ashton spring

8/6/2019 Ashton Spring

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Check all that apply:

Federal Low Income Housing Tax Credit

State Low Income Housing Tax Credit

Tax Exempt Bonds

Rental Production Program (RPP) Loan

Requested RPP Loan Amount:RPP Loan Product Requested: Multi-Family Production

Print Preview - Final Application

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

Resources Requested

556,672

Page 1 of 34Print - APP03-0067

1/14/2005https://www.nchfa.org/Rental/RTCApp/(lae03q45zsojus3tebdfcp45)/site/PrintApp.aspx?II...


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Is this project a follow-on (Phase II, etc) to a previously-awarded tax credit development project?

If yes, list names of previous phase(s):If yes, list names of previous phase(s):

Will the project be receiving federal rental assistance?

If yes, provide the subsidy source:If yes, provide the subsidy source: RD and number of units:and number of units:

Target Population: Elderly (RHS/HUD)

Indicate below any additional targeting for special populations proposed for this project:

Square Footage Information

Project Description

Project Type:* New Construction Rehab Adaptive Reuse

No

Yes

2424

Mobility impaired handicapped: 5% of units comply with QAP Section IV(F)(3) (in addition to other federal and staterequirements)

Persons with disabilities or homeless populations: the greater of 5 units or 10% of the total units

Remarks: Five units will be targeted to persons with disabilities. See enclosed targeting plan.

Proposed number of residential buildings: 1 Maximum number of stories in buildings: 1

Types of Units:* Townhouse Duplex Garden Apartment Detached Single-Family

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

Community space within residential bulding(s) -- Sq. Ft. (Floor Area):Sq. Ft. (Floor Area): 8,4308,430

Elevators -- Number of Elevators:Number of Elevators:

Gross Floor Square Footage: 31,400

Total Net Sq. Ft. (All Heated Areas): 31,143




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Applicant Information

Applicant Name: Evergreen Construction Company

Address: 7706 Six Forks Road, Suite 202

City: State: NC Zip:Raleigh 27615

Contact: First: Last: Title:Tim Morgan Vice President

Telephone: (919)848-2041

Alt Phone: (919)630-3383

Fax: (919)848-0455

Email Address: [email protected]




5/34

Total Site Acreage: Total Buildable Acreage:

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?

If yes, please describe:

Are existing buildings on the site currently occupied?

If yes:(a) Briefly describe the situation:

(b) Will tenant displacement be temporary?

(c) Will tenant displacement be permanent?

Is the site in a distressed neighborhood?

If yes, does a community revitalization plan exist?

Is the site directly accessed by an existing, paved, publicly maintained road?

If no, please explain:

Is any portion of the site located inside the 100 year floodplain?

If yes:(a) Describe placement of project buildings in relation to this area:

Site Description

3.4313 3.4313

No

No

No

Yes

No




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(b) Describe flood mitigation if the project is in the East Region and will have improvements within the 100 year floodplain:




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Does the owner have fee simple ownership of the property (site/buildings)?

If yes provide:

Purchase Date: Purchase Price:

If no:

Site Control

No

(a) Does the owner/principal or ownership entity have vaild option/contract to purchase the property? Yes

(b) Does an identity of interest (direct or indirect) exist between the owner/principal or ownership entity with the option/contract for

purchase of the property and the seller of the property?If yes, specify the relationship:

No

(c) Enter the current expiration date of the option/contract to purchase: 08/31/2003

(D) Enter Purchase Price: 65,000




8/34

Present zoning classification of the site:

Is mutifamily use permitted?

Are variances, special or conditional use permits or any other item requiring a public hearing needed to develop this proposal?

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 obtainingthem:

Is a public hearing of any kind required in the future for you to fully develop this property?

If yes, describe the nature of the hearing and when you expect the hearing will be held:

Are there any existing conditions of historical significance located on the project site that will require State Historic Preservation office review?

If yes, describe below:

Are there any existing conditions of environmental significance located on the project site?

If yes, describe below:

Zoning

RM - Residential Multi-Family

Yes

No

No

No

No




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10/34

List each applicable unit mix combination in a separate row below. Click [Add] to create another row. Click "X" (at the left of each row) todelete a row.

Low Income Units

Market Rate Units

Statistics

Notes

Unit Mix

Type # BRs Net Sq.Ft.Total

# Units#Units

MonthlyRent

UtilityAllowance

MandatoryServ. Fees

**TotalHousing Exp.

Gdn Apt 1 625 4 3 495 79 0 574

Gdn Apt 2 838 3 2 540 102 0 642

Gdn Apt 1 625 12 0 495 79 0 574

Gdn Apt 2 838 6 0 540 102 0 642

Utilites included in rents: Water/Sewer Electric Gas Other

Type # BRs Net Sq.Ft.Total

# Units#Units

MonthlyRent

UtilityAllowance

MandatoryServ. Fees

**TotalHousing Exp.

Utilites included in rents: Water/Sewer Electric Gas Other

AllUnits

Units

Gross MonthlyRental Income

Low Income....... 25 5 12780

Market Rate.......

Totals............... 25 5 12780

* Paint-to-Paint Square Footage

** Please refer to the Income Limits and Maximum Housing Expense Table to ensure that Total Monthly Tenant Expenses for low incomeunits are within established thresholds.




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Development Costs

Item Cost Element TOTAL COSTEligible Basis

30% PV 70% PV

1 Purchase of Buildings (Rehab) 0

2 Demoli tion

3 On-site Improvements 255,000 255,000

4 Rehabilitation

5 Construction of New Building(s) 1,302,000 1,302,000

6 Accessory Building(s)

7 General Requirements 93,420 93,420

8 Contractor Overhead 33,008 33,008

9 Contractor Profit 99,025 99,025

10 Construction Contingency 53,474 53,474

11 Architect's Fee - Design 47,500 47,500

12 Architect's Fee - Inspection 10,000 10,000

SUBTOTAL (lines 1 through 12) 1,893,427

13 Construction Insurance (prorate)

14 Construction Loan Orig. Fee (prorate) 8,500 8,500

15 Construction Loan Interest (prorate) 55,000 55,000

16 Construction Loan Credit Enhancement (prorate)

17 Construction Period Taxes (prorate) 2,000 2,000

18 Water, Sewer and Impact Fees 19,525 19,525

19 Survey 36,000 36,000

20 Property Appraisal 5,000 5,000

21 Environmental Report 2,500 2,500

22 Market Study 7,500 7,500

23 Bond Costs (specify)

24 Cost of Issuance

25 Placement Fee

26 Permanent Loan Origination Fee

27 Permanent Loan Credit Enhancement

28 Title and Recording 2,000

SUBTOTAL (lines 13 through 28) 138,025

29 Real Estate Attorney 15,000 15,000

30 Other Attorney's Fees 6,000 6,000

31 Tax Credit App Fees 11,196 11,196

32 Cost Certification/Accounting Fees (Cost Cert.) 5,000 5,000

33 Tax Opinion

34 Organizational (Partnership) 500

35 Tax Credit Monitoring Fee 15,000


36 Furnishings and Equipment 35,000 35,000

37 Relocation Expenses

38 Developer's Fee (max 15% lines 2-36, less 8 & 9) 298,067 298,067

39 Other Basis Expense (specify)

40 Other Basis Expense (specify)

41 Rent-up Expenses

42 Other Non-basis Expense (specify)

43 Other Non-basis Expense (specify)


44 Rent up Reserve 36,193




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15/34

Please provide a detailed description of the proposed project:

Construction (check all that apply):

Brick Vinyl Wood HardiPlank Balconies/Patios Sunrooms Front Porches

Front Gables or Dormers Wide Banding or Vertical/Horizontal Siding

Other:

Have you built other tax credit developments that use the same building design as this project?

If yes, please provide name and address:

Site Amenities (check all that apply):

Onsite Activities:

Market Study Information

We are proposing to construct a twenty-five (25) unit senior rental community on Snow Hill Road inAyden. The project will consist of (16) one bedroom, one bath units and (9) two bedroom, one bathunits for persons 62 years of age and older. The project will participate in the RD 515 program andwill have 24 units of rental assistance. The design of the building is such that all units are groundfloor garden style units. The main entrance is secured with a call panel entry system. All exterior

doors are self locking. We will have over 8,400 s.f. of common area space for the residents use.There will be a computer room, a library/reading room, a multi-purpose room with a kitchen, avending room, a TV/game room, an exercise room, two laundry rooms, an exam room, andadditional storage rooms for the residents use. We will have units set aside for households at 40%and 50% of the county median income. In addition, we will have a contracted supportive servicescoordinator through the Pitt County Council on Aging.

30 Year Dimensional Roof Shingles and a Covered Drive Thru Entrance.

Yes

Willow Spring Apartments700 Spring Forest RoadGreenville, NC 27834 (Pitt)

Silver Spring Apartments601 Pony RoadZebulon, NC 27597 (Wake)

Meadow Spring Apartments190 Fieldspring LaneRaleigh, NC 27606 (Wake)

Garden Spring Apartments2830 Kidd RoadRaleigh, NC 27610 (Wake)

Community Bldg - Sq Ft: Community Room - Sq Ft: 8,430 Garages - Number:

Laundry Rm Screened Porch Resident Computer Center Exam Rm Reading Rm/Library

Game/Craft Rm Exercise Rm TV Rm Beauty Salon Vending Rm

Chapel/Prayer Rm Picnic Area Onsite Leasing Office Onsite Mgr Onsite Maint. Person

Irrigated Lawns Security Gate Car Care Area Storage Units Gazebos

Walking Trails Garden Spots Basketball/Tennis Court Playground Ball Field

Pool Fitness Stations Horseshoe Pit Shuffleboard Covered Drive Thru

Continuous sidewalk all the way around the permiter of the building for outdoor exercise.




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Landscaping Plans:

Interior Apartment Amenities (check all that apply):

Flooring: Carpet Vinyl Wood Wood Parquet Ceramic Tile Other

Heating/Cooling: Central Air Gas Heat Heat Pump Electric Pump

Do you plan to submit additional market data (market study, etc.) that you want considered?

If yes, please make sure to include the additional information in your pre-application packet.

The building will have landscaped plantings in front of each of the apartments, placed in mulchedbeds. Trees will also be planted around the building and common areas. The interior courtyard willalso be landscaped with plantings in mulched beds. The budgeted amount for landscaping is $1,000per unit. A detailed landscape plan will be submitted with the full application.

Range Hood Dishwasher Disposal Refrigerator (frost free) Storage interior/exterior

W/D Hookups Mini-blinds Pantry Ceiling fans Walk-in closets

VCT

Yes




17/34

Briefly describe your site in each of the following categories:

Applicant's Site Evaluation

NEIGHBORHOOD CHARACTERISTICS

Physical condition of buildings and improvements. Trend and direction of real estate developmentrelative to the project. Area economic health (degree of decline or investment).

The physical condition of the surrounding uses is fair to good. There are new for-sale duplexesbeing constructed further down Snow Hill Road as you head towards Hwy 11. New growth is alsooccurring just on the other side of Hwy 11. I would summize the economic health of the area assteady.

Suitability of surrounding development. Land use pattern is primarily residential with a balance ofother uses, including non-competing multifamily and single family units, relevant amenities, shoppingand services.The surrounding land uses are primarily residential. Adjacent to the site is the Liberty ArmsAparments, which is a section 8 housing authority property. Across the street are single-familyhomes. Heading towards Hwy 11, there is a nursing home and new for-sale duplexes. The majorityof shopping is located on W. Third street which runs parallel to Snow Hill Road.

SITE SUITABILITY

Adequacy of street(s) and/or access road(s) serving the proposed project and traffic controls (lights,stop signs, turning lanes). Access to mass transit (if applicable).The site is serviced by Snow Hill Road, which is a lightly traveled road that feeds into Hwy 11. It ismore than adequate to serve the needs of this development.

Amount and character of vacant, undeveloped land. Effect of industrial, large-scale institutional orother incompatible uses: wastewater treatment facilities, high traffic corridors, junkyards, prisons,landfills, large swamps, distribution facilities, frequently used railroad tracks, power transmission linesand towers, factories or similar operations, sources of excessive noise, and sites with environmentalconcerns (such as odors or pollution).There is a large tract of vacant land (approx. 25 acres) adjacent to this site that is for sale. It used tobe farm land. Then adjacent to that is a tract of land that is being developed as for-sale single-familyduplexes. There are no offensive land uses or excessive noise concerns associated with this site.

Degree of on-site negative features and physical barriers that will impede project construction oradversely 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. Foradaptive re-use projects- suitability for residential use and difficulties posed by the building(s), suchas limited parking, environmental problems or the need for excessive demolition.None exist.

Similarity of scale and aesthetics/architecture between project and surroundings.Our building is a one story design, which will fit in with the surrounding uses.




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

Other facilities or services:

Concentration of affordable housing (housing credit, project-based rental assistance, public housing).Next to the site is the Liberty Arms Apartments which is a public housing project. Ayden also has

two RD-515 Elderly developments, Cardinal Pointe (24 units) and Briarcliff Manor (40 units). Inaddition to this, there are two RD-515 Family developments, Greenbriar Village (52 units) andFairmont Village (50 units). All of the above mentioned have 100% rental assistance and stayoccupied and maintain waiting lists.

Availability of Supportive Services (if applicable):We will be contracting with the Pitt County Council on Aging for our supportive services coordinator.

Grocery Store1.24 Community/Senior Center

Mall/Strip Center1.24 Hospital11.0

Outdoor Athletic Fields.8 Pharmacy1.12

Day Care/After School.58 Basic Health Care.74

Schools.8 Medical Offices.67

Public Transportation Stop Bank/Credit Union1.12

Convenience Store1.12 Restaurants1.12

Basketball/Tennis Courts.41 Professional Services.7

Public Parks.41 Movie Theater9.46

Gas Station1.24 Video Rental1.24

Library.44 Public Safety (Fire/Police).73

Fitness/Nature Trails.41 Post Office.73

Public Swimming Pools

See vicinity map for other facilities and services.




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20/34

DevelopmentList number low-income/tax credit housing projects and units developed, operated, and maintained in compliance by the principal(s) betweenDecember 1, 1996 and January 1, 2003:

ManagementList number of low-income housing tax credit units managed in the past 10 years:

Has any owner, principal, or management agent been debarred or received a limited denial participation in the past 10 years by any federal or

state agency?

Has any owner, principal, or management agent been involved in a bankruptcy, an adverse fair housing settlement, an adverse civil rights

settlement, or an adverse federal or state government proceeding and settlement in the past 10 years?

Has any owner or principal been in a mortgage default or delinquency of three months or more within the last 5 years on a FHA-insuredproject, a Rural Development funded rental project, a tax-exempt funded mortgage, a tax credit project, or any other publicly subsidized

project?

Has any owner or principal been involved within the last 10 years in a project which previously received an allocation of tax credits but failed tomeet compliance standards of the tax credit allocation, including return of a reservation of tax credits to the Agency after the carryover

agreement has been signed?

Has any owner or principal had a Form 8823 filed with the IRS for noncompliance on a project using low-income housing tax credits or

received a letter of non-compliance from the Agency?

Project Team Experience

North Carolina Other States

Projects: 9 0

Units: 370 0

North Carolina Other States

Projects: 17 0

Units: 728 0

No

No

No

No

No




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Financing Commitments

Does the project have a firm commitment for construction financing? Yes

Does the project have a letter of intent for private permenant financing? No

Does the project have a firm commitment for government financing? Yes

Does the project have a letter of intent from an investor? Yes

Is any portion of the eligible basis of new contruction or rehabilitation financed with federal subsidies other than CDBG funds or fundsfrom the HOME program? No

If yes, indicate the type and amount below:

Tax Exempt Financing: $

RD 515 Financing: $

Hope VI Financing: $

Other: $

If Other, specify the type of Federal subsidy:




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Project Operations (Year One)

Projected Operating Costs

Administrative Expenses

Advertising 300

Other Administrative Expense (specify):1,000

Office SalariesOffice Supplies

Office or Model Apartment Rent

Management Fee 8,600

Manager or Superintendent Salaries 10,000

Manager or Superintendent Rent Free Unit

Legal Expenses (Project) 250

Auditing Expenses (Project) 4,000

Bookkeeping Fees/Accounting Services

Telephone and Answering Service 2,500

Bad Debts

Other Administrative Expenses (specify):

SUBTOTAL 26,650

Utilities Expense

Fuel Oil

Electricity (Light and Misc. Power) 6,500

Water 2,500

Gas

Sewer 2,500

SUBTOTAL 11,500

Operating and Maintenance Expenses

Janitor and Cleaning Payroll

Janitor and Cleaning Supplies

Janitor and Cleaning Contract

Exterminating Payroll/Contract 2,500

Exterminating Supplies

Garbage and Trash Removal 4,500

Security Payroll/Contract

Grounds Payroll

Grounds Supplies 2,500

Grounds Contract 6,000

Repairs Payroll 8,000

Repairs Material 1,500

Repairs Contract 1,500

Elevator Maintenance/Contract

Heating/Cooling Repairs and Maintenance

Swimming Pool Maintenance/Contract

Snow Removal

Decorating Payroll/Contract 750

Decorating Supplies 750

Other (specify):

Miscellaneous Operating & Maintenance Expenses 400

SUBTOTAL 28,400

Taxes and Insurance

Real Estate Taxes 12,500




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Payroll Taxes (FICA) 1,800

Miscellaneous Taxes, Licenses and Permits 250

Property and Liability Insurance (Hazard) 8,050

Fidelity Bond Insurance 50

Workmen's Compensation 900

Health Insurance and Other Employee Benefits 1,000

Other Insurance:

SUBTOTAL 24,550

Supportive Service Expenses

Service Coordinator 5,000

Service Supplies 1,000

Tenant Association Funds

Other Expenses (specify):

SUBTOTAL 6,000

Reserves

Replacement Reserves 18,100

SUBTOTAL 18,100

TOTAL OPERATING EXPENSES 115,200

ADJUSTED TOTAL OPERATING EXPENSES(Does not include taxes, reserves and resident support services) *

78,600

TOTAL UNITS(from total units in the Unit Mix section)

25

PER UNIT PER YEAR 3,144




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Design Features

ITEM DESCRIPTION

Foundation/Slab Components Brick and block foundation with concrete slab

Primary Windows Make: Model:Silverline 2900 Type/Construction: Vinyl-Tilt Sash w/5/8" Insulated Glass - 6/6 Lite

Exterior DoorsType: Frames:

Commercial Grade-Metal Metal

Siding Type: Grade/Thickness:Vinyl .044

Warranty: Lifetime

Exterior Trim Vinyl and Aluminum Coil

Shingles

Type: Weight:

Tamko-Dimensional

Shingles

Heritage

Series Warranty: 30 Years

Sprinkler System Wet System

Cabinets Cardell Millenia Series - Oakbrook Gold - Wood Cabinets

Heat Pump SEER: Make:11 Rheem

Model: RPLA-024-JAC

Air Conditioner SEER: Make:11 Rheem

Model: RPLA-024-JAC

Other Heat Systems SEER: Make:

Model:




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This is a detailed breakdown of rehabilitation or construction costs you summarized in the Development Costs table (Rehabilitation andConstruction of New Building(s)). The total should match those roll-up values.

Costs - Construction

ITEM LABOR MATERIAL TOTAL

Concrete Footings 3,200 4,800 8,000

Backfill-slab, Crawl 0

Slab-concrete/Rebar/Gravel 29,800 44,700 74,500

Waterproofing 0

Masonry Foundation 0

Brick Veneer 26,000 21,450 47,450

Steel/Structure/Rails 0

Framing/Lumber/Nails 98,300 135,500 233,800

Trusses 0

Crane Rental 6,000 6,000

Windows/Grilles/Screen 16,250 16,250Exterior Doors 25,000 25,000

Roofing 11,900 17,400 29,300

Fencing 2,500 2,500

Vinyl Siding/Trim/Box 41,150 41,150

Gutters/Shutters 2,850 2,850

Insulation 19,000 19,000

Drywall 83,500 83,500

Interior Doors 10,000 10,000

Int. & Final/Stair/Trim/Shelves 14,130 21,100 35,230

Cabinets & Tops 47,000 47,000

Painting 41,300 41,300

Marble - Tub/Shwr/Tops 0

Plumbing 105,000 105,000

Electrical 128,500 128,500

Heating/Air Conditioning 117,000 117,000

Floor Covering and Underlayment 32,500 32,500

Wall Paper 0

Mailboxes/Special Features/Signage 14,500 14,500

Gypcrete 0

Blinds/Shades/Art Work 3,800 3,800

Light Fixtures/Fans 0

Sprinkler System 115,000 115,000

Security Alarm 0

Hardwood Floors 0

Elevator 0

Ceramic Tiles 0

Acoustical Ceilings 0




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Remarks:

Mirror/Shower Door/Encls. 0

Hardware/Bath Access. 6,000 6,000

Appliances 30,500 30,500

Playground Equipment 0

Interior Clean 7,000 7,000

Exterior Clean/Dumpster 9,000 9,000

Other 1 (specify in Remarks) 10,370 10,370

Other 2 (specify in Remarks) 0

Total Cost 205,330 1,096,670 1,302,000

Masonry Foundation included in Brick Veneer.Trusses included in Framing.Labor Costs for the following are included in Materials:Vinyl Siding, Gutters, Insulation, Drywall,Cabinets, Painting, Plumbing, Electrical, HVAC, Floor Covering, Mailboxes, Blinds, SprinklerSystem, Hardware/Bath, Other 1-VCT.




28/34

This is a detailed breakdown of the General Requirements cost element you summarized in the Development Costs table (GeneralRequirements). The total should match that roll-up value.

Remarks:

Costs - General

ITEM TOTAL

Supervision 45,000

Job Site Office/Trailer Rental 4,500

Impact Fees

Office Supplies 500

Security/Watchman

Water and Sewer Connection Fees

Project Signage 1,000

Tools and Equipment

Gas, Oil, and Maintenance

Cleanup/Dumpster Rental 8,500

Temporary Water, Electric, and Telephone 3,000Storage/Hauling 2,500

Driveway Access Permit

Porta-John Rental/Dumping 720

Builders Risk Insurance 7,500

Re-inspection Fees

Extra Plans and Specifications 250

Miscellaneous, Casual Labor 7,500

Equipment Rental 4,000

Other 1 (specify in Remarks) 8,450

Other 2 (specify in Remarks)

Total Cost 93,420

Other 1 - Various Permits for Construction




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This is a detailed breakdown of the Site Improvements cost element you summarized in the Development Costs table (On-siteImprovements). The total should match that roll-up value.

Remarks:

Costs - Improvements

ITEM TOTAL

Subsurface Exploration/Perk Testing/Site Engineering

Clearing/Grading/Final Grading/Excess and Borrow 5,200

Demolition

Earthwork/Excavation/Aerating 47,800

Soil Treatment 3,000

Pile Foundations

Caissons

Shoring/Bracing

Site Drainage

Site Utilities/Site Lighting 67,000

Paving and Surfacing/Curb and Gutter 81,000Walkways 6,000

Site Signage 5,000

Parking Lot Painting

Dumpsite Pads/Fencing 2,500

Fencing/Gates 2,500

Landscaping/Topsoil 35,000

Waterproofing/De-Watering

Operation of Construction Equipment/Fuel/Oil

Crane Rental

Rock and Hardpan Excavation

Site Supervision Personnel

Other (specify in Remarks)

Total Cost 255,000




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This is a detailed breakdown of the Bond Costs cost element you summarized in the Development Costs table (Bond Costs). The totalshould match that roll-up value.

Remarks:

Costs - Bond Costs

ITEM TOTAL

Letter of Credit Fee

Credit Enhancement

Underwriter Discount

Capital Interest Fund



Total Cost 0




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32/34

MINIMUM REQUIRED SET ASIDES (No Points Awarded):

Minimum Set-Asides

Select one of the following two options:

20% of the qualified units are rent restricted and occupied by households with incomes at or below 50% of the median income (Note:No Tax Credit Eligble Units in the the project can exceed 50% of median income)

40% of the qualified units are rent restricted and occupied by households with incomes at or below 60% of the median income (Note:No Tax Credit Eligble Units in the the project can exceed 60% of median income)

If requesting RPP funds:

40% of the qualified unit are occupied by households with incomes at or below 50% of median income.

State Tax Credit and QAP Targeting Points:

High Income county:

At least twenty-five percent (25%) of qualified units will be affordable to households with incomes at or below thirty percent (30%) ofcounty median income.

At least twenty-five percent (25%) of qualified units will be affordable to and occupied by households with incomes at or below thirtypercent (30%) of county median income.

At least fifty percent (50%) of qualified units will be affordable to households with incomes at or below forty percent (40%) of countymedian income.

At least fifty percent (50%) of qualified units will be affordable to and occupied by households with incomes at or below forty percent(40%) of county median income.

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 fortypercent (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.

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 countymedian 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 mortgage subsidy points (select one):

At least twenty percent (20%) of qualified units will be affordable to and occupied by households with incomes at or below fifty percent(50%) of county median income.

At least ten percent(10%) of qualified units will be affordable to and occupied by households with incomes at or below forty percent(40%) of county median income.




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34/34

PLEASE indicate which of the following exhibits are attached to your application. Others may be required as noted.

Full Application Checklist

A Nonprofit Organization Documentation or For-profit Corporation Documentation

B Current Financial Statements/Principals and Owners

C Ownership Entity Agreement, Development Agreement or any other agreements governing development services

D Management Agent Agreement

E Development and manager multi-family experience & Management Questionnaire (Appendix C)

F Letters from State Housing Agencies or designated monitoring agent verifying Out of State Management Experience

G Completed IRS Form 8821 (Appendix I)

H Permitted zoning letter (including conditional and special use)

I Site plan, floor plans and elevations

J Hazard and structural inspection and termite reports (Renovation projects only)

K Description of any existing conditions of historical significance.

L Description of environmental significance.

M Anticipated budget demonstrating how the project would meet the 10% test by November 14th.

N Evidence of Architect's Errors and Omissions insurance (or equivalent).

O Description of acquisition for existing/occupied projects or for projects with occupied buildings to be demolished.

P Description of proposed Relocation Plan & Relocation Budget, Etc. If any relocation is anticipated, reference Appendix F.

Q Targeting Plan and supporting documentation (Required for projects targeted to Special Populations)

R Local Housing Authority Agreement (Reference Model in Appendix I)

S Appraisal (for land costs greater than $5,000 and for buildings in rehab projects)

T Evidence of Permanent Loan Commitment, other sources of funds, and project-based subsidies.

U Statement regarding terms of Deferred Developer Fee and, if nonprofit, resolution of Board approving fee.

V Inducement Resolution (Tax-Exempt Bond Financed Projects only)

W Documentation to support estimated utility costs.


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