bermuda run app

8/6/2019 Bermuda Run App

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Print Preview - FinalApplicationTax Credits, RPP Loans, and/or Tax Exempt Bond Loans

roject Description

oject Name: Bermuda Run Apartments (fka Stewart's Creek II Apartments)

dress: 101 Matthews Street

ty: Warsaw County: Duplin Zip:

ensus Tract: 9903 Block Group: 2

project in Qualified Census Tract or Difficult to Develop Area? Yes

olitical Jurisdiction: 7th Congressional District

risdiction CEO Name:First:Win Last:Batten

Title: Mayor

risdiction Address: P. O. Box 464, 121 South Front Street

risdiction City: Warsaw Zip:

risdiction Phone:

e Latitude:

e Longitude:

oject Type: Rehab

this project a previously awarded tax credit development? No

If yes, what is the project number: Is this a request for supplementalcredits?

w Construction/Adaptive Reuse:his project a follow-on (Phase II, etc) to a previously-awarded tax credit development project?

If yes, list names of previous phase(s):

ehab:

umber of residents holding Section 8 vouchers: 0

l the project meet Energy Star standards as defined in Appendix B? No

es a community revitalization plan exist? No

ll the project use steel and concrete construction and have at least 4 stories? No

ll the project include a Community Service Facility under IRS Revenue Ruling 2003-77?o

ttps://www.nchfa.org/Rental/RTCApp/(S(v3vsal45...283956D3A&SNID=A11FD61C52B747FB974DF03A414BB077 (1 of 30)9/16/2008 10:20:01 AM

28398

28398

(910)293-7814

34.999

-78.091


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If yes, please describe:

rget Population:Family

ll the project be receiving project based federal rental assistance? Yes

If yes, provide the subsidy source: HUD and number of units:

icate below any additional targeting for special populations proposed for this project:

Mobility impaired handicapped: 5% of units comply with QAP Section IV(F)(3) (in addition to the units required by other federal andstate codes.)

Number of Units:

Persons with disabilities or homeless populations: 10% of the total units.

Number of Units:

Remarks: This is an existing project with very little turnover nor is permanent displacement of existing residentsanticipated. The Owner will make a good faith effort to give priority to the disabled for 5 units once existingresidents have had the opportunity to re-occupy the property after completion of the renovation.


50

0

5


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pplicant Information

icate below an individual or a validly existing entity (a corporation, nonprofit, limited partnership or LLC) as the official applicant. UndeP Section III(C)(5) only this individual or entity will be able to make decisions with regard to this application. If awarded the applicant

come part of the ownership entity. The applicant will execute the signature page for this application.

pplicant Name: Stewart's Creek II, LLC

dress: P. O. Box 25168

ty: Winston-Salem State: NC Zip:

ontact: First: Gaye Last:Morgan Title:Member

lephone:

Phone:

x:

mail Address:

OTE: Email Address above will be used for communication between NCHFA and Applicant.


27114-5168

(336)231-8125

(336)765-0424

(336)765-3831

[email protected]


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te Description

al Site Acreage: Total Buildable Acreage:

If buildable acreage is less than total acreage, please explain:

ntify utilities and services currently available (and with adequate capacity) for this site:

Storm Sewer Water Sanitary Sewer Electric

he demolition of any buildings required or planned? No

If yes, please describe:

e existing buildings on the site currently occupied? Yes

If yes:(a) Briefly describe the situation:

The project runs an annualized occupancy rate of 97%. Initially, some residents will be moved temporarilyto locations off-site but within the community in order to allow for the first group of units to be rehabilitated.

Thereafter, it is anticipated that displacement will be limited to temporary moves to other units within theproject as units are rehabilitated. This will serve to limit the inconvenience and disruption of the residentsand increases the likelihood that the residents will remain in the property, thus reducing vacancy loss.Temporary relocation is necessitated due to the abatement and/or encapsulation of asbestos tile flooring.

(b) Will tenant displacement be temporary? Yes(c) Will tenant displacement be permanent? No

he site directly accessed by an existing, paved, publicly maintained road? Yes

If no, please explain:

any portion of the site located inside the 100 year floodplain? No

If yes:(a) Describe placement of project buildings in relation to this area:


8.98 8.98


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(b) Describe flood mitigation if the project will have improvements within the 100 year floodplain:



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te Control

es the owner have fee simple ownership of the property (site/buildings)?Yes

If yes provide:

Purchase Date: Purchase Price:

If no:(a) Does the owner/principal or ownership entity have valid option/contract to purchase the property?

(b) Does an identity of interest (direct or indirect) exist between the owner/principal or ownership entity with the option/contract fopurchase of the property and the seller of the property?If yes, specify the relationship:

(c) Enter the current expiration date of the option/contract to purchase:

(D) Enter Purchase Price:


10/19/2005 850,000


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oning

esent zoning classification of the site:R-6 Residential

multifamily use permitted?Yes

e variances, special or conditional use permits or any other item requiring a public hearing needed to develop this proposal?No

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 obta

them:

e there any existing conditions of historical significance located on the project site that will require State Historic Preservation office re

If yes, describe below:

e there any existing conditions of environmental significance located on the project site?Yes

If yes, describe below:

Asbestos Tile Flooring



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wnership Entity

wner Name: Stewart's Creek II, LLC

dress: 1415 Old Mill Circle

y: Winston-Salem State:NC Zip:

deral Tax ID Number of Ownership Entity: (If assigned)

ote: Do not submit social security numbers for individuals.

tity Type: Limited Liability Company

tity Status: Already Formed

the applicant requesting that the Agency treat the application as Non-Profit sponsored? No

the applicant requesting that the Agency treat the application as CHDO sponsored? No

st all general partners, members,and principals. Specify nonprofit corporate general partners or members.ck [Add] to add additional partners, members, and principals.

Org: Stewart's Creek II, LLC

st Name: John Last Name: Eagan, Jr. Function: Managing Memberddress: 1415 Old Mill Circle

ty: Winston-Salem State: NC Zip: 27103

one: Fax:

Mail: Nonprofit: No


st Name: Gaye Last Name: Morgan Function: Member

ddress: 1415 Old Mill Circle


one: Fax:

Mail: Nonprofit: No


st Name: David Last Name: Eagan Function: Member

ddress: 1415 Old Mill Circle


one: Fax:

Mail: Nonprofit: No


st Name: John Last Name: Eagan, III Function: Member

dress: 218 N. Main Street

ty: Mooresville State: NC Zip: 28115

one: Fax:


27103

20-2943341

(336)765-6551 (336)765-3831

[email protected]

(336)231-8125 (336)765-3831

[email protected]

(336)231-8146 (336)765-3831

[email protected]

(704)663-6392 (704)663-4035


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Mail: Nonprofit: No


[email protected]


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Community space within residential bulding(s) - Sq. Ft. (Floor Area):

Elevators - Number of Elevators:

uare Footage Information

oss Floor Square Footage:

tal Net Sq. Ft. (All Heated Areas):

tes

Please refer to the Income Limits and Maximum Housing Expense Table to ensure that Total Monthly Tenant Expenses for low inc

units are within established thresholds.


48,569

47,856
http://www.nchfa.com/lib/html/rental/Median%20Income%20Charts/income_limits.htmhttp://www.nchfa.com/lib/html/rental/Median%20Income%20Charts/income_limits.htm


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argeting

ecify Low Income Unit Targeting in table below. List each applicable targeting combination in a separate row below. Click [Add] to cother row. Click "X" (at the left of each row) to delete a row. Add as many rows as needed.

BRs Units %

targeted at percent of median income affordable to





tal Low Income Units:

te: This number should match the total number of low income units in the Unit Mix section.


3 60

10 50

14 60

10 50

12 60

49


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unding Sources

Source AmountNon-

Amortizing*Rate(%)

Term(Years)

Amort.Period(Years)

AnnualDebt

Service

Bank Loan

RPP Loan

Local Gov. Loan - Specify:

RD 515 Loan

RD 538 Loan - Specify:

AHP Loan

Other Loan 1 - Specify:



Tax Exempt Bonds

State Tax Credit(Loan)

State Tax Credit(Direct Refund)

Equity: Federal LIHTC

Non-Repayable Grant

Equity: Historic Tax Credits

Deferred Developer Fees

Owner Investment

Other - Specify:

Total Sources**

"Non-amortizing" indicates that the loan does not have a fixed annual debt service. For these items, you must fill in 20-year debt serbelow.

Total Sources must equal total replacement cost in Project Development Cost (PDC) section.

timated pricing on sale of Federal Tax Credits: $0.

emarks concerning project funding sources:ease be sure to include the name of the funding source(s))

s anticipated that either Apollo Capital Partners, Raymond James Tax Credit Fund or Enterprise


383,000 7.00 18 30 30,577

1,380,687 0 30 30 0

3,565,819

494

5,330,000

82


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ll provide equity for this proposed rehab. All parties have expressed an interest and haverticipated on prior tax credit developments with the developer and sponsors.



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evelopment Costs

Item Cost Element TOTAL COSTEligible Basis

30% PV 70% PV

1 Purchase of Building(s) (Rehab / Adaptive Reuse only)

2 Demolition (Rehab / Adaptive Reuse only)

3 On-site Improvements

4 Rehabilitation

5 Construction of New Building(s)

6 Accessory Building(s)

7 General Requirements (max 6% lines 2-6)

8 Contractor Overhead (max 2% lines 2-7)

9 Contractor Profit (max 8% lines 2-7; 6% if Identity of Interest)

10 Construction Contingency (max 3% lines 2-9, Rehabs 6%)

11 Architect's Fee - Design (11 + 12 = max 3% lines 2-10)

12 Architect's Fee - Inspection

13 Engineering Costs

SUBTOTAL (lines 1 through 13)

14 Construction Insurance (prorate)

15 Construction Loan Orig. Fee (prorate)

16 Construction Loan Interest (prorate)

17 Construction Loan Credit Enhancement (prorate)

18 Construction Period Taxes (prorate)

19 Water, Sewer and Impact Fees

20 Survey

21 Property Appraisal

22 Environmental Report

23 Market Study

24 Bond Costs

25 Bond Issuance Costs

26 Placement Fee

27 Permanent Loan Origination Fee

28 Permanent Loan Credit Enhancement

29 Title and Recording


675,000

103,000 103,000

399,800 399,800

1,992,959 1,992,959

135,000 135,000

157,846 157,846

55,772 55,772

223,088 223,088

184,048 184,048

30,000 30,000

20,000 20,000

48,000 48,000

4,024,513

28,000 28,000

20,000 20,000

80,000 80,000

25,000 25,000

15,000 15,000

6,500 6,500

5,500 5,500

8,000 8,000

4,300 4,300

3,830

9,737


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30 Real Estate Attorney

31 Other Attorney's Fees

32 Tax Credit Application Fees (Preliminary and Full)

33 Tax Credit Allocation Fee (0.60% of line 59, minimum $7,500)

34 Cost Certification / Accounting Fees

35 Tax Opinion

36 Organizational (Partnership)

37 Tax Credit Monitoring Fee


38 Furnishings and Equipment

39 Relocation Expense

40 Developer's Fee

41

42

43 Rent-up Expense

44

45


46 Rent up Reserve

47 Operating Reserve

48

49

50 DEVELOPMENT COST (lines 1-49)

51 Less Federal Financing

52 Less Disproportionate Standard

53 Less Nonqualified Nonrecourse Financing

54 Less Historic Tax Credit

55 TOTAL ELIGIBLE BASIS

56 Applicable Fraction (percentage of LI Units)

57 Basis Before Boost

58 Boost for QCT/DDA (if applicable, enter 130%)

59 TOTAL QUALIFIED BASIS


205,867

30,000 30,000

10,000 10,000

2,200

32,312

12,000 12,000

1,200

35,000

122,712

35,000 35,000

100,000 100,000

498,240 498,240

Other Basis Expense (s

Other Basis Expense (s

35,000

Other Non-basis Expen

Other Non-basis Expen

668,240

15,000

118,668

Other Reserve (specify)

Other Reserve (specify)

5,155,000 0 4,227,053

0

4,227,053 0 4,227,053

98.00% 98% 98%

4,142,512 0 4,142,512

100.00% 130.00%

5,385,266 0 5,385,266


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60 Tax Credit Rate

61 Federal Tax Credits at Estimated Rate

62 Federal Tax Credits at 9.00% or 3.75% (maximum $1,000,000)

63 Federal Tax Credits Requested

64 Land Cost

65 TOTAL REPLACEMENT COST

FEDERAL TAX CREDITS IF AWARDED

Comments:

Total Replacement Cost per unit:65,030


3.40 8.50

457,748 0 457,748

484,674 0 484,674

0

175,000

5,330,000

484,674


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arket Study Information

ase provide a detailed description of the proposed project:

e proposed project is the substantial rehabilitation of a 50-unit one-story garden apartment communityginally developed in 1980 utilizing Section 515 Rural Rental Housing financing through the USDA'srmers Home Administration. There are 10 residential buildings containing 3 - 1BR/1B units, 25 - 2BR/1Bits and 22 - 3BR/1.5B units. There is no on-site rental office, maintenance shop, laundry, or communityace.

e buildings are structurally sound but suffer from age, obsolescence and lack of modern amenities. Theans for the project include replacing out-dated and inefficient heating/air conditioning systems with energy-icient 13 seer heat pumps, replacement of all existing roofs, replacing all windows with vinyl low-E glass

sulated windows, replacing exterior doors, installing new storm doors, new patios with enclosed fencingd replacing the existing exterior lighting. Other significant repairs/replacements that must be addressed

clude electrical breaker panels, and GFI outlets in the kitchens and bathrooms. To improve thepearance of the buildings, gables will be added on new roofs of the buildings, shutters will be installed onndows, deteriorated masonite will be replaced with vinyl siding, and new gutters and downspouts will bestalled. Entrances to the units will be made more attractive by installing a new roof line over the doorways.

e interiors of the units require substantial renovation and modernization. While there have been sporadicgrades in some units over the years, all of the units require substantial replacements. As a result of aase I Environmental Assessment performed in 2004, asbestos was observed in all unit tile flooring whichl require abatement and/or encapsulation during the rehabilitation of the units. All bathroom wall-hung

nks, tubs/showers, toilets, plumbing fixtures and cabinets will be replaced in existing baths. Therigerators and stoves in all units will be replaced with frost-free refrigerators with icemakers and energy-

ar compliant stoves with self-cleaning ovens. New appliances will include a dishwasher and disposal.ost cabinetry and countertops will require replacement due to age, appearance and condition. The floorsall units will be replaced with carpet in living areas and new vinyl in kitchens and baths. Interior walls willdergo sheetrock repairs and painting and all interior doors, frames and hardware will be replaced. Allits will have new updated light fixtures and mini-blinds.

addition, the developer plans to construct a Community Center of approximately 1371 square feet, whichl not only include a rental office, laundry and maintenance shop; but will provide space for residenttivities including a computer lab, activity/game room with TV. The community center will also have ablic restroom and kitchenette. The property will employ an onsite manager and maintenance supervisord as needed, part-time leasing and janitorial staff.

e improvements will include restoration of the parking lots including the installation of additional parking,quired curb cuts and ramping for ADA compliance, new playground equipment, covered picnic area withll, outdoor seating areas, fencing, much needed landscaping, and new signage. Existing clotheslines will

so be removed from the property.

r specific detail of planned rehabilitation of the physical aspects, see attached Scope of Work.

e goal of the rehabilitation of Stewart's Creek II is to improve the quality of life of the residents not onlyough the physical improvement of their living environment but also in the provision of communityrvices. The Town of Warsaw shares this vision by their support of this application.

nstruction (check all that apply):

Brick Vinyl Wood HardiPlank Balconies/Patios Sunrooms Front Porches

Front Gables or Dormers Wide Banding or Vertical/Horizontal Siding

Other:

Vinyl Shutters, Vinyl Insulated Windows with Low-E glass and Full-View Tempered Glass Storm Doors.



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ve you built other tax credit developments that use the same building design as this project?No

If yes, please provide name and address:

e Amenities:

rnished Community Center/Building with Kitchenette, Computer Lab and areas for management officed maintenance shop. Other amenities planned include a fenced Playground/Tot Lot, Covered Picnic Areath grill, outdoor seating areas and other recreational amenities.

site Activities:

computer lab and business center will be located within the Community Center to allow residents accessthe internet and to provide the necessary tools for computer-related training and adult educationalurses. Site Management will work with local agencies to link programs and services available in themmunity to the residents. Particular emphasis will be placed on programs for children; including, but not

mited to after-school and summer activities and programs.

ndscaping Plans:

isting lawns are mature but landscaping at the site is minimal. Plans include extensive foundationndscaping.

erior Apartment Amenities:

seer Energy Efficient Heat Pumps to provide for central heating and air conditioning of the units isanned. Other interior amenities include energy star-compliant stove with self-cleaning oven, frost-freerigerator with ice-maker, dishwasher, disposal, carpet/vinyl flooring and storm doors.

you plan to submit additional market data (market study, etc.) that you want considered? No

If yes, please make sure to include the additional information in your pre-application packet.



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pplicant's Site Evaluation

efly describe your site in each of the following categories:

EIGHBORHOOD CHARACTERISTICS

end and direction of real estate development and area economic health. Physical condition of buildings andprovements in the immediate vicinity. Concentration of affordable housing.

tewart's Creek II Apartments is located within an established residential neighborhood with some light

dustrial uses. Little to no new development has occurred in the area within the last few years with thexception of an adjacent 50 unit tax credit property, Tanglewood Apartments (formerly known as Stewart'sreek I Apartments), which is currently undergoing substantial renovations. No other affordable housing iscated within the neighborhood with the nearest affordable housing located some one half mile away frome site. The buildings and improvements at the property are well maintained but suffer from obsolescence.

URROUNDING LAND USES AND AMENITIES

nd use pattern is residential in character (single and multifamily housing). Extent that the location isolated. Effect of industrial, large-scale institutional or other incompatible uses, including but not limited to:astewater treatment facilities, high traffic corridors, junkyards, prisons, landfills, large swamps, distributioncilities, frequently used railroad tracks, power transmission lines and towers, factories or similar operations,

urces of excessive noise, and sites with environmental concerns (such as odors or pollution). Amount andaracter of vacant, undeveloped land. The surrounding development contains mature single family

wellings with a few light commercial/industrial facilities nearby. West Dudley Street borders the north side ofe property followed by vacant land. The area west of the property is vacant land. The area directly east ofe property is Tanglewood Apartments, formerly known as Stewart's Creek I Apartments, and just southeasta manufactured home park. The area to the south of the property is primarily single-family. Matthewsreet and Cardinal Street bisect the property. Power lines are located across the street from West Dudleyreet which runs parallel to the northern side of the property but are not believed to have any impact to thesidents due to their distance from the site. The Town of Warsaw has a maintenance facilty within a fewocks of the property. In that traffic from such facility travels in the opposite direction from Stewart's Creek IIpartments, the maintenance facility has no negative impact upon the property.

TE SUITABILITY

equate traffic safety controls (i.e. stop lights, speed limits, turn lanes). Burden on public facilitiesarticularly roads). Access to mass transit (if applicable). Visibility of buildings and/or location of project signin relation to traffic corridors. The property is bordered by Dudley Street, a public street running east and

est along the northern boundary of the property. Another public road, Cardinal Street leads directly into therth and south sides of the site. Adequate traffic controls exist in the neighborhood in that the nearby streets

pically handle light traffic throughout the residential area. When a train is in the area, it can temporarilyock traffic on one of the adjoining roads but this does not impede the free flow of traffic in that multipleints of ingress and egress exist at the property. The property is not a burden to public facilities. Theildings and project signs are visible from the public streets servicing the neighborhood. The Town ofarsaw does not have a mass transit system.

egree of on-site negative features and physical barriers that will impede project construction or adverselyect future tenants; for example: power transmission lines and towers, flood hazards, steep slopes, largeulders, ravines, year-round streams, wetlands, and other similar features (for adaptive re-use projects-itability for residential use and difficulties posed by the building(s), such as limited parking, environmentaloblems or the need for excessive demolition).

o physical barriers or known negative features exist.



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milarity of scale and aesthetics/architecture between project and surroundings.

tewart's Creek II Apartments is somewhat similar to the adjacent apartment community (Tanglewoodpartments) to the extent of it's one-story design. Though the property contains multifamily buildings, theroperty is aesthetically similar to the other single family residences within the neighborhood.

r each applicable neighborhood feature, enter distance from project in miles.

Grocery StoreCommunity/Senior

Center

Mall/Strip Center Hospital

Outdoor Athletic Fields Pharmacy

Day Care/After School Basic Health Care

Schools

Public Transportation

op

Convenience Store

Public Parks

Gas Station

Library

her facilities or services:

anks, Restaurants, Post Office, and Public Safety (fire and police) are within one-half mile of the property.


10

5 10

5 .5

5

25

5

25


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evelopment Team

ovide contact information for development team members below:

nagement Agent

ompany: Community Management Corporation

dress: P.O. Box 25168


one Email:

ontact Name: First: David Last: Eagan

chitect

ompany: Ross/Deckard Architects, PA

dress: 3200 Atlantic Avenue, Suite 110

ty: Raleigh State: NC Zip:

one Email:

ontact Name: First: JR Last: Ross

orney

ompany: Blanco Tackabery

dress: 110 South Stratford Road


one Email:

ontact Name: First: Carrie Last: Scogin

estor

ompany: Apollo Equity Partners

dress: 2101 Rexford Road, Suite 375W

ty: Charlotte State: NC Zip:

one Email:

ontact Name: First: Brian Last: Flanagan

nsultant/Application Preparer (if different from developer)

ompany:

dress:

ty: State: Zip:

one Email:

ontact Name: First: Last:


27114-5168

(336)231-8146 [email protected]

27604


27104

(336)293-9013

28211



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neral Contractor Identity of Interest?

ompany: Mutual Builders, Inc.

dress: P.O. Box 270

ty: Smithfield State: NC Zip:

one Email:

ontact Name: First: Millard Last: Stallings


27577

(919)934-0882 millard.stallings@mutualbuildersi


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rojected Operating Costs

Project Operations (Year One)

Administrative Expenses

Advertising

Office Salaries

Office Supplies

Office or Model Apartment Rent

Management Fee

Manager or Superintendent Salaries

Manager or Superintendent Rent Free Unit

Legal Expenses (Project)

Auditing Expenses (Project)

Bookkeeping Fees/Accounting Services

Telephone and Answering Service

Bad Debts

Other Administrative Expenses (specify):

SUBTOTAL

Utilities Expense

Fuel Oil

Electricity (Light and Misc. Power)

Water

Gas

Sewer

SUBTOTAL

Operating and Maintenance Expenses

Janitor and Cleaning Payroll

Janitor and Cleaning Supplies

Janitor and Cleaning Contract

Exterminating Payroll/Contract

Exterminating Supplies

Garbage and Trash Removal

Security Payroll/Contract

Grounds Payroll


1,200

7,200

5,000

20,088

18,000

1,500

3,500

600

3,200

Training, Seminars, Mil1,000

61,288

10,600

3,500

3,500

17,600

1,200

600

2,400

900

120

10,000

1,200


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Grounds Supplies

Grounds Contract

Repairs Payroll

Repairs Material

Repairs Contract

Elevator Maintenance/Contract

Heating/Cooling Repairs and Maintenance

Swimming Pool Maintenance/Contract

Snow Removal

Decorating Payroll/Contract

Decorating Supplies

Other (specify):

Miscellaneous Operating & Maintenance Expenses

SUBTOTAL

Taxes and Insurance

Real Estate Taxes

Payroll Taxes (FICA)

Miscellaneous Taxes, Licenses and Permits

Property and Liability Insurance (Hazard)

Fidelity Bond Insurance

Workmen's Compensation

Health Insurance and Other Employee Benefits

Other Insurance:

SUBTOTAL

Supportive Service Expenses

Service Coordinator

Service Supplies

Tenant Association Funds

Other Expenses (specify):

SUBTOTAL

Reserves

Replacement Reserves

SUBTOTAL


1,800

12,000

18,000

2,000

1,800

2,400

6,000

1,500

Gas, Oil, Maintenance1,000

62,920

25,000

4,800

9,000

250

1,200

5,200

45,450

800

600

Training & Mileage600

2,000

17,500

17,500


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TOTAL OPERATING EXPENSES

ADJUSTED TOTAL OPERATING EXPENSES(Does not include taxes, reserves and resident support services) *

TOTAL UNITS

(from total units in the Unit Mix section)

PER UNIT PER YEAR


206,758

162,258

50

3,245


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2. "Total Operating Expenses" comes from 1st-year cash flow, then it is escalated by 4% per year.3. "Debt Service" is the sum of "regular/amortized loan debt service + non-amortizing annual service" as entered by user from

Funding Sources section.4. "Net Cash Flow" is "Net Rental/Other Income" minus "Total Operating Expenses" minus "Debt Service".5. "Debt Coverage Ratio" is ("Net Rental/Other Income" minus "Total Operating Expenses") divided by "Debt Service".



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inimum Set-Asides

NIMUM REQUIRED SET ASIDES (No Points Awarded):

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: NCredit 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: NCredit 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: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 comedian income.At least forty percent (40%) of qualified units will be affordable to and occupied by households with incomes at or below fifty pe(50%) of county median income.

Tax Exempt BondsThreshold 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 per(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 per(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 fiftypercent (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 per(40%) of county median income.



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rint - APP08-0127

ull Application Checklist

PLEASE indicate which of the following exhibits are attached to your application. Others may be required as noted.

A Nonprofit Organization Documentation or For-profit Corporation Documentation

B Current Financial Statements/Principals and Owners (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 Local Government Letter or Letter from Certified Engineer or Land Surveyor Confirming Floodplain Designation with Mapshowing all flood zones (original on letterhead, no fax or photocopies)

G Local Government Letter Confirming Zoning including any pending notices or hearings (original on letterhead, no fax orphotocopies)

H Letters from Local Utility Providers regarding availability and capacity (original on letterhead, no fax or photocopies)

I Documentation from utility company or local PHA to support estimated utility costs

J Appraisal (required for land costs greater than $15,000 and for all Adaptive Re-use and Rehab projects)

K Site plan, floor plans and elevations for all projects. Scope of work for Adaptive Re-use and Rehab projects. (Full Size, 24inches)

L Hazard and structural inspection and termite reports (Adaptive Re-use and Rehab projects only)

M Copy of certificate of occupancy or proof of placed-in-service date (Rehabs Only)

N Proposed Relocation Plan including relocation budget and copies of notices. Required for all Rehabs and any projectsinvolving existing occupants of any dwell ings to be rehabbed or demolished.

O Evidence of Permanent Loan Commitment and other sources of funds ( i.e. Equity letter, AHP, RD and local governmentfunds). For Rehabs with existing loans provide 1) copies of loan documents, 2) current loan balances from existing lenderreserve balances, 3) letter from lender that outlines assumption requirements.

P Local Housing Authority Agreement and Project Based Rental Assistance Letter, if applicable (Sample letters provided inAppendix I). For projects with existing PBRA contracts, provide a copy of the current contract and bank statement or otherdocumentation verifying reserve balances and annual reserve contribution requirements.

Q Statement regarding terms of Deferred Developer Fee. If a nonprofit is involved, a resolution from their board approvingdeferral of fee is required.

R Inducement Resolution (Tax-Exempt Bond Financed Projects only)

bermuda run app

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