Hamilton Ridge

8/6/2019 Hamilton Ridge

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Check all that apply:

Federal Low Income Housing Tax Credit

State Low Income Housing Tax Credit

Tax Exempt Bonds

Rental Production Program (RPP) Loan

Requested RPP Loan Amount:RPP Loan Product Requested: Multi-Family Production

Print Preview - Final Application

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

Resources Requested

300,000

Page 1 of 34Print - APP03-0183

1/14/2005https://www.nchfa.org/Rental/RTCApp/(bd0ia145yvtxclmlhydomojj)/site/PrintApp.aspx?I...


2/34

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

Project Name and Location

Project Name: Hamilton Ridge

Address: PENCO DRIVE

City: Hamilton County: MARTIN Zip: 27840

Census Tract: 9704 Block Group: 1

No

Political Jurisdiction: TOWN OF HAMILTON

Jurisdiction CEO Name: First: Last:DG MATTHEWS Title: MAYOR

Jurisdiction Address: PO BOX 249

Jurisdiction City: HAMILTON Zip: 27840

Jurisdiction Phone: (919)798-2001

Site Latitude: 35.93749

Site Longitude: -77.20267




3/34

Is this project a follow-on (Phase II, etc) to a previously-awarded tax credit development project?

If yes, list names of previous phase(s):If yes, list names of previous phase(s):

Will the project be receiving federal rental assistance?

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

Target Population: Elderly (RHS/HUD)

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

Square Footage Information

Project Description

Project Type:* New Construction Rehab Adaptive Reuse

No

Yes

2424

Mobility impaired handicapped: 5% of units comply with QAP Section IV(F)(3) (in addition to other federal and staterequirements)

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

Remarks: PERSONS WITH DISABILITIES

Proposed number of residential buildings: 6 Maximum number of stories in buildings: 1

Types of Units:* Townhouse Duplex Garden Apartment Detached Single-Family

Project Includes:Separate community building -- Sq. Ft. (Floor Area):Sq. Ft. (Floor Area): 752752

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: 11,446

Total Net Sq. Ft. (All Heated Areas): 10,014




4/34

Applicant Information

Applicant Name: Pendergrant Development, LLC

Address: PO Box 18863

City: State: NC Zip:Raleigh 27619

Contact: First: Last: Title:Marilyn Hernandez Development Coordinator

Telephone: (919)755-0558

Alt Phone: (919)861-6028

Fax: (919)754-8663

Email Address: MHERNANDEZ@PENDERGRAPHPRO




5/34

Total Site Acreage: Total Buildable Acreage:

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

Identify utilities and services currently available (and with adequate capacity) for this site:

Storm Sewer Water Sanitary Sewer Electric

Is the demolition of any buildings required or planned?

If yes, please describe:

Are existing buildings on the site currently occupied?

If yes:(a) Briefly describe the situation:

(b) Will tenant displacement be temporary?

(c) Will tenant displacement be permanent?

Is the site in a distressed neighborhood?

If yes, does a community revitalization plan exist?

Is the site directly accessed by an existing, paved, publicly maintained road?

If no, please explain:

Is any portion of the site located inside the 100 year floodplain?

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

Site Description

5 5

No

No

No

Yes

No




6/34

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




7/34

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

If yes provide:

Purchase Date: Purchase Price:

If no:

Site Control

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: 11/15/2003

(D) Enter Purchase Price: 75,000




8/34

Present zoning classification of the site:

Is mutifamily use permitted?

Are variances, special or conditional use permits or any other item requiring a public hearing needed to develop this proposal?

If yes, have the hearings been completed and permits been obtained?

If yes, specify permit or variance required and date obtained. If no, describe permits/variances required and schedule for obtainingthem:

Is a public hearing of any kind required in the future for you to fully develop this property?

If yes, describe the nature of the hearing and when you expect the hearing will be held:

Are there any existing conditions of historical significance located on the project site that will require State Historic Preservation office review?

If yes, describe below:

Are there any existing conditions of environmental significance located on the project site?

If yes, describe below:

Zoning

NO ZONING IN THE COUNTY

Yes

No

No

No

No




9/34

Ownership Entity

Owner Name: Hamilton Ridge, LLC


City: State: NC Zip:Raleigh 27619

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

Federal Tax ID Number of Managing GP or Member: (If Not Assigned)56-2055367

Entity Type: Limited Liability Company

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: Pendergrant Hamilton Ridge, LLC

First Name: Frankie Last Name: Pendergraph Function: Managing Member


City: Raleigh State: NC Zip: 27619

Phone: (919)755-0558 Fax: (919)754-8663

EMail: FPENDERGRAPH@PENDERGR Nonprofit: No TaxID 999-99-9999

Org: Pendergrant Hamilton Rridge, LLC

First Name: Charles Last Name: Grant Function: Member


City: Raleigh State: NC Zip: 27619

Phone: (919)755-0558 Fax: (919)754-8663

EMail: [email protected] Nonprofit: No TaxID 999-99-9999




10/34

List each applicable unit mix combination in a separate row below. Click [Add] to create another row. Click "X" (at the left of each row) todelete a row.

Low Income Units

Market Rate Units

Statistics

Notes

Unit Mix

Type # BRs Net Sq.Ft.Total

# Units#Units

MonthlyRent

UtilityAllowance

MandatoryServ. Fees

**TotalHousing Exp.

Gdn Apt 1 731 10 2 340 80 420

Gdn Apt 2 965 2 1 400 101 501

Gdn Apt 1 731 10 0 370 80 450

Gdn Apt 2 965 2 0 425 101 526

Utilites included in rents: Water/Sewer Electric Gas Other

Type # BRs Net Sq.Ft.Total

# Units#Units

MonthlyRent

UtilityAllowance

MandatoryServ. Fees

**TotalHousing Exp.

Utilites included in rents: Water/Sewer Electric Gas Other

AllUnits

Units

Gross MonthlyRental Income

Low Income....... 24 3 8750

Market Rate.......

Totals............... 24 3 8750

* Paint-to-Paint Square Footage

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




11/34

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 10 targeted at 50 percent of median income.




24




12/34

Estimated pricing on sale of Federal Tax Credits: $0.

Remarks concerning project funding sources:(Please be sure to include the name of the funding source(s))

Funding Sources

Source AmountNon-

Amortizing*Rate(%)

Term(Years)

Amort.Period(Years)

AnnualDebt

Service

Bank Loan

RPP Loan 300,000 0.00 30 30 10,000Local Gov. Loan - Specify:

RD Loan 200,000 1.00 30 50 5,084

AHP Loan

Other Loan 1 - Specify:



Tax Exempt Bonds

State Tax Credit(Loan) 459,952 0 30 30 0

State Tax Credit(Direct Refund)

Equity: Federal LIHTC 916,930

Non-Repayable Grant

Equity: Historic Tax Credits

Deferred Developer Fees 10,131

Owner Investment 92 Other - Specify:

Total Sources** 1,887,105

* "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.

76

RD LOAN IS COMMITED.




13/34

Development Costs

Item Cost Element TOTAL COSTEligible Basis

30% PV 70% PV

1 Purchase of Buildings (Rehab) 0

2 Demoli tion

3 On-site Improvements 192,000 192,000

4 Rehabilitation

5 Construction of New Building(s) 849,838 849,838

6 Accessory Building(s) 60,000 60,000

7 General Requirements 51,472 51,472

8 Contractor Overhead 23,050 23,050

9 Contractor Profit 69,200 69,200

10 Construction Contingency 37,400 37,400

11 Architect's Fee - Design 43,200 43,200

12 Architect's Fee - Inspection 18,000 18,000

SUBTOTAL (lines 1 through 12) 1,344,160

13 Construction Insurance (prorate) 1,500 1,500

14 Construction Loan Orig. Fee (prorate) 15,262 15,262

15 Construction Loan Interest (prorate) 41,446 41,446

16 Construction Loan Credit Enhancement (prorate) 4,000 4,000

17 Construction Period Taxes (prorate) 4,500 4,500

18 Water, Sewer and Impact Fees 14,638 14,638

19 Survey 10,000 10,000

20 Property Appraisal 6,500 6,500

21 Environmental Report 9,000 9,000

22 Market Study 6,000 6,000

23 Bond Costs (specify)

24 Cost of Issuance

25 Placement Fee

26 Permanent Loan Origination Fee

27 Permanent Loan Credit Enhancement

28 Title and Recording 2,776

SUBTOTAL (lines 13 through 28) 115,622

29 Real Estate Attorney 28,000 25,000

30 Other Attorney's Fees 7,500 7,500

31 Tax Credit App Fees 9,629 9,629

32 Cost Certification/Accounting Fees (specify) 7,500 7,500

33 Tax Opinion

34 Organizational (Partnership)

35 Tax Credit Monitoring Fee 14,400


36 Furnishings and Equipment 15,000 15,000

37 Relocation Expenses

38 Developer's Fee (max 15% lines 2-36, less 8 & 9) 211,539 211,539

39 Other Basis Expense (specify)

40 Other Basis Expense (specify)

41 Rent-up Expenses 21,000

42 Other Non-basis Expense (specify)

43 Other Non-basis Expense (specify)


44 Rent up Reserve




14/34

Comments:

45 Operating Reserve 37,755

46 Other Reserve (specify)

47 Other Reserve (specify)

48 DEVELOPMENT COST (lines 1-47) 1,812,105 0 1,733,174

49 Less Federal Financing 200,000 200,000

50 Less Disproportionate Standard

51 Less Nonqualified Nonrecourse Financing

52 Less Historic Tax Credit (residential) 0

53 TOTAL ELIGIBLE BASIS 1,533,174 0 1,533,174

54 Times Applicable Fraction 100.00% 100% 100%

55 TOTAL QUALIFIED BASIS 1,533,174 0 1,533,174

56 Tax Credit Rate 8.00% 7.87%

57 FEDERAL TAX CREDITS at Estimated Rate 120,660 0 120,660

57a FEDERAL TAX CREDITS at 8.5% or 3.75% 130,319 0 130,319

58 FEDERAL TAX CREDITS REQUESTED 0

59 STATE TAX CREDITS

60 Land Cost 75,000

61 TOTAL REPLACEMENT COST 1,887,105




15/34

Please provide a detailed description of the proposed project:

Construction (check all that apply):

Brick Vinyl Wood HardiPlank Balconies/Patios Sunrooms Front Porches

Front Gables or Dormers Wide Banding or Vertical/Horizontal Siding

Other:

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

If yes, please provide name and address:

Site Amenities (check all that apply):

Market Study Information

HAMILTON RIDGE IS A 24-UNIT APARTMENT COMPLEX FOR PERSONS 62 YEARS OF AGEOR OLDER, HANDICAPPED OR DISABLED. THE PLAN CALLS FOR 20 ONE BEDROOM UNITSAND 4 TWO BEDROOM UNITS LOCATED IN SIX BACK-TO-BACK QUADPLEXES AND ANOFFICE. EACH UNIT WILL HAVE ITS OWN ENTRANCE AND PORCH AREA. THE SEVENTHBUILDING WILL CONSIST OF AN OFFICE AND COMMUNITY ROOM.

THE BUILDINGS ARE A ONE STORY DESIGN AND WILL COMPLY WITH ADAREQUIREMENTS. THE EXTERIOR IS COMPOSED OF WIDE BAND BOARDS, TRIM ANDCOLUMNS. THE SIDING WILL BE HIGH QUALITY VINYL. THE ROOFS WILL HAVE CEDARSTYLE SHAKES AND GABLES. THE STYLE OF CONSTRUCTION IS AKIN TO A COTTAGETYPE HOME.

THE INTERIOR OF THE UNITS WILL HAVE CARPET IN THE LIVING ROOM AND BEDROOM.VINYL FLOORING WILL BE UTILIZED IN THE KITCHEN AND BATHROOMS. ALL INTERIORDOORS WILL BE OF A SIX PANEL DESIGN. THE CABINETRY WILL BE SOLID WOOD STYLES.ALL UNITS WILL HAVE WASHER/DRYER HOOKUPS, DISHWASHERS, REFRIGERATORS,RANGES, PATIOS AND EXTERIOR STORAGE. THE HVAC SYSTEM WILL CONSIST OFENERGY EFFICIENT HEAT PUMPS WITH AN ELEVEN SEER RATING. EXTERIOR WINDOWSAND DOORS, WHERE APPLICABLE, WILL HAVE ENERGY EFFICIENT INSULATED GLASS.

THE DEVELOPMENT WILL HAVE AN OFFICE WITH A MULTI-PURPOSE ROOM AND LAUNDRYFACILITY. THE SITE CONSISTS OF APPROXIMATELY FIVE ACRES AND WILL CONTAIN A

PICNIC AREA, GAZEBO, GARDEN SPOTS AND A WALKING TRAIL. THE PROPERTY WILLHAVE EXTENSIVE LANDSCAPING AND WILL BE MAINTAINED BY A MAINTENANCE PERSONAND A THIRD PARTY MAINTENANCE CONTRACTOR

THE DEVELOPMENT WILL HAVE 100% RETAL ASSISTANCE THROUGH RURALDEVELOPMENT.

Community Bldg - Sq Ft: 752 Community Room - Sq Ft: 364 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




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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.

Walking Trails Garden Spots Basketball/Tennis Court Playground Ball Field

Pool Fitness Stations Horseshoe Pit Shuffleboard Covered Drive Thru

This development will be financed and governed by Rural Development. The service package will bein accordance with those regulations. We will have various on-site activities such as holiday events,social gatherings, newsletters and recreational activities. Also, the community room would beavailable for Town/community activities. We will solicit assistance from local churches, non-profits,senior citizen groups and governmental agencies to aid us in our supportive services package forthe elderly population.

The property will be extensively landscaped exceeding the required per unit cost. Sod and irrigationwill be installed in high visibility areas. The site amenities will be strategically located with bordersthroughout the property and will be handicap accessible. The site will have attractive signage,lighting and landscaping. Curb appeal is always a top priority with Pendergrant Development.

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

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

No




17/34

Briefly describe your site in each of the following categories:

Applicant's Site Evaluation

NEIGHBORHOOD CHARACTERISTICS

Physical condition of buildings and improvements. Trend and direction of real estate developmentrelative to the project. Area economic health (degree of decline or investment).

THE SITE IS LOCATED ONE HALF MILE FROM DOWNTOWN HAMILTON. THE BUILDINGS INTHE NEIGHBORHOOD ARE IN GOOD CONDITION. PENCO IS AN ATTRACTIVE BUILDING ANDITS PROPERTY IS WELL LANDSCAPED. PROPERTY DEVELOPMENT IN HAMILTON ISSPREADING IN THE DIRECTION OF THE SITE AS EVIDENCED BY THE NEWFIRE/EMERGENCY STATION ACROSS HIGHWAY 125 FROM THE SITE.

Suitability of surrounding development. Land use pattern is primarily residential with a balance ofother uses, including non-competing multifamily and single family units, relevant amenities, shoppingand services.THE NEIGHBORHOOD IS A MIX OF SINGLE FAMILY RESIDENTIAL, BUSINESS ANDFARMLAND. ACROSS HWY 125 FROM THE SITE IS THE BRAND NEW FIRE/EMERGENCYSTATION. ADJACENT TO THE SITE ON THE LEFT IS A SINGLE FAMILY NEIGHBORHOOD.ADJACENT TO THE SITE ON THE RIGHT IS PENCO, A LOCAL EMPLOYER. PENCO'SBUILDING IS IN GOOD CONDITION AND ITS GROUNDS ARE WELL LANDSCAPED. HAMILTON

RIDGE WILL BE THE ONLY MULTIFAMILY DEVELOPMENT IN HAMILTON. THE SITE IS LESSTHAN ONE HALF MILE FROM DOWNTOWN HAMILTON WHICH OFFERS A RESTAURANT,COMMUNITY GROCERY, BANK, TOWN OFFICES AND VARIOUS CHURCHES.

SITE SUITABILITY

Adequacy of street(s) and/or access road(s) serving the proposed project and traffic controls (lights,stop signs, turning lanes). Access to mass transit (if applicable).THE SITE IS LOCATED ON PENCO DRIVE OFF OF HWY 125. PENCO DRIVE IS ANUNDERUTILIZED ROAD AND IS MORE THAN ADEQUATE TO ACCOMODATE THE HAMILTONRIDGE DEVELOPMENT. THE SITE IS VERY FLAT.

Amount and character of vacant, undeveloped land. Effect of industrial, large-scale institutional orother incompatible uses: wastewater treatment facilities, high traffic corridors, junkyards, prisons,landfills, large swamps, distribution facilities, frequently used railroad tracks, power transmission linesand towers, factories or similar operations, sources of excessive noise, and sites with environmentalconcerns (such as odors or pollution).THE SITE IS LOCATED ADJACENT TO SINGLE FAMILY HOUSING, AN OPEN FIELD AND ISACROSS PENCO DRIVE FROM PENCO. PENCO IS A MANUFACTURER OF SCHOOLLOCKERS AND EMPLOYS OVER 100 WORKERS. THE PENCO BUILDING IS IN GOODCONDITION AND THE GROUNDS ARE WELL LANDSCAPED. THE BUILDING DOES NOTPRODUCE ANY NOISE OR ODOR AND IS NOT AN ENVIRONMENTAL CONCERN.

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 NO ON-SITE NEGATIVE FEATURES THAT WILL IMPEDE PROJECTCONSTRUCTION. THE POWER TRANSMISSION LINE IS LOCATED ON THE ADJACENT OPENFIELD AND IS NOT A PART OF THE SITE.

Similarity of scale and aesthetics/architecture between project and surroundings.HAMILTON RIDGE WILL BE A ONE STORY DESIGN TO BLEND IN WITH THE SMALL TOWN OF




18/34

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

Other facilities or services:

HAMILTON. THE "BACK-TO-BACK" QUADPLEX DESIGN WILL GIVE THE DEVELOPMENT ACOTTAGE FEEL.

Concentration of affordable housing (housing credit, project-based rental assistance, public housing).THERE IS NO OTHER AFFORDABLE HOUSING IN HAMILTON.

Availability of Supportive Services (if applicable):This development will be financed and governed by Rural Development. The service package will bein accordance with those regulations. We will have various on-site activities such as holiday events,social gatherings, newsletters and recreational activities. Also, the community room would beavailable for Town/community activities. We will solicit assistance from local churches, non-profits,senior citizen groups and governmental agencies to aid us in our supportive services package forthe elderly population.

Grocery Store0.5 Community/Senior Center10

Mall/Strip Center10 Hospital10

Outdoor Athletic Fields0.5 Pharmacy10

Day Care/After School10 Basic Health Care10

Schools0.8 Medical Offices10

Public Transportation Stop0.5 Bank/Credit Union0.5

Convenience Store0.4 Restaurants0.5

Basketball/Tennis Courts0.5 Professional Services0.5

Public Parks0.8 Movie Theater10

Gas Station0.4 Video Rental10

Library10 Public Safety (Fire/Police)0.2

Fitness/Nature Trails0.8 Post Office0.5

Public Swimming Pools

THE SITE IS LOCATED ONE HALF MILE FROM DOWNTOWN HAMILTON WHERENEIGHBORHOOD SHOPPING AND AMENITIES ARE LOCATED. LCOAL SCHOOLS,CHURCHES, AND LOCAL GOVERNMENT SERVICES ARE ALSO WITHIN ONE HALF MILE. THESITE IS 12 MILES FROM WILLIAMSTON AND 15 MILES FROM TARBORO. THE MARTINCOUNTY COMMUNITY COLLEGE IS 10 MILES FROM THE SITE. THE TOWN OF HAMILTON

HAS AN ACTIVE MEALS ON WHEELS PROGRAM.




19/34


20/34

DevelopmentList number low-income/tax credit housing projects and units developed, operated, and maintained in compliance by the principal(s) betweenDecember 1, 1996 and January 1, 2003:

ManagementList number of low-income housing tax credit units managed in the past 10 years:

Has any owner, principal, or management agent been debarred or received a limited denial participation in the past 10 years by any federal or

state agency?

Has any owner, principal, or management agent been involved in a bankruptcy, an adverse fair housing settlement, an adverse civil rights

settlement, or an adverse federal or state government proceeding and settlement in the past 10 years?

Has any owner or principal been in a mortgage default or delinquency of three months or more within the last 5 years on a FHA-insuredproject, a Rural Development funded rental project, a tax-exempt funded mortgage, a tax credit project, or any other publicly subsidized

project?

Has any owner or principal been involved within the last 10 years in a project which previously received an allocation of tax credits but failed tomeet compliance standards of the tax credit allocation, including return of a reservation of tax credits to the Agency after the carryover

agreement has been signed?

Has any owner or principal had a Form 8823 filed with the IRS for noncompliance on a project using low-income housing tax credits or

received a letter of non-compliance from the Agency?

Project Team Experience

North Carolina Other States

Projects: 10 2

Units: 474 104

North Carolina Other States

Projects: 17 5

Units: 812 256

No

No

No

No

No




21/34

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? Yes

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? Yes

If yes, indicate the type and amount below:

Tax Exempt Financing: $

RD 515 Financing: $ 200,000

Hope VI Financing: $

Other: $

If Other, specify the type of Federal subsidy:




22/34

Project Operations (Year One)

Projected Operating Costs

Administrative Expenses

Advertising 200

Other Administrative Expense (specify):

Office SalariesOffice Supplies 500

Office or Model Apartment Rent

Management Fee 16,606

Manager or Superintendent Salaries

Manager or Superintendent Rent Free Unit

Legal Expenses (Project) 500

Auditing Expenses (Project) 2,000

Bookkeeping Fees/Accounting Services

Telephone and Answering Service 521

Bad Debts

Other Administrative Expenses (specify):

SUBTOTAL 20,327

Utilities Expense

Fuel Oil

Electricity (Light and Misc. Power) 4,800

Water 3,300

Gas

Sewer 3,300

SUBTOTAL 11,400

Operating and Maintenance Expenses

Janitor and Cleaning Payroll 900

Janitor and Cleaning Supplies

Janitor and Cleaning Contract

Exterminating Payroll/Contract 505

Exterminating Supplies

Garbage and Trash Removal 2,592

Security Payroll/Contract

Grounds Payroll

Grounds Supplies

Grounds Contract 6,000

Repairs Payroll 6,240

Repairs Material 500

Repairs Contract 500

Elevator Maintenance/Contract

Heating/Cooling Repairs and Maintenance 500

Swimming Pool Maintenance/Contract

Snow Removal

Decorating Payroll/Contract 1,800

Decorating Supplies

Other (specify):

Miscellaneous Operating & Maintenance Expenses

SUBTOTAL 19,537

Taxes and Insurance

Real Estate Taxes 13,500




23/34

Payroll Taxes (FICA) 543

Miscellaneous Taxes, Licenses and Permits 50

Property and Liability Insurance (Hazard) 3,066

Fidelity Bond Insurance 65

Workmen's Compensation 207

Health Insurance and Other Employee Benefits

Other Insurance:

SUBTOTAL 17,431

Supportive Service Expenses

Service Coordinator

Service Supplies

Tenant Association Funds

Other Expenses (specify):

SUBTOTAL 0

Reserves

Replacement Reserves 6,000

SUBTOTAL 6,000

TOTAL OPERATING EXPENSES 74,695

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

55,195

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

24

PER UNIT PER YEAR 2,299




24/34


25/34

Design Features

ITEM DESCRIPTION

Foundation/Slab Components MASONARY FOUNDATION/CONCRETE SLAB

Primary Windows Make: Model:SIMOTON/EQUAL PROFINISH Type/Construction: VINYL WITH INSULATED GLASS

Exterior Doors Type: Frames:METAL SIX PANEL WOOD

Siding Type: Grade/Thickness:VINYL .042MIL

Warranty: LIMITED LIFETIME

Exterior Trim VINYL AND METAL WRAP ON FACIA

Shingles Type: Weight:FIBERGLASS 226-231+

Warranty: 25 YEAR

Sprinkler System N/A

Cabinets MERILAT/EQUAL

Heat Pump SEER: Make:11 GOODMAN

Model:

Air Conditioner SEER: Make:N/A

Model:

Other Heat Systems SEER: Make:N/A

Model:




26/34

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

Costs - Construction

ITEM LABOR MATERIAL TOTAL

Concrete Footings 13,601 6,689 20,290

Backfill-slab, Crawl 15,150 10,100 25,250

Slab-concrete/Rebar/Gravel 6,700 10,050 16,750

Waterproofing 1,890 1,260 3,150

Masonry Foundation 7,875 14,625 22,500

Brick Veneer 13,230 35,770 49,000

Steel/Structure/Rails 0 0 0

Framing/Lumber/Nails 41,300 61,950 103,250

Trusses 0 50,500 50,500

Crane Rental 4,500 0 4,500

Windows/Grilles/Screen 0 13,275 13,275Exterior Doors 0 21,838 21,838

Roofing 6,904 14,671 21,575

Fencing 0 0 0

Vinyl Siding/Trim/Box 18,920 28,380 47,300

Gutters/Shutters 5,250 5,250 10,500

Insulation 6,930 17,820 24,750

Drywall 27,225 33,275 60,500

Interior Doors 0 23,375 23,375

Int. & Final/Stair/Trim/Shelves 10,140 10,985 21,125

Cabinets & Tops 4,800 19,200 24,000

Painting 17,325 7,425 24,750

Marble - Tub/Shwr/Tops 0 0 0

Plumbing 23,500 23,500 47,000

Electrical 21,375 21,375 42,750

Heating/Air Conditioning 23,750 23,750 47,500

Floor Covering and Underlayment 7,500 17,500 25,000

Wall Paper 0 0 0

Mailboxes/Special Features/Signage 210 1,890 2,100

Gypcrete 7,260 16,940 24,200

Blinds/Shades/Art Work 3,600 5,400 9,000

Light Fixtures/Fans 0 13,875 13,875

Sprinkler System 0 0 0

Security Alarm 0 0 0

Hardwood Floors 0 0 0

Elevator 0 0 0

Ceramic Tiles 0 0 0

Acoustical Ceilings 0 0 0




27/34

Remarks:

Mirror/Shower Door/Encls. 1,650 1,650 3,300

Hardware/Bath Access. 2,550 3,825 6,375

Appliances 0 20,250 20,250

Playground Equipment 0 0 0

Interior Clean 9,180 1,020 10,200

Exterior Clean/Dumpster 6,060 4,050 10,110

Other 1 (specify in Remarks) 0 0 0

Other 2 (specify in Remarks) 0 0 0

Total Cost 308,375 541,463 849,838




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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 16,725

Job Site Office/Trailer Rental 975

Impact Fees

Office Supplies 422

Security/Watchman 0

Water and Sewer Connection Fees

Project Signage 3,420

Tools and Equipment 3,750

Gas, Oil, and Maintenance 810

Cleanup/Dumpster Rental 9,150

Temporary Water, Electric, and Telephone 0Storage/Hauling 1,875

Driveway Access Permit 0

Porta-John Rental/Dumping 950

Builders Risk Insurance 0

Re-inspection Fees 300

Extra Plans and Specifications 345

Miscellaneous, Casual Labor 5,250

Equipment Rental 2,400

Other 1 (specify in Remarks) 5,100

Other 2 (specify in Remarks) 0

Total Cost 51,472

OTHER 1 = BUILDING PERMITS




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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 13,500

Clearing/Grading/Final Grading/Excess and Borrow 26,625

Demolition 0

Earthwork/Excavation/Aerating 11,625

Soil Treatment 0

Pile Foundations 0

Caissons 0

Shoring/Bracing 3,375

Site Drainage 18,375

Site Utilities/Site Lighting 33,563

Paving and Surfacing/Curb and Gutter 25,200Walkways 16,425

Site Signage 3,750

Parking Lot Painting 4,875

Dumpsite Pads/Fencing 3,375

Fencing/Gates 0

Landscaping/Topsoil 18,750

Waterproofing/De-Watering 0

Operation of Construction Equipment/Fuel/Oil 937

Crane Rental 0

Rock and Hardpan Excavation 1,875

Site Supervision Personnel 9,750

Other (specify in Remarks) 0

Total Cost 192,000




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This is a detailed breakdown of the Bond Costs cost element you summarized in the Development Costs table (Bond Costs). The totalshould match that roll-up value.

Remarks:

Costs - Bond Costs

ITEM TOTAL

Letter of Credit Fee 0

Credit Enhancement 0

Underwriter Discount 0

Capital Interest Fund 0



Total Cost 0




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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


Other 2 (specify in Remarks) 0Other 3 (specify in Remarks) 0

Total Cost 0




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MINIMUM REQUIRED SET ASIDES (No Points Awarded):

Minimum Set-Asides

Select one of the following two options:

20% of the qualified units are rent restricted and occupied by households with incomes at or below 50% of the median income (Note:No Tax Credit Eligble Units in the the project can exceed 50% of median income)

40% of the qualified units are rent restricted and occupied by households with incomes at or below 60% of the median income (Note:No Tax Credit Eligble Units in the the project can exceed 60% of median income)

If requesting RPP funds:

40% of the qualified unit are occupied by households with incomes at or below 50% of median income.

State Tax Credit and QAP Targeting Points:

High Income county:

At least twenty-five percent (25%) of qualified units will be affordable to households with incomes at or below thirty percent (30%) ofcounty median income.

At least twenty-five percent (25%) of qualified units will be affordable to and occupied by households with incomes at or below thirtypercent (30%) of county median income.

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

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

Moderate Income County:

At least twenty-five percent (25%) of qualified units will be affordable to and occupied by households with incomes at or below fortypercent (40%) of county median income.

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

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

Low Income County:

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

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

Tax Exempt Bonds

Threshold requirement (select one):

At least ten percent (10%) of qualified units will be affordable to and occupied by households with incomes at or below fifty percent

(50%) of county median income.

At least five percent (5%) of qualified units will be affordable to and occupied by households with incomes at or below forty percent(40%) of county median income.

Eligible for mortgage subsidy points (select one):

At least twenty percent (20%) of qualified units will be affordable to and occupied by households with incomes at or below fifty percent(50%) of county median income.

At least ten percent(10%) of qualified units will be affordable to and occupied by households with incomes at or below forty percent(40%) of county median income.




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PLEASE indicate which of the following exhibits are attached to your application. Others may be required as noted.

Full Application Checklist

A Nonprofit Organization Documentation or For-profit Corporation Documentation

B Current Financial Statements/Principals and Owners

C Ownership Entity Agreement, Development Agreement or any other agreements governing development services

D Management Agent Agreement

E Development and manager multi-family experience & Management Questionnaire (Appendix C)

F Letters from State Housing Agencies or designated monitoring agent verifying Out of State Management Experience

G Completed IRS Form 8821 (Appendix I)

H Permitted zoning letter (including conditional and special use)

I Site plan, floor plans and elevations

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

K Description of any existing conditions of historical significance.

L Description of environmental significance.

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

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

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

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

Q Targeting Plan and supporting documentation (Required for projects targeted to Special Populations)

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

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

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

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

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

W Documentation to support estimated utility costs.


Documents

Hamilton Ridge