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

Project Description
Project Name: Willow Ridge Address: City: #TBD Old NC 18 Morganton County: Burke Block Group: 1003 Zip: 28655

Census Tract: 207

Is project in Qualified Census Tract or Difficult to Develop Area? No Political Jurisdiction: Jurisdiction Address: Jurisdiction City: Jurisdiction Phone: City of Morganton Last: Cohen Title: Mayor PO Box 3448 Morganton (828)437-8863 Zip: 28680-3448

Jurisdiction CEO Name: First: Mel

Site Latitude: Site Longitude:

35.7233 -81.67129

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): The Willows 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? No 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: 2 Persons with disabilities or homeless populations: the greater of 5 units or 10% of the total units. Number of Units: 5 Remarks: This development is essentially a second phase of The Willows, a very successful age restricted community, which is well accepted in the community and recieves strong support from city government and local leaders. The Willows continues to enjoy high occupancy and a waiting list due to its strong popularity among Morganton senior citizens.

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: (704)321-1562 southllc@windstream.net Southland Partners LLC 131 Matthews Station St., Suite 2-F Matthews First: Tom (704)321-1526 State: NC Zip: 28105 Last: Honeycutt Title: Member Manager

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

Site Description
Total Site Acreage: 3.60 Total Buildable Acreage: 3.60 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? No If yes: (a) Briefly describe the situation:

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

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

(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? Yes If yes, specify the relationship: John Loving is the GP of the seller

Purchase Price:

(c) Enter the current expiration date of the option/contract to purchase: 12/31/2007 (D) Enter Purchase Price: 56,000

Zoning
Present zoning classification of the site: RH 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: Willow Ridge Housing LLC Address: City: 131 Matthews Station St., Suite 2-F Matthews State: NC Zip: 28105 (If assigned)

Federal Tax ID Number of Ownership Entity:

Note: Do not submit social security numbers for individuals. Entity Type: Limited Liability Company 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:

Southland Partners LLC Last Name: Honeycutt Function: Managing Member

First Name: Tom Address: City: Phone: EMail:

131 Matthews Station Street, Suite 2-F Matthews (704)321-1526 southllc@windstream.net State: NC Zip: 28105

Fax: (704)321-1562 Nonprofit: No

Org:

Thomas W. Honeycutt Last Name: Honeycutt Function: Principal

First Name: Tom Address: City: Phone: EMail:

131 Matthews Station Street, Suite 2-F Matthews (704)321-1526 southllc@windstream.net State: NC Fax: (704)321-1562 Nonprofit: No Zip: 28105

Org:

Gary D. Ellis Last Name: Ellis Function: Principal

First Name: Danny Address: City: Phone: EMail: 2021 Cross Beam Drive Charlotte (704)357-6000 dellisgem@bellsouth.net

State: NC Fax: (704)357-1881 Nonprofit: No

Zip: 28217

Org:

Melvin B. Melton Last Name: Melton Function: Principal

First Name: Mel Address: City: Phone: 2021 Cross Beam Drive Charlotte (704)357-6000

State: NC Fax: (704)357-1881

Zip: 28217

EMail:

mmeltongem@bellsouth.net

Nonprofit: No

Org:

Timothy L. Gunderman Last Name: Gunderman Function: Principal

First Name: Tim Address: City: Phone: EMail: 2021 Cross Beam Drive Charlotte (704)357-6000

State: NC Fax: (704)357-1881 Nonprofit: No

Zip: 28217

tgundermangem@bellsouth.net

Org:

John C. Loving Last Name: Loving Function: Principal

First Name: John Address: City: Phone: EMail:

9205 Baileywick Road, Suite 201 Raleigh (919)844-1969 moakmarkdevelop@nc.rr.com State: NC Fax: (919)844-1393 Nonprofit: No Zip: 27615

Unit Mix
The Median Income for Burke county is $51,500. Low Income Units Type Gdn Apt Gdn Apt # BRs Net Sq.Ft. 1 2 660 900 Total # Units 16 12 # Units 3 2 Monthly Rent 398 475 Electric Utility Allowance 84 97 Gas Mandatory Serv. Fees 0 0 Other trash pickup **Total Housing Exp. 482 572

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............... 28 5 12068 28 Gross Monthly Rental Income 12068

Units 5

Proposed number of residential buildings: 1 Project Includes:

Maximum number of stories in buildings: 1

Separate community building - Sq. Ft. (Floor Area): Community space within residential bulding(s) - Sq. Ft. (Floor Area): 5,144 Elevators - Number of Elevators: 1 Square Footage Information Gross Floor Square Footage: 33,324

Total Net Sq. Ft. (All Heated Areas): 32,266

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 8 8 6 6

Units targeted at 50 targeted at 60 targeted at 50 targeted at 60

% percent of median income affordable to/occupied by percent of median income affordable to/occupied by percent of median income affordable to/occupied by percent of median income affordable to/occupied by

Total Low Income Units:

28

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

Funding Sources
NonAmortizing* 0 473,622 0 0 0 0 0 0 0 0 531,078 0 1,816,768 0 0 0 100 0 2,821,568 0 30 30 0 2.00 20 20 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

* "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)) The first mortgage is anticipated to be RPP funds from NCHFA. The syndicator has not been selected at this time, however a letter is included. We have used the state underwriting amount in valuing the credits at this point as the market has been moving down and is expected to continue for the near future. Other equity and deferred fee will come from the developer. State tax credit loan from NCHFA.

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 18000 11 18000 2 18000 12 18000 3 18000 13 18000 4 18000 14 18000 5 18000 15 18000 6 18000 16 18000 7 18000 17 18000 8 18000 18 18000 9 18000 19 18000 10 18000 20 18000

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) 5,600 Other Non-basis Expense (specify) Other Non-basis Expense (specify) 294,000 294,000 202,188 23,000 7,000 2,200 15,401 4,000 2,000 250 18,200 72,051 35,000 35,000 4,000 23,000 7,000 1,200 42,000 12,000 3,000 3,000 4,200 1,200 42,000 12,000 3,000 3,000 4,200 14,483 122,305 14,483 122,305 100,655 28,645 114,579 58,544 48,160 12,040 20,000 2,090,201 100,655 28,645 114,579 58,544 48,160 12,040 20,000 1,361,578 1,361,578 346,000 346,000 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)

334,600 8,400 58,128

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:

2,765,568

2,655,389

0 2,655,389 100.00% 2,655,389 2,655,389 213,758 225,708 224,000 213,758 56,000 2,821,568 224,000 0 213,758 0 100% 0 100.00% 0 3.45 0 0 2,655,389 100% 2,655,389 100.00% 2,655,389 8.05 213,758 225,708

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

94,894 8,061

Market Study Information


Please provide a detailed description of the proposed project: This development will consist of 28 units of housing for the elderly in Morganton, NC, and is considered to be a second phase of the highly successful development located next door known as The Willows. The site is located in a quiet residential neighborhood with shopping, medical and other services located a short distance from the property.

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

The building will feature a large community space/gathering room with large TV, library, computer room, exercise room, entry canopy with seating, screened porch, terrace, furnished sitting area. The site is to be well landscaped with walking trails, garden plots, picnic area, gazebo and arbor.

Have you built other tax credit developments that use the same building design as this project? Yes If yes, please provide name and address: Millside Manor, 101 Gillam St., Morganton, NC 28655 Mountain View, 134 East Mountain St., Kerversville, NC 27284 Huntington Manor, 1600 Tampa Dr., Goldsboro, NC

Site Amenities: Community room, laundry room, screened porch, computer center, library, game room, excercise room, tv room, picnic area, onsite leasing office, onsite manager and maintenance, walking trails, garden plots.

Onsite Activities: Services will be arranged by management per the services plan. Other social activities will be planned as the demand arises.

Landscaping Plans: Landscaping will be heavy with an initial budget of $1,000 per unit.

Interior Apartment Amenities:

range, hood, dishwasher, frost free refrigerator, storage, mini blinds, walk in closets, carptet, vinyl floor coverings elsewhere, heat pumps

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. The neighborhood is stable with other properties being well maintained and very little concentration of affordable housing accept for sister developments, The Willows and Willow Run, in the area.

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. Surrounding land uses are compatible, being residential, with no detrimental industrial or institutional uses nearby. 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. Very little traffic occurs on the streets in the neighborhood, which are mainly residential in nature. However, easy access to main arteries going into downtown and to I40 are readily available. 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). No negative features or physical barriers.

Similarity of scale and aesthetics/architecture between project and surroundings. Proposed building will be similar in scale and architecture to other structures in the area and neighborhood.

For each applicable neighborhood feature, enter distance from project in miles. 1.4 1 Grocery Store Mall/Strip Center Outdoor Athletic Fields Day Care/After School .2 1.4 1.3 1.5 Community/Senior Center Hospital Pharmacy Basic Health Care

Schools

1.5

Medical Offices Bank/Credit Union Restaurants Professional Services Movie Theater Video Rental

Public Transportation Stop .5 .1 Convenience Store Basketball/Tennis Courts Public Parks .2 2 Gas Station Library Fitness/Nature Trails Public Swimming Pools 1.8 2 .5

Public Safety (Fire/Police) Post Office

Other facilities or services: the site is readily accessible to local employers, health-care services , retail shopping, social services and recreational areas.

Development Team
Provide contact information for development team members below: Management Agent Company: GEM Management Inc. Address: City: Phone 2021 Cross Beam Drive Charlotte (704)357-6000 State: NC Zip: 28217 Email: dellisgem@bellsouth.net Last: Ellis

Contact Name: First: Danny

Architect Company: Address: City: Phone

J Davis Architects 510 Glenwood Avenue, Suite201 Raleigh (919)835-1500 State: NC Zip: 27603 Email: bondm@jdavisarchitects.com Last: McAmy

Contact Name: First: Bond

Attorney Company: Address: City: Phone

The Pryzwansky Law Firm PO Box 2475 Raleigh (919)828-8668 State: NC Zip: 27602 Email: david@pyrzlaw.com Last: Pryzwansky

Contact Name: First: David

Investor Company: Address: City: Phone

Boston Capital One Boston Place Boston (617)624-8999 State: MA Zip: 02108-4406 Email: Last: Winner

Contact Name: First: Olga

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

Identity of Interest? General Contractor Company: Fyffe Construction Co. Address: City: Phone 1544 Main Street Fyffe (256)601-9309 State: AL Zip: 35971 Email: Last: McGinty

Contact Name: First: Chad

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) 25,199 21,440 2,088 3,759 4,000 8,000 7,060 1,680 700 1,400 9,862 27,670 1,200 118 3,950 11,760 8,162 800

1,680

6,862 1,600

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

300 7,392 300

31,520

0 7,006 7,006 101,257 72,811 28 2,600

Projected Cash Flow Year One


OPERATING INCOME Gross rental income (from Unit Mix - Total Monthly Rent) Stores and Commercial Laundry and Vending Other (specify): NSF, Late Fees, Forfeited Sec. Dep., and Investment income 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) 202 2,002 147,020 10,291 136,729 144,816

101,257 35,472

18,000

17,472 1.971

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 1 136,729 101,257 18,000 17,472 1.971 11 183,753 149,885 18,000 15,868 1.882 2 140,831 105,307 18,000 17,524 1.974 12 189,266 155,880 18,000 15,386 1.855 3 145,056 109,519 18,000 17,537 1.974 13 194,944 162,115 18,000 14,829 1.824 4 149,408 113,900 18,000 17,508 1.973 14 200,792 168,600 18,000 14,192 1.788 5 153,890 118,456 18,000 17,434 1.969 15 206,816 175,344 18,000 13,472 1.748 6 158,507 123,194 18,000 17,313 1.962 16 213,020 182,358 18,000 12,662 1.703 7 163,262 128,122 18,000 17,140 1.952 17 219,411 189,652 18,000 11,759 1.653 8 168,160 133,247 18,000 16,913 1.94 18 225,993 197,238 18,000 10,755 1.598 9 173,205 138,577 18,000 16,628 1.924 19 232,773 205,128 18,000 9,645 1.536 10 178,401 144,120 18,000 16,281 1.905 20 239,756 213,333 18,000 8,423 1.468

* 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)