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Print - APP08-0052 Print Preview - Final Application Tax Credits, RPP Loans, and/or Tax Exempt Bond Loans Project Description Project Name: Caldwell Gardens Address: 1302 Piedmont Drive City: Lenoir County: Caldwell Zip: Census Tract: 302 Block Group: 2  Is project in Qualified Census Tract or Difficult to Develop Area? No Poli ti cal Juri sd ic ti on: Ci ty of Lenoir Jurisdiction CEO Name: First:David Last: Barlow Ti tle : Mayor Jurisdic ti on Addres s: 801 West Ave. Jurisdiction City: Lenoir Zip: Jurisdiction Phone:  Site Latitude: Site Longitude: Project Type: Rehab Is this project a previously awarded tax credit development? No If yes, what is the project number: Is this a request for supplemental credits? New Constructio n/Adaptive Reuse: 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): Rehab: Number of residents holding Section 8 vouchers: 97 Will the project meet Energy Star standards as defined in Appendix B? No Does a community revitalization plan exist? No Will the project use steel and concrete construction and have at least 4 stories? No Will the project include a Community Service Facility under IRS Revenue Ruling 2003-77? No https://www.nchfa.org/Rental/RTCApp/(S(bo1jgo30...A3ABC60C1&SNID=CA9AD0BD05B64A1A8DB906681C331470 (1 of 29)9/15/2008 3:30:02 PM 28645 28645 (828)757-2177 35.9249 -81.5528
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Caldwell Gardens App

Apr 07, 2018

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

roject Description

oject Name: Caldwell Gardens

dress: 1302 Piedmont Drive

ty: Lenoir County: Caldwell Zip:

ensus Tract: 302 Block Group: 2

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

olitical Jurisdiction: City of Lenoir

risdiction CEO Name:First:David Last:Barlow

Title: Mayor

risdiction Address: 801 West Ave.

risdiction City: Lenoir 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: 97

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

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28645

28645

(828)757-2177

35.9249

-81.5528

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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: We will target 10% or 10 of the units for persons with disabilities as required in the 2008 QAP, Section IV(F)(4).We will comply with the 2008 QAP with regard to Section IV(F)(3) or mobility targeting as applicable for aproperty being rehabilitated.

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97

0

10

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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: Bradley NC 2008, LLC

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

ty: Aynor State: SC Zip:

ontact: First: Brad Last:Queener Title:Member

lephone:

Phone:

x:

mail Address:

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

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29511

(919)741-9328

(843)358-4886

(919)662-0124

[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:

There are 97 units located on four different sites that are currently occupied. Piedmont Terrace, 1302Piedmont Drive (42 units); Berkley Court, 1520 Berkley Court (36 units); German Gardens, 924 German

Street (14 units); and Sunset Lane, 398 Sunset Lane (5 units). We will implement a Relocation Plan and tryto temporarily displace the residents. This is a scattered site application and HUD is strongly in support ofthese units being renovated. There are some health and safety issues of concern for the residents. Pleasesee the Scope of work and pictures provided in the preliminary application for more details.

(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:

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14.4 14.4

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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)?No

If yes provide:

Purchase Date: Purchase Price:

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

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

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

(D) Enter Purchase Price:

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9/30/2008

2,150,000

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oning

esent zoning classification of the site:MF

multifamily use permitted?Yes

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

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

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

them:

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

If yes, describe below:

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

If yes, describe below:

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wnership Entity

wner Name: Bradley Lenoir, LLC

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

y: Aynor State:SC Zip:

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

ote: Do not submit social security numbers for individuals.

tity Type: Limited Liability Company

tity Status: Already Formed

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

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

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

Org: Bradley Lenoir Managing Member, LLC

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

ty: Aynor State: SC Zip: 29511

one: Fax:

Mail: Nonprofit: No

Org: Bradley NC 2008, LLC

st Name: Brad Last Name: Queener Function: Principal

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

ty: Aynor State: SC Zip: 29511

one: Fax:

Mail: Nonprofit: No

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29511

26-2404544

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

[email protected]

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

[email protected]

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

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

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

Elevators - Number of Elevators:

uare Footage Information

oss Floor Square Footage:

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

tes 

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

units are within established thresholds.

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27 2

1,273

100,309

88,467

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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/occupied by

targeted at percent of median income affordable to/occupied by

targeted at percent of median income affordable to/occupied by

targeted at percent of median income affordable to/occupied by

targeted at percent of median income affordable to/occupied by

targeted at percent of median income affordable to/occupied by

targeted at percent of median income affordable to/occupied by

targeted at percent of median income affordable to/occupied by

tal Low Income Units: 

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

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10 50

8 60

25 50

24 60

11 50

11 60

4 50

4 60

97

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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:Unifour Consortium

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)

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))  

ermanent Commitment Letter provided by Alliant Capital, LTD.

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1,358,385 7.25 30 30 111,199

800,000

2.00 20 20

249,950 2.00 30 30

1,453,580 0 30 30 0

4,382,708

60,000

8,304,623

82

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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

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1,617,200 1,617,200

485,000 436,500

2,956,000 2,956,000

154,300 154,300

215,040 215,040

76,206 76,206

228,620 228,620

246,909 246,909

100,862 100,862

30,000 15,000

20,000 20,000

6,130,137

10,000 10,000

28,242 28,242

168,923 168,923

25,000 25,000

15,000 15,000

4,000 4,000

15,000 15,000

7,300 7,300

16,000

6,000

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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:

4. Rehabilitation line item includes $480,000 for asbestos abatement per our ECS study.6. Includes cost for new community building and laundry we plan to add.31. Attorney fee includes costs for our counsel ($40,000) and a special counsel ($75,000)experienced inworking with HUD to coordinate the HUD approvals/assignments/closing transaction.38. Includes costs to furnish and equip the new community building, computer center, and managementoffices.

Total Replacement Cost per unit: 44,970

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3.40 8.50

534,529 55,495 479,035

568,421 61,208 507,213

0

532,800

8,304,623

568,421

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arket Study Information

ase provide a detailed description of the proposed project:

e are proposing to rehabilitate 97 family units divided between four separate sites. Each group ofartments that makes up the greater 97 units are in need of repair. While they units have been maintaineder the years, all of the major components in the apartments need to be replaced, including the HVACstems and roofs. The kitchens, bathrooms, and floor coverings are all original and are in dire need ofplacement. The vast majority of the windows and doors, of which all will be replaced, are original and dot provide the energy efficiency now required to effectively lower the energy bills of the tenants. The sites

e located in close proximity to shopping, reatail, commercial, and medical services.

nstruction (check all that apply): 

Brick Vinyl Wood HardiPlank Balconies/Patios Sunrooms Front Porches 

Front Gables or Dormers Wide Banding or Vertical/Horizontal Siding 

Other:

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

If yes, please provide name and address:

e Amenities:

undry room, new community room with online computer stations, picnic and grill areas, new playgroundeas and benches on property.

site Activities:

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

nctions and help coordinate services with the residents.

ndscaping Plans:

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

erior Apartment Amenities:

anges, range hoods/microwaves, dishwashers (if possible), refrigerators (frost-free), mini-blinds, pantry,

iling fans, and washer and dryer hook-ups, if possible, (will be determined based on capacity of seweres/system and space).

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

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

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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.

enoir, as of much of North Carolina, continues to grow as does the need for quality affordable housing

thin the community. Caldwell Gardens has served the community well for almost 30 years and is now ineed of a total renovation in order to give the tenants the clean and healthy apartments they deserve.ecuause the economy and population of Lenoir continues to expand and the lack of quality affordableousing, Caldwell Gardens remains almost fully occupied. Surrounding each of the sites at Caldwell Gardenre single family neighborhoods that would benefit from the renovation and enhance the overall character ofrea.

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 already existing apartments within their respective areas have

ng been accepted into the local neighborhoods. Their subsequent renovations will only add value to thengle family homes that surround them.

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. At each of the sites there are adequate traffic controls that handle the

rrent traffic.

egree of on-site negative features and physical barriers that will impede project construction or adverselyect future tenants; for example: power transmission lines and towers, flood hazards, steep slopes, largeulders, ravines, year-round streams, wetlands, and other similar features (for adaptive re-use projects-

itability for residential use and difficulties posed by the building(s), such as limited parking, environmentaloblems or the need for excessive demolition).

here are no on-site negative features.

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

he existing apartments fit well within the surrounding neighborhoods and the renovations of these units willdd to the aesthetic value of the area.

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

Grocery StoreCommunity/Senior

Center

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22

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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:

nce the properties are scattered the distances vary for each complex. The above distances are averaged.an service is available for doctors appointments with pick up at resident's apartment community. We have

cluded a map in the Map/Directions section to show proximity to services.

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6 2.1

2 1.9

7 2

2

5

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evelopment Team

ovide contact information for development team members below:

nagement Agent 

ompany: Vista Capital Management Group, Inc.

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

ty: Greenville State: SC Zip:

one Email:

ontact Name: First: Wayne Last: Redding

chitect 

ompany: Ross Deckard Architects

dress: 3200 Atlantic Avenue, Suite 110

ty: Raleigh State: NC Zip:

one Email:

ontact Name: First: James Last: Ross

orney 

ompany: Blanco Tackabery

dress: 110 S. Stratford Rd., Suite 500

ty: Winston Salem State: NC Zip:

one Email:

ontact Name: First: Carolyn Last: Scogin

estor 

ompany: Alliant Capital, LTD.

dress: 340 Royal Poinciana Way, Suite 305

ty: Palm Beach State: FL Zip:

one Email:

ontact Name: First: Becker Last: Bass

nsultant/Application Preparer (if different from developer) 

ompany: Halcon Properties & Consulting, LLC

dress: 1403-305 Pitching Wedge Drive

ty: Raleigh State: NC Zip:

one Email:

ontact Name: First: Traci Last: Dusenbury

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29601

(864)404-3500 [email protected]

27604

(919)875-0001 [email protected]

27104

(336)293-9000 [email protected]

33480

(727)461-2200 [email protected]

27603

(919)662-0122 [email protected]

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neral Contractor Identity of Interest?

ompany: Progress Builders, LLC

dress: PO BOX 160 / 709 N. Main Street

ty: Aynor State: SC Zip:

one Email:

ontact Name: First: Michael Last: Allard

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29511

(843)358-1052 [email protected]

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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

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800

10,000

3,750

43,000

62,000

3,000

3,000

1,000

computer center/ high s2,400

128,950

12,000

25,000

23,000

60,000

1,000

8,000

4,000

8,000

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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

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2,000

10,000

1,500

5,000

3,400

500

500

cleaning/turnover6,500

50,400

32,627

8,700

35,000

8,000

84,327

2,000

425

2,425

33,950

33,950

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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

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360,052

291,050

97

3,001

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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:Moderate Income County:

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

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

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

Tax Exempt BondsThreshold requirement (select one):

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

Eligible for targeting points (select one):

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

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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)