cardinal chase

8/6/2019 Cardinal Chase

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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: CHDO

Print Preview - Final Application

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

Resources Requested

692,865

of 35Print - APP03-0020

1/14/2005https://www.nchfa.org/Rental/RTCApp/(cw4xycbxjoucmh45iv40wd55)/site/PrintApp.asp...



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

Project Name and Location

Project Name: Cardinal Chase

Address: Cardinal Road & South Tenth Avenue

City: Siler City County: CHATHAM Zip: 27344

Census Tract: 204 Block Group: 3

No

Political Jurisdiction: Siler City

Jurisdiction CEO Name: First: Last:Charles Turner Title: Mayor

Jurisdiction Address: P.O. Box 769

Jurisdiction City: Siler City Zip: 27344

Jurisdiction Phone: (919)742-2323

Site Latitude: 35.7244

Site Longitude: -79.4480





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

1515

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: Cardinal Chase will include 5 units designated for persons with disabilities to be referred byChatham Counseling Center, a division of the Orange, Person, Chatham Area Program. Becausethese persons will be mostly single and dependent on SSI as their only source of income, CardinalChase will have 4 one-bedroom units (rent is $130) and 1 two-bedroom unit (rent is $200) reserved

for referrals from Chatham Counseling Center.

Proposed number of residential buildings: 6 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): 1,2381,238

Community space within residential bulding(s) -- Sq. Ft. (Floor Area):Sq. Ft. (Floor Area):

Elevators -- Number of Elevators:Number of Elevators:

Gross Floor Square Footage: 55,962

Total Net Sq. Ft. (All Heated Areas): 47,794





Applicant Information

Applicant Name: DHIC, Inc.

Address: 113 South Wilmington Street

City: State: NC Zip:Raleigh 27601

Contact: First: Last: Title:Gregory Warren Executive Director

Telephone: (919)832-4345

Alt Phone:

Fax: (919)832-2206

Email Address: [email protected]





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

10.57 5

Approximately 50% of site is within the 100-year floodplain. A connecting roadway joining South10th Avenue & Cardinal Road will be built using approximately 0.34 acres. The net acreage is 10.23.

No

No

No

Yes

Yes

All improvements will be above the 100-year floodplain. See attached site plan. The floodplain isclearly shown & no buildings or site improvements will be located in it.





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





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

R-10

Yes

No

No

No

No





Ownership Entity

Owner Name: Cardinal Chase Development, LLC


City: State: NC Zip:Raleigh 27601

Federal Tax ID Number of Ownership Entity: (If assigned)74-2998559

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

Entity Type: Limited Liability Company

Entity Status: Already Formed

Is the applicant requesting that the Agency treat the application as Non-Profit sponsored? Yes

Is the applicant requesting that the Agency treat the application as CHDO sponsored? Yes

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

Org: Cardinal Chase, Inc.

First Name: Gregory Last Name: Warren Function: Managing Member


City: Raleigh State: NC Zip: 27601

Phone: (919)832-4345 Fax: (919)832-2206

EMail: [email protected] Nonprofit: No TaxID 74-2998558

Org: DHIC, Inc.

First Name: Gregory Last Name: Warren Function: Corp Member


City: Raleigh State: NC Zip: 27601

Phone: (919)832-4345 Fax: (919)832-2206

EMail: [email protected] Nonprofit: Yes TaxID 56-1085131





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 4 targeted at 30 percent of median income.








48





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))

Loans with Variable AmortizationPlease fill in the annual debt service as applicable for the first 20 years of the project life.

Funding Sources

Source AmountNon-

Amortizing*Rate(%)

Term(Years)

Amort.Period(Years)

AnnualDebt

Service

Bank Loan 748,792 7.25 20 30 61,296

RPP Loan 692,865 2.00 20 20Local Gov. Loan - Specify:

RD Loan

AHP Loan 296,398 2.00 20 20

Other Loan 1 - Specify:



Tax Exempt Bonds

State Tax Credit(Loan) 366,694 0 30 30 0

State Tax Credit(Direct Refund)

Equity: Federal LIHTC 2,163,018

Non-Repayable Grant

Equity: Historic Tax Credits

Deferred Developer Fees

Owner Investment

Other - Specify:

Total Sources** 4,267,767

* "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.

75

Bank debt lowered.AHP payments deferred for 20 years.sk For accurate RPP repayments seeboxes below.The 1.14 dcr in year 8 reflected in cash flow sheet is inaccurate becasue it takes into

consideration the AHP repayments, when in reality these are def.SK

RPP Loan





Year:Amt:

1

13900

2

14500

3

15000

4

15500

5

16000

6

16500

7

16900

8

17500

9

17500

10

17500

Year:Amt:

11

17500

12

17500

13

17500

14

17000

15

16500

16

16000

17

15500

18

15500

19

14500

20

13400

AHP Loan

Year:

Amt:

1

0

2

0

3

0

4

0

5

0

6

0

7

0

8

0

9

0

10

0

Year:Amt:

11

0

12

0

13

0

14

0

15

0

16

0

17

0

18

0

19

0

20

0





Comments:

45 Operating Reserve 131,000

46 Other Reserve (specify) 0

47 Other Reserve (specify) 0

48 DEVELOPMENT COST (lines 1-47) 3,986,767 0 3,666,937

49 Less Federal Financing 0 0

50 Less Disproportionate Standard 0 0

51 Less Nonqualified Nonrecourse Financing 0 0

52 Less Historic Tax Credit (residential) 0 0

53 TOTAL ELIGIBLE BASIS 3,666,937 0 3,666,937

54 Times Applicable Fraction 100.00% 100.00% 100.00%

55 TOTAL QUALIFIED BASIS 3,666,937 0 3,666,937

56 Tax Credit Rate 0.00% 7.87%

57 FEDERAL TAX CREDITS at Estimated Rate 288,587 0 288,587

57a FEDERAL TAX CREDITS at 8.5% or 3.75% 311,689 0 311,689

58 FEDERAL TAX CREDITS REQUESTED 288,431 288,431

59 STATE TAX CREDITS 366,495

60 Land Cost 281,000

61 TOTAL REPLACEMENT COST 4,267,767

org. est.line item 34- $10,000





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

Tax Credits will be used in the development of a 48-unit apartment complex in rural Siler City, NorthCarolina for low- and very low-income families. The apartments will contain 4 one-bedroom units, 36two-bedroom units and 8 three-bedroom units. Per the requirements of AHP funding, 30 units will bereserved for families with total incomes of less than 50% of AMI and 18 units will be reserved forfamilies earning less than 60% AMI. Within the 50% units, there will be 24 units that are targeted

even lower downt to 40% AMI of which 15 will have Section 8 assistance. Amenities will includeporches or patios for each unit, mini-blinds, washer/dryer hookups, laundry facilities and a computerlearning center located on-site in the community building. There will also be a playground, grills,picnic tables and other site amenities.

The buildings feature broken roof lines, front gables, extended facades, an attractive mix of sidingmaterials including brick

No

Community Bldg - Sq Ft: 1,238 Community Room - Sq Ft: 460 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

Supportive Services Plan includes workshops, Resident Council and other programs and activities.

Landscaping per Town ordinance and NCHFA guidelines including foundation plantings. Area in thefloodplain will be kept in its natural, wooded state.





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

Yes





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 adjacent uses include Loves Creek Mobile Home Park, recently built single-family homesacross the street, vacant land and Quality Molded Plastics. The physical conditions of thesesurrounding buildings and grounds in the neighborhood are good. Loves Creek is governed byrestrictive covenants, including the requirement that all the units be owner-occupied. There areattractive starter homes across the street. The plastics building is an industrial use but is well-keptand there is no evidence of deterioration. The County Health Department building also appears tobe relatively new and is in excellent condition. Further away from the site, there is a subdivision ofmanufactured homes constructed on brick foundations and on the other side of the new homesacross the street from the site there is another exisiting reisdential neighborhood; all of thesestructures are in good condition.

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.Approximately 80% of the parcels in the surrounding neighborhood are either currently in use forresidential purposes or are subdivided for future development as residential lots. A market study thatwas completed for the NCHFA in 2001 names the residential character of the neighborhood as one

of the three most positive aspects of the site. Jordan Matthews High School, located on the otherside of the Health Department and County Service Building (contains the Sheriff's Office), has tenniscourts and recreational fields. In one mile radius of the site, the neighborhood includes banks,convenience stores/gas stations, a video store, restaurants, a grocery store, a community centerand an insurance agency. Piedmont Health Services, which offers health care to patients based ona sliding scale, has announced its plans to build a community health center directly across the streetfrom the site.

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).Kimley-Horn consulting engineers performed a traffic study in April 2001 that concluded thesurrounding roadway network had more than enough capacity to accomodate the addition of 48multifamily units (findings attached). The high school located nearby will produce periods of highertraffic; the consultants asserted that Cardinal Chase residents would be driving in the oppositedirection of the people traveling to the school in the mornings and in the afternoons when school is

let out, Cardinal Chase would contribute a negligible amount of traffic to the roadway network. Asseen on the site plan for Cardinal Chase, the scope of the project includes connecting CardinalRoad and South Tenth Avenue with a public road. The site offers easy access to downtown SilerCity and to US Route 64 and US 1.

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 site is not located in an undeveloped area. As mentioned before, the neighborhood is mostlyresidential but is balanced by the various services and resources in the neighborhood anddowntown Siler City (Post Office, Town Hall, Police Dept., public library), which is within a mile of theCardinal Chase site. Although there is a manufacturing business (Quality Molded Plastics) adjacentto the site, the physical appearance of the buildings is good and there are no detectable signs ofdeterioration or possible hazards. In addition, Quality Molded Plastics is a possible place ofemployment for tenants living in Cardinal Chase.

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.About half of the site does fall within the 100-year floodplain. This portion of the site has a grade thatfalls into Loves Creek. The 6 residential buildings and the community building and all road, parking,utilities and site improvements will be located outside of the 100-year floodplain. The remaining halfof the site will be kept in its natural state.





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

Other facilities or services:

Similarity of scale and aesthetics/architecture between project and surroundings.The proposed development will impact the existing neighborhood with some additional traffic andthe scale is somewhat denser than what currently exists in the neighborhood; however, since themajority of the neighborhood is residential and Cardinal Chase has a very attractive design and willbe aesthetically pleasing, it will be a positive addition to the neighborhood.

Concentration of affordable housing (housing credit, project-based rental assistance, public housing).There are no competing apartment communities in the neighborhood.

Availability of Supportive Services (if applicable):DHIC, in conjunction with several local social service agencies and educational programs, will offerthe following supportive services at Cardinal Chase: Homeownership Counseling by EmpowermentInc., Community Watch, Tenant Counseling, Financial Training through Latino Credit Union,Interpreter Services, Resident Involvement in Healthy Chatham (local community

education/advocacy group), Workforce Training Program, Parenting/Childcare, bilingual WelcomePackets and newsletters.

Grocery Store.8 Community/Senior Center.7

Mall/Strip Center1 Hospital

Outdoor Athletic Fields.2 Pharmacy.8

Day Care/After School.5 Basic Health Care.1

Schools.1 Medical Offices.1

Public Transportation Stop Bank/Credit Union.5

Convenience Store.8 Restaurants.7

Basketball/Tennis Courts.3 Professional Services1.1

Public Parks.7 Movie Theater

Gas Station.8 Video Rental.8

Library1.2 Public Safety (Fire/Police)1

Fitness/Nature Trails Post Office1

Public Swimming Pools1.5

Walmart 1.5 miles, Sheriff's Office .2 miles, Flea Market 1 mile.





Development List 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:

Management List 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: 12 0

Units: 512 0

North Carolina Other States

Projects: 66 0

Units: 3,469 0

No

No

No

No

No





Financing Commitments

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

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? 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:





Project Operations (Year One)

Projected Operating Costs

Administrative Expenses

Advertising 1,200

Other Administrative Expense (specify):2,400

Office Salaries 4,839Office Supplies 1,800

Office or Model Apartment Rent 0

Management Fee 20,736

Manager or Superintendent Salaries 22,900

Manager or Superintendent Rent Free Unit 0

Legal Expenses (Project) 800

Auditing Expenses (Project) 5,000

Bookkeeping Fees/Accounting Services 460

Telephone and Answering Service 3,600

Bad Debts 0

Other Administrative Expenses (specify):1,500

SUBTOTAL 65,235

Utilities Expense

Fuel Oil 0

Electricity (Light and Misc. Power) 7,500

Water 3,000

Gas 0

Sewer 2,400

SUBTOTAL 12,900

Operating and Maintenance Expenses

Janitor and Cleaning Payroll 1,800

Janitor and Cleaning Supplies 480

Janitor and Cleaning Contract 1,200

Exterminating Payroll/Contract 864

Exterminating Supplies 0

Garbage and Trash Removal 3,600

Security Payroll/Contract 360

Grounds Payroll 1,800

Grounds Supplies 1,200

Grounds Contract 12,000

Repairs Payroll 12,000

Repairs Material 1,173

Repairs Contract 2,400

Elevator Maintenance/Contract 0

Heating/Cooling Repairs and Maintenance 1,800

Swimming Pool Maintenance/Contract 0

Snow Removal 0

Decorating Payroll/Contract 4,900

Decorating Supplies 980

Other (specify):0

Miscellaneous Operating & Maintenance Expenses 600

SUBTOTAL 0

Taxes and Insurance

Real Estate Taxes 24,394





Payroll Taxes (FICA) 3,564

Miscellaneous Taxes, Licenses and Permits 0

Property and Liability Insurance (Hazard) 10,500

Fidelity Bond Insurance 100

Workmen's Compensation 150

Health Insurance and Other Employee Benefits 3,000

Other Insurance:0

SUBTOTAL 0

Supportive Service Expenses

Service Coordinator 7,000

Service Supplies 0

Tenant Association Funds 0

Other Expenses (specify):0

SUBTOTAL 0

Reserves

Replacement Reserves 12,000

SUBTOTAL 12,000

TOTAL OPERATING EXPENSES 186,000

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

142,606

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

48

PER UNIT PER YEAR 2,971





Design Features

ITEM DESCRIPTION

Foundation/Slab Components post tensioned concrete slab-on-grade

Primary Windows Make: Model:Silverline Series 2900

Type/Construction:

single hung/welded vinyl frame; insulated glassw/half screens

Exterior DoorsType: Frames:

6-panel insulatedmetal

wood w/ compressionweather stripping

Siding Type: Grade/Thickness:premium vinyl .044"

Warranty: lifetime limited

Exterior Trim vinyl trim and aluminum wrapped wood

Shingles Type: Weight:3 tab fiberglass;antifungal 240 lb.

Warranty: 30 years

Sprinkler System NFiPA 13 R wet system

Cabinets Grandview Products Company or equal

Heat PumpSEER: Make:11

Goodman, Carrier orTrane

Model: CKL18-1, CKL24-1

Air Conditioner SEER: Make:Model:

Other Heat Systems SEER: Make:

Model:





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 40,228 89,539 129,767

Waterproofing 0

Masonry Foundation 0

Brick Veneer 31,553 20,228 51,781

Steel/Structure/Rails 10,693 23,799 34,492

Framing/Lumber/Nails 119,998 351,499 471,497

Trusses 92,278 92,278

Crane Rental 0

Windows/Grilles/Screen 31,604 31,604Exterior Doors 19,242 19,242

Roofing 20,994 30,707 51,701

Fencing 0

Vinyl Siding/Trim/Box 51,518 49,497 101,015

Gutters/Shutters 1,062 6,020 7,082

Insulation 6,648 40,836 47,484

Drywall 84,873 72,299 157,172

Interior Doors 34,463 34,463

Int. & Final/Stair/Trim/Shelves 27,418 11,640 39,058

Cabinets & Tops 10,422 56,853 67,275

Painting 41,541 27,694 69,235

Marble - Tub/Shwr/Tops 0

Plumbing 48,830 90,684 139,514

Electrical 35,715 87,440 123,155

Heating/Air Conditioning 21,901 93,368 115,269

Floor Covering and Underlayment 11,922 50,826 62,748

Wall Paper 0

Mailboxes/Special Features/Signage 542 10,300 10,842

Gypcrete 3,594 8,800 12,394

Blinds/Shades/Art Work 606 8,047 8,653

Light Fixtures/Fans 12,732 12,732

Sprinkler System 14,960 25,472 40,432

Security Alarm 0

Hardwood Floors 0

Elevator 0

Ceramic Tiles 0

Acoustical Ceilings 0





Remarks:

Mirror/Shower Door/Encls. 0

Hardware/Bath Access. 503 2,640 3,143

Appliances 37,278 37,278

Playground Equipment 0

Interior Clean 7,255 7,255

Exterior Clean/Dumpster 0

Other 1 (specify in Remarks) 17,500 17,500

Other 2 (specify in Remarks) 3,939 3,939

Total Cost 592,776 1,407,224 2,000,000

building permits-17,500project specific liability insurance-3,939





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 63,292

Job Site Office/Trailer Rental 2,988

Impact Fees

Office Supplies

Security/Watchman

Water and Sewer Connection Fees

Project Signage 775

Tools and Equipment 4,500

Gas, Oil, and Maintenance 5,765

Cleanup/Dumpster Rental 18,484

Temporary Water, Electric, and Telephone 10,775Storage/Hauling 1,293

Driveway Access Permit

Porta-John Rental/Dumping 1,731

Builders Risk Insurance

Re-inspection Fees

Extra Plans and Specifications

Miscellaneous, Casual Labor 24,818

Equipment Rental 7,085

Other 1 (specify in Remarks)


Total Cost 141,506





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 Explorat ion/Perk Testing/Site Engineering 5,298

Clearing/Grading/Final Grading/Excess and Borrow 70,720

Demolition

Earthwork/Excavation/Aerating

Soil Treatment 2,828

Pile Foundations

Caissons

Shoring/Bracing

Site Drainage 25,827

Site Utilities/Site Lighting 43,429

Paving and Surfacing/Curb and Gutter 53,641Walkways 19,867

Site Signage 3,310

Parking Lot Painting

Dumpsite Pads/Fencing 7,258

Fencing/Gates

Landscaping/Topsoil 38,145

Waterproofing/De-Watering

Operation of Construction Equipment/Fuel/Oil

Crane Rental

Rock and Hardpan Excavation

Site Supervision Personnel

Other (specify in Remarks) 13,112

Total Cost 283,435

other for 13,112 is field engineering layout & staking





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





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

Issuer Counsel

Credit Enhancement/LOC Counsel

Underwriter Counsel

Developer's Counsel

Rating Agency Fee

Printing

Trustee Fee

Trustee Counsel


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

Total Cost 0





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.





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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