Upload
ryan-sloan
View
221
Download
0
Embed Size (px)
Citation preview
8/6/2019 Creekside Crossing Apartments
1/26
Is project in Qualified Census Tract or Difficult to Develop Area?
New Construction/Adaptive Reuse:
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 meet Energy Star standards as defined in Appendix B?
Does a community revitalization plan exist?
Target Population: Elderly (55)
Will the project be receiving project based federal rental assistance?
If yes, provide the subsidy source:If yes, provide the subsidy source: and number of units:and number of units:
Indicate below any additional targeting for special populations proposed for this project:
Print Preview - Full Application
Tax Credits, RPP Loans, and/or Tax Exempt Bond Loans
Project Description
Project Name: Creekside Crossing Apartments
Address: West Street
City: Spindale County: Rutherford Zip: 28160
Census Tract: 9606 Block Group: 1
Yes
Political Jurisdiction: Town of Spindale
Jurisdiction CEO Name: First: Last:Mickey Bland Title: MayorJurisdiction Address: 103 Reveley Street
Jurisdiction City: Spindale Zip: 28160
Jurisdiction Phone: (828)286-3466
Site Latitude: 35.36934
Site Longitude: -81.93018
Project Type: New Construction
No
Rehab:
Is this project a previously awarded tax credit development?
If yes, what year were credits awarded?:
Number of residents holding Section 8 vouchers:
Yes
No
Will the project use steel and concrete construction and have at least 4 stories? No
Will the project include a Community Service Facility under IRS Revenue Ruling 2003-77? No
If yes, please describe:
No
Mobility impaired handicapped: 5% of units comply with QAP Section IV(F)(3) (in addition to the units required by other federal andstate codes.)
8/6/2019 Creekside Crossing Apartments
2/26
8/6/2019 Creekside Crossing Apartments
3/26
Indicate below an individual or a validly existing entity (a corporation, nonprofit, limited partnership or LLC) as the official applicant. UnderQAP Section III(C)(5) only this individual or entity will be able to make decisions with regard to this application. If awarded the applicantmust become part of the ownership entity. The applicant will execute the signature page for this application.
Applicant Information
Applicant Name: Weaver-Kirkland Housing, LLC
Address: P.O. Box 26030
City: State: NC Zip:Greensboro 27420-6030
Contact: First: Last: Title:Linda Wall Vice President
Telephone: (336)478-2273
Alt Phone: (336)686-7007
Fax: (336)378-6571
Email Address: l [email protected]
NOTE: Email Address above will be used for communication between NCHFA and Applicant.
8/6/2019 Creekside Crossing Apartments
4/26
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 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:
(b) Describe flood mitigation if the project will have improvements within the 100 year floodplain:
Site Description
6.3 6.3
No
No
Yes
Yes
Area along creek is shown on (new) floodplain map. Building and area of site disturbance is outsideof floodplain area. Finished Floor elevation will be a minimum of 20 feet above the base floodelevation.
8/6/2019 Creekside Crossing Apartments
5/26
None required.
8/6/2019 Creekside Crossing Apartments
6/26
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 valid 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: 12/31/2007
(D) Enter Purchase Price: 94,500
8/6/2019 Creekside Crossing Apartments
7/26
Present zoning classification of the site:
Is multifamily 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:
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
Multi-Family Residential (R-6)
Yes
No
No
No
8/6/2019 Creekside Crossing Apartments
8/26
Ownership Entity
Owner Name: Spindale WK Limited Partnership
Address: P.O. Box 26030
City: State: NC Zip:Greensboro 27420-6030
Federal Tax ID Number of Ownership Entity: (If assigned)
Note: Do not submit social security numbers for individuals.
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: Spindale WK GP, LLC
First Name: Linda Last Name: Wall Function: Managing General Partner
Address: P.O. Box 26030
City: Greensboro State: NC Zip: 27420-6030
Phone: (336)478-2273 Fax: (336)378-6571
EMail: [email protected] Nonprofit: No
Org: Weaver-Kirkland Housing, LLC
First Name: Linda Last Name: Wall Function: Principal
Address: P.O. Box 26030
City: Greensboro State: NC Zip: 27420-6030
Phone: (336)478-2273 Fax: (336)378-6571
EMail: [email protected] Nonprofit: No
8/6/2019 Creekside Crossing Apartments
9/26
8/6/2019 Creekside Crossing Apartments
10/26
income units are within established thresholds.
8/6/2019 Creekside Crossing Apartments
11/26
Specify Low Income Unit Targeting in table below. List each applicable targeting combination in a separate row below. Click [Add] tocreate another 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 15 targeted at 50 percent of median income affordable to/occupied by
1 21 targeted at 60 percent of median income affordable to/occupied by
2 5 targeted at 50 percent of median income affordable to/occupied by
2 7 targeted at 60 percent of median income affordable to/occupied by
48
8/6/2019 Creekside Crossing Apartments
12/26
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
RPP Loan
Local Gov. Loan - Specify:
RD 515 Loan
RD 538 Loan - Specify:
AHP Loan
Other Loan 1 - Specify:
Other Loan 2 - Specify:
Other Loan 3 - Specify:
Tax Exempt Bonds
State Tax Credit(Loan) 1,509,090 0 30 30 0
State Tax Credit(Direct Refund)
Equity: Federal LIHTC 3,794,021
Non-Repayable Grant
Equity: Historic Tax Credits
Deferred Developer Fees 20,961
Owner Investment 100 Other - Specify:
Total Sources** 5,324,172
* "Non-amortizing" indicates that the loan does not have a fixed annual debt service. For these items, you must fill in 20-year debtservice below.
** Total Sources must equal total replacement cost in Project Development Cost (PDC) section.
93
8/6/2019 Creekside Crossing Apartments
13/26
Development Costs
Item Cost Element TOTAL COSTEligible Basis
30% PV 70% PV
1 Purchase of Building(s) (Rehab / Adaptive Reuse only)
2 Demolition (Rehab / Adaptive Reuse only)
3 On-site Improvements 430,000 430,0004 Rehabilitation
5 Construction of New Building(s) 3,210,000 3,210,000
6 Accessory Building(s)
7 General Requirements 218,400 218,400
8 Contractor Overhead 77,168 77,168
9 Contractor Profit 154,336 154,336
10 Construction Contingency 122,697 122,697
11 Architect's Fee - Design (11 + 12 = max 3% lines 2-10) 40,000 40,000
12 Architect's Fee - Inspection 10,000 10,000
13 Engineering Costs 21,000 21,000
SUBTOTAL (lines 1 through 13) 4,283,601
14 Construction Insurance (prorate)15 Construction Loan Orig. Fee (prorate) 16,500 16,500
16 Construction Loan Interest (prorate) 90,000 81,000
17 Construction Loan Credit Enhancement (prorate)
18 Construction Period Taxes (prorate) 500 500
19 Water, Sewer and Impact Fees 80,000 80,000
20 Survey 12,000 12,000
21 Property Appraisal 3,500 3,500
22 Environmental Report 2,200 2,200
23 Market Study 4,200 4,200
24 Bond Costs
25 Bond Issuance Costs
26 Placement Fee27 Permanent Loan Origination Fee
28 Permanent Loan Credit Enhancement
29 Title and Recording 1,000
SUBTOTAL (lines 14 through 29) 209,900
30 Real Estate Attorney 9,500 9,500
31 Other Attorney's Fees 9,000
32 Tax Credit Application Fees (Preliminary and Full) 2,200
33 Tax Credit Allocation Fee (0.58% of line 59, minimum $7,500) 37,928
34 Cost Certification / Accounting Fees 12,000 12,000
35 Tax Opinion 3,500
36 Organizational (Partnership) 10,500
37 Tax Credit Monitoring Fee 26,400SUBTOTAL (lines 30 through 37) 111,028
38 Furnishings and Equipment 16,000 16,000
39 Relocation Expense
40 Developer's Fee 504,000 504,000
41 Other Basis Expense (specify)Soil Testing 4,300 4,300
42 Other Basis Expense (specify)Fees, Permits 1,000 1,000
43 Rent-up Expense
44 Other Non-basis Expense (specify)
45 Other Non-basis Expense (specify)
8/6/2019 Creekside Crossing Apartments
14/26
Comments:
SUBTOTAL (lines 38 through 45) 525,300
46 Rent up Reserve 14,400
47 Operating Reserve 85,443
48 Other Reserve (specify)
49 Other Reserve (specify)
50 DEVELOPMENT COST (lines 1-49) 5,229,672 0 5,030,301
51 Less Federal Financing52 Less Disproportionate Standard
53 Less Nonqualified Nonrecourse Financing
54 Less Historic Tax Credit (residential) 0
55 TOTAL ELIGIBLE BASIS 5,030,301 0 5,030,301
56 Applicable Fraction (percentage of LI Units) 100.00% 100% 100%
57 Basis Before Boost 5,030,301 0 5,030,301
58 Boost for QCT/DDA (if applicable, enter 130%) 130.00% 130.00%
59 TOTAL QUALIFIED BASIS 6,539,391 0 6,539,391
60 Tax Credit Rate 3.45 8.05
61 Federal Tax Credits at Estimated Rate 526,420 0 526,420
62 Federal Tax Credits at 8.5% or 3.75% 555,848 0 555,848
63 Max Federal Tax Credits (With Energy Star - Lesser of $8,500 per unit or$800,000, w/o - Lesser of $8,000 per unit or $800,000) 408,000
64 Federal Tax Credits Requested 0
65 Land Cost 94,500
66 TOTAL REPLACEMENT COST 5,324,172
FEDERAL TAX CREDITS IF AWARDED 408,000
Total Replacement Cost per unit: 105,205
Federal Tax Credits (line 62) per unit: 11,580
8/6/2019 Creekside Crossing Apartments
15/26
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:
Onsite Activities:
Landscaping Plans:
Market Study Information
The project will consist of 48 units located within one two-story building. The site is wooded andslopes to Keynolds Creek, which borders the western property boundary. There will be 36 one-bedroom/one bath units and 12 two-bedroom/one bath units. This will include 6handicapped/mobility impaired units. The units will be targeted to tenants at 50% and 60%AMI. Thedevelopment is located on the western edge of Spindale in a residential neighborhood and is zonedfor multi-family and is in harmony with the City's development plan. Rutherford County is designateda Difficult to Develop Area (DDA). Access to the site is directly across from Westwood Street. Thedrive is curved and rising to add to the visibility and visual appeal. A covered central entrance is thecornerstone of the design with community space, elevator, porches and storage accessible as youenter the building. The site design will feature a courtyard with outside seating and a screened-inporch that overlooks the courtyard. The design and building layout was created to maximize thepremium views from covered patio decks of the near-by mountain range and/or the landscapedcourtyard. Additional site amenities and design features include a multi-purpose room, computercenter, interior tenant storage, laundry facilities, TV room, library and numerous outdoor and indoorsitting and gathering areas.
Curb and gutter throughout with turndowns at sidewalks.Internal pedestrian system linking structures and parking.Security lighting throughout all parking areas.Exterior brick, vinyl and accent shake siding.Totally accessible building with wide corridors and handrails.Gutter and downspout system.Courtyard with seating and landscaped slope.
No
Central covered drive-thru and drop-off area.Courtyard with seating.Screened-in porch overlooking courtyard.Wrap-around porch at covered drive-thru.Premium views of near-by mountains or landscaped courtyard from covered patio/deck.
Centrally located within the residential building, the community room, which will house kitchenfacilities, craft area and multi-purpose room. This area will be the center for "social" activities andresidential gatherings to host speakers from community agencies, participate in medical screeningsand have regular resident's meetings. Outdoor recreational opportunities will also be made availableto the residents by provision of a large screened-in front porch, a central courtyard, picnic areas withpark benches and outdoor sitting areas.
The site will be generously and attractively landscaped with street trees along the roadway,scattered shade and ornamental trees, low maintenance foundation plantings adjacent to thebuilding and lawn areas, and perimeter plantings will be located in and around the building. Our site
8/6/2019 Creekside Crossing Apartments
16/26
Interior Apartment Amenities:
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.
plan maintains a large natural buffer of existing trees and shrubs around the site.
Range with hood, dishwashers, frost-free refrigerator, spacious walk-in closets, coveredpatios/decks, mini blinds, ceiling fans with light fixtures, carpet in living room and bedrooms, vinylfloors in kitchen/dining areas and at front entrance, central heat/air pump.
No
8/6/2019 Creekside Crossing Apartments
17/26
Briefly describe your site in each of the following categories:
Applicant's Site Evaluation
8/6/2019 Creekside Crossing Apartments
18/26
For each applicable neighborhood feature, enter distance from project in miles.
NEIGHBORHOOD CHARACTERISTICS
Trend and direction of real estate development and area economic health. Physical condition ofbuildings and improvements. Concentration of affordable housing.The site is located on the western edge of Spindale. Wooded, undeveloped property exists to thewest of the site and residential neighborhoods to the south and east. A 12 unit multifamilydevelopment is located adjacent to the site to the southeast. A walking trail, which connects theTown of Ruth to downtown Spindale is located approximately 0.2 miles to the west. Numerouschurches are scattered througout the adjacent neighborhoods. The area's major commercial/retail
corridor is located approximately 0.5 miles to the southwest of the property. Sparks Crossing, anage-restrictive retirement community, is being developed to the northwest of the site. Primecommercial/retail land has recently become available at the intersection of West Street and HWY74A to the west.
SURROUNDING LAND USES AND AMENITIES
Suitability of surrounding development. Land use pattern is residential in character (single andmultifamily housing) with a balance of other uses (particularly retail and amenities). Effect ofindustrial, large-scale institutional or other incompatible uses, including but not limited to: wastewatertreatment facilities, high traffic corridors, junkyards, prisons, landfills, large swamps, distributionfacilities, frequently used railroad tracks, power transmission lines and towers, factories or similaroperations, sources of excessive noise, and sites with environmental concerns (such as odors orpollution). Amount and character of vacant, undeveloped land.The site is located adjacent to a single family neighborhood to the south and east. A 12 unitapartment complex is located to the southeast of the site. The site is zoned for multifamily. KeynoldsCreek is located to the west, no wetlands were observed during the site assessment. An age
restrictive community (Sparks Crossing) is being developed to the northwest of the site. A sewermain is located on the property along the Keynolds Creek. The site plan indicates that we are notgoing to impact the creek or adjacent sewer. No incompatible uses were observed during siteassessment.
SITE SUITABILITY
Adequate traffic controls (stop lights, speed limits, turn lanes, etc.). Burden on public facilities(particularly roads). Access to mass transit (if applicable). Visibility of buildings and/or location ofproject sign(s) in relation to traffic corridors.Our access is located directly across from Westwood Street, which intersects with West Street.West Street is a 24' wide, two lane road. Our elderly 48 unit development will not contribute greatlyto the daily traffic count on West Street. West Street has no sharp curves or poor visibility sectionswith regards to our entrance. Our drive will be curved and rising to add to the visibility and visualappeal. Our drive will be looped throughout to allow easy access and circulation. The centralentrance is a covered area for easy accessibility for cars and mass transit vehicles. RutherfordCounty Transit is available and depending on our usage and needs, the site would become a daily
stop.
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).Keynolds Creek makes up the western property boundary. City and county maps indicate noadjacent floodplain. Our current site layout is leaving a minimum 50ft. buffer from the creek's edge.The slope of this site was considered in the design and budget of this development.
Similarity of scale and aesthetics/architecture between project and surroundings.
The current site layout and single two-story structure, along with the exterior design of multiplerooflines with gables and varying heights of brick, will add to the visual appeal within theneighborhood.
Grocery Store0.5 Community/Senior Center1.2
8/6/2019 Creekside Crossing Apartments
19/26
Other facilities or services:
Mall/Strip Center0.5 Hospital2.0
Outdoor Athletic Fields0.5 Pharmacy0.5
Day Care/After School0.1 Basic Health Care1.2
Schools0.5 Medical Offices2.0
Public Transportation Stop0.0 Bank/Credit Union0.8
Convenience Store0.5 Restaurants0.5
Basketball/Tennis Courts0.5 Professional Services0.8
Public Parks1.2 Movie Theater5.0
Gas Station0.5 Video Rental0.5
Library1.2 Public Safety (Fire/Police)0.8
Fitness/Nature Trails1.0 Post Office0.7
Public Swimming Pools
8/6/2019 Creekside Crossing Apartments
20/26
8/6/2019 Creekside Crossing Apartments
21/26
8/6/2019 Creekside Crossing Apartments
22/26
Project Operations (Year One)
Projected Operating Costs
Administrative Expenses
Advertising 2,000
Office Salaries 19,008
Office Supplies 1,200
Office or Model Apartment Rent
Management Fee 27,648
Manager or Superintendent Salaries
Manager or Superintendent Rent Free Unit
Legal Expenses (Project)
Auditing Expenses (Project) 3,500
Bookkeeping Fees/Accounting Services
Telephone and Answering Service 2,250
Bad Debts
Other Administrative Expenses (specify):
Credit Bureau,Cablevision,Tenant Activities, Postage,Christmas Gifts,Tax Consulting, Magistrate Fees2,660
SUBTOTAL 58,266
Utilities Expense
Fuel Oil
Electricity (Light and Misc. Power) 7,200
Water 540
Gas
Sewer 180
SUBTOTAL 7,920
Operating and Maintenance Expenses
Janitor and Cleaning Payroll
Janitor and Cleaning Supplies
Janitor and Cleaning Contract
Exterminating Payroll/Contract
Exterminating SuppliesGarbage and Trash Removal 5,000
Security Payroll/Contract
Grounds Payroll
Grounds Supplies
Grounds Contract 12,000
Repairs Payroll 10,000
Repairs Material 7,000
Repairs Contract 5,000
Elevator Maintenance/Contract 3,200
Heating/Cooling Repairs and Maintenance 1,000
Swimming Pool Maintenance/Contract
Snow Removal 1,000Decorating Payroll/Contract 8,000
Decorating Supplies 4,500
Other (specify):
Miscellaneous Operating & Maintenance Expenses
SUBTOTAL 56,700
Taxes and Insurance
Real Estate Taxes 26,000
Payroll Taxes (FICA)
8/6/2019 Creekside Crossing Apartments
23/26
Miscellaneous Taxes, Licenses and Permits
Property and Liability Insurance (Hazard) 10,000
Fidelity Bond Insurance
Workmen's Compensation
Health Insurance and Other Employee Benefits
Other Insurance:
SUBTOTAL 36,000Supportive Service Expenses
Service Coordinator
Service Supplies
Tenant Association Funds
Other Expenses (specify):
SUBTOTAL 0
Reserves
Replacement Reserves 12,000
SUBTOTAL 12,000
TOTAL OPERATING EXPENSES 170,886
ADJUSTED TOTAL OPERATING EXPENSES(Does not include taxes, reserves and resident support services) * 132,886
TOTAL UNITS(from total units in the Unit Mix section)
48
PER UNIT PER YEAR 2,768
8/6/2019 Creekside Crossing Apartments
24/26
8/6/2019 Creekside Crossing Apartments
25/26
MINIMUM REQUIRED SET ASIDES (No Points Awarded):
Minimum Set-Asides
Select one of the following two options:
20% of the units are rent restricted and occupied by households with incomes at or below 50% of the median income (Note: NoTax Credit Eligible Units in the the project can exceed 50% of median income)
40% of the units are rent restricted and occupied by households with incomes at or below 60% of the median income (Note: NoTax Credit Eligible Units in the the project can exceed 60% of median income)
If requesting RPP funds:
40% of the units are occupied by households with incomes at or below 50% of median income.
State Tax Credit and QAP Targeting Points:
Low Income County:
At least forty percent (40%) of qualified units will be affordable to households with incomes at or below fifty percent (50%) ofcounty median income.
At least forty percent (40%) of qualified units will be affordable to and occupied by households with incomes at or below fiftypercent (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 targeting points (select one):
At least twenty percent (20%) of qualified units will be affordable to and occupied by households with incomes at or below fiftypercent (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.
8/6/2019 Creekside Crossing Apartments
26/26
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 (signed copies)
C Ownership Entity Agreement, Development Agreement or any other agreements governing development services
D Management Agent Agreement
E Owner and Management Experience & Management Questionnaire (Appendix C)
F Letters from State Housing Agencies or designated monitoring agent verifying out of state experience
G Completed IRS Form 8821 (Appendix I)
H Local Government Letter or Letter from Certified Engineer or Land Surveyor Confirming Floodplain Designation with Mapshowing all flood zones (original on letterhead, no fax or photocopies)
I Local Government Letter Confirming Zoning including any pending notices or hearings (original on letterhead, no fax orphotocopies)
J Letters from Local Utility Providers regarding availability and capacity (original on letterhead, no fax or photocopies)
K Documentation from utility company or local PHA to support estimated utility costs
L Appraisal (required for land costs greater than $15,000 and for all Adaptive Re-use and Rehab projects)
M Site plan, floor plans and elevations for all projects. Scope of work for Adaptive Re-use and Rehab projects. (Full Size, 24 x36 inches)
N Hazard and structural inspection and termite reports (Adaptive Re-use and Rehab projects only)
O Copy of certificate of occupancy or proof of placed-in-service date (Rehabs Only)
P Proposed Relocation Plan including relocation budget and copies of notices. Required for all Rehabs and any projectsinvolving existing occupants of any dwellings to be rehabbed or demolished.
Q Evidence of Permanent Loan Commitment and other sources of funds ( i.e. Equity letter, AHP, RD and local governmentfunds). For Rehabs with existing loans provide 1) copies of loan documents, 2) current loan balances from existing lenderswith reserve balances, 3) letter from lender that outlines assumption requirements.
R Local Housing Authority Agreement and Project Based Rental Assistance Letter, if applicable (Sample letters provided inAppendix I). For projects with existing PBRA contracts, provide a copy of the current contract and bank statement or otherdocumentation verifying reserve balances and annual reserve contribution requirements.
S Statement regarding terms of Deferred Developer Fee. If a nonprofit is involved, a resolution from their board approvingdeferral of fee is required.
T Inducement Resolution (Tax-Exempt Bond Financed Projects only)