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

Project Name and Location


Project Name: Walker Landing
Address: 1003 Walker Avenue
City: Elizabeth City County: Pasquotank Zip: 27909
Census Tract: 9603 Block Group: 1007

Is project in Qualified Census Tract & Difficult to Develop area? Yes

Does a community revitalization plan exist? No

Political Jurisdiction: City of Elizabeth City


Jurisdiction CEO Name: First: John Last: Bell Title: Mayor
Jurisdiction Address: 1924 Rivershore Road
Jurisdiction City: Elizabeth City Zip: 27909

Jurisdiction Phone: (252)338-8656

Site Latitude: 36.289

Site Longitude: -76.233


Project Description

Project Type:* New Construction Rehab 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):

Will the project be receiving project based federal rental assistance? Yes

If yes, provide the subsidy source: HUD and number of units: 154

Target Population: Family

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: 10

Persons with disabilities or homeless populations: the greater of 5 units or 10% of the total units.
Number of Units: 16
Remarks: 100% of the units have federal project-based assistance. There are currently two HAP contracts for
the development of which we plan to combine into one HAP contract.

Will the project use steel and concrete construction and have at least 4 stories? No
Will the project include a Community Service Facility under Section 42(d)(4)(c)(iii) of the code? No
If yes, please describe:
Applicant Information

Applicant Name: Integra Development Partners, LLC

Address: 5821 Falls of Neuse Road

City: Raleigh State: NC Zip: 27609

Contact: First: Catherine Last: Putnam Title: Development Associate

Telephone: (919)277-0177

Alt Phone: (919)277-0261

Fax: (919)277-0180

Email Address: catherine@integradevelopment.com

NOTE: Email Address above will be used for communication between NCHFA and Applicant.
Site Description
Total Site Acreage: 11.9 Total Buildable Acreage: 11.9
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:
There will be a relocation plan for the tenants who may be temporarily displaced during the
rehabilitation. There are budgeted funds of $1,000 per unit for relocation costs.

(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:

(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: Purchase Price:

If no:
(a) Does the owner/principal or ownership entity have valid option/contract to purchase the property? Yes
(b) Does an identity of interest (direct or indirect) exist between the owner/principal or ownership entity with the option/contract for
purchase of the property and the seller of the property? No
If yes, specify the relationship:

(c) Enter the current expiration date of the option/contract to purchase: 3/31/2006

(D) Enter Purchase Price: 2,700,000


Zoning
Present zoning classification of the site: Apartment District (AD)

Is mutifamily 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: Walker Landing, LLC


Address: 5821 Falls of Neuse Road
City: Raleigh State: NC Zip: 27609
Federal Tax ID Number of Ownership Entity: (If assigned)
Federal Tax ID Number of Managing GP or Member: 54-2079442 (If Not Assigned)
Entity Type: Limited Liability Company
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
Is the applicant requesting that the Agency treat the application as a Hope VI project? No
Does the ownership entity include a public housing authority (PHA) or a related entity of the
No
PHA as a partner, member, or principal?
List all general partners, members,and principals. Specify nonprofit corporate general partners or
members. Click [Add] to add additional partners, members, and principals.

Org: Integra Investment Holdings, LLC


First Name: Judith Last Name: Core Function: Managing Member

Address: 5821 Falls of Neuse Road

City: Raleigh State: NC Zip: 27609

Phone: (919)277-0177 Fax: (919)277-0180

EMail: judy@integradevelopment.com Nonprofit: No

Org: MARG Rural, LLC


First Name: Robert Last Name: Margolis Function: Member

Address: 15825 Shady Grove Road, Suite 55

City: Rockville State: MD Zip: 20850

Phone: (301)365-9314 Fax: (301)365-9335

EMail: bobm@tmgateway.com Nonprofit: No


Unit Mix
The Median Income for Pasquotank county is $45,200.

Low Income Units


Total # Monthly Utility Mandatory **Total
Type # BRs Net Sq.Ft. # Units Units Rent Allowance Serv. Fees Housing Exp.
Gdn Apt 1 584 24 2 415 77 0 492

Gdn Apt 1 601 7 0 415 77 0 492

Gdn Apt 1 669 3 3 415 77 0 492

Gdn Apt 2 779 36 1 495 86 0 581

Gdn Apt 2 719 36 1 495 86 0 581

Gdn Apt 3 1044 32 1 575 116 0 691

Gdn Apt 3 924 8 1 575 116 0 691

Gdn Apt 4 1082 8 1 665 120 0 785

Utilities included in rents: Water/Sewer Electric Gas Other

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.
Gdn Apt 2 966 1 0 0 86 0 86

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 Gross Monthly


Units Units Rental Income

Low Income....... 155 10 78070

Market Rate.......

Totals............... 155 10 78070

Proposed number of residential buildings: 19 Maximum number of stories in buildings: 2

Project Includes:
Separate community building - Sq. Ft. (Floor Area): 1,357

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

Elevators - Number of Elevators:


Square Footage Information

Gross Floor Square Footage: 142,211

Total Net Sq. Ft. (All Heated Areas): 127,450

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 Units %
1 34 targeted at 60 percent of median income

2 73 targeted at 60 percent of median income

3 40 targeted at 60 percent of median income

4 8 targeted at 60 percent of median income

Total Low Income Units: 155

Note: This number should match the total number of low income units in the Unit Mix section.
Funding Sources
Amort. Annual
Non- Rate Term Period Debt
Source Amount Amortizing* (%) (Years) (Years) Service
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 4,750,000 5.85 30 40 307,682

State Tax Credit(Loan) 0 30 30 0

State Tax Credit(Direct Refund)

Equity: Federal LIHTC 2,648,402

Non-Repayable Grant

Equity: Historic Tax Credits

Deferred Developer Fees 246,358

Owner Investment
Other - Specify:
Replacement Reserves & Residual 600,000
Receipts
Total Sources** 8,244,760

* "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. 95

Remarks concerning project funding sources:


(Please be sure to include the name of the funding source(s))
Per the Option Agreement, the Replacement Reserves and Residual Receipts will be
deducted from the purchase price at closing. As of the year-end 2004 HUD Audit the existing
Replacement Reserves and Residual Receipts totaled $662,887. We have budgeted $600,000
of this amount as a project source and have included correspondence from HUD & RD
verifying that it is okay to use these funds once in Appendix Q of the application.
Development Costs
Eligible Basis
Item Cost Element TOTAL COST
30% PV 70% PV
1 Purchase of Building(s) (Rehab / Adaptive Reuse) 2,399,300 2,399,300
2 Demolition (Rehab / Adaptive Reuse only)
3 On-site Improvements 155,000 116,250
4 Rehabilitation 2,480,000 2,480,000
5 Construction of New Building(s)
6 Accessory Building(s)
7 General Requirements 158,100 158,100
8 Contractor Overhead 55,862 55,862
9 Contractor Profit 167,586 167,586
10 Construction Contingency 180,993 180,993
11 Architect's Fee - Design 65,000 65,000
12 Architect's Fee - Inspection 15,000 15,000
SUBTOTAL (lines 1 through 12) 5,676,841
13 Construction Insurance (prorate) 35,000 35,000
14 Construction Loan Orig. Fee (prorate) 47,500 47,500
15 Construction Loan Interest (prorate) 285,269 171,161
16 Construction Loan Credit Enhancement (prorate) 31,975 31,975
17 Construction Period Taxes (prorate)
18 Water, Sewer and Impact Fees
19 Survey 25,000 25,000
20 Property Appraisal 10,000 10,000
21 Environmental Report 20,000 20,000
22 Market Study 7,000 7,000
23 Bond Costs 47,500
24 Bond Issuance Costs 155,000
25 Placement Fee
26 Permanent Loan Origination Fee 47,500
27 Permanent Loan Credit Enhancement
28 Title and Recording
SUBTOTAL (lines 13 through 28) 711,744
29 Real Estate Attorney 65,000 10,400 5,850
30 Other Attorney's Fees 85,000 25,000
31 Tax Credit Application Fees (Preliminary and Full) 2,120
32 Tax Credit Allocation Fee (0.52% of line 58, minimum $7,500) 19,000
33 Cost Certification / Accounting Fees 15,000 15,000
34 Tax Opinion 10,000
35 Organizational (Partnership) 1,000
36 Tax Credit Monitoring Fee 65,875
SUBTOTAL (lines 29 through 36) 262,995
37 Furnishings and Equipment 20,000 20,000
38 Relocation Expense 155,000 155,000
39 Developer's Fee 530,780 76,778 434,804
40 Lender's Supervision 15,000 15,000
41 Permits & Soft Cost Contingency 40,000 40,000
42 Rent-up Expense 35,000
43 Other Non-basis Expense (specify)
44 Other Non-basis Expense (specify)
SUBTOTAL (lines 37 through 44) 795,780
45 Rent up Reserve 46,500
46 Operating Reserve 395,950
47 Replacement Reserve 54,250
48 Other Reserve (specify)
49 DEVELOPMENT COST (lines 1-48) 7,944,060 2,486,478 4,297,081
50 Less Federal Financing
51 Less Disproportionate Standard
52 Less Nonqualified Nonrecourse Financing
53 Less Historic Tax Credit (residential) 0
54 TOTAL ELIGIBLE BASIS 6,783,559 2,486,478 4,297,081
55 Applicable Fraction (percentage of LI Units) 100.00% 100% 100%
56 Basis Before Boost 6,783,559 2,486,478 4,297,081
57 Boost for QCT/DDA (if applicable, enter 130%) 100.00% 130.00%
58 TOTAL QUALIFIED BASIS 8,072,683 2,486,478 5,586,205
59 Tax Credit Rate 3.50 3.50
60 Federal Tax Credits at Estimated Rate 282,543 87,026 195,517
61 Federal Tax Credits at 8.5% or 3.75% 568,070 93,242 474,827
62 Federal Tax Credits Requested 288,759 93,242 195,517
63 Land Cost 300,700
64 TOTAL REPLACEMENT COST 8,244,760

Comments:
Market Study Information
Please provide a detailed description of the proposed project:
Walker Landing, currently known as Elizabeth Manor Apartments Section I and Section II, is a 154-
unit garden and townhouse-style apartment community. The apartments are comprise of 1,2,3 and
4-bedroom units situated in 19 two-story buildings. The development was built in two phases in 1975
and 1976. The first phase was originally financed through HUD and the second phase was financed
through USDA Rural Development. Both phases have 100% project-based assistance through HUD.

Construction (check all that apply):

Brick Vinyl Wood HardiPlank Balconies/Patios Sunrooms Front Porches

Front Gables or Dormers Wide Banding or Vertical/Horizontal Siding

Other:
The proposed renovation of the apartments will include substantial interior improvements including
updated appliances, new kitchen cabinets, installation of new water heaters and HVAC as
necessary, new carpet and/or vinyl, as well as drywall and sub floor repairs. Exterior improvements
will include all new windows. The doors, shutters, gutters, roofs and brickwork will be repaired as
needed. Other common area improvements will include installing new signage and playground
equipment as well as repairing any tripping hazards along the the parking lot, sidewalks and curbs.

Have you built other tax credit developments that use the same building design as this project? Yes
If yes, please provide name and address:
Tyler Run I & II
201 Tyler Lane
Edenton, NC 27932

Highland Green
111 S. Pinkson
Henderson, NC 27536

Oxford Manor Apartments


409 North Bolton Street
New Oxford, PA 17350

Lincoln Apartments
Route 19 & Lincoln Drive
Shinnston, WV 26431

Site Amenities (check all that apply):

Community Bldg Community Room Garages


Ft: Ft: Number:

Resident Garden Plots Playground Tot Lot Basketball Court Volleyball Court

Picnic Area with


Walking Trails Fitness Stations Gazebo/Arbor Horseshoe Pit
Tables/Grilles

Car Care Area with Covered Drive-


Shuffleboard Fenced Ball Field Swimming Pool
Vacuum hrough at Entry

Covered Drop off at


Flag Pole Sitting Area Large Fountain Tennis Court
Entry

Garages/Covered
Irrigated Lawns Bike Racks Bus Shelter Game/Craft Room
Parking

Reading
Screened Porch Sunroom with Chairs Exercise Room Exam Room
Room/Library
Resident Computer Storage for Elderly
TV room Beauty Salon Vending Area
Center Projects

Providing High-Speed Community Service


Internet Access Facility

Onsite Activities:
The property manager will be responsible for all on-site activities and services. However, once a
Resident Committee is established, it is typical that they will take over a majority of the
responsibility.

On site programs specifically related to families with children will be held monthly, such as parties,
potluck meals, movie nights, health seminars and other educational activities designed to be fun and
promote the well-being of the residents.

Landscaping Plans:
The landscaping plan will ensure attractive curb appeal with improvements to include restoring
existing landscaped areas by pruning and fertilizing vegetation and planting low-lying vegetation that
is indigenous to the area. Sod will be placed around the sides of the building and all high traffic
areas.

Interior Apartment Amenities (check all that apply):

Range Hood Dishwasher Disposal Refrigerator (frost free) Storage interior/exterior

W/D Hookups Mini-blinds Pantry Ceiling fans Walk-in closets

Flooring: Carpet Vinyl Wood Wood Parquet Ceramic Tile Other

Heating/Cooling: Central Air Gas Heat Heat Pump Electric 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 area on either side of Walker Avenue on the opposite side of the railroad tracks has had recent
redevelopment activity with a number of singly-family homes that have been bought and sold to
moderate income families. A LIHTC elderly development was funded in 2001 and is now built. The
neighborhood has recently been improved with new sidewalks on Walker Avenue and connecting
streets.

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.
Land uses around the site include a mix of residential, commercial and institutional uses along with
vacant lots. An unused railroad track borders the site to the west. Land to the north (fronting on
Walker Avenue) includes a vacant undeveloped lot, older single family residences, and a daycare
center. PW Moore Elementary School is located to the west, with access off Roanoke Avenue. Most
of the remaining development immediately adjacent to the site is comprised of a mix of older single-
family residential homes. Much of the area along Halstead Boulevard from Ehringhaus east to
Roanoke Avenue is a mix of retail and other highway commercial development.

SITE SUITABILITY (MAXIMUM 35 POINTS)

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 fronts Walker Avenue, a residential street that connects to Roanoke Avenue. Roanoke
Avenue is a minor collector road that provides access from Halstead Boulevard to State Route 34
and US 17 Business and Elizabeth City business district. Public transportation along a set route is
available on the Elizabeth City Loop which operates Monday through Friday and has scheduled
stops in front of Walking Landing five times daily.

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).
There are no on-site features or physical barriers that pose a threat to the operation of the
apartments or its tenants.

Similarity of scale and aesthetics/architecture between project and surroundings.


The 1 and 2-story garden-style design and brick exterior of the apartments compliment the
surrounding land uses and architecture of the 1-story older single family residences, day care center
and elementary school.

For each applicable neighborhood feature, enter distance from project in miles.
0.5 Grocery Store 1.5 Community/Senior Center

0.9 Mall/Strip Center 0.9 Hospital

1.5 Outdoor Athletic Fields 0.2 Pharmacy

0.1 Day Care/After School 0.5 Basic Health Care

0.3 Schools 0.5 Medical Offices

0.0 Public Transportation Stop 0.4 Bank/Credit Union

0.4 Convenience Store 0.3 Restaurants

1.5 Basketball/Tennis Courts 0.7 Professional Services

1.7 Public Parks 0.5 Movie Theater

0.4 Gas Station 0.4 Video Rental

0.9 Library 0.4 Public Safety (Fire/Police)

0.0 Fitness/Nature Trails 0.4 Post Office

1.5 Public Swimming Pools

Other facilities or services:


Development Team
Provide contact information for development team members below:

Management Agent
Company: T.M. Associates, Inc.
Address: 15825 Shady Grove Road, Suite 5
City: Rockville State: MD Zip: 20850

Phone (240)683-0300 Email: lsevere@tmgateway.com


Contact Name: First: Lester Last: Severe

Architect
Company: Ross/Deckard Architects P.A.
Address: 6131 Falls of Neuse Road, Suite 112
City: Raleigh State: NC Zip: 27609

Phone (919)875-0001 Email: JR@RossDeckardArchitects.co


Contact Name: First: James Last: Ross

Attorney
Company: Hunton and Williams
Address: 421 Fayetteville Street Mall, 1 Hanover Square, Suite 1400
City: Raleigh State: NC Zip: 27601

Phone (919)899-3000 Email: mnrusher@hunton.com


Contact Name: First: Mary Nash Last: Rusher

Investor
Company: Red Capital Markets, Inc.
Address: 339 Barrello Lane
City: Cocoa Beach State: FL Zip: 32931

Phone (321)868-7930 Email: akcolvard@redcapitalgroup.com


Contact Name: First: Alison Last: Kerr-Hull Colvard

Consultant/Application Preparer (if different from developer)


Company:
Address:
City: State: Zip:

Phone Email:
Contact Name: First: Last:

General Contractor Identity of Interest?


Company: Mutual Builders, Inc.
Address: 312 South Third St.
City: Smithfield State: NC Zip: 27577

Phone (919)934-0882 Email: millard.stallings@mutualbuilders


Contact Name: First: Millard Last: Stallings
Project Team Experience
Development
List number low-income/tax credit housing projects and units developed, operated, and maintained in compliance by the principal(s)
between December 1, 1997 and January 1, 2004 :
North Carolina Other States
Projects: 8 83

Units: 374 2,985

Management
List number of low-income housing tax credit units managed in the past 10 years:
North Carolina Other States
Projects: 1 86

Units: 50 3,161

Has any owner, principal, or management agent been debarred or received a limited denial participation in the past 10 years by any federal
or state agency? No

Has any owner, principal, or management agent been involved in a bankruptcy, an adverse fair housing settlement, an adverse civil rights
settlement, or an adverse federal or state government proceeding and settlement in the past 10 years? Yes

Has any owner or principal been in a mortgage default or delinquency of three months or more within the last 5 years on a FHA-insured
project, a Rural Development funded rental project, a tax-exempt funded mortgage, a tax credit project, or any other publicly subsidized
project? No

Has any owner or principal been involved within the last 10 years in a project which previously received an allocation of tax credits but
failed to meet compliance standards of the tax credit allocation, including return of a reservation of tax credits to the Agency after the
carryover agreement has been signed? No

Has any owner or principal had a Form 8823 filed with the IRS for noncompliance on a project using low-income housing tax credits or
received a letter of non-compliance from the Agency? No
Financing Commitments
Does the project have a firm commitment for construction financing? No
Does the project have a letter of intent for private permenant financing? Yes
Does the project have a firm commitment for government financing? No
Does the project have a letter of intent from an investor? Yes
Is any portion of the eligible basis of new contruction or rehabilitation financed with federal subsidies other than CDBG funds or
No
funds from the HOME program?
If yes, indicate the type and amount below:

Tax Exempt Financing: $


RD 515 Financing: $

Hope VI Financing: $

Other: $

If Other, specify the type of Federal subsidy:


Projected Operating Costs
Project Operations (Year One)
Administrative Expenses
Advertising 1,000
Office Salaries 50,000
Office Supplies 10,000
Office or Model Apartment Rent
Management Fee 46,842
Manager or Superintendent Salaries
Manager or Superintendent Rent Free Unit
Legal Expenses (Project) 5,000
Auditing Expenses (Project) 6,500
Bookkeeping Fees/Accounting Services 0
Telephone and Answering Service 1,000
Bad Debts
Other Administrative Expenses (specify):
3,875
Annual City of Elizabeth City Inspection
SUBTOTAL 124,217
Utilities Expense
Fuel Oil
Electricity (Light and Misc. Power) 20,000
Water 40,000
Gas
Sewer 25,000
SUBTOTAL 85,000
Operating and Maintenance Expenses
Janitor and Cleaning Payroll
Janitor and Cleaning Supplies
Janitor and Cleaning Contract
Exterminating Payroll/Contract 1,500
Exterminating Supplies
Garbage and Trash Removal 6,000
Security Payroll/Contract 2,500
Grounds Payroll
Grounds Supplies
Grounds Contract 35,000
Repairs Payroll 45,000
Repairs Material 25,000
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 115,000
Taxes and Insurance
Real Estate Taxes 90,000
Payroll Taxes (FICA) 8,000
Miscellaneous Taxes, Licenses and Permits 3,000
Property and Liability Insurance (Hazard) 45,000
Fidelity Bond Insurance 500
Workmen's Compensation 3,500
Health Insurance and Other Employee Benefits 10,000
Other Insurance:

SUBTOTAL 160,000
Supportive Service Expenses
Service Coordinator
Service Supplies
Tenant Association Funds
Other Expenses (specify):

SUBTOTAL 0
Reserves
Replacement Reserves 54,250
SUBTOTAL 54,250
TOTAL OPERATING EXPENSES 538,467
ADJUSTED TOTAL OPERATING EXPENSES
394,217
(Does not include taxes, reserves and resident support services) *
TOTAL UNITS
155
(from total units in the Unit Mix section)
PER UNIT PER YEAR 2,543
Projected Cash Flow

Year One
OPERATING INCOME
Gross rental income
936,840
(from Unit Mix - Total Monthly Rent)
Stores and Commercial

Laundry and Vending 2,500


Other (specify):
20,750
Tenant Charges & Interest Receipts

Total Gross Income Potential at 100% Occupancy 960,090

Seven Percent Vacancy Allowance 67,206

NET RENTAL/OTHER INCOME 892,884

TOTAL OPERATING EXPENSES


538,467
(from Projected Operating Costs)
NET OPERATING INCOME 354,417

DEBT SERVICE
307,682
(from Funding Sources Loans)

NET CASH FLOW 46,735

DEBT COVERAGE RATIO


1.152
(Must not be less than 1.15)

20-Year Cash Flow

Year 1 2 3 4 5 6 7 8 9 10
Net Rental/Other Income* 892,884 919,671 947,261 975,679 1,004,949 1,035,097 1,066,150 1,098,135 1,131,079 1,165,011
Total Operating Expenses* 538,467 560,006 582,406 605,702 629,930 655,127 681,332 708,585 736,928 766,405
Debt Service 307,682 307,682 307,682 307,682 307,682 307,682 307,682 307,682 307,682 307,682
Net Cash Flow 46,735 51,983 57,173 62,295 67,337 72,288 77,136 81,868 86,469 90,924
Debt Coverage Ratio 1.152 1.169 1.186 1.202 1.219 1.235 1.251 1.266 1.281 1.296

Year 11 12 13 14 15 16 17 18 19 20
Net Rental/Other Income* 1,199,961 1,235,960 1,273,039 1,311,230 1,350,567 1,391,084 1,432,817 1,475,802 1,520,076 1,565,678
Total Operating Expenses* 797,061 828,943 862,101 896,585 932,448 969,746 1,008,536 1,048,877 1,090,832 1,134,465
Debt Service 307,682 307,682 307,682 307,682 307,682 307,682 307,682 307,682 307,682 307,682
Net Cash Flow 95,218 99,335 103,256 106,963 110,437 113,656 116,599 119,243 121,562 123,531
Debt Coverage Ratio 1.309 1.323 1.336 1.348 1.359 1.369 1.379 1.388 1.395 1.401

* 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".
Design Features
ITEM DESCRIPTION

Foundation/Slab Components

MI Windows & Doors,


Primary Windows
Make: Inc. Model: #8540 SH & #8520 Sliders
Type/Construction: Single Hung Insulated

90 Minute Rated Metal


Exterior Doors
Type: Insulated Frames: Wood

Siding Type: Vinyl Grade/Thickness: 0.44


Warranty: Lifetime - Manufacturer

Exterior Trim New PVC Trim on Facia/Rake Boards & Vinyl Shutters

Shingles Type: Asphalt Weight: Dimensional


Warranty: 30-Year Manufacturer

Sprinkler System N/A

Cabinets Solid Oak Frames & Door Panels with Wood Bottoms & Bases

Heat Pump SEER: 12 Make: Goodman


Model: 1.5 Ton

Air Conditioner SEER: 12 Make: Goodman


Model: 1.5 Ton

Other Heat Systems SEER: N/A Make: N/A


Model: N/A
Costs - Construction
This is a detailed breakdown of rehabilitation or construction costs you summarized in the Development Costs table (Rehabilitation and
Construction of New Building(s)). The total should match those roll-up values.

ITEM LABOR MATERIAL TOTAL


Concrete Footings 0
Backfill-slab, Crawl 0
Slab-concrete/Rebar/Gravel 0
Waterproofing 0
Masonry Foundation 0
Brick Veneer 18,450 4,800 23,250
Steel/Structure/Rails 0
Framing/Lumber/Nails 51,500 30,000 81,500
Trusses 0
Crane Rental 0
Windows/Grilles/Screen 102,600 98,900 201,500
Exterior Doors 26,700 48,000 74,700
Roofing 0
Fencing 0
Vinyl Siding/Trim/Box 60,000 64,000 124,000
Gutters/Shutters 23,000 22,800 45,800
Insulation 9,000 6,500 15,500
Drywall 53,500 55,000 108,500
Interior Doors 12,600 4,700 17,300
Int. & Final/Stair/Trim/Shelves 55,000 51,000 106,000
Cabinets & Tops 41,000 160,500 201,500
Painting 79,500 60,000 139,500
Marble - Tub/Shwr/Tops 0
Plumbing 114,600 84,300 198,900
Electrical 141,000 107,000 248,000
Heating/Air Conditioning 193,300 213,375 406,675
Floor Covering and Underlayment 22,000 138,000 160,000
Wall Paper 0 0 0
Mailboxes/Special Features/Signage 3,000 12,000 15,000
Gypcrete 0
Blinds/Shades/Art Work 3,900 26,325 30,225
Light Fixtures/Fans 7,500 39,000 46,500
Sprinkler System 0
Security Alarm 0
Hardwood Floors 0
Elevator 0
Ceramic Tiles 0
Acoustical Ceilings 0
Mirror/Shower Door/Encls. 0
Hardware/Bath Access. 54,250 54,250
Appliances 103,400 103,400
Playground Equipment 2,000 13,000 15,000
Interior Clean 18,000 18,000
Exterior Clean/Dumpster Rental 30,000 15,000 45,000
Other 1 (specify in Remarks) 0
Other 2 (specify in Remarks) 0
Total Cost 1,225,800 1,254,200 2,480,000

Remarks:
Costs - General
This is a detailed breakdown of the General Requirements cost element you summarized in the Development Costs table (General
Requirements). The total should match that roll-up value.

ITEM TOTAL
Supervision 83,000
Job Site Office/Trailer Rental 4,900
Office Supplies 850
Security/Watchman
Project Signage 1,000
Tools and Equipment 1,200
Gas, Oil, and Maintenance 1,500
Temporary Water, Electric, and Telephone 1,500
Storage/Hauling 5,400
Driveway Access Permit 0
Porta-John Rental/Dumping 3,800
Builders Risk Insurance 4,000
Re-inspection Fees 300
Extra Plans and Specifications 650
Miscellaneous, Casual Labor 45,000
Equipment Rental 5,000
Other 1 (specify in Remarks)
Other 2 (specify in Remarks)
Total Cost 158,100

Remarks:
Costs - Improvements
This is a detailed breakdown of the Site Improvements cost element you summarized in the Development Costs table (On-site
Improvements). The total should match that roll-up value.

ITEM TOTAL
Subsurface Exploration/Perk Testing/Site Engineering
Clearing/Grading/Final Grading/Excess and Borrow
Demolition 5,000
Earthwork/Excavation/Aerating
Soil Treatment 2,500
Pile Foundations
Caissons
Shoring/Bracing
Site Drainage
Site Utilities/Site Lighting
Paving and Surfacing/Curb and Gutter 59,000
Walkways 21,000
Site Signage 10,000
Parking Lot Painting
Dumpster Pads/Fencing 11,000
Fencing/Gates
Landscaping/Topsoil 46,500
Rock and Hardpan Excavation
Site Supervision Personnel
Other (specify in Remarks)
Total Cost 155,000

Remarks:
Costs - Bond Costs
This is a detailed breakdown of the Bond Costs cost element you summarized in the Development Costs table (Bond Costs). The total
should match that roll-up value.

ITEM TOTAL
Letter of Credit Fee
Credit Enhancement
Underwriter Discount 47,500
Capital Interest Fund
Other 1 (specify in Remarks)
Other 2 (specify in Remarks)
Total Cost 47,500

Remarks:
Costs - Bond Issuance
This is a detailed breakdown of the Bond Issuance cost element you summarized in the Development Costs table (Cost of Issuance).
The total should match that roll-up value.

ITEM TOTAL
Bond Counsel 35,000
Issuer Counsel 15,000
Credit Enhancement/LOC Counsel
Underwriter Counsel 17,000
Developer's Counsel
Rating Agency Fee 15,000
Printing
Trustee Fee 6,500
Trustee Counsel 6,500
Issuer's Fee 47,500
Other 1 (specify in Remarks) 10,000
Other 2 (specify in Remarks) 2,500
Other 3 (specify in Remarks)
Total Cost 155,000

Remarks:

$10,000 is budgeted as a contingency for the bond fees and an additional $2,500 has been
budgeted for local government counsel fees.
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 mortgage subsidy 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

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 100 year and 500 year floodplain (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 to support estimated utility costs

L Appraisal (required for land costs greater than $5,000 and for buildings in 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.

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 (see Appendix F). 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. 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)

U Anticipated budget demonstrating how the project will meet the 10% test