Laurel Village

8/6/2019 Laurel Village

1/34

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: Multi-Family Production

Print Preview - Final Application

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

Resources Requested

797,700

Page 1 of 34Print - APP03-0142

1/14/2005https://www.nchfa.org/Rental/RTCApp/(jswrqyfm2zirjwjsmzajeh55)/site/PrintApp.aspx?II...


2/34

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

Project Name and Location

Project Name: Laurel Village

Address: Outland Avenue

City: Brevard County: TRANSYLVANIA Zip: 28712

Census Tract: 9603 Block Group: 3

No

Political Jurisdiction: City of Brevard

Jurisdiction CEO Name: First: Last:Rick Howell Title: City Manager

Jurisdiction Address: 151 West Main Street

Jurisdiction City: Brevard Zip: 28712

Jurisdiction Phone: (828)884-4123

Site Latitude: 35.2295

Site Longitude: -82.7221




3/34

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: RD and number of units:and number of units:

Target Population: Elderly (RHS/HUD)

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

2828

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: 14 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): 1,0061,006

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: 23,760

Total Net Sq. Ft. (All Heated Areas): 22,243




4/34

Applicant Information

Applicant Name: Guilford Financial Services, LLC

Address: 1607 Helmwood Drive

City: State: NC Zip:Greensboro 27410

Contact: First: Last: Title:Maida Renson Manager

Telephone: (336)292-3449

Alt Phone: (336)478-2274

Fax: (336)852-9595

Email Address: [email protected]




5/34

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

5.426 5.426

Yes

Small vacant abandoned house in poor condition will be demolished prior to construction.

No

No

Yes

No




6/34

(b) Describe flood mitigation if the project is in the East Region and will have improvements within the 100 year floodplain:




7/34

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

If yes provide:

Purchase Date: Purchase Price:

If no:

Site Control

Yes

12/27/2000 210,000

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

purchase 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:




8/34

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

R-2

Yes

Yes

Yes

This land was already properly zoned. The required variance was received. SEE HARDCOPYSUBMISSION FOR ADDITIONAL INFORMATION.

No

No

No




9/34


10/34


11/34


12/34

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 Loan 797,700 0.00 30 30 26,590Local Gov. Loan - Specify:

RD Loan 430,000 1.00 30 50 10,931

AHP Loan

Other Loan 1 - Specify:



Tax Exempt Bonds

State Tax Credit(Loan) 349,730 0 30 30 0

State Tax Credit(Direct Refund)

Equity: Federal LIHTC 1,032,168

Non-Repayable Grant

Equity: Historic Tax Credits

Deferred Developer Fees

Owner Investment

Other - Specify:

Total Sources** 2,609,598

* "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.

75

RD funding has already been obligated.




13/34

Development Costs

Item Cost Element TOTAL COSTEligible Basis

30% PV 70% PV

1 Purchase of Buildings (Rehab) 0

2 Demoli tion

3 On-site Improvements 366,500 309,900

4 Rehabilitation

5 Construction of New Building(s) 1,112,214 1,112,214

6 Accessory Building(s)

7 General Requirements 88,723 88,723

8 Contractor Overhead 31,349 31,349

9 Contractor Profit 94,046 94,046

10 Construction Contingency 50,785 0

11 Architect's Fee - Design 27,800 27,800

12 Architect's Fee - Inspection 6,950 6,950

SUBTOTAL (lines 1 through 12) 1,778,367

13 Construction Insurance (prorate)

14 Construction Loan Orig. Fee (prorate) 12,250 7,500

15 Construction Loan Interest (prorate) 89,000 89,000

16 Construction Loan Credit Enhancement (prorate)

17 Construction Period Taxes (prorate) 5,300 5,300

18 Water, Sewer and Impact Fees 22,500 22,500

19 Survey 41,000 41,000

20 Property Appraisal 2,500 2,500

21 Environmental Report 6,460 6,460

22 Market Study 11,311 11,311

23 Bond Costs (specify)

24 Cost of Issuance

25 Placement Fee

26 Permanent Loan Origination Fee

27 Permanent Loan Credit Enhancement

28 Title and Recording 4,000

SUBTOTAL (lines 13 through 28) 194,321

29 Real Estate Attorney 13,500 6,750

30 Other Attorney's Fees 25,000

31 Tax Credit App Fees 10,696 10,696

32 Cost Certification Fees 7,000 7,000

33 Tax Opinion 2,500

34 Organizational (Partnership) 15,000

35 Tax Credit Monitoring Fee 17,400


36 Furnishings and Equipment 6,000 6,000

37 Relocation Expenses

38 Developer's Fee (max 15% lines 2-36, less 8 & 9) 291,650 291,650

39 Other Basis Expense (specify)

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 38,164




14/34

Comments:

45 Operating Reserve

46 Other Reserve (specify)

47 Other Reserve (specify)

48 DEVELOPMENT COST (lines 1-47) 2,399,598 0 2,178,649

49 Less Federal Financing 430,000

50 Less Disproportionate Standard

51 Less Nonqualified Nonrecourse Financing

52 Less Historic Tax Credit (residential) 0

53 TOTAL ELIGIBLE BASIS 1,748,649 0 1,748,649

54 Times Applicable Fraction 100.00% 100% 100%

55 TOTAL QUALIFIED BASIS 1,748,649 0 1,748,649

56 Tax Credit Rate 0.00% 7.87%

57 FEDERAL TAX CREDITS at Estimated Rate 137,618 0 137,618

57a FEDERAL TAX CREDITS at 8.5% or 3.75% 148,635 0 148,635

58 FEDERAL TAX CREDITS REQUESTED 1,537,210 1,537,210

59 STATE TAX CREDITS 385,749

60 Land Cost 210,000

61 TOTAL REPLACEMENT COST 2,609,598

The market study cost exceeded $4,000 because market studies were prepared to support the RDapplication.




15/34

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

The site is located within a mature residential neighborhood. Brevard has a desparate need foraffordable housing, but city officials and residents are reluctant to approve any new development.The few affordable housing complexes are located well outside the downtown and residential areas.The designs for duplexes in the proposed development were intended to fit into the localneighborhood architecturally. The site layout and building facades (including dormers, gables, front

porches, patios, etc.) are designed to more closely resemble single family residences.

We have selected Harris Brown Management (formerly Weaver Management) to manage thecomplex.

Tenants will have the benefit of an extremely attractive affordable housing solution, located in aquiet neighborhood and close to downtown Brevard and numerous amenities.

No

Community Bldg - Sq Ft: 1,006 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




16/34

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

Yes




17/34

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).

Neighborhood is comprised primarily of residential single family homes of various sizes generallymore than 20 years old. The homes with few exceptions are well maintained. The neighborhood ismature, leaving little opportunity for investment or growth, but is not in a state of decline ordeterioration.

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.Laurel Village would represent a nice complement to the surrounding neighborhood. The proposedduplexes would fit in well with many of the existing single family residences. There is a church thatborders a portion of the property. There are ample shopping, restaurants, and other services andamenities within less than 1 mile from the site.

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 local streets are primarily residential, but have more than adequate capacity to accomodate theminimal incremental traffic resulting from an Elderly complex of this size. There are also adequatetraffic lights, stop signs and other controls appropriate for the area and traffic patterns. DOT officialshave evaluated Outland Avenue and the traffic resulting from the proposed units and have found theimpact to be negligible.

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 middle of a mature residential area and represents the only undevelopedland available within the area. There is some agricultural land a little more than a mile away, but thesite is not located near any incompatible uses or features. The site is ideal because of the primarilyresidential nature of the area.

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.The site does not pose any construction difficulties. The land has a very slight pitch to it in someareas, but will not require any extensive grading, nor does it have any unbuildable areas. The sitedoes not contain any environmental problems.

Similarity of scale and aesthetics/architecture between project and surroundings.The proposed structures should fit well with the existing residences in size and architecture. In fact,




18/34

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

Other facilities or services:

some of the elevations of the proposed duplexes mimic single story - single family homes.

Concentration of affordable housing (housing credit, project-based rental assistance, public housing).There is one group of about 40 Section 8 units located nearby on another street.

Availability of Supportive Services (if applicable):

Grocery Store1.2 Community/Senior Center0.4

Mall/Strip Center0.8 Hospital2.5

Outdoor Athletic Fields1.3 Pharmacy1.2

Day Care/After School0.5 Basic Health Care0.7

Schools0.5 Medical Offices0.7

Public Transportation Stop Bank/Credit Union0.7

Convenience Store1.2 Restaurants0.7

Basketball/Tennis Courts1.3 Professional Services0.7

Public Parks1.6 Movie Theater0.9

Gas Station0.4 Video Rental.08

Library0.9 Public Safety (Fire/Police)0.9

Fitness/Nature Trails1.0 Post Office0.9

Public Swimming Pools




19/34


20/34

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: 9 1

Units: 244 22

North Carolina Other States

Projects: 170 71

Units: 7,177 2,972

No

No

No

No

No




21/34

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? No

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

Does the project have a letter of intent from an investor? No

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: $

RD 515 Financing: $ 430,000

Hope VI Financing: $

Other: $

If Other, specify the type of Federal subsidy:




22/34

Project Operations (Year One)

Projected Operating Costs

Administrative Expenses

Advertising 950

Other Administrative Expense (specify):0

Office Salaries 0Office Supplies 518

Office or Model Apartment Rent 0

Management Fee 21,298

Manager or Superintendent Salaries 0

Manager or Superintendent Rent Free Unit 0

Legal Expenses (Project) 0

Auditing Expenses (Project) 2,900

Bookkeeping Fees/Accounting Services 0

Telephone and Answering Service 850

Bad Debts 0

Other Administrative Expenses (specify):2,407

SUBTOTAL 28,923

Utilities Expense

Fuel Oil 0

Electricity (Light and Misc. Power) 3,000

Water 1,000

Gas 0

Sewer 0

SUBTOTAL 4,000

Operating and Maintenance Expenses

Janitor and Cleaning Payroll 0

Janitor and Cleaning Supplies 0

Janitor and Cleaning Contract 0

Exterminating Payroll/Contract 0

Exterminating Supplies 0

Garbage and Trash Removal 3,200

Security Payroll/Contract 0

Grounds Payroll 0

Grounds Supplies 0

Grounds Contract 7,500

Repairs Payroll 8,900

Repairs Material 2,200

Repairs Contract 2,200

Elevator Maintenance/Contract 0

Heating/Cooling Repairs and Maintenance 0

Swimming Pool Maintenance/Contract 0

Snow Removal 0

Decorating Payroll/Contract 2,500

Decorating Supplies 2,200

Other (specify):0

Miscellaneous Operating & Maintenance Expenses 0

SUBTOTAL 28,700

Taxes and Insurance

Real Estate Taxes 11,000




23/34

Payroll Taxes (FICA) 0

Miscellaneous Taxes, Licenses and Permits 0

Property and Liability Insurance (Hazard) 5,200

Fidelity Bond Insurance 0

Workmen's Compensation 0

Health Insurance and Other Employee Benefits 0

Other Insurance:0

SUBTOTAL 16,200

Supportive Service Expenses

Service Coordinator 1,740

Service Supplies 1,000

Tenant Association Funds 0

Other Expenses (specify):0

SUBTOTAL 2,740

Reserves

Replacement Reserves 16,616

SUBTOTAL 16,616

TOTAL OPERATING EXPENSES 97,179

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

66,823

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

29

PER UNIT PER YEAR 2,304




24/34


25/34

Design Features

ITEM DESCRIPTION

Foundation/Slab Components Concrete Strip Footing with Concrete Turn Down

Primary Windows Make: Model:Allen Co. Thermal Break Frame Type/Construction: Aluminum Single Hung

Exterior Doors Type: Frames:Insulated Metal Wood

Siding Type: Grade/Thickness:Vinyl .045

Warranty: 20 Year

Exterior Trim Wood with Aluminum Wrap

Shingles Type: Weight:Fiberglass 225#

Warranty: 25 Year

Sprinkler System None

Cabinets Mesa by Marsh

Heat Pump SEER: Make:11.0 Trane or Equal

Model:

Air Conditioner SEER: Make:N/A N/A

Model: N/A

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

Model: N/A




26/34

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 10,197 11,047 21,244

Backfill-slab, Crawl 2,124 0 2,124

Slab-concrete/Rebar/Gravel 25,493 38,240 63,733

Waterproofing 0 0 0

Masonry Foundation 8,296 3,388 11,684

Brick Veneer 63,032 28,319 91,351

Steel/Structure/Rails 212 850 1,062

Framing/Lumber/Nails 62,681 116,408 179,089

Trusses 15,615 28,998 44,613

Crane Rental 3,187 0 3,187

Windows/Grilles/Screen 1,275 9,347 10,622Exterior Doors 2,071 11,737 13,808

Roofing 15,296 16,571 31,867

Fencing 0 0 0

Vinyl Siding/Trim/Box 14,871 27,618 42,489

Gutters/Shutters 2,549 2,762 5,311

Insulation 10,197 11,047 21,244

Drywall 44,613 29,742 74,355

Interior Doors 4,780 27,086 31,866

Int. & Final/Stair/Trim/Shelves 2,124 8,498 10,622

Cabinets & Tops 11,472 36,328 47,800

Painting 12,747 13,809 26,556

Marble - Tub/Shwr/Tops 0 0 0

Plumbing 27,405 63,945 91,350

Electrical 24,218 36,328 60,546

Heating/Air Conditioning 17,420 69,681 87,101

Floor Covering and Underlayment 9,560 22,306 31,866

Wall Paper 0 0 0

Mailboxes/Special Features/Signage 202 1,816 2,018

Gypcrete 0 0 0

Blinds/Shades/Art Work 212 1,912 2,124

Light Fixtures/Fans 0 0 0

Sprinkler System 0 0 0

Security Alarm 0 0 0

Hardwood Floors 0 0 0

Elevator 0 0 0

Ceramic Tiles 0 0 0

Acoustical Ceilings 0 0 0




27/34

Remarks:

Mirror/Shower Door/Encls. 0 0 0

Hardware/Bath Access. 3,824 15,296 19,120

Appliances 1,222 23,209 24,431

Playground Equipment 0 0 0

Interior Clean 3,160 558 3,718

Exterior Clean/Dumpster 4,516 797 5,313

Other 1 (specify in Remarks) 0 50,000 50,000

Other 2 (specify in Remarks) 0 0 0

Total Cost 404,571 707,643 1,112,214

must have breakdown of "other 1".




28/34

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 27,859

Job Site Office/Trailer Rental 5,501

Impact Fees 0

Office Supplies 1,153

Security/Watchman 0

Water and Sewer Connection Fees 0

Project Signage 799

Tools and Equipment 1,393

Gas, Oil, and Maintenance 7,098

Cleanup/Dumpster Rental 0

Temporary Water, Electric, and Telephone 5,767Storage/Hauling 5,527

Driveway Access Permit 0

Porta-John Rental/Dumping 7,985

Builders Risk Insurance 15,526

Re-inspection Fees 0

Extra Plans and Specifications 1,420

Miscellaneous, Casual Labor 0

Equipment Rental 5,412

Other 1 (specify in Remarks) 3,283

Other 2 (specify in Remarks)

Total Cost 88,723

"Other 1" = 3,283 (Building Permit)




29/34

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 10,400

Clearing/Grading/Final Grading/Excess and Borrow 98,000

Demolition 0

Earthwork/Excavation/Aerating 0

Soil Treatment 2,600

Pile Foundations 0

Caissons 0

Shoring/Bracing 0

Site Drainage 32,000

Site Utilities/Site Lighting 62,000

Paving and Surfacing/Curb and Gutter 97,000Walkways 32,000

Site Signage 7,500

Parking Lot Painting 0

Dumpsite Pads/Fencing 0

Fencing/Gates 0

Landscaping/Topsoil 19,000

Waterproofing/De-Watering 0

Operation of Construction Equipment/Fuel/Oil 0

Crane Rental 0

Rock and Hardpan Excavation 0

Site Supervision Personnel 6,000

Other (specify in Remarks)

Total Cost 366,500

Demolition is by others.Site utilites reduced by 50,000.




30/34

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



Total Cost 0




31/34

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




32/34

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.




33/34




34/34

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

Laurel Village