Dry Creek App

8/6/2019 Dry Creek App

1/29

rint - APP08-0065

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

roject Description

oject Name: Dry Creek Apartment Homes

ddress: adjacent & south of 2366 SR 210 North

ty: Lillington County: Harnett Zip:

ensus Tract: 708 Block Group: 1015

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

olitical Jurisdiction: Town of Lillington

risdiction CEO Name:First:Glenn Last:McFadden

Title: Mayor

risdiction Address: 106 West Front Street, P.O. Box 296

risdiction City: Lillington Zip:

risdiction Phone:

e Latitude:

e Longitude:

oject Type: New Construction

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? No

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

ehab:

umber of residents holding Section 8uchers:

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

es a community revitalization plan exist? No

ll the project use steel and concrete construction and have at least 4 stories? No

ll the project include a Community Service Facility under IRS Revenue Ruling 2003-77?o

ttps://www.nchfa.org/Rental/RTCApp/(S(x3cnavzc...C95A458E7&SNID=972FEC1C3EC7414B867B2B3BD876CF44 (1 of 29)9/16/2008 1:40:16 PM

27546

27546

(910)893-2654

35.7810

-78.6366


2/29

rint - APP08-0065

If yes, please describe:

rget Population:Family

ll the project be receiving project based federal rental assistance? No

If yes, provide the subsidy source: 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: There will be a total of 6 mobility-impaired units, to comply with Federal, State and NCHFA requirements.


6

6


3/29

rint - APP08-0065

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: Ilex Properties, LLC

dress: 1049 Sunset Meadows Drive

ty: Apex State: NC Zip:

ontact: First: Holly Last:Smith Title:Managing Member

lephone:

Phone:

x:

mail Address:

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


27523

(919)363-1677

(919)539-1654

(919)363-1727

[email protected]


4/29

rint - APP08-0065

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? No

If yes:(a) Briefly describe the situation:

(b) Will tenant displacement be temporary?(c) Will tenant displacement be permanent?

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:


6.0 6.0


5/29

rint - APP08-0065

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



6/29

rint - APP08-0065

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:


11/28/2008

330,000


7/29

rint - APP08-0065

oning

esent zoning classification of the site:MULTIFAMILY

multifamily use permitted?Yes

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

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

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

them:On March 11, 2008, the site was unanimously approved for annexation into the Town of Lillington, with aconcurrent rezoning to Multifamily, which permits the development of up to 66 rental units.

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:



8/29

rint - APP08-0065

wnership Entity

wner Name: Dry Creek Apts, LLC

dress: 1049 Sunset Meadows Drive

y: Apex State:NC Zip:

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

ote: Do not submit social security numbers for individuals.

tity Type: Limited Liability Company

tity Status: To Be 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: Ilex Dry Creek, LLC

st Name: Holly Last Name: Smith Function: Managing Memberddress: 1049 Sunset Meadows Drive

ty: Apex State: NC Zip: 27523

one: Fax:

Mail: Nonprofit: No


27523

(919)363-1677 (919)363-1727

[email protected]


9/29


10/29

rint - APP08-0065

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.


6 2

1,797

58,205

55,641
http://www.nchfa.com/lib/html/rental/Median%20Income%20Charts/income_limits.htmhttp://www.nchfa.com/lib/html/rental/Median%20Income%20Charts/income_limits.htm


11/29

rint - APP08-0065

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









tal Low Income Units:

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


4 40

4 50

8 60

7 40

7 50

14 60

4 40

4 50

8 60

60


12/29

rint - APP08-0065

unding Sources

Source AmountNon-

Amortizing*Rate(%)

Term(Years)

Amort.Period(Years)

AnnualDebt

Service

Bank Loan

RPP Loan

Local Gov. Loan - Specify:

RD 515 Loan

RD 538 Loan - Specify:

AHP Loan

Other Loan 1 - Specify:



Tax Exempt Bonds

State Tax Credit(Loan)

State Tax Credit(Direct Refund)

Equity: Federal LIHTC

Non-Repayable Grant

Equity: Historic Tax Credits

Deferred Developer Fees

Owner Investment

Other - Specify:CDBG for offsite road widening

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))

e interest rate & amortization figures above are not accurate; the actual amortization of the RPP


860,000 6.25 30 30 63,542

800,000

1.00 20 20

881,219 0 30 30 0

3,988,113

250,000

6,779,332

80


13/29

rint - APP08-0065

an will be based upon Net Operating Income / 1.15x - CICCAR debt service. Also, an applicationr a $359,000 AHP Loan will be made next month, to reduce the RPP loan by the same amount. Theds are positive that I'll get the award, based upon past experience, which will result in an RPP

an amount of $441,000.

e second hearing for the HD-CDBG grant took place on April 8, 2008, and was unanimouslyproved by the Board of Commissioners. Iris Payne, of DCA, has visited the site and metlington's Town Manager, reserving the funds for Dry Creek Apartment Homes, should thevelopment receive an allocation of credits.

ans with Variable Amortizationease fill in the annual debt service as applicable for the first 20 years of the project life.

PP Loan

ear:mt:

1 2 3 4 5 6 7 8 9 10

ear:mt:

11 12 13 14 15 16 17 18 19 20


16863 17286 17643 17927 18133 18256 18290 18228 18064 17790

17399 16882 16233 15441 14499 13396 12121 10666 9017 7164


14/29

rint - APP08-0065

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


480,000 480,000

3,300,000 3,300,000

100,000 100,000

232,800 232,800

82,256 82,256

329,024 329,024

135,722 135,722

105,000 105,000

19,900 19,900

35,000 35,000

4,819,702

4,600 4,600

27,471 27,471

186,393 186,393

12,000 12,000

90,000 90,000

10,000 10,000

8,500 8,500

8,000 8,000

5,700 5,700

17,700

9,687


15/29

rint - APP08-0065


30 Real Estate Attorney

31 Other Attorney's Fees

32 Tax Credit Application Fees (Preliminary and Full)

33 Tax Credit Allocation Fee (0.60% of line 59, minimum $7,500)

34 Cost Certification / Accounting Fees

35 Tax Opinion

36 Organizational (Partnership)

37 Tax Credit Monitoring Fee


38 Furnishings and Equipment

39 Relocation Expense

40 Developer's Fee

41

42

43 Rent-up Expense

44

45


46 Rent up Reserve

47 Operating Reserve

48

49

50 DEVELOPMENT COST (lines 1-49)

51 Less Federal Financing

52 Less Disproportionate Standard

53 Less Nonqualified Nonrecourse Financing

54 Less Historic Tax Credit

55 TOTAL ELIGIBLE BASIS

56 Applicable Fraction (percentage of LI Units)

57 Basis Before Boost

58 Boost for QCT/DDA (if applicable, enter 130%)

59 TOTAL QUALIFIED BASIS


380,051

32,000 29,000

14,500 8,000

2,200

35,300

12,000 12,000

42,000

138,000

32,000 32,000

630,000 630,000

Other Basis Expense: B

Other Basis Expense: s

27,000

Other Non-basis Expen 250,000

Other Non-basis Expen

939,000

18,000

154,579

Other Reserve (specify)

Other Reserve (specify)

6,449,332 0 5,883,366

0

5,883,366 0 5,883,366

100.00% 100% 100%

5,883,366 0 5,883,366

100.00% 100.00%

5,883,366 0 5,883,366


16/29

rint - APP08-0065

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:

line 41 was included on line 12

Total Replacement Cost per unit:77,663


3.40 8.50

500,086 0 500,086

529,503 0 529,503

0

330,000

6,779,332

529,503


17/29

rint - APP08-0065

arket Study Information

ase provide a detailed description of the proposed project:

y Creek Apartments will be located on a rectangular site, with 450' of frontage on SR 210, a moderately-veled 2 lane road connecting Lillington to Angier, to the North. Although traffic is moderate on this narrowo-lane road, the two residential buildings at the front of the site will be set back 60+ feet from SR 210,ving the existing wooded area and providing a good noise and privacy buffer for the residents. Theoposed use--high density residential-- is positioned favorably between existing single family homes andw subdivisions located 1/10 mile north, and the retail and commercial uses to the South, at the SR

0/401/421 intersection. Just 4/10 mile south from the site is River Birch Square, a busy strip center, withnks and doctor's offices just around the corner. The SRs 210/401/421 intersection includes 5 fast foodd sit-down restaurants, Food Lion, gas stations, and other retail services, just 7/10 mi south from the site.e 129-acre, Biotechnology Business Park, which includes a 50-bed, acute care hospital, just east of thatersection, will create additional housing needs for the area, when it opens in 2010. Other employers ine area include the Harnett County Gov't Complex, several car dealerships and banks, and Harnettoduction Enterprises (an industrial park). There are no apartments, affordable or market-rate, in Lillingtonrth of the Cape Fear River, where this growth is occurring. However, Lillington's growth to the southmains strong, as it benefits from the Ft. Bragg expansion. According to the 10/07 BRAC Planning Taskrce report, "there is a limited supply of rental units for military families in Harnett County as evidenced by

e low vacancy rate..and a lack of multifamily building activity." Fairview Pointe, a 50 unit tax creditvelopment approved in 2007, is the only multifamily development approved in the area since 2001.cording to the 11/2007 preliminary market study, including Fairview's 50 units, the proposed 60 unit

mplex results in an overall capture rate of 5%, further evidencing the need for additional, affordable rentalits in the area.

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:

High quality,energy-efficient, and low-maintenance vinyl clad windows and accents will be used. The roofingsystem will include 25-year, anti-fungal architectural shingles, with wrapped fascia and soffits. Porch posts

& columns will be vinyl-wrapped.

ve you built other tax credit developments that use the same building design as this project?Yes

If yes, please provide name and address:

The plan has been used, and project successfully built, by a Kenn Boisseau tax credit client in BoilingSprings, SC.

e Amenities:

e amenities include a covered picnic area, picnic tables and grills, outdoor seating around theayground, and tot lot, all of which are connected by sidewalks to the clubhouse and/or the parking areas &sidential units. A sodded, open area, to the left of the clubhouse, will remain grassy for kids to play ball &mes. Parking will be provided at the front of all buildings, with tree islands providing shade for thesidents' autos.



18/29

rint - APP08-0065

site Activities:

e clubhouse includes an exercise room with machines and free weights; a kitchen area with refrigerator,nk, and microwave; a computer room with high speed internet access; a laundry room with exteriorcess; and, manager's office accessible from both inside, and outside, the clubhouse. The large meetingea will accomodate seminars, resident parties, games, crafts, and activities related to the supportivervices program. A large outdoor covered patio area, to the rear of the meeting room, will have seating fore residents' use.

ndscaping Plans:

e wooded areas in the buffers and setbacks will be saved on all boundary sides, to the extent possible,cluding the 60'+ of wooded frontage along SR 210. A lighted monument sign, visible to drivers from theorth and South on SR 210, will be located at the property's entrance. Foundation plantings will consist ofergreens and flowering perenials, and hardwoods and evergreens wil l be planted in tree islands andoughout the building areas. The Clubhouse area, within the circular driveway, will be sodded andgated. Seasonal annuals will be planted at the entrance sign, clubhouse, and building fronts, andriscape concepts (very-drought-resistant plantings) will be used where possible.

erior Apartment Amenities:

typical apartment will include VCT tiling at its entrance, kitchen, and baths, with wall to wall carpeting in

her areas; GE energy-saving appliances; oak cabinetry in kitchens and baths; kitchen pantry; walk-inosets; ceiling fans in bedrooms; high-efficiency heat pumps and a/c units; and mini blinds on all windows.

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.



19/29


20/29

rint - APP08-0065

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 or off-site, negative features that would impede construction or adversely affect futuresidents. It is generally flat and wooded, with an equal number of pines and hardwoods.

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

he two-story, walk-up buildings will be enveloped in the existing wooded buffers surrounding the site.here are no, single-story, existing homes along any boundary of the subject site. The proposed brickeneer with vinyl accents on the building facades, will provide excellent curb appeal, and will harmonizeth the new subdivision homes, Brookside Assisted Living buildings, and existing retail and commercial

ses.

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

Grocery StoreCommunity/Senior

Center

Mall/Strip Center Hospital

Outdoor Athletic Fields Pharmacy

Day Care/After School Basic Health Care

Schools

Public Transportation

op

Convenience Store

Public Parks

Gas Station

Library

her facilities or services:

arnett Central Middle School & High School are located North on SR 210, 2.4 and 2.8 miles from thebject site. Lillington-Shawtown Elementary School is located 3.7 miles South, and Carolina Central

ommunity College, which offers two year degrees in high tech, public service, health, industrial &gineering fields, is located 1.6 miles from the site on SR 421. Campbell University, an accredited 4-yearllege with pharmacy and law school curriculums, is located in Buies Creek, approximately 6 miles frome subject site. Food Lion, Peebles Dept Store, Fast Food Restaurants (KFC, McDonald's,Pizza Hut,bway), Dollar Store,sit down restaurants, tax prep, attorneys, banks and doctors' offices are all located

thin 1.1 miles of the site.


01.2

4 1.3

2

.6

4

8

2

8

2


21/29

rint - APP08-0065

evelopment Team

ovide contact information for development team members below:

nagement Agent

ompany: Excel Property Management, Inc

dress: 1004 Bullard Court, Suite 106

ty: Raleigh State: NC Zip:

one Email:

ontact Name: First: Rita Last: Blackmon

chitect

ompany: Kenn Boiseau Design Group

dress: 8304 Meadow Ridge Court


one Email:

ontact Name: First: Kenn Last: Boisseau

orney

ompany: Blanco Tackabery & Matamoros, P.A.

ddress: 110 S. Stratford Road, Fifth Floor or P. O. Drawer 25008

ty: Winston-Salem State: NC Zip:

one Email:

ontact Name: First: Deborah Last: McKenney

estor

ompany: Community Affordable Housing Equity Corporation

dress: 7700 Falls of Neuse Road, Suite 200


one Email:

ontact Name: First: Greg Last: Mayo

nsultant/Application Preparer (if different from developer)

ompany:

dress:

ty: State: Zip:

one Email:

ontact Name: First: Last:


27615

(919)878-0522 rblackmon@excelpropertymanag

27615

(919)847-5860 [email protected]

27114


27615



22/29

rint - APP08-0065

neral Contractor Identity of Interest?

ompany: Harold K. Jordan & Company, Inc.

dress: 1086 Classic Road

ty: Apex State: NC Zip:

one Email:

ontact Name: First: Tony Last: Castillo


27539



23/29

rint - APP08-0065

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


5,000

21,840

1,500

29,162

500

4,000

1,800

Training, computer servi2,500

66,302

5,000

13,000

17,000

35,000

1,500

2,880

7,980

1,500


24/29

rint - APP08-0065

Grounds Supplies

Grounds Contract

Repairs Payroll

Repairs Material

Repairs Contract

Elevator Maintenance/Contract

Heating/Cooling Repairs and Maintenance

Swimming Pool Maintenance/Contract

Snow Removal

Decorating Payroll/Contract

Decorating Supplies

Other (specify):

Miscellaneous Operating & Maintenance Expenses

SUBTOTAL

Taxes and Insurance

Real Estate Taxes

Payroll Taxes (FICA)

Miscellaneous Taxes, Licenses and Permits

Property and Liability Insurance (Hazard)

Fidelity Bond Insurance

Workmen's Compensation

Health Insurance and Other Employee Benefits

Other Insurance:

SUBTOTAL

Supportive Service Expenses

Service Coordinator

Service Supplies

Tenant Association Funds

Other Expenses (specify):

SUBTOTAL

Reserves

Replacement Reserves

SUBTOTAL


1,000

14,000

19,500

2,000

2,000

2,000

4,000

1,000

59,360

31,300

3,725

12,000

65

1,200

2,400

50,690

2,000

400

2,400

15,000

15,000


25/29

rint - APP08-0065

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


228,752

180,052

60

3,001


26/29


27/29

rint - APP08-0065

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".



28/29

rint - APP08-0065

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.



29/29

rint - APP08-0065

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)

Dry Creek App

Documents