Carolina Garden

8/6/2019 Carolina Garden

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

Does a community revitalization plan exist?

Print Preview - Final Application

Tax Credits, RPP Loans, and/or Tax Exempt Bond Loans

Project Name and Location

Project Name: Carolina Garden Apartments

Address: 2200 Northwoods

City: Kings Mountain County: Gaston Zip: 28086

Census Tract: 316 Block Group: 1

No

No

Political Jurisdiction: Kings Mountain

Jurisdiction CEO Name: First: Last:Rick Murphrey Title: Mayor

Jurisdiction Address: PO Box 429

Jurisdiction City: Kings Mountain Zip: 28086

Jurisdiction Phone: (704)734-5804

Site Latitude: 35.2541

Site Longitude: -81.3210

Page 1 of 33Print - APP04-0046

1/14/2005https://www.nchfa.org/Rental/RTCApp/(ucvo5y55twfvzyyz1vmv20m5)/site/PrintApp.asp...



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 project based 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:

Project Description

Project Type:* New Construction Rehab Adaptive Reuse

No

Yes

5050

Mobility impaired handicapped: 5% of units comply with QAP Section IV(F)(3) (in addition to the units required by other federaland state codes.)

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

Remarks:





Applicant Information

Applicant Name: Urquhart Development, LLC

Address: 309 N. Bloodworth Street

City: State: NC Zip:Raleigh 27601-1101

Contact: First: Last: Title:Thomas Urquhart Manager

Telephone: (919)829-1801

Alt Phone: (919)270-0121

Fax: (919)754-0822

Email Address: [email protected]





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

8.285 8.285

No

Yes

This is an aquistion rehabilatation project. The project consists of 12 residntial buildings and oneoffice, laundry and community building. All tenant have Section 8 Rental Assistance from a project-based subsidy.

Yes

No

Yes

No









Does the owner have fee simple ownership of the property (site/buildings)?

If yes provide:

Purchase Date: Purchase Price:

If no:

Site Control

No

(a) Does the owner/principal or ownership entity have 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:

No

(c) Enter the current expiration date of the option/contract to purchase: 5/31/2004

(D) Enter Purchase Price: 1,615,000





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:

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

R-6

Yes

No

No

No









** 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.





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 %

3 4 targeted at 50 percent of median income.








50





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 1,807,000 6.50 40 40 126,950

RPP LoanLocal Gov. Loan - Specify:

RD 515 Loan

RD 538 Loan - Specify:

AHP Loan

Other Loan 1 - Specify:



Tax Exempt Bonds

State Tax Credit(Loan) 771,529 0 30 30 0

State Tax Credit(Direct Refund)

Equity: Federal LIHTC 1,912,258

Non-Repayable Grant

Equity: Historic Tax Credits

Deferred Developer Fees

Owner Investment 3,235

Other - Specify:

Total Sources** 4,494,022

* "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.

79

Mortgage loan to be from Highland Mortgage Company with FHA 221(d)(4) mortgageinsurance. LIHTC equity anticipated from a syndicator.





Development Costs

Item Cost Element TOTAL COSTEligible Basis

30% PV 70% PV

1 Purchase of Buildings (Rehab) 1,327,000 1,327,000

2 Demolition 0 0 0

3 On-site Improvements 105,000 0 105,000

4 Rehabilitation 1,350,000 0 1,350,000

5 Construction of New Building(s) 0 0 0

6 Accessory Building(s) 0 0 0

7 General Requirements 87,300 0 87,300

8 Contractor Overhead 30,846 0 30,846

9 Contractor Profit 123,384 0 123,384

10 Construction Contingency 101,792 0 101,792

11 Architect's Fee - Design 44,000 0 44,000

12 Architect's Fee - Inspection 23,250 0 23,250

SUBTOTAL (lines 1 through 12) 3,192,572

13 Construction Insurance (prorate) 6,000 0 6,000

14 Construction Loan Orig. Fee (prorate) 18,070 0 18,070

15 Construction Loan Interest (prorate) 92,100 0 72,350

16 Construction Loan Credit Enhancement (prorate) 23,491 0 0

17 Construction Period Taxes (prorate) 27,500 0 27,500

18 Water, Sewer and Impact Fees 0 0 0

19 Survey 5,000 0 5,000

20 Property Appraisal 1,400 0 1,400

21 Environmental Report 2,350 0 2,350

22 Market Study 4,000 0 4,000

23 Bond Costs (specify) 0

24 Cost of Issuance 0

25 Placement Fee 0

26 Permanent Loan Origination Fee 36,140

27 Permanent Loan Credit Enhancement 18,070

28 Title and Recording 10,000

SUBTOTAL (lines 13 through 28) 244,121

29 Real Estate Attorney 15,000 15,000 0

30 Other Attorney's Fees 35,000 0 17,500

31 Tax Credit App Fees 22,140 0 22,140

32 Cost Certification/Accountying Fees 10,000 0 10,000

33 Tax Opinion 5,000

34 Organizational (Partnership) 1,500

35 Tax Credit Monitoring Fee 26,250


36 Furnishings and Equipment 25,000 0 25,000

37 Relocation Expenses 71,400 0 71,400

38 Developer's Fee (max 15% lines 2-36, less 8 & 9) 367,364 53,080 314,284

39 Other Basis Expense (specify) 0 0 0

40 Rent Comparability Study 2,200

41 Rent-up Expenses 12,500

42 Other Non-basis Expense (specify)

43 Other Non-basis Expense (specify)


44 Rent up Reserve 15,000





Comments:

45 Operating Reserve 160,975

46 Other Reserve (specify)

47 Other Reserve (specify)

48 DEVELOPMENT COST (lines 1-47) 4,206,022 1,395,080 2,462,566

49 Less Federal Financing

50 Less Disproportionate Standard

51 Less Nonqualified Nonrecourse Financing

52 Less Historic Tax Credit (residential) 0

53 TOTAL ELIGIBLE BASIS 3,857,646 1,395,080 2,462,566

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

55 Basis Before Boost 3,857,646 1,395,080 2,462,566

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

57 TOTAL QUALIFIED BASIS 3,857,646 1,395,080 2,462,566

58 Tax Credit Rate 3.39% 7.91%

59 Federal Tax Credits at Estimated Rate 242,082 47,293 194,788

60 Federal Tax Credits at 8.5% or 3.75% 261,633 52,315 209,318

61 Federal Tax Credits Requested 0

62 Land Cost 288,000

63 TOTAL REPLACEMENT COST 4,494,022

The form does not allow for some items which should be allowed as basis expenditures. A rentcomparability study is required for projects with project based Section 8 from HUD.





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):

Onsite Activities:

Landscaping Plans:

Market Study Information

This is an existing Section 8 property built in 1919 consisting of 50 units. All of the units aretownhouses in style and there are 11 residential buildings and one building containing the office ,laundry, community and maintenance areas. The buildings consist of two 8-plexes, one 6-plex, one5-plex, four quadplexes, one triplex and two duplexes.

We intend to replace the vinyl sding with hardiplank. Our renovation vision is basically to make theproject "as-if-new".

No

Community Bldg - Sq Ft: 1,928 Community Room - Sq Ft: 675 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

Pool Fitness Stations Horseshoe Pit Shuffleboard Covered Drive Thru

We intend to replace the playgrounds and add appropriate fencing and seats to the playgrounds.We intend to replace the current mailboxes with a new mail shelter which will be handicappedaccessible and protect the user from rain.

We intend to add landscaping to all of the buildings. We will repair the grass as needed and repairthe drainage areas. We will plannt a line of plants along the property line common to the adjacentmobile home park as a screen.





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.

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

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

No





Briefly describe your site in each of the following categories:

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

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). Concentration of

affordable housing.The neighborhood is single family and a mobile home park. there is land east and south of theproperty which has not been developed. We expect any new development in this area to beresidential.

Suitability of surrounding development. Land use pattern is primarily residential (single andmultifamily housing) with a balance of other uses (particularly retail and amenities). Amount andcharacter of vacant, undeveloped land. Effect of industrial, large-scale institutional or otherincompatible uses: wastewater treatment facilities, high traffic corridors, junkyards, prisions, landfills,large swamps, distribution facilities, frequently used railroad tracks, power transmission lines andtowers, factories or similar operations, sources of excessive noise, and sites with environmentalconcerns (such as odors or pollution).

The project stays full which indicates the property is reasonably well located. The immediate area issingle family with a significant component being mobile homes.

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 road servicing Carolina Garden Apartments is adequate and needs no new signage or trafficlights.

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.none

Similarity of scale and aesthetics/architecture between project and surroundings.Carolina Garden apartments is an existing complex which seems to fit in with the neighborhood.





Other facilities or services:

Grocery Store2.1 Community/Senior Center2.5

Mall/Strip Center2.1 Hospital3.7

Outdoor Athletic Fields1.4 Pharmacy2

Day Care/After School0.1 Basic Health Care3.6

Schools1 Medical Offices3.6

Public Transportation Stop Bank/Credit Union2.1

Convenience Store1.4 Restaurants1.1

Basketball/Tennis Courts1.9 Professional Services3

Public Parks1.9 Movie Theater

Gas Station1.4 Video Rental2.5

Library3.0 Public Safety (Fire/Police)3.1

Fitness/Nature Trails Post Office2.4

Public Swimming Pools3.1

The is a YMCA located 1.9 miles from the complex. The nearest sit down movie theater is in Shelby

more than 10 miles distant, but there is a drive in theate approximately 1.2 miles from the complex.







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:

Units:

North Carolina Other States

Projects: 41 18

Units: 1,931 853

No

No

No

No

No





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? 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? 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:





Project Operations (Year One)

Projected Operating Costs

Administrative Expenses

Advertising 250

Office Salaries

Office Supplies 1,200

Office or Model Apartment Rent

Management Fee 20,088

Manager or Superintendent Salaries 25,000

Manager or Superintendent Rent Free Unit

Legal Expenses (Project) 600

Auditing Expenses (Project) 4,000

Bookkeeping Fees/Accounting Services 2,100

Telephone and Answering Service 2,400

Bad Debts

Other Administrative Expenses (specify):4,088

SUBTOTAL 59,726

Utilities ExpenseFuel Oil

Electricity (Light and Misc. Power) 5,200

Water 6,300

Gas

Sewer 5,500

SUBTOTAL 17,000

Operating and Maintenance Expenses

Janitor and Cleaning Payroll

Janitor and Cleaning Supplies 200

Janitor and Cleaning Contract 1,000

Exterminating Payroll/Contract 1,050

Exterminating Supplies

Garbage and Trash Removal 350

Security Payroll/Contract

Grounds Payroll

Grounds Supplies 1,500

Grounds Contract 10,500

Repairs Payroll 25,000

Repairs Material 1,800

Repairs Contract 1,200

Elevator Maintenance/Contract

Heating/Cooling Repairs and Maintenance 1,000

Swimming Pool Maintenance/Contract

Snow Removal 400

Decorating Payroll/Contract 1,000

Decorating Supplies 300

Other (specify):

Miscellaneous Operating & Maintenance Expenses

SUBTOTAL 45,300

Taxes and Insurance

Real Estate Taxes 30,850

Payroll Taxes (FICA) 4,890

Miscellaneous Taxes, Licenses and Permits





Property and Liability Insurance (Hazard) 9,000

Fidelity Bond Insurance 50

Workmen's Compensation 1,330

Health Insurance and Other Employee Benefits 6,854

Other Insurance:

SUBTOTAL 52,974

Supportive Service Expenses

Service Coordinator 1,000

Service Supplies 1,500

Tenant Association Funds

Other Expenses (specify):

SUBTOTAL 2,500

Reserves

Replacement Reserves 17,500

SUBTOTAL 17,500

TOTAL OPERATING EXPENSES 195,000

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

144,150

TOTAL UNITS(from total units in the Unit Mix section) 50

PER UNIT PER YEAR 2,883







Design Features

ITEM DESCRIPTION

Foundation/Slab Components Slab on grade with concrete block perimeter

Primary Windows Make: Model:Type/Construction:

Exterior Doors Type: Frames:

Siding Type: Grade/Thickness:

Warranty:

Exterior Trim

Shingles Type: Weight:

Warranty:

Sprinkler System none

Cabinets

Heat Pump SEER: Make:

Model:

Air Conditioner SEER: Make:

Model:

Other Heat Systems SEER: Make:

Model:







Remarks:

Mirror/Shower Door/Encls. 1,000 6,500 7,500

Hardware/Bath Access. 0 9,500 9,500

Appliances 0 62,000 62,000

Playground Equipment 0 22,000 22,000

Interior Clean 15,000 0 15,000

Exterior Clean/Dumpster Rental 12,000 12,000 24,000

Other 1 (specify in Remarks) 5,000 26,000 31,000

Other 2 (specify in Remarks) 0 0 0

Total Cost 55,250 1,294,750 1,350,000

Other 1 is door hardware





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 36,000

Job Site Office/Trailer Rental 2,000

Office Supplies 600

Security/Watchman 800

Project Signage 400

Tools and Equipment 500

Gas, Oil, and Maintenance 2,500

Temporary Water, Electric, and Telephone 2,000

Storage/Hauling 2,000

Driveway Access Permit 0

Porta-John Rental/Dumping 1,200Builders Risk Insurance 14,000

Re-inspection Fees 1,200

Extra Plans and Specifications 0

Miscellaneous, Casual Labor 4,000

Equipment Rental 2,000

Other 1 (specify in Remarks) 18,100

Other 2 (specify in Remarks) 0

Total Cost 87,300

Other 1 is for out-of-town expenses





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 0

Clearing/Grading/Final Grading/Excess and Borrow 2,500

Demolition 0

Earthwork/Excavation/Aerating 15,000

Soil Treatment 4,000

Pile Foundations 0

Caissons 0

Shoring/Bracing 0

Site Drainage 6,500

Site Utilities/Site Lighting

Paving and Surfacing/Curb and Gutter 7,500Walkways 12,000

Site Signage 2,500

Parking Lot Painting 1,500

Dumpster Pads/Fencing 6,000

Fencing/Gates 9,000

Landscaping/Topsoil 22,000

Rock and Hardpan Excavation 0

Site Supervision Personnel 16,500

Other (specify in Remarks) 0

Total Cost 105,000





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





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

Issuer's Fee

Other 1 (specify in Remarks)Other 2 (specify in Remarks)


Total Cost 0





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:

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 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.





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 Letters from Local Utility Providers (original on letterhead, no fax or photocopies)

I Local Government Letter or Letter from Certified Engineer or Land Surveyor Confirming Floodplain Designation with Mapshowing 100 year and 500 year floodplain (original on letterhead, no fax or photocopies)

J Local Government Letter Confirming Zoning (original on letterhead, no fax or photocopies)

K Copy of certificate of occupancy or proof of placed-in-service date (Rehabs Only)

L Site plan, floor plans and elevations

M Hazard and structural inspection and termite reports (Renovation projects only)

N Anticipated budget demonstrating how the project would meet the 10% test by November 14th.

O Evidence of Architect's Errors and Omissions insurance (or equivalent).

P Description of acquisition for existing/occupied projects or for projects with occupied buildings to be demolished.

Q Description of proposed Relocation Plan & Relocation Budget, Etc. If any relocation is anticipated, reference Appendix F.

R Targeting Plan and supporting documentation (Required for all projects)

S Local Housing Authority Agreement (Reference Model in Appendix I)

T Appraisal (for land costs greater than $5,000 and for buildings in rehab projects)

U Evidence of Permanent Loan Commitment, other sources of funds, and project-based subsidies.

V Statement regarding terms of Deferred Developer Fee and, if nonprofit, resolution of Board approving fee.

W Inducement Resolution (Tax-Exempt Bond Financed Projects only)

X Documentation to support estimated utility costs.


Documents

Carolina Garden