Carriage Court II

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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:
https://www.nchfa.org/Rental/RTCApp/(gm3zm22yqh0150b01rlqggqq)/site/PrintApp.asp...
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Project Name and Location

Project Name: Carriage Court II Apartments Address: City: Sunset Avenue Rocky Mount County: Nash Block Group: Zip: 27802
Census Tract: 111
Is project in Qualified Census Tract & Difficult to Develop area: No Political Jurisdiction: Jurisdiction Address: Jurisdiction City: Jurisdiction Phone: City of Rocky Mount Last: Raper Title: City Manager P.O. Box 1180 Rocky Mount (252)972-1100 Zip: 27802
Jurisdiction CEO Name: First: Stephen
Site Latitude: Site Longitude:
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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? Yes If yes, list names of previous phase(s): Carriage Court Apartments 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: Flood Relief
Proposed number of residential buildings: 4 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: 36,372
Total Net Sq. Ft. (All Heated Areas): 30,016
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Applicant Information
Applicant Name: Address: City: Contact: Telephone: Episcopal Housing Ministry, Inc. 4040 Barrett Drive, Suite 200 Raleigh First: Shepherd (919)881-0110 State: NC Zip: 27609 Last: Smith Title: President
Alt Phone:
Fax:
(919)881-0305
Email Address:
shepherdsmith@episcopalhousing.org
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Site Description
Total Site Acreage: 2.15 Total Buildable Acreage: 2.15 If buildable acreage is less than total acreage, please explain:
Identify utilities and services currently available (and with adequate capacity) for this site: Storm Sewer Water Sanitary Sewer Electric
Is the demolition of any buildings required or planned? No If yes, please describe:
Are existing buildings on the site currently occupied? No If yes: (a) Briefly describe the situation:
(b) Will tenant displacement be temporary? (c) Will tenant displacement be permanent? Is the site 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? 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)? Yes If yes provide: Purchase Date: 8/31/2000 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: 90,000
(c) Enter the current expiration date of the option/contract to purchase: (D) Enter Purchase Price:
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Zoning
Present zoning classification of the site: O-1CU 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: Carriage Court Apartments II, LP Address: City: c/o Episcopal Housing Ministry, Inc., P.O. Box 1711 P.O. Box 17111 Raleigh State: NC Zip: 27619 56-2204624 56-1735130 (If assigned) (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: 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:
Episcopal Housing Ministry, Inc., General Partner Last Name: Smith Function: Managing General Partner
First Name: Shepherd Address: City: Phone: EMail: P.O. Box 17111 Raleigh (919)881-0110
State: NC
Zip: 27619
Fax: (919)881-0305 Nonprofit: Yes TaxID 56-1735130
shepherdsmith@episcopalhousing
Org:
Henley & Associates, LLC, Joint Venture Developer Last Name: Henley Function: Member
First Name: Robert Address: City: Phone: EMail: P.O. Box 17111 Raleigh (919)608-4403 rhenley1@nc.rr.com
State: NC
Zip: 27619
Fax: (919)881-0305 Nonprofit: No TaxID 56-2190231
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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 # BRs Net Sq.Ft. 2 3 904 1100 Total # Units 24 8 # Units 1 1 Monthly Rent 425 495 Electric Utility Allowance 96 104 Gas Mandatory Serv. Fees 0 0 Other trash disposal **Total Housing Exp. 521 599
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 14160 32 Gross Monthly Rental Income 14160
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 3 3 12 12 4 4
Units targeted at 50 targeted at 60 targeted at 50 targeted at 60
% percent of median income. 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 (%) 7.75 Term (Years) 30 Amort. Period (Years) 30 Annual Debt Service 58,029
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 675,000
397,418
30
30
1,263,790
682
2,336,890
* "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. 80 Remarks concerning project funding sources: (Please be sure to include the name of the funding source(s))
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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 266,196 249,196 249,196 10,000 16,800 59,731 2,000 2,000 72,000 10,000 10,000 7,931 5,000 10,000 10,000 7,931 5,000 13,000 5,000 6,000 5,000 6,000 8,000 40,000 8,000 40,000 1,643,963 77,591 25,864 90,523 46,000 44,395 77,591 25,864 90,523 46,000 44,395 1,203,590 1,203,590 156,000 156,000 TOTAL COST 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)
78,000
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:
2,119,890
1,987,090
0 1,987,090 100.00% 1,987,090 157,973 168,902 1,579,737 397,418 217,000 2,336,890 0 100% 0 7.95% 0 0 1,987,090 100% 1,987,090 7.95% 157,973 168,902 1,579,737
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Market Study Information

Please provide a detailed description of the proposed project: Carriage court II apartments will cosist of four two-story garden apartment buildings containing 32 two and three bedroom units. This is the second phase of development and will be located adjacent to the existing Carriage Court Apartments and will share the Community building/office which was constructed with phase I.
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? If yes, please provide name and address: East Haven, Raleigh, NC; Fox Haven, Raleigh, NC; West Haven, Apex, NC; River Haven, Raleigh, NC and Carriage Court, Rocky Mount, NC. These units are somewhat smaller and do not have brick but are otherwise the same.
Site Amenities (check all that apply): Community Bldg - Sq Ft: 1,500 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: After school center for grades 1-6. Note: Community building with laundry room and computer center were built with phase I.
Landscaping Plans: Building area will have extensive foundation plantings and ornamental trees.
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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? No If yes, please make sure to include the additional information in your pre-application packet.
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Applicant's Site Evaluation

Briefly describe your site in each of the following categories: NEIGHBORHOOD CHARACTERISTICS Physical condition of buildings and improvements. Trend and direction of real estate development relative to the project. Area economic health (degree of decline or investment). The condition of both residential and commercial buildings in the area is very good.
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 neighborhood contains a mixture of both commercial and residential uses. There is a large subdivision of high quality starter homes directly behind the site and townhouses under construction across Westry Road.
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). Good access to site from all directions. Sunset Avenue will be widened with turning lanes in conjunction with the development of Carriage Court II.
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 vacant land along Sunset Avenue is interspersed with commercial development. There are no incompatible uses known to developer.
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. Site is essentially flat and storm drainage as well as rough grading and pads are complete.
Similarity of scale and aesthetics/architecture between project and surroundings. Proposed development is similar in use, scale and aesthetics with existing neighborhood.
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Concentration of affordable housing (housing credit, project-based rental assistance, public housing). There is no affordable housing in the neighborhood other than Carriage Court.
Availability of Supportive Services (if applicable): All services are available through Rocky Mount and Nash County. Sponsor will provide after school center at no additional cost to residents.
For each applicable neighborhood feature, enter distance from project in miles. 1.0 3.0 4.0 0 3.0 .10 .10 4.0 4.0 .10 5.5 4.0 2.0 Grocery Store Mall/Strip Center Outdoor Athletic Fields Day Care/After School Schools 4.0 3.0 2.0 2.0 2.0 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 2.0 Convenience Store Basketball/Tennis Courts Public Parks Gas Station Library Fitness/Nature Trails Public Swimming Pools 1.0 2.0 4.0 .12 3.0 2.0
Other facilities or services: Fitness Center .25 mile Nash Community College .50 mile
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Development Team
Provide contact information for development team members below: Management Agent Company: EHM Properties Address: City: Phone P. O. Box 17111 Raleigh (919)881-0110 State: NC Zip: 27619 Email: Last: Smith
Contact Name: First: Shepherd
Architect Company: Address: City: Phone
J Davis Architects, PLLC 510 Glenwood Ave Raleigh (919)835-1500 State: NC Zip: 27603 Email: Last: Davis
Contact Name: First: Jeff
Attorney Company: Address: City: Phone
Parker, Poe, Adams, & Bernstein, LLP P. O. Box 389 Raleigh (919)828-0564 State: NC Zip: 27602 Email: Last: Lowry
Contact Name: First: Stephen
Investor Company: Address: City: Phone
n/a n/a raleigh (919)999-9999 State: NC Zip: 99999 Email: Last:
Contact Name: First:
Consultant/Application Preparer (if different from developer) Company: Address: City: Phone Contact Name: First: State: Email: Last: Zip:
Identity of Interest? General Contractor Company: Harold K. Jordan & Co, Inc Address: City: Phone 1086 Classic Rd Apex (919)303-3652 State: NC Zip: 27502 Email: 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: 6 364
Management List number of low-income housing tax credit units managed in the past 10 years: North Carolina Other States Projects: Units: 6 364
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 19,384 14,600 100 1,000 400 7,500 1,000 500 4,200 384 10,000 1,200 500 3,800 12,000 13,000 500
800 1,300
500 33,600
4,000 6,000
300
4,000
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Payroll Taxes (FICA) Miscellaneous Taxes, Licenses and Permits Property and Liability Insurance (Hazard) Fidelity Bond Insurance Workmen's Compensation Health Insurance and Other Employee Benefits Other Insurance: SUBTOTAL Supportive Service Expenses Service Coordinator Service Supplies Tenant Association Funds Other Expenses (specify): SUBTOTAL Reserves Replacement Reserves SUBTOTAL TOTAL OPERATING EXPENSES ADJUSTED TOTAL OPERATING EXPENSES (Does not include taxes, reserves and resident support services) * TOTAL UNITS (from total units in the Unit Mix section) PER UNIT PER YEAR
1,975 6,100 200 1,500
24,375 3,840
3,840 8,000 8,000 99,199 72,759 32 2,273
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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): other income 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) 8,600 178,520 12,496 166,024 169,920
99,199 66,825
58,029
8,796 1.152
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 1 166,024 99,199 58,029 8,796 1.152 11 223,123 146,840 58,029 18,254 1.315 2 171,005 103,167 58,029 9,809 1.169 12 229,817 152,714 58,029 19,074 1.329 3 176,135 107,294 58,029 10,812 1.186 13 236,712 158,823 58,029 19,860 1.342 4 181,419 111,586 58,029 11,804 1.203 14 243,813 165,176 58,029 20,608 1.355 5 186,862 116,049 58,029 12,784 1.22 15 251,127 171,783 58,029 21,315 1.367 6 192,468 120,691 58,029 13,748 1.237 16 258,661 178,654 58,029 21,978 1.379 7 198,242 125,519 58,029 14,694 1.253 17 266,421 185,800 58,029 22,592 1.389 8 204,189 130,540 58,029 15,620 1.269 18 274,414 193,232 58,029 23,153 1.399 9 210,315 135,762 58,029 16,524 1.285 19 282,646 200,961 58,029 23,656 1.408 20 291,125 208,999 58,029 24,097 1.415 10 216,624 141,192 58,029 17,403 1.3
* 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 tension, monolithic slab on grade Make: Lowes Model: Silverline
Type/Construction: Vinyl single hung Exterior Doors Siding Type: Insulated steel doors Type: Vinyl Warranty: Lifetime Exterior Trim Shingles wood/vinyl Type: 3 tab asphalt Warranty: 25 yr Sprinkler System Cabinets Heat Pump NFPR-13 system American Cabinets, oak flat panel doors & drawers SEER: 12 SEER Model: varies Air Conditioner SEER: 12 SEER Model: varies Other Heat Systems SEER: Model: Make: Make: Trane Make: First Company/Trane Weight: #227 Frames: wood frames Grade/Thickness: .044 thickness
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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 39,200 700 11,500 3,400 114,600 95,000 90,000 11,000 68,000 7,000 27,000 99,000 12,000 20,700 44,000 33,000 19,200 16,000 17,000 261,140 62,800 20,000 68,850 LABOR MATERIAL TOTAL 0 0 68,850 0 0 20,000 0 261,140 62,800 0 19,200 16,000 17,000 0 68,000 7,000 27,000 99,000 12,000 20,700 44,000 33,000 0 114,600 95,000 90,000 11,000 0 700 11,500 3,400 0 39,200 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: Other items 0
1,800 10,500 29,000
1,800 10,500 29,000 0
5,600 7,600 8,000
5,600 7,600 8,000 0
1,203,590
1,203,590
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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: 77,591 360 9,000 8,400 450 5,000 700 1,200 1,000 6,000 800 600 231 TOTAL 42,000 1,850
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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 items 2,000 156,000 19,200 17,200 23,300 44,092 17,800 2,900 3,508 9,100 1,400 15,500 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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Carriage Court II

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Project Name and Location

Census Tract: 111

Jurisdiction CEO Name: First: Stephen

Site Latitude: Site Longitude:

Proposed number of residential buildings: 4 Types of Units:* Project Includes:

Maximum number of stories in buildings: 2

Total Net Sq. Ft. (All Heated Areas): 30,016

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

Purchase Price: 90,000

Fax: (919)881-0305 Nonprofit: Yes TaxID 56-1735130

Fax: (919)881-0305 Nonprofit: No TaxID 56-2190231

Utilites included in rents:

Utilites included in rents:

Units targeted at 50 targeted at 60 targeted at 50 targeted at 60

Total Low Income Units:

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

Market Study Information

Front Gables or Dormers Other:

Wide Banding or Vertical/Horizontal Siding

Ceramic Tile Electric Pump

Applicant's Site Evaluation

Contact Name: First: Shepherd

Architect Company: Address: City: Phone

Contact Name: First: Jeff

Attorney Company: Address: City: Phone

Contact Name: First: Stephen

Investor Company: Address: City: Phone

n/a n/a raleigh (919)999-9999 State: NC Zip: 99999 Email: Last:

Contact Name: First:

Contact Name: First: Hal

Project Team Experience

If Other, specify the type of Federal subsidy:

Projected Operating Costs

1,975 6,100 200 1,500

3,840 8,000 8,000 99,199 72,759 32 2,273

Projected Cash Flow Year One

20-Year Cash Flow

1,800 10,500 29,000

1,800 10,500 29,000 0

5,600 7,600 8,000

5,600 7,600 8,000 0

Costs - Bond Costs

Costs - Bond Issuance

Full Application Checklist

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