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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: Clifton Park
Address: COWELL FARM ROAD
City: Washington County: BEAUFORT Zip: 27889
Census Tract: 9904 Block Group: 4
Yes
Political Jurisdiction: CITY OF WASHINGTON
Jurisdiction CEO Name: First: Last:STEWART RUMLEY Title: MAYOR
Jurisdiction Address: PO BOX 1988
Jurisdiction City: WASHINGTON Zip: 27889
Jurisdiction Phone: (252)975-9300
Site Latitude: 35.55254
Site Longitude: -77.03788
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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: persons with disabilities
Proposed number of residential buildings: 6 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): 1,1671,167
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: 59,705
Total Net Sq. Ft. (All Heated Areas): 47,660
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Applicant Information
Applicant Name: Pendergrant Development, LLC
Address: PO Box 18863
City: State: NC Zip:Raleigh 27619
Contact: First: Last: Title:Marilyn Hernandez Development Coordinator
Telephone: (919)755-0558
Alt Phone: (919)861-6028
Fax: (919)754-8663
Email Address: MHERNANDEZ@PENDERGRAPHPRO
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Total Site Acreage: Total Buildable Acreage:
If buildable acreage is less than total acreage, please explain:
Identify utilities and services currently available (and with adequate capacity) for this site:
Storm Sewer Water Sanitary Sewer Electric
Is the demolition of any buildings required or planned?
If yes, please describe:
Are existing buildings on the site currently occupied?
If yes:(a) Briefly describe the situation:
(b) Will tenant displacement be temporary?
(c) Will tenant displacement be permanent?
Is the site in a distressed neighborhood?
If yes, does a community revitalization plan exist?
Is the site directly accessed by an existing, paved, publicly maintained road?
If no, please explain:
Is any portion of the site located inside the 100 year floodplain?
If yes:(a) Describe placement of project buildings in relation to this area:
Site Description
4.5 4.5
No
No
No
Yes
No
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(b) Describe flood mitigation if the project is in the East Region and will have improvements within the 100 year floodplain:
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Does the owner have fee simple ownership of the property (site/buildings)?
If yes provide:
Purchase Date: Purchase Price:
If no:
Site Control
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: 10/31/2003
(D) Enter Purchase Price: 225,000
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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
RMF-RESIDENTIAL MULTIFAMILY
Yes
No
No
No
No
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Ownership Entity
Owner Name: Clifton Park, LLC
Address: PO Box 18863
City: State: NC Zip:Raleigh 27619
Federal Tax ID Number of Ownership Entity: (If assigned)
Federal Tax ID Number of Managing GP or Member: (If Not Assigned)56-2055367
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: Pendergrant Clifton Park, LLC
First Name: Frankie Last Name: Pendergraph Function: Managing Member
Address: PO Box 18863
City: Raleigh State: NC Zip: 27619
Phone: (919)755-0558 Fax: (919)754-8663
EMail: fpendergraph@pendergraphprop Nonprofit: No TaxID 999-99-9999
Org: Pendergrant Clifton Park, LLC
First Name: Charles Last Name: Grant Function: Member
Address: PO Box 18863
City: Raleigh State: NC Zip: 27619
Phone: (919)755-0558 Fax: (919)754-8663
EMail: [email protected] Nonprofit: No TaxID 999-99-9999
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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 2 945 5 1 200 92 292
Gdn Apt 2 945 11 3 349 92 441
Gdn Apt 3 1204 8 1 389 106 495
Gdn Apt 2 945 16 0 349 92 441
Gdn Apt 3 1204 8 0 389 106 495
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....... 48 5 16647
Market Rate.......
Totals............... 48 5 16647
* 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 %
2 16 targeted at 50 percent of median income.
3 8 targeted at 50 percent of median income.
2 16 targeted at 60 percent of median income.
3 8 targeted at 60 percent of median income.
48
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Estimated pricing on sale of Federal Tax Credits: $0.
Remarks concerning project funding sources:(Please be sure to include the name of the funding source(s))
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:
Other Loan 2 - Specify:
Other Loan 3 - Specify:
Tax Exempt Bonds
State Tax Credit(Loan) 1,283,617 0 30 30 0
State Tax Credit(Direct Refund)
Equity: Federal LIHTC 2,378,373
Non-Repayable Grant
Equity: Historic Tax Credits
Deferred Developer Fees
Owner Investment 265 Other - Specify:
Total Sources** 3,662,255
* "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.
77
No Permanent Debt on this project.
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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 356,000 356,000
4 Rehabilitation
5 Construction of New Building(s) 1,748,928 1,748,928
6 Accessory Building(s) 60,000 60,000
7 General Requirements 101,546 101,546
8 Contractor Overhead 45,300 45,300
9 Contractor Profit 136,000 136,000
10 Construction Contingency 73,500 73,500
11 Architect's Fee - Design 76,800 76,800
12 Architect's Fee - Inspection 18,000 18,000
SUBTOTAL (lines 1 through 12) 2,616,074
13 Construction Insurance (prorate) 2,300 2,300
14 Construction Loan Orig. Fee (prorate) 28,324 28,324
15 Construction Loan Interest (prorate) 92,591 92,591
16 Construction Loan Credit Enhancement (prorate) 5,500 5,500
17 Construction Period Taxes (prorate) 5,500 5,500
18 Water, Sewer and Impact Fees 28,350 28,350
19 Survey 9,000 9,000
20 Property Appraisal 6,500 6,500
21 Environmental Report 6,000 6,000
22 Market Study 4,000 4,000
23 Bond Costs (specify)
24 Cost of Issuance
25 Placement Fee
26 Permanent Loan Origination Fee
27 Permanent Loan Credit Enhancement
28 Title and Recording 1,661
SUBTOTAL (lines 13 through 28) 189,726
29 Real Estate Attorney 28,662 28,662
30 Other Attorney's Fees 6,500 6,500
31 Tax Credit App Fees 23,220 23,220
32 Cost Certification/Carryover 7,500 7,500
33 Tax Opinion
34 Organizational (Partnership)
35 Tax Credit Monitoring Fee 25,200
SUBTOTAL (lines 29 through 35) 91,082
36 Furnishings and Equipment 15,000 15,000
37 Relocation Expenses
38 Developer's Fee (max 15% lines 2-36, less 8 & 9) 406,304 406,304
39 Other Basis Expense (specify)
40 Other Basis Expense (specify)
41 Rent-up Expenses 27,000
42 Other Non-basis Expense (specify)
43 Other Non-basis Expense (specify)
SUBTOTAL (lines 36 through 43) 448,304
44 Rent up Reserve 14,400
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Comments:
45 Operating Reserve 77,669
46 Other Reserve (specify)
47 Other Reserve (specify)
48 DEVELOPMENT COST (lines 1-47) 3,437,255 0 3,291,325
49 Less Federal Financing 181,905
50 Less Disproportionate Standard
51 Less Nonqualified Nonrecourse Financing
52 Less Historic Tax Credit (residential) 0
53 TOTAL ELIGIBLE BASIS 3,109,420 0 3,109,420
54 Times Applicable Fraction 130.00% 130% 130%
55 TOTAL QUALIFIED BASIS 4,042,246 0 4,042,246
56 Tax Credit Rate 0.00% 7.87%
57 FEDERAL TAX CREDITS at Estimated Rate 318,124 0 318,124
57a FEDERAL TAX CREDITS at 8.5% or 3.75% 343,590 0 343,590
58 FEDERAL TAX CREDITS REQUESTED 0
59 STATE TAX CREDITS 1,007,922
60 Land Cost 225,000
61 TOTAL REPLACEMENT COST 3,662,255
Basis reduced because project over subsidized. State credit calculated on basis w/o reduction.
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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):
Market Study Information
Clifton Park is a 48-unit family housing development that will be located on Cowell Farm Road inWashington. The plan calls for 32 two-bedroom units and 16 three-bedroom units contained in 6residential buildings.
All ground floor apartment units will be able to comply with ADA requirements. The exterior will be
brick veneer and high quality vinyl horizontal siding. The siding will have a larger exposure on thefirst floor and a smaller exposure siding on the second floor. A bandboard will divide the two at thesecond level floor system. The two siding exposures will have color variations between the lowerand upper floor. The truss roof system has a variety of large and small gables. This, along with thecombination of brick siding accent trim, and color variations will yield an aesthetically pleasingdevelopment.
This particular architectural style was chosen because we felt that a two-story design would blendwith the community and surrounding homes. We have developed this design on previousdevelopments. The Agency, Town Officials, lenders and our Equity Partners are very pleased withthe curb appeal.
The interior of the units will have carpet in the living room and bedrooms. Vinyl flooring will beutilized in the kitchens and baths. All interior doors will be of a six-panel design. The cabinetry will beof solid wood styles and fronts. All units will have washer/dryer hook-ups, dishwashers, patios, andexterior storage. HVAC will consist of energy efficient heat pumps with an eleven seer rating. Allexterior windows and doors, where applicable, will have energy efficient insulated glass.
The development will include a separate community room and office as well as walking trails and agazebo. The development will be extensively landscaped.
The site has all the conveniences of shopping, restaurants, banking, churches, schools, medicalfacilities, and employment. It is located in the eastside of Washington where the majority of the newgrowth such as shopping, medical offices, hotels, and residential areas are being located.
FRONT ENRTIES HAVE COVERED BREEZEWAYS. PATIO DOORS ARE FULL VIEW GLASSPROVIDING AN ABDUNANCE OF NATURAL LIGHTING INTO THE MAIN LIVING, DINING ANDKITCHEN AREA.
Morgans Ridge in wilson, NC.Hawthorne Court in Tarboro, NC.Laurel Pointe in Goldsboro, NC.
Community Bldg - Sq Ft: 1,167 Community Room - Sq Ft: 662 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
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Onsite Activities:
Landscaping Plans:
Interior Apartment Amenities (check all that apply):
Flooring: Carpet Vinyl Wood Wood Parquet Ceramic Tile Other
Heating/Cooling: Central Air Gas Heat Heat Pump Electric Pump
Do you plan to submit additional market data (market study, etc.) that you want considered?
If yes, please make sure to include the additional information in your pre-application packet.
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
Although a service package is not required on a family development, we will have various on-siteactivities such as holiday events, social gatherings, newsletters and recreational activities.Additionally, there are many supportive services in the community within a mile or so of the site.Also, the community room would be available for Town/community activities.
The property will be extensively landscaped exceeding the required per unit cost. Sod and irrigationwill be installed in high visibility areas. The site amenities will be strategically located with bordersthroughout the property and will be handicap accessible. The site will have attractive signage,lighting and landscaping. Curb appeal is always a top priority with Pendergrant Development.
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 SITE IS IN A NEW DEVELOPMENT AREA ON THE EAST SIDE OF WASHINGTON. THEMAJORITY OF THE EXISTING BUILDINGS AND HOUSING ARE NEW CONSTRUCTION. THEPHYSICAL CONDITION OF BUILDINGS AND IMPROVEMENTS ARE NEW OR EXCELLENT.NEW ECONOMIC DEVELOPMENT IN TOWN IS AT THIS LOCATION.
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 SITE IS SURROUNDED BY BEAUFORT COUNTY HOSPITAL, NEW MEDICAL FACILITIES,OFFICE PARKS, SINGLE FAMILY HOMES AND NON-COMPETING MULTIFAMILYDEVELOPMENTS. THERE IS A TRUE BALANCE OF PROPERTY USES IN THENEIGHBORHOOD. SHOPPING, RETAIL CENTERS AND DOWNTOWN WASHINGTON AREVERY CLOSE BY.
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).COWELL FARM ROAD WILL SERVICE THE PROPOSED DEVELOPMENT. IT IS ADEQUATE INSIZE AND HAS THE NECESSARY TRAFFIC CONTROLS TO ACCOMODATE THE PROPOSEDDEVELOPMENT. IT HAS CONNECTORS TO BROWN STREET AND HIGHLAND AVENUE.
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 VACANT LAND TO THE EAST OF COWELL FARM ROAD IS BEING DEVELOPED INTOOUT PARCELS FOR ADDITIONAL MEDICAL, OFFICE AND SINGLE FAMILY HOUSING. THECITY OF WASHINGTON IS PLANNING TO CONNECT COWELL FARM ROAD TO AVONAVENUE WHICH LIES SOUTHEAST OF THE SITE AT THE INTERSECTION OF HIGHLANDAVENUE.
Degree of on-site negative features and physical barriers that will impede project construction oradversely affect future tenants; for example: power transmission lines and towers, flood hazards,steep slopes, large boulders, ravines, year-round streams, wetlands, and other similar features. Foradaptive re-use projects- suitability for residential use and difficulties posed by the building(s), suchas limited parking, environmental problems or the need for excessive demolition.There are no on-site negative features or physical barriers that would impede project construction oradversely affect future tenants.
Similarity of scale and aesthetics/architecture between project and surroundings.THE DEVELOPMENT WILL FIT NICELY WITH THE SURROUNDING AREA. MOST OF THE
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For each applicable neighborhood feature, enter distance from project in miles.
Other facilities or services:
IMPROVEMENTS AND BUILDINGS IN THE AREA ARE BRAND NEW.
Concentration of affordable housing (housing credit, project-based rental assistance, public housing).THERE ARE ONLY TWO SMALL NON-COMPETING AFFORDABLE DEVELOPMENTS WITHIN
THE AREA.
Availability of Supportive Services (if applicable):Although a service package is not required on a family development, we will have various on-siteactivities such as holiday events, social gatherings, newsletters and recreational activities.Additionally, there are many supportive services in the community within a mile or so of the site.Also, the community room would be available for Town/community activities.
Grocery Store0.2 Community/Senior Center0.1
Mall/Strip Center0.2 Hospital0.1
Outdoor Athletic Fields1.3 Pharmacy0.3
Day Care/After School0.1 Basic Health Care0.1
Schools0.2 Medical Offices0.1
Public Transportation Stop0.1 Bank/Credit Union0.3
Convenience Store0.2 Restaurants0.2
Basketball/Tennis Courts1.3 Professional Services0.1
Public Parks1.3 Movie Theater1.3
Gas Station0.2 Video Rental1
Library1.1 Public Safety (Fire/Police)0.9
Fitness/Nature Trails1.3 Post Office0.9
Public Swimming Pools0.9
WASHINGTON IS LOCATED ADJACENT TO THE PAMLICO RIVER/SOUND. THERE ARESEVERAL RECREATIONAL ACTIVITES SUCH AS FISHING, GOLFING, BOATING, SWIMMINGAND VACATIONING ON THE BEACH.
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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: 10 2
Units: 474 104
North Carolina Other States
Projects: 17 5
Units: 812 256
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? 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 2,000
Other Administrative Expense (specify):
Office Salaries 13,520Office Supplies 1,200
Office or Model Apartment Rent
Management Fee 17,055
Manager or Superintendent Salaries
Manager or Superintendent Rent Free Unit
Legal Expenses (Project) 500
Auditing Expenses (Project) 3,000
Bookkeeping Fees/Accounting Services
Telephone and Answering Service 900
Bad Debts
Other Administrative Expenses (specify):
SUBTOTAL 38,175
Utilities Expense
Fuel Oil
Electricity (Light and Misc. Power) 4,500
Water 7,376
Gas 7,376
Sewer
SUBTOTAL 19,252
Operating and Maintenance Expenses
Janitor and Cleaning Payroll
Janitor and Cleaning Supplies
Janitor and Cleaning Contract 600
Exterminating Payroll/Contract 1,152
Exterminating Supplies
Garbage and Trash Removal 6,336
Security Payroll/Contract
Grounds Payroll
Grounds Supplies
Grounds Contract 9,000
Repairs Payroll 19,500
Repairs Material 1,000
Repairs Contract 1,000
Elevator Maintenance/Contract
Heating/Cooling Repairs and Maintenance 1,000
Swimming Pool Maintenance/Contract
Snow Removal
Decorating Payroll/Contract 3,250
Decorating Supplies
Other (specify):
Miscellaneous Operating & Maintenance Expenses
SUBTOTAL 42,838
Taxes and Insurance
Real Estate Taxes 29,115
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Payroll Taxes (FICA) 3,180
Miscellaneous Taxes, Licenses and Permits 100
Property and Liability Insurance (Hazard) 6,320
Fidelity Bond Insurance 70
Workmen's Compensation 687
Health Insurance and Other Employee Benefits
Other Insurance:
SUBTOTAL 39,472
Supportive Service Expenses
Service Coordinator 3,000
Service Supplies 600
Tenant Association Funds
Other Expenses (specify):
SUBTOTAL 3,600
Reserves
Replacement Reserves 12,000
SUBTOTAL 12,000
TOTAL OPERATING EXPENSES 155,337
ADJUSTED TOTAL OPERATING EXPENSES (Does not include taxes, reserves and resident support services) *
110,622
TOTAL UNITS(from total units in the Unit Mix section)
48
PER UNIT PER YEAR 2,304
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Design Features
ITEM DESCRIPTION
Foundation/Slab Components MASONARY FOUNDATION/CONCRETE SLAB
Primary Windows Make: Model:SIMOTON/EQUAL PROFINISH Type/Construction: VINYL WITH INSULATED GLASS
Exterior Doors Type: Frames:METAL SIX PANEL WOOD
Siding Type: Grade/Thickness:VINYL .042MIL
Warranty: LIMITED LIFETIME
Exterior Trim VINYL AND METAL WRAP ON FACIA
Shingles Type: Weight:FIBERGLASS 226-231+
Warranty: 25 YEAR
Sprinkler System N/A
Cabinets MERILAT/EQUAL
Heat Pump SEER: Make:11 GOODMAN
Model:
Air Conditioner SEER: Make:N/A
Model:
Other Heat Systems SEER: Make:N/A
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 28,540 14,059 42,599
Backfill-slab, Crawl 31,500 21,000 52,500
Slab-concrete/Rebar/Gravel 15,000 22,500 37,500
Waterproofing 3,780 2,520 6,300
Masonry Foundation 17,850 33,150 51,000
Brick Veneer 29,036 80,264 109,300
Steel/Structure/Rails 0 0 0
Framing/Lumber/Nails 82,500 122,500 205,000
Trusses 0 101,000 101,000
Crane Rental 9,000 0 9,000
Windows/Grilles/Screen 0 27,750 27,750Exterior Doors 0 42,000 42,000
Roofing 14,064 29,886 43,950
Fencing 0 0 0
Vinyl Siding/Trim/Box 39,390 59,085 98,475
Gutters/Shutters 10,504 10,504 21,008
Insulation 13,860 35,640 49,500
Drywall 54,630 66,770 121,400
Interior Doors 0 44,750 44,750
Int. & Final/Stair/Trim/Shelves 21,240 23,010 44,250
Cabinets & Tops 9,600 38,400 48,000
Painting 34,650 14,850 49,500
Marble - Tub/Shwr/Tops 0 0 0
Plumbing 46,775 46,775 93,550
Electrical 41,750 41,750 83,500
Heating/Air Conditioning 48,000 48,000 96,000
Floor Covering and Underlayment 16,785 39,165 55,950
Wall Paper 0 0 0
Mailboxes/Special Features/Signage 305 2,751 3,056
Gypcrete 15,450 36,050 51,500
Blinds/Shades/Art Work 7,200 10,800 18,000
Light Fixtures/Fans 0 27,750 27,750
Sprinkler System 0 0 0
Security Alarm 0 0 0
Hardwood Floors 0 0 0
Elevator 0 0 0
Ceramic Tiles 0 0 0
Acoustical Ceilings 0 0 0
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Remarks:
Mirror/Shower Door/Encls. 3,375 3,375 6,750
Hardware/Bath Access. 5,100 7,650 12,750
Appliances 0 40,500 40,500
Playground Equipment 5,000 10,000 15,000
Interior Clean 18,351 2,039 20,390
Exterior Clean/Dumpster 11,670 7,780 19,450
Other 1 (specify in Remarks) 0 0 0
Other 2 (specify in Remarks) 0 0 0
Total Cost 634,905 1,114,023 1,748,928
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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 25,200
Job Site Office/Trailer Rental 2,000
Impact Fees
Office Supplies 2,000
Security/Watchman 0
Water and Sewer Connection Fees
Project Signage 9,000
Tools and Equipment 5,850
Gas, Oil, and Maintenance 3,350
Cleanup/Dumpster Rental 17,560
Temporary Water, Electric, and Telephone 0Storage/Hauling 3,500
Driveway Access Permit 0
Porta-John Rental/Dumping 1,850
Builders Risk Insurance 0
Re-inspection Fees 456
Extra Plans and Specifications 1,600
Miscellaneous, Casual Labor 9,350
Equipment Rental 4,500
Other 1 (specify in Remarks) 15,330
Other 2 (specify in Remarks) 0
Total Cost 101,546
OTHER 1= BUILDING PERMITS
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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 24,000
Clearing/Grading/Final Grading/Excess and Borrow 39,500
Demolition 0
Earthwork/Excavation/Aerating 23,400
Soil Treatment 2,500
Pile Foundations 0
Caissons 0
Shoring/Bracing 7,500
Site Drainage 25,500
Site Utilities/Site Lighting 65,500
Paving and Surfacing/Curb and Gutter 49,500Walkways 30,500
Site Signage 8,500
Parking Lot Painting 7,400
Dumpsite Pads/Fencing 7,500
Fencing/Gates 0
Landscaping/Topsoil 38,000
Waterproofing/De-Watering 0
Operation of Construction Equipment/Fuel/Oil 2,500
Crane Rental 0
Rock and Hardpan Excavation 2,900
Site Supervision Personnel 21,300
Other (specify in Remarks) 0
Total Cost 356,000
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This is a detailed breakdown of the Bond Costs cost element you summarized in the Development Costs table (Bond Costs). The totalshould match that roll-up value.
Remarks:
Costs - Bond Costs
ITEM TOTAL
Letter of Credit Fee 0
Credit Enhancement 0
Underwriter Discount 0
Capital Interest Fund 0
Other 1 (specify in Remarks) 0
Other 2 (specify in Remarks) 0
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 0
Issuer Counsel 0
Credit Enhancement/LOC Counsel 0
Underwriter Counsel 0
Developer's Counsel 0
Rating Agency Fee 0
Printing 0
Trustee Fee 0
Trustee Counsel 0
Other 1 (specify in Remarks) 0
Other 2 (specify in Remarks) 0Other 3 (specify in Remarks) 0
Total Cost 0
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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