mountain view senior

8/6/2019 Mountain View Senior

1/35

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: Multi-Family Production

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

Resources Requested

750,000

Page 1 of 35Print - APP03-0187

1/14/2005https://www.nchfa.org/Rental/RTCApp/(c0ritz45xrsg2255mk2xcyi3)/site/PrintApp.aspx?I...


2/35

Is project in Qualified Census Tract & Difficult to Develop area:

Project Name and Location

Project Name: Mountain View Senior Apartments

Address: 431 Mountain View Dr.

City: Kernersville County: Forsyth Zip: 27284

Census Tract: 32.01 Block Group: 5352

No

Political Jurisdiction: Kernersville

Jurisdiction CEO Name: First: Last:Randy McCaslin Title: Town Manager

Jurisdiction Address: 134 East Mountain St.

Jurisdiction City: Kernersville Zip: 27284

Jurisdiction Phone: (336)992-0305

Site Latitude: 36.1188

Site Longitude: -80.0845




3/35

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: HUD and number of units:and number of units:

Target Population: Elderly (55)

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

Yes55

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: Memorandum of Understanding and Targeting Plan attached.

Proposed number of residential buildings: 1 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): 8,4808,480

Elevators -- Number of Elevators:Number of Elevators: 11

Gross Floor Square Footage: 49,349

Total Net Sq. Ft. (All Heated Areas): 48,130




4/35

Applicant Information

Applicant Name: Mountain View Senior Apartments LLC

Address: 1204 Kings Grant Dr.

City: State: NC Zip:Raleigh 27614

Contact: First: Last: Title:Lennis Loving Manager

Telephone: (919)846-1000

Alt Phone: (919)844-1969

Fax: (919)846-2360

Email Address: [email protected]




5/35

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

7.0 3.5

All of the site is suitable for construction, but Kernersville lies in a watershed which requires thatimpervious surfaces cover no more that 24% of the site or 50% of the site with a retention pond.

No

No

No

Yes

No




6/35

(b) Describe flood mitigation if the project is in the East Region and will have improvements within the 100 year floodplain:




7/35

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: 1/10/2004

(D) Enter Purchase Price: 210,000




8/35

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

RM 12s

Yes

No

No

No

No




9/35

Ownership Entity

Owner Name: Mountain View Senior Apartments LLCAddress: 1204 Kings Grant Dr.

City: State: NC Zip:Raleigh 27614

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

Federal Tax ID Number of Managing GP or Member: (If Not Assigned)56-2231507

Entity Type: Limited Liability CompanyEntity Status: To Be FormedIs the applicant requesting that the Agency treat the application as Non-Profit sponsored? NoIs the applicant requesting that the Agency treat the application as CHDO sponsored? NoList all general partners, members,and principals. Specify nonprofit corporate general partners ormembers. Click [Add] to add additional partners, members, and principals.

Org: Loving Development, LLC

First Name: Lennis Last Name: Loving Function: Managing Member

Address: 1204 Kings Grant DriveCity: Raleigh State: NC Zip: 27614

Phone: (919)846-1000 Fax: (919)846-2360

EMail: [email protected] Nonprofit: No TaxID 56-2231507




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11/35

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 7 targeted at 30 percent of median income.





50




12/35

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

RPP Loan 750,000 1.50 20 20Local Gov. Loan - Specify:

RD Loan

AHP Loan 297,000 0.00 30 30

Other Loan 1 - Specify:CICNC 367,031 7.25 20 30 30,045

Other Loan 2 - Specify:

Other Loan 3 - Specify:

Tax Exempt Bonds

State Tax Credit(Loan) 366,052 0 30 30 0

State Tax Credit(Direct Refund)

Equity: Federal LIHTC 2,246,820 Non-Repayable Grant

Equity: Historic Tax Credits

Deferred Developer Fees 9,602 Owner Investment

Other - Specify:

Total Sources** 4,036,505

* "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.

78

ahp repayments def. for 30 years. Rpp repayments below indicate the right amount. .sk

RPP Loan




13/35

Year:Amt:

117300

217500

317500

417800

517800

617900

717900

817900

917500

1017300

Year:Amt:

1117000

1216500

1316000

1415500

1515000

1614000

1713000

1812000

1911000

209800

AHP Loan

Year:Amt:

1

0

2

0

3

0

4

0

5

0

6

0

7

0

8

0

9

0

10

0Year:Amt:

110

120

130

140

150

160

170

180

190

200




14/35

Development Costs

Item Cost Element TOTAL COST Eligible Basis30% PV 70% PV

1 Purchase of Buildings (Rehab) 02 Demoli tion3 On-site Improvements 324,210 324,2104 Rehabilitation5 Construction of New Building(s) 2,123,344 2,123,3446 Accessory Building(s)7 General Requirements 146,800 146,8008 Contractor Overhead 49,000 49,0009 Contractor Profit 207,500 207,500

10 Construction Contingency 85,613 85,61311 Architect's Fee - Design 44,000 44,00012 Architect's Fee - Inspection 12,000 12,000

SUBTOTAL (lines 1 through 12) 2,992,46713 Construction Insurance (prorate) 5,500 5,50014 Construction Loan Orig. Fee (prorate) 25,000 25,00015 Construction Loan Interest (prorate) 84,000 84,00016 Construction Loan Credit Enhancement (prorate)17 Construction Period Taxes (prorate) 2,000 2,00018 Water, Sewer and Impact Fees 22,000 22,00019 Survey 5,000 5,00020 Property Appraisal 5,500 5,50021 Environmental Report 3,500 3,50022 Market Study 6,000 6,000

23 Bond Costs (specify)

24 Cost of Issuance25 Placement Fee26 Permanent Loan Origination Fee 6,00027 Permanent Loan Credit Enhancement28 Title and Recording

SUBTOTAL (lines 13 through 28) 164,50029 Real Estate Attorney 17,000 17,00030 Other Attorney's Fees 6,000 6,00031 Tax Credit App Fees 20,160 20,160

32 Cost Certification/Accounting Fees (specify) 4,000 4,000

33 Tax Opinion34 Organizational (Partnership) 035 Tax Credit Monitoring Fee 30,000

SUBTOTAL (lines 29 through 35) 77,16036 Furnishings and Equipment 17,446 17,44637 Relocation Expenses38 Developer's Fee (max 15% lines 2-36, less 8 & 9) 444,943 444,943

39 Other Basis Expense (specify)

40 Other Basis Expense (specify)

41 Rent-up Expenses

42 Other Non-basis Expense (specify)

43 Other Non-basis Expense (specify)

SUBTOTAL (lines 36 through 43) 462,38944 Rent up Reserve 15,000




15/35

Comments:

45 Operating Reserve 94,073

46 Other Reserve (specify) disabled target plan 20,916

47 Other Reserve (specify)

48 DEVELOPMENT COST (lines 1-47) 3,826,505 0 3,660,51649 Less Federal Financing50 Less Disproportionate Standard51 Less Nonqualified Nonrecourse Financing

52 Less Historic Tax Credit (residential) 053 TOTAL ELIGIBLE BASIS 3,660,516 0 3,660,51654 Times Applicable Fraction 100.00% 100% 100%55 TOTAL QUALIFIED BASIS 3,660,516 0 3,660,51656 Tax Credit Rate 0.00% 7.87%57 FEDERAL TAX CREDITS at Estimated Rate 288,082 0 288,082

57a FEDERAL TAX CREDITS at 8.5% or 3.75% 311,143 0 311,14358 FEDERAL TAX CREDITS REQUESTED 311,779 311,77959 STATE TAX CREDITS60 Land Cost 210,00061 TOTAL REPLACEMENT COST 4,036,505




16/35

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

The project will consist of 50 units of housing for the elderly located in Kernersville NC. 37 units willbe one bed room units, and 13 units will be two bed room units. The site is located in a quietresidential neighborhood, but shopping and medical and other services are all located a shortdistance away.

The building will feature a large gathering room with large TV, library, computer room, exerciseroom, entry canopy w/ seating,Screen porch, terrace,learning center, sitting area w/ couch, andinterview room. The grounds will be nicely landscaped with both open and wooded areas, walkingtrails, garden plot, picknic area, and crescent arbor.

Yes

Millside Manor, Morganton, NCHuntington Manor, Goldsboro, NC

Community Bldg - Sq Ft: Community Room - Sq Ft: 2,650 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

Services will be arranged by management per the services plan.

Landscaping will be heavy with an initial budget of $1,000 per unit.




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18/35

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).

The site is located in a new neighborhood of single family homes and condominiums. The trend isup because of the new construction.

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 surrounding development is advantageous with a mixture of new and well preserved residentialuses. Neighborhood shopping and restaurants are within walking distance, while larger commercialareas are in easy driving distance.

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).The site is served by a new street, Mountain View Dr. Trafic in the area is light because it is in aresidential neighborhood. Commuter streets are convenient and adequate for travel to other parts oftown and near by cities

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).There is vacant land behind the site which is slated for additional residential development. There areno undiserable uses in the neighborhood or surrounding area.

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.No negative on-site features

Similarity of scale and aesthetics/architecture between project and surroundings.Project is very compatable with surrounding residential uses in scale and architecture and materials.




19/35

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

Other facilities or services:

Concentration of affordable housing (housing credit, project-based rental assistance, public housing).no consentration of subsidized housing in the area.

Availability of Supportive Services (if applicable):All support services are close to the site to include Shepards Center, which provides severalservices for seniors.

Grocery Store1.0 Community/Senior Center1.1

Mall/Strip Center2 Hospital11.5

Outdoor Athletic Fields.7 Pharmacy1.2

Day Care/After School.1 Basic Health Care.5

Schools.7 Medical Offices1.7

Public Transportation Stop.9 Bank/Credit Union1.1

Convenience Store.8 Restaurants.5

Basketball/Tennis Courts.7 Professional Services.7Public Parks.5 Movie Theater1.5

Gas Station.8 Video Rental1

Library.9 Public Safety (Fire/Police)1.1

Fitness/Nature Trails.7 Post Office.5

Public Swimming Pools.7




20/35


21/35

Development List 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:

Management List 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 orstate agency?

Has any owner, principal, or management agent been involved in a bankruptcy, an adverse fair housing settlement, an adverse civil rightssettlement, 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 subsidizedproject?

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 carryoveragreement 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 orreceived a letter of non-compliance from the Agency?

Project Team Experience

North Carolina Other States

Projects: 11

Units: 336

North Carolina Other States

Projects: 49 61

Units: 1,483 1,953

No

No

No

No

No




22/35

Financing Commitments

Does the project have a firm commitment for construction financing? No

Does the project have a letter of intent for private permenant financing? Yes

Does the project have a firm commitment for government financing? No

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:




23/35

Project Operations (Year One)

Projected Operating Costs

Administrative ExpensesAdvertising 2,400Other Administrative Expense (specify):

Office SalariesOffice SuppliesOffice or Model Apartment RentManagement Fee 15,500Manager or Superintendent Salaries 21,000Manager or Superintendent Rent Free UnitLegal Expenses (Project) 1,000Auditing Expenses (Project) 3,500Bookkeeping Fees/Accounting ServicesTelephone and Answering Service 2,500Bad DebtsOther Administrative Expenses (specify):

SUBTOTAL 45,900Utilities ExpenseFuel OilElectricity (Light and Misc. Power) 6,000Water 3,000GasSewer 3,000SUBTOTAL 12,000Operating and Maintenance ExpensesJanitor and Cleaning PayrollJanitor and Cleaning SuppliesJanitor and Cleaning Contract 6,000

Exterminating Payroll/Contract 1,000Exterminating SuppliesGarbage and Trash Removal 2,500Security Payroll/ContractGrounds PayrollGrounds SuppliesGrounds Contract 6,000Repairs PayrollRepairs MaterialRepairs Contract 6,000Elevator Maintenance/Contract 3,200Heating/Cooling Repairs and Maintenance 1,000

Swimming Pool Maintenance/ContractSnow RemovalDecorating Payroll/Contract 12,000Decorating Supplies 3,000Other (specify):

Miscellaneous Operating & Maintenance ExpensesSUBTOTAL 40,700Taxes and InsuranceReal Estate Taxes 20,000




24/35


25/35


26/35

Design Features

ITEM DESCRIPTION

Foundation/Slab Components Monolithic slab on grade

Primary Windows Make: Model:Silverline or Atrum Type/Construction: Single hung vinyl insulated

Exterior Doors Type: Frames:Insulated metal Knock down metal frame

Siding Type: Grade/Thickness:Lap vinyl .044

Warranty: Limited lifetime

Exterior Trim Vinyl and break mtl.

Shingles Type: Weight:Anti-fungal 3 tab

Warranty: 25 year

Sprinkler System 13 R

Cabinets American flat panel oak or equiv.

Heat Pump SEER: Make:11 min. Trane/First Company

Model: as required

Air Conditioner SEER: Make:N/A

Model:

Other Heat Systems SEER: Make:N/A Model:




27/35

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 122,105 122,105

Backfill-slab, Crawl 0

Slab-concrete/Rebar/Gravel 0

Waterproofing 500 500

Masonry Foundation 0

Brick Veneer 111,842 111,842

Steel/Structure/Rails 0

Framing/Lumber/Nails 335,775 335,775

Trusses 86,184 86,184

Crane Rental 2,000 2,000

Windows/Grilles/Screen 29,350 29,350Exterior Doors 22,368 22,368

Roofing 46,600 46,600

Fencing 500 500

Vinyl Siding/Trim/Box 75,000 75,000

Gutters/Shutters 4,000 4,000

Insulation 40,000 40,000

Drywall 168,500 168,500

Interior Doors 19,740 19,740

Int. & Final/Stair/Trim/Shelves 51,316 51,316

Cabinets & Tops 97,368 97,368Painting 68,000 68,000

Marble - Tub/Shwr/Tops 0

Plumbing 156,580 156,580

Electrical 170,066 170,066

Heating/Air Conditioning 198,500 198,500

Floor Covering and Underlayment 70,000 70,000

Wall Paper 0 0

Mailboxes/Special Features/Signage 4,600 4,600

Gypcrete 21,000 21,000

Blinds/Shades/Art Work 3,300 3,300

Light Fixtures/Fans 0 0

Sprinkler System 39,500 39,500

Security Alarm 39,800 39,800

Hardwood Floors 0 0

Elevator 30,000 30,000

Ceramic Tiles 2,000 2,000

Acoustical Ceilings 0 0




28/35

Remarks:

Mirror/Shower Door/Encls. 0 0

Hardware/Bath Access. 21,000 21,000

Appliances 46,050 46,050

Playground Equipment 4,000 4,000

Interior Clean 7,800 7,800

Exterior Clean/Dumpster 28,000 28,000

Other 1 (specify in Remarks) 0

Other 2 (specify in Remarks) 0

Total Cost 2,123,344 0 2,123,344




29/35

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 115,000

Job Site Office/Trailer Rental 7,000

Impact Fees 0

Office Supplies

Security/Watchman 0

Water and Sewer Connection Fees 0

Project Signage 500

Tools and Equipment

Gas, Oil, and Maintenance

Cleanup/Dumpster Rental

Temporary Water, Electric, and Telephone 4,500Storage/Hauling 2,000

Driveway Access Permit 0

Porta-John Rental/Dumping

Builders Risk Insurance

Re-inspection Fees

Extra Plans and Specifications

Miscellaneous, Casual Labor 8,800

Equipment Rental 9,000

Other 1 (specify in Remarks)

Other 2 (specify in Remarks) 0Total Cost 146,800

Total cost reduced to match general requirement section.




30/35

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 121,710

Demolition 0

Earthwork/Excavation/Aerating 0

Soil Treatment 1,000

Pile Foundations 0

Caissons 0

Shoring/Bracing 0

Site Drainage 10,000

Site Utilities/Site Lighting 32,000

Paving and Surfacing/Curb and Gutter 95,000Walkways 10,000

Site Signage 2,000

Parking Lot Painting 1,000

Dumpsite Pads/Fencing 1,500

Fencing/Gates 0

Landscaping/Topsoil 50,000

Waterproofing/De-Watering 0

Operation of Construction Equipment/Fuel/Oil 0

Crane Rental 0

Rock and Hardpan ExcavationSite Supervision Personnel

Other (specify in Remarks)

Total Cost 324,210




31/35

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



Total Cost 0

na




32/35

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 2 (specify in Remarks)Other 3 (specify in Remarks)

Total Cost 0

na




33/35

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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35/35

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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