Carriage Court II

8/6/2019 Carriage Court II

1/34

Check all that apply:

Federal Low Income Housing Tax Credit

State Low Income Housing Tax Credit

Tax Exempt Bonds

Rental Production Program (RPP) Loan

Requested RPP Loan Amount:RPP Loan Product Requested:

Print Preview - Final Application

Tax Credits, RPP Loans, and/or Tax Exempt Bond Loans

Resources Requested

Page 1 of 34Print - APP03-0195

1/14/2005https://www.nchfa.org/Rental/RTCApp/(gm3zm22yqh0150b01rlqggqq)/site/PrintApp.asp...


2/34

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

Project Name and Location

Project Name: Carriage Court II Apartments

Address: Sunset Avenue

City: Rocky Mount County: Nash Zip: 27802

Census Tract: 111 Block Group:

No

Political Jurisdiction: City of Rocky Mount

Jurisdiction CEO Name: First: Last:Stephen Raper Title: City Manager

Jurisdiction Address: P.O. Box 1180

Jurisdiction City: Rocky Mount Zip: 27802

Jurisdiction Phone: (252)972-1100

Site Latitude:

Site Longitude:




3/34

Is this project a follow-on (Phase II, etc) to a previously-awarded tax credit development project?

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

Will the project be receiving federal rental assistance?

If yes, provide the subsidy source:If yes, provide the subsidy source: and number of units:and number of units:

Target Population: Family

Indicate below any additional targeting for special populations proposed for this project:

Square Footage Information

Project Description

Project Type:* New Construction Rehab Adaptive Reuse

Yes

Carriage Court Apartments

No

Mobility impaired handicapped: 5% of units comply with QAP Section IV(F)(3) (in addition to other federal and staterequirements)

Persons with disabilities or homeless populations: the greater of 5 units or 10% of the total units

Remarks: Flood Relief

Proposed number of residential buildings: 4 Maximum number of stories in buildings: 2

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

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

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

Elevators -- Number of Elevators:Number of Elevators:

Gross Floor Square Footage: 36,372

Total Net Sq. Ft. (All Heated Areas): 30,016




4/34

Applicant Information

Applicant Name: Episcopal Housing Ministry, Inc.

Address: 4040 Barrett Drive, Suite 200

City: State: NC Zip:Raleigh 27609

Contact: First: Last: Title:Shepherd Smith President

Telephone: (919)881-0110

Alt Phone:

Fax: (919)881-0305

Email Address: [email protected]




5/34

Total Site Acreage: Total Buildable Acreage:

If buildable acreage is less than total acreage, please explain:

Identify utilities and services currently available (and with adequate capacity) for this site:

Storm Sewer Water Sanitary Sewer Electric

Is the demolition of any buildings required or planned?

If yes, please describe:

Are existing buildings on the site currently occupied?

If yes:(a) Briefly describe the situation:

(b) Will tenant displacement be temporary?

(c) Will tenant displacement be permanent?

Is the site in a distressed neighborhood?

If yes, does a community revitalization plan exist?

Is the site directly accessed by an existing, paved, publicly maintained road?

If no, please explain:

Is any portion of the site located inside the 100 year floodplain?

If yes:(a) Describe placement of project buildings in relation to this area:

Site Description

2.15 2.15

No

No

No

Yes

No




6/34


7/34

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

If yes provide:

Purchase Date: Purchase Price:

If no:

Site Control

Yes

8/31/2000 90,000

(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:




8/34

Present zoning classification of the site:

Is mutifamily use permitted?

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

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

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

Is a public hearing of any kind required in the future for you to fully develop this property?

If yes, describe the nature of the hearing and when you expect the hearing will be held:

Are there any existing conditions of historical significance located on the project site that will require State Historic Preservation office review?

If yes, describe below:

Are there any existing conditions of environmental significance located on the project site?

If yes, describe below:

Zoning

O-1CU

Yes

No

No

No




9/34

Ownership Entity

Owner Name: Carriage Court Apartments II, LP

Address: c/o Episcopal Housing Ministry, Inc., P.O. Box 1711 P.O. Box 17111

City: State: NC Zip:Raleigh 27619

Federal Tax ID Number of Ownership Entity: (If assigned)56-2204624

Federal Tax ID Number of Managing GP or Member: (If Not Assigned)56-1735130

Entity Type: Limited Partnership

Entity Status: Already Formed

Is the applicant requesting that the Agency treat the application as Non-Profit sponsored? Yes

Is the applicant requesting that the Agency treat the application as CHDO sponsored? Yes

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

Org: Episcopal Housing Ministry, Inc., General Partner

First Name: Shepherd Last Name: Smith Function: Managing General Partner

Address: P.O. Box 17111

City: Raleigh State: NC Zip: 27619

Phone: (919)881-0110 Fax: (919)881-0305

EMail: shepherdsmith@episcopalhousin Nonprofit: Yes TaxID 56-1735130

Org: Henley & Associates, LLC, Joint Venture Developer

First Name: Robert Last Name: Henley Function: Member

Address: P.O. Box 17111

City: Raleigh State: NC Zip: 27619

Phone: (919)608-4403 Fax: (919)881-0305

EMail: [email protected] Nonprofit: No TaxID 56-2190231




10/34

List each applicable unit mix combination in a separate row below. Click [Add] to create another row. Click "X" (at the left of each row) todelete a row.

Low Income Units

Market Rate Units

Statistics

Notes

Unit Mix

Type # BRs Net Sq.Ft.Total

# Units#Units

MonthlyRent

UtilityAllowance

MandatoryServ. Fees

**TotalHousing Exp.

Gdn Apt 2 904 24 1 425 96 0 521

Gdn Apt 3 1100 8 1 495 104 0 599

Utilites included in rents: Water/Sewer Electric Gas Other trash disposal

Type # BRs Net Sq.Ft.Total

# Units#Units

MonthlyRent

UtilityAllowance

MandatoryServ. Fees

**TotalHousing Exp.

Utilites included in rents: Water/Sewer Electric Gas Other

AllUnits

Units

Gross MonthlyRental Income

Low Income....... 32 2 14160

Market Rate.......

Totals............... 32 2 14160

* Paint-to-Paint Square Footage

** 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.




11/34

Specify Low Income Unit Targeting in table below. List each applicable targeting combination in a separate row below. Click [Add] to createanother row. Click "X" (at the left of each row) to delete a row. Add as many rows as needed.

Total Low Income Units:

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

Targeting

# BRs Units %

2 12 targeted at 50 percent of median income.




32




12/34

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 675,000 7.75 30 30 58,029

RPP LoanLocal Gov. Loan - Specify:

RD Loan

AHP Loan

Other Loan 1 - Specify:



Tax Exempt Bonds

State Tax Credit(Loan) 397,418 0 30 30 0

State Tax Credit(Direct Refund)

Equity: Federal LIHTC 1,263,790

Non-Repayable Grant

Equity: Historic Tax Credits

Deferred Developer Fees

Owner Investment 682 Other - Specify:

Total Sources** 2,336,890

* "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.

80




13/34

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 156,000 156,000

4 Rehabilitation

5 Construction of New Building(s) 1,203,590 1,203,590

6 Accessory Building(s)

7 General Requirements 77,591 77,591

8 Contractor Overhead 25,864 25,864

9 Contractor Profit 90,523 90,523

10 Construction Contingency 46,000 46,000

11 Architect's Fee - Design 44,395 44,395

12 Architect's Fee - Inspection

SUBTOTAL (lines 1 through 12) 1,643,963

13 Construction Insurance (prorate)

14 Construction Loan Orig. Fee (prorate) 8,000 8,000

15 Construction Loan Interest (prorate) 40,000 40,000

16 Construction Loan Credit Enhancement (prorate)

17 Construction Period Taxes (prorate)

18 Water, Sewer and Impact Fees

19 Survey 5,000 5,000

20 Property Appraisal 6,000 6,000

21 Environmental Report

22 Market Study

23 Bond Costs (specify)

24 Cost of Issuance

25 Placement Fee

26 Permanent Loan Origination Fee 13,000

27 Permanent Loan Credit Enhancement

28 Title and Recording

SUBTOTAL (lines 13 through 28) 72,000

29 Real Estate Attorney 10,000 10,000

30 Other Attorney's Fees 10,000 10,000

31 Tax Credit App Fees 7,931 7,931

32 Cost Certification/Accounting Fees (specify) 5,000 5,000

33 Tax Opinion

34 Organizational (Partnership) 10,000

35 Tax Credit Monitoring Fee 16,800


36 Furnishings and Equipment 2,000 2,000

37 Relocation Expenses

38 Developer's Fee (max 15% lines 2-36, less 8 & 9) 249,196 249,196

39 Other Basis Expense (specify)

40 Other Basis Expense (specify)

41 Rent-up Expenses 15,000

42 Other Non-basis Expense (specify)

43 Other Non-basis Expense (specify)


44 Rent up Reserve




14/34

Comments:

45 Operating Reserve 78,000

46 Other Reserve (specify)

47 Other Reserve (specify)

48 DEVELOPMENT COST (lines 1-47) 2,119,890 0 1,987,090

49 Less Federal Financing

50 Less Disproportionate Standard

51 Less Nonqualified Nonrecourse Financing

52 Less Historic Tax Credit (residential) 0

53 TOTAL ELIGIBLE BASIS 1,987,090 0 1,987,090

54 Times Applicable Fraction 100.00% 100% 100%

55 TOTAL QUALIFIED BASIS 1,987,090 0 1,987,090

56 Tax Credit Rate 7.95% 7.95%

57 FEDERAL TAX CREDITS at Estimated Rate 157,973 0 157,973

57a FEDERAL TAX CREDITS at 8.5% or 3.75% 168,902 0 168,902

58 FEDERAL TAX CREDITS REQUESTED 1,579,737 1,579,737

59 STATE TAX CREDITS 397,418

60 Land Cost 217,000

61 TOTAL REPLACEMENT COST 2,336,890




15/34

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

Carriage court II apartments will cosist of four two-story garden apartment buildings containing 32two and three bedroom units. This is the second phase of development and will be located adjacentto the existing Carriage Court Apartments and will share the Community building/office which wasconstructed with phase I.

East Haven, Raleigh, NC; Fox Haven, Raleigh, NC; West Haven, Apex, NC; River Haven, Raleigh,NC and Carriage Court, Rocky Mount, NC. These units are somewhat smaller and do not have brickbut are otherwise the same.

Community Bldg - Sq Ft: 1,500 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

After school center for grades 1-6. Note: Community building with laundry room and computercenter were built with phase I.

Building area will have extensive foundation plantings and ornamental trees.




16/34

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




17/34

Briefly describe your site in each of the following categories:

Applicant's Site Evaluation

NEIGHBORHOOD CHARACTERISTICS

Physical condition of buildings and improvements. Trend and direction of real estate developmentrelative to the project. Area economic health (degree of decline or investment).

The condition of both residential and commercial buildings in the area is very good.

Suitability of surrounding development. Land use pattern is primarily residential with a balance ofother uses, including non-competing multifamily and single family units, relevant amenities, shoppingand services.The neighborhood contains a mixture of both commercial and residential uses. There is a largesubdivision of high quality starter homes directly behind the site and townhouses under constructionacross Westry Road.

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).Good access to site from all directions. Sunset Avenue will be widened with turning lanes inconjunction with the development of Carriage Court II.

Amount and character of vacant, undeveloped land. Effect of industrial, large-scale institutional orother incompatible uses: wastewater treatment facilities, high traffic corridors, junkyards, prisons,landfills, large swamps, distribution facilities, frequently used railroad tracks, power transmission linesand towers, factories or similar operations, sources of excessive noise, and sites with environmentalconcerns (such as odors or pollution).The vacant land along Sunset Avenue is interspersed with commercial development. There are noincompatible uses known to developer.

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.Site is essentially flat and storm drainage as well as rough grading and pads are complete.

Similarity of scale and aesthetics/architecture between project and surroundings.Proposed development is similar in use, scale and aesthetics with existing neighborhood.




18/34

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

Other facilities or services:

Concentration of affordable housing (housing credit, project-based rental assistance, public housing).There is no affordable housing in the neighborhood other than Carriage Court.

Availability of Supportive Services (if applicable):All services are available through Rocky Mount and Nash County. Sponsor will provide after schoolcenter at no additional cost to residents.

Grocery Store1.0 Community/Senior Center4.0

Mall/Strip Center3.0 Hospital3.0

Outdoor Athletic Fields4.0 Pharmacy2.0

Day Care/After School0 Basic Health Care2.0

Schools3.0 Medical Offices2.0

Public Transportation Stop.10 Bank/Credit Union2.0

Convenience Store.10 Restaurants1.0

Basketball/Tennis Courts4.0 Professional Services2.0

Public Parks4.0 Movie Theater4.0

Gas Station.10 Video Rental.12

Library5.5 Public Safety (Fire/Police)3.0

Fitness/Nature Trails4.0 Post Office2.0

Public Swimming Pools2.0

Fitness Center .25 mileNash Community College .50 mile




19/34


20/34

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: 6

Units: 364

North Carolina Other States

Projects: 6

Units: 364

No

No

No

No

No




21/34

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:




22/34

Project Operations (Year One)

Projected Operating Costs

Administrative Expenses

Advertising 800

Other Administrative Expense (specify):1,300

Office SalariesOffice Supplies 500

Office or Model Apartment Rent

Management Fee 12,000

Manager or Superintendent Salaries 13,000

Manager or Superintendent Rent Free Unit

Legal Expenses (Project) 500

Auditing Expenses (Project) 3,800

Bookkeeping Fees/Accounting Services

Telephone and Answering Service 1,200

Bad Debts

Other Administrative Expenses (specify):500

SUBTOTAL 33,600

Utilities Expense

Fuel Oil

Electricity (Light and Misc. Power) 4,000

Water 6,000

Gas

Sewer

SUBTOTAL 10,000

Operating and Maintenance Expenses

Janitor and Cleaning Payroll

Janitor and Cleaning Supplies 300

Janitor and Cleaning Contract

Exterminating Payroll/Contract 384

Exterminating Supplies

Garbage and Trash Removal 4,200

Security Payroll/Contract

Grounds Payroll

Grounds Supplies 500

Grounds Contract

Repairs Payroll 7,500

Repairs Material 1,000

Repairs Contract

Elevator Maintenance/Contract

Heating/Cooling Repairs and Maintenance 400

Swimming Pool Maintenance/Contract

Snow Removal 100

Decorating Payroll/Contract 1,000

Decorating Supplies

Other (specify):4,000

Miscellaneous Operating & Maintenance Expenses

SUBTOTAL 19,384

Taxes and Insurance

Real Estate Taxes 14,600




23/34

Payroll Taxes (FICA) 1,975

Miscellaneous Taxes, Licenses and Permits

Property and Liability Insurance (Hazard) 6,100

Fidelity Bond Insurance

Workmen's Compensation 200

Health Insurance and Other Employee Benefits 1,500

Other Insurance:

SUBTOTAL 24,375

Supportive Service Expenses

Service Coordinator 3,840

Service Supplies

Tenant Association Funds

Other Expenses (specify):

SUBTOTAL 3,840

Reserves

Replacement Reserves 8,000

SUBTOTAL 8,000

TOTAL OPERATING EXPENSES 99,199

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

72,759

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

32

PER UNIT PER YEAR 2,273




24/34


25/34

Design Features

ITEM DESCRIPTION

Foundation/Slab Components Post tension, monolithic slab on grade

Primary Windows Make: Model:Lowes Silverline Type/Construction: Vinyl single hung

Exterior Doors Type: Frames:Insulated steel doors wood frames

Siding Type: Grade/Thickness:Vinyl .044 thickness

Warranty: Lifetime

Exterior Trim wood/vinyl

Shingles Type: Weight:3 tab asphalt #227

Warranty: 25 yr

Sprinkler System NFPR-13 system

Cabinets American Cabinets, oak flat panel doors & drawers

Heat Pump SEER: Make:12 SEER First Company/Trane

Model: varies

Air Conditioner SEER: Make:12 SEER Trane

Model: varies

Other Heat Systems SEER: Make:

Model:




26/34

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 68,850 68,850

Waterproofing 0

Masonry Foundation 0

Brick Veneer 20,000 20,000

Steel/Structure/Rails 0

Framing/Lumber/Nails 261,140 261,140

Trusses 62,800 62,800

Crane Rental 0

Windows/Grilles/Screen 19,200 19,200Exterior Doors 16,000 16,000

Roofing 17,000 17,000

Fencing 0

Vinyl Siding/Trim/Box 68,000 68,000

Gutters/Shutters 7,000 7,000

Insulation 27,000 27,000

Drywall 99,000 99,000

Interior Doors 12,000 12,000

Int. & Final/Stair/Trim/Shelves 20,700 20,700

Cabinets & Tops 44,000 44,000

Painting 33,000 33,000

Marble - Tub/Shwr/Tops 0

Plumbing 114,600 114,600

Electrical 95,000 95,000

Heating/Air Conditioning 90,000 90,000

Floor Covering and Underlayment 11,000 11,000

Wall Paper 0

Mailboxes/Special Features/Signage 700 700

Gypcrete 11,500 11,500

Blinds/Shades/Art Work 3,400 3,400

Light Fixtures/Fans 0

Sprinkler System 39,200 39,200

Security Alarm 0

Hardwood Floors 0

Elevator 0

Ceramic Tiles 0

Acoustical Ceilings 0




27/34

Remarks:

Mirror/Shower Door/Encls. 1,800 1,800

Hardware/Bath Access. 10,500 10,500

Appliances 29,000 29,000

Playground Equipment 0

Interior Clean 5,600 5,600

Exterior Clean/Dumpster 7,600 7,600

Other 1 (specify in Remarks) 8,000 8,000

Other 2 (specify in Remarks) 0

Total Cost 0 1,203,590 1,203,590

Other items




28/34

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 42,000

Job Site Office/Trailer Rental 1,850

Impact Fees

Office Supplies 231

Security/Watchman

Water and Sewer Connection Fees

Project Signage 700

Tools and Equipment 1,200

Gas, Oil, and Maintenance 1,000

Cleanup/Dumpster Rental 6,000

Temporary Water, Electric, and Telephone 800Storage/Hauling 600

Driveway Access Permit

Porta-John Rental/Dumping 450

Builders Risk Insurance 5,000

Re-inspection Fees

Extra Plans and Specifications 360

Miscellaneous, Casual Labor 9,000

Equipment Rental 8,400

Other 1 (specify in Remarks)


Total Cost 77,591




29/34

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 15,500

Demolition

Earthwork/Excavation/Aerating 9,100

Soil Treatment 1,400

Pile Foundations

Caissons

Shoring/Bracing

Site Drainage 17,200

Site Utilities/Site Lighting 23,300

Paving and Surfacing/Curb and Gutter 44,092Walkways 17,800

Site Signage 2,900

Parking Lot Painting 3,508

Dumpsite Pads/Fencing

Fencing/Gates

Landscaping/Topsoil 19,200

Waterproofing/De-Watering

Operation of Construction Equipment/Fuel/Oil

Crane Rental

Rock and Hardpan Excavation

Site Supervision Personnel

Other (specify in Remarks) 2,000

Total Cost 156,000

other items




30/34

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

Remarks:

Costs - Bond Costs

ITEM TOTAL

Letter of Credit Fee

Credit Enhancement

Underwriter Discount

Capital Interest Fund



Total Cost 0




31/34

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

Remarks:

Costs - Bond Issuance

ITEM TOTAL

Bond Counsel

Issuer Counsel

Credit Enhancement/LOC Counsel

Underwriter Counsel

Developer's Counsel

Rating Agency Fee

Printing

Trustee Fee

Trustee Counsel


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

Total Cost 0




32/34

MINIMUM REQUIRED SET ASIDES (No Points Awarded):

Minimum Set-Asides

Select one of the following two options:

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

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

If requesting RPP funds:

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

State Tax Credit and QAP Targeting Points:

High Income county:

At least twenty-five percent (25%) of qualified units will be affordable to households with incomes at or below thirty percent (30%) ofcounty median income.

At least twenty-five percent (25%) of qualified units will be affordable to and occupied by households with incomes at or below thirtypercent (30%) of county median income.

At least fifty percent (50%) of qualified units will be affordable to households with incomes at or below forty percent (40%) of countymedian income.

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

Moderate Income County:

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

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

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

Low Income County:

At least forty percent (40%) of qualified units will be affordable to households with incomes at or below fifty percent (50%) of countymedian income.

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

Tax Exempt Bonds

Threshold requirement (select one):

At least ten percent (10%) of qualified units will be affordable to and occupied by households with incomes at or below fifty percent

(50%) of county median income.

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

Eligible for mortgage subsidy points (select one):

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

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




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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 Permitted zoning letter (including conditional and special use)

I Site plan, floor plans and elevations

J Hazard and structural inspection and termite reports (Renovation projects only)

K Description of any existing conditions of historical significance.

L Description of environmental significance.

M Anticipated budget demonstrating how the project would meet the 10% test by November 14th.

N Evidence of Architect's Errors and Omissions insurance (or equivalent).

O Description of acquisition for existing/occupied projects or for projects with occupied buildings to be demolished.

P Description of proposed Relocation Plan & Relocation Budget, Etc. If any relocation is anticipated, reference Appendix F.

Q Targeting Plan and supporting documentation (Required for projects targeted to Special Populations)

R Local Housing Authority Agreement (Reference Model in Appendix I)

S Appraisal (for land costs greater than $5,000 and for buildings in rehab projects)

T Evidence of Permanent Loan Commitment, other sources of funds, and project-based subsidies.

U Statement regarding terms of Deferred Developer Fee and, if nonprofit, resolution of Board approving fee.

V Inducement Resolution (Tax-Exempt Bond Financed Projects only)

W Documentation to support estimated utility costs.


Carriage Court II

Documents