Vineyard Pointe

8/6/2019 Vineyard Pointe

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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 36Print - APP03-0068

1/14/2005https://www.nchfa.org/Rental/RTCApp/(g4sv1h45qo2ouk45h3fu3n45)/site/PrintApp.aspx...


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

Project Name and Location

Project Name: Vineyard Pointe

Address: 4818 Franklin Avenue (site fronts Lullwater Drive)

City: Wilmington County: NEW HANOVER Zip: 28403

Census Tract: 105.01 Block Group:

Yes

Political Jurisdiction: City of Wilmington

Jurisdiction CEO Name: First: Last:Harper Peterson Title: Mayor

Jurisdiction Address: City Hall 102 North Third Street

Jurisdiction City: Wilmington Zip: 28402

Jurisdiction Phone: (910)341-7810

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: and number of units:and number of units:

Target Population: Family

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

No

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: We plan to target 10% of the units to persons with disabilities.

Proposed number of residential buildings: 6 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): 1,8001,800

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: 72,286

Total Net Sq. Ft. (All Heated Areas): 66,372




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Applicant Information

Applicant Name: The NRP Group

Address: 4030 Wake Forest Road, Suite 300

City: State: NC Zip:Raleigh 27609

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

Telephone: (919)719-2730

Alt Phone: (919)719-2706

Fax: (919)719-2769

Email Address: jashley@nrpgroup.com




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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

6.27 4.594

The total site area of 6.274 acres includes .86 acres of wetland and wetland buffer and .82 acres ofperimeter buffer to adjacent property.

Yes

There is a small shed on the site which will be demolished.

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: 12/31/2003

(D) Enter Purchase Price: 520,000




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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

MF-L (SD) Multi-family Low Density

Yes

No

No

No

No




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10/36

bparker@nrpgroup.com 56-2223008




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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 4 targeted at 40 percent of median income.









58




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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))

Funding Sources

Source AmountNon-

Amortizing*Rate(%)

Term(Years)

Amort.Period(Years)

AnnualDebt

Service

Bank Loan 520,000 7.50 18 30 43,630

RPP Loan 0Local Gov. Loan - Specify:City of Wilmington

100,000 0.00 30 30 3,333

RD Loan 0

AHP Loan 0

Other Loan 1 - Specify:0



Tax Exempt Bonds 0

State Tax Credit(Loan) 1,259,275 0 30 30 0

State Tax Credit(Direct Refund)

Equity: Federal LIHTC 3,716,063

Non-Repayable Grant

Equity: Historic Tax Credits

Deferred Developer Fees

Owner Investment 100 Other - Specify:

Total Sources** 5,595,438

* "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.

75

The placement of the state credit amount in the loan column does NOT constitute ourelection of this option. We will make the election as required by 7/31/03 or within 2 weeksafter the PLR announcement.




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Development Costs

Item Cost Element TOTAL COSTEligible Basis

30% PV 70% PV

1 Purchase of Buildings (Rehab) 0 0

2 Demolition 0 0

3 On-site Improvements 514,520 514,520

4 Rehabilitation 0 0

5 Construction of New Building(s) 2,406,800 2,406,800

6 Accessory Building(s) 192,560 192,560

7 General Requirements 186,833 186,833

8 Contractor Overhead 66,014 66,014

9 Contractor Profit 198,043 198,043

10 Construction Contingency 106,719 106,719

11 Architect's Fee - Design 140,000 140,000

12 Architect's Fee - Inspection 26,400 26,400

SUBTOTAL (lines 1 through 12) 3,837,889

13 Construction Insurance (prorate) 10,000 10,000

14 Construction Loan Orig. Fee (prorate) 5,200 5,200

15 Construction Loan Interest (prorate) 24,962 24,962

16 Construction Loan Credit Enhancement (prorate) 0 0

17 Construction Period Taxes (prorate) 5,000 5,000

18 Water, Sewer and Impact Fees 145,300 145,300

19 Survey 10,000 10,000

20 Property Appraisal 5,000 5,000

21 Environmental Report 2,000 2,000

22 Market Study 7,000 7,000

23 Bond Costs (specify) 0

24 Cost of Issuance 0

25 Placement Fee 0

26 Permanent Loan Origination Fee 5,200

27 Permanent Loan Credit Enhancement 0

28 Title and Recording 12,000

SUBTOTAL (lines 13 through 28) 231,662

29 Real Estate Attorney 135,057 135,057

30 Other Attorney's Fees 10,000

31 Tax Credit App Fees 33,207 33,207

32 Cost Certification/Accounting Fees (specify) 7,500 7,500

33 Tax Opinion 5,000

34 Organizational (Partnership) 3,500

35 Tax Credit Monitoring Fee 30,450


36 Furnishings and Equipment 10,000 10,000

37 Relocation Expenses 0 0

38 Developer's Fee (max 15% lines 2-36, less 8 & 9) 605,250 605,250

39 Other Basis Expense (specify)

40 Other Basis Expense (specify) 0

41 Rent-up Expenses 0

42 Other Non-basis Expense (specify) 0

43 Other Non-basis Expense (specify) 0


44 Rent up Reserve 33,396




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Comments:

45 Operating Reserve 132,527

46 Other Reserve (specify)

47 Other Reserve (specify)

48 DEVELOPMENT COST (lines 1-47) 5,075,438 0 4,843,365

49 Less Federal Financing

50 Less Disproportionate Standard

51 Less Nonqualified Nonrecourse Financing

52 Less Historic Tax Credit (residential) 0

53 TOTAL ELIGIBLE BASIS 4,843,365 0 4,843,365

54 Times Applicable Fraction 130.00% 130% 130%

55 TOTAL QUALIFIED BASIS 6,296,374 0 6,296,374

56 Tax Credit Rate 0.00% 7.87%

57 FEDERAL TAX CREDITS at Estimated Rate 495,524 0 495,524

57a FEDERAL TAX CREDITS at 8.5% or 3.75% 535,191 0 535,191

58 FEDERAL TAX CREDITS REQUESTED 534,616 534,616

59 STATE TAX CREDITS 1,257,795

60 Land Cost 520,000

61 TOTAL REPLACEMENT COST 5,595,438




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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):

Market Study Information

Vineyard Pointe will be a 58 unit multi-family development for families. The development will have16 one-bedroom/1 bath units, 32 two-bedroom/mix of 1 and 2 bath units, and 10 three-bedroom/2.5bath units. All bedroom sizes will be large, exceeding NCHFA requirements. The one and twobedroom units will be garden style with a unique, individual porch covered entry instead ofbreezeways-a feature that enhances the residential effect of the development. The three-bedroom

units will be townhouses. The building design will reflect a North Carolina Coastal character withshingle accents and horizontal siding, brackets, and pitched roofs with shake gables.

Twenty-five percent (or 15 units) of the units will be targeted to households at 40% and below ofarea median income. The remainder of the units will be targeted to households at 50% of areamedian income (14 units) and 60% or less of area median income. All of the projected rents aresignificantly less than the maximum allowable rents. Additionally, 10% of the units will be targeted topersons with disabilities. Though these units will not have subsidies attached to them, the serviceproviders with whom we plan to partner, believe that a sufficient number of their clients will be ableto afford these lower 40% tax credit rents.

The development is located in Wilmington, in a residential neighborhood with a mix of single-familyhomes and multi-family units that is approximately a half-mile from the main campus of theUniversity of North Carolina-Wilmington. The site is conveniently located less than one mile from 3major shopping centers (University Center, University Commons and University Landing),restaurants, banks, and medical offices. A bus stop is within a very close walking distance to thesite. Schools and parks are between two to three miles from the site. Wrightsville Beach is only 5

miles from the site.

No

Community Bldg - Sq Ft: 2,290 Community Room - Sq Ft: 1,194 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




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Onsite Activities:

Landscaping Plans:

Interior Apartment Amenities (check all that apply):

Flooring: Carpet Vinyl Wood Wood Parquet Ceramic Tile Other

Heating/Cooling: Central Air Gas Heat Heat Pump Electric Pump

Do you plan to submit additional market data (market study, etc.) that you want considered?

If yes, please make sure to include the additional information in your pre-application packet.

The on-site manager will be expected to play a very active role in ensuring that a variety of socialactivities (such as holiday parties, movie nights, and other family events)and supportive services(such as on-site educational classes that cover such topics as homeownership training, continuingeducation, legal information, consumer credit counseling, and health and safety)are offered atVineyard Pointe. We believe such activities are very important to building a sense of communityamong all residents. A kitchen is available in the community building for functions and events.

Landscaping will be extensively utilized to beautify the development's green areas and to blend thedevelopment into the existing neighborhood. Two mature grape vineyards currently exist on site andwe hope to retain a few of these plants as part of the community character. Parking lots and driveswill be lined with shade trees and the plant materials will compliment the natural fauna. The site isattractively wooded and a tree-lined buffer will be maintained around the perimeter of the site. A 6foot, wooden fence will run along the northside of the property to further buffer it from the housesthat front Franklin Avenue.

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).

All buildings and grounds in the neighborhood are in good to excellent condition. The proposeddevelopment will be facing out onto Lullwater Drive where the majority of homes are neatlymaintained, single-family houses. Apartments also exist in the neighborhood. Lullwater Villas is acondominium community that appears to have been built in the past 7-10 years and is in very goodcondition. Ben Court Townhomes (rental) is located on the corner of Lullwater and Franklin St.adjacent to the site and is in good condition. On the western side of the site, barely visible throughthe woods, is a small trailer park that can be accessed only from Kerr Avenue. These homes are infair to poor condition. However, Vineyard Pointe will not be negatively impacted by the mobile homepark since a wooded area of approximately 100 feet and the retention pond will serve as a bufferbetween the mobile homes and the development's buildings. (Please refer to detailed site plan)

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 site is ideally located in a neighborhood that is primarily residential with a mix of housing types-single family, townhouses, and multi-family (all market rate).The proposed development is in closeproximity (8/10 mi.) to three major shopping centers (University Center, University Commons, and

University Landing)which are on College Road and include such stores as Lowes, Rhodes Furniture,Old Navy, Sam's Club and Barnes and Noble Bookstore. In addition to shopping opportunities, suchbusinesses also provide excellent employment opportunities. There are also many restaurants,banks, medical offices in this area. Within walking distance (corner of Lullwater Drive and MarketSt.) is a Food Lion Grocery, Kerr Drug and World Gym. The main campus of the University of NorthCarolina-Wilmington is located less than a mile from the site. A childcare center is 6/10ths of a milefrom the site on the corner of Lullwater and Collegiate Street. College Park Elementary School and aMontessori school are one mile from the site on Oriole Street. Other schools exist within 2 miles ofthe site. North Carolina Baptist Hospital and medical offices are located 6/10ths of a mile from thesite on College Road. Historic downtown Wilmington is approximately 3 miles from the site andWrightsville Beach is approximately 5 miles from the site.

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 City of Wilmington planning department has determined that the site has more than enough

capacity to support the proposed 58 unit development. Per their report, Lullwater Drive currentlycarries approximately 4,060 vehicles per day while the capacity is approximately 10,800 vehicles perday. A traffic light exists at the corner of Lullwater Drive and Market Street ( a major thouroughfare),easing access to the site. Additionally, we (along with several neighbors) have requested that theCity consider putting speed bumps along Lullwater Drive to slow traffic that cuts through from MarketSt. to College Road. We will be constructing a left hand turn lane from Lullwater Drive into the site,per the City's requirements. Finally, there is a bus stop within walking distance to the site at thecorner of Lullwater Drive and Franklin Avenue.

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 is very little vacant land in the neighborhood. There is a vacant parcel adjacent to the site(located behind the houses that front Lullwater) that is being proposed for a small (32 unit) tax creditdevelopment for seniors. There is another vacant parcel located behind the seniors site which fronts

Greenway Avenue. This site is zoned for single-family homes. Given the fact that it took us close toa year to rezone our site from single-family to multi-family, it is highly unlikely that this site willchange from its current single-family zoning.

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.As you will see from the site plan, two narrow wetland channels exist on the site (one at thenorthwest corner of the site and one which runs across the southern portion of the site). Thenorthwest corner channel will be undisturbed by the development while the other one will be




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DevelopmentList number low-income/tax credit housing projects and units developed, operated, and maintained in compliance by the principal(s) betweenDecember 1, 1996 and January 1, 2003:

ManagementList number of low-income housing tax credit units managed in the past 10 years:

Has any owner, principal, or management agent been debarred or received a limited denial participation in the past 10 years by any federal or

state agency?

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

settlement, or an adverse federal or state government proceeding and settlement in the past 10 years?

Has any owner or principal been in a mortgage default or delinquency of three months or more within the last 5 years on a FHA-insuredproject, a Rural Development funded rental project, a tax-exempt funded mortgage, a tax credit project, or any other publicly subsidized

project?

Has any owner or principal been involved within the last 10 years in a project which previously received an allocation of tax credits but failed tomeet compliance standards of the tax credit allocation, including return of a reservation of tax credits to the Agency after the carryover

agreement has been signed?

Has any owner or principal had a Form 8823 filed with the IRS for noncompliance on a project using low-income housing tax credits or

received a letter of non-compliance from the Agency?

Project Team Experience

North Carolina Other States

Projects: 2 16

Units: 370 672

North Carolina Other States

Projects: 2 6

Units: 370 1,322

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? 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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Project Operations (Year One)

Projected Operating Costs

Administrative Expenses

Advertising 3,500

Other Administrative Expense (specify):

Office Salaries 28,500Office Supplies

Office or Model Apartment Rent

Management Fee 18,000

Manager or Superintendent Salaries

Manager or Superintendent Rent Free Unit

Legal Expenses (Project) 2,500

Auditing Expenses (Project) 1,500

Bookkeeping Fees/Accounting Services

Telephone and Answering Service

Bad Debts

Other Administrative Expenses (specify):

SUBTOTAL 54,000

Utilities Expense

Fuel Oil

Electricity (Light and Misc. Power) 10,300

Water 7,000

Gas 1,200

Sewer 7,000

SUBTOTAL 25,500

Operating and Maintenance Expenses

Janitor and Cleaning Payroll

Janitor and Cleaning Supplies 3,500

Janitor and Cleaning Contract

Exterminating Payroll/Contract 700

Exterminating Supplies

Garbage and Trash Removal 2,800

Security Payroll/Contract

Grounds Payroll

Grounds Supplies 2,000

Grounds Contract 7,000

Repairs Payroll 21,500

Repairs Material 17,000

Repairs Contract

Elevator Maintenance/Contract

Heating/Cooling Repairs and Maintenance 2,000

Swimming Pool Maintenance/Contract

Snow Removal

Decorating Payroll/Contract 6,000

Decorating Supplies

Other (specify):

Miscellaneous Operating & Maintenance Expenses

SUBTOTAL 62,500

Taxes and Insurance

Real Estate Taxes 42,589




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Payroll Taxes (FICA)

Miscellaneous Taxes, Licenses and Permits

Property and Liability Insurance (Hazard) 12,000

Fidelity Bond Insurance

Workmen's Compensation

Health Insurance and Other Employee Benefits

Other Insurance:

SUBTOTAL 54,589

Supportive Service Expenses

Service Coordinator 6,000

Service Supplies 1,000

Tenant Association Funds

Other Expenses (specify):

SUBTOTAL 7,000

Reserves

Replacement Reserves 14,500

SUBTOTAL 14,500

TOTAL OPERATING EXPENSES 218,089

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

154,000

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

58

PER UNIT PER YEAR 2,655




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Design Features

ITEM DESCRIPTION

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

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

Exterior DoorsType: Frames:Fiberglass Six Panel

Wood Jamb w/latch anddeadbolt

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

Warranty: Lifetime on Materials

Exterior Trim Brick, Vinyl Siding, and Aluminum

Shingles

Type: Weight:

Asphalt/Fiberglass

Composite 235 Warranty: 25 Year Material, 10 Year Antifungal

Sprinkler System As required by the Code and NFPA 13R

Cabinets MDF, Thermofoil Coated, Raised Panel Door

Heat Pump SEER: Make:11.00 Lennox or Equivalent

Model:

HP-29 Series Sized forApt.

Air Conditioner SEER: Make:11.00 Lennox or Equivalent

Model:

HP-20 Series Sized forApt.

Other Heat Systems SEER: Make:

Model:




28/36

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 60,170 60,170 120,340

Backfill-slab, Crawl 0

Slab-concrete/Rebar/Gravel 60,170 60,170 120,340

Waterproofing 0

Masonry Foundation 36,102 12,034 48,136

Brick Veneer 63,179 21,060 84,239

Steel/Structure/Rails 9,627 9,627 19,254

Framing/Lumber/Nails 149,222 223,832 373,054

Trusses 44,285 66,428 110,713

Crane Rental 0

Windows/Grilles/Screen 12,034 36,102 48,136Exterior Doors 4,814 14,441 19,255

Roofing 24,068 24,068 48,136

Fencing 0

Vinyl Siding/Trim/Box 48,136 48,136 96,272

Gutters/Shutters 2,888 6,739 9,627

Insulation 12,997 19,495 32,492

Drywall 154,998 66,428 221,426

Interior Doors 66,187 66,187

Int. & Final/Stair/Trim/Shelves 48,136 48,136

Cabinets & Tops 78,221 78,221

Painting 46,030 15,343 61,373

Marble - Tub/Shwr/Tops 0

Plumbing 119,859 79,906 199,765

Electrical 130,834 87,222 218,056

Heating/Air Conditioning 108,306 72,204 180,510

Floor Covering and Underlayment 28,882 43,322 72,204

Wall Paper 0

Mailboxes/Special Features/Signage 963 3,851 4,814

Gypcrete 8,955 3,079 12,034

Blinds/Shades/Art Work 1,200 4,814 6,014

Light Fixtures/Fans 19,254 19,254

Sprinkler System 0

Security Alarm 0

Hardwood Floors 0

Elevator 0

Ceramic Tiles 0

Acoustical Ceilings 0




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Remarks:

Mirror/Shower Door/Encls. 915 3,658 4,573

Hardware/Bath Access. 2,407 9,627 12,034

Appliances 3,009 57,162 60,171

Playground Equipment 0

Interior Clean 4,814 4,814

Exterior Clean/Dumpster 7,220 7,220

Other 1 (specify in Remarks) 0

Other 2 (specify in Remarks) 0

Total Cost 1,194,220 1,212,580 2,406,800




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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 88,746

Job Site Office/Trailer Rental 5,605

Impact Fees

Office Supplies 3,737

Security/Watchman 4,671

Water and Sewer Connection Fees

Project Signage 2,242

Tools and Equipment 2,242

Gas, Oil, and Maintenance 1,868

Cleanup/Dumpster Rental 15,881

Temporary Water, Electric, and Telephone 21,673Storage/Hauling

Driveway Access Permit

Porta-John Rental/Dumping 2,802

Builders Risk Insurance

Re-inspection Fees

Extra Plans and Specifications 2,802

Miscellaneous, Casual Labor 9,342

Equipment Rental 3,737

Other 1 (specify in Remarks) 7,473

Other 2 (specify in Remarks) 14,012

Total Cost 186,833

Other 1-Job TravelOther 2-Field Staking




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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 42,705

Demolition

Earthwork/Excavation/Aerating 59,170

Soil Treatment 5,145

Pile Foundations

Caissons

Shoring/Bracing

Site Drainage

Site Utilities/Site Lighting 159,501

Paving and Surfacing/Curb and Gutter 123,485Walkways 36,016

Site Signage 5,145

Parking Lot Painting 2,573

Dumpsite Pads/Fencing 3,602

Fencing/Gates 2,573

Landscaping/Topsoil 74,605

Waterproofing/De-Watering

Operation of Construction Equipment/Fuel/Oil

Crane Rental

Rock and Hardpan Excavation

Site Supervision Personnel

Other (specify in Remarks)

Total Cost 514,520




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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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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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