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Is project in Qualified Census Tract & Difficult to Develop area:
Project Name and Location
Project Name: Highland Village Apartments
Address: corner of Old Apex Road and High House Road
City: Cary County: WAKE Zip: 27511
Census Tract: 535.07 Block Group: 4
No
Political Jurisdiction: Town of Cary
Jurisdiction CEO Name: First: Last:Glen Lang Title: Mayor
Jurisdiction Address: P.O. Box 8005
Jurisdiction City: Cary Zip: 27511
Jurisdiction Phone: (919)469-4011
Site Latitude: 35.7861
Site Longitude: -78.7945
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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: and number of units:and number of units:
Target Population: Family
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
No
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: DHIC will reserve 5 units for households who are disabled. Wake County Human Services wil serveas the lead service provider. Rents for the three one-bedroom units will $90 per month; one two-bedroom unit will be available at a rent of $134 per month. One three-bedroom unit will rent for $104per month. These rents are based on a needs analysis prepared by Wake County and DHIC. See
targeting plan (attached).
Proposed number of residential buildings: 3 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): 3,4973,497
Community space within residential bulding(s) -- Sq. Ft. (Floor Area):Sq. Ft. (Floor Area):
Elevators -- Number of Elevators:Number of Elevators:
Gross Floor Square Footage: 62,794
Total Net Sq. Ft. (All Heated Areas): 53,285
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Applicant Information
Applicant Name: DHIC, Inc.
Address: 113 South Wilmington Street
City: State: NC Zip:Raleigh 27601
Contact: First: Last: Title:Gregory Warren Executive Director
Telephone: (919)832-4345
Alt Phone:
Fax: (919)832-2206
Email Address: gregg@dhic.org
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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
3.2822 3.2822
No
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
4/9/2002 600,000
(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:
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
Planned Unit Development
Yes
No
No
No
No
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Ownership Entity
Owner Name: Highland Village Limited Partnership
Address: 113 South Wilmington Street
City: State: NC Zip:Raleigh 27601
Federal Tax ID Number of Ownership Entity: (If assigned)30-0097292
Federal Tax ID Number of Managing GP or Member: (If Not Assigned)
Entity Type: Limited Partnership
Entity Status: Already Formed
Is the applicant requesting that the Agency treat the application as Non-Profit sponsored? Yes
Is the applicant requesting that the Agency treat the application as CHDO sponsored? Yes
List all general partners, members,and principals. Specify nonprofit corporate general partners ormembers. Click [Add] to add additional partners, members, and principals.
Org: Highland Village Development, Inc.
First Name: Gregory Last Name: Warren Function: Managing General Partner
Address: 113 South Wilmington Street
City: Raleigh State: NC Zip: 27601
Phone: (919)832-4345 Fax: (919)832-2206
EMail: gregg@dhic.org Nonprofit: No TaxID 04-3677323
Org: DHIC, Inc.
First Name: Gregory Last Name: Warren Function: Corp General Partner
Address: 113 South Wilmington Street
City: Raleigh State: NC Zip: 27601
Phone: (919)832-4345 Fax: (919)832-2206
EMail: gregg@dhic.org Nonprofit: Yes TaxID 56-1085131
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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 5 targeted at 60 percent of median income.
1 5 targeted at 30 percent of median income.
2 13 targeted at 60 percent of median income.
2 11 targeted at 40 percent of median income.
2 1 targeted at 30 percent of median income.
3 7 targeted at 60 percent of median income.
3 7 targeted at 40 percent of median income.
3 1 targeted at 30 percent of median income.
50
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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 725,000 7.25 20 30 59,349
RPP Loan 750,000 2.00 20 20Local Gov. Loan - Specify:Wake County
250,000 2.00 20 20
RD Loan
AHP Loan
Other Loan 1 - Specify:Neighborhood ReinvestmentCorporation
245,000 2.00 20 20
Other Loan 2 - Specify:Wake County
260,000 0.00 20 20
Other Loan 3 - Specify:
Tax Exempt Bonds
State Tax Credit(Loan) 384,911 0 30 30 0
State Tax Credit(Direct Refund)
Equity: Federal LIHTC 2,271,711
Non-Repayable Grant
Equity: Historic Tax Credits
Deferred Developer Fees 1,489
Owner Investment
Other - Specify:
Total Sources** 4,888,111
* "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.
75
The Wake County loan amount of $510,000 is evidenced by two loans. One loan for $260,000and one for $250,000 funded in 2 separate funding rounds. The $260,000 loan has been
closed and the $250,000 was recently awarded for a total of $510,000. Neither has a fullyamortizing payment. Committment letters/loan documents attached.
RPP Loan
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Development Costs
Item Cost Element TOTAL COSTEligible Basis
30% PV 70% PV
1 Purchase of Buildings (Rehab) 0 0
2 Demolition 0 0
3 On-site Improvements 340,000 340,000
4 Rehabilitation 0 0
5 Construction of New Building(s) 2,085,000 2,085,000
6 Accessory Building(s) 30,000 30,000
7 General Requirements 147,400 147,400
8 Contractor Overhead 52,100 52,100
9 Contractor Profit 208,192 208,192
10 Construction Contingency 85,881 85,881
11 Architect's Fee - Design 100,000 100,000
12 Architect's Fee - Inspection 18,000 18,000
SUBTOTAL (lines 1 through 12) 3,066,573
13 Construction Insurance (prorate) 33,500 33,500
14 Construction Loan Orig. Fee (prorate) 17,000 17,000
15 Construction Loan Interest (prorate) 75,000 75,000
16 Construction Loan Credit Enhancement (prorate) 0 0
17 Construction Period Taxes (prorate) 10,000 10,000
18 Water, Sewer and Impact Fees 269,445 269,445
19 Survey 11,000 11,000
20 Property Appraisal 8,000 8,000
21 Environmental Report 6,500 6,500
22 Market Study 4,500 4,500
23 Bond Costs (specify) 0
24 Cost of Issuance 0
25 Placement Fee 0
26 Permanent Loan Origination Fee 15,000
27 Permanent Loan Credit Enhancement 0
28 Title and Recording 11,000
SUBTOTAL (lines 13 through 28) 460,945
29 Real Estate Attorney 25,000 25,000
30 Other Attorney's Fees 15,000 15,000
31 Tax Credit App Fees 21,093 21,093
32 Cost Certification/Accounting Fees (specify) 11,000 11,000
33 Tax Opinion 0
34 Organizational (Partnership) 10,000
35 Tax Credit Monitoring Fee 30,000
SUBTOTAL (lines 29 through 35) 112,093
36 Furnishings and Equipment 10,500 10,500
37 Relocation Expenses 0 0
38 Developer's Fee (max 15% lines 2-36, less 8 & 9) 510,000 510,000
39 Other Basis Expense (specify)
40 Other Basis Expense (specify)
41 Rent-up Expenses 15,000
42 Other Non-basis Expense (specify)
43 Other Non-basis Expense (specify)
SUBTOTAL (lines 36 through 43) 535,500
44 Rent up Reserve 20,000
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Comments:
45 Operating Reserve 143,000
46 Other Reserve (specify)
47 Other Reserve (specify)
48 DEVELOPMENT COST (lines 1-47) 4,338,111 0 4,094,111
49 Less Federal Financing 245,000
50 Less Disproportionate Standard
51 Less Nonqualified Nonrecourse Financing
52 Less Historic Tax Credit (residential) 0
53 TOTAL ELIGIBLE BASIS 3,849,111 0 3,849,111
54 Times Applicable Fraction 100.00% 100% 100%
55 TOTAL QUALIFIED BASIS 3,849,111 0 3,849,111
56 Tax Credit Rate 8.15% 7.87%
57 FEDERAL TAX CREDITS at Estimated Rate 302,925 0 302,925
57a FEDERAL TAX CREDITS at 8.5% or 3.75% 327,174 0 327,174
58 FEDERAL TAX CREDITS REQUESTED 308,851 308,851
59 STATE TAX CREDITS 392,441
60 Land Cost 550,000
61 TOTAL REPLACEMENT COST 4,888,111
orig. cost line item 41-$20,000.
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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 family apartments will be part of a planned unit development on a 17.7 acre tract neardowntown Cary. The 50-unit complex will serve low- and very low-income families. The project willcontain 10 one-bedroom, 25 two-bedroom and 15 three-bedroom units. Half of the units will bereserved for families with incomes less than 40% of the AMI and half will be reserved for familiesearning less than 60% AMI. 6 of the 40% or less units will be targeted even lower with rents
affordable to families with incomes at 30% of the AMI. Amenities will include balconies or patios foreach unit, walk-in closets and mini-blinds, laundry facilities. The community building will include a TVroom, exercise room and management offices. There will also be a tot lot, pool, kiddie pool,playground, grills, picnic tables and a village green and a car care area, gazebo, arbor, meditationgarden, horshoe pit, resident garden plots and bike bike racks for use by the residents
The building design will feature broken roof lines, front gables, a variety of siding materials includingbrick and vinyl siding.
No
Community Bldg - Sq Ft: 2,750 Community Room - Sq Ft: 1,000 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
Services Coordination, Resident Association, basic computer courses.
Landscaping per the Town of Cary requirements. See attached plans for more detail. Town
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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.
requirements exceed NCHFA requirements.
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).
Physical conditions range from acceptable to excellent within the neighborhood. The site is locatedin the more established heart of Cary.
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.Land uses in the neighborhood are balanced. Residential properties include single-family housing,townhouses, condominiums and apartments. Non-residential uses include a neighborhood shoppingcenter with a grocery store, small commercial facilities providing services, restaurants, churches, arecreational facility (Buffaloe Bowling Lanes) and a light industrial business (Syracuse Plastics).
SITE SUITABILITY
Adequacy of street(s) and/or access road(s) serving the proposed project and traffic controls (lights,stop signs, turning lanes). Access to mass transit (if applicable).The site has excellent ingress and egress via High House Road and Old Apex Road (see trafficstudy). High House Road is a five-lane road with a turning lane and Old Apex Road is a two-lanethoroughfare. A traffic signal exists at the intersection of these two roads. Chatham Street ispositioned about 400 feet east of the High House Road entrance. The Town of Cary prepared aprofessional traffic study during a rezoning process for this site in late 2001. The study indicated thatexisting streets had more than adequate capacity to support Highland Village.
Amount and character of vacant, undeveloped land. Effect of industrial, large-scale institutional orother incompatible uses: wastewater treatment facilities, high traffic corridors, junkyards, prisons,landfills, large swamps, distribution facilities, frequently used railroad tracks, power transmission linesand towers, factories or similar operations, sources of excessive noise, and sites with environmentalconcerns (such as odors or pollution).The neighborhood is largely built-out although several vacant sites exist adjacent to the subject site.The residential use of the site is compatible with a neighborhood that includes a substantial amountof both attached and detached housing. There are no incompatible land uses adjacent to the site.The single industrial use, Syracuse Plastics, does not synthesize chemicals or plastics but rathermanufactures products through a gas-fired, injection molding process that does not produce odorsor pollution. The existing CSX railroad line will be separated from the site by a 50-foot landscapebuffer in addition to the typical 10-foot building setback. The sound of the train will be attenuatedthrought the use of earth berms, a masonry wall and heavy landscaping. The applicant hascommissioned a preliminary noise study and will submit a full study in the final application. HighlandVillage Apts will be located on the section of the site farthest away from the RR tracks.
Degree of on-site negative features and physical barriers that will impede project construction or
adversely 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 obvious physical barriers. Slopes are gentle, between 4% and 10%, except for theroadway cut along the frontage of High House Road. The applicant has conducted a wetlands studyand has already had the Corps of Engineers delineate the wetlands area (.16 acres). Theconceptual site plan for the development reflects this delineation. Water quality basins will bedeveloped outside of stream buffers to accommodate runoff from each phase.
Similarity of scale and aesthetics/architecture between project and surroundings.
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For each applicable neighborhood feature, enter distance from project in miles.
Other facilities or services:
The neighborhood is mixed in terms of residential developments. The property will be of similarscale and use as other rental projects in the neighborhood. During a rezoning process in late 2001,the Town of Cary found the PUD plan for Highland Village is consistent with the Town Plan whichcalls for mixed to high density residential development on this site.
Concentration of affordable housing (housing credit, project-based rental assistance, public housing).Park Through Townhouses (a tax credit project located .6 miles from site with 20 units).
Availability of Supportive Services (if applicable):DHIC will develop a supportive services plan with the help of local social service agencies such asThe Carying Place and Wake County Human Services (WCHS). The service plan will includeprovisions for a Resident Association, summer camp and computer course scholarships, a tutoringprogram, follow-up services coordination for WCHS and Carying Place referrals, on-site workshopson any topic of resident interest, a Community Watch program, homeownership orientations andcounseling and resident-led classes. The plan will be altered based on the outcomes of regular
assessments to reflect residents' interests and needs. The Resident Association, which willultimately be comprised of residents from the entire Highland Village Development (family andsenior apartments as well as condos and townhomes), will also be involved in planning for the safetyand social aspects of the community.
Grocery Store.2 Community/Senior Center.9
Mall/Strip Center.2 Hospital
Outdoor Athletic Fields.5 Pharmacy.7
Day Care/After School.2 Basic Health Care
Schools1 Medical Offices.7
Public Transportation Stop.7 Bank/Credit Union.7Convenience Store.2 Restaurants.2
Basketball/Tennis Courts.5 Professional Services.7
Public Parks.5 Movie Theater
Gas Station.2 Video Rental.9
Library.9 Public Safety (Fire/Police).8
Fitness/Nature Trails Post Office.8
Public Swimming Pools
Downtown and Cary Town hall are .8 miles from the proposed development, offering restaurants,
legal services and shopping.
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Development List 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:
Management List 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: 12 0
Units: 512 0
North Carolina Other States
Projects: 66 0
Units: 3,469 0
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? Yes
Does the project have a letter of intent from an investor? Yes
Is any portion of the eligible basis of new contruction or rehabilitation financed with federal subsidies other than CDBG funds or fundsfrom the HOME program? Yes
If yes, indicate the type and amount below:
Tax Exempt Financing: $
RD 515 Financing: $
Hope VI Financing: $
Other: $ 245,000
If Other, specify the type of Federal subsidy: Neighborhood Reinvestment Corporation
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Project Operations (Year One)
Projected Operating Costs
Administrative Expenses
Advertising 1,200
Other Administrative Expense (specify):2,400
Office Salaries 5,040Office Supplies 1,800
Office or Model Apartment Rent 0
Management Fee 21,600
Manager or Superintendent Salaries 20,000
Manager or Superintendent Rent Free Unit 0
Legal Expenses (Project) 800
Auditing Expenses (Project) 5,000
Bookkeeping Fees/Accounting Services 480
Telephone and Answering Service 3,600
Bad Debts 0
Other Administrative Expenses (specify):1,500
SUBTOTAL 63,420
Utilities Expense
Fuel Oil 0
Electricity (Light and Misc. Power) 7,500
Water 2,000
Gas 0
Sewer 2,000
SUBTOTAL 11,500
Operating and Maintenance Expenses
Janitor and Cleaning Payroll 2,770
Janitor and Cleaning Supplies 480
Janitor and Cleaning Contract 1,200
Exterminating Payroll/Contract 1,008
Exterminating Supplies 0
Garbage and Trash Removal 300
Security Payroll/Contract 360
Grounds Payroll 1,800
Grounds Supplies 2,400
Grounds Contract 14,000
Repairs Payroll 12,000
Repairs Material 1,200
Repairs Contract 2,400
Elevator Maintenance/Contract 0
Heating/Cooling Repairs and Maintenance 1,800
Swimming Pool Maintenance/Contract 0
Snow Removal 0
Decorating Payroll/Contract 4,900
Decorating Supplies 980
Other (specify):0
Miscellaneous Operating & Maintenance Expenses
SUBTOTAL 0
Taxes and Insurance
Real Estate Taxes 24,600
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Payroll Taxes (FICA) 2,832
Miscellaneous Taxes, Licenses and Permits 0
Property and Liability Insurance (Hazard) 12,000
Fidelity Bond Insurance 100
Workmen's Compensation 150
Health Insurance and Other Employee Benefits 3,000
Other Insurance:0
SUBTOTAL 0
Supportive Service Expenses
Service Coordinator 8,000
Service Supplies
Tenant Association Funds
Other Expenses (specify):
SUBTOTAL 0
Reserves
Replacement Reserves 12,500
SUBTOTAL 12,500
TOTAL OPERATING EXPENSES 185,700
ADJUSTED TOTAL OPERATING EXPENSES (Does not include taxes, reserves and resident support services) *
140,600
TOTAL UNITS(from total units in the Unit Mix section)
50
PER UNIT PER YEAR 2,812
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Design Features
ITEM DESCRIPTION
Foundation/Slab Components post tensioned concrete slab-on-grade
Primary Windows Make: Model:Silverline Series 2900
Type/Construction:
single hung/welded vinyl frame; insulated glassw/ half screens
Exterior DoorsType: Frames:
6 panel insulatedmetal
wood w/ compressionweather stripping
Siding Type: Grade/Thickness:premium vinyl .044"
Warranty: lifetime limited
Exterior Trim vinyl trim and aluminum wrapped wood
Shingles Type: Weight:3 tab fiberglass;antifungal 240 lbs.
Warranty: 30 years
Sprinkler System NFiPA 13 R wet system
Cabinets Grandview Products Company or equal
Heat PumpSEER: Make:11
Goodman, Carrier,Trane
Model: CKL181, CKL24-1
Air Conditioner SEER: Make:Model:
Other Heat Systems SEER: Make:
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 0
Backfill-slab, Crawl 0
Slab-concrete/Rebar/Gravel 55,508 123,551 179,059
Waterproofing 8,276 5,072 13,348
Masonry Foundation 0
Brick Veneer 10,488 5,165 15,653
Steel/Structure/Rails 12,350 27,489 39,839
Framing/Lumber/Nails 149,803 340,868 490,671
Trusses 86,248 86,248
Crane Rental 0
Windows/Grilles/Screen 25,262 25,262Exterior Doors 19,161 19,161
Roofing 18,185 24,106 42,291
Fencing 0
Vinyl Siding/Trim/Box 53,730 51,622 105,352
Gutters/Shutters 1,256 7,118 8,374
Insulation 6,545 40,208 46,753
Drywall 91,072 77,580 168,652
Interior Doors 34,317 34,317
Int. & Final/Stair/Trim/Shelves 28,852 12,344 41,196
Cabinets & Tops 13,073 57,560 70,633
Painting 43,519 29,013 72,532
Marble - Tub/Shwr/Tops 0
Plumbing 50,744 94,239 144,983
Electrical 35,749 87,522 123,271
Heating/Air Conditioning 22,287 95,015 117,302
Floor Covering and Underlayment 12,616 53,782 66,398
Wall Paper 0
Mailboxes/Special Features/Signage 478 9,092 9,570
Gypcrete 4,621 11,314 15,935
Blinds/Shades/Art Work 621 8,251 8,872
Light Fixtures/Fans 12,842 12,842
Sprinkler System 16,378 27,886 44,264
Security Alarm 0
Hardwood Floors 0
Elevator 0
Ceramic Tiles 0
Acoustical Ceilings 0
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Remarks:
Mirror/Shower Door/Encls. 0
Hardware/Bath Access. 540 2,835 3,375
Appliances 49,512 49,512
Playground Equipment 0
Interior Clean 7,569 7,569
Exterior Clean/Dumpster 0
Other 1 (specify in Remarks) 18,000 18,000
Other 2 (specify in Remarks) 3,766 3,766
Total Cost 644,260 1,440,740 2,085,000
building permit-18,000project specific liability insurance-3,766
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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 65,466
Job Site Office/Trailer Rental 2,937
Impact Fees
Office Supplies
Security/Watchman
Water and Sewer Connection Fees
Project Signage 762
Tools and Equipment 5,945
Gas, Oil, and Maintenance 6,173
Cleanup/Dumpster Rental 18,164
Temporary Water, Electric, and Telephone 11,000Storage/Hauling 1,880
Driveway Access Permit
Porta-John Rental/Dumping 1,702
Builders Risk Insurance
Re-inspection Fees
Extra Plans and Specifications
Miscellaneous, Casual Labor 29,199
Equipment Rental 7,672
Other 1 (specify in Remarks)
Other 2 (specify in Remarks)
Total Cost 150,900
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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 9,013
Clearing/Grading/Final Grading/Excess and Borrow 97,152
Demolition
Earthwork/Excavation/Aerating
Soil Treatment 5,088
Pile Foundations
Caissons
Shoring/Bracing
Site Drainage 32,245
Site Utilities/Site Lighting 49,248
Paving and Surfacing/Curb and Gutter 66,347Walkways 38,187
Site Signage 4,693
Parking Lot Painting
Dumpsite Pads/Fencing 8,213
Fencing/Gates
Landscaping/Topsoil 74,667
Waterproofing/De-Watering
Operation of Construction Equipment/Fuel/Oil
Crane Rental
Rock and Hardpan Excavation
Site Supervision Personnel
Other (specify in Remarks) 15,147
Total Cost 400,000
field engineering laout & staking-15,147
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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
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:
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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