highland village

8/6/2019 Highland Village

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

Project Name and Location

Project Name: Highland Village Apartments

Address: corner of Old Apex Road and High House Road

City: Cary County: WAKE Zip: 27511

Census Tract: 535.07 Block Group: 4

No

Political Jurisdiction: Town of Cary

Jurisdiction CEO Name: First: Last:Glen Lang Title: Mayor

Jurisdiction Address: P.O. Box 8005

Jurisdiction City: Cary Zip: 27511

Jurisdiction Phone: (919)469-4011

Site Latitude: 35.7861

Site Longitude: -78.7945

of 35Print - APP03-0021

1/14/2005https://www.nchfa.org/Rental/RTCApp/(231zdurklv4sw455k05r4bjz)/site/PrintApp.aspx?I...



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: 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

No

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: DHIC will reserve 5 units for households who are disabled. Wake County Human Services wil serveas the lead service provider. Rents for the three one-bedroom units will $90 per month; one two-bedroom unit will be available at a rent of $134 per month. One three-bedroom unit will rent for $104per month. These rents are based on a needs analysis prepared by Wake County and DHIC. See

targeting plan (attached).

Proposed number of residential buildings: 3 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): 3,4973,497

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: 62,794

Total Net Sq. Ft. (All Heated Areas): 53,285





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

3.2822 3.2822

No

No

No

Yes

No





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

If yes provide:

Purchase Date: Purchase Price:

If no:

Site Control

Yes

4/9/2002 600,000

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

(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:

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

(D) Enter Purchase Price:





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

Planned Unit Development

Yes

No

No

No

No





Ownership Entity

Owner Name: Highland Village Limited Partnership


City: State: NC Zip:Raleigh 27601

Federal Tax ID Number of Ownership Entity: (If assigned)30-0097292

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

Entity Type: Limited Partnership

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: Highland Village Development, Inc.

First Name: Gregory Last Name: Warren Function: Managing General Partner


City: Raleigh State: NC Zip: 27601

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

EMail: [email protected] Nonprofit: No TaxID 04-3677323

Org: DHIC, Inc.

First Name: Gregory Last Name: Warren Function: Corp General Partner


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 5 targeted at 60 percent of median income.








50





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 725,000 7.25 20 30 59,349

RPP Loan 750,000 2.00 20 20Local Gov. Loan - Specify:Wake County

250,000 2.00 20 20

RD Loan

AHP Loan

Other Loan 1 - Specify:Neighborhood ReinvestmentCorporation

245,000 2.00 20 20

Other Loan 2 - Specify:Wake County

260,000 0.00 20 20

Other Loan 3 - Specify:

Tax Exempt Bonds

State Tax Credit(Loan) 384,911 0 30 30 0

State Tax Credit(Direct Refund)

Equity: Federal LIHTC 2,271,711

Non-Repayable Grant

Equity: Historic Tax Credits

Deferred Developer Fees 1,489

Owner Investment

Other - Specify:

Total Sources** 4,888,111

* "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

The Wake County loan amount of $510,000 is evidenced by two loans. One loan for $260,000and one for $250,000 funded in 2 separate funding rounds. The $260,000 loan has been

closed and the $250,000 was recently awarded for a total of $510,000. Neither has a fullyamortizing payment. Committment letters/loan documents attached.

RPP Loan





Development Costs

Item Cost Element TOTAL COSTEligible Basis

30% PV 70% PV

1 Purchase of Buildings (Rehab) 0 0

2 Demolition 0 0

3 On-site Improvements 340,000 340,000

4 Rehabilitation 0 0

5 Construction of New Building(s) 2,085,000 2,085,000

6 Accessory Building(s) 30,000 30,000

7 General Requirements 147,400 147,400

8 Contractor Overhead 52,100 52,100

9 Contractor Profit 208,192 208,192

10 Construction Contingency 85,881 85,881

11 Architect's Fee - Design 100,000 100,000

12 Architect's Fee - Inspection 18,000 18,000

SUBTOTAL (lines 1 through 12) 3,066,573

13 Construction Insurance (prorate) 33,500 33,500

14 Construction Loan Orig. Fee (prorate) 17,000 17,000

15 Construction Loan Interest (prorate) 75,000 75,000

16 Construction Loan Credit Enhancement (prorate) 0 0

17 Construction Period Taxes (prorate) 10,000 10,000

18 Water, Sewer and Impact Fees 269,445 269,445

19 Survey 11,000 11,000

20 Property Appraisal 8,000 8,000

21 Environmental Report 6,500 6,500

22 Market Study 4,500 4,500

23 Bond Costs (specify) 0

24 Cost of Issuance 0

25 Placement Fee 0

26 Permanent Loan Origination Fee 15,000

27 Permanent Loan Credit Enhancement 0

28 Title and Recording 11,000

SUBTOTAL (lines 13 through 28) 460,945

29 Real Estate Attorney 25,000 25,000

30 Other Attorney's Fees 15,000 15,000

31 Tax Credit App Fees 21,093 21,093

32 Cost Certification/Accounting Fees (specify) 11,000 11,000

33 Tax Opinion 0

34 Organizational (Partnership) 10,000

35 Tax Credit Monitoring Fee 30,000


36 Furnishings and Equipment 10,500 10,500

37 Relocation Expenses 0 0

38 Developer's Fee (max 15% lines 2-36, less 8 & 9) 510,000 510,000

39 Other Basis Expense (specify)

40 Other Basis Expense (specify)

41 Rent-up Expenses 15,000

42 Other Non-basis Expense (specify)

43 Other Non-basis Expense (specify)


44 Rent up Reserve 20,000





Comments:

45 Operating Reserve 143,000

46 Other Reserve (specify)

47 Other Reserve (specify)

48 DEVELOPMENT COST (lines 1-47) 4,338,111 0 4,094,111

49 Less Federal Financing 245,000

50 Less Disproportionate Standard

51 Less Nonqualified Nonrecourse Financing

52 Less Historic Tax Credit (residential) 0

53 TOTAL ELIGIBLE BASIS 3,849,111 0 3,849,111

54 Times Applicable Fraction 100.00% 100% 100%

55 TOTAL QUALIFIED BASIS 3,849,111 0 3,849,111

56 Tax Credit Rate 8.15% 7.87%

57 FEDERAL TAX CREDITS at Estimated Rate 302,925 0 302,925

57a FEDERAL TAX CREDITS at 8.5% or 3.75% 327,174 0 327,174

58 FEDERAL TAX CREDITS REQUESTED 308,851 308,851

59 STATE TAX CREDITS 392,441

60 Land Cost 550,000

61 TOTAL REPLACEMENT COST 4,888,111

orig. cost line item 41-$20,000.





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

The proposed family apartments will be part of a planned unit development on a 17.7 acre tract neardowntown Cary. The 50-unit complex will serve low- and very low-income families. The project willcontain 10 one-bedroom, 25 two-bedroom and 15 three-bedroom units. Half of the units will bereserved for families with incomes less than 40% of the AMI and half will be reserved for familiesearning less than 60% AMI. 6 of the 40% or less units will be targeted even lower with rents

affordable to families with incomes at 30% of the AMI. Amenities will include balconies or patios foreach unit, walk-in closets and mini-blinds, laundry facilities. The community building will include a TVroom, exercise room and management offices. There will also be a tot lot, pool, kiddie pool,playground, grills, picnic tables and a village green and a car care area, gazebo, arbor, meditationgarden, horshoe pit, resident garden plots and bike bike racks for use by the residents

The building design will feature broken roof lines, front gables, a variety of siding materials includingbrick and vinyl siding.

No

Community Bldg - Sq Ft: 2,750 Community Room - Sq Ft: 1,000 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

Services Coordination, Resident Association, basic computer courses.

Landscaping per the Town of Cary requirements. See attached plans for more detail. Town





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.

requirements exceed NCHFA requirements.

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).

Physical conditions range from acceptable to excellent within the neighborhood. The site is locatedin the more established heart of Cary.

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.Land uses in the neighborhood are balanced. Residential properties include single-family housing,townhouses, condominiums and apartments. Non-residential uses include a neighborhood shoppingcenter with a grocery store, small commercial facilities providing services, restaurants, churches, arecreational facility (Buffaloe Bowling Lanes) and a light industrial business (Syracuse Plastics).

SITE SUITABILITY

Adequacy of street(s) and/or access road(s) serving the proposed project and traffic controls (lights,stop signs, turning lanes). Access to mass transit (if applicable).The site has excellent ingress and egress via High House Road and Old Apex Road (see trafficstudy). High House Road is a five-lane road with a turning lane and Old Apex Road is a two-lanethoroughfare. A traffic signal exists at the intersection of these two roads. Chatham Street ispositioned about 400 feet east of the High House Road entrance. The Town of Cary prepared aprofessional traffic study during a rezoning process for this site in late 2001. The study indicated thatexisting streets had more than adequate capacity to support Highland Village.

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 neighborhood is largely built-out although several vacant sites exist adjacent to the subject site.The residential use of the site is compatible with a neighborhood that includes a substantial amountof both attached and detached housing. There are no incompatible land uses adjacent to the site.The single industrial use, Syracuse Plastics, does not synthesize chemicals or plastics but rathermanufactures products through a gas-fired, injection molding process that does not produce odorsor pollution. The existing CSX railroad line will be separated from the site by a 50-foot landscapebuffer in addition to the typical 10-foot building setback. The sound of the train will be attenuatedthrought the use of earth berms, a masonry wall and heavy landscaping. The applicant hascommissioned a preliminary noise study and will submit a full study in the final application. HighlandVillage Apts will be located on the section of the site farthest away from the RR tracks.

Degree of on-site negative features and physical barriers that will impede project construction or

adversely affect future tenants; for example: power transmission lines and towers, flood hazards,steep slopes, large boulders, ravines, year-round streams, wetlands, and other similar features. 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 obvious physical barriers. Slopes are gentle, between 4% and 10%, except for theroadway cut along the frontage of High House Road. The applicant has conducted a wetlands studyand has already had the Corps of Engineers delineate the wetlands area (.16 acres). Theconceptual site plan for the development reflects this delineation. Water quality basins will bedeveloped outside of stream buffers to accommodate runoff from each phase.

Similarity of scale and aesthetics/architecture between project and surroundings.





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

Other facilities or services:

The neighborhood is mixed in terms of residential developments. The property will be of similarscale and use as other rental projects in the neighborhood. During a rezoning process in late 2001,the Town of Cary found the PUD plan for Highland Village is consistent with the Town Plan whichcalls for mixed to high density residential development on this site.

Concentration of affordable housing (housing credit, project-based rental assistance, public housing).Park Through Townhouses (a tax credit project located .6 miles from site with 20 units).

Availability of Supportive Services (if applicable):DHIC will develop a supportive services plan with the help of local social service agencies such asThe Carying Place and Wake County Human Services (WCHS). The service plan will includeprovisions for a Resident Association, summer camp and computer course scholarships, a tutoringprogram, follow-up services coordination for WCHS and Carying Place referrals, on-site workshopson any topic of resident interest, a Community Watch program, homeownership orientations andcounseling and resident-led classes. The plan will be altered based on the outcomes of regular

assessments to reflect residents' interests and needs. The Resident Association, which willultimately be comprised of residents from the entire Highland Village Development (family andsenior apartments as well as condos and townhomes), will also be involved in planning for the safetyand social aspects of the community.

Grocery Store.2 Community/Senior Center.9

Mall/Strip Center.2 Hospital

Outdoor Athletic Fields.5 Pharmacy.7

Day Care/After School.2 Basic Health Care

Schools1 Medical Offices.7

Public Transportation Stop.7 Bank/Credit Union.7Convenience Store.2 Restaurants.2

Basketball/Tennis Courts.5 Professional Services.7

Public Parks.5 Movie Theater

Gas Station.2 Video Rental.9

Library.9 Public Safety (Fire/Police).8

Fitness/Nature Trails Post Office.8

Public Swimming Pools

Downtown and Cary Town hall are .8 miles from the proposed development, offering restaurants,

legal services and shopping.





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? Yes

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

Is any portion of the eligible basis of new contruction or rehabilitation financed with federal subsidies other than CDBG funds or fundsfrom the HOME program? Yes

If yes, indicate the type and amount below:

Tax Exempt Financing: $

RD 515 Financing: $

Hope VI Financing: $

Other: $ 245,000

If Other, specify the type of Federal subsidy: Neighborhood Reinvestment Corporation





Project Operations (Year One)

Projected Operating Costs

Administrative Expenses

Advertising 1,200

Other Administrative Expense (specify):2,400

Office Salaries 5,040Office Supplies 1,800

Office or Model Apartment Rent 0

Management Fee 21,600

Manager or Superintendent Salaries 20,000

Manager or Superintendent Rent Free Unit 0

Legal Expenses (Project) 800

Auditing Expenses (Project) 5,000

Bookkeeping Fees/Accounting Services 480

Telephone and Answering Service 3,600

Bad Debts 0

Other Administrative Expenses (specify):1,500

SUBTOTAL 63,420

Utilities Expense

Fuel Oil 0

Electricity (Light and Misc. Power) 7,500

Water 2,000

Gas 0

Sewer 2,000

SUBTOTAL 11,500

Operating and Maintenance Expenses

Janitor and Cleaning Payroll 2,770

Janitor and Cleaning Supplies 480

Janitor and Cleaning Contract 1,200

Exterminating Payroll/Contract 1,008

Exterminating Supplies 0

Garbage and Trash Removal 300

Security Payroll/Contract 360

Grounds Payroll 1,800

Grounds Supplies 2,400

Grounds Contract 14,000

Repairs Payroll 12,000

Repairs Material 1,200

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

SUBTOTAL 0

Taxes and Insurance

Real Estate Taxes 24,600





Payroll Taxes (FICA) 2,832

Miscellaneous Taxes, Licenses and Permits 0

Property and Liability Insurance (Hazard) 12,000

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 8,000

Service Supplies

Tenant Association Funds

Other Expenses (specify):

SUBTOTAL 0

Reserves

Replacement Reserves 12,500

SUBTOTAL 12,500

TOTAL OPERATING EXPENSES 185,700

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

140,600

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

50

PER UNIT PER YEAR 2,812





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 lbs.

Warranty: 30 years

Sprinkler System NFiPA 13 R wet system

Cabinets Grandview Products Company or equal

Heat PumpSEER: Make:11

Goodman, Carrier,Trane

Model: CKL181, 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 55,508 123,551 179,059

Waterproofing 8,276 5,072 13,348

Masonry Foundation 0

Brick Veneer 10,488 5,165 15,653

Steel/Structure/Rails 12,350 27,489 39,839

Framing/Lumber/Nails 149,803 340,868 490,671

Trusses 86,248 86,248

Crane Rental 0

Windows/Grilles/Screen 25,262 25,262Exterior Doors 19,161 19,161

Roofing 18,185 24,106 42,291

Fencing 0

Vinyl Siding/Trim/Box 53,730 51,622 105,352

Gutters/Shutters 1,256 7,118 8,374

Insulation 6,545 40,208 46,753

Drywall 91,072 77,580 168,652

Interior Doors 34,317 34,317

Int. & Final/Stair/Trim/Shelves 28,852 12,344 41,196

Cabinets & Tops 13,073 57,560 70,633

Painting 43,519 29,013 72,532

Marble - Tub/Shwr/Tops 0

Plumbing 50,744 94,239 144,983

Electrical 35,749 87,522 123,271

Heating/Air Conditioning 22,287 95,015 117,302

Floor Covering and Underlayment 12,616 53,782 66,398

Wall Paper 0

Mailboxes/Special Features/Signage 478 9,092 9,570

Gypcrete 4,621 11,314 15,935

Blinds/Shades/Art Work 621 8,251 8,872

Light Fixtures/Fans 12,842 12,842

Sprinkler System 16,378 27,886 44,264

Security Alarm 0

Hardwood Floors 0

Elevator 0

Ceramic Tiles 0

Acoustical Ceilings 0





Remarks:

Mirror/Shower Door/Encls. 0

Hardware/Bath Access. 540 2,835 3,375

Appliances 49,512 49,512

Playground Equipment 0

Interior Clean 7,569 7,569

Exterior Clean/Dumpster 0

Other 1 (specify in Remarks) 18,000 18,000

Other 2 (specify in Remarks) 3,766 3,766

Total Cost 644,260 1,440,740 2,085,000

building permit-18,000project specific liability insurance-3,766





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 65,466

Job Site Office/Trailer Rental 2,937

Impact Fees

Office Supplies

Security/Watchman

Water and Sewer Connection Fees

Project Signage 762

Tools and Equipment 5,945

Gas, Oil, and Maintenance 6,173

Cleanup/Dumpster Rental 18,164

Temporary Water, Electric, and Telephone 11,000Storage/Hauling 1,880

Driveway Access Permit

Porta-John Rental/Dumping 1,702

Builders Risk Insurance

Re-inspection Fees

Extra Plans and Specifications

Miscellaneous, Casual Labor 29,199

Equipment Rental 7,672

Other 1 (specify in Remarks)


Total Cost 150,900





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 9,013

Clearing/Grading/Final Grading/Excess and Borrow 97,152

Demolition

Earthwork/Excavation/Aerating

Soil Treatment 5,088

Pile Foundations

Caissons

Shoring/Bracing

Site Drainage 32,245

Site Utilities/Site Lighting 49,248

Paving and Surfacing/Curb and Gutter 66,347Walkways 38,187

Site Signage 4,693

Parking Lot Painting

Dumpsite Pads/Fencing 8,213

Fencing/Gates

Landscaping/Topsoil 74,667

Waterproofing/De-Watering

Operation of Construction Equipment/Fuel/Oil

Crane Rental

Rock and Hardpan Excavation

Site Supervision Personnel

Other (specify in Remarks) 15,147

Total Cost 400,000

field engineering laout & staking-15,147





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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