brentwood crossings

8/6/2019 Brentwood Crossings

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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:

Print Preview - Final Application

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

Resources Requested

Page 1 of 34Print - APP03-0174

1/14/2005https://www.nchfa.org/Rental/RTCApp/(rlwwuk453fqljnbqnrghgbi2)/site/PrintApp.aspx?I...


2/34

Is project in Qualified Census Tract & Difficult to Develop area:

Project Name and Location

Project Name: Brentwood Crossings

Address: 226 Brentwood St

City: High Point County: GUILFORD Zip: 27260

Census Tract: 37081013900 Block Group:

Yes

Political Jurisdiction: City of High Point

Jurisdiction CEO Name: First: Last:Arnold Koonce Title: Mayor

Jurisdiction Address: 1002 Nuthatch Court

Jurisdiction City: High Point Zip: 27262

Jurisdiction Phone: (336)883-3305

Site Latitude:

Site Longitude:




3/34

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: HUD and number of units:and number of units:

Target Population: Family

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

135135

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:

Proposed number of residential buildings: 17 Maximum number of stories in buildings: 2

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): 180180

Elevators -- Number of Elevators:Number of Elevators:

Gross Floor Square Footage: 142,608

Total Net Sq. Ft. (All Heated Areas): 119,112




4/34

Applicant Information

Applicant Name: Regency Development Associates, Inc.

Address: 2700 Wycliff Road Stuite 312

City: State: NC Zip:Raleigh 27607

Contact: First: Last: Title:Edmund Waddill

Telephone: (919)510-9660

Alt Phone:

Fax: (919)510-9670

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

10.78 10.78

No

Yes

There are currently 0 vacant uits. This a HUD 236 property with a HAP contract for 135 units.It isreasonable to expect that all the existing tenants will qualify for occupancy and any displacement willbe temporary.

Yes

No

Yes

No

Yes

No




6/34

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




7/34

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: 12/31/2003

(D) Enter Purchase Price: 2,300,000




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-12 (12 units per acre)

Yes

No

No

No

No




9/34

Ownership Entity

Owner Name: Brentwood Crossings, LLC

Address: 2700 Wycliff Rd, Suite 312

City: State: NC Zip:Raleigh 27607

Federal Tax ID Number of Ownership Entity: (If assigned)

Federal Tax ID Number of Managing GP or Member: (If Not Assigned)75-3092791

Entity Type: Limited Liability Company

Entity Status: To Be Formed

Is the applicant requesting that the Agency treat the application as Non-Profit sponsored? No

Is the applicant requesting that the Agency treat the application as CHDO sponsored? No

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

Org: 2003 CDC Manager, LLC

First Name: Michael Last Name: Hurst Function: Managing General Partner

Address: 2700 Wycliff Rd, Suite 312

City: Raleigh State: NC Zip: 27607

Phone: (919)510-9660 Fax: (919)510-9670

EMail: [email protected] Nonprofit: No TaxID 75-3092791




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 1 629 16 0 520 112 632

Gdn Apt 2 851 88 0 610 133 743

Gdn Apt 3 1069 16 0 719 156 875

Gdn Apt 3 1066 15 0 719 156 875

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....... 135 0 84289

Market Rate.......

Totals............... 135 0 84289

* 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.




11/34

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

Total Low Income Units:

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

Targeting

# BRs Units %

1 16 targeted at 60 percent of median income.



135




12/34

Estimated pricing on sale of Federal Tax Credits: $0.

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

Funding Sources

Source AmountNon-

Amortizing*Rate(%)

Term(Years)

Amort.Period(Years)

AnnualDebt

Service

Bank Loan

RPP LoanLocal Gov. Loan - Specify:

RD Loan

AHP Loan

Other Loan 1 - Specify:IRP Bonds

340,000 6.25 7 7 60,093

Other Loan 2 - Specify:

Other Loan 3 - Specify:

Tax Exempt Bonds 4,900,000 6.25 30 30 362,041

State Tax Credit(Loan) 0 30 30 0

State Tax Credit(Direct Refund)

Equity: Federal LIHTC 1,883,278

Non-Repayable Grant

Equity: Historic Tax Credits

Deferred Developer Fees 169,706

Owner Investment

Other - Specify:Bond Earnings, Equity Bridge LoanInterest

70,539

Total Sources** 7,363,523

* "Non-amortizing" indicates that the loan does not have a fixed annual debt service. For these items, you must fill in 20-year debt servicebelow.

** Total Sources must equal total replacement cost in Project Development Cost (PDC) section.

80

Other includes $51,000 for Bridge Loan Interest and $19,539 for Bond Earnings. The requestfor Tax-Exempt bonds MUST also include the IRP supported bonds, such that the total

allocation requested is $5,240,000.




13/34

Development Costs

Item Cost Element TOTAL COSTEligible Basis

30% PV 70% PV

1 Purchase of Buildings (Rehab) 1,840,000 1,840,000

2 Demoli tion

3 On-site Improvements 201,300 191,235

4 Rehabilitation 2,328,700 2,328,700

5 Construction of New Building(s)

6 Accessory Building(s)

7 General Requirements 139,722 139,722

8 Contractor Overhead 51,231 51,231

9 Contractor Profit 139,722 139,722

10 Construction Contingency 160,183 160,183

11 Architect's Fee - Design 45,000 45,000

12 Architect's Fee - Inspection

SUBTOTAL (lines 1 through 12) 4,905,858

13 Construction Insurance (prorate) 18,750 6,563

14 Construction Loan Orig. Fee (prorate)

15 Construction Loan Interest (prorate) 345,450 120,908

16 Construction Loan Credit Enhancement (prorate)

17 Construction Period Taxes (prorate) 18,750 6,562

18 Water, Sewer and Impact Fees

19 Survey 10,000 10,000

20 Property Appraisal 6,000 6,000

21 Environmental Report 10,000 10,000

22 Market Study 6,000 6,000

23 Bond Costs (specify) 39,300

24 Cost of Issuance 157,650

25 Placement Fee

26 Permanent Loan Origination Fee

27 Permanent Loan Credit Enhancement

28 Title and Recording 5,000

SUBTOTAL (lines 13 through 28) 616,900

29 Real Estate Attorney 15,000 12,000

30 Other Attorney's Fees 80,000

31 Tax Credit App Fees 11,917 11,917

32 Cost Certification/Accounting Fees (specify) 28,000 28,000

33 Tax Opinion

34 Organizational (Partnership)

35 Tax Credit Monitoring Fee 57,800


36 Furnishings and Equipment

37 Relocation Expenses 136,000 136,000

38 Developer's Fee (max 15% lines 2-36, less 8 & 9) 496,598 496,597

39 Other Basis Expense (specify) LOC Fees 98,250 34,388

40 Other Basis Expense (specify) Bridge Loan Interest 51,000 17,850

41 Rent-up Expenses

42 Other Non-basis Expense (specify) LOC Commitment Fee 26,200

43 Other Non-basis Expense (specify)


44 Rent up Reserve




14/34

Comments:

45 Operating Reserve 150,000

46 Other Reserve (specify) Soft Cost Contingency 50,000

47 Other Reserve (specify) Debt Service 180,000

48 DEVELOPMENT COST (lines 1-47) 6,903,523 5,798,578 0

49 Less Federal Financing

50 Less Disproportionate Standard

51 Less Nonqualified Nonrecourse Financing

52 Less Historic Tax Credit (residential) 0

53 TOTAL ELIGIBLE BASIS 5,798,578 5,798,578 0

54 Times Applicable Fraction 130.00% 130% 130%

55 TOTAL QUALIFIED BASIS 7,538,151 7,538,151 0

56 Tax Credit Rate 3.37% 0.00%

57 FEDERAL TAX CREDITS at Estimated Rate 254,035 254,035 0

57a FEDERAL TAX CREDITS at 8.5% or 3.75% 282,680 282,680 0

58 FEDERAL TAX CREDITS REQUESTED 0

59 STATE TAX CREDITS

60 Land Cost 460,000

61 TOTAL REPLACEMENT COST 7,363,523




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:

Landscaping Plans:

Market Study Information

Brentwood Crossings is an 135 unit property built in 1973 in High Point, NC. Property appearancewill be greatly improved by the addition of a truss system pitched roof over the existing flat roof. Themansards will be removed from the second floor of the buildings replaced with vinyl siding. Newenergy efficient windows with vinyl trim and gutters will also be added. Interior will be completelyrenovated with new kitchen appliances (where required) and the addition of central air conditioning.

Existing landscaping will be enhanced by expanding with planting beds and new signage.

No

Community Bldg - Sq Ft: Community Room - Sq Ft: 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

Social as well as educational actiivities will be provided.

Increase in greenspace. A new blacktop and striping. New signage and lighting. Screen addedaround refuse areas. Enhancement of entrance.




16/34

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.

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

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

No




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 proposed Brentwood Crossings is located in a stable neighborhood with single and multi-familyproperties adjacent on two sides. A neighbrhood church abutts the propety to the south. Two milessouth of the property is a HOPE VI revitalization area encompassing several communities as well asincorporating new single family and elderly housing; signifying a major investment and revitalizationin the area.

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.There is a commercial area across the street including office/commercial space. A neighbrhoodchurch abutts the propety. Two miles south of the property is a HOPE VI revitalization areaencompassing several communities as well as incorporating new single family and elderly housing.To the east of the property the extension of Highway 68 will provide a new major north southconnector for High Point. The tie-in of this road with Kivett Street less than 1 mile north of the

property will provide additional access as well as expected retail and commercial developmentsurrounding the intersection.

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).To the east of the property the extension of Highway 68 will provide a new major north southconnector for High Point. The tie-in of this road with Kivett Street less than 1 mile north of theproperty will provide additional access as well as expected retail and commercial developmentsurrounding the intersection. Additionally the property is served by High Point Public Transportation.

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).The mature nature of the surrounding properties provides little undeveloped land. Commercialproperties are suitable for the neighborhood.

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.There are no evident negative site features.

Similarity of scale and aesthetics/architecture between project and surroundings.Brentwood Crossings fits well with the existing neighborhood given the concentration of single and




18/34

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

Other facilities or services:

multi-family dwellings. Following renovations Brentwood Crossings will be a major contributing assetto the revitalization of the community.

Concentration of affordable housing (housing credit, project-based rental assistance, public housing).Because Brentwood Crossings is currently operated as an affordable property with a HAP contract,

the renovations will result in a major improvement to the quality of the exisitng affordable housing inthe area.

Availability of Supportive Services (if applicable):The exisitng management company will continue to offer on-site resident services. A Boys and Girlsclub, in near proximity, is operated by the High Point Housing Authority.

Grocery Store.3 Community/Senior Center1.7

Mall/Strip Center2.5 Hospital1.8

Outdoor Athletic Fields.9 Pharmacy1.1

Day Care/After School.1 Basic Health Care.3

Schools.8 Medical Offices9.3

Public Transportation Stop0 Bank/Credit Union1.1

Convenience Store.1 Restaurants.7

Basketball/Tennis Courts.9 Professional Services1.7

Public Parks1.9 Movie Theater2.1

Gas Station1.5 Video Rental1.9

Library1.9 Public Safety (Fire/Police)1.3

Fitness/Nature Trails Post Office9.5

Public Swimming Pools1.7




19/34


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: 28 74

Units: 2,552 7,234

North Carolina Other States

Projects: 3 3

Units: 481 332

No

No

No

No

No




21/34

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? Yes

Does the project have a firm commitment for government financing? No

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? Yes

If yes, indicate the type and amount below:

Tax Exempt Financing: $ 5240000

RD 515 Financing: $

Hope VI Financing: $

Other: $

If Other, specify the type of Federal subsidy:




22/34

Project Operations (Year One)

Projected Operating Costs

Administrative Expenses

Advertising 240

Other Administrative Expense (specify):8,550

Office SalariesOffice Supplies 4,896

Office or Model Apartment Rent 1,125

Management Fee 74,022

Manager or Superintendent Salaries 75,762

Manager or Superintendent Rent Free Unit

Legal Expenses (Project) 2,400

Auditing Expenses (Project) 3,300

Bookkeeping Fees/Accounting Services

Telephone and Answering Service 6,432

Bad Debts 1,225

Other Administrative Expenses (specify):6,970

SUBTOTAL 184,922

Utilities Expense

Fuel Oil

Electricity (Light and Misc. Power) 16,560

Water 840

Gas 840

Sewer 2,400

SUBTOTAL 20,640

Operating and Maintenance Expenses

Janitor and Cleaning Payroll

Janitor and Cleaning Supplies 1,560

Janitor and Cleaning Contract

Exterminating Payroll/Contract 2,040

Exterminating Supplies

Garbage and Trash Removal 2,376

Security Payroll/Contract

Grounds Payroll

Grounds Supplies 8,000

Grounds Contract 25,200

Repairs Payroll 38,055

Repairs Material 5,040

Repairs Contract 3,537

Elevator Maintenance/Contract

Heating/Cooling Repairs and Maintenance 720

Swimming Pool Maintenance/Contract

Snow Removal 100

Decorating Payroll/Contract 5,052

Decorating Supplies

Other (specify):25,494

Miscellaneous Operating & Maintenance Expenses 2,933

SUBTOTAL 120,107

Taxes and Insurance

Real Estate Taxes 56,600




23/34

Payroll Taxes (FICA) 9,192

Miscellaneous Taxes, Licenses and Permits

Property and Liability Insurance (Hazard) 35,250

Fidelity Bond Insurance

Workmen's Compensation 2,176

Health Insurance and Other Employee Benefits 24,913

Other Insurance:1,800

SUBTOTAL 129,931

Supportive Service Expenses

Service Coordinator

Service Supplies

Tenant Association Funds

Other Expenses (specify):

SUBTOTAL 0

Reserves

Replacement Reserves 47,250

SUBTOTAL 47,250

TOTAL OPERATING EXPENSES 502,850

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

399,000

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

135

PER UNIT PER YEAR 2,955




24/34


25/34

Design Features

ITEM DESCRIPTION

Foundation/Slab Components Existing slab on grade

Primary Windows Make: Model:Single Hung TBD Type/Construction: Aluminum insulated windows

Exterior Doors Type: Frames:Insulated Metal Wood

Siding Type: Grade/Thickness:Vinyl .044

Warranty: TBD

Exterior Trim Vinyl

ShinglesType: Weight:Fiberglass

225 # persquare

Warranty: 25 years

Sprinkler System N/A

Cabinets Pre-manufactured by Canak base grade

Heat Pump SEER: Make:10.5 TBD

Model: TBD

Air Conditioner SEER: Make:10.5 TBD

Model: TBD

Other Heat Systems SEER: Make:N/A N/A

Model: N/A




26/34

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 0

Backfill-slab, Crawl 0

Slab-concrete/Rebar/Gravel 0

Waterproofing 10,140 5,060 15,200

Masonry Foundation 0

Brick Veneer 4,500 1,500 6,000

Steel/Structure/Rails 2,250 2,000 4,250

Framing/Lumber/Nails 88,400 86,200 174,600

Trusses 149,600 149,600

Crane Rental 0

Windows/Grilles/Screen 82,600 82,600Exterior Doors 7,701 17,969 25,670

Roofing 115,600 115,600

Fencing 0

Vinyl Siding/Trim/Box 51,000 51,000 102,000

Gutters/Shutters 8,160 12,240 20,400

Insulation 16,660 7,140 23,800

Drywall 17,000 17,000 34,000

Interior Doors 31,008 72,352 103,360

Int. & Final/Stair/Trim/Shelves 40,800 20,400 61,200

Cabinets & Tops 10,800 43,200 54,000

Painting 69,360 46,240 115,600

Marble - Tub/Shwr/Tops 15,300 15,300 30,600

Plumbing 82,760 82,760 165,520

Electrical 99,450 99,450 198,900

Heating/Air Conditioning 89,760 209,440 299,200

Floor Covering and Underlayment 38,760 90,440 129,200

Wall Paper 0

Mailboxes/Special Features/Signage 6,816 10,224 17,040

Gypcrete 0

Blinds/Shades/Art Work 10,200 10,200 20,400

Light Fixtures/Fans 0

Sprinkler System 3,400 3,400

Security Alarm 0

Hardwood Floors 0

Elevator 0

Ceramic Tiles 8,704 13,056 21,760

Acoustical Ceilings 0




27/34

Remarks:

Mirror/Shower Door/Encls. 12,600 12,600

Hardware/Bath Access. 17,000 17,000

Appliances 142,800 142,800

Playground Equipment 0

Interior Clean 0

Exterior Clean/Dumpster 2,000 4,000 6,000

Other 1 (specify in Remarks) 20,400 20,400

Other 2 (specify in Remarks) 62,400 93,600 156,000

Total Cost 794,329 1,534,371 2,328,700

Other 1- Pest Control, Other 2- Community Building/ Laundry/ Maintenance, Sprinkler System lineitem represents fire extinguishers




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 60,000

Job Site Office/Trailer Rental 2,800

Impact Fees

Office Supplies 1,200

Security/Watchman

Water and Sewer Connection Fees

Project Signage

Tools and Equipment 3,000

Gas, Oil, and Maintenance

Cleanup/Dumpster Rental 37,200

Temporary Water, Electric, and Telephone 13,600Storage/Hauling 3,200

Driveway Access Permit

Porta-John Rental/Dumping 2,000

Builders Risk Insurance 9,000

Re-inspection Fees

Extra Plans and Specifications

Miscellaneous, Casual Labor 222

Equipment Rental 7,500

Other 1 (specify in Remarks)


Total Cost 139,722




29/34

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 10,000

Clearing/Grading/Final Grading/Excess and Borrow

Demolition 34,000

Earthwork/Excavation/Aerating

Soil Treatment

Pile Foundations

Caissons

Shoring/Bracing

Site Drainage

Site Utilities/Site Lighting 81,000

Paving and Surfacing/Curb and Gutter 13,000Walkways 5,000

Site Signage

Parking Lot Painting 2,500

Dumpsite Pads/Fencing 5,000

Fencing/Gates

Landscaping/Topsoil 35,800

Waterproofing/De-Watering

Operation of Construction Equipment/Fuel/Oil

Crane Rental

Rock and Hardpan Excavation

Site Supervision Personnel

Other (specify in Remarks) 15,000

Total Cost 201,300

Other - Playground and Recreation




30/34

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 39,300

Capital Interest Fund



Total Cost 39,300




31/34

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

Remarks:

Costs - Bond Issuance

ITEM TOTAL

Bond Counsel 42,500

Issuer Counsel 15,000

Credit Enhancement/LOC Counsel 16,250

Underwriter Counsel 16,250

Developer's Counsel

Rating Agency Fee 15,000

Printing

Trustee Fee 8,000

Trustee Counsel

Other 1 (specify in Remarks) 44,650

Other 2 (specify in Remarks)Other 3 (specify in Remarks)

Total Cost 157,650

Other 1 - Issuer's Fee




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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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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