Village of New Hope

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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: 659,600 RPP Loan Product Requested: Multi-Family Production
https://www.nchfa.org/Rental/RTCApp/(mgzc2zrqg0isch55pq0f1oyo)/site/PrintApp.aspx?... 1/14/2005
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Project Name and Location

Project Name: Village of New Hope Address: City: 1710 New Hope Road Raleigh County: Wake Block Group: 1065 Zip: 27604
Census Tract: 527.03
Is project in Qualified Census Tract & Difficult to Develop area: No Political Jurisdiction: Jurisdiction Address: Jurisdiction City: Jurisdiction Phone: City of Raleigh Last: Meeker Title: Mayor P.O. Box 590 Raleigh (919)890-3050 Zip: 27502-0590
Jurisdiction CEO Name: First: Charles
Site Latitude: Site Longitude:
35.802590 -078.56384
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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: Family 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: We are targeting five (5) units to transitional families. See enclosed Targeting Plan and MOU.
Proposed number of residential buildings: 7 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): 1,113 Community space within residential bulding(s) - Sq. Ft. (Floor Area): Elevators - Number of Elevators: Square Footage Information Gross Floor Square Footage: 53,582
Total Net Sq. Ft. (All Heated Areas): 49,930
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Applicant Information
Applicant Name: Address: City: Contact: Telephone: Evergreen Construction Company 7706 Six Forks Road, Suite 202 Raleigh First: Tim (919)848-2041 State: NC Zip: 27615 Last: Morgan Title: Vice President
Alt Phone:
(919)630-3383
Fax:
(919)848-2041
Email Address:
tim@spectrum-evergreen.com
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Site Description
Total Site Acreage: 5.09 Total Buildable Acreage: 5.09 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? Yes If yes, specify the relationship: The land is currently owned by Evergreen Construction Company. Lyle D. Gardner is the president and owner of Evergreen. He will also be the managing member of New Hope Village Associates, LLC, the ownership entity of the proposed Village of New Hope.
Purchase Price:
(c) Enter the current expiration date of the option/contract to purchase: 12/31/2003 (D) Enter Purchase Price: 450,000
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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? 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:
Is a public hearing of any kind required in the future for you to fully develop this property? No If yes, describe the nature of the hearing and when you expect the hearing will be held:
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: New Hope Village Associates, LLC Address: City: 7706 Six Forks Road, Suite 202 Raleigh State: NC Zip: 27615 (If assigned) 028-40-6430 (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?
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:
New Hope Village Associates, LLC Last Name: Gardner Function: Managing Member
First Name: Lyle Address: City: Phone: EMail:
7706 Six Forks Road, Suite 202 Raleigh (919)848-2041 tim@spectrum-evergreen.com State: NC Zip: 27615
Fax: (919)848-2041 Nonprofit: No TaxID 028-40-6430
Org:
New Hope Village Associates, LLC Last Name: Morgan Function: Member
First Name: Timothy Address: City: Phone: EMail:
7706 Six Forks Road, Suite 202 Raleigh (919)848-2041 tim@spectrum-evergreen.com State: NC Zip: 27615
Fax: (919)848-0455 Nonprofit: No TaxID 241-17-2557
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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 Twn Hse Gdn Apt Twn Hse Gdn Apt Twn Hse Twn Hse Twn Hse Twn Hse Twn Hse Twn Hse Total # BRs Net Sq.Ft. # Units 2 2 3 3 2 3 2 3 2 3 856 895 1216 1087 856 1216 856 1216 856 1216 2 5 3 2 4 4 8 4 8 5 # Units 0 4 0 2 0 0 0 0 0 0 Monthly Rent 340 340 390 390 425 475 475 525 525 575 Electric Utility Allowance 141 141 166 166 141 166 141 166 141 157 Gas Other Mandatory Serv. Fees 0 0 0 0 0 0 0 0 0 0 **Total Housing Exp. 481 481 556 556 566 641 616 691 666 732
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............... 45 6 20905 45 Gross Monthly Rental Income 20905
Units 6
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 2 3 2 3 2 3 2 3 7 5 4 4 8 4 8 5
Units targeted at 30 targeted at 30 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. percent of median income.
Total Low Income Units:
45
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 1.00 2.00 Term (Years) 30 20 30 Amort. Period (Years) 30 20 30 29,939 Annual Debt Service 16,365
Source Bank Loan RPP Loan Local Gov. Loan - Specify: City of Raleigh RD Loan AHP Loan Other Loan 1 - Specify: Wake County 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 195,043 659,600 675,000
200,000
2.00
20
20
12,141
353,159
30
30
2,084,522
4,167,324
* "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. 75 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 8000 11 12000
2 8500 12 12000
3 9000 13 12000
4 9500 14 12300
5 10000 15 12100
6 10500 16 11800
7 11000 17 11300
8 11500 18 10500
9 11500 19 10000
10 12000 20 9500
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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 (Cost Cert.) 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 (Credit Report) Other Basis Expense (specify) 14,735 Other Non-basis Expense (specify) Other Non-basis Expense (specify) SUBTOTAL (lines 36 through 43) 44 Rent up Reserve 456,898 13,500 442,163 442,163 500 27,000 73,101 5,000 225,400 15,000 6,000 19,601 5,000 15,000 6,000 19,601 5,000 11,400 4,000 35,000 50,000 5,000 2,500 4,000 4,000 35,000 50,000 5,000 2,500 4,000 13,500 95,000 13,500 95,000 142,620 50,392 151,177 81,636 25,000 7,000 2,834,825 142,620 50,392 151,177 81,636 25,000 7,000 1,741,000 1,741,000 636,000 636,000 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)
113,600
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: Line 19. includes both survey and engineering fees.
3,717,324
3,531,589
0 3,531,589 100.00% 3,531,589 277,936 300,185 279,195 354,759 450,000 4,167,324 0 100% 0 0.00% 0 0 3,531,589 100% 3,531,589 7.87% 277,936 300,185 279,195
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Market Study Information

Please provide a detailed description of the proposed project: We are proposing to construct a forty-five (45) unit family rental community off New Hope Road in northeast Raleigh. The project will consist of (27) two bedroom, one and half bath units and (18) three bedroom, two full bath units. There will be a separate office/community/laundry building, a playground, a picnic area and gazebo for the residents use. The design of the buildings will incorporate both garden and townhouse style units. The site's close proximity to shopping, schools and major road arteries makes it a desirable location. We have applied for city funds to assist with the development of this project. We will have units set aside for households at 30%, 50% and 60% of the county median income. In addition, 10% of the units will be targeted to the mobility impaired. 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
30 Year Dimensional Roof Shingles
Have you built other tax credit developments that use the same building design as this project? Yes If yes, please provide name and address: White Oak Manor Apartments 41 Manor Lane Swansboro, NC 28584 (Onslow County) Ridgewood Apartments 1018 Wait Avenue Wake Forest, NC 27587 (Wake County) Park Place Apartments (Phase I & II) 107 Luxury Lane Knightdale, NC 27545 (Wake) Site Amenities (check all that apply): Community Bldg - Sq Ft: 1,113 Laundry Rm Game/Craft Rm Chapel/Prayer Rm Irrigated Lawns Walking Trails Pool Screened Porch Exercise Rm Picnic Area Security Gate Garden Spots Fitness Stations Community Room - Sq Ft: 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
Onsite Activities: Residents will have full use of the computer center located in the community building with periodic training on how to use the hardware and software. Periodic homeownership counseling courses will also be conducted for those interested in pursuing homeownerhip.
Landscaping Plans:
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Each building will have landscaped plantings in front of each apartment, placed in mulched beds. Trees will also be planted in front of and around the buildings and common areas where existing trees may not be or can not be saved. The budgeted amount for landscaping is $1,000 per unit. A detailed landscape plan will be submitted with the full application.
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 VCT Storage interior/exterior
Ceramic Tile Electric Pump
Heating/Cooling:
Do you plan to submit additional market data (market study, etc.) that you want considered? No If yes, please make sure to include the additional information in your pre-application packet.
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Applicant's Site Evaluation

Briefly describe your site in each of the following categories: NEIGHBORHOOD CHARACTERISTICS 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 physical condition of the homes, buildings and improvements in the area of the site are good. A lot of new construction has been occurring in the last 10 years with development still going strong.
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. The existing neighborhoods and surrounding land uses are compatible with the proposed development. Next to the site is a new assisted living facility (Spring Arbor) and next to that is the Hedingham Golf Community, a large planned community, which has a variety of housing alternatives (both single and multi-family). Traveling on New Hope Road, back towards Capital Boulevard, you continue to see signs of new construction in the form of single family and townhome development. There are also several churches and a city park. Heading towards Hwy 64, there is more commercial and retail uses, which make this an ideal location.
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). The street accessing this site is Columbus Drive, which has a signaled intersection with New Hope Road. This make for easy access in and out of our proposed development. Columbus Drive is a newly paved, lightly traveled road that feeds into New Hope Road. New Hope was recently widened to four lanes to accommodate the large growth the area has experienced. There is also quick and easy access to Hwy 64 and the beltline, yet the site is tucked away in a quite setting.
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). Heading towards Hwy 64, there is some undeveloped land that is for commercial purposes but other than that, there is not a tremendous amount of vacant land in the area.
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. None exist. A large portion of the streets and utilities are already in place, making it a quick startup for construction.
Similarity of scale and aesthetics/architecture between project and surroundings. As previously stated, the site is integrated among residential development as well as commercial. It
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makes for a nice transition between the two. The site is between a large residential community (Hedingham) and vacant commercial land. There is a variety of architectural design in the area. Again, as you travel towards Capital Boulevard, you see alot of new single family and townhome construction. Heading towards Hwy 64, you see commerical uses. The design we are proposing, with use of brick, vinyl siding, wide banding and dimensional shingles, will fit in nicely.
Concentration of affordable housing (housing credit, project-based rental assistance, public housing). None exist.
Availability of Supportive Services (if applicable):
For each applicable neighborhood feature, enter distance from project in miles. .5 .3 .3 .5 1.5 2.0 .2 Grocery Store Mall/Strip Center Outdoor Athletic Fields Day Care/After School Schools 2.5 1.75 .3 .3 1.75 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 .3 Convenience Store Basketball/Tennis Courts .3 .3 4.0 .3 2.5 2.2
1.5 .2
Public Parks Gas Station Library
1.75 2.7
Fitness/Nature Trails Public Swimming Pools
Other facilities or services: See vicinity map for other facilities and services.
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Development Team
Provide contact information for development team members below: Management Agent Company: Evergreen Construction Company Address: City: Phone 7706 Six Forks Road, Suite 202 Raleigh (919)848-2041 State: NC Zip: 27615 Email: tim@spectrum-evergreen.com Last: Morgan
Contact Name: First: Tim
Architect Company: Address: City: Phone
Andron Architects and Associates 11312 Saddleview Court Raleigh (919)846-9990 State: NC Zip: 27613 Email: Bob@Andron.com Last: Andron
Contact Name: First: Bob
Attorney Company: Address: City: Phone
Howard S. Kohn 711 Harvey Street Raleigh (919)856-0200 State: NC Zip: 27608 Email: kohnlaw@nc.rr.com Last: Kohn
Contact Name: First: Howard
Investor Company: Address: City: Phone
Community Affordable Housing Equity Corporation 7700 Falls of Neuse Road, Suite 200 Raleigh (919)420-0063 State: NC Zip: 27615 Email: cnewcomer@cahec.com Last: Newcomer
Contact Name: First: Chuck
Consultant/Application Preparer (if different from developer) Company: Address: City: Phone Contact Name: First: State: Email: Last: Zip:
Identity of Interest? General Contractor Company: Evergreen Construction Company Address: City: Phone 7706 Six Forks Road, Suite 202 Raleigh (919)848-2041 State: NC Zip: 27615 Email: tim@spectrum-evergreen.com Last: Morgan
Contact Name: First: Tim
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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: 9 370 0 0
Management List number of low-income housing tax credit units managed in the past 10 years: North Carolina Other States Projects: Units: 17 728 0 0
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: $ $ $ Yes No 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 3,250 3,250 2,500 10,000 15,000 3,000 3,000 6,500 2,500 700 9,750 47,064 2,500 250 4,000 16,314 19,000
2,500 2,500
8,000 1,050
700 49,700 22,500
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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
3,400 250 7,500 50 1,700 1,500
36,900 5,000
5,000 11,250 11,250 159,664 120,914 45 2,686
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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): Laundry, Vending, NSF and Late Charges, Damages and Cleaning Fees, Forfeited Security Deposits 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) 1,750 1,750 254,360 17,805 236,555 250,860
159,664 76,891
66,445
10,446 1.157
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 1 236,555 159,664 66,445 10,446 1.157 11 317,912 236,341 70,445 11,126 1.158 2 243,652 166,051 66,945 10,656 1.159 12 327,449 245,795 70,445 11,209 1.159 3 250,962 172,693 67,445 10,824 1.16 13 337,272 255,627 70,445 11,200 1.159 4 258,491 179,601 67,945 10,945 1.161 14 347,390 265,852 70,745 10,793 1.153 5 266,246 186,785 68,445 11,016 1.161 15 357,812 276,486 70,545 10,781 1.153 6 274,233 194,256 68,945 11,032 1.16 16 368,546 287,545 70,245 10,756 1.153 7 282,460 202,026 69,445 10,989 1.158 17 379,602 299,047 69,745 10,810 1.155 8 290,934 210,107 69,945 10,882 1.156 18 390,990 311,009 68,945 11,036 1.16 9 299,662 218,511 69,945 11,206 1.16 19 402,720 323,449 68,445 10,826 1.158 10 308,652 227,251 70,445 10,956 1.156 20 414,802 336,387 67,945 10,470 1.154
* 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 Brick and block foundation with concrete slab Make: Silverline Model: 2900
Type/Construction: Vinyl-Tilt Sash w/5/8" Insulated Glass - 6/6 Lite Exterior Doors Siding Type: Stanley-Metal Type: Vinyl Warranty: Lifetime Exterior Trim Vinyl and Aluminum Coil Tamko-Dimensional Type: Shingles Warranty: 30 Year Sprinkler System Cabinets Heat Pump N/A Cardell Millenia Series - Oakbrook Gold - Wood Cabinets SEER: 11 Model: RPLA-024-JAC Air Conditioner SEER: 11 Model: RPLA-024-JAC Other Heat Systems SEER: Model: Make: Make: Rheem Make: Rheem Heritage Weight: Series Frames: Wood Grade/Thickness: .044
Shingles
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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 6,995 18,500 139,500 127,800 130,950 43,000 19,900 116,585 12,250 34,400 120,650 26,225 29,850 87,450 71,460 19,500 10,000 24,480 23,700 29,400 135,675 194,595 36,860 59,940 41,960 62,940 LABOR 6,696 MATERIAL 10,044 TOTAL 16,740 0 104,900 0 0 96,800 0 330,270 0 10,000 24,480 23,700 48,900 0 116,585 12,250 34,400 120,650 26,225 49,750 87,450 71,460 0 139,500 127,800 130,950 43,000 0 18,500 0 6,995 0 0 0 0 0 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: 282,086 1,458,914 6,995 4,500 9,450 12,250 49,500 17,000
0 12,250 49,500 17,000 6,995 4,500 9,450 0 1,741,000
Masonry Foundation included in Brick Veneer. Trusses included in Framing. Labor costs for the following are included in materials: Vinyl Siding, Gutters, Insulation, Drywall, Cabinets, Painting, Plumbing, Electrical, HVAC, Floor Covering, Mailboxes, Blinds, Hardware/Bath, Playground, Other 1-VCT.
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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: Other 1 - Fees for building permits with City of Raleigh. 142,620 500 15,000 5,000 11,120 10,000 5,500 6,000 500 1,500 12,500 1,000 500 TOTAL 66,000 7,500
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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: 636,000 2,500 2,500 67,500 182,000 134,500 12,500 10,000 205,000 6,250 13,250 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 - APP03-0065

Print Preview - Final Application

Project Name and Location

Census Tract: 527.03

Jurisdiction CEO Name: First: Charles

Site Latitude: Site Longitude:

Proposed number of residential buildings: 7 Types of Units:* Project Includes:

Maximum number of stories in buildings: 2

Total Net Sq. Ft. (All Heated Areas): 49,930

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

First Name: Lyle Address: City: Phone: EMail:

Fax: (919)848-2041 Nonprofit: No TaxID 028-40-6430

First Name: Timothy Address: City: Phone: EMail:

Fax: (919)848-0455 Nonprofit: No TaxID 241-17-2557

Utilites included in rents:

Utilites included in rents:

Units targeted at 30 targeted at 30 targeted at 40 targeted at 40 targeted at 50 targeted at 50 targeted at 60 targeted at 60

Total Low Income Units:

Amount 195,043 659,600 675,000

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

30 Year Dimensional Roof Shingles

Ceramic Tile Electric Pump

Applicant's Site Evaluation

Availability of Supportive Services (if applicable):

Public Parks Gas Station Library

Fitness/Nature Trails Public Swimming Pools

Contact Name: First: Tim

Architect Company: Address: City: Phone

Contact Name: First: Bob

Attorney Company: Address: City: Phone

Contact Name: First: Howard

Investor Company: Address: City: Phone

Contact Name: First: Chuck

Contact Name: First: Tim

Project Team Experience

If Other, specify the type of Federal subsidy:

Projected Operating Costs

700 49,700 22,500

3,400 250 7,500 50 1,700 1,500

5,000 11,250 11,250 159,664 120,914 45 2,686

Projected Cash Flow Year One

20-Year Cash Flow

0 12,250 49,500 17,000 6,995 4,500 9,450 0 1,741,000

Costs - Bond Costs

Costs - Bond Issuance

Full Application Checklist

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