You are on page 1of 29

Print - APP08-0031

Print Preview - Final Application


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

Project Description
Project Name: The Arbors at Winmore Address: City: (scattered sites) W. Winmore Avenue, S. Cameilia Street Carrboro County: Orange Zip: 27510 Block Group: 1003

Census Tract: 112.02

Is project in Qualified Census Tract or Difficult to Develop Area? No Political Jurisdiction: Jurisdiction CEO Name: Jurisdiction Address: Jurisdiction City: Jurisdiction Phone: Town of Carrboro First:Mark Last: Chilton 301 W. Main Street Carrboro Zip: 27510 Title: Mayor

(919)942-8541

Site Latitude: Site Longitude:

35.9472 -79.0802

Project Type: New Construction Is this project a previously awarded tax credit development? No If yes, what is the project number: Is this a request for supplemental credits? New Construction/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): Rehab: Number of residents holding Section 8 vouchers:

Will the project meet Energy Star standards as defined in Appendix B? Yes Does a community revitalization plan exist? No Will the project use steel and concrete construction and have at least 4 stories? No Will the project include a Community Service Facility under IRS Revenue Ruling 2003-77? No

https://www.nchfa.org/Rental/RTCApp/(S(wuisva2oy...52666CB342&SNID=EFF8F467A5C24F3B8996C7A57EBEBB53 (1 of 29)9/16/2008 2:29:19 PM

Print - APP08-0031

If yes, please describe:

Target Population:Family Will the project be receiving project based federal rental assistance? No If yes, provide the subsidy source: and number of units: 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.) Number of Units: 3 Persons with disabilities or homeless populations: 10% of the total units.

Number of Units: 6 Remarks:

https://www.nchfa.org/Rental/RTCApp/(S(wuisva2oy...52666CB342&SNID=EFF8F467A5C24F3B8996C7A57EBEBB53 (2 of 29)9/16/2008 2:29:19 PM

Print - APP08-0031

Applicant Information
Indicate below an individual or a validly existing entity (a corporation, nonprofit, limited partnership or LLC) as the official applicant. Under QAP Section III(C)(5) only this individual or entity will be able to make decisions with regard to this application. If awarded the applicant must become part of the ownership entity. The applicant will execute the signature page for this application. Applicant Name: Address: City: Contact: Telephone: Alt Phone: Fax: Email Address: Crosland LLC 227 West Trade Street, Suite 800 Charlotte State: NC Zip: 28202 First: Dean Last:Edwards Title:Vice President

(919)754-8990 (919)256-3025 (919)754-8995 dedwards@crosland.com

NOTE: Email Address above will be used for communication between NCHFA and Applicant.

https://www.nchfa.org/Rental/RTCApp/(S(wuisva2oy...52666CB342&SNID=EFF8F467A5C24F3B8996C7A57EBEBB53 (3 of 29)9/16/2008 2:29:19 PM

Print - APP08-0031

Site Description
Total Site Acreage: 1.67 Total Buildable Acreage: 1.67

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:

https://www.nchfa.org/Rental/RTCApp/(S(wuisva2oy...52666CB342&SNID=EFF8F467A5C24F3B8996C7A57EBEBB53 (4 of 29)9/16/2008 2:29:19 PM

Print - APP08-0031

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

https://www.nchfa.org/Rental/RTCApp/(S(wuisva2oy...52666CB342&SNID=EFF8F467A5C24F3B8996C7A57EBEBB53 (5 of 29)9/16/2008 2:29:19 PM

Print - APP08-0031

Site Control
Does the owner have fee simple ownership of the property (site/buildings)?No If yes provide: Purchase Date: Purchase Price:

If no: (a) Does the owner/principal or ownership entity have valid 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:

(c) Enter the current expiration date of the option/contract to purchase: 09/30/2008 (D) Enter Purchase Price: 850,176

https://www.nchfa.org/Rental/RTCApp/(S(wuisva2oy...52666CB342&SNID=EFF8F467A5C24F3B8996C7A57EBEBB53 (6 of 29)9/16/2008 2:29:19 PM

Print - APP08-0031

Zoning
Present zoning classification of the site:VMU (Village Mixed Use) Is multifamily 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:

https://www.nchfa.org/Rental/RTCApp/(S(wuisva2oy...52666CB342&SNID=EFF8F467A5C24F3B8996C7A57EBEBB53 (7 of 29)9/16/2008 2:29:19 PM

Print - APP08-0031

Ownership Entity
Owner Name: Address: City: Arbors at Winmore LLC 227 West Trade Street, Suite 800 Charlotte State:NC Zip: 28202

Federal Tax ID Number of Ownership Entity:

26-0829629

(If assigned)

Note: Do not submit social security numbers for individuals. Entity Type: Limited Liability Company Entity Status: Already Formed Is the applicant requesting that the Agency treat the application as Non-Profit sponsored? No Is the applicant requesting that the Agency treat the application as CHDO sponsored? 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: Address: City: Phone: EMail:

Crosland LLC Last Name: Edwards State: NC Function: Managing Member Zip: 28202 227 West Trade Street, Suite 800 Charlotte

First Name: Dean

(919)754-8990 dedwards@crosland.com

Fax: (919)754-8995 Nonprofit: No

Org: Address: City: Phone: EMail:

United Housing Associates, Inc. Last Name: Santeramo State: SC Fax: (803)731-3877 Nonprofit: Yes Function: Member Zip: 29210 1345 Garner Lane, Suite 103 Columbia

First Name: Kathi

(803)731-3881 ksanteramo@uhainc.org

https://www.nchfa.org/Rental/RTCApp/(S(wuisva2oy...52666CB342&SNID=EFF8F467A5C24F3B8996C7A57EBEBB53 (8 of 29)9/16/2008 2:29:19 PM

Print - APP08-0031

Unit Mix
The Median Income for Orange county is $71,300. Low Income Units Type # BRs Net Sq.Ft. Total # Units # Units Monthly Rent Utility Allowance Mandatory Serv. Fees **Total Housing Exp.

Twn Hse 2 Gdn Apt 2 Gdn Apt 2 Gdn Apt 2 Gdn Apt 2 Gdn Apt 2 Gdn Apt 2 Twn Hse 3 Twn Hse 3

1122 998 1049 935 925 920 920 1144 1144

8 3 3 8 4 11 5 4 12

0 1 0 0 0 3 0 2 0

675 675 675 675 675 395 675 450 775


Electric

66 59 66 59 59 59 59 67 67
Gas

0 0 0 0 0 0 0 0 0
Other garbage collection

741 734 741 734 734 454 734 517 842

Utilities included in rents:

Water/Sewer

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

Market Rate Units Total # Monthly Utility Mandatory **Total Type # BRs Net Sq.Ft. # Units Units Rent Allowance Serv. Fees Housing Exp. Utilities included in rents: Water/Sewer Electric Gas Other

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

Units

58

36370

58

36370

https://www.nchfa.org/Rental/RTCApp/(S(wuisva2oy...52666CB342&SNID=EFF8F467A5C24F3B8996C7A57EBEBB53 (9 of 29)9/16/2008 2:29:19 PM

Print - APP08-0031

Proposed number of residential buildings: 4 Project Includes:

Maximum number of stories in buildings: 3

Separate community building - Sq. Ft. (Floor Area): Community space within residential bulding(s) - Sq. Ft. (Floor Area):

1,972
Elevators - Number of Elevators: Square Footage Information Gross Floor Square Footage:

64,243

Total Net Sq. Ft. (All Heated Areas): 61,212

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.

https://www.nchfa.org/Rental/RTCApp/(S(wuisva2o...2666CB342&SNID=EFF8F467A5C24F3B8996C7A57EBEBB53 (10 of 29)9/16/2008 2:29:19 PM

Print - APP08-0031

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 2 3 2 3 2 3

Units

% targeted at 30 targeted at 30 targeted at 50 targeted at 50 targeted at 60 targeted at 60 percent of median income affordable to/occupied by percent of median income affordable to/occupied by percent of median income affordable to/occupied by percent of median income affordable to/occupied by percent of median income affordable to/occupied by percent of median income affordable to/occupied by

11 4 15 6 16 6

Total Low Income Units:

58

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

https://www.nchfa.org/Rental/RTCApp/(S(wuisva2o...2666CB342&SNID=EFF8F467A5C24F3B8996C7A57EBEBB53 (11 of 29)9/16/2008 2:29:19 PM

Print - APP08-0031

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

Source Bank Loan RPP Loan Local Gov. Loan - Specify: Town of Chapel Hill - HOME Funds RD 515 Loan RD 538 Loan - Specify: AHP Loan Other Loan 1 - Specify: FHLB-AHP Other Loan 2 - Specify: FHLB-AHP 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

300,000

2.00

30

30

13,306

1,440,000 550,000 250,000

2.00 7.00 4.46

20 30 30

20 30 30

87,417 43,910

410,160

30

30

4,541,011

7,491,171

* "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. 85 Remarks concerning project funding sources: (Please be sure to include the name of the funding source(s)) The Non-repayable Grant is a FHLB-AHP Grant which is being converted to a non-amortizing loan

https://www.nchfa.org/Rental/RTCApp/(S(wuisva2o...2666CB342&SNID=EFF8F467A5C24F3B8996C7A57EBEBB53 (12 of 29)9/16/2008 2:29:19 PM

Print - APP08-0031

from the non-profit sponsor to the project at the Applicable Federal Rate with no payments for 30 years. This $250,000 will remain in Basis.

Loans with Variable Amortization Please fill in the annual debt service as applicable for the first 20 years of the project life.

Other Loan 2 - FHLB-AHP Year: Amt: Year: Amt: 1 2 3 4 5 6 7 8 9 10

0
11

0
12

0
13

0
14

0
15

0
16

0
17

0
18

0
19

0
20

https://www.nchfa.org/Rental/RTCApp/(S(wuisva2o...2666CB342&SNID=EFF8F467A5C24F3B8996C7A57EBEBB53 (13 of 29)9/16/2008 2:29:19 PM

Print - APP08-0031

Development Costs
Item Cost Element 1 Purchase of Building(s) (Rehab / Adaptive Reuse only) 2 Demolition (Rehab / Adaptive Reuse only) 3 On-site Improvements 4 Rehabilitation 5 Construction of New Building(s) 6 Accessory Building(s) 7 General Requirements (max 6% lines 2-6) 8 Contractor Overhead (max 2% lines 2-7) 9 Contractor Profit (max 8% lines 2-7; 6% if Identity of Interest) 10 Construction Contingency (max 3% lines 2-9, Rehabs 6%) 11 Architect's Fee - Design (11 + 12 = max 3% lines 2-10) 12 Architect's Fee - Inspection 13 Engineering Costs SUBTOTAL (lines 1 through 13) 14 Construction Insurance (prorate) 15 Construction Loan Orig. Fee (prorate) 16 Construction Loan Interest (prorate) 17 Construction Loan Credit Enhancement (prorate) 18 Construction Period Taxes (prorate) 19 Water, Sewer and Impact Fees 20 Survey 21 Property Appraisal 22 Environmental Report 23 Market Study 24 Bond Costs 25 Bond Issuance Costs 26 Placement Fee 27 Permanent Loan Origination Fee 28 Permanent Loan Credit Enhancement 29 Title and Recording TOTAL COST Eligible Basis 30% PV 70% PV

605,334

605,334

3,427,803

3,427,803

241,988 85,503 256,508 138,514 104,250 38,400 50,000 4,948,300 16,500 36,750 225,468

241,988 85,503 256,508 138,514 104,250 38,400 50,000

16,500 36,750 225,468

5,000 294,448 20,000 5,000 9,000 4,300

5,000 294,448 20,000 5,000 9,000 4,300

19,900

10,000

https://www.nchfa.org/Rental/RTCApp/(S(wuisva2o...2666CB342&SNID=EFF8F467A5C24F3B8996C7A57EBEBB53 (14 of 29)9/16/2008 2:29:19 PM

Print - APP08-0031

SUBTOTAL (lines 14 through 29) 30 Real Estate Attorney 31 Other Attorney's Fees 32 Tax Credit Application Fees (Preliminary and Full) 33 Tax Credit Allocation Fee (0.60% of line 59, minimum $7,500) 34 Cost Certification / Accounting Fees 35 Tax Opinion 36 Organizational (Partnership) 37 Tax Credit Monitoring Fee SUBTOTAL (lines 30 through 37) 38 Furnishings and Equipment 39 Relocation Expense 40 Developer's Fee 41 42

646,366 40,000 10,000 2,200 37,715 15,000 2,500 2,500 40,600 150,515 35,000 35,000 15,000 40,000 10,000

609,000 12,000

609,000 12,000

Other Basis Expense (Bank Fees,Inspections,Permits) Other Basis Expense (Soil borings, Testing)

43 Rent-up Expense 44 45

26,100

Other Non-basis Expense (specify) Other Non-basis Expense (specify)


SUBTOTAL (lines 38 through 45)

682,100 17,400 196,314

46 Rent up Reserve 47 Operating Reserve 48 49

Other Reserve (specify) Other Reserve (specify) 6,640,995 0 6,285,766

50 DEVELOPMENT COST (lines 1-49) 51 Less Federal Financing 52 Less Disproportionate Standard 53 Less Nonqualified Nonrecourse Financing 54 Less Historic Tax Credit 55 TOTAL ELIGIBLE BASIS 56 Applicable Fraction (percentage of LI Units) 57 Basis Before Boost 58 Boost for QCT/DDA (if applicable, enter 130%) 59 TOTAL QUALIFIED BASIS

0 6,285,766 100.00% 6,285,766 0 100% 0 100.00% 6,285,766 0 6,285,766 100% 6,285,766 100.00% 6,285,766

https://www.nchfa.org/Rental/RTCApp/(S(wuisva2o...2666CB342&SNID=EFF8F467A5C24F3B8996C7A57EBEBB53 (15 of 29)9/16/2008 2:29:19 PM

Print - APP08-0031

60 Tax Credit Rate 61 Federal Tax Credits at Estimated Rate 62 Federal Tax Credits at 9.00% or 3.75% (maximum $1,000,000) 63 Federal Tax Credits Requested 64 Land Cost 65 TOTAL REPLACEMENT COST FEDERAL TAX CREDITS IF AWARDED Comments:

3.40 534,290 565,719 0 850,176 7,491,171 565,719 0 0

8.50 534,290 565,719

Total Replacement Cost per unit: 81,994

https://www.nchfa.org/Rental/RTCApp/(S(wuisva2o...2666CB342&SNID=EFF8F467A5C24F3B8996C7A57EBEBB53 (16 of 29)9/16/2008 2:29:19 PM

Print - APP08-0031

Market Study Information


Please provide a detailed description of the proposed project: The Arbors at Winmore will be a 58-unit family housing development located in a pastoral setting of rolling countryside not far from downtown Carrboro and Chapel Hill, NC. The Arbors at Winmore is situated on 3 separate plots of land within the Winmore Subdivision, a high-end, market rate, traditional neighborhood approved by the Town of Carrboro with the stipulation that affordable housing be made available to the community. The site for Winmore includes almost 68 acres of wooded land where attention to detail is the norm. The community will have its own civic building, a community swimming pool and club house, available to all residents, as well as a Frisbee Golf field, a children's play area, village green, and large greenway with walking trails. The developers also plan an apple orchard, and other environmentally friendly green spaces throughout the village. The Arbors at Winmore consists of 42 2-BR and 16 3-BR units designed with the overall look of the Village Mixed Use sought after by the Town of Carrboro. The floor plans for the Arbors will range from garden style apartments to colonial-style town homes dependent upon their location. The Arbors will be divided into two primary sites, and will have its own community room and activity space for tenants to augment the overall village amenities. The apartments will include spacious floor plans, washer and dryer hook-ups, balconies, and exterior storage space for each unit. Winmore Subdivision itself is being promoted as a dynamic, mixed-use community nestles off of Homestead Road, just a short walk to the local elementary, middle, and high schools. It will include 96 single family homes, 86 town homes, 20 of which will be live/work homes build around the central village green. Prices will range from under $400,000 to the $900,000's and will provide a wonderful mix of income ranges that will include "The Arbors" tenants. 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: The Havens at Willow Oaks located in Greensboro, NC uses a portion of this design for the townhouse units.

Site Amenities: Central community Civic building, community swimming pool, children's play area, Frisbee Golf Field, Greenway, walking trails. Community Center with laundry facilities, TV room, computer center with high speed internet connection, library, and deck area for tenant gatherings. The Winmore Master Planned Community includes a Village Conservancy (open space), children's play area, multi-use field, bike racks, benches, and community gardens.

https://www.nchfa.org/Rental/RTCApp/(S(wuisva2o...2666CB342&SNID=EFF8F467A5C24F3B8996C7A57EBEBB53 (17 of 29)9/16/2008 2:29:19 PM

Print - APP08-0031

Onsite Activities: After school tutoring and activities for children, summer camp, family counseling and educational opportunities as well as tenant sponsored dinners.

Landscaping Plans: With a generous budget of $1,200 per unit, Crosland will heavily landscape the proposed buildings in this project to ensure the mature growth of plants and trees compliment the surrounding wooded area. Winmore Subdivision has adopted a "Winmore Design Code", which includes landscaping regulations and plant lists that include the requirement of 1 1/2 inch caliper trees on the street side of all buildings and houses. The developer is also required by the town to landscape the entry and streetscape throughout the subdivision.

Interior Apartment Amenities: Units are spacious and planned to maximize living space. Each unit includes its own washer dryer hook-up, kitchen with bar areas that open out to dining and living areas, pantries, covered balconies with exterior storage closets, and ceiling fans in bedrooms and living rooms.

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.

https://www.nchfa.org/Rental/RTCApp/(S(wuisva2o...2666CB342&SNID=EFF8F467A5C24F3B8996C7A57EBEBB53 (18 of 29)9/16/2008 2:29:19 PM

Print - APP08-0031

Applicant's Site Evaluation


Briefly describe your site in each of the following categories: NEIGHBORHOOD CHARACTERISTICS Trend and direction of real estate development and area economic health. Physical condition of buildings and improvements in the immediate vicinity. Concentration of affordable housing. Winmore Subdivision itself is being promoted as a dynamic, mixed-use community nestled off of Homestead Road, just a short walk to the local elementary, middle and high schools. It will include 96 single family homes, 86 town homes, 20 of which will be live/work homes built around the central village green. Prices will range from under $400,000 to the $900,000's which fall in line with surrounding communities. The Carrboro/Chapel Hill area has been a unique real estate market with land at a premium and no real affordable housing available. There is no nearby affordable housing other than another Crosland tax credit site in Chapel Hill which will not impact this site. SURROUNDING LAND USES AND AMENITIES Land use pattern is residential in character (single and multifamily housing). Extent that the location is isolated. Effect of industrial, large-scale institutional or other incompatible uses, including but not limited to: wastewater treatment facilities, high traffic corridors, junkyards, prisons, 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). Amount and character of vacant, undeveloped land. Surrounding areas for Winmore include a variety of single family and multifamily homes and apartments. No industrial sites or other commercial sites are located nearby, and while there is a power transmission line through the Winmore Subdivision, the tract is heavily wooded, and lots and streets have been planned so that the line will have minimal effect on the residents. SITE SUITABILITY Adequate traffic safety controls (i.e. stop lights, speed limits, turn lanes). Burden on public facilities (particularly roads). Access to mass transit (if applicable). Visibility of buildings and/or location of project sign (s) in relation to traffic corridors. The Arbors is located within the Winmore Subdivision and is, therefore, insulated from heavy traffic. Mass transit stops have been planned in the village green area of the subdivision, and will be within walking distance of The Arbors tenants. 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 projectssuitability for residential use and difficulties posed by the building(s), such as limited parking, environmental problems or the need for excessive demolition). There are few problems with site development for the project. The master developer of Winmore is in the process of finishing all utilities to the full subdivision, water, sewer, electric, and paving, should be completed by summer of 2007. While there are streams running through the neighborhood, the developer has mitigated these in accordance with the state of NC and has developed the parcels on which The Arbors will be built in such a way that there will be no adverse effects from streams and floodways.

Similarity of scale and aesthetics/architecture between project and surroundings. The Arbors will consist of 2 and 3 story buildings that will blend in with the surrounding town homes, single family houses and businesses to be constructed in the neighborhood. Also, Winmore's developer's have adopted a "Winmore Design Code" which must be followed by all builders in the neighborhood, insuring a homogeneous look and quality.

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

https://www.nchfa.org/Rental/RTCApp/(S(wuisva2o...2666CB342&SNID=EFF8F467A5C24F3B8996C7A57EBEBB53 (19 of 29)9/16/2008 2:29:19 PM

Print - APP08-0031

1.7 1.7 .5 .5 .2 .6
Stop

Grocery Store Mall/Strip Center Outdoor Athletic Fields Day Care/After School Schools Public Transportation

.4
Center

Community/Senior

5.14 1.7 1.6

Hospital Pharmacy Basic Health Care

.7 .5 .7 4.25

Convenience Store Public Parks Gas Station Library

Other facilities or services: The fitness/nature trails and public swimming pool are part of the overall Winmore project.

https://www.nchfa.org/Rental/RTCApp/(S(wuisva2o...2666CB342&SNID=EFF8F467A5C24F3B8996C7A57EBEBB53 (20 of 29)9/16/2008 2:29:19 PM

Print - APP08-0031

Development Team
Provide contact information for development team members below:

Management Agent Company: Address: City: Phone Contact Name: Crosland LLC 227 W. Trade St., Suite 800 Charlotte State: NC Zip: 28202 Email: chenley@crosland.com Last: Henley

(704)529-1166
First: Charlie

Architect Company: Address: City: Phone Contact Name: J Davis 510 Glenwood Ave., Suite 201 Raleigh State: NC Zip: 27603 Email: bille@jdavisarchitects.com First: Bill Last: Egan

(919)835-1500

Attorney Company: Address: City: Phone Contact Name: Jordan Price Wall Gray Jones & Carlton 1951 Clark Avenue Raleigh State: NC Zip: 27605 Email: sellinger@jordanprice.com Last: Ellinger

(919)831-4482
First: Susan

Investor Company: Address: City: Phone Contact Name: RBC Capital Markets-Apollo Equity Partners 2101 Rexford Road, Suite 375W Charlotte State: NC Zip: 28211 Email: Brian.Flanagan@rbc.com Last: Flanagan

(980)233-6500
First: Brian

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

https://www.nchfa.org/Rental/RTCApp/(S(wuisva2o...2666CB342&SNID=EFF8F467A5C24F3B8996C7A57EBEBB53 (21 of 29)9/16/2008 2:29:19 PM

Print - APP08-0031

General Contractor Company: Address: City: Phone Contact Name:

Identity of Interest?

Crosland Contractors LLC 227 W. Trade St., Suite 800 Charlotte State: NC Zip: 28202 Email: dwilliams@crosland.com Last: Williams

(704)529-1166
First: Denon

https://www.nchfa.org/Rental/RTCApp/(S(wuisva2o...2666CB342&SNID=EFF8F467A5C24F3B8996C7A57EBEBB53 (22 of 29)9/16/2008 2:29:19 PM

Print - APP08-0031

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):

1,500

500

25,752 36,000

1,500 5,000 10,000 3,600 1,500 2,000 87,352

Training/Mileage
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

2,500 13,500

13,500 29,500

12,000 250 5,000 2,500 500

https://www.nchfa.org/Rental/RTCApp/(S(wuisva2o...2666CB342&SNID=EFF8F467A5C24F3B8996C7A57EBEBB53 (23 of 29)9/16/2008 2:29:19 PM

Print - APP08-0031

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):

500 14,000 500

1,500

250

250

Miscellaneous Operating & Maintenance Expenses SUBTOTAL Taxes and Insurance Real Estate Taxes Payroll Taxes (FICA) Miscellaneous Taxes, Licenses and Permits Property and Liability Insurance (Hazard) Fidelity Bond Insurance Workmen's Compensation Health Insurance and Other Employee Benefits Other Insurance:

37,250

40,600 2,743 500 15,000 75 75 3,000

SUBTOTAL Supportive Service Expenses Service Coordinator Service Supplies Tenant Association Funds Other Expenses (specify):

61,993

12,000 500

SUBTOTAL Reserves Replacement Reserves SUBTOTAL

12,500

14,500 14,500

https://www.nchfa.org/Rental/RTCApp/(S(wuisva2o...2666CB342&SNID=EFF8F467A5C24F3B8996C7A57EBEBB53 (24 of 29)9/16/2008 2:29:19 PM

Print - APP08-0031

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

243,095 175,495 58 3,026

https://www.nchfa.org/Rental/RTCApp/(S(wuisva2o...2666CB342&SNID=EFF8F467A5C24F3B8996C7A57EBEBB53 (25 of 29)9/16/2008 2:29:19 PM

Print - APP08-0031

Projected Cash Flow Year One


OPERATING INCOME Gross rental income (from Unit Mix - Total Monthly Rent) Stores and Commercial Laundry and Vending Other (specify):

436,440

4,176

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)

440,616 30,843 409,773 243,095 166,678 144,633 22,045 1.152

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 2 3 4 5 6 7 8 9 10

409,773 243,095 144,633 22,045 1.152


11

422,066 252,819 144,633 24,614 1.17


12

434,728 262,932 144,633 27,163 1.188


13

447,770 273,449 144,633 29,688 1.205


14

461,203 284,387 144,633 32,183 1.223


15

475,039 295,762 144,633 34,644 1.24


16

489,290 307,592 144,633 37,065 1.256


17

503,969 319,896 144,633 39,440 1.273


18

519,088 332,692 144,633 41,763 1.289


19

534,661 346,000 144,633 44,028 1.304


20

550,701 359,840 144,633 46,228 1.32

567,222 374,234 144,633 48,355 1.334

584,239 389,203 144,633 50,403 1.348

601,766 404,771 144,633 52,362 1.362

619,819 420,962 144,633 54,224 1.375

638,414 437,800 144,633 55,981 1.387

657,566 455,312 144,633 57,621 1.398

677,293 473,524 144,633 59,136 1.409

697,612 492,465 144,633 60,514 1.418

718,540 512,164 144,633 61,743 1.427

* 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.

https://www.nchfa.org/Rental/RTCApp/(S(wuisva2o...2666CB342&SNID=EFF8F467A5C24F3B8996C7A57EBEBB53 (26 of 29)9/16/2008 2:29:19 PM

Print - APP08-0031

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".

https://www.nchfa.org/Rental/RTCApp/(S(wuisva2o...2666CB342&SNID=EFF8F467A5C24F3B8996C7A57EBEBB53 (27 of 29)9/16/2008 2:29:19 PM

Print - APP08-0031

Minimum Set-Asides
MINIMUM REQUIRED SET ASIDES (No Points Awarded): Select one of the following two options: 20% of the units are rent restricted and occupied by households with incomes at or below 50% of the median income (Note: No Tax Credit Eligible Units in the the project can exceed 50% of median income) 40% of the units are rent restricted and occupied by households with incomes at or below 60% of the median income (Note: No Tax Credit Eligible Units in the the project can exceed 60% of median income) If requesting RPP funds: 40% of the units are occupied by households with incomes at or below 50% of median income. State Tax Credit and QAP Targeting Points: High Income county: At least twenty-five percent (25%) of qualified units will be affordable to households with incomes at or below thirty percent (30%) of county median income. At least twenty-five percent (25%) of qualified units will be affordable to and occupied by households with incomes at or below thirty percent (30%) of county median income. At least fifty percent (50%) of qualified units will be affordable to households with incomes at or below forty percent (40%) of county median income. At least fifty percent (50%) of qualified units will be affordable to and occupied by households with incomes at or below forty percent (40%) of county median income. 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 targeting 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.

https://www.nchfa.org/Rental/RTCApp/(S(wuisva2o...2666CB342&SNID=EFF8F467A5C24F3B8996C7A57EBEBB53 (28 of 29)9/16/2008 2:29:19 PM

Print - APP08-0031

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 (signed copies) C Ownership Entity Agreement, Development Agreement or any other agreements governing development services D Management Agent Agreement E Owner and Management Experience & Management Questionnaire (Appendix C) F Local Government Letter or Letter from Certified Engineer or Land Surveyor Confirming Floodplain Designation with Map showing all flood zones (original on letterhead, no fax or photocopies) G Local Government Letter Confirming Zoning including any pending notices or hearings (original on letterhead, no fax or photocopies) H Letters from Local Utility Providers regarding availability and capacity (original on letterhead, no fax or photocopies) I Documentation from utility company or local PHA to support estimated utility costs J Appraisal (required for land costs greater than $15,000 and for all Adaptive Re-use and Rehab projects) K Site plan, floor plans and elevations for all projects. Scope of work for Adaptive Re-use and Rehab projects. (Full Size, 24 x 36 inches) L Hazard and structural inspection and termite reports (Adaptive Re-use and Rehab projects only) M Copy of certificate of occupancy or proof of placed-in-service date (Rehabs Only) N Proposed Relocation Plan including relocation budget and copies of notices. Required for all Rehabs and any projects involving existing occupants of any dwellings to be rehabbed or demolished. O Evidence of Permanent Loan Commitment and other sources of funds ( i.e. Equity letter, AHP, RD and local government funds). For Rehabs with existing loans provide 1) copies of loan documents, 2) current loan balances from existing lenders with reserve balances, 3) letter from lender that outlines assumption requirements. P Local Housing Authority Agreement and Project Based Rental Assistance Letter, if applicable (Sample letters provided in Appendix I). For projects with existing PBRA contracts, provide a copy of the current contract and bank statement or other documentation verifying reserve balances and annual reserve contribution requirements. Q Statement regarding terms of Deferred Developer Fee. If a nonprofit is involved, a resolution from their board approving deferral of fee is required. R Inducement Resolution (Tax-Exempt Bond Financed Projects only)

https://www.nchfa.org/Rental/RTCApp/(S(wuisva2o...2666CB342&SNID=EFF8F467A5C24F3B8996C7A57EBEBB53 (29 of 29)9/16/2008 2:29:19 PM