Gables PH II App

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Tax Credits, RPP Loans, and/or Tax Exempt Bond Loans
Project Description
Project Name: Gables Phase II Address: City: 2108 Statesville Ave. Charlotte County: Mecklenburg Zip: 28206 Block Group: 2
Census Tract: 51
Is project in Qualified Census Tract or Difficult to Develop Area? Yes Political Jurisdiction: Jurisdiction CEO Name: Jurisdiction Address: Jurisdiction City: Jurisdiction Phone: City of Charlotte First:Patrick Last: McCroy 600 East Fourth Street Charlotte Zip: 28202 Title: Mayor
(704)336-7600
Site Latitude: Site Longitude:
35.2502 -80.8359
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? Yes If yes, list names of previous phase(s): Gables at Druid Hills 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
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If yes, please describe:
Target Population:Elderly (55) 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: 4 Persons with disabilities or homeless populations: 10% of the total units.
Number of Units: 8 Remarks: The residents of Gables Phase II will have access to the amenities of the first phase including the management office.
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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: Charlotte-Mecklenburg Housing Partnership, Inc. 4601 Charlotte Park Dr., Suite 350 Charlotte, State: NC Zip: 28217 First: Patricia Last:Garrett Title:President
(704)342-0933 (704)285-6010 (704)342-2745 fdodson@cmhp.org
NOTE: Email Address above will be used for communication between NCHFA and Applicant.
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Site Description
Total Site Acreage: 1.313 Total Buildable Acreage: 1.02
If buildable acreage is less than total acreage, please explain: The buildable acreage in this case is less than the site acreage because it substracts the local zoning setbacks ordinance.
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: The property is currently owned by Double Oaks Development, LLC Charlotte-Meckenburg Housing Partnership, Inc. is the sole member of Double Oaks Development, Inc.
(c) Enter the current expiration date of the option/contract to purchase: 5/30/2009 (D) Enter Purchase Price: 720,000
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Zoning
Present zoning classification of the site:NS Is multifamily use permitted?Yes Are variances, special or conditional use permits or any other item requiring a public hearing needed to develop this proposal?No If yes, have the hearings been completed and permits been obtained? If yes, specify permit or variance required and date obtained. If no, describe permits/variances required and schedule for obtaining them:
Are there any existing conditions of historical significance located on the project site that will require State Historic Preservation office review? No If yes, describe below:
Are there any existing conditions of environmental significance located on the project site?No If yes, describe below:
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Ownership Entity
Owner Name: Address: City: Gables II, LLC 4601 Charlotte Park Dr. Ste 350 Charlotte State:NC Zip: 28217 (If assigned)
Federal Tax ID Number of Ownership Entity: Note: Do not submit social security numbers for individuals.
Entity Type: Limited 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:
Charlotte-Mecklenburg Housing Partnership, Inc. Last Name: Garrett State: NC Function: Managing Member Zip: 28217 4601 Charlotte Park Dr., Ste 350 Charlotte
First Name: Patricia
(704)342-0933 pgarrett@cmhp.org
Fax: (704)342-2745 Nonprofit: No
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Unit Mix
The Median Income for Mecklenburg county is $64,400. Low Income Units Type # BRs Net Sq.Ft. Total # Units # Units Monthly Rent Utility Allowance Mandatory Serv. Fees **Total Housing Exp.
Gdn Apt 1 Gdn Apt 2 Gdn Apt 1 Gdn Apt 2 Gdn Apt 1 Gdn Apt 2
700 936 700 936 700 936
6 2 7 3 38 16
1 0 0 1 3 3
215 260 280 340 480 570

Electric
68 82 68 82 68 82
Gas
0 0 0 0 0 0
Other Trash collection
283 342 348 422 548 652
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
72
32150
72
32150
Proposed number of residential buildings: 1 Project Includes:
Maximum number of stories in buildings: 4
Separate community building - Sq. Ft. (Floor Area):
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Community space within residential bulding(s) - Sq. Ft. (Floor Area):
4,000
Elevators - Number of Elevators: 2 Square Footage Information Gross Floor Square Footage:
91,500
Total Net Sq. Ft. (All Heated Areas): 75,520
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.
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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 2 1 2 1 2 1 2
Units
% targeted at 30 targeted at 30 targeted at 30 targeted at 30 targeted at 60 targeted at 60 targeted at 50 targeted at 50 percent of median income affordable to/occupied by percent of median income affordable to/occupied by percent of median income affordable to/occupied by percent of median income affordable to/occupied by percent of median income affordable to/occupied by percent of median income affordable to/occupied by percent of median income affordable to/occupied by percent of median income affordable to/occupied by
6 2 7 3 32 11 6 5
Total Low Income Units:
72
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: City of Charlotte Loan RD 515 Loan RD 538 Loan - Specify: AHP Loan Other Loan 1 - Specify: Other Loan 2 - Specify: Other Loan 3 - Specify: Tax Exempt Bonds State Tax Credit(Loan) State Tax Credit(Direct Refund) Equity: Federal LIHTC Non-Repayable Grant Equity: Historic Tax Credits Deferred Developer Fees Owner Investment Other - Specify: Total Sources**
Amount
1,512,000
4.50
40
40
30
30
6,482,184
10,000
8,004,184
* "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. 80 Remarks concerning project funding sources: (Please be sure to include the name of the funding source(s))
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Loans with Variable Amortization Please fill in the annual debt service as applicable for the first 20 years of the project life.
Local Gov. Loan - City of Charlotte Loan Year: Amt: Year: Amt: 1 2 3 4 5 6 7 8 9 10
0
11
0
12
0
13
0
14
0
15
0
16
0
17
0
18
0
19
0
20
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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
576,000
518,400
4,392,000
4,392,000
288,000 90,000 396,000 144,000 150,000 25,000 100,000 6,161,000 50,000 20,000 240,000
288,000 90,000 396,000 144,000 150,000 25,000 100,000
40,000 18,000 216,000
5,000 117,575 12,000 12,000 9,000 10,300
5,000 117,575 12,000 12,000 9,000 10,300
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
485,875 20,000 20,000 2,200 57,551 15,000 5,000 10,000 50,400 180,151 50,000 50,000 15,000 20,000
750,000
750,000
Other Basis Expense (specify) Other Basis Expense (specify) 24,000
43 Rent-up Expense 44 45
Other Non-basis Expense (specify) Other Non-basis Expense (specify)

SUBTOTAL (lines 38 through 45)
824,000 30,000 153,158
46 Rent up Reserve 47 Operating Reserve 48 49
Other Reserve (specify) Other Reserve (specify) 7,834,184 0 7,378,275
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 7,378,275 100.00% 7,378,275 0 100% 0 130.00% 9,591,758 0 7,378,275 100% 7,378,275 130.00% 9,591,758
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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: Project oversourced, so max credit awarded is $858,022
3.40 815,299 863,258 773,521 170,000 8,004,184 858,022 0 0
8.50 815,299 863,258 773,521
Total Replacement Cost per unit: 81,750
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Market Study Information

Please provide a detailed description of the proposed project: Gables Phase II Elderly Apartments ("Gables II") is a proposed 72 unit family apartment community on Kohler Avenue off Statesville Avenue in the Druid Hills neighborhood. The development will face Statesville Avenue and will be contiguous with the Gables at Druid Hills elderly apartments (Gables I). The development is also located in a qualified Census Tract as defined by HUD and will therefore receive a 30% boost in tax credit equity. Eighteen (18) units will be affordable to residents at 30% AMI and fifty-four (54) units will be affordable to households with income up to 60% AMI. Gables II is located within the bounds of the approved Statesville Avenue Corridor Area Plan. A rezoning petition was submitted and approved to enable the construction of the proposed apartment community. The rezoning petition and the draft site plan anticipate that the development will share amenities and parking with Gables I. The development will have eight (8) dedicated units for the mobility impaired. The site is minutes from Downtown Charlotte and the future residents will benefit from surrounding nearby amenities including public schools, parks, libraries, health services and public transportation. In addition the residents will benefit from swimming pools, community centers, restaurants and a number of places of worship. There are also an abundance of supportive services facilities available to tenants within a two mile radius. The development will also benefit from the Double Oaks redevelopment and the future residents will be able to take advantage of the new retail and civic uses in this new community. Gables II will have a proposed $8,470,800 ($117,650 per unit) total development cost. There will be 51 (1) bedroom units at 700 square feet and and 21 (2) bedroom units at 936 square feet. Construction (check all that apply): Brick Vinyl Wood HardiPlank Balconies/Patios Sunrooms Front Porches
Front Gables or Dormers Other: Covered porch for residents.
Wide Banding or Vertical/Horizontal Siding
Have you built other tax credit developments that use the same building design as this project?Yes If yes, please provide name and address: Gables at Druid Hills A 2001 Tax Credit Development 2108 Statesville Avenue Charlotte, NC 28206
Site Amenities: The Gable Phase II Elderly Apartments site amenities will include shared outdoor sitting areas, walking trails, covered drive-thru or drop-off at building entry, shared gazebo and multi-purpose room.
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Onsite Activities: Community room will be available for group activities and other day and evenings and on weekends events. The property will host at least two community wide parties per year.
Landscaping Plans: The facility's exterior will have attractive landscaping in a similar fashion as the developer's prior tax credit communities.
Interior Apartment Amenities: Our interior apartment amenities will include indoor sitting area, resident computer center and tenant storage areas. All units must be equipped with emergency pull chains in master bedroom and in full bathroom.
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. Gables II is located within the bounds of the approved Statesville Avenue Corridor Area Plan. A rezoning petition has been submitted to enable the construction of the proposed apartment community. The rezoning petition and the draft site plan anticipate that the development will share amenities and parking with The Gables I. Gables I is a 63 unit tax credit elderly development placed in service in 2003. The first phase was also developed by Charlotte Mecklenburg Housing Partnership.
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. Gables II is located within the bounds of the approved Statesville Avenue Corridor Area Plan. A rezoning petition was submitted and approved to enable the construction of the proposed apartment community. The rezoning petition and the draft site plan anticipate that the development will share amenities and parking with The Gables I. 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 site is minutes away from Downtown Charlotte through an extended grid of roads and highways. It also enjoys the convenience of a public bus transportation system that runs in front of the development on Statesville Ave. The future residents will benefit from surounding nearby amenities including public schools, parks, libraries and health services. In addition the residents will benefit from swimming pools, community centers, restaurants and a number of places of places of worship. There are also and abundance of supportive services facilities available to tenants within a two mile radius. The development will also benefit from the Double Oaks redevelopment and the future residents will be able to take advantage of the new retail and civic uses in this new community. Maps detailing the surrounding amenties are included in the Exhibit F Market Study section. 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). The lot upon which the proposed development will be constructed is a small urban lot. The building is designed to fit well within the urban fabric and the limitations of the small lot. The building design will be efficient and will take advantage of the adjoining Gables Phase I development while accomodating the required on-site amenities. The site has no apparent physical barriers or negative features that would impede construction as proposed.
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Similarity of scale and aesthetics/architecture between project and surroundings. Gables Phase II Elderly Apartments (Gables II) will be a close reflection in scale, aesthetics and architectural vocabulary to it's precedential model (Gables I), which is physically adjacent to it and will share some amenities and parking resources. Gables Phase II is part of the redevelopment of Double Oaks Apartments and as such will have to be consistent architecturally with the planned surrounding new construction. The architectural firm hired to master plan Double Oaks is in the process of creating a "pattern book" that will define the architectural language of the entire neighborhood. Developers who purchase developed lots within the community will have to abide by the requirements of this pattern book. CMHP will work closely with the architect to create the pattern book and will ensure that the affordable new construction is in compliance. For each applicable neighborhood feature, enter distance from project in miles.
.06 2.82 .28 1.4 .14 .12

Stop
Grocery Store Mall/Strip Center Outdoor Athletic Fields Day Care/After School Schools Public Transportation
.09
Center
Community/Senior
.92 .23 1.34
Hospital Pharmacy Basic Health Care
.17 .49 .06 .59
Convenience Store Public Parks Gas Station Library
Other facilities or services: Other services includes: Banks - .43 miles Hotels - 1.28 Movie Theatres - 1.52 US Post Offices - 1.15
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Development Team
Provide contact information for development team members below:
Management Agent Company: Address: City: Phone Contact Name: S.L. Nusbaum Realty Company 1000 Bank of America Center, One Commercial Place Norfolk State: VA Zip: 23510 Email: ghartman@slnusbaum.com Last: Hartman
(336)320-3472
First: Gary
Architect Company: Address: City: Phone Contact Name: Shook Kelly 2151 Hawkins Street Suite 400 Charlotte State: NC Zip: 28203 Email: terryshook@shookkelley.com Last: shook
(704)377-0661
First: terry
Attorney Company: Address: City: Phone Contact Name: The Brokmann Law Firm, P.C. 8058 Corporate Center Drive, Suite 100 Charlotte State: NC Zip: 28226 Email: tbrockmann@brockmannlawfirm.com Last: Brockmann
(704)541-5779
First: Todd
Investor Company: Address: City: Phone Contact Name: To Be Bid To Be Bid To Be Bid State: NC Zip: 99999 Email: First: Last:
(999)999-9999
Consultant/Application Preparer (if different from developer) Company: Address: City: Phone Contact Name: First: State: Email: Last: Zip:
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General Contractor Company: Address: City: Phone Contact Name:
Identity of Interest?
To Be Bid To Be Bid To Be Bid State: NC Zip: 99999 Email: First: Last:
(999)999-9999
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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):
2,000
2,000
34,560 33,500
1,500 10,500
5,500 5,700 1,600 96,860
Training, Travel, Computer Expense

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
18,800 8,000
2,000 28,800
1,000 1,000
4,500 500
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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):
15,000 33,500 3,000 6,000 5,000
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:
69,500
62,595 5,000
15,500
5,000 5,060
SUBTOTAL Supportive Service Expenses Service Coordinator Service Supplies Tenant Association Funds Other Expenses (specify):
93,155
SUBTOTAL Reserves Replacement Reserves SUBTOTAL
18,000 18,000
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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
306,315 225,720 72 3,135
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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):
385,800
12,960
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)
398,760 27,913 370,847 306,315 64,532 0 64,532
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 11 1 2 3 4 5 6 7 8 9 10
370,847 306,315 0 64,532 0
381,972 318,568 0 63,404 0

12
393,431 331,311 0 62,120 0

13
405,234 344,563 0 60,671 0

14
417,391 358,346 0 59,045 0

15
429,913 372,680 0 57,233 0

16
442,810 387,587 0 55,223 0

17
456,094 403,090 0 53,004 0

18
469,777 419,214 0 50,563 0

19
483,870 435,983 0 47,887 0

20
498,386 453,422 0 44,964 0
513,338 471,559 0 41,779 0
528,738 490,421 0 38,317 0
544,600 510,038 0 34,562 0
560,938 530,440 0 30,498 0
577,766 551,658 0 26,108 0
595,099 573,724 0 21,375 0
612,952 596,673 0 16,279 0
631,341 620,540 0 10,801 0
650,281 645,362 0 4,919 0
* 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: 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. 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)

Gables PH II App

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Print - APP08-0038

Print Preview - Final Application

Site Latitude: Site Longitude:

https://www.nchfa.org/Rental/RTCApp/(S(ncfo4h45z...5F6474B214&SNID=5DFC325B8E9E4B4787423EA4FF83BCAD (1 of 29)9/16/2008 2:12:44 PM

If yes, please describe:

https://www.nchfa.org/Rental/RTCApp/(S(ncfo4h45z...5F6474B214&SNID=5DFC325B8E9E4B4787423EA4FF83BCAD (2 of 29)9/16/2008 2:12:44 PM

(704)342-0933 (704)285-6010 (704)342-2745 fdodson@cmhp.org

https://www.nchfa.org/Rental/RTCApp/(S(ncfo4h45z...5F6474B214&SNID=5DFC325B8E9E4B4787423EA4FF83BCAD (3 of 29)9/16/2008 2:12:44 PM

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

https://www.nchfa.org/Rental/RTCApp/(S(ncfo4h45z...5F6474B214&SNID=5DFC325B8E9E4B4787423EA4FF83BCAD (4 of 29)9/16/2008 2:12:44 PM

https://www.nchfa.org/Rental/RTCApp/(S(ncfo4h45z...5F6474B214&SNID=5DFC325B8E9E4B4787423EA4FF83BCAD (5 of 29)9/16/2008 2:12:44 PM

https://www.nchfa.org/Rental/RTCApp/(S(ncfo4h45z...5F6474B214&SNID=5DFC325B8E9E4B4787423EA4FF83BCAD (6 of 29)9/16/2008 2:12:44 PM

https://www.nchfa.org/Rental/RTCApp/(S(ncfo4h45z...5F6474B214&SNID=5DFC325B8E9E4B4787423EA4FF83BCAD (7 of 29)9/16/2008 2:12:44 PM

Org: Address: City: Phone: EMail:

First Name: Patricia

Fax: (704)342-2745 Nonprofit: No

https://www.nchfa.org/Rental/RTCApp/(S(ncfo4h45z...5F6474B214&SNID=5DFC325B8E9E4B4787423EA4FF83BCAD (8 of 29)9/16/2008 2:12:44 PM

700 936 700 936 700 936

215 260 280 340 480 570

283 342 348 422 548 652

Utilities included in rents:

Proposed number of residential buildings: 1 Project Includes:

Maximum number of stories in buildings: 4

Separate community building - Sq. Ft. (Floor Area):

https://www.nchfa.org/Rental/RTCApp/(S(ncfo4h45z...5F6474B214&SNID=5DFC325B8E9E4B4787423EA4FF83BCAD (9 of 29)9/16/2008 2:12:44 PM

Community space within residential bulding(s) - Sq. Ft. (Floor Area):

Total Net Sq. Ft. (All Heated Areas): 75,520

https://www.nchfa.org/Rental/RTCApp/(S(ncfo4h45...F6474B214&SNID=5DFC325B8E9E4B4787423EA4FF83BCAD (10 of 29)9/16/2008 2:12:44 PM

Total Low Income Units:

https://www.nchfa.org/Rental/RTCApp/(S(ncfo4h45...F6474B214&SNID=5DFC325B8E9E4B4787423EA4FF83BCAD (11 of 29)9/16/2008 2:12:44 PM

https://www.nchfa.org/Rental/RTCApp/(S(ncfo4h45...F6474B214&SNID=5DFC325B8E9E4B4787423EA4FF83BCAD (12 of 29)9/16/2008 2:12:44 PM

https://www.nchfa.org/Rental/RTCApp/(S(ncfo4h45...F6474B214&SNID=5DFC325B8E9E4B4787423EA4FF83BCAD (13 of 29)9/16/2008 2:12:44 PM

288,000 90,000 396,000 144,000 150,000 25,000 100,000

40,000 18,000 216,000

5,000 117,575 12,000 12,000 9,000 10,300

5,000 117,575 12,000 12,000 9,000 10,300

https://www.nchfa.org/Rental/RTCApp/(S(ncfo4h45...F6474B214&SNID=5DFC325B8E9E4B4787423EA4FF83BCAD (14 of 29)9/16/2008 2:12:44 PM

Other Basis Expense (specify) Other Basis Expense (specify) 24,000

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

824,000 30,000 153,158

46 Rent up Reserve 47 Operating Reserve 48 49

Other Reserve (specify) Other Reserve (specify) 7,834,184 0 7,378,275

https://www.nchfa.org/Rental/RTCApp/(S(ncfo4h45...F6474B214&SNID=5DFC325B8E9E4B4787423EA4FF83BCAD (15 of 29)9/16/2008 2:12:44 PM

3.40 815,299 863,258 773,521 170,000 8,004,184 858,022 0 0

8.50 815,299 863,258 773,521

Total Replacement Cost per unit: 81,750

https://www.nchfa.org/Rental/RTCApp/(S(ncfo4h45...F6474B214&SNID=5DFC325B8E9E4B4787423EA4FF83BCAD (16 of 29)9/16/2008 2:12:44 PM

Market Study Information

Front Gables or Dormers Other: Covered porch for residents.

Wide Banding or Vertical/Horizontal Siding

https://www.nchfa.org/Rental/RTCApp/(S(ncfo4h45...F6474B214&SNID=5DFC325B8E9E4B4787423EA4FF83BCAD (17 of 29)9/16/2008 2:12:44 PM

https://www.nchfa.org/Rental/RTCApp/(S(ncfo4h45...F6474B214&SNID=5DFC325B8E9E4B4787423EA4FF83BCAD (18 of 29)9/16/2008 2:12:44 PM

Applicant's Site Evaluation

https://www.nchfa.org/Rental/RTCApp/(S(ncfo4h45...F6474B214&SNID=5DFC325B8E9E4B4787423EA4FF83BCAD (19 of 29)9/16/2008 2:12:44 PM

.06 2.82 .28 1.4 .14 .12

.92 .23 1.34

Hospital Pharmacy Basic Health Care

.17 .49 .06 .59

Convenience Store Public Parks Gas Station Library

https://www.nchfa.org/Rental/RTCApp/(S(ncfo4h45...F6474B214&SNID=5DFC325B8E9E4B4787423EA4FF83BCAD (20 of 29)9/16/2008 2:12:44 PM

https://www.nchfa.org/Rental/RTCApp/(S(ncfo4h45...F6474B214&SNID=5DFC325B8E9E4B4787423EA4FF83BCAD (21 of 29)9/16/2008 2:12:44 PM

General Contractor Company: Address: City: Phone Contact Name:

To Be Bid To Be Bid To Be Bid State: NC Zip: 99999 Email: First: Last: