Rankin School

8/6/2019 Rankin School

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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

1/14/2005https://www.nchfa.org/Rental/RTCApp/(fhx3mf45ae2fnw454igxpc45)/site/PrintApp.aspx?...


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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




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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




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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




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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? 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




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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




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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.




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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.




56




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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




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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




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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




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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




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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)


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 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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Rankin School

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