Maplewood Square

8/6/2019 Maplewood Square

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Number of Units: 2

Persons with disabilities or homeless populations: the greater of 5 units or 10% of the total units.

Number of Units: 5

Remarks: Five apartments, including 3 one bedroom and 2 two bedroom units, will be set aside for personswith disabilities. DHIC plans on using the Key program to subsidize the rents of these units.





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

3 1.3

Forested slopes on the west end of the site will be undisturbed natural area. A stormwater detentionarea may be needed on the lowest lying part of the site. The building will be located on the highestand most level part of the site.

No

No

Yes

No





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: 0



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

Urban Residential - Multifamily; 30 units / acre

Yes

Yes

Yes

The City of Durham held a public hearing on May 7, 2007 for closing Whitcomb Street. Durham CityCouncil will vote to close Whitcomb Street after Maplewood Square recieves a tax credit award,approval to relocate city park has been recieved, and land parcels for Maplewood Square arerecombined. No permits or further public hearings are required.

No

No









Notes

Gross Floor Square Footage: 34,358

Total Net Sq. Ft. (All Heated Areas): 32,503

** Please refer to the Income Limits and Maximum Housing Expense Table to ensure that Total Monthly Tenant Expenses for lowincome units are within established thresholds.



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 3 targeted at 30 percent of median income affordable to/occupied by








32



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 480,000 2.00 20 20

Local Gov. Loan - Specify:City of Durham

500,000 0.00 20 20

RD 515 Loan

RD 538 Loan - Specify:

AHP Loan

Other Loan 1 - Specify:



Tax Exempt Bonds

State Tax Credit(Loan) 403,709 0 30 30 0

State Tax Credit(Direct Refund)

Equity: Federal LIHTC 2,311,769

Non-Repayable Grant

Equity: Historic Tax Credits

Deferred Developer Fees 19,143

Owner Investment

Other - Specify:

Total Sources** 3,714,621

* "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.

85

The project has no annual debt service. However, according to the projections (see"Projected Cash Flow" page), the project shows negative net cash flow starting in year 10. Asillustrated in the "Development Cost" page we have included a $350,000 special operatingreserve / sinking fund in our budget to cover projected operating shortfalls for the first 20years. The assumptions behind this sinking fund are based on conversations with an equityprovider and DHICs experience with Lennox Chase Apartments.



RPP 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

0

Local Gov. Loan - City of Durham

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

0



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 491,000 416,0004 Rehabilitation

5 Construction of New Building(s) 1,560,566 1,560,566

6 Accessory Building(s)

7 General Requirements 123,094 123,094

8 Contractor Overhead 43,493 43,493

9 Contractor Profit 173,973 173,973

10 Construction Contingency 71,764 71,764

11 Architect's Fee - Design (11 + 12 = max 3% lines 2-10) 61,597 61,597

12 Architect's Fee - Inspection 12,319 12,319

13 Engineering Costs 25,000 25,000

SUBTOTAL (lines 1 through 13) 2,562,806

14 Construction Insurance (prorate) 9,600 9,60015 Construction Loan Orig. Fee (prorate) 20,000 20,000

16 Construction Loan Interest (prorate) 75,000 75,000

17 Construction Loan Credit Enhancement (prorate)

18 Construction Period Taxes (prorate) 2,800 2,800

19 Water, Sewer and Impact Fees 56,050 56,050

20 Survey 15,000 15,000

21 Property Appraisal

22 Environmental Report 8,000 8,000

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 10,000

SUBTOTAL (lines 14 through 29) 200,650

30 Real Estate Attorney 25,000 25,000

31 Other Attorney's Fees 15,000 15,000

32 Tax Credit Application Fees (Preliminary and Full) 2,200

33 Tax Credit Allocation Fee (0.58% of line 59, minimum $7,500) 23,415

34 Cost Certification / Accounting Fees 11,000 11,000

35 Tax Opinion

36 Organizational (Partnership) 7,500

37 Tax Credit Monitoring Fee 17,600SUBTOTAL (lines 30 through 37) 101,715

38 Furnishings and Equipment 40,000 40,000

39 Relocation Expense

40 Developer's Fee 336,000 336,000

41 Other Basis Expense (specify)

42 Other Basis Expense (specify)

43 Rent-up Expense 19,200

44 Other Non-basis Expense (specify)

45 Other Non-basis Expense (specify)





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

Maplewood Square will contain 32 one- and two-bedroom units in one three-story building with anelevator. The building will include ample community space, providing several on-site amenities toseniors living at Maplewood Square. The building will be constructed with quality materials andattractive architectural design. The convenient location for Maplewood Square was selected incollaboration with neighborhood supporters and Duke University and is a high priority of organizedneighbors and associations. The City of Durham now owns the land for the building and will donateit to this project. The site is in close proximity to grocery and convenience stores, a communitycenter, medical facilities including Duke Hospital, restaurants, public services and other amenities.In addition to the various off-site amenities in close proximity, Maplewood Square will contain on-siteamenities including a multi-purpose room with warming kitchen and community gathering space,three outdoor seating areas, resident computer center with at least 2 computers, tenant storageareas, covered porch, laundry rooms, and covered drop off.

Five of the units at Maplewood Square will be affordable to senior households with disabilities. Weplan on using the KEY program to subsidize the rents for these units.

No

Maplewood Square will include three outdoor sitting areas, multi-purpose room with warming kitchenand community gathering space, resident computer center with high speed internet access and atleast 2 computers, tenant storage areas, covered patio with seating, laundry room, on-site office,and covered drop off.

We will partner will a local agency to provide supportive services to Maplewood Square residents.

Maplewood Square will be beautifully landscaped with trees, shrubs, and green lawns. Many of theexisting trees on the west end of the site will be preserved creating a natural buffer. The coveredpatio will look out to a landscaped slope providing a natural buffer between Maplewood Square and



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.

the proposed public park.

Range, hood, frost-free refrigerator, interior storage, mini-blinds, pantry, walk-in closets, central airand heat, carpet/vinyl flooring, ample countertop and cabinet space.

Yes





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

Other facilities or services:

stories and 32 apartments, will be completely compatible with nearby apartment buildings. Itsarchitectural design will be superior to surrounding apartments, and its compatibility with nearbysingle family homes will bring considerable improvement to the community. Maplewood Cemetery isowned by the City of Durham and the City initiated donation of this property to Self-Help fordevelopment because of City leaders’ regard for the appearance and function Self-Help’s pastdevelopments.

Grocery Store.5 Community/Senior Center.5

Mall/Strip Center.5 Hospital1.25

Outdoor Athletic Fields.25 Pharmacy1.0

Day Care/After School.25 Basic Health Care.5

Schools.5 Medical Offices1.25

Public Transportation Stop.1 Bank/Credit Union.7

Convenience Store.2 Restaurants1.0

Basketball/Tennis Courts.25 Professional Services.5

Public Parks.01 Movie Theater1.0

Gas Station.5 Video Rental1.0

Library1.0 Public Safety (Fire/Police).5

Fitness/Nature Trails.5 Post Office1.0

Public Swimming Pools.5







Project Operations (Year One)

Projected Operating Costs

Administrative Expenses

Advertising 3,000

Office Salaries 0

Office Supplies 2,800

Office or Model Apartment Rent 0

Management Fee 14,208

Manager or Superintendent Salaries 16,900

Manager or Superintendent Rent Free Unit 0

Legal Expenses (Project) 0

Auditing Expenses (Project) 3,600

Bookkeeping Fees/Accounting Services 2,304

Telephone and Answering Service 3,200

Bad Debts 0

Other Administrative Expenses (specify):

software renewal800

SUBTOTAL 46,812

Utilities Expense

Fuel Oil 0

Electricity (Light and Misc. Power) 3,500

Water 3,100

Gas 0

Sewer 3,100

SUBTOTAL 9,700

Operating and Maintenance Expenses

Janitor and Cleaning Payroll 2,000

Janitor and Cleaning Supplies 1,600

Janitor and Cleaning Contract 2,000

Exterminating Payroll/Contract 768

Exterminating Supplies 0Garbage and Trash Removal 1,800

Security Payroll/Contract 0

Grounds Payroll 0

Grounds Supplies 905

Grounds Contract 6,000

Repairs Payroll 13,520

Repairs Material 1,200

Repairs Contract 500

Elevator Maintenance/Contract 3,000

Heating/Cooling Repairs and Maintenance 200

Swimming Pool Maintenance/Contract 0

Snow Removal 100Decorating Payroll/Contract 0

Decorating Supplies 800

Other (specify):0

Miscellaneous Operating & Maintenance Expenses 200

SUBTOTAL 34,593

Taxes and Insurance

Real Estate Taxes 8,000

Payroll Taxes (FICA) 3,650



Miscellaneous Taxes, Licenses and Permits

Property and Liability Insurance (Hazard) 7,500

Fidelity Bond Insurance 100

Workmen's Compensation 1,125

Health Insurance and Other Employee Benefits 3,720

Other Insurance:

SUBTOTAL 24,095Supportive Service Expenses

Service Coordinator 6,000

Service Supplies 2,500

Tenant Association Funds

Other Expenses (specify):

SUBTOTAL 8,500

Reserves

Replacement Reserves 8,000

SUBTOTAL 8,000

TOTAL OPERATING EXPENSES 131,700

ADJUSTED TOTAL OPERATING EXPENSES (Does not include taxes, reserves and resident support services) * 107,200

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

32

PER UNIT PER YEAR 3,350





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:

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%)of county median income.

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

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



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)

Documents

Maplewood Square