Carolina Garden

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Print Preview - Final Application

Tax Credits, RPP Loans, and/or Tax Exempt Bond Loans
Project Name and Location

Project Name: Carolina Garden Apartments Address: City: 2200 Northwoods Kings Mountain County: Gaston Block Group: 1 Zip: 28086
Census Tract: 316
Is project in Qualified Census Tract & Difficult to Develop area? No Does a community revitalization plan exist? No Political Jurisdiction: Jurisdiction Address: Jurisdiction City: Jurisdiction Phone: Kings Mountain Last: Murphrey Title: Mayor PO Box 429 Kings Mountain (704)734-5804 Zip: 28086
Jurisdiction CEO Name: First: Rick
Site Latitude: Site Longitude:
35.2541 -81.3210
https://www.nchfa.org/Rental/RTCApp/(ucvo5y55twfvzyyz1vmv20m5)/site/PrintApp.asp... 1/14/2005
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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 project based federal rental assistance? Yes If yes, provide the subsidy source: HUD and number of units: 50
Target Population: Family 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.) Persons with disabilities or homeless populations: the greater of 5 units or 10% of the total units Remarks:
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Applicant Information
Applicant Name: Address: City: Contact: Telephone: Urquhart Development, LLC 309 N. Bloodworth Street Raleigh First: Thomas (919)829-1801 State: NC Zip: 27601-1101 Last: Urquhart Title: Manager
Alt Phone:
(919)270-0121
Fax:
(919)754-0822
Email Address:
tomu@mindspring.com
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Site Description
Total Site Acreage: 8.285 Total Buildable Acreage: 8.285 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? Yes If yes: (a) Briefly describe the situation: This is an aquistion rehabilatation project. The project consists of 12 residntial buildings and one office, laundry and community building. All tenant have Section 8 Rental Assistance from a projectbased subsidy.
(b) Will tenant displacement be temporary? Yes (c) Will tenant displacement be permanent? No 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:
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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: 5/31/2004 (D) Enter Purchase Price: 1,615,000
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Zoning
Present zoning classification of the site: R-6 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? 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: Carolina Garden, LLP Address: City: 309 N. Bloodworth Street Raleigh State: NC Zip: 27601 (If assigned) 56-2236203 (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: Already 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:
Urquhart Development, LLC Last Name: Urquhart Function: Managing Member
First Name: Thomas Address: City: Phone: EMail:
309 North Bloodworth Street Raleigh (919)829-1801 tomu@minspring.com State: NC Zip: 27601-1107
Fax: (919)754-0822 Nonprofit: No TaxID 56-2236203
Org:
Randy Blackwell, LLC Last Name: Blackwell Function: Member
First Name: Randy Address: City: Phone: EMail:
The Vinning's at Duncan Chapel, 421 Duncan Chapel Road, unit 411 Greenville (864)246-1404 blackwellr@ftc-i.net State: SC Zip: 29617
Org:
R. D. Lee incorporated Last Name: Lee Function: Member
First Name: Dan Address: City: Phone: EMail: PO Box 4406 Greensboro (336)282-6002 uha@bellsouth.net
State: NC
Zip: 27404-4406
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Unit Mix
The Median Income for Gaston county is $64,100. Low Income Units Type Gdn Apt Twn Hse Twn Hse Twn Hse Twn Hse Total # BRs Net Sq.Ft. # Units 1 1 2 3 4 602 615 804 1030 1287 4 3 14 12 17 # Units 0 3 0 0 0 Monthly Rent 455 455 525 615 710 Electric Utility Allowance 75 75 92 115 135 Gas Other Mandatory Serv. Fees **Total Housing Exp. 530 530 617 730 845
Utilites 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.
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.
Water/Sewer
Electric
Statistics All Units Low Income....... Market Rate....... Totals............... 50 3 29985 50 Gross Monthly Rental Income 29985
Units 3
Proposed number of residential buildings: 14 Project Includes:
Maximum number of stories in buildings: 2
Separate community building - Sq. Ft. (Floor Area): 1,978 Community space within residential bulding(s) - Sq. Ft. (Floor Area): Elevators - Number of Elevators: Square Footage Information Gross Floor Square Footage: 56,862
Total Net Sq. Ft. (All Heated Areas): 51,696
Notes
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**
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 3 2 3 4 1 2 3 4 4 6 7 8 3 6 7 9
Units targeted at 50 targeted at 50 targeted at 50 targeted at 50 targeted at 60 targeted at 60 targeted at 60 targeted at 60
% percent of median income. percent of median income. percent of median income. percent of median income. percent of median income. percent of median income. percent of median income. percent of median income.
Total Low Income Units:
50
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 (%) 6.50 Term (Years) 40 Amort. Period (Years) 40 Annual Debt Service 126,950
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 1,807,000
771,529
30
30
1,912,258
3,235
4,494,022
* "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. 79 Remarks concerning project funding sources: (Please be sure to include the name of the funding source(s)) Mortgage loan to be from Highland Mortgage Company with FHA 221(d)(4) mortgage insurance. LIHTC equity anticipated from a syndicator.
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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/Accountying Fees 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 Other Basis Expense (specify) Rent Comparability Study Other Non-basis Expense (specify) Other Non-basis Expense (specify) SUBTOTAL (lines 36 through 43) 44 Rent up Reserve 478,464 15,000 TOTAL COST 1,327,000 0 105,000 1,350,000 0 0 87,300 30,846 123,384 101,792 44,000 23,250 3,192,572 6,000 18,070 92,100 23,491 27,500 0 5,000 1,400 2,350 4,000 0 0 0 36,140 18,070 10,000 244,121 15,000 35,000 22,140 10,000 5,000 1,500 26,250 114,890 25,000 71,400 367,364 0 2,200 12,500 0 0 53,080 0 25,000 71,400 314,284 0 15,000 0 0 0 0 17,500 22,140 10,000 0 0 0 0 0 0 0 0 0 0 6,000 18,070 72,350 0 27,500 0 5,000 1,400 2,350 4,000 Eligible Basis 30% PV 70% PV 1,327,000 0 0 0 0 0 0 0 0 0 0 0 0 105,000 1,350,000 0 0 87,300 30,846 123,384 101,792 44,000 23,250
41 Rent-up Expenses
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45 Operating Reserve 46 47 Other Reserve (specify) Other Reserve (specify)
160,975
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 Applicable Fraction (percentage of LI Units) 55 Basis Before Boost 56 Boost for QCT/DDA (if applicable, enter 130%) 57 TOTAL QUALIFIED BASIS 58 Tax Credit Rate 59 Federal Tax Credits at Estimated Rate 60 Federal Tax Credits at 8.5% or 3.75% 61 Federal Tax Credits Requested 62 Land Cost 63 TOTAL REPLACEMENT COST
4,206,022
1,395,080
2,462,566
0 3,857,646 100.00% 3,857,646 3,857,646 242,082 261,633 0 288,000 4,494,022 1,395,080 100% 1,395,080 100.00% 1,395,080 3.39% 47,293 52,315 2,462,566 100% 2,462,566 100.00% 2,462,566 7.91% 194,788 209,318
Comments: The form does not allow for some items which should be allowed as basis expenditures. A rent comparability study is required for projects with project based Section 8 from HUD.
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Market Study Information

Please provide a detailed description of the proposed project: This is an existing Section 8 property built in 1919 consisting of 50 units. All of the units are townhouses in style and there are 11 residential buildings and one building containing the office , laundry, community and maintenance areas. The buildings consist of two 8-plexes, one 6-plex, one 5-plex, four quadplexes, one triplex and two duplexes.
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
We intend to replace the vinyl sding with hardiplank. Our renovation vision is basically to make the project "as-if-new".
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: 1,928 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: 675 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: We intend to replace the playgrounds and add appropriate fencing and seats to the playgrounds. We intend to replace the current mailboxes with a new mail shelter which will be handicapped accessible and protect the user from rain.
Landscaping Plans: We intend to add landscaping to all of the buildings. We will repair the grass as needed and repair the drainage areas. We will plannt a line of plants along the property line common to the adjacent mobile home park as a screen.
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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? No 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). Concentration of affordable housing. The neighborhood is single family and a mobile home park. there is land east and south of the property which has not been developed. We expect any new development in this area to be residential.
Suitability of surrounding development. Land use pattern is primarily residential (single and multifamily housing) with a balance of other uses (particularly retail and amenities). Amount and character of vacant, undeveloped land. Effect of industrial, large-scale institutional or other incompatible uses: wastewater treatment facilities, high traffic corridors, junkyards, prisions, 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). The project stays full which indicates the property is reasonably well located. The immediate area is single family with a significant component being mobile homes.
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 road servicing Carolina Garden Apartments is adequate and needs no new signage or traffic lights.
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. none
Similarity of scale and aesthetics/architecture between project and surroundings. Carolina Garden apartments is an existing complex which seems to fit in with the neighborhood.
For each applicable neighborhood feature, enter distance from project in miles.
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2.1 2.1 1.4 0.1 1
Grocery Store Mall/Strip Center Outdoor Athletic Fields Day Care/After School Schools
2.5 3.7 2 3.6 3.6
Community/Senior Center Hospital Pharmacy Basic Health Care Medical Offices Bank/Credit Union Restaurants Professional Services Movie Theater
Public Transportation Stop 2.1 1.4 1.9 1.9 1.4 3.0 Convenience Store Basketball/Tennis Courts Public Parks Gas Station Library Fitness/Nature Trails 3.1 Public Swimming Pools 2.5 3.1 2.4 1.1 3
Video Rental Public Safety (Fire/Police) Post Office
Other facilities or services: The is a YMCA located 1.9 miles from the complex. The nearest sit down movie theater is in Shelby more than 10 miles distant, but there is a drive in theate approximately 1.2 miles from the complex.
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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, Suite 106 Raleigh (919)878-0522 State: NC Zip: 27615 Email: Last: Hanson
Contact Name: First: Ann
Architect Company: Address: City: Phone
Ross Deckard Architiects, PA 6131 Falls of the Nuese Raleigh (919)875-0001 State: NC Zip: 27609 Email: Last: McGarhtery
Contact Name: First: Steven
Attorney Company: Address: City: Phone
Blanco, Tackaberry, Combs & Matamoros 110 South Strafford Road, 5th Floor Winston-Salem (336)761-1250 State: NC Zip: 27114 Email: ram@btcmlaw.com Last: Mattamoros
Contact Name: First: Ron
Investor Company: Address: City: Phone
National Equity Fund, Inc. 120 S. Riverside Plaza, 15th Floor Chicago (312)697-6477 State: IL Zip: 60606 Email: JSCHMAHL@NEFINC.ORG Last: Schmahl
Contact Name: First: Jerry
Consultant/Application Preparer (if different from developer) Company: Address: City: Phone Contact Name: First: State: Email: Last: Zip:
Identity of Interest? General Contractor Company: Pro Construction Address: City: Phone 2423 North Marine Blvd Jacksonville (910)455-0647 State: NC Zip: 28548 Email: rjarman@proconstructinc.com Last: Jarman
Contact Name: First: Ray
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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: Management List number of low-income housing tax credit units managed in the past 10 years: North Carolina Other States Projects: Units: 41 1,931 18 853
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 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) Miscellaneous Taxes, Licenses and Permits 45,300 30,850 4,890 400 1,000 300 1,000 1,500 10,500 25,000 1,800 1,200 350 5,500 17,000 600 4,000 2,100 2,400 20,088 25,000 1,200
250
4,088 59,726
5,200 6,300
200 1,000 1,050
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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
9,000 50 1,330 6,854
52,974 1,000 1,500
2,500 17,500 17,500 195,000 144,150 50 2,883
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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): Late Fees, Cleaning and damage payments etc 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) 5,000 5,000 369,820 25,887 343,933 359,820
195,000 148,933
126,950
21,983 1.173
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 1 343,933 195,000 126,950 21,983 1.173 11 462,218 288,647 126,950 46,621 1.367 2 354,251 202,800 126,950 24,501 1.193 12 476,085 300,193 126,950 48,942 1.386 3 364,879 210,912 126,950 27,017 1.213 13 490,368 312,201 126,950 51,217 1.403 4 375,825 219,348 126,950 29,527 1.233 14 505,079 324,689 126,950 53,440 1.421 5 387,100 228,122 126,950 32,028 1.252 15 520,231 337,677 126,950 55,604 1.438 6 398,713 237,247 126,950 34,516 1.272 16 535,838 351,184 126,950 57,704 1.455 7 410,674 246,737 126,950 36,987 1.291 17 551,913 365,231 126,950 59,732 1.471 8 422,994 256,606 126,950 39,438 1.311 18 568,470 379,840 126,950 61,680 1.486 9 435,684 266,870 126,950 41,864 1.33 19 585,524 395,034 126,950 63,540 1.501 10 448,755 277,545 126,950 44,260 1.349 20 603,090 410,835 126,950 65,305 1.514
* 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 Slab on grade with concrete block perimeter
Make: Type/Construction:
Model:
Exterior Doors Siding
Type: Type: Warranty:
Frames: Grade/Thickness:
Exterior Trim Shingles
Type: Warranty:
Weight:
Sprinkler System Cabinets Heat Pump
none
SEER: Model:
Make:
Air Conditioner
SEER: Model:
Make:
Other Heat Systems
SEER: Model:
Make:
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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 LABOR 0 0 0 0 0 2,250 0 0 0 0 0 0 0 0 18,000 0 0 0 0 0 0 0 0 0 0 0 0 0 2,000 0 0 0 0 0 0 0 0 0 MATERIAL 26,500 0 0 0 0 2,250 0 91,000 0 0 95,000 22,500 76,000 8,000 0 10,500 10,500 44,000 38,000 72,500 76,000 76,000 15,000 144,000 131,000 112,500 74,000 0 6,000 0 18,000 0 0 0 0 0 7,500 0 TOTAL 26,500 0 0 0 0 4,500 0 91,000 0 0 95,000 22,500 76,000 8,000 18,000 10,500 10,500 44,000 38,000 72,500 76,000 76,000 15,000 144,000 131,000 112,500 74,000 0 8,000 0 18,000 0 0 0 0 0 7,500 0
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Mirror/Shower Door/Encls. Hardware/Bath Access. Appliances Playground Equipment Interior Clean Exterior Clean/Dumpster Rental Other 1 (specify in Remarks) Other 2 (specify in Remarks) Total Cost Remarks: Other 1 is door hardware
1,000 0 0 0 15,000 12,000 5,000 0 55,250
6,500 9,500 62,000 22,000 0 12,000 26,000 0 1,294,750
7,500 9,500 62,000 22,000 15,000 24,000 31,000 0 1,350,000
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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 Office Supplies Security/Watchman Project Signage Tools and Equipment Gas, Oil, and Maintenance 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 is for out-of-town expenses TOTAL 36,000 2,000 600 800 400 500 2,500 2,000 2,000 0 1,200 14,000 1,200 0 4,000 2,000 18,100 0 87,300
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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 Dumpster Pads/Fencing Fencing/Gates Landscaping/Topsoil Rock and Hardpan Excavation Site Supervision Personnel Other (specify in Remarks) Total Cost Remarks: 7,500 12,000 2,500 1,500 6,000 9,000 22,000 0 16,500 0 105,000 TOTAL 0 2,500 0 15,000 4,000 0 0 0 6,500
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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: 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 Issuer's Fee Other 1 (specify in Remarks) Other 2 (specify in Remarks) Other 3 (specify in Remarks) Total Cost Remarks: 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: 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 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 Letters from Local Utility Providers (original on letterhead, no fax or photocopies) I Local Government Letter or Letter from Certified Engineer or Land Surveyor Confirming Floodplain Designation with Map showing 100 year and 500 year floodplain (original on letterhead, no fax or photocopies)
J Local Government Letter Confirming Zoning (original on letterhead, no fax or photocopies) K Copy of certificate of occupancy or proof of placed-in-service date (Rehabs Only) L Site plan, floor plans and elevations M Hazard and structural inspection and termite reports (Renovation projects only) N Anticipated budget demonstrating how the project would meet the 10% test by November 14th. O Evidence of Architect's Errors and Omissions insurance (or equivalent). P Description of acquisition for existing/occupied projects or for projects with occupied buildings to be demolished. Q Description of proposed Relocation Plan & Relocation Budget, Etc. If any relocation is anticipated, reference Appendix F. R Targeting Plan and supporting documentation (Required for all projects) S Local Housing Authority Agreement (Reference Model in Appendix I) T Appraisal (for land costs greater than $5,000 and for buildings in rehab projects) U Evidence of Permanent Loan Commitment, other sources of funds, and project-based subsidies. V Statement regarding terms of Deferred Developer Fee and, if nonprofit, resolution of Board approving fee. W Inducement Resolution (Tax-Exempt Bond Financed Projects only) X Documentation to support estimated utility costs.

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Print Preview - Final Application

Project Name and Location

Census Tract: 316

Jurisdiction CEO Name: First: Rick

Site Latitude: Site Longitude:

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

Urquhart Development, LLC Last Name: Urquhart Function: Managing Member

First Name: Thomas Address: City: Phone: EMail:

Fax: (919)754-0822 Nonprofit: No TaxID 56-2236203

Randy Blackwell, LLC Last Name: Blackwell Function: Member

First Name: Randy Address: City: Phone: EMail:

Fax: (864)246-1404 Nonprofit: No TaxID 00-0000000

R. D. Lee incorporated Last Name: Lee Function: Member

Fax: (336)282-6002 Nonprofit: No TaxID 56-0919442

Utilites included in rents:

Utilites included in rents:

Utilites included in rents:

Proposed number of residential buildings: 14 Project Includes:

Maximum number of stories in buildings: 2

Total Net Sq. Ft. (All Heated Areas): 51,696

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

Total Low Income Units:

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

Ceramic Tile Electric Pump

Applicant's Site Evaluation

2.1 2.1 1.4 0.1 1

2.5 3.7 2 3.6 3.6

Video Rental Public Safety (Fire/Police) Post Office

Contact Name: First: Ann

Architect Company: Address: City: Phone

Contact Name: First: Steven

Attorney Company: Address: City: Phone

Contact Name: First: Ron

Investor Company: Address: City: Phone

Contact Name: First: Jerry

Contact Name: First: Ray

Project Team Experience

If Other, specify the type of Federal subsidy:

Projected Operating Costs

200 1,000 1,050

9,000 50 1,330 6,854

52,974 1,000 1,500

2,500 17,500 17,500 195,000 144,150 50 2,883

Projected Cash Flow Year One

20-Year Cash Flow

Exterior Doors Siding

Type: Type: Warranty:

Exterior Trim Shingles

Sprinkler System Cabinets Heat Pump

Other Heat Systems

1,000 0 0 0 15,000 12,000 5,000 0 55,250

6,500 9,500 62,000 22,000 0 12,000 26,000 0 1,294,750

7,500 9,500 62,000 22,000 15,000 24,000 31,000 0 1,350,000

Costs - Bond Costs

Costs - Bond Issuance

Full Application Checklist

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