Bailey Springs

8/6/2019 Bailey Springs

1/35

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

541,000

Page 1 of 35Print - APP03-0027

1/14/2005https://www.nchfa.org/Rental/RTCApp/(b2zzls2hszy5nu45zgmtfz45)/site/PrintApp.aspx?I...


2/35

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

Project Name and Location

Project Name: Bailey Springs Apartments

Address: Wilma Sigmon Road

City: Lincolnton County: Lincoln Zip: 28092

Census Tract: 0702.00 Block Group:

No

Political Jurisdiction: Lincoln County

Jurisdiction CEO Name: First: Last:Jerry Cochrane Title: Chairman

Jurisdiction Address: 115 W. Main

Jurisdiction City: Lincolnton Zip: 28092

Jurisdiction Phone: (704)732-3848

Site Latitude: 35.474

Site Longitude: -81.255




3/35

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

Yes

2727

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: There are 5 units for the targeted population:4-units that are Handicapped/Mobility impaired and 1-unit for Sensory impaired.

Proposed number of residential buildings: 5 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): 1,9001,900

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: 30,640

Total Net Sq. Ft. (All Heated Areas): 26,131




4/35

Applicant Information

Applicant Name: Bailey Springs Apartments, Limited Partnership

Address: P. O. Box 220

City: State: NC Zip:Florence 35631-0220

Contact: First: Last: Title:Allan Rappuhn Member of GP

Telephone: (256)760-9657

Alt Phone: (256)335-4030

Fax: (256)767-5804

Email Address: arappuhn@gatewaymgt.com




5/35

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

6.5 6.5

Yes

Old shed and barn. They have never been used for residential purpose and have not previously orcurrently been occupied.

No

No

Yes

No




6/35

(b) Describe flood mitigation if the project is in the East Region and will have improvements within the 100 year floodplain:




7/35

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: 12/06/2003

(D) Enter Purchase Price: 195,000




8/35

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

R-8

Yes

No

No

No

No




9/35

Ownership Entity

Owner Name: Bailey Springs Apartments, Limited Partnership


City: State: AL Zip:Florence 35631-0220

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

Federal Tax ID Number of Managing GP or Member: (If Not Assigned)80-0004583

Entity Type: Limited Partnership

Entity Status: To Be Formed

Is the applicant requesting that the Agency treat the application as Non-Profit sponsored? No

Is the applicant requesting that the Agency treat the application as CHDO sponsored? No

List all general partners, members,and principals. Specify nonprofit corporate general partners ormembers. Click [Add] to add additional partners, members, and principals.

Org: Gateway Properties, LLC

First Name: Allan Last Name: Rappuhn Function: Managing General Partner


City: Florence State: AL Zip: 35631-0220

Phone: (256)760-9657 Fax: (256)767-5804

EMail: arappuhn@gatewaymgt.com Nonprofit: No TaxID 80-0004583




10/35

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 1 751 18 2 401 80 481

Gdn Apt 2 941 9 2 466 111 577

Gdn Apt 2 941 1 0 0 0 0

Utilites included in rents: Water/Sewer Electric Gas Other trash removal

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....... 28 4 11412

Market Rate.......

Totals............... 28 4 11412

* 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.




11/35

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.





28




12/35

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

RPP Loan 541,000 2.00 20 20Local Gov. Loan - Specify:

RD Loan

AHP Loan 125,000 0.00 20 20

Other Loan 1 - Specify:



Tax Exempt Bonds

State Tax Credit(Loan) 405,345 0 30 30 0

State Tax Credit(Direct Refund)

Equity: Federal LIHTC 1,259,938

Non-Repayable Grant

Equity: Historic Tax Credits

Deferred Developer Fees 202

Owner Investment

Other - Specify:

Total Sources** 2,331,485

* "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.

79

RPP Loan




13/35

Year:Amt:

1

28400

2

28400

3

28400

4

29000

5

29000

6

29000

7

29400

8

29400

9

29400

10

29500

Year:Amt:

11

29500

12

29500

13

28900

14

28900

15

28900

16

28600

17

28200

18

27300

19

27300

20

26700

AHP Loan

Year:

Amt:

1

0

2

0

3

0

4

0

5

0

6

0

7

0

8

0

9

0

10

0

Year:Amt:

11

0

12

0

13

0

14

0

15

0

16

0

17

0

18

0

19

0

20

125000




14/35

Development Costs

Item Cost Element TOTAL COSTEligible Basis

30% PV 70% PV

1 Purchase of Buildings (Rehab) 0

2 Demoli tion

3 On-site Improvements 242,442 242,442

4 Rehabilitation

5 Construction of New Building(s) 1,032,000 1,032,000

6 Accessory Building(s)

7 General Requirements 76,467 76,467

8 Contractor Overhead 27,018 27,018

9 Contractor Profit 108,073 108,073

10 Construction Contingency 44,580 44,580

11 Architect's Fee - Design 26,880 26,880

12 Architect's Fee - Inspection 6,720 6,720

SUBTOTAL (lines 1 through 12) 1,564,180

13 Construction Insurance (prorate) 3,000 3,000

14 Construction Loan Orig. Fee (prorate) 24,000 24,000

15 Construction Loan Interest (prorate) 95,500 95,500

16 Construction Loan Credit Enhancement (prorate)

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

18 Water, Sewer and Impact Fees

19 Survey 28,000 28,000

20 Property Appraisal 7,500 7,500

21 Environmental Report 8,500 8,500

22 Market Study

23 Bond Costs (specify)

24 Cost of Issuance

25 Placement Fee

26 Permanent Loan Origination Fee

27 Permanent Loan Credit Enhancement

28 Title and Recording 10,000

SUBTOTAL (lines 13 through 28) 181,500

29 Real Estate Attorney 15,000 15,000

30 Other Attorney's Fees 2,000

31 Tax Credit App Fees 12,072 12,072

32 Cost Certification/Accounting Fees (specify) 3,500 3,500

33 Tax Opinion

34 Organizational (Partnership)

35 Tax Credit Monitoring Fee 16,800


36 Furnishings and Equipment 10,000 10,000

37 Relocation Expenses

38 Developer's Fee (max 15% lines 2-36, less 8 & 9) 250,475 250,475

39 Other Basis Expense (specify)

40 Other Basis Expense (specify)

41 Rent-up Expenses 10,000

42 Other Non-basis Expense (specify)

43 Other Non-basis Expense (specify)


44 Rent up Reserve 8,400




15/35

Comments:

45 Operating Reserve 62,558

46 Other Reserve (specify)

47 Other Reserve (specify)

48 DEVELOPMENT COST (lines 1-47) 2,136,485 0 2,026,727

49 Less Federal Financing

50 Less Disproportionate Standard

51 Less Nonqualified Nonrecourse Financing

52 Less Historic Tax Credit (residential) 0

53 TOTAL ELIGIBLE BASIS 2,026,727 0 2,026,727

54 Times Applicable Fraction 100.00% 100% 100%

55 TOTAL QUALIFIED BASIS 2,026,727 0 2,026,727

56 Tax Credit Rate 0.00% 7.87%

57 FEDERAL TAX CREDITS at Estimated Rate 159,503 0 159,503

57a FEDERAL TAX CREDITS at 8.5% or 3.75% 172,271 0 172,271

58 FEDERAL TAX CREDITS REQUESTED 0

59 STATE TAX CREDITS 406,621

60 Land Cost 195,000

61 TOTAL REPLACEMENT COST 2,331,485




16/35

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 project will consist of 28 apartment units which will include 18 one-bedroom and 10 two-bedroom units that will be designed for elderly persons. The buildings are all single story to providea "cottage" type atmosphere. The structures will be wood frame with brick veneer exteriors and willinclude decorative shutters and porches. The site will be professionally landscaped and an on-sitegazebo will be available for the residents for outdoor cooking, parties, or just relaxing. The project

will have an onsite manager that will be an employee of GEM Management, Inc. which managesover 4,500 units. GEM Management is based in Charlotte, North Carolina. The project will have acommunity building containing an office, laundry, and large community room with fully equippedkitchen. Typically, this room is used by the residents for monthly social gatherings and can be usedby individual residents for birthday parties or family gatherings. All of the units will have washer anddryer connections. The site is located on Wilma Sigmon Road in Lincolnton, North Carolina on a 6.5acre parcel of land.

Broken roof lines, large spacious units that exceed mininium square footage

Yes

Leniox Station Rockingham NC

Community Bldg - Sq Ft: 1,900 Community Room - Sq Ft: 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

Gardening, exercise activities, covered dish dinners, games, activities.




17/35

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 project will be professionally landscaped with foundation shrubbery, decorative trees, andseasonal planting.

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

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

No




18/35

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 neighborhood consists of single-family, commercial and multi-family land uses. This is a growtharea for the city of Lincolnton. The area has a new assisted living facility next to the site and a newshopping center within a half-mile.

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 surrounding area has new non-competing multifamily, single family and commerical.

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).Street and highway accessability is very good to the site. Access to all major facilities can beattained within a 5 to 15 minute drive.

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).This is a growth area and is changing from agriculture to commercial and residental. The county hasthe sheriff's office and detention center .3 miles from the site. Site is well bufferred from the road.

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 is no negative features or physical barriers.

Similarity of scale and aesthetics/architecture between project and surroundings.The area has a new assisted care facility next to the site that is very similar in architecture. The




19/35

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

Other facilities or services:

project will be aesthetically pleasing and will fit well into the surrounding neighborhood.

Concentration of affordable housing (housing credit, project-based rental assistance, public housing).There are no concentration of affordable housing in this area.

Availability of Supportive Services (if applicable):All supportive services are within a 10 minute drive.

Grocery Store.5 Community/Senior Center1.5

Mall/Strip Center.5 Hospital1.5

Outdoor Athletic Fields Pharmacy.5

Day Care/After School Basic Health Care.5

Schools Medical Offices1.5

Public Transportation Stop Bank/Credit Union.5

Convenience Store.5 Restaurants.5

Basketball/Tennis Courts Professional Services1

Public Parks Movie Theater

Gas Station1 Video Rental.5

Library1 Public Safety (Fire/Police)1

Fitness/Nature Trails Post Office1

Public Swimming Pools




20/35


21/35

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 24

Units: 89 1,116

North Carolina Other States

Projects: 49 61

Units: 1,483 1,953

No

No

No

No

No




22/35

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? No

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:




23/35

Project Operations (Year One)

Projected Operating Costs

Administrative Expenses

Advertising 3,500

Other Administrative Expense (specify):

Office SalariesOffice Supplies 2,400

Office or Model Apartment Rent

Management Fee 11,760

Manager or Superintendent Salaries 6,720

Manager or Superintendent Rent Free Unit

Legal Expenses (Project) 1,000

Auditing Expenses (Project) 1,000

Bookkeeping Fees/Accounting Services 1,500

Telephone and Answering Service 1,200

Bad Debts

Other Administrative Expenses (specify):

SUBTOTAL 29,080

Utilities Expense

Fuel Oil

Electricity (Light and Misc. Power) 3,000

Water 3,000

Gas

Sewer 3,000

SUBTOTAL 9,000

Operating and Maintenance Expenses

Janitor and Cleaning Payroll

Janitor and Cleaning Supplies

Janitor and Cleaning Contract

Exterminating Payroll/Contract

Exterminating Supplies

Garbage and Trash Removal 5,000

Security Payroll/Contract

Grounds Payroll

Grounds Supplies

Grounds Contract 6,000

Repairs Payroll 6,720

Repairs Material 2,500

Repairs Contract 3,600

Elevator Maintenance/Contract

Heating/Cooling Repairs and Maintenance

Swimming Pool Maintenance/Contract

Snow Removal

Decorating Payroll/Contract

Decorating Supplies

Other (specify):

Miscellaneous Operating & Maintenance Expenses

SUBTOTAL 23,820

Taxes and Insurance

Real Estate Taxes 13,216




24/35

Payroll Taxes (FICA) 1,000

Miscellaneous Taxes, Licenses and Permits

Property and Liability Insurance (Hazard) 6,750

Fidelity Bond Insurance

Workmen's Compensation

Health Insurance and Other Employee Benefits

Other Insurance:

SUBTOTAL 20,966

Supportive Service Expenses

Service Coordinator

Service Supplies 600

Tenant Association Funds

Other Expenses (specify):

SUBTOTAL 600

Reserves

Replacement Reserves 7,000

SUBTOTAL 7,000

TOTAL OPERATING EXPENSES 90,466

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

69,650

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

28

PER UNIT PER YEAR 2,487




25/35


26/35

Design Features

ITEM DESCRIPTION

Foundation/Slab Components 4" concrete slab with 6x6, 10x10, wire mesh on vapor barrier on 4" fill

Primary Windows Make: Model:Equal to Alenco Series 3810 Type/Construction: Aluminum/thermal break

Exterior Doors Type: Frames:Metal insulated Wood

SidingType: Grade/Thickness:Vinyl (PVC)

.044 meetastm D3679-81a

Warranty: Lifetime non-prorated limited (50 year)

Exterior Trim Vinyl or Aluminum

Shingles Type: Weight:3 tab GAF Fiberglass Warranty: 30 year

Sprinkler System N/A

Cabinets 3/4" cabinet hardwood veneer plywood

Heat Pump SEER: Make:11 Rudd or Equal

Model:

Indoor-HHQA/Outdoor-HPGB

Air Conditioner SEER: Make:See above see above

Model: see above

Other Heat Systems SEER: Make:N/A

Model: N/A




27/35

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 10,000 20,000 30,000

Backfill-slab, Crawl 0

Slab-concrete/Rebar/Gravel 25,000 50,000 75,000

Waterproofing 0

Masonry Foundation 3,000 1,500 4,500

Brick Veneer 45,000 22,000 67,000

Steel/Structure/Rails 0

Framing/Lumber/Nails 80,000 88,400 168,400

Trusses 10,000 25,000 35,000

Crane Rental 0

Windows/Grilles/Screen 3,000 15,000 18,000Exterior Doors 2,500 7,500 10,000

Roofing 15,000 15,000 30,000

Fencing 2,000 2,000 4,000

Vinyl Siding/Trim/Box 30,000 15,000 45,000

Gutters/Shutters 2,100 3,000 5,100

Insulation 9,000 10,000 19,000

Drywall 54,000 30,000 84,000

Interior Doors 5,000 15,000 20,000

Int. & Final/Stair/Trim/Shelves 10,000 25,000 35,000

Cabinets & Tops 5,000 25,000 30,000

Painting 20,000 11,000 31,000

Marble - Tub/Shwr/Tops 0

Plumbing 40,000 40,000 80,000

Electrical 35,000 30,000 65,000

Heating/Air Conditioning 35,000 35,000 70,000

Floor Covering and Underlayment 15,000 20,000 35,000

Wall Paper 0

Mailboxes/Special Features/Signage 1,000 2,000 3,000

Gypcrete 0

Blinds/Shades/Art Work 1,500 1,500 3,000

Light Fixtures/Fans 3,000 7,000 10,000

Sprinkler System 0

Security Alarm 0

Hardwood Floors 0

Elevator 0

Ceramic Tiles 0

Acoustical Ceilings 0




28/35

Remarks:

Mirror/Shower Door/Encls. 2,000 2,000 4,000

Hardware/Bath Access. 3,000 6,000 9,000

Appliances 3,000 25,000 28,000

Playground Equipment 1,500 3,500 5,000

Interior Clean 2,800 200 3,000

Exterior Clean/Dumpster 6,000 6,000

Other 1 (specify in Remarks) 0

Other 2 (specify in Remarks) 0

Total Cost 479,400 552,600 1,032,000




29/35

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 45,000

Job Site Office/Trailer Rental 3,000

Impact Fees

Office Supplies 1,000

Security/Watchman

Water and Sewer Connection Fees

Project Signage 300

Tools and Equipment 4,167

Gas, Oil, and Maintenance 2,000

Cleanup/Dumpster Rental 3,000

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

Driveway Access Permit

Porta-John Rental/Dumping 3,000

Builders Risk Insurance 7,000

Re-inspection Fees

Extra Plans and Specifications

Miscellaneous, Casual Labor

Equipment Rental 4,000

Other 1 (specify in Remarks)


Total Cost 76,467




30/35

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 Explorat ion/Perk Testing/Site Engineering 4,000

Clearing/Grading/Final Grading/Excess and Borrow 70,000

Demolition

Earthwork/Excavation/Aerating

Soil Treatment 3,500

Pile Foundations

Caissons

Shoring/Bracing

Site Drainage 15,000

Site Utilities/Site Lighting 44,442

Paving and Surfacing/Curb and Gutter 50,500Walkways 20,000

Site Signage

Parking Lot Painting 1,000

Dumpsite Pads/Fencing 2,000

Fencing/Gates

Landscaping/Topsoil 28,000

Waterproofing/De-Watering

Operation of Construction Equipment/Fuel/Oil

Crane Rental

Rock and Hardpan Excavation

Site Supervision Personnel 4,000

Other (specify in Remarks)

Total Cost 242,442




31/35

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



Total Cost 0




32/35

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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