Print Preview - Full Application

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

Project Description
Project Name: Kenly Court Apartments Address: City: 6022 North Whitley Drive Kenly County: Wilson Block Group: 3 Zip: 27542

Census Tract: 00.1600

Is project in Qualified Census Tract or Difficult to Develop Area? Yes Political Jurisdiction: Jurisdiction Address: Jurisdiction City: Jurisdiction Phone: Town of Kenly Last: Hales Title: Mayor P.O. Box 519 Kenly (919)284-2116 Zip: 27542

Jurisdiction CEO Name: First: Herbert

Site Latitude: Site Longitude:

35.6030 -78.1241

Project Type: Rehab New Construction/Adaptive Reuse: Is this project a follow-on (Phase II, etc) to a previously-awarded tax credit development project? If yes, list names of previous phase(s): Rehab: Is this project a previously awarded tax credit development? Yes If yes, what year were credits awarded?: 1989 Number of residents holding Section 8 vouchers: 0 Will the project meet Energy Star standards as defined in Appendix B? No Does a community revitalization plan exist? No Will the project use steel and concrete construction and have at least 4 stories? No Will the project include a Community Service Facility under IRS Revenue Ruling 2003-77? No If yes, please describe:

Target Population: Family Will the project be receiving project based federal rental assistance? Yes If yes, provide the subsidy source: RD and number of units: 47 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: 0 Persons with disabilities or homeless populations: the greater of 5 units or 10% of the total units. Number of Units: 5 Remarks:

Applicant Information
Indicate below an individual or a validly existing entity (a corporation, nonprofit, limited partnership or LLC) as the official applicant. Under QAP Section III(C)(5) only this individual or entity will be able to make decisions with regard to this application. If awarded the applicant must become part of the ownership entity. The applicant will execute the signature page for this application. Applicant Name: Address: City: Contact: Telephone: Alt Phone: Fax: Email Address: (704)357-1881 dellisgem@bellsouth.net Kenly Court North Carolina Limited Partnership 2021 Cross Beam Drive Charlotte First: Danny (704)357-6000 State: NC Zip: 28217 Last: Ellis Title:

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

Site Description
Total Site Acreage: 6.11 Total Buildable Acreage: 6.11 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? No If yes, please describe:

Are existing buildings on the site currently occupied? Yes If yes: (a) Briefly describe the situation: This is an existing USDA Rural Development financed property in need of rehabilitation. Tenants will not be displaced.

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

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

(b) Describe flood mitigation if the project will have improvements within the 100 year floodplain:

Site Control
Does the owner have fee simple ownership of the property (site/buildings)? No If yes provide: Purchase Date: If no: (a) Does the owner/principal or ownership entity have valid option/contract to purchase the property? Yes (b) Does an identity of interest (direct or indirect) exist between the owner/principal or ownership entity with the option/contract for purchase of the property and the seller of the property? Yes If yes, specify the relationship: Gary D. Ellis is a general partner in both entities

Purchase Price:

(c) Enter the current expiration date of the option/contract to purchase: 12/31/2007 (D) Enter Purchase Price: 1,550,000

Zoning
Present zoning classification of the site: R-10 MF Is multifamily use permitted? Yes Are variances, special or conditional use permits or any other item requiring a public hearing needed to develop this proposal? No If yes, have the hearings been completed and permits been obtained? If yes, specify permit or variance required and date obtained. If no, describe permits/variances required and schedule for obtaining them:

Are there any existing conditions of historical significance located on the project site that will require State Historic Preservation office review? No If yes, describe below:

Are there any existing conditions of environmental significance located on the project site? No If yes, describe below:

Ownership Entity
Owner Name: Kenly Court North Carolina Limited Partnership Address: City: 2021 Cross Beam Drive Charlotte State: NC Zip: 28217 (If assigned)

Federal Tax ID Number of Ownership Entity:

Note: Do not submit social security numbers for individuals. 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:

Kenly Court NorthCarolina Limited Partnership Last Name: Ellis Function: Managing General Partner

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

State: NC

Zip: 28217

Fax: (704)357-1881 Nonprofit: No

Org:

Kenly Court North Carolina Limited Partnership Last Name: Melton Function: General Partner

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

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

Zip: 28217

Org:

Kenly Court North Carolina Limited Partnership Last Name: Gunderman Function: General Partner

First Name: Tim Address: City: Phone: EMail: 2021 Cross Beam Drive Charlotte (704)357-6000 tgundi@hotmail.com

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

Zip: 28217

Unit Mix
The Median Income for Wilson county is $49,600. Low Income Units Type Gdn Apt Gdn Apt Gdn Apt # BRs Net Sq.Ft. 1 2 3 605 744 852 Total # Units 8 36 4 # Units 2 1 0 Monthly Rent 372 392 412 Electric Utility Allowance 87 93 109 Gas Mandatory Serv. Fees 0 0 0 Other garbage removal **Total Housing Exp. 459 485 521

Utilities included in rents:

Water/Sewer

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

Utilities included in rents:

Water/Sewer

Market Rate Units Type # BRs Net Sq.Ft. Total # Units # Units Monthly Rent Utility Allowance Gas Other Mandatory Serv. Fees **Total Housing Exp.

Utilities included in rents:

Water/Sewer

Electric

Statistics All Units Low Income....... Market Rate....... Totals............... 48 3 18736 48 Gross Monthly Rental Income 18736

Units 3

Proposed number of residential buildings: 12 Project Includes:

Maximum number of stories in buildings: 1

Separate community building - Sq. Ft. (Floor Area): 361 Community space within residential bulding(s) - Sq. Ft. (Floor Area): Elevators - Number of Elevators: Square Footage Information Gross Floor Square Footage: 40,209

Total Net Sq. Ft. (All Heated Areas): 35,937

Notes ** Please refer to the Income Limits and Maximum Housing Expense Table to ensure that Total Monthly Tenant Expenses for low income units are within established thresholds.

Targeting
Specify Low Income Unit Targeting in table below. List each applicable targeting combination in a separate row below. Click [Add] to create another row. Click "X" (at the left of each row) to delete a row. Add as many rows as needed.

# BRs 1 1 2 2 3 3 4 4 18 18 2 2

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

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

Total Low Income Units:

48

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

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: 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

1,300,000

1.00

30

50

33,050

269,655

30

30

1,950,045

3,519,700

* "Non-amortizing" indicates that the loan does not have a fixed annual debt service. For these items, you must fill in 20-year debt service below. ** Total Sources must equal total replacement cost in Project Development Cost (PDC) section. Estimated pricing on sale of Federal Tax Credits: $0. 85 Remarks concerning project funding sources: (Please be sure to include the name of the funding source(s)) Please note that we are only proposing to use a portion of the allowable State Tax Credit (Loan). Also, the debt service shown above for the RD 515 loan is slightly different from the actual payment currently being made to RD.

Development Costs
Item Cost Element 1 Purchase of Building(s) (Rehab / Adaptive Reuse only) 2 Demolition (Rehab / Adaptive Reuse only) 3 On-site Improvements 4 Rehabilitation 5 Construction of New Building(s) 6 Accessory Building(s) 7 General Requirements 8 Contractor Overhead 9 Contractor Profit 10 Construction Contingency 11 Architect's Fee - Design (11 + 12 = max 3% lines 2-10) 12 Architect's Fee - Inspection 13 Engineering Costs SUBTOTAL (lines 1 through 13) 14 Construction Insurance (prorate) 15 Construction Loan Orig. Fee (prorate) 16 Construction Loan Interest (prorate) 17 Construction Loan Credit Enhancement (prorate) 18 Construction Period Taxes (prorate) 19 Water, Sewer and Impact Fees 20 Survey 21 Property Appraisal 22 Environmental Report 23 Market Study 24 Bond Costs 25 Bond Issuance Costs 26 Placement Fee 27 Permanent Loan Origination Fee 28 Permanent Loan Credit Enhancement 29 Title and Recording SUBTOTAL (lines 14 through 29) 30 Real Estate Attorney 31 Other Attorney's Fees 32 Tax Credit Application Fees (Preliminary and Full) 33 Tax Credit Allocation Fee (0.58% of line 59, minimum $7,500) 34 Cost Certification / Accounting Fees 35 Tax Opinion 36 Organizational (Partnership) 37 Tax Credit Monitoring Fee SUBTOTAL (lines 30 through 37) 38 Furnishings and Equipment 39 Relocation Expense 40 Developer's Fee 41 42 44 45 Other Basis Expense (specify) Other Basis Expense (specify) Other Non-basis Expense (specify) Other Non-basis Expense (specify) 26,400 74,600 3,000 28,800 504,000 3,000 28,800 504,000 2,200 25,000 3,000 3,000 500 76,700 18,000 18,000 6,000 4,500 4,500 4,200 6,000 4,500 4,500 4,200 12,000 45,000 12,000 45,000 2,552,600 63,300 21,100 63,300 63,300 12,000 4,000 63,300 21,100 63,300 63,300 12,000 4,000 85,600 970,000 85,600 970,000 TOTAL COST 1,270,000 Eligible Basis 30% PV 70% PV 1,270,000

43 Rent-up Expense

SUBTOTAL (lines 38 through 45) 46 Rent up Reserve 47 Operating Reserve 48 49 Other Reserve (specify) Other Reserve (specify)

535,800

50 DEVELOPMENT COST (lines 1-49) 51 Less Federal Financing 52 Less Disproportionate Standard 53 Less Nonqualified Nonrecourse Financing 54 Less Historic Tax Credit (residential) 55 TOTAL ELIGIBLE BASIS 56 Applicable Fraction (percentage of LI Units) 57 Basis Before Boost 58 Boost for QCT/DDA (if applicable, enter 130%) 59 TOTAL QUALIFIED BASIS 60 Tax Credit Rate 61 Federal Tax Credits at Estimated Rate 62 Federal Tax Credits at 8.5% or 3.75% Max Federal Tax Credits (With Energy Star - Lesser of $8,500 per unit or 63 $800,000, w/o - Lesser of $8,000 per unit or $800,000) 64 Federal Tax Credits Requested 65 Land Cost 66 TOTAL REPLACEMENT COST FEDERAL TAX CREDITS IF AWARDED

3,239,700

1,270,000

1,915,600

0 3,185,600 100.00% 3,185,600 4,141,280 257,427 273,586 384,000 229,440 280,000 3,519,700 273,586 53,129 176,311 1,270,000 100% 1,270,000 130.00% 1,651,000 3.45 56,959 61,912 1,915,600 100% 1,915,600 130.00% 2,490,280 8.05 200,467 211,673

Comments: Please note that the total credits requested is below $250,000 and that there is no development fee claimed on the acquisition. Also note that there is much less than allowable state credit claimed in this proposal. In addition, land cost is estimated at $220,000 but there is acquired reserves in the amount of $60,000 making up the total of $2800,000 on line 65.

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

67,494 5,700

Market Study Information

Please provide a detailed description of the proposed project: Kenly Court is an existing 48 unit family USDA Rural Development financed project with 47 units of rental assistance. It is fully occupied property in need of rehabilitation.

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: The project will have a resident computer center, covered picnic area, playground, outdoor sitting area with benches, gazebo and tot lot.

Onsite Activities:

Landscaping Plans: As the landscaping is mature and in good condition we will keep the existing vegitation in place and will make improvements by adding new plantings.

Interior Apartment Amenities:

Units will be receiving new lighting fixtures, plumbing fixtures, cabinets and vanities, carpets,door hardware, paint. As needed they will be receiving new appliances, water heaters and doors.

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.

Applicant's Site Evaluation

Briefly describe your site in each of the following categories: NEIGHBORHOOD CHARACTERISTICS Trend and direction of real estate development and area economic health. Physical condition of buildings and improvements. Concentration of affordable housing. Kenly is a stable rural town on the I95 corridor. It is becomming more and more of a "bedroom" community to the metropolitan areas in that part of the state. The real estate market and economic health of the community appear to be stable as well. The physical condition of the buildings and improvements is good. There is no concentration of affordable housing.

SURROUNDING LAND USES AND AMENITIES Suitability of surrounding development. Land use pattern is residential in character (single and multifamily housing) with a balance of other uses (particularly retail and amenities). Effect of industrial, large-scale institutional or other incompatible uses, including but not limited to: wastewater treatment facilities, high traffic corridors, junkyards, prisons, landfills, large swamps, distribution facilities, frequently used railroad tracks, power transmission lines and towers, factories or similar operations, sources of excessive noise, and sites with environmental concerns (such as odors or pollution). Amount and character of vacant, undeveloped land. The surrounding property is single family residential except for a medical office which is adjacent. There are no incompatible uses and/or detrimental uses nearby. SITE SUITABILITY Adequate traffic controls (stop lights, speed limits, turn lanes, etc.). Burden on public facilities (particularly roads). Access to mass transit (if applicable). Visibility of buildings and/or location of project sign(s) in relation to traffic corridors. This property is not located in a high traffic volume area. Kenly is a small community and no such problem exists. There are certainly adequate traffic controls 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 negative features and/or physical barriers present. There are also no known environmental problems or need for any demolition.

Similarity of scale and aesthetics/architecture between project and surroundings. Kenly Court blends well with it's surroundings.

For each applicable neighborhood feature, enter distance from project in miles. .4 .4 1.3 .8 Grocery Store Mall/Strip Center Outdoor Athletic Fields Day Care/After School 1.2 14.3 .8 .1 Community/Senior Center Hospital Pharmacy Basic Health Care

6.1

Schools

.1

Medical Offices Bank/Credit Union Restaurants Professional Services

Public Transportation Stop .9 .5 1.3 1.3 .5 2.2 Convenience Store Basketball/Tennis Courts Public Parks Gas Station Library Fitness/Nature Trails 1.3 Public Swimming Pools 13.4 1.2 .7 .9 .5

Movie Theater Video Rental Public Safety (Fire/Police) Post Office

Other facilities or services:

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

Contact Name: First: Danny

Architect Company: Address: City: Phone

Peyton Holloman 8321 Harps Mill Road Raleigh (919)845-8611 State: NC Zip: 27615 Email: pholloman@nc.rr.com Last: Holloman

Contact Name: First: Peyton

Attorney Company: Address: City: Phone

David Pryzwansky 5 West Hargett Street, Suite 910 Raleigh (919)828-8668 State: NC Zip: 27602 Email: david@pryzlaw.com Last: Pryzwansky

Contact Name: First: David

Investor Company: Address: City: Phone

Raymond james & Associates 880 Carillon Parkway St. petersburg (800)438-8088 State: FL Zip: 33716 Email: Craig.Descalzi@raymondjames 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: Sterling Construction, Inc. Address: City: Phone 2021 Cross Beam Drive Charlotte (704)357-6000 State: NC Zip: 28217 Email: timgundi@hotmail.com Last: Gunderman

Contact Name: First: Tim

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): Training 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) 60,750 18,600 1,100 5,500 12,500 8,500 5,000 24,350 3,300 1,600 1,000 8,250 2,500 750 3,900 27,395 12,480

600 3,500 3,100

250 54,475

6,250 1,000

Miscellaneous Taxes, Licenses and Permits Property and Liability Insurance (Hazard) Fidelity Bond Insurance Workmen's Compensation Health Insurance and Other Employee Benefits Other Insurance: SUBTOTAL Supportive Service Expenses Service Coordinator Service Supplies Tenant Association Funds Other Expenses (specify): SUBTOTAL Reserves Replacement Reserves SUBTOTAL TOTAL OPERATING EXPENSES ADJUSTED TOTAL OPERATING EXPENSES (Does not include taxes, reserves and resident support services) * TOTAL UNITS (from total units in the Unit Mix section) PER UNIT PER YEAR 0 20,245 20,245 175,266 136,421 48 2,842 10,973 73 700 100

31,546

Projected Cash Flow Year One

OPERATING INCOME Gross rental income (from Unit Mix - Total Monthly Rent) Stores and Commercial Laundry and Vending Other (specify): interest, tenant charges Total Gross Income Potential at 100% Occupancy Seven Percent Vacancy Allowance NET RENTAL/OTHER INCOME TOTAL OPERATING EXPENSES (from Projected Operating Costs) NET OPERATING INCOME DEBT SERVICE (from Funding Sources Loans) NET CASH FLOW DEBT COVERAGE RATIO (Must not be less than 1.15) 1,000 1,300 227,132 15,899 211,233 224,832

175,266 35,967

33,050

2,917 1.088

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 1 211,233 175,266 33,050 2,917 1.088 11 283,880 259,438 33,050 -8,608 0.74 2 217,570 182,277 33,050 2,243 1.068 12 292,396 269,816 33,050 -10,470 0.683 3 224,097 189,568 33,050 1,479 1.045 13 301,168 280,609 33,050 -12,491 0.622 4 230,820 197,151 33,050 619 1.019 14 310,203 291,833 33,050 -14,680 0.556 5 237,745 205,037 33,050 -342 0.99 15 319,509 303,506 33,050 -17,047 0.484 6 244,877 213,238 33,050 -1,411 0.957 16 329,094 315,646 33,050 -19,602 0.407 7 252,223 221,768 33,050 -2,595 0.921 17 338,967 328,272 33,050 -22,355 0.324 8 259,790 230,639 33,050 -3,899 0.882 18 349,136 341,403 33,050 -25,317 0.234 9 267,584 239,865 33,050 -5,331 0.839 19 359,610 355,059 33,050 -28,499 0.138 10 275,612 249,460 33,050 -6,898 0.791 20 370,398 369,261 33,050 -31,913 0.034

* Net Rental Income escalated at annual rate of 3% and expenses escalated at a rate of 4% after the first year.

Calculations:
1. "Net Rental/Other Income" comes from 1st-year cash flow, then it is escalated by 3% per year. 2. "Total Operating Expenses" comes from 1st-year cash flow, then it is escalated by 4% per year. 3. "Debt Service" is the sum of "regular/amortized loan debt service + non-amortizing annual service" as entered by user from Funding Sources section. 4. "Net Cash Flow" is "Net Rental/Other Income" minus "Total Operating Expenses" minus "Debt Service". 5. "Debt Coverage Ratio" is ("Net Rental/Other Income" minus "Total Operating Expenses") divided by "Debt Service".

Minimum Set-Asides
MINIMUM REQUIRED SET ASIDES (No Points Awarded): Select one of the following two options: 20% of the units are rent restricted and occupied by households with incomes at or below 50% of the median income (Note: No Tax Credit Eligible Units in the the project can exceed 50% of median income) 40% of the units are rent restricted and occupied by households with incomes at or below 60% of the median income (Note: No Tax Credit Eligible Units in the the project can exceed 60% of median income) If requesting RPP funds: 40% of the units are occupied by households with incomes at or below 50% of median income.

State Tax Credit and QAP Targeting Points: Moderate Income County: At least twenty-five percent (25%) of qualified units will be affordable to and occupied by households with incomes at or below forty percent (40%) of county median income.

At least fifty percent (50%) of qualified units will be affordable to households with incomes at or below fifty percent (50%) of county median income. At least fifty percent (50%) of qualified units will be affordable to and occupied by households with incomes at or below fifty percent (50%) of county median income.

Tax Exempt Bonds Threshold requirement (select one): At least ten percent (10%) of qualified units will be affordable to and occupied by households with incomes at or below fifty percent (50%) of county median income. At least five percent (5%) of qualified units will be affordable to and occupied by households with incomes at or below forty percent (40%) of county median income. Eligible for targeting points (select one): At least twenty percent (20%) of qualified units will be affordable to and occupied by households with incomes at or below fifty percent (50%) of county median income. At least ten percent(10%) of qualified units will be affordable to and occupied by households with incomes at or below forty percent (40%) of county median income.

Full Application Checklist

PLEASE indicate which of the following exhibits are attached to your application. Others may be required as noted. A Nonprofit Organization Documentation or For-profit Corporation Documentation B Current Financial Statements/Principals and Owners (signed copies) C Ownership Entity Agreement, Development Agreement or any other agreements governing development services D Management Agent Agreement E Owner and Management Experience & Management Questionnaire (Appendix C) F Letters from State Housing Agencies or designated monitoring agent verifying out of state experience G Completed IRS Form 8821 (Appendix I) H Local Government Letter or Letter from Certified Engineer or Land Surveyor Confirming Floodplain Designation with Map showing all flood zones (original on letterhead, no fax or photocopies) I Local Government Letter Confirming Zoning including any pending notices or hearings (original on letterhead, no fax or photocopies) J Letters from Local Utility Providers regarding availability and capacity (original on letterhead, no fax or photocopies) K Documentation from utility company or local PHA to support estimated utility costs L Appraisal (required for land costs greater than $15,000 and for all Adaptive Re-use and Rehab projects) M Site plan, floor plans and elevations for all projects. Scope of work for Adaptive Re-use and Rehab projects. (Full Size, 24 x 36 inches) N Hazard and structural inspection and termite reports (Adaptive Re-use and Rehab projects only) O Copy of certificate of occupancy or proof of placed-in-service date (Rehabs Only) P Proposed Relocation Plan including relocation budget and copies of notices. Required for all Rehabs and any projects involving existing occupants of any dwellings to be rehabbed or demolished. Q Evidence of Permanent Loan Commitment and other sources of funds ( i.e. Equity letter, AHP, RD and local government funds). For Rehabs with existing loans provide 1) copies of loan documents, 2) current loan balances from existing lenders with reserve balances, 3) letter from lender that outlines assumption requirements. R Local Housing Authority Agreement and Project Based Rental Assistance Letter, if applicable (Sample letters provided in Appendix I). For projects with existing PBRA contracts, provide a copy of the current contract and bank statement or other documentation verifying reserve balances and annual reserve contribution requirements. S Statement regarding terms of Deferred Developer Fee. If a nonprofit is involved, a resolution from their board approving deferral of fee is required. T Inducement Resolution (Tax-Exempt Bond Financed Projects only)