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

Project Description
Project Name: Enfield School Apartments Address: City: 700 Branch Street Enfield County: Halifax Zip: 27896 Block Group: C106

Census Tract: 9905

Is project in Qualified Census Tract or Difficult to Develop Area? Yes Political Jurisdiction: Jurisdiction CEO Name: Jurisdiction Address: Jurisdiction City: Jurisdiction Phone: Town of Enfield First:Bobby Last: Davis P.O. Box 699 Enfield Zip: 27823 Title: Town Administrator

(252)445-3146

Site Latitude: Site Longitude:

36.11527 -77.403160

Project Type: Adaptive Reuse Is this project a previously awarded tax credit development? No If yes, what is the project number: Is this a request for supplemental credits? New Construction/Adaptive Reuse: Is this project a follow-on (Phase II, etc) to a previously-awarded tax credit development project? No If yes, list names of previous phase(s): Rehab: Number of residents holding Section 8 vouchers:

Will the project meet Energy Star standards as defined in Appendix B? Yes Does a community revitalization plan exist? No Will the project use steel and concrete construction and have at least 4 stories? No Will the project include a Community Service Facility under IRS Revenue Ruling 2003-77? No

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If yes, please describe:

Target Population:Elderly (55) Will the project be receiving project based federal rental assistance? Yes If yes, provide the subsidy source: HUD and number of units: 36 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: 6 Persons with disabilities or homeless populations: 10% of the total units.

Number of Units: 4 Remarks: Six of the 36 Enfield School apartments will be fully handicap accessible with roll in showers. The other 30 units will be fully handicap accessible with the exception of the kitchen wall cabinets, which will have adjustable shelves two inches lower than standard height in order to better accommodate seniors who want the under the counter space for appliances but still need lower cabinets for better access to goods stored in wall cabinets. All the other featues of the apartment will comply with Type A handicap requirements in that the apartments will have features that include lower base cabinets, kitchen work space, accessible appliances, bathrooms that accommodate wheel chairs. CADA is making every effort to make sure that Enfield School Apartments include many universal design features that will help residents age in place. Four units will be set aside for disabled or homeless seniors.

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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: Choanoke Area Development Agency 250 Sessoms Drive Richs Square State: NC Zip: 27896 First: SAllie Last:Surface Title:Executive Director

(252)052-9155 (252)578-0224 (252)539-2048 SSURFACE@NC-cada.ORG

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

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Site Description
Total Site Acreage: 8 Total Buildable Acreage: 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? 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:

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(b) Describe flood mitigation if the project 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: Purchase Price:

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

(c) Enter the current expiration date of the option/contract to purchase: 11/14/2008 (D) Enter Purchase Price: 10

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Zoning
Present zoning classification of the site:R-10 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? Yes If yes, describe below: The School was built in 1951 and CADA will be applying to the State Historic Preservation Office and US Dept of Interior to have the School placed on the National Register of Historic places. The school is presently on SHPO study list.

Are there any existing conditions of environmental significance located on the project site?Yes If yes, describe below: F&R Environmental has completed a Phase 1, Asbestos and Lead Survey and provided an estimate for the abatement of the asbseatos and lead. Thier report is included in Exhibit L of the application. If the project receives and allocation of credits F&R will prepare an abatement plan and obtain bids from qualified abatment contractors to remove the asbestos and lead. F&R will monitor the abatement and certify that the building is asbestos free.

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Ownership Entity
Owner Name: Address: City: Enfield School Apartments LLC 700 Branch Street Enfield State:NC Zip: 27896 (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? Yes Is the applicant requesting that the Agency treat the application as CHDO sponsored? Yes List all general partners, members,and principals. Specify nonprofit corporate general partners or members. Click [Add] to add additional partners, members, and principals.

Org: Address: City: Phone: EMail:

Choanoke Area Development Agency Last Name: Surface State: NC Fax: (252)539-2049 Nonprofit: Yes Function: Principal Zip: 27896 P.O. Box 530 Richs Square

First Name: Sallie

(252)539-4155 surface@nc-cada.com

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Unit Mix
The Median Income for Halifax county is $48,100. Low Income Units Type # BRs Net Sq.Ft. Total # Units # Units Monthly Rent Utility Allowance Mandatory Serv. Fees **Total Housing Exp.

Gdn Apt 1 Gdn Apt 2

672 850

26 10

4 2

444 476
Electric

82 101
Gas

0 0
Other Trash Collection

526 577

Utilities included in rents:

Water/Sewer

Employee Units (will add to Low Income Unit total) Total # Monthly Utility Mandatory **Total Type # BRs Net Sq.Ft. # Units Units Rent Allowance Serv. Fees Housing Exp. Utilities included in rents: Water/Sewer Electric Gas Other

Market Rate Units Total # Monthly Utility Mandatory **Total Type # BRs Net Sq.Ft. # Units Units Rent Allowance Serv. Fees Housing Exp. Utilities included in rents: Water/Sewer Electric Gas Other

Statistics All Units Low Income....... Market Rate....... Totals............... Gross Monthly Rental Income

Units

36

16304

36

16304

Proposed number of residential buildings: 2 Project Includes:

Maximum number of stories in buildings: 2

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

3,962
Elevators - Number of Elevators: 1 Square Footage Information

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Gross Floor Square Footage:

41,371

Total Net Sq. Ft. (All Heated Areas): 41,371

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.

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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 1 2 2

Units

% targeted at 40 targeted at 50 targeted at 40 targeted at 50 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

6 20 3 7

Total Low Income Units:

36

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: Town of Enfield/DCA 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

800,000

2.00

20

20

30

30

3,434,948

1,442,368

5,677,317

* "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. 78 Remarks concerning project funding sources: (Please be sure to include the name of the funding source(s)) Enfield School is located in a Qualified Census Tract and is entitled to

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130% of Eligible Basis. The Town of Enfield is applying to the NCDCA for a grant to remove the abestos and lead from the building. The Town will make these funds available to CADA as a Deferred Loan that acrues at 2% interest

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 2 3 4 5 6 7 8 9 10

35311
11

35113
12

34859
13

34544
14

34166
15

33720
16

33202
17

32607
18

31931
19

31168
20

30313

29361

28307

27143

25863

24462

22931

21264

19453

17489

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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 (max 6% lines 2-6) 8 Contractor Overhead (max 2% lines 2-7) 9 Contractor Profit (max 8% lines 2-7; 6% if Identity of Interest) 10 Construction Contingency (max 3% lines 2-9, Rehabs 6%) 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 TOTAL COST Eligible Basis 30% PV 70% PV

206,000 304,650

206,000 304,650

3,415,414

3,405,514

222,310 78,549 235,648 254,500 100,000 29,052 30,000 4,876,123 35,000 15,000 52,067

222,310 78,549 235,648 254,500 100,000 29,052 30,000

35,000 15,000 52,067

20,000

20,000

8,750 4,500 6,540 5,200

8,750 4,500 6,540 5,200

3,750

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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 (0.60% 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

150,807 15,000 15,000 2,200 34,522 10,000 2,500 1,000 25,200 105,422 50,000 50,000 10,000 15,000 15,000

378,000

353,000

Historic Consultant Other Basis Expense Southern Energy Energy Star Certification 12,000

43 Rent-up Expense 44 45

Other Non-basis Expense ( Other Non-basis Expense


SUBTOTAL (lines 38 through 45)

440,000 15,000 89,955

46 Rent up Reserve 47 Operating Reserve 48 49

Other Reserve (specify) Other Reserve (specify) 5,677,307 0 5,456,280

50 DEVELOPMENT COST (lines 1-49) 51 Less Federal Financing 52 Less Disproportionate Standard 53 Less Nonqualified Nonrecourse Financing 54 Less Historic Tax Credit 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

610,954 1,030,366 4,425,914 100.00% 4,425,914 0 100% 0 0.00% 5,753,688 0 1,030,366 4,425,914 100% 4,425,914 130.00% 5,753,688

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60 Tax Credit Rate 61 Federal Tax Credits at Estimated Rate 62 Federal Tax Credits at 9.00% or 3.75% (maximum $1,000,000) 63 Federal Tax Credits Requested 64 Land Cost 65 TOTAL REPLACEMENT COST FEDERAL TAX CREDITS IF AWARDED Comments: Credit award = $466,330

3.40 489,063 517,832 0 10 5,677,317 466,330 0 0

8.50 489,063 517,832

Total Replacement Cost per unit: 131,030

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Market Study Information


Please provide a detailed description of the proposed project: Adaptive reuse of historic school for 36 units. The 8 acre site contains a two-story historic school and a media building. The main two story historic school will have 31 units in it. The seperate Media Building will have 5 units located in it.

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 project is an adaptive reuse with historic preservation tax credits. The facade will be preserved in accordance with an approved restoration plan.

Have you built other tax credit developments that use the same building design as this project?Yes If yes, please provide name and address: Woodland-Olney Apartments Woodland, NC Ahoskie High School Apartments Ahoskie, NC

Site Amenities: The school resides in a well maintained and established residential neighborhood and residents of Enfield Apartments will feel well connected to this neighborhood/community via a sidewalk from the school that connects them with single family neighborhood surrounding the campus. The residents will be able to enjoy walks around the school site via a concrete walking trail that goes around the school property. A picnic shelter will be located on the site, as well as groupings of landscaped sitting areas located around the site. There will be a garden area for residents that want to develop their green thumb.

Onsite Activities: Residents will be offered a full range of social and recreational activities. A Residents Council will identify specific activities. Property management will assist with contacting providers and scheduling resident chosen activities. The building will include a multipurpose room with kitchen,libray/computer room, craft room, history room/ parlor and exercise room. The building will have controled security entrances.

Landscaping Plans:

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The site will be landscaped with new shrubbery and plants located around the buildings foundation. Seasonal planting beds will be located near the entrances to the buildings. Lanscaped sitting areas wil be developed near existing trees where appropriate and new sitting areas with trees will be located on the campus. One landscaped area will feature a fountain or a water garden.

Interior Apartment Amenities: Six of the units will be fully handicap accessible with roll in showers. The other 30 units will be Type A fully handicap accessible with the exception of the kitchen wall cabinets which will be two inches lower than standard height. All the kitchens will have appliances with front control knobs, 34 inch high cabinets with a work station. The refrigerators in the 6 units with roll-in showers will be double doored refrigerators. The other refrigerators will meet accessibility code standards. The building will be designed to meet Energy Star requirements and all appliances will be energy star rated. All of the bathrooms will be fully handicap accessible with 6 baths having roll in showers. The apartments will have a spacious living room and bedroom many with walk-in closets. The higher ceilings in the units will give residents a feeling of openess. The living room and bedrooms will have ceiling fans. The building will be equipped with an emergency call system with alarms located in the living area, bath,and bedrooms. As well as Areas of Emergency Assistence for the elderly/disabled to go to in case of a emergency. 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.

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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 in the immediate vicinity. Concentration of affordable housing. The Enfield School Apartments site is located in a well maintained neighborhood in the town of Enfield. The homes in the area are single and two story single family homes that are located along Sherrod Heights Road which runs along the front of the school. Behind the school there are well maintained single family homes along Watson Street. The areas Boys and Girls Club, a park and a cemetery are located on Watson Street about .3 miles from the site. Within a half-mile of the site there is a dentists office, a convenience store which has just been rehabilitated and a small thrift store. Within a mile, lies downtown Enfield with churches, pharmacies, banks, grocery stores and the library as well as other businesses and stores. The neighborhoods around Enfield are established with some, new homes that have been constructed as well as some homes that have been rehabilitated in the area over the past four years. The School itself is in good condition. There are no major structural defects that we were able to determine as of this time. The school was in operation until December of this year, at which time students were moved to the new middle school. Based on the condition of the surrounding neighborhood it appears property values will be sustained or increase in the future. About .8 miles from the Enfield School Apartments, outside of the city limits, is Deer Field Apartments, a duplex/quad apartment complex for lower income families/elderly. It leased up in under forty days. This facility is in great condition and is well maintained. SURROUNDING LAND USES AND AMENITIES Land use pattern is residential in character (single and multifamily housing). Extent that the location is isolated. Effect of industrial, large-scale institutional or other incompatible uses, including but not limited to: wastewater treatment facilities, high traffic corridors, junkyards, prisons, landfills, large swamps, distribution facilities, frequently used railroad tracks, power transmission lines and towers, factories or similar operations, sources of excessive noise, and sites with environmental concerns (such as odors or pollution). Amount and character of vacant, undeveloped land. The land use surrounding the site is residential, single family homes. There are no incompatible land uses as described above that would impact the sites use as elderly housing or long term value. To the west of the site would be vacant land that has been used as the schools athletic fields as well as the old gymnasium that was not included in the option. The city plans to renovate the gym and to make a park out of these fields and open up the old tennis courts to the public. The land directly next to the site would be the location of the park. SITE SUITABILITY Adequate traffic safety controls (i.e. stop lights, speed limits, turn lanes). Burden on public facilities (particularly roads). Access to mass transit (if applicable). Visibility of buildings and/or location of project sign (s) in relation to traffic corridors. The site is ideally located for a senior development. The future tenants will feel safe, and secure in a development located in the well established, residential neighborhood. It is a very short distance to any of the local amenities. The exit from Branch Street on to Sherrod Heights Rd has a stop sign which is more then adequate for the local traffic load. From Sherrod Heights, a traffic signal controls the traffic flow on to Business 481, The town has said they would consider a stop light at this intersection to help with traffic flow. There are also several cross walks located near the school and the intersections around it. The stated city wide speed limit is 25 miles per hour, unless otherwise noted. Business 481 as well as 301 are 35 mph and 45 mph respectively. There is a local bus service/ pick up service for seniors to call and arrange for pick up and drop off as well as return trips to locations around town.

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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 projectssuitability 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 negative features that would impede project construction or adversely affect the future residents. The site can be developed to meet all ADA standards without any adversity or major site revision.

Similarity of scale and aesthetics/architecture between project and surroundings. The School was constructed in 1951, since there will be no changes to the faade (beyond repairs where necessary) of the building, the aesthetics of the building and its scale will continue to match that of the surrounding residential neighborhood which was constructed around the same time of the school circa 19301960.

For each applicable neighborhood feature, enter distance from project in miles.

.6 2 .01

Grocery Store Mall/Strip Center Outdoor Athletic Fields Day Care/After School

.8
Center

Community/Senior

24 .5 1.2

Hospital Pharmacy Basic Health Care

Schools Public Transportation

Stop

.1 .2 .1 .8

Convenience Store Public Parks Gas Station Library

Other facilities or services:

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Development Team
Provide contact information for development team members below:

Management Agent Company: Address: City: Phone Contact Name: Excel Property Management 1004 Bullard Court, suite 106 Raleigh State: NC Zip: 27615 Email: Last: Blackmon

(919)878-0522
First: Rita

Architect Company: Address: City: Phone Contact Name: TiseKiester Architects 119 E. Franklin Street Suite 300 Chapel Hill State: NC Zip: 27514 Email: dtise@tisekiester.com Last: Tise

(919)967-0158
First: Donald

Attorney Company: Address: City: Phone Contact Name: Blanco, Tackaberry, & Matamoros, P.A. 110 South Stratford Road, Suite 500 Winston-Salem State: NC Zip: 27104-4299 Email: dlm@blancolaw.com Last: McKenney

(336)293-9000
First: Deborah

Investor Company: Address: City: Phone Contact Name: Community Affordable Housing Equity Corp. (CAHEC) 7700 Falls of Neuse Road, suite 200 Raleigh State: NC Email: First: Last: Zip: 27615

(929)420-0063

Consultant/Application Preparer (if different from developer) Company: Address: City: Phone Contact Name: Scott A. Redinger, Inc. 4553 Technology Drive Wilmington State: NC Zip: 28405 Email: saredinger@aol.com Last: Redinger

(910)793-2850
First: Scott

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General Contractor Company: Address: City: Phone Contact Name:

Identity of Interest?

Weaver Cooke Construction 7900 McCloud Road Greensboro State: NC Zip: 27420 Email: dgeorge@weavercooke.com Last: George

(336)378-7900
First: Doug

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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):

1,000

1,200

15,600 15,000

240 5,500 1,620 2,400

1,200
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

43,760

12,000 6,000

18,000

750

864

2,400

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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):

500 6,500 12,000 1,200 1,200 2,500 432

Miscellaneous Operating & Maintenance Expenses SUBTOTAL Taxes and Insurance Real Estate Taxes Payroll Taxes (FICA) Miscellaneous Taxes, Licenses and Permits Property and Liability Insurance (Hazard) Fidelity Bond Insurance Workmen's Compensation Health Insurance and Other Employee Benefits Other Insurance:

28,346

24,000 3,600

13,234 100 960

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

41,894

SUBTOTAL Reserves Replacement Reserves SUBTOTAL

12,600 12,600

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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

144,600 108,000 36 3,000

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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):

195,648

2,500 1,000 199,148 13,940 185,208 144,600 40,608 35,311 5,297 1.15

Interest 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)

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

185,208 144,600 35,311 5,297 1.15


11

190,764 150,384 35,113 5,267 1.15


12

196,487 156,399 34,859 5,229 1.15


13

202,382 162,655 34,544 5,183 1.15


14

208,453 169,161 34,166 5,126 1.15


15

214,707 175,927 33,720 5,060 1.15


16

221,148 182,964 33,202 4,982 1.15


17

227,782 190,283 32,607 4,892 1.15


18

234,615 197,894 31,931 4,790 1.15


19

241,653 205,810 31,168 4,675 1.15


20

248,903 214,042 30,313 4,548 1.15

256,370 222,604 29,361 4,405 1.15

264,061 231,508 28,307 4,246 1.15

271,983 240,768 27,143 4,072 1.15

280,142 250,399 25,863 3,880 1.15

288,546 260,415 24,462 3,669 1.15

297,202 270,832 22,931 3,439 1.15

306,118 281,665 21,264 3,189 1.15

315,302 292,932 19,453 2,917 1.15

324,761 304,649 17,489 2,623 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.

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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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Minimum Set-Asides
MINIMUM REQUIRED SET ASIDES (No Points Awarded): Select one of the following two options: 20% of the units are rent restricted and occupied by households with incomes at or below 50% of the median income (Note: No Tax Credit Eligible Units in the the project can exceed 50% of median income) 40% of the units are rent restricted and occupied by households with incomes at or below 60% of the median income (Note: No Tax Credit Eligible Units in the the project can exceed 60% of median income) If requesting RPP funds: 40% of the units are occupied by households with incomes at or below 50% of median income. State Tax Credit and QAP Targeting Points: Low Income County: At least forty percent (40%) of qualified units will be affordable to households with incomes at or below fifty percent (50%) of county median income. At least forty percent (40%) of qualified units will be affordable to and occupied by households with incomes at or below fifty percent (50%) of county median income. Tax Exempt Bonds Threshold requirement (select one): At least ten percent (10%) of qualified units will be affordable to and occupied by households with incomes at or below fifty percent (50%) of county median income. At least five percent (5%) of qualified units will be affordable to and occupied by households with incomes at or below forty percent (40%) of county median income. Eligible for 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.

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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 (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 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) G Local Government Letter Confirming Zoning including any pending notices or hearings (original on letterhead, no fax or photocopies) H Letters from Local Utility Providers regarding availability and capacity (original on letterhead, no fax or photocopies) I Documentation from utility company or local PHA to support estimated utility costs J Appraisal (required for land costs greater than $15,000 and for all Adaptive Re-use and Rehab projects) K 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) L Hazard and structural inspection and termite reports (Adaptive Re-use and Rehab projects only) M Copy of certificate of occupancy or proof of placed-in-service date (Rehabs Only) N 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. O 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. P 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. Q Statement regarding terms of Deferred Developer Fee. If a nonprofit is involved, a resolution from their board approving deferral of fee is required. R Inducement Resolution (Tax-Exempt Bond Financed Projects only)

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