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Is project in Qualified Census Tract & Difficult to Develop area?
Does a community revitalization plan exist?
Print Preview - Final Application
Tax Credits, RPP Loans, and/or Tax Exempt Bond Loans
Project Name and Location
Project Name: HUNTERS GLEN
Address: FIRE TOWER ROAD
City: SANFORD County: Lee Zip: 27330
Census Tract: 304 Block Group: 304-06
No
No
Political Jurisdiction: CITY OF SANFORD
Jurisdiction CEO Name: First: Last:WINSTON HESTER Title: MAYOR
Jurisdiction Address: 225 E. WEATHERSPOON STREET
Jurisdiction City: SANFORD Zip: 27330
Jurisdiction Phone: (919)775-8365
Site Latitude: 35.7810
Site Longitude: -78.6366
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Is this project a follow-on (Phase II, etc) to a previously-awarded tax credit development project?
If yes, list names of previous phase(s):If yes, list names of previous phase(s):
Will the project be receiving project based federal rental assistance?
If yes, provide the subsidy source:If yes, provide the subsidy source: and number of units:and number of units:
Target Population: Family
Indicate below any additional targeting for special populations proposed for this project:
Project Description
Project Type:* New Construction Rehab Adaptive Reuse
No
No
Mobility impaired handicapped: 5% of units comply with QAP Section IV(F)(3) (in addition to the units required by other federaland state codes.)
Persons with disabilities or homeless populations: the greater of 5 units or 10% of the total units
Remarks: ADDITIONAL 5% HANDICAP UNITS ADDED IN ADDITION TO EXISTING 5% REQUIREMENTFOR TOTAL OF 10% HANDICAP UNITS
FOUR TARGET UNITS FOR PERSONS WITH DISABILITIES PER CHANGE #10 2004 QAP
CURBLESS ROLL-IN SHOWERS IN 2 HANDICAP UNITS (36"x60")
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Applicant Information
Applicant Name: HUNTERS GLEN ASSOCIATES, LIMITED PARTNERSHIP
Address: 503 CARTHAGE STREET
City: State: NC Zip:SANFORD 27330
Contact: First: Last: Title:PAIGE SIMPSON OFFICE MANAGER
Telephone: (919)774-6511
Alt Phone: (919)774-3578
Fax: (919)774-5011
Email Address: [email protected]
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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
6.0 6.0
No
No
Yes
No
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Does the owner have fee simple ownership of the property (site/buildings)?
If yes provide:
Purchase Date: Purchase Price:
If no:
Site Control
Yes
01/15/2003 72,000
(a) Does the owner/principal or ownership entity have vaild option/contract to purchase the property?
(b) Does an identity of interest (direct or indirect) exist between the owner/principal or ownership entity with the option/contract for
purchase of the property and the seller of the property?If yes, specify the relationship:
(c) Enter the current expiration date of the option/contract to purchase:
(D) Enter Purchase Price:
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Present zoning classification of the site:
Is mutifamily use permitted?
Are variances, special or conditional use permits or any other item requiring a public hearing needed to develop this proposal?
If yes, have the hearings been completed and permits been obtained?
If yes, specify permit or variance required and date obtained. If no, describe permits/variances required and schedule for obtainingthem:
Are there any existing conditions of historical significance located on the project site that will require State Historic Preservation office review?
If yes, describe below:
Are there any existing conditions of environmental significance located on the project site?
If yes, describe below:
Zoning
RESIDENTIAL-12,000
Yes
No
No
No
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Ownership Entity
Owner Name: HUNTERS GLEN ASSOCIATES, LIMITED PARTNERSHIP
Address: 503 CARTHAGE STREET
City: State: NC Zip:SANFORD 27330
Federal Tax ID Number of Ownership Entity: (If assigned)13-4279240
Federal Tax ID Number of Managing GP or Member: (If Not Assigned)56-1586240
Entity Type: Limited Partnership
Entity Status: Already Formed
Is the applicant requesting that the Agency treat the application as Non-Profit sponsored? No
Is the applicant requesting that the Agency treat the application as CHDO sponsored? No
List all general partners, members,and principals. Specify nonprofit corporate general partners ormembers. Click [Add] to add additional partners, members, and principals.
Org: HUNTERS GLEN ASSOCIATES, LIMITED PARTNERSHIP
First Name: DONALD Last Name: SIMPSON Function: Principal
Address: 503 CARTHAGE STREET
City: SANFORD State: NC Zip: 27330
Phone: (919)774-6511 Fax: (919)774-5011
EMail: [email protected] Nonprofit: No TaxID 56-1586240
Org: DONALD R. SIMPSON FAMILY LIMITED PARTNERSHIP
First Name: DONALD R. Last Name: SIMPSON Function: General Partner
Address: 503 CARTHAGE STREET
City: SANFORD State: NC Zip: 27330
Phone: (919)774-6511 Fax: (919)774-5011
EMail: [email protected] Nonprofit: No TaxID 56-2172625
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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 16 targeted at 39 percent of median income.
2 8 targeted at 39 percent of median income.
2 16 targeted at 43 percent of median income.
40
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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 688,339 2.00 18 18 45,568Local Gov. Loan - Specify:
RD 515 Loan
RD 538 Loan - Specify:
AHP Loan
Other Loan 1 - Specify:
Other Loan 2 - Specify:
Other Loan 3 - Specify:
Tax Exempt Bonds
State Tax Credit(Loan) 501,193 0 30 30 0
State Tax Credit(Direct Refund)
Equity: Federal LIHTC 1,506,335
Non-Repayable Grant
Equity: Historic Tax Credits
Deferred Developer Fees
Owner Investment 1,897
Other - Specify:
Total Sources** 2,697,764
* "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
RPP LOAN FROM NORTH CAROLINA HOUSING FINANCE AGENCYSTATE TAX CREDIT LOAN
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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 195,500 195,500
4 Rehabilitation
5 Construction of New Building(s) 1,505,000 1,505,000
6 Accessory Building(s) 60,500 60,500
7 General Requirements 96,000 96,000
8 Contractor Overhead 34,000 34,000
9 Contractor Profit 105,000 105,000
10 Construction Contingency 59,880 59,880
11 Architect's Fee - Design 28,000 28,000
12 Architect's Fee - Inspection 12,000 12,000
SUBTOTAL (lines 1 through 12) 2,095,880
13 Construction Insurance (prorate) 800 800
14 Construction Loan Orig. Fee (prorate) 1,500 1,500
15 Construction Loan Interest (prorate) 49,039 49,039
16 Construction Loan Credit Enhancement (prorate)
17 Construction Period Taxes (prorate) 809 809
18 Water, Sewer and Impact Fees 2,775 2,775
19 Survey 4,500 4,500
20 Property Appraisal 900 900
21 Environmental Report 1,400 1,400
22 Market Study 4,000 4,000
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 650
SUBTOTAL (lines 13 through 28) 66,373
29 Real Estate Attorney 750 750
30 Other Attorney's Fees 5,000 5,000
31 Tax Credit App Fees 15,111 15,111
32 Cost Certification Fees 3,000 3,000
33 Tax Opinion 365
34 Organizational (Partnership) 125
35 Tax Credit Monitoring Fee 24,000
SUBTOTAL (lines 29 through 35) 48,351
36 Furnishings and Equipment 8,500 8,500
37 Relocation Expenses
38 Developer's Fee (max 15% lines 2-36, less 8 & 9) 312,000 312,000
39 Other Basis Expense (specify)
40 Other Basis Expense (specify)
41 Rent-up Expenses 500
42 Other Non-basis Expense (specify)
43 Other Non-basis Expense (specify)
SUBTOTAL (lines 36 through 43) 321,000
44 Rent up Reserve 12,000
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Please provide a detailed description of the proposed project:
Construction (check all that apply):
Brick Vinyl Wood HardiPlank Balconies/Patios Sunrooms Front Porches
Front Gables or Dormers Wide Banding or Vertical/Horizontal Siding
Other:
Have you built other tax credit developments that use the same building design as this project?
If yes, please provide name and address:
Site Amenities (check all that apply):
Onsite Activities:
Landscaping Plans:
Market Study Information
The proposed project represents a rare opportunity to build affordable housing in a high incomeneighborhood. Thre will be five buildings of eight units each, and a community building. Allstructures will have brick and vinyl exteriors, the top floors will have lifted ceilings, and all drywallused will be fire guard rated. The driving suface will be paved with asphalt and have 24"concretecurb and gutter. There will be 5' concrete sidewalks throughout the project. All the work will be
performed in accordance with applicable codes and standards. and performed in a workmanship likemanner to complete an attractive project
Fire guard drywall throughout, energy efficient construction, dramatic landscaping, postal station.
No
Community Bldg - Sq Ft: 1,457 Community Room - Sq Ft: Garages - Number:
Laundry Rm Screened Porch Resident Computer Center Exam Rm Reading Rm/Library
Game/Craft Rm Exercise Rm TV Rm Beauty Salon Vending Rm
Chapel/Prayer Rm Picnic Area Onsite Leasing Office Onsite Mgr Onsite Maint. Person
Irrigated Lawns Security Gate Car Care Area Storage Units Gazebos
Walking Trails Garden Spots Basketball/Tennis Court Playground Ball Field
Pool Fitness Stations Horseshoe Pit Shuffleboard Covered Drive Thru
Bible study, resident programs presented free of charge on topics of: home safety, fire prevention,estate planning, insurance coverage, introduction to computers, etc., and hosting of holiday parties.Club house will be available free of charge for residents to host baby/wedding shower parties andbirthday/retirement parties.
Beautiful landscaping to include compacta shrubbery with long-leaf pine straw around buildings,postal station and entrance sign. Entrance sign to be carved, sand-blasted style with lighting. Fivefoot sidewalks throughout project for walking excercise and to provide longevity of asphalt and
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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.
erosion control. A strip of grass will be planted between the side walk and the 24" back to backconcrete curb and gutter. Curb and gutter islands with landscaping will be constructed if necessaryfor ease of parking and backing out of parking spaces. After project completion, landscaping will bemaintained to provide a consistently well-manicured development
Range Hood Dishwasher Disposal Refrigerator (frost free) Storage interior/exterior
W/D Hookups Mini-blinds Pantry Ceiling fans Walk-in closets
Yes
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Briefly describe your site in each of the following categories:
Applicant's Site Evaluation
NEIGHBORHOOD CHARACTERISTICS
Physical condition of buildings and improvements. Trend and direction of real estate developmentrelative to the project. Area economic health (degree of decline or investment). Concentration of
affordable housing.Carthage Conoies is a large scale, brand new housing development adjacent to site, on left. It isowned by a national development company that is traded on the New York Stock Exchange. Homesare priced at the upper end market for Lee County.Three Churches surround the site. Tremendous economic investments on-going during the lastthree years have been made to properties directly adjoining the site.One-half mile from the site are 271 high market rate (non-competing) occupied residentialapartments owned and managed by the Applicant General Partner.The Board of Education is currently proposing locating Lee County's new high school two miles fromthe site.The surrounding and immediate neighborhoods have a definate trend toward high income, fullmarket rate residential development, while supplying numerous public amenities.The hospital, medical services, public parks, retail and convenience stores, restaurants, and fitnessorganizations are less than one mile from the site.The site presents the rare opportunity of creating affordable housing in an established high incomeneighborhood.
Suitability of surrounding development. Land use pattern is primarily residential (single andmultifamily housing) with a balance of other uses (particularly retail and amenities). Amount andcharacter of vacant, undeveloped land. Effect of industrial, large-scale institutional or otherincompatible uses: wastewater treatment facilities, high traffic corridors, junkyards, prisions, landfills,large swamps, distribution facilities, frequently used railroad tracks, power transmission lines andtowers, factories or similar operations, sources of excessive noise, and sites with environmentalconcerns (such as odors or pollution).Carthage Colonies, a high end housing development, is adjacent to site. Three Churches are inimmediate vacinity to site. There is some vacant land, but primarily residential developmentsurrounds the site. One-half mile from the site are 271 high market rate (non-competing) occupiedresidential units owned and managed by the Applicant General Partner.There are no known
junkyards, prisons, landfills, railroad tracks, factories, or any other existing factors which wouldcause any environmental concerns, what so ever. The surrouding site is extremely suitable for theproposed apartment development.
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).A public maintained road serves the property; City water , sewer, police, fire and rescue services areprovided; three stop signs are close to the site; superior infrastructure provides easy access to allmajor thoroughfares, retailers, and service and medical providers.
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.
None
Similarity of scale and aesthetics/architecture between project and surroundings.Adjoining properties are new construction, high income occupied properties. Primarily residentialand church development surrounds the site
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For each applicable neighborhood feature, enter distance from project in miles.
Other facilities or services:
Grocery Store2.4 Community/Senior Center2.5
Mall/Strip Center2.4 Hospital.9
Outdoor Athletic Fields1.8 Pharmacy1.3
Day Care/After School.5 Basic Health Care.9
Schools3.0 Medical Offices.9
Public Transportation Stop Bank/Credit Union1.7
Convenience Store1.3 Restaurants1.7
Basketball/Tennis Courts2.0 Professional Services1.7
Public Parks1.3 Movie Theater2.4
Gas Station1.3 Video Rental1.7
Library2.1 Public Safety (Fire/Police)2.4
Fitness/Nature Trails.9 Post Office2.0
Public Swimming Pools4.5
In addition to the above, there is a brand new fully occupied shopping strip with grocery, videorental, pharmacy, restaurants, and retail less than 2.0 miles south of the site.
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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: 4 0
Units: 136 0
North Carolina Other States
Projects: 4 0
Units: 136 0
No
No
No
No
Yes
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Project Operations (Year One)
Projected Operating Costs
Administrative Expenses
Advertising 1,500
Office Salaries 0
Office Supplies 550
Office or Model Apartment Rent 0
Management Fee 16,026
Manager or Superintendent Salaries 0
Manager or Superintendent Rent Free Unit 0
Legal Expenses (Project) 125
Auditing Expenses (Project) 3,350
Bookkeeping Fees/Accounting Services 9,600
Telephone and Answering Service 1,200
Bad Debts 1,000
Other Administrative Expenses (specify):
CREDIT REPORTS FOR APPLICATIONS225
SUBTOTAL 33,576
Utilities ExpenseFuel Oil 0
Electricity (Light and Misc. Power) 4,100
Water 200
Gas 0
Sewer 200
SUBTOTAL 4,500
Operating and Maintenance Expenses
Janitor and Cleaning Payroll 0
Janitor and Cleaning Supplies 650
Janitor and Cleaning Contract 3,150
Exterminating Payroll/Contract 1,500
Exterminating Supplies 250
Garbage and Trash Removal 3,900
Security Payroll/Contract 0
Grounds Payroll 0
Grounds Supplies 2,900
Grounds Contract 7,900
Repairs Payroll 0
Repairs Material 8,200
Repairs Contract 7,900
Elevator Maintenance/Contract 0
Heating/Cooling Repairs and Maintenance 3,500
Swimming Pool Maintenance/Contract 0
Snow Removal 350
Decorating Payroll/Contract 3,700
Decorating Supplies 4,200
Other (specify):0
Miscellaneous Operating & Maintenance Expenses 0
SUBTOTAL 48,100
Taxes and Insurance
Real Estate Taxes 16,750
Payroll Taxes (FICA) 0
Miscellaneous Taxes, Licenses and Permits 0
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Design Features
ITEM DESCRIPTION
Foundation/Slab Components 3000 psi CONCRETE, 3 #4 REBAR, FIBER REINFORCEMENT, WITH CONTROL JOINTS.
Primary WindowsMake: Model:GENERALALUMINUM THERMAL PANE
Type/Construction: ALUMINUM
Exterior Doors
Type: Frames:
UL CLASS 90MINUTE FIRE RATEDMETAL DOORS WITHSELF-CLOSINGHINGES METAL
SidingType: Grade/Thickness:
BRICK & VINYLGILBARCO .44
Warranty: LIFETIME LIMITED 50 YEAR
Exterior Trim VINYL GILBARCO .44 TRIM, SEAMLESS GUTTERS
ShinglesType: Weight:
CERTAINTEEDXT25AR 225 lbs.
Warranty: 25 YEAR, CLASS A, ALGAE RESISTANT
Sprinkler System NONE
Cabinets EUROPEAN STYLE WOOD CABINETS
Heat Pump SEER: Make:12 GOODMAN
Model: 1-1/2 TON & 2.0 TON
Air Conditioner SEER: Make:12 GOODMAN
Model: 1-1/2 TON & 2.0 TON
Other Heat Systems SEER: Make:
Model:
8 kw HEAT STRIPS ONABOVE LISTEDHEATING UNITS
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This is a detailed breakdown of rehabilitation or construction costs you summarized in the Development Costs table (Rehabilitation andConstruction of New Building(s)). The total should match those roll-up values.
Costs - Construction
ITEM LABOR MATERIAL TOTAL
Concrete Footings 0 0 0
Backfill-slab, Crawl 6,000 0 6,000
Slab-concrete/Rebar/Gravel 39,000 25,000 64,000
Waterproofing 3,397 0 3,397
Masonry Foundation 0 0 0
Brick Veneer 56,000 50,000 106,000
Steel/Structure/Rails 6,500 6,100 12,600
Framing/Lumber/Nails 178,000 195,000 373,000
Trusses 50,000 0 50,000
Crane Rental 0 0 0
Windows/Grilles/Screen 0 25,000 25,000Exterior Doors 0 14,000 14,000
Roofing 9,000 22,300 31,300
Fencing 0 0 0
Vinyl Siding/Trim/Box 40,211 1,548 41,759
Gutters/Shutters 6,200 1,000 7,200
Insulation 28,000 0 28,000
Drywall 45,000 35,000 80,000
Interior Doors 0 16,800 16,800
Int. & Final/Stair/Trim/Shelves 8,000 0 8,000
Cabinets & Tops 55,000 0 55,000
Painting 40,000 15,000 55,000
Marble - Tub/Shwr/Tops 0 0 0
Plumbing 144,300 0 144,300
Electrical 73,000 30,000 103,000
Heating/Air Conditioning 63,000 52,000 115,000
Floor Covering and Underlayment 18,000 30,000 48,000
Wall Paper 0 0 0
Mailboxes/Special Features/Signage 0 0 0
Gypcrete 0 0 0
Blinds/Shades/Art Work 2,500 7,500 10,000
Light Fixtures/Fans 0 0 0
Sprinkler System 0 0 0
Security Alarm 0 0 0
Hardwood Floors 0 0 0
Elevator 0 0 0
Ceramic Tiles 0 0 0
Acoustical Ceilings 0 0 0
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Remarks:
Mirror/Shower Door/Encls. 0 0 0
Hardware/Bath Access. 1,500 5,500 7,000
Appliances 0 75,778 75,778
Playground Equipment 1,100 11,816 12,916
Interior Clean 7,500 350 7,850
Exterior Clean/Dumpster Rental 3,000 1,100 4,100
Other 1 (specify in Remarks) 0
Other 2 (specify in Remarks) 0
Total Cost 884,208 620,792 1,505,000
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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 40,000
Job Site Office/Trailer Rental 1,600
Office Supplies 500
Security/Watchman 0
Project Signage 300
Tools and Equipment 2,600
Gas, Oil, and Maintenance 6,000
Temporary Water, Electric, and Telephone 2,810
Storage/Hauling 1,700
Driveway Access Permit 250
Porta-John Rental/Dumping 1,000Builders Risk Insurance 3,500
Re-inspection Fees 90
Extra Plans and Specifications 250
Miscellaneous, Casual Labor 1,200
Equipment Rental 34,000
Other 1 (specify in Remarks) 200
Other 2 (specify in Remarks)
Total Cost 96,000
$200.00 PERFORMANCE BONDS FOR DEPARTMENT OF TRANSPORTATION
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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 Explorat ion/Perk Testing/Site Engineering 4,500
Clearing/Grading/Final Grading/Excess and Borrow 40,500
Demolition
Earthwork/Excavation/Aerating
Soil Treatment 3,100
Pile Foundations
Caissons
Shoring/Bracing
Site Drainage 9,000
Site Utilities/Site Lighting 93,500
Paving and Surfacing/Curb and Gutter 40,000Walkways
Site Signage 2,000
Parking Lot Painting 800
Dumpster Pads/Fencing 2,100
Fencing/Gates
Landscaping/Topsoil
Rock and Hardpan Excavation
Site Supervision Personnel
Other (specify in Remarks)
Total Cost 195,500
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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
Credit Enhancement
Underwriter Discount
Capital Interest Fund
Other 1 (specify in Remarks)
Other 2 (specify in Remarks)
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
Issuer Counsel
Credit Enhancement/LOC Counsel
Underwriter Counsel
Developer's Counsel
Rating Agency Fee
Printing
Trustee Fee
Trustee Counsel
Issuer's Fee
Other 1 (specify in Remarks)Other 2 (specify in Remarks)
Other 3 (specify in Remarks)
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:
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 countymedian 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.
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 Letters from Local Utility Providers (original on letterhead, no fax or photocopies)
I Local Government Letter or Letter from Certified Engineer or Land Surveyor Confirming Floodplain Designation with Mapshowing 100 year and 500 year floodplain (original on letterhead, no fax or photocopies)
J Local Government Letter Confirming Zoning (original on letterhead, no fax or photocopies)
K Copy of certificate of occupancy or proof of placed-in-service date (Rehabs Only)
L Site plan, floor plans and elevations
M Hazard and structural inspection and termite reports (Renovation projects only)
N Anticipated budget demonstrating how the project would meet the 10% test by November 14th.
O Evidence of Architect's Errors and Omissions insurance (or equivalent).
P Description of acquisition for existing/occupied projects or for projects with occupied buildings to be demolished.
Q Description of proposed Relocation Plan & Relocation Budget, Etc. If any relocation is anticipated, reference Appendix F.
R Targeting Plan and supporting documentation (Required for all projects)
S Local Housing Authority Agreement (Reference Model in Appendix I)
T Appraisal (for land costs greater than $5,000 and for buildings in rehab projects)
U Evidence of Permanent Loan Commitment, other sources of funds, and project-based subsidies.
V Statement regarding terms of Deferred Developer Fee and, if nonprofit, resolution of Board approving fee.
W Inducement Resolution (Tax-Exempt Bond Financed Projects only)
X Documentation to support estimated utility costs.
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