Smokey Meadows App

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Print Preview - Final Application

Tax Credits, RPP Loans, and/or Tax Exempt Bond Loans
Project Description
Project Name: Smokey Meadows Address: City: # TBD Crestview Street Canton County: Haywood Zip: 28716 Block Group: 4006
Census Tract: 9803
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 Canton First:Patrick Last: Smathers 58 Park Street Canton Zip: 28716-4324 Title: Mayor
(828)648-2363
Site Latitude: Site Longitude:
35.512691 -82.839261
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(jd0omdzk...0EC955A64&SNID=EAB6DBC5E27245A9B10D4822BB11A308 (1 of 30)9/16/2008 1:45:11 PM
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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: 12 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: 3 Persons with disabilities or homeless populations: 10% of the total units.
Number of Units: 6 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: Southland Partners LLC 131 Matthews Station St., Suite 2-F Matthews State: NC Zip: 28105 First: Tom Last:Honeycutt Title:Member Manager
(704)321-1526
(704)321-1562 southllc@windstream.net
NOTE: Email Address above will be used for communication between NCHFA and Applicant.
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Site Description
Total Site Acreage: 5.09 Total Buildable Acreage: 5.09
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? Yes If no, please explain:
Is any portion of the site located inside the 100 year floodplain? No If yes: (a) Describe placement of project buildings in relation to this area:
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(b) Describe flood mitigation if the project 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: 9/15/2008 (D) Enter Purchase Price: 400,000
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Zoning
Present zoning classification of the site:General Business C-2 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: Smokey Meadows Housing LLC 131 Matthews Station St., Suite 2-F Matthews State:NC Zip: 28105 (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? Yes 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:
Southland Partners LLC Last Name: Honeycutt State: NC Function: Managing Member Zip: 28105 131 Matthews Station St., Suite 2-F Matthews
First Name: Tom
Fax: (704)321-1562 Nonprofit: No
Mountain Projects, Inc. Last Name: Dowling State: NC Function: Managing Member Zip: 28786 2251 Old Balsam Road Waynesville
First Name: Patsy
(828)452-1447 pdowling@mountainprojects.org
Fax: (828)452-9454 Nonprofit: Yes
Thomas W. Honeycutt Last Name: Honeycutt State: NC Fax: (704)321-1562 Nonprofit: No Function: Principal Zip: 28105 131 Matthews Station St., Suite 2-F Matthews
First Name: Tom
Org: Address: City: Phone:
Gary D. Ellis Last Name: Ellis State: NC Fax: (704)357-1881 Function: Principal Zip: 28217 2021 Cross Beam Drive Charlotte
First Name: Danny
(704)357-6000
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EMail:
dellisgem@bellsouth.net
Nonprofit: No
Melvin B. Melton Last Name: Melton State: NC Fax: (704)357-1881 Nonprofit: No Function: Principal Zip: 28217 2021 Cross Beam Drive Charlotte
First Name: Mel
(704)357-6000 mmeltongem@bellsouth.net
Timothy L. Gunderman Last Name: Gunderman State: NC Fax: (704)357-1881 Nonprofit: No Function: Principal Zip: 28217 2021 Cross Beam Drive Charlotte
First Name: Tim
(704)357-6000 tgundermangem@bellsouth.net
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Unit Mix
The Median Income for Haywood county is $48,100. 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 Gdn Apt 2 Gdn Apt 3 Gdn Apt 3
720 720 940 940 1160 1160
4 4 16 16 10 10
1 1 1 1 1 1
357 371 434 437 500 565

Electric
85 85 95 95 103 103
Gas
0 0 0 0 0 0
Other trash
442 456 529 532 603 668
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
60
27498
60
27498
Proposed number of residential buildings: 6 Project Includes:
Maximum number of stories in buildings: 2
Separate community building - Sq. Ft. (Floor Area): 1,200
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Community space within residential bulding(s) - Sq. Ft. (Floor Area):
Elevators - Number of Elevators: Square Footage Information Gross Floor Square Footage:
63,749
Total Net Sq. Ft. (All Heated Areas): 60,240
Notes ** Please refer to the Income Limits and Maximum Housing Expense Table to ensure that Total Monthly Tenant Expenses for low income units are within established thresholds.
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Targeting
Specify Low Income Unit Targeting in table below. List each applicable targeting combination in a separate row below. Click [Add] to create another row. Click "X" (at the left of each row) to delete a row. Add as many rows as needed.
# BRs 1 1 2 2 3 3
Units
% targeted at 50 targeted at 60 targeted at 50 targeted at 60 targeted at 50 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 16 16 10 10
Total Low Income Units:
60
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
512,950 800,000 0 0 0 0 0 0 0 0 1,128,846 0 3,885,667 0 0 0 0 0 6,327,463
7.25 2.00
30 20
30 20
41,991
30
30
* "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. 81 Remarks concerning project funding sources: (Please be sure to include the name of the funding source(s)) 1st mortgage would be from CICNC. Syndicator for federal credits has not been selected but we
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expect it to be Raymond James.
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
39160
11
39719
12
40219
13
40657
14
41026
15
41323
16
41540
17
41673
18
41714
19
41658
20
41498
41226
40835
40317
39663
38865
37913
36797
35507
34032
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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
0 0 560,000 0 3,222,601 0 226,956 80,191 320,765 122,692 55,000 15,500 24,000 4,627,705 0 40,292 197,585 0 1,000 60,000 15,000 8,000 3,000 4,300 0 0 0 13,140 0 0 0 40,292 197,585 0 1,000 60,000 15,000 8,000 3,000 4,300 0 560,000 0 3,222,601 0 226,956 80,191 320,765 122,692 55,000 15,500 24,000
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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
342,317 25,000 15,000 2,200 33,865 4,950 0 0 42,000 123,015 18,000 0 630,000 0 0 20,000 0 0 668,000 18,000 148,426 0 0 5,927,463 0 0 0 0 5,644,232 100.00% 5,644,232 0 100% 0 100.00% 5,644,232 0 0 5,644,232 0 0 0 0 5,644,232 100% 5,644,232 100.00% 5,644,232 18,000 0 630,000 0 0 4,950 19,400 15,000
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)
46 Rent up Reserve 47 Operating Reserve 48 49
Other Reserve (specify) Other Reserve (specify)
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
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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:
3.40 479,760 507,981 507,981 400,000 6,327,463 507,981 0 0
8.50 479,760 507,981 507,981
Total Replacement Cost per unit: 75,553
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Market Study Information

Please provide a detailed description of the proposed project: Smokey Meadows is proposed as 60 unit development primarily for larger families. 12 units will project based section 8 provided by the co-member manager of the developer who is the section 8 provider for the area and can project based 20% of its units. The section 8 provider anticipates providing voucher holders for the remainder of the units. This housing will also help to ease the housing crunch that exists as a result 2004 hurricanes, Francis and Ivan.
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?Yes If yes, please provide name and address: Austin's Ridge, Saunders Boulevard, Southern Pines, NC
Site Amenities: Playground, computer center, community building with common facilities, laundry facility, postal facilities, covered and uncovered patio with seating, gazebo with picnic area, walking trail, screened porch.
Onsite Activities: Scheduled activities in the community building, computer usage on a sceduled basis, laundry facility, postal facility in community building, playground.
Landscaping Plans:
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Landscape plans are extensive and call for partial sod in the fronts and side areas of the buildings.
Interior Apartment Amenities: Vented range hood, dishwasher, pantry, frost free refrigerator, interior and exterior storage, walkin closets, washer and dryer hookups, carpet and vinyl floor coverings, central heat and air using 13 seer units.
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. This is a developing area of the state in terms of tourism and retirement. This location is next to a new residential area and across the road from the local high school and middle school. Physical conditions in the neighborhood are fair to new condition. No affordable housing is located in the neighborhood.
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 land use in the area is residential and schools. The property borders one of the main secondary roads into the downtown area which is home to certain commercial uses such as convenience stores and other businesses. The land is not isolated and has no incompatible uses in the area. Undeveloped land in the immeadiate will revert to the uses already seen in the neighborhood. 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. Adequate traffic controls are in place and our site will have little impact on existing public facilities. There is no mass transit in the town. Our site and sign will be highly visible. 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 currently exist. A power line does cross the site going to the school and we will not be building in that easement with the exception of roadways and perhaps parking, as allowed by the easement. The creek flows to the north towards downtown and we will have a setback from the creekbed which we cannot build in.
Similarity of scale and aesthetics/architecture between project and surroundings. Our 2 story buildings are residential in character and therefore will serve as a transition between the single family dwellings on one side and the intitutional style buildings on the other side at the schools,
For each applicable neighborhood feature, enter distance from project in miles.
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1.25 3 .8 .1 .1 .1
Stop
Grocery Store Mall/Strip Center Outdoor Athletic Fields Day Care/After School Schools Public Transportation
.8
Center
Community/Senior
7 1 1
Hospital Pharmacy Basic Health Care
.1 1 .1 .75
Convenience Store Public Parks Gas Station Library
Other facilities or services: Swimming pool and public park nearby.
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Development Team
Provide contact information for development team members below:
Management Agent Company: Address: City: Phone Contact Name: GEM Management Inc. 2021 Cross Beam Drive Charlotte State: NC Zip: 28217 Email: Last: Ellis
(704)357-6000
First: Danny
Architect Company: Address: City: Phone Contact Name: Martin Riley and Assoc. 215 Church St., Suite 200 Decatur State: GA Zip: 30030 Email: Last: Martin
(404)373-2800
First: Jackie
Attorney Company: Address: City: Phone Contact Name: The Pryzwansky Law Firm, PA PO Box 2475 Raleigh State: NC Zip: 27602 Email: Last: Pryzwansky
(919)828-8668
First: David
Investor Company: Address: City: Phone Contact Name: WNC and Associates 17782 Sky Park Circle Irvine State: CA Zip: 92614-6404 Email: Last: Shafer
(800)286-1135
First: David
Consultant/Application Preparer (if different from developer) Company: Address: City: Phone Contact Name: First: State: Email: Last: Zip:
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General Contractor Company: Address: City: Phone Contact Name:
Identity of Interest?
Harold K. Jordan and Co. Inc. 1086 Classic Road, Suite 201 Apex State: NC Zip: 27539 Email: Last: Castillo
(919)303-3652
First: Tony
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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):
3,600 0 4,000 0 30,240 21,480 0 180 4,200 0 2,000 0 0
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
65,700
0 6,840 4,400 0 4,600 15,840
0 0 2,500 1,512 0 6,120 0 0
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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):
0 16,560 17,229 1,200 1,800 0 2,500 0 1,800 2,400 2,600 0
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:
0 56,221
32,701 10,080 300 19,560 300 0 0 0
SUBTOTAL Supportive Service Expenses Service Coordinator Service Supplies Tenant Association Funds Other Expenses (specify):
62,941
0 0 0 0
SUBTOTAL Reserves Replacement Reserves SUBTOTAL
15,000 15,000
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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
215,702 168,001 60 2,800
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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):
329,976 0 850 1,459
NSF, Late Fees, Forfeited Sec. Dep., and Investment income

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)
332,285 23,260 309,025 215,702 93,323 81,151 12,172 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
309,025 215,702 81,151 12,172 1.15

11
318,296 224,330 81,710 12,256 1.15

12
327,845 233,303 82,210 12,332 1.15

13
337,680 242,635 82,648 12,397 1.15

14
347,810 252,340 83,017 12,453 1.15

15
358,244 262,434 83,314 12,496 1.15

16
368,991 272,931 83,531 12,529 1.15

17
380,061 283,848 83,664 12,549 1.15

18
391,463 295,202 83,705 12,556 1.15

19
403,207 307,010 83,649 12,548 1.15

20
415,303 319,290 83,489 12,524 1.15
427,762 332,062 83,217 12,483 1.15
440,595 345,344 82,826 12,425 1.15
453,813 359,158 82,308 12,347 1.15
467,427 373,524 81,654 12,249 1.15
481,450 388,465 80,856 12,129 1.15
495,894 404,004 79,904 11,986 1.15
510,771 420,164 78,788 11,819 1.15
526,094 436,971 77,498 11,625 1.15
541,877 454,450 76,023 11,404 1.15
* 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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Census Tract: 9803

Site Latitude: Site Longitude:

https://www.nchfa.org/Rental/RTCApp/(S(jd0omdzk...0EC955A64&SNID=EAB6DBC5E27245A9B10D4822BB11A308 (1 of 30)9/16/2008 1:45:11 PM

If yes, please describe:

Number of Units: 6 Remarks:

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https://www.nchfa.org/Rental/RTCApp/(S(jd0omdzk...0EC955A64&SNID=EAB6DBC5E27245A9B10D4822BB11A308 (3 of 30)9/16/2008 1:45:11 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(jd0omdzk...0EC955A64&SNID=EAB6DBC5E27245A9B10D4822BB11A308 (4 of 30)9/16/2008 1:45:11 PM

https://www.nchfa.org/Rental/RTCApp/(S(jd0omdzk...0EC955A64&SNID=EAB6DBC5E27245A9B10D4822BB11A308 (5 of 30)9/16/2008 1:45:11 PM

https://www.nchfa.org/Rental/RTCApp/(S(jd0omdzk...0EC955A64&SNID=EAB6DBC5E27245A9B10D4822BB11A308 (6 of 30)9/16/2008 1:45:11 PM

https://www.nchfa.org/Rental/RTCApp/(S(jd0omdzk...0EC955A64&SNID=EAB6DBC5E27245A9B10D4822BB11A308 (7 of 30)9/16/2008 1:45:11 PM

Org: Address: City: Phone: EMail:

First Name: Tom

Fax: (704)321-1562 Nonprofit: No

Org: Address: City: Phone: EMail:

First Name: Patsy

Fax: (828)452-9454 Nonprofit: Yes

Org: Address: City: Phone: EMail:

First Name: Tom

Org: Address: City: Phone:

First Name: Danny

https://www.nchfa.org/Rental/RTCApp/(S(jd0omdzk...0EC955A64&SNID=EAB6DBC5E27245A9B10D4822BB11A308 (8 of 30)9/16/2008 1:45:11 PM

Org: Address: City: Phone: EMail:

First Name: Mel

Org: Address: City: Phone: EMail:

First Name: Tim

https://www.nchfa.org/Rental/RTCApp/(S(jd0omdzk...0EC955A64&SNID=EAB6DBC5E27245A9B10D4822BB11A308 (9 of 30)9/16/2008 1:45:11 PM

720 720 940 940 1160 1160

357 371 434 437 500 565

442 456 529 532 603 668

Utilities included in rents:

Proposed number of residential buildings: 6 Project Includes:

Maximum number of stories in buildings: 2

Separate community building - Sq. Ft. (Floor Area): 1,200

https://www.nchfa.org/Rental/RTCApp/(S(jd0omdzk...0EC955A64&SNID=EAB6DBC5E27245A9B10D4822BB11A308 (10 of 30)9/16/2008 1:45:11 PM

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

Total Net Sq. Ft. (All Heated Areas): 60,240

https://www.nchfa.org/Rental/RTCApp/(S(jd0omdzk...0EC955A64&SNID=EAB6DBC5E27245A9B10D4822BB11A308 (11 of 30)9/16/2008 1:45:11 PM

Total Low Income Units:

https://www.nchfa.org/Rental/RTCApp/(S(jd0omdzk...0EC955A64&SNID=EAB6DBC5E27245A9B10D4822BB11A308 (12 of 30)9/16/2008 1:45:11 PM

512,950 800,000 0 0 0 0 0 0 0 0 1,128,846 0 3,885,667 0 0 0 0 0 6,327,463

https://www.nchfa.org/Rental/RTCApp/(S(jd0omdzk...0EC955A64&SNID=EAB6DBC5E27245A9B10D4822BB11A308 (13 of 30)9/16/2008 1:45:11 PM

expect it to be Raymond James.

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

https://www.nchfa.org/Rental/RTCApp/(S(jd0omdzk...0EC955A64&SNID=EAB6DBC5E27245A9B10D4822BB11A308 (14 of 30)9/16/2008 1:45:11 PM

https://www.nchfa.org/Rental/RTCApp/(S(jd0omdzk...0EC955A64&SNID=EAB6DBC5E27245A9B10D4822BB11A308 (15 of 30)9/16/2008 1:45:11 PM

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)

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3.40 479,760 507,981 507,981 400,000 6,327,463 507,981 0 0

8.50 479,760 507,981 507,981

Total Replacement Cost per unit: 75,553

https://www.nchfa.org/Rental/RTCApp/(S(jd0omdzk...0EC955A64&SNID=EAB6DBC5E27245A9B10D4822BB11A308 (17 of 30)9/16/2008 1:45:11 PM

Market Study Information

Front Gables or Dormers Other:

Wide Banding or Vertical/Horizontal Siding

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