Spring Brook App

8/6/2019 Spring Brook App

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Print Preview - FinalApplicationTax Credits, RPP Loans, and/or Tax Exempt Bond Loans

roject Description

oject Name: Springbrook Apartments

dress: Crescent Drive

ty: Wilson County: Wilson Zip:

ensus Tract: 4 Block Group: 2

project in Qualified Census Tract or Difficult to Develop Area? Yes

olitical Jurisdiction: City of Wilson

risdiction CEO Name:First:Bruce Last:Rose

Title: Mayor

risdiction Address: 112 Goldsboro Street East

risdiction City: Wilson Zip:

risdiction Phone:

e Latitude:

e Longitude:

oject Type: New Construction

this project a previously awarded tax credit development? Yes

If yes, what is the project number: 2223 Is this a request for supplemental credits?No

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

ttps://www.nchfa.org/Rental/RTCApp/(S(rkbjufzio...EEA349192F&SNID=ECF5DA43519E4584B2C69100FFA4945B (1 of 29)9/17/2008 10:16:02 AM

27893

27893

(252)399-2310

35.7257

-77.9194


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If yes, please describe:

rget Population:Family

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:


3

4


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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: Guilford Financial Services, LLC

dress: Post Office Box 29407

ty: Greensboro State: NC Zip:

ontact: First: Maida Last:Renson Title:Manager

lephone:

Phone:

x:

mail Address:

OTE: Email Address above will be used for communication between NCHFA and Applicant.


27429-9407

(336)373-0600

(336)908-7718

(336)373-0601

[email protected]


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te Description

al Site Acreage: Total Buildable Acreage:

If buildable acreage is less than total acreage, please explain:

A portion of the property is set aside for potential wetlands and a buffer from a nearby floodplain as well asa for stormwater retention area.

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? Yes

If yes:(a) Describe placement of project buildings in relation to this area:

All of the buildings are at least 25 feet away from the edge of the 100 year floodplain and will be built well


8.75 5.4


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above the floodplain level.

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

No project improvements will be within the 100 year floodplain. We will leave a buffer between the potentialfloodplain and the buildings. In addition, all buildings will be on building pads that will be built up to insure

that all finished floors are well above the floodplain.



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te Control

es the owner have fee simple ownership of the property (site/buildings)?No

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?Yes

(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?NoIf yes, specify the relationship:

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

(D) Enter Purchase Price:


05/23/2008

437,500


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oning

esent zoning classification of the site:RA-8

multifamily use permitted?Yes

e variances, special or conditional use permits or any other item requiring a public hearing needed to develop this proposal?No

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 obta

them:

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: Wilson MMR Limited Partnership

dress: Post Office Box 29407

y: Greensboro State:NC Zip:

deral Tax ID Number of Ownership Entity: (If assigned)

ote: Do not submit social security numbers for individuals.

tity Type: Limited Partnership

tity Status: Already Formed

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

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

st all general partners, members,and principals. Specify nonprofit corporate general partners or members.ck [Add] to add additional partners, members, and principals.

Org: Wilson MMR GP, LLC

st Name: Maida Last Name: Renson Function: Managing General Partnerdress: P. O. Box 29407

ty: Greensboro State: NC Zip: 27429-9407

one: Fax:

Mail: Nonprofit: No

Org: Guilford Financial Services, LLC

st Name: Maida Last Name: Renson Function: Principal

dress: P. O. Box 29407


one: Fax:

Mail: Nonprofit: No

Org: Carolina Community Developers, LLC

st Name: Maida Last Name: Renson Function: Principal

dress: P. O. Box 29407


one: Fax:

Mail: Nonprofit: No


27429-9407

26-1394492

(336)373-0600 (336)373-0601

[email protected]

(336)373-0600 (336)373-0601

[email protected]

(336)373-0600 (336)373-0601

[email protected]


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ype # BRs Net Sq.Ft.Total

# Units#Units

MonthlyRent

UtilityAllowance

MandatoryServ. Fees

**TotalHousing Exp.

ti li ties included in rents: Water/Sewer Electric Gas Other

atistics

All

Units

Units

Gross Monthly

Rental Income

Low Income.......

Market Rate.......

Totals...............

oposed number of residential buildings: Maximum number of stories in buildings:

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(rkbjufzi...EA349192F&SNID=ECF5DA43519E4584B2C69100FFA4945B (10 of 29)9/17/2008 10:16:02 AM

38 6 15004

38 6 15004

19 2

1,089

37,000

36,195
http://www.nchfa.com/lib/html/rental/Median%20Income%20Charts/income_limits.htmhttp://www.nchfa.com/lib/html/rental/Median%20Income%20Charts/income_limits.htm


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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








tal Low Income Units:

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


3 40

3 50

6 60

5 40

4 50

9 60

2 40

2 50

4 60

38


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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:

RD 515 Loan

RD 538 Loan - Specify:

AHP Loan

Other Loan 1 - 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))


587,800

0.00 20 20

825,568 0 30 30 0

3,701,802

100

5,115,270

75


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ans with Variable Amortizationease fill in the annual debt service as applicable for the first 20 years of the project life.

PP Loan

ear:mt:

1 2 3 4 5 6 7 8 9 10

ear:mt:

11 12 13 14 15 16 17 18 19 20


21674 21076 20411 19675 18862 17968 16990 15932 14757 13493

12122 10639 9038 7312 5455 3458 1315 0 0 0


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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


861,733 861,733

2,187,131 2,186,381

178,730 178,730

63,151 63,151

248,805 248,805

106,134 106,134

65,668 65,668

43,650 43,650

31,260 31,260

3,786,262

34,825 34,825

145,000 129,320

617 617

2,250 2,250

70,260 70,260

1,250 1,250

8,800 8,800

4,300 4,300

5,500


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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


38 Furnishings and Equipment

39 Relocation Expense

40 Developer's Fee

41

42

43 Rent-up Expense

44

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


272,802

7,500 5,000

25,000

2,200

34,844

15,000 13,045

4,000

13,000

26,600

128,144

13,000 13,000

399,000 399,000

Other Basis Expense (s

Other Basis Expense (s

17,100

Other Non-basis Expen

Other Non-basis Expen

429,100

11,400

82,562

Other Reserve (specify)

Other Reserve (specify)

4,710,270 0 4,467,179

0

4,467,179 0 4,467,179

100.00% 100% 100%

4,467,179 0 4,467,179

130.00% 130.00%

5,807,333 0 5,807,333


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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:

land appraised less than purchase price

Total Replacement Cost per unit:95,939


3.40 8.50

493,623 0 493,623

522,660 0 522,660

498,590 498,590

405,000

5,115,270

522,660


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arket Study Information

ase provide a detailed description of the proposed project:

is project will consist of 19 duplex buildings (for a total of 38 units) plus a community building on a siteat totals approxumately 8.75 acres. A portion of the site is set aside as non-buildable to protect potentialetlands.

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:

Architectural shingles, multiple roof lines, gables, dormers, and many architectural details.

ve you built other tax credit developments that use the same building design as this project?Yes

If yes, please provide name and address:

Willow Grove Apartments322 Mt. Tabor RoadRed Springs, NC 28377

Stokesburg MeadowsStokesburg RoadWalnut Cove, NC 27042

e Amenities:

ayground, walking trails consisting of a 4' to 6' continuous sidewalk around the property, gazebo, coveredcnic area with 2 tables and grill, three outdoor sitting areas with benches,community room with TV,sident computer center (with 2 computers with high speed internet access), common laundry area, andchenette.

site Activities:

e site manager will be responsible for all on-site activities and programs. The manager will also holdecial events throughout the year, and especially at holiday times.

esidents will have access to a computer center with high-speed internet access in the community buildingeducational and recreational use. The community building will also include full kitchen facilities and

ting area.

ndscaping Plans:



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e site will retain some of the natural woods as perimeter buffers as well as attractive foundation plantingsd specimen evergreen and deciduous trees and bushes such as holly, deodora cedars, azaleas, crepe

yrtle and other attractive species.

erior Apartment Amenities:

partments will include ranges, range hoods, dishwashers, refrigerators, storage, washer/dryer hookups,

ni-blinds, pantries, TV cable connections, and walk-in closets.

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.



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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.

here is a significant amount of growth in the area, especially on the western portion of Wilson. The area

round the site has recently experienced significant commercial growth. The commercial sites are generallyewer, well-maintained and successful.

his economic vitality is also supported by a large development of single family homes being constructedn land adjacent to the proposed site.

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. The proposed site is ideally situated in an area with new single familymes as well as many attractive retail and commercial establishments that will offer convenient amenities to

e residents. There is no known incompatible land use near the site that would adversely affect the residentsany way. There is no land close to the site that is vacant or is not in the process of being developed.

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 is situated near Forest Hills Road, a road that is well designed, and

s adequate traffice controls to handle the retail, commercial and residential traffic. Residents will enter andit the site onto a new extension of Crescent Drive before going to Forest Hills Road. Public transportationavailable very nearby on Forest Hills Road. A bus route has been included in the packet of additional

arketing materials attached to this application. The development will be at least partially visible to traffic onrest Hills Road.

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).

he site includes approximately three acres that might be considered wetlands. The site plan, however, wasarefully designed to avoid and protect these areas. There are no other known potential impediments tother construction or enjoyment of the residents.

milarity of scale and aesthetics/architecture between project and surroundings.

he proposed structures represent a design that should integrate nicely with the architectural style andcale with the nearby single family homes recently built and under construction.



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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:

e City of Wilson also offers a large number of cultural and recreation facilities and events. For example,sidents can visit Imagination Station, a science and technology center. They can go to the botanicalrdens, the symphony, the North Carolina Baseball Museum, go to the races, watch the Wilson Tobs playseball, go fishing at the reservoir and other cultural and historic activities.


12.3

3 0.9

8 0.5

4 0.2

8

1

2

3

2

2


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evelopment Team

ovide contact information for development team members below:

nagement Agent

ompany: Partnership Property Management

dress: P.O. Box 26405


one Email:

ontact Name: First: Mike Last: Holoman

chitect

ompany: Smith Norwood Architecture & Design, PA

dress: 608 Gaston St., Suite 100

ty: Raleigh State: NC Zip:

one Email:

ontact Name: First: Jill Last: Smith

orney

ompany: Schell,Bray,Aycock,Abel & Livingston, PLLC

dress: 230 N.Elm St. Suite 1500


one Email:

ontact Name: First: Garland Last: Graham

estor

ompany: Raymond James Tax Credit Funds, Inc.

dress: 880 Carillon Parkway, Dept. 20485

ty: St. Petersburg State: FL Zip:

one Email:

ontact Name: First: Craig Last: Descalzi

nsultant/Application Preparer (if different from developer)

ompany:

dress:

ty: State: Zip:

one Email:

ontact Name: First: Last:


27404-6405

(800)735-2962 [email protected]

27603


27401


33716

(800)438-8808 Craig.Descalzi@RaymondJames.


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neral Contractor Identity of Interest?

ompany: EST General Contractors, Inc.

dress: 100 Tilghman Dr.

ty: Dunn State: NC Zip:

one Email:

ontact Name: First: Ed Last: Turlington


28334



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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


1,000

10,920

2,000

20,520

3,000

2,500

Training 350,Cr.Bureau7,375

47,315

3,000

600

3,600

5,400


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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


10,800

12,775

4,000

6,000

6,750

45,725

27,360

2,400

6,500

900

150

37,310

0

9,500

9,500


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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


143,450

106,590

38

2,805


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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: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 percent (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 comedian income.

At least fifty percent (50%) of qualified units will be affordable to and occupied by households with incomes at or below fifty per(50%) 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)

Documents

Spring Brook App