Is project in Qualified Census Tract or Difficult to Develop Area?
New Construction/Adaptive Reuse:
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 meet Energy Star standards as defined in Appendix B? Does a community revitalization plan exist?
Target Population: Family
Will the project be receiving project based federal rental assistance? If yes, provide the subsidy source:
If yes, provide the subsidy source: and number of units:and number of units:
Indicate below any additional targeting for special populations proposed for this project:
Print Preview - Full Application
Tax Credits, RPP Loans, and/or Tax Exempt Bond LoansProject Description
Project Name: The VillageAddress: tbd Town Center Drive
City: Locust County: Stanly Zip: 28097
Census Tract: 9908.00 Block Group: 1
No
Political Jurisdiction: CIty of Locust
Jurisdiction CEO Name: First:Harold Last:Greene Title: Mayor Jurisdiction Address: P.O. Box 190
Jurisdiction City: Locust Zip: 28097-0190
Jurisdiction Phone: (704)888-5260
Site Latitude: 35.2798 Site Longitude: -80.4068
Project Type: New Construction
No
Rehab:
Is this project a previously awarded tax credit development? If yes, what year were credits awarded?:
Number of residents holding Section 8 vouchers:
No No
Will the project use steel and concrete construction and have at least 4 stories? No
Will the project include a Community Service Facility under IRS Revenue Ruling 2003-77? No If yes, please describe:
No
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.)
Number of Units: 3
Persons with disabilities or homeless populations: the greater of 5 units or 10% of the total units. Number of Units: 3
Indicate below an individual or a validly existing entity (a corporation, nonprofit, limited partnership or LLC) as the official applicant. Under QAP Section III(C)(5) only this individual or entity will be able to make decisions with regard to this application. If awarded the applicant must become part of the ownership entity. The applicant will execute the signature page for this application.
Applicant Information
Applicant Name: Wynnefield Properties, Inc.
Address: P.O. Box 395
City: Jamestown State: NC Zip: 27282
Contact: First: Craig Last:Stone Title:President
Telephone: (336)454-6134
Alt Phone: (336)906-1854
Fax: (336)454-6190
Email Address: patty.ray@wynnefieldproperties.com
Total Site Acreage: Total Buildable Acreage: If buildable acreage is less than total acreage, please explain:
Identify utilities and services currently available (and with adequate capacity) for this site: Storm Sewer Water Sanitary Sewer Electric
Is the demolition of any buildings required or planned? If yes, please describe:
Are existing buildings on the site currently occupied? If yes:
(a) Briefly describe the situation:
(b) Will tenant displacement be temporary? (c) Will tenant displacement be permanent?
Is the site directly accessed by an existing, paved, publicly maintained road? If no, please explain:
Is any portion of the site located inside the 100 year floodplain? If yes:
(a) Describe placement of project buildings in relation to this area:
(b) Describe flood mitigation if the project will have improvements within the 100 year floodplain:
Site Description
2.2 2.2 No No Yes NoDoes 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 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 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: 10/31/2007 (D) Enter Purchase Price: 1,015,000
Present zoning classification of the site: Is multifamily 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 obtaining them:
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
NBD - Neighborhood District Yes No No NoOwnership Entity
Owner Name: The Village, LLC Address: P.O. Box 395City: Jamestown State: NC Zip: 27282
Federal Tax ID Number of Ownership Entity: (If assigned)
Note: Do not submit social security numbers for individuals. Entity Type: Limited Liability Company
Entity Status: To Be Formed
Is the applicant requesting that the Agency treat the application as Non-Profit sponsored? No Is the applicant requesting that the Agency treat the application as CHDO sponsored? 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: Wynnefield Properties, Inc.
First Name: Craig Last Name: Stone Function: Managing Member
Address: P.O. Box 395
City: Jamestown State: NC Zip: 27282
Phone: (336)454-6134 Fax: (336)454-6190
The Median Income for Stanly county is $50,500. Low Income Units
Employee Units (will add to Low Income Unit total)
Market Rate Units
Statistics
Unit Mix
Type # BRs Net Sq.Ft. Total # Units # Units Monthly Rent Utility Allowance Mandatory Serv. Fees **Total Housing Exp. Gdn Apt 1 1002 3 1 275 90 0 365 Gdn Apt 1 1002 3 1 370 90 0 460 Gdn Apt 1 1002 4 1 465 90 0 555 Gdn Apt 2 1002 7 1 330 112 0 442 Gdn Apt 2 1002 10 0 445 112 0 557 Gdn Apt 2 1002 7 0 560 112 0 672 Gdn Apt 3 1150 4 1 370 151 0 521 Gdn Apt 3 1150 6 1 500 151 0 651 Gdn Apt 3 1150 4 0 590 151 0 741Utilities included in rents: Water/Sewer Electric Gas Other Trash
Type # BRs Net Sq.Ft. Total # Units # Units Monthly Rent Utility Allowance Mandatory Serv. Fees **Total Housing Exp.
Utilities included in rents: Water/Sewer Electric Gas Other
Type # BRs Net Sq.Ft. Total # Units # Units Monthly Rent Utility Allowance Mandatory Serv. Fees **Total Housing Exp.
Utilities included in rents: Water/Sewer Electric Gas Other
All Units Units Gross Monthly Rental Income Low Income... 48 6 21315 Market Rate... Totals... 48 6 21315
Proposed number of residential buildings: 3 Maximum number of stories in buildings: 3
Project Includes:
Separate community building -- Sq. Ft. (Floor Area): Sq. Ft. (Floor Area): 1,1921,192
Community space within residential bulding(s) -- Sq. Ft. (Floor Area): Sq. Ft. (Floor Area):
Square Footage Information
Notes
Gross Floor Square Footage: 53,620 Total Net Sq. Ft. (All Heated Areas): 51,472
** 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.
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.
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 3 targeted at 40 percent of median income affordable to/occupied by 1 3 targeted at 50 percent of median income affordable to/occupied by 1 4 targeted at 60 percent of median income affordable to/occupied by 2 7 targeted at 40 percent of median income affordable to/occupied by 2 10 targeted at 50 percent of median income affordable to/occupied by 2 7 targeted at 60 percent of median income affordable to/occupied by 3 4 targeted at 40 percent of median income affordable to/occupied by 3 6 targeted at 50 percent of median income affordable to/occupied by 3 4 targeted at 60 percent of median income affordable to/occupied by
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 Amortization
Please fill in the annual debt service as applicable for the first 20 years of the project life.
Funding Sources
Source Amount Non- Amortizing* Rate (%) Term (Years) Amort. Period (Years) Annual Debt Service Bank Loan 470,789 8.00 30 30 41,453 RPP Loan 960,000 2.00 20 20Local Gov. Loan - Specify:
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) 909,182 0 30 30 0
State Tax Credit(Direct Refund)
Equity: Federal LIHTC 3,256,591
Non-Repayable Grant Equity: Historic Tax Credits Deferred Developer Fees Owner Investment Other - Specify:
Total Sources** 5,596,562
* "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.
89
RPP Loan Year: Amt: 1 19599 2 19944 3 20240 4 20484 5 20670 6 20795 7 20854 8 20843 9 20756 10 20588 Year: Amt: 11 20334 12 19987 13 19543 14 18993 15 18332 16 17552 17 16645 18 15604 19 14421 20 13069
Development Costs
Item Cost Element TOTAL COST Eligible Basis
30% PV 70% PV
1 Purchase of Building(s) (Rehab / Adaptive Reuse only) 2 Demolition (Rehab / Adaptive Reuse only)
3 On-site Improvements 200,000 200,000
4 Rehabilitation
5 Construction of New Building(s) 2,751,813 2,751,813
6 Accessory Building(s) 117,600 117,600
7 General Requirements 184,165 184,165
8 Contractor Overhead 65,072 65,072
9 Contractor Profit 195,215 195,215
10 Construction Contingency 105,416 105,416
11 Architect's Fee - Design (11 + 12 = max 3% lines 2-10) 118,294 118,294
12 Architect's Fee - Inspection 12,000 12,000
13 Engineering Costs 5,000 5,000
SUBTOTAL (lines 1 through 13) 3,754,575
14 Construction Insurance (prorate) 6,000 6,000
15 Construction Loan Orig. Fee (prorate) 18,451 18,451
16 Construction Loan Interest (prorate) 150,684 150,684
17 Construction Loan Credit Enhancement (prorate)
18 Construction Period Taxes (prorate) 7,500 7,500
19 Water, Sewer and Impact Fees
20 Survey 8,500 8,500
21 Property Appraisal 8,000 8,000
22 Environmental Report 2,500 2,500
23 Market Study 4,200 4,200
24 Bond Costs
25 Bond Issuance Costs 26 Placement Fee
27 Permanent Loan Origination Fee 28 Permanent Loan Credit Enhancement
29 Title and Recording 2,500
SUBTOTAL (lines 14 through 29) 208,335
30 Real Estate Attorney 20,000 20,000
31 Other Attorney's Fees 15,000 15,000
32 Tax Credit Application Fees (Preliminary and Full) 2,200
33 Tax Credit Allocation Fee (0.58% of line 59, minimum $7,500) 26,366
34 Cost Certification / Accounting Fees 8,500 8,500
35 Tax Opinion 1,000
36 Organizational (Partnership) 1,000
37 Tax Credit Monitoring Fee 31,200
SUBTOTAL (lines 30 through 37) 105,266
38 Furnishings and Equipment 38,000 38,000
39 Relocation Expense
40 Developer's Fee 504,000 504,000
41 Other Basis Expense (specify) 42 Other Basis Expense (specify)
43 Rent-up Expense 14,400
44 Other Non-basis Expense (specify) 45 Other Non-basis Expense (specify)
Comments:
SUBTOTAL (lines 38 through 45) 556,400
46 Rent up Reserve 12,000
47 Operating Reserve 109,986
48 Other Reserve (specify) 49 Other Reserve (specify)
50 DEVELOPMENT COST (lines 1-49) 4,746,562 0 4,545,910
51 Less Federal Financing 52 Less Disproportionate Standard 53 Less Nonqualified Nonrecourse Financing
54 Less Historic Tax Credit (residential) 0
55 TOTAL ELIGIBLE BASIS 4,545,910 0 4,545,910
56 Applicable Fraction (percentage of LI Units) 100.00% 100% 100%
57 Basis Before Boost 4,545,910 0 4,545,910
58 Boost for QCT/DDA (if applicable, enter 130%) 100.00% 100.00%
59 TOTAL QUALIFIED BASIS 4,545,910 0 4,545,910
60 Tax Credit Rate 3.45 8.05
61 Federal Tax Credits at Estimated Rate 365,945 0 365,945
62 Federal Tax Credits at 8.5% or 3.75% 386,402 0 386,402
63 Max Federal Tax Credits (With Energy Star - Lesser of $8,500 per unit or
$800,000, w/o - Lesser of $8,000 per unit or $800,000) 384,000
64 Federal Tax Credits Requested 365,946 365,946
65 Land Cost 850,000
66 TOTAL REPLACEMENT COST 5,596,562
FEDERAL TAX CREDITS IF AWARDED 384,000
Total Replacement Cost per unit: 96,345 Federal Tax Credits (line 62) per unit: 8,050
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:
Onsite Activities:
Landscaping Plans:
Interior Apartment Amenities:
Market Study Information
The Village is a 48 unit family community to be located in Locust. The proposed community will target families with incomes between 50% and 60% of the median income limits. The community will consist of three-story buildings including forty-three 2 bedrooms and fifteen 3 bedrooms. Each apartment will include a kitchen with range, hood, dishwasher, refrigerator (frost-free), W/D hookup, mini blinds, pantry, walk-in closets, central air, heat pump and storage; flooring with be carpet and VCT. The apartment community will be apart of the newly constructed Town Centre
Please see the attached community design requirements from Duany Plater-Zyberk & Company for more detail on the The Village.
No
The site has more than 15 site amenities within the Town Centre. All of our residents will have access to all the sites parks, walking trails, community parks and playground. By purchasing this site our residents then have access to all of the surrounding Town Centre amenities.
Additional community activities such as holiday parties, National Night Out annual cookout and education/informative meetings will be scheduled in the community room. The Town Centre will have additional activities in the park such as concerts, picnics, etc.
Extensive landscaping will be throughout the Town Centre and will compliment The Village community.
Do you plan to submit additional market data (market study, etc.) that you want considered? If yes, please make sure to include the additional information in your pre-application packet. The following interior apartment amenities will be included in each unit:
Range, hood, dishwasher, refrigerator (frost-free), storage interior/exterior, W/D hookups, mini-blinds, walk-in closets, carpet, vinyl, central air and heat pumps.
Briefly describe your site in each of the following categories:
For each applicable neighborhood feature, enter distance from project in miles.
Applicant's Site Evaluation
NEIGHBORHOOD CHARACTERISTICS
Trend and direction of real estate development and area economic health. Physical condition of buildings and improvements. Concentration of affordable housing.
Locust is a town which is in the process of being reborn. Highway 24/27 was recently expanded to a five lane highway which forced the destruction of the downtown central business district. From this process of rebirth began with a dynamic plan to build a new city center to rival other communities with connectivity and planned growth. The City is become one that is truly life enriching. The cities tag line is "Locust - a city with a soul". Locust Town Centre was developed with the award winning Duany Plater-Zyberk & Company out of Miami, Florida. Our site is located within the five minute walking circle which means that the residents will have access to all of life’s amenities and an expansive number of site amenities will be accessible for all of the residents. The main focus for the site design centers around a town center concept highlighted by an open natural area.
SURROUNDING LAND USES AND AMENITIES
Suitability of surrounding development. Land use pattern is residential in character (single and multifamily housing) with a balance of other uses (particularly retail and amenities). Effect of industrial, large-scale institutional or other incompatible uses, including but not limited to: wastewater treatment facilities, high traffic corridors, junkyards, prisons, 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). Amount and character of vacant, undeveloped land.
This planned community uses multiple land uses together with high density housing to develop the City Centre concept. Duany Plater - Zyberk & Company have design concept and control of all aspects of the City Centre. AN attached 11 x 17 printout gives more detail to this concept.
SITE SUITABILITY
Adequate traffic controls (stop lights, speed limits, turn lanes, etc.). Burden on public facilities (particularly roads). Access to mass transit (if applicable). Visibility of buildings and/or location of project sign(s) in relation to traffic corridors.
All site traffic controls and infrastructure design use the Town Centre concept. Please see the attached handout for further detail and explanation of the concept. Our residents will be within a five minute walk of all of the Centre's amenitie
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).
There are not negative features.
Similarity of scale and aesthetics/architecture between project and surroundings. All of the buildings are designed to architecturally compliment each other
Grocery Store
.5 .5 Community/Senior Center
Mall/Strip Center
.5 5 Hospital
Outdoor Athletic Fields
Other facilities or services:
Day Care/After School
.5 .5 Basic Health Care
Schools
1 .5 Medical Offices
Public Transportation Stop
.5 .5 Bank/Credit Union Convenience Store .5 .5 Restaurants Basketball/Tennis Courts 1.5 .5 Professional Services Public Parks .5 Movie Theater Gas Station .5 .5 Video Rental Library
.5 .75 Public Safety (Fire/Police)
Fitness/Nature Trails
.5 .65 Post Office
Public Swimming Pools 1.5
Provide contact information for development team members below:
Management Agent
Architect
Attorney
Investor
Consultant/Application Preparer (if different from developer)
General Contractor Identity of Interest?
Development Team
Company: Wynnefield Properties, Inc. Address: P.O. Box 395
City: Jamestown State: NC Zip: 27282
Phone (336)454-6134 Email: craig@wynnefieldproperties.com
Contact Name: First: Craig Last: Stone
Company: FMK Architects
Address: 220 North Tryon Street, Suite 400
City: Charlotte State: NC Zip: 28202
Phone (704)375-9950 Email: amcguire@fmkarchitects.com
Contact Name: First: Allen Last: McGuire
Company: Blanco Tackabery Combs & Matamoros Address: 110 South Stratford Road
City: Winston Salem State: NC Zip: 27104
Phone (336)293-9013 Email: ram@btcmlaw.com
Contact Name: First: Ron Last: Matamoros
Company: Raymond James Address: 880 Carillon Parkway
City: St. Petersburg State: FL Zip: 33716
Phone (800)438-8088 Email: craig.descalzi@raymondjames.c
Contact Name: First: Craig Last: Descalzi
Company: Wynnefield Development II, Inc. Address: P.O. Box 395
City: Jamestown State: NC Zip: 27282
Phone (336)454-6134 Email: craig@wynnefieldproperties.com
Contact Name: First: Craig Last: Stone
Company: Wynnefield Properties, Inc. Address: P.O. Box 395
City: Jamestown State: NC Zip: 27282
Phone (336)454-6134 Email: craig@wynnefieldproperties.com
Project Operations (Year One)
Projected Operating Costs
Administrative Expenses
Advertising 500 Office Salaries
Office Supplies 1,000
Office or Model Apartment Rent
Management Fee 25,920
Manager or Superintendent Salaries 12,000
Manager or Superintendent Rent Free Unit
Legal Expenses (Project) 700
Auditing Expenses (Project) 4,400
Bookkeeping Fees/Accounting Services
Telephone and Answering Service 5,600
Bad Debts
Other Administrative Expenses (specify):
Asset Management Fee 3,000
SUBTOTAL 53,120
Utilities Expense Fuel Oil
Electricity (Light and Misc. Power) 8,095
Water 5,700 Gas
Sewer 0
SUBTOTAL 13,795
Operating and Maintenance Expenses Janitor and Cleaning Payroll
Janitor and Cleaning Supplies Janitor and Cleaning Contract
Exterminating Payroll/Contract 4,000
Exterminating Supplies
Garbage and Trash Removal 4,800
Security Payroll/Contract Grounds Payroll Grounds Supplies 0 Grounds Contract 9,500 Repairs Payroll 11,000 Repairs Material 4,200 Repairs Contract 3,250 Elevator Maintenance/Contract
Heating/Cooling Repairs and Maintenance 1,500
Swimming Pool Maintenance/Contract
Snow Removal 352
Decorating Payroll/Contract 3,400
Decorating Supplies 3,300
Other (specify):
Miscellaneous Operating & Maintenance Expenses
SUBTOTAL 45,302
Taxes and Insurance
Real Estate Taxes 26,950
Miscellaneous Taxes, Licenses and Permits
Property and Liability Insurance (Hazard) 13,800
Fidelity Bond Insurance 300
Workmen's Compensation
Health Insurance and Other Employee Benefits Other Insurance:
SUBTOTAL 45,550
Supportive Service Expenses Service Coordinator
Service Supplies 1,152
Tenant Association Funds Other Expenses (specify):
SUBTOTAL 1,152
Reserves
Replacement Reserves 12,000
SUBTOTAL 12,000
TOTAL OPERATING EXPENSES 170,919
ADJUSTED TOTAL OPERATING EXPENSES
(Does not include taxes, reserves and resident support services) * 130,817 TOTAL UNITS
(from total units in the Unit Mix section) 48
Year One
20-Year Cash Flow
* Net Rental Income escalated at annual rate of 3% and expenses escalated at a rate of 4% after the first year.
Calculations:
Projected Cash Flow
OPERATING INCOME Gross rental income
(from Unit Mix - Total Monthly Rent) 255,780 Stores and Commercial
Laundry and Vending 1,500
Other (specify):
Late Fees, Security Dep., App. Fees 2,000 Total Gross Income Potential at 100% Occupancy 259,280
Seven Percent Vacancy Allowance 18,149
NET RENTAL/OTHER INCOME 241,131
TOTAL OPERATING EXPENSES
(from Projected Operating Costs) 170,919
NET OPERATING INCOME 70,212
DEBT SERVICE
(from Funding Sources Loans) 61,052
NET CASH FLOW 9,160
DEBT COVERAGE RATIO
(Must not be less than 1.15) 1.15
Year 1 2 3 4 5 6 7 8 9 10
Net Rental/Other Income* 241,131 248,365 255,816 263,490 271,395 279,537 287,923 296,561 305,458 314,622 Total Operating Expenses* 170,919 177,756 184,866 192,261 199,951 207,949 216,267 224,918 233,915 243,272
Debt Service 61,052 61,397 61,693 61,937 62,123 62,248 62,307 62,296 62,209 62,041
Net Cash Flow 9,160 9,212 9,257 9,292 9,321 9,340 9,349 9,347 9,334 9,309
Debt Coverage Ratio 1.15 1.15 1.15 1.15 1.15 1.15 1.15 1.15 1.15 1.15
Year 11 12 13 14 15 16 17 18 19 20
Net Rental/Other Income* 324,061 333,783 343,796 354,110 364,733 375,675 386,945 398,553 410,510 422,825 Total Operating Expenses* 253,003 263,123 273,648 284,594 295,978 307,817 320,130 332,935 346,252 360,102
Debt Service 61,787 61,440 60,996 60,446 59,785 59,005 58,098 57,057 55,874 54,522
Net Cash Flow 9,271 9,220 9,152 9,070 8,970 8,853 8,717 8,561 8,384 8,201
Debt Coverage Ratio 1.15 1.15 1.15 1.15 1.15 1.15 1.15 1.15 1.15 1.15
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".
MINIMUM REQUIRED SET ASIDES (No Points Awarded):
Minimum Set-Asides
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: No Tax Credit 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: No Tax Credit 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 forty 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 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.
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 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 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.
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 (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 Letters from State Housing Agencies or designated monitoring agent verifying out of state experience G Completed IRS Form 8821 (Appendix I)
H Local Government Letter or Letter from Certified Engineer or Land Surveyor Confirming Floodplain Designation with Map showing all flood zones (original on letterhead, no fax or photocopies)
I Local Government Letter Confirming Zoning including any pending notices or hearings (original on letterhead, no fax or photocopies)
J Letters from Local Utility Providers regarding availability and capacity (original on letterhead, no fax or photocopies) K Documentation from utility company or local PHA to support estimated utility costs
L Appraisal (required for land costs greater than $15,000 and for all Adaptive Re-use and Rehab projects)
M Site plan, floor plans and elevations for all projects. Scope of work for Adaptive Re-use and Rehab projects. (Full Size, 24 x 36 inches)
N Hazard and structural inspection and termite reports (Adaptive Re-use and Rehab projects only) O Copy of certificate of occupancy or proof of placed-in-service date (Rehabs Only)
P Proposed Relocation Plan including relocation budget and copies of notices. Required for all Rehabs and any projects involving existing occupants of any dwellings to be rehabbed or demolished.
Q Evidence of Permanent Loan Commitment and other sources of funds ( i.e. Equity letter, AHP, RD and local government funds). For Rehabs with existing loans provide 1) copies of loan documents, 2) current loan balances from existing lenders with reserve balances, 3) letter from lender that outlines assumption requirements.
R Local Housing Authority Agreement and Project Based Rental Assistance Letter, if applicable (Sample letters provided in Appendix I). For projects with existing PBRA contracts, provide a copy of the current contract and bank statement or other documentation verifying reserve balances and annual reserve contribution requirements.
S Statement regarding terms of Deferred Developer Fee. If a nonprofit is involved, a resolution from their board approving deferral of fee is required.