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Rankin School

Apr 07, 2018

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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

    Page 1 of 35Print - APP03-0018

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

    Project Name and Location

    Project Name: Rankin School Place

    Address: 1603 Spry Street

    City: Greensboro County: GUILFORD Zip: 27405

    Census Tract: 12704 Block Group: 1004

    No

    Political Jurisdiction: Greensboro

    Jurisdiction CEO Name: First: Last:Keith Holliday Title: Mayor

    Jurisdiction Address: PO Box 3136

    Jurisdiction City: Greensboro Zip: 27402

    Jurisdiction Phone: (336)373-2396

    Site Latitude: 36.12014

    Site Longitude: -79.76291

    Page 2 of 35Print - APP03-0018

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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: Elderly (55)

    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

    Yes1818

    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: Property is to be developed to house seniors age 55 and older and households where one or moredisabilities are present. Two bedroom dwellings are also being included to provide a shared or splitliving option for related and unrelated seniors in need of affordable, below market rents and/orhouseholds where the individuals are mutually dependent.

    *Based on the experience of St. Leo's Place, it is estimated that Rankin School Place will houseapproximately 18 households that have received vouchers under the Section 8 Program.

    Proposed number of residential buildings: 6 Maximum number of stories in buildings: 1

    Types of Units: * Townhouse Duplex Garden Apartment Detached Single-Family

    Project Includes:Separate community building -- Sq. Ft. (Floor Area):Sq. Ft. (Floor Area): 2,1402,140

    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: 48,174

    Total Net Sq. Ft. (All Heated Areas): 43,186

    Page 3 of 35Print - APP03-0018

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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

    6.78 6.78

    No

    No

    No

    Yes

    No

    Page 5 of 35Print - APP03-0018

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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:

    Page 6 of 35Print - APP03-0018

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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? 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: 12/15/2003

    (D) Enter Purchase Price: 371,000

    Page 7 of 35Print - APP03-0018

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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

    RM-12

    Yes

    No

    No

    No

    No

    Page 8 of 35Print - APP03-0018

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    List each applicable unit mix combination in a separate row below. Click [Add] to create another row. Click "X" (at the left of each row) todelete a row.

    Low Income Units

    Market Rate Units

    Statistics

    Notes

    Unit Mix

    Type # BRs Net Sq.Ft.Total

    # Units#Units

    MonthlyRent

    UtilityAllowance

    MandatoryServ. Fees

    **TotalHousing Exp.

    Gdn Apt 1 602 19 19 527 41 568

    Gdn Apt 1 602 29 29 433 41 474

    Gdn Apt 2 819 3 3 612 70 682

    Gdn Apt 2 819 5 5 498 70 568

    Utilites included in rents: Water/Sewer Electric Gas Other

    Type # BRs Net Sq.Ft.Total

    # Units#Units

    MonthlyRent

    UtilityAllowance

    MandatoryServ. Fees

    **TotalHousing Exp.

    Utilites included in rents: Water/Sewer Electric Gas Other

    AllUnits

    Units

    Gross MonthlyRental Income

    Low Income....... 56 56 26896

    Market Rate.......

    Totals............... 56 56 26896

    * Paint-to-Paint Square Footage

    ** 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.

    Page 10 of 35Print - APP03-0018

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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 %

    1 19 targeted at 60 percent of median income.

    1 29 targeted at 50 percent of median income.

    2 3 targeted at 60 percent of median income.

    2 5 targeted at 50 percent of median income.

    56

    Page 11 of 35Print - APP03-0018

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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))

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

    Funding Sources

    Source AmountNon-

    Amortizing*Rate(%)

    Term(Years)

    Amort.Period(Years)

    AnnualDebt

    Service

    Bank Loan 1,298,600 7.25 18 30 106,304

    RPP LoanLocal Gov. Loan - Specify:City of Greensboro 317,000 0.50 30 30

    RD Loan

    AHP Loan 450,000 0.50 30 30

    Other Loan 1 - Specify:Guilford County 61,000 0.50 30 30

    Other Loan 2 - Specify:

    Other Loan 3 - Specify:

    Tax Exempt Bonds

    State Tax Credit(Loan) 0 30 30 0

    State Tax Credit(Direct Refund)

    Equity: Federal LIHTC 2,564,912 Non-Repayable Grant

    Equity: Historic Tax Credits

    Deferred Developer Fees 127,350 Owner Investment

    Other - Specify:

    Total Sources** 4,818,862

    * "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.

    78

    City of Greensboro = 30 year, non-amortizing residual receipt loan.Guilford County = 30 year, non-amortizing residual receipt loan.AHP = 30 year, non-amortizing balloon loan.

    City and County loans are scheduled to commence P&I payments in year 11 at the rate of50% of surplus cash earned above a debt service coverage of 1.15.

    Local Gov. Loan - City of Greensboro

    Page 12 of 35Print - APP03-0018

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    Development Costs

    Item Cost Element TOTAL COST Eligible Basis30% PV 70% PV

    1 Purchase of Buildings (Rehab) 02 Demolition 0 03 On-site Improvements 462,000 462,0004 Rehabilitation 30,000 30,0005 Construction of New Building(s) 2,186,000 2,186,0006 Accessory Building(s) 0 07 General Requirements 158,880 158,8808 Contractor Overhead 56,138 56,1389 Contractor Profit 168,413 168,413

    10 Construction Contingency 90,943 90,94311 Architect's Fee - Design 75,000 75,00012 Architect's Fee - Inspection 14,000 14,000

    SUBTOTAL (lines 1 through 12) 3,241,37413 Construction Insurance (prorate) 18,000 18,00014 Construction Loan Orig. Fee (prorate) 25,000 25,00015 Construction Loan Interest (prorate) 140,000 140,00016 Construction Loan Credit Enhancement (prorate) 40,000 40,00017 Construction Period Taxes (prorate) 20,000 20,00018 Water, Sewer and Impact Fees19 Survey 12,000 12,00020 Property Appraisal 6,000 6,00021 Environmental Report 4,500 4,50022 Market Study 5,000 5,000

    23 Bond Costs (specify) 0

    24 Cost of Issuance25 Placement Fee26 Permanent Loan Origination Fee 45,00027 Permanent Loan Credit Enhancement28 Title and Recording 8,000

    SUBTOTAL (lines 13 through 28) 323,50029 Real Estate Attorney 20,000 20,00030 Other Attorney's Fees 20,000 20,00031 Tax Credit App Fees 22,743 22,743

    32 Cost Certification/Accounting Fees (specify) 6,000 6,000

    33 Tax Opinion 2,50034 Organizational (Partnership) 5,00035 Tax Credit Monitoring Fee 14,000

    SUBTOTAL (lines 29 through 35) 90,24336 Furnishings and Equipment 75,000 75,00037 Relocation Expenses38 Developer's Fee (max 15% lines 2-36, less 8 & 9) 526,893 526,893

    39 Other Basis Expense (specify)

    40 Other Basis Expense (specify)

    41 Rent-up Expenses 25,000

    42 Other Non-basis Expense (specify)

    43 Other Non-basis Expense (specify)

    SUBTOTAL (lines 36 through 43) 626,89344 Rent up Reserve 28,000

    Page 14 of 35Print - APP03-0018

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    Comments:

    45 Operating Reserve 137,852

    46 Other Reserve (specify)

    47 Other Reserve (specify)

    48 DEVELOPMENT COST (lines 1-47) 4,447,862 0 4,182,51049 Less Federal Financing50 Less Disproportionate Standard51 Less Nonqualified Nonrecourse Financing

    52 Less Historic Tax Credit (residential) 053 TOTAL ELIGIBLE BASIS 4,182,510 0 4,182,51054 Times Applicable Fraction 100.00% 100% 100%55 TOTAL QUALIFIED BASIS 4,182,510 0 4,182,51056 Tax Credit Rate 0.00% 7.87%57 FEDERAL TAX CREDITS at Estimated Rate 329,163 0 329,163

    57a FEDERAL TAX CREDITS at 8.5% or 3.75% 355,513 0 355,51358 FEDERAL TAX CREDITS REQUESTED 059 STATE TAX CREDITS60 Land Cost 371,00061 TOTAL REPLACEMENT COST 4,818,862

    Page 15 of 35Print - APP03-0018

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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:

    Landscaping Plans:

    Market Study Information

    Rankin School Place will be virtually identical in design and amenities to St. Leo's Place located at805 Sullivan Street in Greensboro. 56 one and two bedroom residential units will be developed in sixsingle-story buildings. Central hallways will be provided and continually monitored by securitycameras. Individual apartments will each be provided with range, refrigerator, dishwasher, heatingand air conditioning equipment, laundry hook-ups, and protected porches. A 2140 square foot office

    and community building will also be included.

    Back Porches

    Yes

    St. Leo's Place805 Sullivan StreetGreensboro, NC 27405

    Community Bldg - Sq Ft: 2,140 Community Room - Sq Ft: 1,043 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

    A variety of resident service programs conducted and staffed by Project Homestead, Inc. Multi-purpose community room is available to provide many of the amenities checked above.

    Extensive landscaping will be done, also very similar to St. Leo's Place in Greensboro.

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    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.

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

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

    Yes

    Page 17 of 35Print - APP03-0018

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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).

    The 6.78 acre tract is located in a predominantly residential neighborhood in northeast Greensboro.The parcel is partially wooded and without significant slopes.

    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.Spry Street is located approximately 1/2 mile north of Cone Boulevard which serves as a major east-west corridor across the city. The property is situated in very close proximity to Rankin ElementarySchool. Areas north, east, and west are heavily residential with a variety of commercial activity lyingto the south along Summit Avenue.

    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 property is extremely well located with no known adverse conditions. Most commercial activityis easily accessible via sidewalks or automobile. Property ingress and egress are not expected to bedifficult.

    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).The surrounding land uses include single-family housing, an elementary school and a church.According to the 2002 market study, there were no major infrastructure improvements planned forthe subject area.

    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 adverse conditions. In fact the property is flat and only partially wooded in the backarea.

    Similarity of scale and aesthetics/architecture between project and surroundings.Rankin School Place is being developed with handsome craftsman style architecture which still can

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    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 orstate agency?

    Has any owner, principal, or management agent been involved in a bankruptcy, an adverse fair housing settlement, an adverse civil rightssettlement, 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 subsidizedproject?

    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 carryoveragreement 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 orreceived a letter of non-compliance from the Agency?

    Project Team Experience

    North Carolina Other States

    Projects: 15 0

    Units: 870 0

    North Carolina Other States

    Projects: 7 1

    Units: 368 48

    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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    Payroll Taxes (FICA) 5,110Miscellaneous Taxes, Licenses and PermitsProperty and Liability Insurance (Hazard) 8,000Fidelity Bond Insurance 90Workmen's Compensation 750Health Insurance and Other Employee BenefitsOther Insurance:

    SUBTOTAL 37,750Supportive Service ExpensesService Coordinator 2,200Service Supplies 600Tenant Association FundsOther Expenses (specify):

    SUBTOTAL 2,800ReservesReplacement Reserves 14,000SUBTOTAL 14,000

    TOTAL OPERATING EXPENSES 169,400

    ADJUSTED TOTAL OPERATING EXPENSES (Does not include taxes, reserves and resident support services) * 128,800

    TOTAL UNITS(from total units in the Unit Mix section) 56

    PER UNIT PER YEAR 2,300

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    Design Features

    ITEM DESCRIPTION

    Foundation/Slab Components 4 inch concrete with fiber mesh reinforcements with R-5 rigid insulation

    Primary Windows Make: Model:Moss Industries Ultra

    Type/Construction:Vinyl 6 over 1, Single Hung, Low Maintenance,U=.40 max or Wood Windows

    Exterior Doors Type: Frames:Metal Insulated Steel

    Siding Type: Grade/Thickness:Vinyl or Hardiplank .042 Nominal

    Warranty: Lifetime

    Exterior Trim Vinyl (Simulated 5" Corners and Bands)

    Shingles Type: Weight:Fiberglass 250#

    Warranty: 25 year // Anti-fungal

    Sprinkler System N/A

    Cabinets Pre-manufactured oak fronts

    Heat Pump SEER: Make:12GMC 1 1/2 Ton w/5kwHeater

    Model: 6yrs - Insulated Ducts

    Air Conditioner SEER: Make:N/A

    Model:

    Other Heat Systems SEER: Make:N/A

    Model:

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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 22,000 33,000 55,000

    Backfill-slab, Crawl 3,520 5,280 8,800

    Slab-concrete/Rebar/Gravel 70,000 105,000 175,000

    Waterproofing 0 0 0

    Masonry Foundation 80,400 53,600 134,000

    Brick Veneer 0 0 0

    Steel/Structure/Rails 0 0 0

    Framing/Lumber/Nails 125,093 102,349 227,442

    Trusses 0 188,570 188,570

    Crane Rental 0 0 0

    Windows/Grilles/Screen 0 41,000 41,000Exterior Doors 0 39,553 39,553

    Roofing 27,912 27,913 55,825

    Fencing 0 0 0

    Vinyl Siding/Trim/Box 48,980 32,653 81,633

    Gutters/Shutters 2,684 1,789 4,473

    Insulation 19,872 13,248 33,120

    Drywall 93,052 62,034 155,086

    Interior Doors 0 35,456 35,456

    Int. & Final/Stair/Trim/Shelves 22,925 15,283 38,208

    Cabinets & Tops 80,530 53,687 134,217Painting 34,853 14,937 49,790

    Marble - Tub/Shwr/Tops 0 0 0

    Plumbing 110,009 73,339 183,348

    Electrical 101,081 67,387 168,468

    Heating/Air Conditioning 93,914 62,609 156,523

    Floor Covering and Underlayment 50,444 33,629 84,073

    Wall Paper 0 0 0

    Mailboxes/Special Features/Signage 0 0 0

    Gypcrete 0 0 0

    Blinds/Shades/Art Work 2,803 1,868 4,671

    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. 20,845 31,267 52,112

    Appliances 0 61,600 61,600

    Playground Equipment 0 0 0

    Interior Clean 6,032 0 6,032

    Exterior Clean/Dumpster 12,000 12,000

    Other 1 (specify in Remarks) 30,000 0 30,000

    Other 2 (specify in Remarks) 0 0 0

    Total Cost 1,058,949 1,157,051 2,216,000

    Bond Costs - Construction

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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 0

    Clearing/Grading/Final Grading/Excess and Borrow 159,933

    Demolition 0

    Earthwork/Excavation/Aerating 0

    Soil Treatment 7,315

    Pile Foundations 0

    Caissons 0

    Shoring/Bracing 0

    Site Drainage 63,000

    Site Utilities/Site Lighting 108,164

    Paving and Surfacing/Curb and Gutter 46,589Walkways 15,000

    Site Signage 6,650

    Parking Lot Painting 3,059

    Dumpsite Pads/Fencing 3,990

    Fencing/Gates 0

    Landscaping/Topsoil 40,800

    Waterproofing/De-Watering 0

    Operation of Construction Equipment/Fuel/Oil 0

    Crane Rental 0

    Rock and Hardpan Excavation 0Site Supervision Personnel 7,500

    Other (specify in Remarks) 0

    Total Cost 462,000

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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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