Hanover Gardens

8/6/2019 Hanover Gardens

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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 35Print - APP03-0105

1/14/2005https://www.nchfa.org/Rental/RTCApp/(z04sa3453pecfe55nlerpnfk)/site/PrintApp.aspx?II...


2/35

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

Project Name and Location

Project Name: Hanover Gardens

Address: 314 Greendale Drive

City: Wilmington County: NEW HANOVER Zip: 28405

Census Tract: 103.00 Block Group:

No

Political Jurisdiction: City of Wilmington

Jurisdiction CEO Name: First: Last:Harper Peterson Title: Mayor

Jurisdiction Address: 212 Orange Street

Jurisdiction City: Wilmington Zip: 28401

Jurisdiction Phone: (910)762-6232

Site Latitude: 34.226

Site Longitude: -77.945




3/35

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

9090

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:

Proposed number of residential buildings: 15 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):

Community space within residential bulding(s) -- Sq. Ft. (Floor Area):Sq. Ft. (Floor Area): 2,0002,000

Elevators -- Number of Elevators:Number of Elevators:

Gross Floor Square Footage: 88,645

Total Net Sq. Ft. (All Heated Areas): 85,056




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Applicant Information

Applicant Name: Silver Street Development Corp II

Address: 33 Silver Street, Suite 300

City: State: ME Zip:Portland 04101

Contact: First: Last: Title:Drew Fitch Partner

Telephone: (207)780-9800

Alt Phone: (207)415-8400

Fax: (207)221-2040

Email Address: [email protected]




5/35

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

413,648 413,648

No

Yes

The existing units are currently occupied by low-income tenants. Occupancy is running about 96%.

Yes

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:




7/35

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

Owner will purchase from a non-related seller, then lease the land and existing improvements to theSponsor. The land lease payments will be $115,000 until 2005,then $275,000 anually thereafter for45 years. The rent will remain flat through the lease period. Lessor and Lessee are related enetities

(c) Enter the current expiration date of the option/contract to purchase: 12/30/2003

(D) Enter Purchase Price: 0




8/35

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

MF-M (Multi-family, medium density

Yes

No

No

No

No




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10/35

[email protected] 026-30-6126

Org: Silver Street Development Corporation II

First Name: Jeffrey Last Name: Murtha Function: Member

Address: 33 Silver Street, Suite 300

City: Portland State: NC Zip: 04101

Phone: (207)780-9800 Fax: (207)221-2040

EMail: [email protected] Nonprofit: No TaxID 001-50-9442




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12/35

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 7 targeted at 60 percent of median income.








104




13/35

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:



Tax Exempt Bonds

State Tax Credit(Loan) 1,190,617 0 30 30 0

State Tax Credit(Direct Refund)

Equity: Federal LIHTC 3,747,687

Non-Repayable Grant

Equity: Historic Tax Credits

Deferred Developer Fees 0

Owner Investment 49,072 Other - Specify:

Total Sources** 4,987,376

* "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

Owner investment is existing project reserves that wil l be acquired as part of the propertysale and contributed by the lessor. Bank loan of $1.9M will be taken out for propertyacquisition by the lessor.




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Development Costs

Item Cost Element TOTAL COSTEligible Basis

30% PV 70% PV

1 Purchase of Buildings (Rehab) 0 0

2 Demoli tion

3 On-site Improvements 108,000 108,000

4 Rehabilitation 2,819,696 2,819,696

5 Construction of New Building(s) 0

6 Accessory Building(s) 0 0

7 General Requirements 175,700 175,700

8 Contractor Overhead 58,680 58,680

9 Contractor Profit 234,720 234,720

10 Construction Contingency 203,700 203,700

11 Architect's Fee - Design 200,000 200,000

12 Architect's Fee - Inspection 35,000 35,000

SUBTOTAL (lines 1 through 12) 3,835,496

13 Construction Insurance (prorate) 16,615 16,615

14 Construction Loan Orig. Fee (prorate) 0 0

15 Construction Loan Interest (prorate) 0 0

16 Construction Loan Credit Enhancement (prorate)

17 Construction Period Taxes (prorate) 30,676 30,676

18 Water, Sewer and Impact Fees

19 Survey 30,000 30,000

20 Property Appraisal 0 0

21 Environmental Report 0 0

22 Market Study 0 0

23 Bond Costs Payment & Perf Bond 0

24 Cost of Issuance

25 Placement Fee

26 Permanent Loan Origination Fee 0

27 Permanent Loan Credit Enhancement

28 Title and Recording

SUBTOTAL (lines 13 through 28) 77,291

29 Real Estate Attorney

30 Other Attorney's Fees 60,000 60,000

31 Tax Credit App Fees 31,508 31,508

32 Cost Certification/Accounting Fees (specify) 15,000 15,000

33 Tax Opinion

34 Organizational (Partnership)

35 Tax Credit Monitoring Fee 54,600


36 Furnishings and Equipment 45,000 45,000

37 Relocation Expenses 100,000 100,000

38 Developer's Fee (max 15% lines 2-36, less 8 & 9) 415,000 415,000

39 Other Basis Expense construction inspections 0 0

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 31,200




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Comments:

45 Operating Reserve 322,281

46 Other Reserve (specify)

47 Other Reserve (specify)

48 DEVELOPMENT COST (lines 1-47) 4,987,376 0 4,579,295

49 Less Federal Financing

50 Less Disproportionate Standard

51 Less Nonqualified Nonrecourse Financing

52 Less Historic Tax Credit (residential) 0

53 TOTAL ELIGIBLE BASIS 4,579,295 0 4,579,295

54 Times Applicable Fraction 130.00% 130% 130%

55 TOTAL QUALIFIED BASIS 5,953,083 0 5,953,083

56 Tax Credit Rate 0.00% 7.87%

57 FEDERAL TAX CREDITS at Estimated Rate 468,507 0 468,507

57a FEDERAL TAX CREDITS at 8.5% or 3.75% 506,012 0 506,012

58 FEDERAL TAX CREDITS REQUESTED 474,790 474,790

59 STATE TAX CREDITS 1,187,544

60 Land Cost

61 TOTAL REPLACEMENT COST 4,987,376

Most of the transaction costs will be borne by lessor. Examples are legal fees, appraisal and marketstudy fees, etc.




16/35

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

Hanover Gardens is currently a property with a great deal of deferred maintenance and functionalobsolescence. It was originally military housing and redeveloped under the HUD 221d(3) andSection 8 programs in the 1970's. The proposal for this transaction will involve a tremendous focuson updating the entire property's HVAC, unit interiors, new community space and offices, siteamenities and layout, and the facades. Our non-profit partner will bring social programs to the

residents at the on site community building.

We intend to add front roof dormers and porches to add aesthetics, vary siding and windowtreatments to enhance and differentiate buildings. Some buildings will have metal roofs and someasphalt. Different colors for components and buildings will be used.

Yes

Danbury Park Manor9412 MacArthur Blvd.Ypsilanti, MI 48198

Community Bldg - Sq Ft: Community Room - Sq Ft: 2,000 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 will have a computer lab, basketball court and walking paths.

We intend to do extensive landscaping. Municipality requires a minimum of 15 trees per acre. Wewill plant many shrubs, new lawns with sprinklers. This is an unattractive barren site. We will spendapprox. $100,000 on landscaping.




17/35

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




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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).

This is a mature area with single family homes surrounding the development. This is a nice areawith Hanover Gardens being the problem for the neighborhood. With the renovations, andmanagement improvements it will be a great benefit to the surrounding area. We are investing in thisproject because the area surrounding Hanover Gardens is very attractive.

Suitability of surrounding development. Land use pattern is primarily residential with a balance ofother uses, including non-competing multifamily and single family units, relevant amenities, shoppingand services.Within one mile is ample shopping, restaurants, service stations, community center and residentialneighborhoods.

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).All streets are adequate.

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).Most of surrounding propery is improved.

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 noted.

Similarity of scale and aesthetics/architecture between project and surroundings.As earlier stated, this development is surrounded by single family and some multi-family homes.




19/35

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

Other facilities or services:

Concentration of affordable housing (housing credit, project-based rental assistance, public housing).N/A

Availability of Supportive Services (if applicable):N/A

Grocery Store2 Community/Senior Center.25

Mall/Strip Center2 Hospital5

Outdoor Athletic Fields4 Pharmacy2

Day Care/After School.25 Basic Health Care2

Schools2 Medical Offices2

Public Transportation Stop.25 Bank/Credit Union1

Convenience Store.25 Restaurants.5

Basketball/Tennis Courts Professional Services

Public Parks3 Movie Theater2

Gas Station.25 Video Rental.1

Library3 Public Safety (Fire/Police)2

Fitness/Nature Trails3 Post Office2

Public Swimming Pools




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21/35

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: 4 15

Units: 529 1,458

North Carolina Other States

Projects: 0 0

Units: 0 0

No

No

No

No

Yes




22/35

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:




23/35

Project Operations (Year One)

Projected Operating Costs

Administrative Expenses

Advertising 597

Other Administrative Expense (specify):5,000

Office Salaries 10,000Office Supplies 3,549

Office or Model Apartment Rent

Management Fee 29,179

Manager or Superintendent Salaries 28,262

Manager or Superintendent Rent Free Unit

Legal Expenses (Project) 3,500

Auditing Expenses (Project) 4,500

Bookkeeping Fees/Accounting Services 2,137

Telephone and Answering Service 5,000

Bad Debts

Other Administrative Expenses (specify):2,500

SUBTOTAL 94,224

Utilities Expense

Fuel Oil

Electricity (Light and Misc. Power) 14,742

Water 18,895

Gas

Sewer 21,271

SUBTOTAL 54,908

Operating and Maintenance Expenses

Janitor and Cleaning Payroll 29,845

Janitor and Cleaning Supplies

Janitor and Cleaning Contract

Exterminating Payroll/Contract

Exterminating Supplies

Garbage and Trash Removal 15,086

Security Payroll/Contract

Grounds Payroll

Grounds Supplies

Grounds Contract 25,000

Repairs Payroll 60,000

Repairs Material

Repairs Contract

Elevator Maintenance/Contract

Heating/Cooling Repairs and Maintenance 1,113

Swimming Pool Maintenance/Contract

Snow Removal

Decorating Payroll/Contract 2,956

Decorating Supplies

Other (specify):

Miscellaneous Operating & Maintenance Expenses

SUBTOTAL 134,000

Taxes and Insurance

Real Estate Taxes 30,767




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Payroll Taxes (FICA) 1,600

Miscellaneous Taxes, Licenses and Permits

Property and Liability Insurance (Hazard) 16,615

Fidelity Bond Insurance

Workmen's Compensation

Health Insurance and Other Employee Benefits 1,048

Other Insurance:

SUBTOTAL 50,030

Supportive Service Expenses

Service Coordinator

Service Supplies

Tenant Association Funds

Other Expenses (specify):275,000

SUBTOTAL 275,000

Reserves

Replacement Reserves 36,400

SUBTOTAL 36,400

TOTAL OPERATING EXPENSES 644,562

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

302,395

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

104

PER UNIT PER YEAR 2,907




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Design Features

ITEM DESCRIPTION

Foundation/Slab Components Slab on Grade w/Thickened Slab Edges

Primary Windows Make: Model:Allsco Double Sliders Type/Construction: Alum. Energy Plus Low E Glass

Exterior Doors Type: Frames:Steel Reinforced Vinyl Jambs/Steel

Siding Type: Grade/Thickness:Revere/Vinyl Amherst

Warranty: 25 years

Exterior Trim Revere/Vinyl Amherst

Shingles Type: Weight:Certanteed REgular

Warranty: 25 years

Sprinkler System Not Applicable

Cabinets Armstrong - Raised Panel - Clear Maple

Heat Pump SEER: Make:10 Trane

Model:

1.5 ton split heat pumpw/SKW Electric Strip

Air Conditioner SEER: Make:10 Trane

Model: 1.5 ton

Other Heat Systems SEER: Make:N/A N/A

Model: N/A




27/35

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 15,775 30,248 46,023

Waterproofing 4,000 4,752 8,752

Masonry Foundation 0

Brick Veneer 0

Steel/Structure/Rails 0

Framing/Lumber/Nails 46,036 52,214 98,250

Trusses 8,500 13,500 22,000

Crane Rental 1,500 1,500

Windows/Grilles/Screen 21,000 64,800 85,800Exterior Doors 12,200 28,400 40,600

Roofing 78,929 49,286 128,215

Fencing 0

Vinyl Siding/Trim/Box 233,000 233,000

Gutters/Shutters 3,000 11,000 14,000

Insulation 7,000 13,000 20,000

Drywall 195,000 195,000

Interior Doors 34,260 69,557 103,817

Int. & Final/Stair/Trim/Shelves 36,060 35,000 71,060

Cabinets & Tops 44,440 86,044 130,484

Painting 135,000 135,000

Marble - Tub/Shwr/Tops 0

Plumbing 450,000 450,000

Electrical 220,000 220,000

Heating/Air Conditioning 367,000 367,000

Floor Covering and Underlayment 143,625 143,625

Wall Paper 0

Mailboxes/Special Features/Signage 1,000 12,000 13,000

Gypcrete 0

Blinds/Shades/Art Work 1,000 9,500 10,500

Light Fixtures/Fans 45,000 45,000

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. 1,000 2,000 3,000

Hardware/Bath Access. 4,500 5,000 9,500

Appliances 8,500 89,500 98,000

Playground Equipment 0

Interior Clean 15,000 3,070 18,070

Exterior Clean/Dumpster 6,000 18,000 24,000

Other 1 (specify in Remarks) 77,500 7,000 84,500

Other 2 (specify in Remarks) 0

Total Cost 425,700 2,393,996 2,819,696

1. Building Demo




29/35

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 61,000

Job Site Office/Trailer Rental 9,300

Impact Fees

Office Supplies

Security/Watchman

Water and Sewer Connection Fees

Project Signage 400

Tools and Equipment 2,000

Gas, Oil, and Maintenance

Cleanup/Dumpster Rental

Temporary Water, Electric, and Telephone 12,000Storage/Hauling 10,000

Driveway Access Permit

Porta-John Rental/Dumping 2,520

Builders Risk Insurance

Re-inspection Fees 16,000

Extra Plans and Specifications 1,500

Miscellaneous, Casual Labor

Equipment Rental 20,000

Other 1 (specify in Remarks) 25,726

Other 2 (specify in Remarks) 15,254

Total Cost 175,700

1. Bond2. Benefits




30/35

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 2,000

Clearing/Grading/Final Grading/Excess and Borrow 10,000

Demolition

Earthwork/Excavation/Aerating 4,500

Soil Treatment 100

Pile Foundations

Caissons

Shoring/Bracing

Site Drainage

Site Utilities/Site Lighting 4,800

Paving and Surfacing/Curb and Gutter 13,500Walkways

Site Signage

Parking Lot Painting 3,500

Dumpsite Pads/Fencing 6,900

Fencing/Gates

Landscaping/Topsoil 45,000

Waterproofing/De-Watering 700

Operation of Construction Equipment/Fuel/Oil 1,000

Crane Rental 1,000

Rock and Hardpan Excavation

Site Supervision Personnel

Other (specify in Remarks) 15,000

Total Cost 108,000

Playground




31/35

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




32/35

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




33/35

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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35/35

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

Hanover Gardens