Print Preview - Final Application: Project Name and Location

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Print Preview - Final Application

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

Project Name: Austin's Ridge Address: City: Census Tract: #TBD Saunders Boulevard Southern Pines County: Moore Block Group: Zip: 28387
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: Town of Southern Pines Last: Quis Title: Mayor 125 SE Broad Street Southern Pines (910)692-7021 Zip: 28387
Jurisdiction CEO Name: First: Frank
Site Latitude: Site Longitude:
https://www.nchfa.org/Rental/RTCApp/(cnfvm045khxodm45meo55p45)/site/PrintApp.asp... 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? No If yes, provide the subsidy source: and number of units:
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:
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Applicant Information
Applicant Name: Address: City: Contact: Telephone: Southland Partners LLC 131 Matthews Station Street, Suite 2-F Matthews First: Tom (704)321-1526 State: NC Zip: 28105 Last: Honeycutt Title: Member Manager
Alt Phone:
Fax:
(704)321-1562
Email Address:
southllc@alltel.net
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Site Description
Total Site Acreage: 9.679 Total Buildable Acreage: 9.679 If buildable acreage is less than total acreage, please explain:
Identify utilities and services currently available (and with adequate capacity) for this site: Storm Sewer Water Sanitary Sewer Electric
Is the demolition of any buildings required or planned? No If yes, please describe:
Are existing buildings on the site currently occupied? No If yes: (a) Briefly describe the situation:
(b) Will tenant displacement be temporary? (c) Will tenant displacement be permanent? Is the site directly accessed by an existing, paved, publicly maintained road? Yes If no, please explain:
Is any portion of the site located inside the 100 year floodplain? No If yes: (a) Describe placement of project buildings in relation to this area:
(b) Describe flood mitigation if the project will have improvements within the 100 year floodplain:
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Site Control
Does the owner have fee simple ownership of the property (site/buildings)? No If yes provide: Purchase Date: 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: 10/31/2004 (D) Enter Purchase Price: 495,000
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Zoning
Present zoning classification of the site: RM-2 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: Austin's Ridge Housing LLC Address: City: 131 Matthews Station St, Suite 2-F Matthews State: NC Zip: 28105 (If assigned) 56-2189058 (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: To Be 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:
Southland Partners LLC Last Name: Honeycutt Function: Managing Member
First Name: Tom Address: City: Phone: EMail:
131 Matthews Station Street, Suite 2-F Matthews (704)321-1526 southllc@alltel.net State: NC Zip: 28105
Fax: (704)321-1562 Nonprofit: No TaxID 56-2189058
Org:
Thomas W. Honeycutt Last Name: Honeycutt Function: Member
First Name: Tom Address: City: Phone: EMail:
131 Mattews Station Street, Suite 2-F Matthews (704)321-1526 southllc@alltel.net State: NC Zip: 28105
Fax: (704)321-1562 Nonprofit: No TaxID 243-78-8406
Org:
Melvin B. Melton Last Name: Melton Function: Member
First Name: Mel Address: City: Phone: EMail:
2021 Cross Beam Drive Charlotte (704)357-6000 mmeltongem@bellsouth.net State: NC Zip: 28217
Org:
Gary D. Ellis Last Name: Ellis Function: Member
First Name: Danny Address: City: Phone: EMail:
2021 Cross Beam Drive Charlotte (704)357-6000 State: NC Zip: 28217
Fax: (704)357-1881 Nonprofit: No TaxID
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dellisgem@bellsouth.net
240-86-7030
Org:
Timothy L. Gunderman Last Name: Gunderman Function: Member
First Name: Tim Address: City: Phone: EMail:
2021 Cross Beam Drive Charlotte (704)357-6000 tgundermangem@bellsouth.net State: NC Zip: 28217
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Unit Mix
The Median Income for Moore county is $55,600. Low Income Units Type Gdn Apt Gdn Apt Gdn Apt Gdn Apt Gdn Apt Gdn Apt # BRs Net Sq.Ft. 1 1 2 2 3 3 720 720 920 920 1108 1108 Total # Units 4 4 16 16 10 10 # Units 2 0 2 0 2 0 Monthly Rent 395 420 450 470 540 580 Electric Utility Allowance 61 61 85 85 101 101 Gas Other Mandatory Serv. Fees 0 0 0 0 0 0 **Total Housing Exp. 456 481 535 555 641 681
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............... 60 6 29180 60 Gross Monthly Rental Income 29180
Units 6
Proposed number of residential buildings: 7 Project Includes:
Maximum number of stories in buildings: 2
Separate community building - Sq. Ft. (Floor Area): 1,120 Community space within residential bulding(s) - Sq. Ft. (Floor Area): Elevators - Number of Elevators: Square Footage Information Gross Floor Square Footage: 65,381
Total Net Sq. Ft. (All Heated Areas): 58,480
Notes
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**
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 2 2 3 3 4 4 16 16 10 10
Units targeted at 50 targeted at 60 targeted at 50 targeted at 60 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.
Total Low Income Units:
60
Note: This number should match the total number of low income units in the Unit Mix section.
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Funding Sources
NonAmortizing* 0 0 0 0 1,500,000 0 0 0 0 0 799,689 0 2,691,022 0 0 69,738 0 0 5,060,449 0 30 30 0 6.25 38 38 103,429 Rate (%) Term (Years) Amort. Period (Years) Annual Debt Service
Source Bank Loan RPP Loan Local Gov. Loan - Specify: RD 515 Loan RD 538 Loan - Specify: American Capital Resource, Inc. 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: n/a Total Sources**
Amount
* "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. 79 Remarks concerning project funding sources: (Please be sure to include the name of the funding source(s))
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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 Cost Certification Other Basis Expense (specify) Other Non-basis Expense (specify) offsite costs Other Non-basis Expense (specify) SUBTOTAL (lines 36 through 43) 44 Rent up Reserve TOTAL COST 0 0 550,000 0 2,202,369 0 165,115 58,341 233,363 96,276 69,200 15,300 3,389,964 0 61,798 179,987 0 2,000 43,500 14,000 7,000 2,500 4,000 0 0 0 80,400 0 0 395,185 23,000 0 24,475 0 2,000 0 21,000 70,475 15,000 0 536,000 3,600 0 0 25,000 0 579,600 18,000 15,000 0 536,000 3,600 0 23,000 0 24,475 0 0 61,798 179,987 0 2,000 43,500 14,000 7,000 2,500 4,000 Eligible Basis 30% PV 70% PV 0 0 550,000 0 2,202,369 0 165,115 58,341 233,363 96,276 69,200 15,300
41 Rent-up Expenses
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45 Operating Reserve 46 47 Other Reserve (specify) Targeting Plan Trust Account Deposti
157,225 0 0 4,610,449 0 0 0 0 4,306,824 100.00% 4,306,824 4,306,824 340,669 366,080 341,702 450,000 5,060,449 0 100% 0 100.00% 0 0.00% 0 0 0 0 4,306,824 0 0 0 0 4,306,824 100% 4,306,824 100.00% 4,306,824 7.91% 340,669 366,080 341,702
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:
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Market Study Information

Please provide a detailed description of the proposed project: The proposed development is a 60 dwelling unit family development on the east side of Southern Pines right on the line between Southern Pines and Aberdeen. The location is no more than 5 minutes from downtown Southern Pines, all services and major traffic arteries for one of the premier resort areas in the south. Our goal is to house working families from the service industries in the area, including workers in retail, medical, manufacturing, a major local community college and the local resort industry.
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? Yes If yes, please provide name and address: Hunter's Ridge, Perry St. Ext, Farmville, NC River Walk, Wall St., Grifton, NC Devonshire, HW 42, Pinetops, NC
Site Amenities (check all that apply): Community Bldg - Sq Ft: 1,120 Laundry Rm Game/Craft Rm Chapel/Prayer Rm Irrigated Lawns Walking Trails Pool 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
Onsite Activities: Areas are provided outdoors at the picnic area and gazebo for outside get togethers and socializing. The community room is available on a scheduled basis for all residents to use and for use by the area service providers who come in for resident presentations, etc. The community bldg. provides space for resident activities (meetings, meals, etc.), a laundry room, on site office, warming kitchen, TV, and covered and uncovered patio in back.
Landscaping Plans: The extensive landscape plan cost will exceed minimum requirements and be in keeping with sandhills type landscaping.
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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? Yes 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 site borders residential single and multi-family on all sides accept on southeast end which borders a railroad track. The residential in the surrounding area ranges from almost new to much older and is in very repair. New development in the surrounding area is steady (note the recent single and multi family development down the street from the site to strong at the highway down the street from the site. We are unaware of any affordable housing in the immediate area. Some is located across HW 1 from our site in a seperate market area segment. However, HW 1 creates a rather substantial physical barrier thereby distinguishing our location from other affordable and tax credit units. A new site was approve 2 to 3 miles from our location last year which should not impact our situation since we would be under construction for most of 2005 and only beginning rent up in fall or winter of 2005. 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). The existing land use pattern on Saunders Blvd. is single and multifamily with businesses along the HW corrider. Few, if any, large tracts of vacant land remain in the immediate area which aren't zoned for residential use. No other non-compatible uses are present with the exception of the railroad which we plan to buffer using excess dirt and fill and landscaping.
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). Street adequacy is good with the street currently designed to handle the existing residential which we will not over tax. Signals, turning lanes are adequate at HW 1. Character of the street design, etc., is in keeping with that throughout residential areas in Southern Pines. Mass transit is unavailable at this time.
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. The only so-called "negative" feature in our view, or the one needing some attention, is the railroad which is a central feature to both Southern Pines and Aberdeen. We are providing added setback and landscape buffering from this feature which is obviously not viewed in the area as negative to the community, but rather as an asset.
Similarity of scale and aesthetics/architecture between project and surroundings. Single and two story structures are common in the area. Our architecture is designed to blend and fit well with the existing community.
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For each applicable neighborhood feature, enter distance from project in miles. .5 .5 1.5 1 1.5 Grocery Store Mall/Strip Center Outdoor Athletic Fields Day Care/After School Schools 5 1 .5 .5 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 .5 .25 Convenience Store Basketball/Tennis Courts Public Parks .25 1 Gas Station Library Fitness/Nature Trails Public Swimming Pools .5 .5 1 1 1 1
Other facilities or services: This site is well located for convenience to all services and facilities in the Southern Pines/Pinehurst/Aberdeen area.
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Development Team
Provide contact information for development team members below: Management Agent Company: GEM Management Inc. Address: City: Phone 2021 Cross Beam Drive Charlotte (704)357-6000 State: NC Zip: 28217 Email: dellisgem@bellsouth.net Last: Ellis
Contact Name: First: Danny
Architect Company: Address: City: Phone
Martin Riley Architects 215 Church Street, Suite 200 Decatur (404)373-2800 State: GA Zip: 30030 Email: Last: Martin
Contact Name: First: Jackie
Attorney Company: Address: City: Phone
Pryzwansky & Cook, PLLC 5700 Six Forks Road, Suite 201 Raleigh (919)846-4801 State: NC Zip: 27609 Email: Last: Pryzwansky
Contact Name: First: David
Investor Company: Address: City: Phone
Raymond James Tax Credit Funds 880 Carillon Parkway St. Petersburg (800)438-8088 State: FL Zip: 33716 Email: Last: Descalzi
Contact Name: First: Craig
Consultant/Application Preparer (if different from developer) Company: Address: City: Phone Contact Name: First: State: Email: Last: Zip:
Identity of Interest? General Contractor Company: Harold K. Jordan Construction Co. Inc. Address: City: Phone 1086 Classic Road, Suite 201 Apex (919)303-3652 State: NC Zip: 27539 Email: Last: Castillo
Contact Name: First: Tony
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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: 17 475 16 626
Management List number of low-income housing tax credit units managed in the past 10 years: North Carolina Other States Projects: Units: 49 1,462 63 2,009
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: $ $ $ 1,500,000 Yes Yes Yes Yes Yes
This loan has an RD 538 Guarantee with interest credit on the If Other, specify the type of Federal subsidy: first $1,500,000
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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): 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
5,760 0 4,000 0 25,920 13,480 6,960 216 3,800 0 2,000 0 0 62,136 0 7,500 5,500 0 4,280 17,280 0 350 750 1,200 0 5,400 0 0 0 15,840 17,500 4,500 0 0 4,500 0 0 0 0 0 0 50,040 44,964 3,200 300
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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
15,840 300 1,960 0 0 66,564 0 0 0 0 0 15,000 15,000 211,020 151,056 60 2,517
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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): interest income on ops and reserves (68,1566), nsf and late fees(300), damage fees (300), forfeited Sec. Dep.(200) 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) 350,160 0 1,440 2,434 354,034 24,782 329,252
211,020 118,232
103,429
14,803 1.143
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 1 329,252 211,020 103,429 14,803 1.143 11 442,487 312,363 103,429 26,695 1.258 2 339,130 219,461 103,429 16,240 1.157 12 455,762 324,858 103,429 27,475 1.266 3 349,304 228,239 103,429 17,636 1.171 13 469,435 337,852 103,429 28,154 1.272 4 359,783 237,369 103,429 18,985 1.184 14 483,518 351,366 103,429 28,723 1.278 5 370,576 246,864 103,429 20,283 1.196 15 498,024 365,421 103,429 29,174 1.282 6 381,693 256,739 103,429 21,525 1.208 16 512,965 380,038 103,429 29,498 1.285 7 393,144 267,009 103,429 22,706 1.22 17 528,354 395,240 103,429 29,685 1.287 8 404,938 277,689 103,429 23,820 1.23 18 544,205 411,050 103,429 29,726 1.287 9 417,086 288,797 103,429 24,860 1.24 19 560,531 427,492 103,429 29,610 1.286 10 429,599 300,349 103,429 25,821 1.25 20 577,347 444,592 103,429 29,326 1.284
* 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 DESCRIPTION monolithic turn down slab on grade thermal break frame and Model: sash
Primary Windows
Make: Alenco or equal Type/Construction: vinyl 1 3/4" 6 panel Type: insulated metal Type: vinyl Warranty: limited lifetime
Exterior Doors
Frames: wood Grade/Thickness: .044
Siding
Exterior Trim Shingles
wood with pre finished aluminum wrap and pre finished aluminum columns Type: anti fungal 3 tab Warranty: 25 years Weight: 225#
Sprinkler System Cabinets Heat Pump
per NC building code "mesa" by Marsh or equal SEER: 11.0 seer Model: Make: Carrier or equal
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 LABOR 0 0 172,450 3,600 0 60,000 0 340,000 85,000 0 43,000 20,000 36,000 0 148,000 9,000 49,000 198,000 0 71,000 97,000 77,000 0 212,000 160,000 183,000 70,000 0 4,100 23,000 8,000 0 51,000 0 0 0 0 0 MATERIAL TOTAL 0 0 172,450 3,600 0 60,000 0 340,000 85,000 0 43,000 20,000 36,000 0 148,000 9,000 49,000 198,000 0 71,000 97,000 77,000 0 212,000 160,000 183,000 70,000 0 4,100 23,000 8,000 0 51,000 0 0 0 0 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:
2,219 21,000 46,000 0 7,000 6,000 0 0 2,202,369 0
2,219 21,000 46,000 0 7,000 6,000 0 0 2,202,369
Our contractor, Harold K. Jordan Const. Co., Inc., reports that the above numbers are based on subcontracts and that a material vs. labor breakdown in not available.
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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 - Cleanup/Dumpster Rental 165,115 TOTAL 92,000 1,800 1,500 0 300 3,500 5,200 7,000 2,800 0 2,192 9,873 250 500 13,200 10,000 15,000
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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: TOTAL 8,000 224,000 0 0 3,500 0 0 0 22,000 80,000 110,400 35,000 4,000 2,500 8,000 0 52,600 0 0 0 550,000
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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: TOTAL 0 0 0 0 0 0 0
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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: TOTAL 0 0 0 0 0 0 0 0 0 0 0 0 0 0
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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.

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Project Name and Location

Jurisdiction CEO Name: First: Frank

Site Latitude: Site Longitude:

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

Southland Partners LLC Last Name: Honeycutt Function: Managing Member

First Name: Tom Address: City: Phone: EMail:

Fax: (704)321-1562 Nonprofit: No TaxID 56-2189058

Thomas W. Honeycutt Last Name: Honeycutt Function: Member

First Name: Tom Address: City: Phone: EMail:

Fax: (704)321-1562 Nonprofit: No TaxID 243-78-8406

Melvin B. Melton Last Name: Melton Function: Member

First Name: Mel Address: City: Phone: EMail:

Fax: (704)357-1881 Nonprofit: No TaxID 251-58-3993

Gary D. Ellis Last Name: Ellis Function: Member

First Name: Danny Address: City: Phone: EMail:

2021 Cross Beam Drive Charlotte (704)357-6000 State: NC Zip: 28217

Fax: (704)357-1881 Nonprofit: No TaxID

Timothy L. Gunderman Last Name: Gunderman Function: Member

First Name: Tim Address: City: Phone: EMail:

Fax: (704)357-1881 Nonprofit: No TaxID 105-40-1626

Utilites included in rents:

Utilites included in rents:

Utilites included in rents:

Proposed number of residential buildings: 7 Project Includes:

Maximum number of stories in buildings: 2

Total Net Sq. Ft. (All Heated Areas): 58,480

Units targeted at 50 targeted at 60 targeted at 50 targeted at 60 targeted at 50 targeted at 60

Total Low Income Units:

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: Danny

Architect Company: Address: City: Phone

Contact Name: First: Jackie

Attorney Company: Address: City: Phone

Contact Name: First: David

Investor Company: Address: City: Phone

Contact Name: First: Craig

Contact Name: First: Tony

Project Team Experience

Projected Operating Costs

15,840 300 1,960 0 0 66,564 0 0 0 0 0 15,000 15,000 211,020 151,056 60 2,517

Projected Cash Flow Year One

20-Year Cash Flow

Frames: wood Grade/Thickness: .044

Exterior Trim Shingles

Sprinkler System Cabinets Heat Pump

SEER: see heat pump Model:

Other Heat Systems

SEER: n/a Model:

2,219 21,000 46,000 0 7,000 6,000 0 0 2,202,369 0

2,219 21,000 46,000 0 7,000 6,000 0 0 2,202,369

Costs - Bond Costs

Costs - Bond Issuance

Full Application Checklist

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