myrtle place
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Check all that apply:
Federal Low Income Housing Tax Credit
State Low Income Housing Tax Credit
Tax Exempt Bonds
Rental Production Program (RPP) Loan
Requested RPP Loan Amount:RPP Loan Product Requested: Multi-Family Production
Print Preview - Final Application
Tax Credits, RPP Loans, and/or Tax Exempt Bond Loans
Resources Requested
836,340
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Is project in Qualified Census Tract & Difficult to Develop area:
Project Name and Location
Project Name: Myrtle Place Apartments
Address: Five Points Road
City: Goldsboro County: WAYNE Zip: 27530
Census Tract: 09 Block Group:
No
Political Jurisdiction: County of Wayne
Jurisdiction CEO Name: First: Last:Atlas Price Title: Board of Commissioners Chairman
Jurisdiction Address: P.O. Box 227
Jurisdiction City: Goldsboro Zip: 27533
Jurisdiction Phone: (919)731-1435
Site Latitude:
Site Longitude:
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Is this project a follow-on (Phase II, etc) to a previously-awarded tax credit development project?
If yes, list names of previous phase(s):If yes, list names of previous phase(s):
Will the project be receiving federal rental assistance?
If yes, provide the subsidy source:If yes, provide the subsidy source: and number of units:and number of units:
Target Population: Family
Indicate below any additional targeting for special populations proposed for this project:
Square Footage Information
Project Description
Project Type:* New Construction Rehab Adaptive Reuse
No
No
Mobility impaired handicapped: 5% of units comply with QAP Section IV(F)(3) (in addition to other federal and staterequirements)
Persons with disabilities or homeless populations: the greater of 5 units or 10% of the total units
Remarks: We will be targeting the disabled population, including persons with mobility impairments and/orthose with developmental disabilities. We are submitting a Targeting Plan to the N.C. Department ofHealth & Human Services for their review.
Proposed number of residential buildings: 8 Maximum number of stories in buildings: 2
Types of Units:* Townhouse Duplex Garden Apartment Detached Single-Family
Project Includes:Separate community building -- Sq. Ft. (Floor Area):Sq. Ft. (Floor Area): 1,7311,731
Community space within residential bulding(s) -- Sq. Ft. (Floor Area):Sq. Ft. (Floor Area):
Elevators -- Number of Elevators:Number of Elevators:
Gross Floor Square Footage: 71,061
Total Net Sq. Ft. (All Heated Areas): 61,491
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Applicant Information
Applicant Name: United Equities VI
Address: P.O. Box 6171
City: State: NC Zip:Raleigh 27628
Contact: First: Last: Title:Jennifer Dunbar Project Developer
Telephone: (919)755-9155
Alt Phone: (919)621-9367
Fax: (919)755-2245
Email Address: jennifer@millsconstructionco.com
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Total Site Acreage: Total Buildable Acreage:
If buildable acreage is less than total acreage, please explain:
Identify utilities and services currently available (and with adequate capacity) for this site:
Storm Sewer Water Sanitary Sewer Electric
Is the demolition of any buildings required or planned?
If yes, please describe:
Are existing buildings on the site currently occupied?
If yes:(a) Briefly describe the situation:
(b) Will tenant displacement be temporary?
(c) Will tenant displacement be permanent?
Is the site in a distressed neighborhood?
If yes, does a community revitalization plan exist?
Is the site directly accessed by an existing, paved, publicly maintained road?
If no, please explain:
Is any portion of the site located inside the 100 year floodplain?
If yes:(a) Describe placement of project buildings in relation to this area:
Site Description
7.38 5.9
Buildable acreage is total site acreage less setback areas required by the Zoning Ordinance ofWayne County.
No
No
No
No
Right-of-way for ingress, egress, and regress to be conveyed by owner of base tract of property.Please see property description attached to Option to Purchase.
No
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(b) Describe flood mitigation if the project is in the East Region and will have improvements within the 100 year floodplain:
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Does the owner have fee simple ownership of the property (site/buildings)?
If yes provide:
Purchase Date: Purchase Price:
If no:
Site Control
No
(a) Does the owner/principal or ownership entity have vaild option/contract to purchase the property? Yes
(b) Does an identity of interest (direct or indirect) exist between the owner/principal or ownership entity with the option/contract for
purchase of the property and the seller of the property?If yes, specify the relationship:
No
(c) Enter the current expiration date of the option/contract to purchase: 10/31/2003
(D) Enter Purchase Price: 291,510
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Present zoning classification of the site:
Is mutifamily use permitted?
Are variances, special or conditional use permits or any other item requiring a public hearing needed to develop this proposal?
If yes, have the hearings been completed and permits been obtained?
If yes, specify permit or variance required and date obtained. If no, describe permits/variances required and schedule for obtainingthem:
Is a public hearing of any kind required in the future for you to fully develop this property?
If yes, describe the nature of the hearing and when you expect the hearing will be held:
Are there any existing conditions of historical significance located on the project site that will require State Historic Preservation office review?
If yes, describe below:
Are there any existing conditions of environmental significance located on the project site?
If yes, describe below:
Zoning
R 10 - multi-family use permitted
Yes
Yes
Yes
A special use permit, required for the development of this property as a multi-family project, wasobtained at the March 27 meeting of the Wayne County Board of Adjustment.
No
No
No
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Ownership Entity
Owner Name: Myrtle Place Apartments, LLC
Address: P.O. Box 6171
City: State: NC Zip:Raleigh 27628
Federal Tax ID Number of Ownership Entity: (If assigned)
Federal Tax ID Number of Managing GP or Member: (If Not Assigned)244-64-7461
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 ormembers. Click [Add] to add additional partners, members, and principals.
Org: Myrtle Place Apartments, LLC
First Name: Fred Last Name: Mills Function: Managing Member
Address: P.O. 6171
City: Raleigh State: NC Zip: 27628
Phone: (919)755-9155 Fax: (919)755-2245
EMail: jennifer@millsconstructionco.com Nonprofit: No TaxID 244-64-7461
Org: Myrtle Place Apartments, LLC
First Name: Stuart Last Name: LeGrand Function: Member
Address: P.O. Box 727
City: Shelby State: NC Zip: 28151
Phone: (704)482-5614 Fax: (704)482-8894
EMail: mcci@shelby.net Nonprofit: No TaxID 242-74-9421
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Specify Low Income Unit Targeting in table below. List each applicable targeting combination in a separate row below. Click [Add] to createanother row. Click "X" (at the left of each row) to delete a row. Add as many rows as needed.
Total Low Income Units:
Note: This number should match the total number of low income units in the Unit Mix section.
Targeting
# BRs Units %
1 2 targeted at 40 percent of median income.
2 9 targeted at 40 percent of median income.
3 4 targeted at 40 percent of median income.
1 2 targeted at 50 percent of median income.
2 9 targeted at 50 percent of median income.
3 4 targeted at 50 percent of median income.
1 4 targeted at 60 percent of median income.
2 18 targeted at 60 percent of median income.
3 8 targeted at 60 percent of median income.
60
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Estimated pricing on sale of Federal Tax Credits: $0.
Remarks concerning project funding sources:(Please be sure to include the name of the funding source(s))
Loans with Variable AmortizationPlease fill in the annual debt service as applicable for the first 20 years of the project life.
Funding Sources
Source AmountNon-
Amortizing*Rate(%)
Term(Years)
Amort.Period(Years)
AnnualDebt
Service
Bank Loan 350,000 7.25 20 30 28,651
RPP Loan 836,340 2.00 20 20Local Gov. Loan - Specify:
RD Loan
AHP Loan
Other Loan 1 - Specify:CDBG - from Wayne County
250,000 2.00 20 20
Other Loan 2 - Specify:
Other Loan 3 - Specify:
Tax Exempt Bonds
State Tax Credit(Loan) 902,983 0 30 30 0
State Tax Credit(Direct Refund)
Equity: Federal LIHTC 2,771,250
Non-Repayable Grant
Equity: Historic Tax Credits
Deferred Developer Fees
Owner Investment
Other - Specify:
Total Sources** 5,110,573
* "Non-amortizing" indicates that the loan does not have a fixed annual debt service. For these items, you must fill in 20-year debt servicebelow.
** Total Sources must equal total replacement cost in Project Development Cost (PDC) section.
78
We have applied for a $250,000 Community Development Block Grant for publicinfrastructure with Wayne County as our sponsoring local government. The County will loanthe project the grant funds as a 20 year, 2% loan. As project feasibility permits, we will be
making payments on the loan to Wayne County.In addition, as cash flow permits, we may be able to help disabled persons with rentalassistance. This assistance will only be made if all other obligations are met, including firstmortgage, the RPP loan, the CDBG loan, and whatever investor services or other fees may bedue from the project.
RPP repayments reflected below are accurate.sk
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RPP Loan
Year:Amt:
1
30500
2
30500
3
30000
4
29500
5
29000
6
31000
7
31000
8
29500
9
30000
10
28500
Year:Amt:
11
27500
12
26000
13
24300
14
23000
15
21000
16
19000
17
21500
18
19400
19
16500
20
13500
Other Loan 1 - CDBG - from Wayne County
Year:Amt:
1
10000
2
10000
3
10000
4
10000
5
10000
6
7500
7
7500
8
7500
9
7500
10
7500
Year:Amt:
11
7500
12
7500
13
7500
14
7500
15
7500
16
2500
17
2500
18
2500
19
2500
20
2500
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Development Costs
Item Cost Element TOTAL COSTEligible Basis
30% PV 70% PV
1 Purchase of Buildings (Rehab) 0
2 Demoli tion
3 On-site Improvements 420,000 420,000
4 Rehabilitation
5 Construction of New Building(s) 2,664,013 2,664,013
6 Accessory Building(s)
7 General Requirements 108,640 108,640
8 Contractor Overhead 64,000 64,000
9 Contractor Profit 191,500 191,500
10 Construction Contingency 103,500 103,500
11 Architect's Fee - Design 81,000 81,000
12 Architect's Fee - Inspection 9,000 9,000
SUBTOTAL (lines 1 through 12) 3,641,653
13 Construction Insurance (prorate) 9,000 7,500
14 Construction Loan Orig. Fee (prorate) 14,525 12,104
15 Construction Loan Interest (prorate) 108,925 90,771
16 Construction Loan Credit Enhancement (prorate)
17 Construction Period Taxes (prorate) 9,000 7,500
18 Water, Sewer and Impact Fees 80,000 80,000
19 Survey 8,000 8,000
20 Property Appraisal 6,000 6,000
21 Environmental Report 8,000 8,000
22 Market Study 4,000 4,000
23 Bond Costs (specify)
24 Cost of Issuance
25 Placement Fee
26 Permanent Loan Origination Fee 7,000
27 Permanent Loan Credit Enhancement
28 Title and Recording 5,000
SUBTOTAL (lines 13 through 28) 259,450
29 Real Estate Attorney 7,500 7,500
30 Other Attorney's Fees 35,000 35,000
31 Tax Credit App Fees 24,389 24,389
32 Cost Certification/Accounting Fees (specify) 9,000 9,000
33 Tax Opinion 5,000
34 Organizational (Partnership) 8,000
35 Tax Credit Monitoring Fee 36,000
SUBTOTAL (lines 29 through 35) 124,889
36 Furnishings and Equipment 7,500 7,500
37 Relocation Expenses
38 Developer's Fee (max 15% lines 2-36, less 8 & 9) 566,000 566,000
39 Other Basis Expense -
40 Other Basis Expense (specify)
41 Rent-up Expenses 5,000
42 Other Non-basis Expense - off-site improvements 60,000
43 Other Non-basis Expense (specify)
SUBTOTAL (lines 36 through 43) 638,500
44 Rent up Reserve 18,000
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Comments:
45 Operating Reserve 136,571
46 Other Reserve (specify)
47 Other Reserve (specify)
48 DEVELOPMENT COST (lines 1-47) 4,819,063 0 4,514,917
49 Less Federal Financing
50 Less Disproportionate Standard
51 Less Nonqualified Nonrecourse Financing
52 Less Historic Tax Credit (residential) 0
53 TOTAL ELIGIBLE BASIS 4,514,917 0 4,514,917
54 Times Applicable Fraction 100.00% 100% 100%
55 TOTAL QUALIFIED BASIS 4,514,917 0 4,514,917
56 Tax Credit Rate 7.87% 7.87%
57 FEDERAL TAX CREDITS at Estimated Rate 355,323 0 355,323
57a FEDERAL TAX CREDITS at 8.5% or 3.75% 383,767 0 383,767
58 FEDERAL TAX CREDITS REQUESTED 357,269 357,269
59 STATE TAX CREDITS 907,926
60 Land Cost 291,510
61 TOTAL REPLACEMENT COST 5,110,573
units split to esc. at HOME rents.
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Please provide a detailed description of the proposed project:
Construction (check all that apply):
Brick Vinyl Wood HardiPlank Balconies/Patios Sunrooms Front Porches
Front Gables or Dormers Wide Banding or Vertical/Horizontal Siding
Other:
Have you built other tax credit developments that use the same building design as this project?
If yes, please provide name and address:
Site Amenities (check all that apply):
Onsite Activities:
Landscaping Plans:
Market Study Information
Myrtle Place Apartments will be an attractive development for families and individuals who earnforty, fifty, or sixty percent of the median income for Wayne County. There will be six handicappedaccessible units. The site will include recreational areas for the residents, including garden andpicnic areas and a playground area for the children.
Vinyl shingle accent siding.Stone veneer used as an accent on the outside of the buildings.
Yes
Similar developments:1. Dunbar Place Apartments100 Peacock DriveArden, NC 287042. Savannah Place Apartments1519 Savannah LaneDurham, NC 277133. Best Village Apartments909 Savannah LaneKinston, NC 28501
Community Bldg - Sq Ft: 1,731 Community Room - Sq Ft: 851 Garages - Number:
Laundry Rm Screened Porch Resident Computer Center Exam Rm Reading Rm/Library
Game/Craft Rm Exercise Rm TV Rm Beauty Salon Vending Rm
Chapel/Prayer Rm Picnic Area Onsite Leasing Office Onsite Mgr Onsite Maint. Person
Irrigated Lawns Security Gate Car Care Area Storage Units Gazebos
Walking Trails Garden Spots Basketball/Tennis Court Playground Ball Field
Pool Fitness Stations Horseshoe Pit Shuffleboard Covered Drive Thru
Residents will be provided the opportunity to utilize the community room for meetings, classes, andactivities. Clubs and organizations, such as Scouts, etc. may meet in the community room, andclasses, such as homebuyer education classes, may be held there as well.
Myrtle Place Apartments will be attractively landscaped, by utilizing plants which thrive in the area.
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Interior Apartment Amenities (check all that apply):
Flooring: Carpet Vinyl Wood Wood Parquet Ceramic Tile Other
Heating/Cooling: Central Air Gas Heat Heat Pump Electric Pump
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.
Suggested plants and trees include crepe myrtle, azaleas, wax myrtle, willow oaks, etc. Residentswill have the opportunity to plant flowers and vegetables in the garden areas on the property.
Range Hood Dishwasher Disposal Refrigerator (frost free) Storage interior/exterior
W/D Hookups Mini-blinds Pantry Ceiling fans Walk-in closets
No
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Briefly describe your site in each of the following categories:
Applicant's Site Evaluation
NEIGHBORHOOD CHARACTERISTICS
Physical condition of buildings and improvements. Trend and direction of real estate developmentrelative to the project. Area economic health (degree of decline or investment).
Goldsboro and Wayne County have experienced growth in recent years. Unfortunately, the stock ofaffordable housing has not increased significantly. The physical condition of homes in theneighborhood is very good. Nearby is a recently built Food Lion shopping center, along with anotherretail shopping center with beauty salon and other small shops.
Suitability of surrounding development. Land use pattern is primarily residential with a balance ofother uses, including non-competing multifamily and single family units, relevant amenities, shoppingand services.Across the road from the site is an attractive single-family development, consisting of well-maintained brick homes. Nearby is a Food Lion shopping center, within walking distance of the site.
SITE SUITABILITY
Adequacy of street(s) and/or access road(s) serving the proposed project and traffic controls (lights,stop signs, turning lanes). Access to mass transit (if applicable).The site is located on Five Points Road (N.C.S.R. 1221), a state-maintained road, and traffic ismoderate on the road. Access to the property will be directly across from another state-maintainedroad (N.C.S.R. 1277. There is no access to mass transit in this area.
Amount and character of vacant, undeveloped land. Effect of industrial, large-scale institutional orother incompatible uses: wastewater treatment facilities, high traffic corridors, junkyards, prisons,landfills, large swamps, distribution facilities, frequently used railroad tracks, power transmission linesand towers, factories or similar operations, sources of excessive noise, and sites with environmentalconcerns (such as odors or pollution).The property is across the street from a residential neighborhood. The site is presently anundeveloped subdivision, which has already been approved by Wayne County. The landowner ofthat property is a native of Goldsboro, and wishes to develop his remaining property in harmony withthe rest of the community.
Degree of on-site negative features and physical barriers that will impede project construction oradversely affect future tenants; for example: power transmission lines and towers, flood hazards,steep slopes, large boulders, ravines, year-round streams, wetlands, and other similar features. Foradaptive re-use projects- suitability for residential use and difficulties posed by the building(s), suchas limited parking, environmental problems or the need for excessive demolition.There are no negative features for this site, nor any physical barriers which would impede projectconstruction nor prevent the residents' enjoyment of the property in the years to come.
Similarity of scale and aesthetics/architecture between project and surroundings.Since this project is designed to be a low-density multi-family development, it will fit in well with the
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For each applicable neighborhood feature, enter distance from project in miles.
Other facilities or services:
surrounding area. We will have eight buildings, both one- and two-story. There is a nearby market-rate apartment development on Five Points Road.
Concentration of affordable housing (housing credit, project-based rental assistance, public housing).There are no low-income housing tax credit developments nearby, nor are there public housing
projects, nor project-based rental assistance properties.
Availability of Supportive Services (if applicable):
Grocery Store.3 Community/Senior Center5
Mall/Strip Center9 Hospital8
Outdoor Athletic Fields3.5 Pharmacy.7
Day Care/After School3.5 Basic Health Care3
Schools3.5 Medical Offices3
Public Transportation Stop Bank/Credit Union2
Convenience Store.5 Restaurants.2
Basketball/Tennis Courts3.5 Professional Services5
Public Parks3.5 Movie Theater9
Gas Station.5 Video Rental2
Library6 Public Safety (Fire/Police)5
Fitness/Nature Trails3.5 Post Office5
Public Swimming Pools3.5
1. Mina Weil Park (House St.) - swimming pool, athletic fields (softball, football, soccer), basketball,etc. - 3.5 miles from site.2. Waynesborough State Park & Historic Village - museum, historic building tours, hiking trail alongNeuse River, fishing, etc. - located 3.5 miles from site on Highway 117 North.3. Wayne Community College - 8 miles from site.
4. Mount Olive College - 4-year college - 12 miles from site.
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DevelopmentList number low-income/tax credit housing projects and units developed, operated, and maintained in compliance by the principal(s) betweenDecember 1, 1996 and January 1, 2003:
ManagementList number of low-income housing tax credit units managed in the past 10 years:
Has any owner, principal, or management agent been debarred or received a limited denial participation in the past 10 years by any federal or
state agency?
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?
Has any owner or principal been in a mortgage default or delinquency of three months or more within the last 5 years on a FHA-insuredproject, a Rural Development funded rental project, a tax-exempt funded mortgage, a tax credit project, or any other publicly subsidized
project?
Has any owner or principal been involved within the last 10 years in a project which previously received an allocation of tax credits but failed tomeet compliance standards of the tax credit allocation, including return of a reservation of tax credits to the Agency after the carryover
agreement has been signed?
Has any owner or principal had a Form 8823 filed with the IRS for noncompliance on a project using low-income housing tax credits or
received a letter of non-compliance from the Agency?
Project Team Experience
North Carolina Other States
Projects: 13 0
Units: 668 0
North Carolina Other States
Projects: 14 0
Units: 684 0
No
No
No
No
No
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Financing Commitments
Does the project have a firm commitment for construction financing? Yes
Does the project have a letter of intent for private permenant financing? Yes
Does the project have a firm commitment for government financing? No
Does the project have a letter of intent from an investor? Yes
Is any portion of the eligible basis of new contruction or rehabilitation financed with federal subsidies other than CDBG funds or fundsfrom the HOME program? No
If yes, indicate the type and amount below:
Tax Exempt Financing: $
RD 515 Financing: $
Hope VI Financing: $
Other: $
If Other, specify the type of Federal subsidy:
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Project Operations (Year One)
Projected Operating Costs
Administrative Expenses
Advertising 750
Other Administrative Expense (specify):
Office SalariesOffice Supplies 2,500
Office or Model Apartment Rent
Management Fee 27,000
Manager or Superintendent Salaries 25,000
Manager or Superintendent Rent Free Unit
Legal Expenses (Project) 1,000
Auditing Expenses (Project) 4,000
Bookkeeping Fees/Accounting Services
Telephone and Answering Service 2,500
Bad Debts
Other Administrative Expenses (specify):
SUBTOTAL 62,750
Utilities Expense
Fuel Oil
Electricity (Light and Misc. Power) 6,000
Water 6,000
Gas
Sewer 12,500
SUBTOTAL 24,500
Operating and Maintenance Expenses
Janitor and Cleaning Payroll
Janitor and Cleaning Supplies
Janitor and Cleaning Contract 6,000
Exterminating Payroll/Contract 6,000
Exterminating Supplies
Garbage and Trash Removal 6,000
Security Payroll/Contract 400
Grounds Payroll
Grounds Supplies
Grounds Contract 12,500
Repairs Payroll 16,000
Repairs Material 600
Repairs Contract 3,000
Elevator Maintenance/Contract
Heating/Cooling Repairs and Maintenance
Swimming Pool Maintenance/Contract
Snow Removal
Decorating Payroll/Contract 11,000
Decorating Supplies
Other (specify):
Miscellaneous Operating & Maintenance Expenses
SUBTOTAL 61,500
Taxes and Insurance
Real Estate Taxes 18,750
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Payroll Taxes (FICA) 1,445
Miscellaneous Taxes, Licenses and Permits
Property and Liability Insurance (Hazard) 15,000
Fidelity Bond Insurance
Workmen's Compensation 75
Health Insurance and Other Employee Benefits 4,000
Other Insurance:225
SUBTOTAL 39,495
Supportive Service Expenses
Service Coordinator
Service Supplies
Tenant Association Funds
Other Expenses (specify):
SUBTOTAL 0
Reserves
Replacement Reserves 15,000
SUBTOTAL 15,000
TOTAL OPERATING EXPENSES 203,245
ADJUSTED TOTAL OPERATING EXPENSES(Does not include taxes, reserves and resident support services) *
169,495
TOTAL UNITS(from total units in the Unit Mix section)
60
PER UNIT PER YEAR 2,824
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Design Features
ITEM DESCRIPTION
Foundation/Slab Components Turned down footings & 4" concrete slab
Primary Windows Make: Model:Silverline Type/Construction: Insulated vinyl
Exterior Doors Type: Frames:Insulated Fiberglass Wood
Siding Type: Grade/Thickness:Vinyl .044
Warranty: Lifetime
Exterior Trim Vinyl
Shingles Type: Weight:Fungus Buster - XT 25 225
Warranty: 25 year
Sprinkler System 13 R
Cabinets Marsh
Heat Pump SEER: Make:12 SEER Carrier
Model:
Air Conditioner SEER: Make:Same as heat pump
Model:
Other Heat Systems SEER: Make:
Model:Supplemental Strip Heat-8 kw.
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This is a detailed breakdown of rehabilitation or construction costs you summarized in the Development Costs table (Rehabilitation andConstruction of New Building(s)). The total should match those roll-up values.
Costs - Construction
ITEM LABOR MATERIAL TOTAL
Concrete Footings 0
Backfill-slab, Crawl 0
Slab-concrete/Rebar/Gravel 215,000 215,000
Waterproofing 0
Masonry Foundation 0
Brick Veneer 40,000 40,000
Steel/Structure/Rails 40,000 40,000
Framing/Lumber/Nails 220,000 220,000 440,000
Trusses 115,000 115,000
Crane Rental 0
Windows/Grilles/Screen 50,000 50,000Exterior Doors 60,000 60,000
Roofing 60,000 60,000
Fencing 15,000 15,000
Vinyl Siding/Trim/Box 160,000 160,000
Gutters/Shutters 15,000 15,000
Insulation 70,000 70,000
Drywall 250,000 250,000
Interior Doors 50,000 50,000
Int. & Final/Stair/Trim/Shelves 45,000 40,000 85,000
Cabinets & Tops 65,000 65,000
Painting 65,000 65,000
Marble - Tub/Shwr/Tops 0
Plumbing 200,000 200,000
Electrical 190,000 190,000
Heating/Air Conditioning 120,000 120,000
Floor Covering and Underlayment 80,000 80,000
Wall Paper 0
Mailboxes/Special Features/Signage 7,500 7,500
Gypcrete 22,000 22,000
Blinds/Shades/Art Work 7,500 7,500
Light Fixtures/Fans 0
Sprinkler System 92,000 92,000
Security Alarm 0
Hardwood Floors 0
Elevator 0
Ceramic Tiles 0
Acoustical Ceilings 0
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Remarks:
Mirror/Shower Door/Encls. 0
Hardware/Bath Access. 20,000 20,000
Appliances 55,000 55,000
Playground Equipment 35,000 35,000
Interior Clean 12,000 12,000
Exterior Clean/Dumpster 10,000 10,000
Other 1 (specify in Remarks) 18,013 18,013
Other 2 (specify in Remarks) 0
Total Cost 287,000 2,377,013 2,664,013
Most labor costs are included in the framing labor costs. "Other 1" is contingency.
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This is a detailed breakdown of the General Requirements cost element you summarized in the Development Costs table (GeneralRequirements). The total should match that roll-up value.
Remarks:
Costs - General
ITEM TOTAL
Supervision 66,440
Job Site Office/Trailer Rental 3,000
Impact Fees
Office Supplies 200
Security/Watchman
Water and Sewer Connection Fees
Project Signage
Tools and Equipment
Gas, Oil, and Maintenance
Cleanup/Dumpster Rental 20,000
Temporary Water, Electric, and Telephone 6,000Storage/Hauling 1,000
Driveway Access Permit
Porta-John Rental/Dumping 2,000
Builders Risk Insurance
Re-inspection Fees
Extra Plans and Specifications
Miscellaneous, Casual Labor 10,000
Equipment Rental
Other 1 (specify in Remarks)
Other 2 (specify in Remarks)
Total Cost 108,640
Water & sewer fees are included in impact fees. Project signage is included in construction.
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This is a detailed breakdown of the Site Improvements cost element you summarized in the Development Costs table (On-siteImprovements). The total should match that roll-up value.
Remarks:
Costs - Improvements
ITEM TOTAL
Subsurface Explorat ion/Perk Testing/Site Engineering 4,000
Clearing/Grading/Final Grading/Excess and Borrow 110,000
Demolition
Earthwork/Excavation/Aerating
Soil Treatment 2,000
Pile Foundations
Caissons
Shoring/Bracing
Site Drainage
Site Utilities/Site Lighting 119,000
Paving and Surfacing/Curb and Gutter 130,000Walkways
Site Signage
Parking Lot Painting
Dumpsite Pads/Fencing
Fencing/Gates
Landscaping/Topsoil 45,000
Waterproofing/De-Watering
Operation of Construction Equipment/Fuel/Oil
Crane Rental
Rock and Hardpan Excavation
Site Supervision Personnel
Other (specify in Remarks) 10,000
Total Cost 420,000
Earthwork is included in grading. Site drainage is included in utilities. Walkways, parking lot, &dumpsite pads included in paving. Excavation included in grading. "Other" includes survey work.
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This is a detailed breakdown of the Bond Costs cost element you summarized in the Development Costs table (Bond Costs). The totalshould match that roll-up value.
Remarks:
Costs - Bond Costs
ITEM TOTAL
Letter of Credit Fee
Credit Enhancement
Underwriter Discount
Capital Interest Fund
Other 1 (specify in Remarks)
Other 2 (specify in Remarks)
Total Cost 0
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This is a detailed breakdown of the Bond Issuance cost element you summarized in the Development Costs table (Cost of Issuance). Thetotal should match that roll-up value.
Remarks:
Costs - Bond Issuance
ITEM TOTAL
Bond Counsel
Issuer Counsel
Credit Enhancement/LOC Counsel
Underwriter Counsel
Developer's Counsel
Rating Agency Fee
Printing
Trustee Fee
Trustee Counsel
Other 1 (specify in Remarks)
Other 2 (specify in Remarks)Other 3 (specify in Remarks)
Total Cost 0
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MINIMUM REQUIRED SET ASIDES (No Points Awarded):
Minimum Set-Asides
Select one of the following two options:
20% of the qualified units are rent restricted and occupied by households with incomes at or below 50% of the median income (Note:No Tax Credit Eligble Units in the the project can exceed 50% of median income)
40% of the qualified units are rent restricted and occupied by households with incomes at or below 60% of the median income (Note:No Tax Credit Eligble Units in the the project can exceed 60% of median income)
If requesting RPP funds:
40% of the qualified unit are occupied by households with incomes at or below 50% of median income.
State Tax Credit and QAP Targeting Points:
High Income county:
At least twenty-five percent (25%) of qualified units will be affordable to households with incomes at or below thirty percent (30%) ofcounty median income.
At least twenty-five percent (25%) of qualified units will be affordable to and occupied by households with incomes at or below thirtypercent (30%) of county median income.
At least fifty percent (50%) of qualified units will be affordable to households with incomes at or below forty percent (40%) of countymedian income.
At least fifty percent (50%) of qualified units will be affordable to and occupied by households with incomes at or below forty percent(40%) of county median income.
Moderate Income County:
At least twenty-five percent (25%) of qualified units will be affordable to and occupied by households with incomes at or below fortypercent (40%) of county median income.
At least fifty percent (50%) of qualified units will be affordable to households with incomes at or below fifty percent (50%) of county
median income.At least fifty percent (50%) of qualified units will be affordable to and occupied by households with incomes at or below fifty percent(50%) of county median income.
Low Income County:
At least forty percent (40%) of qualified units will be affordable to households with incomes at or below fifty percent (50%) of countymedian income.
At least forty percent (40%) of qualified units will be affordable to and occupied by households with incomes at or below fifty percent(50%) of county median income.
Tax Exempt Bonds
Threshold requirement (select one):
At least ten percent (10%) of qualified units will be affordable to and occupied by households with incomes at or below fifty percent
(50%) of county median income.
At least five percent (5%) of qualified units will be affordable to and occupied by households with incomes at or below forty percent(40%) of county median income.
Eligible for mortgage subsidy points (select one):
At least twenty percent (20%) of qualified units will be affordable to and occupied by households with incomes at or below fifty percent(50%) of county median income.
At least ten percent(10%) of qualified units will be affordable to and occupied by households with incomes at or below forty percent(40%) of county median income.
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PLEASE indicate which of the following exhibits are attached to your application. Others may be required as noted.
Full Application Checklist
A Nonprofit Organization Documentation or For-profit Corporation Documentation
B Current Financial Statements/Principals and Owners
C Ownership Entity Agreement, Development Agreement or any other agreements governing development services
D Management Agent Agreement
E Development and manager multi-family experience & Management Questionnaire (Appendix C)
F Letters from State Housing Agencies or designated monitoring agent verifying Out of State Management Experience
G Completed IRS Form 8821 (Appendix I)
H Permitted zoning letter (including conditional and special use)
I Site plan, floor plans and elevations
J Hazard and structural inspection and termite reports (Renovation projects only)
K Description of any existing conditions of historical significance.
L Description of environmental significance.
M Anticipated budget demonstrating how the project would meet the 10% test by November 14th.
N Evidence of Architect's Errors and Omissions insurance (or equivalent).
O Description of acquisition for existing/occupied projects or for projects with occupied buildings to be demolished.
P Description of proposed Relocation Plan & Relocation Budget, Etc. If any relocation is anticipated, reference Appendix F.
Q Targeting Plan and supporting documentation (Required for projects targeted to Special Populations)
R Local Housing Authority Agreement (Reference Model in Appendix I)
S Appraisal (for land costs greater than $5,000 and for buildings in rehab projects)
T Evidence of Permanent Loan Commitment, other sources of funds, and project-based subsidies.
U Statement regarding terms of Deferred Developer Fee and, if nonprofit, resolution of Board approving fee.
V Inducement Resolution (Tax-Exempt Bond Financed Projects only)
W Documentation to support estimated utility costs.
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