East Broad Crossing

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Print Preview - Final Application

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

Project Name: East Broad Crossing Address: City: Toria Drive Statesville County: Iredell Block Group: 003 Zip: 28625
Census Tract: 0606
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: City of Statesville Last: Marshall Title: Mayor PO Box 1111 Statesville (704)878-5383 Zip: 28687
Jurisdiction CEO Name: First: John
Site Latitude: Site Longitude:
35.7912 -80.8479
https://www.nchfa.org/Rental/RTCApp/(2czra055k4egdy45jtov0zmn)/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: 18
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: Landmark Asset Services, Inc. 406 East Fourth Street Winston Salem First: Jim (336)722-9871 State: NC Zip: 27101 Last: Sari Title: V.P.
Alt Phone:
(800)809-4693
Fax:
(336)722-3603
Email Address:
jim@landmarkdevelopment.biz
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Site Description
Total Site Acreage: 8.33 Total Buildable Acreage: 8.33 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? Yes If yes: (a) Describe placement of project buildings in relation to this area: there is a small sliver of flood plain at the uppermost northwestern corner of the site. No buildings are located in the flood 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: 11/15/2004 (D) Enter Purchase Price: 450,000
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Zoning
Present zoning classification of the site: R-8 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: East Broad Crossing, LLC Address: City: 406 East Fourth Street Winston Salem State: NC Zip: 27101 (If assigned) 56-1838930 (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:
Landmark Asset Services, Inc. Last Name: Sari Function: Managing Member
First Name: Jim Address: City: Phone: EMail: 406 East Fourth Street Winston Salem (336)722-9871
State: NC
Zip: 27101
Fax: (336)722-3603 Nonprofit: No TaxID 56-1838930
Org:
Sari & Company Last Name: Sari Function: Member
First Name: Jim Address: City: Phone: EMail: 406 East Fourth Street Winston Salem (336)722-9871
State: NC
Zip: 27101
Org:
Fitch Development Group Last Name: Fitch Function: Member
First Name: Hollis Address: City: Phone: EMail:
406 East Fourth Street, Apt. 440 Winston Salem (336)748-0835 sec42@mindspring.com State: NC Zip: 27101
Org:
Iredell Statesville Community Enrichment Corporation, ISCEC Last Name: Meachem Function: Member
First Name: David Address: City: Phone: EMail: 433 Meeting Street Statesville (704)872-9811
State: NC
Zip: 28677
Fax: (704)878-8780 Nonprofit: No TaxID
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dmeachem@sha-online.org
56-1935432
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Unit Mix
The Median Income for Iredell county is $57,500. Low Income Units Type Gdn Apt Gdn Apt Gdn Apt Gdn Apt # BRs Net Sq.Ft. 2 3 2 3 880 1100 880 1100 Total # Units 8 5 24 13 # Units 3 1 1 1 Monthly Rent 479 609 479 609 Electric Utility Allowance 88 101 88 101 Gas Mandatory Serv. Fees 0 0 0 0 Other trash **Total Housing Exp. 567 710 567 710
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............... 50 6 26290 50 Gross Monthly Rental Income 26290
Units 6
Proposed number of residential buildings: 12 Project Includes:
Maximum number of stories in buildings: 1
Separate community building - Sq. Ft. (Floor Area): Community space within residential bulding(s) - Sq. Ft. (Floor Area): 1,340 Elevators - Number of Elevators: Square Footage Information Gross Floor Square Footage: 55,328
Total Net Sq. Ft. (All Heated Areas): 51,858
Notes ** Please refer to the Income Limits and Maximum Housing Expense Table to ensure that Total Monthly Tenant Expenses for low income units are within established thresholds.
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Targeting
Specify Low Income Unit Targeting in table below. List each applicable targeting combination in a separate row below. Click [Add] to create another row. Click "X" (at the left of each row) to delete a row. Add as many rows as needed.
# BRs 2 3 2 3 8 5 24 13
Units targeted at 30 targeted at 30 targeted at 60 targeted at 60
% percent of median income. percent of median income. percent of median income. percent of median income.
Total Low Income Units:
50
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 (%) 6.50 Term (Years) 20 Amort. Period (Years) 30 Annual Debt Service 114,286
Source Bank Loan RPP Loan Local Gov. Loan - Specify: RD 515 Loan RD 538 Loan - Specify: AHP Loan Other Loan 1 - Specify: local HOME funds 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 1,506,781
150,000
1.00
30
30
5,789
375,852
30
30
2,348,429
4,381,062
* "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 Cert, Accting 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) 5,000 Real Estate Commision Other Non-basis Expense (specify) SUBTOTAL (lines 36 through 43) 44 Rent up Reserve 493,000 17,500 468,000 468,000 6,000 190,040 25,000 5,000 21,624 12,000 5,000 5,000 26,250 99,874 20,000 20,000 25,000 5,000 21,624 12,000 8,000 8,000 2,000 5,040 8,000 8,000 2,000 5,040 150,000 53,000 159,000 85,860 60,000 15,000 3,022,860 5,000 30,000 90,000 30,000 6,000 5,000 30,000 90,000 30,000 6,000 150,000 53,000 159,000 85,860 60,000 15,000 2,150,000 2,150,000 350,000 350,000 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)
137,788
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:
3,961,062
3,758,524
0 3,758,524 100.00% 3,758,524 3,758,524 297,299 319,474 323,198 420,000 4,381,062 0 100% 0 100.00% 0 0.00% 0 0 3,758,524 100% 3,758,524 100.00% 3,758,524 7.91% 297,299 319,474 323,198
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Market Study Information

Please provide a detailed description of the proposed project: East Broad Crossing is a 50 unit family development of one story quadraplexes. The subject is located near The shoppes at Broad Street. This center provides all the necessary family services within walking distance of the site. The site is also within .05 miles of the Signal Hill Mall. Behind the site is a local soccer recreational complex. New grade school within one mile of the site. This site provides entry level service jobswithin walking distance of the site.
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: We have the use this design in South Carolina for the Lakota Crossing, LLC a 72 unit family development in Florence, SC and Calvary Crossing, LLC, a 40 unit family / development in Cheraw, SC.
Site Amenities (check all that apply): Community Bldg - Sq Ft: 1,400 Laundry Rm Game/Craft Rm Chapel/Prayer Rm Irrigated Lawns Walking Trails Pool Onsite Activities: 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:
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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. This is an upscale growing area of Statesville. The Signal Hill Mall historically has been a major destination point. The Shoppes at Broad is the newest retail center. The local country club and school are within a mile of the site. This is the strongest growth market in Statesville.
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 apartments are adjacent to assisted living facility, residential boarders one side of the development and a major retail center is within walking distance of the site.
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). Property located on a city maintained complimentary street tied into a connector (E Broad). The site is close to the downtown area and within close proximity of local transportation.
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. None, see site plan of Martin Riley and Associates. This is a gently slopping site that falls from the front to the rear and is bordered by a creek. This is excellant topagraphy to control storm water with an existing creek drainage basis. From a contruction stand point, this is considered a balanced site. The cut from the upper side becomes the fill for the lower side. This results in minimal fill dirt.
Similarity of scale and aesthetics/architecture between project and surroundings. Good, see site plan of Martin Riley and Associates. The developer has chosen a one story design that is compatible and consistant with surrounding single family neighborhhod and adjacent assisted living facilities.
For each applicable neighborhood feature, enter distance from project in miles.
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.3 .3 5 .3 .5 3 .3 3 3 .3 3 3 3
Grocery Store Mall/Strip Center Outdoor Athletic Fields Day Care/After School Schools
3 3 .5 1 .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 Convenience Store Basketball/Tennis Courts Public Parks Gas Station Library Fitness/Nature Trails Public Swimming Pools .3 3 3 .5 1 3
Other facilities or services: Beauty Shop - .3 YMCA - 3
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Development Team
Provide contact information for development team members below: Management Agent Company: Landmark Asset Services, Inc. Address: City: Phone 406 East Fourth Street Winston Salem (336)722-9871 State: NC Zip: 27101 Email: jim@landmarkdevelopment.biz Last: Sari
Contact Name: First: Jim
Architect Company: Address: City: Phone
Martin Riley Associates - Architects, P.C. 215 Church Street, Suite 200 Decatur (404)373-2800 State: GA Zip: 30030 Email: jmartin@martinriley.com Last: Martin
Contact Name: First: Jackie
Attorney Company: Address: City: Phone
Blanco Tackabery Combs & Matamoros, P.A. PO Drawer 25008 Winston Salem (336)761-1250 State: NC Zip: 27114-5008 Email: dlm@btcmlaw.com Last: McKenney
Contact Name: First: Deborah
Investor Company: Address: City: Phone
Community Affordable Housing Equity Corporation (CAHEC) 7700 Falls of Neuse Road, Suite 200 Raleigh (919)420-0063 State: NC Zip: 27615 Email: gmayo@cahec.com Last: Mayo
Contact Name: First: Greg
Consultant/Application Preparer (if different from developer) Company: Landmark Asset Services, Inc. Address: City: Phone 406 East Fourth Street Winston Salem (336)722-9871 State: NC Zip: 27101 Email: jim@landmarkdevelopment.biz Last: Sari
Contact Name: First: Jim
Identity of Interest? General Contractor Company: Rehab Builders, Inc. Address: City: Phone 406 East Fourth Street Winston Salem (336)722-6132 State: NC Zip: 27101 Email: ed@rehabbuilders.com Last: Lipsky
Contact Name: First: Ed
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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: 9 320 6 113
Management List number of low-income housing tax credit units managed in the past 10 years: North Carolina Other States Projects: Units: 12 462 13 380
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? No
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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 Yes 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): 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): Fire & Sprinkler System Maintenance Miscellaneous Operating & Maintenance Expenses SUBTOTAL Taxes and Insurance Real Estate Taxes Payroll Taxes (FICA) Miscellaneous Taxes, Licenses and Permits 600 2,400 600 2,400 1,200 35,700 25,000 3,000 600 1,200 600 600 3,600 12,000 2,400 3,600 1,200 300 3,600 13,200 2,400 600 600 3,600 3,600 400 6,000 24,000 12,000 1,800
1,200
53,200
6,000 3,600
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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
8,000 100 1,200
37,900 1,800 1,200
3,000 12,500 12,500 155,500 115,000 50 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): 6,000 315,480
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)
321,480 22,503 298,977
155,500 143,477
120,075
23,402 1.195
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 1 298,977 155,500 120,075 23,402 1.195 11 401,800 230,180 120,075 51,545 1.429 2 307,946 161,720 120,075 26,151 1.218 12 413,854 239,387 120,075 54,392 1.453 3 317,184 168,189 120,075 28,920 1.241 13 426,270 248,962 120,075 57,233 1.477 4 326,700 174,917 120,075 31,708 1.264 14 439,058 258,920 120,075 60,063 1.5 5 336,501 181,914 120,075 34,512 1.287 15 452,230 269,277 120,075 62,878 1.524 6 346,596 189,191 120,075 37,330 1.311 16 465,797 280,048 120,075 65,674 1.547 7 356,994 196,759 120,075 40,160 1.334 17 479,771 291,250 120,075 68,446 1.57 8 367,704 204,629 120,075 43,000 1.358 18 494,164 302,900 120,075 71,189 1.593 9 378,735 212,814 120,075 45,846 1.382 19 508,989 315,016 120,075 73,898 1.615 10 390,097 221,327 120,075 48,695 1.406 20 524,259 327,617 120,075 76,567 1.638
* 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 concrete
Make:
Model:
Type/Construction: insulated vinyl with thermal break Exterior Doors Type: metal 40yr vinyl cedar Type: shakes Warranty: brick 40% Exterior Trim Shingles prime grade wood Type: architectural-antifungal Warranty: 25 years Sprinkler System Cabinets Heat Pump none thermafoil SEER: 12 Model: cple Air Conditioner SEER: 12 Model: cple Other Heat Systems SEER: Model: Make: Make: goodman Make: goodman Weight: 225+ Frames: wood
Siding
Grade/Thickness: 1/2"
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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 5,000 10,000 2,000 8,000 105,000 120,000 90,000 20,000 105,000 120,000 90,000 50,000 20,000 5,000 25,000 100,000 12,500 40,000 20,000 80,000 20,000 5,000 25,000 100,000 12,500 60,000 60,000 40,000 10,000 5,000 30,000 30,000 10,000 30,000 45,000 20,000 125,000 25,000 40,000 20,000 125,000 50,000 40,000 45,000 LABOR 15,000 MATERIAL 15,000 TOTAL 30,000 0 85,000 0 0 85,000 40,000 250,000 75,000 0 40,000 15,000 60,000 0 40,000 10,000 50,000 200,000 25,000 100,000 80,000 120,000 0 210,000 240,000 180,000 70,000 0 10,000 0 15,000 0 0 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: 992,500 1,157,500 13,000 8,000 2,000 7,000 10,000 2,000 20,000 58,000
0 30,000 60,000 0 15,000 15,000 0 0 2,150,000
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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: 150,000 3,000 8,000 12,000 2,000 2,000 3,000 7,000 2,000 TOTAL 95,000 12,000 4,000
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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: 350,000 60,000 5,000 10,000 15,000 70,000 70,000 30,000 10,000 80,000 TOTAL
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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: 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.
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.

East Broad Crossing

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Project Name and Location

Census Tract: 0606

Jurisdiction CEO Name: First: John

Site Latitude: Site Longitude:

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

Fax: (336)722-3603 Nonprofit: No TaxID 56-1838930

Sari & Company Last Name: Sari Function: Member

Fax: (336)722-3603 Nonprofit: No TaxID 04-3677539

Fitch Development Group Last Name: Fitch Function: Member

First Name: Hollis Address: City: Phone: EMail:

Fax: (336)722-3603 Nonprofit: No TaxID 57-1152167

Fax: (704)878-8780 Nonprofit: No TaxID

Utilites included in rents:

Utilites included in rents:

Utilites included in rents:

Proposed number of residential buildings: 12 Project Includes:

Maximum number of stories in buildings: 1

Total Net Sq. Ft. (All Heated Areas): 51,858

Units targeted at 30 targeted at 30 targeted at 60 targeted at 60

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

Ceramic Tile Electric Pump

Applicant's Site Evaluation

Other facilities or services: Beauty Shop - .3 YMCA - 3

Contact Name: First: Jim

Architect Company: Address: City: Phone

Contact Name: First: Jackie

Attorney Company: Address: City: Phone

Contact Name: First: Deborah

Investor Company: Address: City: Phone

Contact Name: First: Greg

Contact Name: First: Jim

Contact Name: First: Ed

Project Team Experience

If Other, specify the type of Federal subsidy:

Projected Operating Costs

8,000 100 1,200

37,900 1,800 1,200

3,000 12,500 12,500 155,500 115,000 50 2,300

Projected Cash Flow Year One

321,480 22,503 298,977

20-Year Cash Flow

0 30,000 60,000 0 15,000 15,000 0 0 2,150,000

Costs - Bond Costs

Costs - Bond Issuance

Full Application Checklist

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