Cardinal Pointe II

8/6/2019 Cardinal Pointe II

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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

Page 1 of 36Print - APP03-0074

1/14/2005https://www.nchfa.org/Rental/RTCApp/(z24nanz0py0spq55eqprkv45)/site/PrintApp.aspx?...


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

Project Name and Location

Project Name: Cardinal Pointe (Phase II)

Address: 100 Highlands Glenn Drive

City: Shallotte County: BRUNSWICK Zip: 28470

Census Tract: 205.02 Block Group:

No

Political Jurisdiction: Town of Shallotte

Jurisdiction CEO Name: First: Last:Timothy Owens Title: Town Administrator

Jurisdiction Address: 110 Cheers St.

Jurisdiction City: Shallotte Zip: 28470

Jurisdiction Phone: (910)754-4032

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: 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

Yes

Cardinal Pointe

No

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: We will partner with the ARC to target 10% of the units to persons with disabilities.

Proposed number of residential buildings: 6 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): 2,7502,750

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: 75,128

Total Net Sq. Ft. (All Heated Areas): 67,242




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Applicant Information

Applicant Name: The NRP Group

Address: 4030 Wake Forest Road, Suite 300

City: State: NC Zip:Raleigh 27609

Contact: First: Last: Title:Jannice Ashley Project Manager

Telephone: (919)719-2730

Alt Phone: (919)719-2706

Fax: (919)719-2769

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

5 4

Perimeter requirements use one acre of the site.

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 affiliate of NRP

(c) Enter the current expiration date of the option/contract to purchase: 12/31/2003

(D) Enter Purchase Price: 400,000




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[email protected] 56-2223008




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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 %

1 4 targeted at 40 percent of median income.









60




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Development Costs

Item Cost Element TOTAL COSTEligible Basis

30% PV 70% PV

1 Purchase of Buildings (Rehab) 0

2 Demoli tion

3 On-site Improvements 533,900 533,900

4 Rehabilitation

5 Construction of New Building(s) 2,498,900 2,498,900

6 Accessory Building(s) 135,900 135,900

7 General Requirements 190,122 190,122

8 Contractor Overhead 67,176 67,176

9 Contractor Profit 201,529 201,529

10 Construction Contingency 108,598 108,598

11 Architect's Fee - Design 115,000 115,000

12 Architect's Fee - Inspection 26,400 26,400

SUBTOTAL (lines 1 through 12) 3,877,525

13 Construction Insurance (prorate) 10,000 10,000

14 Construction Loan Orig. Fee (prorate) 13,900 13,900

15 Construction Loan Interest (prorate) 67,024 67,024

16 Construction Loan Credit Enhancement (prorate)

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

18 Water, Sewer and Impact Fees 135,300 135,300

19 Survey 5,000 5,000

20 Property Appraisal 7,000 7,000

21 Environmental Report 2,000 2,000

22 Market Study 5,000 5,000

23 Bond Costs (specify)

24 Cost of Issuance

25 Placement Fee

26 Permanent Loan Origination Fee 13,900

27 Permanent Loan Credit Enhancement

28 Title and Recording 12,000

SUBTOTAL (lines 13 through 28) 276,124

29 Real Estate Attorney 112,500 112,500

30 Other Attorney's Fees 10,000

31 Tax Credit App Fees 26,222 26,222

32 Cost Certification/Accounting Fees (specify) 5,000 5,000

33 Tax Opinion 6,761

34 Organizational (Partnership) 3,000

35 Tax Credit Monitoring Fee 31,500


36 Furnishings and Equipment

37 Relocation Expenses

38 Developer's Fee (max 15% lines 2-36, less 8 & 9) 613,724 613,724

39 Other Basis Expense (specify)

40 Other Basis Expense (specify)

41 Rent-up Expenses

42 Other Non-basis Expense (specify)

43 Other Non-basis Expense (specify)


44 Rent up Reserve 18,000




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Comments:

45 Operating Reserve 160,571

46 Other Reserve (specify)

47 Other Reserve (specify)

48 DEVELOPMENT COST (lines 1-47) 5,140,927 0 4,885,195

49 Less Federal Financing

50 Less Disproportionate Standard

51 Less Nonqualified Nonrecourse Financing

52 Less Historic Tax Credit (residential) 0

53 TOTAL ELIGIBLE BASIS 4,885,195 0 4,885,195

54 Times Applicable Fraction 100.00% 100% 100%

55 TOTAL QUALIFIED BASIS 4,885,195 0 4,885,195

56 Tax Credit Rate 0.00% 7.87%

57 FEDERAL TAX CREDITS at Estimated Rate 384,464 0 384,464

57a FEDERAL TAX CREDITS at 8.5% or 3.75% 415,241 0 415,241

58 FEDERAL TAX CREDITS REQUESTED 414,883 414,883

59 STATE TAX CREDITS 976,195

60 Land Cost 400,000

61 TOTAL REPLACEMENT COST 5,540,927




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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

Cardinal Pointe (Phase II) is a proposed 60 unit multi-family development for families. The firstphase (Cardinal Pointe), is a 60 unit tax credit development also for families that was funded inAugust of 2002. Construction is scheduled to begin on Phase I this February (2003) and it isexpected to be complete by November of 2003. Cardinal Pointe II will have 16 one-bedroom/1 bathunits, 32 two-bedroom/mix of 1 and 2 bath units and 12 three-bedroom/2.5 bath units. All bedroom

sizes will be large exceeding the minimum requirements of NCHFA. The one and two bedroom unitswill be garden-style with a unique individual covered porch entry feature instead of breezeways thatgives the development a look that is more characteristic of a townhouse style. The three-bedroomunits will be townhouses.

25% of the units will be targeted to households at 40% of area median income, 25% of the units willbe targeted to households at 50% of area median income and 50% of the units will be targeted tohouseholds at 60% of area median income. Both the 50% and 60% rents are below the maximumallowable level. Additionally, 10% of the units will be targeted to the special population of personswith disabilities. We will partner with a local service provider in this targeting effort. Though theseunits will not have project based rental assistance, the service provider has indicated that a numberof persons who they serve would find the 40% rents affordable.

The Cardinal Pointe II site is located in The Highlands, a planned residential development which willhave a mix of single-family homes (in the $100,000 to $140,000 price range), townhousecondominiums, multi-family and retail development which will be located at the front of the site(along Frontage Rd.). Phase I of the Highlands PUD consisting of 75 single-family homes has

already begun. A total of 150 single-family homes are planned for the development. The main roadinto the development, Highlands Glenn Drive is completed and sidewalks, curb/gutter and utilitiesare in place. A community park is also planned as part of the development.

Though a small town, Shallotte is the primary economic center for Brunswick County and is clearlyattracting new developmental growth as evidenced by the existence of major retailers such as Wal-mart, Home Depot, CVS, and Belk which have recently located to the area. Cardinal Pointe II isconveniently located less than one-mile from these stores, as well as shopping, restaurants, banks,and medical offices in the downtown area. Schools are approximately two miles from the site.Brunswick Regional Hospital is less than 5 miles from the site. Holden and Sunset Beaches areapproximately 3 miles away.

The building design will reflect a North Carolina coastal character with shingle accents, brackets andpitched roofs with gables.

No

Community Bldg - Sq Ft: 2,750 Community Room - Sq Ft: 1,626 Garages - Number:

Laundry Rm Screened Porch Resident Computer Center Exam Rm Reading Rm/Library




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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.

Game/Craft Rm Exercise Rm TV Rm Beauty Salon Vending Rm

Chapel/Prayer Rm Picnic Area Onsite Leasing Office Onsite Mgr Onsite Maint. Person

Irrigated Lawns Security Gate Car Care Area Storage Units Gazebos

Walking Trails Garden Spots Basketball/Tennis Court Playground Ball Field

Pool Fitness Stations Horseshoe Pit Shuffleboard Covered Drive Thru

The development will be professionall managed by a company with a proven record in managing taxcredit properties that provide supportive services. The property manager will be expected to play avery active role in ensuring that a variety of social activities (such as holiday parties, movie nights,and other family events) and supportive services (such as on-site educational classes that coversuch topics as homeownership training, continuing education, legal information, consumer creditcounseling, and health and safety) are offered at Cardinal Pointe. Additionally, our supportiveservice partner with whom we will be working to target units to the disabled, will have a casemanager on-site on a weekly basis.

Landscaping will be extensively utilized to beautify the development's green areas and to blend thedevelopment into its environment. Parking lots and drives will be lined with shade trees and plantmaterials will compliment the natural fauna. The site is attractively wooded and a tree-lined bufferwill be maintained around the perimeter of the site.

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

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

Yes




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Briefly describe your site in each of the following categories:

Applicant's Site Evaluation

NEIGHBORHOOD CHARACTERISTICS

Physical condition of buildings and improvements. Trend and direction of real estate developmentrelative to the project. Area economic health (degree of decline or investment).

Cardinal Pointe (Phase II) is located in The Highlands, a planned residential community. It will beadjacent to Cardinal Pointe (Phase I), a 60 unit tax credit development for families funded in 2002.Phase I will begin construction in February (2003) and is scheduled to be completed by Novemberof 2003. Construction of the single-family homes (price range $100,000-$180,000) has begun andthey are attractive one and two story homes. A total of 150 single-family homes is planned for thedevelopment. Another new single-family subdivision, Green Bay Village, is located less than onemile from the site. New retail/commercial development, which is part of The Highlands, is plannedfor the front of the site (along Frontage Rd.) Projected to begin in three years.

Though a small town, Shallotte is the primary economic center for Brunswick County and is clearlyattracting new residential and commercial developmental growth (unlike many small rural towns inthe East). Major retailers such as Walmart, Home Depot. Office Depot, CVS, Belk and Bath andBody Works have all recently located to the area and are less than one mile from the proposeddevelopment. Such developmental activity is a strong indicator of a healthy local economy.

Suitability of surrounding development. Land use pattern is primarily residential with a balance of

other uses, including non-competing multifamily and single family units, relevant amenities, shoppingand services.The Cardinal Pointe development is ideally located in The Highlands, a planned residentialcommunity that will have a mix of housing types-single-family, condominiums townhouses, andmulti-family. Construction has begun on the single-family homes (total will be 150). The main roadinto the development, Highland Glenn Drive is complete and sidewalks (which run through-out thesubdivision), curb/gutter, and utilities are in place. A community park is also planned as part of thedevelopment. A retail development that is not part of the The Highlands, is planned adjacent to thesubdivision on Frontage Road.

The proposed site is conveniently located less than one mile from major retailers such as Walmart,Home Depot, Office Depot, CVS, Belk and Bath and Body Works. Grocery stores (Food Lion, LowesFoods), restaurants and banks are also located less than one mile from the site along Main Street.An Urgent Care Center is located in Shallotte Crossing (less than one mile) and Brunswick RegionalHospital is less than 5 miles from the site. Downtown Shallotte with government, police/fire servicesis located just over one mile from the site. Holden and Sunset Beaches offer wonderful recreationalopportunities approximately 3 miles from the site.

SITE SUITABILITY

Adequacy of street(s) and/or access road(s) serving the proposed project and traffic controls (lights,stop signs, turning lanes). Access to mass transit (if applicable).The site is directly accessed by Highland Glenn Drive, the main road into the planned communitywhich was designed with a capacity to meet the needs of the entire development. Highland GlennDrive exits onto Frontage Road, a lightly traveled access road that runs adjacent to Highway 17.There is a light located at the intersection of Frontage Road and Highway 17. Therefore,accessibility to the site is excellent.

A mass transit system does not currently exist in Shallotte. However, we have been in contact withthe Brunswick County Department of Social Services which has a multi-purpose transportaionservice available to individuals in need. Our site manager will work with this provider to ensure thatresidents at Cardinal Pointe who need transportation will receive this assistance.

Amount and character of vacant, undeveloped land. Effect of industrial, large-scale institutional orother incompatible uses: wastewater treatment facilities, high traffic corridors, junkyards, prisons,landfills, large swamps, distribution facilities, frequently used railroad tracks, power transmission linesand towers, factories or similar operations, sources of excessive noise, and sites with environmentalconcerns (such as odors or pollution).Parcels of vacant land are adjacent to the The Highlands community. However, the planned uses forthese areas are compatible with the proposed development. We have confirmed with the ShallottePlanning Department that the zoned uses for this vacant land include a majority of residential (RA-15 and RAM-15) with some Business (B2) and Highway Business. A letter from the zoningdepartment is attached.

A wastewater treatment plant is located just over a half a mile from the site on Frontage Road. Theplant is not visible to the proposed development and is not anticipated to negatively impactit. The plant is relatively small, it is mainly effluent (rather than carrying solids), and the Shallotte




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

public works director states that he has not received any complaints about the plant (which has beenin existence since 1983) from the neighboring subdivision, Green Bay Village (which is much closerto the site than The Highlands). A sprayfield is located across from the water treatment plant. Thepublic works director confirmed that the spray consists of chlorinated water only and therefore, willhave no negative impact on Cardinal Pointe. (A letter from the public works director addressing thewater treatment plant is attached).

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.No physical barriers to development are present on the Cardinal Pointe II site.

Similarity of scale and aesthetics/architecture between project and surroundings.The proposed development is very compatible with the neighborhood. The buildings will be twostories and have a mix of garden-style and townhouse units which is very compatible with the single-family houses which are being developed and which mirrors the first phase of Cardinal Pointe.

Concentration of affordable housing (housing credit, project-based rental assistance, public housing).No other affordable housing exists in the neighborhood.

Availability of Supportive Services (if applicable):The site manager will be expected to play an active role in ensuring that a number of supportive

services (such as on-site educational classes that cover such topics as homeownership training,continuing education, legal information, consumer credit counseling, and health services)areavailable to residents of the Cardinal Pointe development. We have already received commitmentsfrom several area service providers to provide these services. Additionally, we plan to target 10% ofthe units in this development to disabled persons. We will be partnering with the SoutheasternCenter for Mental Health to provide services to this population including on-site case management.

Grocery Store1 Community/Senior Center1.5

Mall/Strip Center0.8 Hospital5

Outdoor Athletic Fields2 Pharmacy0.8

Day Care/After School1.5 Basic Health Care0.8

Schools2 Medical Offices0.8

Public Transportation Stop Bank/Credit Union0.8

Convenience Store0.8 Restaurants0.8

Basketball/Tennis Courts2 Professional Services0.8

Public Parks0.1 Movie Theater

Gas Station0.8 Video Rental1

Library1.5 Public Safety (Fire/Police)1.5




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Other facilities or services:

Fitness/Nature Trails0.1 Post Office1.5

Public Swimming Pools0.1

As previously noted, a community park will be located in The Highlands. Additionally, the CardinalPointe development will have a swimming pool. Retail development is planned adjacent to TheHighlands.

Additional area attractions include Holden and Sunset Beaches which are located approximately 3

miles from the site.




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DevelopmentList number low-income/tax credit housing projects and units developed, operated, and maintained in compliance by the principal(s) betweenDecember 1, 1996 and January 1, 2003:

ManagementList number of low-income housing tax credit units managed in the past 10 years:

Has any owner, principal, or management agent been debarred or received a limited denial participation in the past 10 years by any federal or

state agency?

Has any owner, principal, or management agent been involved in a bankruptcy, an adverse fair housing settlement, an adverse civil rights

settlement, or an adverse federal or state government proceeding and settlement in the past 10 years?

Has any owner or principal been in a mortgage default or delinquency of three months or more within the last 5 years on a FHA-insuredproject, a Rural Development funded rental project, a tax-exempt funded mortgage, a tax credit project, or any other publicly subsidized

project?

Has any owner or principal been involved within the last 10 years in a project which previously received an allocation of tax credits but failed tomeet compliance standards of the tax credit allocation, including return of a reservation of tax credits to the Agency after the carryover

agreement has been signed?

Has any owner or principal had a Form 8823 filed with the IRS for noncompliance on a project using low-income housing tax credits or

received a letter of non-compliance from the Agency?

Project Team Experience

North Carolina Other States

Projects: 2 16

Units: 370 672

North Carolina Other States

Projects: 2 6

Units: 370 1,322

No

No

No

No

No




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Financing Commitments

Does the project have a firm commitment for construction financing? No

Does the project have a letter of intent for private permenant financing? Yes

Does the project have a firm commitment for government financing? Yes

Does the project have a letter of intent from an investor? Yes

Is any portion of the eligible basis of new contruction or rehabilitation financed with federal subsidies other than CDBG funds or fundsfrom the HOME program? No

If yes, indicate the type and amount below:

Tax Exempt Financing: $

RD 515 Financing: $

Hope VI Financing: $

Other: $

If Other, specify the type of Federal subsidy:




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Project Operations (Year One)

Projected Operating Costs

Administrative Expenses

Advertising 3,500

Other Administrative Expense (specify):

Office Salaries 32,500Office Supplies 500

Office or Model Apartment Rent

Management Fee 18,000

Manager or Superintendent Salaries

Manager or Superintendent Rent Free Unit

Legal Expenses (Project) 1,500

Auditing Expenses (Project) 1,500

Bookkeeping Fees/Accounting Services

Telephone and Answering Service

Bad Debts

Other Administrative Expenses (specify):

SUBTOTAL 57,500

Utilities Expense

Fuel Oil

Electricity (Light and Misc. Power) 10,000

Water 7,000

Gas 1,000

Sewer 7,000

SUBTOTAL 25,000

Operating and Maintenance Expenses

Janitor and Cleaning Payroll

Janitor and Cleaning Supplies 2,000

Janitor and Cleaning Contract

Exterminating Payroll/Contract 700

Exterminating Supplies

Garbage and Trash Removal 3,000

Security Payroll/Contract

Grounds Payroll

Grounds Supplies

Grounds Contract 7,000

Repairs Payroll 16,800

Repairs Material 16,000

Repairs Contract

Elevator Maintenance/Contract

Heating/Cooling Repairs and Maintenance 2,000

Swimming Pool Maintenance/Contract

Snow Removal

Decorating Payroll/Contract 6,000

Decorating Supplies

Other (specify):

Miscellaneous Operating & Maintenance Expenses

SUBTOTAL 53,500

Taxes and Insurance

Real Estate Taxes 33,514




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Payroll Taxes (FICA)

Miscellaneous Taxes, Licenses and Permits

Property and Liability Insurance (Hazard) 13,000

Fidelity Bond Insurance

Workmen's Compensation

Health Insurance and Other Employee Benefits

Other Insurance:

SUBTOTAL 46,514

Supportive Service Expenses

Service Coordinator 6,000

Service Supplies 1,000

Tenant Association Funds

Other Expenses (specify):

SUBTOTAL 7,000

Reserves

Replacement Reserves 15,000

SUBTOTAL 15,000

TOTAL OPERATING EXPENSES 204,514

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

149,000

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

60

PER UNIT PER YEAR 2,483




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Design Features

ITEM DESCRIPTION

Foundation/Slab Components 4" Monolithic Slab w/1" Perimeter Insulation

Primary Windows Make: Model:Alside Performance Series 0100 Type/Construction: Vinyl-Low E Double Pane Insulated

Exterior DoorsType: Frames:Fiberglass Six Panel

Wood Jamb w/latch anddeadbolt

Siding Type: Grade/Thickness:Vinyl .044 or better

Warranty: Lifetime on Materials

Exterior Trim Brick, Vinyl Siding, and Aluminum

Shingles

Type: Weight:

Asphalt/Fiberglass

Composite 235 Warranty: 25 Year Material, 10 Year Antifungal

Sprinkler System As required by Code and NFPA 13R

Cabinets MDF, Thermofoil Coated, Raised Panel Door

Heat Pump SEER: Make:11.00 Lennox or Equivalent

Model:

HP-29 Series Sized forApt.

Air Conditioner SEER: Make:11.00 Lennox or Equivalent

Model:

HP-29 Series Sized forApt.

Other Heat Systems SEER: Make:

Model:




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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 62,473 62,473 124,946

Backfill-slab, Crawl 0

Slab-concrete/Rebar/Gravel 62,473 62,473 124,946

Waterproofing 0

Masonry Foundation 37,484 12,495 49,979

Brick Veneer 65,596 21,865 87,461

Steel/Structure/Rails 9,996 9,996 19,992

Framing/Lumber/Nails 154,932 232,398 387,330

Trusses 45,980 68,970 114,950

Crane Rental 0

Windows/Grilles/Screen 12,495 37,484 49,979Exterior Doors 4,998 14,993 19,991

Roofing 24,989 24,989 49,978

Fencing 0

Vinyl Siding/Trim/Box 49,978 49,978 99,956

Gutters/Shutters 2,999 6,997 9,996

Insulation 13,494 20,241 33,735

Drywall 160,929 68,970 229,899

Interior Doors 68,720 68,720

Int. & Final/Stair/Trim/Shelves 49,978 49,978

Cabinets & Tops 81,214 81,214

Painting 47,791 15,930 63,721

Marble - Tub/Shwr/Tops 0

Plumbing 124,440 82,963 207,403

Electrical 135,840 90,560 226,400

Heating/Air Conditioning 112,451 74,967 187,418

Floor Covering and Underlayment 29,987 44,980 74,967

Wall Paper 0

Mailboxes/Special Features/Signage 1,000 3,998 4,998

Gypcrete 3,124 9,371 12,495

Blinds/Shades/Art Work 1,249 4,998 6,247

Light Fixtures/Fans 19,990 19,990

Sprinkler System 0

Security Alarm 0

Hardwood Floors 0

Elevator 0

Ceramic Tiles 0

Acoustical Ceilings 0




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Remarks:

Mirror/Shower Door/Encls. 950 3,798 4,748

Hardware/Bath Access. 2,499 9,996 12,495

Appliances 3,124 59,349 62,473

Playground Equipment 0

Interior Clean 4,998 4,998

Exterior Clean/Dumpster 7,497 7,497

Other 1 (specify in Remarks) 0

Other 2 (specify in Remarks) 0

Total Cost 1,233,744 1,265,156 2,498,900




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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 90,310

Job Site Office/Trailer Rental 5,704

Impact Fees

Office Supplies 3,802

Security/Watchman 4,753

Water and Sewer Connection Fees

Project Signage 2,281

Tools and Equipment 2,281

Gas, Oil, and Maintenance 1,901

Cleanup/Dumpster Rental 16,160

Temporary Water, Electric, and Telephone 22,054Storage/Hauling

Driveway Access Permit

Porta-John Rental/Dumping 2,852

Builders Risk Insurance

Re-inspection Fees

Extra Plans and Specifications 2,852

Miscellaneous, Casual Labor 9,506

Equipment Rental 3,802

Other 1 (specify in Remarks) 7,605

Other 2 (specify in Remarks) 14,259

Total Cost 190,122

Other 1-Job TravelOther 2-Field Staking




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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 Exploration/Perk Testing/Site Engineering

Clearing/Grading/Final Grading/Excess and Borrow 44,312

Demolition

Earthwork/Excavation/Aerating 61,399

Soil Treatment 5,339

Pile Foundations

Caissons

Shoring/Bracing

Site Drainage

Site Utilities/Site Lighting 165,509

Paving and Surfacing/Curb and Gutter 128,136Walkways 37,373

Site Signage 5,339

Parking Lot Painting 2,670

Dumpsite Pads/Fencing 3,737

Fencing/Gates 2,670

Landscaping/Topsoil 77,416

Waterproofing/De-Watering

Operation of Construction Equipment/Fuel/Oil

Crane Rental

Rock and Hardpan Excavation

Site Supervision Personnel

Other (specify in Remarks)

Total Cost 533,900




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This is a detailed breakdown of the Bond Costs cost element you summarized in the Development Costs table (Bond Costs). The totalshould match that roll-up value.

Remarks:

Costs - Bond Costs

ITEM TOTAL

Letter of Credit Fee

Credit Enhancement

Underwriter Discount

Capital Interest Fund

Other 1 (specify in Remarks)


Total Cost 0




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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 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.


Documents

Cardinal Pointe II