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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
541,000
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Is project in Qualified Census Tract & Difficult to Develop area:
Project Name and Location
Project Name: Bailey Springs Apartments
Address: Wilma Sigmon Road
City: Lincolnton County: Lincoln Zip: 28092
Census Tract: 0702.00 Block Group:
No
Political Jurisdiction: Lincoln County
Jurisdiction CEO Name: First: Last:Jerry Cochrane Title: Chairman
Jurisdiction Address: 115 W. Main
Jurisdiction City: Lincolnton Zip: 28092
Jurisdiction Phone: (704)732-3848
Site Latitude: 35.474
Site Longitude: -81.255
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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
2727
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: There are 5 units for the targeted population:4-units that are Handicapped/Mobility impaired and 1-unit for Sensory impaired.
Proposed number of residential buildings: 5 Maximum number of stories in buildings: 1
Types of Units:* Townhouse Duplex Garden Apartment Detached Single-Family
Project Includes:Separate community building -- Sq. Ft. (Floor Area):Sq. Ft. (Floor Area): 1,9001,900
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: 30,640
Total Net Sq. Ft. (All Heated Areas): 26,131
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Applicant Information
Applicant Name: Bailey Springs Apartments, Limited Partnership
Address: P. O. Box 220
City: State: NC Zip:Florence 35631-0220
Contact: First: Last: Title:Allan Rappuhn Member of GP
Telephone: (256)760-9657
Alt Phone: (256)335-4030
Fax: (256)767-5804
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
6.5 6.5
Yes
Old shed and barn. They have never been used for residential purpose and have not previously orcurrently been occupied.
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
No
(a) Does the owner/principal or ownership entity have vaild option/contract to purchase the property? Yes
(b) Does an identity of interest (direct or indirect) exist between the owner/principal or ownership entity with the option/contract for
purchase of the property and the seller of the property?If yes, specify the relationship:
No
(c) Enter the current expiration date of the option/contract to purchase: 12/06/2003
(D) Enter Purchase Price: 195,000
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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
R-8
Yes
No
No
No
No
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Ownership Entity
Owner Name: Bailey Springs Apartments, Limited Partnership
Address: P. O. Box 220
City: State: AL Zip:Florence 35631-0220
Federal Tax ID Number of Ownership Entity: (If assigned)
Federal Tax ID Number of Managing GP or Member: (If Not Assigned)80-0004583
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: Gateway Properties, LLC
First Name: Allan Last Name: Rappuhn Function: Managing General Partner
Address: P. O. Box 220
City: Florence State: AL Zip: 35631-0220
Phone: (256)760-9657 Fax: (256)767-5804
EMail: [email protected] Nonprofit: No TaxID 80-0004583
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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 1 751 18 2 401 80 481
Gdn Apt 2 941 9 2 466 111 577
Gdn Apt 2 941 1 0 0 0 0
Utilites included in rents: Water/Sewer Electric Gas Other trash removal
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....... 28 4 11412
Market Rate.......
Totals............... 28 4 11412
* 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 4 targeted at 40 percent of median income.
2 3 targeted at 40 percent of median income.
1 14 targeted at 50 percent of median income.
2 6 targeted at 50 percent of median income.
2 1 targeted at 0 percent of median income.
28
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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
RPP Loan 541,000 2.00 20 20Local Gov. Loan - Specify:
RD Loan
AHP Loan 125,000 0.00 20 20
Other Loan 1 - Specify:
Other Loan 2 - Specify:
Other Loan 3 - Specify:
Tax Exempt Bonds
State Tax Credit(Loan) 405,345 0 30 30 0
State Tax Credit(Direct Refund)
Equity: Federal LIHTC 1,259,938
Non-Repayable Grant
Equity: Historic Tax Credits
Deferred Developer Fees 202
Owner Investment
Other - Specify:
Total Sources** 2,331,485
* "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.
79
RPP Loan
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Year:Amt:
1
28400
2
28400
3
28400
4
29000
5
29000
6
29000
7
29400
8
29400
9
29400
10
29500
Year:Amt:
11
29500
12
29500
13
28900
14
28900
15
28900
16
28600
17
28200
18
27300
19
27300
20
26700
AHP Loan
Year:
Amt:
1
0
2
0
3
0
4
0
5
0
6
0
7
0
8
0
9
0
10
0
Year:Amt:
11
0
12
0
13
0
14
0
15
0
16
0
17
0
18
0
19
0
20
125000
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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 242,442 242,442
4 Rehabilitation
5 Construction of New Building(s) 1,032,000 1,032,000
6 Accessory Building(s)
7 General Requirements 76,467 76,467
8 Contractor Overhead 27,018 27,018
9 Contractor Profit 108,073 108,073
10 Construction Contingency 44,580 44,580
11 Architect's Fee - Design 26,880 26,880
12 Architect's Fee - Inspection 6,720 6,720
SUBTOTAL (lines 1 through 12) 1,564,180
13 Construction Insurance (prorate) 3,000 3,000
14 Construction Loan Orig. Fee (prorate) 24,000 24,000
15 Construction Loan Interest (prorate) 95,500 95,500
16 Construction Loan Credit Enhancement (prorate)
17 Construction Period Taxes (prorate) 5,000 5,000
18 Water, Sewer and Impact Fees
19 Survey 28,000 28,000
20 Property Appraisal 7,500 7,500
21 Environmental Report 8,500 8,500
22 Market Study
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 10,000
SUBTOTAL (lines 13 through 28) 181,500
29 Real Estate Attorney 15,000 15,000
30 Other Attorney's Fees 2,000
31 Tax Credit App Fees 12,072 12,072
32 Cost Certification/Accounting Fees (specify) 3,500 3,500
33 Tax Opinion
34 Organizational (Partnership)
35 Tax Credit Monitoring Fee 16,800
SUBTOTAL (lines 29 through 35) 49,372
36 Furnishings and Equipment 10,000 10,000
37 Relocation Expenses
38 Developer's Fee (max 15% lines 2-36, less 8 & 9) 250,475 250,475
39 Other Basis Expense (specify)
40 Other Basis Expense (specify)
41 Rent-up Expenses 10,000
42 Other Non-basis Expense (specify)
43 Other Non-basis Expense (specify)
SUBTOTAL (lines 36 through 43) 270,475
44 Rent up Reserve 8,400
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Comments:
45 Operating Reserve 62,558
46 Other Reserve (specify)
47 Other Reserve (specify)
48 DEVELOPMENT COST (lines 1-47) 2,136,485 0 2,026,727
49 Less Federal Financing
50 Less Disproportionate Standard
51 Less Nonqualified Nonrecourse Financing
52 Less Historic Tax Credit (residential) 0
53 TOTAL ELIGIBLE BASIS 2,026,727 0 2,026,727
54 Times Applicable Fraction 100.00% 100% 100%
55 TOTAL QUALIFIED BASIS 2,026,727 0 2,026,727
56 Tax Credit Rate 0.00% 7.87%
57 FEDERAL TAX CREDITS at Estimated Rate 159,503 0 159,503
57a FEDERAL TAX CREDITS at 8.5% or 3.75% 172,271 0 172,271
58 FEDERAL TAX CREDITS REQUESTED 0
59 STATE TAX CREDITS 406,621
60 Land Cost 195,000
61 TOTAL REPLACEMENT COST 2,331,485
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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 project will consist of 28 apartment units which will include 18 one-bedroom and 10 two-bedroom units that will be designed for elderly persons. The buildings are all single story to providea "cottage" type atmosphere. The structures will be wood frame with brick veneer exteriors and willinclude decorative shutters and porches. The site will be professionally landscaped and an on-sitegazebo will be available for the residents for outdoor cooking, parties, or just relaxing. The project
will have an onsite manager that will be an employee of GEM Management, Inc. which managesover 4,500 units. GEM Management is based in Charlotte, North Carolina. The project will have acommunity building containing an office, laundry, and large community room with fully equippedkitchen. Typically, this room is used by the residents for monthly social gatherings and can be usedby individual residents for birthday parties or family gatherings. All of the units will have washer anddryer connections. The site is located on Wilma Sigmon Road in Lincolnton, North Carolina on a 6.5acre parcel of land.
Broken roof lines, large spacious units that exceed mininium square footage
Yes
Leniox Station Rockingham NC
Community Bldg - Sq Ft: 1,900 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
Gardening, exercise activities, covered dish dinners, games, activities.
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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.
The project will be professionally landscaped with foundation shrubbery, decorative trees, andseasonal planting.
Range Hood Dishwasher Disposal Refrigerator (frost free) Storage interior/exterior
W/D Hookups Mini-blinds Pantry Ceiling fans Walk-in closets
No
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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 neighborhood consists of single-family, commercial and multi-family land uses. This is a growtharea for the city of Lincolnton. The area has a new assisted living facility next to the site and a newshopping center within a half-mile.
Suitability of surrounding development. Land use pattern is primarily residential with a balance ofother uses, including non-competing multifamily and single family units, relevant amenities, shoppingand services.The surrounding area has new non-competing multifamily, single family and commerical.
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).Street and highway accessability is very good to the site. Access to all major facilities can beattained within a 5 to 15 minute drive.
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).This is a growth area and is changing from agriculture to commercial and residental. The county hasthe sheriff's office and detention center .3 miles from the site. Site is well bufferred from the road.
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 is no negative features or physical barriers.
Similarity of scale and aesthetics/architecture between project and surroundings.The area has a new assisted care facility next to the site that is very similar in architecture. The
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For each applicable neighborhood feature, enter distance from project in miles.
Other facilities or services:
project will be aesthetically pleasing and will fit well into the surrounding neighborhood.
Concentration of affordable housing (housing credit, project-based rental assistance, public housing).There are no concentration of affordable housing in this area.
Availability of Supportive Services (if applicable):All supportive services are within a 10 minute drive.
Grocery Store.5 Community/Senior Center1.5
Mall/Strip Center.5 Hospital1.5
Outdoor Athletic Fields Pharmacy.5
Day Care/After School Basic Health Care.5
Schools Medical Offices1.5
Public Transportation Stop Bank/Credit Union.5
Convenience Store.5 Restaurants.5
Basketball/Tennis Courts Professional Services1
Public Parks Movie Theater
Gas Station1 Video Rental.5
Library1 Public Safety (Fire/Police)1
Fitness/Nature Trails Post Office1
Public Swimming Pools
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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 24
Units: 89 1,116
North Carolina Other States
Projects: 49 61
Units: 1,483 1,953
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? No
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 3,500
Other Administrative Expense (specify):
Office SalariesOffice Supplies 2,400
Office or Model Apartment Rent
Management Fee 11,760
Manager or Superintendent Salaries 6,720
Manager or Superintendent Rent Free Unit
Legal Expenses (Project) 1,000
Auditing Expenses (Project) 1,000
Bookkeeping Fees/Accounting Services 1,500
Telephone and Answering Service 1,200
Bad Debts
Other Administrative Expenses (specify):
SUBTOTAL 29,080
Utilities Expense
Fuel Oil
Electricity (Light and Misc. Power) 3,000
Water 3,000
Gas
Sewer 3,000
SUBTOTAL 9,000
Operating and Maintenance Expenses
Janitor and Cleaning Payroll
Janitor and Cleaning Supplies
Janitor and Cleaning Contract
Exterminating Payroll/Contract
Exterminating Supplies
Garbage and Trash Removal 5,000
Security Payroll/Contract
Grounds Payroll
Grounds Supplies
Grounds Contract 6,000
Repairs Payroll 6,720
Repairs Material 2,500
Repairs Contract 3,600
Elevator Maintenance/Contract
Heating/Cooling Repairs and Maintenance
Swimming Pool Maintenance/Contract
Snow Removal
Decorating Payroll/Contract
Decorating Supplies
Other (specify):
Miscellaneous Operating & Maintenance Expenses
SUBTOTAL 23,820
Taxes and Insurance
Real Estate Taxes 13,216
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Payroll Taxes (FICA) 1,000
Miscellaneous Taxes, Licenses and Permits
Property and Liability Insurance (Hazard) 6,750
Fidelity Bond Insurance
Workmen's Compensation
Health Insurance and Other Employee Benefits
Other Insurance:
SUBTOTAL 20,966
Supportive Service Expenses
Service Coordinator
Service Supplies 600
Tenant Association Funds
Other Expenses (specify):
SUBTOTAL 600
Reserves
Replacement Reserves 7,000
SUBTOTAL 7,000
TOTAL OPERATING EXPENSES 90,466
ADJUSTED TOTAL OPERATING EXPENSES(Does not include taxes, reserves and resident support services) *
69,650
TOTAL UNITS(from total units in the Unit Mix section)
28
PER UNIT PER YEAR 2,487
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Design Features
ITEM DESCRIPTION
Foundation/Slab Components 4" concrete slab with 6x6, 10x10, wire mesh on vapor barrier on 4" fill
Primary Windows Make: Model:Equal to Alenco Series 3810 Type/Construction: Aluminum/thermal break
Exterior Doors Type: Frames:Metal insulated Wood
SidingType: Grade/Thickness:Vinyl (PVC)
.044 meetastm D3679-81a
Warranty: Lifetime non-prorated limited (50 year)
Exterior Trim Vinyl or Aluminum
Shingles Type: Weight:3 tab GAF Fiberglass Warranty: 30 year
Sprinkler System N/A
Cabinets 3/4" cabinet hardwood veneer plywood
Heat Pump SEER: Make:11 Rudd or Equal
Model:
Indoor-HHQA/Outdoor-HPGB
Air Conditioner SEER: Make:See above see above
Model: see above
Other Heat Systems SEER: Make:N/A
Model: N/A
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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 10,000 20,000 30,000
Backfill-slab, Crawl 0
Slab-concrete/Rebar/Gravel 25,000 50,000 75,000
Waterproofing 0
Masonry Foundation 3,000 1,500 4,500
Brick Veneer 45,000 22,000 67,000
Steel/Structure/Rails 0
Framing/Lumber/Nails 80,000 88,400 168,400
Trusses 10,000 25,000 35,000
Crane Rental 0
Windows/Grilles/Screen 3,000 15,000 18,000Exterior Doors 2,500 7,500 10,000
Roofing 15,000 15,000 30,000
Fencing 2,000 2,000 4,000
Vinyl Siding/Trim/Box 30,000 15,000 45,000
Gutters/Shutters 2,100 3,000 5,100
Insulation 9,000 10,000 19,000
Drywall 54,000 30,000 84,000
Interior Doors 5,000 15,000 20,000
Int. & Final/Stair/Trim/Shelves 10,000 25,000 35,000
Cabinets & Tops 5,000 25,000 30,000
Painting 20,000 11,000 31,000
Marble - Tub/Shwr/Tops 0
Plumbing 40,000 40,000 80,000
Electrical 35,000 30,000 65,000
Heating/Air Conditioning 35,000 35,000 70,000
Floor Covering and Underlayment 15,000 20,000 35,000
Wall Paper 0
Mailboxes/Special Features/Signage 1,000 2,000 3,000
Gypcrete 0
Blinds/Shades/Art Work 1,500 1,500 3,000
Light Fixtures/Fans 3,000 7,000 10,000
Sprinkler System 0
Security Alarm 0
Hardwood Floors 0
Elevator 0
Ceramic Tiles 0
Acoustical Ceilings 0
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Remarks:
Mirror/Shower Door/Encls. 2,000 2,000 4,000
Hardware/Bath Access. 3,000 6,000 9,000
Appliances 3,000 25,000 28,000
Playground Equipment 1,500 3,500 5,000
Interior Clean 2,800 200 3,000
Exterior Clean/Dumpster 6,000 6,000
Other 1 (specify in Remarks) 0
Other 2 (specify in Remarks) 0
Total Cost 479,400 552,600 1,032,000
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This is a detailed breakdown of the General Requirements cost element you summarized in the Development Costs table (GeneralRequirements). The total should match that roll-up value.
Remarks:
Costs - General
ITEM TOTAL
Supervision 45,000
Job Site Office/Trailer Rental 3,000
Impact Fees
Office Supplies 1,000
Security/Watchman
Water and Sewer Connection Fees
Project Signage 300
Tools and Equipment 4,167
Gas, Oil, and Maintenance 2,000
Cleanup/Dumpster Rental 3,000
Temporary Water, Electric, and Telephone 4,000Storage/Hauling
Driveway Access Permit
Porta-John Rental/Dumping 3,000
Builders Risk Insurance 7,000
Re-inspection Fees
Extra Plans and Specifications
Miscellaneous, Casual Labor
Equipment Rental 4,000
Other 1 (specify in Remarks)
Other 2 (specify in Remarks)
Total Cost 76,467
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This is a detailed breakdown of the Site Improvements cost element you summarized in the Development Costs table (On-siteImprovements). The total should match that roll-up value.
Remarks:
Costs - Improvements
ITEM TOTAL
Subsurface Explorat ion/Perk Testing/Site Engineering 4,000
Clearing/Grading/Final Grading/Excess and Borrow 70,000
Demolition
Earthwork/Excavation/Aerating
Soil Treatment 3,500
Pile Foundations
Caissons
Shoring/Bracing
Site Drainage 15,000
Site Utilities/Site Lighting 44,442
Paving and Surfacing/Curb and Gutter 50,500Walkways 20,000
Site Signage
Parking Lot Painting 1,000
Dumpsite Pads/Fencing 2,000
Fencing/Gates
Landscaping/Topsoil 28,000
Waterproofing/De-Watering
Operation of Construction Equipment/Fuel/Oil
Crane Rental
Rock and Hardpan Excavation
Site Supervision Personnel 4,000
Other (specify in Remarks)
Total Cost 242,442
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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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