Tanner Place App

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Print Preview - Final Application

Tax Credits, RPP Loans, and/or Tax Exempt Bond Loans
Project Description
Project Name: Tanner Place Address: City: 2312 Indian Drive Jacksonville County: Onslow Zip: 28546 Block Group: 3-3012
Census Tract: 13
Is project in Qualified Census Tract or Difficult to Develop Area? No Political Jurisdiction: Jurisdiction CEO Name: Jurisdiction Address: Jurisdiction City: Jurisdiction Phone: City of Jacksonville First:Sammy Last: Phillips P.O. Box 128 Jacksonville Zip: 28541 Title: Mayor
(910)938-5200
Site Latitude: Site Longitude:
34.788363 -77.425985
Project Type: Rehab Is this project a previously awarded tax credit development? Yes If yes, what is the project number: 0595 Is this a request for supplemental credits? No New Construction/Adaptive Reuse: Is this project a follow-on (Phase II, etc) to a previously-awarded tax credit development project? If yes, list names of previous phase(s): Rehab: Number of residents holding Section 8 vouchers: 14
Will the project meet Energy Star standards as defined in Appendix B? No Does a community revitalization plan exist? No Will the project use steel and concrete construction and have at least 4 stories? No Will the project include a Community Service Facility under IRS Revenue Ruling 2003-77? No
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If yes, please describe:
Target Population:Family Will the project be receiving project based federal rental assistance? No If yes, provide the subsidy source: and number of units: Indicate below any additional targeting for special populations proposed for this project: Mobility impaired handicapped: 5% of units comply with QAP Section IV(F)(3) (in addition to the units required by other federal and state codes.) Number of Units: 0 Persons with disabilities or homeless populations: 10% of the total units.
Number of Units: 5 Remarks:
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Applicant Information
Indicate below an individual or a validly existing entity (a corporation, nonprofit, limited partnership or LLC) as the official applicant. Under QAP Section III(C)(5) only this individual or entity will be able to make decisions with regard to this application. If awarded the applicant must become part of the ownership entity. The applicant will execute the signature page for this application. Applicant Name: Address: City: Contact: Telephone: Alt Phone: Fax: Email Address: Jenkins Properties, Limited Partnership 7000 Six Forks Road, Suite 105 Raleigh State: NC Zip: 27615 First: Ragan Last:Ramsey Title:Development Coordinator
(919)801-3047
(919)847-4709 rramsey@wajmanagement.com
NOTE: Email Address above will be used for communication between NCHFA and Applicant.
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Site Description
Total Site Acreage: 2.89 Total Buildable Acreage: 2.89
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: The proposed Tanner Place is now Village Green Apartments. There are 41 LIHTC units, and the property is approximately 90% occupied. The general contractor anticipates being able to complete the rehab without displacing the tenants. However, and tenant displacement deemed necessary will be temporary.
(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:
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(b) Describe flood mitigation if the project will have improvements within the 100 year floodplain:
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Site Control
Does the owner have fee simple ownership of the property (site/buildings)?No If yes provide: Purchase Date: Purchase Price:
If no: (a) Does the owner/principal or ownership entity have valid option/contract to purchase the property?Yes (b) Does an identity of interest (direct or indirect) exist between the owner/principal or ownership entity with the option/contract for purchase of the property and the seller of the property?Yes If yes, specify the relationship: William A. Jenkins is the Managing GP of the current ownership entity and the Managing GP of Jenkins Properties, which is the Managing GP of Tanner Place, Limited Partnership, the proposed buyer.
(c) Enter the current expiration date of the option/contract to purchase: 01/10/2009 (D) Enter Purchase Price: 1,185,000
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Zoning
Present zoning classification of the site:TCA-Townhomes, Condominiums, and Apartments Is multifamily use permitted?Yes Are variances, special or conditional use permits or any other item requiring a public hearing needed to develop this proposal?No If yes, have the hearings been completed and permits been obtained? If yes, specify permit or variance required and date obtained. If no, describe permits/variances required and schedule for obtaining them:
Are there any existing conditions of historical significance located on the project site that will require State Historic Preservation office review? No If yes, describe below:
Are there any existing conditions of environmental significance located on the project site?No If yes, describe below:
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Ownership Entity
Owner Name: Address: City: Tanner Place, Limited Partnership 7000 Six Forks Road, Suite 105 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 Partnership 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:
Jenkins Properties, Limited Partnership Last Name: Jenkins State: NC Function: Managing General Partner Zip: 27615 7000 Six Forks Road, Suite 105 Raleigh
First Name: William
(919)847-8450 bjenkins@wajmanagement.com
Fax: (919)847-4709 Nonprofit: No
Org: Address: City: Phone: EMail:
Ragan Ramsey Last Name: Ramsey State: NC Function: General Partner Zip: 27604 1177 N. Blount Street Raleigh
First Name: Ragan
(919)801-3047 rramsey@wajmanagement.com
Fax: (919)847-4709 Nonprofit: No
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Unit Mix
The Median Income for Onslow county is $48,100. Low Income Units Type # BRs Net Sq.Ft. Total # Units # Units Monthly Rent Utility Allowance Mandatory Serv. Fees **Total Housing Exp.
Gdn Apt 2 Gdn Apt 2 Gdn Apt 2
690 690 690
11 10 21
0 0 0
324 431 542

Electric
98 98 98
Gas
0 0 0
Other Trash Collection
422 529 640
Utilities included in rents:
Water/Sewer
Employee Units (will add to Low Income Unit total) Total # Monthly Utility Mandatory **Total Type # BRs Net Sq.Ft. # Units Units Rent Allowance Serv. Fees Housing Exp. Utilities included in rents: Water/Sewer Electric Gas Other
Market Rate Units Total # Monthly Utility Mandatory **Total Type # BRs Net Sq.Ft. # Units Units Rent Allowance Serv. Fees Housing Exp. Utilities included in rents: Water/Sewer Electric Gas Other
Statistics All Units Low Income....... Market Rate....... Totals............... Gross Monthly Rental Income
Units
42
19256
42
19256
Proposed number of residential buildings: 6 Project Includes:
Maximum number of stories in buildings: 2
Separate community building - Sq. Ft. (Floor Area): 348 Community space within residential bulding(s) - Sq. Ft. (Floor Area):
Elevators - Number of Elevators:
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Square Footage Information Gross Floor Square Footage:
29,328
Total Net Sq. Ft. (All Heated Areas): 33,135
Notes ** Please refer to the Income Limits and Maximum Housing Expense Table to ensure that Total Monthly Tenant Expenses for low income units are within established thresholds.
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Targeting
Specify Low Income Unit Targeting in table below. List each applicable targeting combination in a separate row below. Click [Add] to create another row. Click "X" (at the left of each row) to delete a row. Add as many rows as needed.
# BRs 2 2 2
Units
% targeted at 40 targeted at 50 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
11 10 21
Total Low Income Units:
42
Note: This number should match the total number of low income units in the Unit Mix section.
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Funding Sources
NonAmortizing* Rate (%) Term (Years) Amort. Period (Years) Annual Debt Service
Source Bank Loan RPP Loan Local Gov. Loan - Specify: RD 515 Loan RD 538 Loan - Specify: AHP Loan Other Loan 1 - Specify: Other Loan 2 - Specify: Other Loan 3 - Specify: Tax Exempt Bonds State Tax Credit(Loan) State Tax Credit(Direct Refund) Equity: Federal LIHTC Non-Repayable Grant Equity: Historic Tax Credits Deferred Developer Fees Owner Investment Other - Specify: replacement reserve from Village Green Total Sources**
Amount
432,440 675,000
6.00 2.00
30 20
30 20
31,112
539,883
30
30
1,479,370
11,591 3,138,284
* "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. 82 Remarks concerning project funding sources: (Please be sure to include the name of the funding source(s)) Repayment of the RPP loan is based upon net cash flow after paying first mortgage debt service,
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divided by 1.15. As such, the interest rate and amortization indicated above, is not accurate, over the 20 year term of the loan.
Loans with Variable Amortization Please fill in the annual debt service as applicable for the first 20 years of the project life.
RPP Loan Year: Amt: Year: Amt: 1 2 3 4 5 6 7 8 9 10
21141
11
21272
12
21351
13
21371
14
21331
15
21224
16
21047
17
20795
18
20463
19
20045
20
19536
18930
18221
17402
16466
15407
14217
12887
11410
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Development Costs
Item Cost Element 1 Purchase of Building(s) (Rehab / Adaptive Reuse only) 2 Demolition (Rehab / Adaptive Reuse only) 3 On-site Improvements 4 Rehabilitation 5 Construction of New Building(s) 6 Accessory Building(s) 7 General Requirements (max 6% lines 2-6) 8 Contractor Overhead (max 2% lines 2-7) 9 Contractor Profit (max 8% lines 2-7; 6% if Identity of Interest) 10 Construction Contingency (max 3% lines 2-9, Rehabs 6%) 11 Architect's Fee - Design (11 + 12 = max 3% lines 2-10) 12 Architect's Fee - Inspection 13 Engineering Costs SUBTOTAL (lines 1 through 13) 14 Construction Insurance (prorate) 15 Construction Loan Orig. Fee (prorate) 16 Construction Loan Interest (prorate) 17 Construction Loan Credit Enhancement (prorate) 18 Construction Period Taxes (prorate) 19 Water, Sewer and Impact Fees 20 Survey 21 Property Appraisal 22 Environmental Report 23 Market Study 24 Bond Costs 25 Bond Issuance Costs 26 Placement Fee 27 Permanent Loan Origination Fee 28 Permanent Loan Credit Enhancement 29 Title and Recording TOTAL COST Eligible Basis 30% PV 70% PV
961,200
961,200
828,226 75,000
828,226 75,000
54,194 19,148 57,445 62,041 16,882 16,000 20,000 2,110,136 3,500 22,000 83,280
54,194 19,148 57,445 62,041 16,882 16,000 20,000
3,500 22,000 83,280
6,500
6,500
13,000 6,000 7,500 7,500
13,000 6,000 7,500 7,500
10,500
8,081
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SUBTOTAL (lines 14 through 29) 30 Real Estate Attorney 31 Other Attorney's Fees 32 Tax Credit Application Fees (Preliminary and Full) 33 Tax Credit Allocation Fee (0.60% of line 59, minimum $7,500) 34 Cost Certification / Accounting Fees 35 Tax Opinion 36 Organizational (Partnership) 37 Tax Credit Monitoring Fee SUBTOTAL (lines 30 through 37) 38 Furnishings and Equipment 39 Relocation Expense 40 Developer's Fee 41 42
167,861 32,000 14,000 2,200 16,196 9,500 9,500 31,000 6,500
29,400 103,296 15,000 63,000 315,000 15,000 63,000 315,000
Other Basis Expense (specify)Const. Lender Expense Other Basis Expense (specify)PNA 18,900
43 Rent-up Expense 44 45
Other Non-basis Expense (specify) Other Non-basis Expense (specify)

SUBTOTAL (lines 38 through 45)
411,900 12,600 108,691
46 Rent up Reserve 47 Operating Reserve 48 49
Other Reserve (specify) Other Reserve (specify) 2,914,484 961,200 1,738,216
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 2,699,416 100.00% 2,699,416 961,200 100% 961,200 100.00% 2,699,416 961,200 1,738,216 100% 1,738,216 100.00% 1,738,216
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60 Tax Credit Rate 61 Federal Tax Credits at Estimated Rate 62 Federal Tax Credits at 9.00% or 3.75% (maximum $1,000,000) 63 Federal Tax Credits Requested 64 Land Cost 65 TOTAL REPLACEMENT COST FEDERAL TAX CREDITS IF AWARDED Comments:
3.40 180,429 192,484 0 223,800 3,138,284 192,484 32,681 36,045
8.50 147,748 156,439
Total Replacement Cost per unit: 26,097
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Market Study Information

Please provide a detailed description of the proposed project: The proposed Tanner Place will be a completely rehabilitated Family property with forty-two (42) units. All units will have two bedrooms and one bathroom. A leasing office with maintenance storage area and a new playground will be added to the community.
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: Site amenities include a new leasing office with maintenance storage area, a new playground with seating, and a covered, fully accessible mailbox center with lighting.
Onsite Activities:
Landscaping Plans:
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Landscaping plans are to prune existing trees and shrubs of dead wood and to clear walls and roofs. Additional planting and mulch will be added as well.
Interior Apartment Amenities: Interior apartment amenities include frost-free refrigerators, new electric ranges/ovens, new re-circulating range hoods, new dishwashers, laundry closets with washer/dryer hookups, vinyl windows, and mini-blinds.
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 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. Jacksonville is home to the Marine Base, Camp LeJeune. The large military presence contributes to the economic growth of the area by creating jobs in the military and service industry. There is a fair amount of affordable housing in Jacksonville, but due to the fact that incomes are low in this county and that the population continues to rise, there is a demand for more quality affordable housing. The physical condition of the buildings is poor. Substantial rehabilitation is necessary for this property.
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 area surrounding the apartment community is residential in character with both single-family homes and multifamily housing. Retail and amenities are conveniently located within walking distance from the apartments, and there is a bus stop directly in front of the property. 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. There are adequate traffic controls on the streets accessing the apartments. There is a bus stop directly in front of the apartments. The buildings and sign are clearly visible from Indian Drive. Degree of on-site negative features and physical barriers that will impede project construction or adversely affect future tenants; for example: power transmission lines and towers, flood hazards, steep slopes, large boulders, ravines, year-round streams, wetlands, and other similar features (for adaptive re-use projectssuitability for residential use and difficulties posed by the building(s), such as limited parking, environmental problems or the need for excessive demolition). There are power lines that run behind the property.
Similarity of scale and aesthetics/architecture between project and surroundings. The architecture of Tanner Place will be similar to that of the surrounding buildings.
For each applicable neighborhood feature, enter distance from project in miles.
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.80 2.30 .50 .40 .47 .10

Stop
Grocery Store Mall/Strip Center Outdoor Athletic Fields Day Care/After School Schools Public Transportation
1.17
Center
Community/Senior
3.92 .25 .75
Hospital Pharmacy Basic Health Care
1.82 2.05 1.82 .86
Convenience Store Public Parks Gas Station Library
Other facilities or services:
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Development Team
Provide contact information for development team members below:
Management Agent Company: Address: City: Phone Contact Name: WAJ Management, LLC 7000 Six Forks Road, Suite 105 Raleigh State: NC Zip: 27615 Email: alove@wajmanagement.com Last: Adams
(919)847-8350
First: Ann
Architect Company: Address: City: Phone Contact Name: Ross Deckard Architects, P.A. 3200 Atlantic Avenue, Suite 110 Raleigh State: NC Zip: 27604 Email: Last: LaCorte
(919)875-0001
First: Jonathon
Attorney Company: Address: City: Phone Contact Name: Stuart Law Firm, PLLC 1033 Wade Avenue, Suite 202 Raleigh State: NC Zip: 27605 Email: Last: Dew
(919)787-6050
First: Theresa
Investor Company: Address: City: Phone Contact Name: National Equity Fund 120 S. Riverside Plaza, 15th Floor Chicago State: IL Zip: 60606 Email: sjester@nefinc.org Last: Jester
(312)697-6471
First: Stewart
Consultant/Application Preparer (if different from developer) Company: Address: City: Phone Contact Name: First: State: Email: Last: Zip:
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General Contractor Company: Address: City: Phone Contact Name:
Identity of Interest?
WAJ Management, LLC 7000 Six Forks Road, Suite 105 Raleigh State: NC Zip: 27615 Email: Last: Presley
(919)847-8350
First: Mark
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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):
2,000 16,224 1,000
20,114
500 4,000
1,000
1,000
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
45,838
5,900 7,500
7,500 20,900
1,400
2,000
4,536
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Grounds Supplies Grounds Contract Repairs Payroll Repairs Material Repairs Contract Elevator Maintenance/Contract Heating/Cooling Repairs and Maintenance Swimming Pool Maintenance/Contract Snow Removal Decorating Payroll/Contract Decorating Supplies Other (specify):
12,000 17,000 2,000 1,000
2,000
5,000
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:
46,936
16,000 3,340
12,000 65 710 3,640
SUBTOTAL Supportive Service Expenses Service Coordinator Service Supplies Tenant Association Funds Other Expenses (specify):
35,755
600 400
SUBTOTAL Reserves Replacement Reserves SUBTOTAL
1,000
14,700 14,700
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TOTAL OPERATING EXPENSES ADJUSTED TOTAL OPERATING EXPENSES (Does not include taxes, reserves and resident support services) * TOTAL UNITS (from total units in the Unit Mix section) PER UNIT PER YEAR
165,129 133,429 42 3,177
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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):
231,072
2,300 8,800 242,172 16,952 225,220 165,129 60,091 52,253 7,838 1.15
Late, Pet, NSF fees, forfeited security deposits, interest

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
225,220 165,129 52,253 7,838 1.15

11
231,977 171,734 52,384 7,859 1.15

12
238,936 178,603 52,463 7,870 1.15

13
246,104 185,747 52,483 7,874 1.15

14
253,487 193,177 52,443 7,867 1.15

15
261,092 200,904 52,336 7,852 1.15

16
268,925 208,940 52,159 7,826 1.15

17
276,993 217,298 51,907 7,788 1.15

18
285,303 225,990 51,575 7,738 1.15

19
293,862 235,030 51,157 7,675 1.15

20
302,678 244,431 50,648 7,599 1.15
311,758 254,208 50,042 7,508 1.15
321,111 264,376 49,333 7,402 1.15
330,744 274,951 48,514 7,279 1.15
340,666 285,949 47,578 7,139 1.15
350,886 297,387 46,519 6,980 1.15
361,413 309,282 45,329 6,802 1.15
372,255 321,653 43,999 6,603 1.15
383,423 334,519 42,522 6,382 1.15
394,926 347,900 31,112 15,914 1.512
* Net Rental Income escalated at annual rate of 3% and expenses escalated at a rate of 4% after the first year.
Calculations:
1. "Net Rental/Other Income" comes from 1st-year cash flow, then it is escalated by 3% per year.
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2. "Total Operating Expenses" comes from 1st-year cash flow, then it is escalated by 4% per year. 3. "Debt Service" is the sum of "regular/amortized loan debt service + non-amortizing annual service" as entered by user from Funding Sources section. 4. "Net Cash Flow" is "Net Rental/Other Income" minus "Total Operating Expenses" minus "Debt Service". 5. "Debt Coverage Ratio" is ("Net Rental/Other Income" minus "Total Operating Expenses") divided by "Debt Service".
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Minimum Set-Asides
MINIMUM REQUIRED SET ASIDES (No Points Awarded): Select one of the following two options: 20% of the units are rent restricted and occupied by households with incomes at or below 50% of the median income (Note: No Tax Credit Eligible Units in the the project can exceed 50% of median income) 40% of the units are rent restricted and occupied by households with incomes at or below 60% of the median income (Note: No Tax Credit Eligible Units in the the project can exceed 60% of median income) If requesting RPP funds: 40% of the units are occupied by households with incomes at or below 50% of median income. State Tax Credit and QAP Targeting Points: Moderate Income County: At least twenty-five percent (25%) of qualified units will be affordable to and occupied by households with incomes at or below forty percent (40%) of county median income. At least fifty percent (50%) of qualified units will be affordable to households with incomes at or below fifty percent (50%) of county median income. At least fifty percent (50%) of qualified units will be affordable to and occupied by households with incomes at or below fifty percent (50%) of county median income. Tax Exempt Bonds Threshold requirement (select one): At least ten percent (10%) of qualified units will be affordable to and occupied by households with incomes at or below fifty percent (50%) of county median income. At least five percent (5%) of qualified units will be affordable to and occupied by households with incomes at or below forty percent (40%) of county median income. Eligible for targeting points (select one): At least twenty percent (20%) of qualified units will be affordable to and occupied by households with incomes at or below fifty percent (50%) of county median income. At least ten percent(10%) of qualified units will be affordable to and occupied by households with incomes at or below forty percent (40%) of county median income.
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Full Application Checklist

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

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Print - APP08-0071

Print Preview - Final Application

Site Latitude: Site Longitude:

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If yes, please describe:

Number of Units: 5 Remarks:

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

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

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https://www.nchfa.org/Rental/RTCApp/(S(pg1psy55x...FF921C7726&SNID=30150CD7C19F47BFBAB3F6B4350F536E (5 of 29)9/16/2008 2:25:30 PM

https://www.nchfa.org/Rental/RTCApp/(S(pg1psy55x...FF921C7726&SNID=30150CD7C19F47BFBAB3F6B4350F536E (6 of 29)9/16/2008 2:25:30 PM

https://www.nchfa.org/Rental/RTCApp/(S(pg1psy55x...FF921C7726&SNID=30150CD7C19F47BFBAB3F6B4350F536E (7 of 29)9/16/2008 2:25:30 PM

Org: Address: City: Phone: EMail:

First Name: William

Fax: (919)847-4709 Nonprofit: No

Org: Address: City: Phone: EMail:

First Name: Ragan

Fax: (919)847-4709 Nonprofit: No

https://www.nchfa.org/Rental/RTCApp/(S(pg1psy55x...FF921C7726&SNID=30150CD7C19F47BFBAB3F6B4350F536E (8 of 29)9/16/2008 2:25:30 PM

Gdn Apt 2 Gdn Apt 2 Gdn Apt 2

690 690 690

324 431 542

422 529 640

Utilities included in rents:

Proposed number of residential buildings: 6 Project Includes:

Maximum number of stories in buildings: 2

Elevators - Number of Elevators:

https://www.nchfa.org/Rental/RTCApp/(S(pg1psy55x...FF921C7726&SNID=30150CD7C19F47BFBAB3F6B4350F536E (9 of 29)9/16/2008 2:25:30 PM

Square Footage Information Gross Floor Square Footage:

Total Net Sq. Ft. (All Heated Areas): 33,135

https://www.nchfa.org/Rental/RTCApp/(S(pg1psy55...F921C7726&SNID=30150CD7C19F47BFBAB3F6B4350F536E (10 of 29)9/16/2008 2:25:30 PM

Total Low Income Units:

https://www.nchfa.org/Rental/RTCApp/(S(pg1psy55...F921C7726&SNID=30150CD7C19F47BFBAB3F6B4350F536E (11 of 29)9/16/2008 2:25:30 PM

https://www.nchfa.org/Rental/RTCApp/(S(pg1psy55...F921C7726&SNID=30150CD7C19F47BFBAB3F6B4350F536E (12 of 29)9/16/2008 2:25:30 PM

RPP Loan Year: Amt: Year: Amt: 1 2 3 4 5 6 7 8 9 10

https://www.nchfa.org/Rental/RTCApp/(S(pg1psy55...F921C7726&SNID=30150CD7C19F47BFBAB3F6B4350F536E (13 of 29)9/16/2008 2:25:30 PM

54,194 19,148 57,445 62,041 16,882 16,000 20,000

3,500 22,000 83,280

13,000 6,000 7,500 7,500

13,000 6,000 7,500 7,500

https://www.nchfa.org/Rental/RTCApp/(S(pg1psy55...F921C7726&SNID=30150CD7C19F47BFBAB3F6B4350F536E (14 of 29)9/16/2008 2:25:30 PM

167,861 32,000 14,000 2,200 16,196 9,500 9,500 31,000 6,500

29,400 103,296 15,000 63,000 315,000 15,000 63,000 315,000

Other Non-basis Expense (specify) Other Non-basis Expense (specify)

411,900 12,600 108,691

46 Rent up Reserve 47 Operating Reserve 48 49

Other Reserve (specify) Other Reserve (specify) 2,914,484 961,200 1,738,216

https://www.nchfa.org/Rental/RTCApp/(S(pg1psy55...F921C7726&SNID=30150CD7C19F47BFBAB3F6B4350F536E (15 of 29)9/16/2008 2:25:30 PM

3.40 180,429 192,484 0 223,800 3,138,284 192,484 32,681 36,045

8.50 147,748 156,439

Total Replacement Cost per unit: 26,097

https://www.nchfa.org/Rental/RTCApp/(S(pg1psy55...F921C7726&SNID=30150CD7C19F47BFBAB3F6B4350F536E (16 of 29)9/16/2008 2:25:30 PM

Market Study Information

Front Gables or Dormers Other:

Wide Banding or Vertical/Horizontal Siding

https://www.nchfa.org/Rental/RTCApp/(S(pg1psy55...F921C7726&SNID=30150CD7C19F47BFBAB3F6B4350F536E (17 of 29)9/16/2008 2:25:30 PM

https://www.nchfa.org/Rental/RTCApp/(S(pg1psy55...F921C7726&SNID=30150CD7C19F47BFBAB3F6B4350F536E (18 of 29)9/16/2008 2:25:30 PM

Applicant's Site Evaluation

https://www.nchfa.org/Rental/RTCApp/(S(pg1psy55...F921C7726&SNID=30150CD7C19F47BFBAB3F6B4350F536E (19 of 29)9/16/2008 2:25:30 PM

.80 2.30 .50 .40 .47 .10

3.92 .25 .75