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

Project Description
Project Name: Randall Place Address: City: Randall Lane Goldsboro County: Wayne Block Group: 1 Zip: 27533

Census Tract: 13

Is project in Qualified Census Tract or Difficult to Develop Area? No Political Jurisdiction: Jurisdiction Address: Jurisdiction City: Jurisdiction Phone: City of Goldsboro Last: King Title: Mayor PO Drawer A Goldsboro (919)580-4330 Zip: 27533-9701

Jurisdiction CEO Name: First: Al

Site Latitude: Site Longitude:

35.382962 -77.913101

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? Yes If yes, list names of previous phase(s): Ashebrooke Apartments Phase I 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: Family 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:

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: The Banks Law Firm, P.A. 4819 Emperor Blvd., Suite 110 Durham First: Jim (919)281-9169 (919)474-9137 (919)474-9537 jyamin@bankslawfirm.com State: NC Zip: 27703 Last: Yamin Title:

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

Site Description
Total Site Acreage: 5.8 Total Buildable Acreage: 5.8 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? Yes If yes: (a) Describe placement of project buildings in relation to this area: There will be some construction within this area.

(b) Describe flood mitigation if the project will have improvements within the 100 year floodplain:

Clean fill will be brought in to raise the elevation of the buildable areas to appropriate levels.

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? Yes If yes, specify the relationship: The seller John Bell is also a proposed member of the ownership entity.

Purchase Price:

(c) Enter the current expiration date of the option/contract to purchase: 7/31/2007 (D) Enter Purchase Price: 193,000

Zoning
Present zoning classification of the site: R-12 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:

Ownership Entity
Owner Name: Randall Place LLC Address: City: 4819 Emperor Blvd., Suite 110 Durham State: NC Zip: 27703 (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: To Be 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:

The Banks Law Firm, P.A. Last Name: Banks Function: Managing Member

First Name: Sherrod Address: City: Phone: EMail:

4819 Emperor Blvd., Suite 110 Durham (919)281-9169 sbanks@bankslawfirm.com State: NC Zip: 27703

Fax: (919)474-9537 Nonprofit: No

Org:

NA Last Name: Bell Function: Member

First Name: John Address: City: Phone: EMail: 1204 E. Ash St. Goldsboro (919)734-4321 bellhomes@esn.net

State: NC Fax: (919)734-1840 Nonprofit: No

Zip: 27530

Unit Mix
The Median Income for Wayne county is $47,100. Low Income Units Type Gdn Apt Gdn Apt Twn Hse Gdn Apt Twn Hse Gdn Apt Twn Hse Gdn Apt Twn Hse Gdn Apt Twn Hse Gdn Apt Twn Hse Total # BRs Net Sq.Ft. # Units 1 2 2 3 3 1 2 3 3 1 2 3 3 768 929 1001 1139 1380 768 1001 1139 1380 768 1001 1139 1380 2 2 2 2 2 1 5 2 2 1 11 4 4 # Units 1 0 0 0 0 0 0 2 0 0 0 1 0 Monthly Rent 225 280 280 320 320 315 385 440 440 400 480 545 545 Electric Utility Allowance 118 131 131 159 159 118 131 159 159 118 131 159 159 Gas Mandatory Serv. Fees 0 0 0 0 0 0 0 0 0 0 0 0 0 Other trash collection **Total Housing Exp. 343 411 411 479 479 433 516 599 599 518 611 704 704

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 4 16890 40 Gross Monthly Rental Income 16890

Units 4

Proposed number of residential buildings: 9 Project Includes:

Maximum number of stories in buildings: 2

Separate community building - Sq. Ft. (Floor Area): 1,844 Community space within residential bulding(s) - Sq. Ft. (Floor Area): Elevators - Number of Elevators: Square Footage Information Gross Floor Square Footage: 49,312

Total Net Sq. Ft. (All Heated Areas): 46,336

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 2 2 3 3 1 2 3 3 1 2 3 3 2 2 2 2 2 1 5 2 2 1 11 4 4

Units targeted at 40 targeted at 40 targeted at 40 targeted at 40 targeted at 40 targeted at 50 targeted at 50 targeted at 50 targeted at 50 targeted at 60 targeted at 60 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 percent of median income affordable to/occupied by percent of median income affordable to percent of median income affordable to 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: Total Sources**

Amount

779,136

2.00

20

20

791,994

30

30

2,773,089

4,344,219

* "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. 87 Remarks concerning project funding sources: (Please be sure to include the name of the funding source(s))

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 34904 11 29074 2 34643 12 28009 3 34322 13 26836 4 33937 14 25546 5 33483 15 24135 6 32957 16 22593 7 32354 17 20915 8 31670 18 19092 9 30898 19 17117 10 30035 20 14980

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) Other Basis Expense (specify) 25,000 Other Non-basis Expense (specify) Other Non-basis Expense (specify) 420,000 420,000 26,000 77,168 70,000 70,000 10,000 123,200 10,000 6,000 2,200 22,968 10,000 10,000 10,000 6,000 10,000 7,500 2,500 4,200 10,000 7,500 2,500 4,200 1,000 1,000 10,000 78,000 10,000 78,000 216,800 58,536 175,608 94,828 33,000 7,000 35,000 3,330,772 216,800 58,536 175,608 94,828 33,000 7,000 35,000 2,160,000 2,160,000 550,000 550,000 TOTAL COST Eligible Basis 30% PV 70% 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)

515,000 12,000 93,079

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 63 $800,000, w/o - 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

4,151,219

3,959,972

0 3,959,972 100.00% 3,959,972 3,959,972 318,777 336,597 320,000 318,777 193,000 4,344,219 320,000 318,777 0 100% 0 100.00% 0 3.45 0 0 3,959,972 100% 3,959,972 100.00% 3,959,972 8.05 318,777 336,597

Comments: Development costs exceed QAP guidelines based upon the experience with Ashebrooke Apts. Having just placed that project in service last December, their costs offer a unique precedent for what we might expect to encounter right next door. Their per unit site costs were $18,270, while we are only budgeting $13,750. Their per square foot hard construction costs were $44 and we are proposing $43.80.

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

101,154 8,415

Market Study Information


Please provide a detailed description of the proposed project: The proposed project is a forty (40) unit family rental community off Randall Lane in Goldsboro. Ashebrooke Apartments will consist of 1, 2, and 3 bedroom apartments. There will be a separate office/community/laundry building, and a playground for the residents use. The development will incorporate both garden and townhouse style apartments. The sites close proximity to shopping, schools and a grocery store make it a desirable location. The proposed development is also located in the area of Goldsboro that is experiencing growth. The units will be targeted to households at 4060% AMI. In addition, 10% of the units will be targeted to the mobility impaired. As an indication of the attractiveness of the site and strength of the market, as of 1/10/07, the property management company has already approved 13 households to move in starting Monday 1/15/05 and is finalizing the verification process for an additional 11 others. After having received the Certificate of Occupancy on 12/28/06, the first Ashebrooke phase is nearly 50% rented up within the first 2 weeks, in spite of the time of year when applications are typically quite slow. 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

30 Year Dimensional Roof Shingles

Have you built other tax credit developments that use the same building design as this project? Yes If yes, please provide name and address: - Ashebrooke Apartments Phase I, Randall Lane, Goldsboro NC - White Oak Manor Apartments, 41 Manor Lane, Swansboro, NC 28584 - Ridgewood Apartments, 1018 Wait Ave., Wake Forest, NC 27857 - Park Place Apartments, 107 Luxury Lane, Knightdale, NC 27545

Site Amenities: Community Room Computer Center Laundry Room Picnic Area Playground Outdoor sitting area with benches Gazebo Tot lot Onsite Activities: Residents will have full use of the computer center located in the community building. Periodic training courses will be conducted on computer hardware and software. Periodic homeownership counseling courses will also be conducted for those interested in pursuing homeownership.

Landscaping Plans: Each building will have landscaped plantings in front of each apartment, in mulch beds. Trees will also be planted in front of and around the building and common areas where existing trees may not be, or cannot be saved.

Interior Apartment Amenities: Range with hood Frost-free Refrigerator Some interior/exterior storage space Washer/Dryer hook-ups Mini Blinds Carpeting Vinyl kitchen and bathrooms Central Air Conditioning and Heat Pump 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.

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. (See attached Site Evaluation Narrative Supplement)

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 site is exclusively surrounded by residential development, notably the high-end single-family Maplewood subdivision contiguous to the north and the very attractive Ravenwood subdivision contiguous to the east and south. Existing natural buffers will be maintained to screen the least attractive adjoining properties to the south and west. The site is midway between a brand new Food Lion on New Hope Rd. and a very heavy concentration of retail and services all along Berkeley Blvd. 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 at the end of quiet Randall Lane, which offers the advantage on not being a pass through street. Traffic will then turn onto Sanborn Lane before intersecting with Central Heights Rd., a relatively low traffic road that will be widened to 3 lanes. Further, our site can be accessed via Thoroughfare Road from the south, intersecting Central Heights Road almost across the street from Sanborn Lane. There will be a public transportation stop at Sanborn and Central Heights Rd. Degree of on-site negative features and physical barriers that will impede project construction or adversely affect future tenants; for example: power transmission lines and towers, flood hazards, steep slopes, large boulders, ravines, year-round streams, wetlands, and other similar features (for adaptive re-use projects- suitability for residential use and difficulties posed by the building(s), such as limited parking, environmental problems or the need for excessive demolition). There simply are no on-site negative features and physical barriers that will impede project construction or adversely affect future tenants.

Similarity of scale and aesthetics/architecture between project and surroundings. As a second phase development, the proposed project is completely similar in scale and aesthetics/architecture with the surroundings.

For each applicable neighborhood feature, enter distance from project in miles. 0.6 Grocery Store 0.8 Community/Senior Center

0.6 0.4 0.8 0.3 0.2 0.7 1.3 0.5 1.1 1.6 1.3 2.8

Mall/Strip Center Outdoor Athletic Fields Day Care/After School Schools

2.6 0.6 0.4 0.4

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

Public Transportation Stop 1.0 Convenience Store Basketball/Tennis Courts Public Parks Gas Station Library Fitness/Nature Trails Public Swimming Pools 0.8 0.6 2.2 1.1 1.9 1.8

Other facilities or services:

Development Team
Provide contact information for development team members below: Management Agent Company: Evergreen Construction Company Address: City: Phone 7706 Six Forks Rd. Raleigh (919)848-2041 State: NC Zip: 27615 Email: tim@spectrum-evergreen.com Last: Morgan

Contact Name: First: Tim

Architect Company: Address: City: Phone

Andron Architects & Associates 11312 Saddleview Ct. Raleigh (919)846-9990 State: NC Zip: 27613-6807 Email: bob@andron.com Last: Andron

Contact Name: First: Bob

Attorney Company: Address: City: Phone

TBD TBD TBD (919)999-9999 State: NC Zip: 99999 Email: Last:

Contact Name: First:

Investor Company: Address: City: Phone

TBD TBD TBD (919)999-9999 State: NC Zip: 99999 Email: Last:

Contact Name: First:

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

General Contractor Company: TBD Address: City: Phone TBD TBD

Identity of Interest?

State: NC Zip: 99999 Email: Last:

(919)999-9999

Contact Name: First:

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): postage, mileage 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): turnover painting, cleaning Miscellaneous Operating & Maintenance Expenses SUBTOTAL Taxes and Insurance Real Estate Taxes Payroll Taxes (FICA) 3,000 3,000 500 200 44,800 31,280 3,000 2,000 7,000 18,000 3,500 3,500 1,100 3,000 750 9,450 2,500 500 4,100 13,215 18,000

3,000

500 41,815

7,500 1,200

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

250 6,000 50 1,800 2,000

44,380

0 10,000 10,000 150,445 109,165 40 2,729

Projected Cash Flow Year One


OPERATING INCOME Gross rental income (from Unit Mix - Total Monthly Rent) Stores and Commercial Laundry and Vending Other (specify): Forfeited Sec Deposits, Damage, NSF & Late Charge 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) 1,100 1,150 204,930 14,345 190,585 202,680

150,445 40,140

34,904

5,236 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 1 190,585 150,445 34,904 5,236 1.15 11 256,131 222,696 29,074 4,361 1.15 2 196,303 156,463 34,643 5,197 1.15 12 263,815 231,604 28,009 4,202 1.15 3 202,192 162,722 34,322 5,148 1.15 13 271,729 240,868 26,836 4,025 1.15 4 208,258 169,231 33,937 5,090 1.15 14 279,881 250,503 25,546 3,832 1.15 5 214,506 176,000 33,483 5,023 1.15 15 288,277 260,523 24,135 3,619 1.15 6 220,941 183,040 32,957 4,944 1.15 16 296,925 270,944 22,593 3,388 1.15 7 227,569 190,362 32,354 4,853 1.15 17 305,833 281,782 20,915 3,136 1.15 8 234,396 197,976 31,670 4,750 1.15 18 315,008 293,053 19,092 2,863 1.15 9 241,428 205,895 30,898 4,635 1.15 19 324,458 304,775 17,117 2,566 1.15 10 248,671 214,131 30,035 4,505 1.15 20 334,192 316,966 14,980 2,246 1.15

* 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)