wedgewood app

8/6/2019 Wedgewood App

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

roject Description

oject Name: Wedgewood Apartments (fka Chowan Court II Apartments)

dress: 101Davis Place

ty: Edenton County: Chowan Zip:

ensus Tract: 9901 Block Group: 6

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

olitical Jurisdiction: 1st Congressional District

risdiction CEO Name:First:Roland Last:Vaughn

Title: Mayor

risdiction Address: 500 South Broad Street

risdiction City: Edenton Zip:

risdiction Phone:

e Latitude:

e Longitude:

oject Type: Rehab

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?

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

ehab:

umber of residents holding Section 8 vouchers: 0

l the project meet Energy Star standards as defined in Appendix B? No

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(sx4sdt454...C202094542&SNID=DD0B1632B9F14C458DAD6BC130B1D766 (1 of 30)9/15/2008 3:30:52 PM

27932

27932

(252)482-2155

36.061996

-76.61996


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If yes, please describe:

rget Population:Family

ll the project be receiving project based federal rental assistance? Yes

If yes, provide the subsidy source: HUD 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: This is an existing project with very little turnover nor is permanent displacement of existing residentsanticipated. The Owner will make a good faith effort to give priority to the disabled for 5 units once existingresidents have had the opportunity to re-occupy the property after completion of the renovation.


50

0

5


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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: Chowan Court II, LLC

dress: P.O. Box 25168

ty: Winston-Salem State: NC Zip:

ontact: First: Gaye Last:Morgan Title:Member

lephone:

Phone:

x:

mail Address:

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


27114-5168

(336)231-8125

(336)765-0424

(336)765-3831

[email protected]


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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? Yes

If yes:(a) Briefly describe the situation:

Annualized occupancy for 2007 was 98%. Initially, some residents will be moved teporarily to locations off-site but within the community in order to allow for the first group of units to be rehabilitated. Thereafter, it is

anticipated that displacement will be limited to temporary moves to other units within the project as units arerehabilitated. This will serve to limit the inconvenience and disruption of the residents and increases thelikelihood that the residents will remain in the property, thus reducing vacancy loss. Temporary relocation isnecessitated due to the abatement and/or encapsulation of asbestos tile flooring.

(b) Will tenant displacement be temporary? Yes(c) Will tenant displacement be permanent? No

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:


4.41 4.41


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



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te Control

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

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?

(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?If yes, specify the relationship:

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

(D) Enter Purchase Price:


10/19/2005 665,000


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oning

esent zoning classification of the site:R5 Residential

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?Yes

If yes, describe below:

Asbestos Tile Flooring



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wnership Entity

wner Name: Chowan Court II, LLC


y: Winston-Salem State:NC 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: Chowan Court II, LLC

st Name: John Last Name: Eagan, Jr. Function: Managing Memberdress: P.O. Box 25168

ty: Winston-Salem State: NC Zip: 27114-5168

one: Fax:

Mail: Nonprofit: No


st Name: Gaye Last Name: Morgan Function: Member



one: Fax:

Mail: Nonprofit: No


st Name: David Last Name: Eagan Function: Member



one: Fax:

Mail: Nonprofit: No


st Name: John Last Name: Eagan, III Function: Member

ddress: 218 North Main Street

ty: Mooresville State: NC Zip: 28115

one: Fax:


27114-5168

20-2943310

(336)765-6551 (336)765-3831

[email protected]

(336)231-8125 (336)765-3831

[email protected]

(336)231-8146 (336)765-3831

[email protected]

(704)663-6392 (704)663-4035


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Mail: Nonprofit: No


[email protected]


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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.

ttps://www.nchfa.org/Rental/RTCApp/(S(sx4sdt45...202094542&SNID=DD0B1632B9F14C458DAD6BC130B1D766 (11 of 30)9/15/2008 3:30:52 PM

54,589

53,876
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


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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





tal Low Income Units:

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


3 60

10 50

16 60

10 50

10 60

49


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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:

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))

s anticipated that either Apollo Capital Partners, Raymond James Tax Credit Fund or Enterprise


265,000 7.00 18 30 21,157

1,237,881 0 30 30 0

3,196,998

121

4,700,000

82


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ll provide equity for this proposed rehab. All parties have expressed an interest and haverticipated on prior tax credit developments with the developer and sponsors.



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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


520,000

85,000 85,000

184,000 184,000

1,898,000 1,898,000

145,000 145,000

138,720 138,720

49,014 49,014

196,058 196,058

161,748 161,748

40,000 40,000

20,000 20,000

48,000 48,000

3,485,540

15,000 15,000

20,000 20,000

80,000 80,000

18,500 18,500

5,000 5,000

6,500 6,500

5,500 5,500

8,000 8,000

4,300 4,300

2,650

10,375


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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


175,825

30,000 30,000

10,000 10,000

2,200

28,970

12,000 12,000

1,200

35,000

119,370

35,000 35,000

100,000 100,000

474,500 474,500

Other Basis Expense (s

Other Basis Expense (s

35,751

Other Non-basis Expen

Other Non-basis Expen

645,251

15,000

114,014

Other Reserve (specify)

Other Reserve (specify)

4,555,000 0 3,789,840

0

3,789,840 0 3,789,840

98.00% 98% 98%

3,714,043 0 3,714,043

100.00% 130.00%

4,828,256 0 4,828,256


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60 Tax Credit Rate

61 Federal Tax Credits at Estimated Rate

62 Federal Tax Credits at 9.00% or 3.75% (maximum $1,000,000)

63 Federal Tax Credits Requested

64 Land Cost

65 TOTAL REPLACEMENT COST

FEDERAL TAX CREDITS IF AWARDED

Comments:

Total Replacement Cost per unit:57,151


3.40 8.50

410,402 0 410,402

434,543 0 434,543

0

145,000

4,700,000

434,543


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arket Study Information

ase provide a detailed description of the proposed project:

e proposed project will include the substantial rehabilitation of a 50-unit townhouse/garden apartmentmplex developed in 1979 and financed with 515 Rural Development Housing Program loan funds throughe USDA's Farmers Home Administration. There are nine (9) residential buildings containing 3 - 1BR/1ath units, 27 - 2BR/1.5 Bath units and 20 - 3BR/1.5 Bath units. There is a small space attached to one ofe residential buildings which currently houses a small rental office and maintenance shop. The plan is tonovate the space to utilize for maintenance and storage. There is no laundry, community space or

mmon amenities currently.

e buildings are structurally sound but suffer from age, obsolescence and lack of modern amenities. Theans for the project include replacing out-dated and inefficient heating/air conditioning systems with highergy-efficient heat pumps, replacing all windows with vinyl low-E glass insulated windows, replacingterior doors, installing new storm doors, new patios with enclosed fencing and new exterior lighting. Other

gnificant repairs/replacements that must be addressed include electrical breaker panels, and GFI outletsthe kitchens and bathrooms. To improve the appearance of the buildings, gable-covered entrances willadded to each unit, round columns at front porches, additional building accents and new gutters/wnspouts installed.

e interiors of the units require substantial renovation and modernization. While there have been sporadicgrades in some units over the years, all of the units require upgrading. As a result of a Phase Ivironmental Assessment performed in 2004, asbestos was observed in some flooring which will requireatement and/or encapsulation during the rehabilitation of the units. Bathroom wall-hung sinks, toilets,

umbing fixtures and cabinets will be replaced in existing baths. The refrigerators and stoves will beplaced with frost-free refrigerators with icemakers and stoves with self-cleaning ovens. New appliancesl include a dishwasher and disposal. Appliances will be energy star-compliant. Most cabinetry anduntertops will require replacement due to age, appearance and condition. The floors in all units will beplaced with carpet in living areas and new vinyl in kitchens and baths. Interior walls will undergoeetrock repairs and painting and all interior doors, frames and hardware will be replaced. Units will havew updated light fixtures and mini-blinds.

addition, the developer plans to construct a Community Center of approximately 1371 net heated squareet, which will not only include a rental office and laundry facility; but will include space for residenttivities including a computer lab, business center, activity/game room with TV and resource center. Themmunity center will also have a public restroom and kitchenette. The property will employ an onsite

anager and maintenance supervisor and as needed, part-time leasing and janitorial staff.

e improvements will include restoration of the existing parking areas, a new mail kiosk, new playgrounduipment, outdoor seating areas, a picnic area with grill and covered picnic shelter. Existing landscapingl be augmented with new plantings. Existing clotheslines will also be removed from the property.

r specific detail of planned rehabilitation of the physical aspects, see attached Scope of Work.

e goal of the rehabilitation of Chowan Court II is to improve the quality of life of the residents not onlyough the physical improvement of their living environment but also in the provision of communityrvices. The Town of Edenton shares this vision by their support of this application.

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:

Vinyl shutters, Vinyl insulated Low-E glass windows and full view tempered glass storm doors.



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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:

rnished Community Center/Building with Kitchenette, Computer Lab, Business Center, and Managementfices. Other amenities planned include a fenced Playground/Tot Lot, Picnic Area with grill, Picnic Shelter,ail Kiosk, Outdoor Seating Areas and other recreational amenities.

site Activities:

Computer Lab and Business Center will be located within the Community Center to allow residentscess to the internet and to provide the necessary tools for computer-related training and adult educationalurses. Service coordination will be provided to link programs and services available in the community toe residents. Particular emphasis will be placed on programs for children; including, but not limited to after-hool and summer activities.

ndscaping Plans:

isting lawns are mature but landscaping at the site is overgrown and unmanageable. Plans includetensive re-landscaping.

erior Apartment Amenities:

seer energy efficient heat pumps to provide central heating and air conditioning, stove with self-cleaningen, frost-free refrigerator with ice-maker, dishwasher, disposal, carpet/vinyl flooring and storm doors.

you plan to submit additional market data (market study, etc.) that you want considered? No

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



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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.

he property is located within a well established residential neighborhood that has remained relatively

able over the last 10 to 15 years. Most of the economic growth has been in other areas within Edenton.he physical condition of the buildings and improvements are functionally sound but suffer from age andck of modernization. There is no concentration of affordable housing in the immediate area with the otherfordable housing in Edenton being located outside of the immediate neighborhood throughout the town.

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 property is located within a well established residentialighborhood. The areas to the immediate south and west of the property are comprised of vacant land and

w density residential development. The areas north and east of the property are primarily comprised ofngle family homes. There are no large scale industrial, institutional or incompatible uses within therrounding neighborhood.

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. Access to the property is by way of Martin Luther King Boulevard (formerly

est Albemarle), a public road running east and west to the north of the site. MLK is a widely traveled roadd is a connector to more major thoroughfares in Edenton. The surrounding roads that service the area

ntain adequate traffic controls, namely stop signs and pose no additional burdens on public facilities. Thewn of Edenton has a very limited mass transit system that consists of a few trolleys through the morestorical parts of town. The closest trolley stop is approximately 3/4 mile from the property. The buildingsd project sign are clearly visible from the access points.

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 major negative features or physical barriers that will impede rehabilitation of this property. Thexistence of asbestos in the floor tile mastic that will need to be encapsulated will make the rehabilitationore difficult but does not present an obstacle to the successful completion of the proposed rehabilitation.



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

he project is similar in construction to much of the surrounding residential housing.

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:


3

2

4

0 2


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neral Contractor Identity of Interest?

ompany: Mutual Builders, Inc.

dress: P.O. Box 270

ty: Smithfield State: NC Zip:

one Email:

ontact Name: First: Millard Last: Stallings


27577

(919)934-0882 millard.stallings@mutualbuildersi


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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


1,200

2,600

7,200

2,400

21,600

18,000

1,500

3,500

600

3,200

Training/Seminars/Mile1,000

62,800

10,600

10,000

10,000

30,600

1,200

600

2,600

900

120

2,400

1,200


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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


1,800

12,000

18,000

2,000

1,800

2,400

6,000

1,500

Gas, Oil and Mileage1,000

55,520

18,000

4,800

9,000

250

1,200

5,200

38,450

800

600

Training & Mileage600

2,000

17,500

17,500


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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


206,870

169,370

50

3,387


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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".



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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: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 comedian income.At least forty percent (40%) of qualified units will be affordable to and occupied by households with incomes at or below fifty pe(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.



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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)

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