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Tax Credits, RPP Loans, and/or Tax Exempt Bond Loans

Project Description
Project Name: Chapel Ridge Manor Address: City: Terminnus of Old Towne Rd. Roanoke Rapids County: Halifax Zip: 27870 Block Group: 6

Census Tract: 990500

Is project in Qualified Census Tract or Difficult to Develop Area? No Political Jurisdiction: Jurisdiction CEO Name: Jurisdiction Address: Jurisdiction City: Jurisdiction Phone: City of Roanoke Rapids First:Drewery Last: Beale 1040 Roanoke Ave. Roanoke Rapids Zip: 27870 Title: mayor

(252)533-2800

Site Latitude: Site Longitude:

36.42874 -77.66202

Project Type: New Construction Is this project a previously awarded tax credit development? No If yes, what is the project number: Is this a request for supplemental credits? New Construction/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): Rehab: Number of residents holding Section 8 vouchers:

Will the project meet Energy Star standards as defined in Appendix B? Yes Does a community revitalization plan exist? No Will the project use steel and concrete construction and have at least 4 stories? No Will the project include a Community Service Facility under IRS Revenue Ruling 2003-77? No

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If yes, please describe:

Target Population:Elderly (55) Will the project be receiving project based federal rental assistance? No If yes, provide the subsidy source: and number of units: 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.) Number of Units: 4 Persons with disabilities or homeless populations: 10% of the total units.

Number of Units: 4 Remarks:

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Applicant Information
Indicate below an individual or a validly existing entity (a corporation, nonprofit, limited partnership or LLC) as the official applicant. Under QAP Section III(C)(5) only this individual or entity will be able to make decisions with regard to this application. If awarded the applicant must become part of the ownership entity. The applicant will execute the signature page for this application. Applicant Name: Address: City: Contact: Telephone: Alt Phone: Fax: Email Address: Stuart LeGrand PO Box 6171 Raleigh State: NC Zip: 27628 First: Julie Last:Graw Title:developer

(919)755-9155

(919)755-2245 julieg@millsconstructionco.com

NOTE: Email Address above will be used for communication between NCHFA and Applicant.

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Site Description
Total Site Acreage: 4.3 Total Buildable Acreage: 4.3

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:

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(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: Purchase Price:

If no: (a) Does the owner/principal or ownership entity have valid 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:

(c) Enter the current expiration date of the option/contract to purchase: 10/31/2008 (D) Enter Purchase Price: 301,000

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Zoning
Present zoning classification of the site: R-3 Is multifamily 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: Address: City: Chapel Ridge Manor, LLC PO Box 6171 Raleigh State:NC Zip: 27628

Federal Tax ID Number of Ownership Entity:

244-64-7461

(If assigned)

Note: Do not submit social security numbers for individuals. Entity Type: Limited Liability Company Entity Status: To Be Formed Is the applicant requesting that the Agency treat the application as Non-Profit sponsored? No Is the applicant requesting that the Agency treat the application as CHDO sponsored? 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: Address: City: Phone: EMail:

Chapel Ridge Manor, LLC Last Name: LeGrand State: NC Function: Managing Member Zip: 27628 PO Box 6171 Raleigh

First Name: Stuart

(919)755-9155 julieg@millsconstructionco.com

Fax: (919)755-2245 Nonprofit: No

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Unit Mix
The Median Income for Halifax county is $48,100. Low Income Units Type # BRs Net Sq.Ft. Total # Units # Units Monthly Rent Utility Allowance Mandatory Serv. Fees **Total Housing Exp.

Gdn Apt 1 Gdn Apt 2 Gdn Apt 1 Gdn Apt 2 Gdn Apt 1 Gdn Apt 2

694 927 694 927 694 927

2 2 8 4 14 6

1 0 1 1 1 0

282 340 372 450 409 450


Electric

68 80 68 80 68 80
Gas

0 0 0 0 0 0
Other trash collection

350 420 440 530 477 530

Utilities included in rents:

Water/Sewer

Employee Units (will add to Low Income Unit total) Total # Monthly Utility Mandatory **Total Type # BRs Net Sq.Ft. # Units Units Rent Allowance Serv. Fees Housing Exp. Utilities included in rents: Water/Sewer Electric Gas Other

Market Rate Units Total # Monthly Utility Mandatory **Total Type # BRs Net Sq.Ft. # Units Units Rent Allowance Serv. Fees Housing Exp. Utilities included in rents: Water/Sewer Electric Gas Other

Statistics All Units Low Income....... Market Rate....... Totals............... Gross Monthly Rental Income

Units

36

14446

36

14446

Proposed number of residential buildings: 1 Project Includes:

Maximum number of stories in buildings: 2

Separate community building - Sq. Ft. (Floor Area):

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Community space within residential bulding(s) - Sq. Ft. (Floor Area):

2,407
Elevators - Number of Elevators: 1 Square Footage Information Gross Floor Square Footage:

41,447

Total Net Sq. Ft. (All Heated Areas): 40,470

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 1 2

Units

% targeted at 40 targeted at 40 targeted at 50 targeted at 50 targeted at 60 targeted at 60 percent of median income affordable to/occupied by percent of median income affordable to/occupied by percent of median income affordable to/occupied by percent of median income affordable to/occupied by percent of median income affordable to/occupied by percent of median income affordable to/occupied by

2 2 8 4 14 6

Total Low Income Units:

36

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: RD 515 Loan RD 538 Loan - Specify: AHP Loan Other Loan 1 - Specify: Other Loan 2 - Specify: Other Loan 3 - Specify: Tax Exempt Bonds State Tax Credit(Loan) State Tax Credit(Direct Refund) Equity: Federal LIHTC Non-Repayable Grant Equity: Historic Tax Credits Deferred Developer Fees Owner Investment Other - Specify: CDBG: grant, not loan requested Total Sources**

Amount

613,800

2.00

20

20

886,524

30

30

2,428,589 145,000

4,073,913

* "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. 80 Remarks concerning project funding sources: (Please be sure to include the name of the funding source(s)) 1st Mortgage - NCHFA - RPP

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2nd Mortgage - NCHFA - State Tax Credit Loan Equity - ESIC CDBG - Grant,not loan from City of Roanoke Rapids

Loans with Variable Amortization Please fill in the annual debt service as applicable for the first 20 years of the project life.

RPP Loan Year: Amt: Year: Amt: 1 2 3 4 5 6 7 8 9 10

24636
11

24198
12

23701
13

23139
14

22510
15

21809
16

21032
17

20174
18

19231
19

18198
20

17069

15839

14503

13055

11487

9795

7969

6005

3893

1626

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Development Costs
Item Cost Element 1 Purchase of Building(s) (Rehab / Adaptive Reuse only) 2 Demolition (Rehab / Adaptive Reuse only) 3 On-site Improvements 4 Rehabilitation 5 Construction of New Building(s) 6 Accessory Building(s) 7 General Requirements (max 6% lines 2-6) 8 Contractor Overhead (max 2% lines 2-7) 9 Contractor Profit (max 8% lines 2-7; 6% if Identity of Interest) 10 Construction Contingency (max 3% lines 2-9, Rehabs 6%) 11 Architect's Fee - Design (11 + 12 = max 3% lines 2-10) 12 Architect's Fee - Inspection 13 Engineering Costs SUBTOTAL (lines 1 through 13) 14 Construction Insurance (prorate) 15 Construction Loan Orig. Fee (prorate) 16 Construction Loan Interest (prorate) 17 Construction Loan Credit Enhancement (prorate) 18 Construction Period Taxes (prorate) 19 Water, Sewer and Impact Fees 20 Survey 21 Property Appraisal 22 Environmental Report 23 Market Study 24 Bond Costs 25 Bond Issuance Costs 26 Placement Fee 27 Permanent Loan Origination Fee 28 Permanent Loan Credit Enhancement 29 Title and Recording TOTAL COST Eligible Basis 30% PV 70% PV

259,000 0 2,180,000 0 146,340 51,707 155,120 83,765 55,733 6,192 14,400 2,952,257 12,000 15,500 127,077 0 12,000 21,753 15,000 5,000 8,000 4,300 0 0 0 0 0 4,000

259,000 0 2,180,000 0 146,340 51,707 155,120 83,765 55,733 6,192 14,400

12,000 15,500 94,500 0 12,000 21,753 15,000 5,000 8,000 4,300

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SUBTOTAL (lines 14 through 29) 30 Real Estate Attorney 31 Other Attorney's Fees 32 Tax Credit Application Fees (Preliminary and Full) 33 Tax Credit Allocation Fee (0.60% of line 59, minimum $7,500) 34 Cost Certification / Accounting Fees 35 Tax Opinion 36 Organizational (Partnership) 37 Tax Credit Monitoring Fee SUBTOTAL (lines 30 through 37) 38 Furnishings and Equipment 39 Relocation Expense 40 Developer's Fee 41 42

224,630 13,500 10,000 2,200 21,431 10,000 5,000 5,000 25,200 92,331 20,000 0 378,000 0 20,000 0 378,000 0 10,000 13,500 10,000

Other Basis Expense (specify) Other Basis Expense (specify)

43 Rent-up Expense 44 45

14,925

CDBG Consultant Fee Other Non-basis Expense (specify)


SUBTOTAL (lines 38 through 45)

412,925 10,800 79,970

46 Rent up Reserve 47 Operating Reserve 48 49

Other Reserve (specify) Other Reserve (specify) 3,772,913 0 3,571,810

50 DEVELOPMENT COST (lines 1-49) 51 Less Federal Financing 52 Less Disproportionate Standard 53 Less Nonqualified Nonrecourse Financing 54 Less Historic Tax Credit 55 TOTAL ELIGIBLE BASIS 56 Applicable Fraction (percentage of LI Units) 57 Basis Before Boost 58 Boost for QCT/DDA (if applicable, enter 130%) 59 TOTAL QUALIFIED BASIS

0 3,571,810 100.00% 3,571,810 0 100% 0 100.00% 3,571,810 0 3,571,810 100% 3,571,810 100.00% 3,571,810

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60 Tax Credit Rate 61 Federal Tax Credits at Estimated Rate 62 Federal Tax Credits at 9.00% or 3.75% (maximum $1,000,000) 63 Federal Tax Credits Requested 64 Land Cost 65 TOTAL REPLACEMENT COST FEDERAL TAX CREDITS IF AWARDED Comments:

3.40 303,604 321,463 0 301,000 4,073,913 321,463 0 0

8.50 303,604 321,463

Total Replacement Cost per unit: 79,887

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Market Study Information


Please provide a detailed description of the proposed project: The project is located in Roanoke Rapids, Halifax Co. (a low income co.) 36 units are proposed: 2;1 bdrms.and 2;2 bdrms. at 40%ami 8;1 bdrms. and 4;2 bdrms. at 50%ami 14;1 bdrms. and 6;2 bdrms. at 60%ami (initially, 60%ami units will lease at 50%ami levels.) The Planning Board and City Council determined that our rezoning request (approved) and development plans were consistent w the Comprehensive Plan and its land use ordinance. The project's NE & Eastern property lines abut an older subdivision of well-maintained ranch homes,to the SE & S is Old Town Village (HUD, RD); 42 units 62 & over leasing at 20% ami and south of the tract is Pope Funeral Home and a single family resident on a large tract. Immediately to the West, NW and N is vacant land. The project is less than 1/2 mi. from Sylvan Learning Center, numerous dr.'s offices are within easy walking distance and Halifax Regional Hospital is 1/2 mile from the proposed, senior 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

decorative vinyl shakes *Common patio/sitting areas, no individual patios or balconies.

Have you built other tax credit developments that use the same building design as this project?Yes If yes, please provide name and address: Rollinwood Manor 1932 Rollinwood Dr. Rocky Mount, NC 27801 Sandhill Manor 801 Harkey Rd. Sanford, NC 27801 Sandhill Manor 801 Harkey Rd. Sanford, NC 27330 Site Amenities: Indoor/outdoor sitting areas, multi-purpose room, resident computer center,individual, interior,tenant storage, covered drive thru at entry, covered patio w seating, covered picnic area w tables and grill, garden plots, gazebo and walking trail

Onsite Activities: Residents may utilize the multi-purpose room for classes, crafts, parties, and special events. The covered

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drop off is a considerate convenience for the elderly, protecting them from adverse weather as they leave or wait for a vehicle. Residents will delight in growing plants in raised garden plots. Indoor/outdoor sitting areas will encourage residents to socialize and make friends. Residents can also enjoy a cookout at the covered picnic area w tables and grill. Landscaping Plans: Larger specimen trees outside the building footprint and paved areas will be preserved. Trees and plantings will be drought-resistant and native to northeastern NC. A variety of plantings will be clustered together for maximum appeal and will be used to screen HVAC units, soften building lines and naturalize parking areas.

Interior Apartment Amenities: Each resident's apartment will have a range, dishwasher, frost-free refigerator, large closets, washer/dryer connections, carpet, vinyl, central air and heat pump and indivdual, interior storage units.

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 Trend and direction of real estate development and area economic health. Physical condition of buildings and improvements in the immediate vicinity. Concentration of affordable housing. Anchored by Halifax Regional Hospital, the immeiate vicinity of the site is one of the fastest growing in the county. Numerous Dr.'s offices and health services dot Smith Church Rd. New residential development is upscale (mostly brick) and more compact. Within 1 mile of the site is a mix of old and new retail and commercial including sears, Nature Mana (organic foods etc...), Food Lion, cinema, pharmacies, restaurants and banks. There are two churches in the vicinity. The Wellons foundationhas built Olde Town village HUD, RD southeast of the site. It consists of 42 attractive, single story, brick/vinyl units for seniors 62&over with incomes at 20% the ami. The property maintains a wait list. Less than 1/2 mile from the site is Fairfield: HUD, 30ami,72 family units w 25 are on the wait list and Fair Meadows: HUD, 30%ami, 62&over and disabled, 12 are on the wait list. SURROUNDING LAND USES AND AMENITIES Land use pattern is residential in character (single and multifamily housing). Extent that the location is isolated. Effect of industrial, large-scale institutional or other incompatible uses, including but not limited to: wastewater treatment facilities, high traffic corridors, junkyards, prisons, 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). Amount and character of vacant, undeveloped land. There are no imcompatible land uses in the immediate vicinity. The land use pattern is residential in character. The site was recently rezoned to R-3 multifamily. The agenda for the rezoning cited compliance w Roanoke Rapids'Comprehensive Plan noting the site was in a "PRIMARY GROWTH AREA" and referenced these sections: CP, Sections 9.5, 9.7: "The City will encourage different housing densities to abut one another as long as there is proper buffering and design is provided...factors in determining preferred location of high densityresidential development shall include, but not be limited to: close proximity to employment and shopping centers, access to major thoroughfares and transit systems, the availability of public services and facilities, and identified city wide housing needs." SITE SUITABILITY Adequate traffic safety controls (i.e. stop lights, speed limits, turn lanes). Burden on public facilities (particularly roads). Access to mass transit (if applicable). Visibility of buildings and/or location of project sign (s) in relation to traffic corridors. Adequate traffic safety controls and speed limits exist on Smith Church Rd. The site is accessed via Millennium Dr. which is directly accessed from Smith Church Rd., a two lane collector, sections of which have a turn lane andsignalized intersections. Part of Chapel Ridge Manor will be visible from Smith Church Rd. The lighted and landscaped project sign will be located at the intersection of Millenium Dr. and Smith Church Rd. for maximum exposure. 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 projectssuitability 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 on-site negative features that will impeed project construction or adversely affect tenants.

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Similarity of scale and aesthetics/architecture between project and surroundings. Chapel Ridge Manor is planned as a two-story, elevatored building of brick and vinyl --predominant materials in the present built environment.

For each applicable neighborhood feature, enter distance from project in miles.

.80 .80 1.7 .50 .90

Grocery Store Mall/Strip Center Outdoor Athletic Fields Day Care/After School Schools Public Transportation

2.4
Center

Community/Senior

.50 .70 .25

Hospital Pharmacy Basic Health Care

Stop

.60 1.0 .60 2.0

Convenience Store Public Parks Gas Station Library

Other facilities or services: Cinema, banks, Sears, Blockbuster, Shoe Shoe,organic food store, rent-a-center, restaurants within 1 mile of the site. Roanoke valley rescue Squad, fire Station II and Crowley's fitness center are 1.5 miles from the site.

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Development Team
Provide contact information for development team members below:

Management Agent Company: Address: City: Phone Contact Name: United Property Management, LLC Post Office Box 6171 Raleigh State: NC Zip: 27628-6171 Email: casey@millsconstructionco.com Last: Patton

(919)755-9155
First: Casey

Architect Company: Address: City: Phone Contact Name: Jones Architecture 5306 Six Forks Rd., Suite 221 Raleigh State: NC Zip: 27609 Email: wayne@wjonesarchitecture.com Last: Jones

(919)510-8186
First: Wayne

Attorney Company: Address: City: Phone Contact Name: The Pryzwansky Law Firm 5 West Hargett St., Suite 221 Raleigh State: NC Zip: 27601 Email: david@pryzlaw.com Last: Pryzwansky

(919)828-8668
First: David

Investor Company: Address: City: Phone Contact Name: Enterprise Social Investment Corporation 10227 Wincopin Circle, Suite 810 Columbia State: MD Zip: 21044 Email: ssmith@enterprisecommunity.com Last: Smith

(410)964-0552
First: Steve

Consultant/Application Preparer (if different from developer) Company: Address: City: Phone Contact Name: First: State: Email: Last: Zip:

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General Contractor Company: Address: City: Phone Contact Name:

Identity of Interest?

Mills Construction Co., Inc. Post Office Box 6171 Raleigh State: NC Zip: 27628-6171 Email: fmillsjr@millsconstructionco.com Last: Mills, Jr.

(919)755-9155
First: Fred

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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):

2,000 0 1,200 0 16,200 15,000 0 1,000 4,000 2,500 1,200 0

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

43,100

0 10,000 6,000 0 6,000 22,000

1,000 1,000 0 1,000 0 5,000 0 0

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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):

2,000 0 2,500 2,500 3,004 4,000 0 0 0 0 0 0

Miscellaneous Operating & Maintenance Expenses SUBTOTAL Taxes and Insurance Real Estate Taxes Payroll Taxes (FICA) Miscellaneous Taxes, Licenses and Permits Property and Liability Insurance (Hazard) Fidelity Bond Insurance Workmen's Compensation Health Insurance and Other Employee Benefits Other Insurance:

0 22,004

25,500 2,500 0 9,000 0 500 1,200 500 39,200

Unemployment Federal and State


SUBTOTAL Supportive Service Expenses Service Coordinator Service Supplies Tenant Association Funds Other Expenses (specify):

0 0

SUBTOTAL Reserves Replacement Reserves SUBTOTAL

9,000 9,000

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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

135,304 100,804 36 2,800

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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):

173,352

1,400 1,200 175,952 12,317 163,635 135,304 28,331 24,636 3,695 1.15

Cable, Direct TV and other Services


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)

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 2 3 4 5 6 7 8 9 10

163,635 135,304 24,636 3,695 1.15


11

168,544 140,716 24,198 3,630 1.15


12

173,600 146,345 23,701 3,554 1.15


13

178,808 152,199 23,139 3,470 1.15


14

184,172 158,287 22,510 3,375 1.15


15

189,697 164,618 21,809 3,270 1.15


16

195,388 171,203 21,032 3,153 1.15


17

201,250 178,051 20,174 3,025 1.15


18

207,288 185,173 19,231 2,884 1.15


19

213,507 192,580 18,198 2,729 1.15


20

219,912 200,283 17,069 2,560 1.15

226,509 208,294 15,839 2,376 1.15

233,304 216,626 14,503 2,175 1.15

240,303 225,291 13,055 1,957 1.15

247,512 234,303 11,487 1,722 1.15

254,937 243,675 9,795 1,467 1.15

262,585 253,422 7,969 1,194 1.15

270,463 263,559 6,005 899 1.15

278,577 274,101 3,893 583 1.15

286,934 285,065 1,626 243 1.149

* 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.

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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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Minimum Set-Asides
MINIMUM REQUIRED SET ASIDES (No Points Awarded): Select one of the following two options: 20% of the units are rent restricted and occupied by households with incomes at or below 50% of the median income (Note: No Tax Credit Eligible Units in the the project can exceed 50% of median income) 40% of the units are rent restricted and occupied by households with incomes at or below 60% of the median income (Note: No Tax Credit Eligible Units in the the project can exceed 60% of median income) If requesting RPP funds: 40% of the units are occupied by households with incomes at or below 50% of median income. State Tax Credit and QAP Targeting Points: Low Income County: At least forty percent (40%) of qualified units will be affordable to households with incomes at or below fifty percent (50%) of county median income. At least forty percent (40%) 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 targeting 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 (signed copies) C Ownership Entity Agreement, Development Agreement or any other agreements governing development services D Management Agent Agreement E Owner and Management Experience & Management Questionnaire (Appendix C) F Local Government Letter or Letter from Certified Engineer or Land Surveyor Confirming Floodplain Designation with Map showing all flood zones (original on letterhead, no fax or photocopies) G Local Government Letter Confirming Zoning including any pending notices or hearings (original on letterhead, no fax or photocopies) H Letters from Local Utility Providers regarding availability and capacity (original on letterhead, no fax or photocopies) I Documentation from utility company or local PHA to support estimated utility costs J Appraisal (required for land costs greater than $15,000 and for all Adaptive Re-use and Rehab projects) K Site plan, floor plans and elevations for all projects. Scope of work for Adaptive Re-use and Rehab projects. (Full Size, 24 x 36 inches) L Hazard and structural inspection and termite reports (Adaptive Re-use and Rehab projects only) M Copy of certificate of occupancy or proof of placed-in-service date (Rehabs Only) N Proposed Relocation Plan including relocation budget and copies of notices. Required for all Rehabs and any projects involving existing occupants of any dwellings to be rehabbed or demolished. O Evidence of Permanent Loan Commitment and other sources of funds ( i.e. Equity letter, AHP, RD and local government funds). For Rehabs with existing loans provide 1) copies of loan documents, 2) current loan balances from existing lenders with reserve balances, 3) letter from lender that outlines assumption requirements. P Local Housing Authority Agreement and Project Based Rental Assistance Letter, if applicable (Sample letters provided in Appendix I). For projects with existing PBRA contracts, provide a copy of the current contract and bank statement or other documentation verifying reserve balances and annual reserve contribution requirements. Q Statement regarding terms of Deferred Developer Fee. If a nonprofit is involved, a resolution from their board approving deferral of fee is required. R Inducement Resolution (Tax-Exempt Bond Financed Projects only)

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