Eno Haven App

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Tax Credits, RPP Loans, and/or Tax Exempt Bond Loans
Project Description
Project Name: Eno Haven Address: City: Hwy 70 Business and Hwy 86 Hillsborough County: Orange Zip: 27278 Block Group: 2
Census Tract: 110
Is project in Qualified Census Tract or Difficult to Develop Area? No Political Jurisdiction: Jurisdiction CEO Name: Jurisdiction Address: Jurisdiction City: Jurisdiction Phone: Town of Hillsborough First:Tom Last: Stevens 101 E. Orange St. Hillsborough Zip: 27278 Title: Mayor
(919)732-1270
Site Latitude: Site Longitude:
36.06439 -79.08181
Project Type: New Construction 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? No Does a community revitalization plan exist? No Will the project use steel and concrete construction and have at least 4 stories? No Will the project include a Community Service Facility under IRS Revenue Ruling 2003-77? No
https://www.nchfa.org/Rental/RTCApp/(S(szsed1f4...BAB1306AC&SNID=8FC2A6E3AC1341A48C7B2DBAC89719FA (1 of 29)9/16/2008 3:10:00 PM
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If yes, please describe:
Target Population:Elderly (55) Will the project be receiving project based federal rental assistance? No If yes, provide the subsidy source: and number of units: Indicate below any additional targeting for special populations proposed for this project: Mobility impaired handicapped: 5% of units comply with QAP Section IV(F)(3) (in addition to the units required by other federal and state codes.) Number of Units: 8 Persons with disabilities or homeless populations: 10% of the total units.
Number of Units: 8 Remarks:
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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: The Banks Law Firm, P.A. 4819 Emperor Blvd., Suite 110 Durham State: NC Zip: 27703 First: Jim Last:Yamin Title:Development Consultant
(919)281-9169 (919)810-0371 (919)474-9537 jyamin@bankslawfirm.com
NOTE: Email Address above will be used for communication between NCHFA and Applicant.
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Site Description
Total Site Acreage: 11 Total Buildable Acreage: 11
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? Yes If yes, please describe: A house on the property will need to be moved or demolished.
Are existing buildings on the site currently occupied? Yes If yes: (a) Briefly describe the situation: The tenant there is on a 12-month lease that ended at the end of February 2008, at which time the lease reverted to month-to-month. The owner has agreed to offer the tenant a 90-day notice to vacate. The applicant has offered the tenant a $300 relocation fee.
(b) Will tenant displacement be temporary? No (c) Will tenant displacement be permanent? Yes 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: 12/30/2000 (D) Enter Purchase Price: 1,000,000
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Zoning
Present zoning classification of the site:O-1 Is multifamily use permitted?No Are variances, special or conditional use permits or any other item requiring a public hearing needed to develop this proposal?Yes If yes, have the hearings been completed and permits been obtained?No If yes, specify permit or variance required and date obtained. If no, describe permits/variances required and schedule for obtaining them: A joint Planning Board/Board of Town Commissioners will convene in a public hearing April 7, 2008 to consider the rezoning application. Planning Board will meet to make their decision May 15th and the Town Board will meet to make their decision June 9th. Scott Farmer has allowed a waiver for this final decision.
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:
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Ownership Entity
Owner Name: Address: City: TBLF Eno Haven LLC c/o The Banks Law Firm, 4819 Emperor Blvd., Suite 110 Durham State:NC Zip: 27703 (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? No Is the applicant requesting that the Agency treat the application as CHDO sponsored? 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: Address: City: Phone: EMail:
The Banks Law Firm, PA Last Name: Banks State: NC Function: Managing Member Zip: 27703 4819 Emperor Blvd., Suite 110 Durham
First Name: Sherrod
(919)474-9137 sbanks@bankslawfirm.com
Fax: (919)474-9537 Nonprofit: No
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Unit Mix
The Median Income for Orange county is $71,300. 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 1 Gdn Apt 1 Gdn Apt 2 Gdn Apt 2 Gdn Apt 2
696 696 696 900 900 900
12 7 25 7 5 20
1 1 3 1 1 3
330 575 575 390 690 690

Electric
65 65 65 79 79 79
Gas
0 0 0 0 0 0
Other Trash collection
395 640 640 469 769 769
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
76
10
42340
76
10
42340
Proposed number of residential buildings: 1 Project Includes:
Maximum number of stories in buildings: 3
Separate community building - Sq. Ft. (Floor Area):
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Community space within residential bulding(s) - Sq. Ft. (Floor Area):
4,908
Elevators - Number of Elevators: 1 Square Footage Information Gross Floor Square Footage:
88,738
Total Net Sq. Ft. (All Heated Areas): 88,538
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 1 2 2 2
Units
% targeted at 30 targeted at 50 targeted at 60 targeted at 30 targeted at 50 targeted at 60 percent of median income affordable to/occupied by percent of median income affordable to/occupied by percent of median income affordable to/occupied by percent of median income affordable to/occupied by percent of median income affordable to/occupied by percent of median income affordable to/occupied by
12 7 25 7 5 20
Total Low Income Units:
76
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: RD 515 Loan RD 538 Loan - Specify: AHP Loan Other Loan 1 - Specify: Orange County Bond Loan 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
1,700,000 500,000
6.25 2.00
30 20
30 20
125,606
1,000,000
0.00
20
20
422,903
30
30
5,195,712
8,818,615
* "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. 83 Remarks concerning project funding sources: (Please be sure to include the name of the funding source(s))
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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
20882
11
22428
12
23910
13
25322
14
26658
15
27911
16
29072
17
30134
18
31089
19
31927
20
32641
33219
33652
33928
34037
33966
33702
33232
32542
31617
Other Loan 1 - Orange County Bond Loan Year: Amt: Year: Amt: 1 2 3 4 5 6 7 8 9 10
0
11
0
12
0
13
0
14
0
15
0
16
0
17
0
18
0
19
0
20
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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
820,000
820,000
4,000,000
4,000,000
289,000 102,000 408,500 168,500 142,600 30,000 50,000 6,010,600
289,000 102,000 408,500 168,500 142,600 30,000 50,000
50,000 210,000
50,000 210,000
65,000 107,920 30,000 6,000 4,000 4,300
65,000 107,920 30,000 6,000 4,000 4,300
34,500
5,000
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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
516,720 25,000 10,000 2,200 44,192 12,000 4,500 25,000 10,000
53,200 146,592 40,000 40,000
798,000
798,000
Other Basis Expense (specify) Other Basis Expense (specify) 34,200 20,000
43 Rent-up Expense 44 45
Off-site infrastructure Other Non-basis Expense (specify)

SUBTOTAL (lines 38 through 45)
892,200 22,800 229,703
46 Rent up Reserve 47 Operating Reserve 48 49
Other Reserve (specify) Other Reserve (specify) 7,818,615 0 7,365,320
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
0 7,365,320 100.00% 7,365,320 0 100% 0 100.00% 7,365,320 0 7,365,320 100% 7,365,320 100.00% 7,365,320
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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:
3.40 626,052 662,879 593,703 1,000,000 8,818,615 662,879 0 0
8.50 626,052 662,879 593,703
Total Replacement Cost per unit: 76,158
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Market Study Information

Please provide a detailed description of the proposed project: The proposed Eno Haven is one 2-story building that includes 90 units, 53 one-bedroom units and 37 twobedroom units. These units are constructed to meed the needs of residents who may have physical as well as mental challenges. Each unit is equipped with a pantry, walk-in closets and exterior stroage space. The site's proximity to different elder services in the Meadowlands area makes offers exceptional convenience for th etarget population.
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?No If yes, please provide name and address:
Site Amenities: Indoor or Outdoor Sitting Areas, Multi-Purpose Room, Resident Computer Center, Tenant Storage Areas, Covered Drive-Thru at Entry and Garden Plots
Onsite Activities: Residents will have full use of the computer center located in the community building. Periodic training courses will be conducted on computer hardware and software. The owners will also contract with the Orange County Council on Aging to ofer specialized support services.
Landscaping Plans:
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The site will be landscaped with natural as well as planted greenery. As many acres as possible will be preserved during construction in order to offer a beautiful natural surrounding to the residents as well as serving as a buffer to offer privacy to the residents. Small shrubs and mulch will be planted around the building perimeter. Addiitona landscaping will be provided by the resident as they sow and nurture the provided garden spots on the property.
Interior Apartment Amenities: Range with hood Frost-free Refrigerator Some interior/exterior storage space Washer/Dryer hook-ups Mini Blinds Carpeting Vinyl kitchen and bathrooms Central Air Conditioning and Heat Pump Do you plan to submit additional market data (market study, etc.) that you want considered? No If yes, please make sure to include the additional information in your pre-application packet.
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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. Hillsborough is experiencing rapid economic expansion and Eno Haven is well placed to take full advantage of this trend. The NC Department of Transportation is considering various alignments for the imminent realignment of the Elizabeth Brady Road bypass project, which will extend Hwy 86, from its present intersection with Hwy 70A, north to connect with US Hwy 70 bypass running on the north side of town. This will bring accompanying upgraded conditions for new development. The Central Orange Senior Center is completing construction of a 30,000 sq. ft. addition to the Triangle Sportsplex within the adjacent Meadowlands complex. The seller of the Eno Haven site is maintaining ownership of the half of the parcel that fronts onto Hwy 86 and he plans to develop that site with a mix of retail, office and lodging. There is a small new subdivision of new custom homes under construction named Riverbend on Hwy 70A just about 0.5 miles west of the entrance to the site. There is an ample amount of new economic development in the downtown vicinity, just over a mile away from the site. The enclosed map from the Town Planning Department locates and describes these developments. There is no affordable housing in the vicinity. 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. Land use surrounding the Eno Haven site is a broad, complementary mix of residential, educational, institutional and recreational. The most practical feature will be the connection to the Meadowlands complex. The owner will build a connecting road via the Duke Hospice property that will provide very easy access to all the facilities in the Meadowlands. These include a new 30,000 sq. ft. addition to the Triangle Sportsplex that will house the expanded Central Orange Senior Center. In addition there are medical and dental offices and a charter school. A new major commercial complex anchored by a Super Walmart and Home Depot is less than a mile away south on Hwy 86. 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 owners will be constructing a required turn lane at the entrance to Hwy 70A. The Durham Area Transit Authority (DATA) runs a public bus route through the Meadowlands complex to which the project will be physically connected. There will be excellent visibility of the project from both Hwy 70A as well as Hwy 86. The sloping site is thick with mature hardwoods that will offer attractive ambience to the site to the extent that they can be preserved. 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 on-site negative features and physical barriers that will impede project construction or adversely affect future tenants.
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Similarity of scale and aesthetics/architecture between project and surroundings. The proposed project will be fully in keeping with the scale and aesthetics/architecture between project and surroundings. The owner is continuing discussions with the land seller/developer of the parcel fronting Hwy 86 in an effort to achieve a smuch as possible aesthetic/architectural sumilarities with his proposed development activity.
For each applicable neighborhood feature, enter distance from project in miles.
0.9 0.9 0.1 0.2 0.1 0.1

Stop
Grocery Store Mall/Strip Center Outdoor Athletic Fields Day Care/After School Schools Public Transportation
0.2
Center
Community/Senior
5 0.9 0.2
Hospital Pharmacy Basic Health Care
0.5 0.1 0.5 1.2
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: Community Management Co. PO Box 25168 Winston-Salem State: NC Zip: 27114-5168 Email: gmorgan@cmc-nc.com Last: morgan
(336)765-0424
First: Gaye
Architect Company: Address: City: Phone Contact Name: Tise-Kiester Architects 119 E. Franklin St. Suite 300 Chapel Hill State: NC Zip: 27514 Email: dtise@tisekiester.com Last: Tise
(919)967-0158
First: Don
Attorney Company: Address: City: Phone Contact Name: The Banks Law Firm PA 4819 Emperor Blvd. Suite 110 Durham State: NC Zip: 27703 Email: tlocklair@bankslawfirm.com Last: Locklair
(919)474-9137
First: Tanya
Investor Company: Address: City: Phone Contact Name: TBD TBD TBD State: NC Zip: 99999 Email: First: Last:
(999)999-9999
Consultant/Application Preparer (if different from developer) Company: Address: City: Phone Contact Name: First: State: Email: Last: Zip:
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General Contractor Company: Address: City: Phone Contact Name: TBD TBD TBD
Identity of Interest?
State: NC Zip: 99999 Email: First: Last:
(999)999-9999
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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):
2,400
2,400
35,566 20,000
900 4,000 6,000 5,400
1,000
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
77,666
11,200 9,000
7,000 27,200
7,200 800 1,500 1,200
9,000
1,800
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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):
2,500 10,000 25,000 1,200 800 3,600 1,500
5,000
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:
71,100
60,000 6,500
22,000 300 800 8,000
SUBTOTAL Supportive Service Expenses Service Coordinator Service Supplies Tenant Association Funds Other Expenses (specify):
97,600
10,000
dedicated transportation
SUBTOTAL Reserves Replacement Reserves SUBTOTAL
13,650 23,650
19,000 19,000
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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
316,216 213,566 76 2,810
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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):
508,080
5,000 4,000
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)
517,080 36,196 480,884 316,216 164,668 146,488 18,180 1.124
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
480,884 316,216 146,488 18,180 1.124

11
495,311 328,865 148,034 18,412 1.124

12
510,170 342,020 149,516 18,634 1.125

13
525,475 355,701 150,928 18,846 1.125

14
541,239 369,929 152,264 19,046 1.125

15
557,476 384,726 153,517 19,233 1.125

16
574,200 400,115 154,678 19,407 1.125

17
591,426 416,120 155,740 19,566 1.126

18
609,169 432,765 156,695 19,709 1.126

19
627,444 450,076 157,533 19,835 1.126

20
646,267 468,079 158,247 19,941 1.126
665,655 486,802 158,825 20,028 1.126
685,625 506,274 159,258 20,093 1.126
706,194 526,525 159,534 20,135 1.126
727,380 547,586 159,643 20,151 1.126
749,201 569,489 159,572 20,140 1.126
771,677 592,269 159,308 20,100 1.126
794,827 615,960 158,838 20,029 1.126
818,672 640,598 158,148 19,926 1.126
843,232 666,222 157,223 19,787 1.126
* 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: 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. 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)

Eno Haven App

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Eno Haven App

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Print - APP08-0061

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Census Tract: 110

Site Latitude: Site Longitude:

https://www.nchfa.org/Rental/RTCApp/(S(szsed1f4...BAB1306AC&SNID=8FC2A6E3AC1341A48C7B2DBAC89719FA (1 of 29)9/16/2008 3:10:00 PM

If yes, please describe:

Number of Units: 8 Remarks:

https://www.nchfa.org/Rental/RTCApp/(S(szsed1f4...BAB1306AC&SNID=8FC2A6E3AC1341A48C7B2DBAC89719FA (2 of 29)9/16/2008 3:10:00 PM

(919)281-9169 (919)810-0371 (919)474-9537 jyamin@bankslawfirm.com

https://www.nchfa.org/Rental/RTCApp/(S(szsed1f4...BAB1306AC&SNID=8FC2A6E3AC1341A48C7B2DBAC89719FA (3 of 29)9/16/2008 3:10:00 PM

If buildable acreage is less than total acreage, please explain:

https://www.nchfa.org/Rental/RTCApp/(S(szsed1f4...BAB1306AC&SNID=8FC2A6E3AC1341A48C7B2DBAC89719FA (4 of 29)9/16/2008 3:10:00 PM

https://www.nchfa.org/Rental/RTCApp/(S(szsed1f4...BAB1306AC&SNID=8FC2A6E3AC1341A48C7B2DBAC89719FA (5 of 29)9/16/2008 3:10:00 PM

https://www.nchfa.org/Rental/RTCApp/(S(szsed1f4...BAB1306AC&SNID=8FC2A6E3AC1341A48C7B2DBAC89719FA (6 of 29)9/16/2008 3:10:00 PM

https://www.nchfa.org/Rental/RTCApp/(S(szsed1f4...BAB1306AC&SNID=8FC2A6E3AC1341A48C7B2DBAC89719FA (7 of 29)9/16/2008 3:10:00 PM

Org: Address: City: Phone: EMail:

First Name: Sherrod

Fax: (919)474-9537 Nonprofit: No

https://www.nchfa.org/Rental/RTCApp/(S(szsed1f4...BAB1306AC&SNID=8FC2A6E3AC1341A48C7B2DBAC89719FA (8 of 29)9/16/2008 3:10:00 PM

696 696 696 900 900 900

330 575 575 390 690 690

395 640 640 469 769 769

Utilities included in rents:

Proposed number of residential buildings: 1 Project Includes:

Maximum number of stories in buildings: 3

Separate community building - Sq. Ft. (Floor Area):

https://www.nchfa.org/Rental/RTCApp/(S(szsed1f4...BAB1306AC&SNID=8FC2A6E3AC1341A48C7B2DBAC89719FA (9 of 29)9/16/2008 3:10:00 PM

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

Total Net Sq. Ft. (All Heated Areas): 88,538

https://www.nchfa.org/Rental/RTCApp/(S(szsed1f...AB1306AC&SNID=8FC2A6E3AC1341A48C7B2DBAC89719FA (10 of 29)9/16/2008 3:10:00 PM

Total Low Income Units:

https://www.nchfa.org/Rental/RTCApp/(S(szsed1f...AB1306AC&SNID=8FC2A6E3AC1341A48C7B2DBAC89719FA (11 of 29)9/16/2008 3:10:00 PM

https://www.nchfa.org/Rental/RTCApp/(S(szsed1f...AB1306AC&SNID=8FC2A6E3AC1341A48C7B2DBAC89719FA (12 of 29)9/16/2008 3:10:00 PM

RPP Loan Year: Amt: Year: Amt: 1 2 3 4 5 6 7 8 9 10

https://www.nchfa.org/Rental/RTCApp/(S(szsed1f...AB1306AC&SNID=8FC2A6E3AC1341A48C7B2DBAC89719FA (13 of 29)9/16/2008 3:10:00 PM

289,000 102,000 408,500 168,500 142,600 30,000 50,000 6,010,600

289,000 102,000 408,500 168,500 142,600 30,000 50,000

65,000 107,920 30,000 6,000 4,000 4,300

65,000 107,920 30,000 6,000 4,000 4,300

https://www.nchfa.org/Rental/RTCApp/(S(szsed1f...AB1306AC&SNID=8FC2A6E3AC1341A48C7B2DBAC89719FA (14 of 29)9/16/2008 3:10:00 PM

516,720 25,000 10,000 2,200 44,192 12,000 4,500 25,000 10,000

53,200 146,592 40,000 40,000

Off-site infrastructure Other Non-basis Expense (specify)

892,200 22,800 229,703

46 Rent up Reserve 47 Operating Reserve 48 49

Other Reserve (specify) Other Reserve (specify) 7,818,615 0 7,365,320

https://www.nchfa.org/Rental/RTCApp/(S(szsed1f...AB1306AC&SNID=8FC2A6E3AC1341A48C7B2DBAC89719FA (15 of 29)9/16/2008 3:10:00 PM

3.40 626,052 662,879 593,703 1,000,000 8,818,615 662,879 0 0

8.50 626,052 662,879 593,703

Total Replacement Cost per unit: 76,158

https://www.nchfa.org/Rental/RTCApp/(S(szsed1f...AB1306AC&SNID=8FC2A6E3AC1341A48C7B2DBAC89719FA (16 of 29)9/16/2008 3:10:00 PM

Market Study Information

Front Gables or Dormers Other:

Wide Banding or Vertical/Horizontal Siding

https://www.nchfa.org/Rental/RTCApp/(S(szsed1f...AB1306AC&SNID=8FC2A6E3AC1341A48C7B2DBAC89719FA (17 of 29)9/16/2008 3:10:00 PM

https://www.nchfa.org/Rental/RTCApp/(S(szsed1f...AB1306AC&SNID=8FC2A6E3AC1341A48C7B2DBAC89719FA (18 of 29)9/16/2008 3:10:00 PM

Applicant's Site Evaluation

https://www.nchfa.org/Rental/RTCApp/(S(szsed1f...AB1306AC&SNID=8FC2A6E3AC1341A48C7B2DBAC89719FA (19 of 29)9/16/2008 3:10:00 PM

0.9 0.9 0.1 0.2 0.1 0.1

Hospital Pharmacy Basic Health Care

0.5 0.1 0.5 1.2

Convenience Store Public Parks Gas Station Library

Other facilities or services: