 Loan - Specify: AHP Loan Other Loan 1 - Specify: 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
1,445,000
Term (Years)
18
Amort. Period (Years)
30
Annual Debt Service
121,244
432,000
0.00
30
30
1,156,990
0
30
30
0
7,281,746
73,699
10,389,435
* "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. 70 Remarks concerning project funding sources: (Please be sure to include the name of the funding source(s))
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A Federal Home Loan Bank (FHLB) award was received December 2007. The intention of the FHLB award is to enter into a 4-party agreement between the FHLB, Member Bank, NCHF Affordable Housing Corp. (Non-profit) and the Limited Liability Company (Owner). The awarded funds will flow to the Member Bank, who will, in turn, grant the funds to the Non-profit. A promissory note will be payable from the Owner to both the Non-profit and the Member Bank. The payment(s) on the promissory note, if made, will be from available cash flow only. The balance of the loan is projected to be paid off with a balloon payment at the end of the loan's term or upon refinancing. The note and mortgage will be structured as a zero percent interest loan with a 30-year term from the sponsor to the owner.
Loans with Variable Amortization Please fill in the annual debt service as applicable for the first 20 years of the project life.
AHP Loan Year: Amt: Year: Amt: 1
0
2
0
3
0
4
0
5
0
6
0
7
0
8
0
9
0
10
0
11
0
12
0
13
0
14
0
15
0
16
0
17
0
18
0
19
0
20
0
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Development Costs
Item Cost Element 1 Purchase of Building(s) (Rehab / Adaptive Reuse only) 2 Demolition (Rehab / Adaptive Reuse only) 3 On-site Improvements 4 Rehabilitation 5 Construction of New Building(s) 6 Accessory Building(s) 7 General Requirements (max 6% lines 2-6) 8 Contractor Overhead (max 2% lines 2-7) 9 Contractor Profit (max 8% lines 2-7; 6% if Identity of Interest) 10 Construction Contingency (max 5% lines 2-9, Rehabs 10%) 11 Architect's Fee - Design (11 + 12 = max 3% lines 2-10) 12 Architect's Fee - Inspection 13 Engineering Costs SUBTOTAL (lines 1 through 13) 14 Construction Insurance (prorate) 15 Construction Loan Orig. Fee (prorate) 16 Construction Loan Interest (prorate) 17 Construction Loan Credit Enhancement (prorate) 18 Construction Period Taxes (prorate) 19 Water, Sewer and Impact Fees 20 Survey 21 Property Appraisal 22 Environmental Report 23 Market Study 24 Bond Costs 25 Bond Issuance Costs 26 Placement Fee 27 Permanent Loan Origination Fee 28 Permanent Loan Credit Enhancement TOTAL COST
0 0 1,440,000 0 4,319,928 100,000 351,595 124,230 372,691 335,422 140,877 70,438 80,000 7,335,181 36,000 83,220 399,457 0 10,000 424,800 7,500 10,000 11,460 4,300 0 0 0 28,900 0 36,000 83,220 399,457 0 10,000 424,800 7,500 10,000 11,460 4,300 0 1,440,000 0 4,319,928 100,000 351,595 124,230 372,691 335,422 140,877 70,438 80,000
Eligible Basis 30% PV 70% PV
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29 Title and Recording SUBTOTAL (lines 14 through 29) 30 Real Estate Attorney 31 Other Attorney's Fees 32 Tax Credit Application Fees (Preliminary and Full) 33 Tax Credit Allocation Fee (0.62% of line 60, minimum $7,500) 34 Cost Certification / Accounting Fees 35 Tax Opinion 36 Organizational (Partnership) 37 Tax Credit Monitoring Fee SUBTOTAL (lines 30 through 37) 38 Furnishings and Equipment 39 Relocation Expense 40 Developer's Fee 41 Additional Contigency (greater of $500/unit or $30,000) 42 43
Other Basis Expense (specify) Other Basis Expense (specify)
40,962 1,056,599 0 50,000 2,300 71,733 20,000 0 20,000 50,400 214,433 72,000 0 756,000 36,000 0 0 0 0 0 864,000 72,000 199,222 0 0 9,741,435 0 0 0 0 9,255,918 100.00% 0 100% 0 9,255,918 0 0 0 0 9,255,918 100% 72,000 0 756,000 36,000 0 0 20,000 0 50,000
44 Rent-up Expense 45 46
Other Non-basis Expense (specify) Other Non-basis Expense (specify)
SUBTOTAL (lines 38 through 45) 47 Rent up Reserve 48 Operating Reserve 49 50
Other Reserve (specify) Other Reserve (specify)
51 DEVELOPMENT COST (lines 1-49) 52 Less Federally Funded Grant 53 Less Disproportionate Standard 54 Less Nonqualified Nonrecourse Financing 55 Less Historic Tax Credit 56 TOTAL ELIGIBLE BASIS 57 Applicable Fraction (percentage of LI Units)
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58 Basis Before Boost 59 Basis Boost of up to 130% 60 TOTAL QUALIFIED BASIS 61 Tax Credit Rate 62 Federal Tax Credits (maximum $1,300,000) 63 Federal Tax Credits Requested (if less than line 62) 64 Land Cost 65 TOTAL REPLACEMENT COST FEDERAL TAX CREDITS IF AWARDED Comments:
9,255,918
0 110.00%
9,255,918 125.00% 11,569,898 9.00 1,041,291
11,569,898
0 3.50
1,041,291 0 648,000 10,389,435 1,041,291
0
Project Development Cost per unit 59,999
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Market Study Information
Please provide a detailed description of the proposed project: Bellemont Oaks will be a 72 unit garden apartment community serving the needs for affordable housing in Pittsboro, NC. The Town of Pittsboro is feeling the pressures from growth in the Triangle region, and predictions are for the town population to grow significantly in the next several years. Master planned communities including Powell Place and Briar Chapel will bring several thousand new residents to the area. New retail is under development and proposed on both Highway 15-501 and Highway 64. Much of this growth is in upscale residential serving the employment centers of the Research Triangle Park and University of North Carolina, leaving the affordable rental market largely unaddressed. Bellemont Oaks seeks to fill that need with a mix of one, two and three bedroom units broken down as (8) 1BR, (40) 3-BR and (24) 3-BR. The mix will accommodate single individuals as well as a large number of 3BR units for families. Income targeting will range between 30-60% of Area Median Income also covering a broad range of affordable needs. The site is located just South of the intersection of Hwy. 15-501 and the Hwy. 64 Bypass. Being located at this intersection provides quick access to growing Cary/Apex as well as Chapel Hill. The site is part of Bellemont Station PUD, which includes retail, office and both attached and single family homes. The completed portions of Bellemont Station include a Lowe’s Home Improvement store, restaurant, McDonalds and CVS Pharmacy. Planned are additional office, motel, daycare and grocery. The apartment site within Bellemont Station is located just off the main entrance to the residential portion of the PUD and an office component will buffer the apartments from the Lowe’s store. Townhomes are planned opposite the Bellemont Oaks entrance and additional apartment land is adjoining the East side of the site. The rear (North) side of the site slopes to a stream buffer providing generous screening along the rear. Across 15501 is Powell Place, where many single family homes have been constructed as well as a bank, and construction is underway for office and retail. There is also a community park to be located there. Building/Unit Designs: Buildings will be two-story with eight units per building. Three bedroom units will be accessed from each end, creating a more private entrance for larger units. Each unit has a porch/balcony with outside storage area. Siding in the gable areas will be contrasting color and texture to provide architectural interest in addition to the brick accents. Units will have open designs, creating flow between the kitchen, dining and living areas. All units will include washer-dryer hook-ups. Amenities in units include: dishwasher, disposal, ceiling fans, mini-blinds, walk-in closets and pantry. Units will be constructed to meet Energy Star standards providing residents added comfort and utility savings. Site amenities include a playground, tot lot, covered picnic area, seating areas with benches and gazebo. The community building will have an open area for meetings and TV watching, kitchenette and computer room as well as an attached laundry.
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
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Have you built other tax credit developments that use the same building design as this project?Yes If yes, please provide name and address: Pinecrest Apartments-3605 Martins Trail Circle, Walkertown, NC Sherwood Glen-2006 Oakbrook Court, Reidsville, NC
Site Amenities: Site amenities will include a playground, tot lot, covered picnic area, seating areas and a gazebo. A community walking trail will run along the Western and Southern borders of the site although this is a PUD amenity and will not be in the scope of work for Bellemont Oaks.
Onsite Activities: The community building will have an open area for meetings and TV watching, a kitchenette and computer room and attached laundry. Outdoor activities will occur at the common area behind the clubhouse. Here, the playground, tot lot, covered picnic, gazebo and seating areas are centrally located and provide easy access and supervision. The meeting/activity room in the clubhouse will serve for support services programs coordinated with local agencies. These services will include employment and homeownership programs.
Landscaping Plans: Landscaping will include planting beds at the entrance sign and at the building foundations. Shade trees and ornamental plantings will be incorporated around parking areas and in the central common area, specifically at the picnic and play areas.
Interior Apartment Amenities: Amenities in units include: dishwashers, disposal, ceiling fans, mini-blinds, walk-in closets, washer/dryer hook ups, and a pantry cabinet. Units will be constructed to meet Energy Star requirements, providing additional comfort and utility savings to residents.
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 Trend and direction of real estate development and area economic health. Physical condition of buildings and improvements in the immediate vicinity. Concentration of affordable housing. Pittsboro is experiencing significant population growth attributed largely to the easy access to job centers in Chapel Hill and the Research Triangle Park. The site is in a newly developing PUD and will be surrounded by a mix of new construction. Other properties in the neighborhood include smaller single family homes and businesses. The site is just South of the intersection of Hwy 15-501 and Hwy 64 bypass with proposals for new office and retail nearby. The recent improvements of 15-501 to a four-lane road to Chapel Hill has sparked increased residential and retail development all along the corridor. There is little existing affordable housing in the area and it is not close to the site. SURROUNDING LAND USES AND AMENITIES Land use pattern is residential in character (single and multifamily housing). Extent that the location is isolated. Effect of industrial, large-scale institutional or other incompatible uses, including but not limited to: 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). Amount and character of vacant, undeveloped land. Site use is consistent with the PUD mixed-use elements. The site will be located off the main highway but will be in the front of the residential area and will have high visibility from the main drive into the PUD. The Lowe’s Home Improvement store fronting the highway does generate significant traffic, however, this would have limited effects on commuter trip times and promotes visibility of the PUD entrance. The proximity to 15-501 and Hwy 64 provides easy access to the job centers and noise concerns should be mitigated by the required buffer separating them from the site. SITE SUITABILITY Adequate traffic safety controls (i.e. stop lights, speed limits, turn lanes). Burden on public facilities (particularly roads). Access to mass transit (if applicable). Visibility of buildings and/or location of project sign (s) in relation to traffic corridors. Site access will be from the main access road serving the Bellemont Station PUD. This will limit traffic in front of the site to the residential uses within the PUD. The intersection of Lowe’s Drive and 15-501 is signalized to provide controlled access to the main road. Turn lanes and signals have been designed to provide for trips generated by the PUD at completion and are adequate for residential traffic. Mass transit is not currently available in Pittsboro. With the site location in the front of the residential area, office and retail development in the PUD will provide buffering from main road. Site should be visible from the traffic signals. 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 projectssuitability for residential use and difficulties posed by the building(s), such as limited parking, environmental problems or the need for excessive demolition). Site is a portion of the larger area designated for apartments within the PUD. The larger site does have a draw running through it and the Bellemont Oaks site plan has been designed to avoid the steeper portions of the slope. Noting that fill will be required to provide a level site, the purchase contract requires landowner to provide adequate fill for balancing the site. Site does border a stream buffer, however, this serves to provide additional screening from surrounding uses.
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Similarity of scale and aesthetics/architecture between project and surroundings. Building will be two-story construction that will fit with the single family and town homes to be built on the remainder of the residential land in the PUD. PUD incorporates the accepted concept of transitioning from higher intensity of uses near the main corridor to lower intensity uses away from main roads. The apartment land is well positioned between these areas.
For each applicable neighborhood feature, enter distance from project in miles.
1.7 1.7 .8
Grocery Store Mall/Strip Center Outdoor Athletic
5.9 14.6 1.7
Community/Senior Center Hospital Pharmacy
Fields
1.0
Day Care/After
1.7
School
.8 1.7 1.8
Basic Health Care Public Transportation
Schools Convenience Store Gas Station
Stop
2.5 1.9
Public Parks Library
Other facilities or services:
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Preliminary App Checklist
The following enclosures must be submitted along with your signed preliminary application. Some enclosures are required only under certain conditions. Please check each applicable item to indicate that you understand the enclosure requirements and will enclose the correct supporting documentation with your application. Fee Payment Check in the amount of $5,450.00 made payable to North Carolina Housing Finance Agency. Tab A - Preliminary Application Printed, signed copy of preliminary application generated from online system. B - Map/Driving Instructions A local map clearly identifying the location of the Site and detailed directions to the Site. Current City or County maps are preferred – internet maps and directions are not acceptable. Applicant must also provide a map identifying the amenities listed in section IV (A)(1)(b)(ii) of the QAP and their proximity to the site. Applicant must provide a sign and boundary markers to clearly identify the road frontage of the site. The sign identifying the site should read “SITE” with a minimum size of 11x17. C - Community Revitalization Plan Applicant should provide a map identifying the subject site within the Plan area (if applicable). D - Evidence of Site Control Provide valid option/contract or warranty deed and plot plan. E - Site Plans/Scope of Work Preliminary site plan, floor plans and elevations for all projects, interior and exterior photographs and detailed scope of work for Adaptive Reuse and Rehab projects. Site and floor plans should be no larger than 11x17 and must be produced by a licensed architect or engineer. F - Information Package for Market Analysts This section must include copies of items required in Tabs A, B, E and G (site and floor plans should be no larger than 11x17) and can include any additional market information such as preliminary market studies the applicant would like to provide to the Analysts. G - Rent Roll (Rehabs only) Provide the current rent roll for the property and indicate which units (if any) are receiving rental assistance. H - Documentation for Basis Boost Applicant should provide an appraisal and/or standard geological survey to support a request for the basis boost (if applicable).
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Tax Credits, RPP Loans, and/or Tax Exempt Bond Loans
Project Description
Project Name: Bellemont Oaks Address: City: Lowes Drive (SE corner of intersection of US 15-501 & US 64 by-pass) Pittsboro County: Chatham Block Group: 1 Zip: 27312
Census Tract: 208
Is project in Qualified Census Tract or Difficult to Develop Area? No Are you requesting the basis boost under section II(E)(4) of the QAP? Yes Political Jurisdiction: Jurisdiction CEO Name: Jurisdiction Address: Jurisdiction City: Jurisdiction Phone: Town of Pittsboro First:William Last: Terry 635 East Street Pittsboro
(919)542-4621
Title: Town Manager
Zip: 27312
Site Latitude: Site Longitude:
35.7451 -79.1644
Project Type: New Construction Is this project a previously awarded tax credit development? New Construction/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): Rehab: Number of residents holding Section 8 vouchers:
Will the project meet Energy Star standards as defined in Appendix B? Yes Does a community revitalization plan exist? No Will the project use steel and concrete construction and have at least 4 stories? No
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Will the project include a Community Service Facility under IRS Revenue Ruling 2003-77? No If yes, please describe:
Target Population:Family Will the project be receiving project based federal rental assistance? No If yes, provide the subsidy source: and number of units:
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Applicant Information
Indicate below an individual or a validly existing entity (a corporation, nonprofit, limited partnership or LLC) as the official applicant. Under QAP Section III(C)(5) only this individual or entity will be able to make decisions with regard to this application. If awarded the applicant must become part of the ownership entity. The applicant will execute the signature page for this application. Applicant Name: Address: City: Contact: Telephone: Alt Phone: Fax: Email Address:
(336)765-3909 [email protected]
NCHF Affordable Housing Corp. 8 West Third Street, Suite 565 Winston-Salem State: NC Zip: 27101 First: John Last:Nichols Title:Executive Director
(336)725-3568
NOTE: Email Address above will be used for communication between NCHFA and Applicant.
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Site Description
Total Site Acreage: 6.46 Total Buildable Acreage: 6.46
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? Yes If yes, please describe: There is no required demolition. This note applies to the water and sanitary sewer availability noted above. The seller of the site is required to extend the road and all utilities to the site. Cost to extend will be the responsibility of the seller. Regarding capacity, the Town of Pittsboro currently has a moratorium on approval of new major subdivisions and PUDs due to problems with the existing processing plant. The Town has addressed this with the planned construction of a new facility and will be upgrading existing facilities in order to solve their immediate concerns. As part of an agreement with developers to fund the cost of the upgrades, there will be capacity available to those developers. Bellemont Oaks will be covered by the capacity created by the upgrades. 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? No If no, please explain: The site will be accessed by the extension of Lowes Drive into the Bellemont Pointe PUD. The seller will be responsible for completion of the road, which will be dedicated as a public road.
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:
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(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 valid 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: 12/31/2009 (D) Enter Purchase Price: 648,000
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Zoning
Present zoning classification of the site:MUPD Is multifamily use permitted?Yes Are variances, special or conditional use permits or any other item requiring a public hearing needed to develop this proposal?Yes If yes, have the hearings been completed and permits been obtained?No If yes, specify permit or variance required and date obtained. If no, describe permits/variances required and schedule for obtaining them: The site is located within the Bellemont Pointe PUD. The zoning is mixed use planned development (MUPD) and included in the MUPD is a multi-family component. The Bellemont Oaks site is located within the MUPD site plan on the area designated for multi-family use. The site will require site plan approval and will need to be parceled out of the larger multi-family area, however, from a land use designation, multifamily is designated for this area. The availability of sewer capacity is currently governing the ability to subdivide the tract and a discussion of the sewer capacity is addressed in the site description section of this preliminary application.
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: Address: City: Bellemont Oaks, LLC 9349 WaterStone Boulevard Cincinnati State:OH Zip: 45249
26-2453972
Federal Tax ID Number of Ownership Entity:
(If assigned)
Note: Do not submit social security numbers for individuals. Entity Type: Limited Liability Company Entity Status: Already Formed Is the applicant requesting that the Agency treat the application as Non-Profit sponsored? Yes Is the applicant requesting that the Agency treat the application as CHDO sponsored? 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: Address: City: Phone: EMail:
Miller-Valentine Apartments III LLC (to-be-formed subsidiary of) Last Name: McGeady State: OH Function: Managing Member Zip: 45249 9349 WaterStone Boulevard Cincinnati
(513)588-1000 [email protected]
First Name: Brian
Fax: (937)913-5452 Nonprofit: No
Org: Address: City: Phone: EMail:
NCHF Affordable Housing Corp. (to-be-formed subsidiary of) Last Name: Nichols State: NC Fax: (336)765-3909 Nonprofit: Yes Function: Member Zip: 27101 8 West Third Street, Suite 565 Winston-Salem
(336)725-3568 [email protected]
First Name: John
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Unit Mix
The Median Income for Chatham county is $71,300. Low Income Units Type # BRs Net Sq.Ft.
710 710 710 943 943 943 1153 1153 1153
Total # Units
2 3 3 10 14 16 6 9 9
# Units
1 0 0 1 1 2 1 1 1
Monthly Rent
294 450 475 340 600 625 388 650 675
Utility Allowance
107 107 107 141 141 141 168 168 168
Mandatory Serv. Fees
0 0 0 0 0 0 0 0 0
**Total Housing Exp.
401 557 582 481 741 766 556 818 843
Gdn Apt 1 Gdn Apt 1 Gdn Apt 1 Gdn Apt 2 Gdn Apt 2 Gdn Apt 2 Gdn Apt 3 Gdn Apt 3 Gdn Apt 3
Utilities included in rents:
Water/Sewer
Electric
Gas
Other Waste Removal
Employee Units (will add to Low Income Unit total) Total # Monthly Utility Mandatory **Total Type # BRs Net Sq.Ft. # Units Units Rent Allowance Serv. Fees Housing Exp. Utilities included in rents: Water/Sewer Electric Gas Other
Market Rate Units Total # Monthly Utility Mandatory **Total Type # BRs Net Sq.Ft. # Units Units Rent Allowance Serv. Fees Housing Exp. Utilities included in rents: Water/Sewer Electric Gas Other
Statistics All Units Low Income....... Market Rate....... Totals...............
72 8 39416 72
Units
8
Gross Monthly Rental Income
39416
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Proposed number of residential buildings: 9 Project Includes:
Maximum number of stories in buildings: 2
Separate community building - Sq. Ft. (Floor Area): 1,611 Community space within residential bulding(s) - Sq. Ft. (Floor Area):
Elevators - Number of Elevators: Square Footage Information Gross Floor Square Footage:
91,995
Total Net Sq. Ft. (All Heated Areas): 72,448
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.) Number of Units: 72 Number of Units Required:
8
Persons with disabilities or homeless populations.
Number of Units: 8
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 1 1 2 2 2 3 3 3
2 3 3 10 14 16 6 9 9
Units targeted at 30 targeted at 50 targeted at 60 targeted at 30 targeted at 50 targeted at 60 targeted at 30 targeted at 50 targeted at 60
% percent of median income affordable to/occupied by percent of median income affordable to/occupied by percent of median income affordable to/occupied by percent of median income affordable to/occupied by percent of median income affordable to/occupied by percent of median income affordable to/occupied by percent of median income affordable to/occupied by percent of median income affordable to/occupied by percent of median income affordable to/occupied by
Total Low Income Units:
72
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
Source Bank Loan RPP Loan Local Gov. Loan - Specify: RD 515 Loan RD 538 Loan - Specify: AHP Loan Other Loan 1 - Specify: 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
1,445,000
Term (Years)
18
Amort. Period (Years)
30
Annual Debt Service
121,244
432,000
0.00
30
30
1,156,990
0
30
30
0
7,281,746
73,699
10,389,435
* "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. 70 Remarks concerning project funding sources: (Please be sure to include the name of the funding source(s))
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A Federal Home Loan Bank (FHLB) award was received December 2007. The intention of the FHLB award is to enter into a 4-party agreement between the FHLB, Member Bank, NCHF Affordable Housing Corp. (Non-profit) and the Limited Liability Company (Owner). The awarded funds will flow to the Member Bank, who will, in turn, grant the funds to the Non-profit. A promissory note will be payable from the Owner to both the Non-profit and the Member Bank. The payment(s) on the promissory note, if made, will be from available cash flow only. The balance of the loan is projected to be paid off with a balloon payment at the end of the loan's term or upon refinancing. The note and mortgage will be structured as a zero percent interest loan with a 30-year term from the sponsor to the owner.
Loans with Variable Amortization Please fill in the annual debt service as applicable for the first 20 years of the project life.
AHP Loan Year: Amt: Year: Amt: 1
0
2
0
3
0
4
0
5
0
6
0
7
0
8
0
9
0
10
0
11
0
12
0
13
0
14
0
15
0
16
0
17
0
18
0
19
0
20
0
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Development Costs
Item Cost Element 1 Purchase of Building(s) (Rehab / Adaptive Reuse only) 2 Demolition (Rehab / Adaptive Reuse only) 3 On-site Improvements 4 Rehabilitation 5 Construction of New Building(s) 6 Accessory Building(s) 7 General Requirements (max 6% lines 2-6) 8 Contractor Overhead (max 2% lines 2-7) 9 Contractor Profit (max 8% lines 2-7; 6% if Identity of Interest) 10 Construction Contingency (max 5% lines 2-9, Rehabs 10%) 11 Architect's Fee - Design (11 + 12 = max 3% lines 2-10) 12 Architect's Fee - Inspection 13 Engineering Costs SUBTOTAL (lines 1 through 13) 14 Construction Insurance (prorate) 15 Construction Loan Orig. Fee (prorate) 16 Construction Loan Interest (prorate) 17 Construction Loan Credit Enhancement (prorate) 18 Construction Period Taxes (prorate) 19 Water, Sewer and Impact Fees 20 Survey 21 Property Appraisal 22 Environmental Report 23 Market Study 24 Bond Costs 25 Bond Issuance Costs 26 Placement Fee 27 Permanent Loan Origination Fee 28 Permanent Loan Credit Enhancement TOTAL COST
0 0 1,440,000 0 4,319,928 100,000 351,595 124,230 372,691 335,422 140,877 70,438 80,000 7,335,181 36,000 83,220 399,457 0 10,000 424,800 7,500 10,000 11,460 4,300 0 0 0 28,900 0 36,000 83,220 399,457 0 10,000 424,800 7,500 10,000 11,460 4,300 0 1,440,000 0 4,319,928 100,000 351,595 124,230 372,691 335,422 140,877 70,438 80,000
Eligible Basis 30% PV 70% PV
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29 Title and Recording SUBTOTAL (lines 14 through 29) 30 Real Estate Attorney 31 Other Attorney's Fees 32 Tax Credit Application Fees (Preliminary and Full) 33 Tax Credit Allocation Fee (0.62% of line 60, minimum $7,500) 34 Cost Certification / Accounting Fees 35 Tax Opinion 36 Organizational (Partnership) 37 Tax Credit Monitoring Fee SUBTOTAL (lines 30 through 37) 38 Furnishings and Equipment 39 Relocation Expense 40 Developer's Fee 41 Additional Contigency (greater of $500/unit or $30,000) 42 43
Other Basis Expense (specify) Other Basis Expense (specify)
40,962 1,056,599 0 50,000 2,300 71,733 20,000 0 20,000 50,400 214,433 72,000 0 756,000 36,000 0 0 0 0 0 864,000 72,000 199,222 0 0 9,741,435 0 0 0 0 9,255,918 100.00% 0 100% 0 9,255,918 0 0 0 0 9,255,918 100% 72,000 0 756,000 36,000 0 0 20,000 0 50,000
44 Rent-up Expense 45 46
Other Non-basis Expense (specify) Other Non-basis Expense (specify)
SUBTOTAL (lines 38 through 45) 47 Rent up Reserve 48 Operating Reserve 49 50
Other Reserve (specify) Other Reserve (specify)
51 DEVELOPMENT COST (lines 1-49) 52 Less Federally Funded Grant 53 Less Disproportionate Standard 54 Less Nonqualified Nonrecourse Financing 55 Less Historic Tax Credit 56 TOTAL ELIGIBLE BASIS 57 Applicable Fraction (percentage of LI Units)
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58 Basis Before Boost 59 Basis Boost of up to 130% 60 TOTAL QUALIFIED BASIS 61 Tax Credit Rate 62 Federal Tax Credits (maximum $1,300,000) 63 Federal Tax Credits Requested (if less than line 62) 64 Land Cost 65 TOTAL REPLACEMENT COST FEDERAL TAX CREDITS IF AWARDED Comments:
9,255,918
0 110.00%
9,255,918 125.00% 11,569,898 9.00 1,041,291
11,569,898
0 3.50
1,041,291 0 648,000 10,389,435 1,041,291
0
Project Development Cost per unit 59,999
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Market Study Information
Please provide a detailed description of the proposed project: Bellemont Oaks will be a 72 unit garden apartment community serving the needs for affordable housing in Pittsboro, NC. The Town of Pittsboro is feeling the pressures from growth in the Triangle region, and predictions are for the town population to grow significantly in the next several years. Master planned communities including Powell Place and Briar Chapel will bring several thousand new residents to the area. New retail is under development and proposed on both Highway 15-501 and Highway 64. Much of this growth is in upscale residential serving the employment centers of the Research Triangle Park and University of North Carolina, leaving the affordable rental market largely unaddressed. Bellemont Oaks seeks to fill that need with a mix of one, two and three bedroom units broken down as (8) 1BR, (40) 3-BR and (24) 3-BR. The mix will accommodate single individuals as well as a large number of 3BR units for families. Income targeting will range between 30-60% of Area Median Income also covering a broad range of affordable needs. The site is located just South of the intersection of Hwy. 15-501 and the Hwy. 64 Bypass. Being located at this intersection provides quick access to growing Cary/Apex as well as Chapel Hill. The site is part of Bellemont Station PUD, which includes retail, office and both attached and single family homes. The completed portions of Bellemont Station include a Lowe’s Home Improvement store, restaurant, McDonalds and CVS Pharmacy. Planned are additional office, motel, daycare and grocery. The apartment site within Bellemont Station is located just off the main entrance to the residential portion of the PUD and an office component will buffer the apartments from the Lowe’s store. Townhomes are planned opposite the Bellemont Oaks entrance and additional apartment land is adjoining the East side of the site. The rear (North) side of the site slopes to a stream buffer providing generous screening along the rear. Across 15501 is Powell Place, where many single family homes have been constructed as well as a bank, and construction is underway for office and retail. There is also a community park to be located there. Building/Unit Designs: Buildings will be two-story with eight units per building. Three bedroom units will be accessed from each end, creating a more private entrance for larger units. Each unit has a porch/balcony with outside storage area. Siding in the gable areas will be contrasting color and texture to provide architectural interest in addition to the brick accents. Units will have open designs, creating flow between the kitchen, dining and living areas. All units will include washer-dryer hook-ups. Amenities in units include: dishwasher, disposal, ceiling fans, mini-blinds, walk-in closets and pantry. Units will be constructed to meet Energy Star standards providing residents added comfort and utility savings. Site amenities include a playground, tot lot, covered picnic area, seating areas with benches and gazebo. The community building will have an open area for meetings and TV watching, kitchenette and computer room as well as an attached laundry.
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
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Have you built other tax credit developments that use the same building design as this project?Yes If yes, please provide name and address: Pinecrest Apartments-3605 Martins Trail Circle, Walkertown, NC Sherwood Glen-2006 Oakbrook Court, Reidsville, NC
Site Amenities: Site amenities will include a playground, tot lot, covered picnic area, seating areas and a gazebo. A community walking trail will run along the Western and Southern borders of the site although this is a PUD amenity and will not be in the scope of work for Bellemont Oaks.
Onsite Activities: The community building will have an open area for meetings and TV watching, a kitchenette and computer room and attached laundry. Outdoor activities will occur at the common area behind the clubhouse. Here, the playground, tot lot, covered picnic, gazebo and seating areas are centrally located and provide easy access and supervision. The meeting/activity room in the clubhouse will serve for support services programs coordinated with local agencies. These services will include employment and homeownership programs.
Landscaping Plans: Landscaping will include planting beds at the entrance sign and at the building foundations. Shade trees and ornamental plantings will be incorporated around parking areas and in the central common area, specifically at the picnic and play areas.
Interior Apartment Amenities: Amenities in units include: dishwashers, disposal, ceiling fans, mini-blinds, walk-in closets, washer/dryer hook ups, and a pantry cabinet. Units will be constructed to meet Energy Star requirements, providing additional comfort and utility savings to residents.
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 Trend and direction of real estate development and area economic health. Physical condition of buildings and improvements in the immediate vicinity. Concentration of affordable housing. Pittsboro is experiencing significant population growth attributed largely to the easy access to job centers in Chapel Hill and the Research Triangle Park. The site is in a newly developing PUD and will be surrounded by a mix of new construction. Other properties in the neighborhood include smaller single family homes and businesses. The site is just South of the intersection of Hwy 15-501 and Hwy 64 bypass with proposals for new office and retail nearby. The recent improvements of 15-501 to a four-lane road to Chapel Hill has sparked increased residential and retail development all along the corridor. There is little existing affordable housing in the area and it is not close to the site. SURROUNDING LAND USES AND AMENITIES Land use pattern is residential in character (single and multifamily housing). Extent that the location is isolated. Effect of industrial, large-scale institutional or other incompatible uses, including but not limited to: 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). Amount and character of vacant, undeveloped land. Site use is consistent with the PUD mixed-use elements. The site will be located off the main highway but will be in the front of the residential area and will have high visibility from the main drive into the PUD. The Lowe’s Home Improvement store fronting the highway does generate significant traffic, however, this would have limited effects on commuter trip times and promotes visibility of the PUD entrance. The proximity to 15-501 and Hwy 64 provides easy access to the job centers and noise concerns should be mitigated by the required buffer separating them from the site. SITE SUITABILITY Adequate traffic safety controls (i.e. stop lights, speed limits, turn lanes). Burden on public facilities (particularly roads). Access to mass transit (if applicable). Visibility of buildings and/or location of project sign (s) in relation to traffic corridors. Site access will be from the main access road serving the Bellemont Station PUD. This will limit traffic in front of the site to the residential uses within the PUD. The intersection of Lowe’s Drive and 15-501 is signalized to provide controlled access to the main road. Turn lanes and signals have been designed to provide for trips generated by the PUD at completion and are adequate for residential traffic. Mass transit is not currently available in Pittsboro. With the site location in the front of the residential area, office and retail development in the PUD will provide buffering from main road. Site should be visible from the traffic signals. 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 projectssuitability for residential use and difficulties posed by the building(s), such as limited parking, environmental problems or the need for excessive demolition). Site is a portion of the larger area designated for apartments within the PUD. The larger site does have a draw running through it and the Bellemont Oaks site plan has been designed to avoid the steeper portions of the slope. Noting that fill will be required to provide a level site, the purchase contract requires landowner to provide adequate fill for balancing the site. Site does border a stream buffer, however, this serves to provide additional screening from surrounding uses.
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Similarity of scale and aesthetics/architecture between project and surroundings. Building will be two-story construction that will fit with the single family and town homes to be built on the remainder of the residential land in the PUD. PUD incorporates the accepted concept of transitioning from higher intensity of uses near the main corridor to lower intensity uses away from main roads. The apartment land is well positioned between these areas.
For each applicable neighborhood feature, enter distance from project in miles.
1.7 1.7 .8
Grocery Store Mall/Strip Center Outdoor Athletic
5.9 14.6 1.7
Community/Senior Center Hospital Pharmacy
Fields
1.0
Day Care/After
1.7
School
.8 1.7 1.8
Basic Health Care Public Transportation
Schools Convenience Store Gas Station
Stop
2.5 1.9
Public Parks Library
Other facilities or services:
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Preliminary App Checklist
The following enclosures must be submitted along with your signed preliminary application. Some enclosures are required only under certain conditions. Please check each applicable item to indicate that you understand the enclosure requirements and will enclose the correct supporting documentation with your application. Fee Payment Check in the amount of $5,450.00 made payable to North Carolina Housing Finance Agency. Tab A - Preliminary Application Printed, signed copy of preliminary application generated from online system. B - Map/Driving Instructions A local map clearly identifying the location of the Site and detailed directions to the Site. Current City or County maps are preferred – internet maps and directions are not acceptable. Applicant must also provide a map identifying the amenities listed in section IV (A)(1)(b)(ii) of the QAP and their proximity to the site. Applicant must provide a sign and boundary markers to clearly identify the road frontage of the site. The sign identifying the site should read “SITE” with a minimum size of 11x17. C - Community Revitalization Plan Applicant should provide a map identifying the subject site within the Plan area (if applicable). D - Evidence of Site Control Provide valid option/contract or warranty deed and plot plan. E - Site Plans/Scope of Work Preliminary site plan, floor plans and elevations for all projects, interior and exterior photographs and detailed scope of work for Adaptive Reuse and Rehab projects. Site and floor plans should be no larger than 11x17 and must be produced by a licensed architect or engineer. F - Information Package for Market Analysts This section must include copies of items required in Tabs A, B, E and G (site and floor plans should be no larger than 11x17) and can include any additional market information such as preliminary market studies the applicant would like to provide to the Analysts. G - Rent Roll (Rehabs only) Provide the current rent roll for the property and indicate which units (if any) are receiving rental assistance. H - Documentation for Basis Boost Applicant should provide an appraisal and/or standard geological survey to support a request for the basis boost (if applicable).
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