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Check all that apply:
Federal Low Income Housing Tax Credit
State Low Income Housing Tax Credit
Tax Exempt Bonds
Rental Production Program (RPP) Loan
Requested RPP Loan Amount:RPP Loan Product Requested:
Print Preview - Final Application
Tax Credits, RPP Loans, and/or Tax Exempt Bond Loans
Resources Requested
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Is project in Qualified Census Tract & Difficult to Develop area:
Project Name and Location
Project Name: Gregory Oaks (now known as Sea Lane Apts)
Address: 900 East Lane Street
City: Raleigh County: WAKE Zip: 27601
Census Tract: 506 Block Group: 003
Yes
Political Jurisdiction: City of Raleigh
Jurisdiction CEO Name: First: Last:Charles Meeker Title: Mayor
Jurisdiction Address: PO Box 590
Jurisdiction City: Raleigh Zip: 27602
Jurisdiction Phone: (919)890-3000
Site Latitude: 35.810
Site Longitude: -78.561
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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 be receiving federal rental assistance?
If yes, provide the subsidy source:If yes, provide the subsidy source: and number of units:and number of units:
Target Population: Family
Indicate below any additional targeting for special populations proposed for this project:
Square Footage Information
Project Description
Project Type:* New Construction Rehab Adaptive Reuse
No
No
Mobility impaired handicapped: 5% of units comply with QAP Section IV(F)(3) (in addition to other federal and staterequirements)
Persons with disabilities or homeless populations: the greater of 5 units or 10% of the total units
Remarks: units have been set aside at 30% AMI rents
Proposed number of residential buildings: 8 Maximum number of stories in buildings: 2
Types of Units:* Townhouse Duplex Garden Apartment Detached Single-Family
Project Includes:Separate community building -- Sq. Ft. (Floor Area):Sq. Ft. (Floor Area):
Community space within residential bulding(s) -- Sq. Ft. (Floor Area):Sq. Ft. (Floor Area):
Elevators -- Number of Elevators:Number of Elevators:
Gross Floor Square Footage: 24,345
Total Net Sq. Ft. (All Heated Areas): 23,052
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Applicant Information
Applicant Name: Jenkins Properties Limited Partnership
Address: PO Box 17022
City: State: NC Zip:Raleigh 27619
Contact: First: Last: Title:Rhonda Sheppard Project Mgr
Telephone: (919)847-8350
Alt Phone: (919)630-9223
Fax: (919)847-4709
Email Address: [email protected]
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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 in a distressed neighborhood?
If yes, does a community revitalization plan exist?
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:
Site Description
1.69 1.69
No
Yes
current occupancy is 50%. most of the tenants have vouchers
Yes
No
Yes
Yes
Yes
No
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(b) Describe flood mitigation if the project is in the East Region and will have improvements within the 100 year floodplain:
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Does the owner have fee simple ownership of the property (site/buildings)?
If yes provide:
Purchase Date: Purchase Price:
If no:
Site Control
No
(a) Does the owner/principal or ownership entity have vaild option/contract to purchase the property? Yes
(b) Does an identity of interest (direct or indirect) exist between the owner/principal or ownership entity with the option/contract for
purchase of the property and the seller of the property?If yes, specify the relationship:
No
(c) Enter the current expiration date of the option/contract to purchase: 1/1/2004
(D) Enter Purchase Price: 1,120,000
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Present zoning classification of the site:
Is mutifamily 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:
Is a public hearing of any kind required in the future for you to fully develop this property?
If yes, describe the nature of the hearing and when you expect the hearing will be held:
Are there any existing conditions of historical significance located on the project site that will require State Historic Preservation office review?
If yes, describe below:
Are there any existing conditions of environmental significance located on the project site?
If yes, describe below:
Zoning
R10
Yes
No
No
No
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List each applicable unit mix combination in a separate row below. Click [Add] to create another row. Click "X" (at the left of each row) todelete a row.
Low Income Units
Market Rate Units
Statistics
Notes
Unit Mix
Type # BRs Net Sq.Ft.Total
# Units#Units
MonthlyRent
UtilityAllowance
MandatoryServ. Fees
**TotalHousing Exp.
Gdn Apt 2 713 16 1 595 95 0 690
Gdn Apt 2 713 11 1 547 95 0 642
Gdn Apt 2 713 5 0 386 95 0 481
Utilites included in rents: Water/Sewer Electric Gas Other
Type # BRs Net Sq.Ft.Total
# Units#Units
MonthlyRent
UtilityAllowance
MandatoryServ. Fees
**TotalHousing Exp.
Utilites included in rents: Water/Sewer Electric Gas Other
AllUnits
Units
Gross MonthlyRental Income
Low Income....... 32 2 17467
Market Rate.......
Totals............... 32 2 17467
* Paint-to-Paint Square Footage
** Please refer to the Income Limits and Maximum Housing Expense Table to ensure that Total Monthly Tenant Expenses for low incomeunits are within established thresholds.
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Specify Low Income Unit Targeting in table below. List each applicable targeting combination in a separate row below. Click [Add] to createanother 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 16 targeted at 60 percent of median income.
2 11 targeted at 40 percent of median income.
2 5 targeted at 30 percent of median income.
32
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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 725,000 7.00 18 30 57,881
RPP LoanLocal Gov. Loan - Specify:City of Raleigh
500,000 2.00 30 30 22,177
RD Loan
AHP Loan
Other Loan 1 - Specify:
Other Loan 2 - Specify:
Other Loan 3 - Specify:
Tax Exempt Bonds
State Tax Credit(Loan) 198,941 0 30 30 0
State Tax Credit(Direct Refund)
Equity: Federal LIHTC 1,260,232
Non-Repayable Grant
Equity: Historic Tax Credits
Deferred Developer Fees 124,618
Owner Investment
Other - Specify:
Total Sources** 2,808,791
* "Non-amortizing" indicates that the loan does not have a fixed annual debt service. For these items, you must fill in 20-year debt servicebelow.
** Total Sources must equal total replacement cost in Project Development Cost (PDC) section.
805
Received $500,000 from the City of Raleigh in April 2003. In April the staff is requesting a$200,000 increase.
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Development Costs
Item Cost Element TOTAL COSTEligible Basis
30% PV 70% PV
1 Purchase of Buildings (Rehab) 1,008,000 1,008,000
2 Demoli tion
3 On-site Improvements 115,400 115,400
4 Rehabilitation 691,600 691,600
5 Construction of New Building(s)
6 Accessory Building(s)
7 General Requirements 48,420 48,420
8 Contractor Overhead 17,108 17,108
9 Contractor Profit 68,434 68,434
10 Construction Contingency 56,458 56,458
11 Architect's Fee - Design 30,000 30,000
12 Architect's Fee - Inspection 15,000 15,000
SUBTOTAL (lines 1 through 12) 2,050,420
13 Construction Insurance (prorate) 8,000 8,000
14 Construction Loan Orig. Fee (prorate) 15,965 15,965
15 Construction Loan Interest (prorate) 105,971 105,971
16 Construction Loan Credit Enhancement (prorate)
17 Construction Period Taxes (prorate) 4,000 4,000
18 Water, Sewer and Impact Fees 4,000 4,000
19 Survey 7,000 7,000
20 Property Appraisal 4,800 4,800
21 Environmental Report 11,501 11,501
22 Market Study 5,000 5,000
23 Bond Costs (specify)
24 Cost of Issuance
25 Placement Fee
26 Permanent Loan Origination Fee 14,250
27 Permanent Loan Credit Enhancement
28 Title and Recording 5,000
SUBTOTAL (lines 13 through 28) 185,487
29 Real Estate Attorney 15,000 15,000
30 Other Attorney's Fees 30,000 30,000
31 Tax Credit App Fees 11,888 11,888
32 Cost Certification/Accounting Fees (specify) 10,000 10,000
33 Tax Opinion 5,000
34 Organizational (Partnership)
35 Tax Credit Monitoring Fee 16,800
SUBTOTAL (lines 29 through 35) 88,688
36 Furnishings and Equipment 10,000 10,000
37 Relocation Expenses 25,000 25,000
38 Developer's Fee (max 15% lines 2-36, less 8 & 9) 219,767 219,767
39 Other Basis Expense (specify)
40 Other Basis Expense (specify)
41 Rent-up Expenses 15,000
42 Other Non-basis Expense (specify)
43 Other Non-basis Expense (specify)
SUBTOTAL (lines 36 through 43) 269,767
44 Rent up Reserve 9,600
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Comments:
45 Operating Reserve 92,829
46 Other Reserve (specify)
47 Other Reserve (specify)
48 DEVELOPMENT COST (lines 1-47) 2,696,791 1,008,000 1,530,312
49 Less Federal Financing
50 Less Disproportionate Standard
51 Less Nonqualified Nonrecourse Financing 1,008,000
52 Less Historic Tax Credit (residential) 0
53 TOTAL ELIGIBLE BASIS 1,530,312 0 1,530,312
54 Times Applicable Fraction 130.00% 130% 130%
55 TOTAL QUALIFIED BASIS 1,989,405 0 1,989,405
56 Tax Credit Rate 3.37% 7.87%
57 FEDERAL TAX CREDITS at Estimated Rate 156,566 0 156,566
57a FEDERAL TAX CREDITS at 8.5% or 3.75% 169,099 0 169,099
58 FEDERAL TAX CREDITS REQUESTED 228,824 52,416 176,408
59 STATE TAX CREDITS
60 Land Cost 112,000
61 TOTAL REPLACEMENT COST 2,808,791
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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:
Have you built other tax credit developments that use the same building design as this project?
If yes, please provide name and address:
Site Amenities (check all that apply):
Onsite Activities:
Landscaping Plans:
Market Study Information
Gregory Oaks is a proposed acquistion and rehabilitation of the existing Sea Lane Apartments in theWest Idlewild neighborhood. It is located on East 900 Lane Street in downtown Raleigh. Theproperty consists of 32 two bedroom units. Interior renovations will include complete kitchenappliance replacements, new cabinets, new flooring where needed throughout the units, energeyefficient windows and many other features.
Covered dormered entrances along with new siding and roofing will be added to every building. Thelandscaping will be improved upon as well. A new leasing office with a laundry building (540 net sf)will be added to the site.
Yes
Oakley Square and many other rehabs
Community Bldg - Sq Ft: Community Room - Sq Ft: Garages - Number:
Laundry Rm Screened Porch Resident Computer Center Exam Rm Reading Rm/Library
Game/Craft Rm Exercise Rm TV Rm Beauty Salon Vending Rm
Chapel/Prayer Rm Picnic Area Onsite Leasing Office Onsite Mgr Onsite Maint. Person
Irrigated Lawns Security Gate Car Care Area Storage Units Gazebos
Walking Trails Garden Spots Basketball/Tennis Court Playground Ball Field
Pool Fitness Stations Horseshoe Pit Shuffleboard Covered Drive Thru
The management company will encourage onsite activities for the residents and help form aResident Committee. There are many services that can can come onsite.
The landscaping plan will be created to enhance and improve the existing landscaping
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Briefly describe your site in each of the following categories:
Applicant's Site Evaluation
NEIGHBORHOOD CHARACTERISTICS
Physical condition of buildings and improvements. Trend and direction of real estate developmentrelative to the project. Area economic health (degree of decline or investment).
Gregory Oaks is located in an area of Raleigh known as West Idlewood, which is included in theNew Bern/Edenton Redevelopment area. The community revitalization plan has been included withthe application.
While the area is noticeably deteriorating, the redevelopment is very active.
Suitability of surrounding development. Land use pattern is primarily residential with a balance ofother uses, including non-competing multifamily and single family units, relevant amenities, shoppingand services.The site is in a residential area and there are no competing affordable units within a half mile. Thereare many ammenities nearby suitable for families and there is nothing nearby that would beconstrued as deterimental.
SITE SUITABILITY
Adequacy of street(s) and/or access road(s) serving the proposed project and traffic controls (lights,stop signs, turning lanes). Access to mass transit (if applicable).adequate for needs, located in downtown Raleigh.
Amount and character of vacant, undeveloped land. Effect of industrial, large-scale institutional orother incompatible uses: wastewater treatment facilities, high traffic corridors, junkyards, prisons,landfills, large swamps, distribution facilities, frequently used railroad tracks, power transmission linesand towers, factories or similar operations, sources of excessive noise, and sites with environmentalconcerns (such as odors or pollution).None of the above, mainly single family homes that have been renovated.
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.None known
Similarity of scale and aesthetics/architecture between project and surroundings.The rehabilitation of the units will be in line with the architectural requirements for that community.
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For each applicable neighborhood feature, enter distance from project in miles.
Other facilities or services:
The community revitalization plan outlines the requirements that the rehab must follow
Concentration of affordable housing (housing credit, project-based rental assistance, public housing).none known
Availability of Supportive Services (if applicable):There are several support agencies in the downtown area.
Grocery Store.1 Community/Senior Center.2
Mall/Strip Center.9 Hospital2.1
Outdoor Athletic Fields.01 Pharmacy.5
Day Care/After School.3 Basic Health Care.2
Schools.3 Medical Offices.2
Public Transportation Stop.01 Bank/Credit Union.7
Convenience Store.7 Restaurants.2
Basketball/Tennis Courts.01 Professional Services.2
Public Parks.01 Movie Theater.6
Gas Station.7 Video Rental.9
Library.4 Public Safety (Fire/Police).5
Fitness/Nature Trails.7 Post Office.9
Public Swimming Pools.1
There is park with basketball courts next to the property, the bus stop is across the street and thereare several churches within walking distance. Brentwood Square is .9 miles away
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DevelopmentList number low-income/tax credit housing projects and units developed, operated, and maintained in compliance by the principal(s) betweenDecember 1, 1996 and January 1, 2003:
ManagementList number of low-income housing tax credit units managed in the past 10 years:
Has any owner, principal, or management agent been debarred or received a limited denial participation in the past 10 years by any federal or
state agency?
Has any owner, principal, or management agent been involved in a bankruptcy, an adverse fair housing settlement, an adverse civil rights
settlement, or an adverse federal or state government proceeding and settlement in the past 10 years?
Has any owner or principal been in a mortgage default or delinquency of three months or more within the last 5 years on a FHA-insuredproject, a Rural Development funded rental project, a tax-exempt funded mortgage, a tax credit project, or any other publicly subsidized
project?
Has any owner or principal been involved within the last 10 years in a project which previously received an allocation of tax credits but failed tomeet compliance standards of the tax credit allocation, including return of a reservation of tax credits to the Agency after the carryover
agreement has been signed?
Has any owner or principal had a Form 8823 filed with the IRS for noncompliance on a project using low-income housing tax credits or
received a letter of non-compliance from the Agency?
Project Team Experience
North Carolina Other States
Projects: 10 0
Units: 812 0
North Carolina Other States
Projects: 28 0
Units: 1,538 0
No
No
No
No
No
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Financing Commitments
Does the project have a firm commitment for construction financing? Yes
Does the project have a letter of intent for private permenant financing? Yes
Does the project have a firm commitment for government financing? Yes
Does the project have a letter of intent from an investor? Yes
Is any portion of the eligible basis of new contruction or rehabilitation financed with federal subsidies other than CDBG funds or fundsfrom the HOME program? No
If yes, indicate the type and amount below:
Tax Exempt Financing: $
RD 515 Financing: $
Hope VI Financing: $
Other: $
If Other, specify the type of Federal subsidy:
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Project Operations (Year One)
Projected Operating Costs
Administrative Expenses
Advertising 2,500
Other Administrative Expense (specify):
Office Salaries 10,000Office Supplies 800
Office or Model Apartment Rent
Management Fee 12,000
Manager or Superintendent Salaries
Manager or Superintendent Rent Free Unit
Legal Expenses (Project) 1,100
Auditing Expenses (Project) 3,500
Bookkeeping Fees/Accounting Services 1,300
Telephone and Answering Service 800
Bad Debts
Other Administrative Expenses (specify):
SUBTOTAL 32,000
Utilities Expense
Fuel Oil
Electricity (Light and Misc. Power) 2,600
Water 3,600
Gas
Sewer 3,600
SUBTOTAL 9,800
Operating and Maintenance Expenses
Janitor and Cleaning Payroll
Janitor and Cleaning Supplies 1,500
Janitor and Cleaning Contract 600
Exterminating Payroll/Contract 1,540
Exterminating Supplies 300
Garbage and Trash Removal 3,000
Security Payroll/Contract
Grounds Payroll
Grounds Supplies 300
Grounds Contract 4,000
Repairs Payroll 10,000
Repairs Material 1,000
Repairs Contract 775
Elevator Maintenance/Contract
Heating/Cooling Repairs and Maintenance 1,250
Swimming Pool Maintenance/Contract
Snow Removal 500
Decorating Payroll/Contract 1,500
Decorating Supplies 800
Other (specify):
Miscellaneous Operating & Maintenance Expenses
SUBTOTAL 27,065
Taxes and Insurance
Real Estate Taxes 12,800
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Payroll Taxes (FICA) 2,000
Miscellaneous Taxes, Licenses and Permits 300
Property and Liability Insurance (Hazard) 5,000
Fidelity Bond Insurance 35
Workmen's Compensation 1,500
Health Insurance and Other Employee Benefits 2,000
Other Insurance:
SUBTOTAL 23,635
Supportive Service Expenses
Service Coordinator 1,400
Service Supplies 500
Tenant Association Funds
Other Expenses (specify):
SUBTOTAL 1,900
Reserves
Replacement Reserves 11,200
SUBTOTAL 11,200
TOTAL OPERATING EXPENSES 105,600
ADJUSTED TOTAL OPERATING EXPENSES(Does not include taxes, reserves and resident support services) *
79,700
TOTAL UNITS(from total units in the Unit Mix section)
32
PER UNIT PER YEAR 2,490
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Design Features
ITEM DESCRIPTION
Foundation/Slab Components N/A
Primary Windows Make: Model:Wenco 1700 Series Type/Construction: vinyl, single hung, double insulated
Exterior Doors Type: Frames:N/A N/A
Siding Type: Grade/Thickness:Vinyl 0.44
Warranty: Manufacturer
Exterior Trim N/A
Shingles Type: Weight:asphalt, 3 tab 230lbs/square
Warranty: 25 years
Sprinkler System N/A
Cabinets Solid face and stiles, GAK, plywood bottom
Heat Pump SEER: Make:11 Trane
Model: 1.5, 2 and 3 ton units
Air Conditioner SEER: Make:N/A N/A
Model: N/A
Other Heat Systems SEER: Make:N/A N/A
Model: N/A
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This is a detailed breakdown of rehabilitation or construction costs you summarized in the Development Costs table (Rehabilitation andConstruction of New Building(s)). The total should match those roll-up values.
Costs - Construction
ITEM LABOR MATERIAL TOTAL
Concrete Footings 0
Backfill-slab, Crawl 0
Slab-concrete/Rebar/Gravel 0
Waterproofing 0
Masonry Foundation 0
Brick Veneer 2,000 2,000
Steel/Structure/Rails 10,000 10,000
Framing/Lumber/Nails 62,800 62,800
Trusses 52,000 52,000
Crane Rental 9,500 9,500
Windows/Grilles/Screen 32,000 32,000Exterior Doors 12,000 12,000
Roofing 55,000 55,000
Fencing 0
Vinyl Siding/Trim/Box 71,500 71,500
Gutters/Shutters 16,600 16,600
Insulation 9,000 9,000
Drywall 4,800 4,800
Interior Doors 4,500 4,500
Int. & Final/Stair/Trim/Shelves 0
Cabinets & Tops 30,000 30,000
Painting 27,100 27,100
Marble - Tub/Shwr/Tops 0
Plumbing 32,300 32,300
Electrical 18,600 18,600
Heating/Air Conditioning 90,000 90,000
Floor Covering and Underlayment 57,000 57,000
Wall Paper 0
Mailboxes/Special Features/Signage 0
Gypcrete 0
Blinds/Shades/Art Work 4,000 4,000
Light Fixtures/Fans 0
Sprinkler System 2,500 2,500
Security Alarm 0
Hardwood Floors 0
Elevator 0
Ceramic Tiles 8,000 8,000
Acoustical Ceilings 0
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Remarks:
Mirror/Shower Door/Encls. 0
Hardware/Bath Access. 4,800 4,800
Appliances 30,000 30,000
Playground Equipment 18,000 18,000
Interior Clean 3,100 3,100
Exterior Clean/Dumpster 24,500 24,500
Other 1 (specify in Remarks) 0
Other 2 (specify in Remarks) 0
Total Cost 0 691,600 691,600
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This is a detailed breakdown of the General Requirements cost element you summarized in the Development Costs table (GeneralRequirements). The total should match that roll-up value.
Remarks:
Costs - General
ITEM TOTAL
Supervision 15,420
Job Site Office/Trailer Rental
Impact Fees
Office Supplies
Security/Watchman
Water and Sewer Connection Fees
Project Signage 350
Tools and Equipment
Gas, Oil, and Maintenance
Cleanup/Dumpster Rental 15,000
Temporary Water, Electric, and Telephone 4,000Storage/Hauling
Driveway Access Permit
Porta-John Rental/Dumping 2,500
Builders Risk Insurance 4,500
Re-inspection Fees
Extra Plans and Specifications
Miscellaneous, Casual Labor 6,650
Equipment Rental
Other 1 (specify in Remarks)
Other 2 (specify in Remarks)
Total Cost 48,420
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This is a detailed breakdown of the Site Improvements cost element you summarized in the Development Costs table (On-siteImprovements). The total should match that roll-up value.
Remarks:
Costs - Improvements
ITEM TOTAL
Subsurface Exploration/Perk Testing/Site Engineering
Clearing/Grading/Final Grading/Excess and Borrow 32,000
Demolition
Earthwork/Excavation/Aerating
Soil Treatment
Pile Foundations
Caissons
Shoring/Bracing
Site Drainage 3,000
Site Utilities/Site Lighting 5,000
Paving and Surfacing/Curb and Gutter 36,800Walkways 16,000
Site Signage
Parking Lot Painting
Dumpsite Pads/Fencing 10,000
Fencing/Gates
Landscaping/Topsoil 9,600
Waterproofing/De-Watering
Operation of Construction Equipment/Fuel/Oil
Crane Rental
Rock and Hardpan Excavation
Site Supervision Personnel
Other (specify in Remarks) 3,000
Total Cost 115,400
Other is cost to snake drainage systems
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This is a detailed breakdown of the Bond Costs cost element you summarized in the Development Costs table (Bond Costs). The totalshould match that roll-up value.
Remarks:
Costs - Bond Costs
ITEM TOTAL
Letter of Credit Fee
Credit Enhancement
Underwriter Discount
Capital Interest Fund
Other 1 (specify in Remarks)
Other 2 (specify in Remarks)
Total Cost 0
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This is a detailed breakdown of the Bond Issuance cost element you summarized in the Development Costs table (Cost of Issuance). Thetotal should match that roll-up value.
Remarks:
Costs - Bond Issuance
ITEM TOTAL
Bond Counsel
Issuer Counsel
Credit Enhancement/LOC Counsel
Underwriter Counsel
Developer's Counsel
Rating Agency Fee
Printing
Trustee Fee
Trustee Counsel
Other 1 (specify in Remarks)
Other 2 (specify in Remarks)Other 3 (specify in Remarks)
Total Cost 0
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MINIMUM REQUIRED SET ASIDES (No Points Awarded):
Minimum Set-Asides
Select one of the following two options:
20% of the qualified units are rent restricted and occupied by households with incomes at or below 50% of the median income (Note:No Tax Credit Eligble Units in the the project can exceed 50% of median income)
40% of the qualified units are rent restricted and occupied by households with incomes at or below 60% of the median income (Note:No Tax Credit Eligble Units in the the project can exceed 60% of median income)
If requesting RPP funds:
40% of the qualified unit are occupied by households with incomes at or below 50% of median income.
State Tax Credit and QAP Targeting Points:
High Income county:
At least twenty-five percent (25%) of qualified units will be affordable to households with incomes at or below thirty percent (30%) ofcounty median income.
At least twenty-five percent (25%) of qualified units will be affordable to and occupied by households with incomes at or below thirtypercent (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 countymedian income.
At least fifty percent (50%) of qualified units will be affordable to and occupied by households with incomes at or below forty percent(40%) of county median income.
Moderate Income County:
At least twenty-five percent (25%) of qualified units will be affordable to and occupied by households with incomes at or below fortypercent (40%) of county median income.
At least fifty percent (50%) of qualified units will be affordable to households with incomes at or below fifty percent (50%) of county
median income.At least fifty percent (50%) of qualified units will be affordable to and occupied by households with incomes at or below fifty percent(50%) of county median income.
Low Income County:
At least forty percent (40%) of qualified units will be affordable to households with incomes at or below fifty percent (50%) of countymedian income.
At least forty percent (40%) of qualified units will be affordable to and occupied by households with incomes at or below fifty percent(50%) of county median income.
Tax Exempt Bonds
Threshold requirement (select one):
At least ten percent (10%) of qualified units will be affordable to and occupied by households with incomes at or below fifty percent
(50%) of county median income.
At least five percent (5%) of qualified units will be affordable to and occupied by households with incomes at or below forty percent(40%) of county median income.
Eligible for mortgage subsidy points (select one):
At least twenty percent (20%) of qualified units will be affordable to and occupied by households with incomes at or below fifty percent(50%) of county median income.
At least ten percent(10%) of qualified units will be affordable to and occupied by households with incomes at or below forty percent(40%) of county median income.
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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
C Ownership Entity Agreement, Development Agreement or any other agreements governing development services
D Management Agent Agreement
E Development and manager multi-family experience & Management Questionnaire (Appendix C)
F Letters from State Housing Agencies or designated monitoring agent verifying Out of State Management Experience
G Completed IRS Form 8821 (Appendix I)
H Permitted zoning letter (including conditional and special use)
I Site plan, floor plans and elevations
J Hazard and structural inspection and termite reports (Renovation projects only)
K Description of any existing conditions of historical significance.
L Description of environmental significance.
M Anticipated budget demonstrating how the project would meet the 10% test by November 14th.
N Evidence of Architect's Errors and Omissions insurance (or equivalent).
O Description of acquisition for existing/occupied projects or for projects with occupied buildings to be demolished.
P Description of proposed Relocation Plan & Relocation Budget, Etc. If any relocation is anticipated, reference Appendix F.
Q Targeting Plan and supporting documentation (Required for projects targeted to Special Populations)
R Local Housing Authority Agreement (Reference Model in Appendix I)
S Appraisal (for land costs greater than $5,000 and for buildings in rehab projects)
T Evidence of Permanent Loan Commitment, other sources of funds, and project-based subsidies.
U Statement regarding terms of Deferred Developer Fee and, if nonprofit, resolution of Board approving fee.
V Inducement Resolution (Tax-Exempt Bond Financed Projects only)
W Documentation to support estimated utility costs.
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