Abbington

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Print Preview - Final Application

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

Project Name: Abbington Apartments Address: City: 1884 Perfection Avenue Belmont County: Gaston Block Group: 4002 Zip: 28012
Census Tract: 310.02
Is project in Qualified Census Tract & Difficult to Develop area? No Does a community revitalization plan exist? No Political Jurisdiction: Jurisdiction Address: Jurisdiction City: Jurisdiction Phone: 9th Congresional District Last: Joye Title: Mayor P. O. Box 431 Belmont (704)825-5586 Zip: 28012
Jurisdiction CEO Name: First: Billy
Site Latitude: Site Longitude:
35.243 -81.038
https://www.nchfa.org/Rental/RTCApp/(l1yng0553ghqrn455sqqo545)/site/PrintApp.aspx?... 1/14/2005
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Project Description
Project Type:* New Construction Rehab Adaptive Reuse
Is this project a follow-on (Phase II, etc) to a previously-awarded tax credit development project? No If yes, list names of previous phase(s): Will the project be receiving project based federal rental assistance? Yes If yes, provide the subsidy source: HUD and number of units: 20
Target Population: Family Indicate below any additional targeting for special populations proposed for this project: Mobility impaired handicapped: 5% of units comply with QAP Section IV(F)(3) (in addition to the units required by other federal and state codes.) Persons with disabilities or homeless populations: the greater of 5 units or 10% of the total units Remarks: Applicant has entered into an MOU with Pathways LEM in Gastonia, NC to act as "lead agency" in the provision of services for the disabled/homeless and to make referrals of their clients. Abbington Apartments, LLC has agreed to set aside eight (8) units for the special needs households. In addition Abbington Apartments has a commitment from the Gastonia Housing Authority to provide 20 units of project-based Section 8 Housing Choice Vouchers, of which eight (8) of these vouchers will be set-aside for the targeted population.
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Applicant Information
Applicant Name: Address: City: Contact: Telephone: Eagan Partners, LLC 1415 Old Mill Circle Winston-Salem First: Gaye (336)765-0424 State: NC Zip: 27103 Last: Morgan Title: Member
Alt Phone:
(336)765-6551
Fax:
(336)765-3831
Email Address:
gmorgan@cmc-nc.com
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Site Description
Total Site Acreage: 13.41 Total Buildable Acreage: 11.05 If buildable acreage is less than total acreage, please explain: Watershed Creek Buffer is 2.36 acres.
Identify utilities and services currently available (and with adequate capacity) for this site: Storm Sewer Water Sanitary Sewer Electric
Is the demolition of any buildings required or planned? No If yes, please describe:
Are existing buildings on the site currently occupied? No If yes: (a) Briefly describe the situation:
(b) Will tenant displacement be temporary? (c) Will tenant displacement be permanent? Is the site directly accessed by an existing, paved, publicly maintained road? Yes If no, please explain:
Is any portion of the site located inside the 100 year floodplain? No If yes: (a) Describe placement of project buildings in relation to this area:
(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)? Yes If yes provide: Purchase Date: 9/30/2003 If no: (a) Does the owner/principal or ownership entity have vaild option/contract to purchase the property? (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? If yes, specify the relationship:
Purchase Price: 260,000
(c) Enter the current expiration date of the option/contract to purchase: (D) Enter Purchase Price:
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Zoning
Present zoning classification of the site: R-MF Is mutifamily use permitted? Yes Are variances, special or conditional use permits or any other item requiring a public hearing needed to develop this proposal? No If yes, have the hearings been completed and permits been obtained? If yes, specify permit or variance required and date obtained. If no, describe permits/variances required and schedule for obtaining them:
Are there any existing conditions of historical significance located on the project site that will require State Historic Preservation office review? No If yes, describe below:
Are there any existing conditions of environmental significance located on the project site? No If yes, describe below:
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Ownership Entity
Owner Name: Abbington Apartments, LLC Address: City: P. O. Box 25168 Winston-Salem State: NC Zip: 27114-5168 71-0877275 (If assigned) (If Not Assigned)
Federal Tax ID Number of Ownership Entity: Federal Tax ID Number of Managing GP or Member:
Entity Type: Limited Liability Company Entity Status: Already Formed Is the applicant requesting that the Agency treat the application as Non-Profit sponsored? Is the applicant requesting that the Agency treat the application as CHDO sponsored?
No No
List all general partners, members,and principals. Specify nonprofit corporate general partners or members. Click [Add] to add additional partners, members, and principals.
Org:
Abbington Apartments, LLC Last Name: Eagan, Jr. Function: Managing Member
First Name: John Address: City: Phone: EMail: 1415 Old Mill Circle Winston-Salem (336)765-6551 jeagan@cmc-nc.com
State: NC
Zip: 27103
Fax: (336)765-3831 Nonprofit: No TaxID 046-30-6411
Org:
Abbington Apartments, LLC Last Name: Eagan, III Function: Member
First Name: John Address: City: Phone: EMail: 10203 Bailes Court Huntersville (704)663-6392 jeagan@alltel.net
State: NC
Zip: 28078
Org:
Abbington Apartments, LLC Last Name: Eagan Function: Member
First Name: David Address: City: Phone: EMail: 1415 Old Mill Circle Winston-Salem (336)765-0424 deagan@cmc-nc.com
State: NC
Zip: 27103
Org:
Abbington Apartments, LLC Last Name: Morgan Function: Member
First Name: Gaye Address: City: Phone: EMail: 1415 Old Mill Circle Winston-Salem (336)765-0424
State: NC
Zip: 27103
Fax: (336)765-3831 Nonprofit: No TaxID
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gmorgan@cmc-nc.com
241-82-1020
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Unit Mix
The Median Income for Gaston county is $64,100. Low Income Units Type Gdn Apt Gdn Apt Gdn Apt Gdn Apt Gdn Apt Gdn Apt Gdn Apt Gdn Apt Gdn Apt # BRs Net Sq.Ft. 1 1 1 2 2 2 3 3 3 730 730 730 984 984 984 1213 1213 1213 Total # Units 2 2 4 12 12 24 6 6 12 # Units 1 0 0 1 1 0 1 0 0 Monthly Rent 415 485 495 495 565 575 565 600 625 Electric Utility Allowance 60 60 60 80 80 80 100 100 100 Gas Mandatory Serv. Fees 0 0 0 0 0 0 0 0 0 Other Trash **Total Housing Exp. 475 545 555 575 645 655 665 700 725
Utilites included in rents:
Water/Sewer
Employee Units (will add to Low Income Unit total) Type # BRs Net Sq.Ft. Total # Units # Units Monthly Rent Electric Utility Allowance Gas Other Mandatory Serv. Fees **Total Housing Exp.
Water/Sewer
Market Rate Units Type # BRs Net Sq.Ft. Total # Units # Units Monthly Rent Utility Allowance Gas Other Mandatory Serv. Fees **Total Housing Exp.
Water/Sewer
Electric
Statistics All Units Low Income....... Market Rate....... Totals............... 80 4 44790 80 Gross Monthly Rental Income 44790
Units 4
Proposed number of residential buildings: 10 Project Includes:
Maximum number of stories in buildings: 2
Separate community building - Sq. Ft. (Floor Area): 2,843 Community space within residential bulding(s) - Sq. Ft. (Floor Area): Elevators - Number of Elevators: Square Footage Information
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Gross Floor Square Footage:
106,576
Total Net Sq. Ft. (All Heated Areas): 84,732
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 1 1 1 2 2 2 3 3 3 2 2 4 12 12 24 6 6 12
Units targeted at 40 targeted at 50 targeted at 60 targeted at 40 targeted at 50 targeted at 60 targeted at 40 targeted at 50 targeted at 60
% percent of median income. percent of median income. percent of median income. percent of median income. percent of median income. percent of median income. percent of median income. percent of median income. percent of median income.
Total Low Income Units:
80
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 (%) 7.50 Term (Years) 20 Amort. Period (Years) 30 Annual Debt Service 154,386
Source Bank Loan RPP Loan Local Gov. Loan - Specify: RD 515 Loan RD 538 Loan - Specify: AHP Loan Other Loan 1 - Specify: Other Loan 2 - Specify: Other Loan 3 - Specify: Tax Exempt Bonds State Tax Credit(Loan) State Tax Credit(Direct Refund) Equity: Federal LIHTC Non-Repayable Grant Equity: Historic Tax Credits Deferred Developer Fees Owner Investment Other - Specify: Total Sources**
Amount 1,840,000
1,211,903
30
30
3,824,876
676
6,877,455
* "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. 775 Remarks concerning project funding sources: (Please be sure to include the name of the funding source(s)) Southern Community Bank will provide a 20 year non-recourse loan in the amount of $1,835,000 at 7.5% with a thirty year amortization.
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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 and Accounting Fees 33 Tax Opinion 34 Organizational (Partnership) 35 Tax Credit Monitoring Fee SUBTOTAL (lines 29 through 35) 36 Furnishings and Equipment 37 Relocation Expenses 38 Developer's Fee (max 15% lines 2-36, less 8 & 9) 39 40 42 43 Other Basis Expense (specify) Other Basis Expense (specify) 54,371 Other Non-basis Expense (specify) Other Non-basis Expense (specify) SUBTOTAL (lines 36 through 43) 44 Rent up Reserve 742,154 24,000 649,783 649,783 5,300 313,200 25,000 15,000 34,528 10,800 1,500 500 42,000 129,328 38,000 38,000 25,000 15,000 34,528 10,800 9,200 254,700 89,994 359,976 148,490 54,300 15,700 5,168,160 36,000 21,000 136,500 4,200 4,500 30,000 50,000 7,500 5,000 4,000 36,000 21,000 136,500 4,200 4,500 30,000 50,000 7,500 5,000 4,000 254,700 89,994 359,976 148,490 54,300 15,700 3,825,000 3,825,000 420,000 420,000 TOTAL COST Eligible Basis 30% PV 70% PV 0
41 Rent-up Expenses
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45 Operating Reserve 46 47 Other Reserve (specify) Other Reserve (specify)
240,613
48 DEVELOPMENT COST (lines 1-47) 49 Less Federal Financing 50 Less Disproportionate Standard 51 Less Nonqualified Nonrecourse Financing 52 Less Historic Tax Credit (residential) 53 TOTAL ELIGIBLE BASIS 54 Applicable Fraction (percentage of LI Units) 55 Basis Before Boost 56 Boost for QCT/DDA (if applicable, enter 130%) 57 TOTAL QUALIFIED BASIS 58 Tax Credit Rate 59 Federal Tax Credits at Estimated Rate 60 Federal Tax Credits at 8.5% or 3.75% 61 Federal Tax Credits Requested 62 Land Cost 63 TOTAL REPLACEMENT COST Comments: Line 16 includes construction lender's inspection fees Line 19 includes civil engineering costs
6,617,455
6,239,971
0 6,239,971 100.00% 6,239,971 6,239,971 493,581 530,397 0 260,000 6,877,455 0 100% 0 100.00% 0 0.00% 0 0 6,239,971 100% 6,239,971 100.00% 6,239,971 7.91% 493,581 530,397
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Market Study Information

Please provide a detailed description of the proposed project: Abbington Apartments will consist of nine two-story and one one-story residential buildings with a separate community clubhouse and leasing center. Plans call for (1) One-Bedroom Building (1BR/1B), (5) Two-Bedroom Buildings (2BR/2B) and (3) Three-Bedroom Buildings (3BR/2B) with each building containing 8 units. All units are spacious with open/flowing floorplans with square footages that exceed the minimum requirements of the tax credit program. The one bedroom/one bath unit is 730 square feet, the two bedroom/two bath unit is 984 sf and the three bedroom/two bath unit is 1213 square feet. Each unit will have a patio or balcony, exterior storage, walk-in closets, carpet, washer/dryer connections, pantry, dishwasher, disposal, stove with self-cleaning oven, frostfree refrigerator with icemaker, mini-blinds and 12 seer electric heat pump. The units have been designed to exceed the minimum requirements of the tax credit program and attention has been given to enhance energy efficiency. The Clubhouse includes leasing office, business center, computer lab, homework/reading library, activity/game room with TV area, arts and craft tables and office for personnel coordinating afterschool programs and adult activities. Also included are centralized laundry facility, kitchenette, vending area and maintenance shop. The property will employ fulltime onsite manager and maintenance supervisor and as needed parttime leasing agent and janitor. Exterior amenities include tot lot, playground, picnic area with grill, car care center, gazebo, walking trail, volleyball court, horseshoe pit and garden area. One of the principals of the proposed apartment development is also a principal in Perfection Park Senior Apartments, a 50 unit tax credit apartment community for the elderly adjacent to the proposed site. The one and two bedroom units in Perfection Park leased up in just over 4 months and currently has a substantial waiting list. In addition, he also has purchased the remaining acreage around the site and plans to begin construction on a single-family subdivision on the remaining property. 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
Vinyl shake siding, soldier course, vinyl insulated windows, vinyl shutters, metal insulated doors with viewfinder and deadbolt locks.
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: 2,843 Laundry Rm Game/Craft Rm Chapel/Prayer Rm Screened Porch Exercise Rm Picnic Area Community Room - Sq Ft: Resident Computer Center TV Rm Onsite Leasing Office Garages - Number: Exam Rm Beauty Salon Onsite Mgr Reading Rm/Library Vending Rm Onsite Maint. Person
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Irrigated Lawns Walking Trails Pool
Security Gate Garden Spots Fitness Stations
Car Care Area Basketball/Tennis Court Horseshoe Pit
Storage Units Playground Shuffleboard
Gazebos Ball Field Covered Drive Thru
Onsite Activities: An on-site service coordinator will be primarily responsible for the coordination of resident social and recreational activities of the community. It is anticipated that an after-school program will be organized in conjunction with the Salvation Army's Boys and Girls Club of Gastonia. This program would be available for children 5 to 15 years of age residing at Abbington Apartments and include after-school tutorial programs, homework assistance and recreational and social activities. Educational seminars, Job Training, Employment programs, Health and Safety programs, Credit Counseling, and Parenting Workshops are some of the programs that would be available to the adult residents of the community. The owner entity has entered into MOU's with a number of service providers in the community to provide assistance and programs for the residents of Abbington. Activities for the residents will center around the Community and Leasing Office. It will be furnished to provide for a service coordinator office, computers and printers with internet access in the computer lab and board games, puzzles and books in the homework/reading library. The large multipurpose activity room will have a TV/VCR sitting area, game area with ping pong, bumper pool or pinball machine, tables for arts and crafts, and vending area for the convenience of the residents. A kitchenette will also be furnished to allow for potluck dinners, holiday gatherings and resident council meetings. A business center is also available to the residents who need the use of a fax machine, copier or small office equipment such as mail scales, paper hole punch, etc. Adjacent to the community center are a tot lot and playground including horseshoe pit, volleyball court, picnic area with grill and screened porch area for cookouts. Landscaping Plans: See Site Plan.
Interior Apartment Amenities (check all that apply): Range W/D Hookups Flooring: Carpet Hood Mini-blinds Vinyl Central Air Dishwasher Pantry Wood Gas Heat Disposal Ceiling fans Wood Parquet Heat Pump Refrigerator (frost free) Walk-in closets Other Storage interior/exterior
Ceramic Tile Electric Pump
Heating/Cooling:
Do you plan to submit additional market data (market study, etc.) that you want considered? No If yes, please make sure to include the additional information in your pre-application packet.
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Applicant's Site Evaluation

Briefly describe your site in each of the following categories: NEIGHBORHOOD CHARACTERISTICS Physical condition of buildings and improvements. Trend and direction of real estate development relative to the project. Area economic health (degree of decline or investment). Concentration of affordable housing. The neighborhood surrounding the site is primarily residential in character with no adverse physical deficiencies in the surrounding buildings or grounds. To the north of the site, the land is wooded, gently sloping and is currently undeveloped. However, construction of a single-family subdivision is planned in late 2004. To the east is Perfection Park, a relatively new one and two bedroom tax credit development (50 units) for the elderly. The complex was completed in 2002 and is fully occupied with a waiting list. To the south is a fire station and to the east is a single-family residence and more wooded area. There are no views from the site that could be considered negative.
Suitability of surrounding development. Land use pattern is primarily residential (single and multifamily housing) with a balance of other uses (particularly retail and amenities). Amount and character of vacant, undeveloped land. Effect of industrial, large-scale institutional or other incompatible uses: wastewater treatment facilities, high traffic corridors, junkyards, prisions, landfills, large swamps, distribution facilities, frequently used railroad tracks, power transmission lines and towers, factories or similar operations, sources of excessive noise, and sites with environmental concerns (such as odors or pollution). Surrounding development is primarily single-family residential subdivisions with some light commercial shopping and multi-family development. Shopping, services and amenities are within a short drive of the property - see below for listing. The neighborhood is stable and improving.
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). Perfection Road is a two-lane connector road that provides excellent accessibility to retail, schools, medical and other services. The speed limit is 35 miles per hour and there is no excessive traffic or adverse conditions. Direct access to the site will be from Abbington Way, the proposed publicly maintained road to be provided by the single-family developer. It is anticipated that this access road will be posted at 25 miles per hour and there will be a stop sign at the intersection of Abbington Way and Perfection Road. A turn lane from Perfection Road onto Abbington Way will be required. There is no mass transit in this area.
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 known negative features or physical barriers that would impede project construction or adversely affect future residents.
Similarity of scale and aesthetics/architecture between project and surroundings. The proposed multi-family site is in balance with other land uses in the area and is of similar scale. It is architecturally and aesthetically in harmony with the other multi-family in the neighborhood.
For each applicable neighborhood feature, enter distance from project in miles.
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.5 2.5 2.5 2. 1
Grocery Store Mall/Strip Center Outdoor Athletic Fields Day Care/After School Schools
4.5 4.5 3. 2. 2.
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 2.5 .5 2.5 2.5 .5 5. 12. 4.5 Convenience Store Basketball/Tennis Courts Public Parks Gas Station Library Fitness/Nature Trails Public Swimming Pools .5 2.5 4.5 1. .5 2.5
Other facilities or services: YMCA - 4.5 miles Churches - .125 Dry Cleaners/Laundry - .5 miles Schiele Museum & Planetarium - 12 miles
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Development Team
Provide contact information for development team members below: Management Agent Company: Community Management Corporation Address: City: Phone 1415 Old Mill Circle Winston-Salem (336)765-0424 State: NC Zip: 27103 Email: gmorgan@cmc-nc.com Last: Morgan
Contact Name: First: Gaye
Architect Company: Address: City: Phone
Hunmphreys & Partners 10975 David Taylor Drive, Suite 100 Charlotte (704)510-1357 State: NC Zip: 28262 Email: eric@humphreys.com Last: Coulson
Contact Name: First: Eric
Attorney Company: Address: City: Phone
Blanco, Tackabery, Combs & Matamoros 110 S. Stratford Road, Suite 500 Winston-Salem (336)293-9013 State: NC Zip: 27104 Email: ram@btcmlaw.com Last: Matamoros
Contact Name: First: Ron
Investor Company: Address: City: Phone
Enterprise Social Investment Corporation 10227 Wincopin Circle, Suite 800 Columbia (410)772-2675 State: MD Zip: 21044 Email: kcrawford@esic.org Last: Crawford
Contact Name: First: Ken
Consultant/Application Preparer (if different from developer) Company: Address: City: Phone Contact Name: First: State: Email: Last: Zip:
General Contractor Company: TBD Address: City: Phone TBD TBD
Identity of Interest?
State: NC Zip: 00000 Email: Last:
(000)000-0000
Contact Name: First:
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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: 4 376
Management List number of low-income housing tax credit units managed in the past 10 years: North Carolina Other States Projects: Units: 63 3,497
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 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): Training, site employee mileage SUBTOTAL Utilities Expense Fuel Oil Electricity (Light and Misc. Power) Water Gas Sewer SUBTOTAL Operating and Maintenance Expenses Janitor and Cleaning Payroll Janitor and Cleaning Supplies Janitor and Cleaning Contract Exterminating Payroll/Contract Exterminating Supplies Garbage and Trash Removal Security Payroll/Contract Grounds Payroll Grounds Supplies Grounds Contract Repairs Payroll Repairs Material Repairs Contract Elevator Maintenance/Contract Heating/Cooling Repairs and Maintenance Swimming Pool Maintenance/Contract Snow Removal Decorating Payroll/Contract Decorating Supplies Other (specify): Miscellaneous Operating & Maintenance Expenses SUBTOTAL Taxes and Insurance Real Estate Taxes Payroll Taxes (FICA) Miscellaneous Taxes, Licenses and Permits 600 6,000 1,800 1,500 2,400 480 1,800 1,500 12,000 28,000 1,500 1,800 8,000 28,000 2,400 1,200 1,200 1,440 750 3,200 770 3,600 36,480 28,000
4,800 18,000 4,200
1,200 101,000
12,000 8,000
750 66,370 57,420 7,500
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Property and Liability Insurance (Hazard) Fidelity Bond Insurance Workmen's Compensation Health Insurance and Other Employee Benefits Other Insurance: Flood/Earthquake SUBTOTAL Supportive Service Expenses Service Coordinator Service Supplies Tenant Association Funds Other Expenses (specify): Technical Assistance, Training, Travel 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
18,000 150 200 6,200 2,000 91,470 16,000 1,800 1,200 1,000 20,000 20,000 20,000 326,840 229,420 80 2,867
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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): Application and Late Fees 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) 2,400 3,600 543,480 38,043 505,437 537,480
326,840 178,597
154,386
24,211 1.157
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 1 505,437 326,840 154,386 24,211 1.157 11 679,265 483,803 154,386 41,076 1.266 2 520,600 339,914 154,386 26,300 1.17 12 699,643 503,155 154,386 42,102 1.273 3 536,218 353,511 154,386 28,321 1.183 13 720,632 523,281 154,386 42,965 1.278 4 552,305 367,651 154,386 30,268 1.196 14 742,251 544,212 154,386 43,653 1.283 5 568,874 382,357 154,386 32,131 1.208 15 764,519 565,980 154,386 44,153 1.286 6 585,940 397,651 154,386 33,903 1.22 16 787,455 588,619 154,386 44,450 1.288 7 603,518 413,557 154,386 35,575 1.23 17 811,079 612,164 154,386 44,529 1.288 8 621,624 430,099 154,386 37,139 1.241 18 835,411 636,651 154,386 44,374 1.287 9 640,273 447,303 154,386 38,584 1.25 19 860,473 662,117 154,386 43,970 1.285 10 659,481 465,195 154,386 39,900 1.258 20 886,287 688,602 154,386 43,299 1.28
* 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 Footing: 12" thick reinforced concrete (3000psi); 12" nominal CMU brick shelf w/8" nominal Make: Moss Model: 1738
Type/Construction: Vinyl Frame w/ insulated glass - GBG Exterior Doors Siding Type: Insualted Steel Type: Vinyl Warranty: 40 Years Exterior Trim No. 2 spruce wood wrapped with pre-finished aluminum coil stock Fiberglass;3-tab; antiType: fungal Warranty: 25 years Sprinkler System Cabinets Heat Pump N/A Medium Grade, hard wood framed front cabinets SEER: 12 Model: 38AYCO36-3 Air Conditioner SEER: 12 Model: FB4ANA036 Other Heat Systems SEER: N/A Model: Make: Make: Carrier Make: Carrier Frames: Hollow Metal Grade/Thickness: .44 (nominal)
Shingles
Weight: 225 lb.
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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 404 3,639 46 320 405 746 1,536 7,123 3,235 3,583 28,493 29,116 28,318 9,705 9,630 38,468 7,015 92,186 1,618 24,263 114,731 4,123 24,160 17,998 28,221 2,039 113,118 96,794 66,594 54,478 LABOR 30,122 7,279 45,342 1,611 83,111 56,360 443 169,755 MATERIAL 30,122 809 136,027 6,443 37,340 24,154 3,583 396,095 160,689 8,088 87,348 54,570 38,314 16,369 138,280 6,470 97,053 267,707 37,108 36,239 161,988 112,882 18,147 169,677 64,529 155,387 127,115 TOTAL 60,244 8,088 181,369 8,054 120,451 80,514 4,026 565,850 160,689 8,088 97,053 64,200 76,782 23,384 230,466 8,088 121,316 382,438 41,231 60,399 179,986 141,103 20,186 282,795 161,323 221,981 181,593 0 5,119 35,616 32,351 28,318 0 451 1,066 0 4,043 0
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Mirror/Shower Door/Encls. Hardware/Bath Access. Appliances Playground Equipment Interior Clean Exterior Clean/Dumpster Rental Other 1 (specify in Remarks) Other 2 (specify in Remarks) Total Cost Remarks:
4,023 1,642
16,092 14,620 131,742
20,115 16,262 131,742 25,752 12,132 20,336 0 0
5,176 11,040 16,314
20,576 1,092 4,022
1,150,023
2,674,977
3,825,000
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Costs - General
This is a detailed breakdown of the General Requirements cost element you summarized in the Development Costs table (General Requirements). The total should match that roll-up value. ITEM Supervision Job Site Office/Trailer Rental Office Supplies Security/Watchman Project Signage Tools and Equipment Gas, Oil, and Maintenance Temporary Water, Electric, and Telephone Storage/Hauling Driveway Access Permit Porta-John Rental/Dumping Builders Risk Insurance Re-inspection Fees Extra Plans and Specifications Miscellaneous, Casual Labor Equipment Rental Other 1 (specify in Remarks) Other 2 (specify in Remarks) Total Cost Remarks: Other 1 = Water and Sewer connection fees Other 2 = Cleanup/Dumpster Rental 555 7,600 21,298 450 650 36,237 12,600 40,000 16,300 254,700 2,500 875 1,860 3,950 TOTAL 94,600 12,800 2,425
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Costs - Improvements
This is a detailed breakdown of the Site Improvements cost element you summarized in the Development Costs table (On-site Improvements). The total should match that roll-up value. ITEM Subsurface Exploration/Perk Testing/Site Engineering Clearing/Grading/Final Grading/Excess and Borrow Demolition Earthwork/Excavation/Aerating Soil Treatment Pile Foundations Caissons Shoring/Bracing Site Drainage Site Utilities/Site Lighting Paving and Surfacing/Curb and Gutter Walkways Site Signage Parking Lot Painting Dumpster Pads/Fencing Fencing/Gates Landscaping/Topsoil Rock and Hardpan Excavation Site Supervision Personnel Other (specify in Remarks) Total Cost Remarks: 420,000 3,900 2,600 41,000 19,490 7,698 31,650 31,320 63,664 38,240 15,701 6,800 TOTAL 28,000 129,937
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Costs - Bond Costs

This is a detailed breakdown of the Bond Costs cost element you summarized in the Development Costs table (Bond Costs). The total should match that roll-up value. ITEM Letter of Credit Fee Credit Enhancement Underwriter Discount Capital Interest Fund Other 1 (specify in Remarks) Other 2 (specify in Remarks) Total Cost Remarks: 0 TOTAL
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Costs - Bond Issuance

This is a detailed breakdown of the Bond Issuance cost element you summarized in the Development Costs table (Cost of Issuance). The total should match that roll-up value. ITEM Bond Counsel Issuer Counsel Credit Enhancement/LOC Counsel Underwriter Counsel Developer's Counsel Rating Agency Fee Printing Trustee Fee Trustee Counsel Issuer's Fee Other 1 (specify in Remarks) Other 2 (specify in Remarks) Other 3 (specify in Remarks) Total Cost Remarks: 0 TOTAL
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Minimum Set-Asides
MINIMUM REQUIRED SET ASIDES (No Points Awarded): Select one of the following two options: 20% of the qualified units are rent restricted and occupied by households with incomes at or below 50% of the median income (Note: No Tax Credit Eligble Units in the the project can exceed 50% of median income) 40% of the qualified units are rent restricted and occupied by households with incomes at or below 60% of the median income (Note: No Tax Credit Eligble Units in the the project can exceed 60% of median income) If requesting RPP funds: 40% of the qualified unit are occupied by households with incomes at or below 50% of median income.
State Tax Credit and QAP Targeting Points: Moderate Income County: At least twenty-five percent (25%) of qualified units will be affordable to and occupied by households with incomes at or below forty percent (40%) of county median income.
At least fifty percent (50%) of qualified units will be affordable to households with incomes at or below fifty percent (50%) of county median income. At least fifty percent (50%) of qualified units will be affordable to and occupied by households with incomes at or below fifty percent (50%) of county median income.
Tax Exempt Bonds Threshold requirement (select one): At least ten percent (10%) of qualified units will be affordable to and occupied by households with incomes at or below fifty percent (50%) of county median income. At least five percent (5%) of qualified units will be affordable to and occupied by households with incomes at or below forty percent (40%) of county median income. Eligible for mortgage subsidy points (select one): At least twenty percent (20%) of qualified units will be affordable to and occupied by households with incomes at or below fifty percent (50%) of county median income. At least ten percent(10%) of qualified units will be affordable to and occupied by households with incomes at or below forty percent (40%) of county median income.
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Full Application Checklist

PLEASE indicate which of the following exhibits are attached to your application. Others may be required as noted. A Nonprofit Organization Documentation or For-profit Corporation Documentation B Current Financial Statements/Principals and Owners C Ownership Entity Agreement, Development Agreement or any other agreements governing development services D Management Agent Agreement E Development and manager multi-family experience & Management Questionnaire (Appendix C) F Letters from State Housing Agencies or designated monitoring agent verifying Out of State Management Experience G Completed IRS Form 8821 (Appendix I) H Letters from Local Utility Providers (original on letterhead, no fax or photocopies) I Local Government Letter or Letter from Certified Engineer or Land Surveyor Confirming Floodplain Designation with Map showing 100 year and 500 year floodplain (original on letterhead, no fax or photocopies)
J Local Government Letter Confirming Zoning (original on letterhead, no fax or photocopies) K Copy of certificate of occupancy or proof of placed-in-service date (Rehabs Only) L Site plan, floor plans and elevations M Hazard and structural inspection and termite reports (Renovation projects only) N Anticipated budget demonstrating how the project would meet the 10% test by November 14th. O Evidence of Architect's Errors and Omissions insurance (or equivalent). P Description of acquisition for existing/occupied projects or for projects with occupied buildings to be demolished. Q Description of proposed Relocation Plan & Relocation Budget, Etc. If any relocation is anticipated, reference Appendix F. R Targeting Plan and supporting documentation (Required for all projects) S Local Housing Authority Agreement (Reference Model in Appendix I) T Appraisal (for land costs greater than $5,000 and for buildings in rehab projects) U Evidence of Permanent Loan Commitment, other sources of funds, and project-based subsidies. V Statement regarding terms of Deferred Developer Fee and, if nonprofit, resolution of Board approving fee. W Inducement Resolution (Tax-Exempt Bond Financed Projects only) X Documentation to support estimated utility costs.

Abbington

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Print Preview - Final Application

Project Name and Location

Census Tract: 310.02

Jurisdiction CEO Name: First: Billy

Site Latitude: Site Longitude:

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

Purchase Price: 260,000

Fax: (336)765-3831 Nonprofit: No TaxID 046-30-6411

Abbington Apartments, LLC Last Name: Eagan, III Function: Member

Fax: (704)663-4035 Nonprofit: No TaxID 242-27-9076

Abbington Apartments, LLC Last Name: Eagan Function: Member

Fax: (336)765-7474 Nonprofit: No TaxID 239-27-3919

Abbington Apartments, LLC Last Name: Morgan Function: Member

Fax: (336)765-3831 Nonprofit: No TaxID

Utilites included in rents:

Utilites included in rents:

Utilites included in rents:

Proposed number of residential buildings: 10 Project Includes:

Maximum number of stories in buildings: 2

Gross Floor Square Footage:

Total Net Sq. Ft. (All Heated Areas): 84,732

Total Low Income Units:

45 Operating Reserve 46 47 Other Reserve (specify) Other Reserve (specify)

Market Study Information

Front Gables or Dormers Other:

Wide Banding or Vertical/Horizontal Siding

Irrigated Lawns Walking Trails Pool

Security Gate Garden Spots Fitness Stations

Car Care Area Basketball/Tennis Court Horseshoe Pit

Storage Units Playground Shuffleboard

Gazebos Ball Field Covered Drive Thru

Ceramic Tile Electric Pump

Applicant's Site Evaluation

Contact Name: First: Gaye

Architect Company: Address: City: Phone

Contact Name: First: Eric

Attorney Company: Address: City: Phone

Contact Name: First: Ron

Investor Company: Address: City: Phone

Contact Name: First: Ken

General Contractor Company: TBD Address: City: Phone TBD TBD

State: NC Zip: 00000 Email: Last:

Contact Name: First:

Project Team Experience

If Other, specify the type of Federal subsidy:

Projected Operating Costs

4,800 18,000 4,200

750 66,370 57,420 7,500

Projected Cash Flow Year One

20-Year Cash Flow

Weight: 225 lb.

16,092 14,620 131,742

20,115 16,262 131,742 25,752 12,132 20,336 0 0

5,176 11,040 16,314

20,576 1,092 4,022

Costs - Bond Costs

Costs - Bond Issuance

Full Application Checklist

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