Beacon Pointe

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Print Preview - Final Application

Tax Credits, RPP Loans, and/or Tax Exempt Bond Loans
Project Name and Location

Project Name: Beacon Pointe Address: City: 1901 Lipscomb Rd. E Wilson County: Wilson Block Group: 5054 Zip: 27894
Census Tract: 007.00
Is project in Qualified Census Tract & Difficult to Develop area? Yes Does a community revitalization plan exist? Yes Political Jurisdiction: Jurisdiction Address: Jurisdiction City: Jurisdiction Phone: City of Wilson Last: Rose Title: Mayor 112 N. Goldsboro Street, P.O. Box 10 Wilson (252)399-2200 Zip: 27894
Jurisdiction CEO Name: First: Bruce
Site Latitude: Site Longitude:
35.7142 -77.8829
https://www.nchfa.org/Rental/RTCApp/(4h1tl0454rlwyqzgy2lawf45)/site/PrintApp.aspx?I... 1/14/2005
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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 project based federal rental assistance? Yes If yes, provide the subsidy source: HUD and number of units: 46
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 the units required by other federal and state codes.) Persons with disabilities or homeless populations: the greater of 5 units or 10% of the total units Remarks: Ten units will be targeted to women and families who are homeless and the victims of domestic violence. The plan will be managed by the Wesley Shelter, a local shelter providing services to women and families, McClain Barr(the management comapany) and NDC/WCIA.
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Applicant Information
Applicant Name: Address: City: Contact: Telephone: National Development Council Housing And Economic Development Corporation 73 Tip Top Rd. Brevard First: Pat (828)884-4527 State: NC Zip: 28712 Last: Thomson Title: Director
Alt Phone:
(828)507-6100
Fax:
(828)877-4035
Email Address:
pathomson@aol.com
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Site Description
Total Site Acreage: 10.0 Total Buildable Acreage: 10.0 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: Yes, approximately 91 of the 104 units are occupied. The buildings will be renovated in stages, with tenants moving to completed units where feasible or off-site, when not feasible. Three to four buildings at a time will be renovated, beginning with the largest units.
(b) Will tenant displacement be temporary? Yes (c) Will tenant displacement be permanent? No 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:
(b) Describe flood mitigation if the project 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: 9/25/1995 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: 960,000
(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: RA-6 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:
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: Beacon Point, LP Address: City: 51 East 42nd Street, Suite 300 New York State: NY Zip: 10017 (If assigned) 11-2933129 (If Not Assigned)
Federal Tax ID Number of Ownership Entity: Federal Tax ID Number of Managing GP or Member:
Entity Type: Limited Partnership Entity Status: To Be Formed Is the applicant requesting that the Agency treat the application as Non-Profit sponsored? Is the applicant requesting that the Agency treat the application as CHDO sponsored?
No No
List all general partners, members,and principals. Specify nonprofit corporate general partners or members. Click [Add] to add additional partners, members, and principals.
Org:
National Development Council Housing and Economic Development Corporation Last Name: Davenport Function: Managing General Partner
First Name: Robert Address: City: Phone: EMail:
51 East 42nd Street, Suite 300 New York (212)682-1106 pathomson@aol.com State: NY Zip: 10017
Fax: (212)573-6118 Nonprofit: Yes TaxID 11-2933129
Org:
Wilson Community Improvement Association Last Name: Blackston Function: General Partner
First Name: Barbara Address: City: Phone: EMail: 504 East Green Street Wilson (252)243-5488
State: NC
Zip: 27893
Fax: (252)243-2945 Nonprofit: Yes TaxID 56-1035507
blackstonwcia@earthlink.net
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Unit Mix
The Median Income for Wilson county is $49,600. Low Income Units Type Gdn Apt Gdn Apt Gdn Apt Gdn Apt Gdn Apt Gdn Apt Gdn Apt Gdn Apt # BRs Net Sq.Ft. 1 2 3 3 1 2 3 3 616 844 1000 1107 616 844 1000 1107 Total # Units 5 22 23 7 11 17 17 1 # Units 0 2 0 0 0 3 0 0 Monthly Rent 359 435 560 560 359 435 560 560 Electric Utility Allowance 70 85 99 99 70 85 99 99 Gas Mandatory Serv. Fees 0 0 0 0 0 0 0 0 Other Trash pickup **Total Housing Exp. 429 520 659 659 429 520 659 659
Utilites included in rents:
Water/Sewer
Employee Units (will add to Low Income Unit total) Type Gdn Apt # BRs Net Sq.Ft. 2 844 Total # Units 1 # Units 0 Monthly Rent 435 Electric Utility Allowance 85 Gas Other Mandatory Serv. Fees 0 **Total Housing Exp. 520
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.
Water/Sewer
Electric
Statistics All Units Low Income....... Market Rate....... Totals............... 104 5 50024 104 Gross Monthly Rental Income 50024
Units 5
Proposed number of residential buildings: 15 Project Includes:
Maximum number of stories in buildings: 2
Separate community building - Sq. Ft. (Floor Area): 4,836 Community space within residential bulding(s) - Sq. Ft. (Floor Area): Elevators - Number of Elevators: Square Footage Information
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Gross Floor Square Footage:
118,576
Total Net Sq. Ft. (All Heated Areas): 109,008
Notes ** 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 1 3 2 12 21 22 4 26 19
Units targeted at 50 targeted at 50 targeted at 50 targeted at 60 targeted at 60 targeted at 60
% percent of median income. percent of median income. percent of median income. percent of median income. percent of median income. percent of median income.
Total Low Income Units:
104
Note: This number should match the total number of low income units in the Unit Mix section.
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Funding Sources
NonAmortizing* Rate (%) 7.25 Term (Years) 25 Amort. Period (Years) 25 Annual Debt Service 69,827
Source Bank Loan RPP Loan Local Gov. Loan - Specify: RD 515 Loan RD 538 Loan - Specify: 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 805,049
1,227,869
30
30
3,827,548
142,626 7,381
6,010,473
* "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))
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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 Physical Needs Assessment 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 Cost Certification Performance Bond Moving Expenses Other Non-basis Expense (specify) SUBTOTAL (lines 36 through 43) 44 Rent up Reserve 739,893 31,200 50,000 554,313 8,000 27,580 100,000 50,000 554,313 8,000 27,580 2,000 54,600 138,313 5,000 270,000 25,000 15,000 37,713 4,000 15,000 0 37,713 4,000 10,000 2,000 8,000 15,000 2,000 8,000 15,000 20,000 20,000 173,077 61,154 244,614 208,686 84,855 9,425 4,481,067 20,000 40,000 150,000 20,000 40,000 150,000 173,077 61,154 244,614 208,686 84,855 9,425 TOTAL COST 700,000 300,000 236,800 2,462,456 Eligible Basis 30% PV 70% PV 700,000 300,000 236,800 2,462,456
41 Rent-up Expenses
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45 Operating Reserve 46 47 Other Reserve (specify) Other Reserve (specify)
250,000
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 Applicable Fraction (percentage of LI Units) 55 Basis Before Boost 56 Boost for QCT/DDA (if applicable, enter 130%) 57 TOTAL QUALIFIED BASIS 58 Tax Credit Rate 59 Federal Tax Credits at Estimated Rate 60 Federal Tax Credits at 8.5% or 3.75% 61 Federal Tax Credits Requested 62 Land Cost 63 TOTAL REPLACEMENT COST Comments:
5,910,473
700,000
4,732,673
0 5,432,673 100.00% 5,432,673 6,852,474 510,390 549,210 548,497 100,000 6,010,473 700,000 100% 700,000 100.00% 700,000 3.39% 23,730 26,250 26,250 4,732,673 100% 4,732,673 130.00% 6,152,474 7.91% 486,660 522,960 522,247
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Market Study Information

Please provide a detailed description of the proposed project: Wilson Community Improvement purchased Beacon Point from HUD in 1995. HUD had foreclosed on the property and sold it to WCIA for $980,000 after minimal improvements. WCIA has operated the apartments since 1995, but the units are suffering from deterioration of a typical 30+ year old property. Currently vacancy is running at 10-15% and it is difficult to keep the units maintained and occupied. Improvements are necessary to make the units more marketable, including upgrades to heating/ cooling, flooring, and overall site amenities. The property includes 13 - eight unit buildings. The buildings will be completely renovated to include a mix of one, two and three bedroom units. The existing four bedroom units will be remodeled to become spacious 3 bedroom, 2 bath units. All units will have the asbestos floor tile removed and receive new vinyl in kitchens and bathrooms and new carpet in living areas. The existing configuration has the heating units and water heater in available closets. All heating units will be moved to the exterior. The renovation will also upgrade the existing office, laundry and community resource center. Additional playground equipment will be added as well as a new picnic area with grills and a walking trail around the site. Construction (check all that apply): Brick Vinyl Wood HardiPlank Balconies/Patios Sunrooms Front Porches
Front Gables or Dormers Other:
Wide Banding or Vertical/Horizontal Siding
Have you built other tax credit developments that use the same building design as this project? No If yes, please provide name and address:
Site Amenities (check all that apply): Community Bldg - Sq Ft: 4,836 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: Beacon Point will offer after school programs in the Community Resource Building. Computers are available for children and adults to use in the evenings and afterschool. Exercise classes will also be offered in the Community Resource Building.
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Landscaping Plans: Landscaping will be completely redone to include substantial new plantings at the entrance of Beacon Point. Additionally a new picnic area with tables and grills will be added. A walking trail around the perimeter of the property will be added.
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? 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). Concentration of affordable housing. The surrounding neighborhood is made up of single family homes ranging in price from $85,000 to $175,000. Most of the homes are owner occupied. The neighborhood has seen a new elementary completed in the past year, the C.H. Darden Elementary School. Withing one mile of the site is WCIA's award winning Adventura East -- a new single family subdivision with 120 homes built over the last several years.
Suitability of surrounding development. Land use pattern is primarily residential (single and multifamily housing) with a balance of other uses (particularly retail and amenities). Amount and character of vacant, undeveloped land. Effect of industrial, large-scale institutional or other incompatible uses: wastewater treatment facilities, high traffic corridors, junkyards, prisions, 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 majority of the surrounding neighborhood is single family homes, already built. No existing negative developments are located in close proximity to Beacon Point. Some existing vacant land exists nearby.
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). Lipscomb Road was recently widened to a four lane road with a turning lane. Beacon Point is located along and off of Lipscomb Road. Lipscomb provides excellent access to shopping, schools, employment and other service needs of the community residents. A bus stop is located on site at Beacon Point.
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. No negative features located within or adjacent to the existing development
Similarity of scale and aesthetics/architecture between project and surroundings. The existing development is brick and frame buildings. The buildings are two story and fit in scale with the surrounding single family homes.
For each applicable neighborhood feature, enter distance from project in miles.
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.25 1 .25 .25 .25 0 1 1 1 .25 5 1
Grocery Store Mall/Strip Center Outdoor Athletic Fields Day Care/After School Schools
1 10 1 2 7
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 Convenience Store Basketball/Tennis Courts Public Parks Gas Station Library Fitness/Nature Trails Public Swimming Pools 1 1 10 7 1 2
Other facilities or services:
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Development Team
Provide contact information for development team members below: Management Agent Company: McClain Barr Associates Address: City: Phone 7103 Kenley Court Summerville (336)669-1749 State: NC Zip: 27358 Email: dbarr@mcclainbarr.com Last: Barr
Contact Name: First: David
Architect Company: Address: City: Phone
Reinhardt Architecture 1125 East Morehead Street Charlotte (704)376-9473 State: NC Zip: 28204 Email: rick@reinhardtarchitecture.com Last: Reinhardt
Contact Name: First: Rick
Attorney Company: Address: City: Phone
Blanco Tackabery Combs & Matamoros, p.a. P.O. Drawer 25008 Winston Salem (336)293-9000 State: NC Zip: 27114 Email: Last: McKinney
Contact Name: First: Debbie
Investor Company: Address: City: Phone
NDC-CEF 51 E. 42nd St New York (212)682-1102 State: NY Zip: 10017 Email: annvogt@ndc-online.org Last: Vogt
Contact Name: First: Ann
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 Address: City: Phone 7900 McCloud Road, Suite 200 Greensboro (336)378-7900 State: NC Zip: 27409 Email: dgeorge@weavercooke.com 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: 0 0 8 355
Management List number of low-income housing tax credit units managed in the past 10 years: North Carolina Other States Projects: Units: 2 4
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 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 Payroll Taxes (FICA) Miscellaneous Taxes, Licenses and Permits 75,856 38,500 7,241 1,020 7,020 1,350 12,000 35,646 12,300 2,400 1,692 2,248 3,636 5,062 1,270 4,000 36,667 50,386
4,952 9,360 12,160
127,493
17,447 25,487 1,964 28,464 73,362
1,200
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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
40,695 335 1,890 25,655
115,336 0 0
0 36,750 36,750 428,797 353,547 104 3,399
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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): 11,000 595,068
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)
606,068 42,424 563,644
428,797 134,847
69,827
65,020 1.931
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 1 563,644 428,797 69,827 65,020 1.931 11 757,491 634,726 69,827 52,938 1.758 2 580,553 445,949 69,827 64,777 1.928 12 780,216 660,115 69,827 50,274 1.72 3 597,970 463,787 69,827 64,356 1.922 13 803,622 686,520 69,827 47,275 1.677 4 615,909 482,338 69,827 63,744 1.913 14 827,731 713,981 69,827 43,923 1.629 5 634,386 501,632 69,827 62,927 1.901 15 852,563 742,540 69,827 40,196 1.576 6 653,418 521,697 69,827 61,894 1.886 16 878,140 772,242 69,827 36,071 1.517 7 673,021 542,565 69,827 60,629 1.868 17 904,484 803,132 69,827 31,525 1.451 8 693,212 564,268 69,827 59,117 1.847 18 931,619 835,257 69,827 26,535 1.38 9 714,008 586,839 69,827 57,342 1.821 19 959,568 868,667 69,827 21,074 1.302 10 735,428 610,313 69,827 55,288 1.792 20 988,355 903,414 69,827 15,114 1.216
* 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 Concrete Footings/ Brick & Concrete block foundation walls Model: Single hung
Make: Type/Construction: vinyl
Exterior Doors Siding
Type: Metal insulated Type: Brick and Vinyl siding Warranty:
Frames: Wood Grade/Thickness: .044"
Exterior Trim Shingles
Wood Type: Fiberglass Warranty: 25 year Weight: 215 #
Sprinkler System Cabinets Heat Pump
N.A. Marsh Furniture/oak flat panel framed SEER: 12 Model: Make: Carrier or equal
Air Conditioner
SEER: Model:
Make:
Other Heat Systems
SEER: Model:
Make:
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Costs - Construction
This is a detailed breakdown of rehabilitation or construction costs you summarized in the Development Costs table (Rehabilitation and Construction of New Building(s)). The total should match those roll-up values. ITEM Concrete Footings Backfill-slab, Crawl Slab-concrete/Rebar/Gravel Waterproofing Masonry Foundation Brick Veneer Steel/Structure/Rails Framing/Lumber/Nails Trusses Crane Rental Windows/Grilles/Screen Exterior Doors Roofing Fencing Vinyl Siding/Trim/Box Gutters/Shutters Insulation Drywall Interior Doors Int. & Final/Stair/Trim/Shelves Cabinets & Tops Painting Marble - Tub/Shwr/Tops Plumbing Electrical Heating/Air Conditioning Floor Covering and Underlayment Wall Paper Mailboxes/Special Features/Signage Gypcrete Blinds/Shades/Art Work Light Fixtures/Fans Sprinkler System Security Alarm Hardwood Floors Elevator Ceramic Tiles Acoustical Ceilings 2,118 19,064 83,406 69,055 76,786 63,547 194,613 103,582 307,145 148,277 14,828 4,448 12,709 71,491 33,759 23,830 60,370 69,902 27,537 4,819 13,769 47,660 191,304 95,321 191,171 75,727 7,030 10,168 39,836 11,015 12,789 2,171 37,069 5,746 8,685 68,843 16,946 25,419 LABOR MATERIAL TOTAL 0 0 42,365 0 0 18,535 10,856 105,912 0 0 0 46,866 21,183 0 42,365 9,267 26,478 119,151 225,063 119,151 251,541 145,629 0 278,019 172,637 383,931 211,824 0 21,182 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 Rental Other 1 (specify in Remarks) Other 2 (specify in Remarks) Total Cost Remarks: 740,021 1,722,435 6,620 4,634 20,335 15,754 20,256 26,478 88,039 22,030 2,780 3,575
0 33,098 92,673 42,365 18,534 23,831 0 0 2,462,456
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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 Office Supplies Security/Watchman Project Signage Tools and Equipment Gas, Oil, and Maintenance 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: Building Permit 173,077 10,558 4,015 2,769 19,038 38,942 1,350 5,192 17,308 8,654 10,783 TOTAL 41,054 10,731 2,683
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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 Dumpster Pads/Fencing Fencing/Gates Landscaping/Topsoil Rock and Hardpan Excavation Site Supervision Personnel Other (specify in Remarks) Total Cost Remarks: 236,800 6,000 75,000 1,800 17,000 25,000 58,000 44,000 10,000 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 Issuer's Fee 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: 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.
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 Letters from Local Utility Providers (original on letterhead, no fax or photocopies) I Local Government Letter or Letter from Certified Engineer or Land Surveyor Confirming Floodplain Designation with Map showing 100 year and 500 year floodplain (original on letterhead, no fax or photocopies)
J Local Government Letter Confirming Zoning (original on letterhead, no fax or photocopies) K Copy of certificate of occupancy or proof of placed-in-service date (Rehabs Only) L Site plan, floor plans and elevations M Hazard and structural inspection and termite reports (Renovation projects only) N Anticipated budget demonstrating how the project would meet the 10% test by November 14th. O Evidence of Architect's Errors and Omissions insurance (or equivalent). P Description of acquisition for existing/occupied projects or for projects with occupied buildings to be demolished. Q Description of proposed Relocation Plan & Relocation Budget, Etc. If any relocation is anticipated, reference Appendix F. R Targeting Plan and supporting documentation (Required for all projects) S Local Housing Authority Agreement (Reference Model in Appendix I) T Appraisal (for land costs greater than $5,000 and for buildings in rehab projects) U Evidence of Permanent Loan Commitment, other sources of funds, and project-based subsidies. V Statement regarding terms of Deferred Developer Fee and, if nonprofit, resolution of Board approving fee. W Inducement Resolution (Tax-Exempt Bond Financed Projects only) X Documentation to support estimated utility costs.

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Project Name and Location

Census Tract: 007.00

Jurisdiction CEO Name: First: Bruce

Site Latitude: Site Longitude:

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

Purchase Price: 960,000

First Name: Robert Address: City: Phone: EMail:

Fax: (212)573-6118 Nonprofit: Yes TaxID 11-2933129

Fax: (252)243-2945 Nonprofit: Yes TaxID 56-1035507

Utilites included in rents:

Utilites included in rents:

Utilites included in rents:

Proposed number of residential buildings: 15 Project Includes:

Maximum number of stories in buildings: 2

Gross Floor Square Footage:

Total Net Sq. Ft. (All Heated Areas): 109,008

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

.25 1 .25 .25 .25 0 1 1 1 .25 5 1

Other facilities or services:

Contact Name: First: David

Architect Company: Address: City: Phone

Contact Name: First: Rick

Attorney Company: Address: City: Phone

Contact Name: First: Debbie

Investor Company: Address: City: Phone

Contact Name: First: Ann

Contact Name: First: Doug

Project Team Experience

If Other, specify the type of Federal subsidy:

Projected Operating Costs

4,952 9,360 12,160

17,447 25,487 1,964 28,464 73,362

40,695 335 1,890 25,655

0 36,750 36,750 428,797 353,547 104 3,399

Projected Cash Flow Year One

606,068 42,424 563,644

20-Year Cash Flow

Make: Type/Construction: vinyl

Exterior Doors Siding

Type: Metal insulated Type: Brick and Vinyl siding Warranty:

Frames: Wood Grade/Thickness: .044"

Exterior Trim Shingles

Wood Type: Fiberglass Warranty: 25 year Weight: 215 #

Sprinkler System Cabinets Heat Pump

Other Heat Systems

0 33,098 92,673 42,365 18,534 23,831 0 0 2,462,456

Costs - Bond Costs

Costs - Bond Issuance

Full Application Checklist

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