chowan court i apartments

8/6/2019 Chowan Court I Apartments

1/25

Is project in Qualified Census Tract or Difficult to Develop Area?

New Construction/Adaptive Reuse:

Is this project a follow-on (Phase II, etc) to a previously-awarded tax credit development project?

If yes, list names of previous phase(s):If yes, list names of previous phase(s):

Will the project meet Energy Star standards as defined in Appendix B?

Does a community revitalization plan exist?

Target Population: Family

Will the project be receiving project based federal rental assistance?

If yes, provide the subsidy source:If yes, provide the subsidy source: HUD and number of units:and number of units:

Indicate below any additional targeting for special populations proposed for this project:

Print Preview - Full Application

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

Project Description

Project Name: Chowan Court I Apartments

Address: 101 Davis Place

City: Edenton County: Chowan Zip: 27932

Census Tract: 9901 Block Group: 6

Yes

Political Jurisdiction: 1st Congressional District

Jurisdiction CEO Name: First: Last:Roland Vaughn Title: MayorJurisdiction Address: 500 South Broad Street, P.O. Box 300

Jurisdiction City: Edenton Zip: 27932

Jurisdiction Phone: (252)482-2155

Site Latitude: 36.061996

Site Longitude: -76.61996

Project Type: Rehab

Rehab:

Is this project a previously awarded tax credit development? No

If yes, what year were credits awarded?:

Number of residents holding Section 8 vouchers: 8

Yes

No

Will the project use steel and concrete construction and have at least 4 stories? No

Will the project include a Community Service Facility under IRS Revenue Ruling 2003-77? No

If yes, please describe:

Yes

3333

Mobility impaired handicapped: 5% of units comply with QAP Section IV(F)(3) (in addition to the units required by other federal andstate codes.)


2/25

Number of Units: 0

Persons with disabilities or homeless populations: the greater of 5 units or 10% of the total units.

Number of Units: 5

Remarks: This is an existing project with no permanent displacement nor a great deal of turnover anticipated.The owner will make a good faith effort to give priority to the disabled or homeless subject toapproval from HUD.


3/25

Indicate below an individual or a validly existing entity (a corporation, nonprofit, limited partnership or LLC) as the official applicant. UnderQAP Section III(C)(5) only this individual or entity will be able to make decisions with regard to this application. If awarded the applicantmust become part of the ownership entity. The applicant will execute the signature page for this application.

Applicant Information

Applicant Name: GDJ Developer, LLC

Address: P.O. Box 25168

City: State: NC Zip:Winston-Salem 27114-5168

Contact: First: Last: Title:Gaye Morgan Member

Telephone: (336)231-8125

Alt Phone: (336)765-0424

Fax: (336)765-3831

Email Address: [email protected]

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


4/25

Total Site Acreage: Total Buildable Acreage:

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?

If yes, please describe:

Are existing buildings on the site currently occupied?

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?

If no, please explain:

Is any portion of the site located inside the 100 year floodplain?If yes:(a) Describe placement of project buildings in relation to this area:

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

Site Description

6.16 6.16

No

Yes

Annualized occupancy for 2006 was 97%. It is anticipated that displacement will be limited totemporary moves to other vacant units within the project while rehabilitation of units is completed.This will serve to limit the inconvenience and disruption to the residents and increase the likelihoodthat residents will remain in the property, thus reducing vacancy loss. Temporary relocation in theproject will be necessary in order to abate and/or encapsulate asbestos tile flooring and for theinstallation of major mechanicals and HVAC equipment.

Yes

No

Yes

No


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6/25

Does the owner have fee simple ownership of the property (site/buildings)?

If yes provide:

Purchase Date: Purchase Price:

If no:

Site Control

Yes

7/6/2005 428,463

(a) Does the owner/principal or ownership entity have valid option/contract to purchase the property?

(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?If yes, specify the relationship:

(c) Enter the current expiration date of the option/contract to purchase:

(D) Enter Purchase Price:


7/25

Present zoning classification of the site:

Is multifamily use permitted?

Are variances, special or conditional use permits or any other item requiring a public hearing needed to develop this proposal?

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 obtainingthem:

Are there any existing conditions of historical significance located on the project site that will require State Historic Preservation office

review?

If yes, describe below:

Are there any existing conditions of environmental significance located on the project site?

If yes, describe below:

Zoning

R5

Yes

No

No

Yes

Asbestos Tile Flooring


8/25

Ownership Entity

Owner Name: Chowan Court I, LLC


City: State: NC Zip:Winston-Salem 27114-5168

Federal Tax ID Number of Ownership Entity: (If assigned)20-2943144

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? No

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 ormembers. Click [Add] to add additional partners, members, and principals.

Org: Chowan Court I, LLC

First Name: Gaye Last Name: Morgan Function: Managing Member


City: Winston-Salem State: NC Zip: 27114-5168

Phone: (336)231-8125 Fax: (336)765-3831

EMail: [email protected] Nonprofit: No


First Name: David Last Name: Eagan Function: Managing Member


City: Winston-Salem State: NC Zip: 27114-5168

Phone: (336)231-8146 Fax: (336)765-3831



First Name: John Last Name: Eagan, III Function: Managing Member

Address: 218 North Main Street

City: Mooresville State: NC Zip: 28115

Phone: (704)663-6392 Fax: (704)663-4035



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10/25

** Please refer to the Income Limits and Maximum Housing Expense Table to ensure that Total Monthly Tenant Expenses for lowincome units are within established thresholds.


11/25

Specify Low Income Unit Targeting in table below. List each applicable targeting combination in a separate row below. Click [Add] tocreate another row. Click "X" (at the left of each row) to delete a row. Add as many rows as needed.

Total Low Income Units:

Note: This number should match the total number of low income units in the Unit Mix section.

Targeting

# BRs Units %

2 10 targeted at 50 percent of median income affordable to

2 14 targeted at 60 percent of median income affordable to/occupied by

3 10 targeted at 50 percent of median income affordable to

3 15 targeted at 60 percent of median income affordable to/occupied by

49


12/25

Estimated pricing on sale of Federal Tax Credits: $0.

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

Funding Sources

Source AmountNon-

Amortizing*Rate(%)

Term(Years)

Amort.Period(Years)

AnnualDebt

Service

Bank Loan

RPP Loan

Local Gov. Loan - Specify:

RD 515 Loan

RD 538 Loan - Specify:

AHP Loan

Other Loan 1 - Specify:



Tax Exempt Bonds

State Tax Credit(Loan) 1,732,259 0 30 30 0

State Tax Credit(Direct Refund)

Equity: Federal LIHTC 3,521,508

Non-Repayable Grant

Equity: Historic Tax Credits

Deferred Developer Fees

Owner Investment 233 Other - Specify:

Total Sources** 5,254,000

* "Non-amortizing" indicates that the loan does not have a fixed annual debt service. For these items, you must fill in 20-year debtservice below.

** Total Sources must equal total replacement cost in Project Development Cost (PDC) section.

89

It is anticipated that either Enterprise Social Investment Corporation or Raymond James TaxCredit Fund will provide equity to the property; both of which have requested the opportunityto do so.


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Development Costs

Item Cost Element TOTAL COSTEligible Basis

30% PV 70% PV

1 Purchase of Building(s) (Rehab / Adaptive Reuse only) 233,463 233,463

2 Demolition (Rehab / Adaptive Reuse only) 86,000 86,000

3 On-site Improvements 322,500 322,5004 Rehabilitation 2,198,284 2,198,284

5 Construction of New Building(s)

6 Accessory Building(s) 195,000 195,000

7 General Requirements 153,389 153,389

8 Contractor Overhead 54,197 54,197

9 Contractor Profit 216,789 216,789

10 Construction Contingency 168,107 168,107

11 Architect's Fee - Design (11 + 12 = max 3% lines 2-10) 40,000 40,000

12 Architect's Fee - Inspection 20,000 20,000

13 Engineering Costs 30,000 30,000

SUBTOTAL (lines 1 through 13) 3,717,729

14 Construction Insurance (prorate) 7,800 7,80015 Construction Loan Orig. Fee (prorate) 31,400 31,400

16 Construction Loan Interest (prorate) 62,400 62,400

17 Construction Loan Credit Enhancement (prorate)

18 Construction Period Taxes (prorate) 8,000 8,000

19 Water, Sewer and Impact Fees 2,500 2,500

20 Survey 6,500 6,500

21 Property Appraisal 5,500 5,500

22 Environmental Report 8,000 8,000

23 Market Study 4,200 4,200

24 Bond Costs

25 Bond Issuance Costs

26 Placement Fee27 Permanent Loan Origination Fee

28 Permanent Loan Credit Enhancement

29 Title and Recording 10,257

SUBTOTAL (lines 14 through 29) 146,557

30 Real Estate Attorney 30,000 30,000

31 Other Attorney's Fees 10,000 10,000

32 Tax Credit Application Fees (Preliminary and Full) 2,200

33 Tax Credit Allocation Fee (0.58% of line 59, minimum $7,500) 33,490

34 Cost Certification / Accounting Fees 10,000 10,000

35 Tax Opinion 750

36 Organizational (Partnership) 1,000

37 Tax Credit Monitoring Fee 27,500SUBTOTAL (lines 30 through 37) 114,940

38 Furnishings and Equipment 50,000 50,000

39 Relocation Expense 100,000 100,000

40 Developer's Fee 534,339 9,339 525,000

41 Other Basis Expense (specify)

42 Other Basis Expense (specify)

43 Rent-up Expense 65,000

44 Other Non-basis Expense (specify)

45 Other Non-basis Expense (specify)


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Comments:

SUBTOTAL (lines 38 through 45) 749,339

46 Rent up Reserve 15,000

47 Operating Reserve 115,435

48 Other Reserve (specify) Rental Subsidy Deficit Reserve 50,000

49 Other Reserve (specify) Initial Replacement Reserve 150,000

50 DEVELOPMENT COST (lines 1-49) 5,059,000 242,802 4,345,566

51 Less Federal Financing52 Less Disproportionate Standard

53 Less Nonqualified Nonrecourse Financing

54 Less Historic Tax Credit (residential) 0

55 TOTAL ELIGIBLE BASIS 4,588,368 242,802 4,345,566

56 Applicable Fraction (percentage of LI Units) 98.00% 98% 98%

57 Basis Before Boost 4,496,599 237,945 4,258,654

58 Boost for QCT/DDA (if applicable, enter 130%) 100.00% 130.00%

59 TOTAL QUALIFIED BASIS 5,774,195 237,945 5,536,250

60 Tax Credit Rate 3.45 8.05

61 Federal Tax Credits at Estimated Rate 453,877 8,209 445,668

62 Federal Tax Credits at 8.5% or 3.75% 479,504 8,922 470,581

63 Max Federal Tax Credits (With Energy Star - Lesser of $8,500 per unit or$800,000, w/o - Lesser of $8,000 per unit or $800,000) 425,000

64 Federal Tax Credits Requested 416,500 416,500

65 Land Cost 195,000

66 TOTAL REPLACEMENT COST 5,254,000

FEDERAL TAX CREDITS IF AWARDED 425,000

In an effort to reduce the likelihood of a possible conflict between the eligibility requirements for theHUD Section 8 and IRS Section 42 regs; the developer has elected to apply for tax credits on 98%of the units, rather than 100%. HUD Section 8 regs allow for occupancy of households up to 80% ofmedian income. The developer deems it advisable to set-aside one unit in the unlikely event that anapplicant with income exceeding 60% of income might qualify for section 8 assistance at some pointin the future. At current rents, a two person household with income at 61% of median income wouldnot qualify for rental assistance on a two bedroom unit as the unit rent is lower than the rent payableby the household at 30% of their income. An even greater difference occurs with a 3 person

household on a three bedroom unit.

Total Replacement Cost per unit: 94,521

Federal Tax Credits (line 62) per unit: 9,590


15/25

Please provide a detailed description of the proposed project:

Construction (check all that apply):

Brick Vinyl Wood HardiPlank Balconies/Patios Sunrooms Front Porches

Front Gables or Dormers Wide Banding or Vertical/Horizontal Siding

Other:

Market Study Information

The proposed project will include the substantial rehabilitation of a 50-unit townhouse apartmentcomplex developed in 1974 under the HUD 236 program. There are currently 9 residential buildingscontaining 25 - 2BR/1B units and 25 - 3BR/1B units. There is one small unconditioned buildinghousing the maintenance shop. There is no on-site office, laundry, community space or commonamenities.

The buildings are structurally sound for the most part but suffer from age, obsolescence and lack ofbasic amenities such as air conditioning. The plans for the project include replacing and removingthe old baseboard heating with high energy-efficient 13-seer heat pumps to provide for forced heatand air-conditioning, replacement of all existing roofs, replacing all windows with vinyl-clad insulatedwindows, replacing exterior doors, installing new storm doors and replacing the existing exteriorlighting. Other significant repairs/replacements that must be addressed include CO/ALR devicesbeing installed at all switches and receptacles due to aluminum branch wiring throughout the project,installation of GFI outlets in the kitchens and bathrooms as well as repairs to structural settlementobserved in two of the buildings. To improve the appearance of the buildings, false gables will beadded over the breezeways of the buildings, shutters will be installed on windows, deterioratedwood will be replaced with vinyl shake siding, existing exterior cable wiring will be removed, guttersand downspouts will be replaced, and new patios will be poured at the rear entrances to the unitswith new vinyl wrapped railing/fences around each patio.

The interiors of the units require substantial renovation and modernization. While there have beensome sporadic upgrades in some units over the years, all of the units require major replacements.As a result of a Phase I Environmental Assessment performed in 2004, asbestos was observed inall unit tile flooring which will require abatement and encapsulation during the rehabilitation of theunits. All bathroom wall-hung sinks, tubs/showers, toilets, plumbing fixtures and cabinets will bereplaced in all existing baths. A new half bath will be added in all of the three bedroom units. Allbathrooms will be equipped with previously non-existent exhaust fans. The refrigerators and stovesin all units will be replaced with frost-free refrigerators with icemakers and stoves with self-cleaningovens. New appliances will include a dishwasher and disposal. All cabinetry and countertops willrequire replacement due to age, appearance and condition. The floors in all units will be replacedwith carpet in living areas and new vinyl in kitchens and baths. Interior walls will undergo sheetrockrepairs and painting and all interior doors, frames and hardware will be replaced. All units will havenew updated light fixtures and mini-blinds.

In addition, the developer plans to construct a Community Center of approximately 2180 squarefeet, which will not only include a rental office, laundry and maintenance shop; but will provide amplespace for resident activities. The plan includes computer lab, homework/reading library,activity/game room with TV area, arts and crafts area and an office for personnel coordinating after-school/summer programs for the children living on the property as well as adult programs and

activities. The community center will also have public restrooms and kitchenette. The property willemploy an onsite manager and maintenance supervisor and as needed, part-time leasing and

janitorial staff.

Site improvements will include restoration of the parking lots including the installation of requiredcurb cuts and ramping, new mail kiosks, sidewalk repairs/replacements, new playground equipment,picnic area with grill, fencing, much needed landscaping, and new signage. Existing clotheslines willalso be removed from the property.

It is the intent of the owner to rehab the project in accordance with Energy Star standards. Forspecific detail of planned rehabilitation of the physical aspects, see attached Scope of Work.

The goal of the rehabilitation of Chowan Court I is to improve the quality of life of the residents notonly through the physical improvement of their living environment but also in the provision ofcommunity services. The Town of Edenton shares this vision by their support of this application.

Vinyl shutters, Vinyl clad insulated windows and Full view tempered glass storm doors.


16/25

Have you built other tax credit developments that use the same building design as this project?

If yes, please provide name and address:

Site Amenities:

Onsite Activities:

Landscaping Plans:

Interior Apartment Amenities:

Do you plan to submit additional market data (market study, etc.) that you want considered?

If yes, please make sure to include the additional information in your pre-application packet.

No

Furnished Community Center/Building with kitchenette, computer lab, management, maintenanceand service coordinator offices, fenced playground and tot lot, picnic shelter with grill and otherrecreational amenities.

Community Center is planned with part-time service coordinator. Service Coordinator to linkprograms available in the community for the residents. Particular emphasis to be placed on

programs for children, including, but not limited to an After School/Summer program for children.

A computer lab to be installed in the Community Center to allow residents to access the internet andto provide the necessary tools for computer related training and educational courses available in thecommunity.

Existing lawns are mature but landscaping at the site is minimal. Plans include extensive foundationlandscaping as well as numerous flowering trees throughout the property

13 seer energy efficient heat pumps to provide central heating and air conditioning, stove with self-cleaning oven, frost-free refrigerator with ice-maker, dishwasher, disposal, carpet/vinyl flooring andstorm doors.

No


17/25

Briefly describe your site in each of the following categories:

For each applicable neighborhood feature, enter distance from project in miles.

Applicant's Site Evaluation

NEIGHBORHOOD CHARACTERISTICS

Trend and direction of real estate development and area economic health. Physical condition ofbuildings and improvements. Concentration of affordable housing.The property is located within a well established residential neighborhood that has remainedrelatively stable over the last 10 to 15 years. Most of the economic growth has been in other areaswithin Edenton. The physical condition of the buildings and improvements are functionally sound butsuffer from obsolence. There is no concentration of affordable housing in the immediate area withthe other affordable housing in Edenton being located outside of the surrounding neighborhoodthroughout the town.

SURROUNDING LAND USES AND AMENITIES

Suitability of surrounding development. Land use pattern is residential in character (single andmultifamily housing) with a balance of other uses (particularly retail and amenities). Effect ofindustrial, large-scale institutional or other incompatible uses, including but not limited to: wastewatertreatment facilities, high traffic corridors, junkyards, prisons, landfills, large swamps, distributionfacilities, 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 orpollution). Amount and character of vacant, undeveloped land.The property is located within a well established residential neighborhood. The areas to theimmediate south and west of the property are comprised of single family housing. A small tract ofvacant land adjoins north side of the property while more single family homes and undeveloped landadjoining Twiddy Avenue are to the east of the site. There are no large scale industrial, institutionalor incompatable uses within the surrounding neighborhood.

SITE SUITABILITY

Adequate traffic controls (stop lights, speed limits, turn lanes, etc.). Burden on public facilities(particularly roads). Access to mass transit (if applicable). Visibility of buildings and/or location ofproject sign(s) in relation to traffic corridors.The property has public streets which adjoin three sides of the property. Twiddy Ave. is the mosttraveled of these streets as a connector to more major thoroughfares in Edenton. The surroundingroads that service the area contain adequate traffic controls, namely stop signs and pose noadditional burdens on public facilities. The Town of Edenton has a very limited mass transit system

that consists of a few trolleys through the more historical parts of town. The closest trolley stop isapproximately 3/4 mile from the property. The buildings and project sign are clearly visible from theaccess points

Degree of on-site negative features and physical barriers that will impede project construction oradversely 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 (foradaptive re-use projects- suitability for residential use and difficulties posed by the building(s), suchas limited parking, environmental problems or the need for excessive demolition).There are no major negative features or physical barriers that will impede rehabilitation of thisproperty. The existence of asbestos in the floor tiles that will need to be removed will make therehabilitation more difficult but does not present an obstacle to the successful completion of theproposed rehabilitation.

Similarity of scale and aesthetics/architecture between project and surroundings.The project is similar in construction to much of the surrounding residential housing.


18/25

Other facilities or services:

Grocery Store2 Community/Senior Center3

Mall/Strip Center2 Hospital2

Outdoor Athletic Fields3 Pharmacy4

Day Care/After School10 Basic Health Care2

Schools3 Medical Offices2

Public Transportation Stop Bank/Credit Union2

Convenience Store1 Restaurants2

Basketball/Tennis Courts3 Professional Services2

Public Parks2 Movie Theater2

Gas Station2 Video Rental3

Library2 Public Safety (Fire/Police)2

Fitness/Nature Trails Post Office1

Public Swimming Pools


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Project Operations (Year One)

Projected Operating Costs

Administrative Expenses

Advertising 1,200

Office Salaries 7,200

Office Supplies 2,400

Office or Model Apartment Rent

Management Fee 21,600

Manager or Superintendent Salaries 18,000

Manager or Superintendent Rent Free Unit

Legal Expenses (Project) 1,500

Auditing Expenses (Project) 3,500

Bookkeeping Fees/Accounting Services 600

Telephone and Answering Service 3,200

Bad Debts

Other Administrative Expenses (specify):

Criminal/Credit/Dues/Mileage/Training/Computer Software3,600

SUBTOTAL 62,800

Utilities Expense

Fuel Oil

Electricity (Light and Misc. Power) 10,600

Water 9,800

Gas

Sewer 10,200

SUBTOTAL 30,600

Operating and Maintenance Expenses

Janitor and Cleaning Payroll 1,200

Janitor and Cleaning Supplies 600

Janitor and Cleaning Contract 2,600

Exterminating Payroll/Contract 900

Exterminating Supplies 120Garbage and Trash Removal 2,400

Security Payroll/Contract

Grounds Payroll 1,200

Grounds Supplies 1,800

Grounds Contract 12,000

Repairs Payroll 18,000

Repairs Material 2,000

Repairs Contract 1,800

Elevator Maintenance/Contract

Heating/Cooling Repairs and Maintenance 2,400

Swimming Pool Maintenance/Contract

Snow RemovalDecorating Payroll/Contract 6,000

Decorating Supplies 1,500

Other (specify):

Miscellaneous Operating & Maintenance Expenses 1,000

SUBTOTAL 55,520

Taxes and Insurance

Real Estate Taxes 12,000

Payroll Taxes (FICA) 4,800


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Miscellaneous Taxes, Licenses and Permits

Property and Liability Insurance (Hazard) 9,000

Fidelity Bond Insurance 250

Workmen's Compensation 1,200

Health Insurance and Other Employee Benefits 5,200

Other Insurance:

SUBTOTAL 32,450Supportive Service Expenses

Service Coordinator 12,000

Service Supplies 800

Tenant Association Funds 500

Other Expenses (specify):

Training/Mileage700

SUBTOTAL 14,000

Reserves

Replacement Reserves 17,500

SUBTOTAL 17,500

TOTAL OPERATING EXPENSES 212,870

ADJUSTED TOTAL OPERATING EXPENSES(Does not include taxes, reserves and resident support services) * 169,370

TOTAL UNITS(from total units in the Unit Mix section)

50

PER UNIT PER YEAR 3,387


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24/25

MINIMUM REQUIRED SET ASIDES (No Points Awarded):

Minimum Set-Asides

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: NoTax 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: NoTax 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%) ofcounty median income.

At least forty percent (40%) of qualified units will be affordable to and occupied by households with incomes at or below fiftypercent (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 fiftypercent (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.


25/25

PLEASE indicate which of the following exhibits are attached to your application. Others may be required as noted.

Full Application Checklist

A Nonprofit Organization Documentation or For-profit Corporation Documentation

B Current Financial Statements/Principals and Owners (signed copies)

C Ownership Entity Agreement, Development Agreement or any other agreements governing development services

D Management Agent Agreement

E Owner and Management Experience & Management Questionnaire (Appendix C)

F Letters from State Housing Agencies or designated monitoring agent verifying out of state experience

G Completed IRS Form 8821 (Appendix I)

H Local Government Letter or Letter from Certified Engineer or Land Surveyor Confirming Floodplain Designation with Mapshowing all flood zones (original on letterhead, no fax or photocopies)

I Local Government Letter Confirming Zoning including any pending notices or hearings (original on letterhead, no fax orphotocopies)

J Letters from Local Utility Providers regarding availability and capacity (original on letterhead, no fax or photocopies)

K Documentation from utility company or local PHA to support estimated utility costs

L Appraisal (required for land costs greater than $15,000 and for all Adaptive Re-use and Rehab projects)

M Site plan, floor plans and elevations for all projects. Scope of work for Adaptive Re-use and Rehab projects. (Full Size, 24 x36 inches)

N Hazard and structural inspection and termite reports (Adaptive Re-use and Rehab projects only)

O Copy of certificate of occupancy or proof of placed-in-service date (Rehabs Only)

P Proposed Relocation Plan including relocation budget and copies of notices. Required for all Rehabs and any projectsinvolving existing occupants of any dwellings to be rehabbed or demolished.

Q Evidence of Permanent Loan Commitment and other sources of funds ( i.e. Equity letter, AHP, RD and local governmentfunds). For Rehabs with existing loans provide 1) copies of loan documents, 2) current loan balances from existing lenderswith reserve balances, 3) letter from lender that outlines assumption requirements.

R Local Housing Authority Agreement and Project Based Rental Assistance Letter, if applicable (Sample letters provided inAppendix I). For projects with existing PBRA contracts, provide a copy of the current contract and bank statement or otherdocumentation verifying reserve balances and annual reserve contribution requirements.

S Statement regarding terms of Deferred Developer Fee. If a nonprofit is involved, a resolution from their board approvingdeferral of fee is required.

T Inducement Resolution (Tax-Exempt Bond Financed Projects only)

chowan court i apartments

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