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If yes, please describe:
rget Population:Family
ll the project be receiving project based federal rental assistance? No
If yes, provide the subsidy source: 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:
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3
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: United Developers, Inc.
dress: P.O. Drawer 42208
ty: Fayetteville State: NC Zip:
ontact: First: Murray Last:Duggins Title:
lephone:
Phone:
x:
mail Address:
OTE: Email Address above will be used for communication between NCHFA and Applicant.
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28309
(910)485-6600
(910)485-6600
(910)483-4274
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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? 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:
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:
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4.12 4.12
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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:
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4/30/2000 225,000
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oning
esent zoning classification of the site:R5A 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?No
If yes, describe below:
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wnership Entity
wner Name: Spring Lake Green Limited Partnership
dress: P.O. Drawer 42208
y: Fayetteville State:NC Zip:
deral Tax ID Number of Ownership Entity: (If assigned)
ote: Do not submit social security numbers for individuals.
tity Type: Limited Partnership
tity Status: To Be 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: Spring Lake Green/Duggins LLC
st Name: Murray Last Name: Duggins Function: Principaldress: P.O. Drawer 42208
ty: Fayetteville State: NC Zip: 28309
one: Fax:
Mail: Nonprofit: No
Org: Spring Lake Green/Duggins LLC
st Name: James Last Name: Smith Function: Principal
dress: P.O. Drawer 42208
ty: Fayetteville State: NC Zip: 28309
one: Fax:
Mail: Nonprofit: No
Org: Spring Lake Green/Duggins LLC
st Name: Wade Last Name: Duggins Function: Principal
dress: P.O. Drawer 42208
ty: Fayetteville State: NC Zip: 28309
one: Fax:
Mail: Nonprofit: No
Org: Duggins Family Limited Partnership
st Name: Murray Last Name: Duggins Function: General Partner
dress: P.O. Drawer 42208
ty: Fayetteville State: NC Zip: 28309
one: Fax:
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28309
(910)485-6600 (910)483-4274
(910)485-6600 (910)483-4274
(910)485-6600 (910)483-4274
(910)485-6600 (910)483-4274
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Mail: Nonprofit: No
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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.
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50,448
49,318
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/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
targeted at percent of median income affordable to/occupied by
targeted at percent of median income affordable to/occupied by
tal Low Income Units:
te: This number should match the total number of low income units in the Unit Mix section.
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8 40
14 50
14 60
4 40
4 50
4 60
48
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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:Cumberland County
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 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))
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300,000 2.00 20 20 18,212
588,873 0 30 30 0
3,839,110
4,727,983
81
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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
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306,000 306,000
2,730,000 2,730,000
181,000 181,000
63,000 63,000
192,000 192,000
98,000 98,000
75,000 75,000
3,645,000
10,000 10,000
52,310 52,310
500 500
8,400 8,400
6,000 6,000
2,500 2,500
4,300 4,300
2,000
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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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86,010
50,000 50,000
2,200
33,567
8,500 8,500
33,600
127,867
12,000 12,000
504,000 504,000
Other Basis Expense (s
Other Basis Expense (s
Other Non-basis Expen
Other Non-basis Expen
516,000
28,800
99,306
Other Reserve (specify)
Other Reserve (specify)
4,502,983 0 4,303,510
0
4,303,510 0 4,303,510
100.00% 100% 100%
4,303,510 0 4,303,510
130.00% 130.00%
5,594,563 0 5,594,563
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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:74,375
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3.40 8.50
475,538 0 475,538
503,511 0 503,511
0
225,000
4,727,983
503,511
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arket Study Information
ase provide a detailed description of the proposed project:
pring Lake Green Apartments will be located on 4.12 acres in Spring Lake in northern Cumberlandounty. It will be a family project located in 5 two story buildings with a seperate office/community building.e project will have two and three bedroom units. The rent structure has been made very affordablegeting those at 40%, 50%, and 60% of the median income. However, all of the units are affordable at% of the median income.
e project will be constructed to meet Energy Star certification.
e area surrounding the site is a mixure of single family and multi family housing. The proposed projectl fit well into the neighborhood.
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:
ve you built other tax credit developments that use the same building design as this project?Yes
If yes, please provide name and address:
Golfview Apartments4131 Fescue CourtHope Mills, NC
Crosswinds Green I & II3415 Town StreetHope Mills, NC
Longview Apartments117 Longview DriveFayetteville, NC
Blanton Green I, II, & III1024 Lauren McNeill LoopFayetteville, NC
Rosehill West Apartments1945 James Hamner WayFayetteville, NC
Raeford Green Apartments300 Southern AvenueRaeford, NC
Woodgreen I & II Apartments200 Bradford DriveAberdeen, NC
Southview Green Apartments3143 Round Grove Place
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Hope Mills, NC
Palmer Green Apartments I & II380 West Palmer AvenueRaeford, NC
Bunce Green Apartments1430 Distinct CircleFayetteville, NC
Riverview Green Apartments
507 Riverview CourtRoanoke Rapids, NC
Eastside Green Apartments715 Duggins WayFayetteville, NC
Legion Crossing Apartments3608 Ireland DriveHope Mills, NC
Tokay Green Apartments1928 United DriveFayetteville, NC
Cleveland Green ApartmentsOff Bratton Drive ExtensionGarner, NC (Under Construction)
Southview VillasDunrobin DriveHope Mills, NC (Under Construction)
Eastside Green II ApartmentsDuggins WayFayetteville, NC (Under Construction)
e Amenities:
e site will include a resident computer center, playground area, covered picnic area, sitting areas, tot lot,zebo, and covered patio with seating.
site Activities:
pport Services Coordinator on site.
ndscaping Plans:
bove average landscaping with irrigation system.
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erior Apartment Amenities:
partments will be furnished with a range with hood, disposal, refrigerator (frost free), dishwasher, storage,/D hookups, miniblinds, pantry, ceiling fans, carpet, vinyl, VCT, and central heat and air. The living roomsl be equipped with data connection ports.appliances will meed Energy Star requirements.
buildings will be equipped with sprinklers.
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.
resently the the neighborhood is a mix of well maintained single family homes and apartments. The area is
rowing as evidenced by the conventional apartment complex near the site that has been built within thest year. Also, Spring Lake's commercial development is expanding. There are numerous new stores andstaurants along NC 87. Spring Lake will continue to grow with the proposed increase of troops and civilian
mployees with BRAC.here are no tax credit apartment complexes in Spring Lake.
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 homes surrounding the site are primarily single familysidences. There is one other apartment complex, however, the entire street is residential.
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. Odell Road is a dead end however, where it turns off from NC 87, there is affic light and adequate traffic control. The speed limit on Odell Road is 25 mph.
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, environmental
oblems or the need for excessive demolition).one.
milarity of scale and aesthetics/architecture between project and surroundings.
he site will be complimentary to the other apartment complex in the neighborhood. Spring Lake Green wille an asset to the neighborhood.
r each applicable neighborhood feature, enter distance from project in miles.
Grocery StoreCommunity/Senior
Center
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4.8
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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:
mily Resource Center .1e Department .8
olice Department .8chnical Community College .1
ank.4ere are multiple dining options including ethnic selections and fast food within 1 mile of the site.
hurch .5ost Office 1.5ental Office .6
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4 5.2
3 .4
6 1.5
6
8
8
8
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evelopment Team
ovide contact information for development team members below:
nagement Agent
ompany: United Management II
dress: P.O. Box 42208
ty: Fayetteville State: NC Zip:
one Email:
ontact Name: First: Tami Last: Belanger
chitect
ompany: Moore Riley Architects, P.A.
dress: P.O. Box 17652
ty: Raleigh State: NC Zip:
one Email:
ontact Name: First: Matt Last: Riley
orney
ompany: Tuggle, Duggins, and Meschan, P.A.
dress: P.O. Box 2888
ty: Greensboro State: NC Zip:
one Email:
ontact Name: First: Bill Last: Burgin
estor
ompany: Raymond James Tax Credit Funds
dress: 880 Carillon Parkway
ty: St. Petersburg State: FL Zip:
one Email:
ontact Name: First: Craig Last: Descalzi
nsultant/Application Preparer (if different from developer)
ompany: N/A
dress:
ty: State: Zip:
one Email:
ontact Name: First: Last:
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28309
(910)221-6600 [email protected]
27619
(919)782-6472 [email protected]
27402
(336)271-5216 [email protected]
33716
(800)438-8088 [email protected]
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neral Contractor Identity of Interest?
ompany: United Developers, Inc.
dress: P.O. Drawer 42208
ty: Fayetteville State: NC Zip:
one Email:
ontact Name: First: Jim Last: Smith
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28309
(910)485-6600 [email protected]
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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
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3,000
6,000
3,000
24,000
10,000
3,000
4,000
4,000
57,000
5,000
4,000
1,000
10,000
3,000
2,000
3,000
5,000
2,000
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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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15,000
3,000
3,250
2,400
5,000
1,000
500
45,150
30,000
4,000
15,000
1,000
2,250
52,250
4,000
4,000
12,000
12,000
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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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180,400
134,400
48
2,800
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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:Moderate Income County:
At least twenty-five percent (25%) of qualified units will be affordable to and occupied by households with incomes at or below percent (40%) of county median income.
At least fifty percent (50%) of qualified units will be affordable to households with incomes at or below fifty percent (50%) of comedian income.
At least fifty percent (50%) of qualified units will be affordable to and occupied by households with incomes at or below fifty per(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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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)