Cokey Southside App

Print - APP07-B0147
Print Preview - Final Application

Tax Credits, RPP Loans, and/or Tax Exempt Bond Loans
Project Description
Project Name: Cokey/Southside Apartments Address: City: 150 Parrish Court Rocky Mount County: Edgecombe Zip: 27801 Block Group: 4025
Census Tract: 202.0
Is project in Qualified Census Tract or Difficult to Develop Area? Yes Political Jurisdiction: Jurisdiction CEO Name: Jurisdiction Address: Jurisdiction City: Jurisdiction Phone: City Of Rocky Mount First:Stephen Last: Draper Title: City Manager
331 S. Franklin Street, PO Box 1180 Rocky Mount Zip: 27802-1180
(252)972-1325
Site Latitude: Site Longitude:
35.923 -77.784
Project Type: Rehab Is this project a previously awarded tax credit development? No If yes, what is the project number: Is this a request for supplemental credits? New Construction/Adaptive Reuse: Is this project a follow-on (Phase II, etc) to a previously-awarded tax credit development project? If yes, list names of previous phase(s): Rehab: Number of residents holding Section 8 vouchers: 0
Will the project meet Energy Star standards as defined in Appendix B? No Does a community revitalization plan exist? No Will the project use steel and concrete construction and have at least 4 stories? No Will the project include a Community Service Facility under IRS Revenue Ruling 2003-77? No
https://www.nchfa.org/Rental/RTCApp/(S(mwaoso55...8B915BFAE&SNID=5693B05C279D498690E98FEE59CB9EA7 (1 of 29)9/17/2008 10:30:06 AM
Print - APP07-B0147
If yes, please describe:
Target Population:Family Will the project be receiving project based federal rental assistance? Yes If yes, provide the subsidy source: HUD and number of units: 125 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.) Number of Units: 0 Persons with disabilities or homeless populations: the greater of 5 units or 10% of the total units.
Number of Units: 0 Remarks:
Print - APP07-B0147
Applicant Information
Indicate below an individual or a validly existing entity (a corporation, nonprofit, limited partnership or LLC) as the official applicant. Under QAP Section III(C)(5) only this individual or entity will be able to make decisions with regard to this application. If awarded the applicant must become part of the ownership entity. The applicant will execute the signature page for this application. Applicant Name: Address: City: Contact: Telephone: Alt Phone: Fax: Email Address: Cokeyside Limited Partnership 124 Fletcher Street, Suite 1 Kennebunk State: ME Zip: 04043 First: Drew Last:Fitch Title:President
(207)467-8230 (207)756-9136 (207)467-8240 drew@atlanticdev.net
NOTE: Email Address above will be used for communication between NCHFA and Applicant.
Print - APP07-B0147
Site Description
Total Site Acreage: 17.13 Total Buildable Acreage: 16
If buildable acreage is less than total acreage, please explain: Portion of the site in a flood hazard zone. Buildable acreage is an estimate.
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: All units are currently occupied and will remain so during rehabilitation. No relocation will be necessary as the work can be done with residents staying in their apartments.
(b) Will tenant displacement be temporary? No (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? Yes If yes: (a) Describe placement of project buildings in relation to this area: None of the existing buildings are in the 100yr floodplain, nor will any new structures be built in the
Print - APP07-B0147
floodplain.
(b) Describe flood mitigation if the project will have improvements within the 100 year floodplain:
Print - APP07-B0147
Site Control
Does the owner have fee simple ownership of the property (site/buildings)?No If yes provide: Purchase Date: Purchase Price:
If no: (a) Does the owner/principal or ownership entity have valid 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:
(c) Enter the current expiration date of the option/contract to purchase: 7/9/2008 (D) Enter Purchase Price: 3,125,000
Print - APP07-B0147
Zoning
Present zoning classification of the site:R-6MFA Is multifamily 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:
Print - APP07-B0147
Ownership Entity
Owner Name: Address: City: Cokeyside Limited Partnership 124 Fletcher Street, Suite 1 Kennebunk State:ME Zip: 04043
Federal Tax ID Number of Ownership Entity:
26-0488027
(If assigned)
Note: Do not submit social security numbers for individuals. Entity Type: Limited Partnership Entity Status: Already Formed Is the applicant requesting that the Agency treat the application as Non-Profit sponsored? No Is the applicant requesting that the Agency treat the application as CHDO sponsored? 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: Address: City: Phone: EMail:
Cokeyside Management LLC Last Name: Fitch State: ME Function: Managing General Partner Zip: 04043 124 Fletcher Street, Suite 1 Kennebunk
First Name: Drew
(207)467-8230 drew@atlanticdev.net
Fax: (207)467-8240 Nonprofit: No
Org: Address: City: Phone: EMail:
Cokeyside Management LLC Last Name: Tulloch State: ME Fax: (207)467-8240 Nonprofit: No Function: Principal Zip: 04043 124 Fletcher Street, Suite 1 Kennebunk
First Name: Greg
(207)467-8230 greg@atlanticdev.net
Print - APP07-B0147
Unit Mix
The Median Income for Edgecombe county is $48,800. Low Income Units Type # BRs Net Sq.Ft. Total # Units # Units Monthly Rent Utility Allowance Mandatory Serv. Fees **Total Housing Exp.
Gdn Apt 1 Gdn Apt 1 Gdn Apt 2 Twn Hse 2 Gdn Apt 3 Twn Hse 3 Gdn Apt 4 Twn Hse 4
575 630 780 904 819 1084 1014 1336
8 8 29 22 30 16 8 4
4 0 3 0 0 0 0 0
475 459 555 546 641 625 675 649

Electric
74 90 103 111 120 136 140 166

Gas Other
0 0 0 0 0 0 0 0
549 549 658 657 761 761 815 815
Utilities included in rents:
Water/Sewer
Employee Units (will add to Low Income Unit total) Total # Monthly Utility Mandatory **Total Type # BRs Net Sq.Ft. # Units Units Rent Allowance Serv. Fees Housing Exp. Utilities included in rents: Water/Sewer Electric Gas Other
Market Rate Units Total # Monthly Utility Mandatory **Total Type # BRs Net Sq.Ft. # Units Units Rent Allowance Serv. Fees Housing Exp. Utilities included in rents: Water/Sewer Electric Gas Other
Statistics All Units Low Income....... Market Rate....... Totals............... Gross Monthly Rental Income
Units
125
72805
125
72805
Proposed number of residential buildings: 16
Maximum number of stories in buildings: 2
Print - APP07-B0147
Project Includes:
Separate community building - Sq. Ft. (Floor Area): 2,053 Community space within residential bulding(s) - Sq. Ft. (Floor Area):
Elevators - Number of Elevators: Square Footage Information Gross Floor Square Footage:
118,131
Total Net Sq. Ft. (All Heated Areas): 109,775
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.
https://www.nchfa.org/Rental/RTCApp/(S(mwaoso5...B915BFAE&SNID=5693B05C279D498690E98FEE59CB9EA7 (10 of 29)9/17/2008 10:30:06 AM
Print - APP07-B0147
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 4
Units
% targeted at 60 targeted at 60 targeted at 60 targeted at 60 percent of median income affordable to/occupied by percent of median income affordable to/occupied by percent of median income affordable to/occupied by percent of median income affordable to/occupied by
16 51 46 12
Total Low Income Units:
125
Note: This number should match the total number of low income units in the Unit Mix section.
Print - APP07-B0147
Funding Sources
NonAmortizing* Rate (%) Term (Years) Amort. Period (Years) Annual Debt Service
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
5,250,000
5.50 0
40 30
40 30
324,935 0
2,540,942
484,414
8,275,356
* "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. 92 Remarks concerning project funding sources: (Please be sure to include the name of the funding source(s)) The proposal is to obtain FHA 221(d)4 credit enhancement on the tax-exempt bonds. A portion of
Print - APP07-B0147
the debt service on the bonds will be paid by Section 236 Interest Reduction Payments ("IRP"). These payments total approxximately $48,000 on average over the next 6 years. The debt supported by these payments will amortize co-termninus with the IRP payments.
Print - APP07-B0147
Development Costs
Item Cost Element 1 Purchase of Building(s) (Rehab / Adaptive Reuse only) 2 Demolition (Rehab / Adaptive Reuse only) 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 (11 + 12 = max 3% lines 2-10) 12 Architect's Fee - Inspection 13 Engineering Costs SUBTOTAL (lines 1 through 13) 14 Construction Insurance (prorate) 15 Construction Loan Orig. Fee (prorate) 16 Construction Loan Interest (prorate) 17 Construction Loan Credit Enhancement (prorate) 18 Construction Period Taxes (prorate) 19 Water, Sewer and Impact Fees 20 Survey 21 Property Appraisal 22 Environmental Report 23 Market Study 24 Bond Costs 25 Bond Issuance Costs 26 Placement Fee 27 Permanent Loan Origination Fee 28 Permanent Loan Credit Enhancement 29 Title and Recording TOTAL COST Eligible Basis 30% PV 70% PV
2,762,000
2,762,000
161,397 1,749,292
161,397 1,749,292
114,691 38,214 121,520 131,104 40,000 19,000 30,000 5,167,218 21,851 0 278,322 48,829
114,691 38,214 121,520 131,104 40,000 19,000 30,000
21,851 0 27,883 48,829
15,000 7,500 10,000 7,500 0 147,877
15,000 7,500 10,000 7,500
78,750 0 31,250
Print - APP07-B0147
SUBTOTAL (lines 14 through 29) 30 Real Estate Attorney 31 Other Attorney's Fees 32 Tax Credit Application Fees (Preliminary and Full) 33 Tax Credit Allocation Fee (0.58% of line 59, minimum $7,500) 34 Cost Certification / Accounting Fees 35 Tax Opinion 36 Organizational (Partnership) 37 Tax Credit Monitoring Fee SUBTOTAL (lines 30 through 37) 38 Furnishings and Equipment 39 Relocation Expense 40 Developer's Fee 41 42
646,879 100,000 25,000 2,200 21,000 15,000 75,000
30,000 68,750 261,950
1,422,980
110,480
1,312,500
Other Basis Expense (specify) Other Basis Expense (specify)
43 Rent-up Expense 44 45
Other Non-basis Expense (specify) Other Non-basis Expense (specify)

SUBTOTAL (lines 38 through 45)
1,422,980
46 Rent up Reserve 47 Operating Reserve 48 49
413,329
Other Reserve (specify) Other Reserve (specify) 7,912,356 2,872,480 3,931,281
50 DEVELOPMENT COST (lines 1-49) 51 Less Federal Financing 52 Less Disproportionate Standard 53 Less Nonqualified Nonrecourse Financing 54 Less Historic Tax Credit (residential) 55 TOTAL ELIGIBLE BASIS 56 Applicable Fraction (percentage of LI Units) 57 Basis Before Boost 58 Boost for QCT/DDA (if applicable, enter 130%) 59 TOTAL QUALIFIED BASIS
0 6,803,761 100.00% 6,803,761 2,872,480 100% 2,872,480 100.00% 7,983,145 2,872,480 3,931,281 100% 3,931,281 130.00% 5,110,665
Print - APP07-B0147
60 Tax Credit Rate 61 Federal Tax Credits at Estimated Rate 62 Federal Tax Credits at 8.5% or 3.75% 63 Max Federal Tax Credits (With Energy Star - Lesser of $8,500 per unit or $800,000, w/o - Lesser of $8,000 per unit or $800,000)
3.46 276,217 542,125 800,000 276,216 363,000 8,275,356 542,124 99,387 99,388 107,718
3.46 176,829 434,407
64 Federal Tax Credits Requested 65 Land Cost 66 TOTAL REPLACEMENT COST FEDERAL TAX CREDITS IF AWARDED Comments:
176,829
Total Replacement Cost per unit: 59,992 Federal Tax Credits (line 62) per unit: 4,337
Print - APP07-B0147
Market Study Information

Please provide a detailed description of the proposed project: Cokey/Southside is a 125 unit family development orginally constructed in the early 1970's. Cokey was developed using FHA Section 236 funding, while Southside was financed with a 221(d)3 loan. All units have project-based Section 8 HAP contracts providing rent subsidies to the tenants. These HAP contract will remain indefinitely. The reahb plans call for a general modernization to include new kitchens, bathrooms, floor covering, appliances, plumbing fixtures,and heat pumps. Where needed, new roofs, windows, and landscaping will be installed.
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: On-site management office, laundry, playgrounds, commumity room.
Onsite Activities:
Landscaping Plans:
Print - APP07-B0147
The site has mature landscaping and green lawn that is in good condition. New landscaping will consist of new plantings and sod where needed.
Interior Apartment Amenities: New kitchens, bathrooms, flooring, HVAC
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.
Print - APP07-B0147
Applicant's Site Evaluation

Briefly describe your site in each of the following categories: NEIGHBORHOOD CHARACTERISTICS Trend and direction of real estate development and area economic health. Physical condition of buildings and improvements. Concentration of affordable housing. The neighborhood is fully developed with a mixture of single family and multifamily residences. The property is close to downtown and major highways.
SURROUNDING LAND USES AND AMENITIES Suitability of surrounding development. Land use pattern is residential in character (single and multifamily housing) with a balance of other uses (particularly retail and amenities). Effect of industrial, large-scale institutional or other incompatible uses, including but not limited to: 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). Amount and character of vacant, undeveloped land. Surrounding streets are typical secondary residential streets. Traffic counts are relatively low. Access to routes 43, 97, and 64 are within easy access. SITE SUITABILITY Adequate traffic controls (stop lights, speed limits, turn lanes, etc.). Burden on public facilities (particularly roads). Access to mass transit (if applicable). Visibility of buildings and/or location of project sign(s) in relation to traffic corridors. No additional burden should be expected. The subject site is fully developed and no additional units will be added, so their will be absolutely no net impact. 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 projectssuitability for residential use and difficulties posed by the building(s), such as limited parking, environmental problems or the need for excessive demolition). None Expected.
Similarity of scale and aesthetics/architecture between project and surroundings. Similar to surrounding community.
For each applicable neighborhood feature, enter distance from project in miles.
.1
Grocery Store
.5
Center
Community/Senior
Print - APP07-B0147
3.6 1.2 1.6 .7 .4

Stop
Mall/Strip Center Outdoor Athletic Fields Day Care/After School Schools Public Transportation
3.9 .6 .7 .7 .7 .4 .7 3.1 1.6 .4

Police)
Hospital Pharmacy Basic Health Care Medical Offices Bank/Credit Union Restaurants Professional Services Movie Theater Video Rental Public Safety (Fire/
.1 1.2 1.2 .4 .9 5.0 6.0
Convenience Store Basketball/Tennis Courts Public Parks Gas Station Library Fitness/Nature Trails Public Swimming Pools
1.1
Post Office
Other facilities or services: Close proximity to downtown and local services.
Print - APP07-B0147
Development Team
Provide contact information for development team members below:
Management Agent Company: Address: City: Phone Contact Name: Housing Management Resources 500 Victory Road North Quincy State: MA Zip: 02171 Email: rpiercehmr@earthlink.net Last: Pierce
(617)471-7666
First: Richard
Architect Company: Address: City: Phone Contact Name: Smith Norwood Architecture PO Box 18161 Raleigh State: NC Zip: 27619 Email: Jsmith@norwooda-d.com First: Jill Last: Smith
(919)807-1111
Attorney Company: Address: City: Phone Contact Name: Nixon Peabody, LLP 401 9th Street NW, Suite 900 Washington State: DC Zip: 20004 Email: swallace@nixonpeabody.com Last: Wallace
(202)585-8714
First: Steve
Investor Company: Address: City: Phone Contact Name: Alliant Capital Ltd 21600 Oxnard Street, Suite 1200 Woodland Hills State: CA Zip: 91367 Email: Joel.Hauenstein@alliantcapital.com Last: Hauenstein
(818)668-6800
First: Joel
Consultant/Application Preparer (if different from developer) Company: Address: City: Phone Contact Name: First: State: Email: Last: Zip:
Print - APP07-B0147
General Contractor Company: Address: City: Phone Contact Name:
Identity of Interest?
Empire Construction Corp. PO Box 51786 Knoxville State: TN Zip: 37950 Email: Rickc@emoireconstruction.com Last: Cheverton
(865)251-4835
First: Rick
Print - APP07-B0147
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):
2,776 20,779 11,360
33,638 30,000 0 3,500 6,500 4,500 2,500
4,000
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
119,553
1,758 30,061 10,617
15,863 58,299
42,318
3,469
Print - APP07-B0147
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):
56,591
80,272
Miscellaneous Operating & Maintenance Expenses SUBTOTAL Taxes and Insurance Real Estate Taxes 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:
4,127 186,777
37,414 8,060
36,246
3,224 8,400
SUBTOTAL Supportive Service Expenses Service Coordinator Service Supplies Tenant Association Funds Other Expenses (specify):
93,344
SUBTOTAL Reserves Replacement Reserves SUBTOTAL
43,750 43,750
Print - APP07-B0147
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
501,723 420,559 125 3,364
Print - APP07-B0147
Projected Cash Flow Year One

OPERATING INCOME Gross rental income (from Unit Mix - Total Monthly Rent) Stores and Commercial Laundry and Vending Other (specify):
873,660
20,558 49,492 943,710 66,060 877,650 501,723 375,927 324,935 50,992 1.157
Interest Reduction Payments

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)
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 2 3 4 5 6 7 8 9 10
877,650 501,723 324,935 50,992 1.157

11
903,980 521,792 324,935 57,253 1.176

12
931,099 542,664 324,935 63,500 1.195

13
959,032 564,371 324,935 69,726 1.215

14
987,803 586,946 324,935 75,922 1.234

15
1,017,437 610,424 324,935 82,078 1.253

16
1,047,960 634,841 324,935 88,184 1.271

17
1,079,399 660,235 324,935 94,229 1.29

18
1,111,781 686,644 324,935 100,202 1.308

19
1,145,134 714,110 324,935 106,089 1.326

20
1,179,488 742,674 324,935 111,879 1.344
1,214,873 772,381 324,935 117,557 1.362
1,251,319 803,276 324,935 123,108 1.379
1,288,859 835,407 324,935 128,517 1.396
1,327,525 868,823 324,935 133,767 1.412
1,367,351 903,576 324,935 138,840 1.427
1,408,372 939,719 324,935 143,718 1.442
1,450,623 977,308 324,935 148,380 1.457
1,494,142 1,016,400 324,935 152,807 1.47
1,538,966 1,057,056 324,935 156,975 1.483
* 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.
Print - APP07-B0147
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".
Print - APP07-B0147
Minimum Set-Asides
MINIMUM REQUIRED SET ASIDES (No Points Awarded): Select one of the following two options: 20% of the units are rent restricted and occupied by households with incomes at or below 50% of the median income (Note: No Tax Credit Eligible Units in the the project can exceed 50% of median income) 40% of the units are rent restricted and occupied by households with incomes at or below 60% of the median income (Note: No Tax Credit Eligible Units in the the project can exceed 60% of median income) If requesting RPP funds: 40% of the units 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 targeting 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.
Print - APP07-B0147
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 (signed copies) C Ownership Entity Agreement, Development Agreement or any other agreements governing development services D Management Agent Agreement E Owner and Management Experience & Management Questionnaire (Appendix C) F Letters from State Housing Agencies or designated monitoring agent verifying out of state experience G Completed IRS Form 8821 (Appendix I) H Local Government Letter or Letter from Certified Engineer or Land Surveyor Confirming Floodplain Designation with Map showing all flood zones (original on letterhead, no fax or photocopies) I Local Government Letter Confirming Zoning including any pending notices or hearings (original on letterhead, no fax or photocopies) J Letters from Local Utility Providers regarding availability and capacity (original on letterhead, no fax or photocopies) K Documentation from utility company or local PHA to support estimated utility costs L Appraisal (required for land costs greater than $15,000 and for all Adaptive Re-use and Rehab projects) M Site plan, floor plans and elevations for all projects. Scope of work for Adaptive Re-use and Rehab projects. (Full Size, 24 x 36 inches) N Hazard and structural inspection and termite reports (Adaptive Re-use and Rehab projects only) O Copy of certificate of occupancy or proof of placed-in-service date (Rehabs Only) P Proposed Relocation Plan including relocation budget and copies of notices. Required for all Rehabs and any projects involving existing occupants of any dwellings to be rehabbed or demolished. Q Evidence of Permanent Loan Commitment and other sources of funds ( i.e. Equity letter, AHP, RD and local government funds). For Rehabs with existing loans provide 1) copies of loan documents, 2) current loan balances from existing lenders with reserve balances, 3) letter from lender that outlines assumption requirements. R Local Housing Authority Agreement and Project Based Rental Assistance Letter, if applicable (Sample letters provided in Appendix I). For projects with existing PBRA contracts, provide a copy of the current contract and bank statement or other documentation verifying reserve balances and annual reserve contribution requirements. S Statement regarding terms of Deferred Developer Fee. If a nonprofit is involved, a resolution from their board approving deferral of fee is required. T Inducement Resolution (Tax-Exempt Bond Financed Projects only)

Cokey Southside App

Hochgeladen von

Dokumentinformationen

Originalbeschreibung:

Copyright

Verfügbare Formate

Dieses Dokument teilen

Dokument teilen oder einbetten

Freigabeoptionen

Stufen Sie dieses Dokument als nützlich ein?

Sind diese Inhalte unangemessen?

Copyright:

Verfügbare Formate

Cokey Southside App

Hochgeladen von

Copyright:

Verfügbare Formate

Print - APP07-B0147

Print Preview - Final Application

Census Tract: 202.0

331 S. Franklin Street, PO Box 1180 Rocky Mount Zip: 27802-1180

Site Latitude: Site Longitude:

https://www.nchfa.org/Rental/RTCApp/(S(mwaoso55...8B915BFAE&SNID=5693B05C279D498690E98FEE59CB9EA7 (1 of 29)9/17/2008 10:30:06 AM

If yes, please describe:

Number of Units: 0 Remarks:

https://www.nchfa.org/Rental/RTCApp/(S(mwaoso55...8B915BFAE&SNID=5693B05C279D498690E98FEE59CB9EA7 (2 of 29)9/17/2008 10:30:06 AM

(207)467-8230 (207)756-9136 (207)467-8240 drew@atlanticdev.net

https://www.nchfa.org/Rental/RTCApp/(S(mwaoso55...8B915BFAE&SNID=5693B05C279D498690E98FEE59CB9EA7 (3 of 29)9/17/2008 10:30:06 AM

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

https://www.nchfa.org/Rental/RTCApp/(S(mwaoso55...8B915BFAE&SNID=5693B05C279D498690E98FEE59CB9EA7 (4 of 29)9/17/2008 10:30:06 AM

https://www.nchfa.org/Rental/RTCApp/(S(mwaoso55...8B915BFAE&SNID=5693B05C279D498690E98FEE59CB9EA7 (5 of 29)9/17/2008 10:30:06 AM

https://www.nchfa.org/Rental/RTCApp/(S(mwaoso55...8B915BFAE&SNID=5693B05C279D498690E98FEE59CB9EA7 (6 of 29)9/17/2008 10:30:06 AM

https://www.nchfa.org/Rental/RTCApp/(S(mwaoso55...8B915BFAE&SNID=5693B05C279D498690E98FEE59CB9EA7 (7 of 29)9/17/2008 10:30:06 AM

Federal Tax ID Number of Ownership Entity:

Org: Address: City: Phone: EMail:

First Name: Drew

Fax: (207)467-8240 Nonprofit: No

Org: Address: City: Phone: EMail:

First Name: Greg

https://www.nchfa.org/Rental/RTCApp/(S(mwaoso55...8B915BFAE&SNID=5693B05C279D498690E98FEE59CB9EA7 (8 of 29)9/17/2008 10:30:06 AM

575 630 780 904 819 1084 1014 1336

475 459 555 546 641 625 675 649

74 90 103 111 120 136 140 166

549 549 658 657 761 761 815 815

Utilities included in rents:

Proposed number of residential buildings: 16

Maximum number of stories in buildings: 2

https://www.nchfa.org/Rental/RTCApp/(S(mwaoso55...8B915BFAE&SNID=5693B05C279D498690E98FEE59CB9EA7 (9 of 29)9/17/2008 10:30:06 AM

Total Net Sq. Ft. (All Heated Areas): 109,775

https://www.nchfa.org/Rental/RTCApp/(S(mwaoso5...B915BFAE&SNID=5693B05C279D498690E98FEE59CB9EA7 (10 of 29)9/17/2008 10:30:06 AM

Total Low Income Units:

https://www.nchfa.org/Rental/RTCApp/(S(mwaoso5...B915BFAE&SNID=5693B05C279D498690E98FEE59CB9EA7 (11 of 29)9/17/2008 10:30:06 AM

https://www.nchfa.org/Rental/RTCApp/(S(mwaoso5...B915BFAE&SNID=5693B05C279D498690E98FEE59CB9EA7 (12 of 29)9/17/2008 10:30:06 AM

https://www.nchfa.org/Rental/RTCApp/(S(mwaoso5...B915BFAE&SNID=5693B05C279D498690E98FEE59CB9EA7 (13 of 29)9/17/2008 10:30:06 AM

114,691 38,214 121,520 131,104 40,000 19,000 30,000

21,851 0 27,883 48,829

15,000 7,500 10,000 7,500 0 147,877

15,000 7,500 10,000 7,500

https://www.nchfa.org/Rental/RTCApp/(S(mwaoso5...B915BFAE&SNID=5693B05C279D498690E98FEE59CB9EA7 (14 of 29)9/17/2008 10:30:06 AM

646,879 100,000 25,000 2,200 21,000 15,000 75,000

30,000 68,750 261,950

Other Basis Expense (specify) Other Basis Expense (specify)

Other Non-basis Expense (specify) Other Non-basis Expense (specify)

46 Rent up Reserve 47 Operating Reserve 48 49

Other Reserve (specify) Other Reserve (specify) 7,912,356 2,872,480 3,931,281

https://www.nchfa.org/Rental/RTCApp/(S(mwaoso5...B915BFAE&SNID=5693B05C279D498690E98FEE59CB9EA7 (15 of 29)9/17/2008 10:30:06 AM

3.46 176,829 434,407

https://www.nchfa.org/Rental/RTCApp/(S(mwaoso5...B915BFAE&SNID=5693B05C279D498690E98FEE59CB9EA7 (16 of 29)9/17/2008 10:30:06 AM

Market Study Information

Front Gables or Dormers Other:

Wide Banding or Vertical/Horizontal Siding

Site Amenities: On-site management office, laundry, playgrounds, commumity room.

https://www.nchfa.org/Rental/RTCApp/(S(mwaoso5...B915BFAE&SNID=5693B05C279D498690E98FEE59CB9EA7 (17 of 29)9/17/2008 10:30:06 AM

Interior Apartment Amenities: New kitchens, bathrooms, flooring, HVAC

https://www.nchfa.org/Rental/RTCApp/(S(mwaoso5...B915BFAE&SNID=5693B05C279D498690E98FEE59CB9EA7 (18 of 29)9/17/2008 10:30:06 AM

Applicant's Site Evaluation

https://www.nchfa.org/Rental/RTCApp/(S(mwaoso5...B915BFAE&SNID=5693B05C279D498690E98FEE59CB9EA7 (19 of 29)9/17/2008 10:30:06 AM

3.6 1.2 1.6 .7 .4

3.9 .6 .7 .7 .7 .4 .7 3.1 1.6 .4

.1 1.2 1.2 .4 .9 5.0 6.0