Magnolia Pointe

8/6/2019 Magnolia Pointe

1/34

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

Project Name: Magnolia Pointe

Address: Intersection of Danube Lane and Hebron Road

City: Durham County: Durham Zip: 27704

Census Tract: 17.09 Block Group:

Yes

No

Political Jurisdiction: City of Durham

Jurisdiction CEO Name: First: Last:William Bell Title: Mayor

Jurisdiction Address: Office of the Mayor, 101 City Hall Plaza

Jurisdiction City: Durham Zip: 27701

Jurisdiction Phone: (919)560-4333

Site Latitude:

Site Longitude:

Page 1 of 34Print - APP04-0172

1/14/2005https://www.nchfa.org/Rental/RTCApp/(jo35a2zeigg314ycwfyzszub)/site/PrintApp.aspx?I...


2/34

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 project based federal rental assistance?

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

Target Population: Family

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

Project Description

Project Type:* New Construction Rehab Adaptive Reuse

No

No

Mobility impaired handicapped: 5% of units comply with QAP Section IV(F)(3) (in addition to the units required by other federaland state codes.)

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

Remarks:




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Applicant Information

Applicant Name: The NRP Group,LLC

Address: 8601 Six Forks Road, Suite 400

City: State: NC Zip:Raleigh 27615

Contact: First: Last: Title:Jannice Ashley Project Manager

Telephone: (919)882-2135

Alt Phone: (919)882-2133

Fax: (919)882-2137

Email Address: [email protected]




4/34

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 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:

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

Site Description

28.2 14.4

Due to required buffers, storm water management and open space requirements.

Note: The proposed development will utilize approximately 23 acres of the site (10.9 developable

acreage). Residual land is available for future residential development.

No

No

Yes

No




5/34




6/34

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? Yes

(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: 12/31/2004

(D) Enter Purchase Price: 2,100,000




7/34

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:

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

PDR 4.99

Yes

No

No

No




8/34


9/34

[email protected] 56-2223008




10/34


11/34

** 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.




12/34

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 %

1 9 targeted at 40 percent of median income.




180




13/34

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

RPP LoanLocal Gov. Loan - Specify:

RD 515 Loan

RD 538 Loan - Specify:

AHP Loan

Other Loan 1 - Specify:



Tax Exempt Bonds 11,800,000 6.00 40 40 779,102

State Tax Credit(Loan) 0 30 30 0

State Tax Credit(Direct Refund)

Equity: Federal LIHTC 5,610,025

Non-Repayable Grant

Equity: Historic Tax Credits

Deferred Developer Fees 409,113

Owner Investment 100

Other - Specify:

Total Sources** 17,819,238

* "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.

85

GMAC-Construction and PermanentCAHEC-Equity




14/34

Development Costs

Item Cost Element TOTAL COSTEligible Basis

30% PV 70% PV

1 Purchase of Buildings (Rehab) 0

2 Demoli tion

3 On-site Improvements 1,400,000 1,400,000

4 Rehabilitation

5 Construction of New Building(s) 8,200,000 8,200,000

6 Accessory Building(s) 552,350 552,350

7 General Requirements 609,141 609,141

8 Contractor Overhead 215,230 215,230

9 Contractor Profit 645,689 645,689

10 Construction Contingency 348,672 348,672

11 Architect's Fee - Design 200,000 200,000

12 Architect's Fee - Inspection 26,500 26,500

SUBTOTAL (lines 1 through 12) 12,197,582

13 Construction Insurance (prorate) 25,000 25,000

14 Construction Loan Orig. Fee (prorate)

15 Construction Loan Interest (prorate) 608,043 608,043

16 Construction Loan Credit Enhancement (prorate)

17 Construction Period Taxes (prorate) 15,000 15,000

18 Water, Sewer and Impact Fees 362,714 362,714

19 Survey 25,000 25,000

20 Property Appraisal 7,000 7,000

21 Environmental Report 2,000 2,000

22 Market Study 5,500 5,500

23 Bond Costs (specify) 477,900

24 Cost of Issuance 286,650

25 Placement Fee

26 Permanent Loan Origination Fee

27 Permanent Loan Credit Enhancement

28 Title and Recording 25,000


29 Real Estate Attorney 60,000 60,000

30 Other Attorney's Fees 5,000

31 Tax Credit App Fees 49,280 49,280

32 Cost Certification 5,000 5,000

33 Tax Opinion 1,998

34 Organizational (Partnership) 3,500

35 Tax Credit Monitoring Fee 76,500

SUBTOTAL (lines 29 through 35) 201,278

36 Furnishings and Equipment 100,000 100,000

37 Relocation Expenses

38 Developer's Fee (max 15% lines 2-36, less 8 & 9) 1,347,055 1,347,055

39 Other Basis Expense: meters, borings, permits 168,566 168,566

40 Other Basis Expense (specify)

41 Rent-up Expenses

42 Other Non-basis Expense (specify)

43 Other Non-basis Expense (specify)


44 Rent up Reserve




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Comments:

45 Operating Reserve 464,950

46 Other Reserve (specify)

47 Other Reserve (specify)

48 DEVELOPMENT COST (lines 1-47) 16,319,238 14,977,740 0

49 Less Federal Financing

50 Less Disproportionate Standard

51 Less Nonqualified Nonrecourse Financing

52 Less Historic Tax Credit (residential) 0

53 TOTAL ELIGIBLE BASIS 14,977,740 14,977,740 0

54 Applicable Fraction (percentage of LI Units) 100.00% 100% 100%

55 Basis Before Boost 14,977,740 14,977,740 0

56 Boost for QCT/DDA (if applicable, enter 130%) 130.00% 130.00%

57 TOTAL QUALIFIED BASIS 19,471,062 19,471,062 0

58 Tax Credit Rate 3.39% 0.00%

59 Federal Tax Credits at Estimated Rate 660,069 660,069 0

60 Federal Tax Credits at 8.5% or 3.75% 730,164 730,164 0

61 Federal Tax Credits Requested 729,813 729,813

62 Land Cost 1,500,000

63 TOTAL REPLACEMENT COST 17,819,238




16/34

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

Magnolia Pointe will be a 180 unit, bond financed development for families. The development willconsist of 9, three-story buildings and a clubhouse. There will be 48, 1 bedroom/1 bath units, 96, twobedroom/2 bath units, and 36, three bedroom/2 bath units. Five percent(5%) of the units [nine 1bedroom units] will be targeted to households at 40% and below of the area median income and theremainder will be targeted to households at 60% of ami and below. The proposed rents for the 40%

units are approximately $50 below the 2003 maximum allowable rents for Durham County. Theproposed rents for the 60% units are between $120-170 below the maximum allowable rents.

Magnolia Pointe will be part of the Villages of Independence a planned unit development. The firstmajor phase of this PUD is already under construction and will consist of a mix of 220 single-familyhouses and townhomes ranging in prices from $109,000 to $250,000. Completion is expected byJuly 2004. The second phase of the PUD, of which the proposed development will be a part, is justunderway now and has been approved for a total of 690 units (200 single-family houses, 239townhouses, and up to 256 multi-family units or "cluster" homes. Overall, the development is locatedin a N. Durham neighborhood that has an ideal mix of residential and commercial retail/service uses.The area is clearly one of strong developmental growth with a number of new shopping centers(Independence Park-with a Lowes home improvement store, super Walmart, fast food restaurantsand fine dining), a new medical park (affiliated with Duke Medical), new single-family and townhomesubdivisions (with price ranges from the low-$100,000's to $250,000+)all less than a half a mile fromthe project site. An older shopping plaza, Oxford Commons, with a Walmart is also less than half amile from the site. Durham Regional Hospital and Sprint are both located just over a half a mile fromthe site allowing for excellent employment opportunities.

The buildings will have an arts and crafts architectural style with such features as shingle accents,brackets, and hipped roofs with gables. Additionally, all units will have 9' high ceilings with crownmolding and built-in bookshelves.

As noted below, the basic building style and unit design of this project will be very similar to ourproject Falls Pointe at the Park completed in June 2002. Pictures are included in the market analystpacket.

Yes

Falls Pointe at the Park100 Cascade Falls Lane (off corner of S. Alston Ave. and Alexander Dr.)Durham, NC919-806-5400

Community Bldg - Sq Ft: 3,391 Community Room - Sq Ft: 2,549 Garages - Number: 20

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




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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.

The site manager will be expected to play an active role in ensuring that social activities (such asholiday parties, movie nights and other regular events) occur on-site. Additionally, the manager willbe familiar with service providers in the area and will work to connect residents in need of suchservices to these providers.

Landscaping will be extensively utilized to beautify the development's green areas and to blend thedevelopment into its environment. Parking lots and drives will be lined with shade trees and plantmaterials will compliment the natural fauna. Ample open space (including a 10 acre tree/naturepreserve area)will be maintained to allow for such amenities as a gazebo, walking trail and gardenplots.

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

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

No




18/34

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). Concentration of

affordable housing.Magnolia Pointe will be part of the Villages of Independence a planned unit development. The firstmajor phase of this PUD is already under construction (on Danube Lane across from Ben FranklinSt.) and will consist of a mix of 220 single-family houses and townhomes ranging in prices from$109,000 to $250,000. Completion is expected by July 2004. The second phase of the PUD, ofwhich the proposed development will be a part, is just underway now and has been approved for atotal of 690 units (200 single-family houses, 239 townhouses, and up to 256 multi-family units or"cluster" homes.(see PUD plan with map section)

The area is clearly one of strong developmental growth with a number of new shopping centers, anew medical park (affiliated with Duke Medical), and as noted, new single-family and townhomesubdivisions (with price ranges from the low-$100,000's to $250,000+)all less than a half a mile fromthe project site. Summer Meadows which is across from the site on Hebron Rd. will consist ofapproximately 400 homes and further east on Hebron DR Horton and Torrey Homes are building250 townhomes.

The proposed development will be located less than a mile from several tax credit properties which

are on E.Carver Street [Carver Pond {family}, Carver Place {elderly} and Preiss Steele Place{elderly}]. All of these tax credit developments were built prior to 1997, are in good to excellentcondition, and have good occupancy. According to a NCHFA market study done last year, the familydevelopment, Carver Pond had a vacancy of less than 5%. The existence of this other affordablehousing will not negatively impact the proposed development since there is a healthy balance in theneighborhood between this type of housing and higher end single-family, townhomes and marketrate apartments.

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).As noted, Magnolia Pointe will be located within a planned unit development therefore, thesurrounding land use is primarily residential. The proposed development is also located in a N.

Durham neighborhood which has an ideal mix of residential and commercial retail/service uses. Anew shopping center, Independence Park is less than a half a mile from the site and has a Loweshome improvement store, a super Walmart, several fast food restaurants, fine dining establishmentsand banks. The new Independence medical park (affiliated with Duke Medical) is also less than ahalf a mile from the site and has over 1,000,000 square feet of hospital off-site surgical, medical anddiagnostic offices. As noted there are many new single-family and townhome subdivisionssurrounding the proposed site(with price ranges from the low-$100,000's to $250,000+)all less thana half a mile from the project site. An older shopping plaza, Oxford Commons, with a Walmart, FoodLion, video store, clothing stores, and Dollar General is also less than half a mile from the site alongN. Roxboro Road. Durham Regional Hospital and Sprint are both located just over a half a mile fromthe site on N. Roxboro Road allowing for excellent employment opportunities.

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 capacity of the road has been deemed to be adequate for the planned unit development of

which Magnolia Pointe will be a part. As noted, the City of Durham has approved the master pudplan for up to 690 residential units. Some road improvements along Danube and Hebron will berequired as part of this approved plan. For example, Magnolia Pointe will be required to build adeceleration lane into the development on Danube. As shown in the site plan, there will be twomeans of ingress/egress into the development one onto Hebron Avenue and one onto DanubeLane. Several public transit (bus stops) are located less than a half a mile from the site on E. CarverSt.

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 that will impede the development of this site. An intermittant




19/34

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

Other facilities or services:

stream does exist on the lower (southern portion of the site). However, this portion of the site will notbe developed and will serve as a nature/tree preserve in order to meet the City of Durham's OpenSpace requirement.

Similarity of scale and aesthetics/architecture between project and surroundings.The proposed development, though part of a PUD, will be located on its own separate parcel and

therefore, will not be directly next to the one and two story single-family homes. The owners of thePUD have reviewed the proposed elevations for Magnolia Pointe and feel the design is quitecompatible with and complimentary to the other residences to be built in the PUD.

Grocery Store0.5 Community/Senior Center0.3

Mall/Strip Center0.5 Hospital0.8

Outdoor Athletic Fields0.5 Pharmacy0.5

Day Care/After School1 Basic Health Care0.3

Schools2 Medical Offices0.3

Public Transportation Stop0.8 Bank/Credit Union0.5

Convenience Store0.5 Restaurants0.5

Basketball/Tennis Courts2 Professional Services0.3

Public Parks2 Movie Theater1

Gas Station0.5 Video Rental1

Library3 Public Safety (Fire/Police)3

Fitness/Nature Trails0 Post Office1

Public Swimming Pools0

The proposed development will have its own pool and fitness/nature trails.




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21/34

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 26

Units: 430 1,529

North Carolina Other States

Projects: 3 7

Units: 430 513

No

No

No

No

No




22/34

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? Yes

If yes, indicate the type and amount below:

Tax Exempt Financing: $ 11,800,000

RD 515 Financing: $

Hope VI Financing: $

Other: $

If Other, specify the type of Federal subsidy:




23/34

Project Operations (Year One)

Projected Operating Costs

Administrative Expenses

Advertising 12,600

Office Salaries 49,920

Office Supplies 3,600

Office or Model Apartment Rent

Management Fee 75,927

Manager or Superintendent Salaries 42,200

Manager or Superintendent Rent Free Unit

Legal Expenses (Project) 5,200

Auditing Expenses (Project) 6,600

Bookkeeping Fees/Accounting Services

Telephone and Answering Service 4,200

Bad Debts

Other Administrative Expenses (specify):

SUBTOTAL 200,247

Utilities ExpenseFuel Oil

Electricity (Light and Misc. Power) 34,200

Water 26,400

Gas

Sewer 15,900

SUBTOTAL 76,500

Operating and Maintenance Expenses

Janitor and Cleaning Payroll

Janitor and Cleaning Supplies 800

Janitor and Cleaning Contract 12,600

Exterminating Payroll/Contract 5,700

Exterminating Supplies

Garbage and Trash Removal 7,700

Security Payroll/Contract

Grounds Payroll 10,400

Grounds Supplies

Grounds Contract 33,300

Repairs Payroll 29,120

Repairs Material 1,200

Repairs Contract 1,200

Elevator Maintenance/Contract

Heating/Cooling Repairs and Maintenance 1,200

Swimming Pool Maintenance/Contract 1,400

Snow Removal

Decorating Payroll/Contract 1,200

Decorating Supplies 1,000

Other (specify):

Miscellaneous Operating & Maintenance Expenses

SUBTOTAL 106,820

Taxes and Insurance

Real Estate Taxes 117,720

Payroll Taxes (FICA) 21,146

Miscellaneous Taxes, Licenses and Permits




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Property and Liability Insurance (Hazard) 36,000

Fidelity Bond Insurance

Workmen's Compensation 5,114

Health Insurance and Other Employee Benefits 7,200

Other Insurance:

SUBTOTAL 187,180

Supportive Service Expenses

Service Coordinator

Service Supplies

Tenant Association Funds

Other Expenses (specify):

SUBTOTAL 0

Reserves

Replacement Reserves 45,000

SUBTOTAL 45,000

TOTAL OPERATING EXPENSES 615,747

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

453,027

TOTAL UNITS(from total units in the Unit Mix section) 180

PER UNIT PER YEAR 2,516




25/34


26/34

Design Features

ITEM DESCRIPTION

Foundation/Slab Components 4" Monolithic Slab w/1" Perimeter Insulation

Primary Windows Make: Model:Alside Performance SEries 0100 Type/Construction: Vinyl-Low E Double Pane Insulated

Exterior DoorsType: Frames:

Insulated FiberglassSix Panel

Wood Jamb w/latch anddeadbolt

Siding Type: Grade/Thickness:Vinyl .044 or better

Warranty: 10 year Warranty

Exterior Trim Brick, Vinyl Siding and Alumininum

Shingles

Type: Weight:

Asphalt/Fiberglass

Composite 235 Warranty: 25 Year Material, 10 Year Antifungal

Sprinkler System As required by the Code and NFPA 13R

Cabinets MDF, Thermofoil Coated, Raised Panel Door

Heat Pump SEER: Make:11.00 Lennox or Equivalent

Model:

HP-29 Series Sized forApt.

Air Conditioner SEER: Make:11.00 Lennox or Equivalent

Model:

HP-20 Series Sized forApt.

Other Heat Systems SEER: Make:

Model:




27/34

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 205,000 205,000 410,000

Backfill-slab, Crawl 0

Slab-concrete/Rebar/Gravel 205,000 205,000 410,000

Waterproofing 0

Masonry Foundation 0

Brick Veneer 276,750 92,250 369,000

Steel/Structure/Rails 32,800 32,800 65,600

Framing/Lumber/Nails 524,800 787,200 1,312,000

Trusses 150,880 226,320 377,200

Crane Rental 0

Windows/Grilles/Screen 51,250 153,750 205,000Exterior Doors 16,400 49,200 65,600

Roofing 92,250 92,250 184,500

Fencing 0

Vinyl Siding/Trim/Box 188,600 188,600 377,200

Gutters/Shutters 9,840 22,960 32,800

Insulation 49,200 73,800 123,000

Drywall 487,900 209,100 697,000

Interior Doors 0 225,500 225,500

Int. & Final/Stair/Trim/Shelves 164,000 0 164,000

Cabinets & Tops 0 266,500 266,500

Painting 156,825 52,275 209,100

Marble - Tub/Shwr/Tops 0

Plumbing 408,360 272,240 680,600

Electrical 393,600 262,400 656,000

Heating/Air Conditioning 369,000 246,000 615,000

Floor Covering and Underlayment 106,600 159,900 266,500

Wall Paper 0

Mailboxes/Special Features/Signage 3,280 13,120 16,400

Gypcrete 20,500 61,500 82,000

Blinds/Shades/Art Work 4,100 16,400 20,500

Light Fixtures/Fans 65,600 65,600

Sprinkler System 0

Security Alarm 0

Hardwood Floors 0

Elevator 0

Ceramic Tiles 0

Acoustical Ceilings 0




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Remarks:

Mirror/Shower Door/Encls. 3,280 13,120 16,400

Hardware/Bath Access. 8,200 32,800 41,000

Appliances 10,250 194,750 205,000

Playground Equipment 0

Interior Clean 16,400 16,400

Exterior Clean/Dumpster Rental 24,600 24,600

Other 1 (specify in Remarks) 0

Other 2 (specify in Remarks) 0

Total Cost 3,979,665 4,220,335 8,200,000




29/34

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 289,342

Job Site Office/Trailer Rental 18,274

Office Supplies 12,183

Security/Watchman 15,229

Project Signage 7,310

Tools and Equipment 7,310

Gas, Oil, and Maintenance 6,091

Temporary Water, Electric, and Telephone 70,660

Storage/Hauling

Driveway Access Permit

Porta-John Rental/Dumping 60,914Builders Risk Insurance

Re-inspection Fees

Extra Plans and Specifications 9,137

Miscellaneous, Casual Labor 30,457

Equipment Rental 12,183

Other 1 (specify in Remarks) 24,366


Total Cost 609,141

Other 1: Job TravelOther 2: Field Staking




30/34

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 116,200

Demolition

Earthwork/Excavation/Aerating 161,000

Soil Treatment 14,000

Pile Foundations

Caissons

Shoring/Bracing

Site Drainage

Site Utilities/Site Lighting 434,000

Paving and Surfacing/Curb and Gutter 336,000Walkways 98,000

Site Signage 14,000

Parking Lot Painting 7,000

Dumpster Pads/Fencing 9,800

Fencing/Gates 7,000

Landscaping/Topsoil 203,000

Rock and Hardpan Excavation

Site Supervision Personnel

Other (specify in Remarks)

Total Cost 1,400,000




31/34

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 236,000

Credit Enhancement 153,400

Underwriter Discount

Capital Interest Fund


Other 2 (specify in Remarks)

Total Cost 477,900

Other: Placement Fee




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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 51,150

Issuer Counsel 15,000

Credit Enhancement/LOC Counsel 15,000

Underwriter Counsel 0

Developer's Counsel 60,000

Rating Agency Fee 15,000

Printing 3,500

Trustee Fee 5,000

Trustee Counsel 2,500

Issuer's Fee 118,000

Other 1 (specify in Remarks) 1,500Other 2 (specify in Remarks)

Other 3 (specify in Remarks)

Total Cost 286,650

Other: Cash Flow, Prep and Printing




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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.

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 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.


Magnolia Pointe

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