Top Banner

of 34

Highland Green

Apr 07, 2018

Download

Documents

Ryan Sloan
Welcome message from author
This document is posted to help you gain knowledge. Please leave a comment to let me know what you think about it! Share it to your friends and learn new things together.
Transcript
  • 8/6/2019 Highland Green

    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 - APP03-0085

    1/14/2005https://www.nchfa.org/Rental/RTCApp/(nf241t553t4uqc55wou3ms3v)/site/PrintApp.aspx...

  • 8/6/2019 Highland Green

    2/34

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

    Project Name and Location

    Project Name: Highland Green - (now known as Greenacre Terrace)

    Address: 111 S. Pinkston Street

    City: Henderson County: VANCE Zip: 27536

    Census Tract: 9607 Block Group:

    Yes

    Political Jurisdiction: City of Henderson

    Jurisdiction CEO Name: First: Last:Robert Young Jr. Title: Mayor

    Jurisdiction Address: 180 S. Beckford Drive

    Jurisdiction City: Henderson Zip: 27536

    Jurisdiction Phone: (252)431-6007

    Site Latitude: 36.320

    Site Longitude: -78.401

    Page 2 of 34Print - APP03-0085

    1/14/2005https://www.nchfa.org/Rental/RTCApp/(nf241t553t4uqc55wou3ms3v)/site/PrintApp.aspx...

  • 8/6/2019 Highland Green

    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: HUD 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

    No

    Yes

    5050

    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: 5 units have been set aside

    Proposed number of residential buildings: 8 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): 1,3941,394

    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: 49,404

    Total Net Sq. Ft. (All Heated Areas): 48,707

    Page 3 of 34Print - APP03-0085

    1/14/2005https://www.nchfa.org/Rental/RTCApp/(nf241t553t4uqc55wou3ms3v)/site/PrintApp.aspx...

  • 8/6/2019 Highland Green

    4/34

    Applicant Information

    Applicant Name: Blue Dolphin Investments, LLC

    Address: 4325 Lake Boone Trail Suite 200

    City: State: NC Zip:Raleigh 27607

    Contact: First: Last: Title:Judy Core-Hicks President

    Telephone: (919)277-0177

    Alt Phone: (919)801-4134

    Fax: (919)277-0180

    Email Address: [email protected]

    Page 4 of 34Print - APP03-0085

    1/14/2005https://www.nchfa.org/Rental/RTCApp/(nf241t553t4uqc55wou3ms3v)/site/PrintApp.aspx...

  • 8/6/2019 Highland Green

    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

    10.47 10.47

    No

    Yes

    Current occupancy is 98%. All the tenants are Section 8 under a HAP contract. The rehab will beconducted as a rolling rehab, where a small number units are slowly vacated through the closingperiod, then those are rehabbed first and tenants moved in, etc.. Exterior work is usually done priorto the rehab. Please see the displacement plan for more information.

    Also in order to minimize potential claims, digital photos will be taken of the tenants belongings anda waiver will be signed prior to the move.

    Yes

    No

    No

    Yes

    No

    Page 5 of 34Print - APP03-0085

    1/14/2005https://www.nchfa.org/Rental/RTCApp/(nf241t553t4uqc55wou3ms3v)/site/PrintApp.aspx...

  • 8/6/2019 Highland Green

    6/34

    (b) Describe flood mitigation if the project is in the East Region and will have improvements within the 100 year floodplain:

    Page 6 of 34Print - APP03-0085

    1/14/2005https://www.nchfa.org/Rental/RTCApp/(nf241t553t4uqc55wou3ms3v)/site/PrintApp.aspx...

  • 8/6/2019 Highland Green

    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

    No

    (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:

    No

    (c) Enter the current expiration date of the option/contract to purchase: 10/31/2003

    (D) Enter Purchase Price: 1,740,000

    Page 7 of 34Print - APP03-0085

    1/14/2005https://www.nchfa.org/Rental/RTCApp/(nf241t553t4uqc55wou3ms3v)/site/PrintApp.aspx...

  • 8/6/2019 Highland Green

    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

    R6

    Yes

    No

    No

    No

    No

    Page 8 of 34Print - APP03-0085

    1/14/2005https://www.nchfa.org/Rental/RTCApp/(nf241t553t4uqc55wou3ms3v)/site/PrintApp.aspx...

  • 8/6/2019 Highland Green

    9/34

    Ownership Entity

    Owner Name: Highland Green, LLC

    Address: 4325 Lake Boone Trail Suite 200

    City: State: NC Zip:Raleigh 27607

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

    Federal Tax ID Number of Managing GP or Member: (If Not Assigned)54-2079439

    Entity Type: Limited Liability Company

    Entity Status: Already Formed

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

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

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

    Org: Blue Dolphin Investments, LLC

    First Name: Judy Last Name: Core-Hicks Function: Managing General Partner

    Address: 4325 Lake Boone Trail Suite 200

    City: Raleigh State: NC Zip: 27607

    Phone: (919)277-0177 Fax: (919)277-0180

    EMail: [email protected] Nonprofit: No TaxID 54-2079439

    Page 9 of 34Print - APP03-0085

    1/14/2005https://www.nchfa.org/Rental/RTCApp/(nf241t553t4uqc55wou3ms3v)/site/PrintApp.aspx...

  • 8/6/2019 Highland Green

    10/34

  • 8/6/2019 Highland Green

    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.

    2 18 targeted at 60 percent of median income.

    3 8 targeted at 50 percent of median income.

    3 12 targeted at 60 percent of median income.

    50

    Page 11 of 34Print - APP03-0085

    1/14/2005https://www.nchfa.org/Rental/RTCApp/(nf241t553t4uqc55wou3ms3v)/site/PrintApp.aspx...

  • 8/6/2019 Highland Green

    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 691,000 8.00 20 30 60,843

    RPP LoanLocal Gov. Loan - Specify:

    RD Loan

    AHP Loan

    Other Loan 1 - Specify:

    Other Loan 2 - Specify:

    Other Loan 3 - Specify:

    Tax Exempt Bonds

    State Tax Credit(Loan) 1,520,719 0 30 30 0

    State Tax Credit(Direct Refund)

    Equity: Federal LIHTC 2,656,681

    Non-Repayable Grant

    Equity: Historic Tax Credits

    Deferred Developer Fees 554

    Owner Investment

    Other - Specify:

    Total Sources** 4,868,954

    * "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.

    79

    Page 12 of 34Print - APP03-0085

    1/14/2005https://www.nchfa.org/Rental/RTCApp/(nf241t553t4uqc55wou3ms3v)/site/PrintApp.aspx...

  • 8/6/2019 Highland Green

    13/34

    Development Costs

    Item Cost Element TOTAL COSTEligible Basis

    30% PV 70% PV

    1 Purchase of Buildings (Rehab) 1,391,400 1,391,400

    2 Demoli tion

    3 On-site Improvements 120,000 50,000

    4 Rehabilitation 1,550,000 1,600,000

    5 Construction of New Building(s)

    6 Accessory Building(s)

    7 General Requirements 100,200 100,200

    8 Contractor Overhead 35,404 35,404

    9 Contractor Profit 141,616 141,616

    10 Construction Contingency 116,833 116,833

    11 Architect's Fee - Design 50,000 50,000

    12 Architect's Fee - Inspection 20,000 20,000

    SUBTOTAL (lines 1 through 12) 3,525,453

    13 Construction Insurance (prorate) 15,000 15,000

    14 Construction Loan Orig. Fee (prorate) 26,053 26,053

    15 Construction Loan Interest (prorate) 130,813 93,438

    16 Construction Loan Credit Enhancement (prorate)

    17 Construction Period Taxes (prorate) 30,000 30,000

    18 Water, Sewer and Impact Fees 5,000 5,000

    19 Survey 15,000 15,000

    20 Property Appraisal 6,000 6,000

    21 Environmental Report 15,000 15,000

    22 Market Study 5,020 5,020

    23 Bond Costs (specify)

    24 Cost of Issuance

    25 Placement Fee

    26 Permanent Loan Origination Fee 7,809

    27 Permanent Loan Credit Enhancement

    28 Title and Recording 7,500

    SUBTOTAL (lines 13 through 28) 263,195

    29 Real Estate Attorney 15,000

    30 Other Attorney's Fees 40,000 15,000

    31 Tax Credit App Fees 23,306 23,306

    32 Cost Certification/Accounting Fees (specify) 15,000 15,000

    33 Tax Opinion 5,000

    34 Organizational (Partnership) 1,000

    35 Tax Credit Monitoring Fee 26,250

    SUBTOTAL (lines 29 through 35) 125,556

    36 Furnishings and Equipment 23,000 23,000

    37 Relocation Expenses 35,000 35,000

    38 Developer's Fee (max 15% lines 2-36, less 8 & 9) 393,103 393,103

    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)

    SUBTOTAL (lines 36 through 43) 466,103

    44 Rent up Reserve 15,000

    Page 13 of 34Print - APP03-0085

    1/14/2005https://www.nchfa.org/Rental/RTCApp/(nf241t553t4uqc55wou3ms3v)/site/PrintApp.aspx...

  • 8/6/2019 Highland Green

    14/34

    Comments:

    45 Operating Reserve 125,047

    46 Other Reserve (specify)

    47 Other Reserve (specify)

    48 DEVELOPMENT COST (lines 1-47) 4,520,354 1,391,400 2,828,973

    49 Less Federal Financing

    50 Less Disproportionate Standard

    51 Less Nonqualified Nonrecourse Financing 321,092

    52 Less Historic Tax Credit (residential) 0

    53 TOTAL ELIGIBLE BASIS 3,899,281 1,070,308 2,828,973

    54 Times Applicable Fraction 130.00% 130% 130%

    55 TOTAL QUALIFIED BASIS 5,069,065 1,391,400 3,677,664

    56 Tax Credit Rate 3.37% 7.87%

    57 FEDERAL TAX CREDITS at Estimated Rate 336,322 46,890 289,432

    57a FEDERAL TAX CREDITS at 8.5% or 3.75% 364,778 52,177 312,601

    58 FEDERAL TAX CREDITS REQUESTED 0

    59 STATE TAX CREDITS 1,522,147

    60 Land Cost 348,600

    61 TOTAL REPLACEMENT COST 4,868,954

    Page 14 of 34Print - APP03-0085

    1/14/2005https://www.nchfa.org/Rental/RTCApp/(nf241t553t4uqc55wou3ms3v)/site/PrintApp.aspx...

  • 8/6/2019 Highland Green

    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:

    Market Study Information

    Acquisition and rehabilitation of existing 50 units, now known as Greenacre Terrace. We will beproviding a substantial rehabiliation of the units, including but not limited to making common areashandicap accessible and outfitting the property to the HUD 504 report requirements; replacing thesiding; adding gables, dormers; replacing all appliances with energy efficient products; replacingwindows with insulated; the property is currently using gas energy, we will continue this; improve

    plumbing fixtures and replace bath kits, as well as replace flooring in many of the units which are inneed; replace countertops, sink, add dishwasher and disposal; replace all mini-blinds; and improvethe landscaping and lighting. We will also be modifying the mechanical space to allow for space forwasher/dryer hookups, and create exterior storage. This has been a frequent request of theresidents.

    We will also upgrade the community room space, laundry room and will put a prefab shed on theproperty for maintenance storage (there is no space currently)

    Yes

    Judy Core-Hicks has project managed several large HUD 236 acquistion rehabs: currently, CityViews at Rosa Burney Park in Atlanta, 180 units; Poplar Square in Sumter, SC - 100 units.

    Community Bldg - Sq Ft: 1,317 Community Room - Sq Ft: 1,175 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

    We will be adding computers in the community room, as well as a TC and lending library. This willalso serve as the game/craft room. This large space is perfect for Resident activities.

    The property will have many onsite activities. The property manager will primarily be responsible forthe services; however, it is typical for the Resident Committee to take this over.

    Page 15 of 34Print - APP03-0085

    1/14/2005https://www.nchfa.org/Rental/RTCApp/(nf241t553t4uqc55wou3ms3v)/site/PrintApp.aspx...

  • 8/6/2019 Highland Green

    16/34

    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.

    Onsite programs specifically related to families will be held monthly, such as legal clinics, healthseminars, educational activities, etc. There will be events for children that are fun and educational.There is money in the operating budget ($2500) for the Resident Committee to use throughout theyear for activities.

    Other activities such as parties, potluck meals, movie nights, etc. will be held.

    There is also a need-based scholarship available for residents seeking higher education. The TaraNicole Hicks Scholarship Fund was created to assist high school seniors pay for their college tuition.

    Since 2001, five scholarships have been distributed.

    Supportive services and socialization among residents is a primary focus of Blue Dolphin. Theprincipal of Blue Dolphin, Judy Core-Hicks, personally has substantial work experience in the socialservices and special needs populations. Prior to Blue Dolphin, she created the supportive servicesprogram for a leading affordable housing developer, was the Director of Supportive Services andduring her last two years of tenure was the manager over Community Relations, Marketing andSupportive Services employees. In addition, Judy Core-Hicks, holds a BA in psychology and an MAin Human and Organizational Systems.

    The property will have many onsite activities. The property manager will primarily be responsible forthe services; however, it is typical for the Resident Committee to take this over.

    Onsite programs specifically related to seniors will be held monthly, such as legal clinics, healthseminars, educational activities, etc. There is money in the operating budget ($2500) for theResident Committee to use throughout the year for activities.

    Other activities such as parties, potluck meals, movie nights, etc. will be held.

    Supportive services and socialization among residents is a primary focus of Blue Dolphin. Theprincipal of Blue Dolphin, Judy Core-Hicks, personally has substantial work experience in the socialservices and special needs populations. Prior to Blue Dolphin, she created the supportive servicesprogram for a leading affordable housing developer, was the Director of Supportive Services andduring her last two years of tenure was the manager over Community Relations, Marketing andSupportive Services employees. In addition, Judy Core-Hicks, holds a BA in psychology and an MAin Human and Organizational Systems

    The landscaping plan will be created to improve on the existing landscaping.

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

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

    No

    Page 16 of 34Print - APP03-0085

    1/14/2005https://www.nchfa.org/Rental/RTCApp/(nf241t553t4uqc55wou3ms3v)/site/PrintApp.aspx...

  • 8/6/2019 Highland Green

    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).

    Stable existing neighborhood.

    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.Residential primarily, commerical about .02 miles away. All shopping, professional services,medical, hearing aid center, dentist, eye care, chriopracter, etc. all located on Andrews Avenue.

    Also

    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).Pinkston is suitable for the traffic flow, and then it empties out to Andrews (highway 39) and lessthan a mile away is US 1. So the location allows for quick access anywhere.

    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).A commercial distribution warehouse is across the street separated by a natural buffer and fence.However, this has not affected the site.

    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.On the back side of the office and property there is a small dried creek bed that now has garabagein it. This will all be removed.

    Similarity of scale and aesthetics/architecture between project and surroundings.suitable for surrounding environment.

    Page 17 of 34Print - APP03-0085

    1/14/2005https://www.nchfa.org/Rental/RTCApp/(nf241t553t4uqc55wou3ms3v)/site/PrintApp.aspx...

  • 8/6/2019 Highland Green

    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).none in surrouding area

    Availability of Supportive Services (if applicable):All are located on Andrews Ave. those that are closer to downtown are less than 2 miles away

    Grocery Store.4 Community/Senior Center1.0

    Mall/Strip Center.9 Hospital1.5

    Outdoor Athletic Fields.6 Pharmacy.4

    Day Care/After School.5 Basic Health Care.75

    Schools.6 Medical Offices.4

    Public Transportation Stop1.1 Bank/Credit Union1.0

    Convenience Store.4 Restaurants.2

    Basketball/Tennis Courts1.0 Professional Services.4

    Public Parks1.0 Movie Theater

    Gas Station.4 Video Rental.5

    Library1.0 Public Safety (Fire/Police)1.0

    Fitness/Nature Trails1.0 Post Office1.0

    Public Swimming Pools

    Parks and Recreation is one mile away. Police station is one mile away.

    Page 18 of 34Print - APP03-0085

    1/14/2005https://www.nchfa.org/Rental/RTCApp/(nf241t553t4uqc55wou3ms3v)/site/PrintApp.aspx...

  • 8/6/2019 Highland Green

    19/34

  • 8/6/2019 Highland Green

    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: 3 0

    Units: 136 0

    North Carolina Other States

    Projects: 16 2

    Units: 1,011 144

    No

    No

    No

    No

    No

    Page 20 of 34Print - APP03-0085

    1/14/2005https://www.nchfa.org/Rental/RTCApp/(nf241t553t4uqc55wou3ms3v)/site/PrintApp.aspx...

  • 8/6/2019 Highland Green

    21/34

    Financing Commitments

    Does the project have a firm commitment for construction financing? Yes

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

    Does the project have a firm commitment for government financing? Yes

    Does the project have a letter of intent from an investor? Yes

    Is any portion of the eligible basis of new contruction or rehabilitation financed with federal subsidies other than CDBG funds or fundsfrom the HOME program? No

    If yes, indicate the type and amount below:

    Tax Exempt Financing: $

    RD 515 Financing: $

    Hope VI Financing: $

    Other: $

    If Other, specify the type of Federal subsidy:

    Page 21 of 34Print - APP03-0085

    1/14/2005https://www.nchfa.org/Rental/RTCApp/(nf241t553t4uqc55wou3ms3v)/site/PrintApp.aspx...

  • 8/6/2019 Highland Green

    22/34

    Project Operations (Year One)

    Projected Operating Costs

    Administrative Expenses

    Advertising 400

    Other Administrative Expense (specify):2,500

    Office SalariesOffice Supplies 1,500

    Office or Model Apartment Rent

    Management Fee 24,600

    Manager or Superintendent Salaries 21,996

    Manager or Superintendent Rent Free Unit

    Legal Expenses (Project) 480

    Auditing Expenses (Project) 5,000

    Bookkeeping Fees/Accounting Services 2,100

    Telephone and Answering Service 2,880

    Bad Debts 1,000

    Other Administrative Expenses (specify):

    SUBTOTAL 62,456

    Utilities Expense

    Fuel Oil

    Electricity (Light and Misc. Power) 7,200

    Water 480

    Gas 600

    Sewer

    SUBTOTAL 8,280

    Operating and Maintenance Expenses

    Janitor and Cleaning Payroll

    Janitor and Cleaning Supplies 300

    Janitor and Cleaning Contract 800

    Exterminating Payroll/Contract 1,200

    Exterminating Supplies

    Garbage and Trash Removal 4,800

    Security Payroll/Contract

    Grounds Payroll

    Grounds Supplies 1,200

    Grounds Contract 12,000

    Repairs Payroll 16,906

    Repairs Material 2,000

    Repairs Contract 2,000

    Elevator Maintenance/Contract

    Heating/Cooling Repairs and Maintenance 1,000

    Swimming Pool Maintenance/Contract

    Snow Removal 200

    Decorating Payroll/Contract 1,000

    Decorating Supplies 900

    Other (specify):

    Miscellaneous Operating & Maintenance Expenses

    SUBTOTAL 44,306

    Taxes and Insurance

    Real Estate Taxes 32,200

    Page 22 of 34Print - APP03-0085

    1/14/2005https://www.nchfa.org/Rental/RTCApp/(nf241t553t4uqc55wou3ms3v)/site/PrintApp.aspx...

  • 8/6/2019 Highland Green

    23/34

    Payroll Taxes (FICA) 4,000

    Miscellaneous Taxes, Licenses and Permits

    Property and Liability Insurance (Hazard) 13,000

    Fidelity Bond Insurance 48

    Workmen's Compensation 900

    Health Insurance and Other Employee Benefits 4,560

    Other Insurance:

    SUBTOTAL 54,708

    Supportive Service Expenses

    Service Coordinator

    Service Supplies 2,000

    Tenant Association Funds

    Other Expenses (specify):

    SUBTOTAL 2,000

    Reserves

    Replacement Reserves 17,500

    SUBTOTAL 17,500

    TOTAL OPERATING EXPENSES 189,250

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

    137,550

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

    50

    PER UNIT PER YEAR 2,751

    Page 23 of 34Print - APP03-0085

    1/14/2005https://www.nchfa.org/Rental/RTCApp/(nf241t553t4uqc55wou3ms3v)/site/PrintApp.aspx...

  • 8/6/2019 Highland Green

    24/34

  • 8/6/2019 Highland Green

    25/34

    Design Features

    ITEM DESCRIPTION

    Foundation/Slab Components N/A

    Primary Windows Make: Model:Wenco 1700 Series Type/Construction: Vinyl, single hung and insulated

    Exterior Doors Type: Frames:Metal Insulation Wood

    Siding Type: Grade/Thickness:Vinyl 0.44

    Warranty: Manufacturer

    Exterior Trim

    Shingles Type: Weight:Asphalt 325lbs/square

    Warranty: 25 year

    Sprinkler System N/A

    Cabinets Solid Fronts and stiles/ plywood bottoms and bases

    Heat Pump SEER: Make:

    Model:

    Air Conditioner SEER: Make:11 Goodman

    Model: 1.5 ton condensing unit

    Other Heat Systems SEER: Make: Goodman

    Model: Gas Furnace

    Page 25 of 34Print - APP03-0085

    1/14/2005https://www.nchfa.org/Rental/RTCApp/(nf241t553t4uqc55wou3ms3v)/site/PrintApp.aspx...

  • 8/6/2019 Highland Green

    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 0 0

    Backfill-slab, Crawl 0 0 0

    Slab-concrete/Rebar/Gravel 9,000 6,000 15,000

    Waterproofing 0 0 0

    Masonry Foundation 0 0 0

    Brick Veneer 0 0 0

    Steel/Structure/Rails 3,500 3,500 7,000

    Framing/Lumber/Nails 315,000 315,000

    Trusses 0 0 0

    Crane Rental 0 0 0

    Windows/Grilles/Screen 15,000 24,000 39,000Exterior Doors 8,000 30,000 38,000

    Roofing 12,400 37,600 50,000

    Fencing 5,000 7,000 12,000

    Vinyl Siding/Trim/Box 90,000 65,000 155,000

    Gutters/Shutters 6,000 16,000 22,000

    Insulation 2,000 8,000 10,000

    Drywall 20,000 15,000 35,000

    Interior Doors 20,500 11,500 32,000

    Int. & Final/Stair/Trim/Shelves 23,000 12,000 35,000

    Cabinets & Tops 15,500 46,000 61,500

    Painting 55,000 55,000

    Marble - Tub/Shwr/Tops 0 0 0

    Plumbing 126,000 126,000

    Electrical 124,000 124,000

    Heating/Air Conditioning 140,000 140,000

    Floor Covering and Underlayment 11,200 58,800 70,000

    Wall Paper 0 0 0

    Mailboxes/Special Features/Signage 2,500 6,000 8,500

    Gypcrete 0 0 0

    Blinds/Shades/Art Work 2,000 6,000 8,000

    Light Fixtures/Fans 0 0 0

    Sprinkler System 0 0 0

    Security Alarm 0 0 0

    Hardwood Floors 0 0 0

    Elevator 0 0 0

    Ceramic Tiles 0 0 0

    Acoustical Ceilings 0 0 0

    Page 26 of 34Print - APP03-0085

    1/14/2005https://www.nchfa.org/Rental/RTCApp/(nf241t553t4uqc55wou3ms3v)/site/PrintApp.aspx...

  • 8/6/2019 Highland Green

    27/34

    Remarks:

    Mirror/Shower Door/Encls. 0 0 0

    Hardware/Bath Access. 14,000 13,000 27,000

    Appliances 62,000 62,000

    Playground Equipment 8,000 20,000 28,000

    Interior Clean 10,000 10,000

    Exterior Clean/Dumpster 35,000 35,000

    Other 1 (specify in Remarks) 30,000 30,000

    Other 2 (specify in Remarks) 0

    Total Cost 267,600 1,282,400 1,550,000

    (Other 1) is for Demolition

    Page 27 of 34Print - APP03-0085

    1/14/2005https://www.nchfa.org/Rental/RTCApp/(nf241t553t4uqc55wou3ms3v)/site/PrintApp.aspx...

  • 8/6/2019 Highland Green

    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 55,000

    Job Site Office/Trailer Rental

    Impact Fees

    Office Supplies 400

    Security/Watchman

    Water and Sewer Connection Fees

    Project Signage 350

    Tools and Equipment 600

    Gas, Oil, and Maintenance 450

    Cleanup/Dumpster Rental 6,000

    Temporary Water, Electric, and Telephone 2,000Storage/Hauling 3,000

    Driveway Access Permit

    Porta-John Rental/Dumping 1,000

    Builders Risk Insurance

    Re-inspection Fees

    Extra Plans and Specifications 700

    Miscellaneous, Casual Labor 23,700

    Equipment Rental 5,000

    Other 1 (specify in Remarks) 2,000

    Other 2 (specify in Remarks)

    Total Cost 100,200

    (Other 1) is Travel Costs for Inspections from Home Office

    Page 28 of 34Print - APP03-0085

    1/14/2005https://www.nchfa.org/Rental/RTCApp/(nf241t553t4uqc55wou3ms3v)/site/PrintApp.aspx...

  • 8/6/2019 Highland Green

    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

    Demolition

    Earthwork/Excavation/Aerating

    Soil Treatment 5,000

    Pile Foundations

    Caissons

    Shoring/Bracing

    Site Drainage

    Site Utilities/Site Lighting

    Paving and Surfacing/Curb and Gutter 58,000Walkways 8,500

    Site Signage 7,500

    Parking Lot Painting

    Dumpsite Pads/Fencing 11,000

    Fencing/Gates

    Landscaping/Topsoil 30,000

    Waterproofing/De-Watering

    Operation of Construction Equipment/Fuel/Oil

    Crane Rental

    Rock and Hardpan Excavation

    Site Supervision Personnel

    Other (specify in Remarks)

    Total Cost 120,000

    Page 29 of 34Print - APP03-0085

    1/14/2005https://www.nchfa.org/Rental/RTCApp/(nf241t553t4uqc55wou3ms3v)/site/PrintApp.aspx...

  • 8/6/2019 Highland Green

    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

    Other 1 (specify in Remarks)

    Other 2 (specify in Remarks)

    Total Cost 0

    Page 30 of 34Print - APP03-0085

    1/14/2005https://www.nchfa.org/Rental/RTCApp/(nf241t553t4uqc55wou3ms3v)/site/PrintApp.aspx...

  • 8/6/2019 Highland Green

    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 1 (specify in Remarks)

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

    Total Cost 0

    Page 31 of 34Print - APP03-0085

    1/14/2005https://www.nchfa.org/Rental/RTCApp/(nf241t553t4uqc55wou3ms3v)/site/PrintApp.aspx...

  • 8/6/2019 Highland Green

    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.

    Page 32 of 34Print - APP03-0085

    1/14/2005https://www.nchfa.org/Rental/RTCApp/(nf241t553t4uqc55wou3ms3v)/site/PrintApp.aspx...

  • 8/6/2019 Highland Green

    33/34

    Page 33 of 34Print - APP03-0085

    1/14/2005https://www.nchfa.org/Rental/RTCApp/(nf241t553t4uqc55wou3ms3v)/site/PrintApp.aspx...

  • 8/6/2019 Highland Green

    34/34

    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.

    Page 34 of 34Print - APP03-0085