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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
600,000
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Is project in Qualified Census Tract & Difficult to Develop area:
Project Name and Location
Project Name: Garden Walk Villas
Address: Charles Rollins Road
City: Henderson County: VANCE Zip: 27536
Census Tract: 9908 Block Group:
No
Political Jurisdiction: City of Henderson
Jurisdiction CEO Name: First: Last:Robert Young, Jr. Title: Mayor
Jurisdiction Address: P.O. Box 1434
Jurisdiction City: Henderson Zip: 27536-1434
Jurisdiction Phone: (252)431-6022
Site Latitude:
Site Longitude:
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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 federal rental assistance?
If yes, provide the subsidy source:If yes, provide the subsidy source: HUD and number of units:and number of units:
Target Population: Elderly (55)
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
1010
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: The complex will have 6 fully accessible units, 3 ADA units and 3 mobility impaired as defined in theQAP. We are targeting 5 units for persons with disabilities or homeless persons. In addition, 1 unitwill be designed for sight and hearing impaired as specified in the QAP.
Proposed number of residential buildings: 1 Maximum number of stories in buildings: 2
Types of Units:* Townhouse Duplex Garden Apartment Detached Single-Family
Project Includes:Separate community building -- Sq. Ft. (Floor Area):Sq. Ft. (Floor Area):
Community space within residential bulding(s) -- Sq. Ft. (Floor Area):Sq. Ft. (Floor Area): 7,5217,521
Elevators -- Number of Elevators:Number of Elevators: 11
Gross Floor Square Footage: 47,095
Total Net Sq. Ft. (All Heated Areas): 44,814
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Applicant Information
Applicant Name: WDT Development, LLC
Address: 430 Woodland Road
City: State: NC Zip:Henderson 27536
Contact: First: Last: Title:W. Dennis Tharrington Managing Member
Telephone: (252)436-9126
Alt Phone: (252)432-1445
Fax: (252)436-9126
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 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
4.41 4.41
No
No
No
Yes
No
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(b) Describe flood mitigation if the project is in the East Region and will have improvements within the 100 year floodplain:
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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
11/13/2002 199,414
(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:
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
O-I
Yes
Yes
Yes
On April 1, 2003, the City of Henderson Zoning Board of Adjustment granted a special use permit forthe construction of a 48-unit multi-family apartment complex.
No
No
No
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Ownership Entity
Owner Name: Garden Walk Villas, LLC
Address: 430 Woodland Road
City: State: NC Zip:Henderson 27536
Federal Tax ID Number of Ownership Entity: (If assigned)42-1567074
Federal Tax ID Number of Managing GP or Member: (If Not Assigned)
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: W. Dennis Tharrington
First Name: W. Dennis Last Name: Tharrington Function: Managing Member
Address: 430 Woodland Road
City: Henderson State: NC Zip: 27536
Phone: (252)436-9126 Fax: (252)436-9126
EMail: [email protected] Nonprofit: No TaxID 244-84-5301
Org: N/A-Individual
First Name: Kenneth Last Name: Boisseau, II Function: Member
Address: 8304 Meadow Ridge Court
City: Raleigh State: NC Zip: 27615
Phone: (919)847-5860 Fax: (919)847-5860
EMail: [email protected] Nonprofit: No TaxID 237-70-4116
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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 1 677 17 5 350 40 0 390
Gdn Apt 1 677 19 0 407 40 0 447
Gdn Apt 2 888 3 1 427 60 0 487
Gdn Apt 2 888 9 0 485 60 0 545
Utilites included in rents: Water/Sewer Electric Gas Other trash pick-up
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....... 48 6 19329
Market Rate.......
Totals............... 48 6 19329
* 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.
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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 17 targeted at 50 percent of median income.
1 19 targeted at 60 percent of median income.
2 3 targeted at 50 percent of median income.
2 9 targeted at 60 percent of median income.
48
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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))
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 203,606 7.50 20 30 17,083
RPP Loan 600,000 2.00 20 30Local Gov. Loan - Specify:
RD Loan
AHP Loan
Other Loan 1 - Specify:
Other Loan 2 - Specify:
Other Loan 3 - Specify:
Tax Exempt Bonds
State Tax Credit(Loan) 984,708 0 30 30 0
State Tax Credit(Direct Refund)
Equity: Federal LIHTC 2,014,708
Non-Repayable Grant
Equity: Historic Tax Credits
Deferred Developer Fees 42,171
Owner Investment
Other - Specify:
Total Sources** 3,845,193
* "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.
78
RPP Loan
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Year:Amt:
1
30000
2
30000
3
30000
4
30000
5
29800
6
29500
7
29100
8
28600
9
28100
10
27500
Year:Amt:
11
26800
12
26000
13
25100
14
24100
15
23000
16
21700
17
20300
18
18800
19
17000
20
15100
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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 250,000 187,500
4 Rehabilitation
5 Construction of New Building(s) 1,970,500 1,970,500
6 Accessory Building(s)
7 General Requirements 133,230 133,230
8 Contractor Overhead 47,050 47,050
9 Contractor Profit 188,296 188,296
10 Construction Contingency 77,617 77,617
11 Architect's Fee - Design 60,000 60,000
12 Architect's Fee - Inspection 7,500 7,500
SUBTOTAL (lines 1 through 12) 2,734,193
13 Construction Insurance (prorate) 8,000 5,600
14 Construction Loan Orig. Fee (prorate) 19,702
15 Construction Loan Interest (prorate) 118,239 82,767
16 Construction Loan Credit Enhancement (prorate)
17 Construction Period Taxes (prorate) 4,000 2,800
18 Water, Sewer and Impact Fees 1,200 1,200
19 Survey 18,000 18,000
20 Property Appraisal 4,000 4,000
21 Environmental Report 11,500 11,500
22 Market Study 4,500 4,500
23 Bond Costs (specify)
24 Cost of Issuance
25 Placement Fee
26 Permanent Loan Origination Fee 2,036
27 Permanent Loan Credit Enhancement
28 Title and Recording 5,000
SUBTOTAL (lines 13 through 28) 196,177
29 Real Estate Attorney 15,000
30 Other Attorney's Fees 30,000 15,000
31 Tax Credit App Fees 18,288 18,288
32 Cost Certification/Accounting Fees (specify) 10,000 10,000
33 Tax Opinion 5,000
34 Organizational (Partnership) 1,000
35 Tax Credit Monitoring Fee 28,800
SUBTOTAL (lines 29 through 35) 108,088
36 Furnishings and Equipment 12,000 12,000
37 Relocation Expenses
38 Developer's Fee (max 15% lines 2-36, less 8 & 9) 414,615 414,615
39 Other Basis Expense (specify) Lenders supervision
40 Other Basis Expense (specify) Permit fees 10,397 10,397
41 Rent-up Expenses 25,000
42 Other Non-basis Expense (specify) Off-site costs 25,000
43 Other Non-basis Expense (specify)
SUBTOTAL (lines 36 through 43) 487,012
44 Rent up Reserve 14,400
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Comments:
45 Operating Reserve 105,909
46 Other Reserve (specify)
47 Other Reserve (specify)
48 DEVELOPMENT COST (lines 1-47) 3,645,779 0 3,282,360
49 Less Federal Financing
50 Less Disproportionate Standard
51 Less Nonqualified Nonrecourse Financing
52 Less Historic Tax Credit (residential) 0
53 TOTAL ELIGIBLE BASIS 3,282,360 0 3,282,360
54 Times Applicable Fraction 100.00% 100% 100%
55 TOTAL QUALIFIED BASIS 3,282,360 0 3,282,360
56 Tax Credit Rate 0.00% 7.87%
57 FEDERAL TAX CREDITS at Estimated Rate 258,321 0 258,321
57a FEDERAL TAX CREDITS at 8.5% or 3.75% 279,000 0 279,000
58 FEDERAL TAX CREDITS REQUESTED 0
59 STATE TAX CREDITS
60 Land Cost 199,414
61 TOTAL REPLACEMENT COST 3,845,193
* Line 58 will not calculate. *In our preliminary application, we showed our land cost as $226,092.However, that was for an entire 5-acre tract and we are only using 4.41 acres for Garden WalkVillas, therefore we have corrected the acreage and price in this budget/application.
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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
This complex will feature a two-story, one building 48-unit complex for seniors. The site is beside ofthe Maria Parham Hospital and is ideal for senior citizens.
Security-Alarm system
No
Community Bldg - Sq Ft: Community Room - Sq Ft: 7,521 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
We will work closely with local human service agencies and the neighboring hospital to provideeducational and social programs for the seniors at Garden Walk Villas.
The landscaping will incorporate both evergreen and decidious species trees and shrubbery.Specific flowering-type trees will be utilized to accent color, beauty, and texture, as will colorfulperennials and accent flower beds. Both grass areas and natural areas will provide scenic areas for
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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.
walking paths and picnic and leisure areas around the development site.
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).
The area is the best in Henderson, located beside the hospital and in close proximity to all services.Most development close to the site is new, thus this is definitely an area of investment. All newshopping areas and office buildings are in this area. The neighboring Maria Parham Hospital isbeginning a $55 million expansion. It has just completed the addition of a cancer treatment areacomplete with radiation and chemotherapy capabilities.
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.All amenities such as shopping, services, and recreation are in this area. Some of the bestresidential subdivisions in Henderson are close to the site with homes in the $200,000s. Theneighboring hospital offers health care our residents can walk to.
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 street serving the site is adequate for a 48-unit elderly complex and the City of Hendersonsupports the location of our site and proposed development.
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).There are no incompatible uses close to the site. The hospital is complementary to apartments forsenior citizens.
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 physical barriers or environmental problems on the site.
Similarity of scale and aesthetics/architecture between project and surroundings.Our complex will fit in nicely with the surroundings.
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For each applicable neighborhood feature, enter distance from project in miles.
Other facilities or services:
Concentration of affordable housing (housing credit, project-based rental assistance, public housing).There is no concentration of affordable housing close to our site.
Availability of Supportive Services (if applicable):We plan to work closely with local human service agencies and the hospital to provide supportiveservices to the residents at Garden Walk Villas. There is a strong existing network of serviceproviders that provide services to senior citizens in Henderson and Vance County.
Grocery Store.7 Community/Senior Center.5
Mall/Strip Center.6 Hospital.2
Outdoor Athletic Fields.5 Pharmacy.4
Day Care/After School0 Basic Health Care.1
Schools3.1 Medical Offices.1
Public Transportation Stop0 Bank/Credit Union.6
Convenience Store.35 Restaurants.3
Basketball/Tennis Courts.5 Professional Services.6
Public Parks.5 Movie Theater1.75
Gas Station.35 Video Rental1.75
Library3.6 Public Safety (Fire/Police)2.9
Fitness/Nature Trails.5 Post Office3.4
Public Swimming Pools.5
No public transportation is available in Henderson, however, KARTS (funded by DOT) operates atransportation service (can take wheelchairs) that is available to elderly residents. Roundtrip serviceis $4.00. The distance to schools above is actually to the Vance Granville Community College. Also,there is a Postal Plus within a mile. Dentist office being built next door (.2). Vance Granville PublicHealth (.2), Vance Granville Mental Health (.2), Cracker Barrel (.5), Walmart Superstore, Belks, etc
(.7), Vocational Rehab (.1), Henderson Mall (1.8).Community Center above is actually YMCA (.5).The Senior Center is 3.4 miles.
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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: 2 0
Units: 96 0
North Carolina Other States
Projects: 47 19
Units: 2,794 859
No
No
No
No
No
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Financing Commitments
Does the project have a firm commitment for construction financing? No
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:
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Project Operations (Year One)
Projected Operating Costs
Administrative Expenses
Advertising 600
Other Administrative Expense (specify):
Office SalariesOffice Supplies 1,900
Office or Model Apartment Rent
Management Fee 20,736
Manager or Superintendent Salaries 18,000
Manager or Superintendent Rent Free Unit
Legal Expenses (Project) 100
Auditing Expenses (Project) 4,200
Bookkeeping Fees/Accounting Services
Telephone and Answering Service 4,500
Bad Debts
Other Administrative Expenses (specify):5,000
SUBTOTAL 55,036
Utilities Expense
Fuel Oil
Electricity (Light and Misc. Power) 9,000
Water 6,000
Gas
Sewer 5,000
SUBTOTAL 20,000
Operating and Maintenance Expenses
Janitor and Cleaning Payroll
Janitor and Cleaning Supplies 500
Janitor and Cleaning Contract 3,600
Exterminating Payroll/Contract 1,500
Exterminating Supplies
Garbage and Trash Removal 2,000
Security Payroll/Contract 600
Grounds Payroll
Grounds Supplies 1,800
Grounds Contract 8,000
Repairs Payroll 7,800
Repairs Material 600
Repairs Contract 1,200
Elevator Maintenance/Contract 2,700
Heating/Cooling Repairs and Maintenance 240
Swimming Pool Maintenance/Contract
Snow Removal 200
Decorating Payroll/Contract 500
Decorating Supplies 1,050
Other (specify):
Miscellaneous Operating & Maintenance Expenses
SUBTOTAL 32,290
Taxes and Insurance
Real Estate Taxes 30,342
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Payroll Taxes (FICA) 2,077
Miscellaneous Taxes, Licenses and Permits
Property and Liability Insurance (Hazard) 10,000
Fidelity Bond Insurance 50
Workmen's Compensation 540
Health Insurance and Other Employee Benefits
Other Insurance:
SUBTOTAL 43,009
Supportive Service Expenses
Service Coordinator 1,400
Service Supplies 1,000
Tenant Association Funds
Other Expenses (specify):
SUBTOTAL 2,400
Reserves
Replacement Reserves 12,000
SUBTOTAL 12,000
TOTAL OPERATING EXPENSES 164,735
ADJUSTED TOTAL OPERATING EXPENSES(Does not include taxes, reserves and resident support services) *
119,993
TOTAL UNITS(from total units in the Unit Mix section)
48
PER UNIT PER YEAR 2,499
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Design Features
ITEM DESCRIPTION
Foundation/Slab Components Concrete footings, block & brick walls, 4"concrete slab, reinforced over grad
Primary Windows Make: Model:Reynolds or equal 6000 single-hung Type/Construction: vinyl, insulated glass with grills
Exterior Doors Type: Frames:Steel, front 6-panel wood
Siding Type: Grade/Thickness:Hardi-Plank Horizontal
Warranty: 40 years
Exterior Trim Trim wrapped in pre-finished aluminum
ShinglesType: Weight:
Fiberglass,architectural 225#
Warranty: 25 years or greater, anti-fungal
Sprinkler System 13-R Fire Protection
Cabinets MarKraft or equal
Heat Pump SEER: Make:11 or better Trane
Model:
Air Conditioner SEER: Make:NA
Model:
Other Heat Systems SEER: Make:NA
Model:
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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 90,000 90,000
Backfill-slab, Crawl 0 0
Slab-concrete/Rebar/Gravel 0 0
Waterproofing 2,000 2,000
Masonry Foundation 0 0
Brick Veneer 118,000 118,000
Steel/Structure/Rails 0 0
Framing/Lumber/Nails 265,000 265,000
Trusses 92,100 92,100
Crane Rental 1,000 1,000
Windows/Grilles/Screen 23,500 23,500Exterior Doors 14,500 14,500
Roofing 42,800 42,800
Fencing 1,500 1,500
Vinyl Siding/Trim/Box 97,000 97,000
Gutters/Shutters 5,000 5,000
Insulation 51,000 51,000
Drywall 141,000 141,000
Interior Doors 20,000 20,000
Int. & Final/Stair/Trim/Shelves 64,500 64,500
Cabinets & Tops 93,500 93,500
Painting 62,450 62,450
Marble - Tub/Shwr/Tops 0 0
Plumbing 160,300 160,300
Electrical 201,700 201,700
Heating/Air Conditioning 185,000 185,000
Floor Covering and Underlayment 62,000 62,000
Wall Paper 0 0
Mailboxes/Special Features/Signage 7,300 7,300
Gypcrete 20,200 20,200
Blinds/Shades/Art Work 3,150 3,150
Light Fixtures/Fans 0 0
Sprinkler System 38,000 38,000
Security Alarm 0 0
Hardwood Floors 0 0
Elevator 28,000 28,000
Ceramic Tiles 1,500 1,500
Acoustical Ceilings 0 0
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Remarks:
Mirror/Shower Door/Encls. 0 0
Hardware/Bath Access. 15,000 15,000
Appliances 44,500 44,500
Playground Equipment 0 0
Interior Clean 7,000 7,000
Exterior Clean/Dumpster 12,000 12,000
Other 1 (specify in Remarks) 0
Other 2 (specify in Remarks) 0
Total Cost 0 1,970,500 1,970,500
Labor is included in materials line items.
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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 75,000
Job Site Office/Trailer Rental 2,500
Impact Fees 0
Office Supplies 2,500
Security/Watchman 0
Water and Sewer Connection Fees 0
Project Signage 500
Tools and Equipment 5,230
Gas, Oil, and Maintenance 13,500
Cleanup/Dumpster Rental 11,000
Temporary Water, Electric, and Telephone 2,500Storage/Hauling 1,000
Driveway Access Permit 0
Porta-John Rental/Dumping 1,000
Builders Risk Insurance 7,000
Re-inspection Fees 0
Extra Plans and Specifications 500
Miscellaneous, Casual Labor 4,000
Equipment Rental 7,000
Other 1 (specify in Remarks)
Other 2 (specify in Remarks)
Total Cost 133,230
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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 0
Clearing/Grading/Final Grading/Excess and Borrow 111,800
Demolition 0
Earthwork/Excavation/Aerating 0
Soil Treatment 700
Pile Foundations 0
Caissons 0
Shoring/Bracing 0
Site Drainage 0
Site Utilities/Site Lighting 20,000
Paving and Surfacing/Curb and Gutter 68,500Walkways 0
Site Signage 1,000
Parking Lot Painting 1,500
Dumpsite Pads/Fencing 1,000
Fencing/Gates 1,500
Landscaping/Topsoil 43,000
Waterproofing/De-Watering 0
Operation of Construction Equipment/Fuel/Oil 0
Crane Rental 1,000
Rock and Hardpan Excavation 0
Site Supervision Personnel 0
Other (specify in Remarks) 0
Total Cost 250,000
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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
Credit Enhancement
Underwriter Discount
Capital Interest Fund
Other 1 (specify in Remarks)
Other 2 (specify in Remarks)
Total Cost 0
NA
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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
Other 1 (specify in Remarks)
Other 2 (specify in Remarks)Other 3 (specify in Remarks)
Total Cost 0
NA
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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.
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