ridgeland terrace app

8/6/2019 Ridgeland Terrace App

1/29

rint - APP08-0053

Print Preview - FinalApplicationTax Credits, RPP Loans, and/or Tax Exempt Bond Loans

roject Description

oject Name: Ridgeland Terrace

ddress: Carolina Avenue/Westridge Drive

ty: Yadkinville County: Yadkin Zip:

ensus Tract: 505.01 Block Group: 4

project in Qualified Census Tract or Difficult to Develop Area? No

olitical Jurisdiction: Town of Yadkinville

risdiction CEO Name:First:Hubert Last:Gregory

Title: Mayor

risdiction Address: 709 Jefferson Street

risdiction City: Yadkinville Zip:

risdiction Phone:

e Latitude:

e Longitude:

oject Type: New Construction

this project a previously awarded tax credit development? No

If yes, what is the project number: Is this a request for supplementalcredits?

w Construction/Adaptive Reuse:his project a follow-on (Phase II, etc) to a previously-awarded tax credit development project? No

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

ehab:

umber of residents holding Section 8uchers:

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

es a community revitalization plan exist? No

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

ll the project include a Community Service Facility under IRS Revenue Ruling 2003-77?o

ttps://www.nchfa.org/Rental/RTCApp/(S(pamaov45...062A9E768&SNID=44F04447701649D5A1E6094AD8849C0C (1 of 29)9/17/2008 10:19:42 AM

27055

27055

(336)679-8732

36.1202

-76.2546


2/29

rint - APP08-0053

If yes, please describe:

rget Population:Family

ll the project be receiving project based federal rental assistance? No

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

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

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

Number of Units:

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

Number of Units:

Remarks: We are targeting 5 of the units for persons with disabilities as required by the 2008 QAP Section IV(F)(4).We are targeting 5% or 3 units for ADA and 5% or 3 units to comply with QAP Section IV(F)(3). In addition,2% of the units will be equipped to serve persons with sight and or hearing impairments per Appendix B ofthe 2008 QAP.


6

5


3/29

rint - APP08-0053

pplicant Information

icate below an individual or a validly existing entity (a corporation, nonprofit, limited partnership or LLC) as the official applicant. UndeP Section III(C)(5) only this individual or entity will be able to make decisions with regard to this application. If awarded the applicant

come part of the ownership entity. The applicant will execute the signature page for this application.

pplicant Name: Bradley NC 2008, LLC

dress: P.O. Box 526 (709 N. Main Street)

ty: Aynor State: SC Zip:

ontact: First: Brad Last:Queener Title:Member

lephone:

Phone:

x:

mail Address:

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


29511

(919)741-9328

(843)358-4886

(919)662-0124

[email protected]


4/29

rint - APP08-0053

te Description

al Site Acreage: Total Buildable Acreage:

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

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

Storm Sewer Water Sanitary Sewer Electric

he demolition of any buildings required or planned? No

If yes, please describe:

e existing buildings on the site currently occupied? No

If yes:(a) Briefly describe the situation:

(b) Will tenant displacement be temporary?(c) Will tenant displacement be permanent?

he site directly accessed by an existing, paved, publicly maintained road? Yes

If no, please explain:

any portion of the site located inside the 100 year floodplain? No

If yes:(a) Describe placement of project buildings in relation to this area:


6.175 6.175


5/29

rint - APP08-0053

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



6/29

rint - APP08-0053

te Control

es the owner have fee simple ownership of the property (site/buildings)?No

If yes provide:

Purchase Date: Purchase Price:

If no:(a) Does the owner/principal or ownership entity have valid option/contract to purchase the property?Yes

(b) Does an identity of interest (direct or indirect) exist between the owner/principal or ownership entity with the option/contract fopurchase of the property and the seller of the property?NoIf yes, specify the relationship:

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

(D) Enter Purchase Price:


8/30/2008

226,931


7/29

rint - APP08-0053

oning

esent zoning classification of the site:R-8A (5.925 acres) and B-2 (.25 acres)

multifamily use permitted?Yes

e variances, special or conditional use permits or any other item requiring a public hearing needed to develop this proposal?No

If yes, have the hearings been completed and permits been obtained?

If yes, specify permit or variance required and date obtained. If no, describe permits/variances required and schedule for obta

them:

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

If yes, describe below:

e there any existing conditions of environmental significance located on the project site?No

If yes, describe below:



8/29

rint - APP08-0053

wnership Entity

wner Name: Ridgeland Terrace, LLC

dress: P.O. Box 526 (709 N. Main Street, Suite 200)

y: Aynor State:SC Zip:

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

ote: Do not submit social security numbers for individuals.

tity Type: Limited Liability Company

tity Status: Already Formed

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

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

st all general partners, members,and principals. Specify nonprofit corporate general partners or members.ck [Add] to add additional partners, members, and principals.

Org: Ridgeland Terrace Managing Member, LLC

st Name: Brad Last Name: Queener Function: Managing Memberddress: P.O. Box 526 (709 N. Main Street, Suite 200)

ty: Aynor State: SC Zip: 29511

one: Fax:

Mail: Nonprofit: No

Org: Bradley NC 2008, LLC

st Name: Brad Last Name: Queener Function: Principal

ddress: P.O. Box 526 (709 N. Main Street, Suite 200)

ty: Aynor State: SC Zip: 29511

one: Fax:

Mail: Nonprofit: No


29511

26-2404687

(843)358-4886 (843)358-5085

[email protected]

(843)358-4886 (843)358-5085

[email protected]


9/29


10/29

rint - APP08-0053

AllUnits

Units

Gross MonthlyRental Income

Low Income.......

Market Rate.......

Totals...............

oposed number of residential buildings: Maximum number of stories in buildings:

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

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

Elevators - Number of Elevators:

uare Footage Information

oss Floor Square Footage:

tal Net Sq. Ft. (All Heated Areas):

tes

Please refer to the Income Limits and Maximum Housing Expense Table to ensure that Total Monthly Tenant Expenses for low inc

units are within established thresholds.


48 6 22131

48 6 22131

6 2

1,742

66,832

59,965
http://www.nchfa.com/lib/html/rental/Median%20Income%20Charts/income_limits.htmhttp://www.nchfa.com/lib/html/rental/Median%20Income%20Charts/income_limits.htm


11/29

rint - APP08-0053

argeting

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

BRs Units %

targeted at percent of median income affordable to/occupied by









tal Low Income Units:

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


8 40

6 50

10 60

3 40

6 50

11 60

1 40

1 50

2 60

48


12/29

rint - APP08-0053

unding Sources

Source AmountNon-

Amortizing*Rate(%)

Term(Years)

Amort.Period(Years)

AnnualDebt

Service

Bank Loan

RPP Loan

Local Gov. Loan - Specify:

RD 515 Loan

RD 538 Loan - Specify:Bonneville Multifamily

AHP Loan

Other Loan 1 - Specify:



Tax Exempt Bonds

State Tax Credit(Loan)

State Tax Credit(Direct Refund)

Equity: Federal LIHTC

Non-Repayable Grant

Equity: Historic Tax Credits

Deferred Developer Fees

Owner Investment

Other - Specify:

Total Sources**

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

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

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

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

D 538 Loan commitment provided by Bonneville Multifamily. The commitment letter is attached in


990,000 5.00 30 40 57,285

887,439 0 30 30 0

3,358,884

192,000

17,078

5,445,401

82


13/29

rint - APP08-0053

xhibit O, as well as the letter from USDA Rural Development. The commitment is for up to,425,000 and an Interest Credit, will keep the interest rate at the AFR.

on-repayable grant -FHLBA AHP direct subsidy from BB&T- awarded. Award letter in Exhibit O.quity Investor-Commitment letter from Alliant Capital LTD in Exhibit O.



14/29

rint - APP08-0053

evelopment Costs

Item Cost Element TOTAL COSTEligible Basis

30% PV 70% PV

1 Purchase of Building(s) (Rehab / Adaptive Reuse only)

2 Demolition (Rehab / Adaptive Reuse only)

3 On-site Improvements

4 Rehabilitation

5 Construction of New Building(s)

6 Accessory Building(s)

7 General Requirements (max 6% lines 2-6)

8 Contractor Overhead (max 2% lines 2-7)

9 Contractor Profit (max 8% lines 2-7; 6% if Identity of Interest)

10 Construction Contingency (max 3% lines 2-9, Rehabs 6%)

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

12 Architect's Fee - Inspection

13 Engineering Costs

SUBTOTAL (lines 1 through 13)

14 Construction Insurance (prorate)

15 Construction Loan Orig. Fee (prorate)

16 Construction Loan Interest (prorate)

17 Construction Loan Credit Enhancement (prorate)

18 Construction Period Taxes (prorate)

19 Water, Sewer and Impact Fees

20 Survey

21 Property Appraisal

22 Environmental Report

23 Market Study

24 Bond Costs

25 Bond Issuance Costs

26 Placement Fee

27 Permanent Loan Origination Fee

28 Permanent Loan Credit Enhancement

29 Title and Recording


450,000 360,000

2,887,201 2,887,201

200,232 200,232

70,749 70,749

212,246 212,246

114,613 114,613

77,400 77,400

30,000 30,000

15,000 12,000

4,057,441

10,000 10,000

22,551 22,551

141,665 84,999

4,000 2,800

110,250 110,250

10,000 10,000

4,000 4,000

10,000 10,000

7,500 7,500

9,900

10,000


15/29

rint - APP08-0053


30 Real Estate Attorney

31 Other Attorney's Fees

32 Tax Credit Application Fees (Preliminary and Full)

33 Tax Credit Allocation Fee (0.60% of line 59, minimum $7,500)

34 Cost Certification / Accounting Fees

35 Tax Opinion

36 Organizational (Partnership)

37 Tax Credit Monitoring Fee


38 Furnishings and Equipment

39 Relocation Expense

40 Developer's Fee

41

42

43 Rent-up Expense

44

45


46 Rent up Reserve

47 Operating Reserve

48

49

50 DEVELOPMENT COST (lines 1-49)

51 Less Federal Financing

52 Less Disproportionate Standard

53 Less Nonqualified Nonrecourse Financing

54 Less Historic Tax Credit

55 TOTAL ELIGIBLE BASIS

56 Applicable Fraction (percentage of LI Units)

57 Basis Before Boost

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

59 TOTAL QUALIFIED BASIS


339,866

15,000 15,000

34,000 34,000

2,200

28,917

10,000 10,000

5,000

1,000

33,600

129,717

30,000 30,000

504,000 504,000

Lender Attorney /inspec

Other soft costs /perm l

5,000

Title / Survey Conversio

Other Non-basis Expen

539,000

14,400

138,046

Other Reserve (specify)

Other Reserve (specify)

5,218,470 0 4,819,541

0

4,819,541 0 4,819,541

100.00% 100% 100%

4,819,541 0 4,819,541

100.00% 100.00%

4,819,541 0 4,819,541


16/29


17/29

rint - APP08-0053

arket Study Information

ase provide a detailed description of the proposed project:

dgeland Terrace will be a 48-unit family community offering a safe and affordable place for the citizens ofadkinville. Ridgeland Terrace will have 6 residential buildings and a clubhouse building. According toarket studies performed on the area there is a great need for high-quality, affordable rental housing inadkinville. The site is located in close proximity to shopping, retail, commercial and medical services.adkinville continues to grow and as it does, the need for affordable housing becomes more prevalent.

nstruction (check all that apply):

Brick Vinyl Wood HardiPlank Balconies/Patios Sunrooms Front Porches

Front Gables or Dormers Wide Banding or Vertical/Horizontal Siding

Other:

ve you built other tax credit developments that use the same building design as this project?No

If yes, please provide name and address:

e Amenities:

undry room, online computer stations, community room, picnic and grill areas, playground and benchesproperty, and connecting sidewalks around the property that encourage walking.

site Activities:

e will work closely with local human service agencies to provide educational, social and healtheservation programs for the families living at Ridgeland Terrace. We plan to invite local service providersd case managers to come on site and provide educational workshops for our residents. Residents willve access to the internet and computers in our computer center. Management will supply refreshmentsthese functions and coordinate services with the residents.

ndscaping Plans:



18/29

rint - APP08-0053

ur landscaping plan will be creative as we hope to incorporate many different kinds of evergreens andciduous species trees and shrubbery around the buildings. Specific flowering type trees will also belized to accent color beauty, and texture, as will colorful perennials and accent flower beds. Overall thendscaping plan will facilitate picnicking and leisurely strolls around the development.

erior Apartment Amenities:

anges, range hoods, dishwashers, refrigerators (frost-free), interior and exterior storage areas, mini-

nds, pantry, ceiling fans, walk in closets, carpet and washers and dryers hook-ups.

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

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



19/29

rint - APP08-0053

pplicant's Site Evaluation

efly describe your site in each of the following categories:

EIGHBORHOOD CHARACTERISTICS

end and direction of real estate development and area economic health. Physical condition of buildings andprovements in the immediate vicinity. Concentration of affordable housing.

adkinville and the surrounding areas are expanding rapidly and the need for quality housing continues to

row. The area in which the development is proposed is located within a mix of multi-family and singlemily residences.

URROUNDING LAND USES AND AMENITIES

nd use pattern is residential in character (single and multifamily housing). Extent that the location isolated. Effect of industrial, large-scale institutional or other incompatible uses, including but not limited to:astewater treatment facilities, high traffic corridors, junkyards, prisons, landfills, large swamps, distributioncilities, frequently used railroad tracks, power transmission lines and towers, factories or similar operations,

urces of excessive noise, and sites with environmental concerns (such as odors or pollution). Amount andaracter of vacant, undeveloped land. The land use pattern of the surrounding areas is a mix of singlemily and multi-family. The proposed development will not adversely affect the overall character of therrounding neighborhood. The Westridge Townhomes, owned by indpendent owners, are very nice andey are located adjacent to the property.

TE SUITABILITY

equate traffic safety controls (i.e. stop lights, speed limits, turn lanes). Burden on public facilitiesarticularly roads). Access to mass transit (if applicable). Visibility of buildings and/or location of project signin relation to traffic corridors. There are adequate traffic safety controls close to the site and the proposed

velopment will overburden the public facilities. The buildings of the development will be clearly visible ination to the traffic corridors. We have obtained access and added an ingress/egress to the site from thervice road and hope to use the roadway from Westridge Drive for emergency only, if necessary. We

lieve this is a big plus as comments from NCHFA in past years have indicated that an ingress/egress in anernate location (due to the size of Westridge Dr) could significantly influence the site evaluation of thisoperty. There is no mass transit available to the site, but there is a van service that will pick up senior andsabled residents and take them to medical appointments.

egree of on-site negative features and physical barriers that will impede project construction or adverselyect future tenants; for example: power transmission lines and towers, flood hazards, steep slopes, largeulders, ravines, year-round streams, wetlands, and other similar features (for adaptive re-use projects-itability for residential use and difficulties posed by the building(s), such as limited parking, environmentaloblems or the need for excessive demolition).

here are no on-site negative features or physical barriers that will impede project construction or adverselyfect future tenants.



20/29

rint - APP08-0053

milarity of scale and aesthetics/architecture between project and surroundings.

he scale of the buildings will be on par with the other multi-family developments in the area as well as thengle family residences.

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

Grocery StoreCommunity/Senior

Center

Mall/Strip Center Hospital

Outdoor Athletic Fields Pharmacy

Day Care/After School Basic Health Care

Schools

Public Transportation

op

Convenience Store

Public Parks

Gas Station

Library

her facilities or services:

ape Fear Transportation and Yveti Transportation Services both serve Yadkinville and will be available tonsport our future residents to medical care, although there is no public transportation service. We have

cluded a map in the Directions/Maps section to show more nearby services.


81.4

3 1.7

.8

1 .8

3

4

4

3


21/29

rint - APP08-0053

evelopment Team

ovide contact information for development team members below:

nagement Agent

ompany: Vista Capital Management Group, Inc.

ddress: 201 E. McBee Ave. , Third Floor, Suite 300-B

ty: Greenville State: SC Zip:

one Email:

ontact Name: First: Wayne Last: Redding

chitect

ompany: Humphreys & Partners Architects

dress: 8929 J. M. Keynes Drive, Suite 355

ty: Charlotte State: NC Zip:

one Email:

ontact Name: First: Sarmad Last: Fahmi

orney

ompany: Blanco Tackabery

dress: 110 S. Stratford Rd., Suite 500

ty: Winston Salem State: NC Zip:

one Email:

ontact Name: First: Carolyn Last: Scogin

estor

ompany: Alliant Capital, LTD.

dress: 340 Royal Poinciana Way, Suite 305

ty: Palm Beach State: FL Zip:

one Email:

ontact Name: First: Becker Last: Bass

nsultant/Application Preparer (if different from developer)

ompany: Halcon Properties & Consulting, LLC

dress: 1403-305 Pitching Wedge Drive

ty: Raleigh State: NC Zip:

one Email:

ontact Name: First: Traci Last: Dusenbury


29601

(864)404-3500 [email protected]

28262


27104


33480


27603



22/29

rint - APP08-0053

neral Contractor Identity of Interest?

ompany: Progress Builders, LLC

dress: PO BOX 160 / 709 N. Main Street

ty: Aynor State: SC Zip:

one Email:

ontact Name: First: Michael Last: Allard


29511



23/29

rint - APP08-0053

rojected Operating Costs

Project Operations (Year One)

Administrative Expenses

Advertising

Office Salaries

Office Supplies

Office or Model Apartment Rent

Management Fee

Manager or Superintendent Salaries

Manager or Superintendent Rent Free Unit

Legal Expenses (Project)

Auditing Expenses (Project)

Bookkeeping Fees/Accounting Services

Telephone and Answering Service

Bad Debts

Other Administrative Expenses (specify):

SUBTOTAL

Utilities Expense

Fuel Oil

Electricity (Light and Misc. Power)

Water

Gas

Sewer

SUBTOTAL

Operating and Maintenance Expenses

Janitor and Cleaning Payroll

Janitor and Cleaning Supplies

Janitor and Cleaning Contract

Exterminating Payroll/Contract

Exterminating Supplies

Garbage and Trash Removal

Security Payroll/Contract

Grounds Payroll


1,000

2,500

19,000

32,000

3,540

3,500

1,000

0

computercenter/high sp

62,540

6,600

5,000

4,500

16,100

1,500

2,500

3,500

5,200


24/29

rint - APP08-0053

Grounds Supplies

Grounds Contract

Repairs Payroll

Repairs Material

Repairs Contract

Elevator Maintenance/Contract

Heating/Cooling Repairs and Maintenance

Swimming Pool Maintenance/Contract

Snow Removal

Decorating Payroll/Contract

Decorating Supplies

Other (specify):

Miscellaneous Operating & Maintenance Expenses

SUBTOTAL

Taxes and Insurance

Real Estate Taxes

Payroll Taxes (FICA)

Miscellaneous Taxes, Licenses and Permits

Property and Liability Insurance (Hazard)

Fidelity Bond Insurance

Workmen's Compensation

Health Insurance and Other Employee Benefits

Other Insurance:

SUBTOTAL

Supportive Service Expenses

Service Coordinator

Service Supplies

Tenant Association Funds

Other Expenses (specify):

SUBTOTAL

Reserves

Replacement Reserves

SUBTOTAL


2,000

7,500

2,400

4,000

2,000

500

500

computer/high speed int2,400

34,000

31,567

6,000

12,000

3,800

53,367

1,000

200

1,200

12,000

12,000


25/29

rint - APP08-0053

TOTAL OPERATING EXPENSES

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

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

PER UNIT PER YEAR


179,207

134,440

48

2,801


26/29


27/29

rint - APP08-0053

2. "Total Operating Expenses" comes from 1st-year cash flow, then it is escalated by 4% per year.3. "Debt Service" is the sum of "regular/amortized loan debt service + non-amortizing annual service" as entered by user from

Funding Sources section.4. "Net Cash Flow" is "Net Rental/Other Income" minus "Total Operating Expenses" minus "Debt Service".5. "Debt Coverage Ratio" is ("Net Rental/Other Income" minus "Total Operating Expenses") divided by "Debt Service".



28/29

rint - APP08-0053

inimum Set-Asides

NIMUM REQUIRED SET ASIDES (No Points Awarded):

Select one of the following two options:

20% of the units are rent restricted and occupied by households with incomes at or below 50% of the median income (Note: NCredit Eligible Units in the the project can exceed 50% of median income)

40% of the units are rent restricted and occupied by households with incomes at or below 60% of the median income (Note: NCredit Eligible Units in the the project can exceed 60% of median income)

If requesting RPP funds:40% of the units are occupied by households with incomes at or below 50% of median income.

State Tax Credit and QAP Targeting Points:Moderate Income County:

At least twenty-five percent (25%) of qualified units will be affordable to and occupied by households with incomes at or below percent (40%) of county median income.

At least fifty percent (50%) of qualified units will be affordable to households with incomes at or below fifty percent (50%) of comedian income.

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

Tax Exempt BondsThreshold requirement (select one):

At least ten percent (10%) of qualified units will be affordable to and occupied by households with incomes at or below fifty per(50%) of county median income.At least five percent (5%) of qualified units will be affordable to and occupied by households with incomes at or below forty per(40%) of county median income.

Eligible for targeting points (select one):At least twenty percent (20%) of qualified units will be affordable to and occupied by households with incomes at or below fiftypercent (50%) of county median income.At least ten percent(10%) of qualified units will be affordable to and occupied by households with incomes at or below forty per(40%) of county median income.



29/29

rint - APP08-0053

ull Application Checklist

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

A Nonprofit Organization Documentation or For-profit Corporation Documentation

B Current Financial Statements/Principals and Owners (signed copies)

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

D Management Agent Agreement

E Owner and Management Experience & Management Questionnaire (Appendix C)

F Local Government Letter or Letter from Certified Engineer or Land Surveyor Confirming Floodplain Designation with Mapshowing all flood zones (original on letterhead, no fax or photocopies)

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

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

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

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

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

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

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

N Proposed Relocation Plan including relocation budget and copies of notices. Required for all Rehabs and any projectsinvolving existing occupants of any dwell ings to be rehabbed or demolished.

O Evidence of Permanent Loan Commitment and other sources of funds ( i.e. Equity letter, AHP, RD and local governmentfunds). For Rehabs with existing loans provide 1) copies of loan documents, 2) current loan balances from existing lenderreserve balances, 3) letter from lender that outlines assumption requirements.

P Local Housing Authority Agreement and Project Based Rental Assistance Letter, if applicable (Sample letters provided inAppendix I). For projects with existing PBRA contracts, provide a copy of the current contract and bank statement or otherdocumentation verifying reserve balances and annual reserve contribution requirements.

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

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

ridgeland terrace app

Documents