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

Project Description
Project Name: Baytree Apartments
Address: 401 S. Onslow Street

City: Richlands County: Onslow Zip: 29574

Census Tract: 0002 Block Group: 1

Is project in Qualified Census Tract or Difficult to Develop Area? No


Are you requesting the basis boost under section II(E)(4) of the QAP? No

Political Jurisdiction: Town of Richlands


First:Marvin Last:
Jurisdiction CEO Name: Title: Mayor
Trott
Jurisdiction Address: 302 S. Wilmington Street (P.O. Box 245)

Jurisdiction City: Richlands Zip: 28574

Jurisdiction Phone: (910)324-3301

Site Latitude: 34.89392

Site Longitude: -77.54568

Project Type: Rehab

Is this project a previously awarded tax credit development?


Yes

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: 1

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

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Will the project include a Community Service Facility under IRS Revenue Ruling 2003-77?
No
If yes, please describe:

Target Population:Elderly (62)


Will the project be receiving project based federal rental assistance? Yes

If yes, provide the subsidy source: RD and number of units: 23

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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: Lands, Inc.
Address: P.O. Box 15025

City: Wilmington State: NC Zip: 28408


Contact: First: Joan Last:Norris Title:President

Telephone: (910)791-3354

Alt Phone: (910)619-0678

Fax: (910)791-3294

Email Address: stephanie@spauldingnorris.com


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

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Site Description

Total Site Acreage: 3.443 Total Buildable Acreage: 3.443


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 Application is for the rehabilitation of an existing USDA RD 515 complex. Tenants may only need to be
temporarily relocated for one to two nights during the rehab of their unit. If temporary relocation is
necessary, a hotel room and meals will be provided for each tenant. The expense for the hotel and meals is
provided in Line 39 (Relocation Expenses) of the Project Development Costs.

(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:
Principals of the current ownership entity will become Principals of the proposed ownership entitiy.

(c) Enter the current expiration date of the option/contract to purchase: 12/31/2009

(D) Enter Purchase Price: 1,118,744

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Zoning
Present zoning classification of the site:Residential-6 (R6)

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: Baytree of Richlands, LLC


Address: P.O. Box 15025
City: Wilmington State:NC Zip: 28408

Federal Tax ID Number of Ownership Entity: (If assigned)


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: Baytree of Richlands, LLC


First Name: Joan Last Name: Norris Function: Managing Member
Address: P.O. Box 1249
City: Carolina Beach State: NC Zip: 28428

Phone: (910)458-7178 Fax: (910)791-3294

EMail: rugcross@aol.com Nonprofit: No

Org: Baytree of Richlands, LLC


First Name: Oscar Last Name: Norris Function: Member
Address: P.O. Box 1249
City: Carolina Beach State: NC Zip: 28428

Phone: (910)458-7178 Fax: (910)791-3294

EMail: rugcross@aol.com Nonprofit: No

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Unit Mix
The Median Income for Onslow county is $51,300.

Low Income Units

Total # Monthly Utility Mandatory **Total


Type # BRs Net Sq.Ft. # Units Units Rent Allowance Serv. Fees Housing Exp.

Gdn Apt 1 659 21 0 538 111 0 649

Gdn Apt 1 659 1 0 538 111 0 649

Gdn Apt 2 820 2 1 553 119 0 672

Utilities included in rents: Water/Sewer Electric Gas Other Trash

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 Gross Monthly


Units Units Rental Income

Low Income....... 24 1 12942

Market Rate.......

Totals............... 24 1 12942

Proposed number of residential buildings: 6 Maximum number of stories in buildings: 1

Project Includes:
Separate community building - Sq. Ft. (Floor Area): 1,366

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: 18,200

Total Net Sq. Ft. (All Heated Areas): 17,504

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

Number of Units Required: 4


Persons with disabilities or homeless populations.

Number of Units: 5

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 Units %

1 12 targeted at 50 percent of median income affordable to/occupied by

1 9 targeted at 60 percent of median income affordable to

1 1 targeted at 60 percent of median income affordable to

2 2 targeted at 60 percent of median income affordable to

Total Low Income Units: 24

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

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Funding Sources

Amort. Annual
Non- Rate Term Period Debt
Source Amount Amortizing* (%) (Years) (Years) Service

Bank Loan

RPP Loan

Local Gov. Loan - Specify:

RD 515 Loan 925,658 1.00 50 50 23,533

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) 415,339 0 30 30 0

State Tax Credit(Direct Refund)

Equity: Federal LIHTC 983,695

Non-Repayable Grant

Equity: Historic Tax Credits

Deferred Developer Fees

Owner Investment

Other - Specify:

Total Sources** 2,324,692

* "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. 70

Remarks concerning project funding sources:


(Please be sure to include the name of the funding source(s))

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The RD 515 loan amount indicated above is the approximate balance provided by the RD MIFI
system as of 8/29/08. Equity pricing based on information provided by CAHEC on 12/4/08. Reduced
STC Loan to equal Total Replacement Cost. Requesting 100% of Federal Tax Credits allowed.

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Development Costs
Eligible Basis
Item Cost Element TOTAL COST
30% PV 70% PV
1 Purchase of Building(s) (Rehab / Adaptive Reuse only) 973,744 973,744

2 Demolition (Rehab / Adaptive Reuse only) 0

3 On-site Improvements 136,431 136,431

4 Rehabilitation 466,275 466,275

5 Construction of New Building(s) 0

6 Accessory Building(s) 0

7 General Requirements (max 6% lines 2-6) 36,162 36,162

8 Contractor Overhead (max 2% lines 2-7) 12,777 12,777

9 Contractor Profit (max 8% lines 2-7; 6% if Identity of Interest) 38,332 38,332

10 Construction Contingency (max 5% lines 2-9, Rehabs 10%) 60,271 60,271

11 Architect's Fee - Design (11 + 12 = max 3% lines 2-10) 10,000 10,000

12 Architect's Fee - Inspection 10,000 10,000

13 Engineering Costs 0

SUBTOTAL (lines 1 through 13) 1,743,992

14 Construction Insurance (prorate) 500 500

15 Construction Loan Orig. Fee (prorate) 10,000 10,000

16 Construction Loan Interest (prorate) 70,000 70,000

17 Construction Loan Credit Enhancement (prorate) 0

18 Construction Period Taxes (prorate) 8,800 8,800

19 Water, Sewer and Impact Fees 0

20 Survey 9,000 9,000

21 Property Appraisal 5,000 5,000

22 Environmental Report 15,250 15,250

23 Market Study 8,550 8,550

24 Bond Costs 0

25 Bond Issuance Costs 0

26 Placement Fee 0

27 Permanent Loan Origination Fee 0

28 Permanent Loan Credit Enhancement 0

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29 Title and Recording 6,000

SUBTOTAL (lines 14 through 29) 133,100

30 Real Estate Attorney 15,000 15,000

31 Other Attorney's Fees 2,500 2,500

32 Tax Credit Application Fees (Preliminary and Full) 2,300

33 Tax Credit Allocation Fee (0.62% of line 60, minimum $7,500) 7,500

34 Cost Certification / Accounting Fees 16,000 16,000

35 Tax Opinion 2,500

36 Organizational (Partnership) 2,000

37 Tax Credit Monitoring Fee 16,800

SUBTOTAL (lines 30 through 37) 64,600

38 Furnishings and Equipment 0

39 Relocation Expense 15,000 15,000

40 Developer's Fee 180,000 180,000

41 Additional Contigency (greater of $500/unit or $30,000) 30,000 30,000

42 Other Basis Expense (specify) 0

43 Other Basis Expense (specify) 0

44 Rent-up Expense 4,800

45 Other Non-basis Expense (specify) Bldg Permits 1,000

46 Other Non-basis Expense (specify) 0

SUBTOTAL (lines 38 through 45) 230,800

47 Rent up Reserve 7,200

48 Operating Reserve 0

49 Other Reserve (specify) 0

50 Other Reserve (specify) 0

51 DEVELOPMENT COST (lines 1-49) 2,179,692 973,744 1,155,848

52 Less Federally Funded Grant 0

53 Less Disproportionate Standard 0

54 Less Nonqualified Nonrecourse Financing 0

55 Less Historic Tax Credit 0 0

56 TOTAL ELIGIBLE BASIS 2,129,592 973,744 1,155,848

57 Applicable Fraction (percentage of LI Units) 100.00% 100% 100%

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58 Basis Before Boost 2,129,592 973,744 1,155,848

59 Basis Boost of up to 130% 100.00% 100.00%

60 TOTAL QUALIFIED BASIS 2,129,592 973,744 1,155,848

61 Tax Credit Rate 3.50 9.00

62 Federal Tax Credits (maximum $1,300,000) 140,542 34,081 104,026

63 Federal Tax Credits Requested (if less than line 62) 0

64 Land Cost 145,000

65 TOTAL REPLACEMENT COST 2,324,692

FEDERAL TAX CREDITS IF AWARDED 140,542

Comments:
Item 19 (Water, Sewer, and Impact Fees) is not applicable, since no new units or buildings will be
constructed. Item 62 (Acquisition Tax Credits) was calculated at 3.75%, instead of 3.5%.

Total Replacement Cost per unit 96,862

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Market Study Information


Please provide a detailed description of the proposed project:
Baytree Apartments is an existing multi-family development located in Richlands, NC, and was originally
constructed in 1990. The property consists of 24 one and two bedroom units. A total of 23 units receive
project based rental assistance provided by USDA Rural Development. The tenant in the 1 remaining unit
receives a HUD voucher. The complex is 100% occupied with a Waiting List.

The development consists of 6 residential, garden style buildings and a separate office/community building.
All of the buildings consist of wood frame, brick veneer, wood trim, vinyl siding, and aluminum covered soffit
and facia under a low pitched shingle roof.

Overall the exterior and interior features are in fair condition. However, the current CNA indicates a need to
improve the physical condition of the property and implement features for handicap accessibility. The Scope
of Work included with the application summarizes the details of the improvements to be made.

Construction (check all that apply):

Brick Vinyl Wood HardiPlank Balconies/Patios Sunrooms Front Porches

Front Gables or Dormers Wide Banding or Vertical/Horizontal Siding

Other:
See the Scope of Work and architectural plans included with the application.

Have you built other tax credit developments that use the same building design as this project?Yes
If yes, please provide name and address:
Benchmark Apartments - China Grove
Fiddlers Creek Phase 2 - Southport
Longview Apartments - Maysville

Site Amenities:
There is an existing, separate building which houses the site managers office and community space for the
residents. The community area also includes a laundry facility. The property has a significant amount of
open space with sitting areas and a gazebo. However, new sitting areas and a gazebo are planned.

Onsite Activities:

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Landscaping Plans:
The existing landscaping, most of which was installed during the original construction of the project, will be
trimmed and pruned as needed. Fresh mulch will be added to plant beds. Any dead or ailing plantings will
be removed and replaced as needed. Bare areas within the lawn will be reseeded. Poorly draining areas,
along with a section of failing storm drainage system, will be replaced and regraded to establish positive
drainage.

Interior Apartment Amenities:


All units will receive new carpet and padding, vinyl flooring, paint, mini-blinds, kitchen cabinets and
countertops, fire extinguishers, ranges and hoods, ceiling light fixturs, and window screens. The HVAC
systems of each unit will be replaced. The refrigerator in the majority of the units will be replaced with a new
Energy Star certified refrigerator. Accessibility features in the existing handicap unit and community building
will be upgraded.

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.
The Town of Richlands is a small town in a growth stage of its life cycle. Population and household growth
is anticipated for the next several years due to the town's proximity (26 minutes) from Jacksonville and
Camp Lejune. The project is bordered in all directions by existing single-family dwellings in fair to good
condition.

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 suitable for the existing multi-family use. The adjacent
properties are existing single-family uses. Vacant parcels in the area are typically used for farming. There are
no detrimental uses in the area.
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. The development is located on town-maintained streets (Onslow and
Sylvester Streets) with existing points of ingree/egress. Onslow and Sylvester Streets have very little traffic
flow and are less than two blocks from US 258. US 258 is a major north-south thoroughfare to Jacksonville.
There is no need, or requirement, for improvements to the existing street system.
Degree of on-site negative features and physical barriers that will impede project construction or adversely
affect future tenants; for example: power transmission lines and towers, flood hazards, steep slopes, large
boulders, ravines, year-round streams, wetlands, and other similar features (for adaptive re-use projects-
suitability for residential use and difficulties posed by the building(s), such as limited parking, environmental
problems or the need for excessive demolition).
There are no nuisances, hazards, detrimental influences or recognized environmental conditions that
negatively affect the rehabilitation of the property.

Similarity of scale and aesthetics/architecture between project and surroundings.


The buildings comprising the project are one-story and are architecturally similar to the surrounding
neighborhood. Therefore, the project is similar in scale and compatible with the adjacent properties.

For each applicable neighborhood feature, enter distance from project in miles.

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0.2 Grocery Store 0.2 Community/Senior Center

1.5 Mall/Strip Center 2.9 Hospital

0.2 Outdoor Athletic 0.2 Pharmacy


Fields

0.1 Day Care/After 0.1 Basic Health Care


School

0.2 Public Transportation


Schools
Stop

0.5 Convenience Store 0.5 Public Parks

0.5 Gas Station 0.1 Library

Other facilities or services:


The development is located near a variety of entertainment services, health clinics, hospitals, places of
worship, retail services and schools. City Hall and Police Department are 0.2 miles from site. Post Office,
Richlands High School, and a Dollar General Store are 0.1 miles from site.

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Preliminary App Checklist

The following enclosures must be submitted along with your signed preliminary application. Some enclosures are required only under
certain conditions. Please check each applicable item to indicate that you understand the enclosure requirements and will enclose the
correct supporting documentation with your application.

Fee Payment
Check in the amount of $5,450.00 made payable to North Carolina Housing Finance Agency.
Tab A - Preliminary Application
Printed, signed copy of preliminary application generated from online system.
B - Map/Driving Instructions
A local map clearly identifying the location of the Site and detailed directions to the Site. Current City or County maps are preferred
– internet maps and directions are not acceptable. Applicant must also provide a map identifying the amenities listed in section IV
(A)(1)(b)(ii) of the QAP and their proximity to the site.

Applicant must provide a sign and boundary markers to clearly identify the road frontage of the site. The sign identifying the site
should read “SITE” with a minimum size of 11x17.
C - Community Revitalization Plan
Applicant should provide a map identifying the subject site within the Plan area (if applicable).
D - Evidence of Site Control
Provide valid option/contract or warranty deed and plot plan.
E - Site Plans/Scope of Work
Preliminary site plan, floor plans and elevations for all projects, interior and exterior photographs and detailed scope of work for
Adaptive Reuse and Rehab projects. Site and floor plans should be no larger than 11x17 and must be produced by a licensed
architect or engineer.
F - Information Package for Market Analysts
This section must include copies of items required in Tabs A, B, E and G (site and floor plans should be no larger than 11x17) and
can include any additional market information such as preliminary market studies the applicant would like to provide to the
Analysts.
G - Rent Roll (Rehabs only)
Provide the current rent roll for the property and indicate which units (if any) are receiving rental assistance.
H - Documentation for Basis Boost
Applicant should provide an appraisal and/or standard geological survey to support a request for the basis boost (if applicable).

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