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(1)

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 Loans

Project Description

Project Name: The Village

Address: 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.)

(2)

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

(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

(4)

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 No

(5)
(6)

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 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

(7)

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 No

(8)

Ownership Entity

Owner Name: The Village, LLC Address: P.O. Box 395

City: 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

(9)

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 0 741

Utilities 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):

(10)

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.

(11)

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

(12)

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 20

Local 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

(13)

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

(14)

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)

(15)

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

(16)

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.

(17)

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.

(18)

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

(19)

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

(20)

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

(21)
(22)

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

(23)

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

(24)

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".

(25)

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.

(26)

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.

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February 5, 2014 : Taxpayer submits that the requirement to exhaust the 120-day period under Section 112 (c) of the National Internal Revenue Code prior to filing the judicial

It appears from the analysis that the fertility transition has certainly started in Pakistan because variations in fertility levels have been found to some extent by urban and

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This study is related to the discovering how students would tackle the task of learning English either as a second language or as a foreign language, that is, how they perceived