Print Preview - Final Application: Project Name and Location

Print - APP04-0068
Page 1 of 34
Print Preview - Final Application

Tax Credits, RPP Loans, and/or Tax Exempt Bond Loans
Project Name and Location

Project Name: Woodgreen II Apartments Address: City: Bradford Drive Aberdeen County: Moore Block Group: 1 Zip: 28315
Census Tract: 9512
Is project in Qualified Census Tract & Difficult to Develop area? No Does a community revitalization plan exist? No Political Jurisdiction: Jurisdiction Address: Jurisdiction City: Jurisdiction Phone: Town of Aberdeen Last: Mofield Title: Mayor 115 North Poplar St Aberdeen (910)944-7024 Zip: 28315
Jurisdiction CEO Name: First: Elizabeth
Site Latitude: Site Longitude:
35.1334 -79.4412
https://www.nchfa.org/Rental/RTCApp/(n1olbp553szfk32wuzdayr45)/site/PrintApp.aspx?... 1/14/2005
Print - APP04-0068
Page 2 of 34
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? Yes If yes, list names of previous phase(s): Woodgreen Apartments, Aberdeen, NC Will the project be receiving project based federal rental assistance? No If yes, provide the subsidy source: and number of units:
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.) Persons with disabilities or homeless populations: the greater of 5 units or 10% of the total units Remarks: Six of the units will be handicapped accessible. Five of the units will target disabled/homeless populations.
Print - APP04-0068
Page 3 of 34
Applicant Information
Applicant Name: Address: City: Contact: Telephone: United Developers, Inc. P.O. Drawer 42208 Fayetteville First: Murray (910)485-6600 State: NC Zip: 28309 Last: Duggins Title:
Alt Phone:
(910)485-6600
Fax:
(910)483-4274
Email Address:
butlers@united-realty-fay.com
Print - APP04-0068
Page 4 of 34
Site Description
Total Site Acreage: 4.16 Total Buildable Acreage: 4.16 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:
Print - APP04-0068
Page 5 of 34
Print - APP04-0068
Page 6 of 34
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? Yes If yes, specify the relationship: Nancy Duggins is 100% owner in NTD, LLC
Purchase Price:
(c) Enter the current expiration date of the option/contract to purchase: 12/31/2004 (D) Enter Purchase Price: 210,000
Print - APP04-0068
Page 7 of 34
Zoning
Present zoning classification of the site: R-10 Conditional 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:
Print - APP04-0068
Page 8 of 34
Ownership Entity
Owner Name: Woodgreen II Associates Limited Partnership Address: City: P.O. Drawer 42208 Fayetteville State: NC Zip: 28309 (If assigned) 56-2053411 (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: 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:
Woodgreen II/Duggins LLC Last Name: N/A Function: Managing General Partner
First Name: N/A Address: City: Phone: EMail: P.O. Drawer 42208 Fayetteville (910)485-6600
State: NC
Zip: 28309
Fax: (910)483-4274 Nonprofit: No TaxID 56-2053411
Org:
Duggins Family Limited Partnership Last Name: Duggins Function: General Partner
First Name: Murray Address: City: Phone: EMail: P.O. Drawer 42208 Fayetteville (910)485-6600
State: NC
Zip: 28309
Fax: (910)483-4274 Nonprofit: No TaxID 56-2053411
Print - APP04-0068
Page 9 of 34
Unit Mix
The Median Income for Moore county is $55,600. Low Income Units Type Gdn Apt Gdn Apt Gdn Apt Gdn Apt Gdn Apt Gdn Apt Gdn Apt Gdn Apt # BRs Net Sq.Ft. 1 1 2 2 2 2 3 3 747 747 932 932 932 932 1161 1161 Total # Units 3 2 2 4 8 13 6 6 # Units 0 2 0 0 2 0 2 0 Monthly Rent 155 300 175 300 420 420 495 495 Electric Utility Allowance 50 50 70 70 70 70 100 100 Gas Other Mandatory Serv. Fees **Total Housing Exp. 205 350 245 370 490 490 595 595
Utilites 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.
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.
Water/Sewer
Electric
Statistics All Units Low Income....... Market Rate....... Totals............... 44 6 17375 44 Gross Monthly Rental Income 17375
Units 6
Proposed number of residential buildings: 6 Project Includes:
Maximum number of stories in buildings: 2
Separate community building - Sq. Ft. (Floor Area): 1,203 Community space within residential bulding(s) - Sq. Ft. (Floor Area): Elevators - Number of Elevators: Square Footage Information Gross Floor Square Footage: 49,136
Print - APP04-0068
Page 10 of 34
Total Net Sq. Ft. (All Heated Areas): 43,016
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.
Print - APP04-0068
Page 11 of 34
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 2 2 3 3 5 6 8 13 6 6
Units targeted at 40 targeted at 40 targeted at 50 targeted at 60 targeted at 50 targeted at 60
% percent of median income. percent of median income. percent of median income. percent of median income. percent of median income. percent of median income.
Total Low Income Units:
44
Note: This number should match the total number of low income units in the Unit Mix section.
Print - APP04-0068
Page 12 of 34
Funding Sources
NonAmortizing* Rate (%) 7.25 2.00 Term (Years) 30 20 Amort. Period (Years) 30 20 Annual Debt Service 39,702
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 485,000 600,000
614,781
30
30
1,870,833
3,570,614
* "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. 74 Remarks concerning project funding sources: (Please be sure to include the name of the funding source(s))
Loans with Variable Amortization Please fill in the annual debt service as applicable for the first 20 years of the project life.
Print - APP04-0068
Page 13 of 34
RPP Loan Year: Amt: Year: Amt: 1 13710 11 15934 2 14128 12 15850 3 14512 13 15693 4 14857 14 15459 5 15162 15 15142 6 15422 16 14736 7 15635 17 14237 8 15796 18 13636 9 15903 19 12930 10 15950 20 12109
Print - APP04-0068
Page 14 of 34
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 Costs (specify) 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 Tax Credit Monitoring Fee 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 Cost Certification Accounting Fees Other Basis Expense (specify) Other Non-basis Expense (specify) Other Non-basis Expense (specify) SUBTOTAL (lines 36 through 43) 44 Rent up Reserve 351,000 13,200 340,000 5,000 340,000 5,000 26,400 91,159 6,000 6,000 18,759 97,000 46,000 46,000 5,000 12,000 5,000 6,000 5,000 4,000 5,000 12,000 5,000 6,000 5,000 4,000 60,000 60,000 2,713,448 134,200 47,400 142,000 76,848 75,000 134,200 47,400 142,000 76,848 75,000 1,903,000 1,903,000 335,000 335,000 TOTAL COST Eligible Basis 30% PV 70% PV 0
41 Rent-up Expenses
Print - APP04-0068
Page 15 of 34
45 Operating Reserve 46 47 Other Reserve (specify) Other Reserve (specify)
94,807
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 Applicable Fraction (percentage of LI Units) 55 Basis Before Boost 56 Boost for QCT/DDA (if applicable, enter 130%) 57 TOTAL QUALIFIED BASIS 58 Tax Credit Rate 59 Federal Tax Credits at Estimated Rate 60 Federal Tax Credits at 8.5% or 3.75% 61 Federal Tax Credits Requested 62 Land Cost 63 TOTAL REPLACEMENT COST Comments:
3,360,614
3,207,448
0 3,207,448 100.00% 3,207,448 3,207,448 253,388 272,633 0 210,000 3,570,614 0 100% 0 100.00% 0 0.00% 0 0 3,207,448 100% 3,207,448 100.00% 3,207,448 7.90% 253,388 272,633
Print - APP04-0068
Page 16 of 34
Market Study Information

Please provide a detailed description of the proposed project: Phase II of Woodgreen Apartments will be an addition to the successful 44 unit Woodgreen Apartments that were completed in April 2003. Presently Phase I is 100% occupied with twenty names on the waiting list. Woodgreen Apartments Phase II will be a 44 unit family project located in 6 buildings and will share an office/community building with Phase I. The 4 acre site is located in Aberdeen in eastern Moore County. The rent structure has been made very affordable. While the application targets families at both 50% and 60% of the median income, 11 of the units will target those at 40% or below the median income and 5 of those units will target the disabled/homeless populations and have a very low rent of $155.and $175. per month.
Construction (check all that apply): Brick Vinyl Wood HardiPlank Balconies/Patios Sunrooms Front Porches
Front Gables or Dormers Other:
Wide Banding or Vertical/Horizontal Siding
Have you built other tax credit developments that use the same building design as this project? Yes If yes, please provide name and address: Golfview Apartments 4131 Fescue Court Hope Mills, NC Crosswinds Green I & II 3415 Town St. Hope Mills, NC Longview Apartments 117 Longview Dr Fayetteville, NC Blanton Green I & II 1024 Lauren McNeil Loop Fayetteville, NC Rosehill West Apartments 1945 James Hamner Way Fayetteville, NC Raeford Green Apartments 300 W.Southern Ave. Raeford, NC Woodgreen Apartments 200 Bradford Dr. Aberdeen, NC Southview Green Apartments (under construction) Elk Road Hope Mills, NC Bunce Green Apartments (under construction) Bunce Road Fayetteville, NC River View Green Apartments (under construction) Riverview Court Roanoke Rapids, NC
Print - APP04-0068
Page 17 of 34
Palmer Green Apartments (under construction) Palmer Street Raeford, NC Site Amenities (check all that apply): Community Bldg - Sq Ft: 1,203 Laundry Rm Game/Craft Rm Chapel/Prayer Rm Irrigated Lawns Walking Trails Pool Screened Porch Exercise Rm Picnic Area Security Gate Garden Spots Fitness Stations Community Room - Sq Ft: 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
Onsite Activities: Support Services Coordinator on staff. Woodgreen Phase II will share a community building with Phase I.
Landscaping Plans: Above average landscaping with sprinkler system.
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 VCT 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.
Print - APP04-0068
Page 18 of 34
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). Concentration of affordable housing. The site is located within a new moderately priced residential area. Retail, churches, schools and medical facilities are all located nearby. Colonial Heights Park is adjacent to the site and contains two ball fields, playground, volleyball court and consession stand. According to a market study done in March 2002 for Woodgreen Apartments Phase I, economic conditions for Moore County have been positive since 1990 and the unemployment rate is below the state and national averages. Strong demographic growth has been recorded since 1990 with an increase of 26% in the Aberdeen area. The Aberdeen, Southern Pines and Pinehurst area remains a strong retirement destination. Other than Woodgreen Phase I, no other affordabale housing exists in the area. Suitability of surrounding development. Land use pattern is primarily residential (single and multifamily housing) with a balance of other uses (particularly retail and amenities). Amount and character of vacant, undeveloped land. Effect of industrial, large-scale institutional or other incompatible uses: wastewater treatment facilities, high traffic corridors, junkyards, prisions, 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 surrounding area is primarily single family. A Phase I Environmental done for Woodgreen I reports no environmental concerns.
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). Appropriate stop signs and traffic lights are in place.
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 negative features or physical barriers to impede construction or adversely affect future tenants.
Similarity of scale and aesthetics/architecture between project and surroundings. Project will be constructed to be aesthetically pleasing with surrounding area. As with Phase I, the architectural design will be compatable with the existing homes and an asset to the community.
Print - APP04-0068
Page 19 of 34
For each applicable neighborhood feature, enter distance from project in miles. 2.5 2.7 .0 4 1.5 Grocery Store Mall/Strip Center Outdoor Athletic Fields Day Care/After School Schools 1 3.1 2.7 2.2 2.2 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 1.4 1.3 1.5 .0 1 3.5 .75 4.5 Convenience Store Basketball/Tennis Courts Public Parks Gas Station Library Fitness/Nature Trails Public Swimming Pools 1 1 3 3 2 1
Other facilities or services: (.0) The site is adjacent to Coloniel Heights Park. Downtown Aberdeen is located 1.5 miles from the site.
Print - APP04-0068
Page 20 of 34
Development Team
Provide contact information for development team members below: Management Agent Company: United Management Address: City: Phone P.O. Box 42936 Fayetteville (910)323-4266 State: NC Zip: 28309 Email: Karl@Unitedmgt.com Last: Johnson
Contact Name: First: Karl
Architect Company: Address: City: Phone
Moore Riley Architects, P.A. P.O. Box 17652 Raleigh (919)782-6472 State: NC Zip: 27619 Email: mrarch@intrex.net Last: Riley
Contact Name: First: Matt
Attorney Company: Address: City: Phone
Tuggle, Duggins & Mechan, P.A. P.O. Box 2888 Greensboro (336)271-5216 State: NC Zip: 27402 Email: bburgin@tuggleduggins.com Last: Burgin
Contact Name: First: Bill
Investor Company: Address: City: Phone
Raymond James Tax Credit Funds, Inc. 880 Carillon Parkway St. Petersburg (800)438-8088 State: FL Zip: 33716 Email: cdescalzi@rjtcf.rjf.com Last: Descalzi
Contact Name: First: Craig
Consultant/Application Preparer (if different from developer) Company: Address: City: Phone Contact Name: First: State: Email: Last: Zip:
Identity of Interest? General Contractor Company: United Developers, Inc. Address: City: Phone P.O. Drawer 42208 Fayetteville (910)485-6600 State: NC Zip: 28309 Email: dlljd@aol.com Last: Smith
Contact Name: First: Jim
Print - APP04-0068
Page 21 of 34
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: 17 736 2 56
Management List number of low-income housing tax credit units managed in the past 10 years: North Carolina Other States Projects: Units: 24 920 6 176
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? No 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? Yes
Print - APP04-0068
Page 22 of 34
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: $ RD 515 Financing: Hope VI Financing: Other: $ $ $ Yes Yes No Yes No
If Other, specify the type of Federal subsidy:
Print - APP04-0068
Page 23 of 34
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) Miscellaneous Taxes, Licenses and Permits 35,500 19,000 2,000 1,000 4,000 11,000 5,000 3,000 2,000 3,000 4,000 2,500 1,500 6,700 45,500 2,500 1,500 3,500 21,000 11,000
2,000 2,000 2,000
4,000 1,200
Print - APP04-0068
Page 24 of 34
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
10,000 1,000 500
32,500 5,000
5,000 11,000 11,000 136,200 101,200 44 2,300
Print - APP04-0068
Page 25 of 34
Projected Cash Flow Year One

OPERATING INCOME Gross rental income (from Unit Mix - Total Monthly Rent) Stores and Commercial Laundry and Vending Other (specify): Mics. 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) 4,000 212,500 14,875 197,625 208,500
136,200 61,425
53,412
8,013 1.15
20-Year Cash Flow

Year Net Rental/Other Income* Total Operating Expenses* Debt Service Net Cash Flow Debt Coverage Ratio Year Net Rental/Other Income* Total Operating Expenses* Debt Service Net Cash Flow Debt Coverage Ratio 1 197,625 136,200 53,412 8,013 1.15 11 265,593 201,608 55,636 8,349 1.15 2 203,554 141,648 53,830 8,076 1.15 12 273,561 209,672 55,552 8,337 1.15 3 209,661 147,314 54,214 8,133 1.15 13 281,768 218,059 55,395 8,314 1.15 4 215,951 153,207 54,559 8,185 1.15 14 290,221 226,781 55,161 8,279 1.15 5 222,430 159,335 54,864 8,231 1.15 15 298,928 235,852 54,844 8,232 1.15 6 229,103 165,708 55,124 8,271 1.15 16 307,896 245,286 54,438 8,172 1.15 7 235,976 172,336 55,337 8,303 1.15 17 317,133 255,097 53,939 8,097 1.15 8 243,055 179,229 55,498 8,328 1.15 18 326,647 265,301 53,338 8,008 1.15 9 250,347 186,398 55,605 8,344 1.15 19 336,446 275,913 52,632 7,901 1.15 10 257,857 193,854 55,652 8,351 1.15 20 346,539 286,950 51,811 7,778 1.15
* 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".
Print - APP04-0068
Page 26 of 34
Design Features
ITEM Foundation/Slab Components Primary Windows DESCRIPTION 20"X12" Footings w/2 #5 Rebar cont Reg. Brick 4"X8" Block & Header Blocks on 4" Slab Make: Pennco Model: Series 2070
Type/Construction: Vinyl, Single Hung, Thermal Break, Tilt Sash Exterior Doors Type: Peachtree Steel Hardi-Plank & Brick Veneer and/or .044" Type: vinyl siding and trim. Warranty: 50 Year Exterior Trim Shingles Pro Trim/Hardi Plank and/or vinyl trim Type: Asphalt Warranty: 30 Year Architectural Sprinkler System Cabinets Heat Pump Tri-Pak Composit Box, 3/4" Shelf, Oak Face SEER: 12 Model: Air Conditioner SEER: 12 Model: CPK J18 Other Heat Systems SEER: N/A Model: Make: Make: Goodman Make: Goodman Weight: 240# Frames: Wood
Siding
Grade/Thickness:
Print - APP04-0068
Page 27 of 34
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 8,883 15,463 48,955 4,935 16,515 58,956 20,162 0 32,305 41,783 0 60,075 40,335 42,441 17,766 11,844 500 0 3,948 0 0 0 0 0 0 0 0 LABOR 15,134 0 46,718 0 6,909 22,240 28,820 111,925 MATERIAL 8,817 0 38,229 0 5,922 34,335 33,821 181,767 77,419 7,896 18,292 46,257 12,831 4,606 44,152 5,593 24,807 39,283 70,668 0 48,432 34,217 0 85,145 53,495 69,814 41,454 11,845 5,000 0 9,212 0 0 0 0 0 TOTAL 23,951 0 84,947 0 12,831 56,575 62,641 293,692 77,419 7,896 18,292 46,257 21,714 20,069 93,107 10,528 41,322 98,239 90,830 0 80,737 76,000 0 145,220 93,830 112,255 59,220 23,689 5,500 0 13,160 0 0 0 0 0 0 0
Print - APP04-0068
Page 28 of 34
Mirror/Shower Door/Encls. Hardware/Bath Access. Appliances Playground Equipment Interior Clean Exterior Clean/Dumpster Rental Other 1 (specify in Remarks) Other 2 (specify in Remarks) Total Cost Remarks: 1. Driveway/Sidewalk/Porch 2. Site Utilities
0 23,425 70,080 3,500
0 23,425 70,080 3,500 12,040 11,055
12,040 11,055 8,832 44,744 733,283 4,592 54,811 1,169,717
13,424 99,555 1,903,000
Print - APP04-0068
Page 29 of 34
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 Office Supplies Security/Watchman Project Signage Tools and Equipment Gas, Oil, and Maintenance 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: 1. Water & Sewer Connection Fees & Dumpster Rental 134,200 TOTAL 75,633 5,365 0 11,650 0 2,755 0 4,553 0 9,250 4,555 5,365 0 0 0 0 15,074
Print - APP04-0068
Page 30 of 34
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 Dumpster Pads/Fencing Fencing/Gates Landscaping/Topsoil Rock and Hardpan Excavation Site Supervision Personnel Other (specify in Remarks) Total Cost Remarks: 335,000 TOTAL 0 92,520 0 27,880 6,080 0 0 0 33,720 6,960 82,296 0 3,200 1,400 6,784 0 74,160 0
Print - APP04-0068
Page 31 of 34
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: TOTAL 0 0 0 0 0 0 0
Print - APP04-0068
Page 32 of 34
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 Issuer's Fee Other 1 (specify in Remarks) Other 2 (specify in Remarks) Other 3 (specify in Remarks) Total Cost Remarks: TOTAL 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Print - APP04-0068
Page 33 of 34
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: 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 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.
Print - APP04-0068
Page 34 of 34
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 Letters from Local Utility Providers (original on letterhead, no fax or photocopies) I 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)
J Local Government Letter Confirming Zoning (original on letterhead, no fax or photocopies) K Copy of certificate of occupancy or proof of placed-in-service date (Rehabs Only) L Site plan, floor plans and elevations M Hazard and structural inspection and termite reports (Renovation projects only) N Anticipated budget demonstrating how the project would meet the 10% test by November 14th. O Evidence of Architect's Errors and Omissions insurance (or equivalent). P Description of acquisition for existing/occupied projects or for projects with occupied buildings to be demolished. Q Description of proposed Relocation Plan & Relocation Budget, Etc. If any relocation is anticipated, reference Appendix F. R Targeting Plan and supporting documentation (Required for all projects) S Local Housing Authority Agreement (Reference Model in Appendix I) T Appraisal (for land costs greater than $5,000 and for buildings in rehab projects) U Evidence of Permanent Loan Commitment, other sources of funds, and project-based subsidies. V Statement regarding terms of Deferred Developer Fee and, if nonprofit, resolution of Board approving fee. W Inducement Resolution (Tax-Exempt Bond Financed Projects only) X Documentation to support estimated utility costs.

Print Preview - Final Application: Project Name and Location

Uploaded by

Document Information

Original Description:

Original Title

Copyright

Available Formats

Share this document

Share or Embed Document

Sharing Options

Did you find this document useful?

Is this content inappropriate?

Copyright:

Available Formats

Print Preview - Final Application: Project Name and Location

Uploaded by

Copyright:

Available Formats

Print - APP04-0068

Print Preview - Final Application

Project Name and Location

Census Tract: 9512

Jurisdiction CEO Name: First: Elizabeth

Site Latitude: Site Longitude:

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

Fax: (910)483-4274 Nonprofit: No TaxID 56-2053411

Fax: (910)483-4274 Nonprofit: No TaxID 56-2053411

Utilites included in rents:

Utilites included in rents:

Utilites included in rents:

Proposed number of residential buildings: 6 Project Includes:

Maximum number of stories in buildings: 2

Total Net Sq. Ft. (All Heated Areas): 43,016

Units targeted at 40 targeted at 40 targeted at 50 targeted at 60 targeted at 50 targeted at 60

Total Low Income Units:

Amount 485,000 600,000

45 Operating Reserve 46 47 Other Reserve (specify) Other Reserve (specify)

Market Study Information

Front Gables or Dormers Other:

Wide Banding or Vertical/Horizontal Siding

Landscaping Plans: Above average landscaping with sprinkler system.

Ceramic Tile Electric Pump

Applicant's Site Evaluation

Contact Name: First: Karl

Architect Company: Address: City: Phone

Contact Name: First: Matt

Attorney Company: Address: City: Phone

Contact Name: First: Bill

Investor Company: Address: City: Phone

Contact Name: First: Craig

Contact Name: First: Jim

Project Team Experience

If Other, specify the type of Federal subsidy:

Projected Operating Costs

2,000 2,000 2,000

10,000 1,000 500

5,000 11,000 11,000 136,200 101,200 44 2,300

Projected Cash Flow Year One

20-Year Cash Flow

0 23,425 70,080 3,500

0 23,425 70,080 3,500 12,040 11,055

12,040 11,055 8,832 44,744 733,283 4,592 54,811 1,169,717

13,424 99,555 1,903,000

Costs - Bond Costs

Costs - Bond Issuance

Full Application Checklist

You might also like