Print Preview - Final Application: Resources Requested

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Print Preview - Final Application

Tax Credits, RPP Loans, and/or Tax Exempt Bond Loans
Resources Requested
Check all that apply: Federal Low Income Housing Tax Credit State Low Income Housing Tax Credit Tax Exempt Bonds Rental Production Program (RPP) Loan Requested RPP Loan Amount: RPP Loan Product Requested:
https://www.nchfa.org/Rental/RTCApp/(q4dktwj4xulfyvusgwv2fw45)/site/PrintApp.aspx?... 1/14/2005
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Project Name and Location

Project Name: Grandview Ridge Address: City: Old 421 Boone Trail North Wilkesboro County: WILKES Zip: 28659 Block Group: 1
Census Tract: 9607
Is project in Qualified Census Tract & Difficult to Develop area: No Political Jurisdiction: Jurisdiction Address: Jurisdiction City: Jurisdiction Phone: Town of North Wilkesboro Last: Foster Title: Mayor PO Box 218 North. Wilkesboro (336)667-7129 Zip: 28659
Jurisdiction CEO Name: First: Steve
Site Latitude: Site Longitude:
36.16967 -81.14217
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Project Description
Project Type:* New Construction Rehab Adaptive Reuse
Is this project a follow-on (Phase II, etc) to a previously-awarded tax credit development project? No If yes, list names of previous phase(s): Will the project be receiving federal rental assistance? Yes If yes, provide the subsidy source: HUD and number of units: 48
Target Population: Elderly (55) Indicate below any additional targeting for special populations proposed for this project: Mobility impaired handicapped: 5% of units comply with QAP Section IV(F)(3) (in addition to other federal and state requirements) Persons with disabilities or homeless populations: the greater of 5 units or 10% of the total units Remarks:
Proposed number of residential buildings: 2 Types of Units:* Project Includes:
Maximum number of stories in buildings: 2
Townhouse
Duplex
Garden Apartment
Detached Single-Family
Separate community building - Sq. Ft. (Floor Area): 2,661 Community space within residential bulding(s) - Sq. Ft. (Floor Area): Elevators - Number of Elevators: 2 Square Footage Information Gross Floor Square Footage: 62,527
Total Net Sq. Ft. (All Heated Areas): 55,078
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Applicant Information
Applicant Name: The Affordable Housing Group Address: City: Contact: Telephone: 1300 Baxter Street, Suite 215 Charlotte First: Kathy (704)342-3316 State: NC Zip: 28204 Last: Stilwell Title: Director of Real Estate Development
Alt Phone:
Fax:
(704)376-8709
Email Address:
kstilwell@affordablehousinggroup.org
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Site Description
Total Site Acreage: 8.0 Total Buildable Acreage: 6.0 If buildable acreage is less than total acreage, please explain: Total acreage includes utility easements that cannot be built on.
Identify utilities and services currently available (and with adequate capacity) for this site: Storm Sewer Water Sanitary Sewer Electric
Is the demolition of any buildings required or planned? No If yes, please describe:
Are existing buildings on the site currently occupied? No If yes: (a) Briefly describe the situation:
(b) Will tenant displacement be temporary? (c) Will tenant displacement be permanent? Is the site in a distressed neighborhood? No If yes, does a community revitalization plan exist? Is the site directly accessed by an existing, paved, publicly maintained road? Yes If no, please explain:
Is any portion of the site located inside the 100 year floodplain? No If yes: (a) Describe placement of project buildings in relation to this area:
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(b) Describe flood mitigation if the project is in the East Region and will have improvements within the 100 year floodplain:
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Site Control
Does the owner have fee simple ownership of the property (site/buildings)? No If yes provide: Purchase Date: If no: (a) Does the owner/principal or ownership entity have vaild option/contract to purchase the property? Yes (b) Does an identity of interest (direct or indirect) exist between the owner/principal or ownership entity with the option/contract for purchase of the property and the seller of the property? No If yes, specify the relationship:
Purchase Price:
(c) Enter the current expiration date of the option/contract to purchase: 12/31/2003 (D) Enter Purchase Price: 200,000
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Zoning
Present zoning classification of the site: R-6 and O&I 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:
Is a public hearing of any kind required in the future for you to fully develop this property? No If yes, describe the nature of the hearing and when you expect the hearing will be held:
Are there any existing conditions of historical significance located on the project site that will require State Historic Preservation office review? No If yes, describe below:
Are there any existing conditions of environmental significance located on the project site? No If yes, describe below:
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Ownership Entity
Owner Name: Grandview Ridge LLC Address: City: 1300 Baxter Street, Suite 215 Charlotte State: NC Zip: 28204 (If assigned) 56-0883684 (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?
Yes No
List all general partners, members,and principals. Specify nonprofit corporate general partners or members. Click [Add] to add additional partners, members, and principals.
Org:
Grandview Ridge Housing of North Wilkesboro Inc. Last Name: Stilwell Function: Managing Member
First Name: Kathy Address: City: Phone: EMail:
1300 Baxter Street, Suite 215 Charlotte (704)342-3316 kstilwell@affordablehousinggroup State: NC Zip: 28204
Fax: (704)376-8709 Nonprofit: No TaxID 56-0883684
Org:
Olympia Construction Inc. Last Name: Dobbins Function: Member
First Name: Pat Address: City: Phone: EMail: PO Box 1909 Albertville (256)878-6054 olympia@hiwaay.net
State: AL
Zip: 35950
Fax: (256)878-6122 Nonprofit: No TaxID 63-0999474
Org:
Jeff Beaver Last Name: Beaver Function: Member
First Name: Jeff Address: City: Phone: EMail: P. O. Box 1909 Albertville (256)878-6054 olympia@hiwaay.net
State: AL
Zip: 35950
Fax: (256)878-6122 Nonprofit: No TaxID 533-60-6281
Org:
Ralph Fullerton Last Name: Fullerton Function: Member
First Name: Ralph Address: City: Phone: EMail: P. O. Box 1909 Albertville (256)878-6054
State: AL
Zip: 35950
Fax: (256)878-6122 Nonprofit: No TaxID
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olympia@hiwaay.net
416-56-6534
Org:
The Affordable Housing Group Last Name: Stilwell Function: Member
First Name: Kathy Address: City: Phone: EMail:
1300 Baxter Street, Suite 215 Charlotte (704)342-3316 kstilwell@affordablehousinggroup State: NC Zip: 28204
Fax: (704)376-8709 Nonprofit: Yes TaxID 56-0883684
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Unit Mix
List each applicable unit mix combination in a separate row below. Click [Add] to create another row. Click "X" (at the left of each row) to delete a row. Low Income Units Type Gdn Apt Gdn Apt # BRs Net Sq.Ft. 1 2 770 1044 Total # Units 24 24 # Units 3 3 Monthly Rent 363 405 Electric Utility Allowance 75 89 Gas Other trash Mandatory Serv. Fees **Total Housing Exp. 438 494
Utilites included in rents:
Water/Sewer
Market Rate Units Type # BRs Net Sq.Ft. Total # Units # Units Monthly Rent Utility Allowance Gas Other Mandatory Serv. Fees **Total Housing Exp.
Utilites included in rents:
Water/Sewer
Electric
Statistics All Units Low Income....... Market Rate....... Totals............... 48 6 18432 48 Gross Monthly Rental Income 18432
Units 6
Notes * ** Paint-to-Paint Square Footage Please refer to the Income Limits and Maximum Housing Expense Table to ensure that Total Monthly Tenant Expenses for low income units are within established thresholds.
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Targeting
Specify Low Income Unit Targeting in table below. List each applicable targeting combination in a separate row below. Click [Add] to create another row. Click "X" (at the left of each row) to delete a row. Add as many rows as needed.
# BRs 1 2 24 24
Units targeted at 50 targeted at 50
% percent of median income. percent of median income.
Total Low Income Units:
48
Note: This number should match the total number of low income units in the Unit Mix section.
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Funding Sources
NonAmortizing* Rate (%) 8.00 Term (Years) 18 Amort. Period (Years) 30 Annual Debt Service 39,667
Source Bank Loan RPP Loan Local Gov. Loan - Specify: RD Loan AHP Loan Other Loan 1 - Specify: Other Loan 2 - Specify: Other Loan 3 - Specify: Tax Exempt Bonds State Tax Credit(Loan) State Tax Credit(Direct Refund) Equity: Federal LIHTC Non-Repayable Grant Equity: Historic Tax Credits Deferred Developer Fees Owner Investment Other - Specify: Total Sources**
Amount 450,500
288,000 0 0 0 0 1,049,478 0 217,791 0 0 12,635 0 0 2,018,404
0.00
20
20
30
30
* "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. 77 Remarks concerning project funding sources: (Please be sure to include the name of the funding source(s)) Ignore the annual debt service on AHP Loan; above format doesn't allow for deferred AHP loan.
Loans with Variable Amortization Please fill in the annual debt service as applicable for the first 20 years of the project life.
AHP Loan
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Year: Amt: Year: Amt:
1 0 11 0
2 0 12 0
3 0 13 0
4 0 14 0
5 0 15 0
6 0 16 0
7 0 17 0
8 0 18 0
9 0 19 0
10 0 20 0
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Development Costs
Item Cost Element 1 Purchase of Buildings (Rehab) 2 Demolition 3 On-site Improvements 4 Rehabilitation 5 Construction of New Building(s) 6 Accessory Building(s) 7 General Requirements 8 Contractor Overhead 9 Contractor Profit 10 Construction Contingency 11 Architect's Fee - Design 12 Architect's Fee - Inspection SUBTOTAL (lines 1 through 12) 13 Construction Insurance (prorate) 14 Construction Loan Orig. Fee (prorate) 15 Construction Loan Interest (prorate) 16 Construction Loan Credit Enhancement (prorate) 17 Construction Period Taxes (prorate) 18 Water, Sewer and Impact Fees 19 Survey 20 Property Appraisal 21 Environmental Report 22 Market Study 23 Bond Costs (specify) 24 Cost of Issuance 25 Placement Fee 26 Permanent Loan Origination Fee 27 Permanent Loan Credit Enhancement 28 Title and Recording SUBTOTAL (lines 13 through 28) 29 Real Estate Attorney 30 Other Attorney's Fees 31 Tax Credit App Fees 32 Cost Certification/Accounting Fees (specify) 33 Tax Opinion 34 Organizational (Partnership) 35 Tax Credit Monitoring Fee SUBTOTAL (lines 29 through 35) 36 Furnishings and Equipment 37 Relocation Expenses 38 Developer's Fee (max 15% lines 2-36, less 8 & 9) 39 40 42 43 Other Basis Expense (Bank Inspections & Permits) Other Basis Expense (Engineering/Borings/Testing) Other Non-basis Expense (specify) Other Non-basis Expense (specify) SUBTOTAL (lines 36 through 43) 44 Rent up Reserve 526,200 14,400 436,000 11,000 28,000 31,200 436,000 0 28,000 10,000 206,475 30,000 17,500 19,356 22,200 3,000 2,500 25,200 119,756 20,000 20,000 30,000 17,500 19,356 22,200 4,505 1,000 60,000 8,000 5,500 3,000 4,000 800 60,000 8,000 5,500 3,000 4,000 1,811,618 83,206 137,689 48,650 145,952 78,813 40,000 9,600 2,755,528 6,080 22,000 82,390 4,864 17,600 65,912 1,811,618 83,206 137,689 48,650 145,952 78,813 40,000 9,600 400,000 400,000 TOTAL COST Eligible Basis 30% PV 70% PV 0
41 Rent-up Expenses
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45 Operating Reserve 46 47 Other Reserve (State Equity Income Tax Reserve) Other Reserve (specify)
96,045
48 DEVELOPMENT COST (lines 1-47) 49 Less Federal Financing 50 Less Disproportionate Standard 51 Less Nonqualified Nonrecourse Financing 52 Less Historic Tax Credit (residential) 53 TOTAL ELIGIBLE BASIS 54 Times Applicable Fraction 55 TOTAL QUALIFIED BASIS 56 Tax Credit Rate 57 FEDERAL TAX CREDITS at Estimated Rate 57a FEDERAL TAX CREDITS at 8.5% or 3.75% 58 FEDERAL TAX CREDITS REQUESTED 59 STATE TAX CREDITS 60 Land Cost 61 TOTAL REPLACEMENT COST Comments: Line 39 not allowed in basis; agreed per e-mail.
3,718,404
3,498,260
0 3,498,260 100.00% 3,498,260 275,313 297,352 298,105 1,049,478 200,000 3,918,404 0 100% 0 0.00% 0 0 3,498,260 100% 3,498,260 7.87% 275,313 297,352 298,105
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Market Study Information

Please provide a detailed description of the proposed project: Grandview Ridge will be an affordable housing development that will target individuals that are 55 and older that are also at or below 50% of the median income for the Wilkes County area. The property will consist of 24 1-bedroom and 24 2- bedroom units each with spacious living and bedroom areas with additional storage space inside and outside of each unit. Each residential building will include an elevator for the convenience of second floor residents. The property will provide a community building for tenant support services, social events, etc. and a common laundry facility for those tenants who are unable to provide their own laundry equipment in their individual units. A gazebo, park benches, shuffleboard, horseshoe pits and putting green will be provided for use by all residents. Construction (check all that apply): Brick Vinyl Wood HardiPlank Balconies/Patios Sunrooms Front Porches
Front Gables or Dormers Other:
Wide Banding or Vertical/Horizontal Siding
Have you built other tax credit developments that use the same building design as this project? No If yes, please provide name and address:
Site Amenities (check all that apply): Community Bldg - Sq Ft: 2,661 Laundry Rm Game/Craft Rm Chapel/Prayer Rm Irrigated Lawns Walking Trails Pool Onsite Activities: putting green. Screened Porch Exercise Rm Picnic Area Security Gate Garden Spots Fitness Stations Community Room - Sq Ft: 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
Landscaping Plans: Grandview Ridge will have an exceptional layout with many landscaping features that will greatly
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enhance the property's physical appearance. Some of these features may include: -Generous amounts of foundation plantings -There will be plenty of green space throughout the project which will incorporate outdoor recreational activities such as shuffleboard, horseshoe pits and a putting green. This green space will be highlighted by a community garden that the residents will be able to enjoy as a recreational activity and as a visual enhancement year round. -The project will include a landscaped entrance to give all those who visit a good first impression. -Trees will be planted throughout the project and will offer residents shade and privacy as the project matures. 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). Physical Condition: Neighborhood is well established residential with a few new homes. Mostly single family across from the site entrance and along north and northwest edge of site. A variety of older homes, a few newer homes and well maintained trailer homes are in the surrounding neighborhood. Homes in area are in good condition. Other nearby buildings are Captains Table Restaurant(near site entrance and a favorite of area Senior's), motel on west side of Hwy, and some small medical offices. These buildings are a variety of age and all in very good condition. Trend of Real Estate Development: South of the site entrance are newly constructed (and some under construction) medical offices providing various services such as eye care. Real Estate development in this area trends toward health care, wellness, and recreation (a new greenway project completed nearby with walking trails, benches, picnic areas, etc.) In general, this is a relatively quiet area with only a small amount of new development near site. Area Economic Health: North Wilkesboro has a relatively healthy economy. Most of the jobs that exist here are in the service and retail sectors. Many of the jobs in these sectors are traditionally low paying, which is one of the large reasons why North Wilkesboro has a very low median area income. One of the area's largest employers, 1600 jobs, is a chicken processing plant. These jobs are typically low paying as well. Also, close to the site (0.75 miles) is the Western Regional Medical Center. The rate of unemployment in the area has steadily declined over the past 20 years. This both indicates good economic health and an influx of job growth over the past 20 years. Local officials have indicated that one of the keys to continued growth is affordable housing for the people who live and work in the community. Suitability of surrounding development. Land use pattern is primarily residential with a balance of other uses, including non-competing multifamily and single family units, relevant amenities, shopping and services. The surrounding neighborhood offers a mix of single family and multifamily residential, commercial, office and some vacant land. In addition to the balance of surrounding uses, the ridge area was selected for the beautiful view that it will offer the residents of the surrounding mountains and the areas around North Wilkesboro. Due to the balance of surrounding features and the beautiful views the Town Manager, Commissioners and other local officials have expressed their approval of the proposed site as being one of the best locations in North Wilkesboro for affordable housing.
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). Old 421 (Boone Trail) passes the site entrance. The roadway has two lanes and a low traffic volume; traffic will not be a concern. Visibility is very good in both directions at site entrance. Traveling south about 1/2 mile you will find many services and amenities along business 421 including Hospital, pharmacies, grocery, retail, recreation and downtown ( approx. 1 mile). Bus. 421 is accessed by a traffic signal. This is a left or right turn only with no oncoming traffic. While there is no bus service in either Wilkesboro or North Wilkesboro, there is a van service available to anyone for a fee. They have established routes and people can call for pick up. Also, there are two cab companies in the area and the Wilkes Transportation Authority. The site is about 0.75 miles from US Highway 421 (east to west), a major road in the area. Amount and character of vacant, undeveloped land. Effect of industrial, large-scale institutional or other incompatible uses: wastewater treatment facilities, high traffic corridors, junkyards, prisons, landfills, large swamps, distribution facilities, frequently used railroad tracks, power transmission lines and towers, factories or similar operations, sources of excessive noise, and sites with environmental concerns (such as odors or pollution). The site is part of a larger tract (about 25 acres)that is rolling hill, mostly wooded vacant land. The site plan calls for buildings on the hill providing a very attractive spot for a complex and a great view of the surrounding area. Beyond the site to the north and east are wooded areas and streams which will remain natural and undeveloped. South of site is area that can be developed and would serve as possible additional housing or a Phase II. No land around site has a use incompatible with housing.
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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 wetlands, flood or other hazards on or near site. No negative factors or barriers to project, tenants or construction. Slope becomes steeper along the northeast part of site but it will only be used as greenspace. Site is typical of the foothills found throughout this region and offers a excellent, quiet place for Senior Housing.
Similarity of scale and aesthetics/architecture between project and surroundings. The building placement will complement the contour of the land and offer a great opportunity for beautiful landscape and green space. The building design is attractive and very fitting for this "foothills" community. Careful attention will be given to the selection of colors for brick, roofing and trim. This will ensure a project that is an asset to the surrounding area and the various home styles already found here.
Concentration of affordable housing (housing credit, project-based rental assistance, public housing). Approximately 0.3 miles south of our site is the North Wilkesboro Public Housing and Community Service Office as well as some of the area's apartment housing, this housing is in very good condition and is the only affordable housing in the general area of our site. North Wilkesboro has a total of 200 units of public housing, which is very inadequate to serve the needs of its population. There are three elderly developments and a total of 75 units in all of Wilkes county, which is also vastly inadequate to serve the elderly population. The elderly projects names are Wilkes Towers, Woodlawn Apartments and Elderly Apartments on Mountain View Road. Availability of Supportive Services (if applicable): Supportive services will be provided through Northwestern Regional Housing Authority. The Housing Authority currently has one other project in Wilkes county and will plan on coordinating with a variety of elderly service providers in the area. A list of those providers is as follows: AARP 336-370-2644 A senior citizens organization that focuses on all issues affecting the retired citizen; meets monthly. Alzheimers Association of Western North Carolina 828-254-7363 Provides direct medical care and caregiver support to families affected by Alzheimers disease and provides training for health care workers. Area Agency on Aging 828-265-5434 Advocates for the development of comprehensive services to meet the needs of the elderly in Region D; provides information on aging services; provides Ombudsman to advocate for residents rights in long term care facilities; provides Volunteer Coordinator to train, recruit and monitor volunteers in order to increase health related services for older adults. Blue Ridge Opportunities Commission Elderly Nutrition Program 336-677-7174 Provides congregate nutritional program; home delivered meals; housing; weatherization and repairs; emergency assistance for food, fuel and utilities; outreach, information and referral; prescription assistance; and general transportation for the elderly. Cooperative Extension Office 336-651-7331 Provides Energy resources conservation consulting; homemaker services; housing designs for the elderly; personal financial management counseling; and housing information. Department of Social Services 336-651-7400 Provides chore assistance, health support services, transportation for the elderly, adult care home and nursing home placement assistance. Foster Grandparents Program 336-667-5151 Assists low-income elderly persons participate in community services programs for children with special needs; hourly stipend available. New River Behavioral Health Care 336-667-5151 Day treatment, community support program, personal counseling, substance abuse counseling, Senior Companion and Foster Grandparents programs, consultation services, individual therapy, group therapy, medication clinic, family counseling, education, information and counseling on Alzheimers disease, clinical assessment and treatment, referral and adult developmental activities
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program. Pastoral Care and Counseling Center of Wilkes 336-838-5197 Offers pastoral counseling for couples, families, and individuals with personal and emotional crisis, depression, grief and stress. Respite Care of Wilkes County 336-670-2644 Provides temporary, short-term care at home to disabled or chronically impaired individuals, allowing families needed time away. Senior Companions Program 336-667-2644 Community service opportunity for low-income elderly persons to assist persons need extra help in daily living to prevent institutionalization, hourly stipend available. Wilkes Center for the Deaf and Hard of Hearing 336-651-7822 Provides a link between the hearing and deaf communities by offering interpreting services, referral services, message relays, technical assistance and computer assisted note taking system. The center offers hearing aids to the indigent through the Hearing Aid Bank and they also provide sign language classes. Wilkes County Health Department 336-651-7450 Cancer detection clinic, blood pressure, diabetic services, immunizations, health education. Wilkes Regional Medical Center Community Services 336-651-8100 Provides Hospice Care to terminally ill patients; Home Health Care to patients needing skilled care at home; The Wellness Center to promote healthy lifestyles; and Community Alternative Program (CAP) Medicaid Services to assist the elderly and disabled to lead lives in the community with dignity and independence to the greatest extent possible. Wilkes Senior Citizens Center 336-670-2060 Congregate meals site; educational and craft classes; volunteer opportunities; outreach, information and referral; health promotion; Senior Games; Silver Striders Walking Program; Senior Tar Heel discount cards; Senior Health Insurance Information Program and Volunteer Coordinator Program. Wilkes Senior Citizens Council 336-651-7811 Chore, homemaker, friendly visiting, medical equipment loan closet, personal counseling, transportation and escort service for handicapped, therapeutic recreation, prescription medications, information and referral, outreach, Senior Tar Heel and local discount cards, senior companion, educational materials, housing, legal assistance, and heat relief assistance. For each applicable neighborhood feature, enter distance from project in miles. 0.5 3.0 Grocery Store Mall/Strip Center Outdoor Athletic Fields 0.2 0.4 Day Care/After School Schools 0.3 0.75 0.5 0.75 0.75 Community/Senior Center Hospital Pharmacy Basic Health Care Medical Offices Bank/Credit Union Restaurants Professional Services Movie Theater Video Rental Public Safety (Fire/Police) Post Office
Public Transportation Stop 1.5 0.5 Convenience Store Basketball/Tennis Courts 0.3 1.5 1.0 0.5 Public Parks Gas Station Library Fitness/Nature Trails Public Swimming Pools Other facilities or services: 0.8 1.0 1.5 0.5 1.0 1.0
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Development Team
Provide contact information for development team members below: Management Agent Company: Northwestern Regional Housing Authority Address: City: Phone PO Box 1673 Boone (828)264-6683 State: NC Zip: 28607 Email: efowler@nwrha.com Last: Fowler
Contact Name: First: Ned
Architect Company: Address: City: Phone
McKean & Associates 2815 Zelda Road Montgomery (334)272-4044 State: AL Zip: 36106 Email: amitchell@mckeanarch.com Last: Mitchell
Contact Name: First: Andy
Attorney Company: Address: City: Phone
Moore & Van Allen One Hanover Square, Suite 1700 Raleigh (919)821-6228 State: NC Zip: 27611 Email: ellingers@mvalaw.com Last: Ellinger
Contact Name: First: Susan
Investor Company: Address: City: Phone
Lend Lease Real Estate Investments 101 Arch Street Boston (617)772-9403 State: MA Zip: 02110 Email: thomas.maxwell@lendleaserei.c Last: Maxwell
Contact Name: First: Tom
Consultant/Application Preparer (if different from developer) Company: Address: City: Phone Contact Name: First: State: Email: Last: Zip:
Identity of Interest? General Contractor Company: Olympia Construction Company Inc. Address: City: Phone PO Box 1909 Albertville (256)878-6054 State: AL Zip: 35950 Email: olympia@hiwaay.net Last: Beaver
Contact Name: First: Jeff
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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: 8 344 30 866
Management List number of low-income housing tax credit units managed in the past 10 years: North Carolina Other States Projects: Units: 6 196 0 0
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? Yes
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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: $ $ $ Yes Yes No Yes No
If Other, specify the type of Federal subsidy:
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Projected Operating Costs

Project Operations (Year One) Administrative Expenses Advertising Other Administrative Expense (specify): Office Salaries Office Supplies Office or Model Apartment Rent Management Fee Manager or Superintendent Salaries Manager or Superintendent Rent Free Unit Legal Expenses (Project) Auditing Expenses (Project) Bookkeeping Fees/Accounting Services Telephone and Answering Service Bad Debts Other Administrative Expenses (specify): SUBTOTAL Utilities Expense Fuel Oil Electricity (Light and Misc. Power) Water Gas Sewer SUBTOTAL Operating and Maintenance Expenses Janitor and Cleaning Payroll Janitor and Cleaning Supplies Janitor and Cleaning Contract Exterminating Payroll/Contract Exterminating Supplies Garbage and Trash Removal Security Payroll/Contract Grounds Payroll Grounds Supplies Grounds Contract Repairs Payroll Repairs Material Repairs Contract Elevator Maintenance/Contract Heating/Cooling Repairs and Maintenance Swimming Pool Maintenance/Contract Snow Removal Decorating Payroll/Contract Decorating Supplies Other (specify): Miscellaneous Operating & Maintenance Expenses SUBTOTAL Taxes and Insurance Real Estate Taxes 4,900 980 1,200 10,952 1,200 1,500 300 360 6,200 1,200 3,400 14,000 1,200 300 600 1,008 600 2,700 460 3,540 13,496 20,400
500
4,840 1,200
2,700 50,436
7,200 3,400
600 32,500 23,004
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Payroll Taxes (FICA) Miscellaneous Taxes, Licenses and Permits Property and Liability Insurance (Hazard) Fidelity Bond Insurance Workmen's Compensation Health Insurance and Other Employee Benefits Other Insurance: SUBTOTAL Supportive Service Expenses Service Coordinator Service Supplies Tenant Association Funds Other Expenses (specify): SUBTOTAL Reserves Replacement Reserves SUBTOTAL TOTAL OPERATING EXPENSES ADJUSTED TOTAL OPERATING EXPENSES (Does not include taxes, reserves and resident support services) * TOTAL UNITS (from total units in the Unit Mix section) PER UNIT PER YEAR
3,292 6,740 100 150 3,200
36,486 7,000
7,000 12,000 12,000 152,422 110,418 48 2,300
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Projected Cash Flow Year One

OPERATING INCOME Gross rental income (from Unit Mix - Total Monthly Rent) Stores and Commercial Laundry and Vending Other (specify): 3,456 221,184
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)
224,640 15,724 208,916
152,422 56,494
39,667
16,827 1.424
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 1 208,916 152,422 39,667 16,827 1.424 11 280,765 225,621 39,667 15,477 1.39 2 215,183 158,519 39,667 16,997 1.428 12 289,188 234,646 39,667 14,875 1.375 3 221,638 164,860 39,667 17,111 1.431 13 297,864 244,032 39,667 14,165 1.357 4 228,287 171,454 39,667 17,166 1.433 14 306,800 253,793 39,667 13,340 1.336 5 235,136 178,312 39,667 17,157 1.433 15 316,004 263,945 39,667 12,392 1.312 6 242,190 185,444 39,667 17,079 1.431 16 325,484 274,503 39,667 11,314 1.285 7 249,456 192,862 39,667 16,927 1.427 17 335,249 285,483 39,667 10,099 1.255 8 256,940 200,576 39,667 16,697 1.421 18 345,306 296,902 39,667 8,737 1.22 9 264,648 208,599 39,667 16,382 1.413 19 355,665 308,778 39,667 7,220 1.182 10 272,587 216,943 39,667 15,977 1.403 20 366,335 321,129 39,667 5,539 1.14
* 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 3000 PSI Concrete footing w/rebar & slab w/fiber mesh Make: General Model: DH-30
Type/Construction: Double Pane - Thermalbreak - Aluminum Steel Insulated 6 panel Type: w/peep hole Vinyl-mittenboard 4.5 Type: double lap Warranty: Lifetime Exterior Trim Shingles PVC Coated Metal / .019 Type: Fiberglass Warranty: 30 Year Sprinkler System Cabinets NFPA 13R, Standard Building Code Wet Pipe Sprinkler System Republic Industries / Mountain Oak Rheem, Carrier, Bryant Make: or equivalent Weight: 240
Exterior Doors
Frames: Wood
Siding
Grade/Thickness: .044
Heat Pump
SEER: 12 Model: current
Air Conditioner
SEER: (see Heat Pump) Model:
Make:
Other Heat Systems
SEER: N/A 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 45,000 45,000 19,710 19,710 5,000 7,005 62,945 62,730 69,020 27,567 62,945 62,730 69,020 27,568 47,722 47,723 46,874 46,874 14,785 47,722 14,785 47,723 26,295 26,295 5,000 2,000 26,435 28,100 10,000 26,435 216,750 216,751 71,650 71,650 55,314 55,314 LABOR MATERIAL TOTAL 0 0 110,628 0 0 143,300 0 433,501 0 0 33,100 12,000 52,870 0 52,590 0 29,570 95,445 0 93,748 0 95,445 0 125,890 125,460 138,040 55,135 0 12,005 0 0 0 39,420 0 0 90,000 0 0
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Mirror/Shower Door/Encls. Hardware/Bath Access. Appliances Playground Equipment Interior Clean Exterior Clean/Dumpster Other 1 (specify in Remarks) Other 2 (specify in Remarks) Total Cost Remarks: 866,150 945,468 5,631 1,000 5,000 3,000 15,640 43,200
0 20,640 46,200 0 6,631 0 0 0 1,811,618
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Costs - General
This is a detailed breakdown of the General Requirements cost element you summarized in the Development Costs table (General Requirements). The total should match that roll-up value. ITEM Supervision Job Site Office/Trailer Rental Impact Fees Office Supplies Security/Watchman Water and Sewer Connection Fees Project Signage Tools and Equipment Gas, Oil, and Maintenance Cleanup/Dumpster Rental Temporary Water, Electric, and Telephone Storage/Hauling Driveway Access Permit Porta-John Rental/Dumping Builders Risk Insurance Re-inspection Fees Extra Plans and Specifications Miscellaneous, Casual Labor Equipment Rental Other 1 (specify in Remarks) Other 2 (specify in Remarks) Total Cost Remarks: Other 1 - Travel 137,689 2,500 4,500 16,000 3,630 14,000 2,000 300 2,000 2,000 2,025 15,152 TOTAL 63,760 9,370 452
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Costs - Improvements
This is a detailed breakdown of the Site Improvements cost element you summarized in the Development Costs table (On-site Improvements). The total should match that roll-up value. ITEM Subsurface Exploration/Perk Testing/Site Engineering Clearing/Grading/Final Grading/Excess and Borrow Demolition Earthwork/Excavation/Aerating Soil Treatment Pile Foundations Caissons Shoring/Bracing Site Drainage Site Utilities/Site Lighting Paving and Surfacing/Curb and Gutter Walkways Site Signage Parking Lot Painting Dumpsite Pads/Fencing Fencing/Gates Landscaping/Topsoil Waterproofing/De-Watering Operation of Construction Equipment/Fuel/Oil Crane Rental Rock and Hardpan Excavation Site Supervision Personnel Other (specify in Remarks) Total Cost Remarks: 400,000 13,100 8,970 5,160 1,340 45,000 52,010 73,610 30,000 19,660 TOTAL 1,150 150,000
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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 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: High Income county: At least twenty-five percent (25%) of qualified units will be affordable to households with incomes at or below thirty percent (30%) of county median income. At least twenty-five percent (25%) of qualified units will be affordable to and occupied by households with incomes at or below thirty percent (30%) of county median income.
At least fifty percent (50%) of qualified units will be affordable to households with incomes at or below forty percent (40%) of county median income. At least fifty percent (50%) of qualified units will be affordable to and occupied by households with incomes at or below forty percent (40%) of county median income. Moderate Income County: At least twenty-five percent (25%) of qualified units will be affordable to and occupied by households with incomes at or below forty percent (40%) of county median income.
At least fifty percent (50%) of qualified units will be affordable to households with incomes at or below fifty percent (50%) of county median income. At least fifty percent (50%) of qualified units will be affordable to and occupied by households with incomes at or below fifty percent (50%) of county median income. Low Income County: At least forty percent (40%) of qualified units will be affordable to households with incomes at or below fifty percent (50%) of county median income. At least forty percent (40%) of qualified units will be affordable to and occupied by households with incomes at or below fifty percent (50%) of county median income.
Tax Exempt Bonds Threshold requirement (select one): At least ten percent (10%) of qualified units will be affordable to and occupied by households with incomes at or below fifty percent (50%) of county median income. At least five percent (5%) of qualified units will be affordable to and occupied by households with incomes at or below forty percent (40%) of county median income. Eligible for mortgage subsidy points (select one): At least twenty percent (20%) of qualified units will be affordable to and occupied by households with incomes at or below fifty percent (50%) of county median income. At least ten percent(10%) of qualified units will be affordable to and occupied by households with incomes at or below forty percent (40%) of county median income.
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Full Application Checklist

PLEASE indicate which of the following exhibits are attached to your application. Others may be required as noted. A Nonprofit Organization Documentation or For-profit Corporation Documentation B Current Financial Statements/Principals and Owners C Ownership Entity Agreement, Development Agreement or any other agreements governing development services D Management Agent Agreement E Development and manager multi-family experience & Management Questionnaire (Appendix C) F Letters from State Housing Agencies or designated monitoring agent verifying Out of State Management Experience G Completed IRS Form 8821 (Appendix I) H Permitted zoning letter (including conditional and special use) I Site plan, floor plans and elevations
J Hazard and structural inspection and termite reports (Renovation projects only) K Description of any existing conditions of historical significance. L Description of environmental significance. M Anticipated budget demonstrating how the project would meet the 10% test by November 14th. N Evidence of Architect's Errors and Omissions insurance (or equivalent). O Description of acquisition for existing/occupied projects or for projects with occupied buildings to be demolished. P Description of proposed Relocation Plan & Relocation Budget, Etc. If any relocation is anticipated, reference Appendix F. Q Targeting Plan and supporting documentation (Required for projects targeted to Special Populations) R Local Housing Authority Agreement (Reference Model in Appendix I) S Appraisal (for land costs greater than $5,000 and for buildings in rehab projects) T Evidence of Permanent Loan Commitment, other sources of funds, and project-based subsidies. U Statement regarding terms of Deferred Developer Fee and, if nonprofit, resolution of Board approving fee. V Inducement Resolution (Tax-Exempt Bond Financed Projects only) W Documentation to support estimated utility costs.

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Project Name and Location

Census Tract: 9607

Jurisdiction CEO Name: First: Steve

Site Latitude: Site Longitude:

Proposed number of residential buildings: 2 Types of Units:* Project Includes:

Maximum number of stories in buildings: 2

Total Net Sq. Ft. (All Heated Areas): 55,078

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

First Name: Kathy Address: City: Phone: EMail:

Fax: (704)376-8709 Nonprofit: No TaxID 56-0883684

Olympia Construction Inc. Last Name: Dobbins Function: Member

Fax: (256)878-6122 Nonprofit: No TaxID 63-0999474

Jeff Beaver Last Name: Beaver Function: Member

Fax: (256)878-6122 Nonprofit: No TaxID 533-60-6281

Ralph Fullerton Last Name: Fullerton Function: Member

Fax: (256)878-6122 Nonprofit: No TaxID

The Affordable Housing Group Last Name: Stilwell Function: Member

First Name: Kathy Address: City: Phone: EMail:

Fax: (704)376-8709 Nonprofit: Yes TaxID 56-0883684

Utilites included in rents:

Utilites included in rents:

Units targeted at 50 targeted at 50

% percent of median income. percent of median income.

Total Low Income Units:

288,000 0 0 0 0 1,049,478 0 217,791 0 0 12,635 0 0 2,018,404

Year: Amt: Year: Amt:

Market Study Information

Front Gables or Dormers Other:

Wide Banding or Vertical/Horizontal Siding

Ceramic Tile Electric Pump

Applicant's Site Evaluation

Contact Name: First: Ned

Architect Company: Address: City: Phone

Contact Name: First: Andy

Attorney Company: Address: City: Phone

Contact Name: First: Susan

Investor Company: Address: City: Phone

Contact Name: First: Tom

Contact Name: First: Jeff

Project Team Experience

If Other, specify the type of Federal subsidy:

Projected Operating Costs

600 32,500 23,004

3,292 6,740 100 150 3,200

7,000 12,000 12,000 152,422 110,418 48 2,300

Projected Cash Flow Year One

224,640 15,724 208,916

20-Year Cash Flow

SEER: 12 Model: current

SEER: (see Heat Pump) Model:

Other Heat Systems

SEER: N/A Model:

0 20,640 46,200 0 6,631 0 0 0 1,811,618

Costs - Bond Costs

Costs - Bond Issuance

Full Application Checklist

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