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8/6/2019 Highland Terrace App
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Print Preview - FinalApplicationTax Credits, RPP Loans, and/or Tax Exempt Bond Loans
roject Description
oject Name: Highland Terrace
ddress: Lot 2 Highland Village Planned Community
ty: Cary County: Wake Zip:
ensus Tract: 535.07 Block Group: 4
project in Qualified Census Tract or Difficult to Develop Area? No
olitical Jurisdiction: Cary
risdiction CEO Name:First:Harold Last:Weinbrecht
Title: Mayor
risdiction Address: PO Box 8005
risdiction City: Cary Zip:
risdiction Phone:
e Latitude:
e Longitude:
oject Type: New Construction
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? No
If yes, list names of previous phase(s):
ehab:
umber of residents holding Section 8uchers:
l the project meet Energy Star standards as defined in Appendix B? Yes
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
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27511
27511
(919)469-4011
35.7861
-78.7945
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If yes, please describe:
rget Population:Elderly (55)
ll the project be receiving project based federal rental assistance? No
If yes, provide the subsidy source: 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: 10% of the total units.
Number of Units:
Remarks: DHIC expects that Resources for Seniors will be the local lead agency referring people to the 8 targetedunits.
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4
8
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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: DHIC, Inc.
dress: 113 S. Wilmington Street
ty: Raleigh State: NC Zip:
ontact: First: Natalie Last:Connell Title:Vice President
lephone:
Phone:
x:
mail Address:
OTE: Email Address above will be used for communication between NCHFA and Applicant.
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27601
(919)832-4345
(919)832-2206
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te Description
al Site Acreage: Total Buildable Acreage:
If buildable acreage is less than total acreage, please explain:
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? No
If yes:(a) Briefly describe the situation:
(b) Will tenant displacement be temporary?(c) Will tenant displacement be permanent?
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? No
If yes:(a) Describe placement of project buildings in relation to this area:
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3.02 3.02
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(b) Describe flood mitigation if the project will have improvements within the 100 year floodplain:
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te Control
es the owner have fee simple ownership of the property (site/buildings)?Yes
If yes provide:
Purchase Date: Purchase Price:
If no:(a) Does the owner/principal or ownership entity have valid option/contract to purchase the property?
(b) Does an identity of interest (direct or indirect) exist between the owner/principal or ownership entity with the option/contract fopurchase of the property and the seller of the property?If yes, specify the relationship:
(c) Enter the current expiration date of the option/contract to purchase:
(D) Enter Purchase Price:
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4/9/2002 860,000
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oning
esent zoning classification of the site:Planned Development District
multifamily use permitted?Yes
e variances, special or conditional use permits or any other item requiring a public hearing needed to develop this proposal?Yes
If yes, have the hearings been completed and permits been obtained?Yes
If yes, specify permit or variance required and date obtained. If no, describe permits/variances required and schedule for obta
them:Town Council approved amendment to PDD that is necessary to develop Highland Terrace on April 24,2008.
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: Highland Terrace, LLC
dress: 113 S. Wilmington Street
y: Raleigh State:NC Zip:
deral Tax ID Number of Ownership Entity: (If assigned)
ote: Do not submit social security numbers for individuals.
tity Type: Limited Liability Company
tity Status: To Be Formed
the applicant requesting that the Agency treat the application as Non-Profit sponsored? Yes
the applicant requesting that the Agency treat the application as CHDO sponsored? Yes
st all general partners, members,and principals. Specify nonprofit corporate general partners or members.ck [Add] to add additional partners, members, and principals.
Org: Highland Terrace Development, Inc.
st Name: Gregory Last Name: Warren Function: Managing Memberddress: 113 S. Wilmington Street
ty: Raleigh State: NC Zip: 27601
one: Fax:
Mail: Nonprofit: No
Org: DHIC, Inc.
st Name: Gregory Last Name: Warren Function: Member
ddress: 113 S. Wilmington Street
ty: Raleigh State: NC Zip: 27601
one: Fax:
Mail: Nonprofit: Yes
ttps://www.nchfa.org/Rental/RTCApp/(S(enmaoumi...8716011E3&SNID=F7FB50D1979B46CDA7AD3992C2BD883A (8 of 29)9/17/2008 9:11:11 AM
27601
(919)832-4345 (919)832-2206
(919)832-4345 (919)832-2206
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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(enmaoum...716011E3&SNID=F7FB50D1979B46CDA7AD3992C2BD883A (10 of 29)9/17/2008 9:11:11 AM
5,670
2
86,843
85,865
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 Highland Terrace 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
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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35 60
9 40
9 30
6 30
13 60
3 40
3 30
2 30
80
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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:Wake County
RD 515 Loan
RD 538 Loan - Specify:
AHP Loan
Other Loan 1 - Specify:Town of Cary
Other Loan 2 - Specify:DHIC (NeighborWorks America)
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 NCHFA RPP loan, Wake County loan, and Town of Cary loan are being repaid on a pro-rata split
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1,571,006 6.75 30 40 113,745
800,000
2.00 20 20
536,000 2.00 20 20
170,000 2.00 20 20
320,000 4.21 40 40
839,781 0 30 30 0
5,567,192
9,803,979
78
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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 (max 6% lines 2-6)
8 Contractor Overhead (max 2% lines 2-7)
9 Contractor Profit (max 8% lines 2-7; 6% if Identity of Interest)
10 Construction Contingency (max 3% lines 2-9, Rehabs 6%)
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(enmaoum...716011E3&SNID=F7FB50D1979B46CDA7AD3992C2BD883A (14 of 29)9/17/2008 9:11:11 AM
784,260 784,260
4,654,213 4,654,213
326,308 326,308
115,296 115,296
461,182 461,182
190,238 190,238
163,287 163,287
32,657 32,657
46,251 46,251
6,773,692
28,333 28,333
60,000 60,000
295,660 225,000
17,568 17,568
313,920 313,920
20,000 20,000
6,500 6,500
35,000 35,000
4,300 4,300
34,300
25,000
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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 (0.60% 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
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
ttps://www.nchfa.org/Rental/RTCApp/(S(enmaoum...716011E3&SNID=F7FB50D1979B46CDA7AD3992C2BD883A (15 of 29)9/17/2008 9:11:11 AM
840,581
35,000 35,000
15,000 15,000
2,200
50,387
13,500 13,500
10,000
56,000
182,087
50,000 50,000
800,000 800,000
Payment and Performa
Other Basis Expense (s
36,000
Other Non-basis Expen
Other Non-basis Expen
886,000
24,000
237,619
Other Reserve (specify)
Other Reserve (specify)
8,943,979 0 8,397,813
0
8,397,813 0 8,397,813
100.00% 100% 100%
8,397,813 0 8,397,813
100.00% 100.00%
8,397,813 0 8,397,813
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60 Tax Credit Rate
61 Federal Tax Credits at Estimated Rate
62 Federal Tax Credits at 9.00% or 3.75% (maximum $1,000,000)
63 Federal Tax Credits Requested
64 Land Cost
65 TOTAL REPLACEMENT COST
FEDERAL TAX CREDITS IF AWARDED
Comments:
Total Replacement Cost per unit:81,644
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3.40 8.50
713,814 0 713,814
755,803 0 755,803
755,803 755,803
860,000
9,803,979
755,803
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arket Study Information
ase provide a detailed description of the proposed project:
ghland Terrace will be part of the existing Highland Village planned unit development located about a milem the heart of downtown Cary. A HUD 202 project, a 50-unit family tax credit project and a 68-unitniors (55+) tax credit project have been completed along with a clubhouse, pool and other amenities thatl be available to all residents of Highland Village. Highland Terrace will have 59 one-BR units and 21 two-
R units for a total of 80. There will be generous amounts of common areas in the 3-story building for useresidents including a fitness center, laundry rooms on each floor, computer room/library with highspeed
ernet access, game room, several sitting areas both inside and outside and a spacious main gatheringea with a kitchen. The building will have 2 elevators and a porte cochere. Access to the building will be viacard reader system to ensure security.
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:
part of a planned unit development, residents will have easy access to common amenities at Highlandlage. These amenities include a village green, clubhouse with pool, meeting space, business center,
ness center, and service by C-Tran, Cary's public transportation service.
site Activities:
HIC will contract with Resources for Seniors (RFS) to provide on-site service coordination for residents.ere will also be social and educational events organized by RFS & property management staff.
ttps://www.nchfa.org/Rental/RTCApp/(S(enmaoum...716011E3&SNID=F7FB50D1979B46CDA7AD3992C2BD883A (17 of 29)9/17/2008 9:11:11 AM
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ndscaping Plans:
ndscaping will meet or exceed the Town of Cary requirements. All air handlers will be screened andractive, colorful, native plant species will be used as much as possible. There will be sod installed in mosten areas and some areas will be irrigated.
erior Apartment Amenities:
e apartments will include emergency pull cords in bathrooms and master bedrooms, frost-free refrigeratorth ice makers, self-cleaning ovens and other energy efficient appliances, emergency fire sprinkler system,ni-blinds, spacious closets and cabinet space.
you plan to submit additional market data (market study, etc.) that you want considered? Yes
If yes, please make sure to include the additional information in your pre-application packet.
ttps://www.nchfa.org/Rental/RTCApp/(S(enmaoum...716011E3&SNID=F7FB50D1979B46CDA7AD3992C2BD883A (18 of 29)9/17/2008 9:11:11 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 in the immediate vicinity. Concentration of affordable housing.
ghland Village is located in the more established heart of Cary and is part of the Town Center Area Plan
hich encourages more dense, mixed-use development. Cary continues to be ranked as one of the bestaces in the country to live. Beazer is developing a townhome community adjacent to Highland Village withrices expected to be in the $250,000 range. Highland Village does have 3 other affordable rentalomponents in addition to the proposed Highland Terrace but these properties are consistently fullyccupied with waiting lists.
URROUNDING LAND USES AND AMENITIES
nd use pattern is residential in character (single and multifamily housing). Extent that the location isolated. Effect of industrial, large-scale institutional or other incompatible uses, including but not limited to:astewater treatment facilities, high traffic corridors, junkyards, prisons, landfills, large swamps, distributioncilities, frequently used railroad tracks, power transmission lines and towers, factories or similar operations,
urces of excessive noise, and sites with environmental concerns (such as odors or pollution). Amount andaracter of vacant, undeveloped land. There is a nice balance and mix of land uses in this infillighborhood. There is a new for-sale townhome community being developed to the east, a shopping center
at includes an auto parts store and a bowling alley among other businesses to the south, a gas station/nvenience store to the west and a light industrial business (Syracuse Plastics) directly to the north. Theree also older, established single-family subdivisions, a skilled nursing facility and a variety of other servicesd retail options very close by.
TE SUITABILITY
equate traffic safety controls (i.e. stop lights, speed limits, turn lanes). Burden on public facilitiesarticularly roads). Access to mass transit (if applicable). Visibility of buildings and/or location of project signin relation to traffic corridors. The site has excellent ingress and egress via High House Road and at the
ck of the development via Old Apex Road (near the family apartments). DHIC made improvements to High
ouse Road as part of the Town approval process. There is a traffic signal at the intersection of High Housed Old Apex Road. The Town required a traffic study and the conclusion was that no other improvementsere necessary. C-Tran, Cary's public transportation system stops adjacent to the existing seniors tax creditoperty and arrangements will be made to have them also stop at Highland Terrace.
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).
ghland Terrace will be the final component of the Highland Village PUD and there are no negativeatures or physical barriers that will impede construction or adversely affect future tenants. There is anxisting CSX railroad track to the west of the site that will be buffered by berms and heavy plantings to helptenuate sound.
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milarity of scale and aesthetics/architecture between project and surroundings.
ghland Terrace will be very similar in appearance and scale (though slightly larger) to the existing Theommons at Highland Village tax credit community for seniors 55+. It will blend in well with the otheromponents of Highland Village and will adhere to the high aesthetic standards the Town of Cary is knownr.
r each applicable neighborhood feature, enter distance from project in miles.
Grocery StoreCommunity/Senior
Center
Mall/Strip Center Hospital
Outdoor Athletic Fields Pharmacy
Day Care/After School Basic Health Care
Schools
Public Transportation
op
Convenience Store
Public Parks
Gas Station
Library
her facilities or services:
bowling alley and auto parts store are directly across the street. Downtown Cary and Cary Town Halle .8 miles from Highland Village. There are many services and amenities located in and around downtownary including banks, professional offices (legal, medical, etc.), restaurants, car repair shops, a seasonalrmer's Market, hair salons, etc.
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9.9
2 4.5
5 .9
2 .4
2
5
2
9
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evelopment Team
ovide contact information for development team members below:
nagement Agent
ompany: Community Management Corporation
dress: 3801 Wake Forest Road
ty: Raleigh State: NC Zip:
one Email:
ontact Name: First: Pat Last: Wells
chitect
ompany: JDavis Architects, PLLC
dress: 510 Glenwood Avenue, Suite 210
ty: Raleigh State: NC Zip:
one Email:
ontact Name: First: Bill Last: Eagan
orney
ompany: Ellis & Winters
dress: 1100 Crescent Green, Suite 200
ty: Cary State: NC Zip:
one Email:
ontact Name: First: Chuck Last: Anderson
estor
ompany: Apollo Equity Partners
dress: 2101 Rexford Road, Suite 375-W
ty: Charlotte State: NC Zip:
one Email:
ontact Name: First: Brian Last: Flanagan
nsultant/Application Preparer (if different from developer)
ompany:
dress:
ty: State: Zip:
one Email:
ontact Name: First: Last:
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27609
(919)981-0060 [email protected]
27603
(919)835-1500 [email protected]
27511
(919)865-7011 [email protected]
28211
(980)233-6462 [email protected]
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neral Contractor Identity of Interest?
ompany: Southern General, Inc.
dress: PO Box 10372
ty: Greensboro State: NC Zip:
one Email:
ontact Name: First: Rick Last: Laughlin
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27404
(336)545-1410 [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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750
8,600
3,500
28,800
26,000
3,500
1,200
9,086
seminars, training, mile1,500
82,936
14,300
9,100
9,100
32,500
7,000
1,200
3,600
1,350
200
3,500
2,000
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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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1,200
11,000
18,000
2,400
2,000
4,200
2,400
5,600
1,500
500
67,650
65,000
6,400
15,000
60
1,200
12,000
99,660
16,000
2,000
2,000
20,000
20,000
20,000
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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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322,746
217,746
80
2,722
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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:High Income county:
At least twenty-five percent (25%) of qualified units will be affordable to households with incomes at or below thirty percent (30county median income.At least twenty-five percent (25%) of qualified units will be affordable to and occupied by households with incomes at or below percent (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 comedian income.At least fifty percent (50%) of qualified units will be affordable to and occupied by households with incomes at or below forty pe(40%) 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 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)
G Local Government Letter Confirming Zoning including any pending notices or hearings (original on letterhead, no fax orphotocopies)
H Letters from Local Utility Providers regarding availability and capacity (original on letterhead, no fax or photocopies)
I Documentation from utility company or local PHA to support estimated utility costs
J Appraisal (required for land costs greater than $15,000 and for all Adaptive Re-use and Rehab projects)
K Site plan, floor plans and elevations for all projects. Scope of work for Adaptive Re-use and Rehab projects. (Full Size, 24inches)
L Hazard and structural inspection and termite reports (Adaptive Re-use and Rehab projects only)
M Copy of certificate of occupancy or proof of placed-in-service date (Rehabs Only)
N 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.
O 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.
P 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.
Q Statement regarding terms of Deferred Developer Fee. If a nonprofit is involved, a resolution from their board approvingdeferral of fee is required.
R Inducement Resolution (Tax-Exempt Bond Financed Projects only)