Is project in Qualified Census Tract & Difficult to Develop area? Does a community revitalization plan exist? Print Preview - Final Application Tax Credits, RPP Loans, and/or Tax Exempt Bond Loans Project Name and Location Proje ct Name: Lassiter Squa re Ad dre ss : 30 6 & 310 West Dec at ur St r ee t City: Madison County: Rockingham Zip: 27025 Census Tract: 0408 Block Group: 002 No No Politi ca l Jurisdiction: Town o f Mad is on Jurisdiction CEO Name: First: Last: Kenneth Hawkins Title: Mayor Juri sdiction Address: 120 North Market Str eet Jurisdiction City: Madison Zip: 27025 Jurisdiction Ph one: (336)427- 0221 Site Latitude: 36.3887 Site Longitude: -79.9652 Page 1 of 34 Print - APP04-0130 1/14/2005 https://www.nchfa.org/Rental/RTCApp/(se412j452ndh4wuwuvidze2r)/site/PrintApp.aspx?...
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** Please refer to the Income Limits and Maximum Housing Expense Table to ensure that Total Monthly Tenant Expenses for low incomeunits are within established thresholds.
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.
Please provide a detailed description of the proposed project:
Construction (check all that apply):
Brick Vinyl Wood HardiPlank Balconies/Patios Sunrooms Front Porches
Front Gables or Dormers Wide Banding or Vertical/Horizontal Siding
Other:
Have you built other tax credit developments that use the same building design as this project?
If yes, please provide name and address:
Site Amenities (check all that apply):
Onsite Activities:
Landscaping Plans:
Market Study Information
This project provides badly needed affordable housing in one of the poorer markets in the state. Thisdevelopment is fronted by the legal, medical complex on Decatur Street. The public safety office isbehind this site. Madison and Mayodan are contingous comunities behind the Winn Dixie and Kmartcenters; the major retail center for both communities. This center is less than .5 miles from the site.
This development is comprised of the adaptive reuse of two former school system buildings totaling15 units and 24 units of new 2 & 3 bedroom apartments. The development will provide New Yorkstyle loft apartments in the historical buildings with modern apartments in the new constructioncomponent.
Yes
See our website at www.landmarkdevelopment.biz
Community Bldg - Sq Ft: 1,400 Community Room - Sq Ft: 800 Garages - Number:
Briefly describe your site in each of the following categories:
For each applicable neighborhood feature, enter distance from project in miles.
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). Concentration of
affordable housing.This is a transitional neighborhood between established single family and older multi-family housing.The neighborhood is in a good state of repair and is attractive.
Suitability of surrounding development. Land use pattern is primarily residential (single andmultifamily housing) with a balance of other uses (particularly retail and amenities). Amount andcharacter of vacant, undeveloped land. Effect of industrial, large-scale institutional or otherincompatible uses: wastewater treatment facilities, high traffic corridors, junkyards, prisions, landfills,large swamps, distribution facilities, frequently used railroad tracks, power transmission lines andtowers, factories or similar operations, sources of excessive noise, and sites with environmentalconcerns (such as odors or pollution).
There are no incompatible uses in the area. The site is between a residential neighborhood andresidential services.
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).The site is between two rural development sites. The rehablilitation of the older units will ingress andregress on Decatur Street across from the Police Department. There are no traffic issues. No masstransit available in Madison.
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.There are no negative site features for this development . The older building is on a level site thathas serviced this community for over 50 years. The new construction is on the samelevel site withadequate drainage.
Similarity of scale and aesthetics/architecture between project and surroundings.The existing buildings have fit in the community for over 50 years. The new construction will becomplimentary to the exisiting ones in accordance with the National Park Service guidelines.
Development List 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:
Management List 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?
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? No
Does the project have a letter of intent from an investor? Yes
Is any portion of the eligible basis of new contruction or rehabilitation financed with federal subsidies other than CDBG funds or fundsfrom the HOME program? No
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.
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.
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.
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.
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
Issuer's Fee
Other 1 (specify in Remarks)Other 2 (specify in Remarks)
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:
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.
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 Letters from Local Utility Providers (original on letterhead, no fax or photocopies)
I Local Government Letter or Letter from Certified Engineer or Land Surveyor Confirming Floodplain Designation with Mapshowing 100 year and 500 year floodplain (original on letterhead, no fax or photocopies)
J Local Government Letter Confirming Zoning (original on letterhead, no fax or photocopies)
K Copy of certificate of occupancy or proof of placed-in-service date (Rehabs Only)
L Site plan, floor plans and elevations
M Hazard and structural inspection and termite reports (Renovation projects only)
N Anticipated budget demonstrating how the project would meet the 10% test by November 14th.
O Evidence of Architect's Errors and Omissions insurance (or equivalent).
P Description of acquisition for existing/occupied projects or for projects with occupied buildings to be demolished.
Q Description of proposed Relocation Plan & Relocation Budget, Etc. If any relocation is anticipated, reference Appendix F.
R Targeting Plan and supporting documentation (Required for all projects)
S Local Housing Authority Agreement (Reference Model in Appendix I)
T Appraisal (for land costs greater than $5,000 and for buildings in rehab projects)
U Evidence of Permanent Loan Commitment, other sources of funds, and project-based subsidies.
V Statement regarding terms of Deferred Developer Fee and, if nonprofit, resolution of Board approving fee.
W Inducement Resolution (Tax-Exempt Bond Financed Projects only)
X Documentation to support estimated utility costs.