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Is project in Qualified Census Tract & Difficult to Develop area?
Does a community revitalization plan exist?
Print Preview - Final Application
Tax Credits, RPP Loans, and/or Tax Exempt Bond Loans
Project Name and Location
Project Name: Holly Park
Address: # TBD Birch Street
City: Raeford County: Hoke Zip: 28376
Census Tract: 9704 Block Group:
No
No
Political Jurisdiction: Town of Raeford
Jurisdiction CEO Name: First: Last:Bob Gentry Title: Mayor
Jurisdiction Address: PO Box 606
Jurisdiction City: Raeford Zip: 28376
Jurisdiction Phone: (910)875-8161
Site Latitude:
Site Longitude:
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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 project based federal rental assistance?
If yes, provide the subsidy source:If yes, provide the subsidy source: RD and number of units:and number of units:
Target Population: Elderly (RHS/HUD)
Indicate below any additional targeting for special populations proposed for this project:
Project Description
Project Type:* New Construction Rehab Adaptive Reuse
No
Yes
2727
Mobility impaired handicapped: 5% of units comply with QAP Section IV(F)(3) (in addition to the units required by other federaland state codes.)
Persons with disabilities or homeless populations: the greater of 5 units or 10% of the total units
Remarks:
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Applicant Information
Applicant Name: Southland Partners LLC
Address: 131 Matthews Station St, Suite 2-F
City: State: NC Zip:Matthews 28105
Contact: First: Last: Title:Tom Honeycutt Manager
Telephone: (704)321-1526
Alt Phone:
Fax: (704)321-1562
Email Address: southllc@al ltel.net
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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 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
3.5 3.5
No
No
Yes
No
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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
Yes
5/29/2003 88,000
(a) Does the owner/principal or ownership entity have vaild 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:
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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:
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
RMF-12
Yes
No
No
No
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[email protected] 240-86-7030
Org: Timothy L. Gunderman
First Name: Tim Last Name: Gunderman Function: Member
Address: 2021 Cross Beam Drive
City: Charlotte State: NC Zip: 28217
Phone: (704)357-6000 Fax: (704)357-1881
EMail: [email protected] Nonprofit: No TaxID 105-40-1626
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The Median Income for Hoke county is $45,200.
Low Income Units
Employee Units (will add to Low Income Unit total)
Market Rate Units
Statistics
Square Footage Information
Notes
Unit Mix
Type # BRs Net Sq.Ft.Total
# Units#Units
MonthlyRent
UtilityAllowance
MandatoryServ. Fees
**TotalHousing Exp.
Gdn Apt 1 644 26 2 495 60 0 555
Gdn Apt 2 847 1 1 550 73 0 623
Utilites included in rents: Water/Sewer Electric Gas Other
Type # BRs Net Sq.Ft.Total
# Units#Units
MonthlyRent
UtilityAllowance
MandatoryServ. Fees
**TotalHousing Exp.
Gdn Apt 2 847 1 0 0 73 0 73
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....... 28 3 13420
Market Rate.......
Totals............... 28 3 13420
Proposed number of residential buildings: 7 Maximum number of stories in buildings: 1
Project Includes:Separate community building -- Sq. Ft. (Floor Area):Sq. Ft. (Floor Area): 1,1201,120
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: 24,000
Total Net Sq. Ft. (All Heated Areas): 19,644
** 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 %
1 12 targeted at 50 percent of median income.
1 14 targeted at 60 percent of median income.
2 1 targeted at 50 percent of median income.
2 1 targeted at 60 percent of median income.
28
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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))
Loans with Variable AmortizationPlease fill in the annual debt service as applicable for the first 20 years of the project life.
Funding Sources
Source AmountNon-
Amortizing*Rate(%)
Term(Years)
Amort.Period(Years)
AnnualDebt
Service
Bank Loan 0
RPP Loan 0Local Gov. Loan - Specify:
0
RD 515 Loan 250,000 1.00 30 50 6,355
RD 538 Loan - Specify:0
AHP Loan 170,000 0.00 15 15 11,333
Other Loan 1 - Specify:Southeastern Hsg. Pres. Inc.
59,720 0.00 30 30
Other Loan 2 - Specify:AHP Loan
120,000 4.00 15 15 10,651
Other Loan 3 - Specify:
0
Tax Exempt Bonds 0
State Tax Credit(Loan) 542,979 0 30 30 0
State Tax Credit(Direct Refund) 0
Equity: Federal LIHTC 1,082,223
Non-Repayable Grant 0
Equity: Historic Tax Credits 0
Deferred Developer Fees 0
Owner Investment 65
Other - Specify:
Total Sources** 2,224,987
* "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.
756
The Southeastern funds are from a grant from the FHLB of Atlanta and being made as a loanto Holly Park LLC in order to keep these funds in basis. There is no annual paymentrequirement, so the amount shown below are incorrect and the program would not allow meto change the number back to 0.
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Other Loan 1 - Southeastern Hsg. Pres. Inc.
Year:Amt:
1
500
2
500
3
500
4
500
5
500
6
500
7
500
8
500
9
500
10
500
Year:Amt:
11
500
12
500
13
500
14
500
15
500
16
500
17
500
18
500
19
500
20
500
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Development Costs
Item Cost Element TOTAL COSTEligible Basis
30% PV 70% PV
1 Purchase of Buildings (Rehab) 0 0
2 Demolition 0 0
3 On-site Improvements 295,000 295,000
4 Rehabilitation 0 0
5 Construction of New Building(s) 1,031,354 1,031,354
6 Accessory Building(s) 0 0
7 General Requirements 75,593 75,593
8 Contractor Overhead 26,710 26,710
9 Contractor Profit 106,838 106,838
10 Construction Contingency 46,065 46,065
11 Architect's Fee - Design 37,740 37,740
12 Architect's Fee - Inspection 7,560 7,560
SUBTOTAL (lines 1 through 12) 1,626,860
13 Construction Insurance (prorate) 0 0
14 Construction Loan Orig. Fee (prorate) 19,684 19,684
15 Construction Loan Interest (prorate) 75,595 75,595
16 Construction Loan Credit Enhancement (prorate) 0 0
17 Construction Period Taxes (prorate) 2,000 2,000
18 Water, Sewer and Impact Fees 0 0
19 Survey 16,000 16,000
20 Property Appraisal 2,800 2,800
21 Environmental Report 2,400 2,400
22 Market Study 7,500 7,500
23 Bond Costs (specify) 0
24 Cost of Issuance 0
25 Placement Fee 0
26 Permanent Loan Origination Fee 26,246
27 Permanent Loan Credit Enhancement 0
28 Title and Recording 0
SUBTOTAL (lines 13 through 28) 152,225
29 Real Estate Attorney 23,000 23,000
30 Other Attorney's Fees 0 0
31 Tax Credit App Fees 11,492 11,492
32 Cost Certification 3,600 3,600
33 Tax Opinion 2,000
34 Organizational (Partnership) 0
35 Tax Credit Monitoring Fee 9,800
SUBTOTAL (lines 29 through 35) 49,892
36 Furnishings and Equipment 14,000 14,000
37 Relocation Expenses 0 0
38 Developer's Fee (max 15% lines 2-36, less 8 & 9) 255,000 255,000
39 Other Basis Expense (specify)
40 Other Basis Expense (specify)
41 Rent-up Expenses 2,592
42 Other Non-basis Expense (specify)
43 Other Non-basis Expense (specify)
SUBTOTAL (lines 36 through 43) 271,592
44 Rent up Reserve
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Comments:
45 Operating Reserve 36,418
46 Other Reserve (specify)
47 Other Reserve (specify)
48 DEVELOPMENT COST (lines 1-47) 2,136,987 0 2,059,931
49 Less Federal Financing 250,000
50 Less Disproportionate Standard
51 Less Nonqualified Nonrecourse Financing
52 Less Historic Tax Credit (residential) 0
53 TOTAL ELIGIBLE BASIS 1,809,931 0 1,809,931
54 Applicable Fraction (percentage of LI Units) 100.00% 100% 100%
55 Basis Before Boost 1,809,931 0 1,809,931
56 Boost for QCT/DDA (if applicable, enter 130%) 100.00% 100.00%
57 TOTAL QUALIFIED BASIS 1,809,931 0 1,809,931
58 Tax Credit Rate 0.00% 7.91%
59 Federal Tax Credits at Estimated Rate 143,165 0 143,165
60 Federal Tax Credits at 8.5% or 3.75% 153,844 0 153,844
61 Federal Tax Credits Requested 143,038 0 143,038
62 Land Cost 88,000
63 TOTAL REPLACEMENT COST 2,224,987
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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
This is an elderly RD property obligated from the 2002 NOFA for RD 515 development funds andproject based rental assistance for all units. The FHLB funds are also obligated. RA is available for27 dwelling units, one unit set aside for the resident manager. The site is set up as quadraplexesand has a seperate community bldg. with a laundry room and office.
Yes
Creekridge, School House Road, Middlesex,NC
Community Bldg - Sq Ft: 1,120 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 community bldg. provides space for resident activities (meetings, meals, etc.), a laundry room,on site office, warming kitchen, TV, covered and uncovered patio in back.
Extensive landscaping to compliment the units. Cost will be in excess of the minimum requirement.
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Interior Apartment Amenities (check all that apply):
Flooring: Carpet Vinyl Wood Wood Parquet Ceramic Tile Other
Heating/Cooling: Central Air Gas Heat Heat Pump Electric Pump
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.
Range Hood Dishwasher Disposal Refrigerator (frost free) Storage interior/exterior
W/D Hookups Mini-blinds Pantry Ceiling fans Walk-in closets
Yes
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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
Physical condition of buildings and improvements. Trend and direction of real estate developmentrelative to the project. Area economic health (degree of decline or investment). Concentration of
affordable housing.Neighborhood condition is new construction to older homes, generally in good repair. There is a newtax credit family site down the street from this site which has recently rented up and several newbusiness buildings surrounding our site. Economic health in the area is good with continuing growthpredicted.
Suitability of surrounding development. Land use pattern is primarily residential (single andmultifamily housing) with a balance of other uses (particularly retail and amenities). Amount andcharacter of vacant, undeveloped land. Effect of industrial, large-scale institutional or otherincompatible uses: wastewater treatment facilities, high traffic corridors, junkyards, prisions, landfills,large swamps, distribution facilities, frequently used railroad tracks, power transmission lines andtowers, factories or similar operations, sources of excessive noise, and sites with environmentalconcerns (such as odors or pollution).
Surrounding development is a mix of professional, business, industry, multi-family and single familyresidential. Shopping and downtown areas are convenient. There is very little undeveloped land inthe immediate area and no immediate effects from what might be considered adverse uses, none ofwhich are immediately adjacent to the subject property, with the exception of the railroad which willbe buffered with berms (made from excess site dirt), landscaping and fencing at the towns request.
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).Site is served by a new street with appropriate controls. The street is considered to be used by localtraffic only and therefore not heavily traveled.
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, however the rail line near the back of the site will be bermed and recieve landscape treatmentdesigned to minimize noise. The town has required a fence along a good portion of the property linewhich will discourage foot traffic in that area.
Similarity of scale and aesthetics/architecture between project and surroundings.Surrounding architecture is a mix of single and 2 story residential, professional and commercial typebuildings. Our design is single story quadraplexes designed to blend with the neighborhood and ourresidents with an appealing and safe home.
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Other facilities or services:
Grocery Store.5 Community/Senior Center
Mall/Strip Center1 Hospital1.5
Outdoor Athletic Fields Pharmacy.5
Day Care/After School Basic Health Care.5
Schools.5 Medical Offices.1
Public Transportation Stop Bank/Credit Union.75
Convenience Store1 Restaurants1
Basketball/Tennis Courts Professional Services.75
Public Parks Movie Theater
Gas Station1 Video Rental
Library.75 Public Safety (Fire/Police).75
Fitness/Nature Trails Post Office1
Public Swimming Pools
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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: 17 16
Units: 475 626
North Carolina Other States
Projects: 49 63
Units: 1,462 2,009
No
No
No
No
Yes
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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 1,680
Office Salaries 0
Office Supplies 500
Office or Model Apartment Rent 0
Management Fee 20,088
Manager or Superintendent Salaries 0
Manager or Superintendent Rent Free Unit 0
Legal Expenses (Project) 101
Auditing Expenses (Project) 3,850
Bookkeeping Fees/Accounting Services 0
Telephone and Answering Service 1,026
Bad Debts 0
Other Administrative Expenses (specify):0
SUBTOTAL 27,245
Utilities ExpenseFuel Oil 0
Electricity (Light and Misc. Power) 2,600
Water 1,800
Gas 0
Sewer 1,648
SUBTOTAL 6,048
Operating and Maintenance Expenses
Janitor and Cleaning Payroll 0
Janitor and Cleaning Supplies 0
Janitor and Cleaning Contract 0
Exterminating Payroll/Contract 980
Exterminating Supplies 0
Garbage and Trash Removal 1,500
Security Payroll/Contract 0
Grounds Payroll 0
Grounds Supplies 0
Grounds Contract 5,712
Repairs Payroll 7,169
Repairs Material 2,500
Repairs Contract 0
Elevator Maintenance/Contract 0
Heating/Cooling Repairs and Maintenance 2,500
Swimming Pool Maintenance/Contract 0
Snow Removal 0
Decorating Payroll/Contract 2,016
Decorating Supplies 0
Other (specify):0
Miscellaneous Operating & Maintenance Expenses 0
SUBTOTAL 22,377
Taxes and Insurance
Real Estate Taxes 18,832
Payroll Taxes (FICA) 1,536
Miscellaneous Taxes, Licenses and Permits 300
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Property and Liability Insurance (Hazard) 5,600
Fidelity Bond Insurance 300
Workmen's Compensation 1,000
Health Insurance and Other Employee Benefits
Other Insurance:
SUBTOTAL 27,568
Supportive Service Expenses
Service Coordinator 0
Service Supplies 0
Tenant Association Funds 0
Other Expenses (specify):0
SUBTOTAL 0
Reserves
Replacement Reserves 18,209
SUBTOTAL 18,209
TOTAL OPERATING EXPENSES 101,447
ADJUSTED TOTAL OPERATING EXPENSES(Does not include taxes, reserves and resident support services) *
64,406
TOTAL UNITS(from total units in the Unit Mix section) 28
PER UNIT PER YEAR 2,300
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Design Features
ITEM DESCRIPTION
Foundation/Slab Components monolithic turn down slab on grade
Primary WindowsMake: Model:Alenco or equal thermal break frame andsash
Type/Construction: vinyl
Exterior DoorsType: Frames:
1 3/4" six panelinsulated metal wood
Siding Type: Grade/Thickness:vinyl .044
Warranty: limited lifetime
Exterior Trim prefinished aluiminum wrapped and prefinished aluminum columns
Shingles Type: Weight:anti fungal 3 tab 225# Warranty: 25 years
Sprinkler System per NC building code
Cabinets "mesa" by Marsh or equal
Heat Pump SEER: Make:11.0 seer Carrier or equal
Model:
Air Conditioner SEER: Make:see heat pump
Model:
Other Heat Systems SEER: Make:n/a
Model:
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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 0
Backfill-slab, Crawl 0 0
Slab-concrete/Rebar/Gravel 89,600 89,600
Waterproofing 0 0
Masonry Foundation 0 0
Brick Veneer 44,000 44,000
Steel/Structure/Rails 0 0
Framing/Lumber/Nails 125,720 125,720
Trusses 38,000 38,000
Crane Rental 2,500 2,500
Windows/Grilles/Screen 16,000 16,000Exterior Doors 16,600 16,600
Roofing 36,000 36,000
Fencing 0 0
Vinyl Siding/Trim/Box 49,500 49,500
Gutters/Shutters 8,000 8,000
Insulation 19,000 19,000
Drywall 69,000 69,000
Interior Doors 12,500 12,500
Int. & Final/Stair/Trim/Shelves 25,675 25,675
Cabinets & Tops 46,000 46,000
Painting 38,000 38,000
Marble - Tub/Shwr/Tops 0 0
Plumbing 81,000 81,000
Electrical 82,000 82,000
Heating/Air Conditioning 81,000 81,000
Floor Covering and Underlayment 27,340 27,340
Wall Paper 0 0
Mailboxes/Special Features/Signage 7,400 7,400
Gypcrete 0 0
Blinds/Shades/Art Work 5,100 5,100
Light Fixtures/Fans 0 0
Sprinkler System 0 0
Security Alarm 0 0
Hardwood Floors 0 0
Elevator 0 0
Ceramic Tiles 0 0
Acoustical Ceilings 0 0
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Remarks:
Mirror/Shower Door/Encls. 3,000 3,000
Hardware/Bath Access. 10,119 10,119
Appliances 22,000 22,000
Playground Equipment 11,500 11,500
Interior Clean 3,300 3,300
Exterior Clean/Dumpster Rental 9,500 9,500
Other 1 (specify in Remarks) 0 0
Other 2 (specify in Remarks) 52,000 52,000
Total Cost 1,031,354 0 1,031,354
Other 2 - permits and feesOur contractor has based these numbers on subcontract and informs us that a material vs laborbreakdown is not available at this time.
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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 50,000
Job Site Office/Trailer Rental 1,000
Office Supplies 800
Security/Watchman 0
Project Signage 200
Tools and Equipment 1,000
Gas, Oil, and Maintenance 1,800
Temporary Water, Electric, and Telephone 1,000
Storage/Hauling 400
Driveway Access Permit 0
Porta-John Rental/Dumping 500Builders Risk Insurance 3,600
Re-inspection Fees 0
Extra Plans and Specifications 250
Miscellaneous, Casual Labor 4,000
Equipment Rental 7,800
Other 1 (specify in Remarks) 3,243
Other 2 (specify in Remarks)
Total Cost 75,593
Other 1 - Cleanup/Dumpster Rental
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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 Explorat ion/Perk Testing/Site Engineering 7,000
Clearing/Grading/Final Grading/Excess and Borrow 67,000
Demolition 0
Earthwork/Excavation/Aerating 5,000
Soil Treatment 2,000
Pile Foundations 0
Caissons 0
Shoring/Bracing 0
Site Drainage 35,000
Site Utilities/Site Lighting 63,600
Paving and Surfacing/Curb and Gutter 63,000Walkways 14,000
Site Signage 4,000
Parking Lot Painting 900
Dumpster Pads/Fencing 2,500
Fencing/Gates 0
Landscaping/Topsoil 31,000
Rock and Hardpan Excavation 0
Site Supervision Personnel 0
Other (specify in Remarks) 0
Total Cost 295,000
Utility cost includes pump station
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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 0
Credit Enhancement 0
Underwriter Discount 0
Capital Interest Fund 0
Other 1 (specify in Remarks) 0
Other 2 (specify in Remarks) 0
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 0
Issuer Counsel 0
Credit Enhancement/LOC Counsel 0
Underwriter Counsel 0
Developer's Counsel 0
Rating Agency Fee 0
Printing 0
Trustee Fee 0
Trustee Counsel 0
Issuer's Fee 0
Other 1 (specify in Remarks) 0Other 2 (specify in Remarks) 0
Other 3 (specify in Remarks) 0
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:
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 Letters from Local Utility Providers (original on letterhead, no fax or photocopies)
I Local Government Letter or Letter from Certified Engineer or Land Surveyor Confirming Floodplain Designation with Mapshowing 100 year and 500 year floodplain (original on letterhead, no fax or photocopies)
J Local Government Letter Confirming Zoning (original on letterhead, no fax or photocopies)
K Copy of certificate of occupancy or proof of placed-in-service date (Rehabs Only)
L Site plan, floor plans and elevations
M Hazard and structural inspection and termite reports (Renovation projects only)
N Anticipated budget demonstrating how the project would meet the 10% test by November 14th.
O Evidence of Architect's Errors and Omissions insurance (or equivalent).
P Description of acquisition for existing/occupied projects or for projects with occupied buildings to be demolished.
Q Description of proposed Relocation Plan & Relocation Budget, Etc. If any relocation is anticipated, reference Appendix F.
R Targeting Plan and supporting documentation (Required for all projects)
S Local Housing Authority Agreement (Reference Model in Appendix I)
T Appraisal (for land costs greater than $5,000 and for buildings in rehab projects)
U Evidence of Permanent Loan Commitment, other sources of funds, and project-based subsidies.
V Statement regarding terms of Deferred Developer Fee and, if nonprofit, resolution of Board approving fee.
W Inducement Resolution (Tax-Exempt Bond Financed Projects only)
X Documentation to support estimated utility costs.
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