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Tax Credits, RPP Loans, and/or Tax Exempt Bond Loans
Project Description
Project Name: Springchase Apartments Address: City: 1010 Turnpike Rd Laurinburg County: Scotland Zip: 28352 Block Group: 6
Census Tract: 101
Is project in Qualified Census Tract or Difficult to Develop Area? No Political Jurisdiction: Jurisdiction CEO Name: Jurisdiction Address: Jurisdiction City: Jurisdiction Phone: City of Laurinburg First:Matthew Last: Block PO Box 249 Laurinburg Zip: 28353 Title: Mayor
(910)276-8324
Site Latitude: Site Longitude:
34.4548 -79.2932
Project Type: Rehab 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? If yes, list names of previous phase(s): Rehab: Number of residents holding Section 8 vouchers: 11
Will the project meet Energy Star standards as defined in Appendix B? No Does a community revitalization plan exist? Yes 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:Family Will the project be receiving project based federal rental assistance? Yes If yes, provide the subsidy source: RD and number of units: 24 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: 0 Persons with disabilities or homeless populations: 10% of the total units.
Number of Units: 5 Remarks: Projects with rental assistance are required to target five units as the minimum. A plan will be developed with the local lead agency to devise a Targeting Plan to be certified by the N.C. Department of Health Services.
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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: Hawkeye, Inc. 809 22nd Avenue Tuscaloosa State: AL Zip: 35401 First: David Last:Morrow Title:President
(205)759-5781 (205)799-1638 (205)391-0031 davidm@morrowrealty.com
NOTE: Email Address above will be used for communication between NCHFA and Applicant.
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Site Description
Total Site Acreage: 6 Total Buildable Acreage: 6
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? Yes If yes: (a) Briefly describe the situation: Relocation assistance for moving of the furnishings to vacant units on site and back to the renovated units will be done by maintenance person or third party movers under the direction of the Management Agent. Any costs not waived or otherwise incurred will be borne by the operations of the project and if those funds are insufficient, by the Owner and/or Developer. The residents will not incurr any costs in the event of relocation.
(b) Will tenant displacement be temporary? Yes (c) Will tenant displacement be permanent? No 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 principal of the general partner of the seller is the same principal as the general partner of the buyer.
(c) Enter the current expiration date of the option/contract to purchase: 01/09/2009 (D) Enter Purchase Price: 1,619,999
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Zoning
Present zoning classification of the site:R-20 Residential 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: Laurinburg II Housing, L.P. 809 22nd Avenue Tuscaloosa State:AL Zip: 35401
Federal Tax ID Number of Ownership Entity:
26-1720293
(If assigned)
Note: Do not submit social security numbers for individuals. Entity Type: Limited Partnership Entity Status: To Be 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:
Hawkeye, Inc. Last Name: Morrow State: AL Function: Managing General Partner Zip: 35041 809 22nd Avenue Tuscaloosa
First Name: David
(205)759-5781 dmorrow@morrowrealty.com
Fax: (205)391-0031 Nonprofit: No
Org: Address: City: Phone: EMail:
Hawkeye, Inc. Last Name: Morrow State: AL Fax: (205)391-0031 Nonprofit: No Function: Principal Zip: 35401 809 22nd Avenue Tuscaloosa
First Name: David
(205)759-5781 davidm@morrowrealty.com
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Unit Mix
The Median Income for Scotland county is $48,100. Low Income Units Type # BRs Net Sq.Ft. Total # Units # Units Monthly Rent Utility Allowance Mandatory Serv. Fees **Total Housing Exp.
Gdn Apt 1 Twn Hse 2 Twn Hse 2
720 951 951
20 16 3
2 0 0
456 481 481
Electric
86 115 115
Gas Other
0 0 0
542 596 596
Utilities included in rents:
Water/Sewer
Employee Units (will add to Low Income Unit total) Type # BRs Net Sq.Ft. Total # Units # Units Monthly Rent Utility Allowance Mandatory Serv. Fees **Total Housing Exp.
Twn Hse 2
951
0
Electric
0
Gas Other
Utilities included in rents:
Water/Sewer
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
18259
40
18259
Proposed number of residential buildings: 7 Project Includes:
Maximum number of stories in buildings: 2
Separate community building - Sq. Ft. (Floor Area): 1,144 Community space within residential bulding(s) - Sq. Ft. (Floor Area):
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Elevators - Number of Elevators: Square Footage Information Gross Floor Square Footage:
36,095
Total Net Sq. Ft. (All Heated Areas): 35,044
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 2 2 1
Units
% targeted at 60 targeted at 50 targeted at 60 percent of median income affordable to/occupied by percent of median income affordable to percent of median income affordable to/occupied by
3 16 20
Total Low Income Units:
39
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
1,266,127
1.00
40
50
32,189
909,418
30
30
1,729,575
3,905,120
* "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)) Rural Development will provide long-term financing through the assumption of the existing
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indebtness to the new owner. Tax credit equity will come from Regions Bank, and a state tax credit loan from the North Carolina Housing Finance Agency loan is proposed.
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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
1,519,999
1,519,999
0 1,120,760
0 1,120,760
0 67,246 23,760 95,040 78,408 32,255 9,300 12,000 2,958,768 15,700 33,092 152,704
0 67,246 23,760 95,040 78,408 32,250 9,300 12,000
15,700 33,092 125,400
21,311 2,068 9,500 5,000 4,000 4,300
21,311 2,068 9,500 5,000 4,000 4,300
10,000
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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
257,675 12,000 35,500 2,200 21,781 7,500 1,500 2,500 28,000 110,981 27,500 64,000 300,000 27,500 64,000 300,000 7,500 8,000 4,000 35,500
Other Basis Expense (specify) lender inspector Other Basis Expense (specify) Rural Development CNA 4,500 10,000 4,500
43 Rent-up Expense 44 45
Other Non-basis Expense (specify) Other Non-basis Expense (specify)
SUBTOTAL (lines 38 through 45)
406,000 28,000
46 Rent up Reserve 47 Operating Reserve 48 49
Interest Reserve for tax credit loan after construction Other Reserve (specify) Investor required reserve 43,696 3,805,120 1,527,999 2,102,135
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 3,630,134 100.00% 3,630,134 1,527,999 100% 1,527,999 100.00% 3,630,134 1,527,999 2,102,135 100% 2,102,135 100.00% 2,102,135
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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:
3.40 230,633 246,492 246,492 100,000 3,905,120 246,492 51,952 57,300 57,300
8.50 178,681 189,192 189,192
Total Replacement Cost per unit: 34,630
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Market Study Information
Please provide a detailed description of the proposed project: There are seven existing residential buildings on the site and an existing office building. The many uses will include a facility for recreation, parties and a computer center for children and parents to use for homework, research, learning and job searching. The renovation of this proposed project will allow for the buildings to be brought to ADA standards for full enjoyment of those with disabilities, provide quality services for those in need, and extend the useful life of an aging property with no funds to do much of the needed improvements. The renovations will include replacing the roofs with 30 year architectural style shingles, covering high maintenance wood siding with vinyl siding
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
staggard roof lines and townhouse/apartment offsets
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: Site amenities will include a newly renovated playground, a resident computer center, a covered picnic area with tables and grills, outdoor sitting area with benches, a tot lot and a gazebo.
Onsite Activities: Onsite activities will consist of resident involvement with activities advertised through the monthly newsletter including movie night and game night in the community room, holiday parties, and potluck dinners throughout the year, neighborhood watch, and computer learning aids in the community building.
Landscaping Plans:
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The existing landscaping will be re-worked to include taking up old overgrown shrubs, putting new shrubs and new sod in areas needed, lining a row of white crepe myrtles facing the road, extra flowers and annuals around the site sign and the office area.
Interior Apartment Amenities: Interior apartment amenities include a stove, refrigerator with icemaker, dishwasher, microwave, telephone jacks, carpet, internet access and cable outlets.
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. This area is an established residential area convenient to all the services in the city of Laurinburg. The economic health of this area has remained steady. The projects buildings have been held together fairly well considering the high maintenance exterior which has drained the replacement reserve funds and the properties high needs such as covering the wood siding with low maintenance vinyl siding,better insulation, new appliances, new HVAC and new flooring, to name a few.
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 surrounding areas consist of residential neighbors as well as other multi-family developments. No other adjacent adverse land uses may affect the property in the future due to the surrounding residential and multi-family developments already in place. There are no major industrial or other incapatible uses nearby. There are no existing negative land uses known which would detract from the overall site. Retail shopping is convenient to the property as well as medical facility, recreation, education and other daily needs of 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 site is located off Turnpike Road which connects to Hwy. 74. The property is visible from Turnpike Road and since the road is already established, there is not an additonal burden on the road as traffic pattern has already been established due to this property being exhisting housing with no additional traffic anticipated. 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 no on-site negative barriers such as flood areas, wetlands, or rock which would impede project construction since there are already existing buildings on site. All residential buildings have been constructed and would not require removing any barriers. Also, there are no on-site negative features, such as transmission lines, ravines, etc. which would affect future tenants.
Similarity of scale and aesthetics/architecture between project and surroundings. The aesthetics and architecture of the buidings are compatible with the surrounding houses and the scale of other residential housing in the vicinty.
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For each applicable neighborhood feature, enter distance from project in miles.
.6 1.2 .5 1.5 2.7 .6
Stop
Grocery Store Mall/Strip Center Outdoor Athletic Fields Day Care/After School Schools Public Transportation
.3
Center
Community/Senior
2.4 1.3 .6
Hospital Pharmacy Basic Health Care
1.42 .5 1.42 2.5
Convenience Store Public Parks Gas Station Library
Other facilities or services: There is a community services building within 315 feet of the property. The Scotland County Museum is just around the corner. Local transportation picks up on the property and will take residents to a desired destination.
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Development Team
Provide contact information for development team members below:
Management Agent Company: Address: City: Phone Contact Name: Morrow Realty Company, Inc. 809 22nd Avenue Tuscaloosa State: AL Zip: 35401 Email: davidm@morrowrealty.com Last: Morrow
(205)759-5781
First: David
Architect Company: Address: City: Phone Contact Name: Boisseau Design Group 8304 Meadow Ridge Court Raleigh State: NC Zip: 27615 Email: kbdgken@aol.com Last: Boisseau
(919)847-5860
First: Kenn
Attorney Company: Address: City: Phone Contact Name: David Pryzwansky 5 West Hargett Street, Suite 910 Raleigh State: NC Zip: 27601 Email: david@pryzlaw.com Last: Pryzwansky
(919)828-8668
First: David
Investor Company: Address: City: Phone Contact Name: Regions Bank 2222 9th Street Tuscaloosa State: AL Zip: 35401 Email: chuck.bracknell@regions.com Last: Bracknell
(205)750-2616
First: Chuck
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?
Empire Construction 3600 Henson Rd Knoxville State: TN Zip: 37921 Email: rickc@empireconstruction.com Last: Cherverton
(865)251-4895
First: Rick
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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):
700 16,700 1,800
22,932
1,000 3,055
1,600
Training
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
1,800 49,587
7,300 7,818
8,232 23,350
1,000 3,442
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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):
1,397 3,000 18,850 2,700 3,000
2,850 400 278 36,917
Program Maintenance
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:
21,411 3,166
11,500 210 1,640 8,475
SUBTOTAL Supportive Service Expenses Service Coordinator Service Supplies Tenant Association Funds Other Expenses (specify):
46,402
SUBTOTAL Reserves Replacement Reserves SUBTOTAL
13,300 13,300
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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
169,556 134,845 40 3,371
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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):
219,108
1,331 3,120 223,559 15,649 207,910 169,556 38,354 32,188 6,166 1.192
Forfeit Security Deposits
Total Gross Income Potential at 100% Occupancy Seven Percent Vacancy Allowance NET RENTAL/OTHER INCOME TOTAL OPERATING EXPENSES (from Projected Operating Costs) NET OPERATING INCOME DEBT SERVICE (from Funding Sources Loans) NET CASH FLOW DEBT COVERAGE RATIO (Must not be less than 1.15)
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
207,910 169,556 32,188 6,166 1.192
11
214,147 176,338 32,188 5,621 1.175
12
220,571 183,392 32,188 4,991 1.155
13
227,188 190,728 32,188 4,272 1.133
14
234,004 198,357 32,188 3,459 1.107
15
241,024 206,291 32,188 2,545 1.079
16
248,255 214,543 32,188 1,524 1.047
17
255,703 223,125 32,188 390 1.012
18
263,374 232,050 32,188 -864 0.973
19
271,275 241,332 32,188 -2,245 0.93
20
279,413 250,985 32,188 -3,760 0.883
287,795 261,024 32,188 -5,417 0.832
296,429 271,465 32,188 -7,224 0.776
305,322 282,324 32,188 -9,190 0.714
314,482 293,617 32,188 -11,323 0.648
323,916 305,362 32,188 -13,634 0.576
333,633 317,576 32,188 -16,131 0.499
343,642 330,279 32,188 -18,825 0.415
353,951 343,490 32,188 -21,727 0.325
364,570 357,230 32,188 -24,848 0.228
* 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: 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 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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