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Print Preview - Final Application
Tax Credits, RPP Loans, and/or Tax Exempt Bond Loans
Project Name and Location
Project Name: Cedar Spring - A Senior Living Community Address: City: 100 S. Hollybrook Road Wendell County: Wake Block Group: 2021 Zip: 27591
Census Tract: 0544.02
Is project in Qualified Census Tract & Difficult to Develop area? No Does a community revitalization plan exist? No Political Jurisdiction: Jurisdiction Address: Jurisdiction City: Jurisdiction Phone: Town of Wendell Last: Hinnant Title: Mayor P.O. Box 828 Wendell (919)365-4444 Zip: 27591
Jurisdiction CEO Name: First: Tim
Site Latitude: Site Longitude:
35.7791 -78.3666
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Project Description
Project Type:* New Construction Rehab Adaptive Reuse
Is this project a follow-on (Phase II, etc) to a previously-awarded tax credit development project? No If yes, list names of previous phase(s): Will the project be receiving project based federal rental assistance? No If yes, provide the subsidy source: and number of units:
Target Population: Elderly (55) Indicate 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 and 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: Address: City: Contact: Telephone: Evergreen Construction Company 7706 Six Forks Road, Suite 202 Raleigh First: Tim (919)848-2041 State: NC Zip: 27615 Last: Morgan Title: Vice President
Alt Phone:
(919)630-3383
Fax:
(919)848-0455
Email Address:
tim@[Link]
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Site Description
Total Site Acreage: 1.286 Total Buildable Acreage: 1.286 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? No If yes, please describe:
Are 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? Is the site directly accessed by an existing, paved, publicly maintained road? Yes If no, please explain:
Is 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:
(b) Describe flood mitigation if the project will have improvements within the 100 year floodplain:
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Site Control
Does the owner have fee simple ownership of the property (site/buildings)? No If yes provide: Purchase Date: If 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? No If yes, specify the relationship:
Purchase Price:
(c) Enter the current expiration date of the option/contract to purchase: 9/30/2004 (D) Enter Purchase Price: 100,000
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Zoning
Present zoning classification of the site: R-10 Is mutifamily use permitted? Yes Are 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? Yes If yes, specify permit or variance required and date obtained. If no, describe permits/variances required and schedule for obtaining them: A special use permit was obtained from the Town of Wendell on April 26, 2004.
Are there any existing conditions of historical significance located on the project site that will require State Historic Preservation office review? No If yes, describe below:
Are there any existing conditions of environmental significance located on the project site? No If yes, describe below:
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Ownership Entity
Owner Name: Cedar Spring Housing Associates, LLC Address: City: 7706 Six Forks Road, Suite 202 Raleigh State: NC Zip: 27615 (If assigned) 028-40-6430 (If Not Assigned)
Federal Tax ID Number of Ownership Entity: Federal Tax ID Number of Managing GP or Member:
Entity Type: Limited Liability Company Entity Status: To Be Formed Is the applicant requesting that the Agency treat the application as Non-Profit sponsored? Is the applicant requesting that the Agency treat the application as CHDO sponsored?
No No
List all general partners, members,and principals. Specify nonprofit corporate general partners or members. Click [Add] to add additional partners, members, and principals.
Org:
Cedar Spring Housing Associates, LLC Last Name: Gardner Function: Managing Member
First Name: Lyle Address: City: Phone: EMail:
7706 Six Forks Road, Suite 202 Raleigh (919)848-2041 lyledgardner@[Link] State: NC Zip: 27615
Fax: (919)848-0455 Nonprofit: No TaxID 028-40-6430
Org:
Cedar Spring Housing Associates, LLC Last Name: Morgan Function: Member
First Name: Timothy Address: City: Phone: EMail:
7706 Six Forks Road, Suite 202 Raleigh (919)848-2041 tim@[Link] State: NC Zip: 27615
Fax: (919)848-0455 Nonprofit: No TaxID 241-17-2557
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Unit Mix
The Median Income for Wake county is $71,300. Low Income Units Type Gdn Apt Gdn Apt Gdn Apt Gdn Apt # BRs Net [Link]. 1 2 1 2 648 867 648 867 Total # Units 5 5 5 5 # Units 1 1 0 0 Monthly Rent 430 495 470 545 Electric Utility Allowance 94 127 94 127 Gas Other Mandatory Serv. Fees 0 0 0 0 **Total Housing Exp. 524 622 564 672
Utilites included in rents:
Water/Sewer
Employee Units (will add to Low Income Unit total) Type # BRs Net [Link]. Total # Units # Units Monthly Rent Electric Utility Allowance Gas Other Mandatory Serv. Fees **Total Housing Exp.
Utilites included in rents:
Water/Sewer
Market Rate Units Type # BRs Net [Link]. Total # Units # Units Monthly Rent Utility Allowance Gas Other Mandatory Serv. Fees **Total Housing Exp.
Utilites included in rents:
Water/Sewer
Electric
Statistics All Units Low Income....... Market Rate....... Totals............... 20 2 9700 20 Gross Monthly Rental Income 9700
Units 2
Proposed number of residential buildings: 1 Project Includes:
Maximum number of stories in buildings: 2
Separate community building - Sq. Ft. (Floor Area): Community space within residential bulding(s) - Sq. Ft. (Floor Area): 4,805 Elevators - Number of Elevators: 1 Square Footage Information Gross Floor Square Footage: 22,184
Total Net Sq. Ft. (All Heated Areas): 21,854
Notes ** Please refer to the Income Limits and Maximum Housing Expense Table to ensure that Total Monthly Tenant Expenses for low income units are within established thresholds.
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Targeting
Specify Low Income Unit Targeting in table below. List each applicable targeting combination in a separate row below. Click [Add] to create another row. Click "X" (at the left of each row) to delete a row. Add as many rows as needed.
# BRs 1 2 1 2 5 5 5 5
Units targeted at 40 targeted at 40 targeted at 60 targeted at 60
% percent of median income. percent of median income. percent of median income. percent of median income.
Total Low Income Units:
20
Note: This number should match the total number of low income units in the Unit Mix section.
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Funding Sources
NonAmortizing* Rate (%) Term (Years) Amort. Period (Years) Annual Debt Service
Source Bank Loan RPP Loan Local Gov. Loan - Specify: Wake County RD 515 Loan RD 538 Loan - Specify: AHP Loan Other Loan 1 - Specify: Other Loan 2 - Specify: Other Loan 3 - 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**
Amount
300,000 330,000
2.00 0.00
20 30
20 30 11,000
161,336
30
30
995,313
5,713
1,792,362
* "Non-amortizing" indicates that the loan does not have a fixed annual debt service. For these items, you must fill in 20-year debt service below. ** Total Sources must equal total replacement cost in Project Development Cost (PDC) section. Estimated pricing on sale of Federal Tax Credits: $0. 78 Remarks concerning project funding sources: (Please be sure to include the name of the funding source(s))
Loans with Variable Amortization Please fill in the annual debt service as applicable for the first 20 years of the project life.
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RPP Loan Year: Amt: Year: Amt: 1 11724 11 9650 2 11681 12 9196 3 11607 13 8685 4 11500 14 8114 5 11359 15 7480 6 11181 16 6778 7 10964 17 6005 8 10705 18 5157 9 10402 19 4228 10 10051 20 3216
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Development Costs
Item Cost Element 1 Purchase of Buildings (Rehab) 2 Demolition 3 On-site Improvements 4 Rehabilitation 5 Construction of New Building(s) 6 Accessory Building(s) 7 General Requirements 8 Contractor Overhead 9 Contractor Profit 10 Construction Contingency 11 Architect's Fee - Design 12 Architect's Fee - Inspection SUBTOTAL (lines 1 through 12) 13 Construction Insurance (prorate) 14 Construction Loan Orig. Fee (prorate) 15 Construction Loan Interest (prorate) 16 Construction Loan Credit Enhancement (prorate) 17 Construction Period Taxes (prorate) 18 Water, Sewer and Impact Fees 19 Survey 20 Property Appraisal 21 Environmental Report 22 Market Study 23 Bond Costs (specify) 24 Cost of Issuance 25 Placement Fee 26 Permanent Loan Origination Fee 27 Permanent Loan Credit Enhancement 28 Title and Recording SUBTOTAL (lines 13 through 28) 29 Real Estate Attorney 30 Other Attorney's Fees 31 Tax Credit App Fees 32 Cost Certification 33 Tax Opinion 34 Organizational (Partnership) 35 Tax Credit Monitoring Fee SUBTOTAL (lines 29 through 35) 36 Furnishings and Equipment 37 Relocation Expenses 38 Developer's Fee (max 15% lines 2-36, less 8 & 9) 39 40 42 43 Other Basis Expense (specify) Other Basis Expense (specify) 16,000 Other Non-basis Expense (specify) Other Non-basis Expense (specify) SUBTOTAL (lines 36 through 43) 44 Rent up Reserve 219,880 26,000 178,880 178,880 500 12,000 40,469 25,000 25,000 4,500 137,700 8,000 4,500 10,469 5,000 8,000 4,500 10,469 5,000 2,000 34,200 45,000 5,000 2,500 4,000 2,000 34,200 45,000 5,000 2,500 4,000 5,500 35,000 5,500 35,000 60,810 21,486 64,459 34,808 45,000 8,250 1,248,313 60,810 21,486 64,459 34,808 45,000 8,250 838,500 838,500 175,000 175,000 TOTAL COST Eligible Basis 30% PV 70% PV 0
41 Rent-up Expenses
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45 Operating Reserve 46 47 Other Reserve (specify) Other Reserve (specify)
55,000
48 DEVELOPMENT COST (lines 1-47) 49 Less Federal Financing 50 Less Disproportionate Standard 51 Less Nonqualified Nonrecourse Financing 52 Less Historic Tax Credit (residential) 53 TOTAL ELIGIBLE BASIS 54 Applicable Fraction (percentage of LI Units) 55 Basis Before Boost 56 Boost for QCT/DDA (if applicable, enter 130%) 57 TOTAL QUALIFIED BASIS 58 Tax Credit Rate 59 Federal Tax Credits at Estimated Rate 60 Federal Tax Credits at 8.5% or 3.75% 61 Federal Tax Credits Requested 62 Land Cost 63 TOTAL REPLACEMENT COST Comments:
1,727,362
1,613,362
0 1,613,362 100.00% 1,613,362 1,613,362 127,616 137,135 116,974 65,000 1,792,362 0 100% 0 100.00% 0 0.00% 0 0 1,613,362 100% 1,613,362 100.00% 1,613,362 7.91% 127,616 137,135 116,974
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Market Study Information
Please provide a detailed description of the proposed project: We are proposing to construct a twenty (20) unit senior rental community at the corner of 100 S. Hollybrook Road and 200 E. Second Street in the Town of Wendell. The project will consist of (10) one bedroom, one bath units and (10) two bedroom, one bath units for persons 55 years of age and older. The design of the building is such that all units are fully accessible. The building is served by one elevator and the main entrance is secured with a call panel entry system. All exterior doors are self locking with all residential units opening into a interior hallway. We will have over 5,000 s.f. of common area space for the residents use. There will be a computer center, a library/reading room, a multi-purpose room with a full size kitchen, a vending area, laundry room, a TV room and additional storage rooms for the residents use. We will have units set aside for persons at 40% and up to 60% of median income. In addition, we will have a contracted supportive services coordinator through Resources for Seniors, to assist with screening and determining the needs of the residents and with linking them to agencies that exist within the community to help with their needs. Construction (check all that apply): Brick Vinyl Wood HardiPlank Balconies/Patios Sunrooms Front Porches
Front Gables or Dormers Other:
Wide Banding or Vertical/Horizontal Siding
30 Year Dimensional Roof Shingles
Have you built other tax credit developments that use the same building design as this project? Yes If yes, please provide name and address: Berkeley Spring 5521 Dixon Drive Raleigh, NC 27609 Berkeley Spring is very similar in design with what we are proposing. The main difference is Berkeley is rectangular in shape. What we are proposing in Wendell is an L-shaped version.
Site Amenities (check all that apply): Community Bldg - Sq Ft: Laundry Rm Game/Craft Rm Chapel/Prayer Rm Irrigated Lawns Walking Trails Pool Screened Porch Exercise Rm Picnic Area Security Gate Garden Spots Fitness Stations Community Room - Sq Ft: 5,760 Resident Computer Center TV Rm Onsite Leasing Office Car Care Area Basketball/Tennis Court Horseshoe Pit Garages - Number: Exam Rm Beauty Salon Onsite Mgr Storage Units Playground Shuffleboard Reading Rm/Library Vending Rm Onsite Maint. Person Gazebos Ball Field Covered Drive Thru
Onsite Activities: Onsite activities will consist of bingo, bible studies, monthly birthday celebrations, holiday gatherings, use of computer and exercise equipment, and planned movie nights.
Landscaping Plans:
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The building will have landscaped beds around the perimeter of the building. Trees will also be planted and dispersed around the property.
Interior Apartment Amenities (check all that apply): Range W/D Hookups Flooring: Carpet Hood Mini-blinds Vinyl Central Air Dishwasher Pantry Wood Gas Heat Disposal Ceiling fans Wood Parquet Heat Pump Refrigerator (frost free) Walk-in closets Other VCT Storage interior/exterior
Ceramic Tile Electric Pump
Heating/Cooling:
Do you plan to submit additional market data (market study, etc.) that you want considered? No If yes, please make sure to include the additional information in your pre-application packet.
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Applicant's Site Evaluation
Briefly describe your site in each of the following categories: NEIGHBORHOOD CHARACTERISTICS Physical condition of buildings and improvements. Trend and direction of real estate development relative to the project. Area economic health (degree of decline or investment). Concentration of affordable housing. The physical condition of the buildings and homes within view of the site are fair. The site is very close to the downtown area (Main Street) of Wendell. Main street has some older homes at the south end that are fairly well maintained. The direction of development for Wendell is further west of this site, back on Business 64. There are two other senior housing complexes in Wendell, Robinwood and Crestfield. Robinwood is a 84 unit RD/LIHTC project and Crestfield is a 40 unit HUD 202. Directly across the street from this site, are 10 units of what appear to be affordable housing units. Also across the street is the senior center.
Suitability of surrounding development. Land use pattern is primarily residential (single and multifamily housing) with a balance of other uses (particularly retail and amenities). Amount and character of vacant, undeveloped land. Effect of industrial, large-scale institutional or other incompatible uses: wastewater treatment facilities, high traffic corridors, junkyards, prisions, landfills, large swamps, distribution facilities, frequently used railroad tracks, power transmission lines and towers, factories or similar operations, sources of excessive noise, and sites with environmental concerns (such as odors or pollution). This site is directly across the street from the senior center, which serves as a nutrition site for the elderly. The public library is also across the street. Within walking distance is the historic downtown area of Wendell, that has a variety of shops and businesses. Abuting this parcel is Cedar Trace, a 12 unit conventional rental community. Across the street are additional rental units consisting of (5) duplex buildings. Traveling south on Hollybrook Road, the land use is almost all single family. The homes closest to the site look to be twenty plus years old. But going further south on Hollybrook are (2) new subdivisions, Deerfield and HollyPointe, that appear to be completely built out. Also within view from the site is the Mortex Apparel Company and a couple of warehouses they own. There are no vacant tracts of land nearby. This is a downtown site with business/commercial uses to the north and single family uses to the south. 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). There are two publicly maintained streets that adequately access this site (Hollybrook Road and Second Street). The town has a stop sign in place where these two streets intersect. Hollybrook Road, traveling North, feeds into Wendell Avenue, which takes you back out to Business 64. There do not appear to be any traffic issues related to this site.
Degree of on-site negative features and physical barriers that will impede project construction or adversely 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. For adaptive re-use projects- suitability for residential use and difficulties posed by the building(s), such as limited parking, environmental problems or the need for excessive demolition. None exist. This is a cleared, relatively flat parcel.
Similarity of scale and aesthetics/architecture between project and surroundings. What we are proposing will help this area of Wendell. As previously stated, the new growth is occuring back towards Hwy 64. It will also give the senior population another housing option that is within walking distance of the senior center.
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For each applicable neighborhood feature, enter distance from project in miles. 1 2.5 .6 Grocery Store Mall/Strip Center Outdoor Athletic Fields Day Care/After School .6 Schools Public Transportation Stop .2 .3 .6 .6 .6 .08 Convenience Store Basketball/Tennis Courts Public Parks Gas Station Library Fitness/Nature Trails Public Swimming Pools Other facilities or services: There are two dentist offices .7 mile from the site. The nearest hospital is East Wake Hospital in Zebulon. The downtown area of Wendell is within easy walking distance, again offering a variety of businesses and services. See vicinity map for location of facilities and services in relation to the site. 1.2 .21 2.5 .23 .09 .4 .08 Community/Senior Center Hospital Pharmacy Basic Health Care Medical Offices Bank/Credit Union Restaurants Professional Services Movie Theater Video Rental Public Safety (Fire/Police) Post Office
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Development Team
Provide contact information for development team members below: Management Agent Company: Evergreen Construction Company Address: City: Phone 7706 Six Forks Road, Suite 202 Raleigh (818)848-2041 State: NC Zip: 27615 Email: tim@[Link] Last: Morgan
Contact Name: First: Tim
Architect Company: Address: City: Phone
William Robert Wakeham 1014-200 High House Road Cary (919)468-7220 State: NC Zip: 27513 Email: Last: Wakeham
Contact Name: First: Bob
Attorney Company: Address: City: Phone
Law Offices of Howard S. Kohn 4515 Falls of Neuse Road, Suite 175 Raleigh (919)856-0200 State: NC Zip: 27615 Email: closings@[Link] Last: Kohn
Contact Name: First: Howard
Investor Company: Address: City: Phone
CAHEC 7700 Falls of Neuse Road Raleigh (919)420-0063 State: NC Zip: 27615 Email: cnewcomer@[Link] Last: Newcomer
Contact Name: First: Chuck
Consultant/Application Preparer (if different from developer) Company: Address: City: Phone Contact Name: First: State: Email: Last: Zip:
Identity of Interest? General Contractor Company: Evergreen Construction Company Address: City: Phone 7706 Six Forks Road, Suite 202 Raleigh (919)848-2041 State: NC Zip: 27615 Email: tim@[Link] Last: Morgan
Contact Name: First: Tim
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Project Team Experience
Development List number low-income/tax credit housing projects and units developed, operated, and maintained in compliance by the principal(s) between December 1, 1996 and January 1, 2003: North Carolina Other States Projects: Units: 9 370 0 0
Management List number of low-income housing tax credit units managed in the past 10 years: North Carolina Other States Projects: Units: 17 728 0 0
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? No 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? No 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-insured project, a Rural Development funded rental project, a tax-exempt funded mortgage, a tax credit project, or any other publicly subsidized project? No 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 to meet 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? No 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? No
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Financing Commitments
Does the project have a firm commitment for construction financing? Does the project have a letter of intent for private permenant financing? Does the project have a firm commitment for government financing? Does the project have a letter of intent from an investor? Is any portion of the eligible basis of new contruction or rehabilitation financed with federal subsidies other than CDBG funds or funds from the HOME program? If yes, indicate the type and amount below: Tax Exempt Financing: $ RD 515 Financing: Hope VI Financing: Other: $ $ $ No No Yes Yes No
If Other, specify the type of Federal subsidy:
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Projected 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): Office Supplies, Postage, MIleage Reimbursement 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 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 1,250 1,250 1,000 4,000 4,500 1,000 1,500 2,000 3,500 1,500 1,200 6,400 2,000 250 4,200 7,571 13,500
1,000
1,000 29,521
4,000 1,200
200 21,700 10,000 2,000 250
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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 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
5,500 50 1,000
18,800 1,500 500
2,000 5,000 5,000 83,421 66,421 20 3,321
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Projected Cash Flow Year One
OPERATING INCOME Gross rental income (from Unit Mix - Total Monthly Rent) Stores and Commercial Laundry and Vending Other (specify): NSF, Late Fees, Damages, Retained Sec. Dep. Total Gross Income Potential at 100% Occupancy Seven Percent Vacancy Allowance NET RENTAL/OTHER INCOME TOTAL OPERATING EXPENSES (from Projected Operating Costs) NET OPERATING INCOME DEBT SERVICE (from Funding Sources Loans) NET CASH FLOW DEBT COVERAGE RATIO (Must not be less than 1.15) 750 650 117,800 8,246 109,554 116,400
83,421 26,133
22,724
3,409 1.15
20-Year Cash Flow
Year Net Rental/Other Income* Total Operating Expenses* Debt Service Net Cash Flow Debt Coverage Ratio Year Net Rental/Other Income* Total Operating Expenses* Debt Service Net Cash Flow Debt Coverage Ratio 1 109,554 83,421 22,724 3,409 1.15 11 147,230 123,483 20,650 3,097 1.15 2 112,841 86,758 22,681 3,402 1.15 12 151,647 128,422 20,196 3,029 1.15 3 116,226 90,228 22,607 3,391 1.15 13 156,196 133,559 19,685 2,952 1.15 4 119,713 93,837 22,500 3,376 1.15 14 160,882 138,901 19,114 2,867 1.15 5 123,304 97,590 22,359 3,355 1.15 15 165,708 144,457 18,480 2,771 1.15 6 127,003 101,494 22,181 3,328 1.15 16 170,679 150,235 17,778 2,666 1.15 7 130,813 105,554 21,964 3,295 1.15 17 175,799 156,244 17,005 2,550 1.15 8 134,737 109,776 21,705 3,256 1.15 18 181,073 162,494 16,157 2,422 1.15 9 138,779 114,167 21,402 3,210 1.15 19 186,505 168,994 15,228 2,283 1.15 10 142,942 118,734 21,051 3,157 1.15 20 192,100 175,754 14,216 2,130 1.15
* Net Rental Income escalated at annual rate of 3% and expenses escalated at a rate of 4% after the first year.
Calculations:
1. "Net Rental/Other Income" comes from 1st-year cash flow, then it is escalated by 3% per year. 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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Design Features
ITEM Foundation/Slab Components Primary Windows DESCRIPTION Brick and block foundation with concrete slab Make: Silverline Model: 2900
Type/Construction: Vinyl-Tilt Sash w/5/8" Insulated Glass - 6/6 Lite Exterior Doors Siding Type: Stanley-Metal Type: Vinyl Warranty: Lifetime Exterior Trim Vinyl and Aluminum Coil Heritage Weight: Series Frames: Metal Grade/Thickness: .044
Shingles
Type: Tamko-Dimensional Warranty: 30 Year
Sprinkler System Cabinets Heat Pump
N/A Cardell Millenia Series - Oakbrook Gold - Wood Cabinets SEER: 11 Model: RPLA-024-JAC Make: Rheem
Air Conditioner
SEER: 11 Model: RPLA-024-JAC
Make: Rheem
Other Heat Systems
SEER: Model:
Make:
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Costs - Construction
This is a detailed breakdown of rehabilitation or construction costs you summarized in the Development Costs table (Rehabilitation and Construction of New Building(s)). The total should match those roll-up values. ITEM Concrete Footings Backfill-slab, Crawl Slab-concrete/Rebar/Gravel Waterproofing Masonry Foundation Brick Veneer Steel/Structure/Rails Framing/Lumber/Nails Trusses Crane Rental Windows/Grilles/Screen Exterior Doors Roofing Fencing Vinyl Siding/Trim/Box Gutters/Shutters Insulation Drywall Interior Doors Int. & Final/Stair/Trim/Shelves Cabinets & Tops Painting Marble - Tub/Shwr/Tops Plumbing Electrical Heating/Air Conditioning Floor Covering and Underlayment Wall Paper Mailboxes/Special Features/Signage Gypcrete Blinds/Shades/Art Work Light Fixtures/Fans Sprinkler System Security Alarm Hardwood Floors Elevator Ceramic Tiles Acoustical Ceilings 40,000 3,100 8,300 75,980 67,865 71,794 23,300 9,560 40,000 5,500 15,300 41,925 11,700 14,340 39,000 32,000 6,640 5,000 11,000 10,600 9,960 63,625 95,438 18,447 27,671 20,124 30,186 LABOR 3,018 MATERIAL 4,527 TOTAL 7,545 0 50,310 0 0 46,118 0 159,063 0 5,000 11,000 10,600 16,600 0 40,000 5,500 15,300 41,925 11,700 23,900 39,000 32,000 0 75,980 67,865 71,794 23,300 0 8,300 0 3,100 0 0 0 0 40,000 0 0
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Mirror/Shower Door/Encls. Hardware/Bath Access. Appliances Playground Equipment Interior Clean Exterior Clean/Dumpster Rental Other 1 (specify in Remarks) Other 2 (specify in Remarks) Total Cost Remarks: 126,514 711,986 3,100 2,000 5,500 22,000
0 5,500 22,000 0 3,100 2,000 0 0 838,500
Masonry Foundation included in Brick Veneer. Trusses included in Framing. Labor costs for the following are included in Materials: Vinyl Siding, Gutters, Insulationk, Drywall, Cabinets, Painting, Plumbing, Electrical, HVAC, Floor Covering, Mailboxes, Blinds, Elevator, Hardware/Bath.
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Costs - General
This is a detailed breakdown of the General Requirements cost element you summarized in the Development Costs table (General Requirements). The total should match that roll-up value. ITEM Supervision Job Site Office/Trailer Rental Office Supplies Security/Watchman Project Signage Tools and Equipment Gas, Oil, and Maintenance Temporary Water, Electric, and Telephone Storage/Hauling Driveway Access Permit Porta-John Rental/Dumping Builders Risk Insurance Re-inspection Fees Extra Plans and Specifications Miscellaneous, Casual Labor Equipment Rental Other 1 (specify in Remarks) Other 2 (specify in Remarks) Total Cost Remarks: Other 1 - Fees for permits for construction. 60,810 250 2,660 3,000 7,500 900 8,500 2,500 1,000 TOTAL 30,000 4,000 500
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Costs - Improvements
This is a detailed breakdown of the Site Improvements cost element you summarized in the Development Costs table (On-site Improvements). The total should match that roll-up value. ITEM Subsurface Exploration/Perk Testing/Site Engineering Clearing/Grading/Final Grading/Excess and Borrow Demolition Earthwork/Excavation/Aerating Soil Treatment Pile Foundations Caissons Shoring/Bracing Site Drainage Site Utilities/Site Lighting Paving and Surfacing/Curb and Gutter Walkways Site Signage Parking Lot Painting Dumpster Pads/Fencing Fencing/Gates Landscaping/Topsoil Rock and Hardpan Excavation Site Supervision Personnel Other (specify in Remarks) Total Cost Remarks: 175,000 1,500 2,500 12,000 38,400 22,000 2,500 10,000 80,000 1,100 5,000 TOTAL
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Costs - Bond Costs
This is a detailed breakdown of the Bond Costs cost element you summarized in the Development Costs table (Bond Costs). The total should match that roll-up value. ITEM Letter of Credit Fee Credit Enhancement Underwriter Discount Capital Interest Fund Other 1 (specify in Remarks) Other 2 (specify in Remarks) Total Cost Remarks: 0 TOTAL
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Costs - Bond Issuance
This is a detailed breakdown of the Bond Issuance cost element you summarized in the Development Costs table (Cost of Issuance). The total should match that roll-up value. ITEM Bond Counsel Issuer Counsel Credit Enhancement/LOC Counsel Underwriter Counsel Developer's Counsel Rating Agency Fee Printing Trustee Fee Trustee Counsel Issuer's Fee Other 1 (specify in Remarks) Other 2 (specify in Remarks) Other 3 (specify in Remarks) Total Cost Remarks: 0 TOTAL
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Minimum Set-Asides
MINIMUM REQUIRED SET ASIDES (No Points Awarded): 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%) of county median income. At least twenty-five percent (25%) of qualified units will be affordable to and occupied by households with incomes at or below thirty percent (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 county median 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.
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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Full 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 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 Map showing 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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