Print Preview - Final Application: Resources Requested

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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/(nf241t553t4uqc55wou3ms3v)/site/PrintApp.aspx... 1/14/2005
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Project Name and Location

Project Name: Highland Green - (now known as Greenacre Terrace) Address: City: 111 S. Pinkston Street Henderson County: VANCE Zip: 27536 Block Group:
Census Tract: 9607
Is project in Qualified Census Tract & Difficult to Develop area: Yes Political Jurisdiction: Jurisdiction Address: Jurisdiction City: Jurisdiction Phone: City of Henderson Last: Young Jr. Title: Mayor 180 S. Beckford Drive Henderson (252)431-6007 Zip: 27536
Jurisdiction CEO Name: First: Robert
Site Latitude: Site Longitude:
36.320 -78.401
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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: 50
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: 5 units have been set aside
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): 1,394 Community space within residential bulding(s) - Sq. Ft. (Floor Area): Elevators - Number of Elevators: Square Footage Information Gross Floor Square Footage: 49,404
Total Net Sq. Ft. (All Heated Areas): 48,707
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Applicant Information
Applicant Name: Address: City: Contact: Telephone: Blue Dolphin Investments, LLC 4325 Lake Boone Trail Suite 200 Raleigh First: Judy (919)277-0177 State: NC Zip: 27607 Last: Core-Hicks Title: President
Alt Phone:
(919)801-4134
Fax:
(919)277-0180
Email Address:
judy@bluedolphindevelopment.com
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Site Description
Total Site Acreage: 10.47 Total Buildable Acreage: 10.47 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 98%. All the tenants are Section 8 under a HAP contract. The rehab will be conducted as a rolling rehab, where a small number units are slowly vacated through the closing period, then those are rehabbed first and tenants moved in, etc.. Exterior work is usually done prior to the rehab. Please see the displacement plan for more information. Also in order to minimize potential claims, digital photos will be taken of the tenants belongings and a waiver will be signed prior to the move.
(b) Will tenant displacement be temporary? Yes (c) Will tenant displacement be permanent? No 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)? No If yes provide: Purchase Date: 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? No If yes, specify the relationship:
Purchase Price:
(c) Enter the current expiration date of the option/contract to purchase: 10/31/2003 (D) Enter Purchase Price: 1,740,000
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Zoning
Present zoning classification of the site: R6 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: Highland Green, LLC Address: City: 4325 Lake Boone Trail Suite 200 Raleigh State: NC Zip: 27607 (If assigned) 54-2079439 (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?
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:
Blue Dolphin Investments, LLC Last Name: Core-Hicks Function: Managing General Partner
First Name: Judy Address: City: Phone: EMail:
4325 Lake Boone Trail Suite 200 Raleigh (919)277-0177 judy@bluedolphindevelopment.co State: NC Zip: 27607
Fax: (919)277-0180 Nonprofit: No TaxID 54-2079439
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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 Twn Hse Twn Hse Twn Hse Twn Hse Gdn Apt Gdn Apt Total # BRs Net Sq.Ft. # Units 2 2 3 3 2 2 878 878 1126 1126 878 878 10 16 8 12 2 2 # Units 0 0 0 0 2 2 Monthly Rent 540 540 616 616 540 540 Electric Utility Allowance 97 97 127 127 97 97 Gas Other Mandatory Serv. Fees 0 0 0 0 0 0 **Total Housing Exp. 637 637 743 743 637 637
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............... 50 4 28520 50 Gross Monthly Rental Income 28520
Units 4
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 18 8 12
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:
50
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 (%) 8.00 Term (Years) 20 Amort. Period (Years) 30 Annual Debt Service 60,843
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 691,000
1,520,719
30
30
2,656,681
554
4,868,954
* "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. 79 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 466,103 15,000 7,500 263,195 15,000 40,000 23,306 15,000 5,000 1,000 26,250 125,556 23,000 35,000 393,103 23,000 35,000 393,103 15,000 23,306 15,000 7,809 30,000 5,000 15,000 6,000 15,000 5,020 30,000 5,000 15,000 6,000 15,000 5,020 100,200 35,404 141,616 116,833 50,000 20,000 3,525,453 15,000 26,053 130,813 15,000 26,053 93,438 100,200 35,404 141,616 116,833 50,000 20,000 120,000 1,550,000 50,000 1,600,000 TOTAL COST 1,391,400 Eligible Basis 30% PV 70% PV 1,391,400
41 Rent-up Expenses
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45 Operating Reserve 46 47 Other Reserve (specify) Other Reserve (specify)
125,047
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:
4,520,354
1,391,400
2,828,973
321,092 0 3,899,281 130.00% 5,069,065 336,322 364,778 0 1,522,147 348,600 4,868,954 1,070,308 130% 1,391,400 3.37% 46,890 52,177 2,828,973 130% 3,677,664 7.87% 289,432 312,601
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Market Study Information

Please provide a detailed description of the proposed project: Acquisition and rehabilitation of existing 50 units, now known as Greenacre Terrace. We will be providing a substantial rehabiliation of the units, including but not limited to making common areas handicap accessible and outfitting the property to the HUD 504 report requirements; replacing the siding; adding gables, dormers; replacing all appliances with energy efficient products; replacing windows with insulated; the property is currently using gas energy, we will continue this; improve plumbing fixtures and replace bath kits, as well as replace flooring in many of the units which are in need; replace countertops, sink, add dishwasher and disposal; replace all mini-blinds; and improve the landscaping and lighting. We will also be modifying the mechanical space to allow for space for washer/dryer hookups, and create exterior storage. This has been a frequent request of the residents. We will also upgrade the community room space, laundry room and will put a prefab shed on the property for maintenance storage (there is no space currently)
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: Judy Core-Hicks has project managed several large HUD 236 acquistion rehabs: currently, City Views at Rosa Burney Park in Atlanta, 180 units; Poplar Square in Sumter, SC - 100 units.
Site Amenities (check all that apply): Community Bldg - Sq Ft: 1,317 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: 1,175 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: We will be adding computers in the community room, as well as a TC and lending library. This will also serve as the game/craft room. This large space is perfect for Resident activities. The property will have many onsite activities. The property manager will primarily be responsible for the services; however, it is typical for the Resident Committee to take this over.
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Onsite programs specifically related to families will be held monthly, such as legal clinics, health seminars, educational activities, etc. There will be events for children that are fun and educational. There is money in the operating budget ($2500) for the Resident Committee to use throughout the year for activities. Other activities such as parties, potluck meals, movie nights, etc. will be held. There is also a need-based scholarship available for residents seeking higher education. The Tara Nicole Hicks Scholarship Fund was created to assist high school seniors pay for their college tuition. Since 2001, five scholarships have been distributed. Supportive services and socialization among residents is a primary focus of Blue Dolphin. The principal of Blue Dolphin, Judy Core-Hicks, personally has substantial work experience in the social services and special needs populations. Prior to Blue Dolphin, she created the supportive services program for a leading affordable housing developer, was the Director of Supportive Services and during her last two years of tenure was the manager over Community Relations, Marketing and Supportive Services employees. In addition, Judy Core-Hicks, holds a BA in psychology and an MA in Human and Organizational Systems. The property will have many onsite activities. The property manager will primarily be responsible for the services; however, it is typical for the Resident Committee to take this over. Onsite programs specifically related to seniors will be held monthly, such as legal clinics, health seminars, educational activities, etc. There is money in the operating budget ($2500) for the Resident Committee to use throughout the year for activities. Other activities such as parties, potluck meals, movie nights, etc. will be held. Supportive services and socialization among residents is a primary focus of Blue Dolphin. The principal of Blue Dolphin, Judy Core-Hicks, personally has substantial work experience in the social services and special needs populations. Prior to Blue Dolphin, she created the supportive services program for a leading affordable housing developer, was the Director of Supportive Services and during her last two years of tenure was the manager over Community Relations, Marketing and Supportive Services employees. In addition, Judy Core-Hicks, holds a BA in psychology and an MA in Human and Organizational Systems Landscaping Plans: The landscaping plan will be created to improve on the existing landscaping.
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). Stable existing neighborhood.
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. Residential primarily, commerical about .02 miles away. All shopping, professional services, medical, hearing aid center, dentist, eye care, chriopracter, etc. all located on Andrews Avenue. Also
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). Pinkston is suitable for the traffic flow, and then it empties out to Andrews (highway 39) and less than a mile away is US 1. So the location allows for quick access anywhere.
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). A commercial distribution warehouse is across the street separated by a natural buffer and fence. However, this has not affected the site.
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. On the back side of the office and property there is a small dried creek bed that now has garabage in it. This will all be removed.
Similarity of scale and aesthetics/architecture between project and surroundings. suitable for surrounding environment.
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Concentration of affordable housing (housing credit, project-based rental assistance, public housing). none in surrouding area
Availability of Supportive Services (if applicable): All are located on Andrews Ave. those that are closer to downtown are less than 2 miles away
For each applicable neighborhood feature, enter distance from project in miles. .4 .9 .6 .5 .6 1.1 .4 1.0 1.0 .4 1.0 1.0 Grocery Store Mall/Strip Center Outdoor Athletic Fields Day Care/After School Schools 1.0 1.5 .4 .75 .4 Community/Senior Center Hospital Pharmacy Basic Health Care Medical Offices Bank/Credit Union Restaurants Professional Services Movie Theater .5 1.0 1.0 Video Rental Public Safety (Fire/Police) Post Office
Public Transportation Stop 1.0 Convenience Store Basketball/Tennis Courts Public Parks Gas Station Library Fitness/Nature Trails Public Swimming Pools .2 .4
Other facilities or services: Parks and Recreation is one mile away. Police station is one mile away.
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Development Team
Provide contact information for development team members below: Management Agent Company: Interstate Property Management Address: City: Phone 8510 McAlpine Dr., Suite 109 Charlotte (704)362-4808 State: NC Zip: 28211 Email: DaleJordanIPM@aol.com Last: Jordan
Contact Name: First: Dale
Architect Company: Address: City: Phone
Ross Deckard Architects 8320 Litchford Rd., Suite 114 Raleigh (919)875-0001 State: NC Zip: 27615 Email: j.ross@rossdeckardarchitects.co Last: Ross
Contact Name: First: James
Attorney Company: Address: City: Phone
Blanco, Tackaberry, Combs, and Matamoros 110 S. Stratford Rd., 5th Floor Winston-Salem (336)293-9000 State: NC Zip: 27114 Email: ram@btcmlaw.com Last: Matamoros
Contact Name: First: Ron
Investor Company: Address: City: Phone
Boston Capital 1802 Lang Dr. Crofton (410)451-7309 State: MD Zip: 21114 Email: csheridan@bostoncapital.com Last: Sheridan
Contact Name: First: Corine
Consultant/Application Preparer (if different from developer) Company: Address: City: Phone Contact Name: First: State: Email: Last: Zip:
Identity of Interest? General Contractor Company: Mutual Builders, Inc. Address: City: Phone 4325 Lake Boone Trail, Suite 222 Raleigh (919)571-0424 State: NC Zip: 27607 Email: robbie.parker@mutualbuildersin Last: Parker
Contact Name: First: Robbie
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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: 3 136 0 0
Management List number of low-income housing tax credit units managed in the past 10 years: North Carolina Other States Projects: Units: 16 1,011 2 144
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 44,306 32,200 200 1,000 900 1,000 1,200 12,000 16,906 2,000 2,000 4,800 8,280 480 5,000 2,100 2,880 1,000 24,600 21,996 1,500
400 2,500
62,456
7,200 480 600
300 800 1,200
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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
4,000 13,000 48 900 4,560
54,708
2,000
2,000 17,500 17,500 189,250 137,550 50 2,751
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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): 8,000 342,240
Total Gross Income Potential at 100% Occupancy Seven Percent Vacancy Allowance NET RENTAL/OTHER INCOME TOTAL OPERATING EXPENSES (from Projected Operating Costs) NET OPERATING INCOME DEBT SERVICE (from Funding Sources Loans) NET CASH FLOW DEBT COVERAGE RATIO (Must not be less than 1.15)
350,240 24,516 325,724
189,250 136,474
60,843
75,631 2.243
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 1 325,724 189,250 60,843 75,631 2.243 11 437,747 280,136 60,843 96,768 2.59 2 335,496 196,820 60,843 77,833 2.279 12 450,879 291,341 60,843 98,695 2.622 3 345,561 204,693 60,843 80,025 2.315 13 464,405 302,995 60,843 100,567 2.653 4 355,928 212,881 60,843 82,204 2.351 14 478,337 315,115 60,843 102,379 2.683 5 366,606 221,396 60,843 84,367 2.387 15 492,687 327,720 60,843 104,124 2.711 6 377,604 230,252 60,843 86,509 2.422 16 507,468 340,829 60,843 105,796 2.739 7 388,932 239,462 60,843 88,627 2.457 17 522,692 354,462 60,843 107,387 2.765 8 400,600 249,040 60,843 90,717 2.491 18 538,373 368,640 60,843 108,890 2.79 9 412,618 259,002 60,843 92,773 2.525 19 554,524 383,386 60,843 110,295 2.813 10 424,997 269,362 60,843 94,792 2.558 20 571,160 398,721 60,843 111,596 2.834
* 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 and insulated Exterior Doors Siding Type: Metal Insulation Type: Vinyl Warranty: Manufacturer Exterior Trim Shingles Type: Asphalt Warranty: 25 year Sprinkler System Cabinets Heat Pump N/A Solid Fronts and stiles/ plywood bottoms and bases Weight: 325lbs/square Frames: Wood Grade/Thickness: 0.44
SEER: Model:
Make:
Air Conditioner
SEER: 11 Model: 1.5 ton condensing unit
Make: Goodman
Other Heat Systems
SEER: Model: Gas Furnace
Make: Goodman
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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 11,200 0 2,500 0 2,000 0 0 0 0 0 0 0 0 0 0 15,000 8,000 12,400 5,000 90,000 6,000 2,000 20,000 20,500 23,000 15,500 LABOR 0 0 9,000 0 0 0 3,500 MATERIAL 0 0 6,000 0 0 0 3,500 315,000 0 0 24,000 30,000 37,600 7,000 65,000 16,000 8,000 15,000 11,500 12,000 46,000 55,000 0 126,000 124,000 140,000 58,800 0 6,000 0 6,000 0 0 0 0 0 0 0 TOTAL 0 0 15,000 0 0 0 7,000 315,000 0 0 39,000 38,000 50,000 12,000 155,000 22,000 10,000 35,000 32,000 35,000 61,500 55,000 0 126,000 124,000 140,000 70,000 0 8,500 0 8,000 0 0 0 0 0 0 0
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Mirror/Shower Door/Encls. Hardware/Bath Access. Appliances Playground Equipment Interior Clean Exterior Clean/Dumpster Other 1 (specify in Remarks) Other 2 (specify in Remarks) Total Cost Remarks: (Other 1) is for Demolition
0 14,000
0 13,000 62,000
0 27,000 62,000 28,000 10,000 35,000 30,000 0
8,000
20,000 10,000 35,000 30,000
267,600
1,282,400
1,550,000
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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: (Other 1) is Travel Costs for Inspections from Home Office 100,200 700 23,700 5,000 2,000 1,000 350 600 450 6,000 2,000 3,000 400 TOTAL 55,000
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Costs - Improvements
This is a detailed breakdown of the Site Improvements cost element you summarized in the Development Costs table (On-site Improvements). The total should match that roll-up value. ITEM Subsurface Exploration/Perk Testing/Site Engineering Clearing/Grading/Final Grading/Excess and Borrow Demolition Earthwork/Excavation/Aerating Soil Treatment Pile Foundations Caissons Shoring/Bracing Site Drainage Site Utilities/Site Lighting Paving and Surfacing/Curb and Gutter Walkways Site Signage Parking Lot Painting 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: 120,000 30,000 11,000 58,000 8,500 7,500 5,000 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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Project Name and Location

Census Tract: 9607

Jurisdiction CEO Name: First: Robert

Site Latitude: Site Longitude:

Proposed number of residential buildings: 8 Types of Units:* Project Includes:

Maximum number of stories in buildings: 2

Total Net Sq. Ft. (All Heated Areas): 48,707

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

First Name: Judy Address: City: Phone: EMail:

Fax: (919)277-0180 Nonprofit: No TaxID 54-2079439

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: Dale

Architect Company: Address: City: Phone

Contact Name: First: James

Attorney Company: Address: City: Phone

Contact Name: First: Ron

Investor Company: Address: City: Phone

Contact Name: First: Corine

Contact Name: First: Robbie

Project Team Experience

If Other, specify the type of Federal subsidy:

Projected Operating Costs

7,200 480 600

300 800 1,200

4,000 13,000 48 900 4,560

2,000 17,500 17,500 189,250 137,550 50 2,751

Projected Cash Flow Year One

350,240 24,516 325,724

20-Year Cash Flow

SEER: 11 Model: 1.5 ton condensing unit

Other Heat Systems

SEER: Model: Gas Furnace

0 27,000 62,000 28,000 10,000 35,000 30,000 0

20,000 10,000 35,000 30,000

Costs - Bond Costs

Costs - Bond Issuance

Full Application Checklist

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