Salem Gardens

8/6/2019 Salem Gardens

http://slidepdf.com/reader/full/salem-gardens 1/33

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

Does a community revitalization plan exist?

Print Preview - Final Application

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

Project Name and Location

Project Name: Salem Gardens Apartments

Address: #7 Salem Garden Road

City: Winston-Salem County: Forsyth Zip: 27107

Census Tract: 33.03 Block Group: 2

No

Yes

Political Jurisdiction: City of Winston-Salem

Jurisdiction CEO Name: First: Last:Allan Joines Title: Mayor

Jurisdiction Address: Office of the Major, City Hall, 101 N. Main Street, Suite 150

Jurisdiction City: Winston-Salem Zip: 27102

Jurisdiction Phone: (336)727-2058

Site Latitude: 36.0818

Site Longitude: -80.1826

Page 1 of 33Print - APP04-0054

1/14/2005https://www.nchfa.org/Rental/RTCApp/(llfpyf55l0z4agb5yvm42iyz)/site/PrintApp.aspx?II...



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 project based federal rental assistance?

If yes, provide the subsidy source:If yes, provide the subsidy source: HUD and number of units:and number of units:

Target Population: Family

Indicate below any additional targeting for special populations proposed for this project:

Project Description

Project Type:* New Construction Rehab Adaptive Reuse

No

Yes

149149

Mobility impaired handicapped: 5% of units comply with QAP Section IV(F)(3) (in addition to the units required by other federaland state codes.)

Persons with disabilities or homeless populations: the greater of 5 units or 10% of the total units

Remarks: The developer and management agent will enter into a Memorandum of Understanding with a locallead agency. The agency will, among other things, assess the targeted population, develop thereferral process and provide supportive services. 100% of the units in the complex have Section 8Project Based Rental Assistance from the Department of Housing and Urban Development so these

units will be affordable to persons with extremely low incomes.





Applicant Information

Applicant Name: Salem Preservation Partners, LLC

Address: 7000 Central Parkway, NE, Suite 1100

City: State: GA Zip:Atlanta 30328

Contact: First: Last: Title:Ken Blankenship Vice President

Telephone: (678)320-3812

Alt Phone: (678)320-3780

Fax: (770)804-0209

Email Address: [email protected]





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 directly accessed by an existing, paved, publicly maintained road?

If no, please explain:

Site Description

17.84 17.84

No

Yes

The current occupancy level at Salem Gardens is 98.67%. The property is used strictly forAffordable Housing for families. During the proposed preservation and renovation, we will notdisplace any residents. This gives the residents the least amount of inconvenience. The residentswill also be informed of the scope and schedule of renovations taking place in their units. A ResidentService Coordinator (RSC) is on staff who handles all questions, concerns and notifications. Beforeconstruction starts, we send out brochures, conduct town hall meetings on-site, and disperse noticesto all the residents. These tools help the residents get familiar with the process and manage theirexpectations.

Once construction starts, we use guidelines that least impact the tenant. Work is only done from8:00 AM to 5:00 PM. A hospitality suite is provided to the residents during the the period in whichtheir unit is under construction. This hospitality suite has a coffee maker, TV, telephone, sitting area,and refrigerator. The suite also displays a basic overview of what their unit will look like whenconstruction is finished. All work is scheduled to be completed by the end of the day. If somethingprevents the work from being completed that day then the proper accommodations are provided. Anexample would be if the kitchen is not completed by the end of the workday, dinner will be providedfor the resident(s). If HVAC is not working by the end of the workday and temperatures are not in acomfortable range (either hot or cold), a hotel room will be provided at our expense for the resident(s). We will provide adequate protection for all of the residents' belongings and will provide packingboxes if the resident so chooses.

The residents' comfort and convenience is a high priority, and we will take every step to ensure thisoccurs. Attached to the paper application, to be submitted January 16, 2004, is a detailed plan weuse for all renovations.

No

No

Yes





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:

(b) Describe flood mitigation if the project will have improvements within the 100 year floodplain:

No





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: 12/31/2004

(D) Enter Purchase Price: 2,951,000





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:

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

RM-12, Residential Multifamily

Yes

No

No

No





Ownership Entity

Owner Name: Ashton Salem, LP


City: State: GA Zip:Atlanta 30328

Federal Tax ID Number of Ownership Entity: (If assigned)20-0435709

Federal Tax ID Number of Managing GP or Member: (If Not Assigned)

Entity Type: Limited Partnership

Entity Status: Already Formed

Is the applicant requesting that the Agency treat the application as Non-Profit sponsored? No

Is the applicant requesting that the Agency treat the application as CHDO sponsored? No

List all general partners, members,and principals. Specify nonprofit corporate general partners ormembers. Click [Add] to add additional partners, members, and principals.

Org: Salem Preservation Partners, LLC

First Name: Rhett Last Name: Holmes Function: Managing General Partner


City: Atlanta State: GA Zip: 30328

Phone: (678)320-3810 Fax: (770)804-0209

EMail: [email protected] Nonprofit: No TaxID 20-0506127











Specify Low Income Unit Targeting in table below. List each applicable targeting combination in a separate row below. Click [Add] to createanother row. Click "X" (at the left of each row) to delete a row. Add as many rows as needed.

Total Low Income Units:

Note: This number should match the total number of low income units in the Unit Mix section.

Targeting

# BRs Units %

1 40 targeted at 60 percent of median income.




149





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 3,544,778 6.25 40 40 241,501

RPP LoanLocal Gov. Loan - Specify:

RD 515 Loan

RD 538 Loan - Specify:

AHP Loan

Other Loan 1 - Specify:



Tax Exempt Bonds

State Tax Credit(Loan) 579,451 0 30 30 0

State Tax Credit(Direct Refund)

Equity: Federal LIHTC 2,750,368

Non-Repayable Grant

Equity: Historic Tax Credits

Deferred Developer Fees 94,902

Owner Investment

Other - Specify:

Total Sources** 6,969,499

* "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.

80

Bank Loan - ARCS Commercial MortgageState Tax Credit - NCHFAEquity - Boston CapitaLDeferred Developer Fee - Preservation First Development Company, LLCOwner Investment - Ashton Salem, LP





Development Costs

Item Cost Element TOTAL COSTEligible Basis

30% PV 70% PV

1 Purchase of Buildings (Rehab) 2,429,500 2,429,500

2 Demoli tion

3 On-site Improvements 148,940 148,940

4 Rehabilitation 2,017,820 2,017,820

5 Construction of New Building(s)

6 Accessory Building(s)

7 General Requirements 128,806 128,806

8 Contractor Overhead 42,935 42,935

9 Contractor Profit 146,332 146,332

10 Construction Contingency 147,890 147,890

11 Architect's Fee - Design 30,545 30,545

12 Architect's Fee - Inspection 3,725 3,725

SUBTOTAL (lines 1 through 12) 5,096,493

13 Construction Insurance (prorate)

14 Construction Loan Orig. Fee (prorate) 53,172 53,172

15 Construction Loan Interest (prorate) 124,958 124,958

16 Construction Loan Credit Enhancement (prorate)

17 Construction Period Taxes (prorate)

18 Water, Sewer and Impact Fees

19 Survey 15,000 15,000

20 Property Appraisal 5,000 5,000

21 Environmental Report 10,500 10,500

22 Market Study

23 Bond Costs (specify)

24 Cost of Issuance

25 Placement Fee 53,172

26 Permanent Loan Origination Fee

27 Permanent Loan Credit Enhancement

28 Title and Recording 20,987

SUBTOTAL (lines 13 through 28) 282,789

29 Real Estate Attorney 28,000 28,000

30 Other Attorney's Fees 25,000 25,000

31 Tax Credit App Fees 32,211 32,211

32 Accounting Fees 13,000 13,000

33 Tax Opinion

34 Organizational (Partnership)

35 Tax Credit Monitoring Fee 78,225


36 Furnishings and Equipment

37 Relocation Expenses

38 Developer's Fee (max 15% lines 2-36, less 8 & 9) 391,180 97,180 294,000

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 44,700





Comments:

45 Operating Reserve 404,251

46 Replacement Reserve 52,150

47 Other Reserve (specify)

48 DEVELOPMENT COST (lines 1-47) 6,447,999 2,526,680 3,267,834

49 Less Federal Financing

50 Less Disproportionate Standard

51 Less Nonqualified Nonrecourse Financing

52 Less Historic Tax Credit (residential) 0

53 TOTAL ELIGIBLE BASIS 5,794,514 2,526,680 3,267,834

54 Applicable Fraction (percentage of LI Units) 100.00% 100% 100%

55 Basis Before Boost 5,794,514 2,526,680 3,267,834

56 Boost for QCT/DDA (if applicable, enter 130%) 100.00% 100.00%

57 TOTAL QUALIFIED BASIS 5,794,514 2,526,680 3,267,834

58 Tax Credit Rate 3.39% 7.91%

59 Federal Tax Credits at Estimated Rate 344,140 85,654 258,485

60 Federal Tax Credits at 8.5% or 3.75% 372,516 94,750 277,765

61 Federal Tax Credits Requested 348,063 85,791 262,272

62 Land Cost 521,500

63 TOTAL REPLACEMENT COST 6,969,499





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 current occupancy level at Salem Gardens is 98.67%. The property is used strictly forAffordable Housing for families. During the proposed preservation and renovation, we will notdisplace any residents. This gives the residents the least amount of inconvenience. The residentswill also be informed of the scope and schedule of renovations taking place in their units. A ResidentService Coordinator (RSC) is on staff who handles all questions, concerns and notifications. Before

construction starts, we send out brochures, conduct town hall meetings on-site, and disperse noticesto all the residents. These tools help the residents get familiar with the process and manage theirexpectations.

Once construction starts, we use guidelines that least impact the tenant. Work is only done from8:00 AM to 5:00 PM. A hospitality suite is provided to the residents during the the period in whichtheir unit is under construction. This hospitality suite has a coffee maker, TV, telephone, sitting area,and refrigerator. The suite also displays a basic overview of what their unit will look like whenconstruction is finished. All work is scheduled to be completed by the end of the day. If somethingprevents the work from being completed that day then the proper accommodations are provided. Anexample would be if the kitchen is not completed by the end of the workday, dinner will be providedfor the resident(s). If HVAC is not working by the end of the workday and temperatures are not in acomfortable range (either hot or cold), a hotel room will be provided at our expense for the resident(s). We will provide adequate protection for all of the residents' belongings and will provide packingboxes if the resident so chooses.

The residents' comfort and convenience is a high priority, and we will take every step to ensure this

occurs. Attached to the paper application, to be submitted January 16, 2004, is a detailed plan weuse for all renovations.

Yes

Athens Gardens Apartments135 Coleridge CourtAthens, GA 30605

Clarke Gardens Apartments110 Carriage CourtAthens, GA 30605

Both of these properties are currently under construction.

Community Bldg - Sq Ft: Community Room - Sq Ft: 1,090 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





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.

Pool Fitness Stations Horseshoe Pit Shuffleboard Covered Drive Thru

The local Feed & Seed of Winston-Salem provides our property with computers for our computerroom, books for our library and supervised after school recreation in our community unit.

A professional landscape architect will be engaged. Improvements will be made to enhance theexisting landscape, including reseeding erosion areas and strengthening existing retaining walls.

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

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

No





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). Concentration of

affordable housing.The City of Winston-Salem has a population of approximately 170,000 with an area median incomeof $55,500. The Piedmont Triad consisting of Winston-Salem, Greensboro and High Point make upa MSA population of 1.2 million. Salem Gardens is located in the southeastern portion of Winton-Salem, North Carolina. The population of southeast Winston –Salem is approximately 13,400, whichis a 7 % increase from the 1990 census. Of that 7% increase in population, the majority is in theHispanic community. This creates great diversity in the area and heightens the need for affordablehousing. The region land use falls into three different categories: residential, commercial, andinstitutional. Residential use is predominately low-density, single-family homes. The conditions ofthe homes are good. In fact, in a recent study 90% of the homes in the southeastern region wereclassified as standard. A new neighborhood is in the construction process and will be complete uponthe development of the final two lots. Two other multifamily developments are located in this area,Skyline Village and Christian Care of Winston-Salem. Commercial space in the area is scatteredthrough the southeastern region; however, a large commercial space is located less than a half mileaway from Salem Gardens. This space is utilized by grocery stores, International markets, banks,retail stores, restaurants, and services. All of these businesses are convenient and have easyaccess for our residents. A significant portion of the land in southeastern Winston-Salem provides

for Institutions such as schools, churches, recreational facilities, utilities, and fire stations. Winston-Salem State University is located less than two miles from the property and is in the process ofexpanding the campus. Several recreation areas are also located within one mile of Salem Gardensincluding Reynolds Park Public Golf course, Reynolds Park Recreation Center, and Salem LakeParks and Recreation Area. The Reynolds Recreation Center has a public pool and tennis courts,while the Salem Lake Park and Recreation Area has a Marina and numerous miles of hiking andbiking trails. Overall characteristics of the neighborhood provide all the qualities needed for growth ina community and we believe preservation of Affordable housing in this area is critical. Winston-Salem has a Revitalization Plan for this southeast region.

A copy of the Revitalization Plan from the city will accompany our paper application due on January16, 2004.

Suitability of surrounding development. Land use pattern is primarily residential (single andmultifamily housing) with a balance of other uses (particularly retail and amenities). Amount andcharacter of vacant, undeveloped land. Effect of industrial, large-scale institutional or otherincompatible uses: wastewater treatment facilities, high traffic corridors, junkyards, prisions, landfills,

large swamps, distribution facilities, frequently used railroad tracks, power transmission lines andtowers, factories or similar operations, sources of excessive noise, and sites with environmentalconcerns (such as odors or pollution).No industrial uses are located near Salem Gardens and very few in the southeast region . Noprisons, junkyards, landfills, water treatment facilities, factories, or uses of that nature are locatednear the property. The majority of the land in this region is for residential, commercial, andinstitutional uses. A vacant lot is located near the property.

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).Salem Gardens is located on a public road, which serves as its private entrance. Adequate signage

allows residents and visitors to find their way to and from the property with ease. Also, there is a busstop at the entrance of the property, which allows for easy access to and from the property. BusRoute #29 runs to and from downtown Winston-Salem and Salem Gardens. Accessibility toInterstate I-40 is located approximately two and a half miles from the entrance of the property. US52 is located close to the property.

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.There are zero on-site physical barriers or negative features. Salem Gardens sits on relatively flat





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

Other facilities or services:

land.

Similarity of scale and aesthetics/architecture between project and surroundings.The surrounding area is very similar to Salem Gardens. The elderly care center across the street is

a brick veneer and wood siding building, which is similar to Salem Gardens.

Grocery Store0.4 Community/Senior Center0.1

Mall/Strip Center0.4 Hospital3.5

Outdoor Athletic Fields1.0 Pharmacy0.5

Day Care/After School1.0 Basic Health Care3.5

Schools2.0 Medical Offices3.5

Public Transportation Stop0.02 Bank/Credit Union0.4

Convenience Store0.5 Restaurants0.4

Basketball/Tennis Courts1.1 Professional Services5.0

Public Parks1.0 Movie Theater5.0

Gas Station0.5 Video Rental0.6

Library5.0 Public Safety (Fire/Police)0.6

Fitness/Nature Trails1.0 Post Office1.0

Public Swimming Pools1.1







Development List 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:

Management List 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: 0 21

Units: 0 1,558

North Carolina Other States

Projects: 6 35

Units: 750 3,004

No

No

No

No

No





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? No

If yes, indicate the type and amount below:

Tax Exempt Financing: $

RD 515 Financing: $

Hope VI Financing: $

Other: $

If Other, specify the type of Federal subsidy:





Project Operations (Year One)

Projected Operating Costs

Administrative Expenses

Advertising 3,120

Office Salaries 60,528

Office Supplies 7,900

Office or Model Apartment Rent 0

Management Fee 70,056

Manager or Superintendent Salaries 73,122

Manager or Superintendent Rent Free Unit 0

Legal Expenses (Project) 1,800

Auditing Expenses (Project) 7,500

Bookkeeping Fees/Accounting Services 10,800

Telephone and Answering Service 6,600

Bad Debts 0

Other Administrative Expenses (specify):

Software Licenses, Leased Furniture, Bank Charges4,781

SUBTOTAL 246,207

Utilities ExpenseFuel Oil 0

Electricity (Light and Misc. Power) 16,800

Water 20,850

Gas 0

Sewer 20,850

SUBTOTAL 58,500

Operating and Maintenance Expenses

Janitor and Cleaning Payroll 0

Janitor and Cleaning Supplies 0

Janitor and Cleaning Contract 0

Exterminating Payroll/Contract 4,500

Exterminating Supplies 0

Garbage and Trash Removal 14,830

Security Payroll/Contract 0

Grounds Payroll 0

Grounds Supplies 0

Grounds Contract 30,600

Repairs Payroll 0

Repairs Material 19,950

Repairs Contract 8,940

Elevator Maintenance/Contract 0

Heating/Cooling Repairs and Maintenance 4,200

Swimming Pool Maintenance/Contract 0

Snow Removal 0

Decorating Payroll/Contract 9,600

Decorating Supplies 0

Other (specify):

Fire & Safety2,245

Miscellaneous Operating & Maintenance Expenses 0

SUBTOTAL 94,865

Taxes and Insurance

Real Estate Taxes 51,910

Payroll Taxes (FICA) 20,047

Miscellaneous Taxes, Licenses and Permits 2,635





Property and Liability Insurance (Hazard) 28,236

Fidelity Bond Insurance 0

Workmen's Compensation 2,500

Health Insurance and Other Employee Benefits 9,951

Other Insurance:0

SUBTOTAL 115,279

Supportive Service Expenses

Service Coordinator 0

Service Supplies 0

Tenant Association Funds 0

Other Expenses (specify):0

SUBTOTAL 0

Reserves

Replacement Reserves 52,150

SUBTOTAL 52,150

TOTAL OPERATING EXPENSES 567,001

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

462,941

TOTAL UNITS(from total units in the Unit Mix section) 149

PER UNIT PER YEAR 3,106







Design Features

ITEM DESCRIPTION

Foundation/Slab Components Block Walls and Concrete Footings

Primary Windows Make: Model:Mayfair 550 Insulated Type/Construction: Aluminum

Exterior Doors Type: Frames:Steel 6 Panel Wood

Siding Type: Grade/Thickness:Vinyl .046

Warranty: Lifetime

Exterior Trim Aluminum Wrapped Trim and Vinyl Soffits

Shingles Type: Weight:Asphalt

Warranty: 25 years

Sprinkler System None

Cabinets Solid Wood Flat Panel Door and Drawers

Heat Pump SEER: Make:12 Goodman

Model: CPLJ18

Air Conditioner SEER: Make:12 Goodman

Model: CLJ18

Other Heat Systems SEER: Make:

Model:





This is a detailed breakdown of rehabilitation or construction costs you summarized in the Development Costs table (Rehabilitation andConstruction of New Building(s)). The total should match those roll-up values.

Costs - Construction

ITEM LABOR MATERIAL TOTAL

Concrete Footings 0

Backfill-slab, Crawl 0

Slab-concrete/Rebar/Gravel 0

Waterproofing 0

Masonry Foundation 0

Brick Veneer 8,000 8,000

Steel/Structure/Rails 4,000 1,000 5,000

Framing/Lumber/Nails 0

Trusses 0

Crane Rental 0

Windows/Grilles/Screen 49,875 92,625 142,500Exterior Doors 18,760 34,840 53,600

Roofing 75,600 32,400 108,000

Fencing 0

Vinyl Siding/Trim/Box 81,600 122,400 204,000

Gutters/Shutters 27,000 18,000 45,000

Insulation 5,000 7,500 12,500

Drywall 0

Interior Doors 0

Int. & Final/Stair/Trim/Shelves 35,700 15,300 51,000

Cabinets & Tops 78,525 183,225 261,750

Painting 60,075 6,675 66,750

Marble - Tub/Shwr/Tops 0

Plumbing 123,750 101,250 225,000

Electrical 33,750 33,750 67,500

Heating/Air Conditioning 78,000 182,000 260,000

Floor Covering and Underlayment 26,400 105,600 132,000

Wall Paper 0

Mailboxes/Special Features/Signage 4,000 1,000 5,000

Gypcrete 0

Blinds/Shades/Art Work 2,250 20,250 22,500

Light Fixtures/Fans 24,750 24,750 49,500

Sprinkler System 0

Security Alarm 9,000 13,500 22,500

Hardwood Floors 0

Elevator 0

Ceramic Tiles 0

Acoustical Ceilings 0





Remarks:

Mirror/Shower Door/Encls. 0

Hardware/Bath Access. 0

Appliances 160,620 160,620

Playground Equipment 9,500 9,500

Interior Clean 0

Exterior Clean/Dumpster Rental 0

Other 1 (specify in Remarks) 63,360 42,240 105,600

Other 2 (specify in Remarks) 0

Total Cost 809,395 1,208,425 2,017,820

Other 1 - Handicap Accessibility, Sight Hearing Empaired and Leasing Office/Laundry Expansion





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 65,937

Job Site Office/Trailer Rental 3,600

Office Supplies 2,000

Security/Watchman 0

Project Signage 500

Tools and Equipment 11,000

Gas, Oil, and Maintenance 200

Temporary Water, Electric, and Telephone 0

Storage/Hauling 4,000

Driveway Access Permit 0

Porta-John Rental/Dumping 500Builders Risk Insurance 0

Re-inspection Fees 0

Extra Plans and Specifications 200

Miscellaneous, Casual Labor 10,000

Equipment Rental 5,000

Other 1 (specify in Remarks) 25,869


Total Cost 128,806

Other 1 - Payment and Performance Bond





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 20,000

Clearing/Grading/Final Grading/Excess and Borrow 0

Demolition 0

Earthwork/Excavation/Aerating 0

Soil Treatment 0

Pile Foundations 0

Caissons 0

Shoring/Bracing 0

Site Drainage 5,000

Site Utilities/Site Lighting 25,000

Paving and Surfacing/Curb and Gutter 25,000Walkways 11,000

Site Signage 25,000

Parking Lot Painting 0

Dumpster Pads/Fencing 0

Fencing/Gates 5,000

Landscaping/Topsoil 7,940

Rock and Hardpan Excavation 0

Site Supervision Personnel 0

Other (specify in Remarks) 25,000

Total Cost 148,940

Site Sanitary Sewer Lines. Included amount from line 32 in the original app on 1st line above.







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 0

Issuer Counsel 0

Credit Enhancement/LOC Counsel 0

Underwriter Counsel 0

Developer's Counsel 0

Rating Agency Fee 0

Printing 0

Trustee Fee 0

Trustee Counsel 0

Issuer's Fee 0

Other 1 (specify in Remarks) 0Other 2 (specify in Remarks) 0


Total Cost 0





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.

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.





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 Letters from Local Utility Providers (original on letterhead, no fax or photocopies)

I Local Government Letter or Letter from Certified Engineer or Land Surveyor Confirming Floodplain Designation with Mapshowing 100 year and 500 year floodplain (original on letterhead, no fax or photocopies)

J Local Government Letter Confirming Zoning (original on letterhead, no fax or photocopies)

K Copy of certificate of occupancy or proof of placed-in-service date (Rehabs Only)

L Site plan, floor plans and elevations

M Hazard and structural inspection and termite reports (Renovation projects only)

N Anticipated budget demonstrating how the project would meet the 10% test by November 14th.

O Evidence of Architect's Errors and Omissions insurance (or equivalent).

P Description of acquisition for existing/occupied projects or for projects with occupied buildings to be demolished.

Q Description of proposed Relocation Plan & Relocation Budget, Etc. If any relocation is anticipated, reference Appendix F.

R Targeting Plan and supporting documentation (Required for all projects)

S Local Housing Authority Agreement (Reference Model in Appendix I)

T Appraisal (for land costs greater than $5,000 and for buildings in rehab projects)

U Evidence of Permanent Loan Commitment, other sources of funds, and project-based subsidies.

V Statement regarding terms of Deferred Developer Fee and, if nonprofit, resolution of Board approving fee.

W Inducement Resolution (Tax-Exempt Bond Financed Projects only)

X Documentation to support estimated utility costs.


Documents

Salem Gardens