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Tax Credits, RPP Loans, and/or Tax Exempt Bond Loans

Project Description
Project Name: Fairview Pointe 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 Address: Jurisdiction City: Jurisdiction Phone: Town of Lillington Last: McFadden Title: Mayor 106 West Front Street Lillington (910)893-2654 Zip: 27546

Jurisdiction CEO Name: First: Glenn

Site Latitude: Site Longitude:

35.399 -78.816

Project Type: New Construction 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: Is this project a previously awarded tax credit development? If yes, what year were credits awarded?: 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 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: 3 Persons with disabilities or homeless populations: the greater of 5 units or 10% of the total units. Number of Units: 5 Remarks:

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: United Equities VI Post Office Box 6171 Raleigh First: Cathy (919)755-9155 (919)621-9372 (919)755-1618 cathy@millsconstructionco.com State: NC Zip: 27628-6171 Last: Connors Title: Dir. of Dev.

NOTE: Email Address above will be used for communication between NCHFA and Applicant.

Site Description
Total Site Acreage: 5.0 Total Buildable Acreage: 5.0 If buildable acreage is less than total acreage, please explain:

Identify utilities and services currently available (and with adequate capacity) for this site: Storm Sewer Water Sanitary Sewer Electric

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

Are existing buildings on the site currently occupied? 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:

(b) Describe flood mitigation if the project will have improvements within the 100 year floodplain:

Site Control
Does the owner have fee simple ownership of the property (site/buildings)? No If yes provide: Purchase Date: If no: (a) Does the owner/principal or ownership entity have 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:

Purchase Price:

(c) Enter the current expiration date of the option/contract to purchase: 10/31/2007 (D) Enter Purchase Price: 200,000

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:

Ownership Entity
Owner Name: Fairview Pointe Apartments, LLC Address: City: 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? Is the applicant requesting that the Agency treat the application as CHDO sponsored?

No No

List all general partners, members,and principals. Specify nonprofit corporate general partners or members. Click [Add] to add additional partners, members, and principals.

Org:

Fairview Pointe Apartments, LLC Last Name: Mills Function: Managing Member

First Name: Fred Address: City: Phone: EMail: Post Office Box 6171 Raleigh (919)755-9155

State: NC

Zip: 27628-6171

Fax: (919)755-1618 Nonprofit: No

FGM@millsconstructionco.com

Org:

Fairview Pointe Apartments, LLC Last Name: LeGrand Function: Member

First Name: Stuart Address: City: Phone: EMail: Post Office Box 727 Shelby (704)418-0138 slegrand@hughes.net

State: NC Fax: (704)482-4743 Nonprofit: No

Zip: 28151

Unit Mix
The Median Income for Harnett county is $48,700. Low Income Units Type Gdn Apt Gdn Apt Gdn Apt Gdn Apt Gdn Apt Gdn Apt # BRs Net Sq.Ft. 2 3 2 3 2 3 966 1174 966 1174 966 1174 Total # Units 8 5 8 5 18 6 # Units 1 1 1 1 2 0 Monthly Rent 290 350 400 475 500 575 Electric Utility Allowance 134 142 134 142 134 142 Gas Mandatory Serv. Fees 0 0 0 0 0 0 Other Trash Pick-up **Total Housing Exp. 424 492 534 617 634 717

Utilities included in rents:

Water/Sewer

Employee Units (will add to Low Income Unit total) Type # BRs Net Sq.Ft. Total # Units # Units Monthly Rent Electric Utility Allowance Gas Other Mandatory Serv. Fees **Total Housing Exp.

Utilities included in rents:

Water/Sewer

Market Rate Units Type # BRs Net Sq.Ft. Total # Units # Units Monthly Rent Utility Allowance Gas Other Mandatory Serv. Fees **Total Housing Exp.

Utilities included in rents:

Water/Sewer

Electric

Statistics All Units Low Income....... Market Rate....... Totals............... 50 6 22095 50 Gross Monthly Rental Income 22095

Units 6

Proposed number of residential buildings: 7 Project Includes:

Maximum number of stories in buildings: 2

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: 57,787

Total Net Sq. Ft. (All Heated Areas): 53,360

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.

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 2 3 8 5 8 5 18 6

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

Total Low Income Units:

50

Note: This number should match the total number of low income units in the Unit Mix section.

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

1,000,000

2.00

20

20

962,378

30

30

3,320,436

5,282,814

* "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. 85 Remarks concerning project funding sources: (Please be sure to include the name of the funding source(s)) NCHFA - RPP loan NCHFA - State Tax Credit Loan ESIC - Equity

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 43000 11 34000 2 43000 12 33000 3 42000 13 31000 4 42000 14 29000 5 41000 15 27000 6 40000 16 25000 7 39000 17 23000 8 38000 18 20000 9 37000 19 18000 10 36000 20 15000

Development Costs
Item Cost Element 1 Purchase of Building(s) (Rehab / Adaptive Reuse only) 2 Demolition (Rehab / Adaptive Reuse only) 3 On-site Improvements 4 Rehabilitation 5 Construction of New Building(s) 6 Accessory Building(s) 7 General Requirements 8 Contractor Overhead 9 Contractor Profit 10 Construction Contingency 11 Architect's Fee - Design (11 + 12 = max 3% lines 2-10) 12 Architect's Fee - Inspection 13 Engineering Costs SUBTOTAL (lines 1 through 13) 14 Construction Insurance (prorate) 15 Construction Loan Orig. Fee (prorate) 16 Construction Loan Interest (prorate) 17 Construction Loan Credit Enhancement (prorate) 18 Construction Period Taxes (prorate) 19 Water, Sewer and Impact Fees 20 Survey 21 Property Appraisal 22 Environmental Report 23 Market Study 24 Bond Costs 25 Bond Issuance Costs 26 Placement Fee 27 Permanent Loan Origination Fee 28 Permanent Loan Credit Enhancement 29 Title and Recording SUBTOTAL (lines 14 through 29) 30 Real Estate Attorney 31 Other Attorney's Fees 32 Tax Credit Application Fees (Preliminary and Full) 33 Tax Credit Allocation Fee (0.58% of line 59, minimum $7,500) 34 Cost Certification / Accounting Fees 35 Tax Opinion 36 Organizational (Partnership) 37 Tax Credit Monitoring Fee SUBTOTAL (lines 30 through 37) 38 Furnishings and Equipment 39 Relocation Expense 40 Developer's Fee 41 42 44 45 Other Basis Expense (specify) Energy Star Testing Other Basis Expense (specify) 8,000 Other Non-basis Expense (specify) Other Non-basis Expense (specify) 525,000 15,000 525,000 15,000 5,000 380,298 13,500 5,000 2,200 27,909 9,000 5,000 10,000 32,500 105,109 10,000 10,000 9,000 13,500 5,000 7,500 197,794 10,000 6,000 8,000 4,200 7,500 197,794 10,000 6,000 8,000 4,200 195,348 69,023 207,069 111,817 58,500 6,500 20,000 3,904,057 15,000 11,550 115,254 15,000 11,550 70,291 195,348 69,023 207,069 111,817 58,500 6,500 20,000 2,935,800 2,935,800 300,000 300,000 TOTAL COST Eligible Basis 30% PV 70% PV

43 Rent-up Expense

SUBTOTAL (lines 38 through 45) 46 Rent up Reserve 47 Operating Reserve 48 49 Other Reserve (specify) Other Reserve (specify)

558,000 15,000 120,350

50 DEVELOPMENT COST (lines 1-49) 51 Less Federal Financing 52 Less Disproportionate Standard 53 Less Nonqualified Nonrecourse Financing 54 Less Historic Tax Credit (residential) 55 TOTAL ELIGIBLE BASIS 56 Applicable Fraction (percentage of LI Units) 57 Basis Before Boost 58 Boost for QCT/DDA (if applicable, enter 130%) 59 TOTAL QUALIFIED BASIS 60 Tax Credit Rate 61 Federal Tax Credits at Estimated Rate 62 Federal Tax Credits at 8.5% or 3.75% Max Federal Tax Credits (With Energy Star - Lesser of $8,500 per unit or 63 $800,000, w/o - Lesser of $8,000 per unit or $800,000) 64 Federal Tax Credits Requested 65 Land Cost 66 TOTAL REPLACEMENT COST FEDERAL TAX CREDITS IF AWARDED Comments:

5,082,814

4,811,892

0 4,811,892 100.00% 4,811,892 4,811,892 387,357 409,010 425,000 387,357 200,000 5,282,814 409,010 387,357 0 100% 0 100.00% 0 3.45 0 0 4,811,892 100% 4,811,892 100.00% 4,811,892 8.05 387,357 409,010

Total Replacement Cost per unit: Federal Tax Credits (line 62) per unit:

94,993 8,180

Market Study Information

Please provide a detailed description of the proposed project: The proposed project is a 50 unit family project comprised of a mixture of 34 2-BR units and 16 3BR units spread throughout six (6) two-story buildings and a single-story community/office building. The project will provide six (6) fully accessible units, including three (3) with roll-in showers. We believe the site is in a fantastic location across the street from the very new Lillington-Shawtown Elementary School.

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? No If yes, please provide name and address:

Site Amenities: Site amenities will include a playground, resident computer center, covered picnic area with tables and grills, sitting areas, a gazebo and a tot lot.

Onsite Activities: Residents will have access to a community room to host meetings, classes, birthday parties, etc. The residents will also be able to enjoy a computer center for research, homework or just surfing the World Wide Web.

Landscaping Plans: Fairview Pointe Apartments will be attractively landscaped with plants and trees native to the area, such as pines, dogwoods and azaleas. 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, linen closet in bathroom, mini-blinds and ceiling fan.

Do you plan to submit additional market data (market study, etc.) that you want considered? No If yes, please make sure to include the additional information in your pre-application packet.

Applicant's Site Evaluation

Briefly describe your site in each of the following categories: NEIGHBORHOOD CHARACTERISTICS Trend and direction of real estate development and area economic health. Physical condition of buildings and improvements. Concentration of affordable housing. The direction of real estate around the site is on an upward trend. The site is adjacent to existing well-maintained single family home and multi-family homes, and across the street from the new Shawtown-Lillington Elementary School. A new single family subdivsion is planned across Old West Road from the site, and another single family subdivision is under construction .3 miles from the site on Old Highway 421.

SURROUNDING LAND USES AND AMENITIES Suitability of surrounding development. Land use pattern is residential in character (single and multifamily housing) with a balance of other uses (particularly retail and amenities). Effect of industrial, large-scale institutional or other incompatible uses, including but not limited to: wastewater treatment facilities, high traffic corridors, junkyards, prisons, landfills, large swamps, distribution facilities, frequently used railroad tracks, power transmission lines and towers, factories or similar operations, sources of excessive noise, and sites with environmental concerns (such as odors or pollution). Amount and character of vacant, undeveloped land. The surrounding land uses include multi-family units, single family homes and raw land, as well as a church and new elementary school nearby. As a result of the existing land uses, the project is wellsuited for the area. The site is well located with amenities such as a grocery store, community senior center, pharmacy, basic health care, medical offices, schools, banks, convenience store, restaurants, video rental store, public library and post office all being located within 1.5 miles. The project will be developed on a 5.0 acre site that will be subdivided from a 27 acre tract. We are considering an elderly project on another approximately 5 acres in the future. On the remaining 17 acres, the owners plan to build and sell patio homes to 55+ homeowners. The only negative feature near this site is a vacant house that faces West Old Road. The vacant house is not adjacent to the property we propose to develop, but is in the area. The vacant house is part of the 27 acre tract and will be demolished by the property owners. SITE SUITABILITY Adequate traffic controls (stop lights, speed limits, turn lanes, etc.). Burden on public facilities (particularly roads). Access to mass transit (if applicable). Visibility of buildings and/or location of project sign(s) in relation to traffic corridors. We anticipate the entrance to the project to be located off of Old West Road. We do not anticipate the project to cause any burden on the road and believe it is adequate to support the project. The Town of Lillington recently installed a new 8" sewer line at the front of our property which will allow sustantial capacity for the project. The project will be visible to traffic on West Old Road which will enhance the marketing efforts of the 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 projects- suitability for residential use and difficulties posed by the building(s), such as limited parking, environmental problems or the need for excessive demolition). There are no on-site negative features.

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 1.2 11.0 .54 1.3 1.2 Community/Senior Center Hospital Pharmacy Basic Health Care Medical Offices Bank/Credit Union Restaurants Professional Services Movie Theater Video Rental Public Safety (Fire/Police) Post Office

Public Transportation Stop .78 .39 2.0 2.0 .7 1.49 6.53 Convenience Store Basketball/Tennis Courts Public Parks Gas Station Library Fitness/Nature Trails Public Swimming Pools .71 1.1 19.0 1.1 1.1 1.2

Other facilities or services: HARTS of Harnett County provides Dial-A-Ride, a pay as you go transportation service for all Harnett County residents. There is a swim club that residents can join located in Lillington, but there are no public swimming facilities in all of Harnett County.

Development Team
Provide contact information for development team members below: Management Agent Company: United Property Management, LLC Address: City: Phone Post Office Box 6171 Raleigh (919)755-9155 State: NC Zip: 27628-6171 Email: cathy@millsconstructionco.com Last: Connors

Contact Name: First: Cathy

Architect Company: Address: City: Phone

Jones Architecture 5306 Six Forks Road, Suite 221 Raleigh (919)510-8186 State: NC Zip: 27609 Email: wayne@wjonesarchitecture.com Last: Jones

Contact Name: First: Wayne

Attorney Company: Address: City: Phone

The Pryzwansky Law Firm 5 West Hargett Street, Suite 910 Raleigh (919)828-8668 State: NC Zip: 27601 Email: david@pryzlaw.com Last: Pryzwansky

Contact Name: First: David

Investor Company: Address: City: Phone

Enterprise Social Investment Corporation 10227 Wincopin Circle, Suite 810 Columbia (410)964-0552 State: MD Zip: 21044 Email: ssmith@enterprisecommunity.c Last: Smith

Contact Name: First: Steve

Consultant/Application Preparer (if different from developer) Company: Address: City: Phone Contact Name: First: State: Email: Last: Zip:

Identity of Interest? General Contractor Company: Mills Construction Co., Inc. Address: City: Phone Post Office Box 6171 Raleigh (919)755-9155 State: NC Zip: 27628-6171 Email: fmillsjr@millsconstructionco.com Last: Mills, Jr.

Contact Name: First: Fred

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): SUBTOTAL Utilities Expense Fuel Oil Electricity (Light and Misc. Power) Water Gas Sewer SUBTOTAL Operating and Maintenance Expenses Janitor and Cleaning Payroll Janitor and Cleaning Supplies Janitor and Cleaning Contract Exterminating Payroll/Contract Exterminating Supplies Garbage and Trash Removal Security Payroll/Contract Grounds Payroll Grounds Supplies Grounds Contract Repairs Payroll Repairs Material Repairs Contract Elevator Maintenance/Contract Heating/Cooling Repairs and Maintenance Swimming Pool Maintenance/Contract Snow Removal Decorating Payroll/Contract Decorating Supplies Other (specify): Miscellaneous Operating & Maintenance Expenses SUBTOTAL Taxes and Insurance Real Estate Taxes Payroll Taxes (FICA) 43,700 28,000 4,000 6,000 2,000 2,000 19,500 3,500 3,500 1,200 3,000 8,500 25,500 1,500 1,500 66,000 1,000 4,000 4,000 2,000 22,500 25,000 5,000

2,500

8,500 8,500

Miscellaneous Taxes, Licenses and Permits Property and Liability Insurance (Hazard) Fidelity Bond Insurance Workmen's Compensation Health Insurance and Other Employee Benefits Other Insurance: Unemployment - State & Federal SUBTOTAL Supportive Service Expenses Service Coordinator Service Supplies Tenant Association Funds Other Expenses (specify): SUBTOTAL Reserves Replacement Reserves SUBTOTAL TOTAL OPERATING EXPENSES ADJUSTED TOTAL OPERATING EXPENSES (Does not include taxes, reserves and resident support services) * TOTAL UNITS (from total units in the Unit Mix section) PER UNIT PER YEAR 0 12,500 12,500 197,700 157,200 50 3,144 150 5,000 350 50,000 12,500

Projected Cash Flow Year One

OPERATING INCOME Gross rental income (from Unit Mix - Total Monthly Rent) Stores and Commercial Laundry and Vending Other (specify): 1,000 265,140

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)

266,140 18,629 247,511

197,700 49,811

43,000

6,811 1.158

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 1 247,511 197,700 43,000 6,811 1.158 11 332,633 292,642 34,000 5,991 1.176 2 254,936 205,608 43,000 6,328 1.147 12 342,612 304,348 33,000 5,264 1.16 3 262,584 213,832 42,000 6,752 1.161 13 352,890 316,522 31,000 5,368 1.173 4 270,462 222,385 42,000 6,077 1.145 14 363,477 329,183 29,000 5,294 1.183 5 278,576 231,280 41,000 6,296 1.154 15 374,381 342,350 27,000 5,031 1.186 6 286,933 240,531 40,000 6,402 1.16 16 385,612 356,044 25,000 4,568 1.183 7 295,541 250,152 39,000 6,389 1.164 17 397,180 370,286 23,000 3,894 1.169 8 304,407 260,158 38,000 6,249 1.164 18 409,095 385,097 20,000 3,998 1.2 9 313,539 270,564 37,000 5,975 1.161 19 421,368 400,501 18,000 2,867 1.159 10 322,945 281,387 36,000 5,558 1.154 20 434,009 416,521 15,000 2,488 1.166

* Net Rental Income escalated at annual rate of 3% and expenses escalated at a rate of 4% after the first year.

Calculations:
1. "Net Rental/Other Income" comes from 1st-year cash flow, then it is escalated by 3% per year. 2. "Total Operating Expenses" comes from 1st-year cash flow, then it is escalated by 4% per year. 3. "Debt Service" is the sum of "regular/amortized loan debt service + non-amortizing annual service" as entered by user from Funding Sources section. 4. "Net Cash Flow" is "Net Rental/Other Income" minus "Total Operating Expenses" minus "Debt Service". 5. "Debt Coverage Ratio" is ("Net Rental/Other Income" minus "Total Operating Expenses") divided by "Debt Service".

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.

Full Application Checklist

PLEASE indicate which of the following exhibits are attached to your application. Others may be required as noted. A Nonprofit Organization Documentation or For-profit Corporation Documentation B Current Financial Statements/Principals and Owners (signed copies) C Ownership Entity Agreement, Development Agreement or any other agreements governing development services D Management Agent Agreement E Owner and Management Experience & Management Questionnaire (Appendix C) F Letters from State Housing Agencies or designated monitoring agent verifying out of state experience G Completed IRS Form 8821 (Appendix I) H Local Government Letter or Letter from Certified Engineer or Land Surveyor Confirming Floodplain Designation with Map showing all flood zones (original on letterhead, no fax or photocopies) I Local Government Letter Confirming Zoning including any pending notices or hearings (original on letterhead, no fax or photocopies) J Letters from Local Utility Providers regarding availability and capacity (original on letterhead, no fax or photocopies) K Documentation from utility company or local PHA to support estimated utility costs L Appraisal (required for land costs greater than $15,000 and for all Adaptive Re-use and Rehab projects) M Site plan, floor plans and elevations for all projects. Scope of work for Adaptive Re-use and Rehab projects. (Full Size, 24 x 36 inches) N Hazard and structural inspection and termite reports (Adaptive Re-use and Rehab projects only) O Copy of certificate of occupancy or proof of placed-in-service date (Rehabs Only) P Proposed Relocation Plan including relocation budget and copies of notices. Required for all Rehabs and any projects involving existing occupants of any dwellings to be rehabbed or demolished. Q Evidence of Permanent Loan Commitment and other sources of funds ( i.e. Equity letter, AHP, RD and local government funds). For Rehabs with existing loans provide 1) copies of loan documents, 2) current loan balances from existing lenders with reserve balances, 3) letter from lender that outlines assumption requirements. R Local Housing Authority Agreement and Project Based Rental Assistance Letter, if applicable (Sample letters provided in Appendix I). For projects with existing PBRA contracts, provide a copy of the current contract and bank statement or other documentation verifying reserve balances and annual reserve contribution requirements. S Statement regarding terms of Deferred Developer Fee. If a nonprofit is involved, a resolution from their board approving deferral of fee is required. T Inducement Resolution (Tax-Exempt Bond Financed Projects only)