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Print Preview - Final Application

Tax Credits, RPP Loans, and/or Tax Exempt Bond Loans
Project Name and Location

Project Name: Willow Grove Address: City: Mt. Tabor Road Red Springs County: Robeson Zip: 28377 Block Group:
Census Tract: 9603
Is project in Qualified Census Tract & Difficult to Develop area? Yes Does a community revitalization plan exist? No Political Jurisdiction: Jurisdiction Address: Jurisdiction City: Jurisdiction Phone: Town of Red Springs Last: Paris Title: Mayor 217 S. Main Street Red Springs (910)843-5241 Zip: 28377-1621
Jurisdiction CEO Name: First: George
Site Latitude: Site Longitude:
34.80888 -79.16696
https://www.nchfa.org/Rental/RTCApp/(cpyocc3qjwkiqqvfvrhljnvr)/site/PrintApp.aspx?II... 1/14/2005
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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:
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Applicant Information
Applicant Name: Address: City: Contact: Telephone: Carolina Community Developers, LLC P.O. Box 29407 Greensboro First: Maida (336)908-7718 State: NC Zip: 27429-9407 Last: Renson Title: Manager
Alt Phone:
(336)292-3449
Fax:
(336)852-9595
Email Address:
mrenson@triad.rr.com
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Site Description
Total Site Acreage: 5.0 Total Buildable Acreage: 5.0 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)? No If yes provide: Purchase Date: If 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? No If yes, specify the relationship:
Purchase Price:
(c) Enter the current expiration date of the option/contract to purchase: 9/14/2004 (D) Enter Purchase Price: 150,000
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Zoning
Present zoning classification of the site: Residential (R) & Agriculture-Residential (AR) 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? Yes If yes, have the hearings been completed and permits been obtained? Yes If yes, specify permit or variance required and date obtained. If no, describe permits/variances required and schedule for obtaining them: A conditional use permit was approved by the Board of Commissioners on April 22, 2004.
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: Red Springs MMR Limited Partnership Address: City: P.O. Box 29407 Greensboro State: NC Zip: 27429-9407 (If assigned) 56-2081446 (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: To Be 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:
Red Springs MMR GP, LLC Last Name: Renson Function: Managing General Partner
First Name: Maida Address: City: Phone: EMail: P.O. Box 29407 Greensboro (336)908-7718 mrenson@triad.rr.com
State: NC
Zip: 27429-9407
Fax: (336)852-9595 Nonprofit: No TaxID 00-0000000
Org:
Guilford Financial Services, LLC Last Name: Renson Function: Principal
State: NC
Zip: 27429-9407
Org:
Carolina Community Developers, LLC Last Name: Renson Function: Principal
State: NC
Zip: 27429-9407
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Unit Mix
The Median Income for Robeson county is $45,200. Low Income Units Type Duplex Duplex Duplex Duplex Duplex Duplex # BRs Net Sq.Ft. 1 1 2 2 3 3 680 685 890 914 1214 1196 Total # Units 4 1 10 2 4 2 # Units 0 1 0 2 0 2 Monthly Rent 300 300 350 350 400 400 Electric Utility Allowance 74 74 90 90 121 121 Gas Other Mandatory Serv. Fees 0 0 0 0 0 0 **Total Housing Exp. 374 374 440 440 521 521
Utilites included in rents:
Water/Sewer
Employee Units (will add to Low Income Unit total) Type Duplex # BRs Net Sq.Ft. 1 685 Total # Units 1 # Units 1 Monthly Rent 300 Electric Utility Allowance 74 Gas Other Mandatory Serv. Fees 0 **Total Housing Exp. 374
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.
Water/Sewer
Electric
Statistics All Units Low Income....... Market Rate....... Totals............... 24 6 8400 24 Gross Monthly Rental Income 8400
Units 6
Proposed number of residential buildings: 12 Project Includes:
Maximum number of stories in buildings: 2
Separate community building - Sq. Ft. (Floor Area): 1,302 Community space within residential bulding(s) - Sq. Ft. (Floor Area): Elevators - Number of Elevators: Square Footage Information Gross Floor Square Footage: 23,730
Total Net Sq. Ft. (All Heated Areas): 23,007
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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 1 2 2 3 3 3 3 5 7 3 3
Units targeted at 50 targeted at 60 targeted at 50 targeted at 60 targeted at 50 targeted at 60
% percent of median income. percent of median income. percent of median income. percent of median income. percent of median income. percent of median income.
Total Low Income Units:
24
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
844,648
30
30
1,670,124
100
2,514,872
* "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. 75 Remarks concerning project funding sources: (Please be sure to include the name of the funding source(s)) Raymond James Tax Credit Funds is the source of Federal LIHTC equity.
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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 Other Basis Expense (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 Cert. and Other Professional 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) Other Non-basis Expense (specify) Other Non-basis Expense (specify) SUBTOTAL (lines 36 through 43) 44 Rent up Reserve 284,650 35,000 277,150 277,150 16,721 17,000 3,500 12,755 12,600 69,326 7,500 7,500 16,721 17,000 5,000 101,175 6,750 6,750 500 18,125 13,750 800 3,000 4,000 500 18,125 13,750 800 3,000 4,000 16,000 40,000 10,667 40,000 88,295 31,198 93,593 51,130 25,000 14,000 1,794,471 88,295 31,198 93,593 51,130 25,000 14,000 1,197,785 1,197,785 293,470 248,800 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)
80,250
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
2,364,872
2,165,764
0 2,165,764 100.00% 2,165,764 2,815,493 222,705 239,316 2,393,170 150,000 2,514,872 0 100% 0 130.00% 0 0.00% 0 0 2,165,764 100% 2,165,764 130.00% 2,815,493 7.91% 222,705 239,316 2,393,170
Comments: Additional operating reserves are required for small development with no project-based rental assistance in a very small rural town in a county with a low median income.
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Market Study Information

Please provide a detailed description of the proposed project: The proposed development will consist of 24 units in 12 attractive duplexes and a community building that is intended to address a significant housing shortage in Red Springs. The duplexes are designed to appear as if they are single-family homes, and therefore integrate easily into the surrounding neighborhoods. The interiors will be bright and cheerful, and include such features as walk-in closets, patios and front porches. The site will include a computer area in the community room, a playgound, walking trails, garden spots and other amenities. 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
Have you built other tax credit developments that use the same building design as this project? Yes If yes, please provide name and address: Stokesburg Meadows in Walnut Cove, NC is currently under construction.
Site Amenities (check all that apply): Community Bldg - Sq Ft: 1,302 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: The resident manager will be responsible for on-site activities and programs. Residents will have access to a computer center in the community building for education and recreational use. The community room will also offer a full kitchen and serve as a community gathering area.
Landscaping Plans: The site will be generously and attractively landscaped including some perimeter trees to define and screen the property, scattered shade and ornamental trees, and foundation plantings.
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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? No 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. The surrounding neighborhood consists of an attractive mix of residential, commercial and farm properties. The neighborhood is well-maintained and includes some recent development reflecting a growth trend in this area of Red Springs. There is no evidence of economic decline in this area.
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). The area includes a blend of single-family residences, retail establishments, restaurants, a heath facility and medical offices and other professional services. There is one affordable elderly complex in the area that will not compete for the family population targeted by this proposed development. There are no incompatible uses or other negative factors in the local neighborhood.
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 will be accessed from Mt. Tabor road which has more than adequate capacity and traffic controls to serve the current and future needs of the area. It is also one block east of NC highway 211.
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. There is some farmland adjacent to the east side of the property and across the street. There are no incompatible uses or other negative factors in the neighborhood.
Similarity of scale and aesthetics/architecture between project and surroundings. The duplexes are designed to appear as if they are single-family homes, and therefore should integrate easily and blend will into the surrounding neighborhood. The attractive designs should enhance the aesthetics of the local neighborhood and represent an asset to the Town of Red Springs.
For each applicable neighborhood feature, enter distance from project in miles.
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0.1 0.1 1.8 0.2 1.8
Grocery Store Mall/Strip Center Outdoor Athletic Fields Day Care/After School Schools
0.9 15.3 0.1 0.8 0.8
Community/Senior Center Hospital Pharmacy Basic Health Care Medical Offices Bank/Credit Union Restaurants Professional Services
Public Transportation Stop 0.5 0.1 1.8 0.8 0.1 1.6 1.0 0.4 Convenience Store Basketball/Tennis Courts Public Parks Gas Station Library Fitness/Nature Trails Public Swimming Pools 8.2 0.8 0.2 1.2 0.1
Movie Theater Video Rental Public Safety (Fire/Police) Post Office
Other facilities or services:
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Development Team
Provide contact information for development team members below: Management Agent Company: Harris Brown Management, LLC Address: City: Phone 4600 Dundas Drive Greensboro (336)544-2300 State: NC Zip: 27407 Email: mholoman@hbmc.com Last: Holoman
Contact Name: First: Mike
Architect Company: Address: City: Phone
Jill B. Smith Architect 608 Gaston Street, Suite 100 Raleigh (919)807-1111 State: NC Zip: 27603 Email: jbsdesign@mindspring.com Last: Smith
Contact Name: First: Jill
Attorney Company: Address: City: Phone
Schell Bray Aycock Abel & Livingston 230 N. Elm Street, Suite 1500 Greensboro (336)370-8800 State: NC Zip: 27401 Email: ggraham@sbaal.com Last: Graham
Contact Name: First: Garland
Investor Company: Address: City: Phone
Raymond James Tax Credit Funds 880 Carillon Parkway St. Petersburg (800)438-8088 State: FL Zip: 33716 Email: craig.descalzi@raymondjames.c Last: Descalzi
Contact Name: First: Craig
Consultant/Application Preparer (if different from developer) Company: N/A Address: City: Phone Contact Name: First: State: Email: Last: Zip:
Identity of Interest? General Contractor Company: Weaver Cooke Construction, LLC Address: City: Phone 7900 McCloud Road Greensboro (336)378-7900 State: NC Zip: 27409 Email: dgeorge@weavercooke.com Last: George
Contact Name: First: Doug
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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: 6 146 1 22
Management List number of low-income housing tax credit units managed in the past 10 years: North Carolina Other States Projects: Units: 66 2,205 27 1,123
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? No
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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: $ $ $ No 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): Training (600), Credit Bureau (450), Postage (300), Magistrate Fees (200), Multi-site (400), Other Fees and Exp (676) 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 22,010 12,000 4,000 3,320 8,150 1,440 2,600 2,500 3,450 900 3,000 17,112 472
750
2,626 24,860
2,850 600
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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
5,000
17,000 1,380 300
1,680 6,000 6,000 75,000 55,320 24 2,305
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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): Interest 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) 97,200 0 0 1,000 98,200 6,874 91,326
75,000 16,326
16,326
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 11 122,736 111,020 0 11,716 0 1 91,326 75,000 0 16,326 0 12 126,418 115,461 0 10,957 0 2 94,066 78,000 0 16,066 0 13 130,211 120,079 0 10,132 0 3 96,888 81,120 0 15,768 0 14 134,117 124,882 0 9,235 0 4 99,795 84,365 0 15,430 0 15 138,141 129,877 0 8,264 0 5 102,789 87,740 0 15,049 0 16 142,285 135,072 0 7,213 0 6 105,873 91,250 0 14,623 0 17 146,554 140,475 0 6,079 0 7 109,049 94,900 0 14,149 0 18 150,951 146,094 0 4,857 0 8 112,320 98,696 0 13,624 0 19 155,480 151,938 0 3,542 0 9 115,690 102,644 0 13,046 0 20 160,144 158,016 0 2,128 0 10 119,161 106,750 0 12,411 0
* 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 Primary Windows DESCRIPTION Concrete Strip Footing with Concrete Turn Down Make: Allen Co. Model: Thermal Break Frame
Type/Construction: Aluminum Single Hung Exterior Doors Siding Type: Insulated Metal Type: Vinyl Warranty: 20 Year Exterior Trim Shingles Wood with Aluminum Wrap Type: Fiberglass Warranty: 25 Year Sprinkler System Cabinets Heat Pump None Mesa by Marsh SEER: 11.0 Model: Air Conditioner SEER: N/A Model: N/A Other Heat Systems SEER: N/A Model: N/A Make: N/A Make: N/A Make: Trane or Equal Weight: 225# Frames: Wood Grade/Thickness: .045
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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 311 2,803 419 3,773 28,747 29,705 11,978 10,061 67,076 44,558 47,911 23,477 19,704 2,875 12,074 43,120 5,192 2,875 9,774 14,201 36,592 3,114 13,080 28,747 29,424 11,499 30,951 15,384 23,812 40,497 1,437 75,460 15,092 5,390 3,162 2,336 18,398 23,189 13,236 19,931 9,726 18,194 5,749 140,141 28,028 LABOR 12,650 5,989 42,162 63,243 MATERIAL 13,703 TOTAL 26,353 5,989 105,405 0 33,538 58,691 7,186 215,601 43,120 5,390 26,351 15,572 38,329 0 56,296 5,989 25,154 71,867 34,616 14,374 40,725 29,585 0 95,823 74,263 59,889 33,538 0 4,192 0 3,114 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: Gazebo Total Cost: $7,546 462,572 735,213 1,916 1,138 5,749 3,563 9,163 3,622 7,666 21,620 6,228 629 1,617 3,924
0 9,582 22,758 11,977 4,192 10,780 7,546 0 1,197,785
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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: Building Permit - $5,298 88,295 7,064 5,297 1,413 7,770 7,770 689 1,386 6,622 5,739 5,501 TOTAL 32,422 5,474 1,148
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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: 293,470 8,000 19,000 36,000 67,670 58,000 44,500 7,500 800 4,000 3,000 TOTAL 5,000 40,000
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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: N/A 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: N/A 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: 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 county median income. At least forty percent (40%) of qualified units will be affordable to and occupied by households with incomes at or below fifty percent (50%) of county median income.
Tax Exempt Bonds Threshold requirement (select one): At least ten percent (10%) of qualified units will be affordable to and occupied by households with incomes at or below fifty percent (50%) of county median income. At least five percent (5%) of qualified units will be affordable to and occupied by households with incomes at or below forty percent (40%) of county median income. Eligible for mortgage subsidy points (select one): At least twenty percent (20%) of qualified units will be affordable to and occupied by households with incomes at or below fifty percent (50%) of county median income. At least ten percent(10%) of qualified units will be affordable to and occupied by households with incomes at or below forty percent (40%) of county median income.
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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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Print Preview - Final Application

Project Name and Location

Census Tract: 9603

Jurisdiction CEO Name: First: George

Site Latitude: Site Longitude:

Is the demolition of any buildings required or planned? No If yes, please describe:

Fax: (336)852-9595 Nonprofit: No TaxID 00-0000000

Guilford Financial Services, LLC Last Name: Renson Function: Principal

Fax: (336)852-9595 Nonprofit: No TaxID 56-2081446

Carolina Community Developers, LLC Last Name: Renson Function: Principal

Fax: (336)852-9595 Nonprofit: No TaxID 56-2252944

Utilites included in rents:

Utilites included in rents:

Utilites included in rents:

Proposed number of residential buildings: 12 Project Includes:

Maximum number of stories in buildings: 2

Total Net Sq. Ft. (All Heated Areas): 23,007

Units targeted at 50 targeted at 60 targeted at 50 targeted at 60 targeted at 50 targeted at 60

Total Low Income Units:

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

Market Study Information

Front Gables or Dormers Other:

Wide Banding or Vertical/Horizontal Siding

Ceramic Tile Electric Pump

Applicant's Site Evaluation

0.1 0.1 1.8 0.2 1.8

0.9 15.3 0.1 0.8 0.8

Movie Theater Video Rental Public Safety (Fire/Police) Post Office

Other facilities or services:

Contact Name: First: Mike

Architect Company: Address: City: Phone

Contact Name: First: Jill

Attorney Company: Address: City: Phone

Contact Name: First: Garland

Investor Company: Address: City: Phone

Contact Name: First: Craig

Contact Name: First: Doug

Project Team Experience

If Other, specify the type of Federal subsidy:

Projected Operating Costs

17,000 1,380 300

1,680 6,000 6,000 75,000 55,320 24 2,305

Projected Cash Flow Year One

20-Year Cash Flow

0 9,582 22,758 11,977 4,192 10,780 7,546 0 1,197,785

Costs - Bond Costs

Costs - Bond Issuance

Full Application Checklist

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