The Griffin

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Print Preview - Final Application

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

Project Name: The Griffin Apartments Address: City: Grove Street Asheville County: Buncombe Zip: 28801 Block Group: 1052
Census Tract: 0001.00
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 Asheville Last: Worley Title: Mayor PO Box 7148 Asheville (828)259-5600 Zip: 28802
Jurisdiction CEO Name: First: Charles
Site Latitude: Site Longitude:
35.5932 -82.5576
https://www.nchfa.org/Rental/RTCApp/(5trhoaimng3mn0bunuuga055)/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: 10
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: The project includes 15 efficiency apartments that will be targeted to homeless individuals as permanent housing. Potential residents will be referred through local homeless service providers including Hospitality House of Asheville, WNC Community Health Services, WNC Housing, New Vistas and the VA Medical Center. Hospitality House of Asheville intends to act as the lead agency. A "homeless point-in-time survey" conducted in Asheville on January 27, 2003 found a total of 566 persons receiving services. Of these, 83.2% were single adults. Furthermore, 428, or 90.9%, of the single adults were in need of permanent housing.
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Applicant Information
Applicant Name: Address: City: Contact: Telephone: Mountain Housing Opportunities, Inc. 64 Clingman Avenue, Suite 101 Asheville First: James (828)254-4030 State: NC Zip: 28801 Last: Dennis Title: Community Investments Officer
Alt Phone:
Fax:
(828)254-0120
Email Address:
james@mtnhousing.org
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Site Description
Total Site Acreage: 0.61 Total Buildable Acreage: 0.61 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: 5/30/2004 (D) Enter Purchase Price: 350,000
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Zoning
Present zoning classification of the site: Central Business District 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: Griffin Apartments, LLC Address: City: 64 Clingman Avenue, Suite 101 Asheville State: NC Zip: 28801 55-0864620 58-1816998 (If assigned) (If Not Assigned)
Federal Tax ID Number of Ownership Entity: Federal Tax ID Number of Managing GP or Member:
Entity Type: Limited Liability Company Entity Status: Already Formed Is the applicant requesting that the Agency treat the application as Non-Profit sponsored? Is the applicant requesting that the Agency treat the application as CHDO sponsored?
Yes Yes
List all general partners, members,and principals. Specify nonprofit corporate general partners or members. Click [Add] to add additional partners, members, and principals.
Org:
Mountain Housing Opportunities, Inc. Last Name: Dedman Function: Managing Member
First Name: Scott Address: City: Phone: EMail: 64 Clingman Avenue Asheville (828)254-4030 scott@mtnhousing.org
State: NC
Zip: 28801
Fax: (828)254-0120 Nonprofit: Yes TaxID 58-1816998
Org:
Community Equity Fund X c/o Community Affordable Housing Equity Corporation Last Name: Graham Function: Member
First Name: Johan Address: City: Phone: EMail:
7700 Falls of Neuse Road, Suite 200 Raleigh (919)420-0063 jgraham@cahec.com State: NC Zip: 27615
Fax: (919)420-0019 Nonprofit: No TaxID 14-1878745
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Unit Mix
The Median Income for Buncombe county is $49,700. Low Income Units Type Duplex Gdn Apt Gdn Apt Gdn Apt # BRs Net Sq.Ft. EFF 1 1 2 500 640 640 830 Total # Units 15 10 5 20 # Units 2 2 0 2 Monthly Rent 198 390 483 567 Electric Utility Allowance 62 75 75 102 Gas Other Mandatory Serv. Fees 0 0 0 0 **Total Housing Exp. 260 465 558 669
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 20625 50 Gross Monthly Rental Income 20625
Units 6
Proposed number of residential buildings: 1 Project Includes:
Maximum number of stories in buildings: 4
Separate community building - Sq. Ft. (Floor Area): Community space within residential bulding(s) - Sq. Ft. (Floor Area): 723 Elevators - Number of Elevators: 1 Square Footage Information Gross Floor Square Footage: 50,485
Total Net Sq. Ft. (All Heated Areas): 48,775
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 1 1 2 15 10 5 20
Units targeted at 30 targeted at 50 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 (%) Term (Years) Amort. Period (Years) Annual Debt Service
Source Bank Loan RPP Loan Local Gov. Loan - Specify: Asheville Housing Trust Fund RD 515 Loan RD 538 Loan - Specify: AHP Loan Other Loan 1 - Specify: MHO HOME Loan Other Loan 2 - Specify: MHO CDBG Loan 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
140,000
2.00
20
20
8,498
246,000 40,000
2.00 0.00
20 20
20 20
1,227,289
30
30
3,645,830
1,705
5,300,824
* "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. 75 Remarks concerning project funding sources: (Please be sure to include the name of the funding source(s)) The Asheville Housing Trust Fund is local money provide through the City of Asheville. This loan is made as a fully amortized loan with a term of 20 years and an interest rate of 2%. The repayment schedule of this loan is not flexible due to the policies of the Housing Trust Fund. The MHO HOME Loan consists of two funding sources. First, $236,000 has been awarded through the Asheville Regional Housing Consortium. Second, Buncombe County has awarded $10,000 as local HOME match. Together, these funding sources will be used to create the MHO HOME Loan of $246,000. The loan will have term of 20 years and an interest rate of 2%. The repayment schedule of this loan was designed to meet the underwriting criteria of the QAP. Finally, the MHO CDBG Loan of $40,000 is a deferred payment loan with 0% interest. A balloon payment is due at the end of the term.
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Loans with Variable Amortization Please fill in the annual debt service as applicable for the first 20 years of the project life.
Other Loan 1 - MHO HOME Loan Year: Amt: Year: Amt: 1 21000 11 15600 2 21000 12 13800 3 21000 13 11800 4 21000 14 9600 5 21000 15 7200 6 21000 16 10100 7 21000 17 7600 8 20200 18 4800 9 18800 19 0 10 17300 20 0
Other Loan 2 - MHO CDBG Loan Year: Amt: Year: Amt: 1 0 11 0 2 0 12 0 3 0 13 0 4 0 14 0 5 0 15 0 6 0 16 0 7 0 17 0 8 0 18 0 9 0 19 0 10 0 20 0
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Development Costs
Item Cost Element 1 Purchase of Buildings (Rehab) 2 Demolition 3 On-site Improvements 4 Rehabilitation 5 Construction of New Building(s) 6 Accessory Building(s) 7 General Requirements 8 Contractor Overhead 9 Contractor Profit 10 Construction Contingency 11 Architect's Fee - Design 12 Architect's Fee - Inspection SUBTOTAL (lines 1 through 12) 13 Construction Insurance (prorate) 14 Construction Loan Orig. Fee (prorate) 15 Construction Loan Interest (prorate) 16 Construction Loan Credit Enhancement (prorate) 17 Construction Period Taxes (prorate) 18 Water, Sewer and Impact Fees 19 Survey 20 Property Appraisal 21 Environmental Report 22 Market Study 23 Bond Costs (specify) 24 Cost of Issuance 25 Placement Fee 26 Permanent Loan Origination Fee 27 Permanent Loan Credit Enhancement 28 Title and Recording SUBTOTAL (lines 13 through 28) 29 Real Estate Attorney 30 Other Attorney's Fees 31 Tax Credit App Fees 32 Cost Certification 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) 27,229 15,000 Other Non-basis Expense (specify) Other Non-basis Expense (specify) SUBTOTAL (lines 36 through 43) 44 Rent up Reserve 577,229 15,000 475,000 475,000 124,350 9,500 12,500 34,040 5,500 5,000 2,500 26,250 95,290 60,000 60,000 9,500 12,500 34,040 5,500 4,000 24,850 5,000 4,500 1,500 4,000 4,000 24,850 5,000 4,500 1,500 4,000 196,047 69,270 207,810 112,217 135,912 18,200 4,006,906 500 10,000 70,000 500 10,000 70,000 196,047 69,270 207,810 112,217 135,912 18,200 2,877,500 2,877,500 389,950 389,950 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)
107,049
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
4,925,824
4,727,796
0 4,727,796 100.00% 4,727,796 6,146,134 486,159 522,421 0 375,000 5,300,824 0 100% 0 130.00% 0 0.00% 0 0 4,727,796 100% 4,727,796 130.00% 6,146,134 7.91% 486,159 522,421
Comments: Line 43 - Other Non-Basis Expense: Supportive Service Expense. This expense represents the cost of establishing the supportive service program for both the homeless and non-homeless units. Expenses will include
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Market Study Information

Please provide a detailed description of the proposed project: The Griffin will be built as a 50 unit apartment complex in one building. The building will include a community room, supportive service and management offices. In addition, each floor will include laundry facilities and sitting room. The project site is located on Grove Street in downtown Asheville. This will be the first affordable housing development in the downtown area in many years. Other affordable housing communities in the downtown area are either public housing or special needs housing. Two market rate apartment buildings exist on either side of the proposed site. The site is located in the Central Business District of Asheville. This zoning does not require any parking. The Griffin will go beyond what is necessary by providing some parking to the rear and side of the site. The site is one block from Asheville's public transportation hub. The operating budget includes funds to purchase 15 bus passes annually. Fifteen units of the project are efficiency apartments that are specifically targeted to homeless individuals. The bus passes will also be targeted to this population. The building has been designed to incorporate features common to Asheville and surrounding buildings. A heavily planted courtyard will hug the front of the building and an urban canopy will brace the entrance. A play area that is well landscaped and protected by an attractive fence will be located at the side of the building. 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
Design has been developed to resemble architectural types in downtown Asheville and the surrounding areas.
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: 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: 723 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: The community room will serve as a meeting space for private resident use as well as the location for community activities. The community room will include a technology learning center with several computers provided through the Community Affordable Housing Equity Corporation. In addition, the room will include space for books and current reading material. The room will be outfitted to provide a comfortable enviroment for quiet time and community activities.
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Landscaping Plans: Because the proposed project is located in downtown Asheville, extensive landscaping is not required by zoning. However, the project will include a well landscaped courtyard near the entrance of the building that will intregrate the project into the urban edge of the street. In addition, the playground area will be attractively landscaped to provide both a sense of security and seclusion for resident enjoyment. The border of the playground will be planted with evergreen shrubs and surrounded by an appealing fence. The entrance of the playground will be include an arbor with a natural covering and a gate. Small and moderate sized planting beds will be disbursed around the building as appropriate. 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. Downtown Asheville consists primarily of buildings built during the early 1900s. Most buildings include either art deco or arts and crafts features. A few buildings were also built in the 1960s and 1970s. The area has experienced a dramatic economic turn-around over the past fifteen years. The most recent accomplishment is the renovation and conversion of the Grove Arcade into a public market. In addition to new spaces and businesses, the building includes high-end, luxury condominiums. According to the City of Asheville's Center City Plan, the available units in downtown are predominantly high-end with sales prices ranging from $140,000 to $600,000. Rental prices for the new Grove Arcade apartments are approximatly $1.20 per square foot per month. Most development in the downtown area has consisted of adaptive reuse of older buildings into condominiums and rentals. One new construction project has been started in the heart of downtown on Battery Park Avenue. There are four buildings in downtown Asheville that are considered to be affordable housing: the Vanderbilt, the Battery Park, the Woodfin, and the Altamont. The Vanderbilt and Battery Park developments are specifically targeted to low-income seniors. The Vanderbilt recently received a facelift that included the provision of a decorative cornice similar to many of the older buildings. The Woodfin is owned by the Housing Authority of the City of Asheville, but is not a part of its public housing stock. The Housing Authority is currently working on a plan to renovate the building to provide apartments targeted to homeless individuals with disabilities. Finally, the Altamont is the only public housing located in the immediate downtown area. The Griffin is the only new development that will provide affordable rentals to low and moderate income individuals and families in the downtown area. According to Census 2000 figures, the number of people living in the downtown Asheville area nearly tripled between 1990 and 2000. 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). Land use around the proposed project includes multi-family residential and service industry uses. On either side of the project are apartment buildings. Across the street from the site is the Senior Opportunity Center operated by the City of Asheville Parks and Recreation Department. In addition, the NC Employment Security Commission has offices down the street. The rear side of the site is adjacent to the United Way of Asheville and Buncombe County. The proposed site is the only vacant, undeveloped land on the street. Other lots around the site are used for paved parking. The new federal complex is located at the head of Grove Street to the north. The south end of Grove Street leads to a well established residential area with homes built in the early 1900s. Grove Street is not a high traffic street. Streets on either end of Grove Street are, however. Patton Avenue is to the north of the proposed site. The site is one block from Asheville's public transportation hub. Buses also utilize the streets on either end of Grove Street. The site is not subject to excessive noise. 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). Grove Street has been updated in the past several years with new paving and sidewalks on either side. The sidewalks provide access to all major pedestrian activity in the downtown area. Each end of Grove Street is served by stop signs leading onto the primary routes leading into and away from downtown. Bus stops are located on the streets to either end of Grove Street and is one block from the Transit Services Center that serves all of Asheville.
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 site is highly suitable for the proposed project. In addition to being vacant, it is relatively flat compared to other development sites in the mountains of western North Carolina. The gentle slope of the site prevents the need for substantial grading. It also aids inthe design and use of the site. The most limiting factor of the site is the amount of parking that will be available on the site itself.
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The preliminary plans currently call for 16 to 20 spaces. While the QAP requires two spaces per unit for family developments, the number planned exceeds the requirement of the central business district zoning. On-street parking, private/public parking lots, and public parking garages are available throughout the city. MHO is working with surrounding parking lot owners, including the United Way and the City of Asheville, to provide evening parking for residents. The close proximity of public transportation and the provision of annual bus passes for the targeted homeless population will eliminate the need for excessive parking on the site. Similarity of scale and aesthetics/architecture between project and surroundings. The building incorporates the art deco and arts and crafts features from many downtown buildings. The front facade will include a decorative cornice and a mix of materials. The design also picks up the bulkhead, layering, and band features found on many buildings in the downtown area. A canopy entrance will also be included like several of the older residential buildings and hotels around downtown. City of Asheville planning staff have assisted with the design of the project to met the "urban edge" expectations of various zoning and planning policies for downtown Asheville.
For each applicable neighborhood feature, enter distance from project in miles. .25 1.5 1 .5 .5 .25 .5 .5 .25 .5 .5 1.5 3 Grocery Store Mall/Strip Center Outdoor Athletic Fields Day Care/After School Schools .01 .5 .25 .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 .25 Convenience Store Basketball/Tennis Courts Public Parks Gas Station Library Fitness/Nature Trails Public Swimming Pools .5 .25 .5 .5 .5 .5
Other facilities or services: All facilities and services located in the city are "one bus ride away" from the site since several bus stops and the transit services center are within one quarter mile of the site.
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Development Team
Provide contact information for development team members below: Management Agent Company: Harris Brown Management Address: City: Phone PO Box 26405 Greensboro (336)544-2300 State: NC Zip: 27404-6405 Email: Last: Holoman
Contact Name: First: Michael
Architect Company: Address: City: Phone
Reinhardt Architecture, Inc. 1125 East Morehead Street, Studio 208 Charlotte (704)376-9473 State: NC Zip: 28204 Email: Last: Reinhardt
Contact Name: First: Rick
Attorney Company: Address: City: Phone
Blanco, Tackabery, Combs & Matamoros, PA PO Drawer 25008 Winston-Salem (336)761-1250 State: NC Zip: 27114-5008 Email: Last: McKenney
Contact Name: First: Debbie
Investor Company: Address: City: Phone
Community Equity Fund X c/o CAHEC 7700 Falls of Neuse Road, Suite 200 Raleigh (919)420-0063 State: NC Zip: 27615 Email: Last: Graham
Contact Name: First: Johann
Consultant/Application Preparer (if different from developer) Company: Address: City: Phone Contact Name: First: State: Email: Last: Zip:
Identity of Interest? General Contractor Company: Weaver Cooke Construction Address: City: Phone PO Box 26030 Greensboro (336)378-7900 State: NC Zip: 27420-6030 Email: Last: George
Contact Name: First: Doug
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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: 3 118 0 0
Management List number of low-income housing tax credit units managed in the past 10 years: North Carolina Other States Projects: Units: 67 2,261 27 1,123
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 No 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): Credit Bureau 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 Inspection/Alarm Monitoring Miscellaneous Operating & Maintenance Expenses SUBTOTAL Taxes and Insurance Real Estate Taxes Payroll Taxes (FICA) Miscellaneous Taxes, Licenses and Permits 39,700 46,000 4,000 11,300 2,000 1,800 5,500 3,500 800 21,000 6,500 2,500
500 8,000 1,000 0 25,200 0 0 500 3,000 0 2,200 0 1,000 41,400
8,500 12,500
1,800
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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): Annual bus passes for homeless units 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
15,300
61,300 6,000
2,700 8,700 12,500 12,500 184,600 117,400 50 2,348
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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): 247,500
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)
247,500 17,325 230,175
184,600 45,575
29,498
16,077 1.545
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 1 230,175 184,600 29,498 16,077 1.545 11 309,336 273,254 24,098 11,984 1.497 2 237,080 191,984 29,498 15,598 1.529 12 318,616 284,184 22,298 12,134 1.544 3 244,192 199,663 29,498 15,031 1.51 13 328,174 295,551 20,298 12,325 1.607 4 251,518 207,650 29,498 14,370 1.487 14 338,019 307,373 18,098 12,548 1.693 5 259,064 215,956 29,498 13,610 1.461 15 348,160 319,668 15,698 12,794 1.815 6 266,836 224,594 29,498 12,744 1.432 16 358,605 332,455 18,598 7,552 1.406 7 274,841 233,578 29,498 11,765 1.399 17 369,363 345,753 16,098 7,512 1.467 18 380,444 359,583 13,298 7,563 1.569 8 283,086 242,921 28,698 11,467 1.4 9 291,579 252,638 27,298 11,643 1.427 19 391,857 373,966 8,498 9,393 2.105 10 300,326 262,744 25,798 11,784 1.457 20 403,613 388,925 8,498 6,190 1.728
* 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 block and 4" slab Make: Moss or approved Type/Construction: vinyl Exterior Doors Siding Type: Hollow metal insulated Type: Hardi or Miratec Warranty: 50 years Exterior Trim Shingles Hardi trim Type: fiberglass Warranty: 25 years Sprinkler System Cabinets Heat Pump 13 R residential Marsh or equivalent SEER: 12 Model: varies Air Conditioner SEER: 12 Model: varies Other Heat Systems SEER: 12 Model: varies Make: Trane Make: Trane or approved Make: Trane or approved Weight: 240# Frames: wood or metal Grade/Thickness: +/- 0.5 inches Model: varies
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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 11,637 8,081 19,395 5,172 21,039 109,664 19,934 147,079 42,427 13,469 6,142 3,637 31,200 0 43,750 7,200 31,200 132,600 6,465 8,081 22,800 43,200 0 63,600 84,000 49,000 20,204 0 750 15,387 1,200 0 48,488 21,981 0 23,274 0 0 MATERIAL 12,607 0 29,093 5,603 8,593 49,270 79,736 273,147 78,794 0 45,040 20,607 33,800 0 81,250 7,800 33,800 88,400 36,636 32,326 72,200 46,800 0 148,400 126,000 196,000 47,142 0 6,750 16,669 10,800 0 52,529 23,813 0 25,214 0 0 TOTAL 24,244 8,081 48,488 10,775 29,632 158,934 99,670 420,226 121,221 13,469 51,182 24,244 65,000 0 125,000 15,000 65,000 221,000 43,101 40,407 95,000 90,000 0 212,000 210,000 245,000 67,346 0 7,500 32,056 12,000 0 101,017 45,794 0 48,488 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:
0 7,600 2,694 0 8,930 20,608 0 0 1,101,888
0 30,400 51,182 0 1,575 3,636 0 0 1,775,612
0 38,000 53,876 0 10,505 24,244 0 0 2,877,500
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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 - Building Permit TOTAL 64,127 12,155 2,941 3,921 3,529 3,921 17,644 12,743 12,214 0 17,252 15,684 0 3,137 0 11,959 14,820 0 196,047
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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: Other - Retaining walls TOTAL 8,000 100,000 0 0 2,200 0 0 0 35,000 40,000 30,000 18,000 8,000 750 5,000 18,000 25,000 0 12,000 88,000 389,950
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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: Not Applicable 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: Not Applicable 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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Print Preview - Final Application

Project Name and Location

Census Tract: 0001.00

Jurisdiction CEO Name: First: Charles

Site Latitude: Site Longitude:

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

Fax: (828)254-0120 Nonprofit: Yes TaxID 58-1816998

First Name: Johan Address: City: Phone: EMail:

Fax: (919)420-0019 Nonprofit: No TaxID 14-1878745

Utilites included in rents:

Utilites included in rents:

Utilites included in rents:

Proposed number of residential buildings: 1 Project Includes:

Maximum number of stories in buildings: 4

Total Net Sq. Ft. (All Heated Areas): 48,775

Units targeted at 30 targeted at 50 targeted at 60 targeted at 60

Total Low Income Units:

Other Loan 2 - MHO CDBG Loan Year: Amt: Year: Amt: 1 0 11 0 2 0 12 0 3 0 13 0 4 0 14 0 5 0 15 0 6 0 16 0 7 0 17 0 8 0 18 0 9 0 19 0 10 0 20 0

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

Contact Name: First: Michael

Architect Company: Address: City: Phone

Contact Name: First: Rick

Attorney Company: Address: City: Phone

Contact Name: First: Debbie

Investor Company: Address: City: Phone

Contact Name: First: Johann

Contact Name: First: Doug

Project Team Experience

If Other, specify the type of Federal subsidy:

Projected Operating Costs

500 8,000 1,000 0 25,200 0 0 500 3,000 0 2,200 0 1,000 41,400

2,700 8,700 12,500 12,500 184,600 117,400 50 2,348

Projected Cash Flow Year One

247,500 17,325 230,175

20-Year Cash Flow

0 7,600 2,694 0 8,930 20,608 0 0 1,101,888

0 30,400 51,182 0 1,575 3,636 0 0 1,775,612

0 38,000 53,876 0 10,505 24,244 0 0 2,877,500

Costs - Bond Costs

Costs - Bond Issuance

Full Application Checklist

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