glenwood hills app
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Print Preview - FinalApplicationTax Credits, RPP Loans, and/or Tax Exempt Bond Loans
roject Description
oject Name: Glenwood Hills
dress: 1300 Burkemont Avenue
ty: Morganton County: Burke Zip:
ensus Tract: 0203.02 Block Group: 1019
project in Qualified Census Tract or Difficult to Develop Area? No
olitical Jurisdiction: City of Morganton
risdiction CEO Name:First:Mel Last:Cohen
Title: Mayor
risdiction Address: 305 East Union Street A100
risdiction City: Morganton Zip:
risdiction Phone:
e Latitude:
e Longitude:
oject Type: New Construction
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):
ehab:
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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28655
28655
(828)438-5228
35.7244
-81.6929
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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: 10% of units will be targeted to persons with disabilities.
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te Description
al Site Acreage: Total Buildable Acreage:
If buildable acreage is less than total acreage, please explain:
The buildable acreage is less than the site acreage due to standard set-back and buffer requirements.
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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4.96 3.8
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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 fopurchase 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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10/31/2008
555,000
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oning
esent zoning classification of the site:General Business
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: Glenwood Hills, LP
dress: 8037 Corporate Center Drive, Ste 100
y: Charlotte 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: 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: Greenway Development Company, LLC
st Name: Bradley Last Name: Parker Function: Principalddress: 140 East Main Street, Suite 410
ty: Rock Hill State: SC Zip: 29730
one: Fax:
Mail: Nonprofit: No
Org: Greenway Development Company, LLC
st Name: Ingram Last Name: Walters Function: Principal
ddress: 140 East Main Street
ty: Rock Hill State: SC Zip: 29730
one: Fax:
Mail: Nonprofit: No
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28226
(803)366-1200 (803)366-1270
(803)366-1200 (803)366-1270
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oject Includes:Separate community building - Sq. Ft. (Floor Area):
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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1,488
73,597
60,250
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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
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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3 60
4 50
5 40
17 60
9 50
10 40
10 60
2 50
60
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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:CDBG
Other Loan 2 - Specify:
HOME
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))
l utility tap fees, permit fees and impact fees are charged by the City of Morganton. Preceeding
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1,080,000 6.15 30 35 75,207
250,000 2.00 20 20 15,177
250,000 2.00 20 20 15,177
940,726 0 30 30 0
4,283,595
100
6,804,421
845
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s page is a letter from the City of Morganton waiving impact fees and lending additional supportot required by QAP) by providing a 50% reduction in building, mechanical, electrical and plumbinges (the letter is also included behind TAB "O"). Our CDBG grant (TAB "O", however, is throughurke County which does not provide utilities and therefore does not charge water/sewer impactd tap fees. The City of Morganton is charging the project a water/sewer tap fee of $75.00 per
eter per building (4 * 75 = $300).
OME funds are from the local consortium of counties (includes Burke County) known as theestern Piedmont Council of Governments. The commitment letter is behind TAB "O".
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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:
The $81,697 per unit in replacement costs is due to our election to utilize Energy Star in the project.
Total Replacement Cost per unit:81,697
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3.40 8.50
506,985 0 506,985
536,808 0 536,808
0
555,000
6,804,421
536,808
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arket Study Information
ase provide a detailed description of the proposed project:
enwood Hills will be a 60 unit family development located in Lenoir, NC. The development will have 12, 1droom/1 bath units (812 nsf), 36, 2 bedroom/ 2 bath units (1107 nsf) and 12, 3 bedroom/ 2 bath units289 nsf). There will be 3 residential buildings on the site. All buildings will be 3 stories. Two buildings willve 24 units, and the other building will have 12 units. The clubhouse community center will be designedecially for families and will feature a computer center and 24 hour fitness center via key card access.
e site is ideal for families as it is around a 0.5 mile to a mile from everyday services. The Wal-Mart,we's, and grocery store is a quarter of a mile away. This site is also close proximity to local employment.
wenty-five percent(15 units) will be targeted to households at 40% of area median income and the rest ofe units (45) will be targeted at 60% and below the AMI. All the proposed rents are well below theaximum allowable rent levels. Additionaly, 10 % of the units will be targeted to persons with withsabilities.
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?No
If yes, please provide name and address:
e Amenities:
e site will have a clubhouse with a community room, kitchen, 24 hour fitness center, 24 hour businessnter, and high speed internet access. On-site amentities will include, but will not be limited to, playground,lot, and covered picnic area with table/grills.
site Activities:
e commuinty manger will be expected to play an active role to ensure that a variety of social activitiesd supportive services are offered on site. Additionally, the manager will work to link residents in need with
her commuinty service providers.
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ndscaping Plans:
ndscaping will be extensively utilized to beautify the developmet's green areas to blend the developmento the existing neighborhood. Parking lots and drives will be lined with shade trees and the plant materialsl compliment the natural fauna. To the extent possible, a tree lined buffer will remain around therimeter of the site and an open space buffer will be around the site.
erior Apartment Amenities:
units will have built-in computer desks, range, hood, washer and dryer hook-ups, mini blinds,shwasher, pantry, disposal, high speed internet access, ceiling fans, refrigerator with ice-maker, largealk-in closets and plenty of interior and exterior storage. Each unit will have vinyl and carpet flooring.ating and cooling will be provided by a heat pump and central air conditioning.
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.
his site is located 1/2 mile from Interstate 40 on Burkemont Avenue. There is a mix of commercial and
sidential around the site. On Burkemont Avenue there is a shopping center, restaurants, Wal-Mart, Lowe'snd the community college is only 0.7 miles away. You can walk to all of these locations. The economicealth of the area is in great shape. Morganton economy is in great shape because of all the statemployment opportunities. There is no affordable housing in the area.
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. To the north of this site zoning is primarily general business havingayton Homes office, Lowe's, and restaurants. To the east and across the street there is a church and othermmercial. To the south and west is single-family residential. There is a good mixture of single-family andmmercial.
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. According to local officials, Burkemont Avenue has adequate capacity to
ndle traffic from the proposed development. Burkemonte Avenue is 35 miles an hour and has a turningne.
egree of on-site negative features and physical barriers that will impede project construction or adversely
ect 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).
here are no negative features that would impede the development or ongoing use of the project.
milarity of scale and aesthetics/architecture between project and surroundings.
he proposed stucture design will make a postive contribution and be very compatible with the surroundingeighborhood.
r each applicable neighborhood feature, enter distance from project in miles.
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evelopment Team
ovide contact information for development team members below:
nagement Agent
ompany: Royal American Management
dress: 1002 West 23rd Street , Suite 400
ty: Panama City State: FL Zip:
one Email:
ontact Name: First: Frank Last: Johnston
chitect
ompany: Miller/Player & Associates
dress: 1010 E. North Street, Suite A
ty: Greenville State: SC Zip:
one Email:
ontact Name: First: Buddy Last: Player
orney
ompany: The Brockmann Law Firm, P.C.
ddress: 8037 Corporate Center Drive, Suite 100
ty: Charlotte State: NC Zip:
one Email:
ontact Name: First: Todd Last: Brockmann
estor
ompany: Regions Financial Corporation
dress: 1900 5th Avenue North, 15th Floor
ty: Birmingham State: NC Zip:
one Email:
ontact Name: First: Dale Last: Taylor
nsultant/Application Preparer (if different from developer)
ompany:
dress:
ty: State: Zip:
one Email:
ontact Name: First: Last:
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32405
(850)769-8981 [email protected]
29601
(864)242-6467 [email protected]
28226
(704)541-5779 tbrockmann@brockmannlawfirm.
35203
(205)264-4341 [email protected]
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neral Contractor Identity of Interest?
ompany: Caliber Builders, LLC
dress: 3924 Browning Place
ty: Raleigh State: NC Zip:
one Email:
ontact Name: First: Greg Last: Rhodes
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27609
(919)755-0558 [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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4,200
0
3,300
0
25,200
54,120
0
900
3,500
0
6,200
0
3,600
101,020
0
8,400
600
0
800
9,800
0
600
1,440
2,880
150
8,100
0
0
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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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300
12,000
0
5,280
0
0
600
0
0
0
800
0
0
32,150
30,600
5,000
150
14,400
250
0
5,544
0
55,944
2,800
0
0
2,800
15,000
15,000
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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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216,714
168,314
60
2,805
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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)