Skyland Apartments

8/6/2019 Skyland Apartments

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Number of Units: 9

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

Number of Units: 7

Remarks: All 63 units are Type A Fully Handicapp Acessible units, 13 units are being designed with roll inshowers to accommodate the needs of persons in wheel chairs.7 units will be set aside for persons who are homeless or persons with disabilities.



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: Volunteers of America of the Carolinas

Address: P. O. Box 1447 (246 Stoneridge Drive Suite 103)

City: State: NC Zip:Columbia 29202-1447

Contact: First: Last: Title:Pepper Schales-Elkins President/CEO

Telephone: (803)753-0220

Alt Phone: (803)331-4012

Fax: (803)779-1657

Email Address: [email protected]

NOTE: Email Address above will be used for communication between NCHFA and Applicant.



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

3.01 3.01

Yes

There are two old houses and a barn on the site that will have to be demolished. VOA NationalServices has contracted with Froehling & Robinson Inc, to do a Phase 1 and inspection of thehouses for asbestos. VOANS has budgeted $50,000 to address any abestos that may be found inthe housing. Based on a visual inspection of the houses by Scott Redinger they appear to have

been built in the 70's and no outward evidence of asbestos containg material was observed by Mr.Redinger with the possible exception of the sprayed ceilings

Yes

There are two houses on the site leased on a month to month basis. The seller has notified thetenants of the option on the property and the houses will be vacated prior to closing on the purchaseof the land. VOAC and VOANS have provided the occupants of the houses the HUD notices fortenants that may be displaced. If the project receives an allocation of credits VOAC will assist thetenants in accordance with the rules of the Uniform Relocation Act.

No

Yes

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: 9/30/2007

(D) Enter Purchase Price: 925,000



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

RM-16 Conditional Use

Yes

No

No

No



Ownership Entity

Owner Name: Skyland Apartments Asheville, LLC

Address: 1660 Duke Street

City: State: VA Zip:Alexandria 22314-3427

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

Note: Do not submit social security numbers for individuals.

Entity Type: Limited Liability Company

Entity Status: To Be Formed

Is the applicant requesting that the Agency treat the application as Non-Profit sponsored? Yes

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: VOA Skyland Apartments Asheville, Inc.

First Name: Patrick Last Name: Sheridan Function: Managing Member

Address: 1660 Duke Street

City: Alexandria State: VA Zip: 22314-3427

Phone: (703)341-5000 Fax: (703)997-0702

EMail: [email protected] Nonprofit: Yes

Org: Volunteers of America of the Carolinas, Inc.

First Name: Pepper Last Name: Schales-Elkins Function: Member

Address: P.O. Box 1447

City: Columbia State: SC Zip: 29202-1447

Phone: (803)779-6465 Fax: (910)779-1657

EMail: [email protected] Nonprofit: Yes





Notes

** 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 12 targeted at 40 percent of median income affordable to/occupied by






63



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 461,905 7.25 18 30 37,812

RPP Loan 1,000,000 2.00 20 20

Local Gov. Loan - Specify:City of Asheville

445,269 2.00 20 20

RD 515 Loan

RD 538 Loan - Specify:

AHP Loan

Other Loan 1 - Specify:City of Asheville

164,077 0.00 15 15

Other Loan 2 - Specify:

Other Loan 3 - Specify:

Tax Exempt Bonds

State Tax Credit(Loan) 1,344,472 0 30 30 0

State Tax Credit(Direct Refund)

Equity: Federal LIHTC 4,835,081

Non-Repayable Grant

Equity: Historic Tax Credits

Deferred Developer Fees

Owner Investment

Other - Specify:

Total Sources** 8,250,804

* "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.

903

VOAC has received approval from the City of Asheville for a $445,269 Housing Trust FundLoan which is an interest only payment based on 2% simple interest. The $164,077 HOMELOna which is a principal only payment paid back over 15 years.





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 530,833 500,0004 Rehabilitation

5 Construction of New Building(s) 4,114,016 4,114,016

6 Accessory Building(s)

7 General Requirements 278,691 278,691

8 Contractor Overhead 98,471 98,471

9 Contractor Profit 295,412 295,412

10 Construction Contingency 159,523 159,523

11 Architect's Fee - Design (11 + 12 = max 3% lines 2-10) 160,308 160,308

12 Architect's Fee - Inspection 14,000 14,000

13 Engineering Costs 35,700 35,700

SUBTOTAL (lines 1 through 13) 5,686,954

14 Construction Insurance (prorate) 8,500 8,50015 Construction Loan Orig. Fee (prorate) 22,802 22,802

16 Construction Loan Interest (prorate) 190,000 95,000

17 Construction Loan Credit Enhancement (prorate)

18 Construction Period Taxes (prorate) 15,000 15,000

19 Water, Sewer and Impact Fees 98,336 98,336

20 Survey 10,500 10,500

21 Property Appraisal 5,000 5,000

22 Environmental Report 15,000 15,000

23 Market Study 4,200 4,200

24 Bond Costs

25 Bond Issuance Costs

26 Placement Fee27 Permanent Loan Origination Fee 10,000

28 Permanent Loan Credit Enhancement

29 Title and Recording 3,000

SUBTOTAL (lines 14 through 29) 382,338

30 Real Estate Attorney 22,500 22,500

31 Other Attorney's Fees 16,500 16,500

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

33 Tax Credit Allocation Fee (0.58% of line 59, minimum $7,500) 38,990

34 Cost Certification / Accounting Fees 17,500 17,500

35 Tax Opinion 2,500

36 Organizational (Partnership) 1,500

37 Tax Credit Monitoring Fee 40,950SUBTOTAL (lines 30 through 37) 142,640

38 Furnishings and Equipment 70,000 70,000

39 Relocation Expense 60,826

40 Developer's Fee 661,500 646,500

41 Other Basis Expense Demo two houses and asbestos abatement 50,000

42 Other Basis Expense (Energy Analysis) 18,900 18,900

43 Rent-up Expense 10,000

44 Other Non-basis Expense (Other Syndication Costs) 15,000

45 Other Non-basis Expense (specify)



Comments:

SUBTOTAL (lines 38 through 45) 886,226

46 Rent up Reserve 75,882

47 Operating Reserve 151,764

48 Other Reserve (specify)

49 Other Reserve (specify)

50 DEVELOPMENT COST (lines 1-49) 7,325,804 0 6,722,359

51 Less Federal Financing52 Less Disproportionate Standard

53 Less Nonqualified Nonrecourse Financing

54 Less Historic Tax Credit (residential) 0

55 TOTAL ELIGIBLE BASIS 6,722,359 0 6,722,359

56 Applicable Fraction (percentage of LI Units) 100.00% 100% 100%

57 Basis Before Boost 6,722,359 0 6,722,359

58 Boost for QCT/DDA (if applicable, enter 130%) 100.00% 100.00%

59 TOTAL QUALIFIED BASIS 6,722,359 0 6,722,359

60 Tax Credit Rate 3.45 8.05

61 Federal Tax Credits at Estimated Rate 541,149 0 541,149

62 Federal Tax Credits at 8.5% or 3.75% 571,400 0 571,400

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) 535,500

64 Federal Tax Credits Requested 0

65 Land Cost 925,000

66 TOTAL REPLACEMENT COST 8,250,804

FEDERAL TAX CREDITS IF AWARDED 535,500

Total Replacement Cost per unit: 111,108

Federal Tax Credits (line 62) per unit: 9,070



Please provide a detailed description of the proposed project:

Market Study Information

APARTMENT UNITSThere are two basic apartment types contained within this residence. The one-bedroom unitscontain approximately 690 SF of living space. The two bedroom units contain approximately 921 SFof living space. Each unit has a private entrance alcove. All the apartment units contain a completekitchen with the following full size appliances and other features:

-Frost-free Refrigerator, and electric range-Re-circulating range (exhaust) hood with wall switch for operation-A large stainless sink with single lever faucet-Plastic laminate countertop with backsplash-Base cabinets with drawers and doors-Wire pulls on all doors and drawers-Wall cabinets installed at a convenient height

Each apartment unit also contains a full bath with the following fixtures and features:-Full size bath tub (or shower in the case of roll-in showers) with a single lever faucet and a verticalgrab bar to assist with getting in and out of the tub-A 36" or larger vanity base with cultured marble lavatory and single lever faucet-A large mirror above the lavatory-A recessed medicine cabinet-One 24" side grab bar at the toilet

A large dining/living area is adjacnet to the kitchen and visible through a wide pass-through opening.Large double windows in the living area allows for natural light and ventilation through to the kitchen.All units have a walk-in closet for greater storage. Linen closets are located near or inside eachbathroom for convenient use.

Each unit has an individual heating and air conditioning system, including a wall-mounted thermostatwith large, easy-to-read numbers.

ROADThe curb for the driveway is located on Springside Road, making it a safe ingress and egress pointfor the residents. Parking spaces for 70 cars will be accomodated in one parking lot, with convenientaccess to the main entrance. Large islands and a dividing strip will introduce green space, withlandscaping and shade trees, into the parking lot. Around the perimeter of the building will be alandscaped area with foundation plantings. Two large open-air porches provides seating forresidents near the main entrance and outside the large Community Room in the front of the building.There is a service driveway to the side of the building. Trash removal, resident move-in andmaintenance access will occur at this location, to help maintain separation between resident

circulation and moving vans, trash and building services.

COMMON AREAS AND RESIDENT AMENITIES-Lobby/Mail Area. The Lobby, with comfortable seating, is centrally located and overlooks the mainentrance. This area will be used for conversation, as a waiting area for transportation services andas a reception area for visitors. Near the Lobby is the mail area, where each resident will have theirown locked mailbox. Resident mail cubbies are located along one wall in the Community Room, inan area that will be the information center for residents, where they can sign-up for activities andgroup outings.

-Library/Computer/TV Lounge: The Multi-Media Center Lounge is located on the first floor and isaccessible directly from the Lobby. This space is designed for the residents to use for smaller groupor individual activities, such as quiet reading, book gatherings, group movies, computer use, visitswith grandchildren, and a variety of other activities. Guests who visit and participate in theseactivities will find the location convenient to the main entrance.-Community Room: Centrally located on the first floor near the Lobby is a large Community Roomfor use by the residents. The space is desinged for use by the residents for a variety of group

activities, such as holiday and birthday parties, dances, TV viewing, group exercise, educationalseminars, etc. A small, residential-style warming kitchen is located within the Community Room. Astorage room for games puzzles,and decorations are located within the Community Room. Thereare public restrooms for men and women across from the Community Room for convenient access.-Beauty Room: A small beauty room is located on the first floor, near the Community Room.-Laundry Room: A common resident laundry room is centrally located on the first floor-Exercise Room: An exercise room is located on the 1st floor. In this room, we will provide atreadmill, exercise bikes, etc. to help promote exercise and wellness.-Wellness Room: Adjacent to the exercise room is a small room designed for use by visitingphysicians and other healthcare professionals. On occasion or on a regularly scheduled basis, aphysician, podiatist, dietician, etc. may come to meet with the residents to provide healthscreenings, flu shots, check-ups and general health information for the residents.



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:

HANDICAPPED ACCESSIBILITY PROVISIONSIn accordance with both state and federal accesibility requirements, all of the units will be providedwith limited handicapped-accesible features, and will have the ability to be easily adapted for fullaccessibilty compliance, when the need arises. Ten (10%) or eight (8) of these units will beconstructed as fully accessible for persons with mobility impairments. Of the 8 units, two (2) of theunits will be equipped with devices that will enable a resident, with visual or hearing impairments, tolive independently. When a resident becomes in need of the extra features that an accessible unitcontains, these can easily be provided for them within their current unit. Residents will not have toleave their unit and move to another when they need these added features. Two of the eight unitswill have roll in showers.

All eight units for persons with mobilitiy impairments include the following features:

-A kitchen sink installed at 34" in height with clear knee-space below-A 30" wide work surface installed at 34" in height with clear knee-space below-The pipes below the sink are insulated to prevent injury to the resident's knees-Fully compliant grab bars installed in the bathroom at the toilet-Fully compliant grab bars installed at the bathtub(blocking is being provided during construction atall grab bar and accessory locations to facilitate adaption)-An adjustable, hand-held shower faucet and shower head-A wall mounted lavatory at 34" in height, with clear knee space and insulated pipes-A medicine cabinet and "peephole" int he front door, installed at lower heights to accomodate aresident in a wheel chair

No

Walking Trails/LoopGazebo/ArborFlag PolePatio w/seating areaCovered Drop off at EntryBike racksExercise room

Reading room/ LibraryGame/Craft roomResident Computer CenterTV RoomBeauty SalonDining Room w/tablesStorage for residents

Health and related programs such as visiting nurses/professionals for blood pressure testing,diabetes screening, hearing testing, etc. Exercise classes. Health care education programs.Socialization activities such as bingo, holiday parties, card clubs, dancing, coffee hours, arts andcrafts, music programs, etc. Spiritual growth activities such as ecumenical worship services, Biblestudy. General education programs such as financial planning, medicare updates, fire safety,



Landscaping Plans:

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.

renter's insurance, elder law issues.

Extensive landscaping is planned including efforts to save any specimen trees, integrating thelanscaping with a walking trail and gazebo and providing annuals for color and variety.

Emergency Pull cordsLever handles rather than door knobsHand rails in the hallsFront controls on stove for safetyLarger U-shaped hardware that is easier to grabRange HoodDishwasherRefrigerator (frost free)Storage interior/exteriorCeiling fansWalk-in closetsCarpet/ Vinyl flooring

Central AirHeat Pump

No



Briefly describe your site in each of the following categories:

Applicant's Site Evaluation

NEIGHBORHOOD CHARACTERISTICS

Trend and direction of real estate development and area economic health. Physical condition ofbuildings and improvements. Concentration of affordable housing.Our site is located in one of the most vibrant retail and residential corridors in Asheville. It is locatedapproximately 1/2 mile from the Hendersonville Rd. corridor which has been a focal point for thrivingretail and residential development. This corridor leads into Asheville from the south and includes theBiltmore mansion and the residential neighborhoods developed by its owner and the hospitalcomplex on the southside of downtown. The immediate neighbors are a high school, an apartmentcommunity and a condominium townhouse community with the remainder being single familyhomes. In all cases, the condition of the physical structures vary from good to excellent. There is noother affordable housing in the immediate neighborhood.

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 similar

operations, sources of excessive noise, and sites with environmental concerns (such as odors orpollution). Amount and character of vacant, undeveloped land.The site is immediately adjacent to a school, an apartment community and single family homes. Oursite is dense and will be developed in a "new urbanist" manner encouraged by the City with thebuilding in front and parking behind. There are no undeveloped parcels adjacent to our site, whichmakes it truely an infill location. It is extremely convenient to amenities of almost every type. Thereare numerous restaurants, grocery stores, pharmacies, doctors offices, professional offices, banks,dry cleaners, video stores and numerous other specialty shops within 1.7 miles of the site. A majormovie theatre is less than a 5 minute drive approxiamately 2 miles away. There are no incompatibleuses or environmental concerns with or near the site. The closest regional hospital is approximately7 miles away, which is just over a 10-minute drive. The City of Asheville has its two major hospitalsin one location. therefore, unless you live in the hospital district, a 10+ minute drive to the hospital isvery reasonable for the City of Asheville. The hospital complex is located within the HendersonvilleRoad corridor just outside downtown.

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.The project's entrance will be along Springside Rd. which is a road that has a relativlely low volumeof traffic. The low volume of traffic on this street along with a stop sign at the property's exit will besufficient to provide safe ingress and egress to our property. The City's traffic engineer haspreliminary evaluated the site and its access and determined that no traffic study will be requiredand no special access improvements will be needed. The signage for the project will be at theentrance along Springside Rd. It will be visible from both directions on Springside as well as fromOverlook Drive which carries a high volume of traffic and is just to the norhtwest of the site. Thebuilidng itself will be directly on Springside with parking in the rear and will be 3 stories high, whichwill also provide outstanding visibility for all traffic along Springside Rd.

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 are no negative or physical barriers that will impede construction or adversly affect furturetenants. In fact, the site is remarkerdbly flat compared to most sites in this region of the state.

Similarity of scale and aesthetics/architecture between project and surroundings.Our project will be a single 3-story building surrounded by a 2-story apartment project, a "2-story"school, condominium townhouses and single family homes that are 1- and 2- stories. Thebrick/siding architecture with a pitched roof will blend in well with this community. Our proposed



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

Other facilities or services:

elderly development is an ideal transition use between the single family homes across the street andthe school that is located behind and next to our site.

Grocery Store1.5 Community/Senior Center

Mall/Strip Center.8 Hospital7

Outdoor Athletic Fields Pharmacy1.5

Day Care/After School Basic Health Care.8

Schools.1 Medical Offices.8

Public Transportation Stop1.5 Bank/Credit Union.8

Convenience Store.7 Restaurants.8

Basketball/Tennis Courts.7 Professional Services.8

Public Parks.7 Movie Theater2.3

Gas Station.7 Video Rental1.5

Library.2 Public Safety (Fire/Police).5

Fitness/Nature Trails.7 Post Office.7

Public Swimming Pools

Volunteers of America has an existing housing presence in Asheville, including two apartmentcomplexes off Hendersonville Hwy and within 3 to 5 miles of this proposed site. One of those is asenior community of 49 units that was built in 1997. We work together with the local senior providersto offer services on site at the existing property, Laurel Wood, and will expand that relationship toinclude Park View at Skyland.







Project Operations (Year One)

Projected Operating Costs

Administrative Expenses

Advertising 1,250

Office Salaries

Office Supplies 1,800

Office or Model Apartment Rent

Management Fee 25,047

Manager or Superintendent Salaries 29,000

Manager or Superintendent Rent Free Unit

Legal Expenses (Project) 500

Auditing Expenses (Project) 9,000

Bookkeeping Fees/Accounting Services 3,968

Telephone and Answering Service 5,400

Bad Debts 600

Other Administrative Expenses (specify):

Training Software License Mileage2,250

SUBTOTAL 78,815

Utilities Expense

Fuel Oil

Electricity (Light and Misc. Power) 16,600

Water 8,500

Gas

Sewer

SUBTOTAL 25,100

Operating and Maintenance Expenses

Janitor and Cleaning Payroll

Janitor and Cleaning Supplies 1,750

Janitor and Cleaning Contract 2,000

Exterminating Payroll/Contract 1,200

Exterminating SuppliesGarbage and Trash Removal 1,800

Security Payroll/Contract

Grounds Payroll

Grounds Supplies 3,600

Grounds Contract 10,200

Repairs Payroll 15,600

Repairs Material 4,500

Repairs Contract

Elevator Maintenance/Contract 2,100

Heating/Cooling Repairs and Maintenance 500

Swimming Pool Maintenance/Contract

Snow RemovalDecorating Payroll/Contract 2,600

Decorating Supplies 750

Other (specify):

Miscellaneous Operating & Maintenance Expenses

SUBTOTAL 46,600

Taxes and Insurance

Real Estate Taxes 33,229

Payroll Taxes (FICA) 4,800



Miscellaneous Taxes, Licenses and Permits

Property and Liability Insurance (Hazard) 21,000

Fidelity Bond Insurance

Workmen's Compensation 1,100

Health Insurance and Other Employee Benefits 3,420

Other Insurance:150

SUBTOTAL 63,699Supportive Service Expenses

Service Coordinator

Service Supplies 1,000

Tenant Association Funds

Other Expenses (specify):

SUBTOTAL 1,000

Reserves

Replacement Reserves 18,900

SUBTOTAL 18,900

TOTAL OPERATING EXPENSES 234,114

ADJUSTED TOTAL OPERATING EXPENSES (Does not include taxes, reserves and resident support services) * 180,985

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

63

PER UNIT PER YEAR 2,872





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:

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 countymedian 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.

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

Skyland Apartments