Cardinal Chase
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Print Preview - Final Application
Tax Credits, RPP Loans, and/or Tax Exempt Bond Loans
Resources Requested
Check all that apply: Federal Low Income Housing Tax Credit State Low Income Housing Tax Credit Tax Exempt Bonds Rental Production Program (RPP) Loan Requested RPP Loan Amount: 692,865 RPP Loan Product Requested: CHDO
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Project Name and Location
Project Name: Cardinal Chase Address: City: Cardinal Road & South Tenth Avenue Siler City County: CHATHAM Zip: 27344 Block Group: 3
Census Tract: 204
Is project in Qualified Census Tract & Difficult to Develop area: No Political Jurisdiction: Jurisdiction Address: Jurisdiction City: Jurisdiction Phone: Siler City Last: Turner Title: Mayor P.O. Box 769 Siler City (919)742-2323 Zip: 27344
Jurisdiction CEO Name: First: Charles
Site Latitude: Site Longitude:
35.7244 -79.4480
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Project Description
Project Type:* New Construction Rehab Adaptive Reuse
Is this project a follow-on (Phase II, etc) to a previously-awarded tax credit development project? No If yes, list names of previous phase(s): Will the project be receiving federal rental assistance? Yes If yes, provide the subsidy source: HUD and number of units: 15
Target Population: Family Indicate below any additional targeting for special populations proposed for this project: Mobility impaired handicapped: 5% of units comply with QAP Section IV(F)(3) (in addition to other federal and state requirements) Persons with disabilities or homeless populations: the greater of 5 units or 10% of the total units Remarks: Cardinal Chase will include 5 units designated for persons with disabilities to be referred by Chatham Counseling Center, a division of the Orange, Person, Chatham Area Program. Because these persons will be mostly single and dependent on SSI as their only source of income, Cardinal Chase will have 4 one-bedroom units (rent is $130) and 1 two-bedroom unit (rent is $200) reserved for referrals from Chatham Counseling Center.
Proposed number of residential buildings: 6 Types of Units:* Project Includes:
Maximum number of stories in buildings: 2
Townhouse
Duplex
Garden Apartment
Detached Single-Family
Separate community building - Sq. Ft. (Floor Area): 1,238 Community space within residential bulding(s) - Sq. Ft. (Floor Area): Elevators - Number of Elevators: Square Footage Information Gross Floor Square Footage: 55,962
Total Net Sq. Ft. (All Heated Areas): 47,794
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Applicant Information
Applicant Name: Address: City: Contact: Telephone: DHIC, Inc. 113 South Wilmington Street Raleigh First: Gregory (919)832-4345 State: NC Zip: 27601 Last: Warren Title: Executive Director
Alt Phone:
Fax:
(919)832-2206
Email Address:
[email protected]
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Site Description
Total Site Acreage: 10.57 Total Buildable Acreage: 5 If buildable acreage is less than total acreage, please explain: Approximately 50% of site is within the 100-year floodplain. A connecting roadway joining South 10th Avenue & Cardinal Road will be built using approximately 0.34 acres. The net acreage is 10.23.
Identify utilities and services currently available (and with adequate capacity) for this site: Storm Sewer Water Sanitary Sewer Electric
Is the demolition of any buildings required or planned? No If yes, please describe:
Are existing buildings on the site currently occupied? No If yes: (a) Briefly describe the situation:
(b) Will tenant displacement be temporary? (c) Will tenant displacement be permanent? Is the site in a distressed neighborhood? No If yes, does a community revitalization plan exist? Is the site directly accessed by an existing, paved, publicly maintained road? Yes If no, please explain:
Is any portion of the site located inside the 100 year floodplain? Yes If yes: (a) Describe placement of project buildings in relation to this area: All improvements will be above the 100-year floodplain. See attached site plan. The floodplain is clearly shown & no buildings or site improvements will be located in it.
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(b) Describe flood mitigation if the project is in the East Region and will have improvements within the 100 year floodplain:
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Site Control
Does the owner have fee simple ownership of the property (site/buildings)? Yes If yes provide: Purchase Date: 12/13/2002 If no: (a) Does the owner/principal or ownership entity have vaild option/contract to purchase the property? (b) Does an identity of interest (direct or indirect) exist between the owner/principal or ownership entity with the option/contract for purchase of the property and the seller of the property? If yes, specify the relationship:
Purchase Price: 281,000
(c) Enter the current expiration date of the option/contract to purchase: (D) Enter Purchase Price:
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Zoning
Present zoning classification of the site: R-10 Is mutifamily use permitted? Yes Are variances, special or conditional use permits or any other item requiring a public hearing needed to develop this proposal? No If yes, have the hearings been completed and permits been obtained? If yes, specify permit or variance required and date obtained. If no, describe permits/variances required and schedule for obtaining them:
Is a public hearing of any kind required in the future for you to fully develop this property? No If yes, describe the nature of the hearing and when you expect the hearing will be held:
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: Cardinal Chase Development, LLC Address: City: 113 South Wilmington Street Raleigh State: NC Zip: 27601 74-2998559 (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 Yes
List all general partners, members,and principals. Specify nonprofit corporate general partners or members. Click [Add] to add additional partners, members, and principals.
Org:
Cardinal Chase, Inc. Last Name: Warren Function: Managing Member
First Name: Gregory Address: City: Phone: EMail:
113 South Wilmington Street Raleigh (919)832-4345 [email protected] State: NC Zip: 27601
Fax: (919)832-2206 Nonprofit: No TaxID 74-2998558
Org:
DHIC, Inc. Last Name: Warren Function: Corp Member
First Name: Gregory Address: City: Phone: EMail:
113 South Wilmington Street Raleigh (919)832-4345 [email protected] State: NC Zip: 27601
Fax: (919)832-2206 Nonprofit: Yes TaxID 56-1085131
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Unit Mix
List each applicable unit mix combination in a separate row below. Click [Add] to create another row. Click "X" (at the left of each row) to delete a row. Low Income Units Type Gdn Apt Gdn Apt Gdn Apt Gdn Apt Gdn Apt Gdn Apt # BRs Net Sq.Ft. 1 2 2 2 3 3 752 927 927 927 1157 1157 Total # Units 4 1 2 33 2 6 # Units 2 1 1 0 2 0 Monthly Rent 130 200 410 550 460 600 Electric Utility Allowance 60 70 70 70 95 95 Gas Other Mandatory Serv. Fees 0 0 0 0 0 0 **Total Housing Exp. 190 270 480 620 555 695
Utilites included in rents:
Water/Sewer
Market Rate Units Type # BRs Net Sq.Ft. Total # Units # Units Monthly Rent Utility Allowance Gas Other Mandatory Serv. Fees **Total Housing Exp.
Utilites included in rents:
Water/Sewer
Electric
Statistics All Units Low Income....... Market Rate....... Totals............... 48 6 24210 48 Gross Monthly Rental Income 24210
Units 6
Notes * ** Paint-to-Paint Square Footage Please refer to the Income Limits and Maximum Housing Expense Table to ensure that Total Monthly Tenant Expenses for low income units are within established thresholds.
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Targeting
Specify Low Income Unit Targeting in table below. List each applicable targeting combination in a separate row below. Click [Add] to create another row. Click "X" (at the left of each row) to delete a row. Add as many rows as needed.
# BRs 1 2 2 2 2 3 3 3 4 1 2 18 15 2 3 3
Units targeted at 30 targeted at 30 targeted at 40 targeted at 50 targeted at 60 targeted at 40 targeted at 50 targeted at 60
% percent of median income. percent of median income. percent of median income. percent of median income. percent of median income. percent of median income. percent of median income. percent of median income.
Total Low Income Units:
48
Note: This number should match the total number of low income units in the Unit Mix section.
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Funding Sources
NonAmortizing* Rate (%) 7.25 2.00 Term (Years) 20 20 Amort. Period (Years) 30 20 Annual Debt Service 61,296
Source Bank Loan RPP Loan Local Gov. Loan - Specify: RD Loan 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 748,792 692,865
296,398
2.00
20
20
366,694
0
30
30
0
2,163,018
4,267,767
* "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. 75 Remarks concerning project funding sources: (Please be sure to include the name of the funding source(s)) Bank debt lowered.AHP payments deferred for 20 years.sk For accurate RPP repayments see boxes below. The 1.14 dcr in year 8 reflected in cash flow sheet is inaccurate becasue it takes into consideration the AHP repayments, when in reality these are def. SK
Loans with Variable Amortization Please fill in the annual debt service as applicable for the first 20 years of the project life.
RPP Loan
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Year: Amt: Year: Amt:
1 13900 11 17500
2 14500 12 17500
3 15000 13 17500
4 15500 14 17000
5 16000 15 16500
6 16500 16 16000
7 16900 17 15500
8 17500 18 15500
9 17500 19 14500
10 17500 20 13400
AHP Loan Year: Amt: Year: Amt: 1 0 11 0 2 0 12 0 3 0 13 0 4 0 14 0 5 0 15 0 6 0 16 0 7 0 17 0 8 0 18 0 9 0 19 0 10 0 20 0
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Development Costs
Item Cost Element 1 Purchase of Buildings (Rehab) 2 Demolition 3 On-site Improvements 4 Rehabilitation 5 Construction of New Building(s) 6 Accessory Building(s) 7 General Requirements 8 Contractor Overhead 9 Contractor Profit 10 Construction Contingency 11 Architect's Fee - Design 12 Architect's Fee - Inspection SUBTOTAL (lines 1 through 12) 13 Construction Insurance (prorate) 14 Construction Loan Orig. Fee (prorate) 15 Construction Loan Interest (prorate) 16 Construction Loan Credit Enhancement (prorate) 17 Construction Period Taxes (prorate) 18 Water, Sewer and Impact Fees 19 Survey 20 Property Appraisal 21 Environmental Report 22 Market Study 23 Bond Costs (specify) 24 Cost of Issuance 25 Placement Fee 26 Permanent Loan Origination Fee 27 Permanent Loan Credit Enhancement 28 Title and Recording SUBTOTAL (lines 13 through 28) 29 Real Estate Attorney 30 Other Attorney's Fees 31 Tax Credit App Fees 32 Cost Certification/Accounting Fees (specify) 33 Tax Opinion 34 Organizational (Partnership) 35 Tax Credit Monitoring Fee SUBTOTAL (lines 29 through 35) 36 Furnishings and Equipment 37 Relocation Expenses 38 Developer's Fee (max 15% lines 2-36, less 8 & 9) 39 40 42 43 Other Basis Expense (specify) Other Basis Expense (specify) Other Non-basis Expense (specify) Other Non-basis Expense (specify) SUBTOTAL (lines 36 through 43) 44 Rent up Reserve TOTAL COST 0 0 283,435 0 2,000,000 75,000 141,506 49,999 199,995 82,498 86,000 31,000 2,949,433 28,413 17,000 73,000 0 4,100 33,800 22,200 7,000 4,000 4,800 0 0 0 15,000 0 6,000 215,313 21,000 12,000 20,191 11,000 0 7,000 28,800 99,991 14,000 0 453,000 0 0 28,000 76,830 0 571,830 19,200 14,000 0 453,000 0 0 21,000 4,000 20,191 11,000 28,413 17,000 73,000 0 4,100 33,800 22,200 7,000 4,000 4,800 283,435 0 2,000,000 75,000 141,506 49,999 199,995 82,498 86,000 31,000 Eligible Basis 30% PV 70% PV 0
41 Rent-up Expenses
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45 Operating Reserve 46 47 Other Reserve (specify) Other Reserve (specify)
131,000 0 0 3,986,767 0 0 0 0 3,666,937 100.00% 3,666,937 288,587 311,689 288,431 366,495 281,000 4,267,767 0 100.00% 0 0.00% 0 0 0 3,666,937 0 0 0 0 3,666,937 100.00% 3,666,937 7.87% 288,587 311,689 288,431
48 DEVELOPMENT COST (lines 1-47) 49 Less Federal Financing 50 Less Disproportionate Standard 51 Less Nonqualified Nonrecourse Financing 52 Less Historic Tax Credit (residential) 53 TOTAL ELIGIBLE BASIS 54 Times Applicable Fraction 55 TOTAL QUALIFIED BASIS 56 Tax Credit Rate 57 FEDERAL TAX CREDITS at Estimated Rate 57a FEDERAL TAX CREDITS at 8.5% or 3.75% 58 FEDERAL TAX CREDITS REQUESTED 59 STATE TAX CREDITS 60 Land Cost 61 TOTAL REPLACEMENT COST Comments: org. est.line item 34- $10,000
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Market Study Information
Please provide a detailed description of the proposed project: Tax Credits will be used in the development of a 48-unit apartment complex in rural Siler City, North Carolina for low- and very low-income families. The apartments will contain 4 one-bedroom units, 36 two-bedroom units and 8 three-bedroom units. Per the requirements of AHP funding, 30 units will be reserved for families with total incomes of less than 50% of AMI and 18 units will be reserved for families earning less than 60% AMI. Within the 50% units, there will be 24 units that are targeted even lower downt to 40% AMI of which 15 will have Section 8 assistance. Amenities will include porches or patios for each unit, mini-blinds, washer/dryer hookups, laundry facilities and a computer learning center located on-site in the community building. There will also be a playground, grills, picnic tables and other site amenities. 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
The buildings feature broken roof lines, front gables, extended facades, an attractive mix of siding materials including 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: 1,238 Laundry Rm Game/Craft Rm Chapel/Prayer Rm Irrigated Lawns Walking Trails Pool Screened Porch Exercise Rm Picnic Area Security Gate Garden Spots Fitness Stations Community Room - Sq Ft: 460 Resident Computer Center TV Rm Onsite Leasing Office Car Care Area Basketball/Tennis Court Horseshoe Pit Garages - Number: Exam Rm Beauty Salon Onsite Mgr Storage Units Playground Shuffleboard Reading Rm/Library Vending Rm Onsite Maint. Person Gazebos Ball Field Covered Drive Thru
Onsite Activities: Supportive Services Plan includes workshops, Resident Council and other programs and activities.
Landscaping Plans: Landscaping per Town ordinance and NCHFA guidelines including foundation plantings. Area in the floodplain will be kept in its natural, wooded state.
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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). The adjacent uses include Loves Creek Mobile Home Park, recently built single-family homes across the street, vacant land and Quality Molded Plastics. The physical conditions of these surrounding buildings and grounds in the neighborhood are good. Loves Creek is governed by restrictive covenants, including the requirement that all the units be owner-occupied. There are attractive starter homes across the street. The plastics building is an industrial use but is well-kept and there is no evidence of deterioration. The County Health Department building also appears to be relatively new and is in excellent condition. Further away from the site, there is a subdivision of manufactured homes constructed on brick foundations and on the other side of the new homes across the street from the site there is another exisiting reisdential neighborhood; all of these structures are in good condition. Suitability of surrounding development. Land use pattern is primarily residential with a balance of other uses, including non-competing multifamily and single family units, relevant amenities, shopping and services. Approximately 80% of the parcels in the surrounding neighborhood are either currently in use for residential purposes or are subdivided for future development as residential lots. A market study that was completed for the NCHFA in 2001 names the residential character of the neighborhood as one of the three most positive aspects of the site. Jordan Matthews High School, located on the other side of the Health Department and County Service Building (contains the Sheriff's Office), has tennis courts and recreational fields. In one mile radius of the site, the neighborhood includes banks, convenience stores/gas stations, a video store, restaurants, a grocery store, a community center and an insurance agency. Piedmont Health Services, which offers health care to patients based on a sliding scale, has announced its plans to build a community health center directly across the street from the site. 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). Kimley-Horn consulting engineers performed a traffic study in April 2001 that concluded the surrounding roadway network had more than enough capacity to accomodate the addition of 48 multifamily units (findings attached). The high school located nearby will produce periods of higher traffic; the consultants asserted that Cardinal Chase residents would be driving in the opposite direction of the people traveling to the school in the mornings and in the afternoons when school is let out, Cardinal Chase would contribute a negligible amount of traffic to the roadway network. As seen on the site plan for Cardinal Chase, the scope of the project includes connecting Cardinal Road and South Tenth Avenue with a public road. The site offers easy access to downtown Siler City and to US Route 64 and US 1. Amount and character of vacant, undeveloped land. Effect of industrial, large-scale institutional or other incompatible uses: wastewater treatment facilities, high traffic corridors, junkyards, prisons, landfills, large swamps, distribution facilities, frequently used railroad tracks, power transmission lines and towers, factories or similar operations, sources of excessive noise, and sites with environmental concerns (such as odors or pollution). The site is not located in an undeveloped area. As mentioned before, the neighborhood is mostly residential but is balanced by the various services and resources in the neighborhood and downtown Siler City (Post Office, Town Hall, Police Dept., public library), which is within a mile of the Cardinal Chase site. Although there is a manufacturing business (Quality Molded Plastics) adjacent to the site, the physical appearance of the buildings is good and there are no detectable signs of deterioration or possible hazards. In addition, Quality Molded Plastics is a possible place of employment for tenants living in Cardinal Chase.
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. About half of the site does fall within the 100-year floodplain. This portion of the site has a grade that falls into Loves Creek. The 6 residential buildings and the community building and all road, parking, utilities and site improvements will be located outside of the 100-year floodplain. The remaining half of the site will be kept in its natural state.
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Similarity of scale and aesthetics/architecture between project and surroundings. The proposed development will impact the existing neighborhood with some additional traffic and the scale is somewhat denser than what currently exists in the neighborhood; however, since the majority of the neighborhood is residential and Cardinal Chase has a very attractive design and will be aesthetically pleasing, it will be a positive addition to the neighborhood.
Concentration of affordable housing (housing credit, project-based rental assistance, public housing). There are no competing apartment communities in the neighborhood.
Availability of Supportive Services (if applicable): DHIC, in conjunction with several local social service agencies and educational programs, will offer the following supportive services at Cardinal Chase: Homeownership Counseling by Empowerment Inc., Community Watch, Tenant Counseling, Financial Training through Latino Credit Union, Interpreter Services, Resident Involvement in Healthy Chatham (local community education/advocacy group), Workforce Training Program, Parenting/Childcare, bilingual Welcome Packets and newsletters.
For each applicable neighborhood feature, enter distance from project in miles. .8 1 .2 .5 .1 Grocery Store Mall/Strip Center Outdoor Athletic Fields Day Care/After School Schools .8 .1 .1 .7 Community/Senior Center Hospital Pharmacy Basic Health Care Medical Offices Bank/Credit Union Restaurants Professional Services Movie Theater .8 1 1 Video Rental Public Safety (Fire/Police) Post Office
Public Transportation Stop .5 .8 .3 .7 .8 1.2 Convenience Store Basketball/Tennis Courts Public Parks Gas Station Library Fitness/Nature Trails 1.5 Public Swimming Pools .7 1.1
Other facilities or services: Walmart 1.5 miles, Sheriff's Office .2 miles, Flea Market 1 mile.
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Development Team
Provide contact information for development team members below: Management Agent Company: Community Management Corporation Address: City: Phone PO Box 25168 Winston-Salem (336)765-0424 State: NC Zip: 27114 Email: [email protected] Last: Morgan
Contact Name: First: Gaye
Architect Company: Address: City: Phone
Cline Design Associates 125 N. Harrington Street Raleigh (919)833-6413 State: NC Zip: 27603 Email: [email protected] Last: Jones
Contact Name: First: Cari
Attorney Company: Address: City: Phone
Ragsdale Liggett PO Box 31507 Raleigh (919)787-5200 State: NC Zip: 27622 Email: [email protected] Last: Southern
Contact Name: First: Kathleen
Investor Company: Address: City: Phone
Wachovia Securities-Tax Credit Investment Group One Wachovia Center, 17th Floor Charlotte (704)383-6317 State: NC Zip: 28288-0173 Email: [email protected] Last: Flanagan
Contact Name: First: Brian
Consultant/Application Preparer (if different from developer) Company: Address: City: Phone Contact Name: First: State: Email: Last: Zip:
Identity of Interest? General Contractor Company: Southern General, Inc. Address: City: Phone PO Box 10372 Greensboro (336)545-1410 State: NC Zip: 27404 Email: [email protected] Last: Reiser
Contact Name: First: Paul
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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: 12 512 0 0
Management List number of low-income housing tax credit units managed in the past 10 years: North Carolina Other States Projects: Units: 66 3,469 0 0
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: $ $ $ No Yes No Yes No
If Other, specify the type of Federal subsidy:
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Projected Operating Costs
Project Operations (Year One) Administrative Expenses Advertising Other Administrative Expense (specify): Office Salaries Office Supplies Office or Model Apartment Rent Management Fee Manager or Superintendent Salaries Manager or Superintendent Rent Free Unit Legal Expenses (Project) Auditing Expenses (Project) Bookkeeping Fees/Accounting Services Telephone and Answering Service Bad Debts Other Administrative Expenses (specify): SUBTOTAL Utilities Expense Fuel Oil Electricity (Light and Misc. Power) Water Gas Sewer SUBTOTAL Operating and Maintenance Expenses Janitor and Cleaning Payroll Janitor and Cleaning Supplies Janitor and Cleaning Contract Exterminating Payroll/Contract Exterminating Supplies Garbage and Trash Removal Security Payroll/Contract Grounds Payroll Grounds Supplies Grounds Contract Repairs Payroll Repairs Material Repairs Contract Elevator Maintenance/Contract Heating/Cooling Repairs and Maintenance Swimming Pool Maintenance/Contract Snow Removal Decorating Payroll/Contract Decorating Supplies Other (specify): Miscellaneous Operating & Maintenance Expenses SUBTOTAL Taxes and Insurance Real Estate Taxes
1,200 2,400 4,839 1,800 0 20,736 22,900 0 800 5,000 460 3,600 0 1,500 65,235 0 7,500 3,000 0 2,400 12,900 1,800 480 1,200 864 0 3,600 360 1,800 1,200 12,000 12,000 1,173 2,400 0 1,800 0 0 4,900 980 0 600 0 24,394
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Payroll Taxes (FICA) Miscellaneous Taxes, Licenses and Permits Property and Liability Insurance (Hazard) Fidelity Bond Insurance Workmen's Compensation Health Insurance and Other Employee Benefits Other Insurance: SUBTOTAL Supportive Service Expenses Service Coordinator Service Supplies Tenant Association Funds Other Expenses (specify): SUBTOTAL Reserves Replacement Reserves SUBTOTAL TOTAL OPERATING EXPENSES ADJUSTED TOTAL OPERATING EXPENSES (Does not include taxes, reserves and resident support services) * TOTAL UNITS (from total units in the Unit Mix section) PER UNIT PER YEAR
3,564 0 10,500 100 150 3,000 0 0 7,000 0 0 0 0 12,000 12,000 186,000 142,606 48 2,971
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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): application fees & late charges 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) 2,500 4 0 4 290,520
186,000 3
75,196
2 1.15
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 4 186,000 75,196 -261,192 -2.473 11 4 275,326 78,796 -354,118 -3.494 2 4 193,440 75,796 -269,232 -2.552 12 4 286,339 78,796 -365,131 -3.634 3 4 201,178 76,296 -277,470 -2.637 13 4 297,793 78,796 -376,585 -3.779 4 4 209,225 76,796 -286,017 -2.724 14 4 309,705 78,296 -387,997 -3.956 5 4 217,594 77,296 -294,886 -2.815 15 4 322,093 77,796 -399,885 -4.14 6 4 226,298 77,796 -304,090 -2.909 16 4 334,977 77,296 -412,269 -4.334 7 4 235,350 78,196 -313,542 -3.01 17 4 348,376 76,796 -425,168 -4.536 8 4 244,764 78,796 -323,556 -3.106 18 4 362,311 76,796 -439,103 -4.718 9 4 254,555 78,796 -333,347 -3.231 19 4 376,803 75,796 -452,595 -4.971 10 4 264,737 78,796 -343,529 -3.36 20 4 391,875 74,696 -466,567 -5.246
* 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 post tensioned concrete slab-on-grade Make: Silverline Model: Series 2900
single hung/welded vinyl frame; insulated glass Type/Construction: w/half screens 6-panel insulated Type: metal Type: premium vinyl Warranty: lifetime limited Exterior Trim vinyl trim and aluminum wrapped wood 3 tab fiberglass; Type: antifungal Warranty: 30 years Sprinkler System Cabinets NFiPA 13 R wet system Grandview Products Company or equal Goodman, Carrier or Make: Trane wood w/ compression Frames: weather stripping Grade/Thickness: .044"
Exterior Doors
Siding
Shingles
Weight: 240 lb.
Heat Pump
SEER: 11 Model: CKL18-1, CKL24-1
Air Conditioner
SEER: Model:
Make:
Other Heat Systems
SEER: Model:
Make:
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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 14,960 542 3,594 606 10,300 8,800 8,047 12,732 25,472 48,830 35,715 21,901 11,922 90,684 87,440 93,368 50,826 27,418 10,422 41,541 51,518 1,062 6,648 84,873 49,497 6,020 40,836 72,299 34,463 11,640 56,853 27,694 20,994 31,604 19,242 30,707 31,553 10,693 119,998 20,228 23,799 351,499 92,278 40,228 89,539 LABOR MATERIAL TOTAL 0 0 129,767 0 0 51,781 34,492 471,497 92,278 0 31,604 19,242 51,701 0 101,015 7,082 47,484 157,172 34,463 39,058 67,275 69,235 0 139,514 123,155 115,269 62,748 0 10,842 12,394 8,653 12,732 40,432 0 0 0 0 0
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Mirror/Shower Door/Encls. Hardware/Bath Access. Appliances Playground Equipment Interior Clean Exterior Clean/Dumpster Other 1 (specify in Remarks) Other 2 (specify in Remarks) Total Cost Remarks: building permits-17,500 project specific liability insurance-3,939 592,776 17,500 3,939 1,407,224 7,255 503 2,640 37,278
0 3,143 37,278 0 7,255 0 17,500 3,939 2,000,000
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Costs - General
This is a detailed breakdown of the General Requirements cost element you summarized in the Development Costs table (General Requirements). The total should match that roll-up value. ITEM Supervision Job Site Office/Trailer Rental Impact Fees Office Supplies Security/Watchman Water and Sewer Connection Fees Project Signage Tools and Equipment Gas, Oil, and Maintenance Cleanup/Dumpster Rental Temporary Water, Electric, and Telephone Storage/Hauling Driveway Access Permit Porta-John Rental/Dumping Builders Risk Insurance Re-inspection Fees Extra Plans and Specifications Miscellaneous, Casual Labor Equipment Rental Other 1 (specify in Remarks) Other 2 (specify in Remarks) Total Cost Remarks: 141,506 24,818 7,085 1,731 775 4,500 5,765 18,484 10,775 1,293 TOTAL 63,292 2,988
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Costs - Improvements
This is a detailed breakdown of the Site Improvements cost element you summarized in the Development Costs table (On-site Improvements). The total should match that roll-up value. ITEM Subsurface Exploration/Perk Testing/Site Engineering Clearing/Grading/Final Grading/Excess and Borrow Demolition Earthwork/Excavation/Aerating Soil Treatment Pile Foundations Caissons Shoring/Bracing Site Drainage Site Utilities/Site Lighting Paving and Surfacing/Curb and Gutter Walkways Site Signage Parking Lot Painting Dumpsite Pads/Fencing Fencing/Gates Landscaping/Topsoil Waterproofing/De-Watering Operation of Construction Equipment/Fuel/Oil Crane Rental Rock and Hardpan Excavation Site Supervision Personnel Other (specify in Remarks) Total Cost Remarks: other for 13,112 is field engineering layout & staking 13,112 283,435 38,145 7,258 25,827 43,429 53,641 19,867 3,310 2,828 TOTAL 5,298 70,720
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Costs - Bond Costs
This is a detailed breakdown of the Bond Costs cost element you summarized in the Development Costs table (Bond Costs). The total should match that roll-up value. ITEM Letter of Credit Fee Credit Enhancement Underwriter Discount Capital Interest Fund Other 1 (specify in Remarks) Other 2 (specify in Remarks) Total Cost Remarks: 0 TOTAL
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Costs - Bond Issuance
This is a detailed breakdown of the Bond Issuance cost element you summarized in the Development Costs table (Cost of Issuance). The total should match that roll-up value. ITEM Bond Counsel Issuer Counsel Credit Enhancement/LOC Counsel Underwriter Counsel Developer's Counsel Rating Agency Fee Printing Trustee Fee Trustee Counsel Other 1 (specify in Remarks) Other 2 (specify in Remarks) Other 3 (specify in Remarks) Total Cost Remarks: 0 TOTAL
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Minimum Set-Asides
MINIMUM REQUIRED SET ASIDES (No Points Awarded): Select one of the following two options: 20% of the qualified units are rent restricted and occupied by households with incomes at or below 50% of the median income (Note: No Tax Credit Eligble Units in the the project can exceed 50% of median income) 40% of the qualified units are rent restricted and occupied by households with incomes at or below 60% of the median income (Note: No Tax Credit Eligble Units in the the project can exceed 60% of median income) If requesting RPP funds: 40% of the qualified unit are occupied by households with incomes at or below 50% of median income.
State Tax Credit and QAP Targeting Points: High Income county: At least twenty-five percent (25%) of qualified units will be affordable to households with incomes at or below thirty percent (30%) of county median income. At least twenty-five percent (25%) of qualified units will be affordable to and occupied by households with incomes at or below thirty percent (30%) of county median income.
At least fifty percent (50%) of qualified units will be affordable to households with incomes at or below forty percent (40%) of county median income. At least fifty percent (50%) of qualified units will be affordable to and occupied by households with incomes at or below forty percent (40%) of county median income. Moderate Income County: At least twenty-five percent (25%) of qualified units will be affordable to and occupied by households with incomes at or below forty percent (40%) of county median income.
At least fifty percent (50%) of qualified units will be affordable to households with incomes at or below fifty percent (50%) of county median income. At least fifty percent (50%) of qualified units will be affordable to and occupied by households with incomes at or below fifty percent (50%) of county median income. Low Income County: At least forty percent (40%) of qualified units will be affordable to households with incomes at or below fifty percent (50%) of county median income. At least forty percent (40%) of qualified units will be affordable to and occupied by households with incomes at or below fifty percent (50%) of county median income.
Tax Exempt Bonds Threshold requirement (select one): At least ten percent (10%) of qualified units will be affordable to and occupied by households with incomes at or below fifty percent (50%) of county median income. At least five percent (5%) of qualified units will be affordable to and occupied by households with incomes at or below forty percent (40%) of county median income. Eligible for mortgage subsidy points (select one): At least twenty percent (20%) of qualified units will be affordable to and occupied by households with incomes at or below fifty percent (50%) of county median income. At least ten percent(10%) of qualified units will be affordable to and occupied by households with incomes at or below forty percent (40%) of county median income.
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Full Application Checklist
PLEASE indicate which of the following exhibits are attached to your application. Others may be required as noted. A Nonprofit Organization Documentation or For-profit Corporation Documentation B Current Financial Statements/Principals and Owners C Ownership Entity Agreement, Development Agreement or any other agreements governing development services D Management Agent Agreement E Development and manager multi-family experience & Management Questionnaire (Appendix C) F Letters from State Housing Agencies or designated monitoring agent verifying Out of State Management Experience G Completed IRS Form 8821 (Appendix I) H Permitted zoning letter (including conditional and special use) I Site plan, floor plans and elevations
J Hazard and structural inspection and termite reports (Renovation projects only) K Description of any existing conditions of historical significance. L Description of environmental significance. M Anticipated budget demonstrating how the project would meet the 10% test by November 14th. N Evidence of Architect's Errors and Omissions insurance (or equivalent). O Description of acquisition for existing/occupied projects or for projects with occupied buildings to be demolished. P Description of proposed Relocation Plan & Relocation Budget, Etc. If any relocation is anticipated, reference Appendix F. Q Targeting Plan and supporting documentation (Required for projects targeted to Special Populations) R Local Housing Authority Agreement (Reference Model in Appendix I) S Appraisal (for land costs greater than $5,000 and for buildings in rehab projects) T Evidence of Permanent Loan Commitment, other sources of funds, and project-based subsidies. U Statement regarding terms of Deferred Developer Fee and, if nonprofit, resolution of Board approving fee. V Inducement Resolution (Tax-Exempt Bond Financed Projects only) W Documentation to support estimated utility costs.
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Print Preview - Final Application
Tax Credits, RPP Loans, and/or Tax Exempt Bond Loans
Resources Requested
Check all that apply: Federal Low Income Housing Tax Credit State Low Income Housing Tax Credit Tax Exempt Bonds Rental Production Program (RPP) Loan Requested RPP Loan Amount: 692,865 RPP Loan Product Requested: CHDO
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Project Name and Location
Project Name: Cardinal Chase Address: City: Cardinal Road & South Tenth Avenue Siler City County: CHATHAM Zip: 27344 Block Group: 3
Census Tract: 204
Is project in Qualified Census Tract & Difficult to Develop area: No Political Jurisdiction: Jurisdiction Address: Jurisdiction City: Jurisdiction Phone: Siler City Last: Turner Title: Mayor P.O. Box 769 Siler City (919)742-2323 Zip: 27344
Jurisdiction CEO Name: First: Charles
Site Latitude: Site Longitude:
35.7244 -79.4480
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Project Description
Project Type:* New Construction Rehab Adaptive Reuse
Is this project a follow-on (Phase II, etc) to a previously-awarded tax credit development project? No If yes, list names of previous phase(s): Will the project be receiving federal rental assistance? Yes If yes, provide the subsidy source: HUD and number of units: 15
Target Population: Family Indicate below any additional targeting for special populations proposed for this project: Mobility impaired handicapped: 5% of units comply with QAP Section IV(F)(3) (in addition to other federal and state requirements) Persons with disabilities or homeless populations: the greater of 5 units or 10% of the total units Remarks: Cardinal Chase will include 5 units designated for persons with disabilities to be referred by Chatham Counseling Center, a division of the Orange, Person, Chatham Area Program. Because these persons will be mostly single and dependent on SSI as their only source of income, Cardinal Chase will have 4 one-bedroom units (rent is $130) and 1 two-bedroom unit (rent is $200) reserved for referrals from Chatham Counseling Center.
Proposed number of residential buildings: 6 Types of Units:* Project Includes:
Maximum number of stories in buildings: 2
Townhouse
Duplex
Garden Apartment
Detached Single-Family
Separate community building - Sq. Ft. (Floor Area): 1,238 Community space within residential bulding(s) - Sq. Ft. (Floor Area): Elevators - Number of Elevators: Square Footage Information Gross Floor Square Footage: 55,962
Total Net Sq. Ft. (All Heated Areas): 47,794
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Applicant Information
Applicant Name: Address: City: Contact: Telephone: DHIC, Inc. 113 South Wilmington Street Raleigh First: Gregory (919)832-4345 State: NC Zip: 27601 Last: Warren Title: Executive Director
Alt Phone:
Fax:
(919)832-2206
Email Address:
[email protected]
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Site Description
Total Site Acreage: 10.57 Total Buildable Acreage: 5 If buildable acreage is less than total acreage, please explain: Approximately 50% of site is within the 100-year floodplain. A connecting roadway joining South 10th Avenue & Cardinal Road will be built using approximately 0.34 acres. The net acreage is 10.23.
Identify utilities and services currently available (and with adequate capacity) for this site: Storm Sewer Water Sanitary Sewer Electric
Is the demolition of any buildings required or planned? No If yes, please describe:
Are existing buildings on the site currently occupied? No If yes: (a) Briefly describe the situation:
(b) Will tenant displacement be temporary? (c) Will tenant displacement be permanent? Is the site in a distressed neighborhood? No If yes, does a community revitalization plan exist? Is the site directly accessed by an existing, paved, publicly maintained road? Yes If no, please explain:
Is any portion of the site located inside the 100 year floodplain? Yes If yes: (a) Describe placement of project buildings in relation to this area: All improvements will be above the 100-year floodplain. See attached site plan. The floodplain is clearly shown & no buildings or site improvements will be located in it.
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(b) Describe flood mitigation if the project is in the East Region and will have improvements within the 100 year floodplain:
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Site Control
Does the owner have fee simple ownership of the property (site/buildings)? Yes If yes provide: Purchase Date: 12/13/2002 If no: (a) Does the owner/principal or ownership entity have vaild option/contract to purchase the property? (b) Does an identity of interest (direct or indirect) exist between the owner/principal or ownership entity with the option/contract for purchase of the property and the seller of the property? If yes, specify the relationship:
Purchase Price: 281,000
(c) Enter the current expiration date of the option/contract to purchase: (D) Enter Purchase Price:
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Zoning
Present zoning classification of the site: R-10 Is mutifamily use permitted? Yes Are variances, special or conditional use permits or any other item requiring a public hearing needed to develop this proposal? No If yes, have the hearings been completed and permits been obtained? If yes, specify permit or variance required and date obtained. If no, describe permits/variances required and schedule for obtaining them:
Is a public hearing of any kind required in the future for you to fully develop this property? No If yes, describe the nature of the hearing and when you expect the hearing will be held:
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: Cardinal Chase Development, LLC Address: City: 113 South Wilmington Street Raleigh State: NC Zip: 27601 74-2998559 (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 Yes
List all general partners, members,and principals. Specify nonprofit corporate general partners or members. Click [Add] to add additional partners, members, and principals.
Org:
Cardinal Chase, Inc. Last Name: Warren Function: Managing Member
First Name: Gregory Address: City: Phone: EMail:
113 South Wilmington Street Raleigh (919)832-4345 [email protected] State: NC Zip: 27601
Fax: (919)832-2206 Nonprofit: No TaxID 74-2998558
Org:
DHIC, Inc. Last Name: Warren Function: Corp Member
First Name: Gregory Address: City: Phone: EMail:
113 South Wilmington Street Raleigh (919)832-4345 [email protected] State: NC Zip: 27601
Fax: (919)832-2206 Nonprofit: Yes TaxID 56-1085131
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Unit Mix
List each applicable unit mix combination in a separate row below. Click [Add] to create another row. Click "X" (at the left of each row) to delete a row. Low Income Units Type Gdn Apt Gdn Apt Gdn Apt Gdn Apt Gdn Apt Gdn Apt # BRs Net Sq.Ft. 1 2 2 2 3 3 752 927 927 927 1157 1157 Total # Units 4 1 2 33 2 6 # Units 2 1 1 0 2 0 Monthly Rent 130 200 410 550 460 600 Electric Utility Allowance 60 70 70 70 95 95 Gas Other Mandatory Serv. Fees 0 0 0 0 0 0 **Total Housing Exp. 190 270 480 620 555 695
Utilites included in rents:
Water/Sewer
Market Rate Units Type # BRs Net Sq.Ft. Total # Units # Units Monthly Rent Utility Allowance Gas Other Mandatory Serv. Fees **Total Housing Exp.
Utilites included in rents:
Water/Sewer
Electric
Statistics All Units Low Income....... Market Rate....... Totals............... 48 6 24210 48 Gross Monthly Rental Income 24210
Units 6
Notes * ** Paint-to-Paint Square Footage Please refer to the Income Limits and Maximum Housing Expense Table to ensure that Total Monthly Tenant Expenses for low income units are within established thresholds.
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Targeting
Specify Low Income Unit Targeting in table below. List each applicable targeting combination in a separate row below. Click [Add] to create another row. Click "X" (at the left of each row) to delete a row. Add as many rows as needed.
# BRs 1 2 2 2 2 3 3 3 4 1 2 18 15 2 3 3
Units targeted at 30 targeted at 30 targeted at 40 targeted at 50 targeted at 60 targeted at 40 targeted at 50 targeted at 60
% percent of median income. percent of median income. percent of median income. percent of median income. percent of median income. percent of median income. percent of median income. percent of median income.
Total Low Income Units:
48
Note: This number should match the total number of low income units in the Unit Mix section.
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Funding Sources
NonAmortizing* Rate (%) 7.25 2.00 Term (Years) 20 20 Amort. Period (Years) 30 20 Annual Debt Service 61,296
Source Bank Loan RPP Loan Local Gov. Loan - Specify: RD Loan 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 748,792 692,865
296,398
2.00
20
20
366,694
0
30
30
0
2,163,018
4,267,767
* "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. 75 Remarks concerning project funding sources: (Please be sure to include the name of the funding source(s)) Bank debt lowered.AHP payments deferred for 20 years.sk For accurate RPP repayments see boxes below. The 1.14 dcr in year 8 reflected in cash flow sheet is inaccurate becasue it takes into consideration the AHP repayments, when in reality these are def. SK
Loans with Variable Amortization Please fill in the annual debt service as applicable for the first 20 years of the project life.
RPP Loan
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Year: Amt: Year: Amt:
1 13900 11 17500
2 14500 12 17500
3 15000 13 17500
4 15500 14 17000
5 16000 15 16500
6 16500 16 16000
7 16900 17 15500
8 17500 18 15500
9 17500 19 14500
10 17500 20 13400
AHP Loan Year: Amt: Year: Amt: 1 0 11 0 2 0 12 0 3 0 13 0 4 0 14 0 5 0 15 0 6 0 16 0 7 0 17 0 8 0 18 0 9 0 19 0 10 0 20 0
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Development Costs
Item Cost Element 1 Purchase of Buildings (Rehab) 2 Demolition 3 On-site Improvements 4 Rehabilitation 5 Construction of New Building(s) 6 Accessory Building(s) 7 General Requirements 8 Contractor Overhead 9 Contractor Profit 10 Construction Contingency 11 Architect's Fee - Design 12 Architect's Fee - Inspection SUBTOTAL (lines 1 through 12) 13 Construction Insurance (prorate) 14 Construction Loan Orig. Fee (prorate) 15 Construction Loan Interest (prorate) 16 Construction Loan Credit Enhancement (prorate) 17 Construction Period Taxes (prorate) 18 Water, Sewer and Impact Fees 19 Survey 20 Property Appraisal 21 Environmental Report 22 Market Study 23 Bond Costs (specify) 24 Cost of Issuance 25 Placement Fee 26 Permanent Loan Origination Fee 27 Permanent Loan Credit Enhancement 28 Title and Recording SUBTOTAL (lines 13 through 28) 29 Real Estate Attorney 30 Other Attorney's Fees 31 Tax Credit App Fees 32 Cost Certification/Accounting Fees (specify) 33 Tax Opinion 34 Organizational (Partnership) 35 Tax Credit Monitoring Fee SUBTOTAL (lines 29 through 35) 36 Furnishings and Equipment 37 Relocation Expenses 38 Developer's Fee (max 15% lines 2-36, less 8 & 9) 39 40 42 43 Other Basis Expense (specify) Other Basis Expense (specify) Other Non-basis Expense (specify) Other Non-basis Expense (specify) SUBTOTAL (lines 36 through 43) 44 Rent up Reserve TOTAL COST 0 0 283,435 0 2,000,000 75,000 141,506 49,999 199,995 82,498 86,000 31,000 2,949,433 28,413 17,000 73,000 0 4,100 33,800 22,200 7,000 4,000 4,800 0 0 0 15,000 0 6,000 215,313 21,000 12,000 20,191 11,000 0 7,000 28,800 99,991 14,000 0 453,000 0 0 28,000 76,830 0 571,830 19,200 14,000 0 453,000 0 0 21,000 4,000 20,191 11,000 28,413 17,000 73,000 0 4,100 33,800 22,200 7,000 4,000 4,800 283,435 0 2,000,000 75,000 141,506 49,999 199,995 82,498 86,000 31,000 Eligible Basis 30% PV 70% PV 0
41 Rent-up Expenses
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45 Operating Reserve 46 47 Other Reserve (specify) Other Reserve (specify)
131,000 0 0 3,986,767 0 0 0 0 3,666,937 100.00% 3,666,937 288,587 311,689 288,431 366,495 281,000 4,267,767 0 100.00% 0 0.00% 0 0 0 3,666,937 0 0 0 0 3,666,937 100.00% 3,666,937 7.87% 288,587 311,689 288,431
48 DEVELOPMENT COST (lines 1-47) 49 Less Federal Financing 50 Less Disproportionate Standard 51 Less Nonqualified Nonrecourse Financing 52 Less Historic Tax Credit (residential) 53 TOTAL ELIGIBLE BASIS 54 Times Applicable Fraction 55 TOTAL QUALIFIED BASIS 56 Tax Credit Rate 57 FEDERAL TAX CREDITS at Estimated Rate 57a FEDERAL TAX CREDITS at 8.5% or 3.75% 58 FEDERAL TAX CREDITS REQUESTED 59 STATE TAX CREDITS 60 Land Cost 61 TOTAL REPLACEMENT COST Comments: org. est.line item 34- $10,000
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Market Study Information
Please provide a detailed description of the proposed project: Tax Credits will be used in the development of a 48-unit apartment complex in rural Siler City, North Carolina for low- and very low-income families. The apartments will contain 4 one-bedroom units, 36 two-bedroom units and 8 three-bedroom units. Per the requirements of AHP funding, 30 units will be reserved for families with total incomes of less than 50% of AMI and 18 units will be reserved for families earning less than 60% AMI. Within the 50% units, there will be 24 units that are targeted even lower downt to 40% AMI of which 15 will have Section 8 assistance. Amenities will include porches or patios for each unit, mini-blinds, washer/dryer hookups, laundry facilities and a computer learning center located on-site in the community building. There will also be a playground, grills, picnic tables and other site amenities. 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
The buildings feature broken roof lines, front gables, extended facades, an attractive mix of siding materials including 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: 1,238 Laundry Rm Game/Craft Rm Chapel/Prayer Rm Irrigated Lawns Walking Trails Pool Screened Porch Exercise Rm Picnic Area Security Gate Garden Spots Fitness Stations Community Room - Sq Ft: 460 Resident Computer Center TV Rm Onsite Leasing Office Car Care Area Basketball/Tennis Court Horseshoe Pit Garages - Number: Exam Rm Beauty Salon Onsite Mgr Storage Units Playground Shuffleboard Reading Rm/Library Vending Rm Onsite Maint. Person Gazebos Ball Field Covered Drive Thru
Onsite Activities: Supportive Services Plan includes workshops, Resident Council and other programs and activities.
Landscaping Plans: Landscaping per Town ordinance and NCHFA guidelines including foundation plantings. Area in the floodplain will be kept in its natural, wooded state.
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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). The adjacent uses include Loves Creek Mobile Home Park, recently built single-family homes across the street, vacant land and Quality Molded Plastics. The physical conditions of these surrounding buildings and grounds in the neighborhood are good. Loves Creek is governed by restrictive covenants, including the requirement that all the units be owner-occupied. There are attractive starter homes across the street. The plastics building is an industrial use but is well-kept and there is no evidence of deterioration. The County Health Department building also appears to be relatively new and is in excellent condition. Further away from the site, there is a subdivision of manufactured homes constructed on brick foundations and on the other side of the new homes across the street from the site there is another exisiting reisdential neighborhood; all of these structures are in good condition. Suitability of surrounding development. Land use pattern is primarily residential with a balance of other uses, including non-competing multifamily and single family units, relevant amenities, shopping and services. Approximately 80% of the parcels in the surrounding neighborhood are either currently in use for residential purposes or are subdivided for future development as residential lots. A market study that was completed for the NCHFA in 2001 names the residential character of the neighborhood as one of the three most positive aspects of the site. Jordan Matthews High School, located on the other side of the Health Department and County Service Building (contains the Sheriff's Office), has tennis courts and recreational fields. In one mile radius of the site, the neighborhood includes banks, convenience stores/gas stations, a video store, restaurants, a grocery store, a community center and an insurance agency. Piedmont Health Services, which offers health care to patients based on a sliding scale, has announced its plans to build a community health center directly across the street from the site. 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). Kimley-Horn consulting engineers performed a traffic study in April 2001 that concluded the surrounding roadway network had more than enough capacity to accomodate the addition of 48 multifamily units (findings attached). The high school located nearby will produce periods of higher traffic; the consultants asserted that Cardinal Chase residents would be driving in the opposite direction of the people traveling to the school in the mornings and in the afternoons when school is let out, Cardinal Chase would contribute a negligible amount of traffic to the roadway network. As seen on the site plan for Cardinal Chase, the scope of the project includes connecting Cardinal Road and South Tenth Avenue with a public road. The site offers easy access to downtown Siler City and to US Route 64 and US 1. Amount and character of vacant, undeveloped land. Effect of industrial, large-scale institutional or other incompatible uses: wastewater treatment facilities, high traffic corridors, junkyards, prisons, landfills, large swamps, distribution facilities, frequently used railroad tracks, power transmission lines and towers, factories or similar operations, sources of excessive noise, and sites with environmental concerns (such as odors or pollution). The site is not located in an undeveloped area. As mentioned before, the neighborhood is mostly residential but is balanced by the various services and resources in the neighborhood and downtown Siler City (Post Office, Town Hall, Police Dept., public library), which is within a mile of the Cardinal Chase site. Although there is a manufacturing business (Quality Molded Plastics) adjacent to the site, the physical appearance of the buildings is good and there are no detectable signs of deterioration or possible hazards. In addition, Quality Molded Plastics is a possible place of employment for tenants living in Cardinal Chase.
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. About half of the site does fall within the 100-year floodplain. This portion of the site has a grade that falls into Loves Creek. The 6 residential buildings and the community building and all road, parking, utilities and site improvements will be located outside of the 100-year floodplain. The remaining half of the site will be kept in its natural state.
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Similarity of scale and aesthetics/architecture between project and surroundings. The proposed development will impact the existing neighborhood with some additional traffic and the scale is somewhat denser than what currently exists in the neighborhood; however, since the majority of the neighborhood is residential and Cardinal Chase has a very attractive design and will be aesthetically pleasing, it will be a positive addition to the neighborhood.
Concentration of affordable housing (housing credit, project-based rental assistance, public housing). There are no competing apartment communities in the neighborhood.
Availability of Supportive Services (if applicable): DHIC, in conjunction with several local social service agencies and educational programs, will offer the following supportive services at Cardinal Chase: Homeownership Counseling by Empowerment Inc., Community Watch, Tenant Counseling, Financial Training through Latino Credit Union, Interpreter Services, Resident Involvement in Healthy Chatham (local community education/advocacy group), Workforce Training Program, Parenting/Childcare, bilingual Welcome Packets and newsletters.
For each applicable neighborhood feature, enter distance from project in miles. .8 1 .2 .5 .1 Grocery Store Mall/Strip Center Outdoor Athletic Fields Day Care/After School Schools .8 .1 .1 .7 Community/Senior Center Hospital Pharmacy Basic Health Care Medical Offices Bank/Credit Union Restaurants Professional Services Movie Theater .8 1 1 Video Rental Public Safety (Fire/Police) Post Office
Public Transportation Stop .5 .8 .3 .7 .8 1.2 Convenience Store Basketball/Tennis Courts Public Parks Gas Station Library Fitness/Nature Trails 1.5 Public Swimming Pools .7 1.1
Other facilities or services: Walmart 1.5 miles, Sheriff's Office .2 miles, Flea Market 1 mile.
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Development Team
Provide contact information for development team members below: Management Agent Company: Community Management Corporation Address: City: Phone PO Box 25168 Winston-Salem (336)765-0424 State: NC Zip: 27114 Email: [email protected] Last: Morgan
Contact Name: First: Gaye
Architect Company: Address: City: Phone
Cline Design Associates 125 N. Harrington Street Raleigh (919)833-6413 State: NC Zip: 27603 Email: [email protected] Last: Jones
Contact Name: First: Cari
Attorney Company: Address: City: Phone
Ragsdale Liggett PO Box 31507 Raleigh (919)787-5200 State: NC Zip: 27622 Email: [email protected] Last: Southern
Contact Name: First: Kathleen
Investor Company: Address: City: Phone
Wachovia Securities-Tax Credit Investment Group One Wachovia Center, 17th Floor Charlotte (704)383-6317 State: NC Zip: 28288-0173 Email: [email protected] Last: Flanagan
Contact Name: First: Brian
Consultant/Application Preparer (if different from developer) Company: Address: City: Phone Contact Name: First: State: Email: Last: Zip:
Identity of Interest? General Contractor Company: Southern General, Inc. Address: City: Phone PO Box 10372 Greensboro (336)545-1410 State: NC Zip: 27404 Email: [email protected] Last: Reiser
Contact Name: First: Paul
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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: 12 512 0 0
Management List number of low-income housing tax credit units managed in the past 10 years: North Carolina Other States Projects: Units: 66 3,469 0 0
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: $ $ $ No Yes No Yes No
If Other, specify the type of Federal subsidy:
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Projected Operating Costs
Project Operations (Year One) Administrative Expenses Advertising Other Administrative Expense (specify): Office Salaries Office Supplies Office or Model Apartment Rent Management Fee Manager or Superintendent Salaries Manager or Superintendent Rent Free Unit Legal Expenses (Project) Auditing Expenses (Project) Bookkeeping Fees/Accounting Services Telephone and Answering Service Bad Debts Other Administrative Expenses (specify): SUBTOTAL Utilities Expense Fuel Oil Electricity (Light and Misc. Power) Water Gas Sewer SUBTOTAL Operating and Maintenance Expenses Janitor and Cleaning Payroll Janitor and Cleaning Supplies Janitor and Cleaning Contract Exterminating Payroll/Contract Exterminating Supplies Garbage and Trash Removal Security Payroll/Contract Grounds Payroll Grounds Supplies Grounds Contract Repairs Payroll Repairs Material Repairs Contract Elevator Maintenance/Contract Heating/Cooling Repairs and Maintenance Swimming Pool Maintenance/Contract Snow Removal Decorating Payroll/Contract Decorating Supplies Other (specify): Miscellaneous Operating & Maintenance Expenses SUBTOTAL Taxes and Insurance Real Estate Taxes
1,200 2,400 4,839 1,800 0 20,736 22,900 0 800 5,000 460 3,600 0 1,500 65,235 0 7,500 3,000 0 2,400 12,900 1,800 480 1,200 864 0 3,600 360 1,800 1,200 12,000 12,000 1,173 2,400 0 1,800 0 0 4,900 980 0 600 0 24,394
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Payroll Taxes (FICA) Miscellaneous Taxes, Licenses and Permits Property and Liability Insurance (Hazard) Fidelity Bond Insurance Workmen's Compensation Health Insurance and Other Employee Benefits Other Insurance: SUBTOTAL Supportive Service Expenses Service Coordinator Service Supplies Tenant Association Funds Other Expenses (specify): SUBTOTAL Reserves Replacement Reserves SUBTOTAL TOTAL OPERATING EXPENSES ADJUSTED TOTAL OPERATING EXPENSES (Does not include taxes, reserves and resident support services) * TOTAL UNITS (from total units in the Unit Mix section) PER UNIT PER YEAR
3,564 0 10,500 100 150 3,000 0 0 7,000 0 0 0 0 12,000 12,000 186,000 142,606 48 2,971
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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): application fees & late charges 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) 2,500 4 0 4 290,520
186,000 3
75,196
2 1.15
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 4 186,000 75,196 -261,192 -2.473 11 4 275,326 78,796 -354,118 -3.494 2 4 193,440 75,796 -269,232 -2.552 12 4 286,339 78,796 -365,131 -3.634 3 4 201,178 76,296 -277,470 -2.637 13 4 297,793 78,796 -376,585 -3.779 4 4 209,225 76,796 -286,017 -2.724 14 4 309,705 78,296 -387,997 -3.956 5 4 217,594 77,296 -294,886 -2.815 15 4 322,093 77,796 -399,885 -4.14 6 4 226,298 77,796 -304,090 -2.909 16 4 334,977 77,296 -412,269 -4.334 7 4 235,350 78,196 -313,542 -3.01 17 4 348,376 76,796 -425,168 -4.536 8 4 244,764 78,796 -323,556 -3.106 18 4 362,311 76,796 -439,103 -4.718 9 4 254,555 78,796 -333,347 -3.231 19 4 376,803 75,796 -452,595 -4.971 10 4 264,737 78,796 -343,529 -3.36 20 4 391,875 74,696 -466,567 -5.246
* 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 post tensioned concrete slab-on-grade Make: Silverline Model: Series 2900
single hung/welded vinyl frame; insulated glass Type/Construction: w/half screens 6-panel insulated Type: metal Type: premium vinyl Warranty: lifetime limited Exterior Trim vinyl trim and aluminum wrapped wood 3 tab fiberglass; Type: antifungal Warranty: 30 years Sprinkler System Cabinets NFiPA 13 R wet system Grandview Products Company or equal Goodman, Carrier or Make: Trane wood w/ compression Frames: weather stripping Grade/Thickness: .044"
Exterior Doors
Siding
Shingles
Weight: 240 lb.
Heat Pump
SEER: 11 Model: CKL18-1, CKL24-1
Air Conditioner
SEER: Model:
Make:
Other Heat Systems
SEER: Model:
Make:
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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 14,960 542 3,594 606 10,300 8,800 8,047 12,732 25,472 48,830 35,715 21,901 11,922 90,684 87,440 93,368 50,826 27,418 10,422 41,541 51,518 1,062 6,648 84,873 49,497 6,020 40,836 72,299 34,463 11,640 56,853 27,694 20,994 31,604 19,242 30,707 31,553 10,693 119,998 20,228 23,799 351,499 92,278 40,228 89,539 LABOR MATERIAL TOTAL 0 0 129,767 0 0 51,781 34,492 471,497 92,278 0 31,604 19,242 51,701 0 101,015 7,082 47,484 157,172 34,463 39,058 67,275 69,235 0 139,514 123,155 115,269 62,748 0 10,842 12,394 8,653 12,732 40,432 0 0 0 0 0
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Mirror/Shower Door/Encls. Hardware/Bath Access. Appliances Playground Equipment Interior Clean Exterior Clean/Dumpster Other 1 (specify in Remarks) Other 2 (specify in Remarks) Total Cost Remarks: building permits-17,500 project specific liability insurance-3,939 592,776 17,500 3,939 1,407,224 7,255 503 2,640 37,278
0 3,143 37,278 0 7,255 0 17,500 3,939 2,000,000
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Costs - General
This is a detailed breakdown of the General Requirements cost element you summarized in the Development Costs table (General Requirements). The total should match that roll-up value. ITEM Supervision Job Site Office/Trailer Rental Impact Fees Office Supplies Security/Watchman Water and Sewer Connection Fees Project Signage Tools and Equipment Gas, Oil, and Maintenance Cleanup/Dumpster Rental Temporary Water, Electric, and Telephone Storage/Hauling Driveway Access Permit Porta-John Rental/Dumping Builders Risk Insurance Re-inspection Fees Extra Plans and Specifications Miscellaneous, Casual Labor Equipment Rental Other 1 (specify in Remarks) Other 2 (specify in Remarks) Total Cost Remarks: 141,506 24,818 7,085 1,731 775 4,500 5,765 18,484 10,775 1,293 TOTAL 63,292 2,988
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Costs - Improvements
This is a detailed breakdown of the Site Improvements cost element you summarized in the Development Costs table (On-site Improvements). The total should match that roll-up value. ITEM Subsurface Exploration/Perk Testing/Site Engineering Clearing/Grading/Final Grading/Excess and Borrow Demolition Earthwork/Excavation/Aerating Soil Treatment Pile Foundations Caissons Shoring/Bracing Site Drainage Site Utilities/Site Lighting Paving and Surfacing/Curb and Gutter Walkways Site Signage Parking Lot Painting Dumpsite Pads/Fencing Fencing/Gates Landscaping/Topsoil Waterproofing/De-Watering Operation of Construction Equipment/Fuel/Oil Crane Rental Rock and Hardpan Excavation Site Supervision Personnel Other (specify in Remarks) Total Cost Remarks: other for 13,112 is field engineering layout & staking 13,112 283,435 38,145 7,258 25,827 43,429 53,641 19,867 3,310 2,828 TOTAL 5,298 70,720
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Costs - Bond Costs
This is a detailed breakdown of the Bond Costs cost element you summarized in the Development Costs table (Bond Costs). The total should match that roll-up value. ITEM Letter of Credit Fee Credit Enhancement Underwriter Discount Capital Interest Fund Other 1 (specify in Remarks) Other 2 (specify in Remarks) Total Cost Remarks: 0 TOTAL
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Costs - Bond Issuance
This is a detailed breakdown of the Bond Issuance cost element you summarized in the Development Costs table (Cost of Issuance). The total should match that roll-up value. ITEM Bond Counsel Issuer Counsel Credit Enhancement/LOC Counsel Underwriter Counsel Developer's Counsel Rating Agency Fee Printing Trustee Fee Trustee Counsel Other 1 (specify in Remarks) Other 2 (specify in Remarks) Other 3 (specify in Remarks) Total Cost Remarks: 0 TOTAL
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Minimum Set-Asides
MINIMUM REQUIRED SET ASIDES (No Points Awarded): Select one of the following two options: 20% of the qualified units are rent restricted and occupied by households with incomes at or below 50% of the median income (Note: No Tax Credit Eligble Units in the the project can exceed 50% of median income) 40% of the qualified units are rent restricted and occupied by households with incomes at or below 60% of the median income (Note: No Tax Credit Eligble Units in the the project can exceed 60% of median income) If requesting RPP funds: 40% of the qualified unit are occupied by households with incomes at or below 50% of median income.
State Tax Credit and QAP Targeting Points: High Income county: At least twenty-five percent (25%) of qualified units will be affordable to households with incomes at or below thirty percent (30%) of county median income. At least twenty-five percent (25%) of qualified units will be affordable to and occupied by households with incomes at or below thirty percent (30%) of county median income.
At least fifty percent (50%) of qualified units will be affordable to households with incomes at or below forty percent (40%) of county median income. At least fifty percent (50%) of qualified units will be affordable to and occupied by households with incomes at or below forty percent (40%) of county median income. Moderate Income County: At least twenty-five percent (25%) of qualified units will be affordable to and occupied by households with incomes at or below forty percent (40%) of county median income.
At least fifty percent (50%) of qualified units will be affordable to households with incomes at or below fifty percent (50%) of county median income. At least fifty percent (50%) of qualified units will be affordable to and occupied by households with incomes at or below fifty percent (50%) of county median income. Low Income County: At least forty percent (40%) of qualified units will be affordable to households with incomes at or below fifty percent (50%) of county median income. At least forty percent (40%) of qualified units will be affordable to and occupied by households with incomes at or below fifty percent (50%) of county median income.
Tax Exempt Bonds Threshold requirement (select one): At least ten percent (10%) of qualified units will be affordable to and occupied by households with incomes at or below fifty percent (50%) of county median income. At least five percent (5%) of qualified units will be affordable to and occupied by households with incomes at or below forty percent (40%) of county median income. Eligible for mortgage subsidy points (select one): At least twenty percent (20%) of qualified units will be affordable to and occupied by households with incomes at or below fifty percent (50%) of county median income. At least ten percent(10%) of qualified units will be affordable to and occupied by households with incomes at or below forty percent (40%) of county median income.
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Full Application Checklist
PLEASE indicate which of the following exhibits are attached to your application. Others may be required as noted. A Nonprofit Organization Documentation or For-profit Corporation Documentation B Current Financial Statements/Principals and Owners C Ownership Entity Agreement, Development Agreement or any other agreements governing development services D Management Agent Agreement E Development and manager multi-family experience & Management Questionnaire (Appendix C) F Letters from State Housing Agencies or designated monitoring agent verifying Out of State Management Experience G Completed IRS Form 8821 (Appendix I) H Permitted zoning letter (including conditional and special use) I Site plan, floor plans and elevations
J Hazard and structural inspection and termite reports (Renovation projects only) K Description of any existing conditions of historical significance. L Description of environmental significance. M Anticipated budget demonstrating how the project would meet the 10% test by November 14th. N Evidence of Architect's Errors and Omissions insurance (or equivalent). O Description of acquisition for existing/occupied projects or for projects with occupied buildings to be demolished. P Description of proposed Relocation Plan & Relocation Budget, Etc. If any relocation is anticipated, reference Appendix F. Q Targeting Plan and supporting documentation (Required for projects targeted to Special Populations) R Local Housing Authority Agreement (Reference Model in Appendix I) S Appraisal (for land costs greater than $5,000 and for buildings in rehab projects) T Evidence of Permanent Loan Commitment, other sources of funds, and project-based subsidies. U Statement regarding terms of Deferred Developer Fee and, if nonprofit, resolution of Board approving fee. V Inducement Resolution (Tax-Exempt Bond Financed Projects only) W Documentation to support estimated utility costs.
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