village of new hope

8/6/2019 Village of New Hope

1/35

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

659,600

Page 1 of 35Print - APP03-0065

1/14/2005https://www.nchfa.org/Rental/RTCApp/(mgzc2zrqg0isch55pq0f1oyo)/site/PrintApp.aspx?...


2/35

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

Project Name and Location

Project Name: Village of New Hope

Address: 1710 New Hope Road

City: Raleigh County: Wake Zip: 27604

Census Tract: 527.03 Block Group: 1065

No

Political Jurisdiction: City of Raleigh

Jurisdiction CEO Name: First: Last:Charles Meeker Title: Mayor

Jurisdiction Address: P.O. Box 590

Jurisdiction City: Raleigh Zip: 27502-0590

Jurisdiction Phone: (919)890-3050

Site Latitude: 35.802590

Site Longitude: -078.5638




3/35

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: and number of units:and number of units:

Target Population: Family

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

No

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: We are targeting five (5) units to transitional families. See enclosed Targeting Plan and MOU.

Proposed number of residential buildings: 7 Maximum number of stories in buildings: 2

Types of Units:* Townhouse Duplex Garden Apartment Detached Single-Family

Project Includes:Separate community building -- Sq. Ft. (Floor Area):Sq. Ft. (Floor Area): 1,1131,113

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: 53,582

Total Net Sq. Ft. (All Heated Areas): 49,930




4/35

Applicant Information

Applicant Name: Evergreen Construction Company

Address: 7706 Six Forks Road, Suite 202

City: State: NC Zip:Raleigh 27615

Contact: First: Last: Title:Tim Morgan Vice President

Telephone: (919)848-2041

Alt Phone: (919)630-3383

Fax: (919)848-2041

Email Address: [email protected]




5/35

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

5.09 5.09

No

No

No

Yes

No




6/35

(b) Describe flood mitigation if the project is in the East Region and will have improvements within the 100 year floodplain:




7/35

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:

Yes

The land is currently owned by Evergreen Construction Company. Lyle D. Gardner is the presidentand owner of Evergreen. He will also be the managing member of New Hope Village Associates,LLC, the ownership entity of the proposed Village of New Hope.

(c) Enter the current expiration date of the option/contract to purchase: 12/31/2003

(D) Enter Purchase Price: 450,000




8/35

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-10

Yes

No

No

No

No




9/35

Ownership Entity

Owner Name: New Hope Village Associates, LLC


City: State: NC Zip:Raleigh 27615

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

Federal Tax ID Number of Managing GP or Member: (If Not Assigned)028-40-6430

Entity Type: Limited Liability Company

Entity Status: To Be Formed

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

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

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

Org: New Hope Village Associates, LLC

First Name: Lyle Last Name: Gardner Function: Managing Member


City: Raleigh State: NC Zip: 27615

Phone: (919)848-2041 Fax: (919)848-2041

EMail: [email protected] Nonprofit: No TaxID 028-40-6430

Org: New Hope Village Associates, LLC

First Name: Timothy Last Name: Morgan Function: Member


City: Raleigh State: NC Zip: 27615

Phone: (919)848-2041 Fax: (919)848-0455

EMail: [email protected] Nonprofit: No TaxID 241-17-2557




10/35


11/35

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 7 targeted at 30 percent of median income.








45




12/35

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))

Loans with Variable AmortizationPlease fill in the annual debt service as applicable for the first 20 years of the project life.

Funding Sources

Source AmountNon-

Amortizing*Rate(%)

Term(Years)

Amort.Period(Years)

AnnualDebt

Service

Bank Loan 195,043 7.50 30 30 16,365

RPP Loan 659,600 1.00 20 20Local Gov. Loan - Specify:City of Raleigh

675,000 2.00 30 30 29,939

RD Loan

AHP Loan

Other Loan 1 - Specify:Wake County

200,000 2.00 20 20 12,141

Other Loan 2 - Specify:

Other Loan 3 - Specify:

Tax Exempt Bonds

State Tax Credit(Loan) 353,159 0 30 30 0

State Tax Credit(Direct Refund)

Equity: Federal LIHTC 2,084,522

Non-Repayable Grant

Equity: Historic Tax Credits

Deferred Developer Fees

Owner Investment

Other - Specify:

Total Sources** 4,167,324

* "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

RPP Loan




13/35

Year:Amt:

1

8000

2

8500

3

9000

4

9500

5

10000

6

10500

7

11000

8

11500

9

11500

10

12000

Year:Amt:

11

12000

12

12000

13

12000

14

12300

15

12100

16

11800

17

11300

18

10500

19

10000

20

9500




14/35

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 636,000 636,000

4 Rehabilitation

5 Construction of New Building(s) 1,741,000 1,741,000

6 Accessory Building(s)

7 General Requirements 142,620 142,620

8 Contractor Overhead 50,392 50,392

9 Contractor Profit 151,177 151,177

10 Construction Contingency 81,636 81,636

11 Architect's Fee - Design 25,000 25,000

12 Architect's Fee - Inspection 7,000 7,000

SUBTOTAL (lines 1 through 12) 2,834,825

13 Construction Insurance (prorate)

14 Construction Loan Orig. Fee (prorate) 13,500 13,500

15 Construction Loan Interest (prorate) 95,000 95,000

16 Construction Loan Credit Enhancement (prorate)

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

18 Water, Sewer and Impact Fees 35,000 35,000

19 Survey 50,000 50,000

20 Property Appraisal 5,000 5,000

21 Environmental Report 2,500 2,500

22 Market Study 4,000 4,000

23 Bond Costs (specify)

24 Cost of Issuance

25 Placement Fee

26 Permanent Loan Origination Fee 11,400

27 Permanent Loan Credit Enhancement

28 Title and Recording 5,000

SUBTOTAL (lines 13 through 28) 225,400

29 Real Estate Attorney 15,000 15,000

30 Other Attorney's Fees 6,000 6,000

31 Tax Credit App Fees 19,601 19,601

32 Cost Certification/Accounting Fees (Cost Cert.) 5,000 5,000

33 Tax Opinion

34 Organizational (Partnership) 500

35 Tax Credit Monitoring Fee 27,000


36 Furnishings and Equipment

37 Relocation Expenses

38 Developer's Fee (max 15% lines 2-36, less 8 & 9) 442,163 442,163

39 Other Basis Expense (Credit Report)

40 Other Basis Expense (specify)

41 Rent-up Expenses 14,735

42 Other Non-basis Expense (specify)

43 Other Non-basis Expense (specify)


44 Rent up Reserve 13,500




15/35

Comments:

45 Operating Reserve 113,600

46 Other Reserve (specify)

47 Other Reserve (specify)

48 DEVELOPMENT COST (lines 1-47) 3,717,324 0 3,531,589

49 Less Federal Financing

50 Less Disproportionate Standard

51 Less Nonqualified Nonrecourse Financing

52 Less Historic Tax Credit (residential) 0

53 TOTAL ELIGIBLE BASIS 3,531,589 0 3,531,589

54 Times Applicable Fraction 100.00% 100% 100%

55 TOTAL QUALIFIED BASIS 3,531,589 0 3,531,589

56 Tax Credit Rate 0.00% 7.87%

57 FEDERAL TAX CREDITS at Estimated Rate 277,936 0 277,936

57a FEDERAL TAX CREDITS at 8.5% or 3.75% 300,185 0 300,185

58 FEDERAL TAX CREDITS REQUESTED 279,195 279,195

59 STATE TAX CREDITS 354,759

60 Land Cost 450,000

61 TOTAL REPLACEMENT COST 4,167,324

Line 19. includes both survey and engineering fees.




16/35

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

We are proposing to construct a forty-five (45) unit family rental community off New Hope Road innortheast Raleigh. The project will consist of (27) two bedroom, one and half bath units and (18)three bedroom, two full bath units. There will be a separate office/community/laundry building, aplayground, a picnic area and gazebo for the residents use. The design of the buildings willincorporate both garden and townhouse style units. The site's close proximity to shopping, schools

and major road arteries makes it a desirable location. We have applied for city funds to assist withthe development of this project. We will have units set aside for households at 30%, 50% and 60%of the county median income. In addition, 10% of the units will be targeted to the mobility impaired.

30 Year Dimensional Roof Shingles

Yes

White Oak Manor Apartments41 Manor LaneSwansboro, NC 28584 (Onslow County)

Ridgewood Apartments1018 Wait AvenueWake Forest, NC 27587 (Wake County)

Park Place Apartments (Phase I & II)107 Luxury LaneKnightdale, NC 27545 (Wake)

Community Bldg - Sq Ft: 1,113 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

Residents will have full use of the computer center located in the community building with periodictraining on how to use the hardware and software. Periodic homeownership counseling courses willalso be conducted for those interested in pursuing homeownerhip.




17/35

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.

Each building will have landscaped plantings in front of each apartment, placed in mulched beds.Trees will also be planted in front of and around the buildings and common areas where existingtrees may not be or can not be saved. The budgeted amount for landscaping is $1,000 per unit. Adetailed landscape plan will be submitted with the full application.

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

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

VCT

No




18/35

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).

The physical condition of the homes, buildings and improvements in the area of the site are good. Alot of new construction has been occurring in the last 10 years with development still going strong.

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.The existing neighborhoods and surrounding land uses are compatible with the proposeddevelopment. Next to the site is a new assisted living facility (Spring Arbor) and next to that is theHedingham Golf Community, a large planned community, which has a variety of housingalternatives (both single and multi-family). Traveling on New Hope Road, back towards CapitalBoulevard, you continue to see signs of new construction in the form of single family and townhome

development. There are also several churches and a city park. Heading towards Hwy 64, there ismore commercial and retail uses, which make this an ideal location.

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 street accessing this site is Columbus Drive, which has a signaled intersection with New HopeRoad. This make for easy access in and out of our proposed development. Columbus Drive is anewly paved, lightly traveled road that feeds into New Hope Road. New Hope was recently widenedto four lanes to accommodate the large growth the area has experienced. There is also quick andeasy access to Hwy 64 and the beltline, yet the site is tucked away in a quite setting.

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).Heading towards Hwy 64, there is some undeveloped land that is for commercial purposes but otherthan that, there is not a tremendous amount of vacant land in 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.None exist. A large portion of the streets and utilities are already in place, making it a quick startupfor construction.

Similarity of scale and aesthetics/architecture between project and surroundings.As previously stated, the site is integrated among residential development as well as commercial. It




19/35

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

Other facilities or services:

makes for a nice transition between the two. The site is between a large residential community(Hedingham) and vacant commercial land. There is a variety of architectural design in the area.Again, as you travel towards Capital Boulevard, you see alot of new single family and townhomeconstruction. Heading towards Hwy 64, you see commerical uses. The design we are proposing,with use of brick, vinyl siding, wide banding and dimensional shingles, will fit in nicely.

Concentration of affordable housing (housing credit, project-based rental assistance, public housing).None exist.

Availability of Supportive Services (if applicable):

Grocery Store.5 Community/Senior Center2.5

Mall/Strip Center.3 Hospital1.75

Outdoor Athletic Fields.3 Pharmacy.3

Day Care/After School.5 Basic Health Care.3

Schools1.5 Medical Offices1.75

Public Transportation Stop2.0 Bank/Credit Union.3

Convenience Store.2 Restaurants.3

Basketball/Tennis Courts Professional Services.3

Public Parks1.5 Movie Theater4.0

Gas Station.2 Video Rental.3

Library Public Safety (Fire/Police)2.5

Fitness/Nature Trails1.75 Post Office2.2

Public Swimming Pools2.7

See vicinity map for other facilities and services.




20/35


21/35

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 0

Units: 370 0

North Carolina Other States

Projects: 17 0

Units: 728 0

No

No

No

No

No




22/35

Financing Commitments

Does the project have a firm commitment for construction financing? Yes

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? 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:




23/35

Project Operations (Year One)

Projected Operating Costs

Administrative Expenses

Advertising 2,500

Other Administrative Expense (specify):2,500

Office SalariesOffice Supplies

Office or Model Apartment Rent

Management Fee 16,314

Manager or Superintendent Salaries 19,000

Manager or Superintendent Rent Free Unit

Legal Expenses (Project) 250

Auditing Expenses (Project) 4,000

Bookkeeping Fees/Accounting Services

Telephone and Answering Service 2,500

Bad Debts

Other Administrative Expenses (specify):

SUBTOTAL 47,064

Utilities Expense

Fuel Oil

Electricity (Light and Misc. Power) 8,000

Water 1,050

Gas

Sewer 700

SUBTOTAL 9,750

Operating and Maintenance Expenses

Janitor and Cleaning Payroll

Janitor and Cleaning Supplies

Janitor and Cleaning Contract

Exterminating Payroll/Contract 2,500

Exterminating Supplies

Garbage and Trash Removal 6,500

Security Payroll/Contract

Grounds Payroll

Grounds Supplies 2,500

Grounds Contract 10,000

Repairs Payroll 15,000

Repairs Material 3,000

Repairs Contract 3,000

Elevator Maintenance/Contract

Heating/Cooling Repairs and Maintenance

Swimming Pool Maintenance/Contract

Snow Removal

Decorating Payroll/Contract 3,250

Decorating Supplies 3,250

Other (specify):

Miscellaneous Operating & Maintenance Expenses 700

SUBTOTAL 49,700

Taxes and Insurance

Real Estate Taxes 22,500




24/35

Payroll Taxes (FICA) 3,400

Miscellaneous Taxes, Licenses and Permits 250

Property and Liability Insurance (Hazard) 7,500

Fidelity Bond Insurance 50

Workmen's Compensation 1,700

Health Insurance and Other Employee Benefits 1,500

Other Insurance:

SUBTOTAL 36,900

Supportive Service Expenses

Service Coordinator 5,000

Service Supplies

Tenant Association Funds

Other Expenses (specify):

SUBTOTAL 5,000

Reserves

Replacement Reserves 11,250

SUBTOTAL 11,250

TOTAL OPERATING EXPENSES 159,664

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

120,914

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

45

PER UNIT PER YEAR 2,686




25/35


26/35

Design Features

ITEM DESCRIPTION

Foundation/Slab Components Brick and block foundation with concrete slab

Primary Windows Make: Model:Silverline 2900 Type/Construction: Vinyl-Tilt Sash w/5/8" Insulated Glass - 6/6 Lite

Exterior Doors Type: Frames:Stanley-Metal Wood

Siding Type: Grade/Thickness:Vinyl .044

Warranty: Lifetime

Exterior Trim Vinyl and Aluminum Coil

ShinglesType: Weight:

Tamko-DimensionalShingles

HeritageSeries

Warranty: 30 Year

Sprinkler System N/A

Cabinets Cardell Millenia Series - Oakbrook Gold - Wood Cabinets

Heat Pump SEER: Make:11 Rheem

Model: RPLA-024-JAC

Air Conditioner SEER: Make:11 Rheem

Model: RPLA-024-JAC

Other Heat Systems SEER: Make:

Model:




27/35

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 6,696 10,044 16,740

Backfill-slab, Crawl 0

Slab-concrete/Rebar/Gravel 41,960 62,940 104,900

Waterproofing 0

Masonry Foundation 0

Brick Veneer 36,860 59,940 96,800

Steel/Structure/Rails 0

Framing/Lumber/Nails 135,675 194,595 330,270

Trusses 0

Crane Rental 10,000 10,000

Windows/Grilles/Screen 24,480 24,480Exterior Doors 23,700 23,700

Roofing 19,500 29,400 48,900

Fencing 0

Vinyl Siding/Trim/Box 116,585 116,585

Gutters/Shutters 12,250 12,250

Insulation 34,400 34,400

Drywall 120,650 120,650

Interior Doors 26,225 26,225

Int. & Final/Stair/Trim/Shelves 19,900 29,850 49,750

Cabinets & Tops 87,450 87,450

Painting 71,460 71,460

Marble - Tub/Shwr/Tops 0

Plumbing 139,500 139,500

Electrical 127,800 127,800

Heating/Air Conditioning 130,950 130,950

Floor Covering and Underlayment 43,000 43,000

Wall Paper 0

Mailboxes/Special Features/Signage 18,500 18,500

Gypcrete 0

Blinds/Shades/Art Work 6,995 6,995

Light Fixtures/Fans 0

Sprinkler System 0

Security Alarm 0

Hardwood Floors 0

Elevator 0

Ceramic Tiles 0

Acoustical Ceilings 0




28/35

Remarks:

Mirror/Shower Door/Encls. 0

Hardware/Bath Access. 12,250 12,250

Appliances 49,500 49,500

Playground Equipment 17,000 17,000

Interior Clean 6,995 6,995

Exterior Clean/Dumpster 4,500 4,500

Other 1 (specify in Remarks) 9,450 9,450

Other 2 (specify in Remarks) 0

Total Cost 282,086 1,458,914 1,741,000

Masonry Foundation included in Brick Veneer.Trusses included in Framing.Labor costs for the following are included in materials: Vinyl Siding, Gutters, Insulation, Drywall,Cabinets, Painting, Plumbing, Electrical, HVAC, Floor Covering, Mailboxes, Blinds, Hardware/Bath,Playground, Other 1-VCT.




29/35

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 66,000

Job Site Office/Trailer Rental 7,500

Impact Fees

Office Supplies 500

Security/Watchman

Water and Sewer Connection Fees

Project Signage 1,000

Tools and Equipment

Gas, Oil, and Maintenance

Cleanup/Dumpster Rental 10,000

Temporary Water, Electric, and Telephone 5,500Storage/Hauling 6,000

Driveway Access Permit 500

Porta-John Rental/Dumping 1,500

Builders Risk Insurance 12,500

Re-inspection Fees

Extra Plans and Specifications 500

Miscellaneous, Casual Labor 15,000

Equipment Rental 5,000

Other 1 (specify in Remarks) 11,120

Other 2 (specify in Remarks)

Total Cost 142,620

Other 1 - Fees for building permits with City of Raleigh.




30/35

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

Clearing/Grading/Final Grading/Excess and Borrow 13,250

Demolition

Earthwork/Excavation/Aerating 205,000

Soil Treatment 6,250

Pile Foundations

Caissons

Shoring/Bracing

Site Drainage

Site Utilities/Site Lighting 182,000

Paving and Surfacing/Curb and Gutter 134,500Walkways 12,500

Site Signage 10,000

Parking Lot Painting

Dumpsite Pads/Fencing 2,500

Fencing/Gates 2,500

Landscaping/Topsoil 67,500

Waterproofing/De-Watering

Operation of Construction Equipment/Fuel/Oil

Crane Rental

Rock and Hardpan Excavation

Site Supervision Personnel

Other (specify in Remarks)

Total Cost 636,000




31/35

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




32/35

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 2 (specify in Remarks)Other 3 (specify in Remarks)

Total Cost 0




33/35

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.




34/35




35/35

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.


village of new hope

Documents