Woodgreen II

8/6/2019 Woodgreen II

1/34

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: Woodgreen II Apartments

Address: Bradford Drive

City: Aberdeen County: Moore Zip: 28315

Census Tract: 9512 Block Group: 1

No

No

Political Jurisdiction: Town of Aberdeen

Jurisdiction CEO Name: First: Last:Elizabeth Mofield Title: Mayor

Jurisdiction Address: 115 North Poplar St

Jurisdiction City: Aberdeen Zip: 28315

Jurisdiction Phone: (910)944-7024

Site Latitude: 35.1334

Site Longitude: -79.4412

Page 1 of 34Print - APP04-0068

1/14/2005https://www.nchfa.org/Rental/RTCApp/(n1olbp553szfk32wuzdayr45)/site/PrintApp.aspx?...


2/34

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 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

Yes

Woodgreen Apartments, Aberdeen, NC

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: Six of the units will be handicapped accessible.Five of the units will target disabled/homeless populations.




3/34

Applicant Information

Applicant Name: United Developers, Inc.

Address: P.O. Drawer 42208

City: State: NC Zip:Fayetteville 28309

Contact: First: Last: Title:Murray Duggins

Telephone: (910)485-6600

Alt Phone: (910)485-6600

Fax: (910)483-4274

Email Address: [email protected]




4/34

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 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

4.16 4.16

No

No

Yes

No




5/34




6/34

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:

Yes

Nancy Duggins is 100% owner in NTD, LLC

(c) Enter the current expiration date of the option/contract to purchase: 12/31/2004

(D) Enter Purchase Price: 210,000




7/34

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:

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

R-10 Conditional

Yes

No

No

No




8/34

Ownership Entity

Owner Name: Woodgreen II Associates Limited Partnership


City: State: NC Zip:Fayetteville 28309

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

Federal Tax ID Number of Managing GP or Member: (If Not Assigned)56-2053411

Entity Type: Limited Partnership

Entity Status: To Be 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: Woodgreen II/Duggins LLC

First Name: N/A Last Name: N/A Function: Managing General Partner


City: Fayetteville State: NC Zip: 28309

Phone: (910)485-6600 Fax: (910)483-4274

EMail: [email protected] Nonprofit: No TaxID 56-2053411

Org: Duggins Family Limited Partnership

First Name: Murray Last Name: Duggins Function: General Partner


City: Fayetteville State: NC Zip: 28309

Phone: (910)485-6600 Fax: (910)483-4274

EMail: [email protected] Nonprofit: No TaxID 56-2053411




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10/34

Notes

Total Net Sq. Ft. (All Heated Areas): 43,016

** 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 5 targeted at 40 percent of median income.






44




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))

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

Funding Sources

Source AmountNon-

Amortizing*Rate(%)

Term(Years)

Amort.Period(Years)

AnnualDebt

Service

Bank Loan 485,000 7.25 30 30 39,702

RPP Loan 600,000 2.00 20 20Local Gov. Loan - Specify:

RD 515 Loan

RD 538 Loan - Specify:

AHP Loan

Other Loan 1 - Specify:



Tax Exempt Bonds

State Tax Credit(Loan) 614,781 0 30 30 0

State Tax Credit(Direct Refund)

Equity: Federal LIHTC 1,870,833

Non-Repayable Grant

Equity: Historic Tax Credits

Deferred Developer Fees

Owner Investment

Other - Specify:

Total Sources** 3,570,614

* "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.

74




13/34

RPP Loan

Year:Amt:

1

13710

2

14128

3

14512

4

14857

5

15162

6

15422

7

15635

8

15796

9

15903

10

15950

Year:Amt:

11

15934

12

15850

13

15693

14

15459

15

15142

16

14736

17

14237

18

13636

19

12930

20

12109




14/34

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 335,000 335,000

4 Rehabilitation

5 Construction of New Building(s) 1,903,000 1,903,000

6 Accessory Building(s)

7 General Requirements 134,200 134,200

8 Contractor Overhead 47,400 47,400

9 Contractor Profit 142,000 142,000

10 Construction Contingency 76,848 76,848

11 Architect's Fee - Design 75,000 75,000

12 Architect's Fee - Inspection

SUBTOTAL (lines 1 through 12) 2,713,448

13 Construction Insurance (prorate)

14 Construction Loan Orig. Fee (prorate)

15 Construction Loan Interest (prorate) 60,000 60,000

16 Construction Loan Credit Enhancement (prorate)

17 Construction Period Taxes (prorate) 5,000 5,000

18 Water, Sewer and Impact Fees 12,000 12,000

19 Survey 5,000 5,000

20 Property Appraisal 6,000 6,000

21 Environmental Report 5,000 5,000

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

SUBTOTAL (lines 13 through 28) 97,000

29 Real Estate Attorney 46,000 46,000

30 Other Attorney's Fees

31 Tax Credit App Fees 18,759

32 Tax Credit Monitoring Fee

33 Tax Opinion

34 Organizational (Partnership)

35 Tax Credit Monitoring Fee 26,400


36 Furnishings and Equipment 6,000 6,000

37 Relocation Expenses

38 Developer's Fee (max 15% lines 2-36, less 8 & 9) 340,000 340,000

39 Cost Certification Accounting Fees 5,000 5,000

40 Other Basis Expense (specify)

41 Rent-up Expenses

42 Other Non-basis Expense (specify)

43 Other Non-basis Expense (specify)


44 Rent up Reserve 13,200




15/34

Comments:

45 Operating Reserve 94,807

46 Other Reserve (specify)

47 Other Reserve (specify)

48 DEVELOPMENT COST (lines 1-47) 3,360,614 0 3,207,448

49 Less Federal Financing

50 Less Disproportionate Standard

51 Less Nonqualified Nonrecourse Financing

52 Less Historic Tax Credit (residential) 0

53 TOTAL ELIGIBLE BASIS 3,207,448 0 3,207,448

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

55 Basis Before Boost 3,207,448 0 3,207,448

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

57 TOTAL QUALIFIED BASIS 3,207,448 0 3,207,448

58 Tax Credit Rate 0.00% 7.90%

59 Federal Tax Credits at Estimated Rate 253,388 0 253,388

60 Federal Tax Credits at 8.5% or 3.75% 272,633 0 272,633

61 Federal Tax Credits Requested 0

62 Land Cost 210,000

63 TOTAL REPLACEMENT COST 3,570,614




16/34

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:

Market Study Information

Phase II of Woodgreen Apartments will be an addition to the successful 44 unit WoodgreenApartments that were completed in April 2003. Presently Phase I is 100% occupied with twentynames on the waiting list.

Woodgreen Apartments Phase II will be a 44 unit family project located in 6 buildings and will share

an office/community building with Phase I. The 4 acre site is located in Aberdeen in eastern MooreCounty. The rent structure has been made very affordable. While the application targets families atboth 50% and 60% of the median income, 11 of the units will target those at 40% or below themedian income and 5 of those units will target the disabled/homeless populations and have a verylow rent of $155.and $175. per month.

Yes

Golfview Apartments4131 Fescue CourtHope Mills, NC

Crosswinds Green I & II3415 Town St.Hope Mills, NC

Longview Apartments117 Longview DrFayetteville, NC

Blanton Green I & II1024 Lauren McNeil LoopFayetteville, NC

Rosehill West Apartments1945 James Hamner WayFayetteville, NC

Raeford Green Apartments300 W.Southern Ave.Raeford, NC

Woodgreen Apartments

200 Bradford Dr.Aberdeen, NC

Southview Green Apartments (under construction)Elk RoadHope Mills, NC

Bunce Green Apartments (under construction)Bunce RoadFayetteville, NC

River View Green Apartments (under construction)Riverview CourtRoanoke Rapids, NC




17/34

Site Amenities (check all that apply):

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.

Palmer Green Apartments (under construction)Palmer StreetRaeford, NC

Community Bldg - Sq Ft: 1,203 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

Support Services Coordinator on staff.Woodgreen Phase II will share a community building with Phase I.

Above average landscaping with sprinkler system.

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

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

VCT

No




18/34

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). Concentration of

affordable housing.The site is located within a new moderately priced residential area. Retail, churches, schools andmedical facilities are all located nearby. Colonial Heights Park is adjacent to the site and containstwo ball fields, playground, volleyball court and consession stand.

According to a market study done in March 2002 for Woodgreen Apartments Phase I, economicconditions for Moore County have been positive since 1990 and the unemployment rate is below thestate and national averages. Strong demographic growth has been recorded since 1990 with anincrease of 26% in the Aberdeen area. The Aberdeen, Southern Pines and Pinehurst area remainsa strong retirement destination.

Other than Woodgreen Phase I, no other affordabale housing exists in the area.

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).The surrounding area is primarily single family. A Phase I Environmental done for Woodgreen Ireports no environmental concerns.

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).Appropriate stop signs and traffic lights are in place.

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 or physical barriers to impede construction or adversely affectfuture tenants.

Similarity of scale and aesthetics/architecture between project and surroundings.Project will be constructed to be aesthetically pleasing with surrounding area. As with Phase I, thearchitectural design will be compatable with the existing homes and an asset to the community.




19/34

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

Other facilities or services:

Grocery Store2.5 Community/Senior Center1

Mall/Strip Center2.7 Hospital3.1

Outdoor Athletic Fields.0 Pharmacy2.7

Day Care/After School4 Basic Health Care2.2

Schools1.5 Medical Offices2.2

Public Transportation Stop Bank/Credit Union1.4

Convenience Store1.3 Restaurants1

Basketball/Tennis Courts1.5 Professional Services1

Public Parks.0 Movie Theater3

Gas Station1 Video Rental3

Library3.5 Public Safety (Fire/Police)2

Fitness/Nature Trails.75 Post Office1

Public Swimming Pools4.5

(.0) The site is adjacent to Coloniel Heights Park.Downtown Aberdeen is located 1.5 miles from the site.




20/34


21/34

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: 17 2

Units: 736 56

North Carolina Other States

Projects: 24 6

Units: 920 176

No

No

No

No

Yes




22/34

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? No

Does the project have a letter of intent from an investor? Yes

Is any portion of the eligible basis of new contruction or rehabilitation financed with federal subsidies other than CDBG funds or fundsfrom the HOME program? No

If yes, indicate the type and amount below:

Tax Exempt Financing: $

RD 515 Financing: $

Hope VI Financing: $

Other: $

If Other, specify the type of Federal subsidy:




23/34

Project Operations (Year One)

Projected Operating Costs

Administrative Expenses

Advertising 2,000

Office Salaries 2,000

Office Supplies 2,000

Office or Model Apartment Rent

Management Fee 21,000

Manager or Superintendent Salaries 11,000

Manager or Superintendent Rent Free Unit

Legal Expenses (Project) 1,500

Auditing Expenses (Project) 3,500

Bookkeeping Fees/Accounting Services

Telephone and Answering Service 2,500

Bad Debts

Other Administrative Expenses (specify):

SUBTOTAL 45,500

Utilities ExpenseFuel Oil

Electricity (Light and Misc. Power) 4,000

Water 1,200

Gas

Sewer 1,500

SUBTOTAL 6,700

Operating and Maintenance Expenses

Janitor and Cleaning Payroll

Janitor and Cleaning Supplies

Janitor and Cleaning Contract 4,000

Exterminating Payroll/Contract 2,500

Exterminating Supplies

Garbage and Trash Removal 3,000

Security Payroll/Contract

Grounds Payroll

Grounds Supplies

Grounds Contract 11,000

Repairs Payroll 5,000

Repairs Material 3,000

Repairs Contract 2,000

Elevator Maintenance/Contract

Heating/Cooling Repairs and Maintenance 4,000

Swimming Pool Maintenance/Contract

Snow Removal

Decorating Payroll/Contract

Decorating Supplies 1,000

Other (specify):

Miscellaneous Operating & Maintenance Expenses

SUBTOTAL 35,500

Taxes and Insurance

Real Estate Taxes 19,000

Payroll Taxes (FICA) 2,000

Miscellaneous Taxes, Licenses and Permits




24/34


25/34


26/34

Design Features

ITEM DESCRIPTION

Foundation/Slab Components 20"X12" Footings w/2 #5 Rebar cont Reg. Brick 4"X8" Block & Header Blocks on 4" Slab

Primary Windows Make: Model:Pennco Series 2070 Type/Construction: Vinyl, Single Hung, Thermal Break, Tilt Sash

Exterior Doors Type: Frames:Peachtree Steel Wood

SidingType: Grade/Thickness:

Hardi-Plank & BrickVeneer and/or .044"vinyl siding and trim.

Warranty: 50 Year

Exterior Trim Pro Trim/Hardi Plank and/or vinyl trim

Shingles Type: Weight:Asphalt 240# Warranty: 30 Year Architectural

Sprinkler System

Cabinets Tri-Pak Composit Box, 3/4" Shelf, Oak Face

Heat Pump SEER: Make:12 Goodman

Model:

Air Conditioner SEER: Make:12 Goodman

Model: CPK J18

Other Heat Systems SEER: Make:N/A

Model:




27/34

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 15,134 8,817 23,951

Backfill-slab, Crawl 0 0 0

Slab-concrete/Rebar/Gravel 46,718 38,229 84,947

Waterproofing 0 0 0

Masonry Foundation 6,909 5,922 12,831

Brick Veneer 22,240 34,335 56,575

Steel/Structure/Rails 28,820 33,821 62,641

Framing/Lumber/Nails 111,925 181,767 293,692

Trusses 77,419 77,419

Crane Rental 7,896 7,896

Windows/Grilles/Screen 18,292 18,292Exterior Doors 46,257 46,257

Roofing 8,883 12,831 21,714

Fencing 15,463 4,606 20,069

Vinyl Siding/Trim/Box 48,955 44,152 93,107

Gutters/Shutters 4,935 5,593 10,528

Insulation 16,515 24,807 41,322

Drywall 58,956 39,283 98,239

Interior Doors 20,162 70,668 90,830

Int. & Final/Stair/Trim/Shelves 0 0 0

Cabinets & Tops 32,305 48,432 80,737

Painting 41,783 34,217 76,000

Marble - Tub/Shwr/Tops 0 0 0

Plumbing 60,075 85,145 145,220

Electrical 40,335 53,495 93,830

Heating/Air Conditioning 42,441 69,814 112,255

Floor Covering and Underlayment 17,766 41,454 59,220

Wall Paper 11,844 11,845 23,689

Mailboxes/Special Features/Signage 500 5,000 5,500

Gypcrete 0 0 0

Blinds/Shades/Art Work 3,948 9,212 13,160

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

Acoustical Ceilings 0 0 0




28/34

Remarks:

Mirror/Shower Door/Encls. 0 0 0

Hardware/Bath Access. 23,425 23,425

Appliances 70,080 70,080

Playground Equipment 3,500 3,500

Interior Clean 12,040 12,040

Exterior Clean/Dumpster Rental 11,055 11,055

Other 1 (specify in Remarks) 8,832 4,592 13,424

Other 2 (specify in Remarks) 44,744 54,811 99,555

Total Cost 733,283 1,169,717 1,903,000

1. Driveway/Sidewalk/Porch2. Site Utilities




29/34

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 75,633

Job Site Office/Trailer Rental 5,365

Office Supplies 0

Security/Watchman 11,650

Project Signage 0

Tools and Equipment 2,755

Gas, Oil, and Maintenance 0

Temporary Water, Electric, and Telephone 4,553

Storage/Hauling 0

Driveway Access Permit 9,250

Porta-John Rental/Dumping 4,555Builders Risk Insurance 5,365

Re-inspection Fees 0

Extra Plans and Specifications 0

Miscellaneous, Casual Labor 0

Equipment Rental 0

Other 1 (specify in Remarks) 15,074

Other 2 (specify in Remarks)

Total Cost 134,200

1. Water & Sewer Connection Fees& Dumpster Rental




30/34

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 0

Clearing/Grading/Final Grading/Excess and Borrow 92,520

Demolition 0

Earthwork/Excavation/Aerating 27,880

Soil Treatment 6,080

Pile Foundations 0

Caissons 0

Shoring/Bracing 0

Site Drainage 33,720

Site Utilities/Site Lighting 6,960

Paving and Surfacing/Curb and Gutter 82,296Walkways 0

Site Signage 3,200

Parking Lot Painting 1,400

Dumpster Pads/Fencing 6,784

Fencing/Gates 0

Landscaping/Topsoil 74,160

Rock and Hardpan Excavation 0

Site Supervision Personnel

Other (specify in Remarks)

Total Cost 335,000




31/34

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

Other 1 (specify in Remarks) 0


Total Cost 0




32/34

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

Remarks:

Costs - Bond Issuance

ITEM TOTAL

Bond Counsel 0

Issuer Counsel 0

Credit Enhancement/LOC Counsel 0

Underwriter Counsel 0

Developer's Counsel 0

Rating Agency Fee 0

Printing 0

Trustee Fee 0

Trustee Counsel 0

Issuer's Fee 0

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


Total Cost 0




33/34

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.




34/34

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

Full Application Checklist

A Nonprofit Organization Documentation or For-profit Corporation Documentation

B Current Financial Statements/Principals and Owners

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

D Management Agent Agreement

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

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

G Completed IRS Form 8821 (Appendix I)

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

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

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

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

L Site plan, floor plans and elevations

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

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

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

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

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

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

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

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

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

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

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

X Documentation to support estimated utility costs.


Documents

Woodgreen II