weldon downtown

8/6/2019 Weldon Downtown

1/32

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

Does a community revitalization plan exist?

Print Preview - Final Application

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

Project Name and Location

Project Name: Weldon Downtown Apartments

Address: 121 Washington Avenue, Washington & Third

City: Weldon County: Halifax Zip: 27890

Census Tract: 9901 Block Group: 002

Yes

Yes

Political Jurisdiction: Town of Weldon

Jurisdiction CEO Name: First: Last:Johnny Draper Title: Mayor

Jurisdiction Address: PO Box 551

Jurisdiction City: Weldon Zip: 27890

Jurisdiction Phone: (252)536-4836

Site Latitude: 36.4278

Site Longitude: -77.5961

Page 1 of 32Print - APP04-0096

1/14/2005https://www.nchfa.org/Rental/RTCApp/(j00jcpqfizcgg045al0xf0vk)/site/PrintApp.aspx?II...


2/32

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 project based 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:

Project Description

Project Type:* New Construction Rehab Adaptive Reuse

No

Yes

2424

Mobility impaired handicapped: 5% of units comply with QAP Section IV(F)(3) (in addition to the units required by other federaland state codes.)

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

Remarks:




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Applicant Information

Applicant Name: Landmark Asset Services, Inc.

Address: 406 East Fourth Street

City: State: NC Zip:Winston Salem 27101

Contact: First: Last: Title:Jim Sari V.P.

Telephone: (336)722-9871

Alt Phone: (800)809-4693

Fax: (336)722-9871

Email Address: [email protected]




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5/32




6/32

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

If yes provide:

Purchase Date: Purchase Price:

If no:

Site Control

No

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

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

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

No

(c) Enter the current expiration date of the option/contract to purchase: 12/31/2004

(D) Enter Purchase Price: 185,000




7/32

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:

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

Retail-Commercial (C-1)

Yes

Yes

Yes

Special Use permit obtained 5.3.04.

Yes

The site is contributing to downtown historic preservation and will qualify for historic tax credits.

Yes

see enclosed environmental studies & remediation budgets.




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9/32

The Median Income for Halifax county is $45,200.

Low Income Units

Employee Units (will add to Low Income Unit total)

Market Rate Units

Statistics

Square Footage Information

Notes

Unit Mix

Type # BRs Net Sq.Ft.Total

# Units#Units

MonthlyRent

UtilityAllowance

MandatoryServ. Fees

**TotalHousing Exp.

Duplex 1 750 12 2 309 50 359

Gdn Apt 2 1000 10 1 356 72 428

Gdn Apt 3 1300 2 1 462 86 548

Utilites included in rents: Water/Sewer Electric Gas Other trash


# Units#Units

MonthlyRent

UtilityAllowance

MandatoryServ. Fees

**TotalHousing Exp.

Utilites included in rents: Water/Sewer Electric Gas Other


# Units#Units

MonthlyRent

UtilityAllowance

MandatoryServ. Fees

**TotalHousing Exp.

Utilites included in rents: Water/Sewer Electric Gas Other

AllUnits

Units

Gross MonthlyRental Income

Low Income....... 24 4 8192

Market Rate.......

Totals............... 24 4 8192

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

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

Community space within residential bulding(s) -- Sq. Ft. (Floor Area):Sq. Ft. (Floor Area): 1,8001,800

Elevators -- Number of Elevators:Number of Elevators:

Gross Floor Square Footage: 37,466

Total Net Sq. Ft. (All Heated Areas): 35,848

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




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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 50 percent of median income.






24




11/32

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

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

Funding Sources

Source AmountNon-

Amortizing*Rate(%)

Term(Years)

Amort.Period(Years)

AnnualDebt

Service

Bank Loan

RPP LoanLocal Gov. Loan - Specify:city cdbg

336,000 0.00 30 30 11,200

RD 515 Loan

RD 538 Loan - Specify:

AHP Loan

Other Loan 1 - Specify:



Tax Exempt Bonds

State Tax Credit(Loan) 854,906 0 30 30 0

State Tax Credit(Direct Refund)

Equity: Federal LIHTC 1,731,867

Non-Repayable Grant

Equity: Historic Tax Credits 912,046

Deferred Developer Fees

Owner Investment

Other - Specify:

Total Sources** 3,834,819

* "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

Special CDBG funding for distressed communities. Only 4 or 46 towns qualified.




12/32

Development Costs

Item Cost Element TOTAL COSTEligible Basis

30% PV 70% PV

1 Purchase of Buildings (Rehab) 159,000 159,000

2 Demolition 100,000 100,000

3 On-site Improvements 156,486 87,000

4 Rehabilitation 1,940,000 1,700,000

5 Construction of New Building(s)

6 Accessory Building(s)

7 General Requirements 108,000 94,000

8 Contractor Overhead 38,000 33,060

9 Contractor Profit 114,500 99,615

10 Construction Contingency 147,419 128,255

11 Architect's Fee - Design 46,000 40,020

12 Architect's Fee - Inspection 14,000 12,180

SUBTOTAL (lines 1 through 12) 2,823,405

13 Construction Insurance (prorate) 3,000 2,610

14 Construction Loan Orig. Fee (prorate) 30,000 26,100

15 Construction Loan Interest (prorate) 80,000 69,600

16 Construction Loan Credit Enhancement (prorate) 40,000 34,800

17 Construction Period Taxes (prorate) 4,000 3,480

18 Water, Sewer and Impact Fees

19 Survey 8,000 6,960

20 Property Appraisal 8,000 6,960

21 Environmental Report 8,000 6,960

22 Market Study 5,040 5,040

23 Bond Costs (specify)

24 Cost of Issuance

25 Placement Fee

26 Permanent Loan Origination Fee

27 Permanent Loan Credit Enhancement

28 Title and Recording 8,000

SUBTOTAL (lines 13 through 28) 194,040

29 Real Estate Attorney 30,000 26,100

30 Other Attorney's Fees 5,000 4,350

31 Tax Credit App Fees 17,414 17,414

32 Accting, Cost cert. 12,000 10,440

33 Tax Opinion 5,000

34 Organizational (Partnership) 3,000

35 Tax Credit Monitoring Fee 12,600


36 Furnishings and Equipment 20,000 20,000

37 Relocation Expenses

38 Developer's Fee (max 15% lines 2-36, less 8 & 9) 427,360 366,270

39 Cost Certification

40 Acquisition Development Fee

41 Rent-up Expenses 20,000

42 Other Non-basis Expense (specify)

43 Other Non-basis Expense (specify)


44 Rent up Reserve 7,200




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Comments:

45 Operating Reserve 51,800

46 Distressed Community Operational Subsidy 180,000

47 Other Reserve (specify)

48 DEVELOPMENT COST (lines 1-47) 3,808,819 159,000 2,901,214

49 Less Federal Financing 159,000

50 Less Disproportionate Standard

51 Less Nonqualified Nonrecourse Financing

52 Less Historic Tax Credit (residential) 632,926 632,926

53 TOTAL ELIGIBLE BASIS 2,268,288 0 2,268,288

54 Applicable Fraction (percentage of LI Units) 100.00% 100% 100%

55 Basis Before Boost 2,268,288 0 2,268,288

56 Boost for QCT/DDA (if applicable, enter 130%) 100.00% 130.00%

57 TOTAL QUALIFIED BASIS 2,948,774 0 2,948,774

58 Tax Credit Rate 0.00% 7.91%

59 Federal Tax Credits at Estimated Rate 233,248 0 233,248

60 Federal Tax Credits at 8.5% or 3.75% 250,645 0 250,645

61 Federal Tax Credits Requested 237,291 0 237,291

62 Land Cost 26,000

63 TOTAL REPLACEMENT COST 3,834,819

Entered amount on line 49 to remove acquisition credits; project is not eligible for them




14/32

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

Consist of the rehab of 6 national register downtown property located on 2 sites in the downtownarea. Rehab of existing the old Leggett building and a Bank in downtown Weldon. Total of 24 familyunits.

rehab of all significant historic building stock in Weldon.

Yes

see our website at www.landmarkdevelopment.biz

Community Bldg - Sq Ft: Community Room - Sq Ft: 1,400 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

CAHEC sponsored activites such as Vista volunteer, computer room, exercise room, etc.

refurbishing existing landscape and adding patios creating a new garden area along with newlandscaped areas.




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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

No




16/32

Briefly describe your site in each of the following categories:

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

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). Concentration of

affordable housing.Typical commercial buildings in the heart of downtown Weldon. Area part of planned redevelopmentproject. Buildings in fair to good condition.

Suitability of surrounding development. Land use pattern is primarily residential (single andmultifamily housing) with a balance of other uses (particularly retail and amenities). Amount andcharacter of vacant, undeveloped land. Effect of industrial, large-scale institutional or otherincompatible uses: wastewater treatment facilities, high traffic corridors, junkyards, prisions, landfills,large swamps, distribution facilities, frequently used railroad tracks, power transmission lines andtowers, factories or similar operations, sources of excessive noise, and sites with environmentalconcerns (such as odors or pollution).

Typical business district mix of uses and downtown conditions, nearby residential neighborhoods.

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).Good street system, access and traffic controls.

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.Adaptive reuse will require normal renovation. There are no significant negative features impactingconstruction.

Similarity of scale and aesthetics/architecture between project and surroundings.Project is adaptive reuse of existing buildings, capitalizing on historic character of buildings, and willprovide improved aesthetics in the downtown area.




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Other facilities or services:

Grocery Store.3 Community/Senior Center0

Mall/Strip Center.5 Hospital1

Outdoor Athletic Fields Pharmacy.3

Day Care/After School Basic Health Care.3

Schools.5 Medical Offices.5

Public Transportation Stop.5 Bank/Credit Union.3

Convenience Store.3 Restaurants.5

Basketball/Tennis Courts Professional Services.5

Public Parks Movie Theater

Gas Station.3 Video Rental.5

Library.5 Public Safety (Fire/Police)1

Fitness/Nature Trails Post Office1

Public Swimming Pools




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19/32

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

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

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

state agency?

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

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

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

project?

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

agreement has been signed?

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

received a letter of non-compliance from the Agency?

Project Team Experience

North Carolina Other States

Projects: 9 6

Units: 320 113

North Carolina Other States

Projects: 12 13

Units: 462 380

No

No

No

No

No




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Financing Commitments

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

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

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

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

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

If yes, indicate the type and amount below:

Tax Exempt Financing: $

RD 515 Financing: $

Hope VI Financing: $

Other: $

If Other, specify the type of Federal subsidy:




21/32

Project Operations (Year One)

Projected Operating Costs

Administrative Expenses

Advertising 900

Office Salaries 0

Office Supplies 1,600

Office or Model Apartment Rent 0

Management Fee 11,520

Manager or Superintendent Salaries 10,400

Manager or Superintendent Rent Free Unit 0

Legal Expenses (Project) 200

Auditing Expenses (Project) 2,600

Bookkeeping Fees/Accounting Services 2,400

Telephone and Answering Service 2,400

Bad Debts 1,200

Other Administrative Expenses (specify):

SUBTOTAL 33,220

Utilities ExpenseFuel Oil

Electricity (Light and Misc. Power) 6,000

Water 0

Gas 0

Sewer 0

SUBTOTAL 6,000

Operating and Maintenance Expenses

Janitor and Cleaning Payroll 2,400

Janitor and Cleaning Supplies 1,200

Janitor and Cleaning Contract 0

Exterminating Payroll/Contract 900

Exterminating Supplies 0

Garbage and Trash Removal 0

Security Payroll/Contract 0

Grounds Payroll 1,200

Grounds Supplies 600

Grounds Contract 0

Repairs Payroll 10,400

Repairs Material 2,180

Repairs Contract 2,400

Elevator Maintenance/Contract 0

Heating/Cooling Repairs and Maintenance 600

Swimming Pool Maintenance/Contract 0

Snow Removal 0

Decorating Payroll/Contract 2,400

Decorating Supplies 600

Other (specify):

Miscellaneous Operating & Maintenance Expenses 1,200

SUBTOTAL 26,080

Taxes and Insurance

Real Estate Taxes 7,200

Payroll Taxes (FICA) 2,400

Miscellaneous Taxes, Licenses and Permits 600




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Property and Liability Insurance (Hazard) 5,200

Fidelity Bond Insurance 100

Workmen's Compensation 800

Health Insurance and Other Employee Benefits 0

Other Insurance:

SUBTOTAL 16,300

Supportive Service Expenses

Service Coordinator 1,800

Service Supplies 600

Tenant Association Funds 0

Other Expenses (specify):

SUBTOTAL 2,400

Reserves

Replacement Reserves 8,400

SUBTOTAL 8,400

TOTAL OPERATING EXPENSES 92,400

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

74,400

TOTAL UNITS(from total units in the Unit Mix section) 24

PER UNIT PER YEAR 3,100




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Design Features

ITEM DESCRIPTION

Foundation/Slab Components concerete/masonry

Primary Windows Make: Model:Type/Construction: restored historic existing wood

Exterior Doors Type: Frames:existing wood existing wood

Siding Type: Grade/Thickness:masonry 12" to 24"

Warranty:

Exterior Trim wood

Shingles Type: Weight:epdm

Warranty: 20 year

Sprinkler System wet system

Cabinets thermafoil

Heat Pump SEER: Make:12 goodman

Model: cple

Air Conditioner SEER: Make:12 goodman

Model: cple

Other Heat Systems SEER: Make:

Model:




25/32

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

Costs - Construction

ITEM LABOR MATERIAL TOTAL

Concrete Footings 0

Backfill-slab, Crawl 0

Slab-concrete/Rebar/Gravel 0

Waterproofing 0

Masonry Foundation 0

Brick Veneer 30,000 10,000 40,000

Steel/Structure/Rails 1,000 4,000 5,000

Framing/Lumber/Nails 120,000 120,000 240,000

Trusses 0

Crane Rental 0

Windows/Grilles/Screen 40,000 20,000 60,000Exterior Doors 2,000 8,000 10,000

Roofing 45,000 45,000 90,000

Fencing 0

Vinyl Siding/Trim/Box 4,000 2,000 6,000

Gutters/Shutters 5,000 10,000 15,000

Insulation 25,000 25,000 50,000

Drywall 100,000 100,000 200,000

Interior Doors 10,000 20,000 30,000

Int. & Final/Stair/Trim/Shelves 40,000 40,000 80,000

Cabinets & Tops 5,000 35,000 40,000

Painting 50,000 30,000 80,000

Marble - Tub/Shwr/Tops 0

Plumbing 120,000 120,000 240,000

Electrical 140,000 140,000 280,000

Heating/Air Conditioning 80,000 120,000 200,000

Floor Covering and Underlayment 10,000 30,000 40,000

Wall Paper 0

Mailboxes/Special Features/Signage 2,000 8,000 10,000

Gypcrete 0

Blinds/Shades/Art Work 2,000 8,000 10,000

Light Fixtures/Fans 0

Sprinkler System 50,000 50,000 100,000

Security Alarm 0

Hardwood Floors 30,000 10,000 40,000

Elevator 0

Ceramic Tiles 0

Acoustical Ceilings 0




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27/32

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 70,000

Job Site Office/Trailer Rental 8,000

Office Supplies 6,000

Security/Watchman

Project Signage 2,000

Tools and Equipment

Gas, Oil, and Maintenance 2,000

Temporary Water, Electric, and Telephone 10,000

Storage/Hauling 4,000

Driveway Access Permit

Porta-John Rental/Dumping 6,000Builders Risk Insurance

Re-inspection Fees

Extra Plans and Specifications

Miscellaneous, Casual Labor

Equipment Rental

Other 1 (specify in Remarks)


Total Cost 108,000




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

Remarks:

Costs - Improvements

ITEM TOTAL

Subsurface Exploration/Perk Testing/Site Engineering

Clearing/Grading/Final Grading/Excess and Borrow

Demolition 85,000

Earthwork/Excavation/Aerating

Soil Treatment 8,000

Pile Foundations

Caissons

Shoring/Bracing

Site Drainage

Site Utilities/Site Lighting 12,000

Paving and Surfacing/Curb and Gutter 20,000Walkways 10,000

Site Signage 4,000

Parking Lot Painting 1,486

Dumpster Pads/Fencing 4,000

Fencing/Gates 2,000

Landscaping/Topsoil 10,000

Rock and Hardpan Excavation

Site Supervision Personnel

Other (specify in Remarks)

Total Cost 156,486




29/32

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




30/32

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

Issuer's Fee

Other 1 (specify in Remarks)Other 2 (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:

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.




32/32

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 Letters from Local Utility Providers (original on letterhead, no fax or photocopies)

I Local Government Letter or Letter from Certified Engineer or Land Surveyor Confirming Floodplain Designation with Mapshowing 100 year and 500 year floodplain (original on letterhead, no fax or photocopies)

J Local Government Letter Confirming Zoning (original on letterhead, no fax or photocopies)

K Copy of certificate of occupancy or proof of placed-in-service date (Rehabs Only)

L Site plan, floor plans and elevations

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

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

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

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

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

R Targeting Plan and supporting documentation (Required for all projects)

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

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

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

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

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

X Documentation to support estimated utility costs.


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