Pineridge Manor

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Print Preview - Final Application

Tax Credits, RPP Loans, and/or Tax Exempt Bond Loans
Resources Requested
Check all that apply: Federal Low Income Housing Tax Credit State Low Income Housing Tax Credit Tax Exempt Bonds Rental Production Program (RPP) Loan Requested RPP Loan Amount: 406,344 RPP Loan Product Requested: CHDO
https://www.nchfa.org/Rental/RTCApp/(4h10iw55mwug3g3jzlsfllam)/site/PrintApp.aspx?... 1/14/2005
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Project Name and Location

Project Name: Pineridge Manor Address: City: Census Tract: Old Plank Rd. Hope Mills County: CUMBERLAND Zip: 28348 Block Group:
Is project in Qualified Census Tract & Difficult to Develop area: No Political Jurisdiction: Jurisdiction Address: Jurisdiction City: Jurisdiction Phone: Town of Hope Mills Last: Deaver Title: Mayor 5770 Rockfish Rd. Hope Mills (910)424-4555 Zip: 28348
Jurisdiction CEO Name: First: Edwin
Site Latitude: Site Longitude:
34.5830 -78.5688
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Project Description
Project Type:* New Construction Rehab Adaptive Reuse
Is this project a follow-on (Phase II, etc) to a previously-awarded tax credit development project? No If yes, list names of previous phase(s): Will the project be receiving federal rental assistance? No If yes, provide the subsidy source: and number of units:
Target Population: Elderly (55) 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 other federal and state requirements) Persons with disabilities or homeless populations: the greater of 5 units or 10% of the total units Remarks:
Proposed number of residential buildings: 1 Types of Units:* Project Includes:
Maximum number of stories in buildings: 2
Townhouse
Duplex
Garden Apartment
Detached Single-Family
Separate community building - Sq. Ft. (Floor Area): Community space within residential bulding(s) - Sq. Ft. (Floor Area): 2,889 Elevators - Number of Elevators: Square Footage Information Gross Floor Square Footage: 68,490
Total Net Sq. Ft. (All Heated Areas): 60,438
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Applicant Information
Applicant Name: Address: City: Contact: Telephone: Atlantic Housing Development LLC 1400 Hope MIlls Rd. Fayetteville First: Terry (910)425-9000 State: NC Zip: 28304 Last: Spell Title: Managing member
Alt Phone:
Fax:
(910)425-0807
Email Address:
terryspell@aol.com
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Site Description
Total Site Acreage: 6.2 Total Buildable Acreage: 6.2 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 in a distressed neighborhood? No If yes, does a community revitalization plan exist? 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 is in the East Region and 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: If no: (a) Does the owner/principal or ownership entity have vaild option/contract to purchase the property? Yes (b) Does an identity of interest (direct or indirect) exist between the owner/principal or ownership entity with the option/contract for purchase of the property and the seller of the property? No If yes, specify the relationship:
Purchase Price:
(c) Enter the current expiration date of the option/contract to purchase: 10/15/2003 (D) Enter Purchase Price: 300,000
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Zoning
Present zoning classification of the site: R-10 Is mutifamily use permitted? Yes Are variances, special or conditional use permits or any other item requiring a public hearing needed to develop this proposal? Yes If yes, have the hearings been completed and permits been obtained? Yes If yes, specify permit or variance required and date obtained. If no, describe permits/variances required and schedule for obtaining them: Special use permit obtained January 2003.
Is a public hearing of any kind required in the future for you to fully develop this property? Yes If yes, describe the nature of the hearing and when you expect the hearing will be held: Late February
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: Pineridge Manor LLC Address: City: 1400 Hope Mills Rd. Fayetteville State: NC Zip: 28304 (If assigned) 245-68-1804 (If Not Assigned)
Federal Tax ID Number of Ownership Entity: Federal Tax ID Number of Managing GP or Member:
Entity Type: Limited Liability Company 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?
Yes Yes
List all general partners, members,and principals. Specify nonprofit corporate general partners or members. Click [Add] to add additional partners, members, and principals.
Org:
Atlantic Housing Development LLC Last Name: Spell Function: Managing Member
First Name: Terry Address: City: Phone: EMail: 1400 Hope Mills Rd. Fayetteville (910)425-9000 terryspell@aol.com
State: NC
Zip: 28304
Fax: (910)425-0807 Nonprofit: No TaxID 245-68-1804
Org:
Episcopal Housing Ministry, Inc. Last Name: Smith Function: Member
First Name: Shepherd Address: City: Phone: EMail: 4040 Barrett Dr. Raleigh (919)881-0110
State: NC
Zip: 27609
Fax: (919)881-0305 Nonprofit: Yes TaxID 56-1735130
shepherdsmith@episcopalhousing
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Unit Mix
List each applicable unit mix combination in a separate row below. Click [Add] to create another row. Click "X" (at the left of each row) to delete a row. Low Income Units Type Gdn Apt Gdn Apt Gdn Apt Gdn Apt Gdn Apt # BRs Net Sq.Ft. 1 1 2 1 2 695 695 872 695 872 Total # Units 6 9 15 15 15 # Units 2 2 2 2 0 Monthly Rent 125 350 420 433 518 Electric Utility Allowance 79 79 95 79 95 Gas Mandatory Serv. Fees 0 0 0 0 0 Other trash **Total Housing Exp. 204 429 515 512 613
Utilites 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.
Utilites included in rents:
Water/Sewer
Electric
Statistics All Units Low Income....... Market Rate....... Totals............... 60 8 24465 60 Gross Monthly Rental Income 24465
Units 8
Notes * ** Paint-to-Paint Square Footage Please refer to the Income Limits and Maximum Housing Expense Table to ensure that Total Monthly Tenant Expenses for low income units are within established thresholds.
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Targeting
Specify Low Income Unit Targeting in table below. List each applicable targeting combination in a separate row below. Click [Add] to create another row. Click "X" (at the left of each row) to delete a row. Add as many rows as needed.
# BRs 1 1 2 1 2 1 2 6 3 6 9 6 15 15
Units targeted at 40 targeted at 40 targeted at 40 targeted at 50 targeted at 50 targeted at 60 targeted at 60
% percent of median income. percent of median income. percent of median income. percent of median income. percent of median income. percent of median income. percent of median income.
Total Low Income Units:
60
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 (%) 7.50 2.00 2.00 Term (Years) 30 20 20 Amort. Period (Years) 30 20 20 Annual Debt Service 39,855
Source Bank Loan RPP Loan Local Gov. Loan - Specify: Cumberland County Loan RD Loan 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 475,000 406,344 360,000
875,740
30
30
2,687,641
89,848
4,894,573
* "Non-amortizing" indicates that the loan does not have a fixed annual debt service. For these items, you must fill in 20-year debt service below. ** Total Sources must equal total replacement cost in Project Development Cost (PDC) section. Estimated pricing on sale of Federal Tax Credits: $0. 78 Remarks concerning project funding sources: (Please be sure to include the name of the funding source(s))
Loans with Variable Amortization Please fill in the annual debt service as applicable for the first 20 years of the project life.
RPP Loan
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Year: Amt: Year: Amt:
1 20566 11 22813
2 20892 12 22298
3 21158 13 23464
4 21659 14 22703
5 21791 15 21808
6 21847 16 20770
7 22624 17 19579
8 22515 18 18227
9 22315 19 16703
10 23216 20 14997
Local Gov. Loan - Cumberland County Loan Year: Amt: Year: Amt: 1 8700 11 6400 2 8700 12 6400 3 8700 13 4600 4 8400 14 4600 5 8400 15 4600 6 8400 16 4600 7 7600 17 4600 8 7600 18 4600 9 7600 19 4600 10 6400 20 4600
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Development Costs
Item Cost Element 1 Purchase of Buildings (Rehab) 2 Demolition 3 On-site Improvements 4 Rehabilitation 5 Construction of New Building(s) 6 Accessory Building(s) 7 General Requirements 8 Contractor Overhead 9 Contractor Profit 10 Construction Contingency 11 Architect's Fee - Design 12 Architect's Fee - Inspection SUBTOTAL (lines 1 through 12) 13 Construction Insurance (prorate) 14 Construction Loan Orig. Fee (prorate) 15 Construction Loan Interest (prorate) 16 Construction Loan Credit Enhancement (prorate) 17 Construction Period Taxes (prorate) 18 Water, Sewer and Impact Fees 19 Survey 20 Property Appraisal 21 Environmental Report 22 Market Study 23 Bond Costs (specify) 24 Cost of Issuance 25 Placement Fee 26 Permanent Loan Origination Fee 27 Permanent Loan Credit Enhancement 28 Title and Recording SUBTOTAL (lines 13 through 28) 29 Real Estate Attorney 30 Other Attorney's Fees 31 Tax Credit App Fees 32 Cost Certification/Accounting Fees (specify) 33 Tax Opinion 34 Organizational (Partnership) 35 Tax Credit Monitoring Fee SUBTOTAL (lines 29 through 35) 36 Furnishings and Equipment 37 Relocation Expenses 38 Developer's Fee (max 15% lines 2-36, less 8 & 9) 39 40 42 43 Other Basis Expense (specify) Other Basis Expense (specify) 14,821 Other Non-basis Expense (specify) Other Non-basis Expense (specify) SUBTOTAL (lines 36 through 43) 44 Rent up Reserve 558,395 18,000 543,574 543,574 36,000 89,280 2,000 119,261 15,000 6,000 23,715 8,565 15,000 6,000 23,715 8,565 10,000 4,260 6,000 2,500 4,000 4,260 6,000 2,500 4,000 501 501 15,000 75,000 15,000 75,000 179,143 63,297 189,891 102,541 123,200 30,800 3,674,586 179,143 63,297 189,891 102,541 123,200 30,800 2,580,000 2,580,000 405,714 405,714 TOTAL COST Eligible Basis 30% PV 70% PV 0
41 Rent-up Expenses
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45 Operating Reserve 46 47 Other Reserve (specify) Other Reserve (specify)
135,051
48 DEVELOPMENT COST (lines 1-47) 49 Less Federal Financing 50 Less Disproportionate Standard 51 Less Nonqualified Nonrecourse Financing 52 Less Historic Tax Credit (residential) 53 TOTAL ELIGIBLE BASIS 54 Times Applicable Fraction 55 TOTAL QUALIFIED BASIS 56 Tax Credit Rate 57 FEDERAL TAX CREDITS at Estimated Rate 57a FEDERAL TAX CREDITS at 8.5% or 3.75% 58 FEDERAL TAX CREDITS REQUESTED 59 STATE TAX CREDITS 60 Land Cost 61 TOTAL REPLACEMENT COST Comments:
4,594,573
4,378,701
0 4,378,701 100.00% 4,378,701 344,603 372,189 344,595 875,718 300,000 4,894,573 0 100% 0 0.00% 0 0 4,378,701 100% 4,378,701 7.87% 344,603 372,189 344,595
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Market Study Information

Please provide a detailed description of the proposed project: This project will include two, one story, buildings each containing 36 housing units for the elderly. There will be 12 two bedrooms and 24 one bedrooms in each building. The buildings will be connected by a covered walk. Each building will contain support/public spaces.
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? If yes, please provide name and address:
Site Amenities (check all that apply): Community Bldg - Sq Ft: Laundry Rm Game/Craft Rm Chapel/Prayer Rm Irrigated Lawns Walking Trails Pool Onsite Activities: Screened Porch Exercise Rm Picnic Area Security Gate Garden Spots Fitness Stations Community Room - Sq Ft: 1,500 Resident Computer Center TV Rm Onsite Leasing Office Car Care Area Basketball/Tennis Court Horseshoe Pit Garages - Number: Exam Rm Beauty Salon Onsite Mgr Storage Units Playground Shuffleboard Reading Rm/Library Vending Rm Onsite Maint. Person Gazebos Ball Field Covered Drive Thru
Landscaping Plans:
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Interior Apartment Amenities (check all that apply): Range W/D Hookups Flooring: Carpet Hood Mini-blinds Vinyl Central Air Dishwasher Pantry Wood Gas Heat Disposal Ceiling fans Wood Parquet Heat Pump Refrigerator (frost free) Walk-in closets Other Storage interior/exterior
Ceramic Tile Electric Pump
Heating/Cooling:
Do you plan to submit additional market data (market study, etc.) that you want considered? Yes If yes, please make sure to include the additional information in your pre-application packet.
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Applicant's Site Evaluation

Briefly describe your site in each of the following categories: NEIGHBORHOOD CHARACTERISTICS Physical condition of buildings and improvements. Trend and direction of real estate development relative to the project. Area economic health (degree of decline or investment). The site is vacant, undeveloped woods. There is no evidence of any prior development on this site. Within a 1/2 mile radius of this site are 186 single family residences representing an approximate population of 502 persons, 574 persons residing in apartments for a total of approximately 1,076 people living within 1/2 mile of the site. This represents nearly 9% of the resident population of Hope Mills. Most homes in the area have been constructed between the 1950's and the 1980's and appear to be in sound condition. This is an area in transition where a great deal of private and public investments continues to define the ongoing trends of development geared towards professional, service and retail uses. Enclosed as part of the hard copy submittals is a map of the existing land use in the area displaying a 1/2-mile to 1-mile radius of the site proposed for development. Uses are itemized on an accompanying paper listing each use in particular. This area is a part of Hope Mills that will continue to undergo continual infill development in a manner consistent with the needs of the surrounding neighborhoods and sustaining economic vitality. Suitability of surrounding development. Land use pattern is primarily residential with a balance of other uses, including non-competing multifamily and single family units, relevant amenities, shopping and services. Aside from residential uses, there are several sites nearby that provide certain desirable amenities to citizens. Adjoining the proposed site is a new full service United States Post Office. Within walking distance is Hope Mills Crossing Shopping Center with a Bi Lo grocery as the anchor. A Medicine Shoppe pharmacy, attorney's offices, chiropractors, insurance agencies, barber & hairdressing shops, restaurants, a Wal Mart Supercenter, two churches, a senior center, a Masonic Lodge, a community center, parks, playgrounds, and a public library are also within 1/2 miles of this site. Land use in this area has been conducted in keeping with a comprehensive plan adopted by Hope Mills since 1996. SITE SUITABILITY Adequacy of street(s) and/or access road(s) serving the proposed project and traffic controls (lights, stop signs, turning lanes). Access to mass transit (if applicable). Current funded transportation improvements are in progress either by construction, design, or undergoing feasibility study. All transportation improvements will include sidewalks and bicycle lanes, consistent with the Bicycle & Pedestrian Plan adopted by Hope Mills in 1999. The major intersection nearest this site was enhanced at the time the Hope Mills Crossing shopping center was built. "Lateral access" between sites is enforced to reduce traffic congestion and the number of driveways along the major highways in Hope Mills. Mass transit, or at least some form of dedicated transit for certain residents, is currently on the table for discussion. It is hoped that Hope Mills can partner with Fayetteville and Cumberland County within the next couple of years to determine the best way to structure a countywide transit system that will be used extensively. Amount and character of vacant, undeveloped land. Effect of industrial, large-scale institutional or other incompatible uses: 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). This site enjoys the privilege of isolation from direct traffic and noise due to its location, yet it is close enough in proximity to allow residents to walk or drive a short distance to accommodate their everyday needs. Presumably, some land adjoining this site on the north side will provide a large natural open space buffer to preserve the view setting and prevent undesirable encroachment of nonresidential uses. Being located on the fringe of the corporate limits of Hope Mills affords this site the luxury of denying incompatible uses of natural and scenic land conservation help to insure the site harmony with existing and future land uses. There are no wetlands in inventory that would prove detrimental to site of this project, nor is there any concerns of flood. Any negative feature or physical barriers that may exist on or near this site are absolutely minimal, if they exist at all. Electrical transmission lines are nearly 1/2 mile north of this site, and the railroad is nearly 3/4 mile south. Any future development, or redevelopment, of parcels near this site will require review and approval, with special intent on preserving and enhancing existing development. 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.
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Similarity of scale and aesthetics/architecture between project and surroundings. This project's location enables it to be as secluded or visible as it wants to be. Regardless, this is an area where old and new construction meets, and the transition is not stark or cold. Landscapes buffers are beneficial in softening the divisions from the old neighborhoods to the newer developments. Aesthetically and architecturally, this project will blend in harmony with its surroundings.
Concentration of affordable housing (housing credit, project-based rental assistance, public housing). This proposed project is the first of its kind to be considered for an area central to the core of Hope Mills. Future development in this area will serve to enhance the project by way of supportive services. Recent trends in this area are moving away from predominately retail to more professional service offices and clinics that are complimentary to the residents of the project.
Availability of Supportive Services (if applicable): The amenities within one mile of the project include the Hope Mills Municipal Complex where the Firs Station, Police Department and Town Hall are located. The Veteran's Park is also situated in the complex. An elementary school, animal hospital, dental clinic, banks, Hope mills Golf Course, Brower Park and three more churches are also located within one mile of the project site.
For each applicable neighborhood feature, enter distance from project in miles. 0.1 0.1 0.17 0.39 0.48 0 0.43 0.32 0.17 0.24 0.31 0.38 0 Grocery Store Mall/Strip Center Outdoor Athletic Fields Day Care/After School Schools 0.049 0 0.032 0.74 0.74 Community/Senior Center Hospital Pharmacy Basic Health Care Medical Offices Bank/Credit Union Restaurants Professional Services Movie Theater Video Rental Public Safety (Fire/Police) Post Office
Public Transportation Stop 0.04 Convenience Store Basketball/Tennis Courts Public Parks Gas Station Library Fitness/Nature Trails Public Swimming Pools 0.19 0.04 0 0.38 0.39 0.0
Other facilities or services:
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Development Team
Provide contact information for development team members below: Management Agent Company: Episcopal Housing Ministry Address: City: Phone 4040 Barrett Dr. Suite 200 Raleigh (919)881-0110 State: NC Zip: 27609 Email: shepherdsmith@episcopalhous Last: Smith
Contact Name: First: Shep
Architect Company: Address: City: Phone
Tise.Kiester Architects 118.5 East Main St. Carrboro (919)967-0158 State: NC Zip: 27510 Email: tkarch@bellsouth.net Last: Tise
Contact Name: First: Don
Attorney Company: Address: City: Phone
The Banks Law Firm PA 4819 Emperor Blvd Suite 110 Durham (919)474-9137 State: NC Zip: 27703 Email: Last: Banks
Contact Name: First: Sherrod
Investor Company: Address: City: Phone
CAHEC 7700 Falls of Neuse Rd. Suite 200 Raleigh (919)420-0063 State: NC Zip: 27615 Email: Last: Newcomer
Contact Name: First: Chuck
Consultant/Application Preparer (if different from developer) Company: The Banks Consulting Group Address: City: Phone 4819 Emperor Blvd Suite 110 Durham (919)474-9137 State: NC Zip: 27703 Email: jyamin@bankslawfirm.com Last: Yamin
Contact Name: First: Jim
Identity of Interest? General Contractor Company: Regency Homes, Inc dba Regency Construction Address: City: Phone 6506 Dental Lane, Suite 201 Fayetteville (910)424-0455 State: NC Zip: 28314 Email: RegencyConst@msn.com Last: Puczylowski
Contact Name: First: Jim
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Project Team Experience

Development List number low-income/tax credit housing projects and units developed, operated, and maintained in compliance by the principal(s) between December 1, 1996 and January 1, 2003: North Carolina Other States Projects: Units: Management List number of low-income housing tax credit units managed in the past 10 years: North Carolina Other States Projects: Units:
Has any owner, principal, or management agent been debarred or received a limited denial participation in the past 10 years by any federal or state agency? No Has any owner, principal, or management agent been involved in a bankruptcy, an adverse fair housing settlement, an adverse civil rights settlement, or an adverse federal or state government proceeding and settlement in the past 10 years? No Has any owner or principal been in a mortgage default or delinquency of three months or more within the last 5 years on a FHA-insured project, a Rural Development funded rental project, a tax-exempt funded mortgage, a tax credit project, or any other publicly subsidized project? No Has any owner or principal been involved within the last 10 years in a project which previously received an allocation of tax credits but failed to meet compliance standards of the tax credit allocation, including return of a reservation of tax credits to the Agency after the carryover agreement has been signed? No Has any owner or principal had a Form 8823 filed with the IRS for noncompliance on a project using low-income housing tax credits or received a letter of non-compliance from the Agency? No
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Financing Commitments
Does the project have a firm commitment for construction financing? Does the project have a letter of intent for private permenant financing? Does the project have a firm commitment for government financing? Does the project have a letter of intent from an investor? Is any portion of the eligible basis of new contruction or rehabilitation financed with federal subsidies other than CDBG funds or funds from the HOME program? If yes, indicate the type and amount below: Tax Exempt Financing: $ RD 515 Financing: Hope VI Financing: Other: $ $ $ No Yes Yes Yes No
If Other, specify the type of Federal subsidy:
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Projected Operating Costs

Project Operations (Year One) Administrative Expenses Advertising Other Administrative Expense (specify): Office Salaries Office Supplies Office or Model Apartment Rent Management Fee Manager or Superintendent Salaries Manager or Superintendent Rent Free Unit Legal Expenses (Project) Auditing Expenses (Project) Bookkeeping Fees/Accounting Services Telephone and Answering Service Bad Debts Other Administrative Expenses (specify): SUBTOTAL Utilities Expense Fuel Oil Electricity (Light and Misc. Power) Water Gas Sewer SUBTOTAL Operating and Maintenance Expenses Janitor and Cleaning Payroll Janitor and Cleaning Supplies Janitor and Cleaning Contract Exterminating Payroll/Contract Exterminating Supplies Garbage and Trash Removal Security Payroll/Contract Grounds Payroll Grounds Supplies Grounds Contract Repairs Payroll Repairs Material Repairs Contract Elevator Maintenance/Contract Heating/Cooling Repairs and Maintenance Swimming Pool Maintenance/Contract Snow Removal Decorating Payroll/Contract Decorating Supplies Other (specify): Miscellaneous Operating & Maintenance Expenses SUBTOTAL Taxes and Insurance Real Estate Taxes 44,350 27,375 4,500 2,500 500 1,500 7,800 17,000 1,200 7,500 900 19,075 450 500 55,100 2,500 840 3,800 18,735 25,600 2,125
500 1,000
7,575 11,500
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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: 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
3,900 16,000 635 7,225
55,135 8,320 4,000
12,320 15,000 15,000 200,980 146,285 60 2,438
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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): Late fees, forfeited sec dep Total Gross Income Potential at 100% Occupancy Seven Percent Vacancy Allowance NET RENTAL/OTHER INCOME TOTAL OPERATING EXPENSES (from Projected Operating Costs) NET OPERATING INCOME DEBT SERVICE (from Funding Sources Loans) NET CASH FLOW DEBT COVERAGE RATIO (Must not be less than 1.15) 4,000 4,000 301,580 21,110 280,470 293,580
200,980 79,490
69,121
10,369 1.15
20-Year Cash Flow

Year Net Rental/Other Income* Total Operating Expenses* Debt Service Net Cash Flow Debt Coverage Ratio Year Net Rental/Other Income* Total Operating Expenses* Debt Service Net Cash Flow Debt Coverage Ratio 1 280,470 200,980 69,121 10,369 1.15 11 376,929 297,499 69,068 10,362 1.15 2 288,884 209,019 69,447 10,418 1.15 12 388,237 309,399 68,553 10,285 1.15 3 297,551 217,380 69,713 10,458 1.15 13 399,884 321,775 67,919 10,190 1.15 4 306,478 226,075 69,914 10,489 1.15 14 411,881 334,646 67,158 10,077 1.15 5 315,672 235,118 70,046 10,508 1.15 15 424,237 348,032 66,263 9,942 1.15 6 325,142 244,523 70,102 10,517 1.15 16 436,964 361,953 65,225 9,786 1.15 7 334,896 254,304 70,079 10,513 1.15 17 450,073 376,431 64,034 9,608 1.15 8 344,943 264,476 69,970 10,497 1.15 18 463,575 391,488 62,682 9,405 1.15 9 355,291 275,055 69,770 10,466 1.15 19 477,482 407,148 61,158 9,176 1.15 10 365,950 286,057 69,471 10,422 1.15 20 491,806 423,434 59,452 8,920 1.15
* Net Rental Income escalated at annual rate of 3% and expenses escalated at a rate of 4% after the first year.
Calculations:
1. "Net Rental/Other Income" comes from 1st-year cash flow, then it is escalated by 3% per year. 2. "Total Operating Expenses" comes from 1st-year cash flow, then it is escalated by 4% per year. 3. "Debt Service" is the sum of "regular/amortized loan debt service + non-amortizing annual service" as entered by user from Funding Sources section. 4. "Net Cash Flow" is "Net Rental/Other Income" minus "Total Operating Expenses" minus "Debt Service". 5. "Debt Coverage Ratio" is ("Net Rental/Other Income" minus "Total Operating Expenses") divided by "Debt Service".
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Design Features
ITEM Foundation/Slab Components Primary Windows DESCRIPTION Poured Footing with Slab on Grade Make: Weather Shield Type/Construction: Exterior Doors Siding Type: MTL. Clad Type: Vinyl Warranty: 50 Years Exterior Trim Shingles Vinyl Type: Asphalt Warranty: 25 year Sprinkler System Cabinets Heat Pump NFPA 13R Marsh or Equal SEER: 12 Model: Split System Air Conditioner SEER: Model: Other Heat Systems SEER: Model: Make: Make: Make: Trane Weight: 240lbs Frames: Wood Grade/Thickness: .042 Model: Vinyl Clad
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Costs - Construction
This is a detailed breakdown of rehabilitation or construction costs you summarized in the Development Costs table (Rehabilitation and Construction of New Building(s)). The total should match those roll-up values. ITEM Concrete Footings Backfill-slab, Crawl Slab-concrete/Rebar/Gravel Waterproofing Masonry Foundation Brick Veneer Steel/Structure/Rails Framing/Lumber/Nails Trusses Crane Rental Windows/Grilles/Screen Exterior Doors Roofing Fencing Vinyl Siding/Trim/Box Gutters/Shutters Insulation Drywall Interior Doors Int. & Final/Stair/Trim/Shelves Cabinets & Tops Painting Marble - Tub/Shwr/Tops Plumbing Electrical Heating/Air Conditioning Floor Covering and Underlayment Wall Paper Mailboxes/Special Features/Signage Gypcrete Blinds/Shades/Art Work Light Fixtures/Fans Sprinkler System Security Alarm Hardwood Floors Elevator Ceramic Tiles Acoustical Ceilings LABOR 44,185 2,946 46,710 1,683 63,122 84,163 0 300,883 0 17,254 0 0 25,249 0 74,747 0 27,774 85,846 0 50,498 0 42,082 0 101,838 60,597 42,081 24,041 0 0 10,520 0 0 29,036 12,624 0 18,095 0 0 MATERIAL 33,665 14,729 16,833 421 44,186 112,779 18,095 208,304 77,851 0 44,606 14,308 19,358 0 20,199 5,471 10,521 98,892 27,353 26,511 62,281 12,625 29,878 69,435 60,597 84,163 64,904 0 12,624 8,416 7,575 9,258 18,937 7,575 0 25,249 0 0 TOTAL 77,850 17,675 63,543 2,104 107,308 196,942 18,095 509,187 77,851 17,254 44,606 14,308 44,607 0 94,946 5,471 38,295 184,738 27,353 77,009 62,281 54,707 29,878 171,273 121,194 126,244 88,945 0 12,624 18,936 7,575 9,258 47,973 20,199 0 43,344 0 0
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Mirror/Shower Door/Encls. Hardware/Bath Access. Appliances Playground Equipment Interior Clean Exterior Clean/Dumpster Other 1 (specify in Remarks) Other 2 (specify in Remarks) Total Cost Remarks: OTHER 1: PERMITS & FEES
0 0 0 0 24,828 8,416 0 0 1,199,218
0 9,258 31,561 0 0 0 72,364 0 1,380,782
0 9,258 31,561 0 24,828 8,416 72,364 0 2,580,000
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Costs - General
This is a detailed breakdown of the General Requirements cost element you summarized in the Development Costs table (General Requirements). The total should match that roll-up value. ITEM Supervision Job Site Office/Trailer Rental Impact Fees Office Supplies Security/Watchman Water and Sewer Connection Fees Project Signage Tools and Equipment Gas, Oil, and Maintenance Cleanup/Dumpster Rental Temporary Water, Electric, and Telephone Storage/Hauling Driveway Access Permit Porta-John Rental/Dumping Builders Risk Insurance Re-inspection Fees Extra Plans and Specifications Miscellaneous, Casual Labor Equipment Rental Other 1 (specify in Remarks) Other 2 (specify in Remarks) Total Cost Remarks: 179,143 TOTAL 68,745 4,359 0 559 1,118 0 1,118 15,247 6,535 15,247 15,792 0 0 4,356 0 0 0 0 46,067
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Costs - Improvements
This is a detailed breakdown of the Site Improvements cost element you summarized in the Development Costs table (On-site Improvements). The total should match that roll-up value. ITEM Subsurface Exploration/Perk Testing/Site Engineering Clearing/Grading/Final Grading/Excess and Borrow Demolition Earthwork/Excavation/Aerating Soil Treatment Pile Foundations Caissons Shoring/Bracing Site Drainage Site Utilities/Site Lighting Paving and Surfacing/Curb and Gutter Walkways Site Signage Parking Lot Painting Dumpsite Pads/Fencing Fencing/Gates Landscaping/Topsoil Waterproofing/De-Watering Operation of Construction Equipment/Fuel/Oil Crane Rental Rock and Hardpan Excavation Site Supervision Personnel Other (specify in Remarks) Total Cost Remarks: 405,714 88,198 119,068 37,054 57,321 37,925 7,055 1,764 57,329 TOTAL
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Costs - Bond Costs

This is a detailed breakdown of the Bond Costs cost element you summarized in the Development Costs table (Bond Costs). The total should match that roll-up value. ITEM Letter of Credit Fee Credit Enhancement Underwriter Discount Capital Interest Fund Other 1 (specify in Remarks) Other 2 (specify in Remarks) Total Cost Remarks: 0 TOTAL
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Costs - Bond Issuance

This is a detailed breakdown of the Bond Issuance cost element you summarized in the Development Costs table (Cost of Issuance). The total should match that roll-up value. ITEM Bond Counsel Issuer Counsel Credit Enhancement/LOC Counsel Underwriter Counsel Developer's Counsel Rating Agency Fee Printing Trustee Fee Trustee Counsel Other 1 (specify in Remarks) Other 2 (specify in Remarks) Other 3 (specify in Remarks) Total Cost Remarks: 0 TOTAL
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Minimum Set-Asides
MINIMUM REQUIRED SET ASIDES (No Points Awarded): Select one of the following two options: 20% of the qualified units are rent restricted and occupied by households with incomes at or below 50% of the median income (Note: No Tax Credit Eligble Units in the the project can exceed 50% of median income) 40% of the qualified units are rent restricted and occupied by households with incomes at or below 60% of the median income (Note: No Tax Credit Eligble Units in the the project can exceed 60% of median income) If requesting RPP funds: 40% of the qualified unit are occupied by households with incomes at or below 50% of median income.
State Tax Credit and QAP Targeting Points: 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. 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. 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 mortgage subsidy points (select one): At least twenty percent (20%) of qualified units will be affordable to and occupied by households with incomes at or below fifty percent (50%) of county median income. At least ten percent(10%) of qualified units will be affordable to and occupied by households with incomes at or below forty percent (40%) of county median income.
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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 C Ownership Entity Agreement, Development Agreement or any other agreements governing development services D Management Agent Agreement E Development and manager multi-family experience & Management Questionnaire (Appendix C) F Letters from State Housing Agencies or designated monitoring agent verifying Out of State Management Experience G Completed IRS Form 8821 (Appendix I) H Permitted zoning letter (including conditional and special use) I Site plan, floor plans and elevations
J Hazard and structural inspection and termite reports (Renovation projects only) K Description of any existing conditions of historical significance. L Description of environmental significance. M Anticipated budget demonstrating how the project would meet the 10% test by November 14th. N Evidence of Architect's Errors and Omissions insurance (or equivalent). O Description of acquisition for existing/occupied projects or for projects with occupied buildings to be demolished. P Description of proposed Relocation Plan & Relocation Budget, Etc. If any relocation is anticipated, reference Appendix F. Q Targeting Plan and supporting documentation (Required for projects targeted to Special Populations) R Local Housing Authority Agreement (Reference Model in Appendix I) S Appraisal (for land costs greater than $5,000 and for buildings in rehab projects) T Evidence of Permanent Loan Commitment, other sources of funds, and project-based subsidies. U Statement regarding terms of Deferred Developer Fee and, if nonprofit, resolution of Board approving fee. V Inducement Resolution (Tax-Exempt Bond Financed Projects only) W Documentation to support estimated utility costs.

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Print Preview - Final Application

Project Name and Location

Jurisdiction CEO Name: First: Edwin

Site Latitude: Site Longitude:

Proposed number of residential buildings: 1 Types of Units:* Project Includes:

Maximum number of stories in buildings: 2

Total Net Sq. Ft. (All Heated Areas): 60,438

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

Fax: (910)425-0807 Nonprofit: No TaxID 245-68-1804

Episcopal Housing Ministry, Inc. Last Name: Smith Function: Member

Fax: (919)881-0305 Nonprofit: Yes TaxID 56-1735130

Utilites included in rents:

Utilites included in rents:

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

Total Low Income Units:

Amount 475,000 406,344 360,000

Year: Amt: Year: Amt:

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

Market Study Information

Front Gables or Dormers Other:

Wide Banding or Vertical/Horizontal Siding

Ceramic Tile Electric Pump

Applicant's Site Evaluation

Other facilities or services:

Contact Name: First: Shep

Architect Company: Address: City: Phone

Contact Name: First: Don

Attorney Company: Address: City: Phone

Contact Name: First: Sherrod

Investor Company: Address: City: Phone

Contact Name: First: Chuck

Contact Name: First: Jim

Contact Name: First: Jim

Project Team Experience

If Other, specify the type of Federal subsidy:

Projected Operating Costs

3,900 16,000 635 7,225

55,135 8,320 4,000

12,320 15,000 15,000 200,980 146,285 60 2,438

Projected Cash Flow Year One

20-Year Cash Flow

0 0 0 0 24,828 8,416 0 0 1,199,218

0 9,258 31,561 0 0 0 72,364 0 1,380,782

0 9,258 31,561 0 24,828 8,416 72,364 0 2,580,000

Costs - Bond Costs

Costs - Bond Issuance

Full Application Checklist

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