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

Project Description
Project Name: Garden Park Villas Address: City: Webb School Road Oxford County: Granville Zip: 27565 Block Group: 0

Census Tract: 9702

Is project in Qualified Census Tract or Difficult to Develop Area? No Political Jurisdiction: Jurisdiction Address: Jurisdiction City: Jurisdiction Phone: City of Oxford Last: Woodlief, Jr. Title: Mayor PO Box 1307 Oxford (919)603-1100 Zip: 27565-1307

Jurisdiction CEO Name: First: Alvin

Site Latitude: Site Longitude:

36.311 -78.591

Project Type: New Construction 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: Is this project a previously awarded tax credit development? If yes, what year were credits awarded?: Number of residents holding Section 8 vouchers: Will the project meet Energy Star standards as defined in Appendix B? No 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 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: the greater of 5 units or 10% of the total units. Number of Units: 5 Remarks: We will have 1 1-BR regular ADA/H/C unit and 1 Mobility Impaired unit with a roll-in shower to comply with 2007 QAP Design Standards. We will have 1 2-BR regular unit plus 1 2-BR Mobility Impaired unit with a roll-in shower to comply with the 2007 QAP.

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: Creative Development Group LLC 8304 Meadow Ridge Court Raleigh First: Kenneth (919)847-5860 (919)306-0391 (919)847-6123 kbdgken@aol.com State: NC Zip: 27615 Last: Boisseau Title: Managing Member

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

Site Description
Total Site Acreage: 4.2 Total Buildable Acreage: 4.2 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:

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 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:

Purchase Price:

(c) Enter the current expiration date of the option/contract to purchase: 10/31/2007 (D) Enter Purchase Price: 172,000

Zoning
Present zoning classification of the site: R-A 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: Oxford Appearance Commission unanimously approved Special Use Permit Application on January 22, 2004. Special Use Permit received final approval on February 22, 2004.

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:

Ownership Entity
Owner Name: Garden Park Villas LLC Address: City: 8304 Meadow Ridge Court Raleigh State: NC Zip: 27615 20-1062228 (If assigned)

Federal Tax ID Number of Ownership Entity:

Note: Do not submit social security numbers for individuals. 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?

No No

List all general partners, members,and principals. Specify nonprofit corporate general partners or members. Click [Add] to add additional partners, members, and principals.

Org:

Creative Development Group, LLC Last Name: Boisseau Function: Managing Member

First Name: Kenneth Address: City: Phone: EMail: 8304 Meadow Ridge Court Raleigh (919)847-5860 kbdgken@aol.com

State: NC

Zip: 27615

Fax: (919)847-6123 Nonprofit: No

Org:

WDT Development, LLC Last Name: Tharrington Function: Managing Member

First Name: W. Dennis Address: City: Phone: EMail: 430 Woodland Road Henderson (252)436-9126 dennis@ncol.net

State: NC

Zip: 27536

Fax: (252)436-9126 Nonprofit: No

Unit Mix
The Median Income for Granville county is $53,800. Low Income Units Type Gdn Apt Gdn Apt Gdn Apt Gdn Apt Gdn Apt Gdn Apt # BRs Net Sq.Ft. 1 1 1 2 2 2 730 730 730 979 979 979 Total # Units 8 9 11 2 2 8 # Units 1 1 1 1 1 0 Monthly Rent 354 375 425 424 490 530 Electric Utility Allowance 50 50 50 60 60 60 Gas Mandatory Serv. Fees 0 0 0 0 0 0 Other Trash pick-up **Total Housing Exp. 404 425 475 484 550 590

Utilities 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.

Utilities included in rents:

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.

Utilities included in rents:

Water/Sewer

Electric

Statistics All Units Low Income....... Market Rate....... Totals............... 40 5 16950 40 Gross Monthly Rental Income 16950

Units 5

Proposed number of residential buildings: 1 Project Includes:

Maximum number of stories in buildings: 2

Separate community building - Sq. Ft. (Floor Area): Community space within residential bulding(s) - Sq. Ft. (Floor Area): 7,521 Elevators - Number of Elevators: 1 Square Footage Information Gross Floor Square Footage: 43,555

Total Net Sq. Ft. (All Heated Areas): 38,474

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.

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 1 2 2 2 8 9 11 2 2 8

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

Total Low Income Units:

40

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

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 Total Sources**

Amount

570,205

2.00

20

20

706,920

30

30

2,633,719

240,000 4,150,844

* "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. 92 Remarks concerning project funding sources: (Please be sure to include the name of the funding source(s)) Equity Provider-CAHEC City of Oxford-CDBG Grant (DCA-Small Cities program)-Applied for/Pending

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 21210 11 6744 2 20390 12 4703 3 18495 13 2512 4 17411 14 161 5 16228 15 0 6 14942 16 0 7 13547 17 0 8 12036 18 0 9 10403 19 0 10 8641 20 0

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 8 Contractor Overhead 9 Contractor Profit 10 Construction Contingency 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 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 (0.58% 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 44 45 Other Basis Expense (specify) Building Permits Other Basis Expense (specify) Lender-related fees/inspections/monitoring/compliance Other Non-basis Expense (specify) Title and Survey Conversion Other Non-basis Expense (specify) Required off-site improvements for safety of residents 420,000 8,500 27,500 11,000 212,500 1,000 26,000 92,651 15,000 5,000 126,200 25,000 14,000 2,200 18,451 6,000 2,500 8,000 5,000 4,500 6,500 4,200 2,892,398 3,200 19,266 68,034 150,510 53,180 212,721 87,987 80,000 12,000 2,136,000 160,000 TOTAL COST Eligible Ba 30% PV

43 Rent-up Expense

SUBTOTAL (lines 38 through 45) 46 Rent up Reserve 47 Operating Reserve 48 49 Other Reserve (specify) Other Reserve (specify)

694,500 12,000 161,095

50 DEVELOPMENT COST (lines 1-49) 51 Less Federal Financing 52 Less Disproportionate Standard 53 Less Nonqualified Nonrecourse Financing 54 Less Historic Tax Credit (residential) 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 60 Tax Credit Rate 61 Federal Tax Credits at Estimated Rate 62 Federal Tax Credits at 8.5% or 3.75% Max Federal Tax Credits (With Energy Star - Lesser of $8,500 per unit or $800,000, w/o 63 Lesser of $8,000 per unit or $800,000) 64 Federal Tax Credits Requested 65 Land Cost 66 TOTAL REPLACEMENT COST FEDERAL TAX CREDITS IF AWARDED Comments: Line item 45-includes sewer extension to the site and a required Acceleration/De-acceleration lane by NCDOT for the safety of the residents at the complex.

3,978,844

3,529,598 100.00% 3,529,598 3,529,598 285,897 300,015 320,000 0 172,000 4,150,844 300,015

0 100% 0 100.00% 0 3.47 0 0

Total Replacement Cost per unit: Federal Tax Credits (line 62) per unit:

94,944 7,500

Market Study Information

Please provide a detailed description of the proposed project: This complex will feature a beautiful two-story, one building 40-unit complex for seniors. The wooded scenic site is located in the strong economic growth direction of Oxford and is located very near to the hospital and many medical offices and senior-related services. Additionally, local transportation systems are available to serve the site. There is very strong public and private local support for this development and it was approved by unanimous vote by the City. It certainly will help to answer a much-needed demand for affordable senior housing in Oxford and the surrounding market area.

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 building has a covered drop-off walkway to the central entry foyer of the building. The building has a full-building fire alarm/security system and controlled entry telephone access system. It is also fire-protected by a full building fire sprinkler system.

Have you built other tax credit developments that use the same building design as this project? Yes If yes, please provide name and address: We built Garden Walk Villas for seniors in Henderson, NC. This complex won the "Best Senior Development of the Year" award in 2005 from CAHEC.

Site Amenities: Resident garden plots, walking trails, irrigated lawn, screened porch, gazebo, covered drop off at Central building entry, Country-style covered open-air Porch area with chairs , horseshoe pit and beautiful landscaping.

Onsite Activities: Sitting areas, sunroom with chairs, tv room, Resient Computer Room exercise room, exam room, vending area, game/craft room, reading room/library, and laundry room and storage. Also, there will be an on-site leasing/management office, a f-t manager, a f-t maintenance manager and 24 hr. maintenance on call for emergencies. We will also work with local human service agencies and the nearby neighborhood hospital to provide educational and social programs for the residents. We already have commitments from many local human service agencies who are willing to partner with us in this effort. Landscaping Plans: There will be extensive quality landscaping and garden spots. The City of Oxford is very strict about landscaping and visual aesthetics and the development has been approved by the City of Oxford's Appearance Commission. The landscaping will incorporate both evergreen and decidious species trees and shrubbery. Specific flowering-type trees will be utilized to accent color, beauty, fragrance and texture. Perennials and accent flower beds will also be incorporated. Both grass and natural areas will provide scenic vistas for the leisure areas around the development and will compliment and enhance the landscaping and overall beauty of this complex. Interior Apartment Amenities:

Ranges, hoods, dishwashers, washer/dryer hook-ups, mini-blinds, pantries, frost free refrigerators, walk-in closets, storage areas, carpet, non-slip vinyl, energy-efficient central air and heat pump, .

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.

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. Concentration of affordable housing. The site is located on the new economic growth side of Oxford. Just up from the project site is a new up-scale housing development called Jordan Creek Estates. Also, the new 500-acre, 1300-home and mixed-use commercial PUD development called Oxford Park by celebrated Chapel Hill developer Roger Perry is located just up the road from our site (please see attached newspaper articles). There is no concentration of affordable housing in this area of Oxford.

SURROUNDING LAND USES AND AMENITIES Suitability of surrounding development. Land use pattern is residential in character (single and multifamily housing) with a balance of other uses (particularly retail and amenities). 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 railroad track in the distant neighborhood area is dormant. The local buildings do not contribute any sources of excessive noise or environmental concerns. The close location to the local hospital and medical services will be of great value for the residents at Garden Park. SITE SUITABILITY Adequate traffic controls (stop lights, speed limits, turn lanes, etc.). 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. The site is located on a publicly-maintained road and affords good visibility and access to the site. A traffic light is located at the nearest road intersection from the site. Local public transportation is available to serve the site. 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 does not have any adverse physical features to impede a successful, economically constructed development. The site development will not be intrusive and will leave many of the beautiful trees and will be well-situated above the lower areas of the adajent land (which is not part of the site and will remain as natural scenic tree lines.)

Similarity of scale and aesthetics/architecture between project and surroundings. The building will be a single, two-story building and will have many similiar architectural design features of the houses in the adjacent neighborhood, with gabled roofs, front and rear porches, windows with wide accent trim, brick and horizontal siding, and the high-quality dimensional roof shingles. Extensive landscaping and site amenities will compliment the adjacent neighborhood.

For each applicable neighborhood feature, enter distance from project in miles. .8 .8 .1 Grocery Store Mall/Strip Center Outdoor Athletic Fields 2.0 .7 .7 Community/Senior Center Hospital Pharmacy

0 .1 .1 .2 .1 0 .2 .1 1.6 3.5

Day Care/After School Schools

.4 .3

Basic Health Care Medical Offices Bank/Credit Union Restaurants Professional Services Movie Theater Video Rental Public Safety (Fire/Police) Post Office

Public Transportation Stop .8 Convenience Store Basketball/Tennis Courts Public Parks Gas Station Library Fitness/Nature Trails Public Swimming Pools .8 .5 0 .8 1.6 1.8

Other facilities or services: Churches .4 Dentist and Podiatry .7 Dry Cleaners .5 Optician .8

Development Team
Provide contact information for development team members below: Management Agent Company: Excel Property Management Address: City: Phone 1004 Bullard Court, Suite 106 Raleigh (919)878-0522 State: NC Zip: 27615 Email: rblackmon@excelpropertymana Last: Blackmon

Contact Name: First: Rita

Architect Company: Address: City: Phone

Boisseau Design Group 8304 Meadow Ridge Court Raleigh (919)847-5860 State: NC Zip: 27615 Email: kbdgken@aol.com Last: Boisseau

Contact Name: First: Kenn

Attorney Company: Address: City: Phone

Jordan Price Wall Gray Jones & Carlton 1951 Clark Avenue Raleigh (919)828-2501 State: NC Zip: 27605 Email: Last: Ellinger

Contact Name: First: Susan

Investor Company: Address: City: Phone

CAHEC 7700 Falls of Neuse Rd, Suite 200 Raleigh (919)420-0063 State: NC Zip: 27615 Email: gmayo@cahec.com Last: Mayo

Contact Name: First: Greg

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

Identity of Interest? General Contractor Company: Harold K. Jordan Construction Co., Inc. Address: City: Phone 1086 Classic Rd Apex (919)303-3652 State: NC Zip: 27502 Email: hjordan@hkjconstruction.com Last: Jordan

Contact Name: First: Hal

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): computer networking/high speed data/cable SUBTOTAL Utilities Expense Fuel Oil Electricity (Light and Misc. Power) Water Gas Sewer SUBTOTAL Operating and Maintenance Expenses Janitor and Cleaning Payroll Janitor and Cleaning Supplies Janitor and Cleaning Contract Exterminating Payroll/Contract Exterminating Supplies Garbage and Trash Removal Security Payroll/Contract Grounds Payroll Grounds Supplies Grounds Contract Repairs Payroll Repairs Material Repairs Contract Elevator Maintenance/Contract Heating/Cooling Repairs and Maintenance Swimming Pool Maintenance/Contract Snow Removal Decorating Payroll/Contract Decorating Supplies Other (specify): Miscellaneous Operating & Maintenance Expenses SUBTOTAL Taxes and Insurance Real Estate Taxes Payroll Taxes (FICA) 22,250 23,560 4,500 250 500 2,100 3,000 500 5,000 900 2,000 10,500 26,500 8,000 1,500 1,800 1,800 12,500 35,000 1,000

750

1,200 55,550

7,000 9,000

Miscellaneous Taxes, Licenses and Permits Property and Liability Insurance (Hazard) Fidelity Bond Insurance Workmen's Compensation Health Insurance and Other Employee Benefits Other Insurance: SUBTOTAL Supportive Service Expenses Service Coordinator Service Supplies Tenant Association Funds Other Expenses (specify): SUBTOTAL Reserves Replacement Reserves SUBTOTAL TOTAL OPERATING EXPENSES ADJUSTED TOTAL OPERATING EXPENSES (Does not include taxes, reserves and resident support services) * TOTAL UNITS (from total units in the Unit Mix section) PER UNIT PER YEAR 2,000 10,000 10,000 167,560 132,000 40 3,300 3,200 20,000

51,260 1,800 200

Projected Cash Flow Year One

OPERATING INCOME Gross rental income (from Unit Mix - Total Monthly Rent) Stores and Commercial Laundry and Vending Other (specify): 3,000 203,400

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)

206,400 14,448 191,952

167,560 24,392

21,210

3,182 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 1 191,952 167,560 21,210 3,182 1.15 11 257,968 248,029 6,744 3,195 1.474 2 197,711 174,262 20,390 3,059 1.15 12 265,707 257,950 4,703 3,054 1.649 3 203,642 181,232 18,495 3,915 1.212 13 273,678 268,268 2,512 2,898 2.154 4 209,751 188,481 17,411 3,859 1.222 14 281,888 278,999 161 2,728 17.944 5 216,044 196,020 16,228 3,796 1.234 15 290,345 290,159 0 186 0 6 222,525 203,861 14,942 3,722 1.249 16 299,055 301,765 0 -2,710 0 7 229,201 212,015 13,547 3,639 1.269 17 308,027 313,836 0 -5,809 0 8 236,077 220,496 12,036 3,545 1.295 18 317,268 326,389 0 -9,121 0 9 243,159 229,316 10,403 3,440 1.331 19 326,786 339,445 0 -12,659 0 10 250,454 238,489 8,641 3,324 1.385 20 336,590 353,023 0 -16,433 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. 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".

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: 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 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.

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 Letters from State Housing Agencies or designated monitoring agent verifying out of state experience G Completed IRS Form 8821 (Appendix I) H 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) I Local Government Letter Confirming Zoning including any pending notices or hearings (original on letterhead, no fax or photocopies) J Letters from Local Utility Providers regarding availability and capacity (original on letterhead, no fax or photocopies) K Documentation from utility company or local PHA to support estimated utility costs L Appraisal (required for land costs greater than $15,000 and for all Adaptive Re-use and Rehab projects) M 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) N Hazard and structural inspection and termite reports (Adaptive Re-use and Rehab projects only) O Copy of certificate of occupancy or proof of placed-in-service date (Rehabs Only) P 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. Q 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. R 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. S Statement regarding terms of Deferred Developer Fee. If a nonprofit is involved, a resolution from their board approving deferral of fee is required. T Inducement Resolution (Tax-Exempt Bond Financed Projects only)