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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 Proje ct Name: Beacon Pointe Address: 1901 Lipscomb Rd. E City: Wilson County: Wilson Zip: 27894 Census Tract: 007.00 Block Group: 5054 Yes Yes Politi ca l Jurisdiction: Ci ty of Wilson Jurisdiction CEO Name: First: Last: Bruce Rose Title: Mayor Jurisdiction Add res s: 112 N. Goldsboro Street, P.O. Box 10 Jurisdiction City: Wilson Zip: 27894 Jurisdiction Ph one: (252)399- 2200  Site Latitude: 35.7142 Site Longitude: -77.8829 Page 1 of 33 Print - APP04-0134 1/14/2005 https://www.nchfa.org/Rental/RTCApp/(4h1tl0454rlwyqzgy2lawf45)/site/PrintApp.aspx?I...
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Beacon Pointe

Apr 07, 2018

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Page 1: Beacon Pointe

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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: Beacon Pointe

Address: 1901 Lipscomb Rd. E

City: Wilson County: Wilson Zip: 27894

Census Tract: 007.00 Block Group: 5054

Yes

Yes

Political Jurisdiction: City of Wilson

Jurisdiction CEO Name: First: Last:Bruce Rose Title: Mayor

Jurisdiction Address: 112 N. Goldsboro Street, P.O. Box 10

Jurisdiction City: Wilson Zip: 27894

Jurisdiction Phone: (252)399-2200

 

Site Latitude: 35.7142

Site Longitude: -77.8829

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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: HUD 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

Yes

4646

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: Ten units will be targeted to women and families who are homeless and the victims of domesticviolence. The plan will be managed by the Wesley Shelter, a local shelter providing services towomen and families, McClain Barr(the management comapany) and NDC/WCIA.

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 Applicant Information

Applicant Name: National Development Council Housing And Economic Development Corporation

Address: 73 Tip Top Rd.

City: State: NC Zip:Brevard 28712

Contact: First: Last: Title:Pat Thomson Director

Telephone: (828)884-4527

Alt Phone: (828)507-6100

Fax: (828)877-4035

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

10.0 10.0

No

Yes

Yes, approximately 91 of the 104 units are occupied. The buildings will be renovated in stages, withtenants moving to completed units where feasible or off-site, when not feasible. Three to fourbuildings at a time will be renovated, beginning with the largest units.

Yes

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

9/25/1995 960,000

(a) Does the owner/principal or ownership entity have vaild option/contract to purchase the property?

(b) Does an identity of interest (direct or indirect) exist between the owner/principal or ownership entity with the option/contract for

purchase of the property and the seller of the property?If yes, specify the relationship:

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

(D) Enter Purchase Price:

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Present zoning classification of the site:

Is mutifamily use permitted?

Are variances, special or conditional use permits or any other item requiring a public hearing needed to develop this proposal?

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

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

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

RA-6

Yes

No

No

No

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 Ownership Entity

Owner Name: Beacon Point, LP

Address: 51 East 42nd Street, Suite 300

City: State: NY Zip:New York 10017

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

Federal Tax ID Number of Managing GP or Member: (If Not Assigned)11-2933129

Entity Type: Limited Partnership

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: National Development Council Housing and Economic Development Corporation

First Name: Robert Last Name: Davenport Function: Managing General Partner

Address: 51 East 42nd Street, Suite 300

City: New York State: NY Zip: 10017

Phone: (212)682-1106 Fax: (212)573-6118

EMail: [email protected] Nonprofit: Yes TaxID 11-2933129

Org: Wilson Community Improvement Association

First Name: Barbara Last Name: Blackston Function: General Partner

Address: 504 East Green Street

City: Wilson State: NC Zip: 27893

Phone: (252)243-5488 Fax: (252)243-2945

EMail: [email protected] Nonprofit: Yes TaxID 56-1035507

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Notes 

Gross Floor Square Footage: 118,576

Total Net Sq. Ft. (All Heated Areas): 109,008

** 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 21 targeted at 50 percent of median income.

3 22 targeted at 50 percent of median income.

1 4 targeted at 60 percent of median income.

3 26 targeted at 60 percent of median income.

2 19 targeted at 60 percent of median income.

104

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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 805,049 7.25 25 25 69,827

RPP LoanLocal Gov. Loan - Specify:

RD 515 Loan

RD 538 Loan - Specify:

AHP Loan

Other Loan 1 - Specify:

Other Loan 2 - Specify:

Other Loan 3 - Specify:

Tax Exempt Bonds

State Tax Credit(Loan) 1,227,869 0 30 30 0

State Tax Credit(Direct Refund)

Equity: Federal LIHTC 3,827,548  

Non-Repayable Grant

Equity: Historic Tax Credits

Deferred Developer Fees 142,626  

Owner Investment 7,381  

Other - Specify:

Total Sources** 6,010,473  

* "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

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 Development Costs

Item Cost Element TOTAL COSTEligible Basis

30% PV 70% PV

1 Purchase of Buildings (Rehab) 700,000 700,000

2 Demolition 300,000 300,000

3 On-site Improvements 236,800 236,800

4 Rehabilitation 2,462,456 2,462,456

5 Construction of New Building(s)

6 Accessory Building(s)

7 General Requirements 173,077 173,077

8 Contractor Overhead 61,154 61,154

9 Contractor Profit 244,614 244,614

10 Construction Contingency 208,686 208,686

11 Architect's Fee - Design 84,855 84,855

12 Architect's Fee - Inspection 9,425 9,425

SUBTOTAL (lines 1 through 12) 4,481,067

13 Construction Insurance (prorate) 20,000 20,000

14 Construction Loan Orig. Fee (prorate) 40,000 40,000

15 Construction Loan Interest (prorate) 150,000 150,000

16 Construction Loan Credit Enhancement (prorate)

17 Construction Period Taxes (prorate) 20,000 20,000

18 Water, Sewer and Impact Fees

19 Survey 2,000 2,000

20 Property Appraisal 8,000 8,000

21 Environmental Report 15,000 15,000

22 Market Study

23 Bond Costs (specify)

24 Cost of Issuance

25 Placement Fee

26 Permanent Loan Origination Fee 10,000

27 Permanent Loan Credit Enhancement

28 Title and Recording 5,000

SUBTOTAL (lines 13 through 28) 270,000

29 Real Estate Attorney 25,000 15,000

30 Other Attorney's Fees 15,000 0

31 Tax Credit App Fees 37,713 37,713

32 Physical Needs Assessment 4,000 4,000

33 Tax Opinion

34 Organizational (Partnership) 2,000

35 Tax Credit Monitoring Fee 54,600

SUBTOTAL (lines 29 through 35) 138,313

36 Furnishings and Equipment

37 Relocation Expenses 50,000 50,000

38 Developer's Fee (max 15% lines 2-36, less 8 & 9) 554,313 554,313

39 Cost Certification 8,000 8,000

40 Performance Bond 27,580 27,580

41 Rent-up Expenses

42 Moving Expenses 100,000

43 Other Non-basis Expense (specify)

SUBTOTAL (lines 36 through 43) 739,893

44 Rent up Reserve 31,200

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Comments:

45 Operating Reserve 250,000

46 Other Reserve (specify)

47 Other Reserve (specify)

48 DEVELOPMENT COST (lines 1-47) 5,910,473 700,000 4,732,673

49 Less Federal Financing

50 Less Disproportionate Standard

51 Less Nonqualified Nonrecourse Financing

52 Less Historic Tax Credit (residential) 0

53 TOTAL ELIGIBLE BASIS 5,432,673 700,000 4,732,673

54 Applicable Fraction (percentage of LI Units) 100.00% 100% 100%

55 Basis Before Boost 5,432,673 700,000 4,732,673

56 Boost for QCT/DDA (if applicable, enter 130%) 100.00% 130.00%

57 TOTAL QUALIFIED BASIS 6,852,474 700,000 6,152,474

58 Tax Credit Rate 3.39% 7.91%

59 Federal Tax Credits at Estimated Rate 510,390 23,730 486,660

60 Federal Tax Credits at 8.5% or 3.75% 549,210 26,250 522,960

61 Federal Tax Credits Requested 548,497 26,250 522,247

62 Land Cost 100,000

63 TOTAL REPLACEMENT COST 6,010,473

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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:

Market Study Information

Wilson Community Improvement purchased Beacon Point from HUD in 1995. HUD had foreclosedon the property and sold it to WCIA for $980,000 after minimal improvements. WCIA has operatedthe apartments since 1995, but the units are suffering from deterioration of a typical 30+ year oldproperty. Currently vacancy is running at 10-15% and it is difficult to keep the units maintained andoccupied. Improvements are necessary to make the units more marketable, including upgrades to

heating/ cooling, flooring, and overall site amenities. The property includes 13 - eight unit buildings.The buildings will be completely renovated to include a mix of one, two and three bedroom units.The existing four bedroom units will be remodeled to become spacious 3 bedroom, 2 bath units. Allunits will have the asbestos floor tile removed and receive new vinyl in kitchens and bathrooms andnew carpet in living areas. The existing configuration has the heating units and water heater inavailable closets. All heating units will be moved to the exterior. The renovation will also upgrade theexisting office, laundry and community resource center. Additional playground equipment will beadded as well as a new picnic area with grills and a walking trail around the site.

No

Community Bldg - Sq Ft: 4,836 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

Beacon Point will offer after school programs in the Community Resource Building. Computers areavailable for children and adults to use in the evenings and afterschool. Exercise classes will also beoffered in the Community Resource Building.

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Landscaping Plans:

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.

Landscaping will be completely redone to include substantial new plantings at the entrance ofBeacon Point. Additionally a new picnic area with tables and grills will be added. A walking trailaround the perimeter of the property will be added.

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

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

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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 surrounding neighborhood is made up of single family homes ranging in price from $85,000 to$175,000. Most of the homes are owner occupied. The neighborhood has seen a new elementarycompleted in the past year, the C.H. Darden Elementary School. Withing one mile of the site isWCIA's award winning Adventura East -- a new single family subdivision with 120 homes built overthe last several years.

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).

The majority of the surrounding neighborhood is single family homes, already built. No existingnegative developments are located in close proximity to Beacon Point. Some existing vacant landexists nearby.

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).Lipscomb Road was recently widened to a four lane road with a turning lane. Beacon Point islocated along and off of Lipscomb Road. Lipscomb provides excellent access to shopping, schools,employment and other service needs of the community residents. A bus stop is located on site atBeacon Point.

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 located within or adjacent to the existing development

Similarity of scale and aesthetics/architecture between project and surroundings.The existing development is brick and frame buildings. The buildings are two story and fit in scalewith the surrounding single family homes.

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Other facilities or services:

Grocery Store.25 Community/Senior Center1

Mall/Strip Center1 Hospital10

Outdoor Athletic Fields.25 Pharmacy1

Day Care/After School.25 Basic Health Care2

Schools.25 Medical Offices7

Public Transportation Stop0 Bank/Credit Union2

Convenience Store1 Restaurants1

Basketball/Tennis Courts1 Professional Services1

Public Parks1 Movie Theater10

Gas Station.25 Video Rental7

Library5 Public Safety (Fire/Police)1

Fitness/Nature Trails1 Post Office2

Public Swimming Pools

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Development List 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:

Management List 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: 0 8

Units: 0 355

North Carolina Other States

Projects: 2 4

Units:

No

No

No

No

No

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 Financing Commitments

Does the project have a firm commitment for construction financing? No

Does the project have a letter of intent for private permenant financing? Yes

Does the project have a firm commitment for government financing? No

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 4,952

Office Salaries 9,360

Office Supplies 12,160

Office or Model Apartment Rent

Management Fee 36,667

Manager or Superintendent Salaries 50,386

Manager or Superintendent Rent Free Unit

Legal Expenses (Project) 1,270

Auditing Expenses (Project) 4,000

Bookkeeping Fees/Accounting Services

Telephone and Answering Service 3,636

Bad Debts 5,062

Other Administrative Expenses (specify):

SUBTOTAL 127,493

Utilities ExpenseFuel Oil

Electricity (Light and Misc. Power) 17,447

Water 25,487

Gas 1,964

Sewer 28,464

SUBTOTAL 73,362

Operating and Maintenance Expenses

Janitor and Cleaning Payroll

Janitor and Cleaning Supplies 1,200

Janitor and Cleaning Contract

Exterminating Payroll/Contract 2,248

Exterminating Supplies

Garbage and Trash Removal 1,692

Security Payroll/Contract

Grounds Payroll

Grounds Supplies 1,350

Grounds Contract 12,000

Repairs Payroll 35,646

Repairs Material 12,300

Repairs Contract 2,400

Elevator Maintenance/Contract

Heating/Cooling Repairs and Maintenance

Swimming Pool Maintenance/Contract

Snow Removal

Decorating Payroll/Contract

Decorating Supplies 7,020

Other (specify):

Miscellaneous Operating & Maintenance Expenses

SUBTOTAL 75,856

Taxes and Insurance

Real Estate Taxes 38,500

Payroll Taxes (FICA) 7,241

Miscellaneous Taxes, Licenses and Permits 1,020

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Property and Liability Insurance (Hazard) 40,695

Fidelity Bond Insurance 335

Workmen's Compensation 1,890

Health Insurance and Other Employee Benefits 25,655

Other Insurance:

SUBTOTAL 115,336

Supportive Service Expenses

Service Coordinator 0

Service Supplies 0

Tenant Association Funds

Other Expenses (specify):

SUBTOTAL 0

Reserves

Replacement Reserves 36,750

SUBTOTAL 36,750

TOTAL OPERATING EXPENSES 428,797

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

353,547

TOTAL UNITS(from total units in the Unit Mix section) 104

PER UNIT PER YEAR 3,399

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 Design Features

ITEM DESCRIPTION

Foundation/Slab Components Concrete Footings/ Brick & Concrete block foundation walls

Primary Windows Make: Model: Single hung  Type/Construction: vinyl

Exterior Doors Type: Frames:Metal insulated Wood

Siding Type: Grade/Thickness:Brick and Vinyl siding .044"

  Warranty:

Exterior Trim Wood

Shingles Type: Weight:Fiberglass 215 #

  Warranty: 25 year

Sprinkler System N.A.

Cabinets Marsh Furniture/oak flat panel framed

Heat Pump SEER: Make:12 Carrier or equal

  Model:

Air Conditioner SEER: Make:

Model:

Other Heat Systems SEER: Make:

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 0

Backfill-slab, Crawl 0

Slab-concrete/Rebar/Gravel 16,946 25,419 42,365

Waterproofing 0

Masonry Foundation 0

Brick Veneer 12,789 5,746 18,535

Steel/Structure/Rails 2,171 8,685 10,856

Framing/Lumber/Nails 37,069 68,843 105,912

Trusses 0

Crane Rental 0

Windows/Grilles/Screen 0Exterior Doors 7,030 39,836 46,866

Roofing 10,168 11,015 21,183

Fencing 0

Vinyl Siding/Trim/Box 14,828 27,537 42,365

Gutters/Shutters 4,448 4,819 9,267

Insulation 12,709 13,769 26,478

Drywall 71,491 47,660 119,151

Interior Doors 33,759 191,304 225,063

Int. & Final/Stair/Trim/Shelves 23,830 95,321 119,151

Cabinets & Tops 60,370 191,171 251,541

Painting 69,902 75,727 145,629

Marble - Tub/Shwr/Tops 0

Plumbing 83,406 194,613 278,019

Electrical 69,055 103,582 172,637

Heating/Air Conditioning 76,786 307,145 383,931

Floor Covering and Underlayment 63,547 148,277 211,824

Wall Paper 0

Mailboxes/Special Features/Signage 2,118 19,064 21,182

Gypcrete 0

Blinds/Shades/Art Work 0

Light Fixtures/Fans 0

Sprinkler System 0

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. 6,620 26,478 33,098

Appliances 4,634 88,039 92,673

Playground Equipment 20,335 22,030 42,365

Interior Clean 15,754 2,780 18,534

Exterior Clean/Dumpster Rental 20,256 3,575 23,831

Other 1 (specify in Remarks) 0

Other 2 (specify in Remarks) 0

Total Cost 740,021 1,722,435 2,462,456

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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 41,054

Job Site Office/Trailer Rental 10,731

Office Supplies 2,683

Security/Watchman

Project Signage 1,350

Tools and Equipment 5,192

Gas, Oil, and Maintenance 17,308

Temporary Water, Electric, and Telephone 8,654

Storage/Hauling 10,783

Driveway Access Permit

Porta-John Rental/Dumping 19,038Builders Risk Insurance 38,942

Re-inspection Fees

Extra Plans and Specifications 2,769

Miscellaneous, Casual Labor

Equipment Rental 10,558

Other 1 (specify in Remarks) 4,015

Other 2 (specify in Remarks)

Total Cost 173,077

Building Permit

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This is a detailed breakdown of the Site Improvements cost element you summarized in the Development Costs table (On-siteImprovements). The total should match that roll-up value.

Remarks:

Costs - Improvements

ITEM TOTAL

Subsurface Exploration/Perk Testing/Site Engineering

Clearing/Grading/Final Grading/Excess and Borrow 10,000

Demolition

Earthwork/Excavation/Aerating

Soil Treatment

Pile Foundations

Caissons

Shoring/Bracing

Site Drainage

Site Utilities/Site Lighting 25,000

Paving and Surfacing/Curb and Gutter 58,000Walkways 44,000

Site Signage

Parking Lot Painting 1,800

Dumpster Pads/Fencing 17,000

Fencing/Gates

Landscaping/Topsoil 75,000

Rock and Hardpan Excavation

Site Supervision Personnel 6,000

Other (specify in Remarks)

Total Cost 236,800

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This is a detailed breakdown of the Bond Costs cost element you summarized in the Development Costs table (Bond Costs). The totalshould match that roll-up value.

Remarks:

Costs - Bond Costs

ITEM TOTAL

Letter of Credit Fee

Credit Enhancement

Underwriter Discount

Capital Interest Fund

Other 1 (specify in Remarks)

Other 2 (specify in Remarks)

Total Cost 0

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This is a detailed breakdown of the Bond Issuance cost element you summarized in the Development Costs table (Cost of Issuance). Thetotal should match that roll-up value.

Remarks:

Costs - Bond Issuance

ITEM TOTAL

Bond Counsel

Issuer Counsel

Credit Enhancement/LOC Counsel

Underwriter Counsel

Developer's Counsel

Rating Agency Fee

Printing

Trustee Fee

Trustee Counsel

Issuer's Fee

Other 1 (specify in Remarks)Other 2 (specify in Remarks)

Other 3 (specify in Remarks)

Total Cost 0

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MINIMUM REQUIRED SET ASIDES (No Points Awarded): 

Minimum Set-Asides

Select one of the following two options:

20% of the qualified units are rent restricted and occupied by households with incomes at or below 50% of the median income (Note:No Tax Credit Eligble Units in the the project can exceed 50% of median income)

40% of the qualified units are rent restricted and occupied by households with incomes at or below 60% of the median income (Note:No Tax Credit Eligble Units in the the project can exceed 60% of median income)

If requesting RPP funds:

40% of the qualified unit are occupied by households with incomes at or below 50% of median income.

State Tax Credit and QAP Targeting Points:

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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