windsor place at randleman
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Is project in Qualified Census Tract & Difficult to Develop area?
Does a community revitalization plan exist?
Print Preview - Final Application
Tax Credits, RPP Loans, and/or Tax Exempt Bond Loans
Project Name and Location
Project Name: Windsor Place At Randleman
Address: 707 S. Main Street
City: Randleman County: Randolph Zip: 27317
Census Tract: 314 Block Group: 1
No
No
Political Jurisdiction: City of Randleman
Jurisdiction CEO Name: First: Last:Bruce Moore Title: Mayor
Jurisdiction Address: 101 Hillary Street
Jurisdiction City: Randleman Zip: 27317
Jurisdiction Phone: (336)495-7500
Site Latitude:
Site Longitude:
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Is this project a follow-on (Phase II, etc) to a previously-awarded tax credit development project?
If yes, list names of previous phase(s):If yes, list names of previous phase(s):
Will the project be receiving project based federal rental assistance?
If yes, provide the subsidy source:If yes, provide the subsidy source: and number of units:and number of units:
Target Population: Family
Indicate below any additional targeting for special populations proposed for this project:
Project Description
Project Type:* New Construction Rehab Adaptive Reuse
No
No
Mobility impaired handicapped: 5% of units comply with QAP Section IV(F)(3) (in addition to the units required by other federaland state codes.)
Persons with disabilities or homeless populations: the greater of 5 units or 10% of the total units
Remarks: 4 units to comply with QAP Section IV(F)(3) (5%)7 units to comply with QAP Section IV(F)(4)(10% targeted)
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Applicant Information
Applicant Name: Windsor Place At Randleman Limited Partnership
Address: P.O. Box 1567
City: State: NC Zip:Dunn 28335
Contact: First: Last: Title:Willard Dean Chief Operating Officer
Telephone: (910)892-5999
Alt Phone: (910)892-0731
Fax: (910)892-3727
Email Address: [email protected]
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Total Site Acreage: Total Buildable Acreage:
If buildable acreage is less than total acreage, please explain:
Identify utilities and services currently available (and with adequate capacity) for this site:
Storm Sewer Water Sanitary Sewer Electric
Is the demolition of any buildings required or planned?
If yes, please describe:
Are existing buildings on the site currently occupied?
If yes:(a) Briefly describe the situation:
(b) Will tenant displacement be temporary?
(c) Will tenant displacement be permanent?
Is the site directly accessed by an existing, paved, publicly maintained road?
If no, please explain:
Is any portion of the site located inside the 100 year floodplain?
If yes:(a) Describe placement of project buildings in relation to this area:
(b) Describe flood mitigation if the project will have improvements within the 100 year floodplain:
Site Description
9.797 9.797
Yes
A small wood frame residence, less than 1000 SF, over 50 years old, is to be removed to provideaccess to the site from S. Main Street. The building will be given to the mover or demolition will benecessary.
No
Yes
No
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Does the owner have fee simple ownership of the property (site/buildings)?
If yes provide:
Purchase Date: Purchase Price:
If no:
Site Control
Yes
05/06/2003 168,348
(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:
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-3
Yes
Yes
Yes
Conditional use permit for the 8 buildings/64 unit apartment complex located in the 700 block ofSouth Main Street was approved by the Randleman Board of Adjustments at their February 24,2003 meeting. The vote was unanimous (PIN# 7764198158 & 7764194680
No
No
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Ownership Entity
Owner Name: Windsor Place at Randleman Limited Partnership
Address: P.O. Box 1567
City: State: NC Zip:Dunn 28335
Federal Tax ID Number of Ownership Entity: (If assigned)56-2343120
Federal Tax ID Number of Managing GP or Member: (If Not Assigned)
Entity Type: Limited Partnership
Entity Status: Already 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: Windsor Place at Randleman Limited Partnership
First Name: Oscar Last Name: Harris Function: Managing General Partner
Address: 100 Cumberland Avenue
City: Dunn State: NC Zip: 28334
Phone: (910)892-1021 Fax: (910)892-6084
EMail: [email protected] Nonprofit: No TaxID 237-60-5419
Org: Windsor Place at Randleman Limited Partnership
First Name: Edward Last Name: Turlington Function: General Partner
Address: 100 Tilghman Drive
City: Dunn State: NC Zip: 28334
Phone: (910)891-5465 Fax: (910)891-5566
EMail: [email protected] Nonprofit: No TaxID 239-70-4486
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** Please refer to the Income Limits and Maximum Housing Expense Table to ensure that Total Monthly Tenant Expenses for low incomeunits are within established thresholds.
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Specify Low Income Unit Targeting in table below. List each applicable targeting combination in a separate row below. Click [Add] to createanother row. Click "X" (at the left of each row) to delete a row. Add as many rows as needed.
Total Low Income Units:
Note: This number should match the total number of low income units in the Unit Mix section.
Targeting
# BRs Units %
1 12 targeted at 50 percent of median income.
2 14 targeted at 50 percent of median income.
1 10 targeted at 60 percent of median income.
1 15 targeted at 60 percent of median income.
51
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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 477,700 6.00 25 25 36,933
RPP LoanLocal Gov. Loan - Specify:
RD 515 Loan
RD 538 Loan - Specify:
AHP Loan 765,000 2.00 25 25 38,909
Other Loan 1 - Specify:AHP Loan 2
695,100 4.30 25 25 45,421
Other Loan 2 - Specify:
Other Loan 3 - Specify:
Tax Exempt Bonds
State Tax Credit(Loan) 754,507 0 30 30 0
State Tax Credit(Direct Refund)
Equity: Federal LIHTC 2,416,860
Non-Repayable Grant
Equity: Historic Tax Credits
Deferred Developer Fees
Owner Investment 52,236
Other - Specify:
Total Sources** 5,161,403
* "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.
81
Bank of America will make the three loans shown and will obtain a guarantee thru the RD 538Guaranteed Loan Program. Total of loans will be 1,937,800.
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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 604,000 604,000
4 Rehabilitation
5 Construction of New Building(s) 2,590,399 2,590,399
6 Accessory Building(s) 60,701 60,701
7 General Requirements 195,306 195,306
8 Contractor Overhead 69,008 69,008
9 Contractor Profit 207,024 207,024
10 Construction Contingency 111,793 111,793
11 Architect's Fee - Design 50,000 50,000
12 Architect's Fee - Inspection 10,000 10,000
SUBTOTAL (lines 1 through 12) 3,898,231
13 Construction Insurance (prorate)
14 Construction Loan Orig. Fee (prorate) 20,000 20,000
15 Construction Loan Interest (prorate) 138,000 138,000
16 Construction Loan Credit Enhancement (prorate)
17 Construction Period Taxes (prorate) 3,000 3,000
18 Water, Sewer and Impact Fees
19 Survey 14,000 14,000
20 Property Appraisal 5,500 5,500
21 Environmental Report 3,500 3,500
22 Market Study 8,000 4,000
23 Bond Costs (specify)
24 Cost of Issuance
25 Placement Fee 19,940
26 Permanent Loan Origination Fee 19,380
27 Permanent Loan Credit Enhancement
28 Title and Recording
SUBTOTAL (lines 13 through 28) 231,320
29 Real Estate Attorney 8,500 8,500
30 Other Attorney's Fees 7,500 7,500
31 Tax Credit App Fees 21,697 21,697
32 Cost Certification/Accounting Fees (specify) 2,000 2,000
33 Tax Opinion
34 Organizational (Partnership)
35 Tax Credit Monitoring Fee 38,400
SUBTOTAL (lines 29 through 35) 78,097
36 Furnishings and Equipment
37 Relocation Expenses
38 Developer's Fee (max 15% lines 2-36, less 8 & 9) 589,742 589,742
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) 589,742
44 Rent up Reserve 19,200
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Comments:
45 Operating Reserve 176,465
46 Other Reserve (specify)
47 Other Reserve (specify)
48 DEVELOPMENT COST (lines 1-47) 4,993,055 0 4,715,670
49 Less Federal Financing
50 Less Disproportionate Standard
51 Less Nonqualified Nonrecourse Financing
52 Less Historic Tax Credit (residential) 0
53 TOTAL ELIGIBLE BASIS 4,715,670 0 4,715,670
54 Applicable Fraction (percentage of LI Units) 80.00% 80% 80%
55 Basis Before Boost 3,772,536 0 3,772,536
56 Boost for QCT/DDA (if applicable, enter 130%) 100.00% 100.00%
57 TOTAL QUALIFIED BASIS 3,772,536 0 3,772,536
58 Tax Credit Rate 0.00% 7.91%
59 Federal Tax Credits at Estimated Rate 298,407 0 298,407
60 Federal Tax Credits at 8.5% or 3.75% 320,665 0 320,665
61 Federal Tax Credits Requested 320,665 320,665
62 Land Cost 168,348
63 TOTAL REPLACEMENT COST 5,161,403
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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
64 Unit Garden-type Family Complex - 8 buildings with 8 units/building 13 units (20%-2-1 Bdr. & 11 -2 bdr. are market rate units 3 - 1 bdr. buildings and 5 - 2 bdr. buildings - office/clubhouse buildingwith playground and natural areas.
No
Community Bldg - Sq Ft: 1,456 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
FHLB Sponsor will assist in the creation of a resident association. The sponsor will also monitor thesafety program offered to AHP assisted tenants as well as provide a tenant counseling program.Eligible AHP residents will be provided transportation services by the Randolph County Area TransitSystem RCATS).
Shrubs used will be 3-7 gal. size and trees used will be 15-30 gal. size: Indian Hawthorn; LaurelOak; Japanese Mock Orange; Yoshino Cherry; Glossy Abelia; Red Maple; Dwarf Yaupon; CrepeMyrtle; Burford Holly; River Birch; Southern Wax Myrtle; Parsins Juniper.
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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
No
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Briefly describe your site in each of the following categories:
For each applicable neighborhood feature, enter distance from project in miles.
Applicant's Site Evaluation
NEIGHBORHOOD CHARACTERISTICS
Physical condition of buildings and improvements. Trend and direction of real estate developmentrelative to the project. Area economic health (degree of decline or investment). Concentration of
affordable housing.The site is located in an established neighborhood along Main Street that is a mix of residential andmulti-family housing, small retail commercial businesses as well as professional services. The PHAhas an 80 unit complex located .25 miles north on Main Street. This complex was built in 1968.There are two RD 515 projects (30 & 40 units) approximately 1.5 miles North of site. They were builtin 1980 and 1985. One tax credit project is located 1.75 NW of site and was built in 1897. It has 44units.
Suitability of surrounding development. Land use pattern is primarily residential (single andmultifamily housing) with a balance of other uses (particularly retail and amenities). Amount andcharacter of vacant, undeveloped land. Effect of industrial, large-scale institutional or otherincompatible uses: wastewater treatment facilities, high traffic corridors, junkyards, prisions, landfills,large swamps, distribution facilities, frequently used railroad tracks, power transmission lines andtowers, factories or similar operations, sources of excessive noise, and sites with environmentalconcerns (such as odors or pollution).
Site entrance located at 707 South Main Street (Business U.S. Highway 220) Mix is single family,multi-family, school, industrial, small retail business. Proposed site is undeveloped woodland and isone of the few tracts available for development along Main Street and within 3/4 mile of thedowntown business district. There are no sources of excessive noise in the immediate area.
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).Main Street (Business U.S. Hwy. 220) is adequate to meet current and potential traffic needs.Nearest stoplights are approximately .7 miles to north and 1.1 miles to south.
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.No negative features or physical barriers to impede project construction. There will be a naturalbuffer along the west property line and trees along the access street from Main Street to thebuildings.
Similarity of scale and aesthetics/architecture between project and surroundings.The proposed apartment buildings will be 2-story garden type apartments with 8 units per building.The community/office building will be 1-story. The building will blend with the existing surroundings.
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Other facilities or services:
Grocery Store.8 Community/Senior Center.25
Mall/Strip Center.8 Hospital0
Outdoor Athletic Fields.4 Pharmacy1.5
Day Care/After School.5 Basic Health Care1.5
Schools.25 Medical Offices1.5
Public Transportation Stop0 Bank/Credit Union.75
Convenience Store1.5 Restaurants.8
Basketball/Tennis Courts1.5 Professional Services.8
Public Parks1.4 Movie Theater0
Gas Station.8 Video Rental2.0
Library.8 Public Safety (Fire/Police).8
Fitness/Nature Trails1.2 Post Office1.6
Public Swimming Pools0
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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: 45 1
Units: 1,425 32
North Carolina Other States
Projects: 45 1
Units: 1,425 32
No
No
No
No
Yes
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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? Yes
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:
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Project Operations (Year One)
Projected Operating Costs
Administrative Expenses
Advertising 1,000
Office Salaries
Office Supplies 1,500
Office or Model Apartment Rent
Management Fee 22,385
Manager or Superintendent Salaries 20,800
Manager or Superintendent Rent Free Unit
Legal Expenses (Project) 300
Auditing Expenses (Project) 3,500
Bookkeeping Fees/Accounting Services
Telephone and Answering Service 1,500
Bad Debts
Other Administrative Expenses (specify):
Training, Postage1,500
SUBTOTAL 52,485
Utilities ExpenseFuel Oil
Electricity (Light and Misc. Power) 6,000
Water 600
Gas
Sewer 900
SUBTOTAL 7,500
Operating and Maintenance Expenses
Janitor and Cleaning Payroll 20,800
Janitor and Cleaning Supplies
Janitor and Cleaning Contract
Exterminating Payroll/Contract 4,000
Exterminating Supplies
Garbage and Trash Removal 8,600
Security Payroll/Contract
Grounds Payroll
Grounds Supplies
Grounds Contract 10,800
Repairs Payroll
Repairs Material 1,600
Repairs Contract 4,100
Elevator Maintenance/Contract
Heating/Cooling Repairs and Maintenance 1,200
Swimming Pool Maintenance/Contract
Snow Removal
Decorating Payroll/Contract 3,500
Decorating Supplies
Other (specify):
Furniture & Fixture Replacement3,200
Miscellaneous Operating & Maintenance Expenses 1,100
SUBTOTAL 58,900
Taxes and Insurance
Real Estate Taxes 51,000
Payroll Taxes (FICA) 3,200
Miscellaneous Taxes, Licenses and Permits
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Property and Liability Insurance (Hazard) 17,600
Fidelity Bond Insurance 210
Workmen's Compensation 1,050
Health Insurance and Other Employee Benefits 10,400
Other Insurance:
SUBTOTAL 83,460
Supportive Service Expenses
Service Coordinator
Service Supplies
Tenant Association Funds
Other Expenses (specify):
Operating subsidy for targeted units13,320
SUBTOTAL 13,320
Reserves
Replacement Reserves 16,000
SUBTOTAL 16,000
TOTAL OPERATING EXPENSES 231,665
ADJUSTED TOTAL OPERATING EXPENSES(Does not include taxes, reserves and resident support services) *
151,345
TOTAL UNITS(from total units in the Unit Mix section) 64
PER UNIT PER YEAR 2,364
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Design Features
ITEM DESCRIPTION
Foundation/Slab Components 4'' concrete, 6 mil vapor barrier, 6x6 10/10 wire
Primary Windows Make: Model:Silver Line 2900 Type/Construction: Vinyl
Exterior Doors Type: Frames:Metal Wood
Siding Type: Grade/Thickness:Lap .044
Warranty:
Exterior Trim Aluminum and Vinyl
Shingles Type: Weight:3-Tab Fiberglass 225 per s.f.
Warranty: 25 years
Sprinkler System NFPA 13-R
Cabinets Manufacturers Marsh Oregaul
Heat Pump SEER: Make:12 Seer Trane/or Egaul
Model:
Air Conditioner SEER: Make:12 Seer Trane/or Egaul
Model:
Other Heat Systems SEER: Make:N/A
Model:
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This is a detailed breakdown of rehabilitation or construction costs you summarized in the Development Costs table (Rehabilitation andConstruction of New Building(s)). The total should match those roll-up values.
Costs - Construction
ITEM LABOR MATERIAL TOTAL
Concrete Footings 10,158 25,102 35,260
Backfill-slab, Crawl 0
Slab-concrete/Rebar/Gravel 29,078 67,228 96,306
Waterproofing 0
Masonry Foundation 11,489 13,276 24,765
Brick Veneer 44,758 25,953 70,711
Steel/Structure/Rails 0
Framing/Lumber/Nails 190,447 187,579 378,026
Trusses 134,720 134,720
Crane Rental 0
Windows/Grilles/Screen 35,525 35,525Exterior Doors 34,928 34,928
Roofing 16,641 29,961 46,602
Fencing 0
Vinyl Siding/Trim/Box 53,548 82,322 135,870
Gutters/Shutters 11,097 11,097
Insulation 22,536 23,584 46,120
Drywall 167,320 116,364 283,684
Interior Doors 69,808 69,808
Int. & Final/Stair/Trim/Shelves 39,391 60,592 99,983
Cabinets & Tops 9,750 90,750 100,500
Painting 40,731 40,731 81,462
Marble - Tub/Shwr/Tops 0
Plumbing 95,836 143,754 239,590
Electrical 86,402 101,427 187,829
Heating/Air Conditioning 92,310 92,250 184,560
Floor Covering and Underlayment 20,680 48,254 68,934
Wall Paper 0
Mailboxes/Special Features/Signage 12,197 12,197
Gypcrete 0
Blinds/Shades/Art Work 1,944 4,491 6,435
Light Fixtures/Fans 0
Sprinkler System 143,333 143,333
Security Alarm 0
Hardwood Floors 0
Elevator 0
Ceramic Tiles 0
Acoustical Ceilings 0
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Remarks:
Mirror/Shower Door/Encls. 0
Hardware/Bath Access. 0
Appliances 2,335 44,819 47,154
Playground Equipment 3,640 11,360 15,000
Interior Clean 0
Exterior Clean/Dumpster Rental 0
Other 1 (specify in Remarks) 0
Other 2 (specify in Remarks) 0
Total Cost 1,082,327 1,508,072 2,590,399
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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 43,000
Job Site Office/Trailer Rental 3,250
Office Supplies 1,100
Security/Watchman 0
Project Signage 1,500
Tools and Equipment 6,000
Gas, Oil, and Maintenance 2,450
Temporary Water, Electric, and Telephone 6,500
Storage/Hauling 4,410
Driveway Access Permit 0
Porta-John Rental/Dumping 5,400Builders Risk Insurance 14,350
Re-inspection Fees 1,000
Extra Plans and Specifications 1,500
Miscellaneous, Casual Labor 22,025
Equipment Rental 39,600
Other 1 (specify in Remarks) 19,400
Other 2 (specify in Remarks) 23,821
Total Cost 195,306
1 - Cleanup/Dumpster rental2 - Payroll taxes/field engineering[5701] [18120]
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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
Clearing/Grading/Final Grading/Excess and Borrow 143,245
Demolition
Earthwork/Excavation/Aerating
Soil Treatment
Pile Foundations
Caissons
Shoring/Bracing
Site Drainage
Site Utilities/Site Lighting 213,740
Paving and Surfacing/Curb and Gutter 196,565Walkways
Site Signage 12,050
Parking Lot Painting
Dumpster Pads/Fencing
Fencing/Gates
Landscaping/Topsoil 38,400
Rock and Hardpan Excavation
Site Supervision Personnel
Other (specify in Remarks)
Total Cost 604,000
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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 0
Credit Enhancement 0
Underwriter Discount 0
Capital Interest Fund 0
Other 1 (specify in Remarks) 0
Other 2 (specify in Remarks) 0
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 0
Issuer Counsel 0
Credit Enhancement/LOC Counsel 0
Underwriter Counsel 0
Developer's Counsel 0
Rating Agency Fee 0
Printing 0
Trustee Fee 0
Trustee Counsel 0
Issuer's Fee 0
Other 1 (specify in Remarks) 0Other 2 (specify in Remarks) 0
Other 3 (specify in Remarks) 0
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:
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 countymedian 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.
Tax Exempt Bonds
Threshold requirement (select one):
At least ten percent (10%) of qualified units will be affordable to and occupied by households with incomes at or below fifty percent(50%) of county median income.
At least five percent (5%) of qualified units will be affordable to and occupied by households with incomes at or below forty percent(40%) of county median income.
Eligible for mortgage subsidy points (select one):
At least twenty percent (20%) of qualified units will be affordable to and occupied by households with incomes at or below fifty percent(50%) of county median income.
At least ten percent(10%) of qualified units will be affordable to and occupied by households with incomes at or below forty percent(40%) of county median income.
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PLEASE indicate which of the following exhibits are attached to your application. Others may be required as noted.
Full Application Checklist
A Nonprofit Organization Documentation or For-profit Corporation Documentation
B Current Financial Statements/Principals and Owners
C Ownership Entity Agreement, Development Agreement or any other agreements governing development services
D Management Agent Agreement
E Development and manager multi-family experience & Management Questionnaire (Appendix C)
F Letters from State Housing Agencies or designated monitoring agent verifying Out of State Management Experience
G Completed IRS Form 8821 (Appendix I)
H Letters from Local Utility Providers (original on letterhead, no fax or photocopies)
I Local Government Letter or Letter from Certified Engineer or Land Surveyor Confirming Floodplain Designation with Mapshowing 100 year and 500 year floodplain (original on letterhead, no fax or photocopies)
J Local Government Letter Confirming Zoning (original on letterhead, no fax or photocopies)
K Copy of certificate of occupancy or proof of placed-in-service date (Rehabs Only)
L Site plan, floor plans and elevations
M Hazard and structural inspection and termite reports (Renovation projects only)
N Anticipated budget demonstrating how the project would meet the 10% test by November 14th.
O Evidence of Architect's Errors and Omissions insurance (or equivalent).
P Description of acquisition for existing/occupied projects or for projects with occupied buildings to be demolished.
Q Description of proposed Relocation Plan & Relocation Budget, Etc. If any relocation is anticipated, reference Appendix F.
R Targeting Plan and supporting documentation (Required for all projects)
S Local Housing Authority Agreement (Reference Model in Appendix I)
T Appraisal (for land costs greater than $5,000 and for buildings in rehab projects)
U Evidence of Permanent Loan Commitment, other sources of funds, and project-based subsidies.
V Statement regarding terms of Deferred Developer Fee and, if nonprofit, resolution of Board approving fee.
W Inducement Resolution (Tax-Exempt Bond Financed Projects only)
X Documentation to support estimated utility costs.
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