The Park at Cline Village

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Print Preview - Final Application

Tax Credits, RPP Loans, and/or Tax Exempt Bond Loans
Resources Requested
Check all that apply: Federal Low Income Housing Tax Credit State Low Income Housing Tax Credit Tax Exempt Bonds Rental Production Program (RPP) Loan Requested RPP Loan Amount: 600,000 RPP Loan Product Requested: Multi-Family Production
https://www.nchfa.org/Rental/RTCApp/(zqiq2y2vxktwlf45n2a0uhf4)/site/PrintApp.aspx?I... 1/14/2005
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Project Name and Location

Project Name: The Park at Cline Village Address: City: Edgewater Road Conover County: CATAWBA Zip: 28613 Block Group:
Census Tract: 0101
Is project in Qualified Census Tract & Difficult to Develop area: No Political Jurisdiction: Jurisdiction Address: Jurisdiction City: Jurisdiction Phone: City of Conover Last: Eckard Title: Mayor P.O. Box 549, 101 First Street East Conover (828)464-1191 Zip: 28613-0549
Jurisdiction CEO Name: First: Bruce
Site Latitude: Site Longitude:
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Project Description
Project Type:* New Construction Rehab 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): Will the project be receiving federal rental assistance? Yes If yes, provide the subsidy source: HUD and number of units: 10
Target Population: Elderly (55) 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 other federal and state requirements) Persons with disabilities or homeless populations: the greater of 5 units or 10% of the total units Remarks: 6 units will be fully accessible, 3 ADA and 3 mobility impaired handicapped. 5 units will be targeted for persons with disabilities or homeless populations. In addition, 1 unit will be provided with special provisions for sight and hearing impaired residents. It will be designed in accordance with the Fair Housing Amendments Act and have the following features: 1)battery back-up powered fire alarm and strobe lights and audio alarm in each room, 2)door bell alarm and strobe lights in each room, 3) telephone/TTY strobe lights next to all phone jacks, and 4) provision for 150 watt lamps in all light fixtures.
Proposed number of residential buildings: 1 Types of Units:* Project Includes:
Maximum number of stories in buildings: 2
Townhouse
Duplex
Garden Apartment
Detached Single-Family
Separate community building - Sq. Ft. (Floor Area): Community space within residential bulding(s) - Sq. Ft. (Floor Area): 3,430 Elevators - Number of Elevators: 1 Square Footage Information Gross Floor Square Footage: 49,390
Total Net Sq. Ft. (All Heated Areas): 44,635
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Applicant Information
Applicant Name: Address: City: Contact: Telephone: Regency Development Associates, Inc. 2700 Wycliff Road, Suite 312 Raleigh First: Nakira (828)859-2250 State: NC Zip: 27607 Last: Carter Title:
Alt Phone:
(919)280-5824
Fax:
(828)859-2270
Email Address:
traci.dusenbury@suntrust.com
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Site Description
Total Site Acreage: 2.1 Total Buildable Acreage: 2.1 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 in a distressed neighborhood? No If yes, does a community revitalization plan exist? 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 is in the East Region and 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: If no: (a) Does the owner/principal or ownership entity have vaild 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: 9/30/2003 (D) Enter Purchase Price: 200,000
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Zoning
Present zoning classification of the site: MX Is mutifamily use permitted? Yes Are variances, special or conditional use permits or any other item requiring a public hearing needed to develop this proposal? Yes If yes, have the hearings been completed and permits been obtained? Yes If yes, specify permit or variance required and date obtained. If no, describe permits/variances required and schedule for obtaining them: A conditional use permit was obtained on April 5, 2002.
Is a public hearing of any kind required in the future for you to fully develop this property? No If yes, describe the nature of the hearing and when you expect the hearing will be held:
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: The Park at Cline Village, LLC Address: City: 2700 Wycliff Road, Suite 312 Raleigh State: NC Zip: 27607 (If assigned) 75-3092791 (If Not Assigned)
Federal Tax ID Number of Ownership Entity: Federal Tax ID Number of Managing GP or Member:
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?
Yes 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:
2003 CDC Manager, LLC Last Name: Hurst Function: Managing Member
First Name: Michael Address: City: Phone: EMail:
2700 Wycliff Road, Suite 312 Raleigh (919)510-9660 mike.hurst@suntrust.com State: NC Zip: 27607
Fax: (919)510-9670 Nonprofit: No TaxID 75-3092791
Org:
Western N.C. Housing Partnership, Inc. Last Name: Price Function: Member
First Name: Jeanne Address: City: Phone: EMail: PO Box 841 Rutherfordton (828)287-2281 jprice@regionc.org
State: NC
Zip: 28139
Fax: (828)287-2735 Nonprofit: Yes TaxID 58-2065033
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Unit Mix
List each applicable unit mix combination in a separate row below. Click [Add] to create another row. Click "X" (at the left of each row) to delete a row. Low Income Units Type Gdn Apt Gdn Apt Gdn Apt Gdn Apt # BRs Net Sq.Ft. 1 1 2 2 630 630 890 890 Total # Units 21 15 9 3 # Units 4 0 2 0 Monthly Rent 365 445 445 534 Electric Utility Allowance 94 94 106 106 Gas Other trash pick-up Mandatory Serv. Fees **Total Housing Exp. 459 539 551 640
Utilites 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.
Utilites included in rents:
Water/Sewer
Electric
Statistics All Units Low Income....... Market Rate....... Totals............... 48 6 19947 48 Gross Monthly Rental Income 19947
Units 6
Notes * ** Paint-to-Paint Square Footage 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 21 15 9 3
Units targeted at 50 targeted at 60 targeted at 50 targeted at 60
% percent of median income. percent of median income. percent of median income. percent of median income.
Total Low Income Units:
48
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 (%) 7.25 1.00 Term (Years) 20 20 Amort. Period (Years) 30 20 Annual Debt Service 42,567
Source Bank Loan RPP Loan Local Gov. Loan - Specify: RD Loan 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 520,000 600,000
676,528
30
30
2,076,259
99,671
3,972,458
* "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. 78 Remarks concerning project funding sources: (Please be sure to include the name of the funding source(s)) Disregard the annual debt service shown above on the RPP; see non-amortized schedule below. Conventional bank debt increased to cover shortage; lower interest rate also. Equity changed due to AFR underwritten at 7.87
Loans with Variable Amortization Please fill in the annual debt service as applicable for the first 20 years of the project life.
RPP Loan
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Year: Amt: Year: Amt:
1 16177 11 17603
2 16562 12 17369
3 16903 13 17047
4 17198 14 16630
5 17441 15 16112
6 17630 16 15487
7 17760 17 14748
8 17827 18 13888
9 17827 19 12899
10 17753 20 11772
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Development Costs
Item Cost Element 1 Purchase of Buildings (Rehab) 2 Demolition 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 12 Architect's Fee - Inspection SUBTOTAL (lines 1 through 12) 13 Construction Insurance (prorate) 14 Construction Loan Orig. Fee (prorate) 15 Construction Loan Interest (prorate) 16 Construction Loan Credit Enhancement (prorate) 17 Construction Period Taxes (prorate) 18 Water, Sewer and Impact Fees 19 Survey 20 Property Appraisal 21 Environmental Report 22 Market Study 23 Bond Costs (specify) 24 Cost of Issuance 25 Placement Fee 26 Permanent Loan Origination Fee 27 Permanent Loan Credit Enhancement 28 Title and Recording SUBTOTAL (lines 13 through 28) 29 Real Estate Attorney 30 Other Attorney's Fees 31 Tax Credit App Fees 32 Cost Certification/Accounting Fees (specify) 33 Tax Opinion 34 Organizational (Partnership) 35 Tax Credit Monitoring Fee SUBTOTAL (lines 29 through 35) 36 Furnishings and Equipment 37 Relocation Expenses 38 Developer's Fee (max 15% lines 2-36, less 8 & 9) 39 40 42 43 Lender's Supervision Bridge Loan Interest 30,000 Other Non-basis Expense (specify) Other Non-basis Expense (specify) SUBTOTAL (lines 36 through 43) 44 Rent up Reserve 485,000 14,400 440,000 0 440,000 0 5,000 235,567 15,000 30,000 18,784 12,000 5,000 1,000 28,800 110,584 15,000 15,000 15,000 18,784 12,000 6,300 4,000 42,390 10,000 4,000 8,000 5,000 2,800 42,390 10,000 4,000 8,000 5,000 136,830 48,347 193,386 79,772 72,000 7,500 2,818,335 8,000 20,405 122,472 85,730 5,600 136,830 48,347 193,386 79,772 72,000 7,500 1,880,500 1,880,500 400,000 300,000 TOTAL COST Eligible Basis 30% PV 70% PV 0
41 Rent-up Expenses
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45 Operating Reserve 46 47 Other Reserve (specify) Other Reserve (specify)
108,572
48 DEVELOPMENT COST (lines 1-47) 49 Less Federal Financing 50 Less Disproportionate Standard 51 Less Nonqualified Nonrecourse Financing 52 Less Historic Tax Credit (residential) 53 TOTAL ELIGIBLE BASIS 54 Times Applicable Fraction 55 TOTAL QUALIFIED BASIS 56 Tax Credit Rate 57 FEDERAL TAX CREDITS at Estimated Rate 57a FEDERAL TAX CREDITS at 8.5% or 3.75% 58 FEDERAL TAX CREDITS REQUESTED 59 STATE TAX CREDITS 60 Land Cost 61 TOTAL REPLACEMENT COST Comments:
3,772,458
3,382,639
0 3,382,639 100.00% 3,382,639 266,213 287,524 287,524 687,423 200,000 3,972,458 0 100% 0 0.00% 0 0 3,382,639 100% 3,382,639 7.87% 266,213 287,524 287,524
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Market Study Information

Please provide a detailed description of the proposed project: The complex will consist of a single two story building with an elevator. There will be 48 units and common space including a covered front porch, a covered gazebo, covered picnic shelter, semiprivate garden plot area, nature trail, playground, fishing pond, reading room, library, crafts, multipurpose room, community sitting/parlour area, on-site management, on-site maintenance, disposals, dishwashers, and supportive services.
Construction (check all that apply): Brick Vinyl Wood HardiPlank Balconies/Patios Sunrooms Front Porches
Front Gables or Dormers Other:
Wide Banding or Vertical/Horizontal Siding
Have you built other tax credit developments that use the same building design as this project? No If yes, please provide name and address:
Site Amenities (check all that apply): Community Bldg - Sq Ft: Laundry Rm Game/Craft Rm Chapel/Prayer Rm Irrigated Lawns Walking Trails Pool Screened Porch Exercise Rm Picnic Area Security Gate Garden Spots Fitness Stations Community Room - Sq Ft: 3,430 Resident Computer Center TV Rm Onsite Leasing Office Car Care Area Basketball/Tennis Court Horseshoe Pit Garages - Number: Exam Rm Beauty Salon Onsite Mgr Storage Units Playground Shuffleboard Reading Rm/Library Vending Rm Onsite Maint. Person Gazebos Ball Field Covered Drive Thru
Onsite Activities: Other amenities include, a nearby fishing pond and the amenities at the adjacent elementary school which can be used by the residents--a playground, basketball court, baseball field, softball field, and soccer field. We will have on-site activities provided by local human service agencies. We already have written commitments from several local agencies for educational and social programs for the seniors at The Park at Cline Village.
Landscaping Plans: The project includes a fully developed landscape plan with an irrigation system featuring shade trees, flowering trees, and evergreen flowering shrubs. There is a heavily landscaped formal garden and sitting area with a children's playground for the residents' grandchildren and a picnic shelter.
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There is also a vegetable garden with tenant garden plots.
Interior Apartment Amenities (check all that apply): Range W/D Hookups Flooring: Carpet Hood Mini-blinds Vinyl Central Air Dishwasher Pantry Wood Gas Heat Disposal Ceiling fans Wood Parquet Heat Pump Refrigerator (frost free) Walk-in closets Other Storage interior/exterior
Ceramic Tile Electric Pump
Heating/Cooling:
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 Physical condition of buildings and improvements. Trend and direction of real estate development relative to the project. Area economic health (degree of decline or investment). The Park at Cline is being built in a brand new neo-traditional neighborhood, called Cline Village, with upscale single-family homes modeled after 1920's architecture priced in the range of $160,000$270,000. There are 220 single-family homes approved for Phase I of the development and 300 single-family homes approved for Phase II. Cline Village was designed by the leading neo-traditional land planners in the country - Andreas Duany & Elizabeth Plater-Zyberk who designed Seaside, FL among many other national award-winning communities. The community will be a walkable community with greenspace and walking trails throughout. All of the residential units will have large front porches to bring back the true neighborhoods of the 1920's. The Lyle Creek Elementary School, directly across the street, opened in 2001 and is a first-class facility. The physical condition of the neigborhoods surrounding Cline Village are well-maintained and stable. This area of Conover's ETJ is an area of investment and is the City of Conover's only expansion area. The City just spent $60,000 for sewer extensions along Cline Creek to serve this basin.It is the largest growing census tract in Catawba County. Therfore, they are concentrating on developing commercial and service-oriented businesses near Cline Village. The City has been actively negotiating with potential shopping center and grocery store developers to build a grocery store, bank, gas/convenience store, and shopping facilities at the new interchange which will be approximately 1 mile from Cline Village. In addition, the City of Conover has worked to secure a three-year contract with the Senior PGA Tour to play at the nearby Rock Barn Country Club--the first tournament will be in 2003. Suitability of surrounding development. Land use pattern is primarily residential with a balance of other uses, including non-competing multifamily and single family units, relevant amenities, shopping and services. The existing Cline Village neighborhood is a planned unit development and the City of Conover has been very involved in the planning process of designing the community. The neighborhood has been planned with a balance of mixed uses--residential and retail/commercial. The community is very unique as it has been designed as a walkable community and features the architecture of the 1920's. The neighborhood has a village green, a large greenspace along Lyle Creek, ponds, and planned retail shops. The City of Conover is planning to construct a fire station there by the end of 2003. The City of Conover is also concentrating all of its expansion efforts on the area surrounding Cline Village af far as commercial and service-oriented growth goes. SITE SUITABILITY Adequacy of street(s) and/or access road(s) serving the proposed project and traffic controls (lights, stop signs, turning lanes). Access to mass transit (if applicable). The street serving the site is more than adequate. The City Planning Dept. worked very closely with the developers of Cline Village to design the road system. In the City's opinion, according to their research and advice from transportation consultants, Edgewater Road and CB Farm Road can support the volume of traffic that will be generated by this elderly community. There are two access points out of the Cline Village community, and there are two additional access points proposed for the west side of the community at Stafford Street and Lee Cline Road and three future connections to adjacent property as growth continues. At the main entrance and exit of the Cline Village community, you can only exit to the right due to the turning lane the City carefully designed, however only 300 ft from this entrance there is another road, called Pony Drive, where residents can exit in either direction. Also, worth noting, NCDOT is constructing a new interchange with I-40 that will provide even better overall access to businesses and services from Cline Village. This new interchange will open in the late summer of 2003. Amount and character of vacant, undeveloped land. Effect of industrial, large-scale institutional or other incompatible uses: 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). There are no incompatible or hazardous uses surrounding this carefully and cleverly designed neotraditional community or 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,
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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. No physical barriers exist on this site. The site is flat and has been cleared.
Similarity of scale and aesthetics/architecture between project and surroundings. The neighborhood has restrictive covenants and very strict design guidelines are in place protecting the aesthetics in this carefully planned community. These guidelines will insure that all development in Cline Village is similar in scale, use, and asethetics. An architectural review board must approve all site plans, designs, and colors.
Concentration of affordable housing (housing credit, project-based rental assistance, public housing). There are no existing affordable housing complexes near our proposed site.
Availability of Supportive Services (if applicable): Catawba County has a strong supportive human service network for persons of low and moderate means. We have already received written commitments from many agencies in this network who intend to work closely with us in developing our complex and providing necessary services to our senior population.
For each applicable neighborhood feature, enter distance from project in miles. 2 7 .2 3 .2 2 2 3 3 2 3 .2 4.4 Grocery Store Mall/Strip Center Outdoor Athletic Fields Day Care/After School Schools 3 4 2 2 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 3.1 Convenience Store Basketball/Tennis Courts Public Parks Gas Station Library Fitness/Nature Trails Public Swimming Pools 1.5 2 7 2 2 4.2
Other facilities or services: A church, fire station, and small scale retail shops are proposed for the Cline Village neighborhood in the very near future. The City of Conover is also negotiating with a grocery store chain and shopping mall developers for development at the new I-40 interchange which will be approximately one mile from Cline Village.
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Development Team
Provide contact information for development team members below: Management Agent Company: Excel Property Management Address: City: Phone 1004 Bullard Court Raleigh (919)878-0522 State: NC Zip: 27615 Email: rblackmon@excelpropertymana Last: Blackmon
Contact Name: First: Rita
Architect Company: Address: City: Phone
Burgess Design Studio PO Box 1194 Davidson (704)895-8110 State: NC Zip: 28036 Email: john@burgessdesignstudio.com Last: Burgess
Contact Name: First: John
Attorney Company: Address: City: Phone
Blanco Tackabery Combs and Matamoros 110 South Stratford Road, Suite 500 Winston-Salem (336)293-9000 State: NC Zip: 27104 Email: dlm@btcmlaw.com Last: Patton
Contact Name: First: Debbie
Investor Company: Address: City: Phone
SunTrust CDC 50 Hurt Plaza, Suite 300 Atlanta (404)588-8775 State: GA Zip: 30303 Email: brian.womble@suntrust.com Last: Womble
Contact Name: First: Brian
Consultant/Application Preparer (if different from developer) Company: Address: City: Phone Contact Name: First: State: Email: Last: Zip:
Identity of Interest? General Contractor Company: Harold K. Jordan & Co, Inc. Address: City: Phone PO Box 1886 Cary (919)303-3652 State: NC Zip: 27512 Email: tcasteo@aol.com Last: Castillo
Contact Name: First: Tony
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Project Team Experience

Development List number low-income/tax credit housing projects and units developed, operated, and maintained in compliance by the principal(s) between December 1, 1996 and January 1, 2003: North Carolina Other States Projects: Units: 37 2,923 74 7,234
Management List number of low-income housing tax credit units managed in the past 10 years: North Carolina Other States Projects: Units: 47 2,794 19 859
Has any owner, principal, or management agent been debarred or received a limited denial participation in the past 10 years by any federal or state agency? No Has any owner, principal, or management agent been involved in a bankruptcy, an adverse fair housing settlement, an adverse civil rights settlement, or an adverse federal or state government proceeding and settlement in the past 10 years? No Has any owner or principal been in a mortgage default or delinquency of three months or more within the last 5 years on a FHA-insured project, a Rural Development funded rental project, a tax-exempt funded mortgage, a tax credit project, or any other publicly subsidized project? No Has any owner or principal been involved within the last 10 years in a project which previously received an allocation of tax credits but failed to meet compliance standards of the tax credit allocation, including return of a reservation of tax credits to the Agency after the carryover agreement has been signed? No Has any owner or principal had a Form 8823 filed with the IRS for noncompliance on a project using low-income housing tax credits or received a letter of non-compliance from the Agency? No
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Financing Commitments
Does the project have a firm commitment for construction financing? Does the project have a letter of intent for private permenant financing? Does the project have a firm commitment for government financing? Does the project have a letter of intent from an investor? Is any portion of the eligible basis of new contruction or rehabilitation financed with federal subsidies other than CDBG funds or funds from the HOME program? If yes, indicate the type and amount below: Tax Exempt Financing: $ RD 515 Financing: Hope VI Financing: Other: $ $ $ No Yes No Yes No
If Other, specify the type of Federal subsidy:
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Projected Operating Costs

Project Operations (Year One) Administrative Expenses Advertising Other Administrative Expense (specify): 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 31,748 21,600 500 500 100 1,200 8,400 10,000 600 600 2,700 200 1,500 600 15,600 200 6,000 1,440 4,500 20,736 20,000 1,800
1,000
4,288 59,964
9,600 6,000
240 3,600 1,008
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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: 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
2,348 9,600 50 690
34,288 3,300 1,500
4,800 12,000 12,000 158,400 120,000 48 2,500
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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): 3,600 239,364
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)
242,964 17,007 225,957
158,400 67,557
58,744
8,813 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 1 225,957 158,400 58,744 8,813 1.15 11 303,668 234,470 60,170 9,028 1.15 2 232,736 164,736 59,129 8,871 1.15 12 312,778 243,849 59,936 8,993 1.15 3 239,718 171,325 59,470 8,923 1.15 13 322,161 253,603 59,614 8,944 1.15 4 246,910 178,178 59,765 8,967 1.15 14 331,826 263,747 59,197 8,882 1.15 5 254,317 185,305 60,008 9,004 1.15 15 341,781 274,297 58,679 8,805 1.15 6 261,947 192,717 60,197 9,033 1.15 16 352,034 285,269 58,054 8,711 1.15 7 269,805 200,426 60,327 9,052 1.15 17 362,595 296,680 57,315 8,600 1.15 8 277,899 208,443 60,394 9,062 1.15 18 373,473 308,547 56,455 8,471 1.15 9 286,236 216,781 60,394 9,061 1.15 19 384,677 320,889 55,466 8,322 1.15 10 294,823 225,452 60,320 9,051 1.15 20 396,217 333,725 54,339 8,153 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. 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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Design Features
ITEM Foundation/Slab Components Primary Windows DESCRIPTION Continuous concrete footings, 4" slab on grade on vapor barrier on compacted porous base Make: Silverline Model: 2900
Type/Construction: vinyl single hung w/insul glass, thermal break Vinyl faced hollow Type: metal, 6 panel Vinyl dutch lap and Type: shake shingle styles Warranty: lifetime Exterior Trim Shingles vinyl and solid synthetic materials Type: composition Warranty: 25 year Sprinkler System Cabinets Heat Pump fully sprinkled, NFPA 13R American cabinets, oak flat panel doors and drawers SEER: 13 Model: varies Air Conditioner SEER: Model: Other Heat Systems SEER: Model: Make: Make: Make: First Company/Trane Weight: 240#
Exterior Doors
Frames: hollow metal
Siding
Grade/Thickness: .044
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Costs - Construction
This is a detailed breakdown of rehabilitation or construction costs you summarized in the Development Costs table (Rehabilitation and Construction of New Building(s)). The total should match those roll-up values. ITEM Concrete Footings Backfill-slab, Crawl Slab-concrete/Rebar/Gravel Waterproofing Masonry Foundation Brick Veneer Steel/Structure/Rails Framing/Lumber/Nails Trusses Crane Rental Windows/Grilles/Screen Exterior Doors Roofing Fencing Vinyl Siding/Trim/Box Gutters/Shutters Insulation Drywall Interior Doors Int. & Final/Stair/Trim/Shelves Cabinets & Tops Painting Marble - Tub/Shwr/Tops Plumbing Electrical Heating/Air Conditioning Floor Covering and Underlayment Wall Paper Mailboxes/Special Features/Signage Gypcrete Blinds/Shades/Art Work Light Fixtures/Fans Sprinkler System Security Alarm Hardwood Floors Elevator Ceramic Tiles Acoustical Ceilings 0 0 0 0 1,800 0 14,000 0 300 0 0 LABOR 7,000 0 34,000 0 0 28,000 22,000 156,000 0 0 0 0 1,200 0 28,000 3,300 0 48,000 0 11,000 4,000 MATERIAL 13,000 0 47,000 500 0 22,000 41,700 92,500 72,000 2,500 17,800 49,000 24,609 0 40,000 1,200 25,000 90,000 21,142 17,000 76,000 50,000 0 183,500 188,000 238,000 30,000 0 13,060 15,789 3,200 0 44,000 0 0 29,000 0 0 TOTAL 20,000 0 81,000 500 0 50,000 63,700 248,500 72,000 2,500 17,800 49,000 25,809 0 68,000 4,500 25,000 138,000 21,142 28,000 80,000 50,000 0 183,500 188,000 238,000 44,000 0 13,360 15,789 5,000 0 44,000 0 0 29,000 0 0
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Mirror/Shower Door/Encls. Hardware/Bath Access. Appliances Playground Equipment Interior Clean Exterior Clean/Dumpster Other 1 (specify in Remarks) Other 2 (specify in Remarks) Total Cost Remarks: 0 0 0 363,100 4,500
2,800 9,830 40,000 11,270 6,000 0 0 0 1,517,400
2,800 14,330 40,000 11,270 6,000 0 0 0 1,880,500
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Costs - General
This is a detailed breakdown of the General Requirements cost element you summarized in the Development Costs table (General Requirements). The total should match that roll-up value. ITEM Supervision Job Site Office/Trailer Rental Impact Fees Office Supplies Security/Watchman Water and Sewer Connection Fees Project Signage Tools and Equipment Gas, Oil, and Maintenance Cleanup/Dumpster Rental Temporary Water, Electric, and Telephone Storage/Hauling Driveway Access Permit Porta-John Rental/Dumping Builders Risk Insurance Re-inspection Fees Extra Plans and Specifications Miscellaneous, Casual Labor Equipment Rental Other 1 (specify in Remarks) Other 2 (specify in Remarks) Total Cost Remarks: Other 1-Travel for home office for inspections Other 2-gazebo TOTAL 37,000 8,000 0 400 0 0 350 400 200 16,960 7,000 4,500 0 3,630 9,800 0 790 25,000 16,000 2,800 4,000 136,830
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Costs - Improvements
This is a detailed breakdown of the Site Improvements cost element you summarized in the Development Costs table (On-site Improvements). The total should match that roll-up value. ITEM Subsurface Exploration/Perk Testing/Site Engineering Clearing/Grading/Final Grading/Excess and Borrow Demolition Earthwork/Excavation/Aerating Soil Treatment Pile Foundations Caissons Shoring/Bracing Site Drainage Site Utilities/Site Lighting Paving and Surfacing/Curb and Gutter Walkways Site Signage Parking Lot Painting Dumpsite Pads/Fencing Fencing/Gates Landscaping/Topsoil Waterproofing/De-Watering Operation of Construction Equipment/Fuel/Oil Crane Rental Rock and Hardpan Excavation Site Supervision Personnel Other (specify in Remarks) Total Cost Remarks: 120,500 0 15,000 1,800 0 0 0 0 155,000 46,000 19,000 5,000 1,700 4,000 0 32,000 0 0 0 0 0 0 400,000 TOTAL
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Costs - Bond Costs

This is a detailed breakdown of the Bond Costs cost element you summarized in the Development Costs table (Bond Costs). The total should match that roll-up value. ITEM Letter of Credit Fee Credit Enhancement Underwriter Discount Capital Interest Fund Other 1 (specify in Remarks) Other 2 (specify in Remarks) Total Cost Remarks: NA 0 TOTAL
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Costs - Bond Issuance

This is a detailed breakdown of the Bond Issuance cost element you summarized in the Development Costs table (Cost of Issuance). The total should match that roll-up value. ITEM Bond Counsel Issuer Counsel Credit Enhancement/LOC Counsel Underwriter Counsel Developer's Counsel Rating Agency Fee Printing Trustee Fee Trustee Counsel Other 1 (specify in Remarks) Other 2 (specify in Remarks) Other 3 (specify in Remarks) Total Cost Remarks: NA 0 TOTAL
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Minimum Set-Asides
MINIMUM REQUIRED SET ASIDES (No Points Awarded): Select one of the following two options: 20% of the qualified units are rent restricted and occupied by households with incomes at or below 50% of the median income (Note: No Tax Credit Eligble Units in the the project can exceed 50% of median income) 40% of the qualified units are rent restricted and occupied by households with incomes at or below 60% of the median income (Note: No Tax Credit Eligble Units in the the project can exceed 60% of median income) If requesting RPP funds: 40% of the qualified unit are occupied by households with incomes at or below 50% of median income.
State Tax Credit and QAP Targeting Points: High Income county: At least twenty-five percent (25%) of qualified units will be affordable to households with incomes at or below thirty percent (30%) of county median income. At least twenty-five percent (25%) of qualified units will be affordable to and occupied by households with incomes at or below thirty percent (30%) of county median income.
At least fifty percent (50%) of qualified units will be affordable to 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 and occupied by households with incomes at or below forty percent (40%) of county median income. 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. 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 mortgage subsidy 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 C Ownership Entity Agreement, Development Agreement or any other agreements governing development services D Management Agent Agreement E Development and manager multi-family experience & Management Questionnaire (Appendix C) F Letters from State Housing Agencies or designated monitoring agent verifying Out of State Management Experience G Completed IRS Form 8821 (Appendix I) H Permitted zoning letter (including conditional and special use) I Site plan, floor plans and elevations
J Hazard and structural inspection and termite reports (Renovation projects only) K Description of any existing conditions of historical significance. L Description of environmental significance. M Anticipated budget demonstrating how the project would meet the 10% test by November 14th. N Evidence of Architect's Errors and Omissions insurance (or equivalent). O Description of acquisition for existing/occupied projects or for projects with occupied buildings to be demolished. P Description of proposed Relocation Plan & Relocation Budget, Etc. If any relocation is anticipated, reference Appendix F. Q Targeting Plan and supporting documentation (Required for projects targeted to Special Populations) R Local Housing Authority Agreement (Reference Model in Appendix I) S Appraisal (for land costs greater than $5,000 and for buildings in rehab projects) T Evidence of Permanent Loan Commitment, other sources of funds, and project-based subsidies. U Statement regarding terms of Deferred Developer Fee and, if nonprofit, resolution of Board approving fee. V Inducement Resolution (Tax-Exempt Bond Financed Projects only) W Documentation to support estimated utility costs.

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Print - APP03-0126

Print Preview - Final Application

Project Name and Location

Census Tract: 0101

Jurisdiction CEO Name: First: Bruce

Site Latitude: Site Longitude:

Proposed number of residential buildings: 1 Types of Units:* Project Includes:

Maximum number of stories in buildings: 2

Total Net Sq. Ft. (All Heated Areas): 44,635

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

First Name: Michael Address: City: Phone: EMail:

Fax: (919)510-9670 Nonprofit: No TaxID 75-3092791

Fax: (828)287-2735 Nonprofit: Yes TaxID 58-2065033

Utilites included in rents:

Utilites included in rents:

Units targeted at 50 targeted at 60 targeted at 50 targeted at 60

Total Low Income Units:

Amount 520,000 600,000

Year: Amt: Year: Amt:

45 Operating Reserve 46 47 Other Reserve (specify) Other Reserve (specify)

Market Study Information

Front Gables or Dormers Other:

Wide Banding or Vertical/Horizontal Siding

There is also a vegetable garden with tenant garden plots.

Ceramic Tile Electric Pump

Applicant's Site Evaluation

Contact Name: First: Rita

Architect Company: Address: City: Phone

Contact Name: First: John

Attorney Company: Address: City: Phone

Contact Name: First: Debbie

Investor Company: Address: City: Phone

Contact Name: First: Brian

Contact Name: First: Tony

Project Team Experience

If Other, specify the type of Federal subsidy:

Projected Operating Costs

240 3,600 1,008

2,348 9,600 50 690

34,288 3,300 1,500

4,800 12,000 12,000 158,400 120,000 48 2,500

Projected Cash Flow Year One

242,964 17,007 225,957

20-Year Cash Flow

Frames: hollow metal

2,800 9,830 40,000 11,270 6,000 0 0 0 1,517,400

2,800 14,330 40,000 11,270 6,000 0 0 0 1,880,500

Costs - Bond Costs

Costs - Bond Issuance

Full Application Checklist

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