Oak Hill

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Print Preview - Final Application

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

Project Name: Oak Hill Address: City: 1331 North Greene Street Wadesboro County: Anson Block Group: 00 Zip: 28170
Census Tract: 9804.00
Is project in Qualified Census Tract & Difficult to Develop area? Yes Does a community revitalization plan exist? No Political Jurisdiction: Jurisdiction Address: Jurisdiction City: Jurisdiction Phone: Town of Wadesboro Last: McRorie Title: Mayor 124-126 East Wade Street Wadesboro (704)694-5171 Zip: 28170
Jurisdiction CEO Name: First: Don
Site Latitude: Site Longitude:
https://www.nchfa.org/Rental/RTCApp/(bzwjuzzkj2v0qcfq0kdbverp)/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: 65
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: Eight (8) units will be set aside for persons with disabilities or homeless. Four (4) of these units will be provided with special provisions for sight and hearing impaired residents. They will be designed in accordance with the Fair Housing Amendment Act and will have the following features: 1) battery back-up powered fire alarm and strobe lights and audio alarm in each room, 2) door bell alarm with strobe lights and audio alarm in each room, 3) telephone/TTY strobe lights next to all phone jacks and 4) provisions for a 150 watt bulb in all light fixtures. Four (4) of these units will be handicap accessible in accordance with ADA standards, as allowed by the rehab.
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Applicant Information
Applicant Name: Address: City: Contact: Telephone: Transom Development, Inc. 2700 Wycliff Road Suite 312 Raleigh First: Nakira (919)510-9660 State: NC Zip: 27607 Last: Carter Title: Development Specialist
Alt Phone:
(919)215-8209
Fax:
(919)510-9670
Email Address:
nakira.carter@suntrust.com
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Site Description
Total Site Acreage: 7.0 Total Buildable Acreage: 7.0 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: Approximately 95% of the units are occupied by current tenants.
(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)? No If yes provide: Purchase Date: If no: (a) Does the owner/principal or ownership entity have vaild option/contract to purchase the property? Yes (b) Does an identity of interest (direct or indirect) exist between the owner/principal or ownership entity with the option/contract for purchase of the property and the seller of the property? No If yes, specify the relationship:
Purchase Price:
(c) Enter the current expiration date of the option/contract to purchase: 11/15/2004 (D) Enter Purchase Price: 1,130,000
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Zoning
Present zoning classification of the site: Residential-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: Oak Hill, LLC Address: City: 2700 Wycliff Road Suite 312 Raleigh State: NC Zip: 27607 (If assigned) 16-1684875 (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?
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:
2004 CDC Manager, LLC Last Name: Hurst Function: Managing Member
First Name: Michael D. Address: City: Phone: EMail:
2700 Wycliff Road Suite 312 Raleigh (919)510-9660 mike.hurst@suntrust.com State: NC Zip: 27607
Fax: (919)510-9670 Nonprofit: No TaxID 16-1684875
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Unit Mix
The Median Income for Anson county is $45,200. Low Income Units Type Gdn Apt Gdn Apt Gdn Apt Gdn Apt Gdn Apt Gdn Apt # BRs Net Sq.Ft. 1 1 2 2 3 3 733 733 867 867 1016 1016 Total # Units 4 4 20 20 12 12 # Units 1 1 1 0 1 0 Monthly Rent 376 426 414 464 467 497 Electric Utility Allowance 74 74 91 91 108 108 Gas Other Mandatory Serv. Fees **Total Housing Exp. 450 500 505 555 575 605
Utilites included in rents:
Water/Sewer
Employee Units (will add to Low Income Unit total) Type # BRs Net Sq.Ft. Total # Units # Units Monthly Rent Electric Utility Allowance Gas Other Mandatory Serv. Fees **Total Housing Exp.
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............... 72 4 32336 72 Gross Monthly Rental Income 32336
Units 4
Proposed number of residential buildings: 9 Project Includes:
Maximum number of stories in buildings: 2
Separate community building - Sq. Ft. (Floor Area): 1,682 Community space within residential bulding(s) - Sq. Ft. (Floor Area): Elevators - Number of Elevators: Square Footage Information Gross Floor Square Footage: 66,112
Total Net Sq. Ft. (All Heated Areas): 64,802
Notes
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**
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 1 2 2 3 3 4 4 20 20 12 12
Units targeted at 50 targeted at 60 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. percent of median income. percent of median income.
Total Low Income Units:
72
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 (%) 8.50 Term (Years) 20 Amort. Period (Years) 30 Annual Debt Service 26,690
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 289,266
1,414,410
30
30
2,672,219
4,375,895
* "Non-amortizing" indicates that the loan does not have a fixed annual debt service. For these items, you must fill in 20-year debt service below. ** Total Sources must equal total replacement cost in Project Development Cost (PDC) section. Estimated pricing on sale of Federal Tax Credits: $0. 80 Remarks concerning project funding sources: (Please be sure to include the name of the funding source(s)) -Permanent and Construction Loans - SunTrust Bank -Tax Credit Syndication - SunTrust Bank -In March 2004, we applied for a FHLBA direct subsidy in the amount of $190,000; awaiting a June announcement.
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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 Accounting (Cost Cert/ Carryover) 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 Acquisition Fee Rent Up Expenses Other Non-basis Expense (specify) Other Non-basis Expense (specify) SUBTOTAL (lines 36 through 43) 44 Rent up Reserve 448,642 21,600 37,800 131,396 20,000 43,200 317,022 38,420 30,000 20,000 43,200 317,022 38,420 15,000 5,000 287,147 15,000 35,000 26,596 12,000 5,000 17,500 26,596 12,000 6,750 40,000 50,000 7,500 8,000 13,000 5,000 28,000 50,000 7,500 8,000 13,000 5,000 104,149 36,799 110,398 119,229 50,000 30,000 3,111,385 8,000 20,677 123,220 5,600 20,677 86,254 104,149 36,799 110,398 119,229 50,000 30,000 176,150 1,624,660 176,150 1,624,660 TOTAL COST 860,000 Eligible Basis 30% PV 70% PV 860,000
41 Rent-up Expenses
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45 Operating Reserve 46 47 Other Reserve (specify) Other Reserve (specify)
155,725
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
4,155,895
860,000
2,965,154
0 3,825,154 100.00% 3,825,154 4,714,700 334,060 359,899 0 220,000 4,375,895 860,000 100% 860,000 100.00% 860,000 3.39% 29,154 32,250 2,965,154 100% 2,965,154 130.00% 3,854,700 7.91% 304,906 327,649
Comments: Rehabilitation costs also include $40,000 for construction management and $25,000 for bonding costs. Architect Supervision includes a Lender's Supervision amount of $15,000. Line 18 for conversion to individual unit water metering.
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Market Study Information

Please provide a detailed description of the proposed project: Oak Hill Apartments will consist of the renovation of 72 units of affordable housing for families living in the town of Wadesboro and Anson County, North Carolina. The complex will contain 8 onebedroom, 40 two-bedroom, and 24 three-bedroom units. All units will receive a complete renovation including new appliances. On-site, there is currently a laundry, office and maintenance building, all in one. This building will be renovated and a community room will be added. The entire renovation is outlined in the attached scope of work.
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: 1,682 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: -Organized Recreational Activities -Residents Council -Social and Educational Opportunities sponsored by the property and local service agencies
Landscaping Plans: New trees and shrubs will be planted throughout the property. Dead trees and shrubs will be removed. An irrigation system will be phased in on the property. Please note that a walking trail will be installed as the topography of the site permits.
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Interior Apartment Amenities (check all that apply): Range W/D Hookups Flooring: Carpet Hood Mini-blinds Vinyl Central Air Dishwasher Pantry Wood Gas Heat Disposal Ceiling fans Wood Parquet Heat Pump Refrigerator (frost free) Walk-in closets Other Storage interior/exterior
Ceramic Tile Electric Pump
Heating/Cooling:
Do you plan to submit additional market data (market study, etc.) that you want considered? Yes If yes, please make sure to include the additional information in your pre-application packet.
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Applicant's Site Evaluation

Briefly describe your site in each of the following categories: NEIGHBORHOOD CHARACTERISTICS Physical condition of buildings and improvements. Trend and direction of real estate development relative to the project. Area economic health (degree of decline or investment). Concentration of affordable housing. Oak Hill apartments are located right off of Greene Street in an area just shy of single-family development. Real estate along Greene Street is stable with most homes appearing to be approximately 30 years old. The Town of Wadesboro has seen some increase in real estate development due to its proximity to Charlotte and the I-74 corridor. The Town serves as a bedroom community to the banking capital of Charlotte, giving residents a more rural place to call home. Oak Hill apartments are not located in an area of affordable housing concentration. There are no other complexes within two miles of the site. Manufacturing is the main industry in the area employing a large part of the population (approximately 30%). 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 area surrounding Oak Hill is primarily single-family with a retail strip located just south of the site. Adjacent to the site on all three sides is undeveloped land. There is a railroad track within one mile of the site that runs in a valley below the road.
SITE SUITABILITY Adequacy of street(s) and/or access road(s) serving the proposed project and traffic controls (lights, stop signs, turning lanes). Access to mass transit (if applicable). Oak Hill apartments are serviced by Greene Street, just off of I-74. Greene Street does not funnel a lot of traffic. There is a stop sign on site as you exit the property.
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. There are no negative on-site features or physical barriers that will impede project construction or adversely affect future tenants.
Similarity of scale and aesthetics/architecture between project and surroundings. There is no signifcant housing development within one-half mile of the site. All housing along Greene Street is brick with minimal vinyl. A renovation of the development would enhance the aestethics of the area.
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For each applicable neighborhood feature, enter distance from project in miles. 1.0 1.0 Grocery Store Mall/Strip Center Outdoor Athletic Fields .6 1.0 Day Care/After School Schools 1.3 1.0 .8 .6 .6 Community/Senior Center Hospital Pharmacy Basic Health Care Medical Offices Bank/Credit Union Restaurants Professional Services Movie Theater .8 .8 .5 Video Rental Public Safety (Fire/Police) Post Office
Public Transportation Stop .7 .6 Convenience Store Basketball/Tennis Courts Public Parks .6 .8 Gas Station Library Fitness/Nature Trails Public Swimming Pools Other facilities or services: .8
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Development Team
Provide contact information for development team members below: Management Agent Company: Westminster Company Address: City: Phone 2720 North Church Street Greensboro (336)375-1552 State: NC Zip: 27415 Email: thankins@westminstercompany Last: Hankins
Contact Name: First: Tripp
Architect Company: Address: City: Phone
Narmour Wright 127 West Worthington Suite 206 Charlotte (704)376-6000 State: NC Zip: 28203 Email: twright@narmourwright.com Last: Wright
Contact Name: First: Tom
Attorney Company: Address: City: Phone
Morris, Manning and Martin 1600 Atlanta Financial Center 3343 Peachtree Road NE Atlanta (404)495-3665 State: GA Zip: 30326 Email: vmorris@mmmlaw.com Last: Morris
Contact Name: First: Vanessa
Investor Company: Address: City: Phone
SunTrust Community Development Corporation 50 Hurt Plaza Suite 300 Atlanta (404)588-8775 State: GA Zip: 30303 Email: brian.womble@suntrust.com Last: Womble
Contact Name: First: Brian
Consultant/Application Preparer (if different from developer) Company: Address: City: Phone Contact Name: First: State: Email: Last: Zip:
Identity of Interest? General Contractor Company: Camden Management Partners Address: City: Phone 1465 Northside Drive Suite 122 Atlanta (404)603-3899 State: GA Zip: 30318 Email: camdenmanagement@aol.com Last: Gumpert
Contact Name: First: John
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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: 27 2,512 85 8,687
Management List number of low-income housing tax credit units managed in the past 10 years: North Carolina Other States Projects: Units: 3 284 1 200
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 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): training, credit and criminal checks 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 56,990 36,000 6,100 1,000 500 1,000 10,000 29,250 2,000 4,040 5,000 20,000 42,500 550 3,200 1,750 2,900 1,000 5,000 79,070 25,920 35,750 2,000
1,000
12,000 10,500
500 1,800 2,900
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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
24,000 100 2,200 8,000
77,400 3,200 400
3,600 25,200 25,200 284,760 219,960 72 3,055
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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): 5,400 388,032
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)
393,432 27,540 365,892
284,760 81,132
26,690
54,442 3.04
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 1 365,892 284,760 26,690 54,442 3.04 11 491,728 421,514 26,690 43,524 2.631 2 376,869 296,150 26,690 54,029 3.024 12 506,480 438,375 26,690 41,415 2.552 3 388,175 307,996 26,690 53,489 3.004 13 521,674 455,910 26,690 39,074 2.464 4 399,820 320,316 26,690 52,814 2.979 14 537,324 474,146 26,690 36,488 2.367 5 411,815 333,129 26,690 51,996 2.948 15 553,444 493,112 26,690 33,642 2.26 6 424,169 346,454 26,690 51,025 2.912 16 570,047 512,836 26,690 30,521 2.144 7 436,894 360,312 26,690 49,892 2.869 17 587,148 533,349 26,690 27,109 2.016 8 450,001 374,724 26,690 48,587 2.82 18 604,762 554,683 26,690 23,389 1.876 9 463,501 389,713 26,690 47,098 2.765 19 622,905 576,870 26,690 19,345 1.725 10 477,406 405,302 26,690 45,414 2.702 20 641,592 599,945 26,690 14,957 1.56
* 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 existing slab on grade and crawl space Make: single hung Model: TBD
Type/Construction: aluminum insulated Exterior Doors Siding Type: insulated metal Type: vinyl/ hardiplank Warranty: TBD Exterior Trim vinyl 225 lb./ Weight: square Frames: wood Grade/Thickness: .044
Shingles
Type: fiberglass Warranty: 25 years
Sprinkler System Cabinets Heat Pump
n/a pre-manufactured by Canak base grade SEER: 11.0 Model: TBD Make: TBD
Air Conditioner
SEER: 11.0 Model: TBD
Make: TBD
Other Heat Systems
SEER: n/a Model: n/a
Make: n/a
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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 12,600 10,800 14,400 16,880 21,600 115,200 91,800 10,000 120,600 117,000 180,000 79,200 140,400 13,500 12,600 54,000 51,480 10,800 61,200 40,600 33,120 36,350 30,050 13,500 LABOR MATERIAL TOTAL 0 0 0 0 0 13,500 0 66,400 0 0 40,600 33,120 61,200 0 140,400 13,500 12,600 54,000 51,480 32,400 115,200 91,800 10,000 120,600 117,000 180,000 79,200 0 16,880 0 10,800 14,400 0 0 0 0 12,600 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: Other 1 - Clubhouse Renovation Other 2 - Hazardous Material Removal $27,500 Construction Management $40,000 Bonding Costs $25,000 60,000 92,500 1,242,850
6,480 19,800 79,200 20,000
6,480 19,800 79,200 20,000 0 0
59,000
119,000 92,500
381,810
1,624,660
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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: Other 1 - Punch Out 104,149 1,500 9,149 5,000 4,000 3,000 500 1,500 3,500 5,000 5,000 TOTAL 60,000 5,000 1,000
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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 Dumpster Pads/Fencing Fencing/Gates Landscaping/Topsoil Rock and Hardpan Excavation Site Supervision Personnel Other (specify in Remarks) Total Cost Remarks: Other - Trash Compactor 20,000 176,150 36,000 21,150 58,000 18,500 22,500 TOTAL
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Costs - Bond Costs

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

Project Name and Location

Census Tract: 9804.00

Jurisdiction CEO Name: First: Don

Site Latitude: Site Longitude:

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

First Name: Michael D. Address: City: Phone: EMail:

Fax: (919)510-9670 Nonprofit: No TaxID 16-1684875

Utilites included in rents:

Utilites included in rents:

Utilites included in rents:

Proposed number of residential buildings: 9 Project Includes:

Maximum number of stories in buildings: 2

Total Net Sq. Ft. (All Heated Areas): 64,802

Units targeted at 50 targeted at 60 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: Tripp

Architect Company: Address: City: Phone

Contact Name: First: Tom

Attorney Company: Address: City: Phone

Contact Name: First: Vanessa

Investor Company: Address: City: Phone

Contact Name: First: Brian

Contact Name: First: John

Project Team Experience

If Other, specify the type of Federal subsidy:

Projected Operating Costs

500 1,800 2,900

24,000 100 2,200 8,000

77,400 3,200 400

3,600 25,200 25,200 284,760 219,960 72 3,055

Projected Cash Flow Year One

393,432 27,540 365,892

20-Year Cash Flow

Type: fiberglass Warranty: 25 years

Sprinkler System Cabinets Heat Pump

SEER: 11.0 Model: TBD

Other Heat Systems

SEER: n/a Model: n/a

6,480 19,800 79,200 20,000

6,480 19,800 79,200 20,000 0 0

Costs - Bond Costs

Costs - Bond Issuance

Full Application Checklist

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