Sandy Ridge App

Print - APP08-0087
Print Preview - Final Application

Tax Credits, RPP Loans, and/or Tax Exempt Bond Loans
Project Description
Project Name: Sandy Ridge Apartments Address: City: 46 N. Selma Road Wendell County: Wake Zip: 27591
Census Tract: 544.01 Block Group: 3025 Is project in Qualified Census Tract or Difficult to Develop Area? No Political Jurisdiction: Jurisdiction CEO Name: Jurisdiction Address: Jurisdiction City: Jurisdiction Phone: Town of Wendell First: Harold Last: Broadwell 15 East Fourth Street Wendell Zip: 27591 Title: Mayor
(919)365-4445
Site Latitude: Site Longitude:
35.7818 -78.3623
Project Type: New Construction Is this project a previously awarded tax credit development? No If yes, what is the project number: Is this a request for supplemental credits? New Construction/Adaptive Reuse: Is this project a follow-on (Phase II, etc) to a previously-awarded tax credit development project? No If yes, list names of previous phase(s): Rehab: Number of residents holding Section 8 vouchers:
Will the project meet Energy Star standards as defined in Appendix B? Yes Does a community revitalization plan exist? No Will the project use steel and concrete construction and have at least 4 stories? No Will the project include a Community Service Facility under IRS Revenue Ruling 2003-77? No
https://www.nchfa.org/Rental/RTCApp/(S(3efksd55h...3E50865B93&SNID=0A69E131A7B248468802353E2088E44B (1 of 29)9/17/2008 10:09:14 AM
Print - APP08-0087
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: 6 Persons with disabilities or homeless populations: 10% of the total units.
Number of Units: 5 Remarks:
Print - APP08-0087
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: Evergreen Construction Company 7706 Six Forks Road, Suite 202 Raleigh State: NC Zip: 27615 First: Tim Last:Morgan Title:Vice President
(919)848-2041 (919)630-3383 (919)848-0455 tim@spectrum-evergreen.com
NOTE: Email Address above will be used for communication between NCHFA and Applicant.
Print - APP08-0087
Site Description
Total Site Acreage: 4.58 Total Buildable Acreage: 4.58
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:
Print - APP08-0087
(b) Describe flood mitigation if the project will have improvements within the 100 year floodplain:
Print - APP08-0087
Site Control
Does the owner have fee simple ownership of the property (site/buildings)?No If yes provide: Purchase Date: Purchase Price:
If no: (a) Does the owner/principal or ownership entity have valid option/contract to purchase the property?Yes (b) Does an identity of interest (direct or indirect) exist between the owner/principal or ownership entity with the option/contract for purchase of the property and the seller of the property?Yes If yes, specify the relationship: The property is owned by Lucius S. Jones. His son, Lucius S. (Sandy) Jones Jr. will be an active participant in the development of the project and will receive a portion of the developer fee for his services.
(c) Enter the current expiration date of the option/contract to purchase: 10/31/2008 (D) Enter Purchase Price: 458,000
Print - APP08-0087
Zoning
Present zoning classification of the site:R-10 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?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 special use permit is required and was granted at the public hearing date on November 12, 2007. However, local opposition made the town aware that they failed to properly notify the public of the hearing date (they fax the advertisement to the newspaper but somehow the newspaper didn't see the fax). Subsequently the town informed us in writing that they were voiding the permit and would require us to go through another public hearing, which has been set for February 11, 2008. The special use was granted.
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:
Print - APP08-0087
Ownership Entity
Owner Name: Address: City: Sandy Ridge Housing Associates, LLC 7706 Six Forks Road, Suite 202 Raleigh State:NC Zip: 27615 (If assigned)
Federal Tax ID Number of Ownership Entity: Note: Do not submit social security numbers for individuals.
Entity Type: Limited Liability Company Entity Status: To Be Formed Is the applicant requesting that the Agency treat the application as Non-Profit sponsored? No Is the applicant requesting that the Agency treat the application as CHDO sponsored? No List all general partners, members,and principals. Specify nonprofit corporate general partners or members. Click [Add] to add additional partners, members, and principals.
Org: Address: City: Phone: EMail:
Sandy Ridge Housing Associates, LLC Last Name: Gardner State: NC Function: Managing Member Zip: 27615 7706 Six Forks Road, Suite 202 Raleigh
First Name: Lyle
(919)848-2041 lyledgardner@aol.com
Fax: (919)848-0455 Nonprofit: No
Sandy Ridge Housing Associates, LLC Last Name: Morgan State: NC Fax: (919)848-0455 Nonprofit: No Function: Member Zip: 27615 7706 Six Forks Road, Suite 202 Raleigh
First Name: Timothy
(919)848-2041 tim@spectrum-evergreen.com
Sandy Ridge Housing Associates, LLC Last Name: Jones, Jr. State: NC Fax: (919)365-3070 Nonprofit: No Function: Member Zip: 27591 426 Old Wilson Road Wendell
First Name: Lucius
(919)365-7196 jj0410@earthlink.net
Print - APP08-0087
Unit Mix
The Median Income for Wake county is $74,900. Low Income Units Type # BRs Net Sq.Ft. Total # Units # Units Monthly Rent Utility Allowance Mandatory Serv. Fees **Total Housing Exp.
Gdn Apt 1 Gdn Apt 2 Twn Hse 2 Gdn Apt 3 Twn Hse 3 Gdn Apt 1 Twn Hse 2 Twn Hse 3 Gdn Apt 1 Twn Hse 2 Twn Hse 3
768 929 1065 1203 1462 768 1065 1462 768 1065 1462
2 2 3 2 3 1 7 5 1 11 8
2 2 0 2 0 0 0 0 0 0 0
300 350 350 400 400 485 535 585 585 635 685
Electric
113 147 147 174 174 113 147 174 113 147 174
Gas
0 0 0 0 0 0 0 0 0 0 0
Other Trash
413 497 497 574 574 598 682 759 698 782 859
Utilities included in rents:
Water/Sewer
Employee Units (will add to Low Income Unit total) Total # Monthly Utility Mandatory **Total Type # BRs Net Sq.Ft. # Units Units Rent Allowance Serv. Fees Housing Exp. Utilities included in rents: Water/Sewer Electric Gas Other
Market Rate Units Total # Monthly Utility Mandatory **Total Type # BRs Net Sq.Ft. # Units Units Rent Allowance Serv. Fees Housing Exp. Utilities included in rents: Water/Sewer Electric Gas Other
Statistics
Print - APP08-0087
All Units Low Income....... Market Rate....... Totals...............
Units
Gross Monthly Rental Income
45
24555
45
24555
Proposed number of residential buildings: 8 Project Includes:
Maximum number of stories in buildings: 2
Separate community building - Sq. Ft. (Floor Area): 1,003 Community space within residential bulding(s) - Sq. Ft. (Floor Area):
Elevators - Number of Elevators: Square Footage Information Gross Floor Square Footage:
57,542
Total Net Sq. Ft. (All Heated Areas): 53,994
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.
Print - APP08-0087
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 2 3 1 2 3 1 2 3
Units
% targeted at 30 targeted at 30 targeted at 30 targeted at 50 targeted at 50 targeted at 50 targeted at 60 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 percent of median income affordable to percent of median income affordable to percent of median income affordable to
2 5 5 1 7 5 1 11 8
Total Low Income Units:
45
Note: This number should match the total number of low income units in the Unit Mix section.
Print - APP08-0087
Funding Sources
NonAmortizing* Rate (%) Term (Years) Amort. Period (Years) Annual Debt Service
Source Bank Loan RPP Loan Local Gov. Loan - Specify: WCHS 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
1,186,068
6.50
30
40
83,327
515,000
2.00
30
30
445,979
30
30
3,032,353
101
5,179,501
* "Non-amortizing" indicates that the loan does not have a fixed annual debt service. For these items, you must fill in 20-year debt service below. ** Total Sources must equal total replacement cost in Project Development Cost (PDC) section.
Estimated pricing on sale of Federal Tax Credits: $0. 80 Remarks concerning project funding sources: (Please be sure to include the name of the funding source(s)) CICCAR is the proposed lender for the bank loan.
Print - APP08-0087
Loans with Variable Amortization Please fill in the annual debt service as applicable for the first 20 years of the project life.
Local Gov. Loan - WCHS Year: Amt: Year: Amt: 1 2 3 4 5 6 7 8 9 10
567
11
1513
12
2424
13
3297
14
4128
15
4914
16
5650
17
6331
18
6953
19
7511
20
8000
8413
8747
8993
9147
9200
9146
8977
8686
8263
Print - APP08-0087
Development Costs
Item Cost Element 1 Purchase of Building(s) (Rehab / Adaptive Reuse only) 2 Demolition (Rehab / Adaptive Reuse only) 3 On-site Improvements 4 Rehabilitation 5 Construction of New Building(s) 6 Accessory Building(s) 7 General Requirements (max 6% lines 2-6) 8 Contractor Overhead (max 2% lines 2-7) 9 Contractor Profit (max 8% lines 2-7; 6% if Identity of Interest) 10 Construction Contingency (max 3% lines 2-9, Rehabs 6%) 11 Architect's Fee - Design (11 + 12 = max 3% lines 2-10) 12 Architect's Fee - Inspection 13 Engineering Costs SUBTOTAL (lines 1 through 13) 14 Construction Insurance (prorate) 15 Construction Loan Orig. Fee (prorate) 16 Construction Loan Interest (prorate) 17 Construction Loan Credit Enhancement (prorate) 18 Construction Period Taxes (prorate) 19 Water, Sewer and Impact Fees 20 Survey 21 Property Appraisal 22 Environmental Report 23 Market Study 24 Bond Costs 25 Bond Issuance Costs 26 Placement Fee 27 Permanent Loan Origination Fee 28 Permanent Loan Credit Enhancement 29 Title and Recording TOTAL COST Eligible Basis 30% PV 70% PV
540,000
540,000
2,500,000
2,500,000
182,400 64,448 193,344 104,406 45,000 9,750 51,250 3,690,598
182,400 64,448 193,344 104,406 45,000 9,750 51,250
8,500 85,000
8,500 85,000
5,500 154,890 10,000 5,000 3,000 5,800
5,500 154,890 10,000 5,000 3,000 5,800
21,960
5,500
Print - APP08-0087
SUBTOTAL (lines 14 through 29) 30 Real Estate Attorney 31 Other Attorney's Fees 32 Tax Credit Application Fees (Preliminary and Full) 33 Tax Credit Allocation Fee (0.60% of line 59, minimum $7,500) 34 Cost Certification / Accounting Fees 35 Tax Opinion 36 Organizational (Partnership) 37 Tax Credit Monitoring Fee SUBTOTAL (lines 30 through 37) 38 Furnishings and Equipment 39 Relocation Expense 40 Developer's Fee 41 42
305,150 9,750 7,000 2,200 26,759 5,000 5,000 9,000 5,000
5,000 31,500 87,209
472,500
472,500
Other Basis Expense (specify) Other Basis Expense (specify) 20,250
43 Rent-up Expense 44 45
Other Non-basis Expense (Other costs assoc. w/land) Other Non-basis Expense (specify)
SUBTOTAL (lines 38 through 45)
492,750 13,500 132,294
46 Rent up Reserve 47 Operating Reserve 48 49
Other Reserve (specify) Other Reserve (specify) 4,721,501 0 4,459,788
50 DEVELOPMENT COST (lines 1-49) 51 Less Federal Financing 52 Less Disproportionate Standard 53 Less Nonqualified Nonrecourse Financing 54 Less Historic Tax Credit 55 TOTAL ELIGIBLE BASIS 56 Applicable Fraction (percentage of LI Units) 57 Basis Before Boost 58 Boost for QCT/DDA (if applicable, enter 130%) 59 TOTAL QUALIFIED BASIS
0 4,459,788 100.00% 4,459,788 0 100% 0 100.00% 4,459,788 0 4,459,788 100% 4,459,788 100.00% 4,459,788
Print - APP08-0087
60 Tax Credit Rate 61 Federal Tax Credits at Estimated Rate 62 Federal Tax Credits at 9.00% or 3.75% (maximum $1,000,000) 63 Federal Tax Credits Requested 64 Land Cost 65 TOTAL REPLACEMENT COST FEDERAL TAX CREDITS IF AWARDED Comments:
3.40 379,082 401,381 354,107 458,000 5,179,501 401,381 0 0
8.50 379,082 401,381 354,107
Total Replacement Cost per unit: 79,658
Print - APP08-0087
Market Study Information

Please provide a detailed description of the proposed project: We are proposing to construct a forty-five (45) unit family rental community off N. Selma Road (near the intersection of Fourth Street) in Wendell. The project will have (4) one bedroom, one bath units (2) two bedroom, one bath units, (21) two bedroom, one and a half bath units and (18) three bedroom, two bath units. Both garden and townhouse style units will be availabe. There will also be a separate office/ community/laundry building, a playground with separate tot lot, a covered picnic area with tables and grill, a gazebo, outdoor sitting areas and a computer center (located in the office building) for the residents to use. The site's close proximity to the downtown area makes it a desirable location. In addition, 10% of the units will be targeted to persons with disabilities. 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
30 Year Dimensional Shingles
Have you built other tax credit developments that use the same building design as this project?Yes If yes, please provide name and address: Autumn Trace Apartments 2401 Fall Lane Raleigh, NC 27604 Ashebrooke Apartments 227 Randall Lane Goldsboro, NC 27534
Site Amenities: Plaground with separate tot lot, resident computer center (located in office building), covered picnic area with tables and grill, outdoor sitting areas, a gazebo, community room and laundry facilities.
Onsite Activities:
Landscaping Plans:
Print - APP08-0087
The buildings will have landscaped beds around them. Trees will also be planted and dispersed throughout the property. Landscape plans will exceed Town of Wendell standards.
Interior Apartment Amenities: Wall to wall carpet, VCT in kitchen and bath areas, range, range hood, frost free refrigerator, dishwasher, washer/dryer connections, panty, ceiling fans, mini-blinds, phone and cable ready.
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.
Print - APP08-0087
Applicant's Site Evaluation

Briefly describe your site in each of the following categories: NEIGHBORHOOD CHARACTERISTICS Trend and direction of real estate development and area economic health. Physical condition of buildings and improvements in the immediate vicinity. Concentration of affordable housing. The physical condition of the buildings and homes near the site are fair. The site is within walking distance to the downtown area (Main Street) of Wendell. Main Street has some older homes at the south end that are fairly well maintained. The direction of the development for Wendell is further west of the site, back on Business 64. Cedar Spring, a 20 unit tax credit senior development is within close proximity of the site. Robinwood, located on Hanor Lane, just as you come into Wendell, is an 84 unit RD tax credit senior development. Across from Robinwood is Maple Court Apartmetns, a well maintained older RD development.
SURROUNDING LAND USES AND AMENITIES Land use pattern is residential in character (single and multifamily housing). Extent that the location is isolated. Effect of industrial, large-scale institutional or other incompatible uses, including but not limited to: wastewater treatment facilities, high traffic corridors, junkyards, prisons, landfills, large swamps, distribution facilities, frequently used railroad tracks, power transmission lines and towers, factories or similar operations, sources of excessive noise, and sites with environmental concerns (such as odors or pollution). Amount and character of vacant, undeveloped land. The site is densly wooded and is bordered to the south by an inactive rail line. On the opposite side of the track is primarily single-family residential development. Immediately east of the site is primarily light industrial development. SITE SUITABILITY Adequate traffic safety controls (i.e. stop lights, speed limits, turn lanes). Burden on public facilities (particularly roads). Access to mass transit (if applicable). Visibility of buildings and/or location of project sign (s) in relation to traffic corridors. Street and highway accessibility are very good relative to the site. Ready access from the site to all major facilities can be attained within a 5 minute drive. Access to the site will be off of Selma Road. Visibility of the buildings and signage is excellent. Degree of on-site negative features and physical barriers that will impede project construction or adversely affect future tenants; for example: power transmission lines and towers, flood hazards, steep slopes, large boulders, ravines, year-round streams, wetlands, and other similar features (for adaptive re-use projectssuitability for residential use and difficulties posed by the building(s), such as limited parking, environmental problems or the need for excessive demolition). The approximately 4.5 acre, L-shaped site is a densely wooded and undulating site.
Similarity of scale and aesthetics/architecture between project and surroundings. The project will feature both garden and townhouse style units, with a slight craftsmen style to them and will compliment the surrounding area.
For each applicable neighborhood feature, enter distance from project in miles.
Print - APP08-0087
1.0 2.5 .8
Grocery Store Mall/Strip Center Outdoor Athletic Fields Day Care/After School
1.0
Center
Community/Senior
Hospital
.6
Pharmacy Basic Health Care
.8
Schools Public Transportation
Stop
.3 .8 .6 .2
Convenience Store Public Parks Gas Station Library
Other facilities or services: Dental Offices - .9, Hospital - Zebulon, Downtown area is within walking distance of site, banks -.4, restaurants - .4
Print - APP08-0087
Development Team
Provide contact information for development team members below:
Management Agent Company: Address: City: Phone Contact Name: Evergreen Construction Company 7706 SIx Forks Road Raleigh State: NC Zip: 27615 Email: tim@spectrum-evergreen.com Last: Morgan
(919)848-2041
First: Tim
Architect Company: Address: City: Phone Contact Name: Andron Architects And Associates 11312 Saddleview Court Raleigh State: NC Zip: 27613 Email: robert@andron.com Last: Andron
(919)846-9990
First: Bob
Attorney Company: Address: City: Phone Contact Name: Law Offices of Howard S. Kohn 205 W. Millbrook Road, Suite 210 Raleigh State: NC Zip: 27609 Email: closings@howardkohnlaw.com Last: Kohn
(919)856-0200
First: Howard
Investor Company: Address: City: Phone Contact Name: CAHEC 7700 Falls of Neuse Road Raleigh State: NC Zip: 27615 Email: ywinstead@cahec.com Last: Winstead
(919)420-0063
First: Yolanda
Consultant/Application Preparer (if different from developer) Company: Address: City: Phone Contact Name: First: State: Email: Last: Zip:
Print - APP08-0087
General Contractor Company: Address: City: Phone Contact Name:
Identity of Interest?
Evergreen Construction Company 7706 Six Forks Road Raleigh State: NC Zip: 27615 Email: tim@spectrum-evergreen.com Last: Morgan
(919)848-2041
First: Tim
Print - APP08-0087
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):
2,500
3,000
19,144 20,000
250 4,300
3,000
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
52,194
9,500 1,500
1,500 12,500
3,500
8,500
Print - APP08-0087
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):
3,500 9,500 20,000 3,500 3,500
3,500 3,500
Miscellaneous Operating & Maintenance Expenses SUBTOTAL Taxes and Insurance Real Estate Taxes Payroll Taxes (FICA) Miscellaneous Taxes, Licenses and Permits Property and Liability Insurance (Hazard) Fidelity Bond Insurance Workmen's Compensation Health Insurance and Other Employee Benefits Other Insurance:
700 59,700
28,000 4,000 250 6,750 50 2,000 1,500
SUBTOTAL Supportive Service Expenses Service Coordinator Service Supplies Tenant Association Funds Other Expenses (specify):
42,550
2,500
SUBTOTAL Reserves Replacement Reserves SUBTOTAL
2,500
11,250 11,250
Print - APP08-0087
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
180,694 138,944 45 3,088
Print - APP08-0087
Projected Cash Flow Year One

OPERATING INCOME Gross rental income (from Unit Mix - Total Monthly Rent) Stores and Commercial Laundry and Vending Other (specify):
294,660
1,975 1,400 298,035 20,862 277,173 180,694 96,479 83,894 12,585 1.15
NSF, Late Fees, Retained Sec. Deposits

Total Gross Income Potential at 100% Occupancy Seven Percent Vacancy Allowance NET RENTAL/OTHER INCOME TOTAL OPERATING EXPENSES (from Projected Operating Costs) NET OPERATING INCOME DEBT SERVICE (from Funding Sources Loans) NET CASH FLOW DEBT COVERAGE RATIO (Must not be less than 1.15)
20-Year Cash Flow

Year Net Rental/Other Income* Total Operating Expenses* Debt Service Net Cash Flow Debt Coverage Ratio Year Net Rental/Other Income* Total Operating Expenses* Debt Service Net Cash Flow Debt Coverage Ratio 1 2 3 4 5 6 7 8 9 10
277,173 180,694 83,894 12,585 1.15

11
285,488 187,922 84,840 12,726 1.15

12
294,053 195,439 85,751 12,863 1.15

13
302,875 203,257 86,624 12,994 1.15

14
311,961 211,387 87,455 13,119 1.15

15
321,320 219,842 88,241 13,237 1.15

16
330,960 228,636 88,977 13,347 1.15

17
340,889 237,781 89,658 13,450 1.15

18
351,116 247,292 90,280 13,544 1.15

19
361,649 257,184 90,838 13,627 1.15

20
372,498 267,471 91,327 13,700 1.15
383,673 278,170 91,740 13,763 1.15
395,183 289,297 92,074 13,812 1.15
407,038 300,869 92,320 13,849 1.15
419,249 312,904 92,474 13,871 1.15
431,826 325,420 92,527 13,879 1.15
444,781 338,437 92,473 13,871 1.15
458,124 351,974 92,304 13,846 1.15
471,868 366,053 92,013 13,802 1.15
486,024 380,695 91,590 13,739 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.
Print - APP08-0087
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".
Print - APP08-0087
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: 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. 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.
Print - APP08-0087
Full Application Checklist

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

Sandy Ridge App

Uploaded by

Document Information

Original Description:

Copyright

Available Formats

Share this document

Share or Embed Document

Sharing Options

Did you find this document useful?

Is this content inappropriate?

Copyright:

Available Formats

Sandy Ridge App

Uploaded by

Copyright:

Available Formats

Print - APP08-0087

Print Preview - Final Application

Site Latitude: Site Longitude:

https://www.nchfa.org/Rental/RTCApp/(S(3efksd55h...3E50865B93&SNID=0A69E131A7B248468802353E2088E44B (1 of 29)9/17/2008 10:09:14 AM

If yes, please describe:

Number of Units: 5 Remarks:

https://www.nchfa.org/Rental/RTCApp/(S(3efksd55h...3E50865B93&SNID=0A69E131A7B248468802353E2088E44B (2 of 29)9/17/2008 10:09:14 AM

(919)848-2041 (919)630-3383 (919)848-0455 tim@spectrum-evergreen.com

https://www.nchfa.org/Rental/RTCApp/(S(3efksd55h...3E50865B93&SNID=0A69E131A7B248468802353E2088E44B (3 of 29)9/17/2008 10:09:14 AM

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

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

https://www.nchfa.org/Rental/RTCApp/(S(3efksd55h...3E50865B93&SNID=0A69E131A7B248468802353E2088E44B (4 of 29)9/17/2008 10:09:14 AM

https://www.nchfa.org/Rental/RTCApp/(S(3efksd55h...3E50865B93&SNID=0A69E131A7B248468802353E2088E44B (5 of 29)9/17/2008 10:09:14 AM

https://www.nchfa.org/Rental/RTCApp/(S(3efksd55h...3E50865B93&SNID=0A69E131A7B248468802353E2088E44B (6 of 29)9/17/2008 10:09:14 AM

https://www.nchfa.org/Rental/RTCApp/(S(3efksd55h...3E50865B93&SNID=0A69E131A7B248468802353E2088E44B (7 of 29)9/17/2008 10:09:14 AM

Org: Address: City: Phone: EMail:

First Name: Lyle

Fax: (919)848-0455 Nonprofit: No

Org: Address: City: Phone: EMail:

First Name: Timothy

Org: Address: City: Phone: EMail:

First Name: Lucius

https://www.nchfa.org/Rental/RTCApp/(S(3efksd55h...3E50865B93&SNID=0A69E131A7B248468802353E2088E44B (8 of 29)9/17/2008 10:09:14 AM

Utilities included in rents:

https://www.nchfa.org/Rental/RTCApp/(S(3efksd55h...3E50865B93&SNID=0A69E131A7B248468802353E2088E44B (9 of 29)9/17/2008 10:09:14 AM

All Units Low Income....... Market Rate....... Totals...............

Gross Monthly Rental Income

Proposed number of residential buildings: 8 Project Includes:

Maximum number of stories in buildings: 2

Total Net Sq. Ft. (All Heated Areas): 53,994

https://www.nchfa.org/Rental/RTCApp/(S(3efksd55h...3E50865B93&SNID=0A69E131A7B248468802353E2088E44B (10 of 29)9/17/2008 10:09:14 AM

Total Low Income Units:

https://www.nchfa.org/Rental/RTCApp/(S(3efksd55h...3E50865B93&SNID=0A69E131A7B248468802353E2088E44B (11 of 29)9/17/2008 10:09:14 AM

https://www.nchfa.org/Rental/RTCApp/(S(3efksd55h...3E50865B93&SNID=0A69E131A7B248468802353E2088E44B (12 of 29)9/17/2008 10:09:14 AM

Local Gov. Loan - WCHS Year: Amt: Year: Amt: 1 2 3 4 5 6 7 8 9 10

https://www.nchfa.org/Rental/RTCApp/(S(3efksd55h...3E50865B93&SNID=0A69E131A7B248468802353E2088E44B (13 of 29)9/17/2008 10:09:14 AM

182,400 64,448 193,344 104,406 45,000 9,750 51,250 3,690,598

182,400 64,448 193,344 104,406 45,000 9,750 51,250

5,500 154,890 10,000 5,000 3,000 5,800

5,500 154,890 10,000 5,000 3,000 5,800

https://www.nchfa.org/Rental/RTCApp/(S(3efksd55h...3E50865B93&SNID=0A69E131A7B248468802353E2088E44B (14 of 29)9/17/2008 10:09:14 AM

305,150 9,750 7,000 2,200 26,759 5,000 5,000 9,000 5,000

5,000 31,500 87,209

Other Basis Expense (specify) Other Basis Expense (specify) 20,250

492,750 13,500 132,294

46 Rent up Reserve 47 Operating Reserve 48 49

Other Reserve (specify) Other Reserve (specify) 4,721,501 0 4,459,788

https://www.nchfa.org/Rental/RTCApp/(S(3efksd55h...3E50865B93&SNID=0A69E131A7B248468802353E2088E44B (15 of 29)9/17/2008 10:09:14 AM

3.40 379,082 401,381 354,107 458,000 5,179,501 401,381 0 0

8.50 379,082 401,381 354,107

Total Replacement Cost per unit: 79,658

https://www.nchfa.org/Rental/RTCApp/(S(3efksd55h...3E50865B93&SNID=0A69E131A7B248468802353E2088E44B (16 of 29)9/17/2008 10:09:14 AM

Market Study Information

Front Gables or Dormers Other:

Wide Banding or Vertical/Horizontal Siding

30 Year Dimensional Shingles

https://www.nchfa.org/Rental/RTCApp/(S(3efksd55h...3E50865B93&SNID=0A69E131A7B248468802353E2088E44B (17 of 29)9/17/2008 10:09:14 AM

https://www.nchfa.org/Rental/RTCApp/(S(3efksd55h...3E50865B93&SNID=0A69E131A7B248468802353E2088E44B (18 of 29)9/17/2008 10:09:14 AM

Applicant's Site Evaluation

https://www.nchfa.org/Rental/RTCApp/(S(3efksd55h...3E50865B93&SNID=0A69E131A7B248468802353E2088E44B (19 of 29)9/17/2008 10:09:14 AM

Pharmacy Basic Health Care

Schools Public Transportation

Convenience Store Public Parks Gas Station Library