Gregory Oaks

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

Resources Requested
Check all that apply: Federal Low Income Housing Tax Credit State Low Income Housing Tax Credit Tax Exempt Bonds Rental Production Program (RPP) Loan Requested RPP Loan Amount: RPP Loan Product Requested:

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Project Name and Location
Project Name: Gregory Oaks (now known as Sea Lane Apts) Address: City: 900 East Lane Street Raleigh County: WAKE Block Group: 003 Zip: 27601

Census Tract: 506

Is project in Qualified Census Tract & Difficult to Develop area: Yes Political Jurisdiction: Jurisdiction Address: Jurisdiction City: Jurisdiction Phone: City of Raleigh Last: Meeker Title: Mayor PO Box 590 Raleigh (919)890-3000 Zip: 27602

Jurisdiction CEO Name: First: Charles

Site Latitude: Site Longitude:

35.810 -78.561

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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? No If yes, provide the subsidy source: and number of units:

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: units have been set aside at 30% AMI rents

Proposed number of residential buildings: 8 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): Community space within residential bulding(s) - Sq. Ft. (Floor Area): Elevators - Number of Elevators: Square Footage Information Gross Floor Square Footage: 24,345

Total Net Sq. Ft. (All Heated Areas): 23,052

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Applicant Information
Applicant Name: Address: City: Contact: Telephone: Jenkins Properties Limited Partnership PO Box 17022 Raleigh First: Rhonda (919)847-8350 State: NC Zip: 27619 Last: Sheppard Title: Project Mgr

Alt Phone:

(919)630-9223

Fax:

(919)847-4709

Email Address:

[email protected]

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Site Description
Total Site Acreage: 1.69 Total Buildable Acreage: 1.69 If buildable acreage is less than total acreage, please explain:

Identify utilities and services currently available (and with adequate capacity) for this site: Storm Sewer Water Sanitary Sewer Electric

Is the demolition of any buildings required or planned? No If yes, please describe:

Are existing buildings on the site currently occupied? Yes If yes: (a) Briefly describe the situation: current occupancy is 50%. most of the tenants have vouchers

(b) Will tenant displacement be temporary? Yes (c) Will tenant displacement be permanent? No Is the site in a distressed neighborhood? Yes If yes, does a community revitalization plan exist? Yes Is the site directly accessed by an existing, paved, publicly maintained road? Yes If no, please explain:

Is any portion of the site located inside the 100 year floodplain? 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 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)? No If yes provide: Purchase Date: If no: (a) Does the owner/principal or ownership entity have vaild option/contract to purchase the property? Yes (b) Does an identity of interest (direct or indirect) exist between the owner/principal or ownership entity with the option/contract for purchase of the property and the seller of the property? No If yes, specify the relationship:

Purchase Price:

(c) Enter the current expiration date of the option/contract to purchase: 1/1/2004 (D) Enter Purchase Price: 1,120,000

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Zoning
Present zoning classification of the site: R10 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? 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: Gregory Oaks Limited Partnership Address: City: PO Box 17022 Raleigh State: NC Zip: 27619 (If assigned) 56-1846435 (If Not Assigned)

Federal Tax ID Number of Ownership Entity: Federal Tax ID Number of Managing GP or Member:

Entity Type: Limited Partnership Entity Status: To Be 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?

No 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:

Jenkins Properties Limited Partnership Last Name: Jenkins Function: Managing General Partner

First Name: William Address: City: Phone: EMail: PO Box 17022 Raleigh (919)847-8350 [email protected]

State: NC

Zip: 27619

Fax: (919)847-4709 Nonprofit: No TaxID 56-1846435

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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 # BRs Net Sq.Ft. 2 2 2 713 713 713 Total # Units 16 11 5 # Units 1 1 0 Monthly Rent 595 547 386 Electric Utility Allowance 95 95 95 Gas Other Mandatory Serv. Fees 0 0 0 **Total Housing Exp. 690 642 481

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............... 32 2 17467 32 Gross Monthly Rental Income 17467

Units 2

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 2 2 2 16 11 5

Units targeted at 60 targeted at 40 targeted at 30

% percent of median income. percent of median income. percent of median income.

Total Low Income Units:

32

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 (%) 7.00 Term (Years) 18 Amort. Period (Years) 30 Annual Debt Service 57,881

Source Bank Loan RPP Loan Local Gov. Loan - Specify: City of Raleigh 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 725,000

500,000

2.00

30

30

22,177

198,941

0

30

30

0

1,260,232

124,618

2,808,791

* "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. 805 Remarks concerning project funding sources: (Please be sure to include the name of the funding source(s)) Received $500,000 from the City of Raleigh in April 2003. In April the staff is requesting a $200,000 increase.

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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) 15,000 Other Non-basis Expense (specify) Other Non-basis Expense (specify) SUBTOTAL (lines 36 through 43) 44 Rent up Reserve 269,767 9,600 16,800 88,688 10,000 25,000 219,767 10,000 25,000 219,767 5,000 185,487 15,000 30,000 11,888 10,000 5,000 15,000 30,000 11,888 10,000 14,250 4,000 4,000 7,000 4,800 11,501 5,000 4,000 4,000 7,000 4,800 11,501 5,000 48,420 17,108 68,434 56,458 30,000 15,000 2,050,420 8,000 15,965 105,971 8,000 15,965 105,971 48,420 17,108 68,434 56,458 30,000 15,000 115,400 691,600 115,400 691,600 TOTAL COST 1,008,000 Eligible Basis 30% PV 70% PV 1,008,000

41 Rent-up Expenses

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45 Operating Reserve 46 47 Other Reserve (specify) Other Reserve (specify)

92,829

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:

2,696,791

1,008,000

1,530,312

1,008,000 0 1,530,312 130.00% 1,989,405 156,566 169,099 228,824 112,000 2,808,791 0 130% 0 3.37% 0 0 52,416 1,530,312 130% 1,989,405 7.87% 156,566 169,099 176,408

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Market Study Information
Please provide a detailed description of the proposed project: Gregory Oaks is a proposed acquistion and rehabilitation of the existing Sea Lane Apartments in the West Idlewild neighborhood. It is located on East 900 Lane Street in downtown Raleigh. The property consists of 32 two bedroom units. Interior renovations will include complete kitchen appliance replacements, new cabinets, new flooring where needed throughout the units, energey efficient windows and many other features. Covered dormered entrances along with new siding and roofing will be added to every building. The landscaping will be improved upon as well. A new leasing office with a laundry building (540 net sf) will be added to the site. 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

Have you built other tax credit developments that use the same building design as this project? Yes If yes, please provide name and address: Oakley Square and many other rehabs

Site Amenities (check all that apply): Community Bldg - Sq Ft: Laundry Rm Game/Craft Rm Chapel/Prayer Rm Irrigated Lawns Walking Trails Pool Screened Porch Exercise Rm Picnic Area Security Gate Garden Spots Fitness Stations Community Room - Sq Ft: Resident Computer Center TV Rm Onsite Leasing Office Car Care Area Basketball/Tennis Court Horseshoe Pit Garages - Number: Exam Rm Beauty Salon Onsite Mgr Storage Units Playground Shuffleboard Reading Rm/Library Vending Rm Onsite Maint. Person Gazebos Ball Field Covered Drive Thru

Onsite Activities: The management company will encourage onsite activities for the residents and help form a Resident Committee. There are many services that can can come onsite.

Landscaping Plans: The landscaping plan will be created to enhance and improve the existing landscaping

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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). Gregory Oaks is located in an area of Raleigh known as West Idlewood, which is included in the New Bern/Edenton Redevelopment area. The community revitalization plan has been included with the application. While the area is noticeably deteriorating, the redevelopment is very active.

Suitability of surrounding development. Land use pattern is primarily residential with a balance of other uses, including non-competing multifamily and single family units, relevant amenities, shopping and services. The site is in a residential area and there are no competing affordable units within a half mile. There are many ammenities nearby suitable for families and there is nothing nearby that would be construed as deterimental.

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). adequate for needs, located in downtown Raleigh.

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). None of the above, mainly single family homes that have been renovated.

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. None known

Similarity of scale and aesthetics/architecture between project and surroundings. The rehabilitation of the units will be in line with the architectural requirements for that community.

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The community revitalization plan outlines the requirements that the rehab must follow

Concentration of affordable housing (housing credit, project-based rental assistance, public housing). none known

Availability of Supportive Services (if applicable): There are several support agencies in the downtown area.

For each applicable neighborhood feature, enter distance from project in miles. .1 .9 .01 .3 .3 .01 .7 .01 .01 .7 .4 .7 .1 Grocery Store Mall/Strip Center Outdoor Athletic Fields Day Care/After School Schools .2 2.1 .5 .2 .2 Community/Senior Center Hospital Pharmacy Basic Health Care Medical Offices Bank/Credit Union Restaurants Professional Services Movie Theater Video Rental Public Safety (Fire/Police) Post Office

Public Transportation Stop .7 Convenience Store Basketball/Tennis Courts Public Parks Gas Station Library Fitness/Nature Trails Public Swimming Pools .2 .2 .6 .9 .5 .9

Other facilities or services: There is park with basketball courts next to the property, the bus stop is across the street and there are several churches within walking distance. Brentwood Square is .9 miles away

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Development Team
Provide contact information for development team members below: Management Agent Company: WAJ Management Address: City: Phone 7000 Six Forks Rd., Suite 105 Raleigh (919)847-8350 State: NC Zip: 27615 Email: [email protected] Last: Sheppard

Contact Name: First: Rhonda

Architect Company: Address: City: Phone

Ross Deckard Architects 8320 Litchford Rd., Suite 114 Raleigh (919)875-0001 State: NC Zip: 27615 Email: [email protected] Last: Ross

Contact Name: First: James

Attorney Company: Address: City: Phone

Stuart Law Firm 4101 Lake Boone Trail, Suite 118 Raleigh (919)787-6050 State: NC Zip: 27607 Email: [email protected] Last: Stuart

Contact Name: First: Jim

Investor Company: Address: City: Phone

Boston Capital 1802 Lang Dr. Crofton (410)451-7309 State: MD Zip: 21114 Email: [email protected] Last: Sheridan

Contact Name: First: Corine

Consultant/Application Preparer (if different from developer) Company: Blue Dolphin Development, LLC Address: City: Phone 4325 Lake Boone Trail, Suite 200 Raleigh (919)277-0177 State: NC Zip: 27607 Email: judy@bluedolphindevelopment. Last: Core-Hicks

Contact Name: First: Judith

Identity of Interest? General Contractor Company: Harold Jordan Construction Address: City: Phone 1086 Classic Rd., Apex (919)481-2822 State: NC Zip: 27539 Email: [email protected] Last: Jordan

Contact Name: First: Hal

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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: 10 812 0 0

Management List number of low-income housing tax credit units managed in the past 10 years: North Carolina Other States Projects: Units: 28 1,538 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: $ $ $ Yes Yes Yes Yes No

If Other, specify the type of Federal subsidy:

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Projected Operating Costs
Project Operations (Year One) Administrative Expenses Advertising Other Administrative Expense (specify): Office Salaries Office Supplies Office or Model Apartment Rent Management Fee Manager or Superintendent Salaries Manager or Superintendent Rent Free Unit Legal Expenses (Project) Auditing Expenses (Project) Bookkeeping Fees/Accounting Services Telephone and Answering Service Bad Debts Other Administrative Expenses (specify): SUBTOTAL Utilities Expense Fuel Oil Electricity (Light and Misc. Power) Water Gas Sewer SUBTOTAL Operating and Maintenance Expenses Janitor and Cleaning Payroll Janitor and Cleaning Supplies Janitor and Cleaning Contract Exterminating Payroll/Contract Exterminating Supplies Garbage and Trash Removal Security Payroll/Contract Grounds Payroll Grounds Supplies Grounds Contract Repairs Payroll Repairs Material Repairs Contract Elevator Maintenance/Contract Heating/Cooling Repairs and Maintenance Swimming Pool Maintenance/Contract Snow Removal Decorating Payroll/Contract Decorating Supplies Other (specify): Miscellaneous Operating & Maintenance Expenses SUBTOTAL Taxes and Insurance Real Estate Taxes 27,065 12,800 500 1,500 800 1,250 300 4,000 10,000 1,000 775 3,600 9,800 32,000 1,100 3,500 1,300 800 12,000

2,500

10,000 800

2,600 3,600

1,500 600 1,540 300 3,000

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Payroll Taxes (FICA) Miscellaneous Taxes, Licenses and Permits Property and Liability Insurance (Hazard) Fidelity Bond Insurance Workmen's Compensation Health Insurance and Other Employee Benefits Other Insurance: SUBTOTAL Supportive Service Expenses Service Coordinator Service Supplies Tenant Association Funds Other Expenses (specify): SUBTOTAL Reserves Replacement Reserves SUBTOTAL TOTAL OPERATING EXPENSES ADJUSTED TOTAL OPERATING EXPENSES (Does not include taxes, reserves and resident support services) * TOTAL UNITS (from total units in the Unit Mix section) PER UNIT PER YEAR

2,000 300 5,000 35 1,500 2,000

23,635 1,400 500

1,900 11,200 11,200 105,600 79,700 32 2,490

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Projected Cash Flow Year One
OPERATING INCOME Gross rental income (from Unit Mix - Total Monthly Rent) Stores and Commercial Laundry and Vending Other (specify): 3,500 209,604

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)

213,104 14,917 198,187

105,600 92,587

80,058

12,529 1.156

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 1 198,187 105,600 80,058 12,529 1.156 11 266,348 156,313 80,058 29,977 1.374 2 204,133 109,824 80,058 14,251 1.178 12 274,338 162,566 80,058 31,714 1.396 13 282,568 169,069 80,058 33,441 1.418 3 210,257 114,217 80,058 15,982 1.2 4 216,565 118,786 80,058 17,721 1.221 14 291,045 175,832 80,058 35,155 1.439 5 223,062 123,537 80,058 19,467 1.243 15 299,776 182,865 80,058 36,853 1.46 6 229,754 128,478 80,058 21,218 1.265 16 308,769 190,180 80,058 38,531 1.481 7 236,647 133,617 80,058 22,972 1.287 17 318,032 197,787 80,058 40,187 1.502 8 243,746 138,962 80,058 24,726 1.309 18 327,573 205,698 80,058 41,817 1.522 9 251,058 144,520 80,058 26,480 1.331 19 337,400 213,926 80,058 43,416 1.542 10 258,590 150,301 80,058 28,231 1.353 20 347,522 222,483 80,058 44,981 1.562

* 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 N/A Make: Wenco Model: 1700 Series

Type/Construction: vinyl, single hung, double insulated Exterior Doors Siding Type: N/A Type: Vinyl Warranty: Manufacturer Exterior Trim Shingles N/A Type: asphalt, 3 tab Warranty: 25 years Sprinkler System Cabinets Heat Pump N/A Solid face and stiles, GAK, plywood bottom SEER: 11 Model: 1.5, 2 and 3 ton units Air Conditioner SEER: N/A Model: N/A Other Heat Systems SEER: N/A Model: N/A Make: N/A Make: N/A Make: Trane Weight: 230lbs/square Frames: N/A Grade/Thickness: 0.44

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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 8,000 2,500 4,000 32,300 18,600 90,000 57,000 30,000 27,100 71,500 16,600 9,000 4,800 4,500 2,000 10,000 62,800 52,000 9,500 32,000 12,000 55,000 LABOR MATERIAL TOTAL 0 0 0 0 0 2,000 10,000 62,800 52,000 9,500 32,000 12,000 55,000 0 71,500 16,600 9,000 4,800 4,500 0 30,000 27,100 0 32,300 18,600 90,000 57,000 0 0 0 4,000 0 2,500 0 0 0 8,000 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: 0 691,600 4,800 30,000 18,000 3,100 24,500

0 4,800 30,000 18,000 3,100 24,500 0 0 691,600

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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: 48,420 6,650 2,500 4,500 15,000 4,000 350 TOTAL 15,420

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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 is cost to snake drainage systems 3,000 115,400 9,600 10,000 3,000 5,000 36,800 16,000 32,000 TOTAL

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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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