Vous êtes sur la page 1sur 29

Print - APP08-0062

Print Preview - Final Application


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

Project Description
Project Name: Vance Commons Address: City: 1100 W. Young Avenue Henderson County: Vance Zip: 27536 Block Group: 4

Census Tract: 9605

Is project in Qualified Census Tract or Difficult to Develop Area? Yes Political Jurisdiction: Jurisdiction CEO Name: Jurisdiction Address: Jurisdiction City: Jurisdiction Phone: City of Henderson First:James Last: O'Geary 180 South Beckford Drive Henderson Zip: 27536 Title: Mayor

(252)431-6000

Site Latitude: Site Longitude:

36.19912 -78.2445

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

https://www.nchfa.org/Rental/RTCApp/(S(y340pl45...38A3FD182&SNID=FCB06F01B0E3446CB8A36F10D020E47E (1 of 29)9/17/2008 9:06:13 AM

Print - APP08-0062

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: 2 Persons with disabilities or homeless populations: 10% of the total units.

Number of Units: 4 Remarks:

https://www.nchfa.org/Rental/RTCApp/(S(y340pl45...38A3FD182&SNID=FCB06F01B0E3446CB8A36F10D020E47E (2 of 29)9/17/2008 9:06:13 AM

Print - APP08-0062

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: TCG Development Services LLC 8484 Georgia Avenus Silver Spring State: MD Zip: 20910 First: Peter Last:Behringer Title:Executive VP

(301)563-5562 (301)807-5244 (301)563-5564 behringer@tcgdevelopment.com

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

https://www.nchfa.org/Rental/RTCApp/(S(y340pl45...38A3FD182&SNID=FCB06F01B0E3446CB8A36F10D020E47E (3 of 29)9/17/2008 9:06:13 AM

Print - APP08-0062

Site Description
Total Site Acreage: 20.959 Total Buildable Acreage: 8.58

If buildable acreage is less than total acreage, please explain: Approximately 8.58 acres will be developed as part of Phase I of this development. It is planned that after stabilization a possible Phase II will be developed.

Identify utilities and services currently available (and with adequate capacity) for this site: Storm Sewer Water Sanitary Sewer Electric

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

Are existing buildings on the site currently occupied? No If yes: (a) Briefly describe the situation:

(b) Will tenant displacement be temporary? (c) Will tenant displacement be permanent? Is the site directly accessed by an existing, paved, publicly maintained road? Yes If no, please explain:

Is any portion of the site located inside the 100 year floodplain? Yes If yes: (a) Describe placement of project buildings in relation to this area: The property line will be designed and subsequently subdivided so no part of Phase I is situated in the flood

https://www.nchfa.org/Rental/RTCApp/(S(y340pl45...38A3FD182&SNID=FCB06F01B0E3446CB8A36F10D020E47E (4 of 29)9/17/2008 9:06:13 AM

Print - APP08-0062

plain. Per report from enginner the flood zone is not within the proposed development area.

(b) Describe flood mitigation if the project will have improvements within the 100 year floodplain: None required at this point

https://www.nchfa.org/Rental/RTCApp/(S(y340pl45...38A3FD182&SNID=FCB06F01B0E3446CB8A36F10D020E47E (5 of 29)9/17/2008 9:06:13 AM

Print - APP08-0062

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: 8/31/2008 (D) Enter Purchase Price: 199,900

https://www.nchfa.org/Rental/RTCApp/(S(y340pl45...38A3FD182&SNID=FCB06F01B0E3446CB8A36F10D020E47E (6 of 29)9/17/2008 9:06:13 AM

Print - APP08-0062

Zoning
Present zoning classification of the site:R-8 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?Yes If yes, have the hearings been completed and permits been obtained?Yes If yes, specify permit or variance required and date obtained. If no, describe permits/variances required and schedule for obtaining them: Special use permit is required Approval received February 5, 2008

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:

https://www.nchfa.org/Rental/RTCApp/(S(y340pl45...38A3FD182&SNID=FCB06F01B0E3446CB8A36F10D020E47E (7 of 29)9/17/2008 9:06:13 AM

Print - APP08-0062

Ownership Entity
Owner Name: Address: City: Vance Commons LP 8484 Georgia Avenue, Suite 620 Silver Spring State:MD Zip: 20910

Federal Tax ID Number of Ownership Entity:

45-0594227

(If assigned)

Note: Do not submit social security numbers for individuals. Entity Type: Limited Partnership Entity Status: Already 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:

TCG Development Services LLC Last Name: Behringer State: MD Fax: (301)563-5560 Nonprofit: No Function: Principal Zip: 20910 8484 Georgia Avenue Silver Spring

First Name: Peter

(301)563-5562 behringer@tcgdevelopment.com

Org: Address: City: Phone: EMail:

Blue 22 Development LLC Last Name: Rosen State: NC Fax: (919)286-6070 Nonprofit: No Function: Principal Zip: 27705 812 Berkeley Street Durham

First Name: Andy

(919)622-2293 andyr3@earthlink.net

https://www.nchfa.org/Rental/RTCApp/(S(y340pl45...38A3FD182&SNID=FCB06F01B0E3446CB8A36F10D020E47E (8 of 29)9/17/2008 9:06:13 AM

Print - APP08-0062

Unit Mix
The Median Income for Vance 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 1 Gdn Apt 2 Gdn Apt 2

736 736 991 991

8 12 8 12

1 1 1 1

340 415 400 465


Electric

80 80 100 100
Gas Other

0 0 0 0

420 495 500 565

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

40

16480

40

16480

Proposed number of residential buildings: 5 Project Includes:

Maximum number of stories in buildings: 1

Separate community building - Sq. Ft. (Floor Area): 1,140 Community space within residential bulding(s) - Sq. Ft. (Floor Area):

https://www.nchfa.org/Rental/RTCApp/(S(y340pl45...38A3FD182&SNID=FCB06F01B0E3446CB8A36F10D020E47E (9 of 29)9/17/2008 9:06:13 AM

Print - APP08-0062

Elevators - Number of Elevators: Square Footage Information Gross Floor Square Footage:

42,360

Total Net Sq. Ft. (All Heated Areas): 39,880

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.

https://www.nchfa.org/Rental/RTCApp/(S(y340pl45...38A3FD182&SNID=FCB06F01B0E3446CB8A36F10D020E47E (10 of 29)9/17/2008 9:06:13 AM

Print - APP08-0062

Targeting
Specify Low Income Unit Targeting in table below. List each applicable targeting combination in a separate row below. Click [Add] to create another row. Click "X" (at the left of each row) to delete a row. Add as many rows as needed.

# BRs 1 1 2 2

Units

% targeted at 50 targeted at 60 targeted at 50 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

8 12 8 12

Total Low Income Units:

40

Note: This number should match the total number of low income units in the Unit Mix section.

https://www.nchfa.org/Rental/RTCApp/(S(y340pl45...38A3FD182&SNID=FCB06F01B0E3446CB8A36F10D020E47E (11 of 29)9/17/2008 9:06:13 AM

Print - APP08-0062

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: Total Sources**

Amount

704,410

30

30

3,675,647

4,380,057

* "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. 81 Remarks concerning project funding sources: (Please be sure to include the name of the funding source(s)) Due to its location in a Qualified Census Tract, Vance Commons can be financed with state and

https://www.nchfa.org/Rental/RTCApp/(S(y340pl45...38A3FD182&SNID=FCB06F01B0E3446CB8A36F10D020E47E (12 of 29)9/17/2008 9:06:13 AM

Print - APP08-0062

federal tax credits. There will be no permanent debt. SunAmerica Affordable Housing Partners will be the equity investor.

https://www.nchfa.org/Rental/RTCApp/(S(y340pl45...38A3FD182&SNID=FCB06F01B0E3446CB8A36F10D020E47E (13 of 29)9/17/2008 9:06:13 AM

Print - APP08-0062

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

575,000

575,000

1,920,000 210,000 162,300 57,346 229,384 94,621 85,000 12,460 35,000 3,381,111 50,000 32,000 137,942

1,920,000 210,000 162,300 57,346 229,384 94,621 85,000 12,460 35,000

50,000 32,000 137,942

4,905 8,000 6,000 6,000 5,500 6,000 6,000 5,500

10,000

https://www.nchfa.org/Rental/RTCApp/(S(y340pl45...38A3FD182&SNID=FCB06F01B0E3446CB8A36F10D020E47E (14 of 29)9/17/2008 9:06:13 AM

Print - APP08-0062

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

260,347 50,000 50,000

2,200 32,035 10,000 5,000 10,000

28,000 127,235 8,500 8,500

420,000

420,000

Other Basis Expense (specify) Building Permits Other Basis Expense (specify) 14,000

43 Rent-up Expense 44 45

Other Non-basis Expense (specify) Energy Star consult Other Non-basis Expense (specify)
SUBTOTAL (lines 38 through 45)

442,500 12,000 75,031

46 Rent up Reserve 47 Operating Reserve 48 49

Other Reserve (specify) Other Reserve (specify) 4,298,224 0 4,107,053

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 4,107,053 100.00% 4,107,053 0 100% 0 100.00% 5,339,169 0 4,107,053 100% 4,107,053 130.00% 5,339,169

https://www.nchfa.org/Rental/RTCApp/(S(y340pl45...38A3FD182&SNID=FCB06F01B0E3446CB8A36F10D020E47E (15 of 29)9/17/2008 9:06:13 AM

Print - APP08-0062

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:

3.40 453,829 480,525 0 81,833 4,380,057 480,525 0 0

8.50 453,829 480,525

Total Replacement Cost per unit: 81,216

https://www.nchfa.org/Rental/RTCApp/(S(y340pl45...38A3FD182&SNID=FCB06F01B0E3446CB8A36F10D020E47E (16 of 29)9/17/2008 9:06:13 AM

Print - APP08-0062

Market Study Information


Please provide a detailed description of the proposed project: Vance Commons is a 40-unit development targeting seniors at 50% and 60% area median income in Henderson. The project will have a unique design consisting of five separate buildings with eight units apiece surrounding a common village green. There will be two different exterior types which will be unique. There will be a community building which will also provide amenities for the residents. This will be the first phase of a planned two phase development.

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

The buildings will have two different types of roof lines with slightly contrasting colors on the exterior. The rear patios will be nicely decorated and there will be a cupola on top of the community building.

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: The buildings and site will be utilized in such a manner as to allow a central village green area with extensive landscaping. There will also be a centrally located gazebo which will also act as a gathering outdoor amenity.

Onsite Activities: A community building will house a multi-purpose room for resident activities. There will also be an office, laundry facilities and computer lab.

Landscaping Plans:

https://www.nchfa.org/Rental/RTCApp/(S(y340pl45...38A3FD182&SNID=FCB06F01B0E3446CB8A36F10D020E47E (17 of 29)9/17/2008 9:06:13 AM

Print - APP08-0062

The unique senior design plan with individual clusters of buildings puts a focus on a central village green concept.

Interior Apartment Amenities: Wall to wall carpeting, walk-in closets, new Energy-Star appliances, ceiling fans, washer/dryer hookups, microwave ovens

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.

https://www.nchfa.org/Rental/RTCApp/(S(y340pl45...38A3FD182&SNID=FCB06F01B0E3446CB8A36F10D020E47E (18 of 29)9/17/2008 9:06:13 AM

Print - APP08-0062

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. Physical condition of buildings in the area are small, older single-family residences within neighborhood settings situated on small lots. The neighborhood is well-maintained with some small vacant wooded areas nearby. There is a rehab, family tax-credit development nearby which is almost fully occupied and serves a different tenant base. There has not been a tax credit development targeted toward seniors in Vance County in numerous years.

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. The land uses are single-family owner-occupied with some vacant land. The site is not isolated and is well incorporated into the community. There are no negative nor incompatible uses which would impact the desireability of the site. 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. All of the streets are low-density residential connectors with speed limits in the 25-35 mph range. There are stop signs and adequate traffic safety controls in place. The site offers good accessibility and linkages to area services. It's relation to traffic corridors is agreeable to signage. 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 which would impede project construction or adversely affect future tenants. The site is gently sloped and is well-suited for residential use.

Similarity of scale and aesthetics/architecture between project and surroundings. The surrounding site is predominantly one-story single family residential. Our one-story design will blend seamlessly with the existing architecture and scale of the neighborhood.

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

https://www.nchfa.org/Rental/RTCApp/(S(y340pl45...38A3FD182&SNID=FCB06F01B0E3446CB8A36F10D020E47E (19 of 29)9/17/2008 9:06:13 AM

Print - APP08-0062

0.5 0.5

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

1.3
Center

Community/Senior

2.7 0.5 0.5

Hospital Pharmacy Basic Health Care

0.5 1.3
Stop

Schools Public Transportation

0.7

Convenience Store Public Parks

0.4 1.1

Gas Station Library

Other facilities or services: The site is approximately one mile from downtown and less than a mile from the post office.

https://www.nchfa.org/Rental/RTCApp/(S(y340pl45...38A3FD182&SNID=FCB06F01B0E3446CB8A36F10D020E47E (20 of 29)9/17/2008 9:06:13 AM

Print - APP08-0062

Development Team
Provide contact information for development team members below:

Management Agent Company: Address: City: Phone Contact Name: Excel Property Management 1004 Bullard Court, Suite 106 Raleigh State: NC Zip: 27615 Email: rblackmon@excelpropertymanagement.com Last: Blackmon

(919)878-0522
First: Rita

Architect Company: Address: City: Phone Contact Name: Ross Deckard Architects 3200 Atlantic Avenue, Suite 110 Raleigh State: NC Zip: 27624 Email: j.ross@rossdeckardarchitects.com Last: Ross

(919)875-0001
First: James

Attorney Company: Address: City: Phone Contact Name: Klein Hornig LLC 1401 K Street, NW Washington State: DC Zip: 20005 Email: chornig@kleinhornig.com Last: Hornig

(202)842-0124
First: Christopher

Investor Company: Address: City: Phone Contact Name: SunAmerica Affordable Housing Partners 6903 Rockledge Dr Bethesda State: MD Zip: 20817 Email: mbest@sunamerica.com Last: Best

(301)493-7810
First: Michael

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

https://www.nchfa.org/Rental/RTCApp/(S(y340pl45...38A3FD182&SNID=FCB06F01B0E3446CB8A36F10D020E47E (21 of 29)9/17/2008 9:06:13 AM

Print - APP08-0062

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

Identity of Interest?

Mutual Builders, Inc. 312 South Third Street Smithfield State: NC Zip: 27577 Email: robbie.parker@mutualbuildersinc.com Last: Parker

(919)934-0882
First: Robbie

https://www.nchfa.org/Rental/RTCApp/(S(y340pl45...38A3FD182&SNID=FCB06F01B0E3446CB8A36F10D020E47E (22 of 29)9/17/2008 9:06:13 AM

Print - APP08-0062

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):

4,000 10,000 3,600

17,356 16,000

1,000 4,500 1,500 1,800

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

59,756

10,000 10,305

4,855 25,160

4,500 910 1,275

2,400

2,700

https://www.nchfa.org/Rental/RTCApp/(S(y340pl45...38A3FD182&SNID=FCB06F01B0E3446CB8A36F10D020E47E (23 of 29)9/17/2008 9:06:13 AM

Print - APP08-0062

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):

2,100 3,000 1,800

2,275

1,400

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:

22,360

9,000 4,535 100 14,425 125 600

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

28,785

4,000

SUBTOTAL Reserves Replacement Reserves SUBTOTAL

4,000

10,000 10,000

https://www.nchfa.org/Rental/RTCApp/(S(y340pl45...38A3FD182&SNID=FCB06F01B0E3446CB8A36F10D020E47E (24 of 29)9/17/2008 9:06:13 AM

Print - APP08-0062

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

150,061 127,061 40 3,177

https://www.nchfa.org/Rental/RTCApp/(S(y340pl45...38A3FD182&SNID=FCB06F01B0E3446CB8A36F10D020E47E (25 of 29)9/17/2008 9:06:13 AM

Print - APP08-0062

Projected Cash Flow Year One


OPERATING INCOME Gross rental income (from Unit Mix - Total Monthly Rent) Stores and Commercial Laundry and Vending Other (specify):

197,760

1,200

late fees
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)

198,960 13,927 185,033 150,061 34,972 0 34,972

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 11 1 2 3 4 5 6 7 8 9 10

185,033 150,061 0 34,972 0

190,584 156,063 0 34,521 0


12

196,302 162,306 0 33,996 0


13

202,191 168,798 0 33,393 0


14

208,257 175,550 0 32,707 0


15

214,505 182,572 0 31,933 0


16

220,940 189,875 0 31,065 0


17

227,568 197,470 0 30,098 0


18

234,395 205,369 0 29,026 0


19

241,427 213,584 0 27,843 0


20

248,670 222,127 0 26,543 0

256,130 231,012 0 25,118 0

263,814 240,252 0 23,562 0

271,728 249,862 0 21,866 0

279,880 259,856 0 20,024 0

288,276 270,250 0 18,026 0

296,924 281,060 0 15,864 0

305,832 292,302 0 13,530 0

315,007 303,994 0 11,013 0

324,457 316,154 0 8,303 0

* 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.

https://www.nchfa.org/Rental/RTCApp/(S(y340pl45...38A3FD182&SNID=FCB06F01B0E3446CB8A36F10D020E47E (26 of 29)9/17/2008 9:06:13 AM

Print - APP08-0062

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".

https://www.nchfa.org/Rental/RTCApp/(S(y340pl45...38A3FD182&SNID=FCB06F01B0E3446CB8A36F10D020E47E (27 of 29)9/17/2008 9:06:13 AM

Print - APP08-0062

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.

https://www.nchfa.org/Rental/RTCApp/(S(y340pl45...38A3FD182&SNID=FCB06F01B0E3446CB8A36F10D020E47E (28 of 29)9/17/2008 9:06:13 AM

Print - APP08-0062

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)

https://www.nchfa.org/Rental/RTCApp/(S(y340pl45...38A3FD182&SNID=FCB06F01B0E3446CB8A36F10D020E47E (29 of 29)9/17/2008 9:06:13 AM