Soco Creek App

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Tax Credits, RPP Loans, and/or Tax Exempt Bond Loans
Project Description
Project Name: Soco Creek Village, LLC Address: City: US Higway 19 Cherokee County: Jackson Zip: 28719 Block Group: 4106
Census Tract: 9501
Is project in Qualified Census Tract or Difficult to Develop Area? No Political Jurisdiction: Jurisdiction Address: Jurisdiction City: Jurisdiction Phone: Cherokee Reservation (Eastern Band of Cherokee Indians) Title: Principal Vice Chief PO Box 455 Cherokee Zip: 28719
Jurisdiction CEO Name: First:Larry Last:Blythe
(828)736-5500
Site Latitude: Site Longitude:
35.469 -83.259
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
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If yes, please describe:
Target Population:Family 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: 4 Persons with disabilities or homeless populations: 10% of the total units.
Number of Units: 6 Remarks: 4 units will be fully accessible, mobility impaired handicapped units.
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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 PO Box 6171 Raleigh State: NC Zip: 27628 First: Julie Last:Graw Title:developer
(919)755-9155 (919)621-9356 (919)755-2245 julieg@millsconstructionco.com
NOTE: Email Address above will be used for communication between NCHFA and Applicant.
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Site Description
Total Site Acreage: 6.36 Total Buildable Acreage: 6.36
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: 10/31/2008 (D) Enter Purchase Price: 300,000
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Zoning
Present zoning classification of the site:multi-family 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: Soco Creek Village, LLC PO Box 6171 Raleigh State:NC Zip: 27628 (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:
Soco Creek Village, LLC Last Name: Mills State: NC Function: Managing Member Zip: 27628 PO Box 6171 Raleigh
First Name: Fred
(919)755-9155 julieg@millsconstructionco.com
Fax: (919)755-2245 Nonprofit: No
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Unit Mix
The Median Income for Jackson county is $48,700. Low Income Units Type # BRs Net Sq.Ft. Total # Units # Units Monthly Rent Utility Allowance Mandatory Serv. Fees **Total Housing Exp.
Gdn Apt 2 Gdn Apt 3 Gdn Apt 2 Gdn Apt 3 Gdn Apt 2 Gdn Apt 3 Gdn Apt 4
982 1201 982 1201 982 1201 1369
10 6 10 6 20 6 2
2 1 1 0 0 0 0
305 345 395 455 435 495 545

Electric
100 120 100 120 100 120 140

Gas
0 0 0 0 0 0 0
Other trash collection
405 465 495 575 535 615 685
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
24560
60
24560
Proposed number of residential buildings: 6
Maximum number of stories in buildings: 2
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Project Includes:
Separate community building - Sq. Ft. (Floor Area): 1,732 Community space within residential bulding(s) - Sq. Ft. (Floor Area):
Elevators - Number of Elevators: Square Footage Information Gross Floor Square Footage:
70,345
Total Net Sq. Ft. (All Heated Areas): 65,368
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 2 3 2 3 4 2 3
Units
% targeted at 40 targeted at 40 targeted at 50 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 percent of median income affordable to/occupied by percent of median income affordable to/occupied by
10 6 10 6 2 20 6
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
1,060,647
6.00
30
30
76,309
1,501,269
30
30
4,044,308
6,606,224
* "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 - CICAR
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2nd Mortgage - NCHFA State Tax Credit Loan Equity - ESIC
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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 0 395,000 0 3,770,000 0 249,900 88,298 264,894 143,043 74,264 8,251 24,000 5,017,650 18,000 25,000 208,445 0 0 5,000 20,000 3,000 8,000 4,300 0 0 0 21,700 0 6,000 18,000 25,000 146,361 0 0 5,000 20,000 3,000 8,000 4,300 0 395,000 0 3,770,000 0 249,900 88,298 264,894 143,043 74,264 8,251 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
319,445 20,000 15,000 2,200 35,689 10,800 5,000 15,000 42,000 145,689 25,000 0 630,000 0 0 19,135 0 0 674,135 18,000 131,305 0 0 6,306,224 0 0 0 0 5,948,111 100.00% 5,948,111 0 100% 0 100.00% 5,948,111 0 0 5,948,111 0 0 0 0 5,948,111 100% 5,948,111 100.00% 5,948,111 25,000 0 630,000 0 0 10,800 20,000 15,000
Other Basis Expense 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:
3.40 505,589 535,330 0 300,000 6,606,224 535,330 0 0
8.50 505,589 535,330
Total Replacement Cost per unit: 81,852
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Market Study Information

Please provide a detailed description of the proposed project: The project is located in low-income Swain Co. on the Cherokee Reservation. 60 units are proposed: 20;2 bedrms. and 9;3 bedrms. at 40% ami 20;2 bedrms. and 9;3 bedrms. at 60% ami 2;4 bedrms. at 60%ami (these units were added to address a concern the Tribal Counsel raised.
Construction (check all that apply): Brick Vinyl Wood HardiPlank Balconies/Patios Sunrooms Front Porches
Front Gables or Dormers Other: stone with vinyl shake siding.
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: (currently under construction) Fairview Pointe West Old Rd. Lillington, NC 27546
Site Amenities: Outdoor sitting areas w benches, walking trail, sidewalks, play area, tot lot, gazebo, split rail fence, two picnic areas w grills and tables, community building w meeting room, kitchen, computer ctr., laundry rm., office, accessible bathrooms, storage and mailboxes.
Onsite Activities: Residents can enjoy the tot lot and play area close to the community building. The meeting room can be utilized for a number of activities. The computer room w internet is conveniently located. Residents can picnic and socialize at the covered picnic areas.
Landscaping Plans:
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A split rail fence will span the length of the property line paralelling US Hwy 19. A 25'wooded stream buffer will be retained w the walking trail meandering into the wooded buffer along the northern property line. An effort will be made to preserve larger, specimen trees outside the buildings footprints and paved areas. Trees and plantings will be drought-resistant and native to the NC Mountains. A variety of plantings will be clustered together together at building entrances for maximum appeal and will be used to screen HVAC units, soften building lines and naturalize parking areas.
Interior Apartment Amenities: Each resident's apartment will have a range, dishwasher, frost-free refigerator,raised bar, large closets, storage at entry, washer/dryer connections, carpet, vinyl, central air and heat pump.
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. Significant investment in public facilities has been made in the immediate vicinity of the site. Wolftown Recreation Center hosts a variety of activities, indoor and outdoor recreational facilities serving area individuals and families including afterschool programs and day care. Additionally, Wolftown Community/ Senior Center is .3 miles from the site. The trend and direction of real estate development is single family w new family-supportive facilities infill. There are no affordable multifamily developments or public housing in the vicinity of the site. There are newly constructed, for sale multifamily development 5 miles to the east of the site on Hwy 19. 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 patern is predominantly residential and rural in character. Undeveloped land is pastoral and wooded, varying from gently sloping to rolling hills. There are no imcompatible uses in the immediate vicinity of the site. Hwy. 19 is two lane road through this section of Cherokee. 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. Site distances are excellent along the property's frontage. Ingress and egress will be enhanced w 2 driveways at the eastern and western ends of the tract's frontage. The western driveway will align w the Wolftown Recreation Center's entrance. Cherokee Transit will create a bus stop on HWY. 19 in close proximity to the site. 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 negative features or physical barriers that will impede construction or adversely affect tenants.
Similarity of scale and aesthetics/architecture between project and surroundings. Similar in scale to the project is the sizeable Wolftown Recreation Cente across the street and the Wolftown Community/Senior Center just .3 miles away.
For each applicable neighborhood feature, enter distance from project in miles.
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2.5 2.5 .05 .05 3.3 0

Stop
Grocery Store Mall/Strip Center Outdoor Athletic Fields Day Care/After School Schools Public Transportation
.3
Center
Community/Senior
5 2.5 2.5
Hospital Pharmacy Basic Health Care
1.5 .05 2.3 3.3
Convenience Store Public Parks Gas Station Library
Other facilities or services: Cherokee Transit will create a stop at Soco Creek Village.
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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, LLC PO Box 6171 Raleigh State: NC Zip: 27628 Email: casey@millsconstructionco.com Last: Patton
(919)755-9155
First: Casey
Architect Company: Address: City: Phone Contact Name: Jones Architecture, PLLC 5306 Six Forks Rd. 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: The 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, Suite 810 Columbia State: MD Zip: 21044 Email: ssmith@enterprisecommunity.com Last: Smith
(410)964-0552
First: Steve
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?
Mills Construction Co. of SC, Inc. Post Office Box 6171 Raleigh State: NC Zip: 27628-6171 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):
4,000 0 4,000 0 27,000 20,000 0 1,000 4,000 4,000 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
66,000
0 16,500 10,000 0 8,500 35,000
3,000 2,500 3,000 1,800 0 4,500 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):
2,500 0 8,000 6,000 6,000 0 0 0 1,400 0 0 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 38,700
0 7,000 0 16,000 0 1,600 6,000 1,000
SUBTOTAL Supportive Service Expenses Service Coordinator Service Supplies Tenant Association Funds Other Expenses (specify):
31,600
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
186,300 171,300 60 2,855
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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):
294,720
1,000 0 295,720 20,700 275,020 186,300 88,720 76,309 12,411 1.163
Cable Contract &

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
275,020 186,300 76,309 12,411 1.163

11
283,271 193,752 76,309 13,210 1.173

12
291,769 201,502 76,309 13,958 1.183

13
300,522 209,562 76,309 14,651 1.192

14
309,538 217,944 76,309 15,285 1.2

15
318,824 226,662 76,309 15,853 1.208

16
328,389 235,728 76,309 16,352 1.214

17
338,241 245,157 76,309 16,775 1.22

18
348,388 254,963 76,309 17,116 1.224

19
358,840 265,162 76,309 17,369 1.228

20
369,605 275,768 76,309 17,528 1.23
380,693 286,799 76,309 17,585 1.23
392,114 298,271 76,309 17,534 1.23
403,877 310,202 76,309 17,366 1.228
415,993 322,610 76,309 17,074 1.224
428,473 335,514 76,309 16,650 1.218
441,327 348,935 76,309 16,083 1.211
454,567 362,892 76,309 15,366 1.201
468,204 377,408 76,309 14,487 1.19
482,250 392,504 76,309 13,437 1.176
* 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: 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.
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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: 9501

Jurisdiction CEO Name: First:Larry Last:Blythe

Site Latitude: Site Longitude:

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If yes, please describe:

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(919)755-9155 (919)621-9356 (919)755-2245 julieg@millsconstructionco.com

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

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

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Org: Address: City: Phone: EMail:

First Name: Fred

Fax: (919)755-2245 Nonprofit: No

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982 1201 982 1201 982 1201 1369

305 345 395 455 435 495 545

100 120 100 120 100 120 140

405 465 495 575 535 615 685

Utilities included in rents:

Proposed number of residential buildings: 6

Maximum number of stories in buildings: 2

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Total Net Sq. Ft. (All Heated Areas): 65,368

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Total Low Income Units:

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2nd Mortgage - NCHFA State Tax Credit Loan Equity - ESIC

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Other Basis Expense 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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3.40 505,589 535,330 0 300,000 6,606,224 535,330 0 0

8.50 505,589 535,330

Total Replacement Cost per unit: 81,852

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Market Study Information

Front Gables or Dormers Other: stone with vinyl shake siding.

Wide Banding or Vertical/Horizontal Siding

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Applicant's Site Evaluation

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2.5 2.5 .05 .05 3.3 0

Hospital Pharmacy Basic Health Care

1.5 .05 2.3 3.3

Convenience Store Public Parks Gas Station Library

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

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Projected Operating Costs

4,000 0 4,000 0 27,000 20,000 0 1,000 4,000 4,000 2,000 0 0

0 16,500 10,000 0 8,500 35,000