Heritage at Wake Senior

8/6/2019 Heritage at Wake Senior

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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 - APP03-0077

1/14/2005https://www.nchfa.org/Rental/RTCApp/(ljapowr55w0yr055fvk4xgvj)/site/PrintApp.aspx?I...


2/35

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

Project Name and Location

Project Name: Heritage at Wake Forest Senior Apartments

Address: Rogers Road

City: Wake Forest County: Wake Zip: 27588

Census Tract: 542.01 Block Group: 1 Block 1024

No

Political Jurisdiction: Town of Wake Forest

Jurisdiction CEO Name: First: Last:Vivian Jones Title: Mayor

Jurisdiction Address: 401 Elm Avenue

Jurisdiction City: Wake Forest Zip: 27587

Jurisdiction Phone: (704)554-6190

Site Latitude: 35.9520

Site Longitude: -78.5187




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: and number of units:and number of units:

Target Population: Elderly (55)

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

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: A total of 5 one-bedroom and 7 two-bedroom units will be constructed for occupancy priority forseniors with disabilities. An agreement with the Raleigh Housing Authority (attached) outlines theprocess by which disabled seniors with housing support will be referred to Heritage. A separateagreement with Resources for Seniors, Inc. of Raleigh, as the lead agency, (also attached) details

the services to be provided to all residents of Heritage, and in particular to disabled residents, andthe estimated cost of those services. One of the one-bedroom and two of the two-bedroom units(included in the total of twelve units referenced above) will also be designed for seniors with hearingand sight disabilities.

Proposed number of residential buildings: 17 Maximum number of stories in buildings: 1

Types of Units:* Townhouse Duplex Garden Apartment Detached Single-Family

Project Includes:Separate community building -- Sq. Ft. (Floor Area):Sq. Ft. (Floor Area): 4,0004,000

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: 101,500

Total Net Sq. Ft. (All Heated Areas): 101,500




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Applicant Information

Applicant Name: First Centrum, LLC

Address: 21400 Ridgetop Circle, Suite 250

City: State: VA Zip:Sterling 20166

Contact: First: Last: Title:Weshinskey Mark President

Telephone: (703)406-3471

Alt Phone:

Fax: (703)406-3474

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

13.62 13.62

No

No

No

No

An affiliate of the Seller, the Ammons Development Company, has entered into a contract with thePurchaser to construct a 26 foot wide road within a 60 foot wide public right-of-way. The road willextend 250 feet from existing Rogers Road, which is the main entrance into Heritage, to the site,and 150 feet into the site. Ammons Development will also construct sanitary sewer and water mainsto the site.

The installation of public improvements by the Seller is a condition of the Purchase and Sale

Agreement. Ammons has the obligation to finish these improvements prior to land closing.

Electric will be brought to the site from Rogers Road by Wake Electric Corporation.

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:

No

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

(D) Enter Purchase Price: 1,009,600




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 (Multi-Family)

Yes

Yes

Yes

A Special Use Permit is required to develop this property. The Special Use Permit was approved bythe Town Council in June 2003.

Yes

Please see above response.

No

No




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10/35

[email protected] 54-1791190

Org: Third Centrum of Virginia, Inc.

First Name: Mark Last Name: Weshinskey Function: Corp Principal

Address: 21400 Ridgetop Circle, Suite 250

City: Sterling State: VA Zip: 20166

Phone: (703)406-3471 Fax: (703)406-3474

EMail: [email protected] Nonprofit: No TaxID 54-2022195




11/35

List each applicable unit mix combination in a separate row below. Click [Add] to create another row. Click "X" (at the left of each row) todelete a row.

Low Income Units

Market Rate Units

Statistics

Notes

Unit Mix

Type # BRs Net Sq.Ft.Total

# Units#Units

MonthlyRent

UtilityAllowance

MandatoryServ. Fees

**TotalHousing Exp.

Gdn Apt 1 616 2 0 531 137 668

Gdn Apt 1 616 18 0 649 137 786

Gdn Apt 2 802 10 0 658 144 802

Gdn Apt 2 802 90 0 795 144 939

Utilites included in rents: Water/Sewer Electric Gas Other Trash Removal

Type # BRs Net Sq.Ft.Total

# Units#Units

MonthlyRent

UtilityAllowance

MandatoryServ. Fees

**TotalHousing Exp.

Utilites included in rents: Water/Sewer Electric Gas Other

AllUnits

Units

Gross MonthlyRental Income

Low Income....... 120 0 90874

Market Rate.......

Totals............... 120 0 90874

* Paint-to-Paint Square Footage

** Please refer to the Income Limits and Maximum Housing Expense Table to ensure that Total Monthly Tenant Expenses for low incomeunits are within established thresholds.




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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 8,075,000 5.577 30 30 554,877

State Tax Credit(Loan) 0 30 30 0

State Tax Credit(Direct Refund)

Equity: Federal LIHTC 2,188,494

Non-Repayable Grant

Equity: Historic Tax Credits

Deferred Developer Fees 359,738

Owner Investment

Other - Specify:

Total Sources** 10,623,232

* "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.

78




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Comments:

45 Operating Reserve 312,523

46 Other Reserve - Reserve for Subsidy of Disabled Units 150,000

47 Other Reserve (specify)

48 DEVELOPMENT COST (lines 1-47) 9,613,632 8,251,123 0

49 Less Federal Financing

50 Less Disproportionate Standard

51 Less Nonqualified Nonrecourse Financing

52 Less Historic Tax Credit (residential) 0

53 TOTAL ELIGIBLE BASIS 8,251,123 8,251,123 0

54 Times Applicable Fraction 100.00% 100% 100%

55 TOTAL QUALIFIED BASIS 8,251,123 8,251,123 0

56 Tax Credit Rate 3.37% 0.00%

57 FEDERAL TAX CREDITS at Estimated Rate 278,062 278,062 0

57a FEDERAL TAX CREDITS at 8.5% or 3.75% 309,417 309,417 0

58 FEDERAL TAX CREDITS REQUESTED 277,896 277,896

59 STATE TAX CREDITS

60 Land Cost 1,009,600

61 TOTAL REPLACEMENT COST 10,623,232

We have included "Line 39 - Other Basis Expense" items in the calculation of the Developer Fee.




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):

Market Study Information

The Heritage at Wake Forest Senior Apartments will consist of 120 one and two bedroom apartmentunits grouped in single-story buildings with direct entries for residents. The community will alsoinclude a 4,000 square foot resident community center located at the front of the site. There will be atotal of 20 one-bedroom and 100 two-bedroom units in the community.

The subject property consists of 13.62 acres of gently sloping terrain located 250 feet south ofRogers Road, which is the main entrance into the Heritage planned community in Wake Forest.Heritage is an 1,100 acre mixed-use community that includes a variety of residential, commercial,retail and office uses along with an 18 hole golf course and swim and tennis club.

Each residential building will feature an exterior of brick and HardiPlank siding with a 6 in 12 pitchroof. Every unit will feature a covered front entry and rear concrete patio. Each unit will feature anopen kitchen design with oven, range with front controls, frost-free refrigerator, garbage disposaland dishwasher. Sufficient space for a dining area allowing for the use of a four-seat dining roomtable will be provided.

Each unit will have a side-by-side washer and dryer provided. The ceilings of each living room willbe vaulted with ceiling fans provided. The bathrooms will have heat lamps as an independent heatsource.

Pantry closets will be provided in the kitchen and bathroom. A coat closet will be located adjacent tothe entrance. Each unit will have emergency pull cords in the bedrooms and bathrooms, wired to

exterior visual and audible devices. Central air conditioning and heat will be provided by individualheat pumps. Individual electric water heaters will provide hot water to each unit.

Parking will be generous, with one parking space per unit plus 20 additional guest spaces adjacentto the community building.

The professionally decorated community building will feature a variety of facilities including a largecommunity room with bistro kitchen, billiards/games room, crafts room, wellness center, hair salon,laundry room, and exercise room. There will also be two management offices, men's and women'srestrooms and a maintenance office. The community building will be surrounded on three sides by awide covered veranda furnished with comfortable seating for residents.

Common area amenities will include walking trails, a gazebo, raised resident garden area andartificial putting green.

Each building will be wrapped in brick veneer (approximately 40% of the exterior siding) around theentire building. The elevations will feature gables over the individual entries to break up theelevations. Buildings will also be "jogged" back and forth to create visual relief. Shutters will beprovided on all buildings.

The clubhouse will be in the tradional southern style with columns, shutters and a wide veranda.

Yes

Augusta Spring II1730 Sibley RoadAugusta, GA 30909

Charlotte Spring4825 Spring TraceCharlotte, NC

Dunlop Farms1000 Dunlop PlaceColonial Heights, VA




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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.

Community Bldg - Sq Ft: 4,000 Community Room - Sq Ft: 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

Optional meals served in the community room, resident trips, dinners, games and dances, wellnessscreening, medication education services program, organization of resident association to directresident activities and establishment of a food panty with shelf-staple items for purchase byresidents. A 20 hour per week Service Coordinator will direct these and many other residentactivities. The coordination of activities is expected to be supplemented by contractual arrangementswith non-profit organizations to provide local networking with free and low-cost service and activitiesproviders.

The site will be professionally landscaped using shrubs and trees around each building. The areaaround the clubhouse will be irrigated. An attractive lighted entry sign with seasonal landscaping willbe located at the main vehicular entrance. All downspouts will be tied into the storm drain system. Astorm water infiltration pond will be located on site and will be surrounded by attractive white vinylfencing. An artifical surfaced putting green will be located adjacent to the community building andthe gazebo.

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

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

Side-by-

sidewashersanddryers ineach unit

Yes




18/35

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).

The physical condition of buildings in the neighborhood is acceptable, with a combination ofcommercial, retail and single-family uses. New construction abounds with new homes, retail andlight commercial.

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.Adjacent uses are compatible with the proposed development with a balance of other land usesincluding single family and multi-family residential, community recreation, golf course, swim andtennis club, schools, churches, grocery, pharmacy, medical offices and other retail shopping andservices.

A new neighborhood shopping center located less than mile east of the site will include a HarrisTeeter grocery store, a CVS pharmacy and a variety of in-line retail tenants.

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 located 250 feet south of Rogers Road, which serves as the principal vehicular entranceinto the Heritage PUD. The developer of Heritage will extend a public road from Rogers Road intothe subject property prior to settlement.

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).The site is located in the Heritage planned community, which consists of 1,065 acres and at build-out will feature 1,400 homes, a 120,000 square foot retail center, business park and three schools.Heritage of Wake Forest opened in 2001. There is new commercial, residential and retaildevelopment within mile of our proposed site. Undeveloped land zoned for all of these uses isavailable with Heritage. Heritage incorporates a championship golf course, swim and tennis club, avariety of retail, office, schools and numerous parks and greenways. A CSX railroad line is locatedto the rear of the site (not part of the site to be acquired). According to CSX, traffic on this lineaverages one train per day in each direction. The site plan shows the residential buildings set wellaway from these tracks. In addition, a buffer of mature pine trees shields the tracks visually, and willbe augmented by evergreen tree plantings as part of this project's landscaping plan.

Degree of on-site negative features and physical barriers that will impede project construction or

adversely 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.




19/35

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

Other facilities or services:

Residential and multi-family residential buildings in Heritage are governed by the same architecturalstandards that apply to our project. No vinyl or aluminum siding may be used in Heritage. Thesubject project will consist of brick and Hardiboard siding with shutters and 6/12 pitch roofs. Thisarchitectural look complements the existing residential and commercial product within Heritage.

Concentration of affordable housing (housing credit, project-based rental assistance, public housing).There are no other competitive publicly assisted rental developments within mile of the proposeddevelopment.

Availability of Supportive Services (if applicable):

Grocery Store1.2 Community/Senior Center1

Mall/Strip Center1.2 Hospital2

Outdoor Athletic Fields.5 Pharmacy1

Day Care/After School Basic Health Care1

Schools.5 Medical Offices1

Public Transportation Stop5.5 Bank/Credit Union1.2

Convenience Store.75 Restaurants1.5Basketball/Tennis Courts.5 Professional Services1

Public Parks.5 Movie Theater1.5

Gas Station.75 Video Rental1

Library1.5 Public Safety (Fire/Police)1

Fitness/Nature Trails.5 Post Office1

Public Swimming Pools1.75

A new 120,000 square foot Harris Teeter anchored shopping center with a CVS pharmacy is underconstruction and scheduled to open in the fall of 2003. This facility is located 2,500 feet east of thesubject property on Rogers Road.




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Financing Commitments

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

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

If yes, indicate the type and amount below:

Tax Exempt Financing: $ 8076000

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 12,000

Other Administrative Expense (specify):

Office Salaries 17,680Office Supplies 12,000

Office or Model Apartment Rent

Management Fee 40,834

Manager or Superintendent Salaries 38,000

Manager or Superintendent Rent Free Unit

Legal Expenses (Project) 500

Auditing Expenses (Project) 5,500

Bookkeeping Fees/Accounting Services

Telephone and Answering Service 4,000

Bad Debts

Other Administrative Expenses (specify):4,750

SUBTOTAL 135,264

Utilities Expense

Fuel Oil

Electricity (Light and Misc. Power) 12,580

Water 765

Gas

Sewer 643

SUBTOTAL 13,988

Operating and Maintenance Expenses

Janitor and Cleaning Payroll 43,200

Janitor and Cleaning Supplies 2,000

Janitor and Cleaning Contract

Exterminating Payroll/Contract 1,000

Exterminating Supplies

Garbage and Trash Removal 1,950

Security Payroll/Contract

Grounds Payroll

Grounds Supplies

Grounds Contract 12,000

Repairs Payroll

Repairs Material 6,000

Repairs Contract

Elevator Maintenance/Contract

Heating/Cooling Repairs and Maintenance

Swimming Pool Maintenance/Contract

Snow Removal

Decorating Payroll/Contract

Decorating Supplies 6,000

Other (specify):

Miscellaneous Operating & Maintenance Expenses

SUBTOTAL 72,150

Taxes and Insurance

Real Estate Taxes 63,000




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Design Features

ITEM DESCRIPTION

Foundation/Slab Components Concrete Slab on Grade

Primary Windows Make: Model:Superseal 1100 Series or Equal Type/Construction: Vinyl Single Hung

Exterior DoorsType: Frames:

Hollow Metal 9 PanelDoor Hollow Metal

Siding

Type: Grade/Thickness:

Hardi Plank BeadedSmooth Siding, 8 1/4"Wide with HardShingle StaggardEdge Panel Siding 1/4-5/16"

Warranty: 50 Year Limited, Transferable Product Warranty

Exterior Trim 7/16" Hardi Trim Planks, Rustic Grain

ShinglesType: Weight:Certainteed

225 lbs. PerSquare

Warranty: 25 Year

Sprinkler System Per Local Code

Cabinets Mid Continent Cabinets or Equal, KCMA Approved-Raised Panel with Brass "U" Shape Pull

Heat PumpSEER: Make:

Combined 11.0 SEERAverage with Other HeatSystems Carrier

Model: 38 AYC

Air Conditioner SEER: Make:

Model:

Other Heat Systems SEER: Make: 1st Company

Model: 24 MBX




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 45,000 100,000 145,000

Backfill-slab, Crawl 13,000 2,000 15,000

Slab-concrete/Rebar/Gravel 60,000 180,000 240,000

Waterproofing 0 0 0

Masonry Foundation 0 0 0

Brick Veneer 65,000 120,000 185,000

Steel/Structure/Rails 0 0 0

Framing/Lumber/Nails 314,670 408,000 722,670

Trusses 40,000 155,000 195,000

Crane Rental 0 0 0

Windows/Grilles/Screen 6,000 40,000 46,000Exterior Doors 5,000 30,000 35,000

Roofing 32,000 70,000 102,000

Fencing 0 0 0

Vinyl Siding/Trim/Box 65,000 145,000 210,000

Gutters/Shutters 4,000 10,000 14,000

Insulation 7,000 58,000 65,000

Drywall 140,000 200,000 340,000

Interior Doors 3,000 24,500 27,500

Int. & Final/Stair/Trim/Shelves 50,000 60,000 110,000

Cabinets & Tops 15,000 103,500 118,500

Painting 50,400 20,000 70,400

Marble - Tub/Shwr/Tops 0 0 0

Plumbing 210,000 170,000 380,000

Electrical 120,000 140,000 260,000

Heating/Air Conditioning 195,000 185,000 380,000

Floor Covering and Underlayment 30,000 85,000 115,000

Wall Paper 2,500 2,500 5,000

Mailboxes/Special Features/Signage 1,000 8,000 9,000

Gypcrete 0 0 0

Blinds/Shades/Art Work 800 4,000 4,800

Light Fixtures/Fans 15,000 50,000 65,000

Sprinkler System 0 0 0

Security Alarm 5,000 6,500 11,500

Hardwood Floors 0 0 0

Elevator 0 0 0

Ceramic Tiles 0 0 0

Acoustical Ceilings 0 0 0




28/35

Remarks:

Mirror/Shower Door/Encls. 480 2,400 2,880

Hardware/Bath Access. 1,000 3,000 4,000

Appliances 4,000 100,000 104,000

Playground Equipment 0 0 0

Interior Clean 11,500 500 12,000

Exterior Clean/Dumpster 0 0 0

Other 1 (specify in Remarks) 0 0 0

Other 2 (specify in Remarks) 0 0 0

Total Cost 1,511,350 2,482,900 3,994,250




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 145,000

Job Site Office/Trailer Rental 4,500

Impact Fees 0

Office Supplies 4,000

Security/Watchman 0

Water and Sewer Connection Fees 41,275

Project Signage 1,000

Tools and Equipment 10,000

Gas, Oil, and Maintenance 8,000

Cleanup/Dumpster Rental 24,000

Temporary Water, Electric, and Telephone 26,000Storage/Hauling 1,000

Driveway Access Permit 0

Porta-John Rental/Dumping 2,800

Builders Risk Insurance 0

Re-inspection Fees 0

Extra Plans and Specifications 5,000

Miscellaneous, Casual Labor 22,000

Equipment Rental 10,000

Other 1 (specify in Remarks)

Other 2 (specify in Remarks)

Total Cost 304,575

Builders Risk Insurance to be paid by Owner.




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 Exploration/Perk Testing/Site Engineering 145,000

Clearing/Grading/Final Grading/Excess and Borrow 168,000

Demolition 0

Earthwork/Excavation/Aerating 170,000

Soil Treatment 24,100

Pile Foundations 0

Caissons 0

Shoring/Bracing 0

Site Drainage 115,000

Site Utilities/Site Lighting 175,000

Paving and Surfacing/Curb and Gutter 185,000Walkways 45,000

Site Signage 2,500

Parking Lot Painting 3,200

Dumpsite Pads/Fencing 9,200

Fencing/Gates 0

Landscaping/Topsoil 130,000

Waterproofing/De-Watering 0

Operation of Construction Equipment/Fuel/Oil 0

Crane Rental 0

Rock and Hardpan Excavation 0

Site Supervision Personnel 0

Other (specify in Remarks) 78,000

Total Cost 1,250,000

Mechanical, electrical, plumbing and structural engineering




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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 35,000

Issuer Counsel

Credit Enhancement/LOC Counsel 60,000

Underwriter Counsel 22,500

Developer's Counsel 30,000

Rating Agency Fee 20,000

Printing 3,000

Trustee Fee 3,500

Trustee Counsel

Other 1 (specify in Remarks) 24,228

Other 2 (specify in Remarks) 80,760Other 3 (specify in Remarks) 500

Total Cost 279,488

Other 1 - NCHFA Allocation FeeOther 2 - Issuer FeeOther 3 - Fiscal Agent expenses




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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

Heritage at Wake Senior