Battery Park

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Print Preview - Final Application

Tax Credits, RPP Loans, and/or Tax Exempt Bond Loans
Resources Requested
Check all that apply: Federal Low Income Housing Tax Credit State Low Income Housing Tax Credit Tax Exempt Bonds Rental Production Program (RPP) Loan Requested RPP Loan Amount: RPP Loan Product Requested:
https://www.nchfa.org/Rental/RTCApp/(k3rukw2bdruyol4540y0jf3j)/site/PrintApp.aspx?I... 1/14/2005
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Project Name and Location

Project Name: Battery Park Apartments Address: City: 1 Battle Square Asheville County: BUNCOMBE Zip: 28801 Block Group: 1
Census Tract: 37021000100
Is project in Qualified Census Tract & Difficult to Develop area: Yes Political Jurisdiction: Jurisdiction Address: Jurisdiction City: Jurisdiction Phone: City of Asheville Last: Westbrook Title: City of Asheville PO Box 7148 Asheville (828)259-5604 Zip: 28802
Jurisdiction CEO Name: First: James
Site Latitude: Site Longitude:
35.6010 -82.5540
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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 federal rental assistance? Yes If yes, provide the subsidy source: HUD and number of units: 122
Target Population: Elderly (55) 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 other federal and state requirements) Persons with disabilities or homeless populations: the greater of 5 units or 10% of the total units Remarks:
Proposed number of residential buildings: 1 Types of Units:* Project Includes:
Maximum number of stories in buildings: 13
Townhouse
Duplex
Garden Apartment
Detached Single-Family
Separate community building - Sq. Ft. (Floor Area): Community space within residential bulding(s) - Sq. Ft. (Floor Area): 1,625 Elevators - Number of Elevators: 2 Square Footage Information Gross Floor Square Footage: 124,147
Total Net Sq. Ft. (All Heated Areas): 116,119
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Applicant Information
Applicant Name: Address: City: Contact: Telephone: The National Church Residences 2335 North Bank Drive Columbus First: Joe (614)273-3539 State: OH Zip: 43220 Last: Williams Title: Director of Acquisitions
Alt Phone:
(614)296-8972
Fax:
(614)451-0351
Email Address:
jwilliams@ncr.org
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Site Description
Total Site Acreage: 0.8 Total Buildable Acreage: 0.8 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: The existing building contains 113 1BR units and 9 2BR units. All units are project based section 8. Applicant would implement temporary displacement to conduct rehab work.
(b) Will tenant displacement be temporary? Yes (c) Will tenant displacement be permanent? No Is the site in a distressed neighborhood? No If yes, does a community revitalization plan exist? Is the site directly accessed by an existing, paved, publicly maintained road? Yes If no, please explain:
Is any portion of the site located inside the 100 year floodplain? No If yes: (a) Describe placement of project buildings in relation to this area:
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(b) Describe flood mitigation if the project is in the East Region and will have improvements within the 100 year floodplain:
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Site Control
Does the owner have fee simple ownership of the property (site/buildings)? No If yes provide: Purchase Date: If no: (a) Does the owner/principal or ownership entity have vaild 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: 7/30/2003 (D) Enter Purchase Price: 4,700,000
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Zoning
Present zoning classification of the site: CBD 'Central Business District' 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:
Is a public hearing of any kind required in the future for you to fully develop this property? No If yes, describe the nature of the hearing and when you expect the hearing will be held:
Are there any existing conditions of historical significance located on the project site that will require State Historic Preservation office review? Yes If yes, describe below: Project is on historic register and will be applying for historic tax credits
Are there any existing conditions of environmental significance located on the project site? No If yes, describe below:
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Ownership Entity
Owner Name: Battery Park Senior Housing, Limited Partnership Address: City: 2335 North Bank Drive Columbus State: OH Zip: 43220 (If assigned) 31-0651750 (If Not Assigned)
Federal Tax ID Number of Ownership Entity: Federal Tax ID Number of Managing GP or Member:
Entity Type: Limited Partnership Entity Status: Already 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?
Yes 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:
VOA Battery Park, Inc. (Volunteers of America of the Carolinas) Last Name: Schales-Elkins Function: Managing Member
First Name: Pepper Address: City: Phone: EMail:
246 Stoneridge Drive, Suite 103 Columbia (803)779-6465 pselkins@voacarolinas.org State: SC Zip: 29210
Fax: (803)779-1657 Nonprofit: Yes TaxID 57-0850754
Org:
Battery Park Senior Apartments, Inc. (National Church Residences) Last Name: Williams Function: General Partner
First Name: Joe Address: City: Phone: EMail: 2335 North Bank Drive Columbus (614)273-3539 jwilliams@ncr.org
State: OH
Zip: 43220
Fax: (614)451-0351 Nonprofit: Yes TaxID 31-0651750
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Unit Mix
List each applicable unit mix combination in a separate row below. Click [Add] to create another row. Click "X" (at the left of each row) to delete a row. Low Income Units Type Gdn Apt Gdn Apt # BRs Net Sq.Ft. 1 2 575 745 Total # Units 112 9 # Units 6 0 Monthly Rent 730 850 Electric Utility Allowance 0 0 Gas Other Mandatory Serv. Fees 0 0 **Total Housing Exp. 730 850
Utilites 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.
Utilites included in rents:
Water/Sewer
Electric
Statistics All Units Low Income....... Market Rate....... Totals............... 121 6 89410 121 Gross Monthly Rental Income 89410
Units 6
Notes * ** Paint-to-Paint Square Footage Please refer to the Income Limits and Maximum Housing Expense Table to ensure that Total Monthly Tenant Expenses for low income units are within established thresholds.
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Targeting
Specify Low Income Unit Targeting in table below. List each applicable targeting combination in a separate row below. Click [Add] to create another row. Click "X" (at the left of each row) to delete a row. Add as many rows as needed.
# BRs 1 2
Units 112 9 targeted at 60 targeted at 60
% percent of median income. percent of median income.
Total Low Income Units:
121
Note: This number should match the total number of low income units in the Unit Mix section.
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Funding Sources
NonAmortizing* Rate (%) Term (Years) Amort. Period (Years) Annual Debt Service
Source Bank Loan RPP Loan Local Gov. Loan - Specify: Asheville HOME RD Loan 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
225,000
1.00
6,699,484
6.47 0
420 30
35 30
484,047 0
2,368,497
1,354,156 250,000
0 10,897,137
* "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. 80 Remarks concerning project funding sources: (Please be sure to include the name of the funding source(s)) The terms of the Asheville HOME Loan as agreed with Asheville will be: 1. $225,000 2. 1% interest 3. 35 year loan 4.interest and payments deferred until payment of deferred developer fee has been fully paid
Loans with Variable Amortization Please fill in the annual debt service as applicable for the first 20 years of the project life.
Local Gov. Loan - Asheville HOME
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Year: Amt: Year: Amt:
1 0 11 8718
2 0 12 8718
3 0 13 8718
4 0 14 8718
5 0 15 8718
6 8718 16 8718
7 8718 17 8718
8 8718 18 8718
9 8718 19 8718
10 8718 20 8718
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Development Costs
Item Cost Element 1 Purchase of Buildings (Rehab) 2 Demolition 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 12 Architect's Fee - Inspection SUBTOTAL (lines 1 through 12) 13 Construction Insurance (prorate) 14 Construction Loan Orig. Fee (prorate) 15 Construction Loan Interest (prorate) 16 Construction Loan Credit Enhancement (prorate) 17 Construction Period Taxes (prorate) 18 Water, Sewer and Impact Fees 19 Survey 20 Property Appraisal 21 Environmental Report 22 Market Study 23 Bond Premium 24 Cost of Issuance 25 Placement Fee 26 Permanent Loan Origination Fee 27 Permanent Loan Credit Enhancement 28 Title and Recording SUBTOTAL (lines 13 through 28) 29 Real Estate Attorney 30 Other Attorney's Fees 31 Tax Credit App Fees 32 Accounting Fees 33 Tax Opinion 34 Organizational (Partnership) 35 Tax Credit Monitoring Fee SUBTOTAL (lines 29 through 35) 36 Furnishings and Equipment 37 Relocation Expenses 38 Developer's Fee (max 15% lines 2-36, less 8 & 9) 39 40 42 43 Other Basis Expense - Consultant Other basis expense (specify) Other Non-basis Expense - Other Soft Cost Compliance Monitoring Fee SUBTOTAL (lines 36 through 43) 44 Rent up Reserve 53,193 864,982 25,000 918,320 20,000 80,000 20,587 15,000 5,000 15,000 51,850 207,437 40,000 73,200 643,589 55,000 38,800 73,200 579,230 53,350 4,850 9,700 0 3,638 TOTAL COST 4,121,250 0 37,169 2,948,526 0 0 149,285 58,971 247,825 204,276 107,246 40,000 7,914,548 7,500 0 345,355 0 0 50,000 10,000 2,500 5,000 4,000 268,372 200,593 0 0 48,500 9,700 2,425 4,850 4,000 0 86,338 7,275 0 0 144,806 57,201 240,390 198,148 104,029 38,800 Eligible Basis 30% PV 70% PV 4,121,250 0 36,054 2,860,070
41 Rent-up Expenses
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45 Operating Reserve 46 47 Other Reserve - Misc reserve Other Reserve (specify)
341,850 15,000
48 DEVELOPMENT COST (lines 1-47) 49 Less Federal Financing 50 Less Disproportionate Standard 51 Less Nonqualified Nonrecourse Financing 52 Less Historic Tax Credit (residential) 53 TOTAL ELIGIBLE BASIS 54 Times Applicable Fraction 55 TOTAL QUALIFIED BASIS 56 Tax Credit Rate 57 FEDERAL TAX CREDITS at Estimated Rate 57a FEDERAL TAX CREDITS at 8.5% or 3.75% 58 FEDERAL TAX CREDITS REQUESTED 59 STATE TAX CREDITS 60 Land Cost 61 TOTAL REPLACEMENT COST
10,262,137
4,121,250
4,605,354
953,631 7,772,973 128.00% 9,949,405 296,258 595,127 0 635,000 10,897,137 4,121,250 128% 5,275,200 2.63% 138,737 197,820
953,631 3,651,723 128% 4,674,205 3.37% 157,520 397,307
Comments: 1. Part of the first floor is commercial. We assume conservatively that 30% of rehab cost will be exterior and 10% of the exterior work can be attributed to commercial. So (.1)(.3) = 3% of each development cost is removed from basis to reflect the commericial portion. 2. Construction Loan fee is included in the bond fee. 3. Acquisition includes 1.25% fee for acquisition bridge loan 4. The tax credit rate for the acquisition is 2.59%; this adjustment was necessary because there is no 128% basis boost permitted on the acquisition credit, but the system does not seem to permit overriding applying the 128% boost. (2.63% * 1.3 = 3.37%) 5. The applicable percentage is 128%; this is the 130% basis boost multiplied by the 98.4% applicable fraction. The applicable fraction is not 100% because two units are currently over income.
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Market Study Information

Please provide a detailed description of the proposed project: Battery Park is a 122 unit 100% Senior Section 8 13 story high rise located in downtown Asheville, North Carolina. The project consists of 113 one-bedroom units and 9 two-bedroom units. There is commercial space on the first floor, which consists of a cafe and a frame shop. The first floor resident common area consists of a distinctive two story entry foyer with manager's office, sitting areas and small library. The main resident activity/meeting room, located on the top floor, is a converted ballroom which boasts 20 foot ceilings and stunning views of the Smoky Mountains and downtown Asheville. The building was constructed in 1923 as the Battery Park Hotel and became one of the most prominent features on the city skyline. It was converted to senior apartments in the 1980s, with minor updates in 1993. The property is listed on the National Historic Register. The neighborhood surrounding the project is on the northern fringe of Asheville's central business district and consists primarily of commercial and retail structures. The Asheville Civic Center is just east of the project and the Grove Arcade, a just renovated multi-million dollar mixed use project, is directly across the street. The Grove Arcade includes shops, a fresh food market, offices and market rate apartments and condominiums. 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
double pane, double hung windows
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 (check all that apply): Community Bldg - Sq Ft: Laundry Rm Game/Craft Rm Chapel/Prayer Rm Irrigated Lawns Walking Trails Pool Onsite Activities: Screened Porch Exercise Rm Picnic Area Security Gate Garden Spots Fitness Stations Community Room - Sq Ft: 1,625 Resident Computer Center TV Rm Onsite Leasing Office Car Care Area Basketball/Tennis Court Horseshoe Pit Garages - Number: Exam Rm Beauty Salon Onsite Mgr Storage Units Playground Shuffleboard Reading Rm/Library Vending Rm Onsite Maint. Person Gazebos Ball Field Covered Drive Thru
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Landscaping Plans:
Interior Apartment Amenities (check all that apply): Range W/D Hookups Flooring: Carpet Hood Mini-blinds Vinyl Central Air Dishwasher Pantry Wood Gas Heat Disposal Ceiling fans Wood Parquet Heat Pump Refrigerator (frost free) Walk-in closets Other Storage interior/exterior
Ceramic Tile Electric Pump
Heating/Cooling:
Do you plan to submit additional market data (market study, etc.) that you want considered? No If yes, please make sure to include the additional information in your pre-application packet.
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Applicant's Site Evaluation

Briefly describe your site in each of the following categories: NEIGHBORHOOD CHARACTERISTICS Physical condition of buildings and improvements. Trend and direction of real estate development relative to the project. Area economic health (degree of decline or investment). The property is in the Central Business District, which is a primary focus of the City's revitalization efforts. Most of the buildings went up in the period of Asheville's expansion in the 1920s; many have been restored. The City's economic health is strong. An escalating influx of retirees buying homes in Asheville has contributed to a rapid rise in housing prices and a resulting squeeze on affordable housing.
Suitability of surrounding development. Land use pattern is primarily residential with a balance of other uses, including non-competing multifamily and single family units, relevant amenities, shopping and services. The Grove Arcade Shopping Center opened in Fall 2002 across the street from the property. It offers various retail options and demonstrates the public and private investment in the area.
SITE SUITABILITY Adequacy of street(s) and/or access road(s) serving the proposed project and traffic controls (lights, stop signs, turning lanes). Access to mass transit (if applicable). Streets, access roads and traffic controls are all adeqaute. Local bus service stops at the property front door and the city's primary bus interchange is a 10 minute walk.
Amount and character of vacant, undeveloped land. Effect of industrial, large-scale institutional or other incompatible uses: 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). The site is in downtown Asheville; there is no vacant or undeveloped land. The site is 1000 feet away from interstate 240.
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. Limited parking in the vicinity of the site is a concern; however, the City has planned a tiered parking garage adjacent to the property.
Similarity of scale and aesthetics/architecture between project and surroundings. The Battery Park Hotel and most of the other buildings in the vicinity were built in the twenties and
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complement each other stylistically.
Concentration of affordable housing (housing credit, project-based rental assistance, public housing). One other affordable housing property is in the vicinity: senior housing at what was formerly the Vanderbilt Hotel.
Availability of Supportive Services (if applicable): Buncombe County's Social Services Department is housed three blocks away. 'Mountain Mobility', a low cost handicapped accessible shuttle service sponsored by the City Transit Authority, stops at the property.
For each applicable neighborhood feature, enter distance from project in miles. 0.7 1.3 0.4 0.3 0.5 0.0 0.1 1.8 0.4 0.1 0.3 0.4 1.8 Grocery Store Mall/Strip Center Outdoor Athletic Fields Day Care/After School Schools 0.6 1.4 0.4 0.2 0.1 Community/Senior Center 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 0.2 Convenience Store Basketball/Tennis Courts Public Parks Gas Station Library Fitness/Nature Trails Public Swimming Pools 0.0 0.1 0.5 1.8 0.5 0.5
Other facilities or services:
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Development Team
Provide contact information for development team members below: Management Agent Company: National Church Residences Address: City: Phone 2335 North Bank Drive Columbus (614)273-3539 State: OH Zip: 43220 Email: mricketts@ncr.org Last: Ricketts
Contact Name: First: Mark
Architect Company: Address: City: Phone
Berardi and Partners, Inc. 369 Livingston Avenue Columbus (614)221-0831 State: OH Zip: 43216 Email: bpiarch@bpiararch.com Last: Bruzzese
Contact Name: First: Chris
Attorney Company: Address: City: Phone
Porter Wright Morris and Arthur LLP 41 S. High Street Columbus (614)227-1959 State: OH Zip: 43215 Email: JBeeler@porterwright.com Last: Beeler
Contact Name: First: Jack
Investor Company: Address: City: Phone
NHT 1, Inc. 2335 North Bank Drive Columbus (614)451-9929 State: OH Zip: 43220 Email: bsnow@naht.org Last: Snow
Contact Name: First: Bob
Consultant/Application Preparer (if different from developer) Company: National Affordable Housing Trust Address: City: Phone 1660 Duke Street Alexandria (703)341-5009 State: VA Zip: 22314 Email: dlennon@naht.org Last: Lennon
Contact Name: First: David
Identity of Interest? General Contractor Company: Wallick Construction Co. Address: City: Phone 3935 J Sunset Blvd. West Columbia (803)791-3238 State: SC Zip: 29169 Email: BLepper@wallickcos.com Last: Lepper
Contact Name: First: Bill
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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, 1996 and January 1, 2003: North Carolina Other States Projects: Units: 1 16 36 2,506
Management List number of low-income housing tax credit units managed in the past 10 years: North Carolina Other States Projects: Units: 1 16 36 2,506
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? Yes 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? Yes
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Financing Commitments
Does the project have a firm commitment for construction financing? Does the project have a letter of intent for private permenant financing? Does the project have a firm commitment for government financing? Does the project have a letter of intent from an investor? Is any portion of the eligible basis of new contruction or rehabilitation financed with federal subsidies other than CDBG funds or funds from the HOME program? If yes, indicate the type and amount below: Tax Exempt Financing: $ 6,699,484 RD 515 Financing: Hope VI Financing: Other: $ $ $ Yes No Yes Yes Yes
If Other, specify the type of Federal subsidy:
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Projected Operating Costs

Project Operations (Year One) Administrative Expenses Advertising Other Administrative Expense (specify): 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 119,118 62,040 5,674 5,553 16,774 126,018 59,211 26,720 7,528 3,437 5,500 4,392
1,963
4,571 12,696
66,952 14,327 29,813 19,730 130,822 49,100 8,803 33,214
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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
6,117 28,739 2,292 3,261
102,449
0 42,700 42,700 521,107 416,367 121 3,441
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Projected Cash Flow Year One

OPERATING INCOME Gross rental income (from Unit Mix - Total Monthly Rent) Stores and Commercial Laundry and Vending Other (specify): 1,072,920 64,310 7,320
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)
1,144,550 80,118 1,064,432
521,107 543,325
484,047
59,278 1.122
20-Year Cash Flow

Year Net Rental/Other Income* Total Operating Expenses* Debt Service Net Cash Flow Debt Coverage Ratio Year Net Rental/Other Income* Total Operating Expenses* Debt Service Net Cash Flow Debt Coverage Ratio 1 2 3 4 5 6 7 8 9 10
1,064,432 1,096,365 1,129,256 1,163,134 1,198,028 1,233,969 1,270,988 1,309,118 1,348,392 1,388,844 521,107 484,047 59,278 1.122 11 541,951 484,047 70,367 1.145 12 563,629 484,047 81,580 1.169 13 586,174 484,047 92,913 1.192 14 609,621 484,047 104,360 1.216 15 634,006 492,765 107,198 1.218 16 659,366 492,765 118,857 1.241 17 685,741 492,765 130,612 1.265 18 713,171 492,765 142,456 1.289 19 741,698 492,765 154,381 1.313 20
1,430,509 1,473,424 1,517,627 1,563,156 1,610,051 1,658,353 1,708,104 1,759,347 1,812,127 1,866,491 771,366 492,765 166,378 1.338 802,221 492,765 178,438 1.362 834,310 492,765 190,552 1.387 867,682 492,765 202,709 1.411 902,389 492,765 214,897 1.436 938,485 492,765 227,103 1.461 976,024 1,015,065 1,055,668 1,097,895 492,765 239,315 1.486 492,765 251,517 1.51 492,765 263,694 1.535 492,765 275,831 1.56
* 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".
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Design Features
ITEM Foundation/Slab Components Primary Windows DESCRIPTION Existing Reinforced Concrete
Make: Type/Construction:
Model:
Exterior Doors Siding
Type: Wood and Metal Type: Brick Warranty:
Frames: Wood and Metal Grade/Thickness: Modular
Exterior Trim Shingles
Limestone and Painted Wood Type: Clay Tile and Asphalt Warranty:
Weight:
Sprinkler System Cabinets Heat Pump
Full Sprinkler in All Rooms Wood, Flat Panel, Partial Overlay SEER: 11 Model: McQuay
Make:
Air Conditioner
SEER: (Cooling Tower) Model: Carrier
Make:
Other Heat Systems
SEER: 90% Efficiency Model:
Make: Lochinvar
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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 Concrete Footings Backfill-slab, Crawl Slab-concrete/Rebar/Gravel Waterproofing Masonry Foundation Brick Veneer Steel/Structure/Rails Framing/Lumber/Nails Trusses Crane Rental Windows/Grilles/Screen Exterior Doors Roofing Fencing Vinyl Siding/Trim/Box Gutters/Shutters Insulation Drywall Interior Doors Int. & Final/Stair/Trim/Shelves Cabinets & Tops Painting Marble - Tub/Shwr/Tops Plumbing Electrical Heating/Air Conditioning Floor Covering and Underlayment Wall Paper Mailboxes/Special Features/Signage Gypcrete Blinds/Shades/Art Work Light Fixtures/Fans Sprinkler System Security Alarm Hardwood Floors Elevator Ceramic Tiles Acoustical Ceilings 2,895 1,101 16,575 39,800 4,344 1,653 24,863 59,700 116,773 175,160 3,208 12,832 52,400 118,834 182,816 76,780 78,602 178,251 274,224 115,172 15,000 78,172 114,908 27,859 117,258 172,362 69,176 31,308 32,898 103,764 46,964 49,346 119,424 4,647 33,880 179,136 10,842 62,919 8,439 12,657 LABOR MATERIAL TOTAL 0 0 0 21,096 0 298,560 15,489 96,799 0 0 172,940 78,272 82,244 0 0 0 0 0 0 42,859 195,430 287,270 0 131,002 297,085 457,040 191,952 0 0 0 16,040 0 291,933 0 7,239 2,754 41,438 99,500
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Mirror/Shower Door/Encls. Hardware/Bath Access. Appliances Playground Equipment Interior Clean Exterior Clean/Dumpster Other 1 (specify in Remarks) Other 2 (specify in Remarks) Total Cost Remarks: Other 1: Furnishings 1,139,965 1,808,561 40,000 17,031 3,900 25,547 35,106
0 42,578 39,006 0 0 0 40,000 0 2,948,526
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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 Supervision Job Site Office/Trailer Rental Impact Fees Office Supplies Security/Watchman Water and Sewer Connection Fees Project Signage Tools and Equipment Gas, Oil, and Maintenance Cleanup/Dumpster Rental Temporary Water, Electric, and Telephone Storage/Hauling Driveway Access Permit Porta-John Rental/Dumping Builders Risk Insurance Re-inspection Fees Extra Plans and Specifications Miscellaneous, Casual Labor Equipment Rental Other 1 (specify in Remarks) Other 2 (specify in Remarks) Total Cost Remarks: Other 1: Safety 149,285 1,500 1,500 500 12,200 5,400 25,960 8,640 1,200 TOTAL 92,385
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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 Subsurface Exploration/Perk Testing/Site Engineering Clearing/Grading/Final Grading/Excess and Borrow Demolition Earthwork/Excavation/Aerating Soil Treatment Pile Foundations Caissons Shoring/Bracing Site Drainage Site Utilities/Site Lighting Paving and Surfacing/Curb and Gutter Walkways Site Signage Parking Lot Painting Dumpsite Pads/Fencing Fencing/Gates Landscaping/Topsoil Waterproofing/De-Watering Operation of Construction Equipment/Fuel/Oil Crane Rental Rock and Hardpan Excavation Site Supervision Personnel Other (specify in Remarks) Total Cost Remarks: 37,169 10,000 18,907 8,262 TOTAL
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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 Letter of Credit Fee Credit Enhancement Underwriter Discount Capital Interest Fund Other 1 (specify in Remarks) Other 2 (specify in Remarks) Total Cost Remarks: Other 1. Mortgage Insurance Premium 268,372 100,492 107,880 60,000 TOTAL
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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 Bond Counsel Issuer Counsel Credit Enhancement/LOC Counsel Underwriter Counsel Developer's Counsel Rating Agency Fee Printing Trustee Fee Trustee Counsel Other 1 (specify in Remarks) Other 2 (specify in Remarks) Other 3 (specify in Remarks) Total Cost Remarks: Other 1.Issuer will charge a one time up front fee of .013% Other 2. Misc. Expenses 200,593 87,093 6,000 25,000 25,000 2,500 2,500 TOTAL 45,000 7,500
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Minimum Set-Asides
MINIMUM REQUIRED SET ASIDES (No Points Awarded): Select one of the following two options: 20% of the qualified units are rent restricted and occupied by households with incomes at or below 50% of the median income (Note: No Tax Credit Eligble Units in the the project can exceed 50% of median income) 40% of the qualified units are rent restricted and occupied by households with incomes at or below 60% of the median income (Note: No Tax Credit Eligble Units in the the project can exceed 60% of median income) If requesting RPP funds: 40% of the qualified unit are occupied by households with incomes at or below 50% of median income.
State Tax Credit and QAP Targeting Points: High Income county: At least twenty-five percent (25%) of qualified units will be affordable to households with incomes at or below thirty percent (30%) of county median income. At least twenty-five percent (25%) of qualified units will be affordable to and occupied by households with incomes at or below thirty percent (30%) of county median income.
At least fifty percent (50%) of qualified units will be affordable to households with incomes at or below forty percent (40%) of county median income. At least fifty percent (50%) of qualified units will be affordable to and occupied by households with incomes at or below forty percent (40%) of county median income. 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. 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.
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Full Application Checklist

PLEASE indicate which of the following exhibits are attached to your application. Others may be required as noted. A Nonprofit Organization Documentation or For-profit Corporation Documentation B Current Financial Statements/Principals and Owners C Ownership Entity Agreement, Development Agreement or any other agreements governing development services D Management Agent Agreement E Development and manager multi-family experience & Management Questionnaire (Appendix C) F Letters from State Housing Agencies or designated monitoring agent verifying Out of State Management Experience G Completed IRS Form 8821 (Appendix I) H Permitted zoning letter (including conditional and special use) I Site plan, floor plans and elevations
J Hazard and structural inspection and termite reports (Renovation projects only) K Description of any existing conditions of historical significance. L Description of environmental significance. M Anticipated budget demonstrating how the project would meet the 10% test by November 14th. N Evidence of Architect's Errors and Omissions insurance (or equivalent). O Description of acquisition for existing/occupied projects or for projects with occupied buildings to be demolished. P Description of proposed Relocation Plan & Relocation Budget, Etc. If any relocation is anticipated, reference Appendix F. Q Targeting Plan and supporting documentation (Required for projects targeted to Special Populations) R Local Housing Authority Agreement (Reference Model in Appendix I) S Appraisal (for land costs greater than $5,000 and for buildings in rehab projects) T Evidence of Permanent Loan Commitment, other sources of funds, and project-based subsidies. U Statement regarding terms of Deferred Developer Fee and, if nonprofit, resolution of Board approving fee. V Inducement Resolution (Tax-Exempt Bond Financed Projects only) W Documentation to support estimated utility costs.

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Print Preview - Final Application

Project Name and Location

Census Tract: 37021000100

Jurisdiction CEO Name: First: James

Site Latitude: Site Longitude:

Proposed number of residential buildings: 1 Types of Units:* Project Includes:

Maximum number of stories in buildings: 13

Total Net Sq. Ft. (All Heated Areas): 116,119

Is the demolition of any buildings required or planned? No If yes, please describe:

First Name: Pepper Address: City: Phone: EMail:

Fax: (803)779-1657 Nonprofit: Yes TaxID 57-0850754

Fax: (614)451-0351 Nonprofit: Yes TaxID 31-0651750

Utilites included in rents:

Utilites included in rents:

Units 112 9 targeted at 60 targeted at 60

% percent of median income. percent of median income.

Total Low Income Units:

Local Gov. Loan - Asheville HOME

Year: Amt: Year: Amt:

45 Operating Reserve 46 47 Other Reserve - Misc reserve Other Reserve (specify)

953,631 3,651,723 128% 4,674,205 3.37% 157,520 397,307

Market Study Information

Front Gables or Dormers Other:

Wide Banding or Vertical/Horizontal Siding

double pane, double hung windows

Ceramic Tile Electric Pump

Applicant's Site Evaluation

complement each other stylistically.

Other facilities or services:

Contact Name: First: Mark

Architect Company: Address: City: Phone

Contact Name: First: Chris

Attorney Company: Address: City: Phone

Contact Name: First: Jack

Investor Company: Address: City: Phone

Contact Name: First: Bob

Contact Name: First: David

Contact Name: First: Bill

Project Team Experience

If Other, specify the type of Federal subsidy:

Projected Operating Costs

66,952 14,327 29,813 19,730 130,822 49,100 8,803 33,214

6,117 28,739 2,292 3,261

0 42,700 42,700 521,107 416,367 121 3,441

Projected Cash Flow Year One

1,144,550 80,118 1,064,432

20-Year Cash Flow

Exterior Doors Siding

Type: Wood and Metal Type: Brick Warranty:

Frames: Wood and Metal Grade/Thickness: Modular

Exterior Trim Shingles

Sprinkler System Cabinets Heat Pump

SEER: (Cooling Tower) Model: Carrier

Other Heat Systems

SEER: 90% Efficiency Model:

0 42,578 39,006 0 0 0 40,000 0 2,948,526

Costs - Bond Costs

Costs - Bond Issuance

Full Application Checklist

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