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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 Re quested: Multi-Family Product ion Print Preview - Final Application  Tax Credits, RPP Loans, and/or Tax Exempt Bond Loans Resources Requested 600,000 Page 1 of 36 Print - APP03-0126 1/14/2005 https://www.nchfa.org/Rental/RTCApp/(zqiq2y2vxktwlf45n2a0uhf4)/site/PrintApp.aspx?I...
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The Park at Cline Village

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: Multi-Family Production

Print Preview - Final Application

Tax Credits, RPP Loans, and/or Tax Exempt Bond Loans

Resources Requested

600,000

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

Project Name and Location

Project Name: The Park at Cline Village

Address: Edgewater Road

City: Conover County: CATAWBA Zip: 28613

Census Tract: 0101 Block Group:

No

Political Jurisdiction: City of Conover

Jurisdiction CEO Name: First: Last:Bruce Eckard Title: Mayor

Jurisdiction Address: P.O. Box 549, 101 First Street East

Jurisdiction City: Conover Zip: 28613-0549

Jurisdiction Phone: (828)464-1191

Site Latitude:

Site Longitude:

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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

Yes1010

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: 6 units will be fully accessible, 3 ADA and 3 mobility impaired handicapped. 5 units will be targetedfor persons with disabilities or homeless populations. In addition, 1 unit will be provided with specialprovisions for sight and hearing impaired residents. It will be designed in accordance with the FairHousing Amendments Act and have the following features: 1)battery back-up powered fire alarm

and strobe lights and audio alarm in each room, 2)door bell alarm and strobe lights in each room, 3)telephone/TTY strobe lights next to all phone jacks, and 4) provision for 150 watt lamps in all lightfixtures.

Proposed number of residential buildings: 1 Maximum number of stories in buildings: 2

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

Project Includes:Separate community building -- Sq. Ft. (Floor Area):Sq. Ft. (Floor Area):

Community space within residential bulding(s) -- Sq. Ft. (Floor Area):Sq. Ft. (Floor Area): 3,4303,430

Elevators -- Number of Elevators:Number of Elevators: 11

Gross Floor Square Footage: 49,390

Total Net Sq. Ft. (All Heated Areas): 44,635

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Applicant Information

Applicant Name: Regency Development Associates, Inc.

Address: 2700 Wycliff Road, Suite 312

City: State: NC Zip:Raleigh 27607

Contact: First: Last: Title:Nakira Carter

Telephone: (828)859-2250

Alt Phone: (919)280-5824

Fax: (828)859-2270

Email Address: [email protected]

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Total Site Acreage: Total Buildable Acreage:

If buildable acreage is less than total acreage, please explain:

Identify utilities and services currently available (and with adequate capacity) for this site:

Storm Sewer Water Sanitary Sewer Electric

Is the demolition of any buildings required or planned?If yes, please describe:

Are existing buildings on the site currently occupied?If yes:(a) Briefly describe the situation:

(b) Will tenant displacement be temporary?(c) Will tenant displacement be permanent?

Is the site in a distressed neighborhood?

If yes, does a community revitalization plan exist?

Is the site directly accessed by an existing, paved, publicly maintained road?If no, please explain:

Is any portion of the site located inside the 100 year floodplain?If yes:(a) Describe placement of project buildings in relation to this area:

Site Description

2.1 2.1

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: 9/30/2003

(D) Enter Purchase Price: 200,000

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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

MX

Yes

Yes

Yes

A conditional use permit was obtained on April 5, 2002.

No

No

No

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Ownership Entity

Owner Name: The Park at Cline Village, LLCAddress: 2700 Wycliff Road, Suite 312

City: State: NC Zip:Raleigh 27607

Federal Tax ID Number of Ownership Entity: (If assigned)

Federal Tax ID Number of Managing GP or Member: (If Not Assigned)75-3092791

Entity Type: Limited Liability CompanyEntity Status: To Be FormedIs the applicant requesting that the Agency treat the application as Non-Profit sponsored? YesIs the applicant requesting that the Agency treat the application as CHDO sponsored? NoList all general partners, members,and principals. Specify nonprofit corporate general partners ormembers. Click [Add] to add additional partners, members, and principals.

Org: 2003 CDC Manager, LLC

First Name: Michael Last Name: Hurst Function: Managing Member

Address: 2700 Wycliff Road, Suite 312City: Raleigh State: NC Zip: 27607

Phone: (919)510-9660 Fax: (919)510-9670

EMail: [email protected] Nonprofit: No TaxID 75-3092791

Org: Western N.C. Housing Partnership, Inc.

First Name: Jeanne Last Name: Price Function: Member

Address: PO Box 841

City: Rutherfordton State: NC Zip: 28139

Phone: (828)287-2281 Fax: (828)287-2735

EMail: [email protected] Nonprofit: Yes TaxID 58-2065033

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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 1 630 21 4 365 94 459

Gdn Apt 1 630 15 0 445 94 539

Gdn Apt 2 890 9 2 445 106 551

Gdn Apt 2 890 3 0 534 106 640

Utilites included in rents: Water/Sewer Electric Gas Other trash pick-up

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....... 48 6 19947

Market Rate.......

Totals............... 48 6 19947

* 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 21 targeted at 50 percent of median income.

1 15 targeted at 60 percent of median income.

2 9 targeted at 50 percent of median income.

2 3 targeted at 60 percent of median income.

48

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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 520,000 7.25 20 30 42,567

RPP Loan 600,000 1.00 20 20Local Gov. Loan - Specify:

RD Loan

AHP Loan

Other Loan 1 - Specify:

Other Loan 2 - Specify:

Other Loan 3 - Specify:

Tax Exempt Bonds

State Tax Credit(Loan) 676,528 0 30 30 0

State Tax Credit(Direct Refund)

Equity: Federal LIHTC 2,076,259 Non-Repayable Grant

Equity: Historic Tax Credits

Deferred Developer Fees 99,671 Owner Investment

Other - Specify:

Total Sources** 3,972,458

* "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

Disregard the annual debt service shown above on the RPP; see non-amortized schedulebelow. Conventional bank debt increased to cover shortage; lower interest rate also. Equitychanged due to AFR underwritten at 7.87

RPP Loan

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Year:Amt:

116177

216562

316903

417198

517441

617630

717760

817827

917827

1017753

Year:Amt:

1117603

1217369

1317047

1416630

1516112

1615487

1714748

1813888

1912899

2011772

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Development Costs

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

1 Purchase of Buildings (Rehab) 02 Demoli tion3 On-site Improvements 400,000 300,0004 Rehabilitation5 Construction of New Building(s) 1,880,500 1,880,5006 Accessory Building(s)7 General Requirements 136,830 136,8308 Contractor Overhead 48,347 48,3479 Contractor Profit 193,386 193,386

10 Construction Contingency 79,772 79,77211 Architect's Fee - Design 72,000 72,00012 Architect's Fee - Inspection 7,500 7,500

SUBTOTAL (lines 1 through 12) 2,818,33513 Construction Insurance (prorate) 8,000 5,60014 Construction Loan Orig. Fee (prorate) 20,40515 Construction Loan Interest (prorate) 122,472 85,73016 Construction Loan Credit Enhancement (prorate)17 Construction Period Taxes (prorate) 4,000 2,80018 Water, Sewer and Impact Fees 42,390 42,39019 Survey 10,000 10,00020 Property Appraisal 4,000 4,00021 Environmental Report 8,000 8,00022 Market Study 5,000 5,000

23 Bond Costs (specify)

24 Cost of Issuance25 Placement Fee26 Permanent Loan Origination Fee 6,30027 Permanent Loan Credit Enhancement28 Title and Recording 5,000

SUBTOTAL (lines 13 through 28) 235,56729 Real Estate Attorney 15,00030 Other Attorney's Fees 30,000 15,00031 Tax Credit App Fees 18,784 18,784

32 Cost Certification/Accounting Fees (specify) 12,000 12,000

33 Tax Opinion 5,00034 Organizational (Partnership) 1,00035 Tax Credit Monitoring Fee 28,800

SUBTOTAL (lines 29 through 35) 110,58436 Furnishings and Equipment 15,000 15,00037 Relocation Expenses38 Developer's Fee (max 15% lines 2-36, less 8 & 9) 440,000 440,000

39 Lender's Supervision 0 0

40 Bridge Loan Interest

41 Rent-up Expenses 30,000

42 Other Non-basis Expense (specify)

43 Other Non-basis Expense (specify)

SUBTOTAL (lines 36 through 43) 485,00044 Rent up Reserve 14,400

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Comments:

45 Operating Reserve 108,572

46 Other Reserve (specify)

47 Other Reserve (specify)

48 DEVELOPMENT COST (lines 1-47) 3,772,458 0 3,382,63949 Less Federal Financing50 Less Disproportionate Standard51 Less Nonqualified Nonrecourse Financing

52 Less Historic Tax Credit (residential) 053 TOTAL ELIGIBLE BASIS 3,382,639 0 3,382,63954 Times Applicable Fraction 100.00% 100% 100%55 TOTAL QUALIFIED BASIS 3,382,639 0 3,382,63956 Tax Credit Rate 0.00% 7.87%57 FEDERAL TAX CREDITS at Estimated Rate 266,213 0 266,213

57a FEDERAL TAX CREDITS at 8.5% or 3.75% 287,524 0 287,52458 FEDERAL TAX CREDITS REQUESTED 287,524 287,52459 STATE TAX CREDITS 687,42360 Land Cost 200,00061 TOTAL REPLACEMENT COST 3,972,458

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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

The complex will consist of a single two story building with an elevator. There will be 48 units andcommon space including a covered front porch, a covered gazebo, covered picnic shelter, semi-private garden plot area, nature trail, playground, fishing pond, reading room, library, crafts, multi-purpose room, community sitting/parlour area, on-site management, on-site maintenance, disposals,dishwashers, and supportive services.

No

Community Bldg - Sq Ft: Community Room - Sq Ft: 3,430 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

Other amenities include, a nearby fishing pond and the amenities at the adjacent elementary schoolwhich can be used by the residents--a playground, basketball court, baseball field, softball field, andsoccer field. We will have on-site activities provided by local human service agencies. We alreadyhave written commitments from several local agencies for educational and social programs for theseniors at The Park at Cline Village.

The project includes a fully developed landscape plan with an irrigation system featuring shadetrees, flowering trees, and evergreen flowering shrubs. There is a heavily landscaped formal gardenand sitting area with a children's playground for the residents' grandchildren and a picnic shelter.

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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.

There is also a vegetable garden with tenant garden plots.

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 Park at Cline is being built in a brand new neo-traditional neighborhood, called Cline Village,with upscale single-family homes modeled after 1920's architecture priced in the range of $160,000-$270,000. There are 220 single-family homes approved for Phase I of the development and 300single-family homes approved for Phase II. Cline Village was designed by the leading neo-traditionalland planners in the country - Andreas Duany & Elizabeth Plater-Zyberk who designed Seaside, FLamong many other national award-winning communities. The community will be a walkablecommunity with greenspace and walking trails throughout. All of the residential units will have largefront porches to bring back the true neighborhoods of the 1920's. The Lyle Creek ElementarySchool, directly across the street, opened in 2001 and is a first-class facility. The physical conditionof the neigborhoods surrounding Cline Village are well-maintained and stable. This area ofConover's ETJ is an area of investment and is the City of Conover's only expansion area. The City

just spent $60,000 for sewer extensions along Cline Creek to serve this basin.It is the largestgrowing census tract in Catawba County. Therfore, they are concentrating on developingcommercial and service-oriented businesses near Cline Village. The City has been activelynegotiating with potential shopping center and grocery store developers to build a grocery store,bank, gas/convenience store, and shopping facilities at the new interchange which will beapproximately 1 mile from Cline Village. In addition, the City of Conover has worked to secure a

three-year contract with the Senior PGA Tour to play at the nearby Rock Barn Country Club--the firsttournament will be in 2003.

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.The existing Cline Village neighborhood is a planned unit development and the City of Conover hasbeen very involved in the planning process of designing the community. The neighborhood has beenplanned with a balance of mixed uses--residential and retail/commercial. The community is veryunique as it has been designed as a walkable community and features the architecture of the1920's. The neighborhood has a village green, a large greenspace along Lyle Creek, ponds, andplanned retail shops. The City of Conover is planning to construct a fire station there by the end of2003. The City of Conover is also concentrating all of its expansion efforts on the area surroundingCline Village af far as commercial and service-oriented growth goes.

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 street serving the site is more than adequate. The City Planning Dept. worked very closely withthe developers of Cline Village to design the road system. In the City's opinion, according to theirresearch and advice from transportation consultants, Edgewater Road and CB Farm Road cansupport the volume of traffic that will be generated by this elderly community. There are two accesspoints out of the Cline Village community, and there are two additional access points proposed forthe west side of the community at Stafford Street and Lee Cline Road and three future connectionsto adjacent property as growth continues. At the main entrance and exit of the Cline Villagecommunity, you can only exit to the right due to the turning lane the City carefully designed, howeveronly 300 ft from this entrance there is another road, called Pony Drive, where residents can exit ineither direction. Also, worth noting, NCDOT is constructing a new interchange with I-40 that willprovide even better overall access to businesses and services from Cline Village. This newinterchange will open in the late summer of 2003.

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).There are no incompatible or hazardous uses surrounding this carefully and cleverly designed neo-traditional community or site.

Degree of on-site negative features and physical barriers that will impede project construction oradversely affect future tenants; for example: power transmission lines and towers, flood hazards,

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

Other facilities or services:

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.No physical barriers exist on this site. The site is flat and has been cleared.

Similarity of scale and aesthetics/architecture between project and surroundings.The neighborhood has restrictive covenants and very strict design guidelines are in place protectingthe aesthetics in this carefully planned community. These guidelines will insure that all developmentin Cline Village is similar in scale, use, and asethetics. An architectural review board must approveall site plans, designs, and colors.

Concentration of affordable housing (housing credit, project-based rental assistance, public housing).There are no existing affordable housing complexes near our proposed site.

Availability of Supportive Services (if applicable):Catawba County has a strong supportive human service network for persons of low and moderatemeans. We have already received written commitments from many agencies in this network whointend to work closely with us in developing our complex and providing necessary services to oursenior population.

Grocery Store2 Community/Senior Center3

Mall/Strip Center7 Hospital4

Outdoor Athletic Fields.2 Pharmacy2

Day Care/After School3 Basic Health Care2

Schools.2 Medical Offices2

Public Transportation Stop2 Bank/Credit Union3.1

Convenience Store2 Restaurants1.5

Basketball/Tennis Courts3 Professional Services2

Public Parks3

Movie Theater7

Gas Station2 Video Rental2

Library3 Public Safety (Fire/Police)2

Fitness/Nature Trails.2 Post Office4.2

Public Swimming Pools4.4

A church, fire station, and small scale retail shops are proposed for the Cline Village neighborhoodin the very near future. The City of Conover is also negotiating with a grocery store chain andshopping mall developers for development at the new I-40 interchange which will be approximatelyone mile from Cline Village.

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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: 37 74

Units: 2,923 7,234

North Carolina Other States

Projects: 47 19

Units: 2,794 859

No

No

No

No

No

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Financing Commitments

Does the project have a firm commitment for construction financing? No

Does the project have a letter of intent for private permenant financing? Yes

Does the project have a firm commitment for government financing? No

Does the project have a letter of intent from an investor? Yes

Is any portion of the eligible basis of new contruction or rehabilitation financed with federal subsidies other than CDBG funds or fundsfrom the HOME program? No

If yes, indicate the type and amount below:

Tax Exempt Financing: $

RD 515 Financing: $

Hope VI Financing: $

Other: $

If Other, specify the type of Federal subsidy:

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Project Operations (Year One)

Projected Operating Costs

Administrative ExpensesAdvertising 1,000Other Administrative Expense (specify):

Office SalariesOffice Supplies 1,800Office or Model Apartment RentManagement Fee 20,736Manager or Superintendent Salaries 20,000Manager or Superintendent Rent Free UnitLegal Expenses (Project) 200Auditing Expenses (Project) 6,000Bookkeeping Fees/Accounting Services 1,440Telephone and Answering Service 4,500Bad DebtsOther Administrative Expenses (specify):

4,288

SUBTOTAL 59,964Utilities ExpenseFuel OilElectricity (Light and Misc. Power) 9,600Water 6,000GasSewerSUBTOTAL 15,600Operating and Maintenance ExpensesJanitor and Cleaning PayrollJanitor and Cleaning Supplies 240Janitor and Cleaning Contract 3,600

Exterminating Payroll/Contract 1,008Exterminating SuppliesGarbage and Trash Removal 1,500Security Payroll/Contract 600Grounds PayrollGrounds Supplies 1,200Grounds Contract 8,400Repairs Payroll 10,000Repairs Material 600Repairs Contract 600Elevator Maintenance/Contract 2,700Heating/Cooling Repairs and Maintenance 200

Swimming Pool Maintenance/ContractSnow Removal 500Decorating Payroll/Contract 500Decorating Supplies 100Other (specify):

Miscellaneous Operating & Maintenance ExpensesSUBTOTAL 31,748Taxes and InsuranceReal Estate Taxes 21,600

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Payroll Taxes (FICA) 2,348Miscellaneous Taxes, Licenses and PermitsProperty and Liability Insurance (Hazard) 9,600Fidelity Bond Insurance 50Workmen's Compensation 690Health Insurance and Other Employee BenefitsOther Insurance:

SUBTOTAL 34,288Supportive Service ExpensesService Coordinator 3,300Service Supplies 1,500Tenant Association FundsOther Expenses (specify):

SUBTOTAL 4,800ReservesReplacement Reserves 12,000SUBTOTAL 12,000

TOTAL OPERATING EXPENSES 158,400

ADJUSTED TOTAL OPERATING EXPENSES (Does not include taxes, reserves and resident support services) * 120,000

TOTAL UNITS(from total units in the Unit Mix section) 48

PER UNIT PER YEAR 2,500

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Design Features

ITEM DESCRIPTION

Foundation/Slab Components Continuous concrete footings, 4" slab on grade on vapor barrier on compacted porous base

Primary Windows Make: Model:Silverline 2900 Type/Construction: vinyl single hung w/insul glass, thermal break

Exterior Doors Type: Frames:Vinyl faced hollowmetal, 6 panel hollow metal

Siding Type: Grade/Thickness:Vinyl dutch lap andshake shingle styles .044

Warranty: lifetime

Exterior Trim vinyl and solid synthetic materials

Shingles Type: Weight:composition 240# Warranty: 25 year

Sprinkler System fully sprinkled, NFPA 13R

Cabinets American cabinets, oak flat panel doors and drawers

Heat Pump SEER: Make:13 First Company/Trane

Model: varies

Air Conditioner SEER: Make:

Model:

Other Heat Systems SEER: Make:

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 7,000 13,000 20,000

Backfill-slab, Crawl 0 0 0

Slab-concrete/Rebar/Gravel 34,000 47,000 81,000

Waterproofing 0 500 500

Masonry Foundation 0 0 0

Brick Veneer 28,000 22,000 50,000

Steel/Structure/Rails 22,000 41,700 63,700

Framing/Lumber/Nails 156,000 92,500 248,500

Trusses 0 72,000 72,000

Crane Rental 0 2,500 2,500

Windows/Grilles/Screen 0 17,800 17,800Exterior Doors 0 49,000 49,000

Roofing 1,200 24,609 25,809

Fencing 0 0 0

Vinyl Siding/Trim/Box 28,000 40,000 68,000

Gutters/Shutters 3,300 1,200 4,500

Insulation 0 25,000 25,000

Drywall 48,000 90,000 138,000

Interior Doors 0 21,142 21,142

Int. & Final/Stair/Trim/Shelves 11,000 17,000 28,000

Cabinets & Tops 4,000 76,000 80,000Painting 50,000 50,000

Marble - Tub/Shwr/Tops 0 0 0

Plumbing 0 183,500 183,500

Electrical 188,000 188,000

Heating/Air Conditioning 238,000 238,000

Floor Covering and Underlayment 14,000 30,000 44,000

Wall Paper 0 0 0

Mailboxes/Special Features/Signage 300 13,060 13,360

Gypcrete 15,789 15,789

Blinds/Shades/Art Work 1,800 3,200 5,000

Light Fixtures/Fans 0 0 0

Sprinkler System 44,000 44,000

Security Alarm 0 0 0

Hardwood Floors 0 0 0

Elevator 29,000 29,000

Ceramic Tiles 0 0 0

Acoustical Ceilings 0 0 0

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Remarks:

Mirror/Shower Door/Encls. 2,800 2,800

Hardware/Bath Access. 4,500 9,830 14,330

Appliances 40,000 40,000

Playground Equipment 11,270 11,270

Interior Clean 6,000 6,000

Exterior Clean/Dumpster 0 0 0

Other 1 (specify in Remarks) 0 0 0

Other 2 (specify in Remarks) 0 0 0

Total Cost 363,100 1,517,400 1,880,500

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This is a detailed breakdown of the General Requirements cost element you summarized in the Development Costs table (GeneralRequirements). The total should match that roll-up value.

Remarks:

Costs - General

ITEM TOTAL

Supervision 37,000

Job Site Office/Trailer Rental 8,000

Impact Fees 0

Office Supplies 400

Security/Watchman 0

Water and Sewer Connection Fees 0

Project Signage 350

Tools and Equipment 400

Gas, Oil, and Maintenance 200

Cleanup/Dumpster Rental 16,960

Temporary Water, Electric, and Telephone 7,000Storage/Hauling 4,500

Driveway Access Permit 0

Porta-John Rental/Dumping 3,630

Builders Risk Insurance 9,800

Re-inspection Fees 0

Extra Plans and Specifications 790

Miscellaneous, Casual Labor 25,000

Equipment Rental 16,000

Other 1 (specify in Remarks) 2,800

Other 2 (specify in Remarks) 4,000Total Cost 136,830

Other 1-Travel for home office for inspectionsOther 2-gazebo

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This is a detailed breakdown of the Site Improvements cost element you summarized in the Development Costs table (On-siteImprovements). The total should match that roll-up value.

Remarks:

Costs - Improvements

ITEM TOTAL

Subsurface Exploration/Perk Testing/Site Engineering

Clearing/Grading/Final Grading/Excess and Borrow 120,500

Demolition 0

Earthwork/Excavation/Aerating 15,000

Soil Treatment 1,800

Pile Foundations 0

Caissons 0

Shoring/Bracing 0

Site Drainage 0

Site Utilities/Site Lighting 155,000

Paving and Surfacing/Curb and Gutter 46,000Walkways 19,000

Site Signage 5,000

Parking Lot Painting 1,700

Dumpsite Pads/Fencing 4,000

Fencing/Gates 0

Landscaping/Topsoil 32,000

Waterproofing/De-Watering 0

Operation of Construction Equipment/Fuel/Oil 0

Crane Rental 0

Rock and Hardpan Excavation 0Site Supervision Personnel 0

Other (specify in Remarks) 0

Total Cost 400,000

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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

NA

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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

NA

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MINIMUM REQUIRED SET ASIDES (No Points Awarded):

Minimum Set-Asides

Select one of the following two options:

20% of the qualified units are rent restricted and occupied by households with incomes at or below 50% of the median income (Note:No Tax Credit Eligble Units in the the project can exceed 50% of median income)

40% of the qualified units are rent restricted and occupied by households with incomes at or below 60% of the median income (Note:No Tax Credit Eligble Units in the the project can exceed 60% of median income)

If requesting RPP funds:

40% of the qualified unit are occupied by households with incomes at or below 50% of median income.

State Tax Credit and QAP Targeting Points:

High Income county:

At least twenty-five percent (25%) of qualified units will be affordable to households with incomes at or below thirty percent (30%) ofcounty median income.

At least twenty-five percent (25%) of qualified units will be affordable to and occupied by households with incomes at or below thirtypercent (30%) of county median income.

At least fifty percent (50%) of qualified units will be affordable to households with incomes at or below forty percent (40%) of countymedian income.

At least fifty percent (50%) of qualified units will be affordable to and occupied by households with incomes at or below forty percent(40%) of county median income.

Moderate Income County:

At least twenty-five percent (25%) of qualified units will be affordable to and occupied by households with incomes at or below fortypercent (40%) of county median income.

At least fifty percent (50%) of qualified units will be affordable to households with incomes at or below fifty percent (50%) of county

median income.At least fifty percent (50%) of qualified units will be affordable to and occupied by households with incomes at or below fifty percent(50%) of county median income.

Low Income County:

At least forty percent (40%) of qualified units will be affordable to households with incomes at or below fifty percent (50%) of countymedian income.

At least forty percent (40%) of qualified units will be affordable to and occupied by households with incomes at or below fifty percent(50%) of county median income.

Tax Exempt Bonds

Threshold requirement (select one):

At least ten percent (10%) of qualified units will be affordable to and occupied by households with incomes at or below fifty percent(50%) of county median income.At least five percent (5%) of qualified units will be affordable to and occupied by households with incomes at or below forty percent(40%) of county median income.

Eligible for mortgage subsidy points (select one):

At least twenty percent (20%) of qualified units will be affordable to and occupied by households with incomes at or below fifty percent(50%) of county median income.

At least ten percent(10%) of qualified units will be affordable to and occupied by households with incomes at or below forty percent(40%) of county median income.

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PLEASE indicate which of the following exhibits are attached to your application. Others may be required as noted.

Full Application Checklist

A Nonprofit Organization Documentation or For-profit Corporation Documentation

B Current Financial Statements/Principals and Owners

C Ownership Entity Agreement, Development Agreement or any other agreements governing development services

D Management Agent Agreement

E Development and manager multi-family experience & Management Questionnaire (Appendix C)

F Letters from State Housing Agencies or designated monitoring agent verifying Out of State Management Experience

G Completed IRS Form 8821 (Appendix I)

H Permitted zoning letter (including conditional and special use)

I Site plan, floor plans and elevations

J Hazard and structural inspection and termite reports (Renovation projects only)

K Description of any existing conditions of historical significance.

L Description of environmental significance.

M Anticipated budget demonstrating how the project would meet the 10% test by November 14th.

N Evidence of Architect's Errors and Omissions insurance (or equivalent).

O Description of acquisition for existing/occupied projects or for projects with occupied buildings to be demolished.

P Description of proposed Relocation Plan & Relocation Budget, Etc. If any relocation is anticipated, reference Appendix F.

Q Targeting Plan and supporting documentation (Required for projects targeted to Special Populations)

R Local Housing Authority Agreement (Reference Model in Appendix I)

S Appraisal (for land costs greater than $5,000 and for buildings in rehab projects)

T Evidence of Permanent Loan Commitment, other sources of funds, and project-based subsidies.

U Statement regarding terms of Deferred Developer Fee and, if nonprofit, resolution of Board approving fee.

V Inducement Resolution (Tax-Exempt Bond Financed Projects only)

W Documentation to support estimated utility costs.

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