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

Project Description
Project Name: Rankin School Place II Address: City: 3216 Summit Avenue Greensboro County: Guilford Zip: 27405 Block Group: 1004

Census Tract: 127.04

Is project in Qualified Census Tract or Difficult to Develop Area? No Political Jurisdiction: Jurisdiction Address: Jurisdiction City: Jurisdiction Phone: City of Greensboro Last: Holliday Title: Mayor 300 W. Washington Street Greensboro (336)373-2396 Zip: 27401

Jurisdiction CEO Name: First: Keith

Site Latitude: Site Longitude:

36.117459 -79.763256

Project Type: New Construction New Construction/Adaptive Reuse: Is this project a follow-on (Phase II, etc) to a previously-awarded tax credit development project? Yes If yes, list names of previous phase(s): Rankin School Place Rehab: Is this project a previously awarded tax credit development? If yes, what year were credits awarded?: 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 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: 3 Persons with disabilities or homeless populations: the greater of 5 units or 10% of the total units. Number of Units: 6 Remarks:

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: Beacon Management Corporation 408 Battleground Avenue Greensboro First: George (336)282-6000 (336)337-5001 (336)545-9004 sjones@beacon-nc.com State: NC Zip: 27401 Last: Carr Title: President

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

Site Description
Total Site Acreage: 3.82 Total Buildable Acreage: 3.82 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? Yes If yes, please describe: Property has storage sheds and garages which will be torn down. We anticipate perserving and renovating the home and intend to convert it into an office, laundry and community facility.

Are existing buildings on the site currently occupied? Yes If yes: (a) Briefly describe the situation: House has a month to month tenant.

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

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

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

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

Purchase Price:

(c) Enter the current expiration date of the option/contract to purchase: 12/31/2007 (D) Enter Purchase Price: 308,000

Zoning
Present zoning classification of the site: RM-12 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:

Ownership Entity
Owner Name: Rankin Associates II Limited Partnership Address: City: 408 Battleground Avenue Greensboro State: NC Zip: 27401 (If assigned)

Federal Tax ID Number of Ownership Entity:

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? Is the applicant requesting that the Agency treat the application as CHDO sponsored?

No No

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

Org:

Beacon Management Corporation Last Name: Carr Function: Managing General Partner

First Name: George Address: City: Phone: EMail: 408 Battleground Avenue Greensboro (336)282-6000 gcarr@beacon-nc.com

State: NC

Zip: 27401

Fax: (336)545-9004 Nonprofit: No

Org:

Carr-Smith, LLC Last Name: Carr Function: General Partner

First Name: George Address: City: Phone: EMail: 408 Battleground Avenue Greensboro (336)282-6000 gcarr@beacon-nc.com

State: NC Fax: (336)545-9004 Nonprofit: No

Zip: 27401

Unit Mix
The Median Income for Guilford county is $56,400. Low Income Units Type Twn Hse Twn Hse Twn Hse Twn Hse Total # BRs Net Sq.Ft. # Units 1 1 2 2 664 664 901 901 17 17 5 5 # Units 2 2 1 1 Monthly Rent 380 590 445 660 Electric Utility Allowance 40 40 59 59 Gas Other Mandatory Serv. Fees 0 0 0 0 **Total Housing Exp. 420 630 504 719

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 Electric Utility Allowance Gas Other Mandatory Serv. Fees **Total Housing Exp.

Utilities included in rents:

Water/Sewer

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

Utilities included in rents:

Water/Sewer

Electric

Statistics All Units Low Income....... Market Rate....... Totals............... 44 6 22015 44 Gross Monthly Rental Income 22015

Units 6

Proposed number of residential buildings: 10 Project Includes:

Maximum number of stories in buildings: 1

Separate community building - Sq. Ft. (Floor Area): 1,883 Community space within residential bulding(s) - Sq. Ft. (Floor Area): Elevators - Number of Elevators: Square Footage Information Gross Floor Square Footage: 38,375

Total Net Sq. Ft. (All Heated Areas): 33,469

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.

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

# BRs 1 1 2 2 17 17 5 5

Units targeted at 40 targeted at 60 targeted at 40 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

Total Low Income Units:

44

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

Funding Sources
NonAmortizing* Rate (%) 8.00 Term (Years) 18 Amort. Period (Years) 25 Annual Debt Service 61,887

Source Bank Loan RPP Loan Local Gov. Loan - Specify: City of Greensboro 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 668,200

635,000

0.50

30

30

410,168

30

30

2,896,911

9,501

4,619,780

* "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. 88 Remarks concerning project funding sources: (Please be sure to include the name of the funding source(s)) CAHEC OR RICHMAN GROUP FOR TAX CREDIT PROCEEDS. CAROLINA BANK OR ALTERNATE FOR THE BANK LOAN. CITY OF GREENSBORO FOR LOCAL GOVERNMENT LOAN

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

Local Gov. Loan - City of Greensboro Year: Amt: Year: Amt: 1 5000 11 5000 2 5000 12 5000 3 5000 13 5000 4 5000 14 5000 5 5000 15 5000 6 5000 16 5000 7 5000 17 5000 8 5000 18 5000 9 5000 19 5000 10 5000 20 5000

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 8 Contractor Overhead 9 Contractor Profit 10 Construction Contingency 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 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 (0.58% 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 44 45 Other Basis Expense (specify) Other Basis Expense (specify) 16,500 Other Non-basis Expense (specify) Other Non-basis Expense (specify) 5,500 24,200 104,500 74,195 5,830 462,000 74,195 5,830 462,000 7,700 284,350 24,200 19,800 2,200 22,000 6,600 6,600 24,200 19,800 7,150 6,600 3,850 5,500 7,150 6,600 3,850 5,500 3,232,405 22,000 44,000 132,000 44,000 11,550 22,000 44,000 132,000 44,000 11,550 2,111,474 220,000 159,688 56,422 169,269 91,405 62,765 31,382 2,111,474 220,000 159,688 56,422 169,269 91,405 62,765 31,382 330,000 330,000 TOTAL COST Eligible Basis 30% PV 70% PV

43 Rent-up Expense

SUBTOTAL (lines 38 through 45) 46 Rent up Reserve 47 Operating Reserve 48 49 Other Reserve (specify) Other Reserve (specify)

558,525 22,000 110,000

50 DEVELOPMENT COST (lines 1-49) 51 Less Federal Financing 52 Less Disproportionate Standard 53 Less Nonqualified Nonrecourse Financing 54 Less Historic Tax Credit (residential) 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 60 Tax Credit Rate 61 Federal Tax Credits at Estimated Rate 62 Federal Tax Credits at 8.5% or 3.75% Max Federal Tax Credits (With Energy Star - Lesser of $8,500 per unit or 63 $800,000, w/o - Lesser of $8,000 per unit or $800,000) 64 Federal Tax Credits Requested 65 Land Cost 66 TOTAL REPLACEMENT COST FEDERAL TAX CREDITS IF AWARDED Comments:

4,311,780

4,101,680

0 4,101,680 100.00% 4,101,680 4,101,680 330,185 348,642 374,000 0 308,000 4,619,780 348,642 0 100% 0 100.00% 0 3.45 0 0 4,101,680 100% 4,101,680 100.00% 4,101,680 8.05 330,185 348,642

Total Replacement Cost per unit: Federal Tax Credits (line 62) per unit:

94,995 7,924

Market Study Information


Please provide a detailed description of the proposed project: Rankin School Place II will offer 44 (composed of 34 one-bedroom and 10 two-bedroom) single story residential units developed in 10 traditionally styled townhouse buildings featuring craftsman architecture. Individual apartments will offer brick and vinyl exteriors and each unit be provided with range, refrigerator, dishwasher, heating and air conditioning equipment and laundry hook-ups. A beautiful 1883 square foot office, laundry and community building will also be constructed by rehabilitating the property's existing single family home.

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: The property will have a community building with on-site office and laundry facilities, walking paths, picnic area, TV/reading room, computer center, storage units.

Onsite Activities: A variety of resident service programs will be conducted by our staff. A multi-purpose community room will be able to provide many of the amenities above.

Landscaping Plans: Extensive landscaping will be done.

Interior Apartment Amenities:

All apartment interiors will include range, hood, dishwasher, refrigerator, exterior storage, W/D hookups, mini-blinds, ceiling fans, carpeting, vinyl flooring and heat pump.

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.

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. Concentration of affordable housing. The approximate 3.82 acre tract is located in a predominantly residential neighborhood in northeast Greensboro. The parcel is partially wooded without significant slopes.

SURROUNDING LAND USES AND AMENITIES Suitability of surrounding development. Land use pattern is residential in character (single and multifamily housing) with a balance of other uses (particularly retail and amenities). 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 site is located approximately 4/10 of a mile north of Cone Boulevard which serves as a major east-west corridor across the city. The property is situated in very close proximity to Rankin Elementary School. Areas north, east and west are heavily residential with a variety of commercial activity lying to the south along Summit Avenue. SITE SUITABILITY Adequate traffic controls (stop lights, speed limits, turn lanes, etc.). 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 property is extremely well located with no known adverse conditions. Most commercial activity is easily accessible via sidewalks or automobile. Property ingress and egress are not expected to be difficult. Degree of on-site negative features and physical barriers that will impede project construction or adversely affect future tenants; for example: power transmission lines and towers, flood hazards, steep slopes, large boulders, ravines, year-round streams, wetlands, and other similar features (for adaptive re-use projects- suitability for residential use and difficulties posed by the building(s), such as limited parking, environmental problems or the need for excessive demolition). The surrounding land uses include single-family housing, multi-family housing, an elementary school, church and commercial shopping center.

Similarity of scale and aesthetics/architecture between project and surroundings. Rankin School Place II is being developed with handsome craftsman style architecture which still can be found throughout the neighborhood. Ten single-story buildings are to be included on the property which will provide an appropriate scale to the surrounding area.

For each applicable neighborhood feature, enter distance from project in miles. .7 .3 .1 Grocery Store Mall/Strip Center Outdoor Athletic Fields 1.0 2.3 .3 Community/Senior Center Hospital Pharmacy

.05 .1 .2 .3 5.0 .5 .15 2.5 .25 1.0

Day Care/After School Schools

2.0 2.0

Basic Health Care Medical Offices Bank/Credit Union Restaurants Professional Services Movie Theater Video Rental Public Safety (Fire/Police) Post Office

Public Transportation Stop .5 Convenience Store Basketball/Tennis Courts Public Parks Gas Station Library Fitness/Nature Trails Public Swimming Pools .5 .4 5.0 .5 .75 2.5

Other facilities or services: 0.4 = Laundromat; beauty & barber shop; auto repair shop; storage facility. 7.0 = public golf course 3.0 = seven parks offering walking trails, picnic shelters and areas, barbecue grills, a pond/lake, tennis courts and ball fields. >5.0 = cultural, entertainment, and academic activities are provided by four local colleges/universities. >6.0 = movie theater, bowling alley, multiple fitness centers and numerous restaurants

Development Team
Provide contact information for development team members below: Management Agent Company: Beacon Management Corporation Address: City: Phone 408 Battleground Avenue Greensboro (336)545-9000 State: NC Zip: 27401-2104 Email: gcarr@beacon-nc.com Last: Carr

Contact Name: First: George

Architect Company: Address: City: Phone

Efird Sutphin Pearce & Associates, PA 310 E. Sycamore Street, Suite A Greensboro (336)273-0083 State: NC Zip: 27401 Email: Last: Stuphin

Contact Name: First: Hugh

Attorney Company: Address: City: Phone

Blanco Tackabery Combs & Matamoros, PA P.O. Box 25008 Winston-Salem (336)293-9013 State: NC Zip: 27114 Email: Last: Matamoros

Contact Name: First: Ronald

Investor Company: Address: City: Phone

Richman Group or CAHEC 340 Pemberwick Road Greenwich (800)333-3509 State: CT Zip: 06831 Email: Last: McCauley

Contact Name: First: Richard

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

Identity of Interest? General Contractor Company: Rehab Builders, Inc. Address: City: Phone 406 Fourth Street Winston-Salem (336)722-9871 State: NC Zip: 27101 Email: Last: Lipsky

Contact Name: First: Ed

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): SUBTOTAL Utilities Expense Fuel Oil Electricity (Light and Misc. Power) Water Gas Sewer SUBTOTAL Operating and Maintenance Expenses Janitor and Cleaning Payroll Janitor and Cleaning Supplies Janitor and Cleaning Contract Exterminating Payroll/Contract Exterminating Supplies Garbage and Trash Removal Security Payroll/Contract Grounds Payroll Grounds Supplies Grounds Contract Repairs Payroll Repairs Material Repairs Contract Elevator Maintenance/Contract Heating/Cooling Repairs and Maintenance Swimming Pool Maintenance/Contract Snow Removal Decorating Payroll/Contract Decorating Supplies Other (specify): Miscellaneous Operating & Maintenance Expenses SUBTOTAL Taxes and Insurance Real Estate Taxes Payroll Taxes (FICA) 22,363 22,000 1,000 500 1,500 4,000 16,000 9,000 2,000 8,363 1,500 4,500 2,640 25,797 15,000

2,500 1,000 10,000

1,500 64,437

6,000 6,000

Miscellaneous Taxes, Licenses and Permits Property and Liability Insurance (Hazard) Fidelity Bond Insurance Workmen's Compensation Health Insurance and Other Employee Benefits Other Insurance: SUBTOTAL Supportive Service Expenses Service Coordinator Service Supplies Tenant Association Funds Other Expenses (specify): SUBTOTAL Reserves Replacement Reserves SUBTOTAL TOTAL OPERATING EXPENSES ADJUSTED TOTAL OPERATING EXPENSES (Does not include taxes, reserves and resident support services) * TOTAL UNITS (from total units in the Unit Mix section) PER UNIT PER YEAR 7,500 11,000 11,000 165,400 124,900 44 2,838 16,000 100 1,000 5,000

44,100 7,500

Projected Cash Flow Year One


OPERATING INCOME Gross rental income (from Unit Mix - Total Monthly Rent) Stores and Commercial Laundry and Vending Other (specify): 264,180

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)

264,180 18,492 245,688

165,400 80,288

66,887

13,401 1.2

20-Year Cash Flow


Year Net Rental/Other Income* Total Operating Expenses* Debt Service Net Cash Flow Debt Coverage Ratio Year Net Rental/Other Income* Total Operating Expenses* Debt Service Net Cash Flow Debt Coverage Ratio 11 330,186 244,832 66,887 18,467 1.276 1 245,688 165,400 66,887 13,401 1.2 2 253,059 172,016 66,887 14,156 1.212 12 340,092 254,625 66,887 18,580 1.278 3 260,651 178,897 66,887 14,867 1.222 13 350,295 264,810 66,887 18,598 1.278 4 268,471 186,053 66,887 15,531 1.232 14 360,804 275,402 66,887 18,515 1.277 5 276,525 193,495 66,887 16,143 1.241 15 371,628 286,418 66,887 18,323 1.274 6 284,821 201,235 66,887 16,699 1.25 16 382,777 297,875 66,887 18,015 1.269 7 293,366 209,284 66,887 17,195 1.257 17 394,260 309,790 66,887 17,583 1.263 8 302,167 217,655 66,887 17,625 1.264 18 406,088 322,182 66,887 17,019 1.254 9 311,232 226,361 66,887 17,984 1.269 19 418,271 335,069 66,887 16,315 1.244 10 320,569 235,415 66,887 18,267 1.273 20 430,819 348,472 66,887 15,460 1.231

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

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

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.

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 Letters from State Housing Agencies or designated monitoring agent verifying out of state experience G Completed IRS Form 8821 (Appendix I) H 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) I Local Government Letter Confirming Zoning including any pending notices or hearings (original on letterhead, no fax or photocopies) J Letters from Local Utility Providers regarding availability and capacity (original on letterhead, no fax or photocopies) K Documentation from utility company or local PHA to support estimated utility costs L Appraisal (required for land costs greater than $15,000 and for all Adaptive Re-use and Rehab projects) M 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) N Hazard and structural inspection and termite reports (Adaptive Re-use and Rehab projects only) O Copy of certificate of occupancy or proof of placed-in-service date (Rehabs Only) P 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. Q 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. R 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. S Statement regarding terms of Deferred Developer Fee. If a nonprofit is involved, a resolution from their board approving deferral of fee is required. T Inducement Resolution (Tax-Exempt Bond Financed Projects only)