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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
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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
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Is this project a follow-on (Phase II, etc) to a previously-awarded tax credit development project?
If yes, list names of previous phase(s):If yes, list names of previous phase(s):
Will the project be receiving 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
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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]
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Total Site Acreage: Total Buildable Acreage:
If buildable acreage is less than total acreage, please explain:
Identify utilities and services currently available (and with adequate capacity) for this site:
Storm Sewer Water Sanitary Sewer Electric
Is the demolition of any buildings required or planned?
If yes, please describe:
Are existing buildings on the site currently occupied?
If yes:(a) Briefly describe the situation:
(b) Will tenant displacement be temporary?
(c) Will tenant displacement be permanent?
Is the site 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
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(b) Describe flood mitigation if the project is in the East Region and will have improvements within the 100 year floodplain:
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Does the owner have fee simple ownership of the property (site/buildings)?
If yes provide:
Purchase Date: Purchase Price:
If no:
Site Control
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
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Present zoning classification of the site:
Is mutifamily use permitted?
Are variances, special or conditional use permits or any other item requiring a public hearing needed to develop this proposal?
If yes, have the hearings been completed and permits been obtained?
If yes, specify permit or variance required and date obtained. If no, describe permits/variances required and schedule for obtainingthem:
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
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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
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Specify Low Income Unit Targeting in table below. List each applicable targeting combination in a separate row below. Click [Add] to createanother row. Click "X" (at the left of each row) to delete a row. Add as many rows as needed.
Total Low Income Units:
Note: This number should match the total number of low income units in the Unit Mix section.
Targeting
# BRs Units %
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
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Estimated pricing on sale of Federal Tax Credits: $0.
Remarks concerning project funding sources:(Please be sure to include the name of the funding source(s))
Funding Sources
Source AmountNon-
Amortizing*Rate(%)
Term(Years)
Amort.Period(Years)
AnnualDebt
Service
Bank Loan 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
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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
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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
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Please provide a detailed description of the proposed project:
Construction (check all that apply):
Brick Vinyl Wood HardiPlank Balconies/Patios Sunrooms Front Porches
Front Gables or Dormers Wide Banding or Vertical/Horizontal Siding
Other:
Have you built other tax credit developments that use the same building design as this project?
If yes, please provide name and address:
Site Amenities (check all that apply):
Onsite Activities:
Market Study Information
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.
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Landscaping Plans:
Interior Apartment Amenities (check all that apply):
Flooring: Carpet Vinyl Wood Wood Parquet Ceramic Tile Other
Heating/Cooling: Central Air Gas Heat Heat Pump Electric Pump
Do you plan to submit additional market data (market study, etc.) that you want considered?
If yes, please make sure to include the additional information in your pre-application packet.
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
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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.
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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.
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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
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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:
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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
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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
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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
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This is a detailed breakdown of rehabilitation or construction costs you summarized in the Development Costs table (Rehabilitation andConstruction of New Building(s)). The total should match those roll-up values.
Costs - Construction
ITEM LABOR MATERIAL TOTAL
Concrete Footings 0 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
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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
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This is a detailed breakdown of the General Requirements cost element you summarized in the Development Costs table (GeneralRequirements). The total should match that roll-up value.
Remarks:
Costs - General
ITEM TOTAL
Supervision 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
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This is a detailed breakdown of the Site Improvements cost element you summarized in the Development Costs table (On-siteImprovements). The total should match that roll-up value.
Remarks:
Costs - Improvements
ITEM TOTAL
Subsurface Exploration/Perk Testing/Site Engineering
Clearing/Grading/Final Grading/Excess and Borrow
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
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This is a detailed breakdown of the Bond Costs cost element you summarized in the Development Costs table (Bond Costs). The totalshould match that roll-up value.
Remarks:
Costs - Bond Costs
ITEM TOTAL
Letter of Credit Fee
Credit Enhancement
Underwriter Discount
Capital Interest Fund
Other 1 (specify in Remarks)
Other 2 (specify in Remarks)
Total Cost 0
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This is a detailed breakdown of the Bond Issuance cost element you summarized in the Development Costs table (Cost of Issuance). Thetotal should match that roll-up value.
Remarks:
Costs - Bond Issuance
ITEM TOTAL
Bond Counsel
Issuer Counsel
Credit Enhancement/LOC Counsel
Underwriter Counsel
Developer's Counsel
Rating Agency Fee
Printing
Trustee Fee
Trustee Counsel
Other 1 (specify in Remarks)
Other 2 (specify in Remarks)Other 3 (specify in Remarks)
Total Cost 0
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MINIMUM REQUIRED SET ASIDES (No Points Awarded):
Minimum Set-Asides
Select one of the following two options:
20% of the qualified units are rent restricted and occupied by households with incomes at or below 50% of the median income (Note:No Tax Credit Eligble Units in the the project can exceed 50% of median income)
40% of the qualified units are rent restricted and occupied by households with incomes at or below 60% of the median income (Note:No Tax Credit Eligble Units in the the project can exceed 60% of median income)
If requesting RPP funds:
40% of the qualified unit are occupied by households with incomes at or below 50% of median income.
State Tax Credit and QAP Targeting Points:
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.
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