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Check all that apply:
Federal Low Income Housing Tax Credit
State Low Income Housing Tax Credit
Tax Exempt Bonds
Rental Production Program (RPP) Loan
Requested RPP Loan Amount:RPP Loan Product Requested:
Print Preview - Final Application
Tax Credits, RPP Loans, and/or Tax Exempt Bond Loans
Resources Requested
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Is project in Qualified Census Tract & Difficult to Develop area:
Project Name and Location
Project Name: Firetower Crossing Apartments
Address: Garden Street and Firetower Road (Northeast intersection)
City: Sanford County: LEE Zip: 27330
Census Tract: 303 Block Group: 1500-1999
Yes
Political Jurisdiction: City of Sanford
Jurisdiction CEO Name: First: Last:Winston Hester Title: Mayor
Jurisdiction Address: Post Office Box 3729
Jurisdiction City: Sanford Zip: 27331-3729
Jurisdiction Phone: (919)775-8365
Site Latitude:
Site Longitude:
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Is this project a follow-on (Phase II, etc) to a previously-awarded tax credit development project?
If yes, list names of previous phase(s):If yes, list names of previous phase(s):
Will the project be receiving federal rental assistance?
If yes, provide the subsidy source:If yes, provide the subsidy source: HUD and number of units:and number of units:
Target Population: Family
Indicate below any additional targeting for special populations proposed for this project:
Square Footage Information
Project Description
Project Type:* New Construction Rehab Adaptive Reuse
No
Yes
6060
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: Five percent (5%) of the total ten percent (10%) will be fully handicapped accessible including largerbathroom floorspace and a roll-in shower.
Proposed number of residential buildings: 8 Maximum number of stories in buildings: 2
Types of Units:* Townhouse Duplex Garden Apartment Detached Single-Family
Project Includes:Separate community building -- Sq. Ft. (Floor Area):Sq. Ft. (Floor Area): 1,7311,731
Community space within residential bulding(s) -- Sq. Ft. (Floor Area):Sq. Ft. (Floor Area):
Elevators -- Number of Elevators:Number of Elevators:
Gross Floor Square Footage: 72,901
Total Net Sq. Ft. (All Heated Areas): 63,195
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Applicant Information
Applicant Name: Firetower Crossing Apartments, LLC
Address: Post Office Box 6171
City: State: NC Zip:Raleigh 27628-6171
Contact: First: Last: Title:Cathy Connors Dir. of Development
Telephone: (919)755-9155
Alt Phone: (919)621-9372
Fax: (919)755-2245
Email Address: [email protected]
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Total Site Acreage: Total Buildable Acreage:
If buildable acreage is less than total acreage, please explain:
Identify utilities and services currently available (and with adequate capacity) for this site:
Storm Sewer Water Sanitary Sewer Electric
Is the demolition of any buildings required or planned?
If yes, please describe:
Are existing buildings on the site currently occupied?
If yes:(a) Briefly describe the situation:
(b) Will tenant displacement be temporary?
(c) Will tenant displacement be permanent?
Is the site in a distressed neighborhood?
If yes, does a community revitalization plan exist?
Is the site directly accessed by an existing, paved, publicly maintained road?
If no, please explain:
Is any portion of the site located inside the 100 year floodplain?
If yes:(a) Describe placement of project buildings in relation to this area:
Site Description
7.05 6.35
6.35 is the total acreage outside of setbacks.
No
No
No
Yes
No
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(b) Describe flood mitigation if the project is in the East Region and will have improvements within the 100 year floodplain:
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Does the owner have fee simple ownership of the property (site/buildings)?
If yes provide:
Purchase Date: Purchase Price:
If no:
Site Control
No
(a) Does the owner/principal or ownership entity have vaild option/contract to purchase the property? Yes
(b) Does an identity of interest (direct or indirect) exist between the owner/principal or ownership entity with the option/contract for
purchase of the property and the seller of the property?If yes, specify the relationship:
Yes
Seller is the non-profit partner in the ownership entity.
(c) Enter the current expiration date of the option/contract to purchase: 12/31/2003
(D) Enter Purchase Price: 59,962
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Present zoning classification of the site:
Is mutifamily use permitted?
Are variances, special or conditional use permits or any other item requiring a public hearing needed to develop this proposal?
If yes, have the hearings been completed and permits been obtained?
If yes, specify permit or variance required and date obtained. If no, describe permits/variances required and schedule for obtainingthem:
Is a public hearing of any kind required in the future for you to fully develop this property?
If yes, describe the nature of the hearing and when you expect the hearing will be held:
Are there any existing conditions of historical significance located on the project site that will require State Historic Preservation office review?
If yes, describe below:
Are there any existing conditions of environmental significance located on the project site?
If yes, describe below:
Zoning
Residential (R-12)
Yes
No
No
No
No
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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 2 908 12 2 345 124 469
Gdn Apt 3 1125 4 2 400 144 544
Gdn Apt 2 908 30 1 465 124 589
Gdn Apt 3 1125 14 1 540 144 684
Utilites included in rents: Water/Sewer Electric Gas Other
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....... 60 6 27250
Market Rate.......
Totals............... 60 6 27250
* 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.
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Specify Low Income Unit Targeting in table below. List each applicable targeting combination in a separate row below. Click [Add] to createanother row. Click "X" (at the left of each row) to delete a row. Add as many rows as needed.
Total Low Income Units:
Note: This number should match the total number of low income units in the Unit Mix section.
Targeting
# BRs Units %
2 12 targeted at 40 percent of median income.
3 4 targeted at 40 percent of median income.
2 30 targeted at 50 percent of median income.
3 14 targeted at 50 percent of median income.
60
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Estimated pricing on sale of Federal Tax Credits: $0.
Remarks concerning project funding sources:(Please be sure to include the name of the funding source(s))
Funding Sources
Source AmountNon-
Amortizing*Rate(%)
Term(Years)
Amort.Period(Years)
AnnualDebt
Service
Bank Loan
RPP LoanLocal Gov. Loan - Specify:
RD Loan
AHP Loan
Other Loan 1 - Specify:SHA Loan
194,760 2.00 20 20 11,823
Other Loan 2 - Specify:
Other Loan 3 - Specify:
Tax Exempt Bonds
State Tax Credit(Loan) 1,152,864 0 30 30 0
State Tax Credit(Direct Refund)
Equity: Federal LIHTC 3,447,412
Non-Repayable Grant
Equity: Historic Tax Credits
Deferred Developer Fees
Owner Investment 4 Other - Specify:
Total Sources** 4,795,040
* "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.
76
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Development Costs
Item Cost Element TOTAL COSTEligible Basis
30% PV 70% PV
1 Purchase of Buildings (Rehab) 0
2 Demolition 60,000
3 On-site Improvements 420,000 420,000
4 Rehabilitation
5 Construction of New Building(s) 2,649,013 2,649,013
6 Accessory Building(s)
7 General Requirements 107,740 107,740
8 Contractor Overhead 64,700 64,700
9 Contractor Profit 194,200 194,200
10 Construction Contingency 105,000 105,000
11 Architect's Fee - Design 81,000 81,000
12 Architect's Fee - Inspection 9,000 9,000
SUBTOTAL (lines 1 through 12) 3,690,653
13 Construction Insurance (prorate) 8,000 8,000
14 Construction Loan Orig. Fee (prorate) 9,140 8,747
15 Construction Loan Interest (prorate) 57,535 47,946
16 Construction Loan Credit Enhancement (prorate)
17 Construction Period Taxes (prorate) 7,500 7,500
18 Water, Sewer and Impact Fees 80,000 80,000
19 Survey 8,000 8,000
20 Property Appraisal 6,000 6,000
21 Environmental Report 8,000 8,000
22 Market Study 4,000 4,000
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 5,000
SUBTOTAL (lines 13 through 28) 193,175
29 Real Estate Attorney 7,500 7,500
30 Other Attorney's Fees 35,000 22,000
31 Tax Credit App Fees 30,573 30,573
32 Cost Certification/Accounting Fees 9,000 9,000
33 Tax Opinion 5,000
34 Organizational (Partnership) 8,000
35 Tax Credit Monitoring Fee 31,500
SUBTOTAL (lines 29 through 35) 126,573
36 Furnishings and Equipment 8,000 8,000
37 Relocation Expenses
38 Developer's Fee (max 15% lines 2-36, less 8 & 9) 548,175 548,175
39 Other Basis Expense (specify)
40 Other Basis Expense (specify)
41 Rent-up Expenses 8,000
42 Other Non-basis Expense (specify)
43 Other Non-basis Expense (specify)
SUBTOTAL (lines 36 through 43) 564,175
44 Rent up Reserve 30,000
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Comments:
45 Operating Reserve 130,502
46 Other Reserve (specify)
47 Other Reserve (specify)
48 DEVELOPMENT COST (lines 1-47) 4,735,078 0 4,434,094
49 Less Federal Financing
50 Less Disproportionate Standard
51 Less Nonqualified Nonrecourse Financing
52 Less Historic Tax Credit (residential) 0
53 TOTAL ELIGIBLE BASIS 4,434,094 0 4,434,094
54 Times Applicable Fraction 130.00% 130% 130%
55 TOTAL QUALIFIED BASIS 5,764,322 0 5,764,322
56 Tax Credit Rate 0.00% 8.13%
57 FEDERAL TAX CREDITS at Estimated Rate 468,639 0 468,639
57a FEDERAL TAX CREDITS at 8.5% or 3.75% 489,967 0 489,967
58 FEDERAL TAX CREDITS REQUESTED 0
59 STATE TAX CREDITS
60 Land Cost 59,962
61 TOTAL REPLACEMENT COST 4,795,040
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Please provide a detailed description of the proposed project:
Construction (check all that apply):
Brick Vinyl Wood HardiPlank Balconies/Patios Sunrooms Front Porches
Front Gables or Dormers Wide Banding or Vertical/Horizontal Siding
Other:
Have you built other tax credit developments that use the same building design as this project?
If yes, please provide name and address:
Site Amenities (check all that apply):
Market Study Information
Firetower Crossing Apartments will be a 60-unit rental community, which will target Sanfordresidents who earn 50% or less of the Lee County median income. The development will consist ofseven 2-story garden style apartment buildings, in addition to two 1-story buildings, one of which willcontain the office and community space. Four of the buildings will contain eight 2-bedroomapartments, two buildings will contain four three-bedroom and four 2-bedroom apartments, another
building will contain eight 3-bedroom apartments and one building will contain two 3-bedroom andtwo 2-bedroom apartments. The rents will be as follows:a. Ten 2-bedroom apts - Net rent: 345 Util Allow $124b. Four 3-bedroom apts - Net rent: 400 Util Allow $144c. Thirty-two 2-bedroom apts - Net rent 465 Util Allow $124d. Fourteen 3-bedroom apts - Net rent 540 Util Allow $144
The project location on Firetower Road is close to shopping and schools and is located in a quietresidential neighborhood. This apartment community will serve tenants with children as over 25% ofthe units will have 3-bedrooms. Firetower Crossing Apartments will also target to persons withdisabilities by making ten percent (10%) of the total units fully accessible, along with a targetingplan, to ensure that the appropriate population is aware of the accessible units at Firetower CrossingApartments.
Shingle-style vinyl accent siding
Yes
Dunbar Place Apartments
100 Peacock LaneArden, North Carolina 28704
Savannah Place Apartments1519 Savannah PlaceDurham, North Carolina 27713
Best Village Apartments909 Savannah LaneKinston, North Carolina 28501
Community Bldg - Sq Ft: 1,731 Community Room - Sq Ft: 851 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
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Onsite Activities:
Landscaping Plans:
Interior Apartment Amenities (check all that apply):
Flooring: Carpet Vinyl Wood Wood Parquet Ceramic Tile Other
Heating/Cooling: Central Air Gas Heat Heat Pump Electric Pump
Do you plan to submit additional market data (market study, etc.) that you want considered?
If yes, please make sure to include the additional information in your pre-application packet.
Pool Fitness Stations Horseshoe Pit Shuffleboard Covered Drive Thru
The on-site activities at Firetower Crossing will include a picnic area including tables and grills,garden spots, a playground area for the children, a gazebo, horseshoe pit and resident computercenter.
Firetower Crossing will be attractively landscaped with plants and trees native to the area, such aspines, dogwood trees and azaelas. A picnic area, including tables and grills, will also be located onthe site where the residents may enjoy outside meals. Garden spots will be provided so that theresidents will be able to plant vegetables and flowers.
Range Hood Dishwasher Disposal Refrigerator (frost free) Storage interior/exterior
W/D Hookups Mini-blinds Pantry Ceiling fans Walk-in closets
No
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For each applicable neighborhood feature, enter distance from project in miles.
Other facilities or services:
single family subdivsion located on Firetower Road. The single family homes are primarily vinyl withsome brick trim which mirrors the design of Firetower Crossing Apartments.
Concentration of affordable housing (housing credit, project-based rental assistance, public housing).The closest affordable housing complex is located approximately one mile east on Garden Street.
Availability of Supportive Services (if applicable):Not applicable.
Grocery Store2.0 Community/Senior Center.7
Mall/Strip Center2.0 Hospital.5
Outdoor Athletic Fields.5 Pharmacy1.1
Day Care/After School1.0 Basic Health Care.5
Schools.5 Medical Offices.5
Public Transportation Stop.1 Bank/Credit Union1.4
Convenience Store.1 Restaurants1.1
Basketball/Tennis Courts.5 Professional Services.5
Public Parks.5 Movie Theater2.5
Gas Station.1 Video Rental3.0
Library2.0 Public Safety (Fire/Police)2.0
Fitness/Nature Trails.5 Post Office2
Public Swimming Pools.5
Church 2/10 mile
Downtown Sanford 1.5 miles
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Development List 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:
Management List 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: 13 0
Units: 668 0
North Carolina Other States
Projects: 14 0
Units: 684 0
No
No
No
No
No
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Financing Commitments
Does the project have a firm commitment for construction financing? Yes
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? Yes
If yes, indicate the type and amount below:
Tax Exempt Financing: $
RD 515 Financing: $
Hope VI Financing: $
Other: $ 0
If Other, specify the type of Federal subsidy: Project Based Section 8 - 60 units
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Project Operations (Year One)
Projected Operating Costs
Administrative Expenses
Advertising 1,000
Other Administrative Expense (specify):
Office SalariesOffice Supplies 4,000
Office or Model Apartment Rent
Management Fee 27,880
Manager or Superintendent Salaries 28,000
Manager or Superintendent Rent Free Unit
Legal Expenses (Project) 500
Auditing Expenses (Project) 4,500
Bookkeeping Fees/Accounting Services
Telephone and Answering Service 2,500
Bad Debts 1,500
Other Administrative Expenses (specify):
SUBTOTAL 69,880
Utilities Expense
Fuel Oil
Electricity (Light and Misc. Power) 10,000
Water 10,000
Gas 10,000
Sewer
SUBTOTAL 30,000
Operating and Maintenance Expenses
Janitor and Cleaning Payroll 2,500
Janitor and Cleaning Supplies 2,000
Janitor and Cleaning Contract
Exterminating Payroll/Contract 2,500
Exterminating Supplies
Garbage and Trash Removal 4,000
Security Payroll/Contract
Grounds Payroll
Grounds Supplies
Grounds Contract 10,000
Repairs Payroll 14,000
Repairs Material 12,000
Repairs Contract 10,000
Elevator Maintenance/Contract
Heating/Cooling Repairs and Maintenance 4,000
Swimming Pool Maintenance/Contract
Snow Removal
Decorating Payroll/Contract 14,000
Decorating Supplies
Other (specify):
Miscellaneous Operating & Maintenance Expenses
SUBTOTAL 75,000
Taxes and Insurance
Real Estate Taxes 35,000
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Payroll Taxes (FICA) 1,500
Miscellaneous Taxes, Licenses and Permits
Property and Liability Insurance (Hazard) 16,000
Fidelity Bond Insurance
Workmen's Compensation
Health Insurance and Other Employee Benefits
Other Insurance:
SUBTOTAL 52,500
Supportive Service Expenses
Service Coordinator
Service Supplies 5,000
Tenant Association Funds
Other Expenses (specify):1,800
SUBTOTAL 6,800
Reserves
Replacement Reserves 15,000
SUBTOTAL 15,000
TOTAL OPERATING EXPENSES 249,180
ADJUSTED TOTAL OPERATING EXPENSES (Does not include taxes, reserves and resident support services) *
192,380
TOTAL UNITS(from total units in the Unit Mix section)
60
PER UNIT PER YEAR 3,206
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Design Features
ITEM DESCRIPTION
Foundation/Slab Components Turned down footings 4" concrete slab
Primary Windows Make: Model:Silverline Type/Construction: Insulated vinyl
Exterior Doors Type: Frames:Ins. Fiberglass Wood
Siding Type: Grade/Thickness:Vinyl .044
Warranty: Lifetime
Exterior Trim Vinyl
Shingles Type: Weight:Fungus Buster XT25 225
Warranty: 25 year
Sprinkler System 13R
Cabinets Marsh
Heat Pump SEER: Make:12 SEER Carrier
Model:
Air Conditioner SEER: Make:12 SEER Carrier
Model:
Other Heat Systems SEER: Make:
Model: Supp. Strip Heat 8 kw
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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 0
Backfill-slab, Crawl 0
Slab-concrete/Rebar/Gravel 110,000 110,000 220,000
Waterproofing 25,000 25,000 50,000
Masonry Foundation 15,000 20,000 35,000
Brick Veneer 100,000 150,000 250,000
Steel/Structure/Rails 0
Framing/Lumber/Nails 200,000 200,000 400,000
Trusses 115,000 115,000
Crane Rental 0
Windows/Grilles/Screen 40,000 40,000Exterior Doors 60,000 60,000
Roofing 20,000 35,000 55,000
Fencing 600 5,000 5,600
Vinyl Siding/Trim/Box 0
Gutters/Shutters 2,000 8,000 10,000
Insulation 30,000 30,000 60,000
Drywall 62,853 160,000 222,853
Interior Doors 20,000 50,000 70,000
Int. & Final/Stair/Trim/Shelves 10,000 35,000 45,000
Cabinets & Tops 25,000 40,000 65,000
Painting 29,000 50,000 79,000
Marble - Tub/Shwr/Tops 0
Plumbing 75,000 125,000 200,000
Electrical 100,000 100,000 200,000
Heating/Air Conditioning 75,000 75,000 150,000
Floor Covering and Underlayment 34,000 34,000 68,000
Wall Paper 0
Mailboxes/Special Features/Signage 500 3,000 3,500
Gypcrete 10,000 15,000 25,000
Blinds/Shades/Art Work 2,500 2,500 5,000
Light Fixtures/Fans 0
Sprinkler System 35,000 60,000 95,000
Security Alarm 0
Hardwood Floors 0
Elevator 0
Ceramic Tiles 0
Acoustical Ceilings 0
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Remarks:
Mirror/Shower Door/Encls. 0
Hardware/Bath Access. 2,000 5,000 7,000
Appliances 22,560 50,000 72,560
Playground Equipment 10,000 15,000 25,000
Interior Clean 2,500 3,000 5,500
Exterior Clean/Dumpster 10,000 10,000
Other 1 (specify in Remarks) 0
Other 2 (specify in Remarks) 0
Total Cost 1,018,513 1,630,500 2,649,013
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This is a detailed breakdown of the General Requirements cost element you summarized in the Development Costs table (GeneralRequirements). The total should match that roll-up value.
Remarks:
Costs - General
ITEM TOTAL
Supervision 46,000
Job Site Office/Trailer Rental 3,000
Impact Fees
Office Supplies 240
Security/Watchman
Water and Sewer Connection Fees
Project Signage 5,000
Tools and Equipment
Gas, Oil, and Maintenance 1,000
Cleanup/Dumpster Rental 20,000
Temporary Water, Electric, and Telephone 5,000Storage/Hauling 800
Driveway Access Permit
Porta-John Rental/Dumping 1,700
Builders Risk Insurance
Re-inspection Fees
Extra Plans and Specifications
Miscellaneous, Casual Labor 10,000
Equipment Rental 15,000
Other 1 (specify in Remarks)
Other 2 (specify in Remarks)
Total Cost 107,740
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This is a detailed breakdown of the Site Improvements cost element you summarized in the Development Costs table (On-siteImprovements). The total should match that roll-up value.
Remarks:
Costs - Improvements
ITEM TOTAL
Subsurface Explorat ion/Perk Testing/Site Engineering 8,000
Clearing/Grading/Final Grading/Excess and Borrow 110,000
Demolition 0
Earthwork/Excavation/Aerating 0
Soil Treatment 0
Pile Foundations 0
Caissons 0
Shoring/Bracing 0
Site Drainage 0
Site Utilities/Site Lighting 114,000
Paving and Surfacing/Curb and Gutter 105,000Walkways 0
Site Signage 2,000
Parking Lot Painting 0
Dumpsite Pads/Fencing 0
Fencing/Gates 0
Landscaping/Topsoil 45,000
Waterproofing/De-Watering 0
Operation of Construction Equipment/Fuel/Oil 0
Crane Rental 0
Rock and Hardpan Excavation 0
Site Supervision Personnel 36,000
Other (specify in Remarks)
Total Cost 420,000
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This is a detailed breakdown of the Bond Issuance cost element you summarized in the Development Costs table (Cost of Issuance). Thetotal should match that roll-up value.
Remarks:
Costs - Bond Issuance
ITEM TOTAL
Bond Counsel
Issuer Counsel
Credit Enhancement/LOC Counsel
Underwriter Counsel
Developer's Counsel
Rating Agency Fee
Printing
Trustee Fee
Trustee Counsel
Other 1 (specify in Remarks)
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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