You are on page 1of 26

Print Preview - Full Application

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

Project Description
Project Name: Springbrook Address: City: Crescent Drive Wilson County: Wilson Block Group: 2 Zip: 27893

Census Tract: 4

Is project in Qualified Census Tract or Difficult to Develop Area? Yes Political Jurisdiction: Jurisdiction Address: Jurisdiction City: Jurisdiction Phone: City of Wilson Last: Rose Title: Mayor 112 Goldsboro Street East Wilson (252)399-2310 Zip: 27893

Jurisdiction CEO Name: First: Bruce

Site Latitude: Site Longitude:

35.7257 -77.9194

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? No If yes, list names of previous phase(s): 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: 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: the greater of 5 units or 10% of the total units. Number of Units: 5 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: Guilford Financial Services, LLC Post Office Box 29407 Greensboro First: Maida (336)373-0600 (336)908-7718 (336)373-0601 mrenson@triad.rr.com State: NC Zip: 27429-9407 Last: Renson Title: Manager

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

Site Description
Total Site Acreage: 8.7 Total Buildable Acreage: 6.8 If buildable acreage is less than total acreage, please explain: A portion of the property is set aside for potential wetlands and a buffer from a nearby floodplain as well as for a stormwater retention area.

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? Yes If yes: (a) Describe placement of project buildings in relation to this area: All of the buildings are at least 25 feet away from the edge of the 100 year floodplain and will be built well above the flood plain level, as required by all applicable building codes.

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

No project improvements will be within the 100 year floodplain. We will leave a buffer between the potential floodplain and the buildings. In addition, all buildings will be on building pads that will be built up to ensure that all finished floors are well above the 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: 9/10/2007 (D) Enter Purchase Price: 464,280

Zoning
Present zoning classification of the site: RA-8 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: Wilson MMR Limited Partnership (to be formed) Address: City: Post Office Box 29407 Greensboro State: NC Zip: 27429-9407 (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:

Wilson MMR GP, LLC Last Name: Renson Function: Managing General Partner

First Name: Maida Address: City: Phone: EMail: Post Office Box 29407 Greensboro (336)373-0600 mrenson@triad.rr.com

State: NC

Zip: 27429-9407

Fax: (336)373-0601 Nonprofit: No

Org:

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

First Name: Maida Address: City: Phone: EMail: Post Office Box 29407 Greensboro (336)373-0600 mrenson@triad.rr.com

State: NC Fax: (336)373-0601 Nonprofit: No

Zip: 27429-9407

Org:

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

First Name: Maida Address: City: Phone: EMail: Post Office Box 29407 Greensboro (336)373-0600 mrenson@triad.rr.com

State: NC Fax: (336)373-0601 Nonprofit: No

Zip: 27429-9407

Unit Mix
The Median Income for Wilson county is $49,600. Low Income Units Type Twn Hse Twn Hse Twn Hse Twn Hse Twn Hse Twn Hse Twn Hse Twn Hse Twn Hse Total # BRs Net Sq.Ft. # Units 1 1 1 2 2 2 3 3 3 704 704 704 984 984 984 1188 1188 1188 3 3 6 6 6 12 3 3 6 # Units 0 1 1 1 1 2 0 1 1 Monthly Rent 245 335 375 275 390 450 310 440 525 Electric Utility Allowance 127 127 127 167 167 167 202 202 202 Gas Mandatory Serv. Fees 0 0 0 0 0 0 0 0 0 Other Trash Collection **Total Housing Exp. 372 462 502 442 557 617 512 642 727

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............... 48 8 18780 48 Gross Monthly Rental Income 18780

Units 8

Proposed number of residential buildings: 6 Project Includes:

Maximum number of stories in buildings: 2

Separate community building - Sq. Ft. (Floor Area): 1,088 Community space within residential bulding(s) - Sq. Ft. (Floor Area): Elevators - Number of Elevators:

Square Footage Information Gross Floor Square Footage: 52,450

Total Net Sq. Ft. (All Heated Areas): 47,408

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 1 1 2 2 2 2 3 3 3 3 3 2 1 6 6 4 2 12 3 2 1 6

Units targeted at 40 targeted at 50 targeted at 50 targeted at 60 targeted at 40 targeted at 50 targeted at 50 targeted at 60 targeted at 40 targeted at 50 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 percent of median income affordable to percent of median income affordable to/occupied by percent of median income affordable to/occupied by percent of median income affordable to percent of median income affordable to percent of median income affordable to/occupied by percent of median income affordable to/occupied by percent of median income affordable to percent of median income affordable to

Total Low Income Units:

48

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

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

640,600

2.00

20

20

1,107,757

30

30

3,467,653

100

5,216,110

* "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))

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

RPP Loan Year: Amt: Year: Amt: 1 46800 11 43600 2 46800 12 43600 3 46800 13 40900 4 46400 14 40900 5 46400 15 40900 6 46400 16 37100 7 45400 17 37100 8 45400 18 37100 9 45400 19 33900 10 43600 20 33900

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) Other Non-basis Expense (specify)Land Other Non-basis Expense (specify) 94,280 Fees and Permits 504,000 400 504,000 400 2,000 135,059 5,000 20,000 2,200 32,125 7,000 2,000 7,500 31,200 107,025 10,000 10,000 7,000 5,000 0 500 300 25,000 2,000 2,000 4,200 500 300 25,000 2,000 2,000 0 24,059 75,000 24,059 75,000 3,705,346 186,000 65,720 197,160 106,466 35,000 15,000 186,000 65,720 197,160 106,466 35,000 15,000 2,510,000 2,510,000 590,000 490,000 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)

608,680 95,000 195,000

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:

4,846,110

4,260,605

0 4,260,605 100.00% 4,260,605 5,538,786 445,872 470,796 408,000 408,000 370,000 5,216,110 408,000 408,000 0 100% 0 130.00% 0 3.45 0 0 4,260,605 100% 4,260,605 130.00% 5,538,786 8.05 445,872 470,796

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

94,913 9,808

Market Study Information


Please provide a detailed description of the proposed project: The project will consist of 6 2-story buildings of 8 units each (for a total of 48 units) plus a community building on a site that totals approximately 8.7 acres. A portion of the site is set aside as nonbuildable to protect potential wetlands.

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

Steel-insulated doors, Low-E insulated windows, shutters, and enclosed stairwells.

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: Playground, resident computer center with 2 computers, covered picnic area, 3 outdoor sitting areas, a gazebo, multi-purpose community room with TV and VCR, and sidewalks/walking trails that consist of a 4' wide paved continuous surface around the property.

Onsite Activities: The site manager will be responsible for all on-site activities and programs. The manager will also hold special events throughout the year, and especially at holiday times. Residents will have access to a computer center with high-speed internet access in the community building for educational and recreational use. The community building will also include full kitchen facilities and sitting area.

Landscaping Plans: The site will retain some of the natural woods as perimeter buffers as well as attractive foundation plantings and specimen evergreen and deciduous trees and bushes such as holly, deodora cedars, azaleas, crepe myrtle and other attractive species.

Interior Apartment Amenities:

Apartments will include ranges, range hoods, dishwashers, disposals, refrigerators, storage, washer/dryer hookups, mini-blinds, pantries, ceiling fans, TV cable connections, and walk-in closets.

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.

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. There is a significant amount of growth in the area, especially on the western portion of Wilson. The area around the site has recently experienced significant commercial growth. The commercial sites are generally newer, well-maintained and successful. This economic vitality is also supported by a large development of single family homes being constructed on land adjacent to the proposed site.

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 proposed site is ideally situated in an area with new single family homes as well as many attractive retail and commercial establishments that will offer convenient amenities to the residents. There is no known incompatible land use near the site that would adversely affect the residents in any way. There is no land close to the site that is vacant or is not in the process of being developed. 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 site is situated near Forest Hills Road, a road that is well designed, and has adequate traffic controls to handle the retail, commercial and residential traffic. Residents will enter and exit the site onto a new extension of Crescent Drive before getting to Forest Hills Road. Public transportation is available very nearby on Forest Hills Road. A bus route has been included in the packet of additional marketing materials attached to this application. The development will be at least partially visible to traffic on Forest Hills Road. 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 site includes approximately three acres that might be considered wetlands. The site plan, however, was carefully designed to avoid and protect these areas. There are no other known potential impediments to either construction or enjoyment of the residents.

Similarity of scale and aesthetics/architecture between project and surroundings. The proposed structures represent a design that should integrate nicely with the architectural style and scale with the nearby single family homes recently built and under construction.

For each applicable neighborhood feature, enter distance from project in miles. 0.1 Grocery Store 2.3 Community/Senior Center

0.3 0.8 0.4 0.8 0.1 0.2 2.3 2.3 0.2 3.2 5.5 2.2

Mall/Strip Center Outdoor Athletic Fields Day Care/After School Schools

0.9 0.5 0.2 0.5

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

Public Transportation Stop 0.5 Convenience Store Basketball/Tennis Courts Public Parks Gas Station Library Fitness/Nature Trails Public Swimming Pools 0.3 0.3 1.5 1.4 0.3 1.4

Other facilities or services: The City of Wilson also offers a large number of cultural and recreation facilities and events. For example, residents can visit Imagination Station, a science and technology center. They can go to the botanical gardens, the symphony, the North Carolina Baseball Museum, go to the races, watch the Wilson Tobs play baseball, go fishing at the reservoir and other cultural and historic activities.

Development Team
Provide contact information for development team members below: Management Agent Company: Harris Brown Management LLC Address: City: Phone 4600 Dundas Drive Greensboro (336)544-2300 State: NC Zip: 27407 Email: mholoman1@hbmc.com Last: Holoman

Contact Name: First: Mike

Architect Company: Address: City: Phone

Smith Norwood Architecture and Design, P.A. 608 Gaston Street, Suite 100 Raleigh (919)807-1111 State: NC Zip: 27603 Email: jsmith@smithnorwooda-d.com Last: Smith

Contact Name: First: Jill

Attorney Company: Address: City: Phone

Schell, Bray, Aycock, Abel & Livingston, PLLC 230 N. Elm St., Suite 1500 Greensboro (336)370-8800 State: NC Zip: 27401 Email: ggraham@sbaal.com Last: Graham

Contact Name: First: Garland

Investor Company: Address: City: Phone

Raymond James Tax Credit Funds, Inc. 880 Carillon Parkway St. Petersburg (800)438-8088 State: FL Zip: 33716 Email: Craig.Descalzi@RaymondJame Last: Descalzi

Contact Name: First: Craig

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

Identity of Interest? General Contractor Company: Kavanagh Homes Address: City: Phone 1810 Pembroke Road Greensboro (336)272-9904 State: NC Zip: 27408 Email: Robert.Miles@KavanaghHomes Last: Miles

Contact Name: First: Robert

Projected Operating Costs


Project Operations (Year One) Administrative Expenses Advertising Office Salaries Office Supplies Office or Model Apartment Rent Management Fee Manager or Superintendent Salaries Manager or Superintendent Rent Free Unit Legal Expenses (Project) Auditing Expenses (Project) Bookkeeping Fees/Accounting Services Telephone and Answering Service Bad Debts Other Administrative Expenses (specify): Training 600, Credit Bureau 900, Postage 800, Mag. Fees 200, Christmas Gifts 225, Tax Cons. 100, Recreation 720, Software Fee 35 SUBTOTAL Utilities Expense Fuel Oil Electricity (Light and Misc. Power) Water Gas Sewer SUBTOTAL Operating and Maintenance Expenses Janitor and Cleaning Payroll Janitor and Cleaning Supplies Janitor and Cleaning Contract Exterminating Payroll/Contract Exterminating Supplies Garbage and Trash Removal Security Payroll/Contract Grounds Payroll Grounds Supplies Grounds Contract Repairs Payroll Repairs Material Repairs Contract Elevator Maintenance/Contract Heating/Cooling Repairs and Maintenance Swimming Pool Maintenance/Contract Snow Removal Decorating Payroll/Contract Decorating Supplies Other (specify): Miscellaneous Operating & Maintenance Expenses SUBTOTAL Taxes and Insurance Real Estate Taxes Payroll Taxes (FICA)

Miscellaneous Taxes, Licenses and Permits 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

Projected Cash Flow Year One


OPERATING INCOME Gross rental income (from Unit Mix - Total Monthly Rent) Stores and Commercial Laundry and Vending Other (specify): Interest Total Gross Income Potential at 100% Occupancy Seven Percent Vacancy Allowance NET RENTAL/OTHER INCOME TOTAL OPERATING EXPENSES (from Projected Operating Costs) NET OPERATING INCOME DEBT SERVICE (from Funding Sources Loans) NET CASH FLOW DEBT COVERAGE RATIO (Must not be less than 1.15) 1,000 226,360 15,845 210,515 225,360

156,690 53,825

46,800

7,025 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 1 210,515 156,690 46,800 7,025 1.15 11 282,913 231,939 43,600 7,374 1.169 2 216,830 162,958 46,800 7,072 1.151 12 291,400 241,217 43,600 6,583 1.151 3 223,335 169,476 46,800 7,059 1.151 13 300,142 250,866 40,900 8,376 1.205 4 230,035 176,255 46,400 7,380 1.159 14 309,146 260,901 40,900 7,345 1.18 5 236,936 183,305 46,400 7,231 1.156 15 318,420 271,337 40,900 6,183 1.151 6 244,044 190,637 46,400 7,007 1.151 16 327,973 282,190 37,100 8,683 1.234 7 251,365 198,262 45,400 7,703 1.17 17 337,812 293,478 37,100 7,234 1.195 8 258,906 206,192 45,400 7,314 1.161 18 347,946 305,217 37,100 5,629 1.152 9 266,673 214,440 45,400 6,833 1.151 19 358,384 317,426 33,900 7,058 1.208 10 274,673 223,018 43,600 8,055 1.185 20 369,136 330,123 33,900 5,113 1.151

* 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: Moderate Income County: At least twenty-five percent (25%) of qualified units will be affordable to and occupied by 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 households with incomes at or below fifty percent (50%) 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 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.

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)