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

Project Name and Location


Project Name: HUNTERS GLEN Address: City: FIRE TOWER ROAD SANFORD County: Lee Block Group: 304-06 Zip: 27330

Census Tract: 304

Is project in Qualified Census Tract & Difficult to Develop area? No Does a community revitalization plan exist? No Political Jurisdiction: Jurisdiction Address: Jurisdiction City: Jurisdiction Phone: CITY OF SANFORD Last: HESTER Title: MAYOR 225 E. WEATHERSPOON STREET SANFORD (919)775-8365 Zip: 27330

Jurisdiction CEO Name: First: WINSTON

Site Latitude: Site Longitude:

35.7810 -78.6366

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Project Description
Project Type:* New Construction Rehab Adaptive Reuse

Is this project a follow-on (Phase II, etc) to a previously-awarded tax credit development project? No If yes, list names of previous phase(s): Will the project be receiving project based federal rental assistance? No If yes, provide the subsidy source: and number of units:

Target Population: Family Indicate below any additional targeting for special populations proposed for this project: Mobility impaired handicapped: 5% of units comply with QAP Section IV(F)(3) (in addition to the units required by other federal and state codes.) Persons with disabilities or homeless populations: the greater of 5 units or 10% of the total units Remarks: ADDITIONAL 5% HANDICAP UNITS ADDED IN ADDITION TO EXISTING 5% REQUIREMENT FOR TOTAL OF 10% HANDICAP UNITS FOUR TARGET UNITS FOR PERSONS WITH DISABILITIES PER CHANGE #10 2004 QAP CURBLESS ROLL-IN SHOWERS IN 2 HANDICAP UNITS (36"x60")

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Applicant Information
Applicant Name: Address: City: Contact: Telephone: HUNTERS GLEN ASSOCIATES, LIMITED PARTNERSHIP 503 CARTHAGE STREET SANFORD First: PAIGE (919)774-6511 State: NC Zip: 27330 Last: SIMPSON Title: OFFICE MANAGER

Alt Phone:

(919)774-3578

Fax:

(919)774-5011

Email Address:

paigesimpson@alltel.net

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Site Description
Total Site Acreage: 6.0 Total Buildable Acreage: 6.0 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? No If yes, please describe:

Are existing buildings on the site currently occupied? No If yes: (a) Briefly describe the situation:

(b) Will tenant displacement be temporary? (c) Will tenant displacement be permanent? Is the site directly accessed by an existing, paved, publicly maintained road? Yes If no, please explain:

Is any portion of the site located inside the 100 year floodplain? No If yes: (a) Describe placement of project buildings in relation to this area:

(b) Describe flood mitigation if the project will have improvements within the 100 year floodplain:

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Site Control
Does the owner have fee simple ownership of the property (site/buildings)? Yes If yes provide: Purchase Date: 01/15/2003 If no: (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:

Purchase Price: 72,000

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

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Zoning
Present zoning classification of the site: RESIDENTIAL-12,000 Is mutifamily use permitted? Yes Are variances, special or conditional use permits or any other item requiring a public hearing needed to develop this proposal? No 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 obtaining them:

Are there any existing conditions of historical significance located on the project site that will require State Historic Preservation office review? No If yes, describe below:

Are there any existing conditions of environmental significance located on the project site? No If yes, describe below:

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Ownership Entity
Owner Name: HUNTERS GLEN ASSOCIATES, LIMITED PARTNERSHIP Address: City: 503 CARTHAGE STREET SANFORD State: NC Zip: 27330 13-4279240 56-1586240 (If assigned) (If Not Assigned)

Federal Tax ID Number of Ownership Entity: Federal Tax ID Number of Managing GP or Member:

Entity Type: Limited Partnership Entity Status: Already Formed Is the applicant requesting that the Agency treat the application as Non-Profit sponsored? Is the applicant requesting that the Agency treat the application as CHDO sponsored?

No No

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

Org:

HUNTERS GLEN ASSOCIATES, LIMITED PARTNERSHIP Last Name: SIMPSON Function: Principal

First Name: DONALD Address: City: Phone: EMail:

503 CARTHAGE STREET SANFORD (919)774-6511 paigesimpson@alltel.net State: NC Zip: 27330

Fax: (919)774-5011 Nonprofit: No TaxID 56-1586240

Org:

DONALD R. SIMPSON FAMILY LIMITED PARTNERSHIP Last Name: SIMPSON Function: General Partner

First Name: DONALD R. Address: City: Phone: EMail:

503 CARTHAGE STREET SANFORD (919)774-6511 paigesimpson@alltel.net State: NC Zip: 27330

Fax: (919)774-5011 Nonprofit: No TaxID 56-2172625

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Unit Mix
The Median Income for Lee county is $52,900. Low Income Units Type Gdn Apt Gdn Apt Gdn Apt # BRs Net Sq.Ft. 1 2 2 699 865 865 Total # Units 16 8 16 # Units 2 2 0 Monthly Rent 320 385 430 Electric Utility Allowance 71 79 79 Gas Other Mandatory Serv. Fees 0 0 **Total Housing Exp. 391 464 509

Utilites included in rents:

Water/Sewer

Employee Units (will add to Low Income Unit total) Type # BRs Net Sq.Ft. Total # Units # Units Monthly Rent Electric Utility Allowance Gas Other Mandatory Serv. Fees **Total Housing Exp.

Utilites included in rents:

Water/Sewer

Market Rate Units Type # BRs Net Sq.Ft. Total # Units # Units Monthly Rent Utility Allowance Gas Other Mandatory Serv. Fees **Total Housing Exp.

Utilites included in rents:

Water/Sewer

Electric

Statistics All Units Low Income....... Market Rate....... Totals............... 40 4 15080 40 Gross Monthly Rental Income 15080

Units 4

Proposed number of residential buildings: 5 Project Includes:

Maximum number of stories in buildings: 2

Separate community building - Sq. Ft. (Floor Area): 1,226 Community space within residential bulding(s) - Sq. Ft. (Floor Area): Elevators - Number of Elevators: Square Footage Information Gross Floor Square Footage: 40,127

Total Net Sq. Ft. (All Heated Areas): 34,130

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

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

# BRs 1 2 2 16 8 16

Units targeted at 39 targeted at 39 targeted at 43

% percent of median income. percent of median income. percent of median income.

Total Low Income Units:

40

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

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Funding Sources
NonAmortizing* Rate (%) Term (Years) Amort. Period (Years) Annual Debt Service

Source Bank Loan RPP Loan Local Gov. Loan - Specify: RD 515 Loan RD 538 Loan - Specify: AHP Loan Other Loan 1 - Specify: Other Loan 2 - Specify: Other Loan 3 - Specify: Tax Exempt Bonds State Tax Credit(Loan) State Tax Credit(Direct Refund) Equity: Federal LIHTC Non-Repayable Grant Equity: Historic Tax Credits Deferred Developer Fees Owner Investment Other - Specify: Total Sources**

Amount

688,339

2.00

18

18

45,568

501,193

30

30

1,506,335

1,897

2,697,764

* "Non-amortizing" indicates that the loan does not have a fixed annual debt service. For these items, you must fill in 20-year debt service below. ** Total Sources must equal total replacement cost in Project Development Cost (PDC) section. Estimated pricing on sale of Federal Tax Credits: $0. 76 Remarks concerning project funding sources: (Please be sure to include the name of the funding source(s)) RPP LOAN FROM NORTH CAROLINA HOUSING FINANCE AGENCY STATE TAX CREDIT LOAN

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Development Costs
Item Cost Element 1 Purchase of Buildings (Rehab) 2 Demolition 3 On-site Improvements 4 Rehabilitation 5 Construction of New Building(s) 6 Accessory Building(s) 7 General Requirements 8 Contractor Overhead 9 Contractor Profit 10 Construction Contingency 11 Architect's Fee - Design 12 Architect's Fee - Inspection SUBTOTAL (lines 1 through 12) 13 Construction Insurance (prorate) 14 Construction Loan Orig. Fee (prorate) 15 Construction Loan Interest (prorate) 16 Construction Loan Credit Enhancement (prorate) 17 Construction Period Taxes (prorate) 18 Water, Sewer and Impact Fees 19 Survey 20 Property Appraisal 21 Environmental Report 22 Market Study 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 SUBTOTAL (lines 13 through 28) 29 Real Estate Attorney 30 Other Attorney's Fees 31 Tax Credit App Fees 32 Cost Certification Fees 33 Tax Opinion 34 Organizational (Partnership) 35 Tax Credit Monitoring Fee SUBTOTAL (lines 29 through 35) 36 Furnishings and Equipment 37 Relocation Expenses 38 Developer's Fee (max 15% lines 2-36, less 8 & 9) 39 40 42 43 Other Basis Expense (specify) Other Basis Expense (specify) 500 Other Non-basis Expense (specify) Other Non-basis Expense (specify) SUBTOTAL (lines 36 through 43) 44 Rent up Reserve 321,000 12,000 312,000 312,000 650 66,373 750 5,000 15,111 3,000 365 125 24,000 48,351 8,500 8,500 750 5,000 15,111 3,000 809 2,775 4,500 900 1,400 4,000 809 2,775 4,500 900 1,400 4,000 1,505,000 60,500 96,000 34,000 105,000 59,880 28,000 12,000 2,095,880 800 1,500 49,039 800 1,500 49,039 1,505,000 60,500 96,000 34,000 105,000 59,880 28,000 12,000 195,500 195,500 TOTAL COST Eligible Basis 30% PV 70% PV 0

41 Rent-up Expenses

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45 Operating Reserve 46 47 Other Reserve (specify) Other Reserve (specify)

82,160

48 DEVELOPMENT COST (lines 1-47) 49 Less Federal Financing 50 Less Disproportionate Standard 51 Less Nonqualified Nonrecourse Financing 52 Less Historic Tax Credit (residential) 53 TOTAL ELIGIBLE BASIS 54 Applicable Fraction (percentage of LI Units) 55 Basis Before Boost 56 Boost for QCT/DDA (if applicable, enter 130%) 57 TOTAL QUALIFIED BASIS 58 Tax Credit Rate 59 Federal Tax Credits at Estimated Rate 60 Federal Tax Credits at 8.5% or 3.75% 61 Federal Tax Credits Requested 62 Land Cost 63 TOTAL REPLACEMENT COST Comments:

2,625,764

2,505,964

0 2,505,964 100.00% 2,505,964 2,505,964 198,221 213,006 198,218 72,000 2,697,764 0 100% 0 100.00% 0 0.00% 0 0 2,505,964 100% 2,505,964 100.00% 2,505,964 7.91% 198,221 213,006 198,218

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Market Study Information


Please provide a detailed description of the proposed project: The proposed project represents a rare opportunity to build affordable housing in a high income neighborhood. Thre will be five buildings of eight units each, and a community building. All structures will have brick and vinyl exteriors, the top floors will have lifted ceilings, and all drywall used will be fire guard rated. The driving suface will be paved with asphalt and have 24"concrete curb and gutter. There will be 5' concrete sidewalks throughout the project. All the work will be performed in accordance with applicable codes and standards. and performed in a workmanship like manner to complete an attractive project

Construction (check all that apply): Brick Vinyl Wood HardiPlank Balconies/Patios Sunrooms Front Porches

Front Gables or Dormers Other:

Wide Banding or Vertical/Horizontal Siding

Fire guard drywall throughout, energy efficient construction, dramatic landscaping, postal station.

Have you built other tax credit developments that use the same building design as this project? No If yes, please provide name and address:

Site Amenities (check all that apply): Community Bldg - Sq Ft: 1,457 Laundry Rm Game/Craft Rm Chapel/Prayer Rm Irrigated Lawns Walking Trails Pool Screened Porch Exercise Rm Picnic Area Security Gate Garden Spots Fitness Stations Community Room - Sq Ft: Resident Computer Center TV Rm Onsite Leasing Office Car Care Area Basketball/Tennis Court Horseshoe Pit Garages - Number: Exam Rm Beauty Salon Onsite Mgr Storage Units Playground Shuffleboard Reading Rm/Library Vending Rm Onsite Maint. Person Gazebos Ball Field Covered Drive Thru

Onsite Activities: Bible study, resident programs presented free of charge on topics of: home safety, fire prevention, estate planning, insurance coverage, introduction to computers, etc., and hosting of holiday parties. Club house will be available free of charge for residents to host baby/wedding shower parties and birthday/retirement parties.

Landscaping Plans: Beautiful landscaping to include compacta shrubbery with long-leaf pine straw around buildings, postal station and entrance sign. Entrance sign to be carved, sand-blasted style with lighting. Five foot sidewalks throughout project for walking excercise and to provide longevity of asphalt and

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erosion control. A strip of grass will be planted between the side walk and the 24" back to back concrete curb and gutter. Curb and gutter islands with landscaping will be constructed if necessary for ease of parking and backing out of parking spaces. After project completion, landscaping will be maintained to provide a consistently well-manicured development Interior Apartment Amenities (check all that apply): Range W/D Hookups Flooring: Carpet Hood Mini-blinds Vinyl Central Air Dishwasher Pantry Wood Gas Heat Disposal Ceiling fans Wood Parquet Heat Pump Refrigerator (frost free) Walk-in closets Other Storage interior/exterior

Ceramic Tile Electric Pump

Heating/Cooling:

Do you plan to submit additional market data (market study, etc.) that you want considered? Yes If yes, please make sure to include the additional information in your pre-application packet.

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Applicant's Site Evaluation


Briefly describe your site in each of the following categories: NEIGHBORHOOD CHARACTERISTICS Physical condition of buildings and improvements. Trend and direction of real estate development relative to the project. Area economic health (degree of decline or investment). Concentration of affordable housing. Carthage Conoies is a large scale, brand new housing development adjacent to site, on left. It is owned by a national development company that is traded on the New York Stock Exchange. Homes are priced at the upper end market for Lee County. Three Churches surround the site. Tremendous economic investments on-going during the last three years have been made to properties directly adjoining the site. One-half mile from the site are 271 high market rate (non-competing) occupied residential apartments owned and managed by the Applicant General Partner. The Board of Education is currently proposing locating Lee County's new high school two miles from the site. The surrounding and immediate neighborhoods have a definate trend toward high income, full market rate residential development, while supplying numerous public amenities. The hospital, medical services, public parks, retail and convenience stores, restaurants, and fitness organizations are less than one mile from the site. The site presents the rare opportunity of creating affordable housing in an established high income neighborhood. Suitability of surrounding development. Land use pattern is primarily residential (single and multifamily housing) with a balance of other uses (particularly retail and amenities). Amount and character of vacant, undeveloped land. Effect of industrial, large-scale institutional or other incompatible uses: wastewater treatment facilities, high traffic corridors, junkyards, prisions, landfills, large swamps, distribution facilities, frequently used railroad tracks, power transmission lines and towers, factories or similar operations, sources of excessive noise, and sites with environmental concerns (such as odors or pollution). Carthage Colonies, a high end housing development, is adjacent to site. Three Churches are in immediate vacinity to site. There is some vacant land, but primarily residential development surrounds the site. One-half mile from the site are 271 high market rate (non-competing) occupied residential units owned and managed by the Applicant General Partner.There are no known junkyards, prisons, landfills, railroad tracks, factories, or any other existing factors which would cause any environmental concerns, what so ever. The surrouding site is extremely suitable for the proposed apartment development.

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). A public maintained road serves the property; City water , sewer, police, fire and rescue services are provided; three stop signs are close to the site; superior infrastructure provides easy access to all major thoroughfares, retailers, and service and medical providers.

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. For adaptive re-use projects- suitability for residential use and difficulties posed by the building(s), such as limited parking, environmental problems or the need for excessive demolition. None

Similarity of scale and aesthetics/architecture between project and surroundings. Adjoining properties are new construction, high income occupied properties. Primarily residential and church development surrounds the site

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For each applicable neighborhood feature, enter distance from project in miles. 2.4 2.4 1.8 .5 3.0 Grocery Store Mall/Strip Center Outdoor Athletic Fields Day Care/After School Schools 2.5 .9 1.3 .9 .9 Community/Senior Center Hospital Pharmacy Basic Health Care Medical Offices Bank/Credit Union Restaurants Professional Services Movie Theater Video Rental Public Safety (Fire/Police) Post Office

Public Transportation Stop 1.7 1.3 2.0 1.3 1.3 2.1 .9 4.5 Convenience Store Basketball/Tennis Courts Public Parks Gas Station Library Fitness/Nature Trails Public Swimming Pools 1.7 1.7 2.4 1.7 2.4 2.0

Other facilities or services: In addition to the above, there is a brand new fully occupied shopping strip with grocery, video rental, pharmacy, restaurants, and retail less than 2.0 miles south of the site.

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Development Team
Provide contact information for development team members below: Management Agent Company: DONALD R. SIMPSON dba SIMPSON AND SIMPSON Address: City: Phone 503 CARTHAGE STREET SANFORD (919)774-6511 State: NC Zip: 27330 Email: paigesimpson@alltel.net Last: SIMPSON

Contact Name: First: PAIGE B.

Architect Company: Address: City: Phone

MOORE & RILEY ARCHITECTS, P.A. 4208 SIX FORKS ROAD, SUITE #201 RALEIGH (919)782-6471 State: NC Zip: 27330 Email: mrarch@intrex.net Last: MOORE

Contact Name: First: ED

Attorney Company: Address: City: Phone

HARRINGTON WARD GILLELAND & WINSTEAD 1410 ELM STREET SANFORD (919)776-4131 State: NC Zip: 27330 Email: esw@hwgwlaw.com Last: WINSTEAD

Contact Name: First: EDDIE S.

Investor Company: Address: City: Phone

CAROLINA AFFORDABLE HOUSING EQUITY CORPORATION 7700 FALLS OF NEUSE ROAD, SUITE #200 RALEIGH (919)788-1815 State: NC Zip: 27615 Email: ywinstead@cahec.com Last: WINSTEAD

Contact Name: First: YOLANDA

Consultant/Application Preparer (if different from developer) Company: Address: City: Phone Contact Name: First: State: Email: Last: Zip:

Identity of Interest? General Contractor Company: S & S CONSTRUCTION COMPANY Address: City: Phone 503 CARTHAGE STREET SANFORD (919)774-6511 State: NC Zip: 27330 Email: paigesimpson@alltel.net Last: SIMPSON

Contact Name: First: PAIGE B.

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Project Team Experience


Development List number low-income/tax credit housing projects and units developed, operated, and maintained in compliance by the principal(s) between December 1, 1996 and January 1, 2003: North Carolina Other States Projects: Units: 4 136 0 0

Management List number of low-income housing tax credit units managed in the past 10 years: North Carolina Other States Projects: Units: 4 136 0 0

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? No 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? No 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-insured project, a Rural Development funded rental project, a tax-exempt funded mortgage, a tax credit project, or any other publicly subsidized project? No 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 to meet 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? No 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? Yes

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Financing Commitments
Does the project have a firm commitment for construction financing? Does the project have a letter of intent for private permenant financing? Does the project have a firm commitment for government financing? Does the project have a letter of intent from an investor? Is any portion of the eligible basis of new contruction or rehabilitation financed with federal subsidies other than CDBG funds or funds from the HOME program? If yes, indicate the type and amount below: Tax Exempt Financing: $ RD 515 Financing: Hope VI Financing: Other: $ $ $ Yes No No Yes No

If Other, specify the type of Federal subsidy:

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Projected Operating Costs


Project Operations (Year One) Administrative Expenses Advertising Office Salaries Office Supplies Office or Model Apartment Rent Management Fee Manager or Superintendent Salaries Manager or Superintendent Rent Free Unit Legal Expenses (Project) Auditing Expenses (Project) Bookkeeping Fees/Accounting Services Telephone and Answering Service Bad Debts Other Administrative Expenses (specify): CREDIT REPORTS FOR APPLICATIONS SUBTOTAL Utilities Expense Fuel Oil Electricity (Light and Misc. Power) Water Gas Sewer SUBTOTAL Operating and Maintenance Expenses Janitor and Cleaning Payroll Janitor and Cleaning Supplies Janitor and Cleaning Contract Exterminating Payroll/Contract Exterminating Supplies Garbage and Trash Removal Security Payroll/Contract Grounds Payroll Grounds Supplies Grounds Contract Repairs Payroll Repairs Material Repairs Contract Elevator Maintenance/Contract Heating/Cooling Repairs and Maintenance Swimming Pool Maintenance/Contract Snow Removal Decorating Payroll/Contract Decorating Supplies Other (specify): Miscellaneous Operating & Maintenance Expenses SUBTOTAL Taxes and Insurance Real Estate Taxes Payroll Taxes (FICA) Miscellaneous Taxes, Licenses and Permits

1,500 0 550 0 16,026 0 0 125 3,350 9,600 1,200 1,000 225 33,576 0 4,100 200 0 200 4,500 0 650 3,150 1,500 250 3,900 0 0 2,900 7,900 0 8,200 7,900 0 3,500 0 350 3,700 4,200 0 0 48,100 16,750 0 0

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Property and Liability Insurance (Hazard) Fidelity Bond Insurance Workmen's Compensation Health Insurance and Other Employee Benefits Other Insurance: SUBTOTAL Supportive Service Expenses Service Coordinator Service Supplies Tenant Association Funds Other Expenses (specify): SUBTOTAL Reserves Replacement Reserves SUBTOTAL TOTAL OPERATING EXPENSES ADJUSTED TOTAL OPERATING EXPENSES (Does not include taxes, reserves and resident support services) * TOTAL UNITS (from total units in the Unit Mix section) PER UNIT PER YEAR

5,700 125 0 0 0 22,575 0 0 0 0 0 10,000 10,000 118,751 92,001 40 2,300

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Projected Cash Flow Year One


OPERATING INCOME Gross rental income (from Unit Mix - Total Monthly Rent) Stores and Commercial Laundry and Vending Other (specify): LATE / NSF FEES, PET FEES, INTEREST INCOME, DISCOUNTS ON PURCHASES, AND FORFEITED DEPOSITS Total Gross Income Potential at 100% Occupancy Seven Percent Vacancy Allowance NET RENTAL/OTHER INCOME TOTAL OPERATING EXPENSES (from Projected Operating Costs) NET OPERATING INCOME DEBT SERVICE (from Funding Sources Loans) NET CASH FLOW DEBT COVERAGE RATIO (Must not be less than 1.15) 4,700 185,660 12,996 172,664 180,960

118,751 53,913

45,568

8,345 1.183

20-Year Cash Flow


Year Net Rental/Other Income* Total Operating Expenses* Debt Service Net Cash Flow Debt Coverage Ratio Year Net Rental/Other Income* Total Operating Expenses* Debt Service Net Cash Flow Debt Coverage Ratio 1 172,664 118,751 45,568 8,345 1.183 11 232,046 175,781 45,568 10,697 1.235 2 177,844 123,501 45,568 8,775 1.193 12 239,007 182,812 45,568 10,627 1.233 3 183,179 128,441 45,568 9,170 1.201 13 246,177 190,124 45,568 10,485 1.23 4 188,674 133,579 45,568 9,527 1.209 14 253,562 197,729 45,568 10,265 1.225 5 194,334 138,922 45,568 9,844 1.216 15 261,169 205,638 45,568 9,963 1.219 6 200,164 144,479 45,568 10,117 1.222 16 269,004 213,864 45,568 9,572 1.21 7 206,169 150,258 45,568 10,343 1.227 17 277,074 222,419 45,568 9,087 1.199 8 212,354 156,268 45,568 10,518 1.231 18 285,386 231,316 45,568 8,502 1.187 9 218,725 162,519 45,568 10,638 1.233 19 293,948 240,569 45,568 7,811 1.171 10 225,287 169,020 45,568 10,699 1.235 20 302,766 250,192 45,568 7,006 1.154

* Net Rental Income escalated at annual rate of 3% and expenses escalated at a rate of 4% after the first year.

Calculations:
1. "Net Rental/Other Income" comes from 1st-year cash flow, then it is escalated by 3% per year. 2. "Total Operating Expenses" comes from 1st-year cash flow, then it is escalated by 4% per year. 3. "Debt Service" is the sum of "regular/amortized loan debt service + non-amortizing annual service" as entered by user from Funding Sources section. 4. "Net Cash Flow" is "Net Rental/Other Income" minus "Total Operating Expenses" minus "Debt Service". 5. "Debt Coverage Ratio" is ("Net Rental/Other Income" minus "Total Operating Expenses") divided by "Debt Service".

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Design Features
ITEM Foundation/Slab Components DESCRIPTION 3000 psi CONCRETE, 3 #4 REBAR, FIBER REINFORCEMENT, WITH CONTROL JOINTS. GENERAL Make: ALUMINUM Type/Construction: ALUMINUM UL CLASS 90 MINUTE FIRE RATED METAL DOORS WITH SELF-CLOSING Type: HINGES BRICK & VINYL Type: GILBARCO

Primary Windows

Model: THERMAL PANE

Exterior Doors

Frames: METAL

Siding

Grade/Thickness: .44

Warranty: LIFETIME LIMITED 50 YEAR Exterior Trim VINYL GILBARCO .44 TRIM, SEAMLESS GUTTERS CERTAINTEED Type: XT25AR

Shingles

Weight: 225 lbs.

Warranty: 25 YEAR, CLASS A, ALGAE RESISTANT Sprinkler System Cabinets Heat Pump NONE EUROPEAN STYLE WOOD CABINETS SEER: 12 Model: 1-1/2 TON & 2.0 TON Air Conditioner SEER: 12 Model: 1-1/2 TON & 2.0 TON Other Heat Systems SEER: 8 kw HEAT STRIPS ON ABOVE LISTED Model: HEATING UNITS Make: Make: GOODMAN Make: GOODMAN

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Costs - Construction
This is a detailed breakdown of rehabilitation or construction costs you summarized in the Development Costs table (Rehabilitation and Construction of New Building(s)). The total should match those roll-up values. ITEM Concrete Footings Backfill-slab, Crawl Slab-concrete/Rebar/Gravel Waterproofing Masonry Foundation Brick Veneer Steel/Structure/Rails Framing/Lumber/Nails Trusses Crane Rental Windows/Grilles/Screen Exterior Doors Roofing Fencing Vinyl Siding/Trim/Box Gutters/Shutters Insulation Drywall Interior Doors Int. & Final/Stair/Trim/Shelves Cabinets & Tops Painting Marble - Tub/Shwr/Tops Plumbing Electrical Heating/Air Conditioning Floor Covering and Underlayment Wall Paper Mailboxes/Special Features/Signage Gypcrete Blinds/Shades/Art Work Light Fixtures/Fans Sprinkler System Security Alarm Hardwood Floors Elevator Ceramic Tiles Acoustical Ceilings LABOR 0 6,000 39,000 3,397 0 56,000 6,500 178,000 50,000 0 0 0 9,000 0 40,211 6,200 28,000 45,000 0 8,000 55,000 40,000 0 144,300 73,000 63,000 18,000 0 0 0 2,500 0 0 0 0 0 0 0 MATERIAL 0 0 25,000 0 0 50,000 6,100 195,000 0 0 25,000 14,000 22,300 0 1,548 1,000 0 35,000 16,800 0 0 15,000 0 0 30,000 52,000 30,000 0 0 0 7,500 0 0 0 0 0 0 0 TOTAL 0 6,000 64,000 3,397 0 106,000 12,600 373,000 50,000 0 25,000 14,000 31,300 0 41,759 7,200 28,000 80,000 16,800 8,000 55,000 55,000 0 144,300 103,000 115,000 48,000 0 0 0 10,000 0 0 0 0 0 0 0

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Mirror/Shower Door/Encls. Hardware/Bath Access. Appliances Playground Equipment Interior Clean Exterior Clean/Dumpster Rental Other 1 (specify in Remarks) Other 2 (specify in Remarks) Total Cost Remarks:

0 1,500 0 1,100 7,500 3,000

0 5,500 75,778 11,816 350 1,100

0 7,000 75,778 12,916 7,850 4,100 0 0

884,208

620,792

1,505,000

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Costs - General
This is a detailed breakdown of the General Requirements cost element you summarized in the Development Costs table (General Requirements). The total should match that roll-up value. ITEM Supervision Job Site Office/Trailer Rental Office Supplies Security/Watchman Project Signage Tools and Equipment Gas, Oil, and Maintenance Temporary Water, Electric, and Telephone Storage/Hauling Driveway Access Permit Porta-John Rental/Dumping Builders Risk Insurance Re-inspection Fees Extra Plans and Specifications Miscellaneous, Casual Labor Equipment Rental Other 1 (specify in Remarks) Other 2 (specify in Remarks) Total Cost Remarks: $200.00 PERFORMANCE BONDS FOR DEPARTMENT OF TRANSPORTATION 96,000 TOTAL 40,000 1,600 500 0 300 2,600 6,000 2,810 1,700 250 1,000 3,500 90 250 1,200 34,000 200

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Costs - Improvements
This is a detailed breakdown of the Site Improvements cost element you summarized in the Development Costs table (On-site Improvements). The total should match that roll-up value. ITEM Subsurface Exploration/Perk Testing/Site Engineering Clearing/Grading/Final Grading/Excess and Borrow Demolition Earthwork/Excavation/Aerating Soil Treatment Pile Foundations Caissons Shoring/Bracing Site Drainage Site Utilities/Site Lighting Paving and Surfacing/Curb and Gutter Walkways Site Signage Parking Lot Painting Dumpster Pads/Fencing Fencing/Gates Landscaping/Topsoil Rock and Hardpan Excavation Site Supervision Personnel Other (specify in Remarks) Total Cost Remarks: 195,500 2,000 800 2,100 9,000 93,500 40,000 3,100 TOTAL 4,500 40,500

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Costs - Bond Costs


This is a detailed breakdown of the Bond Costs cost element you summarized in the Development Costs table (Bond Costs). The total should match that roll-up value. ITEM Letter of Credit Fee Credit Enhancement Underwriter Discount Capital Interest Fund Other 1 (specify in Remarks) Other 2 (specify in Remarks) Total Cost Remarks: 0 TOTAL

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Costs - Bond Issuance


This is a detailed breakdown of the Bond Issuance cost element you summarized in the Development Costs table (Cost of Issuance). The total should match that roll-up value. ITEM 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) Other 3 (specify in Remarks) Total Cost Remarks: 0 TOTAL

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Minimum Set-Asides
MINIMUM REQUIRED SET ASIDES (No Points Awarded): 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: 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 forty percent (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.

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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Full Application Checklist


PLEASE indicate which of the following exhibits are attached to your application. Others may be required as noted. 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 Map showing 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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