North Point Commons

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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: 627,000 RPP Loan Product Requested: Multi-Family Production
https://www.nchfa.org/Rental/RTCApp/(5subbo55auh0l3btn3fvnrax)/site/PrintApp.aspx?I... 1/14/2005
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Project Name and Location

Project Name: Northpoint Commons Address: City: Reynolds Mountain Boulevard Woodfin County: Buncombe Zip: 28804 Block Group: 4
Census Tract: 15
Is project in Qualified Census Tract & Difficult to Develop area: No Political Jurisdiction: Jurisdiction Address: Jurisdiction City: Jurisdiction Phone: Town of Woodfin Last: Honeycutt Title: Mayor 90 Elk Mountain Road, Woodfin, NC Woodfin (828)253-4887 Zip: 28804
Jurisdiction CEO Name: First: Homer
Site Latitude: Site Longitude:
35.63 -82.58
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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: Five units for persons with mental disabilities
Proposed number of residential buildings: 4 Types of Units:* Project Includes:
Maximum number of stories in buildings: 3
Townhouse
Duplex
Garden Apartment
Detached Single-Family
Separate community building - Sq. Ft. (Floor Area): Community space within residential bulding(s) - Sq. Ft. (Floor Area): 1,088 Elevators - Number of Elevators: Square Footage Information Gross Floor Square Footage: 41,788
Total Net Sq. Ft. (All Heated Areas): 36,368
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Applicant Information
Applicant Name: Address: City: Contact: Telephone: Mountain Housing Opportunities, Inc. 64 Clingman Avenue, Suite 101 PO Box 2278 Asheville First: Cindy (828)254-4030 State: NC Zip: 28802 Last: Visnich-Weeks Title: Manager, Community Investments
Alt Phone:
(828)254-4030
Fax:
(828)254-0120
Email Address:
cindy@mtnhousing.org
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Site Description
Total Site Acreage: 5 Total Buildable Acreage: 5 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: 12/4/2001 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: 225,000
(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: Multifamily 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? Yes If yes, specify permit or variance required and date obtained. If no, describe permits/variances required and schedule for obtaining them: Conditional use permit required for more than one building Granted 3-12-01
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: Northpoint Commons LLC Address: City: PO Box 2278 Asheville State: NC Zip: 28802 (If assigned) 58-1816998 (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: 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?
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:
Mountain Housing Opportunities, Inc. Last Name: Dedman Function: Managing Member
First Name: Scott Address: City: Phone: EMail: PO Box 2278 Asheville (828)254-4030
State: NC
Zip: 28802
Fax: (828)254-0120 Nonprofit: Yes TaxID 58-1816998
cindy@mtnhousing.org
Org:
CAHEC (Community Affordable Housing Equity Corporation) Last Name: Newcomer Function: Member
First Name: Charles Address: City: Phone: EMail:
3733 National Drive, Suite 222 Raleigh (919)420-0063 cnewcomer@cahec.com State: NC Zip: 27612
Fax: (919)429-0019 Nonprofit: No TaxID 58-1816998
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Unit Mix
List each applicable unit mix combination in a separate row below. Click [Add] to create another row. Click "X" (at the left of each row) to delete a row. Low Income Units Type Gdn Apt Gdn Apt Gdn Apt Gdn Apt Gdn Apt # BRs Net Sq.Ft. 1 2 2 3 3 665 893 893 1088 1088 Total # Units 4 14 14 4 3 # Units 1 1 0 1 0 Monthly Rent 355 460 485 500 590 Electric Utility Allowance 70 90 90 133 133 Gas Other Mandatory Serv. Fees **Total Housing Exp. 425 550 575 633 723
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............... 39 3 18420 39 Gross Monthly Rental Income 18420
Units 3
Notes * ** Paint-to-Paint Square Footage Please refer to the Income Limits and Maximum Housing Expense Table to ensure that Total Monthly Tenant Expenses for low income units are within established thresholds.
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Targeting
Specify Low Income Unit Targeting in table below. List each applicable targeting combination in a separate row below. Click [Add] to create another row. Click "X" (at the left of each row) to delete a row. Add as many rows as needed.
# BRs 1 2 3 3 4 28 4 3
Units targeted at 50 targeted at 50 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:
39
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 (%) Term (Years) Amort. Period (Years) Annual Debt Service
Source Bank Loan RPP Loan Local Gov. Loan - Specify: local 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
627,000 400,000
2.00 2.00
20 20
30 30
27,810 17,741
614,420
30
30
1,796,998
1,142 3,439,560
* "Non-amortizing" indicates that the loan does not have a fixed annual debt service. For these items, you must fill in 20-year debt service below. ** Total Sources must equal total replacement cost in Project Development Cost (PDC) section. Estimated pricing on sale of Federal Tax Credits: $0. 75 Remarks concerning project funding sources: (Please be sure to include the name of the funding source(s)) I am able to cashflow 2% interest payments on the RPP loan, but not full interest/principal payments. See 20 operating proforma for details.
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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) 3,000 Other Non-basis Expense (specify) Other Non-basis Expense (specify) SUBTOTAL (lines 36 through 43) 44 Rent up Reserve 330,930 11,700 325,000 325,000 103,000 15,000 15,000 16,227 5,000 5,000 2,500 23,400 82,127 2,930 2,930 15,000 15,000 16,227 5,000 4,000 5,000 4,000 1,500 3,500 5,000 4,000 1,500 3,500 10,000 75,000 10,000 75,000 124,200 43,800 175,536 72,406 88,000 20,000 2,593,942 124,200 43,800 175,536 72,406 88,000 20,000 1,650,000 1,650,000 420,000 420,000 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)
92,861
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
3,214,560
3,072,099
0 3,072,099 100.00% 3,072,099 0 261,128 0 225,000 3,439,560 0 100% 0 0.00% 0 0 3,072,099 100% 3,072,099 0.00% 0 261,128
Comments: 100% of basis eligible. Tax credits AFR estimated at 7.8%. Total cost per unit less land and reserves is $85,889
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Market Study Information

Please provide a detailed description of the proposed project: Northpoint Commons will be built as a 39 unit apartment complex in four buildings. One additional unit will be built in one building--this will be reserved for an office/community center/laundry/exercise facility. Four 1-BR units, seven 3-BR units, and twenty-eight 2-BR units are planned. The site is a five acre tract in the town of Woodfin, less than one mile north of the Asheville City limits. The site is located between commercial development and single family homes in the $200-450,000 range. The site is heavily wooded and natural trees/foilage will be retain as much as possible. Landscaping will be comprised of native trees/shrubs; landscaping will be generously budgeted. Buildings are attractively designed to resemble market rate apartment home communities. Apartments will offer a similar layout, design, and amenities as market rate units. 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
Design has been developed to resemble architectural types in Asheville and surrounding area
Have you built other tax credit developments that use the same building design as this project? If yes, please provide name and address:
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: 400 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: Various recreational activites, computers, after school homework help, holiday celebrations, community services, aerobics, ESL classes, GED classes, play groups for tots
Landscaping Plans: Deep, heavy landscaping to resemble market rate complexes utilizing native trees/shrubs. MHO has a landscape architect on staff. Reforestation areas will be planted.
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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 Northpoint Commons site is wrapped to the north, east, and south by upscale, low density, single family homes in the $250,000-500,000 range. Northpoint Commons will not connect with streets to these neighborhoods because of topography constraints. Currently, Reynolds Mountain to the south and east (bordering NP Commons) is one of the largest areas of single family, low density, high priced investment in the City of Asheville--the Reynolds Mountain subdivison being developed by Kirk Boone & associates. Lots in Reynolds Mountain are being sold for $65,000-250,000. Directly south of Northpoint Commons, along Reynolds Mountain Boulevard, are very nicely designed, built and maintained commercial businesses, a church, and professional buildings. Recently a new dental office was built directly adjacent to the subject property. A private Christian academy is also located on Reynolds Mountain Boulevard, within walking distance of our site. 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. Surrounding development along Weaverville Highway will support Northpoint Commons. Businesses & services needed by families are located in this area including: dental office, churches, video stores, ethnic food stores, dry cleaners, florist, grocery stores, pharmacy, restaurants, and other businesses. Mixed into the surrounding commercial development are small single family homes and other small rental developments which will not compete with Northpoint Commons.
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). Bus service is within 1/2 mile of site. MHO will work with the Transit Authority to locate a "feeder stop" at Northpoint Commons which would be a smaller van that would pick up residents and feed them into the larger transit system. Reynolds Mountain Boulevard, which is Northpoint Commons' direct access to Weaverville Highway, is well designed, well built, and can handle the new volume created by the new complex. Reynolds Mountain Boulevard intersects Weaverville Highway. NC DOT has determined that both roadways will accomodate the increased volume. 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). No site problems exist relative to these issues.
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. The Northpoint Commons site is a heavily wooded, sloped site--a typical western NC development site. After grading is completed, parking lots and buildings on the site will traverse the natural grade with maximum grade across parking lots less than 5%. An entry road will be constructed to NCDOT standards under hilly conditions--will be a 15% slope.
Similarity of scale and aesthetics/architecture between project and surroundings.
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Northpoint Commons is compatible in use, scale, and aesthetics with the existing neighborhood. The only other larger apartment complex in Woodfin is Manor Ridge, approximately 1/2 mile from our site. Northpoint Commons will have superior design to Manor Ridge. Nearer to the Northpoint Commons site, our building design should please our single family neighbors as we will avoid the "big box like" look of excessively large buildings many neighborhoods fear. We will place the buildings on the site with great attention to aesthetics, and will buffer and replenish the natural woods after grading.
Concentration of affordable housing (housing credit, project-based rental assistance, public housing). None exist in neighborhood
Availability of Supportive Services (if applicable): MHO will offer the same supportive services plan at Northpoint Commons that we offer at our other Tax Credit developments. This plan has been approved by NCHFA, and we have had no issues of noncompliance to date.
For each applicable neighborhood feature, enter distance from project in miles. .5 .5 1 .5 1.5 .5 .25 .5 1 .25 1 1 3 Grocery Store Mall/Strip Center Outdoor Athletic Fields Day Care/After School Schools 1 3 .5 2 1 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 .5 Convenience Store Basketball/Tennis Courts Public Parks Gas Station Library Fitness/Nature Trails Public Swimming Pools .25 .25 1.5 .25 .5 1
Other facilities or services: Golf course, greenways, riverside park with excellent walking & picnic facilities all within 1-2 miles of site. Walking trail planned by Town of Woodfin to start within .25 miles of site, and extend to French Broad River, two miles from site.
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Development Team
Provide contact information for development team members below: Management Agent Company: Harris Brown Management Address: City: Phone PO Box 26405 Greensboro (336)544-2300 State: NC Zip: 27404-6405 Email: Last: Holoman
Contact Name: First: Mike
Architect Company: Address: City: Phone
Reinhardt Architecture Inc 1125 E Morehead St, Suite Charlotte (704)376-9473 State: NC Zip: 28204 Email: Last: Reinhardt
Contact Name: First: Rick
Attorney Company: Address: City: Phone
Roberts & Stevens PO Box 7647 Asheville (828)252-6600 State: NC Zip: 28802 Email: Last: Williams
Contact Name: First: Sheryl
Investor Company: Address: City: Phone
CAHEC 3733 National Drive, Ste 222 Raleigh (919)420-0063 State: NC Zip: 27612 Email: Last: Newcomer
Contact Name: First: Chuck
Consultant/Application Preparer (if different from developer) Company: Address: City: Phone Contact Name: First: State: Email: Last: Zip:
Identity of Interest? General Contractor Company: Weaver Cooke Construction LLC Address: City: Phone 7900 McCloud Rd Caldwell Bldg Greensboro (336)378-7900 State: NC Zip: 27420 Email: Last: George
Contact Name: First: Doug
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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: 6 106
Management List number of low-income housing tax credit units managed in the past 10 years: North Carolina Other States Projects: Units: 2,701 1,364
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 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 34,000 25,025 17,500 9,000 3,000 800 4,375 2,500 1,200 500 500 2,000 5,000 22,080
500 2,000 7,000 600
40,180
3,000 1,375
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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 9,750 9,750 120,805 84,030 39 2,154 30,500 1,500 500 5,475
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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): 221,040
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)
221,040 15,472 205,568
120,805 84,763
45,551
39,212 1.861
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 1 205,568 120,805 45,551 39,212 1.861 11 276,267 178,820 45,551 51,896 2.139 2 211,735 125,637 45,551 40,547 1.89 12 284,555 185,973 45,551 53,031 2.164 3 218,087 130,662 45,551 41,874 1.919 13 293,092 193,412 45,551 54,129 2.188 4 224,630 135,888 45,551 43,191 1.948 14 301,885 201,148 45,551 55,186 2.212 5 231,369 141,324 45,551 44,494 1.977 15 310,942 209,194 45,551 56,197 2.234 6 238,310 146,977 45,551 45,782 2.005 16 320,270 217,562 45,551 57,157 2.255 7 245,459 152,856 45,551 47,052 2.033 17 329,878 226,264 45,551 58,063 2.275 8 252,823 158,970 45,551 48,302 2.06 18 339,774 235,315 45,551 58,908 2.293 9 260,408 165,329 45,551 49,528 2.087 19 349,967 244,728 45,551 59,688 2.31 10 268,220 171,942 45,551 50,727 2.114 20 360,466 254,517 45,551 60,398 2.326
* 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 slab on grade Make: Certaineed or equal Type/Construction: vinyl Exterior Doors Siding Type: metal insulated Type: fiber cement/vinyl Warranty: 50 year Exterior Trim Shingles fiber cement trim Type: fiberglass Warranty: 25 yr Sprinkler System Cabinets Heat Pump n/a solid plywood cabinets SEER: 12.0 Model: xe 1200 series Air Conditioner SEER: 12.0 Model: xe 1200 series Other Heat Systems SEER: Model: Make: Make: Trane Make: Trane Weight: 240# Frames: wood Grade/Thickness: .25 Model: varies
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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 LABOR MATERIAL 1,650,000 TOTAL 1,650,000 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 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: 0 1,650,000
0 0 0 0 0 0 0 0 1,650,000
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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: 124,200 TOTAL 124,200
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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: 420,000 TOTAL 420,000
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Costs - Bond Costs

This is a detailed breakdown of the Bond Costs cost element you summarized in the Development Costs table (Bond Costs). The total should match that roll-up value. ITEM Letter of Credit Fee Credit Enhancement Underwriter Discount Capital Interest Fund Other 1 (specify in Remarks) Other 2 (specify in Remarks) Total Cost Remarks: 0 TOTAL
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Costs - Bond Issuance

This is a detailed breakdown of the Bond Issuance cost element you summarized in the Development Costs table (Cost of Issuance). The total should match that roll-up value. ITEM Bond Counsel Issuer Counsel Credit Enhancement/LOC Counsel Underwriter Counsel Developer's Counsel Rating Agency Fee Printing Trustee Fee Trustee Counsel Other 1 (specify in Remarks) Other 2 (specify in Remarks) Other 3 (specify in Remarks) Total Cost Remarks: 0 TOTAL
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Minimum Set-Asides
MINIMUM REQUIRED SET ASIDES (No Points Awarded): Select one of the following two options: 20% of the qualified units are rent restricted and occupied by households with incomes at or below 50% of the median income (Note: No Tax Credit Eligble Units in the the project can exceed 50% of median income) 40% of the qualified units are rent restricted and occupied by households with incomes at or below 60% of the median income (Note: No Tax Credit Eligble Units in the the project can exceed 60% of median income) If requesting RPP funds: 40% of the qualified unit are occupied by households with incomes at or below 50% of median income.
State Tax Credit and QAP Targeting Points: High Income county: At least twenty-five percent (25%) of qualified units will be affordable to households with incomes at or below thirty percent (30%) of county median income. At least twenty-five percent (25%) of qualified units will be affordable to and occupied by households with incomes at or below thirty percent (30%) of county median income.
At least fifty percent (50%) of qualified units will be affordable to households with incomes at or below forty percent (40%) of county median income. At least fifty percent (50%) of qualified units will be affordable to and occupied by households with incomes at or below forty percent (40%) of county median income. Moderate Income County: At least twenty-five percent (25%) of qualified units will be affordable to and occupied by households with incomes at or below forty percent (40%) of county median income.
At least fifty percent (50%) of qualified units will be affordable to households with incomes at or below fifty percent (50%) of county median income. At least fifty percent (50%) of qualified units will be affordable to and occupied by households with incomes at or below fifty percent (50%) of county median income. Low Income County: At least forty percent (40%) of qualified units will be affordable to households with incomes at or below fifty percent (50%) of county median income. At least forty percent (40%) of qualified units will be affordable to and occupied by households with incomes at or below fifty percent (50%) of county median income.
Tax Exempt Bonds Threshold requirement (select one): At least ten percent (10%) of qualified units will be affordable to and occupied by households with incomes at or below fifty percent (50%) of county median income. At least five percent (5%) of qualified units will be affordable to and occupied by households with incomes at or below forty percent (40%) of county median income. Eligible for mortgage subsidy points (select one): At least twenty percent (20%) of qualified units will be affordable to and occupied by households with incomes at or below fifty percent (50%) of county median income. At least ten percent(10%) of qualified units will be affordable to and occupied by households with incomes at or below forty percent (40%) of county median income.
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Full Application Checklist

PLEASE indicate which of the following exhibits are attached to your application. Others may be required as noted. A Nonprofit Organization Documentation or For-profit Corporation Documentation B Current Financial Statements/Principals and Owners C Ownership Entity Agreement, Development Agreement or any other agreements governing development services D Management Agent Agreement E Development and manager multi-family experience & Management Questionnaire (Appendix C) F Letters from State Housing Agencies or designated monitoring agent verifying Out of State Management Experience G Completed IRS Form 8821 (Appendix I) H Permitted zoning letter (including conditional and special use) I Site plan, floor plans and elevations
J Hazard and structural inspection and termite reports (Renovation projects only) K Description of any existing conditions of historical significance. L Description of environmental significance. M Anticipated budget demonstrating how the project would meet the 10% test by November 14th. N Evidence of Architect's Errors and Omissions insurance (or equivalent). O Description of acquisition for existing/occupied projects or for projects with occupied buildings to be demolished. P Description of proposed Relocation Plan & Relocation Budget, Etc. If any relocation is anticipated, reference Appendix F. Q Targeting Plan and supporting documentation (Required for projects targeted to Special Populations) R Local Housing Authority Agreement (Reference Model in Appendix I) S Appraisal (for land costs greater than $5,000 and for buildings in rehab projects) T Evidence of Permanent Loan Commitment, other sources of funds, and project-based subsidies. U Statement regarding terms of Deferred Developer Fee and, if nonprofit, resolution of Board approving fee. V Inducement Resolution (Tax-Exempt Bond Financed Projects only) W Documentation to support estimated utility costs.

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Print Preview - Final Application

Project Name and Location

Jurisdiction CEO Name: First: Homer

Site Latitude: Site Longitude:

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

Maximum number of stories in buildings: 3

Total Net Sq. Ft. (All Heated Areas): 36,368

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

Purchase Price: 225,000

Fax: (828)254-0120 Nonprofit: Yes TaxID 58-1816998

First Name: Charles Address: City: Phone: EMail:

Fax: (919)429-0019 Nonprofit: No TaxID 58-1816998

Utilites included in rents:

Utilites included in rents:

Units targeted at 50 targeted at 50 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

Similarity of scale and aesthetics/architecture between project and surroundings.

Contact Name: First: Mike

Architect Company: Address: City: Phone

Contact Name: First: Rick

Attorney Company: Address: City: Phone

Contact Name: First: Sheryl

Investor Company: Address: City: Phone

Contact Name: First: Chuck

Contact Name: First: Doug

Project Team Experience

If Other, specify the type of Federal subsidy:

Projected Operating Costs

500 2,000 7,000 600

Projected Cash Flow Year One

221,040 15,472 205,568

20-Year Cash Flow

Costs - Bond Costs

Costs - Bond Issuance

Full Application Checklist

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