Arrow Point Acres App

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Tax Credits, RPP Loans, and/or Tax Exempt Bond Loans
Project Description
Project Name: Arrowpoint Acres Address: City: 422 Dark Water Lane, Multiple street addresses on contiguous lots within Arrowpoint subdivision. Pembroke County: Robeson Block Group: 37155960500 Zip: 28372
Census Tract: 9605
Is project in Qualified Census Tract or Difficult to Develop Area? Yes Political Jurisdiction: Jurisdiction CEO Name: Jurisdiction Address: Jurisdiction City: Jurisdiction Phone: Pembroke First:Milton Last: Hunt PO Box 866 Pembroke Zip: 28372 Title: Mayor
(910)521-9758
Site Latitude: Site Longitude:
34.698930 -79.197399
Project Type: New Construction Is this project a previously awarded tax credit development? No If yes, what is the project number: Is this a request for supplemental credits? New Construction/Adaptive Reuse: Is this project a follow-on (Phase II, etc) to a previously-awarded tax credit development project? No If yes, list names of previous phase(s): Rehab: Number of residents holding Section 8 vouchers:
Will the project meet Energy Star standards as defined in Appendix B? Yes Does a community revitalization plan exist? Yes Will the project use steel and concrete construction and have at least 4 stories? No Will the project include a Community Service Facility under IRS Revenue Ruling 2003-77? No
https://www.nchfa.org/Rental/RTCApp/(S(qxxuj5ixc...A4E1F6603D&SNID=3D6C0A7EC9584A6BB61F5A1C670F7BF6 (1 of 29)9/16/2008 3:25:41 PM
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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: 6 Persons with disabilities or homeless populations: 10% of the total units.
Number of Units: 5 Remarks: The Project will target 10% of total units (5) to persons with disabilities and/or homeless families. The owner will submit a Targeting Plan for review and certification by the NC Department of Health and Human Services (DHHS).
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Applicant Information
Indicate below an individual or a validly existing entity (a corporation, nonprofit, limited partnership or LLC) as the official applicant. Under QAP Section III(C)(5) only this individual or entity will be able to make decisions with regard to this application. If awarded the applicant must become part of the ownership entity. The applicant will execute the signature page for this application. Applicant Name: Address: City: Contact: Telephone: Alt Phone: Fax: Email Address: Lumbee Land Development, Inc. (Formerly known as Tribal Council of the Lumbee Tribe, Inc.) 707 Union Chapel Road, PO Box 2709 Pembroke State: NC Zip: 28372 First: Tammy Last:Maynor Title:Acting Tribal Administrator, Director of Governmental Affairs
(910)522-5182 (910)522-2223 (910)521-7790 tmaynor@lumbeetribe.com
NOTE: Email Address above will be used for communication between NCHFA and Applicant.
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Site Description
Total Site Acreage: 25 Total Buildable Acreage: 25
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:
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(b) Describe flood mitigation if the project will have improvements within the 100 year floodplain:
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Site Control
Does the owner have fee simple ownership of the property (site/buildings)?No If yes provide: Purchase Date: Purchase Price:
If no: (a) Does the owner/principal or ownership entity have valid option/contract to purchase the property?Yes (b) Does an identity of interest (direct or indirect) exist between the owner/principal or ownership entity with the option/contract for purchase of the property and the seller of the property?Yes If yes, specify the relationship: Lumbee Land Development, Inc. and Assigns, the buyer, will purchase the land from Lumbee Tribe of North Carolina, the seller. The buyer is the co-managing member of the ownership entity, Arrowpoint LLC.
(c) Enter the current expiration date of the option/contract to purchase: 12/30/2008 (D) Enter Purchase Price: 750,000
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Zoning
Present zoning classification of the site:Residential-Agriculture Is multifamily use permitted?No Are variances, special or conditional use permits or any other item requiring a public hearing needed to develop this proposal?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:
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Ownership Entity
Owner Name: Address: City: Arrowpoint LLC 707 Union Chapel Road, PO Box 2709 Pembroke State:NC Zip: 28372
Federal Tax ID Number of Ownership Entity:
26-2546442
(If assigned)
Note: Do not submit social security numbers for individuals. Entity Type: Limited Liability Company Entity Status: Already Formed Is the applicant requesting that the Agency treat the application as Non-Profit sponsored? Yes Is the applicant requesting that the Agency treat the application as CHDO sponsored? No List all general partners, members,and principals. Specify nonprofit corporate general partners or members. Click [Add] to add additional partners, members, and principals.
Org: Address: City: Phone: EMail:
Lumbee Land Development, Inc. (Formerly known as Tribal Council of the Lumbee Tribe, Inc.) Last Name: Maynor State: NC Function: Managing Member Zip: 28372 707 Union Chapel Road or PO Box 2709 Pembroke
First Name: Tammy
(910)522-5182 tmaynor@lumbeetribe.com
Fax: (910)521-7790 Nonprofit: Yes
Org: Address: City: Phone: EMail:
Shelter Investments Development Corp. Last Name: Fowler State: NC Function: Managing Member Zip: 28607 PO Box 1673 Boone
First Name: Edward
(828)264-6683 efowler@nwrha.com
Fax: (828)264-0160 Nonprofit: No
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Unit Mix
The Median Income for Robeson county is $48,100. Low Income Units Type # BRs Net Sq.Ft. Total # Units # Units Monthly Rent Utility Allowance Mandatory Serv. Fees **Total Housing Exp.
Sgl Fam 3 Sgl Fam 3 Sgl Fam 3 Sgl Fam 3
1159 1193 1223 1237
10 10 15 15
3 0 3 0
400 435 450 485

Electric
155 155 155 155

Gas Other
0 0 0 0
555 590 605 640
Utilities included in rents:
Water/Sewer
Employee Units (will add to Low Income Unit total) Total # Monthly Utility Mandatory **Total Type # BRs Net Sq.Ft. # Units Units Rent Allowance Serv. Fees Housing Exp. Utilities included in rents: Water/Sewer Electric Gas Other
Market Rate Units Total # Monthly Utility Mandatory **Total Type # BRs Net Sq.Ft. # Units Units Rent Allowance Serv. Fees Housing Exp. Utilities included in rents: Water/Sewer Electric Gas Other
Statistics All Units Low Income....... Market Rate....... Totals............... Gross Monthly Rental Income
Units
50
22375
50
22375
Proposed number of residential buildings: 50 Project Includes:
Maximum number of stories in buildings: 1
Separate community building - Sq. Ft. (Floor Area): Community space within residential bulding(s) - Sq. Ft. (Floor Area):
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Elevators - Number of Elevators: Square Footage Information Gross Floor Square Footage:
63,610
Total Net Sq. Ft. (All Heated Areas): 60,420
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.
https://www.nchfa.org/Rental/RTCApp/(S(qxxuj5ix...4E1F6603D&SNID=3D6C0A7EC9584A6BB61F5A1C670F7BF6 (10 of 29)9/16/2008 3:25:41 PM
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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 3 3
Units
% targeted at 60 targeted at 50 percent of median income affordable to/occupied by percent of median income affordable to/occupied by
30 20
Total Low Income Units:
50
Note: This number should match the total number of low income units in the Unit Mix section.
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Funding Sources
NonAmortizing* Rate (%) Term (Years) Amort. Period (Years) Annual Debt Service
Source Bank Loan RPP Loan Local Gov. Loan - Specify: Lumbee Tribal Government 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
300,000
2.00
30
30
13,306
1,730,989
30
30
4,950,472
6,981,461
* "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)) Lumbee Tribal Government will make an amortizing first mortgage of $300,000 ($6,000 per unit) at
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2% annual interest with a 30-year term. Project cash flow will be deposited into a debt service reserve towards paying off the NC Agency loan at its maturity date. An operating reserve of $150,000 will be funded at closing to cover any unanticipated operating shortfalls. Assuming trending factors of 3% on income and 4% on expenses, the proforma goes negative in Year 29 and withdrawals from the operating reserve will be needed. The debt service reserve and operating reserve assure sufficient funds to repay the Lumbee Tribal Government loan. At the end of the loan term, any unpaid principal balance remaining on the Tribal loan or Agency loan will be repaid from other sources or refinanced. A letter to Mr. Scott Farmer, dated April 24, 2008, which describes the proposed loan repayment terms, is included with Exhibit O.
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Development Costs
Item Cost Element 1 Purchase of Building(s) (Rehab / Adaptive Reuse only) 2 Demolition (Rehab / Adaptive Reuse only) 3 On-site Improvements 4 Rehabilitation 5 Construction of New Building(s) 6 Accessory Building(s) 7 General Requirements (max 6% lines 2-6) 8 Contractor Overhead (max 2% lines 2-7) 9 Contractor Profit (max 8% lines 2-7; 6% if Identity of Interest) 10 Construction Contingency (max 3% lines 2-9, Rehabs 6%) 11 Architect's Fee - Design (11 + 12 = max 3% lines 2-10) 12 Architect's Fee - Inspection 13 Engineering Costs SUBTOTAL (lines 1 through 13) 14 Construction Insurance (prorate) 15 Construction Loan Orig. Fee (prorate) 16 Construction Loan Interest (prorate) 17 Construction Loan Credit Enhancement (prorate) 18 Construction Period Taxes (prorate) 19 Water, Sewer and Impact Fees 20 Survey 21 Property Appraisal 22 Environmental Report 23 Market Study 24 Bond Costs 25 Bond Issuance Costs 26 Placement Fee 27 Permanent Loan Origination Fee 28 Permanent Loan Credit Enhancement 29 Title and Recording TOTAL COST Eligible Basis 30% PV 70% PV
420,000
420,000
3,665,000
3,665,000
245,100 81,700 245,100 139,707 95,900 48,000
245,100 81,700 245,100 139,707 95,900 48,000
4,940,507 70,000 40,000 221,864 52,500 40,000 221,864
25,000 57,500 20,000 9,000 3,500 5,400
18,750 57,500 20,000 9,000 3,500 5,400
10,000
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SUBTOTAL (lines 14 through 29) 30 Real Estate Attorney 31 Other Attorney's Fees 32 Tax Credit Application Fees (Preliminary and Full) 33 Tax Credit Allocation Fee (0.60% of line 59, minimum $7,500) 34 Cost Certification / Accounting Fees 35 Tax Opinion 36 Organizational (Partnership) 37 Tax Credit Monitoring Fee SUBTOTAL (lines 30 through 37) 38 Furnishings and Equipment 39 Relocation Expense 40 Developer's Fee 41 42
462,264 50,000 50,000
2,200 46,597 15,000 15,000
35,000 148,797 15,000 15,000
525,000
525,000
Other Basis Expense (specify) Other Basis Expense (specify)
43 Rent-up Expense 44 45
Other Non-basis Expense (specify) Other Non-basis Expense (specify)

SUBTOTAL (lines 38 through 45)
540,000 37,500 102,393
46 Rent up Reserve 47 Operating Reserve 48 49
Other Reserve (specify) Other Reserve (specify) 6,231,461 0 5,974,021
50 DEVELOPMENT COST (lines 1-49) 51 Less Federal Financing 52 Less Disproportionate Standard 53 Less Nonqualified Nonrecourse Financing 54 Less Historic Tax Credit 55 TOTAL ELIGIBLE BASIS 56 Applicable Fraction (percentage of LI Units) 57 Basis Before Boost 58 Boost for QCT/DDA (if applicable, enter 130%) 59 TOTAL QUALIFIED BASIS
0 5,974,021 100.00% 5,974,021 0 100% 0 100.00% 7,766,227 0 5,974,021 100% 5,974,021 130.00% 7,766,227
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60 Tax Credit Rate 61 Federal Tax Credits at Estimated Rate 62 Federal Tax Credits at 9.00% or 3.75% (maximum $1,000,000) 63 Federal Tax Credits Requested 64 Land Cost 65 TOTAL REPLACEMENT COST FEDERAL TAX CREDITS IF AWARDED Comments:
3.34 660,129 698,960 601,260 750,000 6,981,461 698,960 0 0
8.50 660,129 698,960 601,260
Total Replacement Cost per unit: 95,932
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Market Study Information

Please provide a detailed description of the proposed project: The development will contain fifty (50) single-family units. 40% of units will be targeted for residents earning at or below 50% of area median income and 60% of units earning at or below 60% of area median income. The project will be operated as affordable rental for a minimum of 15 years and will convert to homeownership as residents become eligible to purchase homes. All homes will have three bedrooms and two full baths, front porches, and either single-car garages or carports. The site is adjacent to a new public park and the site of a future tribal complex. 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
The property exteriors will be a combination of brick, vinyl and HardiPlank. All dwelling units will meet energy star efficiency requirements. Construction will incorporate long-term low-maintenance materials.
Have you built other tax credit developments that use the same building design as this project?Yes If yes, please provide name and address: The development manager built 4 single family homes as part of the White Laurel development located at 111 Laurel Reach Lane, Boone, North Carolina 28607 The applicant built 22 single-family homes (non tax-credit) in the Arrowpoint subdivision and sold them to low-income, first-time homebuyers.
Site Amenities: Homes will be constructed on large half-acre lots. The development will include paved streets, concrete curbs and sidewalks, street lights and area lighting. There will be areas for residents to gather including a picnic area, and vegetable and flower garden areas. The property is situated directly adjacent to a new 3.5 million dollar Pembroke Recreation Center that is nearly complete. Access will be free for residents.
Onsite Activities: There will be transportation available for elderly and disabled residents through the Lumber River Council of Government's existing van service. Residents will have access to a full range of human services.
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Landscaping Plans: Landscaping will include foundation planting and new trees and shrubs spread throughout yards. The development will also include trees and shrubs, concrete curbs and sidewalks, as well as area lighting and street lighting. Landscaping will assist with stormwater management.
Interior Apartment Amenities: Homes will contain three bedrooms and two full bathrooms. Homes will contain dishwashers, garbage disposals, washer/dryer hookups, living and dining areas. Kitchens will be equipped with Energy Star applicances. All homes will be designed to meet Energy Star standards.
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 Trend and direction of real estate development and area economic health. Physical condition of buildings and improvements in the immediate vicinity. Concentration of affordable housing. There an increasing amount of real estate development in the local area, including upscale residential, commercial and retail. About 3/8 of a mile away there is a Commerce and Technology center being developed in partnership with Robeson County Community College, Robeson County and the University of North Carolina at Pembroke. There are multiple employers to be situated on the site, a daycare center and other numerous opportunities for recreation and development. The physical condition of buildings and improvements in the immediate vicinity is excellent. There is little affordable housing stock in the area and this development will add a much needed source of affordable housing. SURROUNDING LAND USES AND AMENITIES Land use pattern is residential in character (single and multifamily housing). Extent that the location is isolated. Effect of industrial, large-scale institutional or other incompatible uses, including but not limited to: wastewater treatment facilities, high traffic corridors, junkyards, prisons, landfills, large swamps, distribution facilities, frequently used railroad tracks, power transmission lines and towers, factories or similar operations, sources of excessive noise, and sites with environmental concerns (such as odors or pollution). Amount and character of vacant, undeveloped land. Surrounding land use is a mix of residential, retail and commercial. There is no industrial use nearby. The location is not isolated, it is conveniently situated near area amenities. There is a power transmission line a quarter of a mile from the site, but it is not anticipated to cause any issues or detract from the property. SITE SUITABILITY Adequate traffic safety controls (i.e. stop lights, speed limits, turn lanes). Burden on public facilities (particularly roads). Access to mass transit (if applicable). Visibility of buildings and/or location of project sign (s) in relation to traffic corridors. The roadways in the area are generally brand-new, designed to accomodate increased traffic capacity. The North Carolina Department of Transportation is completing a street-widening campaign in the area and they have recently repaved and added many turn lanes. There will be transportation available for elderly and disabled residents though the Lumber River Council of Government's existing van service. Degree of on-site negative features and physical barriers that will impede project construction or adversely affect future tenants; for example: power transmission lines and towers, flood hazards, steep slopes, large boulders, ravines, year-round streams, wetlands, and other similar features (for adaptive re-use projectssuitability for residential use and difficulties posed by the building(s), such as limited parking, environmental problems or the need for excessive demolition). There are no on-site negative features that are anticipated to impede construction or adversely affect furture tenants.
Similarity of scale and aesthetics/architecture between project and surroundings. The project's scale and aesthetics/architecture will be designed to fit in well with the surroundings.
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For each applicable neighborhood feature, enter distance from project in miles.
.5 .5 .1 .5 1.5 0
Stop
Grocery Store Mall/Strip Center Outdoor Athletic Fields Day Care/After School Schools Public Transportation
.5
Center
Community/Senior
12 .5 .5
Hospital Pharmacy Basic Health Care
.5 .1 .5 1.5
Convenience Store Public Parks Gas Station Library
Other facilities or services: The property is situated directly adjacent to a new 3.5 million dollar Pembroke Recreation Center that is nearly complete. Access will be free for residents. Public transportation is "on-call." The Lumber River Council of Government provides a van service to elderly and disabled residents that offers door-to-door transportation on an as-requested basis.
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Development Team
Provide contact information for development team members below:
Management Agent Company: Address: City: Phone Contact Name: GEM Management, Inc. 2021 Cross Beam Drive Charlotte State: NC Zip: 28217 Email: dellisgem@bellsouth.net Last: Ellis
(704)357-6000
First: Gary
Architect Company: Address: City: Phone Contact Name: Tise-Kiester Architects 119 East Franklin Street, Suite 300 Chapel Hill State: NC Zip: 27514 Email: dtise@tisekiester.com Last: Tise
(919)967-0158
First: Donald
Attorney Company: Address: City: Phone Contact Name: Blanco Tackabery & Matamoros, P.A. 110 South Stratford Road, 5th Floor Winstom-Salem State: NC Zip: 27104 Email: dlm@blancolaw.com Last: McKenney
(336)761-1250
First: Deborah
Investor Company: Address: City: Phone Contact Name: TBD TBD TBD State: NC Zip: 00000 Email: First: Last:
(000)000-0000
Consultant/Application Preparer (if different from developer) Company: Address: City: Phone Contact Name: Reznick Group, P.C. 500 East Pratt Street Baltimore State: MD Zip: 21201 Email: jonette.hahn@reznickgroup.com Last: Hahn
(410)783-6580
First: Jonette
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General Contractor Company: Address: City: Phone Contact Name: TBD TBD
Identity of Interest?
TBD based on negotiated bids with local General Contractors
State: NC Email: First: Last:
Zip: 00000
(000)000-0000
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Projected Operating Costs

Project Operations (Year One) Administrative Expenses Advertising Office Salaries Office Supplies Office or Model Apartment Rent Management Fee Manager or Superintendent Salaries Manager or Superintendent Rent Free Unit Legal Expenses (Project) Auditing Expenses (Project) Bookkeeping Fees/Accounting Services Telephone and Answering Service Bad Debts Other Administrative Expenses (specify):
30,000
17,479
10,000
Miscellaneous
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
12,000 69,479
5,000 15,000
15,000 35,000
6,000
6,000
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Grounds Supplies Grounds Contract Repairs Payroll Repairs Material Repairs Contract Elevator Maintenance/Contract Heating/Cooling Repairs and Maintenance Swimming Pool Maintenance/Contract Snow Removal Decorating Payroll/Contract Decorating Supplies Other (specify):
10,000
Miscellaneous Operating & Maintenance Expenses SUBTOTAL Taxes and Insurance Real Estate Taxes Payroll Taxes (FICA) Miscellaneous Taxes, Licenses and Permits Property and Liability Insurance (Hazard) Fidelity Bond Insurance Workmen's Compensation Health Insurance and Other Employee Benefits Other Insurance:
22,000
30,000
20,000
SUBTOTAL Supportive Service Expenses Service Coordinator Service Supplies Tenant Association Funds Other Expenses (specify):
50,000
SUBTOTAL Reserves Replacement Reserves SUBTOTAL
15,000 15,000
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TOTAL OPERATING EXPENSES ADJUSTED TOTAL OPERATING EXPENSES (Does not include taxes, reserves and resident support services) * TOTAL UNITS (from total units in the Unit Mix section) PER UNIT PER YEAR
191,479 146,479 50 2,930
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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):
268,500
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)
268,500 18,795 249,705 191,479 58,226 13,306 44,920 4.376
20-Year Cash Flow

Year Net Rental/Other Income* Total Operating Expenses* Debt Service Net Cash Flow Debt Coverage Ratio Year Net Rental/Other Income* Total Operating Expenses* Debt Service Net Cash Flow Debt Coverage Ratio 1 2 3 4 5 6 7 8 9 10
249,705 191,479 13,306 44,920 4.376

11
257,196 199,138 13,306 44,752 4.363

12
264,912 207,104 13,306 44,502 4.345

13
272,859 215,388 13,306 44,165 4.319

14
281,045 224,004 13,306 43,735 4.287

15
289,476 232,964 13,306 43,206 4.247

16
298,160 242,283 13,306 42,571 4.199

17
307,105 251,974 13,306 41,825 4.143

18
316,318 262,053 13,306 40,959 4.078

19
325,808 272,535 13,306 39,967 4.004

20
335,582 283,436 13,306 38,840 3.919
345,649 294,773 13,306 37,570 3.824
356,018 306,564 13,306 36,148 3.717
366,699 318,827 13,306 34,566 3.598
377,700 331,580 13,306 32,814 3.466
389,031 344,843 13,306 30,882 3.321
400,702 358,637 13,306 28,759 3.161
412,723 372,982 13,306 26,435 2.987
425,105 387,901 13,306 23,898 2.796
437,858 403,417 13,306 21,135 2.588
* Net Rental Income escalated at annual rate of 3% and expenses escalated at a rate of 4% after the first year.
Calculations:
1. "Net Rental/Other Income" comes from 1st-year cash flow, then it is escalated by 3% per year.
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2. "Total Operating Expenses" comes from 1st-year cash flow, then it is escalated by 4% per year. 3. "Debt Service" is the sum of "regular/amortized loan debt service + non-amortizing annual service" as entered by user from Funding Sources section. 4. "Net Cash Flow" is "Net Rental/Other Income" minus "Total Operating Expenses" minus "Debt Service". 5. "Debt Coverage Ratio" is ("Net Rental/Other Income" minus "Total Operating Expenses") divided by "Debt Service".
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Minimum Set-Asides
MINIMUM REQUIRED SET ASIDES (No Points Awarded): Select one of the following two options: 20% of the units are rent restricted and occupied by households with incomes at or below 50% of the median income (Note: No Tax Credit Eligible Units in the the project can exceed 50% of median income) 40% of the units are rent restricted and occupied by households with incomes at or below 60% of the median income (Note: No Tax Credit Eligible Units in the the project can exceed 60% of median income) If requesting RPP funds: 40% of the units are occupied by households with incomes at or below 50% of median income. State Tax Credit and QAP Targeting Points: 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.
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Full Application Checklist

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

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Census Tract: 9605

Site Latitude: Site Longitude:

https://www.nchfa.org/Rental/RTCApp/(S(qxxuj5ixc...A4E1F6603D&SNID=3D6C0A7EC9584A6BB61F5A1C670F7BF6 (1 of 29)9/16/2008 3:25:41 PM

If yes, please describe:

https://www.nchfa.org/Rental/RTCApp/(S(qxxuj5ixc...A4E1F6603D&SNID=3D6C0A7EC9584A6BB61F5A1C670F7BF6 (2 of 29)9/16/2008 3:25:41 PM

(910)522-5182 (910)522-2223 (910)521-7790 tmaynor@lumbeetribe.com

https://www.nchfa.org/Rental/RTCApp/(S(qxxuj5ixc...A4E1F6603D&SNID=3D6C0A7EC9584A6BB61F5A1C670F7BF6 (3 of 29)9/16/2008 3:25:41 PM

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

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

https://www.nchfa.org/Rental/RTCApp/(S(qxxuj5ixc...A4E1F6603D&SNID=3D6C0A7EC9584A6BB61F5A1C670F7BF6 (4 of 29)9/16/2008 3:25:41 PM

https://www.nchfa.org/Rental/RTCApp/(S(qxxuj5ixc...A4E1F6603D&SNID=3D6C0A7EC9584A6BB61F5A1C670F7BF6 (5 of 29)9/16/2008 3:25:41 PM

https://www.nchfa.org/Rental/RTCApp/(S(qxxuj5ixc...A4E1F6603D&SNID=3D6C0A7EC9584A6BB61F5A1C670F7BF6 (6 of 29)9/16/2008 3:25:41 PM

https://www.nchfa.org/Rental/RTCApp/(S(qxxuj5ixc...A4E1F6603D&SNID=3D6C0A7EC9584A6BB61F5A1C670F7BF6 (7 of 29)9/16/2008 3:25:41 PM

Federal Tax ID Number of Ownership Entity:

Org: Address: City: Phone: EMail:

First Name: Tammy

Fax: (910)521-7790 Nonprofit: Yes

Org: Address: City: Phone: EMail:

First Name: Edward

Fax: (828)264-0160 Nonprofit: No

https://www.nchfa.org/Rental/RTCApp/(S(qxxuj5ixc...A4E1F6603D&SNID=3D6C0A7EC9584A6BB61F5A1C670F7BF6 (8 of 29)9/16/2008 3:25:41 PM

Sgl Fam 3 Sgl Fam 3 Sgl Fam 3 Sgl Fam 3

1159 1193 1223 1237

400 435 450 485

155 155 155 155

555 590 605 640

Utilities included in rents:

Proposed number of residential buildings: 50 Project Includes:

Maximum number of stories in buildings: 1

https://www.nchfa.org/Rental/RTCApp/(S(qxxuj5ixc...A4E1F6603D&SNID=3D6C0A7EC9584A6BB61F5A1C670F7BF6 (9 of 29)9/16/2008 3:25:41 PM

Total Net Sq. Ft. (All Heated Areas): 60,420

https://www.nchfa.org/Rental/RTCApp/(S(qxxuj5ix...4E1F6603D&SNID=3D6C0A7EC9584A6BB61F5A1C670F7BF6 (10 of 29)9/16/2008 3:25:41 PM

Total Low Income Units:

https://www.nchfa.org/Rental/RTCApp/(S(qxxuj5ix...4E1F6603D&SNID=3D6C0A7EC9584A6BB61F5A1C670F7BF6 (11 of 29)9/16/2008 3:25:41 PM

https://www.nchfa.org/Rental/RTCApp/(S(qxxuj5ix...4E1F6603D&SNID=3D6C0A7EC9584A6BB61F5A1C670F7BF6 (12 of 29)9/16/2008 3:25:41 PM

https://www.nchfa.org/Rental/RTCApp/(S(qxxuj5ix...4E1F6603D&SNID=3D6C0A7EC9584A6BB61F5A1C670F7BF6 (13 of 29)9/16/2008 3:25:41 PM

245,100 81,700 245,100 139,707 95,900 48,000

245,100 81,700 245,100 139,707 95,900 48,000

4,940,507 70,000 40,000 221,864 52,500 40,000 221,864

25,000 57,500 20,000 9,000 3,500 5,400

18,750 57,500 20,000 9,000 3,500 5,400

https://www.nchfa.org/Rental/RTCApp/(S(qxxuj5ix...4E1F6603D&SNID=3D6C0A7EC9584A6BB61F5A1C670F7BF6 (14 of 29)9/16/2008 3:25:41 PM

462,264 50,000 50,000

2,200 46,597 15,000 15,000

35,000 148,797 15,000 15,000

Other Basis Expense (specify) Other Basis Expense (specify)

Other Non-basis Expense (specify) Other Non-basis Expense (specify)

540,000 37,500 102,393

46 Rent up Reserve 47 Operating Reserve 48 49

Other Reserve (specify) Other Reserve (specify) 6,231,461 0 5,974,021

https://www.nchfa.org/Rental/RTCApp/(S(qxxuj5ix...4E1F6603D&SNID=3D6C0A7EC9584A6BB61F5A1C670F7BF6 (15 of 29)9/16/2008 3:25:41 PM

3.34 660,129 698,960 601,260 750,000 6,981,461 698,960 0 0

8.50 660,129 698,960 601,260

Total Replacement Cost per unit: 95,932

https://www.nchfa.org/Rental/RTCApp/(S(qxxuj5ix...4E1F6603D&SNID=3D6C0A7EC9584A6BB61F5A1C670F7BF6 (16 of 29)9/16/2008 3:25:41 PM

Market Study Information

Front Gables or Dormers Other:

Wide Banding or Vertical/Horizontal Siding

https://www.nchfa.org/Rental/RTCApp/(S(qxxuj5ix...4E1F6603D&SNID=3D6C0A7EC9584A6BB61F5A1C670F7BF6 (17 of 29)9/16/2008 3:25:41 PM

https://www.nchfa.org/Rental/RTCApp/(S(qxxuj5ix...4E1F6603D&SNID=3D6C0A7EC9584A6BB61F5A1C670F7BF6 (18 of 29)9/16/2008 3:25:41 PM

Applicant's Site Evaluation