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Print Preview - Final Application

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

Project Name: Rosehill Gardens Apartments Address: City: 226 Tiffany Court Fayetteville County: Cumberland Zip: 28301 Block Group: 3-3003
Census Tract: 12
Is project in Qualified Census Tract & Difficult to Develop area? Yes Does a community revitalization plan exist? No Political Jurisdiction: Jurisdiction Address: Jurisdiction City: Jurisdiction Phone: City of Fayetteville Last: Pitts Title: Mayor 433 Hay Street Fayetteville (910)433-1992 Zip: 28301
Jurisdiction CEO Name: First: Marshall
Site Latitude: Site Longitude:
35.0847 -78.8837
https://www.nchfa.org/Rental/RTCApp/(wps40gjhxnulvu55aep5lhmo)/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: 74
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: 10 units will target the disabled/homeless population. Rents on those units will be $150.
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Applicant Information
Applicant Name: Address: City: Contact: Telephone: United Developers, Inc. P.O. Drawer 42208 Fayetteville First: Murray (910)485-6600 State: NC Zip: 28309 Last: Duggins Title:
Alt Phone:
(910)485-6600
Fax:
(910)483-4274
Email Address:
butlers@united-realty-fay.com
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Site Description
Total Site Acreage: 9.58 Total Buildable Acreage: 9.58 If buildable acreage is less than total acreage, please explain:
Identify utilities and services currently available (and with adequate capacity) for this site: Storm Sewer Water Sanitary Sewer Electric
Is the demolition of any buildings required or planned? No If yes, please describe:
Are existing buildings on the site currently occupied? Yes If yes: (a) Briefly describe the situation: This project is a substantial rehabilitation of an existing FHA 236 complex. The complex consists of 100 townhouse & garden units with ten 1-bedroom units, forty four 2-bedroom units, thirty-six 3bedroom units and ten 4-bedroom units. All of the units are currently occupied except one that is used by the complex as a non-revenue unit.
(b) Will tenant displacement be temporary? Yes (c) Will tenant displacement be permanent? No Is the site directly accessed by an existing, paved, publicly maintained road? Yes If no, please explain:
Is any portion of the site located inside the 100 year floodplain? No If yes: (a) Describe placement of project buildings in relation to this area:
(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: 5/31/2004 (D) Enter Purchase Price: 2,141,000
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Zoning
Present zoning classification of the site: R5A 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: Rosehill Gardens Associates Limited Partnership Address: City: P.O. Drawer 42208 Fayetteville State: NC Zip: 28309 (If assigned) 56-2053411 (If Not Assigned)
Federal Tax ID Number of Ownership Entity: Federal Tax ID Number of Managing GP or Member:
Entity Type: Limited Partnership 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:
Rosehill Gardens/Duggins, LLC Last Name: Duggins Family Limited Partnership Function: Managing General Partner
First Name: N/A Address: City: Phone: EMail: P.O. Drawer 42208 Fayetteville (910)485-6600
State: NC
Zip: 28309
Fax: (910)483-4274 Nonprofit: No TaxID 56-2053411
Org:
Duggins Family Limited Partnership Last Name: Duggins Function: General Partner
First Name: Murray Address: City: Phone: EMail: P.O. Drawer 42208 Fayetteville (910)485-6600
State: NC
Zip: 28309
Org:
Urquhart Development, LLC Last Name: Urquhart Function: General Partner
First Name: Thomas Address: City: Phone: EMail:
309 N. Bloodworth Street Raleigh (919)829-1801 Tomu@mindspring.com State: NC Zip: 27601
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Unit Mix
The Median Income for Cumberland county is $46,900. Low Income Units Type Twn Hse Twn Hse Twn Hse Twn Hse Twn Hse Gdn Apt Twn Hse Twn Hse Twn Hse Twn Hse Total # BRs Net Sq.Ft. # Units 1 2 2 1 2 2 3 3 4 4 606 776 776 606 776 881 1050 1050 1284 1284 5 5 15 5 4 20 18 18 5 5 # Units 0 0 0 0 0 0 0 0 0 0 Monthly Rent 150 150 340 439 528 528 610 610 680 680 Electric Utility Allowance 70 75 70 80 70 80 100 100 130 130 Gas Other Mandatory Serv. Fees 0 0 0 0 0 0 0 0 0 0 **Total Housing Exp. 220 225 410 519 598 608 710 710 810 810
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............... 100 0 50227 100 Gross Monthly Rental Income 50227
Units 0
Proposed number of residential buildings: 21 Project Includes:
Maximum number of stories in buildings: 2
Separate community building - Sq. Ft. (Floor Area): 1,658 Community space within residential bulding(s) - Sq. Ft. (Floor Area): Elevators - Number of Elevators:
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Square Footage Information Gross Floor Square Footage: 97,727
Total Net Sq. Ft. (All Heated Areas): 94,504
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 2 1 2 2 3 3 4 4 5 20 5 4 20 18 18 5 5
Units targeted at 40 targeted at 40 targeted at 50 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. percent of median income. percent of median income. percent of median income.
Total Low Income Units:
100
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) 25 Annual Debt Service 89,654
Source Bank Loan RPP Loan Local Gov. Loan - Specify: RD 515 Loan RD 538 Loan - Specify: AHP Loan Other Loan 1 - Specify: Other Bank 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 1,011,000
450,000
6.00
10
10
59,951
1,466,184
30
30
3,870,666
781
6,798,631
* "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 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) 20,000 Other Non-basis Expense (specify) Other Non-basis Expense (specify) SUBTOTAL (lines 36 through 43) 44 Rent up Reserve 659,850 37,500 52,500 170,701 10,000 129,850 500,000 75,000 10,000 129,850 425,000 10,000 240,000 45,000 15,000 40,201 8,000 10,000 5,000 45,000 10,000 40,201 8,000 25,000 5,000 6,000 8,000 6,000 5,000 6,000 8,000 6,000 30,000 30,000 140,000 140,000 153,000 53,000 162,000 176,580 124,000 16,000 5,138,080 10,000 10,000 153,000 53,000 162,000 176,580 124,000 16,000 175,000 2,400,000 175,000 2,400,000 TOTAL COST 1,878,500 Eligible Basis 30% PV 70% PV 1,878,500
41 Rent-up Expenses
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45 Operating Reserve 46 47 Other Reserve (specify) Other Reserve (specify)
290,000
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:
6,536,131
1,958,500
4,132,631
0 6,091,131 100.00% 6,091,131 7,330,920 490,814 530,099 0 262,500 6,798,631 1,958,500 100% 1,958,500 100.00% 1,958,500 3.39% 66,393 73,443 4,132,631 100% 4,132,631 130.00% 5,372,420 7.90% 424,421 456,655
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Market Study Information

Please provide a detailed description of the proposed project: Rosehill Gardens project is a substantial renovation of an existing 100-unit apartment complex built in the early 1970's with assistance from the FHA 236 program. The project is located at 226 Tiffany Court, City of Fayetteville, Cumberland County. It is currently 100% occupied. The renovations we anticipate will be thorough and will encompass almost all aspects of the buildings.
Construction (check all that apply): Brick Vinyl Wood HardiPlank Balconies/Patios Sunrooms Front Porches
Front Gables or Dormers Other:
Wide Banding or Vertical/Horizontal Siding
Have you built other tax credit developments that use the same building design as this project? No If yes, please provide name and address:
Site Amenities (check all that apply): Community Bldg - Sq Ft: 1,659 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: Support Services Coordinator on staff. 3 playgrounds, volleyball area and outdoor grills.
Landscaping Plans: Above average landscaping with sprinkler system
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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 VCT 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. Substantial renovation of the project will be required. The site is located in a Qualified Census Tract. Two low income housing developments (not tax credit) are located near the site. New retail and a new single family subdivision are being developed within a mile of the site.
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). No environmental concerns exist. The surrounding site is a mix of single family and multi-family housing. Shopping and medical facilities are conveniently located near 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). Rosehill Road is a wide four lane road. Access to a main thoroughfare (Hwy 401) is located at the site. There is a public transportation bus stop at the entrance to the complex.
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 negative features or physical barriers to impede rehabilitation or adversly affect future tenants.
Similarity of scale and aesthetics/architecture between project and surroundings. Presently the project is in need of clean-up, modernizing and landscaping. At the completion of the rehabilitation, the project will fit well with the surrounding multi-family units and be an asset to the community.
For each applicable neighborhood feature, enter distance from project in miles.
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1.1 .6 .9 .9 .9 .0 .2 .9 .5 .1 2.3 .5
Grocery Store Mall/Strip Center Outdoor Athletic Fields Day Care/After School Schools
.6 3.6 1.1 .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 1.5 Convenience Store Basketball/Tennis Courts Public Parks Gas Station Library Fitness/Nature Trails Public Swimming Pools 1.1 .2 5.1 1.1 2.2 2
Other facilities or services: (.0) A bus stop is located at the entrance to the site. A regional VA Hospital is 3/10th of a mile from the site.
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Development Team
Provide contact information for development team members below: Management Agent Company: United Management Address: City: Phone P.O. Box 42936 Fayetteville (910)323-4266 State: NC Zip: 28309 Email: Karl@unitedmgt.com Last: Johnson
Contact Name: First: Karl
Architect Company: Address: City: Phone
Moore Riley Architects, P.A. P.O. Box 17652 Raleigh (919)782-6472 State: NC Zip: 27619 Email: mrarch@intrex.net Last: Riley
Contact Name: First: Matt
Attorney Company: Address: City: Phone
Tuggle, Duggins & Mechan, P.A. P.O. Box 2888 Greensboro (336)271-5216 State: NC Zip: 27402 Email: bburgin@tuggleduggins.com Last: Burgin
Contact Name: First: Bill
Investor Company: Address: City: Phone
Raymond James Tax Credit Funds, Inc. 880 Carillon Parkway St. Petersburg (800)438-8088 State: FL Zip: 33716 Email: cdescalzi@rjtcf.rjf.com Last: Descalzi
Contact Name: First: Craig
Consultant/Application Preparer (if different from developer) Company: N/A Address: City: Phone Contact Name: First: State: Email: Last: Zip:
Identity of Interest? General Contractor Company: United Developers, Inc. Address: City: Phone P.O. Drawer 42208 Fayetteville (910)485-6600 State: NC Zip: 28309 Email: dlljd@aol.com Last: Smith
Contact Name: First: Jim
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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: 17 736 2 56
Management List number of low-income housing tax credit units managed in the past 10 years: North Carolina Other States Projects: Units: 24 920 6 176
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: $ $ $ 450,000 Yes Yes No Yes Yes
If Other, specify the type of Federal subsidy: FHA 236 IRP DECOUPLING
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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 88,500 65,000 10,000 2,000 9,000 24,000 18,000 5,000 6,500 7,500 15,000 40,000 107,000 3,500 5,000 10,500 55,000 21,000
3,000 5,000 4,000
10,000 15,000
2,500 8,000 6,000
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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
21,000 1,500 2,000
99,500 5,000
5,000 35,000 35,000 375,000 270,000 100 2,700
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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): IRP 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) 10,000 60,561 673,285 47,129 626,156 602,724
375,000 251,156
149,605
101,551 1.679
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 1 626,156 375,000 149,605 101,551 1.679 11 841,503 555,093 149,605 136,805 1.914 2 644,941 390,000 149,605 105,336 1.704 12 866,748 577,297 149,605 139,846 1.935 3 664,289 405,600 149,605 109,084 1.729 13 892,750 600,389 149,605 142,756 1.954 4 684,218 421,824 149,605 112,789 1.754 14 919,533 624,405 149,605 145,523 1.973 5 704,745 438,697 149,605 116,443 1.778 15 947,119 649,381 149,605 148,133 1.99 6 725,887 456,245 149,605 120,037 1.802 16 7 747,664 474,495 149,605 123,564 1.826 17 8 770,094 493,475 149,605 127,014 1.849 18 9 793,197 513,214 149,605 130,378 1.871 19 10 816,993 533,743 149,605 133,645 1.893 20
975,533 1,004,799 1,034,943 1,065,991 1,097,971 675,356 149,605 150,572 2.006 702,370 149,605 152,824 2.022 730,465 149,605 154,873 2.035 759,684 149,605 156,702 2.047 790,071 149,605 158,295 2.058
* 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 Make: Pennco Model: Series 2070 DESCRIPTION
Type/Construction: Vinyl, Single Hung, Thermal Break, Tilt Sash Exterior Doors Type: Peachtree Steel Hardi-Plank & Brick Veneer and/or .044" Type: vinyl siding and trim Warranty: 50 Year Exterior Trim Shingles Pro Trim/Hardi Plank and/or vinyl trim Type: Asphalt Warranty: 30 Year Architectural Sprinkler System Cabinets Heat Pump Tri-Pak Composit Box, 3/4" Shelf, Oak Face SEER: 12 Model: Air Conditioner SEER: 12 Model: CPK J18 Other Heat Systems SEER: N/A Model: Make: Make: Goodman Make: Goodman Weight: 240# Frames: Wood
Siding
Grade/Thickness:
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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 0 0 0 5,085 6,219 28,260 0 0 0 0 0 0 0 12,038 9,720 21,758 39,848 25,943 97,335 41,715 0 69,525 83,430 162,225 129,780 0 635 0 12,283 0 0 0 0 0 6,953 0 MATERIAL 0 0 0 0 0 6,215 7,601 34,540 0 0 273,950 78,250 119,450 0 0 14,712 11,880 26,592 48,702 31,707 118,965 50,985 0 84,975 101,970 198,275 158,620 0 4,000 0 15,012 0 0 0 0 0 8,497 0 TOTAL 0 0 0 0 0 11,300 13,820 62,800 0 0 273,950 78,250 119,450 0 0 26,750 21,600 48,350 88,550 57,650 216,300 92,700 0 154,500 185,400 360,500 288,400 0 4,635 0 27,295 0 0 0 0 0 15,450 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: ADA Upgrades, Office, Laundry, and Utility.
0 0 0 0 21,630 21,630 36,050 0 832,062
0 15,450 95,790 61,800 0 0 0 0 1,567,938
0 15,450 95,790 61,800 21,630 21,630 36,050 0 2,400,000
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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: 153,000 600 42,000 11,000 TOTAL 60,305 8,000 325 0 4,900 525 525 9,000 420 0 5,800 9,600
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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 0 0 0 0 2,660 0 0 0 6,650 14,000 60,000 13,190 0 1,500 28,000 15,000 34,000 0 0 0 175,000
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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: Marshall

Site Latitude: Site Longitude:

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

Fax: (910)483-4274 Nonprofit: No TaxID 56-2053411

Fax: (910)483-4274 Nonprofit: No TaxID 56-2053411

Urquhart Development, LLC Last Name: Urquhart Function: General Partner

First Name: Thomas Address: City: Phone: EMail:

309 N. Bloodworth Street Raleigh (919)829-1801 Tomu@mindspring.com State: NC Zip: 27601

Fax: (919)754-0822 Nonprofit: No TaxID 56-2236203

Utilites included in rents:

Utilites included in rents:

Utilites included in rents:

Proposed number of residential buildings: 21 Project Includes:

Maximum number of stories in buildings: 2

Square Footage Information Gross Floor Square Footage: 97,727

Total Net Sq. Ft. (All Heated Areas): 94,504

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

Landscaping Plans: Above average landscaping with sprinkler system

Ceramic Tile Electric Pump

Applicant's Site Evaluation

Contact Name: First: Karl

Architect Company: Address: City: Phone

Contact Name: First: Matt

Attorney Company: Address: City: Phone

Contact Name: First: Bill

Investor Company: Address: City: Phone

Contact Name: First: Craig

Contact Name: First: Jim

Project Team Experience

Projected Operating Costs

3,000 5,000 4,000

2,500 8,000 6,000

21,000 1,500 2,000

5,000 35,000 35,000 375,000 270,000 100 2,700

Projected Cash Flow Year One

20-Year Cash Flow

0 0 0 0 21,630 21,630 36,050 0 832,062

0 15,450 95,790 61,800 0 0 0 0 1,567,938

0 15,450 95,790 61,800 21,630 21,630 36,050 0 2,400,000

Costs - Bond Costs

Costs - Bond Issuance

Full Application Checklist

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