meadow's gate app

8/6/2019 Meadow's Gate App

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Print Preview - FinalApplicationTax Credits, RPP Loans, and/or Tax Exempt Bond Loans

roject Description

oject Name: Meadow's Gate, LLC

dress: Western Boulevard

ty: Jacksonville County: Onslow Zip:

ensus Tract: 13 Block Group: 3

project in Qualified Census Tract or Difficult to Develop Area? No

olitical Jurisdiction: 3rd Congressional District/City of Jacksonville

risdiction CEO Name:First:Sammy Last:Phillips

Title: Mayor

risdiction Address: 815 New Bridge Street

risdiction City: Jacksonville Zip:

risdiction Phone:

e Latitude:

e Longitude:

oject Type: New Construction

this project a previously awarded tax credit development? No

If yes, what is the project number: Is this a request for supplementalcredits?

w Construction/Adaptive Reuse:his project a follow-on (Phase II, etc) to a previously-awarded tax credit development project? No

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

ehab:

umber of residents holding Section 8uchers:

l the project meet Energy Star standards as defined in Appendix B? No

es a community revitalization plan exist? No

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

ll the project include a Community Service Facility under IRS Revenue Ruling 2003-77?o

ttps://www.nchfa.org/Rental/RTCApp/(S(1lxt22ul...DCCEAB9CC&SNID=53B981CDEFF142B194CA75AB56D14AA5 (1 of 30)9/16/2008 2:24:27 PM

28546

28541

(910)938-5224

34.8001

-77.4309


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If yes, please describe:

rget Population:Family

ll the project be receiving project based federal rental assistance? No

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

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

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

Number of Units:

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

Number of Units:

Remarks: Eight(8)units will be targeted to persons with disabilities or homeless populations. It is likely the developerwill again partner with the Onslow County Department of Social Services as lead local agent. The developerhas successfully worked with this agency in the targeting and lease-up process for the Phoenix Park II,Emmerdale and Fox Hollow developments which are tax credit developments in Jacksonville.


4

8


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pplicant Information

icate below an individual or a validly existing entity (a corporation, nonprofit, limited partnership or LLC) as the official applicant. UndeP Section III(C)(5) only this individual or entity will be able to make decisions with regard to this application. If awarded the applicant

come part of the ownership entity. The applicant will execute the signature page for this application.

pplicant Name: East Carolina Community Development Inc.

dress: PO Box 2400

ty: Beaufort State: NC Zip:

ontact: First: Keith Last:Walker Title:CEO & President

lephone:

Phone:

x:

mail Address:

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


28516

(252)504-3996

(252)504-2424

(252)504-2248

[email protected]


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te Description

al Site Acreage: Total Buildable Acreage:

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

ntify utilities and services currently available (and with adequate capacity) for this site:

Storm Sewer Water Sanitary Sewer Electric

he demolition of any buildings required or planned? No

If yes, please describe:

e existing buildings on the site currently occupied? No

If yes:(a) Briefly describe the situation:

(b) Will tenant displacement be temporary?(c) Will tenant displacement be permanent?

he site directly accessed by an existing, paved, publicly maintained road? Yes

If no, please explain:

any portion of the site located inside the 100 year floodplain? No

If yes:(a) Describe placement of project buildings in relation to this area:


9.3 9.3


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



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te Control

es the owner have fee simple ownership of the property (site/buildings)?No

If yes provide:

Purchase Date: Purchase Price:

If no:(a) Does the owner/principal or ownership entity have valid option/contract to purchase the property?Yes

(b) Does an identity of interest (direct or indirect) exist between the owner/principal or ownership entity with the option/contract fopurchase of the property and the seller of the property?NoIf yes, specify the relationship:

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

(D) Enter Purchase Price:


11/30/2008

857,088


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oning

esent zoning classification of the site:B-1

multifamily use permitted?Yes

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

If yes, have the hearings been completed and permits been obtained?No

If yes, specify permit or variance required and date obtained. If no, describe permits/variances required and schedule for obta

them:The proposed use as apartments is permitted by right in the B-1 zoning district, however the City ofJacksonville requires a Special Use Permit for all uses or buildings that exceed a combined gross floor areaof 25,000 square-feet. The proposed Meadow's Gate development exceeds the threshold limit and aSpecial Use Permit is required and will be considered for approval by the Planning Board and City Councilconcurrently with the site plan for the project.

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

If yes, describe below:

e there any existing conditions of environmental significance located on the project site?No

If yes, describe below:



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wnership Entity

wner Name: Meadow's Gate, LLC

dress: PO Box 2400

y: Beaufort State:NC Zip:

deral Tax ID Number of Ownership Entity: (If assigned)

ote: Do not submit social security numbers for individuals.

tity Type: Limited Liability Company

tity Status: Already Formed

the applicant requesting that the Agency treat the application as Non-Profit sponsored? Yes

the applicant requesting that the Agency treat the application as CHDO sponsored? Yes

st all general partners, members,and principals. Specify nonprofit corporate general partners or members.ck [Add] to add additional partners, members, and principals.

Org: East Carolina Community Development Inc.

st Name: Keith Last Name: Walker Function: Managing Memberddress: PO Box 2400, 108 Professional Park Drive

ty: Beaufort State: NC Zip: 28516

one: Fax:

Mail: Nonprofit: Yes


28516

(252)504-3996 (252)504-2248

[email protected]


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

Elevators - Number of Elevators:

uare Footage Information

oss Floor Square Footage:

tal Net Sq. Ft. (All Heated Areas):

tes

Please refer to the Income Limits and Maximum Housing Expense Table to ensure that Total Monthly Tenant Expenses for low inc

units are within established thresholds.

ttps://www.nchfa.org/Rental/RTCApp/(S(1lxt22u...CCEAB9CC&SNID=53B981CDEFF142B194CA75AB56D14AA5 (10 of 30)9/16/2008 2:24:27 PM

108,819

94,480
http://www.nchfa.com/lib/html/rental/Median%20Income%20Charts/income_limits.htmhttp://www.nchfa.com/lib/html/rental/Median%20Income%20Charts/income_limits.htm


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argeting

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

BRs Units %

targeted at percent of median income affordable to/occupied by






tal Low Income Units:

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


10 40

14 50

16 60

10 40

14 50

16 60

80


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unding 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)

State Tax Credit(Direct Refund)

Equity: Federal LIHTC

Non-Repayable Grant

Equity: Historic Tax Credits

Deferred Developer Fees

Owner Investment

Other - Specify:

Total Sources**

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

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

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

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


1,129,154 6.00 40 40 74,553

800,000

2.00 20 20

1,429,639 0 30 30 0

5,042,038

5,000

8,405,831

83


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ans with Variable Amortizationease fill in the annual debt service as applicable for the first 20 years of the project life.

PP Loan

ear:mt:

1 2 3 4 5 6 7 8 9 10

ear:mt:

11 12 13 14 15 16 17 18 19 20


53355 54461 55492 56440 57298 58059 58716 59259 59680 59970

60119 60117 59954 59617 59096 58377 18091 0 0 0


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evelopment Costs

Item Cost Element TOTAL COSTEligible Basis

30% PV 70% PV

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

2 Demolition (Rehab / Adaptive Reuse only)

3 On-site Improvements

4 Rehabilitation

5 Construction of New Building(s)

6 Accessory Building(s)

7 General Requirements (max 6% lines 2-6)

8 Contractor Overhead (max 2% lines 2-7)

9 Contractor Profit (max 8% lines 2-7; 6% if Identity of Interest)

10 Construction Contingency (max 3% lines 2-9, Rehabs 6%)

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

12 Architect's Fee - Inspection

13 Engineering Costs

SUBTOTAL (lines 1 through 13)

14 Construction Insurance (prorate)

15 Construction Loan Orig. Fee (prorate)

16 Construction Loan Interest (prorate)

17 Construction Loan Credit Enhancement (prorate)

18 Construction Period Taxes (prorate)

19 Water, Sewer and Impact Fees

20 Survey

21 Property Appraisal

22 Environmental Report

23 Market Study

24 Bond Costs

25 Bond Issuance Costs

26 Placement Fee

27 Permanent Loan Origination Fee

28 Permanent Loan Credit Enhancement

29 Title and Recording


0

0

900,000 900,000

0

3,730,400 3,730,400

80,000 80,000

280,824 280,824

99,824 99,824

349,386 349,386

163,213 163,213

65,000 65,000

15,000 15,000

30,000 30,000

5,713,647

30,000 30,000

27,202 27,202

258,429 258,429

0

40,000 40,000

135,715 135,715

15,000 15,000

8,000 8,000

6,500 6,500

4,200 4,200

0

0

8,000


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60 Tax Credit Rate

61 Federal Tax Credits at Estimated Rate

62 Federal Tax Credits at 9.00% or 3.75% (maximum $1,000,000)

63 Federal Tax Credits Requested

64 Land Cost

65 TOTAL REPLACEMENT COST

FEDERAL TAX CREDITS IF AWARDED

Comments:

Total Replacement Cost per unit:70,046


3.40 8.50

607,596 0 607,596

643,337 0 643,337

0

857,088

8,405,831

643,337


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arket Study Information

ase provide a detailed description of the proposed project:

eadows Gate Apartments involves the construction of an 80- (eighty) unit multi-family developmentcated in Jacksonville, North Carolina, home to Marine Corps Base Camp Lejeune. The proposed site iscated within Jacksonvilles western growth corridor in the Western Boulevard and Williamsburg Plantationea. The development consists of five-(5) residential buildings that contain 16-(sixteen) units each with ait mix of 40-(forty) two-bedroom units and 40-(forty) three-bedroom units. A separate community buildingth amenities, community facilities and laundry area will also be provided. The site location and

velopment design will provide an enhanced sense of community for all tenants. Units are targeted fornants at 40%, 50% and 60% of median income. Meadows Gate will adhere to the North Carolina Housingnance Agency design guidelines. This development will utilize two-(2) story buildings, with floor plans thatve proven to be a success with other ECCDI multi-family developments.

nstruction (check all that apply):

Brick Vinyl Wood HardiPlank Balconies/Patios Sunrooms Front Porches

Front Gables or Dormers Wide Banding or Vertical/Horizontal Siding

Other:

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

If yes, please provide name and address:

The design is similar to the following projects:

1) Phoenix Park II Apartments100 Community DriveJacksonville, NC 28546

2) Phoenix Park ApartmentsPhoenix Park DriveJacksonville, NC 28546

3) Blue Point Bay Apartments201 Old Murdoch RoadNewport, NC 28570

4) Elm Green Apartments100 Elm Green Loop Drive

Newport, NC 28570

e Amenities:

e development will include a community building which will contain a resident computer center, combinedme and craft room, multi-purpose/TV room, covered picnic area with tables and grill, outdoor sitting areasth benches, playground, tot lot, gazebo, on-site leasing office, on-site property manager and on-siteaintenance person. Laundry facilities and handicap accessible mailboxes will be located within and at themmunity building.

site Activities:



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esident activities are centered in and around the community building and amenities area and will includesident dinner get-togethers, holiday parties, weekend craft and game gatherings and movie nights. In themmer months, management will coordinate cook-outs for the residents to attend. The community buildingalso available for childrens clubs and meetings like Boy/Girl Scouts and 4-H Club as well as tenants useprivate functions. The computer center within the community building will be used to host computerining for residents. Management will provide tenants with information about community activities andents in within the Jacksonville area, including on-going recreational opportunities at the nearbycksonville Commons Recreation Center.

anagement will assist Meadows Gate target population in gaining access to local supportive servicesoviders and facilitators in Onslow County region. This population will include those with disabilities,

ctims of domestic violence as well as the homeless. ECCDI already has the benefit of existingationships with many area service providers in having partnered to meet the needs of its Phoenix Park Id II and Fox Hollow residents.

ndscaping Plans:

eadows Gate landscaping plan includes an entrance with a variety of f lowering bushes and seasonalantings. To the extent possible existing vegetation will be preserved throughout the site. Landscapedands are placed throughout the parking areas to provide a break to masses of asphalt. Large open greenaces will also incorporate massing of shade trees and evergreens. All proposed plant material will betive species which prove to adapt well to transplanting and tolerant of the eastern North Carolina climate,

cluding durability throughout drought conditions. Foundation plantings are to be provided at and about allsidential buildings and the community building. Landscape screening will be provided around the trashllection enclosure and the community sign. The landscaping plan will exceed the City of Jacksonvillesning Ordinance landscaping requirements.

erior Apartment Amenities:

esidential unit amenities include a spacious open floor plan design that easily accommodates furnitureacement and mobility and are outfitted with a neutral color scheme throughout. Wall to wall low pilerpeting will be provided in all living areas and vinyl composition tiles will be installed in the entry way,chen and bathrooms. Each unit will have two ceiling fans with lighting and all windows will provide low-Eass and vinyl mini blinds. Generous closet space and storage areas are provided. All units will haveasher and dryer hook-ups. Each building and residential unit will be constructed with fire protectionrinklers.

chens will be completed with appliances to include a range with hood, disposal, dishwasher, refrigerator,nge-hood fire suppression canisters and wall mounted fire extinguishers.

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

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



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pplicant's Site Evaluation

efly describe your site in each of the following categories:

EIGHBORHOOD CHARACTERISTICS

end and direction of real estate development and area economic health. Physical condition of buildings andprovements in the immediate vicinity. Concentration of affordable housing.

he proposed Meadows Gate Apartments site is located within the City of Jacksonvilles northwest growth

nd development corridor. Centrally located off Western Boulevard the site is situated among a mix ofousing types including detached single-family dwellings, townhouses and apartments. In addition tosidential uses, the neighborhood includes a variety of commercial developments which offer servicescluding retail, medical and professional services, banking and employment opportunities.

acksonville is the commercial hub of Onslow County and is the home of Marine Corps bases Campejeune and New River Air Station. The presence of the bases and military comprise the majority of theconomic stimulus in the Jacksonville area. The 2006 BRAC review recommended expansion of basectivity and an increase of personnel. Further, in October 2007 North Carolinas Eastern Region announcedat 25,000 active duty Marines, civilians and family members will be re-locating to the areas of easternorth Carolinas Marine installations by 2011. With these recommendations, Jacksonville is undergoing ancreased amount of development to meet the demand of the market in providing adequate housingpportunities.

he existing housing stock within the immediate area of the site consists of relatively new construction i.e.,uilt within the last five years. This includes single-family dwellings and rental apartments. New single-mily homes are under construction along Western Boulevard opposite the Gum Branch Road intersection.dditionally, approximately 1,000 homes are planned for the vacant acreage directly opposite Westernoulevard from the site. To the east of the site (about one mile traveling along Western Boulevard) isarolina Forest area of Jacksonville which includes new single-family homes, townhomes and apartments.his is also the location of Emmerdale Apartments, which is a LIHTC development completed by ECCDI inecember 2007. Emmerdale contains 46 units of affordable one, two and three bedroom apartments.

Windsor Place Apartments with 302 market-rate units is located approximately 1,000 feet to the east frome Meadows Gate site. Additional LIHTC developments within four miles of the site include Blue Springsth 40 units and Heatherton Park with 40 units also. The proposed Meadows Gate development will be the

nly apartment development along the Western Boulevard growth corridor in Jacksonville to includefordable housing.

URROUNDING LAND USES AND AMENITIES

nd use pattern is residential in character (single and multifamily housing). Extent that the location isolated. Effect of industrial, large-scale institutional or other incompatible uses, including but not limited to:astewater treatment facilities, high traffic corridors, junkyards, prisons, landfills, large swamps, distributioncilities, frequently used railroad tracks, power transmission lines and towers, factories or similar operations,urces of excessive noise, and sites with environmental concerns (such as odors or pollution). Amount andaracter of vacant, undeveloped land. The surrounding land uses in the vicinity of the Meadows Gate site

cludes a mix of multi-family developments, commercial and retail services and vacant land. Approximately4 mile to the east along Western Boulevard is a market rate apartment development, Windsor Place. Otherulti-family developments exist nearby within Carolina Forest (about a mile to the east) and othervelopments along Gum Branch Road to the South, including Phoenix Park and Cardinal Village. Single-

mily housing stock and on-going development exists to the west of the site within Williamsburg Plantation.ditionally a new single family subdivision of about 1,000 +/- home sites is underway directly opposite

estern Boulevard. Non-residential uses, including retail services, medical and professional offices, banking,urches and employment opportunities exist in and around this section of Western Boulevard. A regionalopping center is located less than a half mile from the site at the intersection of Western Boulevard and

um Branch Road and includes a gas/service station, restaurants and convenience store, Food Lion groceryore, and pharmacy. A CVS pharmacy and convenience store is currently under construction at theersection opposite this center. The main roadways in close proximity to the site, being Western Boulevard,um Branch Road and Henderson Drive all contain a concentration of commercial uses which providervices for this area including access to retail establishments, general and specialty medical providers,nks and fiduciary institutions, pharmacy, senior and community center (Jacksonville Commons) post office,staurants, churches, video rental and library. The City of Jacksonville has recently implemented a busrvice program that serves as an additional transportation opportunity. There are no known incompatible ordesirable land uses in the vicinity of the proposed site. A review of maps from the City of Jacksonville and



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nslow County GIS departments and field inspection of the area revealed no indication of the presence ofastewater treatment facilities, junkyards, prisons, landfills, swamps, distribution facilities or land uses whichay generate excess noise. The existing land use and development potential of tracts in the vicinity, alongth the increased levels of service and availability of amenities make the selected site for Meadows Gateceptionally well suited for the proposed multi-family community.

TE SUITABILITY

equate traffic safety controls (i.e. stop lights, speed limits, turn lanes). Burden on public facilitiesarticularly roads). Access to mass transit (if applicable). Visibility of buildings and/or location of project signin relation to traffic corridors. The Meadows Gate Apartments site is located along Western Boulevard,

proximately mile east of Gum Branch Road intersection, both roadways are NCDOT maintainedcilities. The tract is situated approximately 300 feet from the road and is highly visible from Westernoulevard and Williamsburg Parkway directly to the West. The project sign will be located at thevelopment access and will be clearly visible from both directions traveling along Western Boulevard.estern Boulevard serves as a major corridor through the City of Jacksonville and provides direct access toC Highway 17 (Marine Boulevard) and to NC Highway 24. Gum Branch Road intersects Western Boulevardst to the west of Carolina Forest and provides access to neighboring Richlands as well as access toerstate 40. NC Highway 24 connects Jacksonville with the Crystal Coast area and the towns of

wansboro, Emerald Isle and Morehead City. Recent improvements to Marine Boulevard (NC Highway 17)d the opening of the Highway 17 by-pass have improved access and reduced travel time to New Bern (to

e north) and Wilmington (to the south). The by-pass around Jacksonville provides a non-stop route arounde city and adequately handles the heavy traffic that once traveled along the main roads through the city.e City of Jacksonville has recently enabled a transit service consisting of multi-directional bus service

ong fixed routes. This will allow riders to reach the downtown area, Jacksonville Mall, Onslow Hospital,

amp Lejeune and Coastal Carolina Community College. The Onslow United Transit System, Inc (OUTS)ovides low cost transportation within Onslow County. OUTS primary service includes mini-busnsportation for the elderly and the disabled population. The roadway system and traffic infrastructure hasen adequate to support the existing development and appears capable to serve the current growth trendsthe vicinity of the Meadows Gate site.

egree of on-site negative features and physical barriers that will impede project construction or adverselyect future tenants; for example: power transmission lines and towers, flood hazards, steep slopes, largeulders, ravines, year-round streams, wetlands, and other similar features (for adaptive re-use projects-itability for residential use and difficulties posed by the building(s), such as limited parking, environmentaloblems or the need for excessive demolition).

here are no known physical barriers or negative features that will impede project construction or negativelympact future tenants. There is a power transmission line located along the western property boundary but

is presents no issue with the development as planned. The area beneath the lines will remain

ndeveloped or potentially utilized to locate the stormwater detention pond. All structures and amenitiesssociated with the Meadows Gate development will be located beyond the limits of the poweransmission lines.

milarity of scale and aesthetics/architecture between project and surroundings.

he design of the proposed Meadows Gate is highly compatible with similar types of developments withine Jacksonville area. The building is designed based on the success of other ECCDI tax-creditevelopments, including nearby Phoenix Park. Meadows Gate will utilize a three-story building whichontains 24 units and is a mix of two and three bedroom apartments. Within the general vicinity of this sitere three market-rate apartment developments that include a similar building concept with a three-storyesign. The exteriors will be completed with a combination of brick and vinyl siding. The overall scale andesign of the site and buildings will complement neighboring existing developments and will prove to be an

sset to future development in the area.

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

Grocery StoreCommunity/Senior

Center

Mall/Strip Center Hospital

Outdoor Athletic Fields Pharmacy


252.0

25 3.0

5 0.25


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Day Care/After School Basic Health Care

Schools

Public Transportation

op

Convenience Store

Public Parks

Gas Station

Library

her facilities or services:

CCDI will provide access to area supportive service providers and facilitators in accordance witheadows Gate target population. This population includes individuals with disabilities, victims of domesticolence and the homeless. ECCDI will seek to leverage existing relationships with organizations thatovide services to the residents of the nearby Phoenix Park I and II developments.

e Jacksonville Commons Recreation Complex on Commons Drive is located a few miles from the

oposed site and includes a community center, gymnasium, trail system and ball fields.

e site is also close to the Coastal Carolina Community College - a college that plays an active role in thentinuing education of the citizens of Onslow County. The Continuing Education Division provides courses

hich upgrade the occupational skills and knowledge of individuals at all levels of labor and management,ers services to small businesses, and provides programs to meet the training needs of new andpanding industries. Programs are also provided to meet literacy needs, basic skill improvement, and highhool equivalency certification. Additionally, a broad range of courses is offered enabling individuals toprove home and community life and develop or improve leisure time activities.


5 0.5

0

0

25

5

25

0


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evelopment Team

ovide contact information for development team members below:

nagement Agent

ompany: Community Managment Corporation

dress: PO Box 25168

ty: Winston-Salem State: NC Zip:

one Email:

ontact Name: First: David Last: Eagan

chitect

ompany: Boisseau Design Group

dress: 8304 Meadow Ridge Court

ty: Raleigh State: NC Zip:

one Email:

ontact Name: First: Kenn Last: Boisseau

orney

ompany: Jordan Price Wall Gray Jones & Carlton, PLLC

dress: 1951 Clark Avenue


one Email:

ontact Name: First: Susan Last: Ellinger

estor

ompany: First Sterling Financial, Inc.

dress: 1155 Northern Blvd.

ty: Manhasset State: NY Zip:

one Email:

ontact Name: First: Victor Last: Sostar

nsultant/Application Preparer (if different from developer)

ompany:

dress:

ty: State: Zip:

one Email:

ontact Name: First: Last:


27114

(919)981-0060 [email protected]

28615


27605


11030



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neral Contractor Identity of Interest?

ompany: Caliber Builders, LLC

dress: 3924 Browning Place


one Email:

ontact Name: First: Frankie Last: Pendergraph


27609



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rojected Operating Costs

Project Operations (Year One)

Administrative Expenses

Advertising

Office Salaries

Office Supplies

Office or Model Apartment Rent

Management Fee

Manager or Superintendent Salaries

Manager or Superintendent Rent Free Unit

Legal Expenses (Project)

Auditing Expenses (Project)

Bookkeeping Fees/Accounting Services

Telephone and Answering Service

Bad Debts

Other Administrative Expenses (specify):

SUBTOTAL

Utilities Expense

Fuel Oil

Electricity (Light and Misc. Power)

Water

Gas

Sewer

SUBTOTAL

Operating and Maintenance Expenses

Janitor and Cleaning Payroll

Janitor and Cleaning Supplies

Janitor and Cleaning Contract

Exterminating Payroll/Contract

Exterminating Supplies

Garbage and Trash Removal

Security Payroll/Contract

Grounds Payroll


1,000

8,560

32,255

25,000

5,000

3,000

postage, credit checks, i17,200

92,015

15,000

15,000

15,000

45,000

5,000

600

600

200

6,000

5,000


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Grounds Supplies

Grounds Contract

Repairs Payroll

Repairs Material

Repairs Contract

Elevator Maintenance/Contract

Heating/Cooling Repairs and Maintenance

Swimming Pool Maintenance/Contract

Snow Removal

Decorating Payroll/Contract

Decorating Supplies

Other (specify):

Miscellaneous Operating & Maintenance Expenses

SUBTOTAL

Taxes and Insurance

Real Estate Taxes

Payroll Taxes (FICA)

Miscellaneous Taxes, Licenses and Permits

Property and Liability Insurance (Hazard)

Fidelity Bond Insurance

Workmen's Compensation

Health Insurance and Other Employee Benefits

Other Insurance:

SUBTOTAL

Supportive Service Expenses

Service Coordinator

Service Supplies

Tenant Association Funds

Other Expenses (specify):

SUBTOTAL

Reserves

Replacement Reserves

SUBTOTAL


4,000

10,200

10,000

5,000

2,800

5,600

55,000

60,000

10,000

29,500

2,500

102,000

0

20,000

20,000


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TOTAL OPERATING EXPENSES

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

TOTAL UNITS

(from total units in the Unit Mix section)

PER UNIT PER YEAR


314,015

234,015

80

2,925


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2. "Total Operating Expenses" comes from 1st-year cash flow, then it is escalated by 4% per year.3. "Debt Service" is the sum of "regular/amortized loan debt service + non-amortizing annual service" as entered by user from

Funding Sources section.4. "Net Cash Flow" is "Net Rental/Other Income" minus "Total Operating Expenses" minus "Debt Service".5. "Debt Coverage Ratio" is ("Net Rental/Other Income" minus "Total Operating Expenses") divided by "Debt Service".



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inimum Set-Asides

NIMUM REQUIRED SET ASIDES (No Points Awarded):

Select one of the following two options:

20% of the units are rent restricted and occupied by households with incomes at or below 50% of the median income (Note: NCredit 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: NCredit 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: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 percent (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 comedian income.

At least fifty percent (50%) of qualified units will be affordable to and occupied by households with incomes at or below fifty per(50%) of county median income.

Tax Exempt BondsThreshold 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 per(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 per(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 per(40%) of county median income.



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ull Application Checklist

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

A Nonprofit Organization Documentation or For-profit Corporation Documentation

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

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

D Management Agent Agreement

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

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

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

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

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

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

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

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

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

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

O 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 lenderreserve balances, 3) letter from lender that outlines assumption requirements.

P Local Housing Authority Agreement and Project Based Rental Assistance Letter, if applicable (Sample letters provided 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.

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

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

meadow's gate app

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