laurel village
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Check all that apply:
Federal Low Income Housing Tax Credit
State Low Income Housing Tax Credit
Tax Exempt Bonds
Rental Production Program (RPP) Loan
Requested RPP Loan Amount:RPP Loan Product Requested: Multi-Family Production
Print Preview - Final Application
Tax Credits, RPP Loans, and/or Tax Exempt Bond Loans
Resources Requested
797,700
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Is project in Qualified Census Tract & Difficult to Develop area:
Project Name and Location
Project Name: Laurel Village
Address: Outland Avenue
City: Brevard County: TRANSYLVANIA Zip: 28712
Census Tract: 9603 Block Group: 3
No
Political Jurisdiction: City of Brevard
Jurisdiction CEO Name: First: Last:Rick Howell Title: City Manager
Jurisdiction Address: 151 West Main Street
Jurisdiction City: Brevard Zip: 28712
Jurisdiction Phone: (828)884-4123
Site Latitude: 35.2295
Site Longitude: -82.7221
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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 federal rental assistance?
If yes, provide the subsidy source:If yes, provide the subsidy source: RD and number of units:and number of units:
Target Population: Elderly (RHS/HUD)
Indicate below any additional targeting for special populations proposed for this project:
Square Footage Information
Project Description
Project Type:* New Construction Rehab Adaptive Reuse
No
Yes
2828
Mobility impaired handicapped: 5% of units comply with QAP Section IV(F)(3) (in addition to other federal and staterequirements)
Persons with disabilities or homeless populations: the greater of 5 units or 10% of the total units
Remarks:
Proposed number of residential buildings: 14 Maximum number of stories in buildings: 1
Types of Units:* Townhouse Duplex Garden Apartment Detached Single-Family
Project Includes:Separate community building -- Sq. Ft. (Floor Area):Sq. Ft. (Floor Area): 1,0061,006
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: 23,760
Total Net Sq. Ft. (All Heated Areas): 22,243
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Applicant Information
Applicant Name: Guilford Financial Services, LLC
Address: 1607 Helmwood Drive
City: State: NC Zip:Greensboro 27410
Contact: First: Last: Title:Maida Renson Manager
Telephone: (336)292-3449
Alt Phone: (336)478-2274
Fax: (336)852-9595
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 in a distressed neighborhood?
If yes, does a community revitalization plan exist?
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:
Site Description
5.426 5.426
Yes
Small vacant abandoned house in poor condition will be demolished prior to construction.
No
No
Yes
No
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(b) Describe flood mitigation if the project is in the East Region and will have improvements within the 100 year floodplain:
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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
Yes
12/27/2000 210,000
(a) Does the owner/principal or ownership entity have vaild 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 for
purchase 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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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:
Is a public hearing of any kind required in the future for you to fully develop this property?
If yes, describe the nature of the hearing and when you expect the hearing will be held:
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
R-2
Yes
Yes
Yes
This land was already properly zoned. The required variance was received. SEE HARDCOPYSUBMISSION FOR ADDITIONAL INFORMATION.
No
No
No
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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 797,700 0.00 30 30 26,590Local Gov. Loan - Specify:
RD Loan 430,000 1.00 30 50 10,931
AHP Loan
Other Loan 1 - Specify:
Other Loan 2 - Specify:
Other Loan 3 - Specify:
Tax Exempt Bonds
State Tax Credit(Loan) 349,730 0 30 30 0
State Tax Credit(Direct Refund)
Equity: Federal LIHTC 1,032,168
Non-Repayable Grant
Equity: Historic Tax Credits
Deferred Developer Fees
Owner Investment
Other - Specify:
Total Sources** 2,609,598
* "Non-amortizing" indicates that the loan does not have a fixed annual debt service. For these items, you must fill in 20-year debt servicebelow.
** Total Sources must equal total replacement cost in Project Development Cost (PDC) section.
75
RD funding has already been obligated.
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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 366,500 309,900
4 Rehabilitation
5 Construction of New Building(s) 1,112,214 1,112,214
6 Accessory Building(s)
7 General Requirements 88,723 88,723
8 Contractor Overhead 31,349 31,349
9 Contractor Profit 94,046 94,046
10 Construction Contingency 50,785 0
11 Architect's Fee - Design 27,800 27,800
12 Architect's Fee - Inspection 6,950 6,950
SUBTOTAL (lines 1 through 12) 1,778,367
13 Construction Insurance (prorate)
14 Construction Loan Orig. Fee (prorate) 12,250 7,500
15 Construction Loan Interest (prorate) 89,000 89,000
16 Construction Loan Credit Enhancement (prorate)
17 Construction Period Taxes (prorate) 5,300 5,300
18 Water, Sewer and Impact Fees 22,500 22,500
19 Survey 41,000 41,000
20 Property Appraisal 2,500 2,500
21 Environmental Report 6,460 6,460
22 Market Study 11,311 11,311
23 Bond Costs (specify)
24 Cost of Issuance
25 Placement Fee
26 Permanent Loan Origination Fee
27 Permanent Loan Credit Enhancement
28 Title and Recording 4,000
SUBTOTAL (lines 13 through 28) 194,321
29 Real Estate Attorney 13,500 6,750
30 Other Attorney's Fees 25,000
31 Tax Credit App Fees 10,696 10,696
32 Cost Certification Fees 7,000 7,000
33 Tax Opinion 2,500
34 Organizational (Partnership) 15,000
35 Tax Credit Monitoring Fee 17,400
SUBTOTAL (lines 29 through 35) 91,096
36 Furnishings and Equipment 6,000 6,000
37 Relocation Expenses
38 Developer's Fee (max 15% lines 2-36, less 8 & 9) 291,650 291,650
39 Other Basis Expense (specify)
40 Other Basis Expense (specify)
41 Rent-up Expenses
42 Other Non-basis Expense (specify)
43 Other Non-basis Expense (specify)
SUBTOTAL (lines 36 through 43) 297,650
44 Rent up Reserve 38,164
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Comments:
45 Operating Reserve
46 Other Reserve (specify)
47 Other Reserve (specify)
48 DEVELOPMENT COST (lines 1-47) 2,399,598 0 2,178,649
49 Less Federal Financing 430,000
50 Less Disproportionate Standard
51 Less Nonqualified Nonrecourse Financing
52 Less Historic Tax Credit (residential) 0
53 TOTAL ELIGIBLE BASIS 1,748,649 0 1,748,649
54 Times Applicable Fraction 100.00% 100% 100%
55 TOTAL QUALIFIED BASIS 1,748,649 0 1,748,649
56 Tax Credit Rate 0.00% 7.87%
57 FEDERAL TAX CREDITS at Estimated Rate 137,618 0 137,618
57a FEDERAL TAX CREDITS at 8.5% or 3.75% 148,635 0 148,635
58 FEDERAL TAX CREDITS REQUESTED 1,537,210 1,537,210
59 STATE TAX CREDITS 385,749
60 Land Cost 210,000
61 TOTAL REPLACEMENT COST 2,609,598
The market study cost exceeded $4,000 because market studies were prepared to support the RDapplication.
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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:
Landscaping Plans:
Market Study Information
The site is located within a mature residential neighborhood. Brevard has a desparate need foraffordable housing, but city officials and residents are reluctant to approve any new development.The few affordable housing complexes are located well outside the downtown and residential areas.The designs for duplexes in the proposed development were intended to fit into the localneighborhood architecturally. The site layout and building facades (including dormers, gables, front
porches, patios, etc.) are designed to more closely resemble single family residences.
We have selected Harris Brown Management (formerly Weaver Management) to manage thecomplex.
Tenants will have the benefit of an extremely attractive affordable housing solution, located in aquiet neighborhood and close to downtown Brevard and numerous amenities.
No
Community Bldg - Sq Ft: 1,006 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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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.
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).
Neighborhood is comprised primarily of residential single family homes of various sizes generallymore than 20 years old. The homes with few exceptions are well maintained. The neighborhood ismature, leaving little opportunity for investment or growth, but is not in a state of decline ordeterioration.
Suitability of surrounding development. Land use pattern is primarily residential with a balance ofother uses, including non-competing multifamily and single family units, relevant amenities, shoppingand services.Laurel Village would represent a nice complement to the surrounding neighborhood. The proposedduplexes would fit in well with many of the existing single family residences. There is a church thatborders a portion of the property. There are ample shopping, restaurants, and other services andamenities within less than 1 mile from the site.
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).The local streets are primarily residential, but have more than adequate capacity to accomodate theminimal incremental traffic resulting from an Elderly complex of this size. There are also adequatetraffic lights, stop signs and other controls appropriate for the area and traffic patterns. DOT officialshave evaluated Outland Avenue and the traffic resulting from the proposed units and have found theimpact to be negligible.
Amount and character of vacant, undeveloped land. Effect of industrial, large-scale institutional orother incompatible uses: wastewater treatment facilities, high traffic corridors, junkyards, prisons,landfills, large swamps, distribution facilities, frequently used railroad tracks, power transmission linesand towers, factories or similar operations, sources of excessive noise, and sites with environmentalconcerns (such as odors or pollution).The site is located in the middle of a mature residential area and represents the only undevelopedland available within the area. There is some agricultural land a little more than a mile away, but thesite is not located near any incompatible uses or features. The site is ideal because of the primarilyresidential nature of the area.
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.The site does not pose any construction difficulties. The land has a very slight pitch to it in someareas, but will not require any extensive grading, nor does it have any unbuildable areas. The sitedoes not contain any environmental problems.
Similarity of scale and aesthetics/architecture between project and surroundings.The proposed structures should fit well with the existing residences in size and architecture. In fact,
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For each applicable neighborhood feature, enter distance from project in miles.
Other facilities or services:
some of the elevations of the proposed duplexes mimic single story - single family homes.
Concentration of affordable housing (housing credit, project-based rental assistance, public housing).There is one group of about 40 Section 8 units located nearby on another street.
Availability of Supportive Services (if applicable):
Grocery Store1.2 Community/Senior Center0.4
Mall/Strip Center0.8 Hospital2.5
Outdoor Athletic Fields1.3 Pharmacy1.2
Day Care/After School0.5 Basic Health Care0.7
Schools0.5 Medical Offices0.7
Public Transportation Stop Bank/Credit Union0.7
Convenience Store1.2 Restaurants0.7
Basketball/Tennis Courts1.3 Professional Services0.7
Public Parks1.6 Movie Theater0.9
Gas Station0.4 Video Rental.08
Library0.9 Public Safety (Fire/Police)0.9
Fitness/Nature Trails1.0 Post Office0.9
Public Swimming Pools
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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: 9 1
Units: 244 22
North Carolina Other States
Projects: 170 71
Units: 7,177 2,972
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? No
Does the project have a firm commitment for government financing? Yes
Does the project have a letter of intent from an investor? No
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? Yes
If yes, indicate the type and amount below:
Tax Exempt Financing: $
RD 515 Financing: $ 430,000
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 950
Other Administrative Expense (specify):0
Office Salaries 0Office Supplies 518
Office or Model Apartment Rent 0
Management Fee 21,298
Manager or Superintendent Salaries 0
Manager or Superintendent Rent Free Unit 0
Legal Expenses (Project) 0
Auditing Expenses (Project) 2,900
Bookkeeping Fees/Accounting Services 0
Telephone and Answering Service 850
Bad Debts 0
Other Administrative Expenses (specify):2,407
SUBTOTAL 28,923
Utilities Expense
Fuel Oil 0
Electricity (Light and Misc. Power) 3,000
Water 1,000
Gas 0
Sewer 0
SUBTOTAL 4,000
Operating and Maintenance Expenses
Janitor and Cleaning Payroll 0
Janitor and Cleaning Supplies 0
Janitor and Cleaning Contract 0
Exterminating Payroll/Contract 0
Exterminating Supplies 0
Garbage and Trash Removal 3,200
Security Payroll/Contract 0
Grounds Payroll 0
Grounds Supplies 0
Grounds Contract 7,500
Repairs Payroll 8,900
Repairs Material 2,200
Repairs Contract 2,200
Elevator Maintenance/Contract 0
Heating/Cooling Repairs and Maintenance 0
Swimming Pool Maintenance/Contract 0
Snow Removal 0
Decorating Payroll/Contract 2,500
Decorating Supplies 2,200
Other (specify):0
Miscellaneous Operating & Maintenance Expenses 0
SUBTOTAL 28,700
Taxes and Insurance
Real Estate Taxes 11,000
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Payroll Taxes (FICA) 0
Miscellaneous Taxes, Licenses and Permits 0
Property and Liability Insurance (Hazard) 5,200
Fidelity Bond Insurance 0
Workmen's Compensation 0
Health Insurance and Other Employee Benefits 0
Other Insurance:0
SUBTOTAL 16,200
Supportive Service Expenses
Service Coordinator 1,740
Service Supplies 1,000
Tenant Association Funds 0
Other Expenses (specify):0
SUBTOTAL 2,740
Reserves
Replacement Reserves 16,616
SUBTOTAL 16,616
TOTAL OPERATING EXPENSES 97,179
ADJUSTED TOTAL OPERATING EXPENSES(Does not include taxes, reserves and resident support services) *
66,823
TOTAL UNITS(from total units in the Unit Mix section)
29
PER UNIT PER YEAR 2,304
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Design Features
ITEM DESCRIPTION
Foundation/Slab Components Concrete Strip Footing with Concrete Turn Down
Primary Windows Make: Model:Allen Co. Thermal Break Frame Type/Construction: Aluminum Single Hung
Exterior Doors Type: Frames:Insulated Metal Wood
Siding Type: Grade/Thickness:Vinyl .045
Warranty: 20 Year
Exterior Trim Wood with Aluminum Wrap
Shingles Type: Weight:Fiberglass 225#
Warranty: 25 Year
Sprinkler System None
Cabinets Mesa by Marsh
Heat Pump SEER: Make:11.0 Trane or Equal
Model:
Air Conditioner SEER: Make:N/A N/A
Model: N/A
Other Heat Systems SEER: Make:N/A N/A
Model: N/A
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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 10,197 11,047 21,244
Backfill-slab, Crawl 2,124 0 2,124
Slab-concrete/Rebar/Gravel 25,493 38,240 63,733
Waterproofing 0 0 0
Masonry Foundation 8,296 3,388 11,684
Brick Veneer 63,032 28,319 91,351
Steel/Structure/Rails 212 850 1,062
Framing/Lumber/Nails 62,681 116,408 179,089
Trusses 15,615 28,998 44,613
Crane Rental 3,187 0 3,187
Windows/Grilles/Screen 1,275 9,347 10,622Exterior Doors 2,071 11,737 13,808
Roofing 15,296 16,571 31,867
Fencing 0 0 0
Vinyl Siding/Trim/Box 14,871 27,618 42,489
Gutters/Shutters 2,549 2,762 5,311
Insulation 10,197 11,047 21,244
Drywall 44,613 29,742 74,355
Interior Doors 4,780 27,086 31,866
Int. & Final/Stair/Trim/Shelves 2,124 8,498 10,622
Cabinets & Tops 11,472 36,328 47,800
Painting 12,747 13,809 26,556
Marble - Tub/Shwr/Tops 0 0 0
Plumbing 27,405 63,945 91,350
Electrical 24,218 36,328 60,546
Heating/Air Conditioning 17,420 69,681 87,101
Floor Covering and Underlayment 9,560 22,306 31,866
Wall Paper 0 0 0
Mailboxes/Special Features/Signage 202 1,816 2,018
Gypcrete 0 0 0
Blinds/Shades/Art Work 212 1,912 2,124
Light Fixtures/Fans 0 0 0
Sprinkler System 0 0 0
Security Alarm 0 0 0
Hardwood Floors 0 0 0
Elevator 0 0 0
Ceramic Tiles 0 0 0
Acoustical Ceilings 0 0 0
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Remarks:
Mirror/Shower Door/Encls. 0 0 0
Hardware/Bath Access. 3,824 15,296 19,120
Appliances 1,222 23,209 24,431
Playground Equipment 0 0 0
Interior Clean 3,160 558 3,718
Exterior Clean/Dumpster 4,516 797 5,313
Other 1 (specify in Remarks) 0 50,000 50,000
Other 2 (specify in Remarks) 0 0 0
Total Cost 404,571 707,643 1,112,214
must have breakdown of "other 1".
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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 27,859
Job Site Office/Trailer Rental 5,501
Impact Fees 0
Office Supplies 1,153
Security/Watchman 0
Water and Sewer Connection Fees 0
Project Signage 799
Tools and Equipment 1,393
Gas, Oil, and Maintenance 7,098
Cleanup/Dumpster Rental 0
Temporary Water, Electric, and Telephone 5,767Storage/Hauling 5,527
Driveway Access Permit 0
Porta-John Rental/Dumping 7,985
Builders Risk Insurance 15,526
Re-inspection Fees 0
Extra Plans and Specifications 1,420
Miscellaneous, Casual Labor 0
Equipment Rental 5,412
Other 1 (specify in Remarks) 3,283
Other 2 (specify in Remarks)
Total Cost 88,723
"Other 1" = 3,283 (Building Permit)
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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 Exploration/Perk Testing/Site Engineering 10,400
Clearing/Grading/Final Grading/Excess and Borrow 98,000
Demolition 0
Earthwork/Excavation/Aerating 0
Soil Treatment 2,600
Pile Foundations 0
Caissons 0
Shoring/Bracing 0
Site Drainage 32,000
Site Utilities/Site Lighting 62,000
Paving and Surfacing/Curb and Gutter 97,000Walkways 32,000
Site Signage 7,500
Parking Lot Painting 0
Dumpsite Pads/Fencing 0
Fencing/Gates 0
Landscaping/Topsoil 19,000
Waterproofing/De-Watering 0
Operation of Construction Equipment/Fuel/Oil 0
Crane Rental 0
Rock and Hardpan Excavation 0
Site Supervision Personnel 6,000
Other (specify in Remarks)
Total Cost 366,500
Demolition is by others.Site utilites reduced by 50,000.
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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
Other 1 (specify in Remarks)
Other 2 (specify in Remarks)
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
Other 1 (specify in Remarks)
Other 2 (specify in Remarks)Other 3 (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:
High Income county:
At least twenty-five percent (25%) of qualified units will be affordable to households with incomes at or below thirty percent (30%) ofcounty median income.
At least twenty-five percent (25%) of qualified units will be affordable to and occupied by households with incomes at or below thirtypercent (30%) of county median income.
At least fifty percent (50%) of qualified units will be affordable to households with incomes at or below forty percent (40%) of countymedian income.
At least fifty percent (50%) of qualified units will be affordable to and occupied by households with incomes at or below forty percent(40%) of county median income.
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 county
median 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.
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 Permitted zoning letter (including conditional and special use)
I Site plan, floor plans and elevations
J Hazard and structural inspection and termite reports (Renovation projects only)
K Description of any existing conditions of historical significance.
L Description of environmental significance.
M Anticipated budget demonstrating how the project would meet the 10% test by November 14th.
N Evidence of Architect's Errors and Omissions insurance (or equivalent).
O Description of acquisition for existing/occupied projects or for projects with occupied buildings to be demolished.
P Description of proposed Relocation Plan & Relocation Budget, Etc. If any relocation is anticipated, reference Appendix F.
Q Targeting Plan and supporting documentation (Required for projects targeted to Special Populations)
R Local Housing Authority Agreement (Reference Model in Appendix I)
S Appraisal (for land costs greater than $5,000 and for buildings in rehab projects)
T Evidence of Permanent Loan Commitment, other sources of funds, and project-based subsidies.
U Statement regarding terms of Deferred Developer Fee and, if nonprofit, resolution of Board approving fee.
V Inducement Resolution (Tax-Exempt Bond Financed Projects only)
W Documentation to support estimated utility costs.
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