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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
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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
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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: 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
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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]
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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.
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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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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
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Ownership Entity
Owner Name: Cardinal Chase Development, LLC
Address: 113 South Wilmington Street
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
Address: 113 South Wilmington Street
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
Address: 113 South Wilmington Street
City: Raleigh State: NC Zip: 27601
Phone: (919)832-4345 Fax: (919)832-2206
EMail: [email protected] Nonprofit: Yes TaxID 56-1085131
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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.
2 1 targeted at 30 percent of median income.
2 2 targeted at 40 percent of median income.
2 18 targeted at 50 percent of median income.
2 15 targeted at 60 percent of median income.
3 2 targeted at 40 percent of median income.
3 3 targeted at 50 percent of median income.
3 3 targeted at 60 percent of median income.
48
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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:
Other Loan 2 - Specify:
Other Loan 3 - 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
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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
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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
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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.
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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
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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.
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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.
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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
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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:
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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
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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
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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:
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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 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
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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
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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)
Other 2 (specify in Remarks)
Total Cost 141,506
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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 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
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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
Other 1 (specify in Remarks)
Other 2 (specify in Remarks)
Total Cost 0
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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 1 (specify in Remarks)
Other 2 (specify in Remarks)Other 3 (specify in Remarks)
Total Cost 0
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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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