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8/6/2019 Cokey Southside App
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Print Preview - FinalApplicationTax Credits, RPP Loans, and/or Tax Exempt Bond Loans
roject Description
oject Name: Cokey/Southside Apartments
dress: 150 Parrish Court
ty: Rocky Mount County: Edgecombe Zip:
ensus Tract: 202.0 Block Group: 4025
project in Qualified Census Tract or Difficult to Develop Area? Yes
olitical Jurisdiction: City Of Rocky Mount
risdiction CEO Name:First:Stephen Last:Draper
Title: City Manager
risdiction Address: 331 S. Franklin Street, PO Box 1180
risdiction City: Rocky Mount Zip:
risdiction Phone:
e Latitude:
e Longitude:
oject Type: Rehab
this project a previously awarded tax credit development? No
If yes, what is the project number: Is this a request for supplementalcredits?
w Construction/Adaptive Reuse:his project a follow-on (Phase II, etc) to a previously-awarded tax credit development project?
If yes, list names of previous phase(s):
ehab:
umber of residents holding Section 8 vouchers: 0
l the project meet Energy Star standards as defined in Appendix B? No
es a community revitalization plan exist? No
ll the project use steel and concrete construction and have at least 4 stories? No
ll the project include a Community Service Facility under IRS Revenue Ruling 2003-77?o
ttps://www.nchfa.org/Rental/RTCApp/(S(mwaoso55...8B915BFAE&SNID=5693B05C279D498690E98FEE59CB9EA7 (1 of 29)9/17/2008 10:30:06 AM
27801
27802-1180
(252)972-1325
35.923
-77.784
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If yes, please describe:
rget Population:Family
ll the project be receiving project based federal rental assistance? Yes
If yes, provide the subsidy source: HUD and number of units:
icate below any additional targeting for special populations proposed for this project:
Mobility impaired handicapped: 5% of units comply with QAP Section IV(F)(3) (in addition to the units required by other federal andstate codes.)
Number of Units:
Persons with disabilities or homeless populations: the greater of 5 units or 10% of the total units.
Number of Units:
Remarks:
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125
0
0
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pplicant Information
icate below an individual or a validly existing entity (a corporation, nonprofit, limited partnership or LLC) as the official applicant. UndeP Section III(C)(5) only this individual or entity will be able to make decisions with regard to this application. If awarded the applicant
come part of the ownership entity. The applicant will execute the signature page for this application.
pplicant Name: Cokeyside Limited Partnership
dress: 124 Fletcher Street, Suite 1
ty: Kennebunk State: ME Zip:
ontact: First: Drew Last:Fitch Title:President
lephone:
Phone:
x:
mail Address:
OTE: Email Address above will be used for communication between NCHFA and Applicant.
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04043
(207)467-8230
(207)756-9136
(207)467-8240
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te Description
al Site Acreage: Total Buildable Acreage:
If buildable acreage is less than total acreage, please explain:
Portion of the site in a flood hazard zone. Buildable acreage is an estimate.
ntify utilities and services currently available (and with adequate capacity) for this site:
Storm Sewer Water Sanitary Sewer Electric
he demolition of any buildings required or planned? No
If yes, please describe:
e existing buildings on the site currently occupied? Yes
If yes:(a) Briefly describe the situation:
All units are currently occupied and will remain so during rehabilitation. No relocation will be necessary asthe work can be done with residents staying in their apartments.
(b) Will tenant displacement be temporary? No(c) Will tenant displacement be permanent? No
he site directly accessed by an existing, paved, publicly maintained road? Yes
If no, please explain:
any portion of the site located inside the 100 year floodplain? Yes
If yes:(a) Describe placement of project buildings in relation to this area:
None of the existing buildings are in the 100yr floodplain, nor will any new structures be built in the
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floodplain.
(b) Describe flood mitigation if the project will have improvements within the 100 year floodplain:
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oning
esent zoning classification of the site:R-6MFA
multifamily use permitted?Yes
e variances, special or conditional use permits or any other item requiring a public hearing needed to develop this proposal?No
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 obta
them:
e there any existing conditions of historical significance located on the project site that will require State Historic Preservation office re
If yes, describe below:
e there any existing conditions of environmental significance located on the project site?No
If yes, describe below:
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wnership Entity
wner Name: Cokeyside Limited Partnership
dress: 124 Fletcher Street, Suite 1
y: Kennebunk State:ME Zip:
deral Tax ID Number of Ownership Entity: (If assigned)
ote: Do not submit social security numbers for individuals.
tity Type: Limited Partnership
tity Status: Already Formed
the applicant requesting that the Agency treat the application as Non-Profit sponsored? No
the applicant requesting that the Agency treat the application as CHDO sponsored? No
st all general partners, members,and principals. Specify nonprofit corporate general partners or members.ck [Add] to add additional partners, members, and principals.
Org: Cokeyside Management LLC
st Name: Drew Last Name: Fitch Function: Managing General Partnerddress: 124 Fletcher Street, Suite 1
ty: Kennebunk State: ME Zip: 04043
one: Fax:
Mail: Nonprofit: No
Org: Cokeyside Management LLC
st Name: Greg Last Name: Tulloch Function: Principal
ddress: 124 Fletcher Street, Suite 1
ty: Kennebunk State: ME Zip: 04043
one: Fax:
Mail: Nonprofit: No
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04043
26-0488027
(207)467-8230 (207)467-8240
(207)467-8230 (207)467-8240
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oject Includes:Separate community building - Sq. Ft. (Floor Area):
Community space within residential bulding(s) - Sq. Ft. (Floor Area):
Elevators - Number of Elevators:
uare Footage Information
oss Floor Square Footage:
tal Net Sq. Ft. (All Heated Areas):
tes
Please refer to the Income Limits and Maximum Housing Expense Table to ensure that Total Monthly Tenant Expenses for low inc
units are within established thresholds.
ttps://www.nchfa.org/Rental/RTCApp/(S(mwaoso5...B915BFAE&SNID=5693B05C279D498690E98FEE59CB9EA7 (10 of 29)9/17/2008 10:30:06 AM
2,053
118,131
109,775
http://www.nchfa.com/lib/html/rental/Median%20Income%20Charts/income_limits.htmhttp://www.nchfa.com/lib/html/rental/Median%20Income%20Charts/income_limits.htm8/6/2019 Cokey Southside App
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argeting
ecify Low Income Unit Targeting in table below. List each applicable targeting combination in a separate row below. Click [Add] to cother row. Click "X" (at the left of each row) to delete a row. Add as many rows as needed.
BRs Units %
targeted at percent of median income affordable to/occupied by
targeted at percent of median income affordable to/occupied by
targeted at percent of median income affordable to/occupied by
targeted at percent of median income affordable to/occupied by
tal Low Income Units:
te: This number should match the total number of low income units in the Unit Mix section.
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16 60
51 60
46 60
12 60
125
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unding Sources
Source AmountNon-
Amortizing*Rate(%)
Term(Years)
Amort.Period(Years)
AnnualDebt
Service
Bank Loan
RPP Loan
Local Gov. Loan - Specify:
RD 515 Loan
RD 538 Loan - Specify:
AHP Loan
Other Loan 1 - Specify:
Other Loan 2 - Specify:
Other Loan 3 - Specify:
Tax Exempt Bonds
State Tax Credit(Loan)
State Tax Credit(Direct Refund)
Equity: Federal LIHTC
Non-Repayable Grant
Equity: Historic Tax Credits
Deferred Developer Fees
Owner Investment
Other - Specify:
Total Sources**
"Non-amortizing" indicates that the loan does not have a fixed annual debt service. For these items, you must fill in 20-year debt serbelow.
Total Sources must equal total replacement cost in Project Development Cost (PDC) section.
timated pricing on sale of Federal Tax Credits: $0.
emarks concerning project funding sources:ease be sure to include the name of the funding source(s))
e proposal is to obtain FHA 221(d)4 credit enhancement on the tax-exempt bonds. A portion of
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5,250,000 5.50 40 40 324,935
0 30 30 0
2,540,942
484,414
8,275,356
92
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e debt service on the bonds will be paid by Section 236 Interest Reduction Payments ("IRP").ese payments total approxximately $48,000 on average over the next 6 years. The debt supported these payments will amortize co-termninus with the IRP payments.
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evelopment Costs
Item Cost Element TOTAL COSTEligible Basis
30% PV 70% PV
1 Purchase of Building(s) (Rehab / Adaptive Reuse only)
2 Demolition (Rehab / Adaptive Reuse only)
3 On-site Improvements
4 Rehabilitation
5 Construction of New Building(s)
6 Accessory Building(s)
7 General Requirements
8 Contractor Overhead
9 Contractor Profit
10 Construction Contingency
11 Architect's Fee - Design (11 + 12 = max 3% lines 2-10)
12 Architect's Fee - Inspection
13 Engineering Costs
SUBTOTAL (lines 1 through 13)
14 Construction Insurance (prorate)
15 Construction Loan Orig. Fee (prorate)
16 Construction Loan Interest (prorate)
17 Construction Loan Credit Enhancement (prorate)
18 Construction Period Taxes (prorate)
19 Water, Sewer and Impact Fees
20 Survey
21 Property Appraisal
22 Environmental Report
23 Market Study
24 Bond Costs
25 Bond Issuance Costs
26 Placement Fee
27 Permanent Loan Origination Fee
28 Permanent Loan Credit Enhancement
29 Title and Recording
ttps://www.nchfa.org/Rental/RTCApp/(S(mwaoso5...B915BFAE&SNID=5693B05C279D498690E98FEE59CB9EA7 (14 of 29)9/17/2008 10:30:06 AM
2,762,000 2,762,000
161,397 16
1,749,292 1,749
114,691 114
38,214 38
121,520 12
131,104 13
40,000 40
19,000 19
30,000 30
5,167,218
21,851 2
0
278,322 27
48,829 48
15,000 15
7,500 7
10,000 10
7,500 7
0
147,877
78,750
0
31,250
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SUBTOTAL (lines 14 through 29)
30 Real Estate Attorney
31 Other Attorney's Fees
32 Tax Credit Application Fees (Preliminary and Full)
33 Tax Credit Allocation Fee (0.58% of line 59, minimum $7,500)
34 Cost Certification / Accounting Fees
35 Tax Opinion
36 Organizational (Partnership)
37 Tax Credit Monitoring Fee
SUBTOTAL (lines 30 through 37)
38 Furnishings and Equipment
39 Relocation Expense
40 Developer's Fee
41
42
43 Rent-up Expense
44
45
SUBTOTAL (lines 38 through 45)
46 Rent up Reserve
47 Operating Reserve
48
49
50 DEVELOPMENT COST (lines 1-49)
51 Less Federal Financing
52 Less Disproportionate Standard
53 Less Nonqualified Nonrecourse Financing
54 Less Historic Tax Credit (residential)
55 TOTAL ELIGIBLE BASIS
56 Applicable Fraction (percentage of LI Units)
57 Basis Before Boost
58 Boost for QCT/DDA (if applicable, enter 130%)
59 TOTAL QUALIFIED BASIS
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646,879
100,000 75
25,000
2,200
21,000
15,000
30,000
68,750
261,950
1,422,980 110,480 1,312
Other Basis Expense (s
Other Basis Expense (s
Other Non-basis Expen
Other Non-basis Expen
1,422,980
413,329
Other Reserve (specify)
Other Reserve (specify)
7,912,356 2,872,480 3,93
6,803,761 2,872,480 3,93
100.00% 100% 1
6,803,761 2,872,480 3,93
100.00% 130
7,983,145 2,872,480 5,110
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60 Tax Credit Rate
61 Federal Tax Credits at Estimated Rate
62 Federal Tax Credits at 8.5% or 3.75%
63Max Federal Tax Credits (With Energy Star - Lesser of $8,500 per unitor $800,000, w/o - Lesser of $8,000 per unit or $800,000)
64 Federal Tax Credits Requested
65 Land Cost
66 TOTAL REPLACEMENT COST
FEDERAL TAX CREDITS IF AWARDED
Comments:
Total Replacement Cost per unit:59,992
Federal Tax Credits (line 62) per unit:4,337
ttps://www.nchfa.org/Rental/RTCApp/(S(mwaoso5...B915BFAE&SNID=5693B05C279D498690E98FEE59CB9EA7 (16 of 29)9/17/2008 10:30:06 AM
3.46
276,217 99,388 176
542,125 107,718 434
800,000
276,216 99,387 176
363,000
8,275,356
542,124
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arket Study Information
ase provide a detailed description of the proposed project:
okey/Southside is a 125 unit family development orginally constructed in the early 1970's. Cokey wasveloped using FHA Section 236 funding, while Southside was financed with a 221(d)3 loan. All units haveoject-based Section 8 HAP contracts providing rent subsidies to the tenants. These HAP contract willmain indefinitely. The reahb plans call for a general modernization to include new kitchens, bathrooms,or covering, appliances, plumbing fixtures,and heat pumps. Where needed, new roofs, windows, andndscaping will be installed.
nstruction (check all that apply):
Brick Vinyl Wood HardiPlank Balconies/Patios Sunrooms Front Porches
Front Gables or Dormers Wide Banding or Vertical/Horizontal Siding
Other:
ve you built other tax credit developments that use the same building design as this project?No
If yes, please provide name and address:
e Amenities:
n-site management office, laundry, playgrounds, commumity room.
site Activities:
ndscaping Plans:
ttps://www.nchfa.org/Rental/RTCApp/(S(mwaoso5...B915BFAE&SNID=5693B05C279D498690E98FEE59CB9EA7 (17 of 29)9/17/2008 10:30:06 AM
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e site has mature landscaping and green lawn that is in good condition. New landscaping will consist ofw plantings and sod where needed.
erior Apartment Amenities:
ew kitchens, bathrooms, flooring, HVAC
you plan to submit additional market data (market study, etc.) that you want considered? No
If yes, please make sure to include the additional information in your pre-application packet.
ttps://www.nchfa.org/Rental/RTCApp/(S(mwaoso5...B915BFAE&SNID=5693B05C279D498690E98FEE59CB9EA7 (18 of 29)9/17/2008 10:30:06 AM
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pplicant's Site Evaluation
efly describe your site in each of the following categories:
EIGHBORHOOD CHARACTERISTICS
end and direction of real estate development and area economic health. Physical condition of buildings andprovements. Concentration of affordable housing.
he neighborhood is fully developed with a mixture of single family and multifamily residences.
he property is close to downtown and major highways.
URROUNDING LAND USES AND AMENITIES
itability of surrounding development. Land use pattern is residential in character (single and multifamilyusing) with a balance of other uses (particularly retail and amenities). Effect of industrial, large-scale
stitutional or other incompatible uses, including but not limited to: wastewater treatment facilities, high trafficrridors, junkyards, prisons, landfills, large swamps, distribution facilities, frequently used railroad tracks,
wer transmission lines and towers, factories or similar operations, sources of excessive noise, and sitesth environmental concerns (such as odors or pollution). Amount and character of vacant, undevelopednd. Surrounding streets are typical secondary residential streets. Traffic counts are relatively low. Access toutes 43, 97, and 64 are within easy access.
TE SUITABILITY
equate traffic controls (stop lights, speed limits, turn lanes, etc.). Burden on public facilities (particularlyads). Access to mass transit (if applicable). Visibility of buildings and/or location of project sign(s) in relationtraffic corridors. No additional burden should be expected. The subject site is fully developed and noditional units will be added, so their will be absolutely no net impact.
egree of on-site negative features and physical barriers that will impede project construction or adverselyect future tenants; for example: power transmission lines and towers, flood hazards, steep slopes, largeulders, ravines, year-round streams, wetlands, and other similar features (for adaptive re-use projects-
itability for residential use and difficulties posed by the building(s), such as limited parking, environmentaloblems or the need for excessive demolition).
one Expected.
milarity of scale and aesthetics/architecture between project and surroundings.
milar to surrounding community.
r each applicable neighborhood feature, enter distance from project in miles.
Grocery StoreCommunity/Senior
Center
ttps://www.nchfa.org/Rental/RTCApp/(S(mwaoso5...B915BFAE&SNID=5693B05C279D498690E98FEE59CB9EA7 (19 of 29)9/17/2008 10:30:06 AM
.5
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Mall/Strip Center Hospital
Outdoor Athletic Fields Pharmacy
Day Care/After School Basic Health Care
Schools Medical Offices
Public Transportation
opBank/Credit Union
Convenience Store Restaurants
Basketball/Tennis Courts Professional Services
Public Parks Movie Theater
Gas Station Video Rental
LibraryPublic Safety (Fire/
Police)
Fitness/Nature Trails Post Office
Public Swimming Pools
her facilities or services:
ose proximity to downtown and local services.
ttps://www.nchfa.org/Rental/RTCApp/(S(mwaoso5...B915BFAE&SNID=5693B05C279D498690E98FEE59CB9EA7 (20 of 29)9/17/2008 10:30:06 AM
6 3.9
2 .6
6 .7
7 .7
4.7
.4
2 .7
2 3.1
4 1.6
9.4
0 1.1
0
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evelopment Team
ovide contact information for development team members below:
nagement Agent
ompany: Housing Management Resources
dress: 500 Victory Road
ty: North Quincy State: MA Zip:
one Email:
ontact Name: First: Richard Last: Pierce
chitect
ompany: Smith Norwood Architecture
dress: PO Box 18161
ty: Raleigh State: NC Zip:
one Email:
ontact Name: First: Jill Last: Smith
orney
ompany: Nixon Peabody, LLP
dress: 401 9th Street NW, Suite 900
ty: Washington State: DC Zip:
one Email:
ontact Name: First: Steve Last: Wallace
estor
ompany: Alliant Capital Ltd
dress: 21600 Oxnard Street, Suite 1200
ty: Woodland Hills State: CA Zip:
one Email:
ontact Name: First: Joel Last: Hauenstein
nsultant/Application Preparer (if different from developer)
ompany:
dress:
ty: State: Zip:
one Email:
ontact Name: First: Last:
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02171
(617)471-7666 [email protected]
27619
(919)807-1111 [email protected]
20004
(202)585-8714 [email protected]
91367
(818)668-6800 [email protected]
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neral Contractor Identity of Interest?
ompany: Empire Construction Corp.
dress: PO Box 51786
ty: Knoxville State: TN Zip:
one Email:
ontact Name: First: Rick Last: Cheverton
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37950
(865)251-4835 [email protected]
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rojected Operating Costs
Project Operations (Year One)
Administrative Expenses
Advertising
Office Salaries
Office Supplies
Office or Model Apartment Rent
Management Fee
Manager or Superintendent Salaries
Manager or Superintendent Rent Free Unit
Legal Expenses (Project)
Auditing Expenses (Project)
Bookkeeping Fees/Accounting Services
Telephone and Answering Service
Bad Debts
Other Administrative Expenses (specify):
SUBTOTAL
Utilities Expense
Fuel Oil
Electricity (Light and Misc. Power)
Water
Gas
Sewer
SUBTOTAL
Operating and Maintenance Expenses
Janitor and Cleaning Payroll
Janitor and Cleaning Supplies
Janitor and Cleaning Contract
Exterminating Payroll/Contract
Exterminating Supplies
Garbage and Trash Removal
Security Payroll/Contract
Grounds Payroll
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2,776
20,779
11,360
33,638
30,000
0
3,500
6,500
4,500
2,500
4,000
119,553
1,758
30,061
10,617
15,863
58,299
42,318
3,469
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Grounds Supplies
Grounds Contract
Repairs Payroll
Repairs Material
Repairs Contract
Elevator Maintenance/Contract
Heating/Cooling Repairs and Maintenance
Swimming Pool Maintenance/Contract
Snow Removal
Decorating Payroll/Contract
Decorating Supplies
Other (specify):
Miscellaneous Operating & Maintenance Expenses
SUBTOTAL
Taxes and Insurance
Real Estate Taxes
Payroll Taxes (FICA)
Miscellaneous Taxes, Licenses and Permits
Property and Liability Insurance (Hazard)
Fidelity Bond Insurance
Workmen's Compensation
Health Insurance and Other Employee Benefits
Other Insurance:
SUBTOTAL
Supportive Service Expenses
Service Coordinator
Service Supplies
Tenant Association Funds
Other Expenses (specify):
SUBTOTAL
Reserves
Replacement Reserves
SUBTOTAL
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56,591
80,272
4,127
186,777
37,414
8,060
36,246
3,224
8,400
93,344
0
43,750
43,750
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TOTAL OPERATING EXPENSES
ADJUSTED TOTAL OPERATING EXPENSES(Does not include taxes, reserves and resident support services) *
TOTAL UNITS(from total units in the Unit Mix section)
PER UNIT PER YEAR
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501,723
420,559
125
3,364
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2. "Total Operating Expenses" comes from 1st-year cash flow, then it is escalated by 4% per year.3. "Debt Service" is the sum of "regular/amortized loan debt service + non-amortizing annual service" as entered by user from
Funding Sources section.4. "Net Cash Flow" is "Net Rental/Other Income" minus "Total Operating Expenses" minus "Debt Service".5. "Debt Coverage Ratio" is ("Net Rental/Other Income" minus "Total Operating Expenses") divided by "Debt Service".
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inimum Set-Asides
NIMUM REQUIRED SET ASIDES (No Points Awarded):
Select one of the following two options:
20% of the units are rent restricted and occupied by households with incomes at or below 50% of the median income (Note: NCredit Eligible Units in the the project can exceed 50% of median income)
40% of the units are rent restricted and occupied by households with incomes at or below 60% of the median income (Note: NCredit Eligible Units in the the project can exceed 60% of median income)
If requesting RPP funds:40% of the units are occupied by households with incomes at or below 50% of median income.
State Tax Credit and QAP Targeting Points: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 comedian income.At least forty percent (40%) of qualified units will be affordable to and occupied by households with incomes at or below fifty pe(50%) of county median income.
Tax Exempt BondsThreshold 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 per(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 per(40%) of county median income.
Eligible for targeting points (select one):At least twenty percent (20%) of qualified units will be affordable to and occupied by households with incomes at or below fiftypercent (50%) of county median income.At least ten percent(10%) of qualified units will be affordable to and occupied by households with incomes at or below forty per(40%) of county median income.
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ull Application Checklist
PLEASE indicate which of the following exhibits are attached to your application. Others may be required as noted.
A Nonprofit Organization Documentation or For-profit Corporation Documentation
B Current Financial Statements/Principals and Owners (signed copies)
C Ownership Entity Agreement, Development Agreement or any other agreements governing development services
D Management Agent Agreement
E Owner and Management Experience & Management Questionnaire (Appendix C)
F Letters from State Housing Agencies or designated monitoring agent verifying out of state experience
G Completed IRS Form 8821 (Appendix I)
H Local Government Letter or Letter from Certified Engineer or Land Surveyor Confirming Floodplain Designation with Mapshowing all flood zones (original on letterhead, no fax or photocopies)
I Local Government Letter Confirming Zoning including any pending notices or hearings (original on letterhead, no fax orphotocopies)
J Letters from Local Utility Providers regarding availability and capacity (original on letterhead, no fax or photocopies)
K Documentation from utility company or local PHA to support estimated utility costs
L Appraisal (required for land costs greater than $15,000 and for all Adaptive Re-use and Rehab projects)
M Site plan, floor plans and elevations for all projects. Scope of work for Adaptive Re-use and Rehab projects. (Full Size, 24
inches)
N Hazard and structural inspection and termite reports (Adaptive Re-use and Rehab projects only)
O Copy of certificate of occupancy or proof of placed-in-service date (Rehabs Only)
P Proposed Relocation Plan including relocation budget and copies of notices. Required for all Rehabs and any projectsinvolving existing occupants of any dwell ings to be rehabbed or demolished.
Q Evidence of Permanent Loan Commitment and other sources of funds ( i.e. Equity letter, AHP, RD and local governmentfunds). For Rehabs with existing loans provide 1) copies of loan documents, 2) current loan balances from existing lenderreserve balances, 3) letter from lender that outlines assumption requirements.
R Local Housing Authority Agreement and Project Based Rental Assistance Letter, if applicable (Sample letters provided inAppendix I). For projects with existing PBRA contracts, provide a copy of the current contract and bank statement or otherdocumentation verifying reserve balances and annual reserve contribution requirements.
S Statement regarding terms of Deferred Developer Fee. If a nonprofit is involved, a resolution from their board approvingdeferral of fee is required.
T Inducement Resolution (Tax-Exempt Bond Financed Projects only)