kings falls

8/6/2019 Kings Falls

1/24

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

New Construction/Adaptive Reuse:

Is this project a follow-on (Phase II, etc) to a previously-awarded tax credit development project?

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

Will the project meet Energy Star standards as defined in Appendix B?

Does a community revitalization plan exist?

Target Population: Elderly (55)

Will the project be receiving project based federal rental assistance?

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

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

Print Preview - Full Application

Tax Credits, RPP Loans, and/or Tax Exempt Bond Loans

Project Description

Project Name: Kings Falls

Address: East Gold Street

City: Kings Mountain County: Cleveland Zip: 28086

Census Tract: 9505 Block Group: 3

Yes

Political Jurisdiction: City of Kings Mountain

Jurisdiction CEO Name: First: Last:Rick Murphrey Title: MayorJurisdiction Address: PO Box 429

Jurisdiction City: Kings Mountain Zip: 28086

Jurisdiction Phone: (704)734-0333

Site Latitude: 35.23713

Site Longitude: -81.33598

Project Type: New Construction

No

Rehab:

Is this project a previously awarded tax credit development?

If yes, what year were credits awarded?:

Number of residents holding Section 8 vouchers:

No

No

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

Will the project include a Community Service Facility under IRS Revenue Ruling 2003-77? No

If yes, please describe:

No

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


2/24

Number of Units: 3

Persons with disabilities or homeless populations: the greater of 5 units or 10% of the total units.

Number of Units: 4

Remarks:


3/24

Indicate below an individual or a validly existing entity (a corporation, nonprofit, limited partnership or LLC) as the official applicant. UnderQAP Section III(C)(5) only this individual or entity will be able to make decisions with regard to this application. If awarded the applicantmust become part of the ownership entity. The applicant will execute the signature page for this application.

Applicant Information

Applicant Name: Pendergraph Development, LLC

Address: PO Box 19691

City: State: NC Zip:Raleigh 27619

Contact: First: Last: Title:Frankie Pendergraph

Telephone: (919)755-0558

Alt Phone: (919)861-6028

Fax: (919)754-8663

Email Address: [email protected]

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


4/24

Total Site Acreage: Total Buildable Acreage:

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

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

Storm Sewer Water Sanitary Sewer Electric

Is the demolition of any buildings required or planned?

If yes, please describe:

Are existing buildings on the site currently occupied?

If yes:(a) Briefly describe the situation:

(b) Will tenant displacement be temporary?

(c) Will tenant displacement be permanent?

Is the site directly accessed by an existing, paved, publicly maintained road?

If no, please explain:

Is any portion of the site located inside the 100 year floodplain?If yes:(a) Describe placement of project buildings in relation to this area:

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

Site Description

5 5

No

No

Yes

No


5/24


6/24

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

If yes provide:

Purchase Date: Purchase Price:

If no:

Site Control

No

(a) Does the owner/principal or ownership entity have 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 for

purchase of the property and the seller of the property?If yes, specify the relationship:

No

(c) Enter the current expiration date of the option/contract to purchase: 8/1/2007

(D) Enter Purchase Price: 200,000


7/24

Present zoning classification of the site:

Is multifamily use permitted?

Are variances, special or conditional use permits or any other item requiring a public hearing needed to develop this proposal?

If yes, have the hearings been completed and permits been obtained?If yes, specify permit or variance required and date obtained. If no, describe permits/variances required and schedule for obtainingthem:

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

review?

If yes, describe below:

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

If yes, describe below:

Zoning

CUR-6

Yes

Yes

Yes

Conditional Use permit issued 03-27-07

No

No


8/24

Ownership Entity

Owner Name: Kings Falls, LLC


City: State: NC Zip:Raleigh 27619

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

Note: Do not submit social security numbers for individuals.

Entity Type: Limited Liability Company

Entity Status: To Be Formed

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

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

List all general partners, members,and principals. Specify nonprofit corporate general partners ormembers. Click [Add] to add additional partners, members, and principals.

Org: FWP Kings Falls, LLC

First Name: Frankie Last Name: Pendergraph Function: Managing Member


City: Raleigh State: NC Zip: 27619

Phone: (919)755-0558 Fax: (919)754-8663

EMail: [email protected] Nonprofit: No


9/24

The Median Income for Cleveland county is $48,900.

Low Income Units

Employee Units (will add to Low Income Unit total)

Market Rate Units

Statistics

Square Footage Information

Notes

Unit Mix

Type # BRs Net Sq.Ft.Total

# Units#Units

MonthlyRent

UtilityAllowance

MandatoryServ. Fees

**TotalHousing Exp.

Gdn Apt 1 693 28 4 348 85 0 433

Gdn Apt 2 943 8 2 408 108 0 516

Utilities included in rents: Water/Sewer Electric Gas Other Trash


# Units#Units

MonthlyRent

UtilityAllowance

MandatoryServ. Fees

**TotalHousing Exp.

Utilities included in rents: Water/Sewer Electric Gas Other


# Units#Units

MonthlyRent

UtilityAllowance

MandatoryServ. Fees

**TotalHousing Exp.

Utilities included in rents: Water/Sewer Electric Gas Other

AllUnits

Units

Gross MonthlyRental Income

Low Income....... 36 6 13008

Market Rate.......

Totals............... 36 6 13008

Proposed number of residential buildings: 1 Maximum number of stories in buildings: 2

Project Includes:Separate community building -- Sq. Ft. (Floor Area):Sq. Ft. (Floor Area):

Community space within residential bulding(s) -- Sq. Ft. (Floor Area):Sq. Ft. (Floor Area): 9,9789,978

Elevators -- Number of Elevators:Number of Elevators: 11

Gross Floor Square Footage: 36,280

Total Net Sq. Ft. (All Heated Areas): 35,620

** Please refer to the Income Limits and Maximum Housing Expense Table to ensure that Total Monthly Tenant Expenses for lowincome units are within established thresholds.


10/24

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

Total Low Income Units:

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

Targeting

# BRs Units %

1 14 targeted at 50 percent of median income affordable to/occupied by




36


11/24

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

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

Funding Sources

Source AmountNon-

Amortizing*Rate(%)

Term(Years)

Amort.Period(Years)

AnnualDebt

Service

Bank Loan

RPP Loan 210,000 2.00 20 20 12,748

Local Gov. Loan - Specify:

RD 515 Loan

RD 538 Loan - Specify:

AHP Loan

Other Loan 1 - Specify:



Tax Exempt Bonds

State Tax Credit(Loan) 792,782 0 30 30 0

State Tax Credit(Direct Refund)

Equity: Federal LIHTC 2,534,147

Non-Repayable Grant

Equity: Historic Tax Credits

Deferred Developer Fees 27,739

Owner Investment 252 Other - Specify:

Total Sources** 3,564,920

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

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

88


12/24

Development 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 350,000 350,0004 Rehabilitation

5 Construction of New Building(s) 1,764,000 1,764,000

6 Accessory Building(s)

7 General Requirements 126,840 126,840

8 Contractor Overhead 44,817 44,817

9 Contractor Profit 134,450 134,450

10 Construction Contingency 72,603 72,603

11 Architect's Fee - Design (11 + 12 = max 3% lines 2-10) 45,000 45,000

12 Architect's Fee - Inspection 12,000 12,000

13 Engineering Costs 23,000 23,000

SUBTOTAL (lines 1 through 13) 2,572,710

14 Construction Insurance (prorate) 2,000 2,00015 Construction Loan Orig. Fee (prorate) 12,000 12,000

16 Construction Loan Interest (prorate) 144,000 144,000

17 Construction Loan Credit Enhancement (prorate)

18 Construction Period Taxes (prorate) 5,000 5,000

19 Water, Sewer and Impact Fees 15,000 15,000

20 Survey 12,000 12,000

21 Property Appraisal 6,000 6,000

22 Environmental Report 4,200 4,200

23 Market Study 4,000 4,000

24 Bond Costs

25 Bond Issuance Costs

26 Placement Fee27 Permanent Loan Origination Fee 7,000

28 Permanent Loan Credit Enhancement

29 Title and Recording 9,000

SUBTOTAL (lines 14 through 29) 220,200

30 Real Estate Attorney 30,000 15,000

31 Other Attorney's Fees 1,000 1,000

32 Tax Credit Application Fees (Preliminary and Full) 2,200

33 Tax Credit Allocation Fee (0.58% of line 59, minimum $7,500) 17,685

34 Cost Certification / Accounting Fees 8,000 8,000

35 Tax Opinion

36 Organizational (Partnership) 5,000

37 Tax Credit Monitoring Fee 23,400SUBTOTAL (lines 30 through 37) 87,285

38 Furnishings and Equipment 15,000 15,000

39 Relocation Expense

40 Developer's Fee 378,000 378,000

41 Other 0 0

42 Lender Inspection Fees 5,250 5,250

43 Rent-up Expense

44 Other Non-basis Expense (specify)

45 Other Non-basis Expense (specify)


13/24

Comments:

SUBTOTAL (lines 38 through 45) 398,250

46 Rent up Reserve 10,800

47 Operating Reserve 60,675

48 Lease Up Fee 15,000

49 Other Reserve (specify)

50 DEVELOPMENT COST (lines 1-49) 3,364,920 0 3,199,160

51 Less Federal Financing52 Less Disproportionate Standard

53 Less Nonqualified Nonrecourse Financing

54 Less Historic Tax Credit (residential) 0

55 TOTAL ELIGIBLE BASIS 3,199,160 0 3,199,160

56 Applicable Fraction (percentage of LI Units) 100.00% 100% 100%

57 Basis Before Boost 3,199,160 0 3,199,160

58 Boost for QCT/DDA (if applicable, enter 130%) 0.00% 130.00%

59 TOTAL QUALIFIED BASIS 4,158,908 0 4,158,908

60 Tax Credit Rate 3.45 8.05

61 Federal Tax Credits at Estimated Rate 334,792 0 334,792

62 Federal Tax Credits at 8.5% or 3.75% 353,507 0 353,507

63 Max Federal Tax Credits (With Energy Star - Lesser of $8,500 per unit or$800,000, w/o - Lesser of $8,000 per unit or $800,000) 288,000

64 Federal Tax Credits Requested 306,000 0 306,000

65 Land Cost 200,000

66 TOTAL REPLACEMENT COST 3,564,920

FEDERAL TAX CREDITS IF AWARDED 288,000

Total Replacement Cost per unit: 90,651

Federal Tax Credits (line 62) per unit: 9,820


14/24

Please provide a detailed description of the proposed project:

Construction (check all that apply):

Brick Vinyl Wood HardiPlank Balconies/Patios Sunrooms Front Porches

Front Gables or Dormers Wide Banding or Vertical/Horizontal Siding

Other:

Have you built other tax credit developments that use the same building design as this project?

If yes, please provide name and address:

Site Amenities:

Onsite Activities:

Market Study Information

Cleveland Ridge will be a 36 unit elderly development consisting of 28-1br units and 8-2br units andlarge community areas. The community space will have an exercise room, craft area, multipurposearea, computer station, sunroom, screened porch area, covered patio and several seating alcovesalong the hallways. A covered drive area will be constructed to allow residents to be picked up in aprotected area. Our rents will be affordable to 50% and 60% income levels with the rent structuretargeting at 50% rent levels. We feel that this site and market is excellent for the proposeddevelopment. All necessary amenities for the residents are within one mile of the site due to theproximity of the downtown area of Kings Mountain.

Kings Mountain is a growing community located in the foothills of North Carolina. It offers outdoorrecreation, the arts, dining and shopping, business and industry, education and healthcare and asolid network of parks, community centers and libraries. There is also the Patrick Center, a seniorlife and conference center, within a mile of the site. They offer many programs for the seniors in thecommunity such as meal preparation, crafts, ceramics, health classes, Veterans meetings andprograms. Kings Mountain is a nice community to live in for seniors.

The area has been very aggressive in trying to lure industry to the area and was successful in 2006in landing two iconic vehicle manufacturers to the Kings Mountain area: Indian Motorcycle Companyand boat maker Chris-Craft. The two companies together will employee about 807 employees andwill invest approximately $42 million over the next five years. Kings Mountain and Cleveland Countyare growing and you are seeing more people moving to the area for the quality of life that it providesfor seniors or families.

The building will be an all inclusive two story building with a central area designed for meetingpurposes and two off-set wings. There will be a covered screen porch off of the back of the building,a covered patio off the back, a covered drive area in the front of the building with benches lining thefront entrance walkway, a sunroom, and exercise room, computer room with multiple computers, amulti-purpose area for activities, craft room, and alcove seating areas along the hallways. There willbe an elevator located within the central corridor of the building and stairwells on the ends of thebuilding for fire safety.

All units will have patios or balconies with storage. Patio doors are full view glass providing anabundance of natural light into the main living, dining, and kitchen area.

The building has been designed for active seniors in mind to enhance their quality of life byproviding the ability to interact with others and get involved with activities.

No

A new patio shelter will be constructed with seating, tables and grilling station. An arbor/trellis willalso be installed for the residents use. There will be three areas of seating located through out theproperty for the residents benefit. The community space will have an exercise room, craft area,multipurpose area, computer station, sunroom, screened porch area, covered patio and severalseating alcoves along the hallways. A covered drive area will be constructed to allow residents to bepicked up in a protected area.

A new patio shelter will be constructed with seating, tables and grilling station. An arbor/trellis will


15/24

Landscaping Plans:

Interior Apartment Amenities:

Do you plan to submit additional market data (market study, etc.) that you want considered?

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

also be installed for the residents use. There will be three areas of seating located through out theproperty for the residents benefit. The community space will have an exercise room, craft area,multipurpose area, computer station, sunroom, screened porch area, covered patio and severalseating alcoves along the hallways. A covered drive area will be constructed to allow residents to bepicked up in a protected area.

It our plan to install new plant material as described in the QAP and an irrigation system in the mainvisible areas. We will a lso make sure all site amenities and current handicap parking and walks

conform to handicap/accessibility requirements. There will also be new hardscape items installedsuch as benches and a trellis. The site will have attractive signage, lighting, and landscaping. Treeswill be a minimum of 2 caliper and all shrubs will be 3 gallon or larger. White vinyl fencing will beinstalled around dumpsters.

The units wills be spacious with exterior storage and large closets within the units. All rooms willhave ceiling fans. All appliances will carry the energy star rating. All units will have full size washerdryer connections.

Yes


16/24

Briefly describe your site in each of the following categories:

Applicant's Site Evaluation

NEIGHBORHOOD CHARACTERISTICS

Trend and direction of real estate development and area economic health. Physical condition ofbuildings and improvements. Concentration of affordable housing.The proposed site for Cleveland Ridge, a seniors development is located on East Gold and RuppeStreet in the Downtown business district of Kings Mountain in Cleveland County. The site is locatedin area that is growing and has no adverse effects to the existing property. The site is located in aresidential area with low impact commercial and is very suitable for the development. Due to theproximity of the site to Downtown all necessary amenities are within one mile. There are Doctorsoffices, pharmacies, professional services, historic buildings and a cemetery, recreational facilities,restaurants, schools, various shopping areas, a Senior Center, YMCA, etc As you will be able tosee when you visit the site, Kings Mountain has spent a considerable amount of funds inrevitalization of the Downtown area. You also have the beauty of the mountains in the distance thatis very picturesque. Near the site is a Historic Cemetery that is presently being used as a parkwhere people walk and jog, it is not seen as a negative impact to the area or site.

Kings Mountain is a growing community located in the foothills of North Carolina. It offers outdoorrecreation, the arts, dining and shopping, business and industry, education or healthcare and a solidnetwork of parks, community centers and libraries. Kings Mountain is a nice community to live in.The area has been very aggressive in trying to lure industry to the area and was successful in 2006to landing two iconic vehicle manufacturers to the Kings Mountain area. Indian Motorcycle Companyand boat maker Chris-Craft, the two companies together will employee about 807 employees andwill invest approximately 42 million over the next five years.

SURROUNDING LAND USES AND AMENITIES

Suitability of surrounding development. Land use pattern is residential in character (single andmultifamily housing) with a balance of other uses (particularly retail and amenities). Effect ofindustrial, large-scale institutional or other incompatible uses, including but not limited to: wastewatertreatment facilities, high traffic corridors, junkyards, prisons, landfills, large swamps, distributionfacilities, frequently used railroad tracks, power transmission lines and towers, factories or similaroperations, sources of excessive noise, and sites with environmental concerns (such as odors orpollution). Amount and character of vacant, undeveloped land.The surrounding development has no adverse land uses or amenities relative to the site. The site islocated in a residential setting with low impact commercial. The site is located in a developed area ofDowntown in the business district. There are no environmental impacts associated with this site.There is an old historic cemetery located near the site but is not considered an adverse land use. Infact people use it as a park and walk and jog through the cemetery. Plus the community has grownup around the cemetery and therefore was not considered an adverse feature.

SITE SUITABILITY

Adequate traffic controls (stop lights, speed limits, turn lanes, etc.). Burden on public facilities(particularly roads). Access to mass transit (if applicable). Visibility of buildings and/or location ofproject sign(s) in relation to traffic corridors.The streets and access roads are adequate to support the current development as-is and with thenew development. The site is gently sloping with no topographic issues. The site is suitable for thedevelopment that is being proposed. Water and sewer are available to the site and we do notforesee any major road improvements needed.

Degree of on-site negative features and physical barriers that will impede project construction oradversely affect future tenants; for example: power transmission lines and towers, flood hazards,steep slopes, large boulders, ravines, year-round streams, wetlands, and other similar features (foradaptive re-use projects- suitability for residential use and difficulties posed by the building(s), suchas limited parking, environmental problems or the need for excessive demolition).

There are no on-site negative features or physical barriers to this site that would impeded projectconstruction or adversely affect future tenants.

Similarity of scale and aesthetics/architecture between project and surroundings.The development will be similar in scale and aesthetics to the surrounding uses.


17/24

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

Other facilities or services:

Grocery Store.5 Community/Senior Center.5Mall/Strip Center.75 Hospital.9

Outdoor Athletic Fields.5 Pharmacy.5

Day Care/After School.5 Basic Health Care.5

Schools.5 Medical Offices.5

Public Transportation Stop Bank/Credit Union.5

Convenience Store.5 Restaurants.5

Basketball/Tennis Courts.5 Professional Services.5

Public Parks.5 Movie Theater14

Gas Station.5 Video Rental.5

Library.5 Public Safety (Fire/Police).5

Fitness/Nature Trails1 Post Office.3

Public Swimming Pools.5

Kings Mountain is rich in history and offers several state parks. There is a Historical Museum withexhibits and re-enactment events. There is also a YMCA within one mile of the site that offers manyactivities for seniors along with a community center.


18/24


19/24


20/24

Project Operations (Year One)

Projected Operating Costs

Administrative Expenses

Advertising 900

Office Salaries 12,000

Office Supplies 1,500

Office or Model Apartment Rent

Management Fee 15,552

Manager or Superintendent Salaries

Manager or Superintendent Rent Free Unit

Legal Expenses (Project) 500

Auditing Expenses (Project) 3,300

Bookkeeping Fees/Accounting Services

Telephone and Answering Service 1,500

Bad Debts

Other Administrative Expenses (specify):

Training, Computer Software1,000

SUBTOTAL 36,252

Utilities Expense

Fuel Oil

Electricity (Light and Misc. Power) 10,500

Water 5,250

Gas

Sewer 5,250

SUBTOTAL 21,000

Operating and Maintenance Expenses

Janitor and Cleaning Payroll

Janitor and Cleaning Supplies

Janitor and Cleaning Contract 500

Exterminating Payroll/Contract 600

Exterminating SuppliesGarbage and Trash Removal 2,000

Security Payroll/Contract

Grounds Payroll

Grounds Supplies

Grounds Contract 4,000

Repairs Payroll 11,000

Repairs Material 500

Repairs Contract 1,000

Elevator Maintenance/Contract

Heating/Cooling Repairs and Maintenance 1,000

Swimming Pool Maintenance/Contract

Snow Removal 500Decorating Payroll/Contract

Decorating Supplies 500

Other (specify):

services1,000

Miscellaneous Operating & Maintenance Expenses

SUBTOTAL 22,600

Taxes and Insurance

Real Estate Taxes 14,000

Payroll Taxes (FICA) 2,000


21/24

Miscellaneous Taxes, Licenses and Permits 500

Property and Liability Insurance (Hazard) 9,000

Fidelity Bond Insurance 250

Workmen's Compensation 1,000

Health Insurance and Other Employee Benefits 1,000

Other Insurance:

SUBTOTAL 27,750Supportive Service Expenses

Service Coordinator

Service Supplies

Tenant Association Funds

Other Expenses (specify):

SUBTOTAL 0

Reserves

Replacement Reserves 9,000

SUBTOTAL 9,000

TOTAL OPERATING EXPENSES 116,602

ADJUSTED TOTAL OPERATING EXPENSES(Does not include taxes, reserves and resident support services) * 93,602

TOTAL UNITS(from total units in the Unit Mix section)

36

PER UNIT PER YEAR 2,600


22/24


23/24

MINIMUM REQUIRED SET ASIDES (No Points Awarded):

Minimum Set-Asides

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: NoTax Credit 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: NoTax Credit 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 fortypercent (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 countymedian income.

At least fifty percent (50%) 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 Bonds

Threshold requirement (select one):

At least ten percent (10%) of qualified units will be affordable to and occupied by households with incomes at or below fifty percent(50%) of county median income.

At least five percent (5%) of qualified units will be affordable to and occupied by households with incomes at or below forty percent(40%) of county median income.

Eligible for 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.


24/24

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

Full Application Checklist

A Nonprofit Organization Documentation or For-profit Corporation Documentation

B Current Financial Statements/Principals and Owners (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 Letters from State Housing Agencies or designated monitoring agent verifying out of state experience

G Completed IRS Form 8821 (Appendix I)

H 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)

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

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

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

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

M Site plan, floor plans and elevations for all projects. Scope of work for Adaptive Re-use and Rehab projects. (Full Size, 24 x36 inches)

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

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

P 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.

Q 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 lenderswith reserve balances, 3) letter from lender that outlines assumption requirements.

R 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.

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

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

kings falls

Documents