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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:
Print Preview - Final Application
Tax Credits, RPP Loans, and/or Tax Exempt Bond Loans
Resources Requested
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Is project in Qualified Census Tract & Difficult to Develop area:
Project Name and Location
Project Name: Brentwood Crossings
Address: 226 Brentwood St
City: High Point County: GUILFORD Zip: 27260
Census Tract: 37081013900 Block Group:
Yes
Political Jurisdiction: City of High Point
Jurisdiction CEO Name: First: Last:Arnold Koonce Title: Mayor
Jurisdiction Address: 1002 Nuthatch Court
Jurisdiction City: High Point Zip: 27262
Jurisdiction Phone: (336)883-3305
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: 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
Yes
135135
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:
Proposed number of residential buildings: 17 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): 180180
Elevators -- Number of Elevators:Number of Elevators:
Gross Floor Square Footage: 142,608
Total Net Sq. Ft. (All Heated Areas): 119,112
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Applicant Information
Applicant Name: Regency Development Associates, Inc.
Address: 2700 Wycliff Road Stuite 312
City: State: NC Zip:Raleigh 27607
Contact: First: Last: Title:Edmund Waddill
Telephone: (919)510-9660
Alt Phone:
Fax: (919)510-9670
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
10.78 10.78
No
Yes
There are currently 0 vacant uits. This a HUD 236 property with a HAP contract for 135 units.It isreasonable to expect that all the existing tenants will qualify for occupancy and any displacement willbe temporary.
Yes
No
Yes
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: 12/31/2003
(D) Enter Purchase Price: 2,300,000
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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
RM-12 (12 units per acre)
Yes
No
No
No
No
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Ownership Entity
Owner Name: Brentwood Crossings, LLC
Address: 2700 Wycliff Rd, Suite 312
City: State: NC Zip:Raleigh 27607
Federal Tax ID Number of Ownership Entity: (If assigned)
Federal Tax ID Number of Managing GP or Member: (If Not Assigned)75-3092791
Entity Type: Limited Liability Company
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: 2003 CDC Manager, LLC
First Name: Michael Last Name: Hurst Function: Managing General Partner
Address: 2700 Wycliff Rd, Suite 312
City: Raleigh State: NC Zip: 27607
Phone: (919)510-9660 Fax: (919)510-9670
EMail: [email protected] Nonprofit: No TaxID 75-3092791
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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 1 629 16 0 520 112 632
Gdn Apt 2 851 88 0 610 133 743
Gdn Apt 3 1069 16 0 719 156 875
Gdn Apt 3 1066 15 0 719 156 875
Utilites included in rents: Water/Sewer Electric Gas Other
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....... 135 0 84289
Market Rate.......
Totals............... 135 0 84289
* 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 16 targeted at 60 percent of median income.
2 88 targeted at 60 percent of median income.
3 31 targeted at 60 percent of median income.
135
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Estimated pricing on sale of Federal Tax Credits: $0.
Remarks concerning project funding sources:(Please be sure to include the name of the funding source(s))
Funding Sources
Source AmountNon-
Amortizing*Rate(%)
Term(Years)
Amort.Period(Years)
AnnualDebt
Service
Bank Loan
RPP LoanLocal Gov. Loan - Specify:
RD Loan
AHP Loan
Other Loan 1 - Specify:IRP Bonds
340,000 6.25 7 7 60,093
Other Loan 2 - Specify:
Other Loan 3 - Specify:
Tax Exempt Bonds 4,900,000 6.25 30 30 362,041
State Tax Credit(Loan) 0 30 30 0
State Tax Credit(Direct Refund)
Equity: Federal LIHTC 1,883,278
Non-Repayable Grant
Equity: Historic Tax Credits
Deferred Developer Fees 169,706
Owner Investment
Other - Specify:Bond Earnings, Equity Bridge LoanInterest
70,539
Total Sources** 7,363,523
* "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.
80
Other includes $51,000 for Bridge Loan Interest and $19,539 for Bond Earnings. The requestfor Tax-Exempt bonds MUST also include the IRP supported bonds, such that the total
allocation requested is $5,240,000.
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Development Costs
Item Cost Element TOTAL COSTEligible Basis
30% PV 70% PV
1 Purchase of Buildings (Rehab) 1,840,000 1,840,000
2 Demoli tion
3 On-site Improvements 201,300 191,235
4 Rehabilitation 2,328,700 2,328,700
5 Construction of New Building(s)
6 Accessory Building(s)
7 General Requirements 139,722 139,722
8 Contractor Overhead 51,231 51,231
9 Contractor Profit 139,722 139,722
10 Construction Contingency 160,183 160,183
11 Architect's Fee - Design 45,000 45,000
12 Architect's Fee - Inspection
SUBTOTAL (lines 1 through 12) 4,905,858
13 Construction Insurance (prorate) 18,750 6,563
14 Construction Loan Orig. Fee (prorate)
15 Construction Loan Interest (prorate) 345,450 120,908
16 Construction Loan Credit Enhancement (prorate)
17 Construction Period Taxes (prorate) 18,750 6,562
18 Water, Sewer and Impact Fees
19 Survey 10,000 10,000
20 Property Appraisal 6,000 6,000
21 Environmental Report 10,000 10,000
22 Market Study 6,000 6,000
23 Bond Costs (specify) 39,300
24 Cost of Issuance 157,650
25 Placement Fee
26 Permanent Loan Origination Fee
27 Permanent Loan Credit Enhancement
28 Title and Recording 5,000
SUBTOTAL (lines 13 through 28) 616,900
29 Real Estate Attorney 15,000 12,000
30 Other Attorney's Fees 80,000
31 Tax Credit App Fees 11,917 11,917
32 Cost Certification/Accounting Fees (specify) 28,000 28,000
33 Tax Opinion
34 Organizational (Partnership)
35 Tax Credit Monitoring Fee 57,800
SUBTOTAL (lines 29 through 35) 192,717
36 Furnishings and Equipment
37 Relocation Expenses 136,000 136,000
38 Developer's Fee (max 15% lines 2-36, less 8 & 9) 496,598 496,597
39 Other Basis Expense (specify) LOC Fees 98,250 34,388
40 Other Basis Expense (specify) Bridge Loan Interest 51,000 17,850
41 Rent-up Expenses
42 Other Non-basis Expense (specify) LOC Commitment Fee 26,200
43 Other Non-basis Expense (specify)
SUBTOTAL (lines 36 through 43) 808,048
44 Rent up Reserve
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Comments:
45 Operating Reserve 150,000
46 Other Reserve (specify) Soft Cost Contingency 50,000
47 Other Reserve (specify) Debt Service 180,000
48 DEVELOPMENT COST (lines 1-47) 6,903,523 5,798,578 0
49 Less Federal Financing
50 Less Disproportionate Standard
51 Less Nonqualified Nonrecourse Financing
52 Less Historic Tax Credit (residential) 0
53 TOTAL ELIGIBLE BASIS 5,798,578 5,798,578 0
54 Times Applicable Fraction 130.00% 130% 130%
55 TOTAL QUALIFIED BASIS 7,538,151 7,538,151 0
56 Tax Credit Rate 3.37% 0.00%
57 FEDERAL TAX CREDITS at Estimated Rate 254,035 254,035 0
57a FEDERAL TAX CREDITS at 8.5% or 3.75% 282,680 282,680 0
58 FEDERAL TAX CREDITS REQUESTED 0
59 STATE TAX CREDITS
60 Land Cost 460,000
61 TOTAL REPLACEMENT COST 7,363,523
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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
Brentwood Crossings is an 135 unit property built in 1973 in High Point, NC. Property appearancewill be greatly improved by the addition of a truss system pitched roof over the existing flat roof. Themansards will be removed from the second floor of the buildings replaced with vinyl siding. Newenergy efficient windows with vinyl trim and gutters will also be added. Interior will be completelyrenovated with new kitchen appliances (where required) and the addition of central air conditioning.
Existing landscaping will be enhanced by expanding with planting beds and new signage.
No
Community Bldg - Sq Ft: 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
Social as well as educational actiivities will be provided.
Increase in greenspace. A new blacktop and striping. New signage and lighting. Screen addedaround refuse areas. Enhancement of entrance.
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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.
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 proposed Brentwood Crossings is located in a stable neighborhood with single and multi-familyproperties adjacent on two sides. A neighbrhood church abutts the propety to the south. Two milessouth of the property is a HOPE VI revitalization area encompassing several communities as well asincorporating new single family and elderly housing; signifying a major investment and revitalizationin the area.
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.There is a commercial area across the street including office/commercial space. A neighbrhoodchurch abutts the propety. Two miles south of the property is a HOPE VI revitalization areaencompassing several communities as well as incorporating new single family and elderly housing.To the east of the property the extension of Highway 68 will provide a new major north southconnector for High Point. The tie-in of this road with Kivett Street less than 1 mile north of the
property will provide additional access as well as expected retail and commercial developmentsurrounding the intersection.
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).To the east of the property the extension of Highway 68 will provide a new major north southconnector for High Point. The tie-in of this road with Kivett Street less than 1 mile north of theproperty will provide additional access as well as expected retail and commercial developmentsurrounding the intersection. Additionally the property is served by High Point Public Transportation.
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 mature nature of the surrounding properties provides little undeveloped land. Commercialproperties are suitable for the neighborhood.
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 evident negative site features.
Similarity of scale and aesthetics/architecture between project and surroundings.Brentwood Crossings fits well with the existing neighborhood given the concentration of single and
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For each applicable neighborhood feature, enter distance from project in miles.
Other facilities or services:
multi-family dwellings. Following renovations Brentwood Crossings will be a major contributing assetto the revitalization of the community.
Concentration of affordable housing (housing credit, project-based rental assistance, public housing).Because Brentwood Crossings is currently operated as an affordable property with a HAP contract,
the renovations will result in a major improvement to the quality of the exisitng affordable housing inthe area.
Availability of Supportive Services (if applicable):The exisitng management company will continue to offer on-site resident services. A Boys and Girlsclub, in near proximity, is operated by the High Point Housing Authority.
Grocery Store.3 Community/Senior Center1.7
Mall/Strip Center2.5 Hospital1.8
Outdoor Athletic Fields.9 Pharmacy1.1
Day Care/After School.1 Basic Health Care.3
Schools.8 Medical Offices9.3
Public Transportation Stop0 Bank/Credit Union1.1
Convenience Store.1 Restaurants.7
Basketball/Tennis Courts.9 Professional Services1.7
Public Parks1.9 Movie Theater2.1
Gas Station1.5 Video Rental1.9
Library1.9 Public Safety (Fire/Police)1.3
Fitness/Nature Trails Post Office9.5
Public Swimming Pools1.7
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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: 28 74
Units: 2,552 7,234
North Carolina Other States
Projects: 3 3
Units: 481 332
No
No
No
No
No
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Financing Commitments
Does the project have a firm commitment for construction financing? Yes
Does the project have a letter of intent for private permenant financing? Yes
Does the project have a firm commitment for government financing? No
Does the project have a letter of intent from an investor? Yes
Is any portion of the eligible basis of new contruction or rehabilitation financed with federal subsidies other than CDBG funds or fundsfrom the HOME program? Yes
If yes, indicate the type and amount below:
Tax Exempt Financing: $ 5240000
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 240
Other Administrative Expense (specify):8,550
Office SalariesOffice Supplies 4,896
Office or Model Apartment Rent 1,125
Management Fee 74,022
Manager or Superintendent Salaries 75,762
Manager or Superintendent Rent Free Unit
Legal Expenses (Project) 2,400
Auditing Expenses (Project) 3,300
Bookkeeping Fees/Accounting Services
Telephone and Answering Service 6,432
Bad Debts 1,225
Other Administrative Expenses (specify):6,970
SUBTOTAL 184,922
Utilities Expense
Fuel Oil
Electricity (Light and Misc. Power) 16,560
Water 840
Gas 840
Sewer 2,400
SUBTOTAL 20,640
Operating and Maintenance Expenses
Janitor and Cleaning Payroll
Janitor and Cleaning Supplies 1,560
Janitor and Cleaning Contract
Exterminating Payroll/Contract 2,040
Exterminating Supplies
Garbage and Trash Removal 2,376
Security Payroll/Contract
Grounds Payroll
Grounds Supplies 8,000
Grounds Contract 25,200
Repairs Payroll 38,055
Repairs Material 5,040
Repairs Contract 3,537
Elevator Maintenance/Contract
Heating/Cooling Repairs and Maintenance 720
Swimming Pool Maintenance/Contract
Snow Removal 100
Decorating Payroll/Contract 5,052
Decorating Supplies
Other (specify):25,494
Miscellaneous Operating & Maintenance Expenses 2,933
SUBTOTAL 120,107
Taxes and Insurance
Real Estate Taxes 56,600
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Payroll Taxes (FICA) 9,192
Miscellaneous Taxes, Licenses and Permits
Property and Liability Insurance (Hazard) 35,250
Fidelity Bond Insurance
Workmen's Compensation 2,176
Health Insurance and Other Employee Benefits 24,913
Other Insurance:1,800
SUBTOTAL 129,931
Supportive Service Expenses
Service Coordinator
Service Supplies
Tenant Association Funds
Other Expenses (specify):
SUBTOTAL 0
Reserves
Replacement Reserves 47,250
SUBTOTAL 47,250
TOTAL OPERATING EXPENSES 502,850
ADJUSTED TOTAL OPERATING EXPENSES(Does not include taxes, reserves and resident support services) *
399,000
TOTAL UNITS(from total units in the Unit Mix section)
135
PER UNIT PER YEAR 2,955
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Design Features
ITEM DESCRIPTION
Foundation/Slab Components Existing slab on grade
Primary Windows Make: Model:Single Hung TBD Type/Construction: Aluminum insulated windows
Exterior Doors Type: Frames:Insulated Metal Wood
Siding Type: Grade/Thickness:Vinyl .044
Warranty: TBD
Exterior Trim Vinyl
ShinglesType: Weight:Fiberglass
225 # persquare
Warranty: 25 years
Sprinkler System N/A
Cabinets Pre-manufactured by Canak base grade
Heat Pump SEER: Make:10.5 TBD
Model: TBD
Air Conditioner SEER: Make:10.5 TBD
Model: TBD
Other Heat Systems SEER: Make:N/A 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 0
Backfill-slab, Crawl 0
Slab-concrete/Rebar/Gravel 0
Waterproofing 10,140 5,060 15,200
Masonry Foundation 0
Brick Veneer 4,500 1,500 6,000
Steel/Structure/Rails 2,250 2,000 4,250
Framing/Lumber/Nails 88,400 86,200 174,600
Trusses 149,600 149,600
Crane Rental 0
Windows/Grilles/Screen 82,600 82,600Exterior Doors 7,701 17,969 25,670
Roofing 115,600 115,600
Fencing 0
Vinyl Siding/Trim/Box 51,000 51,000 102,000
Gutters/Shutters 8,160 12,240 20,400
Insulation 16,660 7,140 23,800
Drywall 17,000 17,000 34,000
Interior Doors 31,008 72,352 103,360
Int. & Final/Stair/Trim/Shelves 40,800 20,400 61,200
Cabinets & Tops 10,800 43,200 54,000
Painting 69,360 46,240 115,600
Marble - Tub/Shwr/Tops 15,300 15,300 30,600
Plumbing 82,760 82,760 165,520
Electrical 99,450 99,450 198,900
Heating/Air Conditioning 89,760 209,440 299,200
Floor Covering and Underlayment 38,760 90,440 129,200
Wall Paper 0
Mailboxes/Special Features/Signage 6,816 10,224 17,040
Gypcrete 0
Blinds/Shades/Art Work 10,200 10,200 20,400
Light Fixtures/Fans 0
Sprinkler System 3,400 3,400
Security Alarm 0
Hardwood Floors 0
Elevator 0
Ceramic Tiles 8,704 13,056 21,760
Acoustical Ceilings 0
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Remarks:
Mirror/Shower Door/Encls. 12,600 12,600
Hardware/Bath Access. 17,000 17,000
Appliances 142,800 142,800
Playground Equipment 0
Interior Clean 0
Exterior Clean/Dumpster 2,000 4,000 6,000
Other 1 (specify in Remarks) 20,400 20,400
Other 2 (specify in Remarks) 62,400 93,600 156,000
Total Cost 794,329 1,534,371 2,328,700
Other 1- Pest Control, Other 2- Community Building/ Laundry/ Maintenance, Sprinkler System lineitem represents fire extinguishers
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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 60,000
Job Site Office/Trailer Rental 2,800
Impact Fees
Office Supplies 1,200
Security/Watchman
Water and Sewer Connection Fees
Project Signage
Tools and Equipment 3,000
Gas, Oil, and Maintenance
Cleanup/Dumpster Rental 37,200
Temporary Water, Electric, and Telephone 13,600Storage/Hauling 3,200
Driveway Access Permit
Porta-John Rental/Dumping 2,000
Builders Risk Insurance 9,000
Re-inspection Fees
Extra Plans and Specifications
Miscellaneous, Casual Labor 222
Equipment Rental 7,500
Other 1 (specify in Remarks)
Other 2 (specify in Remarks)
Total Cost 139,722
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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 10,000
Clearing/Grading/Final Grading/Excess and Borrow
Demolition 34,000
Earthwork/Excavation/Aerating
Soil Treatment
Pile Foundations
Caissons
Shoring/Bracing
Site Drainage
Site Utilities/Site Lighting 81,000
Paving and Surfacing/Curb and Gutter 13,000Walkways 5,000
Site Signage
Parking Lot Painting 2,500
Dumpsite Pads/Fencing 5,000
Fencing/Gates
Landscaping/Topsoil 35,800
Waterproofing/De-Watering
Operation of Construction Equipment/Fuel/Oil
Crane Rental
Rock and Hardpan Excavation
Site Supervision Personnel
Other (specify in Remarks) 15,000
Total Cost 201,300
Other - Playground and Recreation
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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 39,300
Capital Interest Fund
Other 1 (specify in Remarks)
Other 2 (specify in Remarks)
Total Cost 39,300
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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 42,500
Issuer Counsel 15,000
Credit Enhancement/LOC Counsel 16,250
Underwriter Counsel 16,250
Developer's Counsel
Rating Agency Fee 15,000
Printing
Trustee Fee 8,000
Trustee Counsel
Other 1 (specify in Remarks) 44,650
Other 2 (specify in Remarks)Other 3 (specify in Remarks)
Total Cost 157,650
Other 1 - Issuer's Fee
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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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