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

Project Description
Project Name: Curlin Commons Address: City: TBD Overhead Bridge Road Mooresville County: Iredell Zip: 28115 Block Group: 5

Census Tract: 613

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 Mooresville First:Erskine Last: Smith PO Box 878 Mooresville Zip: 28115 Title: Assistant Town Manager

(704)662-3186

Site Latitude: Site Longitude:

35.60988 -80.8019

Project Type: New Construction Is this project a previously awarded tax credit development? Yes If yes, what is the project number: 2192 Is this a request for supplemental credits? No 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

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If yes, please describe:

Target Population:Elderly (55) 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: 2 Persons with disabilities or homeless populations: 10% of the total units.

Number of Units: 4 Remarks:

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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: The Affordable Housing Group of North Carolina, Inc. 1300 Baxter Street, Suite 215 Charlotte State: NC Zip: 28204 First: Kathy Last:Stilwell Title:Director of Real Estate Development

(704)968-7202

(704)376-8709 kstilwell@affordablehousinggroup.org

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

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Site Description
Total Site Acreage: 10.03 Total Buildable Acreage: 9

If buildable acreage is less than total acreage, please explain: A total of 18.1 acres are available, with 10.5 +/- acres to be subdivided from the main parcel for Curlin Commons to comply with zoning maximum of 4 units per acre. A dry creekbed with limited wetland deliniated and Public Service Gas line will be crossed to access the building site to the rear of the property.

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:

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(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: 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?Yes If yes, specify the relationship: The lessor is the Catholic Diocese of Charlotte which is the parent non-profit of the Catholic Diocese of Charlotte Housing Corporation

(c) Enter the current expiration date of the option/contract to purchase: 12/31/2008 (D) Enter Purchase Price: 0

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Zoning
Present zoning classification of the site:R20A 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:

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Ownership Entity
Owner Name: Address: City: Curlin Commons LLC 1300 Baxter Street, Suite 215 Charlotte State:NC Zip: 28204

Federal Tax ID Number of Ownership Entity:

20-8564011

(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? Yes 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:

Curlin Commons Housing of Mooresville Inc. Last Name: Stilwell State: NC Function: Managing Member Zip: 28204 1300 Baxter Street, Suite 215 Charlotte

First Name: Kathy

(704)968-7202

Fax: (704)376-8709

kstilwell@affordablehousinggroup.org Nonprofit: No

Org: Address: City: Phone: EMail:

The Affordable Housing Group of North Carolina, Inc. Last Name: Stilwell State: NC Fax: (704)376-8709 Function: Member Zip: 28204 1300 Baxter Street, Suite 215 Charlotte

First Name: Kathy

(704)968-7202

kstilwell@affordablehousinggroup.org Nonprofit: Yes

Org: Address: City: Phone: EMail:

Catholic Diocese of Charlotte Housing Corporation Last Name: Widelski State: NC Fax: (704)370-3377 Nonprofit: Yes Function: Member Zip: 28203 1123 S. Church Street Charlotte

First Name: Jerry

(704)370-3248 jvwidelski@charlottediocese.org

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Unit Mix
The Median Income for Iredell county is $59,800. Low Income Units Type # BRs Net Sq.Ft. Total # Units # Units Monthly Rent Utility Allowance Mandatory Serv. Fees **Total Housing Exp.

Gdn Apt 1 Gdn Apt 1 Gdn Apt 1 Gdn Apt 2 Gdn Apt 2 Gdn Apt 2

718 718 718 903 903 903

7 10 11 3 4 5

1 1 1 1 1 1

251 450 530 304 540 610


Electric

85 85 85 99 99 99
Gas

0 0 0 0 0 0
Other trash

336 535 615 403 639 709

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

40

18209

40

18209

Proposed number of residential buildings: 1 Project Includes:

Maximum number of stories in buildings: 2

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

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

8,841
Elevators - Number of Elevators: 1 Square Footage Information Gross Floor Square Footage:

54,646

Total Net Sq. Ft. (All Heated Areas): 52,543

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 1 2 2 2

Units

% targeted at 30 targeted at 50 targeted at 60 targeted at 30 targeted at 50 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

7 10 11 3 4 5

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: FHLB - Direct Subsidy 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

500,000

2.00

20

20

160,000 500,000

2.00 1.00

20 20

30 20

7,097

542,553

30

30

3,873,441

57,721 225,000

5,858,715

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

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

Bank Loan Year: Amt: Year: Amt: 1 2 3 4 5 6 7 8 9 10

28000
11

28000
12

28000
13

27500
14

27000
15

27000
16

26500
17

25500
18

25000
19

24500
20

23500

22500

21500

20000

19000

17500

16000

14000

12500

10500

Other Loan 1 - FHLB - Direct Subsidy 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

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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

0 0 780,500 0 2,902,272 175,000 230,866 81,573 326,291 134,595 80,000 27,800 55,740 4,794,637 18,000 14,400 0 780,500 0 2,902,272 0 230,866 81,573 326,291 134,595 80,000 27,800 55,740

176,250 0 3,584 115,000 17,807 5,500 4,900 4,300 0 0 0 6,600 0 7,500

141,120 0 2,867 115,000 17,807 5,500 4,900 4,300

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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

359,441 35,000 10,000 2,200 32,553 12,000 3,000 2,500 28,000 125,253 28,000 0 420,000 0 0 20,000 0 0 468,000 12,000 99,384 0 0 5,858,715 0 0 0 0 5,425,531 100.00% 5,425,531 0 100% 0 100.00% 5,425,531 0 0 5,425,531 0 0 0 0 5,425,531 100% 5,425,531 100.00% 5,425,531 28,000 0 420,000 0 0 12,000 35,000 5,000

Other Basis Expense (specify) Other Basis Expense (specify)

43 Rent-up Expense 44 45

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


SUBTOTAL (lines 38 through 45)

46 Rent up Reserve 47 Operating Reserve 48 49

Other Reserve (specify) Other Reserve (specify)

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

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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:

3.40 461,170 488,298 461,144 0 5,858,715 488,298 0 0

8.50 461,170 488,298 461,144

Total Replacement Cost per unit: 115,777

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Market Study Information


Please provide a detailed description of the proposed project: Curlin Commons is proposed as a single building containing 40 apartments on two floors. There will be an elevator and core of amenities at the entry to the building and smaller sitting areas adjacent to laundry facilities. The building design creates two interior courtyards for resident use - one in a formal design with sidewalks, benches and gardens - the second is a less formal area with shade trees and lawns. The site is located adjacent to an active church and very nice single family homes. The property is located in a quiet residential area, but is less than a mile from a variety of shopping, support services, recreation and restaurants in the quickly developing Mooresville community.

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?No If yes, please provide name and address:

Site Amenities: Exterior amenities include covered porch, patio, covered entry portico, landscaped courtyard, sidewalks. Interior amenities include chapel, manager office, library/computer center, multipurpose area with kitchen, parlor with sitting area and TV, sitting areas adjacent to main entry, two laundry facilities per floor, resident bulk storage closets.

Onsite Activities: Catholic Social Services will be active and will coordinate a variety of activities. Services shall be established to meet the identified needs of the residents. Examples of such could include senior excercise classes, health screenings, movie night, covered dish dinners, game night, day trips, etc.

Landscaping Plans:

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Property will include foundation plantings with special detail on interior courtyard spaces with lighting, sidewalks/paths, outdoor sitting area. Larger courtyard will include shade trees and lawn areas.

Interior Apartment Amenities: Apartments are spacious with large kitchens with pantry, and bathrooms with linen closets. Each unit entry is recessed to provide privacy and sense of personal space. Bedrooms are large with walk-in closets and double windows in the master. In addition to linen, pantry and walkin closets, each unit also includes two additional storage spaces within the unit and bulk item storage in a seperate area on the same floor. All units will include emergency pull stations in the bathroom and master bedroom and grab bar in the tub area.

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 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. See original application

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. The neighborhood surrounding Curlin Commons is a mix of middle to upper middle class single family homes, new and existing highway commercial including retail and services, and a limited amount of light industrial. Undeveloped land includes the balance of the Diocese owned site and heavily wooded land to the rear of the proposed development. 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. Highway 150 is a main artery into Mooresville, and the entrance to Curlin Commons will be on the less traveled Overhead Bridge Road - both roads are in good condition and able to handle additional traffic. Curlin Commons will be situated to the rear of the 18 acre parcel, but will be visible from Highway 150 and Overhead Bridge Road. Project signage will be located at the entrance off Overhead Bridge Road and should be visible from Highway 150. 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). See original application

Similarity of scale and aesthetics/architecture between project and surroundings. See original application

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

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.8 .8 1.5 .1 1.5 2.4


Stop

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

12.6
Center

Community/Senior

3 .1 .1

Hospital Pharmacy Basic Health Care

.3 .6 .3 3

Convenience Store Public Parks Gas Station Library

Other facilities or services:

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Development Team
Provide contact information for development team members below:

Management Agent Company: Address: City: Phone Contact Name: Excel Property Managment 1004 Bullard Court, Suite 106 Raleigh State: NC Zip: 27615 Email: rblackmon@excel.com Last: Blackmon

(919)878-0522
First: Rita

Architect Company: Address: City: Phone Contact Name: Tise Kiester Architects 119 E. Franklin Street, Suite 300 Chapel Hill State: NC Zip: 27612 Email: dtise@tisekiester.com Last: Tise

(919)967-0158
First: Don

Attorney Company: Address: City: Phone Contact Name: Jordan Price Wall 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: Apollo 2101 Rexford Road, Suite 375W Charlotte State: NC Zip: 28211 Email: brian.flanagan@rbc.com Last: Flanagan

(980)233-6462
First: Brian

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

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

Identity of Interest?

Crosland (or other as negotiated) 227 W. Trade Street, Suite 800 Charlotte State: NC Zip: 28202 Email: slloyd@crosland.com Last: Lloyd

(704)561-5247
First: Susan

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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):

1,000

2,500

16,070 17,000

1,500 4,900 1,562 3,000

Training, travel, postage


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

1,500 49,032

8,000 8,000

5,000 21,000

500 1,000 924

2,000

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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):

2,800 6,000 12,480 1,500 3,000 3,500 1,000

2,000 1,000

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:

37,704

23,000 2,903

12,990 70 1,200

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

40,163

SUBTOTAL Reserves Replacement Reserves SUBTOTAL

10,000 10,000

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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

157,899 124,899 40 3,122

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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):

218,508

1,440

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)

219,948 15,396 204,552 157,899 46,653 35,097 11,556 1.329

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

204,552 157,899 35,097 11,556 1.329


11

210,689 164,215 35,097 11,377 1.324


12

217,010 170,784 35,097 11,129 1.317


13

223,520 177,615 34,597 11,308 1.327


14

230,226 184,720 34,097 11,409 1.335


15

237,133 192,109 34,097 10,927 1.32


16

244,247 199,793 33,597 10,857 1.323


17

251,574 207,785 32,597 11,192 1.343


18

259,121 216,096 32,097 10,928 1.34


19

266,895 224,740 31,597 10,558 1.334


20

274,902 233,730 30,597 10,575 1.346

283,149 243,079 29,597 10,473 1.354

291,643 252,802 28,597 10,244 1.358

300,392 262,914 27,097 10,381 1.383

309,404 273,431 26,097 9,876 1.378

318,686 284,368 24,597 9,721 1.395

328,247 295,743 23,097 9,407 1.407

338,094 307,573 21,097 9,424 1.447

348,237 319,876 19,597 8,764 1.447

358,684 332,671 17,597 8,416 1.478

* 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.

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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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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.

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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 (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)

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