salem gardens
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Is project in Qualified Census Tract & Difficult to Develop area?
Does a community revitalization plan exist?
Print Preview - Final Application
Tax Credits, RPP Loans, and/or Tax Exempt Bond Loans
Project Name and Location
Project Name: Salem Gardens Apartments
Address: #7 Salem Garden Road
City: Winston-Salem County: Forsyth Zip: 27107
Census Tract: 33.03 Block Group: 2
No
Yes
Political Jurisdiction: City of Winston-Salem
Jurisdiction CEO Name: First: Last:Allan Joines Title: Mayor
Jurisdiction Address: Office of the Major, City Hall, 101 N. Main Street, Suite 150
Jurisdiction City: Winston-Salem Zip: 27102
Jurisdiction Phone: (336)727-2058
Site Latitude: 36.0818
Site Longitude: -80.1826
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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 project based federal rental assistance?
If yes, provide the subsidy source:If yes, provide the subsidy source: HUD and number of units:and number of units:
Target Population: Family
Indicate below any additional targeting for special populations proposed for this project:
Project Description
Project Type:* New Construction Rehab Adaptive Reuse
No
Yes
149149
Mobility impaired handicapped: 5% of units comply with QAP Section IV(F)(3) (in addition to the units required by other federaland state codes.)
Persons with disabilities or homeless populations: the greater of 5 units or 10% of the total units
Remarks: The developer and management agent will enter into a Memorandum of Understanding with a locallead agency. The agency will, among other things, assess the targeted population, develop thereferral process and provide supportive services. 100% of the units in the complex have Section 8Project Based Rental Assistance from the Department of Housing and Urban Development so these
units will be affordable to persons with extremely low incomes.
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Applicant Information
Applicant Name: Salem Preservation Partners, LLC
Address: 7000 Central Parkway, NE, Suite 1100
City: State: GA Zip:Atlanta 30328
Contact: First: Last: Title:Ken Blankenship Vice President
Telephone: (678)320-3812
Alt Phone: (678)320-3780
Fax: (770)804-0209
Email Address: kblankenship@ambling.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 directly accessed by an existing, paved, publicly maintained road?
If no, please explain:
Site Description
17.84 17.84
No
Yes
The current occupancy level at Salem Gardens is 98.67%. The property is used strictly forAffordable Housing for families. During the proposed preservation and renovation, we will notdisplace any residents. This gives the residents the least amount of inconvenience. The residentswill also be informed of the scope and schedule of renovations taking place in their units. A ResidentService Coordinator (RSC) is on staff who handles all questions, concerns and notifications. Beforeconstruction starts, we send out brochures, conduct town hall meetings on-site, and disperse noticesto all the residents. These tools help the residents get familiar with the process and manage theirexpectations.
Once construction starts, we use guidelines that least impact the tenant. Work is only done from8:00 AM to 5:00 PM. A hospitality suite is provided to the residents during the the period in whichtheir unit is under construction. This hospitality suite has a coffee maker, TV, telephone, sitting area,and refrigerator. The suite also displays a basic overview of what their unit will look like whenconstruction is finished. All work is scheduled to be completed by the end of the day. If somethingprevents the work from being completed that day then the proper accommodations are provided. Anexample would be if the kitchen is not completed by the end of the workday, dinner will be providedfor the resident(s). If HVAC is not working by the end of the workday and temperatures are not in acomfortable range (either hot or cold), a hotel room will be provided at our expense for the resident(s). We will provide adequate protection for all of the residents' belongings and will provide packingboxes if the resident so chooses.
The residents' comfort and convenience is a high priority, and we will take every step to ensure thisoccurs. Attached to the paper application, to be submitted January 16, 2004, is a detailed plan weuse for all renovations.
No
No
Yes
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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:
No
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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: 12/31/2004
(D) Enter Purchase Price: 2,951,000
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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:
Are there any existing conditions of historical significance located on the project site that will require State Historic Preservation office review?
If yes, describe below:
Are there any existing conditions of environmental significance located on the project site?
If yes, describe below:
Zoning
RM-12, Residential Multifamily
Yes
No
No
No
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Ownership Entity
Owner Name: Ashton Salem, LP
Address: 7000 Central Parkway, NE, Suite 1100
City: State: GA Zip:Atlanta 30328
Federal Tax ID Number of Ownership Entity: (If assigned)20-0435709
Federal Tax ID Number of Managing GP or Member: (If Not Assigned)
Entity Type: Limited Partnership
Entity Status: Already 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: Salem Preservation Partners, LLC
First Name: Rhett Last Name: Holmes Function: Managing General Partner
Address: 7000 Central Parkway, NE, Suite 1100
City: Atlanta State: GA Zip: 30328
Phone: (678)320-3810 Fax: (770)804-0209
EMail: rhettholmes@ambling.com Nonprofit: No TaxID 20-0506127
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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 40 targeted at 60 percent of median income.
2 64 targeted at 60 percent of median income.
3 32 targeted at 60 percent of median income.
4 13 targeted at 60 percent of median income.
149
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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))
Funding Sources
Source AmountNon-
Amortizing*Rate(%)
Term(Years)
Amort.Period(Years)
AnnualDebt
Service
Bank Loan 3,544,778 6.25 40 40 241,501
RPP LoanLocal 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) 579,451 0 30 30 0
State Tax Credit(Direct Refund)
Equity: Federal LIHTC 2,750,368
Non-Repayable Grant
Equity: Historic Tax Credits
Deferred Developer Fees 94,902
Owner Investment
Other - Specify:
Total Sources** 6,969,499
* "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.
80
Bank Loan - ARCS Commercial MortgageState Tax Credit - NCHFAEquity - Boston CapitaLDeferred Developer Fee - Preservation First Development Company, LLCOwner Investment - Ashton Salem, LP
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Development Costs
Item Cost Element TOTAL COSTEligible Basis
30% PV 70% PV
1 Purchase of Buildings (Rehab) 2,429,500 2,429,500
2 Demoli tion
3 On-site Improvements 148,940 148,940
4 Rehabilitation 2,017,820 2,017,820
5 Construction of New Building(s)
6 Accessory Building(s)
7 General Requirements 128,806 128,806
8 Contractor Overhead 42,935 42,935
9 Contractor Profit 146,332 146,332
10 Construction Contingency 147,890 147,890
11 Architect's Fee - Design 30,545 30,545
12 Architect's Fee - Inspection 3,725 3,725
SUBTOTAL (lines 1 through 12) 5,096,493
13 Construction Insurance (prorate)
14 Construction Loan Orig. Fee (prorate) 53,172 53,172
15 Construction Loan Interest (prorate) 124,958 124,958
16 Construction Loan Credit Enhancement (prorate)
17 Construction Period Taxes (prorate)
18 Water, Sewer and Impact Fees
19 Survey 15,000 15,000
20 Property Appraisal 5,000 5,000
21 Environmental Report 10,500 10,500
22 Market Study
23 Bond Costs (specify)
24 Cost of Issuance
25 Placement Fee 53,172
26 Permanent Loan Origination Fee
27 Permanent Loan Credit Enhancement
28 Title and Recording 20,987
SUBTOTAL (lines 13 through 28) 282,789
29 Real Estate Attorney 28,000 28,000
30 Other Attorney's Fees 25,000 25,000
31 Tax Credit App Fees 32,211 32,211
32 Accounting Fees 13,000 13,000
33 Tax Opinion
34 Organizational (Partnership)
35 Tax Credit Monitoring Fee 78,225
SUBTOTAL (lines 29 through 35) 176,436
36 Furnishings and Equipment
37 Relocation Expenses
38 Developer's Fee (max 15% lines 2-36, less 8 & 9) 391,180 97,180 294,000
39 Other Basis Expense (specify)
40 Other Basis Expense (specify)
41 Rent-up Expenses
42 Other Non-basis Expense (specify)
43 Other Non-basis Expense (specify)
SUBTOTAL (lines 36 through 43) 391,180
44 Rent up Reserve 44,700
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Comments:
45 Operating Reserve 404,251
46 Replacement Reserve 52,150
47 Other Reserve (specify)
48 DEVELOPMENT COST (lines 1-47) 6,447,999 2,526,680 3,267,834
49 Less Federal Financing
50 Less Disproportionate Standard
51 Less Nonqualified Nonrecourse Financing
52 Less Historic Tax Credit (residential) 0
53 TOTAL ELIGIBLE BASIS 5,794,514 2,526,680 3,267,834
54 Applicable Fraction (percentage of LI Units) 100.00% 100% 100%
55 Basis Before Boost 5,794,514 2,526,680 3,267,834
56 Boost for QCT/DDA (if applicable, enter 130%) 100.00% 100.00%
57 TOTAL QUALIFIED BASIS 5,794,514 2,526,680 3,267,834
58 Tax Credit Rate 3.39% 7.91%
59 Federal Tax Credits at Estimated Rate 344,140 85,654 258,485
60 Federal Tax Credits at 8.5% or 3.75% 372,516 94,750 277,765
61 Federal Tax Credits Requested 348,063 85,791 262,272
62 Land Cost 521,500
63 TOTAL REPLACEMENT COST 6,969,499
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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):
Market Study Information
The current occupancy level at Salem Gardens is 98.67%. The property is used strictly forAffordable Housing for families. During the proposed preservation and renovation, we will notdisplace any residents. This gives the residents the least amount of inconvenience. The residentswill also be informed of the scope and schedule of renovations taking place in their units. A ResidentService Coordinator (RSC) is on staff who handles all questions, concerns and notifications. Before
construction starts, we send out brochures, conduct town hall meetings on-site, and disperse noticesto all the residents. These tools help the residents get familiar with the process and manage theirexpectations.
Once construction starts, we use guidelines that least impact the tenant. Work is only done from8:00 AM to 5:00 PM. A hospitality suite is provided to the residents during the the period in whichtheir unit is under construction. This hospitality suite has a coffee maker, TV, telephone, sitting area,and refrigerator. The suite also displays a basic overview of what their unit will look like whenconstruction is finished. All work is scheduled to be completed by the end of the day. If somethingprevents the work from being completed that day then the proper accommodations are provided. Anexample would be if the kitchen is not completed by the end of the workday, dinner will be providedfor the resident(s). If HVAC is not working by the end of the workday and temperatures are not in acomfortable range (either hot or cold), a hotel room will be provided at our expense for the resident(s). We will provide adequate protection for all of the residents' belongings and will provide packingboxes if the resident so chooses.
The residents' comfort and convenience is a high priority, and we will take every step to ensure this
occurs. Attached to the paper application, to be submitted January 16, 2004, is a detailed plan weuse for all renovations.
Yes
Athens Gardens Apartments135 Coleridge CourtAthens, GA 30605
Clarke Gardens Apartments110 Carriage CourtAthens, GA 30605
Both of these properties are currently under construction.
Community Bldg - Sq Ft: Community Room - Sq Ft: 1,090 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
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Onsite Activities:
Landscaping Plans:
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.
Pool Fitness Stations Horseshoe Pit Shuffleboard Covered Drive Thru
The local Feed & Seed of Winston-Salem provides our property with computers for our computerroom, books for our library and supervised after school recreation in our community unit.
A professional landscape architect will be engaged. Improvements will be made to enhance theexisting landscape, including reseeding erosion areas and strengthening existing retaining walls.
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). Concentration of
affordable housing.The City of Winston-Salem has a population of approximately 170,000 with an area median incomeof $55,500. The Piedmont Triad consisting of Winston-Salem, Greensboro and High Point make upa MSA population of 1.2 million. Salem Gardens is located in the southeastern portion of Winton-Salem, North Carolina. The population of southeast Winston –Salem is approximately 13,400, whichis a 7 % increase from the 1990 census. Of that 7% increase in population, the majority is in theHispanic community. This creates great diversity in the area and heightens the need for affordablehousing. The region land use falls into three different categories: residential, commercial, andinstitutional. Residential use is predominately low-density, single-family homes. The conditions ofthe homes are good. In fact, in a recent study 90% of the homes in the southeastern region wereclassified as standard. A new neighborhood is in the construction process and will be complete uponthe development of the final two lots. Two other multifamily developments are located in this area,Skyline Village and Christian Care of Winston-Salem. Commercial space in the area is scatteredthrough the southeastern region; however, a large commercial space is located less than a half mileaway from Salem Gardens. This space is utilized by grocery stores, International markets, banks,retail stores, restaurants, and services. All of these businesses are convenient and have easyaccess for our residents. A significant portion of the land in southeastern Winston-Salem provides
for Institutions such as schools, churches, recreational facilities, utilities, and fire stations. Winston-Salem State University is located less than two miles from the property and is in the process ofexpanding the campus. Several recreation areas are also located within one mile of Salem Gardensincluding Reynolds Park Public Golf course, Reynolds Park Recreation Center, and Salem LakeParks and Recreation Area. The Reynolds Recreation Center has a public pool and tennis courts,while the Salem Lake Park and Recreation Area has a Marina and numerous miles of hiking andbiking trails. Overall characteristics of the neighborhood provide all the qualities needed for growth ina community and we believe preservation of Affordable housing in this area is critical. Winston-Salem has a Revitalization Plan for this southeast region.
A copy of the Revitalization Plan from the city will accompany our paper application due on January16, 2004.
Suitability of surrounding development. Land use pattern is primarily residential (single andmultifamily housing) with a balance of other uses (particularly retail and amenities). Amount andcharacter of vacant, undeveloped land. Effect of industrial, large-scale institutional or otherincompatible uses: wastewater treatment facilities, high traffic corridors, junkyards, prisions, landfills,
large swamps, distribution facilities, frequently used railroad tracks, power transmission lines andtowers, factories or similar operations, sources of excessive noise, and sites with environmentalconcerns (such as odors or pollution).No industrial uses are located near Salem Gardens and very few in the southeast region . Noprisons, junkyards, landfills, water treatment facilities, factories, or uses of that nature are locatednear the property. The majority of the land in this region is for residential, commercial, andinstitutional uses. A vacant lot is located near the property.
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).Salem Gardens is located on a public road, which serves as its private entrance. Adequate signage
allows residents and visitors to find their way to and from the property with ease. Also, there is a busstop at the entrance of the property, which allows for easy access to and from the property. BusRoute #29 runs to and from downtown Winston-Salem and Salem Gardens. Accessibility toInterstate I-40 is located approximately two and a half miles from the entrance of the property. US52 is located close to the property.
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 zero on-site physical barriers or negative features. Salem Gardens sits on relatively flat
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For each applicable neighborhood feature, enter distance from project in miles.
Other facilities or services:
land.
Similarity of scale and aesthetics/architecture between project and surroundings.The surrounding area is very similar to Salem Gardens. The elderly care center across the street is
a brick veneer and wood siding building, which is similar to Salem Gardens.
Grocery Store0.4 Community/Senior Center0.1
Mall/Strip Center0.4 Hospital3.5
Outdoor Athletic Fields1.0 Pharmacy0.5
Day Care/After School1.0 Basic Health Care3.5
Schools2.0 Medical Offices3.5
Public Transportation Stop0.02 Bank/Credit Union0.4
Convenience Store0.5 Restaurants0.4
Basketball/Tennis Courts1.1 Professional Services5.0
Public Parks1.0 Movie Theater5.0
Gas Station0.5 Video Rental0.6
Library5.0 Public Safety (Fire/Police)0.6
Fitness/Nature Trails1.0 Post Office1.0
Public Swimming Pools1.1
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Development List number low-income/tax credit housing projects and units developed, operated, and maintained in compliance by the principal(s) betweenDecember 1, 1996 and January 1, 2003:
Management List number of low-income housing tax credit units managed in the past 10 years:
Has any owner, principal, or management agent been debarred or received a limited denial participation in the past 10 years by any federal 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: 0 21
Units: 0 1,558
North Carolina Other States
Projects: 6 35
Units: 750 3,004
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 3,120
Office Salaries 60,528
Office Supplies 7,900
Office or Model Apartment Rent 0
Management Fee 70,056
Manager or Superintendent Salaries 73,122
Manager or Superintendent Rent Free Unit 0
Legal Expenses (Project) 1,800
Auditing Expenses (Project) 7,500
Bookkeeping Fees/Accounting Services 10,800
Telephone and Answering Service 6,600
Bad Debts 0
Other Administrative Expenses (specify):
Software Licenses, Leased Furniture, Bank Charges4,781
SUBTOTAL 246,207
Utilities ExpenseFuel Oil 0
Electricity (Light and Misc. Power) 16,800
Water 20,850
Gas 0
Sewer 20,850
SUBTOTAL 58,500
Operating and Maintenance Expenses
Janitor and Cleaning Payroll 0
Janitor and Cleaning Supplies 0
Janitor and Cleaning Contract 0
Exterminating Payroll/Contract 4,500
Exterminating Supplies 0
Garbage and Trash Removal 14,830
Security Payroll/Contract 0
Grounds Payroll 0
Grounds Supplies 0
Grounds Contract 30,600
Repairs Payroll 0
Repairs Material 19,950
Repairs Contract 8,940
Elevator Maintenance/Contract 0
Heating/Cooling Repairs and Maintenance 4,200
Swimming Pool Maintenance/Contract 0
Snow Removal 0
Decorating Payroll/Contract 9,600
Decorating Supplies 0
Other (specify):
Fire & Safety2,245
Miscellaneous Operating & Maintenance Expenses 0
SUBTOTAL 94,865
Taxes and Insurance
Real Estate Taxes 51,910
Payroll Taxes (FICA) 20,047
Miscellaneous Taxes, Licenses and Permits 2,635
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Property and Liability Insurance (Hazard) 28,236
Fidelity Bond Insurance 0
Workmen's Compensation 2,500
Health Insurance and Other Employee Benefits 9,951
Other Insurance:0
SUBTOTAL 115,279
Supportive Service Expenses
Service Coordinator 0
Service Supplies 0
Tenant Association Funds 0
Other Expenses (specify):0
SUBTOTAL 0
Reserves
Replacement Reserves 52,150
SUBTOTAL 52,150
TOTAL OPERATING EXPENSES 567,001
ADJUSTED TOTAL OPERATING EXPENSES (Does not include taxes, reserves and resident support services) *
462,941
TOTAL UNITS(from total units in the Unit Mix section) 149
PER UNIT PER YEAR 3,106
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Design Features
ITEM DESCRIPTION
Foundation/Slab Components Block Walls and Concrete Footings
Primary Windows Make: Model:Mayfair 550 Insulated Type/Construction: Aluminum
Exterior Doors Type: Frames:Steel 6 Panel Wood
Siding Type: Grade/Thickness:Vinyl .046
Warranty: Lifetime
Exterior Trim Aluminum Wrapped Trim and Vinyl Soffits
Shingles Type: Weight:Asphalt
Warranty: 25 years
Sprinkler System None
Cabinets Solid Wood Flat Panel Door and Drawers
Heat Pump SEER: Make:12 Goodman
Model: CPLJ18
Air Conditioner SEER: Make:12 Goodman
Model: CLJ18
Other Heat Systems SEER: Make:
Model:
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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 0
Waterproofing 0
Masonry Foundation 0
Brick Veneer 8,000 8,000
Steel/Structure/Rails 4,000 1,000 5,000
Framing/Lumber/Nails 0
Trusses 0
Crane Rental 0
Windows/Grilles/Screen 49,875 92,625 142,500Exterior Doors 18,760 34,840 53,600
Roofing 75,600 32,400 108,000
Fencing 0
Vinyl Siding/Trim/Box 81,600 122,400 204,000
Gutters/Shutters 27,000 18,000 45,000
Insulation 5,000 7,500 12,500
Drywall 0
Interior Doors 0
Int. & Final/Stair/Trim/Shelves 35,700 15,300 51,000
Cabinets & Tops 78,525 183,225 261,750
Painting 60,075 6,675 66,750
Marble - Tub/Shwr/Tops 0
Plumbing 123,750 101,250 225,000
Electrical 33,750 33,750 67,500
Heating/Air Conditioning 78,000 182,000 260,000
Floor Covering and Underlayment 26,400 105,600 132,000
Wall Paper 0
Mailboxes/Special Features/Signage 4,000 1,000 5,000
Gypcrete 0
Blinds/Shades/Art Work 2,250 20,250 22,500
Light Fixtures/Fans 24,750 24,750 49,500
Sprinkler System 0
Security Alarm 9,000 13,500 22,500
Hardwood Floors 0
Elevator 0
Ceramic Tiles 0
Acoustical Ceilings 0
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Remarks:
Mirror/Shower Door/Encls. 0
Hardware/Bath Access. 0
Appliances 160,620 160,620
Playground Equipment 9,500 9,500
Interior Clean 0
Exterior Clean/Dumpster Rental 0
Other 1 (specify in Remarks) 63,360 42,240 105,600
Other 2 (specify in Remarks) 0
Total Cost 809,395 1,208,425 2,017,820
Other 1 - Handicap Accessibility, Sight Hearing Empaired and Leasing Office/Laundry Expansion
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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 65,937
Job Site Office/Trailer Rental 3,600
Office Supplies 2,000
Security/Watchman 0
Project Signage 500
Tools and Equipment 11,000
Gas, Oil, and Maintenance 200
Temporary Water, Electric, and Telephone 0
Storage/Hauling 4,000
Driveway Access Permit 0
Porta-John Rental/Dumping 500Builders Risk Insurance 0
Re-inspection Fees 0
Extra Plans and Specifications 200
Miscellaneous, Casual Labor 10,000
Equipment Rental 5,000
Other 1 (specify in Remarks) 25,869
Other 2 (specify in Remarks) 0
Total Cost 128,806
Other 1 - Payment and Performance Bond
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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 Exploration/Perk Testing/Site Engineering 20,000
Clearing/Grading/Final Grading/Excess and Borrow 0
Demolition 0
Earthwork/Excavation/Aerating 0
Soil Treatment 0
Pile Foundations 0
Caissons 0
Shoring/Bracing 0
Site Drainage 5,000
Site Utilities/Site Lighting 25,000
Paving and Surfacing/Curb and Gutter 25,000Walkways 11,000
Site Signage 25,000
Parking Lot Painting 0
Dumpster Pads/Fencing 0
Fencing/Gates 5,000
Landscaping/Topsoil 7,940
Rock and Hardpan Excavation 0
Site Supervision Personnel 0
Other (specify in Remarks) 25,000
Total Cost 148,940
Site Sanitary Sewer Lines. Included amount from line 32 in the original app on 1st line above.
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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 0
Issuer Counsel 0
Credit Enhancement/LOC Counsel 0
Underwriter Counsel 0
Developer's Counsel 0
Rating Agency Fee 0
Printing 0
Trustee Fee 0
Trustee Counsel 0
Issuer's Fee 0
Other 1 (specify in Remarks) 0Other 2 (specify in Remarks) 0
Other 3 (specify in Remarks) 0
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.
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 Letters from Local Utility Providers (original on letterhead, no fax or photocopies)
I Local Government Letter or Letter from Certified Engineer or Land Surveyor Confirming Floodplain Designation with Mapshowing 100 year and 500 year floodplain (original on letterhead, no fax or photocopies)
J Local Government Letter Confirming Zoning (original on letterhead, no fax or photocopies)
K Copy of certificate of occupancy or proof of placed-in-service date (Rehabs Only)
L Site plan, floor plans and elevations
M Hazard and structural inspection and termite reports (Renovation projects only)
N Anticipated budget demonstrating how the project would meet the 10% test by November 14th.
O Evidence of Architect's Errors and Omissions insurance (or equivalent).
P Description of acquisition for existing/occupied projects or for projects with occupied buildings to be demolished.
Q Description of proposed Relocation Plan & Relocation Budget, Etc. If any relocation is anticipated, reference Appendix F.
R Targeting Plan and supporting documentation (Required for all projects)
S Local Housing Authority Agreement (Reference Model in Appendix I)
T Appraisal (for land costs greater than $5,000 and for buildings in rehab projects)
U Evidence of Permanent Loan Commitment, other sources of funds, and project-based subsidies.
V Statement regarding terms of Deferred Developer Fee and, if nonprofit, resolution of Board approving fee.
W Inducement Resolution (Tax-Exempt Bond Financed Projects only)
X Documentation to support estimated utility costs.
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