Fairview Manor App

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Print Preview - Final Application

Tax Credits, RPP Loans, and/or Tax Exempt Bond Loans
Project Description
Project Name: Fairview Manor Address: City: West Old Road Lillington County: Harnett Zip: 27546 Block Group: 1
Census Tract: 707
Is project in Qualified Census Tract or Difficult to Develop Area? No Political Jurisdiction: Jurisdiction CEO Name: Jurisdiction Address: Jurisdiction City: Jurisdiction Phone: Town of Lillington First:Glenn Last: McFadden 106 West Front Street Lillington Zip: 27546 Title: Mayor
(910)893-2654
Site Latitude: Site Longitude:
35.399 -78.816
Project Type: New Construction 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? No If yes, list names of previous phase(s): Rehab: Number of residents holding Section 8 vouchers:
Will the project meet Energy Star standards as defined in Appendix B? Yes 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(zamf3rmuh...F102BA55A3&SNID=85440A19A03C4F61A59C3D8889277070 (1 of 29)9/16/2008 1:43:00 PM
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If yes, please describe:
Target Population:Elderly (55) Will the project be receiving project based federal rental assistance? No If yes, provide the subsidy source: and number of units: 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: 2 Persons with disabilities or homeless populations: 10% of the total units.
Number of Units: 4 Remarks:
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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: Fred G. Mills Post Office Box 6171 Raleigh State: NC Zip: 27628-6171 First: Fred Last:Mills Title:
(919)755-9155
(919)755-2245 fgm@millsconstructionco.com
NOTE: Email Address above will be used for communication between NCHFA and Applicant.
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Site Description
Total Site Acreage: 3.10 Total Buildable Acreage: 3.10
If buildable acreage is less than total acreage, please explain:
Identify utilities and services currently available (and with adequate capacity) for this site: Storm Sewer Water Sanitary Sewer Electric
Is the demolition of any buildings required or planned? No If yes, please describe:
Are existing buildings on the site currently occupied? No If yes: (a) Briefly describe the situation:
(b) Will tenant displacement be temporary? (c) Will tenant displacement be permanent? Is the site directly accessed by an existing, paved, publicly maintained road? No If no, please explain: This site sits directly behind Fairview Pointe Apartments, a family deal that is under construction now. If the elderly project we are applying gets an award, we will extend the road to the elderly property.
Is any portion of the site located inside the 100 year floodplain? No If yes: (a) Describe placement of project buildings in relation to this area:
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(b) Describe flood mitigation if the project 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: 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: 11/15/2008 (D) Enter Purchase Price: 106,750
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Zoning
Present zoning classification of the site:MF 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:
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Ownership Entity
Owner Name: Address: City: Fairview Manor, LLC Post Office Box 6171 Raleigh State:NC Zip: 27628-6171 (If assigned)
Federal Tax ID Number of Ownership Entity: Note: Do not submit social security numbers for individuals.
Entity Type: Limited Liability Company Entity Status: To Be 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:
Fairview Manor, LLC Last Name: Mills State: NC Fax: (919)755-2245 Nonprofit: No Function: Principal Zip: 27628-6171 Post Office Box 6171 Raleigh
First Name: Fred
(919)755-9155 fgm@millsconstructionco.com
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Unit Mix
The Median Income for Harnett county is $51,500. 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 2 Gdn Apt 1 Gdn Apt 2 Gdn Apt 1 Gdn Apt 2
727 966 727 966 727 966
4 4 4 4 8 8
1 1 1 1 0 0
285 345 375 455 460 550

Electric
70 80 70 80 70 80
Gas
0 0 0 0 0 0
Other Garbage collection
355 425 445 535 530 630
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
32
13920
32
13920
Proposed number of residential buildings: 1 Project Includes:
Maximum number of stories in buildings: 2
Separate community building - Sq. Ft. (Floor Area):
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Community space within residential bulding(s) - Sq. Ft. (Floor Area):
2,820
Elevators - Number of Elevators: 1 Square Footage Information Gross Floor Square Footage:
39,580
Total Net Sq. Ft. (All Heated Areas): 38,539
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(zamf3rmu...102BA55A3&SNID=85440A19A03C4F61A59C3D8889277070 (10 of 29)9/16/2008 1:43:00 PM
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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 1 2 1 2
Units
% targeted at 40 targeted at 40 targeted at 50 targeted at 50 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 percent of median income affordable to/occupied by percent of median income affordable to/occupied by
4 4 4 4 8 8
Total Low Income Units:
32
Note: This number should match the total number of low income units in the Unit Mix section.
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Funding Sources
NonAmortizing* Rate (%) Term (Years) Amort. Period (Years) Annual Debt Service
Source Bank Loan RPP Loan Local Gov. Loan - Specify: 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
330,000 640,000
6.00 0.00
30 20
30 20
23,742
553,078
30
30
2,273,341
3,796,419
* "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)) 1st Mortgage - CICCAR
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2nd Mortgage - NCHFA - RPP 3rd Mortgage - NCHFA - State Tax Credit Loan Equity - ESIC
Loans with Variable Amortization Please fill in the annual debt service as applicable for the first 20 years of the project life.
RPP Loan Year: Amt: Year: Amt: 1 2 3 4 5 6 7 8 9 10
9863
11
9910
12
9919
13
9885
14
9808
15
9682
16
9506
17
9275
18
8986
19
8636
20
8220
7734
7174
6535
5812
5001
4095
3090
1979
757
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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 (max 6% lines 2-6) 8 Contractor Overhead (max 2% lines 2-7) 9 Contractor Profit (max 8% lines 2-7; 6% if Identity of Interest) 10 Construction Contingency (max 3% lines 2-9, Rehabs 6%) 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
295,000
295,000
1,930,000
1,930,000
133,500 47,170 141,510 76,415 57,733 6,192 12,800 2,700,320 10,000 14,400 109,214
133,500 47,170 141,510 76,415 57,733 6,192 12,800
10,000 14,400 84,892
10,000 107,072 10,000 6,000 8,000 4,300
10,000 107,072 10,000 6,000 8,000 4,300
7,100
5,000
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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 (0.60% 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
291,086 13,500 5,000 2,200 20,061 9,000 5,000 10,000 22,400 87,161 25,000 25,000 9,000 13,500 5,000
336,000
336,000
Other Basis Expense (specify) Other Basis Expense (specify) 10,000 155,000
43 Rent-up Expense 44 45
Off-site improvements Other Non-basis Expense (specify)

SUBTOTAL (lines 38 through 45)
526,000 9,600 75,502
46 Rent up Reserve 47 Operating Reserve 48 49
Other Reserve (specify) Other Reserve (specify) 3,689,669 0 3,343,484
50 DEVELOPMENT COST (lines 1-49) 51 Less Federal Financing 52 Less Disproportionate Standard 53 Less Nonqualified Nonrecourse Financing 54 Less Historic Tax Credit 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 3,343,484 100.00% 3,343,484 0 100% 0 100.00% 3,343,484 0 3,343,484 100% 3,343,484 100.00% 3,343,484
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60 Tax Credit Rate 61 Federal Tax Credits at Estimated Rate 62 Federal Tax Credits at 9.00% or 3.75% (maximum $1,000,000) 63 Federal Tax Credits Requested 64 Land Cost 65 TOTAL REPLACEMENT COST FEDERAL TAX CREDITS IF AWARDED Comments:
3.40 284,196 300,914 0 106,750 3,796,419 300,914 0 0
8.50 284,196 300,914
Total Replacement Cost per unit: 81,987
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Market Study Information

Please provide a detailed description of the proposed project: The proposed project is a 32 unit elderly (55+) project with one (1) building that will contain community spaces and an elevator. The project will provide four (4) fully accessible units, including two (2) with roll-in showers. We believe the site is a wonderful location for an elderly project as it is conveniently located within 1.5 miles of essential ammenities.
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
The buildings will be accented with shingle siding.
Have you built other tax credit developments that use the same building design as this project?Yes If yes, please provide name and address: Sandhill Manor, 801 Harkey Road, Sanford, North Carolina 27330 Rollinwood Manor, 1932 Rollinwood Drive, Rocky Mount, North Carolina 27801
Site Amenities: The site amenities include outdoor sitting areas, a multi-purpose room, a resident computer center, tenant storage areas, a covered drive-thru at the entry, covered patio with seating, garden plots and a continuous walking trail around the property. In addition, there will be covered picnic area with grills.
Onsite Activities: Residents may use the multi-purpose room for meetings, classes, and other activities. They may also enjoy the walking trail, covered patio seating area, outdoor sitting areas, and garden plots located outside the building. There will also be a resident computer center as well as tenant storage areas.
Landscaping Plans:
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This apartment project will be attractively landscaped with plants and trees native to the area such as dogwoods, azaleas, pines, and wax myrtle. Trees will be planted in order to create a pleasant, shaded natural area. A picnic area will also be located on the site where the residents may enjoy outdoor meals. Garden spots will allow the residents to plant vegetables and flowers. We may also use some trees (ex. Paulownia) to act as screening between the adjacent properties.
Interior Apartment Amenities: Interior amenities will include a range, hood, dishwasher, disposal, frost-free refrigerator, storage, washer/ dryer hookups, mini-blinds and ceiling fans in each bedroom and the living room.
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 Trend and direction of real estate development and area economic health. Physical condition of buildings and improvements in the immediate vicinity. Concentration of affordable housing. The direction of real estate is on the upward trend. The site is adjacent to a new 50 unit family tax credit deal, Fairview Pointe Apartments. A new subdivision of single family homes is underway across West Old Road.
SURROUNDING LAND USES AND AMENITIES Land use pattern is residential in character (single and multifamily housing). Extent that the location is isolated. 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. The surrounding land uses include multi-family units, single family homes and raw land, as well as a church and a new elementary school nearby. As a result of the existing land uses, the project is well-suited for the area. The site is well located with amenities such as a grocery store, community senior center, pharmacy, basic health care, medical offices, banks, a convenient store, restaurants, video rental store, public library and post office all being located within 1.5 miles of the site. The project will be developed on a 3.1 acre site that will be subdivided out from an existing 21.5 acre tract of vacant land. The current owners plan to build and sell "patio homes" to 55+ homeowners. SITE SUITABILITY Adequate traffic safety controls (i.e. stop lights, speed limits, turn lanes). 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. We anticipate the entrance of the project to be off of a new road that will be built as a result of the 50 unit family project. Because the road is so new and will only service tenants living in the 50 unit family project and this 32 unit elderly project, we believe the controls that are in place are sufficient. The Town of Lillington recently installed a new 8" sewer line a the front of West Old Road which will allow adequate capacity for this project. 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). There are no on-site negative features.
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Similarity of scale and aesthetics/architecture between project and surroundings. The adjacent properties to the project consist of a single family home, multi-family housing and raw land. The project will be a good fit for the neighborhood and will be complimentary to the existing surroundings.
For each applicable neighborhood feature, enter distance from project in miles.
.9 1.1 1.5 .1 .1
Grocery Store Mall/Strip Center Outdoor Athletic Fields Day Care/After School Schools Public Transportation
1.2
Center
Community/Senior
11.0 .54 1.3
Hospital Pharmacy Basic Health Care
Stop
.39 2.0 .7 .149
Convenience Store Public Parks Gas Station Library
Other facilities or services: HARTS Of Harnett County provides Dial-A-Ride, a pay as you go transporation service for all Harnett County residents. There is swim club that residents can join located in Lillington, but there are not public swimming facilities in all of Harnett County.
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Development Team
Provide contact information for development team members below:
Management Agent Company: Address: City: Phone Contact Name: United Property Management, PLLC 1048 Washington Street Raleigh State: NC Zip: 27605 Email: fgm@millsconstructionco.com Last: Mills
(919)755-9155
First: Fred
Architect Company: Address: City: Phone Contact Name: Jones Architecture, PLLC 5306 Six Forks Road, Suite 221 Raleigh State: NC Zip: 27609 Email: wayne@wjonesarchitecture.com Last: Jones
(919)510-8186
First: Wayne
Attorney Company: Address: City: Phone Contact Name: Pryzwansky Law Firm 5 West Hargett Street, Suite 910 Raleigh State: NC Zip: 27601 Email: david@pryzlaw.com Last: Pryzwansky
(919)828-8668
First: David
Investor Company: Address: City: Phone Contact Name: Enterprise Community Investment, Inc. 10227 Wincopin Circle Columbia State: MD Zip: 21044-3400 Email: ssmith@esic.org Last: Smith
(410)964-0552
First: Steve
Consultant/Application Preparer (if different from developer) Company: Address: City: Phone Contact Name: 106 Muir Woods Drive Cary State: NC Zip: 27513 Email: cconnors@nc.rr.com Last: Connors
(919)610-7883
First: Cathy
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General Contractor Company: Address: City: Phone Contact Name:
Identity of Interest?
Mills Construction Co. of S.C., Inc. 1048 Washington Street Raleigh State: NC Zip: 27605 Email: fmillsjr@millsconstructionco.com Last: Mills, Jr.
(919)755-9155
First: Fred
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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):
750
2,500
14,400 15,000
500 4,000 2,500 1,000
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
40,650
6,000 6,000
6,000 18,000
750 750
1,000
1,200 1,000
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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):
1,500 1,500 2,500 2,500 2,500
3,500
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:
18,700
18,000 2,500
8,000
150 1,500 350 30,500
Unemployment - State and Federal

SUBTOTAL Supportive Service Expenses Service Coordinator Service Supplies Tenant Association Funds Other Expenses (specify):
SUBTOTAL Reserves Replacement Reserves SUBTOTAL
8,000 8,000
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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
115,850 89,850 32 2,808
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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):
167,040
1,000
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)
168,040 11,763 156,277 115,850 40,427 33,605 6,822 1.203
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
156,277 115,850 33,605 6,822 1.203

11
160,965 120,484 33,652 6,829 1.203

12
165,794 125,303 33,661 6,830 1.203

13
170,768 130,315 33,627 6,826 1.203

14
175,891 135,528 33,550 6,813 1.203

15
181,168 140,949 33,424 6,795 1.203

16
186,603 146,587 33,248 6,768 1.204

17
192,201 152,450 33,017 6,734 1.204

18
197,967 158,548 32,728 6,691 1.204

19
203,906 164,890 32,378 6,638 1.205

20
210,023 171,486 31,962 6,575 1.206
216,324 178,345 31,476 6,503 1.207
222,814 185,479 30,916 6,419 1.208
229,498 192,898 30,277 6,323 1.209
236,383 200,614 29,554 6,215 1.21
243,474 208,639 28,743 6,092 1.212
250,778 216,985 27,837 5,956 1.214
258,301 225,664 26,832 5,805 1.216
266,050 234,691 25,721 5,638 1.219
274,032 244,079 24,499 5,454 1.223
* 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.
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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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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: 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 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.
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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 (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 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) G Local Government Letter Confirming Zoning including any pending notices or hearings (original on letterhead, no fax or photocopies) H Letters from Local Utility Providers regarding availability and capacity (original on letterhead, no fax or photocopies) I Documentation from utility company or local PHA to support estimated utility costs J Appraisal (required for land costs greater than $15,000 and for all Adaptive Re-use and Rehab projects) K 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) L Hazard and structural inspection and termite reports (Adaptive Re-use and Rehab projects only) M Copy of certificate of occupancy or proof of placed-in-service date (Rehabs Only) N 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. O 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. P 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. Q Statement regarding terms of Deferred Developer Fee. If a nonprofit is involved, a resolution from their board approving deferral of fee is required. R Inducement Resolution (Tax-Exempt Bond Financed Projects only)

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Fairview Manor App

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Census Tract: 707

Site Latitude: Site Longitude:

https://www.nchfa.org/Rental/RTCApp/(S(zamf3rmuh...F102BA55A3&SNID=85440A19A03C4F61A59C3D8889277070 (1 of 29)9/16/2008 1:43:00 PM

If yes, please describe:

Number of Units: 4 Remarks:

https://www.nchfa.org/Rental/RTCApp/(S(zamf3rmuh...F102BA55A3&SNID=85440A19A03C4F61A59C3D8889277070 (2 of 29)9/16/2008 1:43:00 PM

https://www.nchfa.org/Rental/RTCApp/(S(zamf3rmuh...F102BA55A3&SNID=85440A19A03C4F61A59C3D8889277070 (3 of 29)9/16/2008 1:43:00 PM

If buildable acreage is less than total acreage, please explain:

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

https://www.nchfa.org/Rental/RTCApp/(S(zamf3rmuh...F102BA55A3&SNID=85440A19A03C4F61A59C3D8889277070 (4 of 29)9/16/2008 1:43:00 PM

https://www.nchfa.org/Rental/RTCApp/(S(zamf3rmuh...F102BA55A3&SNID=85440A19A03C4F61A59C3D8889277070 (5 of 29)9/16/2008 1:43:00 PM

https://www.nchfa.org/Rental/RTCApp/(S(zamf3rmuh...F102BA55A3&SNID=85440A19A03C4F61A59C3D8889277070 (6 of 29)9/16/2008 1:43:00 PM

https://www.nchfa.org/Rental/RTCApp/(S(zamf3rmuh...F102BA55A3&SNID=85440A19A03C4F61A59C3D8889277070 (7 of 29)9/16/2008 1:43:00 PM

Org: Address: City: Phone: EMail:

First Name: Fred

https://www.nchfa.org/Rental/RTCApp/(S(zamf3rmuh...F102BA55A3&SNID=85440A19A03C4F61A59C3D8889277070 (8 of 29)9/16/2008 1:43:00 PM

727 966 727 966 727 966

285 345 375 455 460 550

355 425 445 535 530 630

Utilities included in rents:

Proposed number of residential buildings: 1 Project Includes:

Maximum number of stories in buildings: 2

Separate community building - Sq. Ft. (Floor Area):

https://www.nchfa.org/Rental/RTCApp/(S(zamf3rmuh...F102BA55A3&SNID=85440A19A03C4F61A59C3D8889277070 (9 of 29)9/16/2008 1:43:00 PM

Community space within residential bulding(s) - Sq. Ft. (Floor Area):

Total Net Sq. Ft. (All Heated Areas): 38,539

https://www.nchfa.org/Rental/RTCApp/(S(zamf3rmu...102BA55A3&SNID=85440A19A03C4F61A59C3D8889277070 (10 of 29)9/16/2008 1:43:00 PM

Total Low Income Units:

https://www.nchfa.org/Rental/RTCApp/(S(zamf3rmu...102BA55A3&SNID=85440A19A03C4F61A59C3D8889277070 (11 of 29)9/16/2008 1:43:00 PM

https://www.nchfa.org/Rental/RTCApp/(S(zamf3rmu...102BA55A3&SNID=85440A19A03C4F61A59C3D8889277070 (12 of 29)9/16/2008 1:43:00 PM

RPP Loan Year: Amt: Year: Amt: 1 2 3 4 5 6 7 8 9 10

https://www.nchfa.org/Rental/RTCApp/(S(zamf3rmu...102BA55A3&SNID=85440A19A03C4F61A59C3D8889277070 (13 of 29)9/16/2008 1:43:00 PM

133,500 47,170 141,510 76,415 57,733 6,192 12,800

10,000 14,400 84,892

10,000 107,072 10,000 6,000 8,000 4,300

10,000 107,072 10,000 6,000 8,000 4,300

https://www.nchfa.org/Rental/RTCApp/(S(zamf3rmu...102BA55A3&SNID=85440A19A03C4F61A59C3D8889277070 (14 of 29)9/16/2008 1:43:00 PM

Off-site improvements Other Non-basis Expense (specify)

526,000 9,600 75,502

46 Rent up Reserve 47 Operating Reserve 48 49

Other Reserve (specify) Other Reserve (specify) 3,689,669 0 3,343,484

https://www.nchfa.org/Rental/RTCApp/(S(zamf3rmu...102BA55A3&SNID=85440A19A03C4F61A59C3D8889277070 (15 of 29)9/16/2008 1:43:00 PM

3.40 284,196 300,914 0 106,750 3,796,419 300,914 0 0

8.50 284,196 300,914

Total Replacement Cost per unit: 81,987

https://www.nchfa.org/Rental/RTCApp/(S(zamf3rmu...102BA55A3&SNID=85440A19A03C4F61A59C3D8889277070 (16 of 29)9/16/2008 1:43:00 PM

Market Study Information

Front Gables or Dormers Other:

Wide Banding or Vertical/Horizontal Siding

The buildings will be accented with shingle siding.

https://www.nchfa.org/Rental/RTCApp/(S(zamf3rmu...102BA55A3&SNID=85440A19A03C4F61A59C3D8889277070 (17 of 29)9/16/2008 1:43:00 PM

https://www.nchfa.org/Rental/RTCApp/(S(zamf3rmu...102BA55A3&SNID=85440A19A03C4F61A59C3D8889277070 (18 of 29)9/16/2008 1:43:00 PM

Applicant's Site Evaluation

https://www.nchfa.org/Rental/RTCApp/(S(zamf3rmu...102BA55A3&SNID=85440A19A03C4F61A59C3D8889277070 (19 of 29)9/16/2008 1:43:00 PM

11.0 .54 1.3

Hospital Pharmacy Basic Health Care

.39 2.0 .7 .149

Convenience Store Public Parks Gas Station Library

https://www.nchfa.org/Rental/RTCApp/(S(zamf3rmu...102BA55A3&SNID=85440A19A03C4F61A59C3D8889277070 (20 of 29)9/16/2008 1:43:00 PM

https://www.nchfa.org/Rental/RTCApp/(S(zamf3rmu...102BA55A3&SNID=85440A19A03C4F61A59C3D8889277070 (21 of 29)9/16/2008 1:43:00 PM

General Contractor Company: Address: City: Phone Contact Name: