Forest Edge Apartment Homes

8/6/2019 Forest Edge Apartment Homes

1/27

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

New Construction/Adaptive Reuse:

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 meet Energy Star standards as defined in Appendix B?

Does a community revitalization plan exist?

Target Population: Family

Will the project be receiving project based federal rental assistance?

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

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

Print Preview - Full Application

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

Project Description

Project Name: Forest Edge Apartment Homes

Address: Pireway Road

City: Tabor City County: Columbus Zip: 28463

Census Tract: 9912 Block Group: 442

Yes

Political Jurisdiction: Town of Tabor City

Jurisdiction CEO Name: First: Last:Royce Harper Title: MayorJurisdiction Address: 103 E. Fourth Street, P. O. Drawer 655

Jurisdiction City: Tabor City Zip: 28463

Jurisdiction Phone: (910)653-3458

Site Latitude: 34.149

Site Longitude: -78.877

Project Type: New Construction

No

Rehab:

Is this project a previously awarded tax credit development?

If yes, what year were credits awarded?:

Number of residents holding Section 8 vouchers:

No

Yes

Will the project use steel and concrete construction and have at least 4 stories? No

Will the project include a Community Service Facility under IRS Revenue Ruling 2003-77? No

If yes, please describe:

No

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


2/27

Number of Units: 4

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

Number of Units: 5

Remarks:


3/27

Indicate below an individual or a validly existing entity (a corporation, nonprofit, limited partnership or LLC) as the official applicant. UnderQAP Section III(C)(5) only this individual or entity will be able to make decisions with regard to this application. If awarded the applicantmust become part of the ownership entity. The applicant will execute the signature page for this application.

Applicant Information

Applicant Name: Caiseal Forest Edge, LLC

Address: 1049 Sunset Meadows Drive

City: State: NC Zip:Apex 27523

Contact: First: Last: Title:Holly Smith Managing Member

Telephone: (919)363-1677

Alt Phone: (919)539-1654

Fax: (919)363-1727

Email Address: [email protected]

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


4/27

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:

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:

Site Description

4.3 4.3

No

No

Yes

No


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6/27

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 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 for

purchase of the property and the seller of the property?If yes, specify the relationship:

Yes

Holly Smith has optioned the property and is optioning it to Forest Edge Apts, LLC

(c) Enter the current expiration date of the option/contract to purchase: 8/10/2007

(D) Enter Purchase Price: 150,000


7/27

Present zoning classification of the site:

Is multifamily 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

HSB

Yes

No

No

No


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9/27

EMail: [email protected] Nonprofit: Yes


10/27

The Median Income for Columbus county is $47,100.

Low Income Units

Employee Units (will add to Low Income Unit total)

Market Rate Units

Statistics

Square Footage Information

Notes

Unit Mix

Type # BRs Net Sq.Ft.Total

# Units#Units

MonthlyRent

UtilityAllowance

MandatoryServ. Fees

**TotalHousing Exp.

Gdn Apt 1 770 12 1 330 80 0 410

Gdn Apt 2 986 24 2 389 96 0 485

Gdn Apt 3 1185 12 1 461 109 0 570

Utilities included in rents: Water/Sewer Electric Gas Other Trash Collection


# Units#Units

MonthlyRent

UtilityAllowance

MandatoryServ. Fees

**TotalHousing Exp.

Utilities included in rents: Water/Sewer Electric Gas Other


# Units#Units

MonthlyRent

UtilityAllowance

MandatoryServ. Fees

**TotalHousing Exp.

Utilities included in rents: Water/Sewer Electric Gas Other

AllUnits

Units

Gross MonthlyRental Income

Low Income....... 48 4 18828

Market Rate.......

Totals............... 48 4 18828

Proposed number of residential buildings: 6 Maximum number of stories in buildings: 2

Project Includes:Separate community building -- Sq. Ft. (Floor Area):Sq. Ft. (Floor Area): 1,7211,721

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: 57,586

Total Net Sq. Ft. (All Heated Areas): 48,614

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


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12/27

Specify Low Income Unit Targeting in table below. List each applicable targeting combination in a separate row below. Click [Add] tocreate another 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 6 targeted at 50 percent of median income affordable to/occupied by






48


13/27

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))

Loans with Variable Amortization

Funding Sources

Source AmountNon-

Amortizing*Rate(%)

Term(Years)

Amort.Period(Years)

AnnualDebt

Service

Bank Loan

RPP Loan

Local Gov. Loan - Specify:Town of Tabor City Loan

288,000 0.00 20 0

RD 515 Loan

RD 538 Loan - Specify:

AHP Loan

Other Loan 1 - Specify:



Tax Exempt Bonds

State Tax Credit(Loan) 873,799 0 30 30 0

State Tax Credit(Direct Refund)

Equity: Federal LIHTC 3,302,400

Non-Repayable Grant

Equity: Historic Tax Credits

Deferred Developer Fees

Owner Investment

Other - Specify:CDBG for Offsite Sewer Extension

250,000

Total Sources** 4,714,199

* "Non-amortizing" indicates that the loan does not have a fixed annual debt service. For these items, you must fill in 20-year debtservice below.

** Total Sources must equal total replacement cost in Project Development Cost (PDC) section.

86

Forest Edge lies within a QCT, and therefore is eligible for 130% boost. Per the QAP, theFederal Credit Amount has been reduced here to $8,000 per unit. The State Tax Credit Loan,with the boost, is $1,590,820, of which $873,799 is needed here--a STC Loan savings of$717,021. The Town of Tabor City's loan structure requires no annual P+I payments, however,the following amortization table would not allow me to insert "$0", so I used $1/yr tocomplete this page.DCA (Iris Payne) visited the Site last Fall, and agreed that the site warranted CDBG funding,to extend sewer from existing lift station at Swamp Fox Road. Both public hearings wereheld, with no opposition. The CDBG application will be submitted concurrently with this TaxCredit Application.


14/27

Please fill in the annual debt service as applicable for the first 20 years of the project life.

Local Gov. Loan - Town of Tabor City Loan

Year:Amt:

1

1

2

1

3

1

4

1

5

1

6

1

7

1

8

1

9

1

10

1

Year:Amt:

11

1

12

1

13

1

14

1

15

1

16

1

17

1

18

1

19

1

20

1


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Development Costs

Item Cost Element TOTAL C

1 Purchase of Building(s) (Rehab / Adaptive Reuse only)

2 Demolition (Rehab / Adaptive Reuse only)

3 On-site Improvements 240,4 Rehabilitation

5 Construction of New Building(s) 2,300,

6 Accessory Building(s) 100,

7 General Requirements 173,

8 Contractor Overhead 61,

9 Contractor Profit 183,

10 Construction Contingency 91,

11 Architect's Fee - Design (11 + 12 = max 3% lines 2-10) 60,

12 Architect's Fee - Inspection 16,

13 Engineering Costs 31,

SUBTOTAL (lines 1 through 13) 3,257

14 Construction Insurance (prorate) 3,15 Construction Loan Orig. Fee (prorate) 15,

16 Construction Loan Interest (prorate) 110,

17 Construction Loan Credit Enhancement (prorate) 30,

18 Construction Period Taxes (prorate) 6,

19 Water, Sewer and Impact Fees

20 Survey 12,

21 Property Appraisal 6,

22 Environmental Report 9,

23 Market Study 5,

24 Bond Costs

25 Bond Issuance Costs

26 Placement Fee27 Permanent Loan Origination Fee

28 Permanent Loan Credit Enhancement

29 Title and Recording 17,

SUBTOTAL (lines 14 through 29) 214

30 Real Estate Attorney 32,

31 Other Attorney's Fees 9,

32 Tax Credit Application Fees (Preliminary and Full) 2

33 Tax Credit Allocation Fee (0.58% of line 59, minimum $7,500) 30,

34 Cost Certification / Accounting Fees 12,

35 Tax Opinion

36 Organizational (Partnership)

37 Tax Credit Monitoring Fee 26,SUBTOTAL (lines 30 through 37) 113

38 Furnishings and Equipment 30,

39 Relocation Expense

40 Developer's Fee 504,

41 Other Basis Expense (specify) Additional Landscaping, including rows of conifer trees along side perimeters of site 50,

42 Other Basis Expense (specify)Bank construction inspections & plan and spec review 4,

43 Rent-up Expense 27,

44 Other Non-basis Expense (specify) Offsite sewer extension, sidewalks, and lighting funded by CDBG 250,

45 Other Non-basis Expense (specify)


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Comments:

SUBTOTAL (lines 38 through 45) 865

46 Rent up Reserve 19,

47 Operating Reserve 93,

48 Other Reserve (specify)

49 Other Reserve (specify)

50 DEVELOPMENT COST (lines 1-49) 4,564

51 Less Federal Financing52 Less Disproportionate Standard

53 Less Nonqualified Nonrecourse Financing

54 Less Historic Tax Credit (residential)

55 TOTAL ELIGIBLE BASIS 4,066

56 Applicable Fraction (percentage of LI Units) 100.

57 Basis Before Boost 4,066

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

59 TOTAL QUALIFIED BASIS 5,286

60 Tax Credit Rate

61 Federal Tax Credits at Estimated Rate 425

62 Federal Tax Credits at 8.5% or 3.75% 449

63 Max Federal Tax Credits (With Energy Star - Lesser of $8,500 per unit or $800,000, w/o - Lesser of $8,000 per unitor $800,000) 384,

64 Federal Tax Credits Requested

65 Land Cost 150,

66 TOTAL REPLACEMENT COST 4,714

FEDERAL TAX CREDITS IF AWARDED 384,

Total Replacement Cost per unit: 92,737

Federal Tax Credits (line 62) per unit: 9,361


17/27

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:

Market Study Information

Forest Edge will be extensively landscaped, including rows of 6'conifers planted along both sideboundaries, extending to the front of the site, in order to provide privacy and a sound buffer to anystreet noise. A large, well-lit, brick monument sign will be situated in the landscaped traffic island atPireway Road, a lightly traveled two lane road in Tabor City. Once potential residents turn intoForest Edge, they will be greeted by a beautiful water feature in front of the clubhouse, which notonly adds to curb appeal, but also provides traffic direction to the right and left, along the privatestreet circling the development. The circular street, with speedbumps, will help slow drivers withinthe complex.A single-family house is situated to the right of the complex, with a vacant site (slated for singlefamily development) separating Forest Edge from a concrete block, light-manufacturing and storagefacility to the left. Directly across from Forest Edge is Tabor City's Athletic Complex (a/k/a CivitanStadium), which includes baseball and softball fields, tennis courts, viewing and concession areas. Itis actively used by both adult and children's leagues. Less than 200' from the Athletic Complex is theFood Lion Shopping Center, within walking distance for both Forest Edge residents and AthleticComplex participants. Also within walking distance are doctors' offices (emergency care & generalpractice), a daycare, restaurants, and several employment opportunities along SR 701 Bypass--Hart& Cooley, KRS Plastics, Filtec Precision, Wayne's Enterprises, RC Coleman, and Wright's GasService. All necessary services are located within 1.5 miles of the site, and Sunset Beach, a populartourist destination, is 35 minutes southeast of the Site. Other Brunswick County Beaches and MrytleBeach are located less than 45 minutes from the Site. Three affordable rental complexes are locatedwithin 1.5 miles--Pireway Place and Evans Pointe I & II. All three apartment projects haveexperienced consistently high occupancies, and are currently 100% occupied. Forest Edge will notcompete with these complexes, which are elderly (Pireway Place) or are directed to very-low incometenants with lower rents and/or Rental Assistance (Evans Pointe I & II). Overall, when the marketwas surveyed by the Waverly Group in October, 2006, only 5 units out of 227 were vacant, and allfive were located in Oxford Village, an HUD 202 project over 30 years old, never renovated. With theexception of Oxford Village, all the affordable complexes are 100% occupied and maintain waitinglists.According to the same Market Study, unemployment had decreased from 6.6% to 5.8% over theprevious six months. Although not included in the capture statistics, a new prison, located acrossTown from our site, North on SR 904, is under construction, and will initially employ 536 persons,90% of which will have starting salaries in our targeted income group (correctional officers). This,and the spillover effect on businesses downtown, is expected to increase Tabor City's populationand economy, and lead to further reductions in the unemployment rate.

The clubhouse, situated behind the fountain at the entrance, will back up to a large, landscaped andsodded area, where most of the site amenities are located. All site amenities are linked withsidewalks that connect them to the clubhouse, and to the residents' units.The six residential buildings will be placed around the circular drive, with two of the buildings

containing different unit sizes, resulting in varied building footprints. Three of the residential buildingswill back up to the central landscaped area, and the other three will back up to conifers. All of thebuildings will be characterized by 50%+ brick veneer, covered porches and balconies, high quality,horizontal and vertical vinyl siding with contrasting colors, wide band boarding, gables of varyingsizes, gable vents, elliptical windows, and varied roof lines with different pitches; all of which willprovide an aesthetically pleasing, but low-maintenance, exterior, and will compliment theneighborhood.

The buildings will include high quality, energy-efficient and low-maintenance vinyl windows. The

roofing system includes 25-year, anti-fungal, architectural shingles, with wrapped fascia and soffits;and the porch posts and columns will be vinyl-wrapped.

Yes

similar: Glen Arbor, Aiken, SCClifton Park, Washington, NCmost similar: Parker Place, Laurinburg, NC (under construction).


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Site Amenities:

Onsite Activities:

Landscaping Plans:

Interior Apartment Amenities:

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.

Site Amenities include: a playground with tot lot, a covered sitting area, picnic tables and grilles,horseshoe pit, bike rack, mail center, fountain, and flag pole.

The clubhouse will include a large meeting room, games/craft room, library/media center, vendingarea, screened in porch, computer room, exercise room, TV room, and laundry room. Depending onthe tenant mix and their interests, our non-profit member (CAHEC) will coordinate and administersupport services with on-site management personnel. These supportive services could include:employment programs (resume writing, job skills assessment), health services program (healthscreening, exercise program, wellness education); home-ownership counseling; a safety programs(in/around apartment, in car, shopping), and other activities--power walking, tenant decision makingboard meetings, smoking cessation group.

Since the vacant site has little vegetation, except the forest at the rear boundary, an abundance oflandscaping will be provided: $1,000 per unit plus rows of conifer trees/leland cypress, spacedevenly apart and planted @ 6' height, lining the side perimeters of the site, starting at the back andending up in the front of the two residential buildings whose sides face the front. Included in the$1,000 per unit allocation are slow-growing shrubs along the building footprints, hardwoods,flowering tree species, and perennial flowering shrubs.

Interiors include wall to wall carpeting, with VCT tiling for high-traffic areas and bathrooms; GE high-energy kitchen appliances; oak cabinetry in kitchens; kitchen pantry for storage; walk-in closets;ceiling fans in bedrooms; high-efficiency heat pumps with centralized a/c; exterior storage for eachunit; covered balconies and patios; and, mini-blinds in all windows.

Yes


19/27

Briefly describe your site in each of the following categories:

Applicant's Site Evaluation

NEIGHBORHOOD CHARACTERISTICS

Trend and direction of real estate development and area economic health. Physical condition ofbuildings and improvements. Concentration of affordable housing.A few single family homes dot the neighborhood, but it is characterized primarily by retail (Food Lionacross Pireway Road from site), recreational, office, and light manufacturing and storage facilities.Across from the street is the Tabor City Athletic Complex, consisting of tennis courts, baseball &softball fields with viewing stands and a concession area. A wooded, vacant lot is situated betweenthe Athletic Complex and the Food Lion.The existing properties are in fair to good condition, exhibiting a stable to upward trend indevelopment. A new prison, located across Town from our site, North on SR 904, is underconstruction, and will initially employ 536 persons, 90% of which will have starting salaries in ourtargeted income group (correctional officers). This, and the spillover effect on businesses downtown,is expected to increase Tabor City's population, economy, and lead to new development in the area.

SURROUNDING LAND USES AND AMENITIES

Suitability of surrounding development. Land use pattern is residential in character (single andmultifamily housing) with a balance of other uses (particularly retail and amenities). Effect ofindustrial, large-scale institutional or other incompatible uses, including but not limited to: wastewatertreatment facilities, high traffic corridors, junkyards, prisons, landfills, large swamps, distributionfacilities, frequently used railroad tracks, power transmission lines and towers, factories or similaroperations, sources of excessive noise, and sites with environmental concerns (such as odors orpollution). Amount and character of vacant, undeveloped land.The neighborhood has single family homes, primarily across 701 on Pireway Road, but adjacentuses can be characterized as retail (Food Lion across Pireway Road from site), recreational, office,and light manufacturing and storage facilities. The vacant lot behind, and between our site and theMetal Spinners light manufacturing/storage facility, is purportedly under contract with a single-familyhousing developer. There are NO: large-scale institutional or heavy industrial uses, high-trafficcorridors, junkyards, prisons, landfills, swamps, railroad tracks, factories, excessive noise, odor orpollution sources within several miles of our site. Across from the street is the Tabor City AthleticComplex, consisting of tennis courts, baseball & softball fields with viewing stands and a concessionarea. A wooded, vacant lot is situated between the Athletic Complex and the Food Lion. The existingproperties are in fair to good condition, exhibiting a stable to upward trend in development.According to the Preliminary Market Study we obtained from The Waverly Research Group in 10/06,unemployment had decreased from 6.6% to 5.8% over the previous six months, and the only vacantrental apartments (5 vacant out of 227 total) all occurred at Oxford Village, a 25-year old HUDproject never rehabilitated. Evans Pointe I & II, which are targeted to very low income and/orsubsidized rent tenants, is 100% occupied, as is Pireway Place, an elderly tax credit development,also 100% occupied.

SITE SUITABILITY

Adequate traffic controls (stop lights, speed limits, turn lanes, etc.). Burden on public facilities(particularly roads). Access to mass transit (if applicable). Visibility of buildings and/or location ofproject sign(s) in relation to traffic corridors.Pireway Road is a main street through Tabor City, primarily used to connect to 701, going North andSouth, and less used to connect with SR 904, going East to the Beaches. It is not heavily traveled infront of our site, and the addition of the proposed 48 units will not increase the burden of use onPireway Road. A traffic light at 701 South and Pireway Road adequately controls traffic in andaround the Food Lion, restaurants, and doctors' offices near the intersection.

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 (for

adaptive 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 is cleared, flat, and sits above the roadway. There are none of the negative featuresindicated above.

Similarity of scale and aesthetics/architecture between project and surroundings.Most of the buildings in the area are one-story, however, the addition of the proposed development,


20/27

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

Other facilities or services:

with its brick and vinyl facades, site amenities, and extensive landscaping will have a positive impacton the surrounding area, and fulfill an existing, and future, need for two-story, garden apartmentswith higher curb appeal.

Grocery Store.046 Community/Senior Center1.5

Mall/Strip Center.3 Hospital5.5

Outdoor Athletic Fields.001 Pharmacy.3

Day Care/After School.7 Basic Health Care.2

Schools.8 Medical Offices.2

Public Transportation Stop Bank/Credit Union.4

Convenience Store1.3 Restaurants.2

Basketball/Tennis Courts.001 Professional Services.4

Public Parks1.5 Movie Theater

Gas Station1.3 Video Rental1.4

Library.4 Public Safety (Fire/Police)1.2

Fitness/Nature Trails1.5 Post Office1.1

Public Swimming Pools

The Community Center and Fitness/Nature Trails are located within Lake Tabor Park, whichprovides powerboating, canoeing and kayaking, fishing, and other water-related sports andactivities. Less than a 40 minute drive from Forest Edge is the Atlantic Ocean, at Sunset Beach,which offers free parking and additional water activities. Tabor City offers van transportation to itselderly and disabled citizens, however, all of the above features are easily accessible by bicycle,because of their short distances & because of the area's flat terrain.


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Project Operations (Year One)

Projected Operating Costs

Administrative Expenses

Advertising 2,000

Office Salaries 13,000

Office Supplies 1,200

Office or Model Apartment Rent

Management Fee 19,840

Manager or Superintendent Salaries

Manager or Superintendent Rent Free Unit

Legal Expenses (Project) 500

Auditing Expenses (Project) 3,600

Bookkeeping Fees/Accounting Services

Telephone and Answering Service 1,500

Bad Debts

Other Administrative Expenses (specify):

Training, computer services540

SUBTOTAL 42,180

Utilities Expense

Fuel Oil

Electricity (Light and Misc. Power) 5,000

Water 5,000

Gas

Sewer 5,500

SUBTOTAL 15,500

Operating and Maintenance Expenses

Janitor and Cleaning Payroll

Janitor and Cleaning Supplies

Janitor and Cleaning Contract 2,400

Exterminating Payroll/Contract 2,300

Exterminating SuppliesGarbage and Trash Removal 5,184

Security Payroll/Contract

Grounds Payroll

Grounds Supplies

Grounds Contract 12,600

Repairs Payroll 17,000

Repairs Material 1,000

Repairs Contract 1,000

Elevator Maintenance/Contract

Heating/Cooling Repairs and Maintenance 1,000

Swimming Pool Maintenance/Contract

Snow RemovalDecorating Payroll/Contract 5,000

Decorating Supplies 3,000

Other (specify):

Miscellaneous Operating & Maintenance Expenses

SUBTOTAL 50,484

Taxes and Insurance

Real Estate Taxes 31,499

Payroll Taxes (FICA) 2,760


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Miscellaneous Taxes, Licenses and Permits

Property and Liability Insurance (Hazard) 9,665

Fidelity Bond Insurance 65

Workmen's Compensation 1,500

Health Insurance and Other Employee Benefits 2,800

Other Insurance:

SUBTOTAL 48,289Supportive Service Expenses

Service Coordinator 3,000

Service Supplies 600

Tenant Association Funds

Other Expenses (specify):

SUBTOTAL 3,600

Reserves

Replacement Reserves 12,000

SUBTOTAL 12,000

TOTAL OPERATING EXPENSES 172,053

ADJUSTED TOTAL OPERATING EXPENSES(Does not include taxes, reserves and resident support services) * 124,954

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

48

PER UNIT PER YEAR 2,603


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26/27

MINIMUM REQUIRED SET ASIDES (No Points Awarded):

Minimum Set-Asides

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: NoTax Credit 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: NoTax Credit 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:

Low Income County:

At least forty percent (40%) of qualified units will be affordable to households with incomes at or below fifty percent (50%) ofcounty median income.

At least forty percent (40%) of qualified units will be affordable to and occupied by households with incomes at or below fiftypercent (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 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 percent(40%) of county median income.


27/27

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 (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 Letters from State Housing Agencies or designated monitoring agent verifying out of state experience

G Completed IRS Form 8821 (Appendix I)

H 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)

I Local Government Letter Confirming Zoning including any pending notices or hearings (original on letterhead, no fax orphotocopies)

J Letters from Local Utility Providers regarding availability and capacity (original on letterhead, no fax or photocopies)

K Documentation from utility company or local PHA to support estimated utility costs

L Appraisal (required for land costs greater than $15,000 and for all Adaptive Re-use and Rehab projects)

M Site plan, floor plans and elevations for all projects. Scope of work for Adaptive Re-use and Rehab projects. (Full Size, 24 x36 inches)

N Hazard and structural inspection and termite reports (Adaptive Re-use and Rehab projects only)

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

P Proposed Relocation Plan including relocation budget and copies of notices. Required for all Rehabs and any projectsinvolving existing occupants of any dwellings to be rehabbed or demolished.

Q 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 lenderswith reserve balances, 3) letter from lender that outlines assumption requirements.

R 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.

S Statement regarding terms of Deferred Developer Fee. If a nonprofit is involved, a resolution from their board approvingdeferral of fee is required.

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

Documents

Forest Edge Apartment Homes