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Print Preview - FinalApplication Tax Credits, RPP Loans, and/or Tax Exempt Bond Loans
oject Description
oject Name: Enfield School Apartments
ddress: 700 Branch Street
ty: Enfield County: Halifax Zip:
nsus Tract: 9905 Block Group: C106
roject in Qualified Census Tract or Difficult to Develop Area? Yes
litical Jurisdiction: Town of Enfield
risdiction CEO Name: First:Bobby Last:Davis Title: Town Administrator
risdiction Address: P.O. Box 699
risdiction City: Enfield Zip:
risdiction Phone:
e Latitude:
e Longitude:
oject Type: Adaptive Reuse
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? No
If yes, list names of previous phase(s):
hab:
umber of residents holding Section 8uchers:
l the project meet Energy Star standards as defined in Appendix B? Yes
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
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27896
27823
(252)445-3146
36.11527
-77.403160
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If yes, please describe:
get Population:Elderly (55)
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: Six of the 36 Enfield School apartments will be fully handicap accessible with roll in showers. The other 30units will be fully handicap accessible with the exception of the kitchen wall cabinets, which will haveadjustable shelves two inches lower than standard height in order to better accommodate seniors who wantthe under the counter space for appliances but still need lower cabinets for better access to goods stored inwall cabinets. All the other featues of the apartment will comply with Type A handicap requirements in thatthe apartments will have features that include lower base cabinets, kitchen work space, accessibleappliances, bathrooms that accommodate wheel chairs. CADA is making every effort to make sure thatEnfield School Apartments include many universal design features that will help residents age in place.Four units will be set aside for disabled or homeless seniors.
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36
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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:
existing buildings on the site currently occupied? No
If yes:(a) Briefly describe the situation:
(b) Will tenant displacement be temporary?(c) Will tenant displacement be permanent?
he site directly accessed by an existing, paved, publicly maintained road? Yes
If no, please explain:
ny portion of the site located inside the 100 year floodplain? No
If yes:(a) Describe placement of project buildings in relation to this area:
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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)?No
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?Yes
(b) Does an identity of interest (direct or indirect) exist between the owner/principal or ownership entity with the option/contract forpurchase of the property and the seller of the property?NoIf yes, specify the relationship:
(c) Enter the current expiration date of the option/contract to purchase:
(D) Enter Purchase Price:
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oning
sent zoning classification of the site:R-10
multifamily use permitted?Yes
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 obtainingthem:
there any existing conditions of historical significance located on the project site that will require State Historic Preservation office review?
If yes, describe below:The School was built in 1951 and CADA will be applying to the State Historic Preservation Office and USDept of Interior to have the School placed on the National Register of Historic places. The school ispresently on SHPO study list.
there any existing conditions of environmental significance located on the project site?Yes
If yes, describe below:F&R Environmental has completed a Phase 1, Asbestos and Lead Survey and provided an estimate for the
abatement of the asbseatos and lead. Thier report is included in Exhibit L of the application. If the projectreceives and allocation of credits F&R will prepare an abatement plan and obtain bids from qualifiedabatment contractors to remove the asbestos and lead. F&R will monitor the abatement and certify that thebuilding is asbestos free.
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wnership Entity
wner Name: Enfield School Apartments LLCdress: 700 Branch Street
y: Enfield State:NC Zip:
deral Tax ID Number of Ownership Entity: (If assigned)
te: Do not submit social security numbers for individuals.tity Type: Limited Liability Companytity Status: To Be Formedhe applicant requesting that the Agency treat the application as Non-Profit sponsored? Yeshe applicant requesting that the Agency treat the application as CHDO sponsored? Yest all general partners, members,and principals. Specify nonprofit corporate general partners or members.ck [Add] to add additional partners, members, and principals.
Org: Choanoke Area Development Agency
st Name: Sallie Last Name: Surface Function: Principalddress: P.O. Box 530
ty: Richs Square State: NC Zip: 27896
one: Fax:
Mail: Nonprofit: Yes
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27896
(252)539-4155 (252)539-2049
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oss Floor Square Footage:
tal Net Sq. Ft. (All Heated Areas):
es
Please refer to the Income Limits and Maximum Housing Expense Table to ensure that Total Monthly Tenant Expenses for low incomeunits are within established thresholds.
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41,371
41,371
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rgeting
cify Low Income Unit Targeting in table below. List each applicable targeting combination in a separate row below. Click [Add] to createther 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/occupied by
targeted at percent of median income affordable to/occupied by
targeted at percent of median income affordable to/occupied by
targeted at percent of median income affordable to/occupied by
al Low Income Units:
te: This number should match the total number of low income units in the Unit Mix section.
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6 40
20 50
3 40
7 50
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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:Town of Enfield/DCA
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)
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 servicebelow.
Total Sources must equal total replacement cost in Project Development Cost (PDC) section.
timated pricing on sale of Federal Tax Credits: $0.
marks concerning project funding sources:ease be sure to include the name of the funding source(s))
field School is located in a Qualified Census Tract and is entitled to
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800,000 2.00 20 20
0 30 30 0
3,434,948
1,442,368
1
5,677,317
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0% of Eligible Basis. The Town of Enfield is applying to the NCDCA for a grant to remove theestos and lead from the building. The Town will make these funds available to CADA as aferred Loan that acrues at 2% interest
ans with Variable Amortizationase fill in the annual debt service as applicable for the first 20 years of the project life.
P Loan
ar:mt:
1 2 3 4 5 6 7 8 9 10
ar:mt:
11 12 13 14 15 16 17 18 19 20
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35311 35113 34859 34544 34166 33720 33202 32607 31931 31168
30313 29361 28307 27143 25863 24462 22931 21264 19453 17489
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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 Improvements4 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
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206,000 206,000
304,650 304,650
3,415,414 3,405,514
222,310 222,310
78,549 78,549
235,648 235,648
254,500 254,500
100,000 100,000
29,052 29,052
30,000 30,000
4,876,123
35,000 35,000
15,000 15,000
52,067 52,067
20,000 20,000
8,750 8,750
4,500 4,500
6,540 6,540
5,200 5,200
3,750
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SUBTOTAL (lines 14 through 29)
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
SUBTOTAL (lines 30 through 37)
38 Furnishings and Equipment
39 Relocation Expense
40 Developer's Fee
41
42
43 Rent-up Expense
44
45
SUBTOTAL (lines 38 through 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
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150,807
15,000 15,000
15,000 15,000
2,200
34,522
10,000 10,000
2,500
1,000
25,200
105,422
50,000 50,000
378,000 353,000
Historic Consultant
Other Basis Expense S
12,000
Other Non-basis Expen
Other Non-basis Expen
440,000
15,000
89,955
Other Reserve (specify)
Other Reserve (specify)
5,677,307 0 5,456,280
610,954
1,030,366 1,030,366
4,425,914 0 4,425,914
100.00% 100% 100%
4,425,914 0 4,425,914
0.00% 130.00%
5,753,688 0 5,753,688
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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:Credit award = $466,330
Total Replacement Cost per unit: 131,030
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3.40 8.50
489,063 0 489,063
517,832 0 517,832
0
10
5,677,317
466,330
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arket Study Information
ase provide a detailed description of the proposed project:daptive reuse of historic school for 36 units. The 8 acre site contains a two-story historic school and aedia building. The main two story historic school will have 31 units in it. The seperate Media Building willve 5 units located in it.
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:
The project is an adaptive reuse with historic preservation tax credits. The facade will be preserved inaccordance with an approved restoration plan.
ve you built other tax credit developments that use the same building design as this project?Yes
If yes, please provide name and address:Woodland-Olney ApartmentsWoodland, NCAhoskie High School ApartmentsAhoskie, NC
e Amenities:e school resides in a well maintained and established residential neighborhood and residents of Enfield
partments will feel well connected to this neighborhood/community via a sidewalk from the school thatnnects them with single family neighborhood surrounding the campus. The residents will be able to enjoylks around the school site via a concrete walking trail that goes around the school property. A picnic
elter will be located on the site, as well as groupings of landscaped sitting areas located around the site.ere will be a garden area for residents that want to develop their green thumb.
site Activities:sidents will be offered a full range of social and recreational activities. A Residents Council will identifyecific activities. Property management will assist with contacting providers and scheduling residentosen activities.e building will include a multipurpose room with kitchen,libray/computer room, craft room, history room/ rlor and exercise room. The building will have controled security entrances.
ndscaping Plans:
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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.he Enfield School Apartments site is located in a well maintained neighborhood in the town of Enfield. Theomes in the area are single and two story single family homes that are located along Sherrod Heightsoad which runs along the front of the school. Behind the school there are well maintained single familyomes along Watson Street. The areas Boys and Girls Club, a park and a cemetery are located on Watsonreet about .3 miles from the site. Within a half-mile of the site there is a dentists office, a convenienceore which has just been rehabilitated and a small thrift store. Within a mile, lies downtown Enfield withhurches, pharmacies, banks, grocery stores and the library as well as other businesses and stores.
he neighborhoods around Enfield are established with some, new homes that have been constructed asell as some homes that have been rehabilitated in the area over the past four years. The School itself is inood condition. There are no major structural defects that we were able to determine as of this time. Thehool was in operation until December of this year, at which time students were moved to the new middlehool. Based on the condition of the surrounding neighborhood it appears property values will bestained or increase in the future.
bout .8 miles from the Enfield School Apartments, outside of the city limits, is Deer Field Apartments, auplex/quad apartment complex for lower income families/elderly. It leased up in under forty days. Thiscility is in great condition and is well maintained.
URROUNDING LAND USES AND AMENITIES
nd use pattern is residential in character (single and multifamily housing). Extent that the location islated. Effect of industrial, large-scale institutional or other incompatible uses, including but not limited to:stewater treatment facilities, high traffic corridors, junkyards, prisons, landfills, large swamps, distribution
cilities, 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 land use surrounding the site is residential, single family homes.ere are no incompatible land uses as described above that would impact the sites use as elderly housinglong term value. To the west of the site would be vacant land that has been used as the schools athletic
lds as well as the old gymnasium that was not included in the option. The city plans to renovate the gymd to make a park out of these fields and open up the old tennis courts to the public. The land directly nextthe site would be the location of the park.
TE SUITABILITY
dequate 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 site is ideally located for a senior development. The future tenants will
el safe, and secure in a development located in the well established, residential neighborhood. It is a veryort distance to any of the local amenities. The exit from Branch Street on to Sherrod Heights Rd has a stopn which is more then adequate for the local traffic load. From Sherrod Heights, a traffic signal controls theffic flow on to Business 481, The town has said they would consider a stop light at this intersection to helpth traffic flow. There are also several cross walks located near the school and the intersections around it.
e stated city wide speed limit is 25 miles per hour, unless otherwise noted. Business 481 as well as 301e 35 mph and 45 mph respectively. There is a local bus service/ pick up service for seniors to call andange for pick up and drop off as well as return trips to locations around town.
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evelopment Team
vide contact information for development team members below:
nagement Agent mpany: Excel Property Management
ddress: 1004 Bullard Court, suite 106
ty: Raleigh State: NC Zip:
one Email:
ntact Name: First: Rita Last: Blackmon
hitect mpany: TiseKiester Architects
ddress: 119 E. Franklin Street Suite 300
ty: Chapel Hill State: NC Zip:
one Email:
ntact Name: First: Donald Last: Tise
orney ompany: Blanco, Tackaberry, & Matamoros, P.A.
ddress: 110 South Stratford Road, Suite 500
ty: Winston-Salem State: NC Zip:
one Email:
ntact Name: First: Deborah Last: McKenney
estor mpany: Community Affordable Housing Equity Corp. (CAHEC)
ddress: 7700 Falls of Neuse Road, suite 200
ty: Raleigh State: NC Zip:
one Email:
ntact Name: First: Last:
nsultant/Application Preparer (if different from developer) mpany: Scott A. Redinger, Inc.
ddress: 4553 Technology Drive
ty: Wilmington State: NC Zip:
one Email:
ntact Name: First: Scott Last: Redinger
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27615
(919)878-0522
27514
(919)967-0158 [email protected]
27104-4299
(336)293-9000 [email protected]
27615
(929)420-0063
28405
(910)793-2850 [email protected]
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neral Contractor Identity of Interest?mpany: Weaver Cooke Construction
ddress: 7900 McCloud Road
ty: Greensboro State: NC Zip:
one Email:
ntact Name: First: Doug Last: George
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27420
(336)378-7900 [email protected]
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ojected Operating Costs
Project Operations (Year One) Administrative Expenses
Advertising
Office Salaries
Office SuppliesOffice 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 ServicesTelephone 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
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1,000
1,200
15,600
15,000
240
5,500
1,6202,400
1,200
43,760
12,000
6,000
18,000
750
864
2,400
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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
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500
6,500
12,000
1,200
1,200
2,500
432
28,346
24,000
3,600
13,234
100
960
41,894
0
12,600
12,600
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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
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144,600
108,000
36
3,000
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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: No TaxCredit Eligible Units in the the project can exceed 50% of median income)
40% of the units are rent restricted and occupied by households with incomes at or below 60% of the median income (Note: No TaxCredit 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 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 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 percent(50%) of county median income.At least five percent (5%) of qualified units will be affordable to and occupied by households with incomes at or below forty percent(40%) of county median income.
Eligible for targeting points (select one):At least twenty percent (20%) of qualified units will be affordable to and occupied by households with incomes at or below 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 percent(40%) of county median income.
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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, 24 x 36inches)
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 dwellings 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 lenders withreserve 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)