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Is project in Qualified Census Tract & Difficult to Develop area?

Does a community revitalization plan exist?

Print Preview - Final Application

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

Project Name and Location

Project Name: Lake Vista Apartments

Address: Highway 9 and Girl Scout Camp Road

City: Lake Lure County: Rutherford Zip: 28746

Census Tract: 9603 Block Group:

Yes

No

Political Jurisdiction: Town of Lake Lure

Jurisdiction CEO Name: First: Last:Jim Proctor Title: Mayor

Jurisdiction Address: PO Box 255

Jurisdiction City: Lake Lure Zip: 28746-0255

Jurisdiction Phone: (828)625-9983

Site Latitude: 35.428

Site Longitude: -82.205

Page 1 of 33Print - APP04-0230

1/14/2005https://www.nchfa.org/Rental/RTCApp/(c2dpls45mvobdquecjltx055)/site/PrintApp.aspx?I...

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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 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:

Target Population: Family

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

Project Description

Project Type:* New Construction Rehab Adaptive Reuse

No

No

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

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

Remarks:



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Applicant Information

Applicant Name: DBT Developers, LLC

Address: 3015 Rennit Court

City: State: NC Zip:Raleigh 27603

Contact: First: Last: Title:Traci Dusenbury Member

Telephone: (919)829-0199

Alt Phone: (919)280-5824

Fax: (919)829-0399

Email Address: [email protected]



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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

3.789 3.789

No

No

Yes

No



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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 vaild 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: 8/31/2004

(D) Enter Purchase Price: 495,000



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Present zoning classification of the site:

Is mutifamily 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

Commercial/general

Yes

No

No

No



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[email protected] 13-4246027



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The Median Income for Rutherford county is $45,600.

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 2 971 3 0 412 100 0 512

Gdn Apt 2 971 15 3 475 100 0 575

Gdn Apt 2 971 14 2 412 100 0 512

Utilites included in rents: Water/Sewer Electric Gas Other trash pick-up


# Units#Units

MonthlyRent

UtilityAllowance

MandatoryServ. Fees

**TotalHousing Exp.

Utilites included in rents: Water/Sewer Electric Gas Other


# Units#Units

MonthlyRent

UtilityAllowance

MandatoryServ. Fees

**TotalHousing Exp.

Utilites included in rents: Water/Sewer Electric Gas Other

AllUnits

Units

Gross MonthlyRental Income

Low Income....... 32 5 14129

Market Rate.......

Totals............... 32 5 14129

Proposed number of residential buildings: 4 Maximum number of stories in buildings: 2

Project Includes:Separate community building -- Sq. Ft. (Floor Area):Sq. Ft. (Floor Area): 950950

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

Elevators -- Number of Elevators:Number of Elevators:

Gross Floor Square Footage: 39,519

Total Net Sq. Ft. (All Heated Areas): 32,022

** 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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Specify Low Income Unit Targeting in table below. List each applicable targeting combination in a separate row below. Click [Add] to createanother 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 %

2 17 targeted at 50 percent of median income.

2 15 targeted at 60 percent of median income.

32



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Development Costs

Item Cost Element TOTAL COSTEligible Basis

30% PV 70% PV

1 Purchase of Buildings (Rehab) 0

2 Demoli tion

3 On-site Improvements 310,000 232,500

4 Rehabilitation

5 Construction of New Building(s) 1,280,000 1,280,000

6 Accessory Building(s)

7 General Requirements 95,400 95,400

8 Contractor Overhead 33,708 33,708

9 Contractor Profit 110,032 110,032

10 Construction Contingency 54,874 54,874

11 Architect's Fee - Design 40,000 40,000

12 Architect's Fee - Inspection 8,000 8,000

SUBTOTAL (lines 1 through 12) 1,932,014

13 Construction Insurance (prorate) 8,000 5,600

14 Construction Loan Orig. Fee (prorate) 28,854

15 Construction Loan Interest (prorate) 69,239 41,543

16 Construction Loan Credit Enhancement (prorate)

17 Construction Period Taxes (prorate) 4,000 2,800

18 Water, Sewer and Impact Fees 64,000 64,000

19 Survey 10,000 10,000

20 Property Appraisal 3,000 3,000

21 Environmental Report 10,500 10,500

22 Market Study 4,000 4,000

23 Bond Costs 0

24 Cost of Issuance

25 Placement Fee

26 Permanent Loan Origination Fee 4,600

27 Permanent Loan Credit Enhancement

28 Title and Recording 5,000

SUBTOTAL (lines 13 through 28) 211,193

29 Real Estate Attorney 15,000 0

30 Other Attorney's Fees 30,000 15,000

31 Tax Credit App Fees 18,045 18,045

32 Accounting 9,000 9,000

33 Tax Opinion 5,000

34 Organizational (Partnership) 1,000

35 Tax Credit Monitoring Fee 16,800


36 Furnishings and Equipment 10,000 10,000

37 Relocation Expenses

38 Developer's Fee (max 15% lines 2-36, less 8 & 9) 313,672 313,672

39 Other Basis Expense (specify)

40 Other Basis Expense (specify)

41 Rent-up Expenses 25,000

42 Other Non-basis Expense (specify)offsite 25,000

43 Other Non-basis Expense (specify)


44 Rent up Reserve 9,600



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Comments:

45 Operating Reserve 178,825

46 Other Reserve (specify)

47 Other Reserve (specify)

48 DEVELOPMENT COST (lines 1-47) 2,800,149 0 2,361,674

49 Less Federal Financing

50 Less Disproportionate Standard

51 Less Nonqualified Nonrecourse Financing

52 Less Historic Tax Credit (residential) 0

53 TOTAL ELIGIBLE BASIS 2,361,674 0 2,361,674

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

55 Basis Before Boost 2,361,674 0 2,361,674

56 Boost for QCT/DDA (if applicable, enter 130%) 100.00% 130.00%

57 TOTAL QUALIFIED BASIS 3,070,176 0 3,070,176

58 Tax Credit Rate 0.00% 7.91%

59 Federal Tax Credits at Estimated Rate 242,850 0 242,850

60 Federal Tax Credits at 8.5% or 3.75% 260,964 0 260,964

61 Federal Tax Credits Requested 245,615 245,615

62 Land Cost 495,000

63 TOTAL REPLACEMENT COST 3,295,149

42. Off-site costs. 45. The higher amount required by syndicator



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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 (check all that apply):

Onsite Activities:

Market Study Information

Lake Vista will be a 32-unit, all two-bedroom development featuring a floorplan with 2 bedrooms,each on opposite sides of the apartment, with their own bathrooms. There are cathedral ceilings inthe living room areas in the top floor units. The units will have large patios with exterior storagerooms. The site is situated in beautiful Lake Lure. Lake Lure is a resort community and along withChimney Rock, brings in a significant amount of the tourism dollars spent in NC. Lake Lure is

focused on its tourists and seasonal residents. There are several resorts as well as hot spots in thearea including the beautiful lake (where Dirty Dancing was filmed), the beach area, the BottomlessPools and Chimney Rock Park (where The Last of the Mohicans was filmed). Many of the localservice business people such as the resorts and the restaurant managers in the community havecomplained for years that it is difficult for them to keep employees because there is no adequateaffordable rental housing available for their employees. The Lake Lure Resort and Golf Club, alone,has approximately 100 employees whose income levels fall in the range that could live in ourapartments according to the resort's General Manager. According to him, the vast majority of hisemployees commute over 30 miles to work, typically from Hendersonville, Saluda, Polk County, andRutherfordton/Spindale/Forest City. The Town is also working with a developer who wants to build ahotel and convention center with 100 rooms on the lake, however, lack of housing for the requiredemployees is an issue. The site is situated adjacent to the location of the new proposed Inglesgrocery store. Ingles stores are located primarily in SC, but its style and quality is equivalent to aKroger or Harris Teeter. Ingles has purchased the land across from our site and is currently workingwith the Town on plans to begin building soon. Ingles will be constructed long before our buildingsare completed. In addition, the school board is working toward building an elementary school inLake Lure as the number of families and those with school-aged children are growing.

No

Community Bldg - Sq Ft: 975 Community Room - Sq Ft: Garages - Number:

Laundry Rm Screened Porch Resident Computer Center Exam Rm Reading Rm/Library

Game/Craft Rm Exercise Rm TV Rm Beauty Salon Vending Rm

Chapel/Prayer Rm Picnic Area Onsite Leasing Office Onsite Mgr Onsite Maint. Person

Irrigated Lawns Security Gate Car Care Area Storage Units Gazebos

Walking Trails Garden Spots Basketball/Tennis Court Playground Ball Field

Pool Fitness Stations Horseshoe Pit Shuffleboard Covered Drive Thru



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Landscaping Plans:

Interior Apartment Amenities (check all that apply):

Flooring: Carpet Vinyl Wood Wood Parquet Ceramic Tile Other

Heating/Cooling: Central Air Gas Heat Heat Pump Electric Pump

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.

There will be many relaxing and recreational opportunities at Lake Vista including walking trails withfitness stations, picnic and grill areas, a horseshoe pit, and an on-site computer center, tv room, andlibrary/reading room. In addition, there will be quite a view from the beautifully landscaped site. Wewill also work closely with the county human service agencies and the local community college toprovide educational and social programs for the residents at Lake Vista.

There will be extensive quality landscaping as would be only fittingly so admist the beautifulsurroundings of Lake Lure. The Town of Lake Lure is very strict on visual aesthetics and thedevelopment will be approved by the Town. The landscaping will incorporate both evergreen anddecidious species trees and shrubbery. Specific flowering-type trees will be utilized to accent color,beauty, fragrance and texture as well as perennials and accent flower beds. Bothgrass areas andnatural areas will provide scenic vistas for the all-weather walking paths and picnic and leisure areasaround the development and will compliment and enhance the landscaping and overall beauty ofthis quality neighborhood.

Range Hood Dishwasher Disposal Refrigerator (frost free) Storage interior/exterior

W/D Hookups Mini-blinds Pantry Ceiling fans Walk-in closets

Yes



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Briefly describe your site in each of the following categories:

Applicant's Site Evaluation

NEIGHBORHOOD CHARACTERISTICS

Physical condition of buildings and improvements. Trend and direction of real estate developmentrelative to the project. Area economic health (degree of decline or investment). Concentration of

affordable housing.Lake Lure is a very fast growing area. There are five new single-family neighborhoods currently inthe development stages. In the past, the area was known as a resort town and was focusedprimarily on tourists and out-of-state buyers. There is a trend in the area from full-time resort to acommunity with a growing number of year-round residents. This trend is impacting the need forservices for these residents and there are currently doctor's offices, a grocery store, pharmacy, etc.in the planning stages. Real estate is booming according to local real estate agents. There are alsolots of requests for rental units. Also, there is a new Ingles grocery store (these are located primarilyin SC--there is a nice, fairly new one in nearby Landrum, SC. The grocery store is equivalent to aKroger or Harris Teeter) getting ready to build across the street from our site. This will offer ourresidents a gas station, groceries, video rental, a bakery, and a pharmacy within walking distance, inaddition to some other possible shops. The Ingles is scheduled for completion in 2005, so it shouldbe in the ground before construction begins on our complex. In addition, the Town is in lengthydiscussions with a developer trying to get a 100--room hotel and convention center in Lake Lure.The School Board is also currently discussing building a new elementary school in Lake Lure due tothe growing number of children.

Suitability of surrounding development. Land use pattern is primarily residential (single andmultifamily housing) with a balance of other uses (particularly retail and amenities). Amount andcharacter of vacant, undeveloped land. Effect of industrial, large-scale institutional or otherincompatible uses: wastewater treatment facilities, high traffic corridors, junkyards, prisions, landfills,large swamps, distribution facilities, frequently used railroad tracks, power transmission lines andtowers, factories or similar operations, sources of excessive noise, and sites with environmentalconcerns (such as odors or pollution).There are residential homes on Highway 9 and Girl Scout Camp Road. In addition, the new Ingleswill be located across the street from our proposed Lake Vista Apartments. The new Ingles will be ahuge plus for the residents in our community.

SITE SUITABILITY

Adequacy of street(s) and/or access road(s) serving the proposed project and traffic controls (lights,stop signs, turning lanes). Access to mass transit (if applicable).Highway 9 is a major highway linking Lake Lure to Polk County and SC. Girl Scout Camp Road is astate maintained road with sufficient capacity.

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 that we are aware of. The site is fairly flat to be located inwestern NC. It has wonderful views and is located close to town and new planned growth areas.

Similarity of scale and aesthetics/architecture between project and surroundings.Our small 32-unit complex will fit in nicely with Lake Lure because it won't be too large of a complexto affect the "feel" of the community. It will keep with the aesthetic qualities of the beautiful scenicviews and natural beauty of the area.



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

Other facilities or services:

Grocery Store2 Community/Senior Center15

Mall/Strip Center15 Hospital15

Outdoor Athletic Fields12 Pharmacy15

Day Care/After School12 Basic Health Care4

Schools12 Medical Offices4

Public Transportation Stop Bank/Credit Union1

Convenience Store1 Restaurants1

Basketball/Tennis Courts2 Professional Services1.5

Public Parks1.5 Movie Theater15

Gas Station1 Video Rental2

Library2 Public Safety (Fire/Police)1.5

Fitness/Nature Trails1 Post Office1.5

Public Swimming Pools2

There are several inns nearby, several golf resorts, Fairfield Mountain, the lake for boating, boatrentals, etc. There are also boat tours of the lake and dinner/boat cruise packages. The BottomlessPools are there, which is a spectacular natural phenomenon open to the public. There are alsowalking trails and picnic areas there. The Lake Lure beach is in the middle of town and there arepaddle boat rentals there. In addition, beautiful Chimney Rock is approximately 4 miles away, whichoffers a wonderful recreational and scenic opportunity.There are also lots of unique shops includingantique and craft shops in Lake Lure and Chimney Rock.



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DevelopmentList number low-income/tax credit housing projects and units developed, operated, and maintained in compliance by the principal(s) betweenDecember 1, 1996 and January 1, 2003:

ManagementList number of low-income housing tax credit units managed in the past 10 years:

Has any owner, principal, or management agent been debarred or received a limited denial participation in the past 10 years by any federal or

state agency?

Has any owner, principal, or management agent been involved in a bankruptcy, an adverse fair housing settlement, an adverse civil rights

settlement, or an adverse federal or state government proceeding and settlement in the past 10 years?

Has any owner or principal been in a mortgage default or delinquency of three months or more within the last 5 years on a FHA-insuredproject, a Rural Development funded rental project, a tax-exempt funded mortgage, a tax credit project, or any other publicly subsidized

project?

Has any owner or principal been involved within the last 10 years in a project which previously received an allocation of tax credits but failed tomeet compliance standards of the tax credit allocation, including return of a reservation of tax credits to the Agency after the carryover

agreement has been signed?

Has any owner or principal had a Form 8823 filed with the IRS for noncompliance on a project using low-income housing tax credits or

received a letter of non-compliance from the Agency?

Project Team Experience

North Carolina Other States

Projects: 6 29

Units: 292 1,641

North Carolina Other States

Projects: 62 18

Units: 2,996 853

No

No

No

No

No



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Financing Commitments

Does the project have a firm commitment for construction financing? No

Does the project have a letter of intent for private permenant financing? Yes

Does the project have a firm commitment for government financing? No

Does the project have a letter of intent from an investor? Yes

Is any portion of the eligible basis of new contruction or rehabilitation financed with federal subsidies other than CDBG funds or fundsfrom the HOME program? No

If yes, indicate the type and amount below:

Tax Exempt Financing: $

RD 515 Financing: $

Hope VI Financing: $

Other: $

If Other, specify the type of Federal subsidy:



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Project Operations (Year One)

Projected Operating Costs

Administrative Expenses

Advertising 750

Office Salaries

Office Supplies 1,200

Office or Model Apartment Rent

Management Fee 12,850

Manager or Superintendent Salaries 13,000

Manager or Superintendent Rent Free Unit

Legal Expenses (Project) 120

Auditing Expenses (Project) 4,000

Bookkeeping Fees/Accounting Services 1,344

Telephone and Answering Service 2,400

Bad Debts

Other Administrative Expenses (specify):

computer expenses, training, reference checks2,465

SUBTOTAL 38,129

Utilities ExpenseFuel Oil

Electricity (Light and Misc. Power) 4,800

Water 1,200

Gas

Sewer

SUBTOTAL 6,000

Operating and Maintenance Expenses

Janitor and Cleaning Payroll

Janitor and Cleaning Supplies 100

Janitor and Cleaning Contract 500

Exterminating Payroll/Contract 924

Exterminating Supplies

Garbage and Trash Removal 2,400

Security Payroll/Contract

Grounds Payroll

Grounds Supplies 2,000

Grounds Contract 7,800

Repairs Payroll 10,000

Repairs Material 1,200

Repairs Contract 2,000

Elevator Maintenance/Contract

Heating/Cooling Repairs and Maintenance 384

Swimming Pool Maintenance/Contract

Snow Removal 1,000

Decorating Payroll/Contract 720

Decorating Supplies 250

Other (specify):

Miscellaneous Operating & Maintenance Expenses

SUBTOTAL 29,278

Taxes and Insurance

Real Estate Taxes 12,800

Payroll Taxes (FICA) 2,380

Miscellaneous Taxes, Licenses and Permits



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Property and Liability Insurance (Hazard) 10,000

Fidelity Bond Insurance 50

Workmen's Compensation 608

Health Insurance and Other Employee Benefits

Other Insurance:

SUBTOTAL 25,838

Supportive Service Expenses

Service Coordinator 1,800

Service Supplies 600

Tenant Association Funds

Other Expenses (specify):

SUBTOTAL 2,400

Reserves

Replacement Reserves 8,000

SUBTOTAL 8,000

TOTAL OPERATING EXPENSES 109,645

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

86,445

TOTAL UNITS(from total units in the Unit Mix section) 32

PER UNIT PER YEAR 2,701



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Design Features

ITEM DESCRIPTION

Foundation/Slab Components Concrete footings, block&brick walls, 4" concrete slab on grade

Primary Windows Make: Model:Reynolds or equal 6000 single-hung Type/Construction: Binyl, insulated glass with grills

Exterior Doors Type: Frames:Seel front 6-panel wood/metal per Code

SidingType: Grade/Thickness:Vinyl

.042 orgreater

Warranty: Per Manufacturer Standards

Exterior Trim Trim wrapped in vinyl/aluminum per manufacturer's standards

Shingles

Type: Weight:

Fiberglass

Architectural 225# Warranty: 25 years or greater per manufacturer's standards

Sprinkler System 13R Complete Building Fire Protection System

Cabinets MarKraft or equal

Heat Pump SEER: Make:11 or better Trane

Model: Heat Pump Systems

Air Conditioner SEER: Make:NA

Model:

Other Heat Systems SEER: Make:NA

Model:



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This is a detailed breakdown of rehabilitation or construction costs you summarized in the Development Costs table (Rehabilitation andConstruction of New Building(s)). The total should match those roll-up values.

Costs - Construction

ITEM LABOR MATERIAL TOTAL

Concrete Footings 0

Backfill-slab, Crawl 0

Slab-concrete/Rebar/Gravel 86,200 86,200

Waterproofing 0

Masonry Foundation 0

Brick Veneer 40,000 40,000

Steel/Structure/Rails 0

Framing/Lumber/Nails 243,300 243,300

Trusses 60,000 60,000

Crane Rental 0

Windows/Grilles/Screen 12,000 12,000Exterior Doors 18,400 18,400

Roofing 25,000 25,000

Fencing 0

Vinyl Siding/Trim/Box 98,000 98,000

Gutters/Shutters 5,500 5,500

Insulation 26,000 26,000

Drywall 115,000 115,000

Interior Doors 0

Int. & Final/Stair/Trim/Shelves 43,200 43,200

Cabinets & Tops 60,000 60,000

Painting 40,000 40,000

Marble - Tub/Shwr/Tops 0

Plumbing 114,000 114,000

Electrical 77,000 77,000

Heating/Air Conditioning 97,000 97,000

Floor Covering and Underlayment 40,500 40,500

Wall Paper 0

Mailboxes/Special Features/Signage 5,000 5,000

Gypcrete 10,200 10,200

Blinds/Shades/Art Work 3,700 3,700

Light Fixtures/Fans 0

Sprinkler System 0

Security Alarm 0

Hardwood Floors 0

Elevator 0

Ceramic Tiles 0

Acoustical Ceilings 0



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Remarks:

Mirror/Shower Door/Encls. 0

Hardware/Bath Access. 21,000 21,000

Appliances 30,000 30,000

Playground Equipment 0

Interior Clean 6,000 6,000

Exterior Clean/Dumpster Rental 3,000 3,000

Other 1 (specify in Remarks) 0

Other 2 (specify in Remarks) 0

Total Cost 0 1,280,000 1,280,000



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This is a detailed breakdown of the General Requirements cost element you summarized in the Development Costs table (GeneralRequirements). The total should match that roll-up value.

Remarks:

Costs - General

ITEM TOTAL

Supervision 55,600

Job Site Office/Trailer Rental 1,500

Office Supplies 500

Security/Watchman 0

Project Signage 250

Tools and Equipment 2,500

Gas, Oil, and Maintenance 4,200

Temporary Water, Electric, and Telephone 3,500

Storage/Hauling 1,000

Driveway Access Permit 0

Porta-John Rental/Dumping 800Builders Risk Insurance 6,100

Re-inspection Fees 250

Extra Plans and Specifications 400

Miscellaneous, Casual Labor 6,100

Equipment Rental 6,300

Other 1 (specify in Remarks) 6,400

Other 2 (specify in Remarks)

Total Cost 95,400

Other 1= Clean up/dumpster rental



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This is a detailed breakdown of the Site Improvements cost element you summarized in the Development Costs table (On-siteImprovements). The total should match that roll-up value.

Remarks:

Costs - Improvements

ITEM TOTAL

Subsurface Explorat ion/Perk Testing/Site Engineering 4,000

Clearing/Grading/Final Grading/Excess and Borrow 95,000

Demolition

Earthwork/Excavation/Aerating

Soil Treatment 2,500

Pile Foundations

Caissons

Shoring/Bracing

Site Drainage 11,000

Site Utilities/Site Lighting 45,000

Paving and Surfacing/Curb and Gutter 76,000Walkways 20,000

Site Signage 4,000

Parking Lot Painting 2,500

Dumpster Pads/Fencing 8,000

Fencing/Gates

Landscaping/Topsoil 30,000

Rock and Hardpan Excavation

Site Supervision Personnel

Other (specify in Remarks) 12,000

Total Cost 310,000

Other-playground area, horseshoe pit, and picnic and grill area



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This is a detailed breakdown of the Bond Costs cost element you summarized in the Development Costs table (Bond Costs). The totalshould match that roll-up value.

Remarks:

Costs - Bond Costs

ITEM TOTAL

Letter of Credit Fee

Credit Enhancement

Underwriter Discount

Capital Interest Fund



Total Cost 0



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This is a detailed breakdown of the Bond Issuance cost element you summarized in the Development Costs table (Cost of Issuance). Thetotal should match that roll-up value.

Remarks:

Costs - Bond Issuance

ITEM TOTAL

Bond Counsel

Issuer Counsel

Credit Enhancement/LOC Counsel

Underwriter Counsel

Developer's Counsel

Rating Agency Fee

Printing

Trustee Fee

Trustee Counsel

Issuer's Fee

Other 1 (specify in Remarks)Other 2 (specify in Remarks)


Total Cost 0



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MINIMUM REQUIRED SET ASIDES (No Points Awarded):

Minimum Set-Asides

Select one of the following two options:

20% of the qualified units are rent restricted and occupied by households with incomes at or below 50% of the median income (Note:No Tax Credit Eligble Units in the the project can exceed 50% of median income)

40% of the qualified units are rent restricted and occupied by households with incomes at or below 60% of the median income (Note:No Tax Credit Eligble Units in the the project can exceed 60% of median income)

If requesting RPP funds:

40% of the qualified unit 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 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 mortgage subsidy points (select one):

At least twenty percent (20%) 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 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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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

C Ownership Entity Agreement, Development Agreement or any other agreements governing development services

D Management Agent Agreement

E Development and manager multi-family experience & Management Questionnaire (Appendix C)

F Letters from State Housing Agencies or designated monitoring agent verifying Out of State Management Experience

G Completed IRS Form 8821 (Appendix I)

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

I Local Government Letter or Letter from Certified Engineer or Land Surveyor Confirming Floodplain Designation with Mapshowing 100 year and 500 year floodplain (original on letterhead, no fax or photocopies)

J Local Government Letter Confirming Zoning (original on letterhead, no fax or photocopies)

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

L Site plan, floor plans and elevations

M Hazard and structural inspection and termite reports (Renovation projects only)

N Anticipated budget demonstrating how the project would meet the 10% test by November 14th.

O Evidence of Architect's Errors and Omissions insurance (or equivalent).

P Description of acquisition for existing/occupied projects or for projects with occupied buildings to be demolished.

Q Description of proposed Relocation Plan & Relocation Budget, Etc. If any relocation is anticipated, reference Appendix F.

R Targeting Plan and supporting documentation (Required for all projects)

S Local Housing Authority Agreement (Reference Model in Appendix I)

T Appraisal (for land costs greater than $5,000 and for buildings in rehab projects)

U Evidence of Permanent Loan Commitment, other sources of funds, and project-based subsidies.

V Statement regarding terms of Deferred Developer Fee and, if nonprofit, resolution of Board approving fee.

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

X Documentation to support estimated utility costs.


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