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

Project Description
Project Name: Sadie's Landing Address: City: McPhail Road Lumberton County: Robeson Zip: 28358 Block Group: 6-6002

Census Tract: 9613

Is project in Qualified Census Tract or Difficult to Develop Area? No Political Jurisdiction: Jurisdiction Address: Jurisdiction City: Jurisdiction Phone: City of Lumberton Last: Pennington Title: Mayor 500 N. Cedar Street Lumberton (910)671-3800 Zip: 28359-1388

Jurisdiction CEO Name: First: Raymond

Site Latitude: Site Longitude:

34.618176 -78.980009

Project Type: New Construction 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: Is this project a previously awarded tax credit development? If yes, what year were credits awarded?: 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 If yes, please describe:

Target Population: Family 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: 3 Persons with disabilities or homeless populations: the greater of 5 units or 10% of the total units. Number of Units: 6 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: (919)847-4709 rramsey@wajmanagement.com Sadie's Landing, Limited Partnership 7000 Six Forks Rd., Ste.105 Raleigh First: Ragan (919)801-3047 State: NC Zip: 27615 Last: Ramsey Title: Development Coordinator

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

Site Description
Total Site Acreage: 6.97 Total Buildable Acreage: 6.97 If buildable acreage is less than total acreage, please explain:

Identify utilities and services currently available (and with adequate capacity) for this site: Storm Sewer Water Sanitary Sewer Electric

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

Are existing buildings on the site currently occupied? No If yes: (a) Briefly describe the situation:

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

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

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

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? No If yes, specify the relationship:

Purchase Price:

(c) Enter the current expiration date of the option/contract to purchase: 10/01/2007 (D) Enter Purchase Price: 180,500

Zoning
Present zoning classification of the site: R-3 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: Sadie's Landing, Limited Partnership Address: City: 7000 Six Forks Rd., Ste. 105 Raleigh State: NC Zip: 27615 (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:

Jenkins Properties, Limited Partnership Last Name: Jenkins Function: Managing General Partner

First Name: William Address: City: Phone: EMail:

7000 Six Forks Rd., Ste. 105 Raleigh (919)847-8350 bjenkins@wajmanagement.com State: NC Zip: 27615

Fax: (919)847-4709 Nonprofit: No

Org:

Earl Antone Last Name: Antone Function: General Partner

First Name: Earl Address: City: Phone: EMail: 406 N. Walnut Street Lumberton (910)740-0193 bantone@bellsouth.net

State: NC Fax: (910)738-1099 Nonprofit: No

Zip: 28358

Org:

William Jenkins Last Name: Jenkins Function: Limited Partner

First Name: William Address: City: Phone: EMail: 936 Albany Court Raleigh (919)630-8999

State: NC Fax: (919)847-4709 Nonprofit: No

Zip: 27615

bjenkins@wajmanagement.com

Unit Mix
The Median Income for Robeson county is $47,100. Low Income Units Type Gdn Apt Gdn Apt # BRs Net Sq.Ft. 2 3 960 1234 Total # Units 44 16 # Units 2 1 Monthly Rent 365 411 Electric Utility Allowance 109 133 Gas Mandatory Serv. Fees 0 0 Other Trash **Total Housing Exp. 474 544

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............... 60 3 22636 60 Gross Monthly Rental Income 22636

Units 3

Proposed number of residential buildings: 8 Project Includes:

Maximum number of stories in buildings: 2

Separate community building - Sq. Ft. (Floor Area): 1,371 Community space within residential bulding(s) - Sq. Ft. (Floor Area): Elevators - Number of Elevators: Square Footage Information Gross Floor Square Footage: 60,897

Total Net Sq. Ft. (All Heated Areas): 63,355

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 2 3 2 3 22 8 22 8

Units targeted at 50 targeted at 50 targeted at 60 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

Total Low Income Units:

60

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

221,500

2.00

20

30

9,824

1,665,998

30

30

4,090,440

3,971

5,981,909

* "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. 915 Remarks concerning project funding sources: (Please be sure to include the name of the funding source(s))

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)Const Lender inspections Other Basis Expense (specify) 35,000 2,500 Other Non-basis Expense (specify) City of Lumberton CDBG legal/other fees Other Non-basis Expense (specify) 630,000 5,000 630,000 5,000 33,000 122,409 30,000 30,000 11,964 435,771 35,000 6,500 2,200 32,209 13,500 13,500 32,000 6,500 16,000 42,000 8,000 7,500 9,000 4,200 16,000 42,000 8,000 7,500 9,000 4,200 3,000,000 110,000 215,400 76,108 304,432 125,578 60,000 20,000 21,000 4,412,518 3,680 51,887 281,540 3,680 51,887 281,540 3,000,000 110,000 215,400 76,108 304,432 125,578 60,000 20,000 21,000 480,000 480,000 TOTAL COST Eligible Basis 30% PV 70% PV

43 Rent-up Expense

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

702,500 18,000 110,211

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 Comments:

5,801,409

5,553,32

5,553,325 100.00% 5,553,325 5,553,325 447,042 472,032 480,000 0 180,500 5,981,909 472,032

0 100% 0 100.00% 0 3.45 0 0

5,553,32 100% 5,553,32 100.00% 5,553,32 8.05 447,04 472,03

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

93,853 7,867

Market Study Information

Please provide a detailed description of the proposed project: Sadie's Landing will be a sixty (60) unit affordable Family apartment community. There will be seven (7) two-story buildings with 8 apartments each, and one (1) one-story building with 4 apartments. The apartments will consist of forty-four (44) two-bedroom units and sixteen (16) three-bedroom units. There will also be a freestanding community building that will house a leasing office, resident computer center, vending area, as well as postal and laundry facilities. Accessible walkways will link the buildings, common areas, and parking.

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: Site amenities include a 1,371 square foot community building, which will house the leasing office, community room, and a resident computer center with two computers and high-speed internet access. There will also be a playground with seating on the property. Site amenities also include a covered picnic area with two tables and a grill, three outdoor sitting areas with benches, a gazebo, and a covered patio with seating. There will also be a vending area and coin-operated laundry facility.

Onsite Activities: There will be an on-site Leasing Agent/Property Manager and a maintenance technician. There will also be a community room and resident computer center.

Landscaping Plans: Extensive landscaping will be added to enhance the appearance of the community.

Interior Apartment Amenities:

Interior apartment amenities include large open floor plans with a range, hood, a frost-free Energy Star rated refrigerator with a freezer compartment, and an Energy Star rated dishwasher. Each apartment will also have interior and exterior storage, a porch, laundry closet with washer and dryer hookups, mini-blinds, a pantry, walk-in closets, and ceiling fans in each bedroom and the living room. The flooring will consist of vinyl and carpet.

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. Lumberton is a city in Robeson County with a population of approximately 20,000 people. Because of its close proximity to I-95, most of the industry in Lumberton caters to tourists who drive through the city. Therefore the economy of Lumberton is stable. There is a fair amount of affordable housing in Lumberton. But, due to the fact that Robeson County is a low-income county, there is still a great need for new 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 land use pattern surrounding the site is primarily residential in character with easy access to retail and amenities. The residential area consists of both single-family homes and multifamily housing. Directly adjacent to the proposed site, the Presbyterian Church is building a new daycare facility, that will be open in May 2007. This will be a huge benefit to the working parents that will reside at Sadie's Landing. 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 site is directly accessible from NC HWY 211 and has adequate traffic controls. The community will be visible from the road. 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 on-site features or physical barriers that will affect this property.

Similarity of scale and aesthetics/architecture between project and surroundings. The project will be consistent with the architecture of surrounding structures.

For each applicable neighborhood feature, enter distance from project in miles. .65 2.06 2.21 Grocery Store Mall/Strip Center Outdoor Athletic Fields 1.34 2.14 1.10 Community/Senior Center Hospital Pharmacy

.04 2.21 1.43 .17 2.21 1.34 .17 1.56 1.34 21.9

Day Care/After School Schools

2.14 2.58

Basic Health Care Medical Offices Bank/Credit Union Restaurants Professional Services Movie Theater Video Rental Public Safety (Fire/Police) Post Office

Public Transportation Stop 1.13 Convenience Store Basketball/Tennis Courts Public Parks Gas Station Library Fitness/Nature Trails Public Swimming Pools 1.20 1.53 1.56 2.62 .96 1.48

Other facilities or services:

Development Team
Provide contact information for development team members below: Management Agent Company: WAJ Management, LLC Address: City: Phone 7000 Six Forks Road, Suite 105 Raleigh (919)847-8350 State: NC Zip: 27615 Email: alove@wajmanagement.com Last: Love

Contact Name: First: Ann

Architect Company: Address: City: Phone

Ross Deckard Architects, P.A. 3200 Atlantic Avenue, Suite 110 Raleigh (919)875-0001 State: NC Zip: 27604 Email: j.lacorte@rossdeckardarchitects Last: LaCorte

Contact Name: First: Jonathon

Attorney Company: Address: City: Phone

Stuart Law Firm, PLLC 1033 Wade Avenue, Suite 202 Raleigh (919)787-6050 State: NC Zip: 27605-1155 Email: TDew@stuartlawfirm.com Last: Dew

Contact Name: First: Theresa

Investor Company: Address: City: Phone

Raymond James Tax Credit Funds, Inc. 880 Carillon Parkway, Department 11V00 St. Petersburg (727)567-1000 State: FL Zip: 33716 Email: Craig.Descalzi@RaymondJame 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: WAJ Management, LLC Address: City: Phone 7000 SIx Forks Road, Suite 105 Raleigh (919)847-8350 State: NC Zip: 27615 Email: bjenkins@wajmanagment.com Last: Jenkins

Contact Name: First: Bill

Projected Operating Costs

Project Operations (Year One) Administrative Expenses Advertising Office Salaries Office Supplies Office or Model Apartment Rent Management Fee Manager or Superintendent Salaries Manager or Superintendent Rent Free Unit Legal Expenses (Project) Auditing Expenses (Project) Bookkeeping Fees/Accounting Services Telephone and Answering Service Bad Debts Other Administrative Expenses (specify): SUBTOTAL Utilities Expense Fuel Oil Electricity (Light and Misc. Power) Water Gas Sewer SUBTOTAL Operating and Maintenance Expenses Janitor and Cleaning Payroll Janitor and Cleaning Supplies Janitor and Cleaning Contract Exterminating Payroll/Contract Exterminating Supplies Garbage and Trash Removal Security Payroll/Contract Grounds Payroll Grounds Supplies Grounds Contract Repairs Payroll Repairs Material Repairs Contract Elevator Maintenance/Contract Heating/Cooling Repairs and Maintenance Swimming Pool Maintenance/Contract Snow Removal Decorating Payroll/Contract Decorating Supplies Other (specify): <INPUT class=SpecifyBox id=P_RS__ctl26__ctl0__ctl84_value style="WIDTH: 100%; TEXT-ALIGN: left" tabIndex=1 value=` name=P:RS:_ctl26:_ctl0:_ctl84:value AllowEdit="False" DataType="dtSpecify"> Miscellaneous Operating & Maintenance Expenses SUBTOTAL Taxes and Insurance Real Estate Taxes Payroll Taxes (FICA) 2,000 300 1,000 11,000 22,000 1,000 1,000 9,360 1,500 1,536 14,920 32,220 56,820 1,100 500 3,600 25,920

2,500 22,000 1,200

6,300 11,000

50,696 36,023 3,960

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 3,600 15,000 15,000 210,659 156,036 60 2,600 9,000 65 775 2,500

52,323 2,800 800

Projected Cash Flow Year One

OPERATING INCOME Gross rental income (from Unit Mix - Total Monthly Rent) Stores and Commercial Laundry and Vending Other (specify): Late, Pet, NSF fees, forfeited security deposits, 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) 1,638 5,800 279,070 19,534 259,536 271,632

210,659 48,877

9,824

39,053 4.975

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 1 259,536 210,659 9,824 39,053 4.975 11 348,794 311,825 9,824 27,145 3.763 2 267,322 219,085 9,824 38,413 4.91 12 359,258 324,298 9,824 25,136 3.559 3 275,342 227,848 9,824 37,670 4.834 13 370,036 337,270 9,824 22,942 3.335 4 283,602 236,962 9,824 36,816 4.748 14 381,137 350,761 9,824 20,552 3.092 5 292,110 246,440 9,824 35,846 4.649 15 392,571 364,791 9,824 17,956 2.828 6 300,873 256,298 9,824 34,751 4.537 16 404,348 379,383 9,824 15,141 2.541 7 309,899 266,550 9,824 33,525 4.413 17 416,478 394,558 9,824 12,096 2.231 8 319,196 277,212 9,824 32,160 4.274 18 428,972 410,340 9,824 8,808 1.897 9 328,772 288,300 9,824 30,648 4.12 19 441,841 426,754 9,824 5,263 1.536 10 338,635 299,832 9,824 28,979 3.95 20 455,096 443,824 9,824 1,448 1.147

* 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: 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.

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)