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Myrtle Place

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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

    836,340

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    Is project in Qualified Census Tract & Difficult to Develop area:

    Project Name and Location

    Project Name: Myrtle Place Apartments

    Address: Five Points Road

    City: Goldsboro County: WAYNE Zip: 27530

    Census Tract: 09 Block Group:

    No

    Political Jurisdiction: County of Wayne

    Jurisdiction CEO Name: First: Last:Atlas Price Title: Board of Commissioners Chairman

    Jurisdiction Address: P.O. Box 227

    Jurisdiction City: Goldsboro Zip: 27533

    Jurisdiction Phone: (919)731-1435

    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: 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: We will be targeting the disabled population, including persons with mobility impairments and/orthose with developmental disabilities. We are submitting a Targeting Plan to the N.C. Department ofHealth & Human Services for their review.

    Proposed number of residential buildings: 8 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): 1,7311,731

    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: 71,061

    Total Net Sq. Ft. (All Heated Areas): 61,491

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    Applicant Information

    Applicant Name: United Equities VI

    Address: P.O. Box 6171

    City: State: NC Zip:Raleigh 27628

    Contact: First: Last: Title:Jennifer Dunbar Project Developer

    Telephone: (919)755-9155

    Alt Phone: (919)621-9367

    Fax: (919)755-2245

    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

    7.38 5.9

    Buildable acreage is total site acreage less setback areas required by the Zoning Ordinance ofWayne County.

    No

    No

    No

    No

    Right-of-way for ingress, egress, and regress to be conveyed by owner of base tract of property.Please see property description attached to Option to Purchase.

    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: 291,510

    Page 7 of 35Print - APP03-0092

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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 10 - multi-family use permitted

    Yes

    Yes

    Yes

    A special use permit, required for the development of this property as a multi-family project, wasobtained at the March 27 meeting of the Wayne County Board of Adjustment.

    No

    No

    No

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    Ownership Entity

    Owner Name: Myrtle Place Apartments, LLC

    Address: P.O. Box 6171

    City: State: NC Zip:Raleigh 27628

    Federal Tax ID Number of Ownership Entity: (If assigned)

    Federal Tax ID Number of Managing GP or Member: (If Not Assigned)244-64-7461

    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: Myrtle Place Apartments, LLC

    First Name: Fred Last Name: Mills Function: Managing Member

    Address: P.O. 6171

    City: Raleigh State: NC Zip: 27628

    Phone: (919)755-9155 Fax: (919)755-2245

    EMail: [email protected] Nonprofit: No TaxID 244-64-7461

    Org: Myrtle Place Apartments, LLC

    First Name: Stuart Last Name: LeGrand Function: Member

    Address: P.O. Box 727

    City: Shelby State: NC Zip: 28151

    Phone: (704)482-5614 Fax: (704)482-8894

    EMail: [email protected] Nonprofit: No TaxID 242-74-9421

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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 2 targeted at 40 percent of median income.

    2 9 targeted at 40 percent of median income.

    3 4 targeted at 40 percent of median income.

    1 2 targeted at 50 percent of median income.

    2 9 targeted at 50 percent of median income.

    3 4 targeted at 50 percent of median income.

    1 4 targeted at 60 percent of median income.

    2 18 targeted at 60 percent of median income.

    3 8 targeted at 60 percent of median income.

    60

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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 350,000 7.25 20 30 28,651

    RPP Loan 836,340 2.00 20 20Local Gov. Loan - Specify:

    RD Loan

    AHP Loan

    Other Loan 1 - Specify:CDBG - from Wayne County

    250,000 2.00 20 20

    Other Loan 2 - Specify:

    Other Loan 3 - Specify:

    Tax Exempt Bonds

    State Tax Credit(Loan) 902,983 0 30 30 0

    State Tax Credit(Direct Refund)

    Equity: Federal LIHTC 2,771,250

    Non-Repayable Grant

    Equity: Historic Tax Credits

    Deferred Developer Fees

    Owner Investment

    Other - Specify:

    Total Sources** 5,110,573

    * "Non-amortizing" indicates that the loan does not have a fixed annual debt service. For these items, you must fill in 20-year debt servicebelow.

    ** Total Sources must equal total replacement cost in Project Development Cost (PDC) section.

    78

    We have applied for a $250,000 Community Development Block Grant for publicinfrastructure with Wayne County as our sponsoring local government. The County will loanthe project the grant funds as a 20 year, 2% loan. As project feasibility permits, we will be

    making payments on the loan to Wayne County.In addition, as cash flow permits, we may be able to help disabled persons with rentalassistance. This assistance will only be made if all other obligations are met, including firstmortgage, the RPP loan, the CDBG loan, and whatever investor services or other fees may bedue from the project.

    RPP repayments reflected below are accurate.sk

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    RPP Loan

    Year:Amt:

    1

    30500

    2

    30500

    3

    30000

    4

    29500

    5

    29000

    6

    31000

    7

    31000

    8

    29500

    9

    30000

    10

    28500

    Year:Amt:

    11

    27500

    12

    26000

    13

    24300

    14

    23000

    15

    21000

    16

    19000

    17

    21500

    18

    19400

    19

    16500

    20

    13500

    Other Loan 1 - CDBG - from Wayne County

    Year:Amt:

    1

    10000

    2

    10000

    3

    10000

    4

    10000

    5

    10000

    6

    7500

    7

    7500

    8

    7500

    9

    7500

    10

    7500

    Year:Amt:

    11

    7500

    12

    7500

    13

    7500

    14

    7500

    15

    7500

    16

    2500

    17

    2500

    18

    2500

    19

    2500

    20

    2500

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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 420,000 420,000

    4 Rehabilitation

    5 Construction of New Building(s) 2,664,013 2,664,013

    6 Accessory Building(s)

    7 General Requirements 108,640 108,640

    8 Contractor Overhead 64,000 64,000

    9 Contractor Profit 191,500 191,500

    10 Construction Contingency 103,500 103,500

    11 Architect's Fee - Design 81,000 81,000

    12 Architect's Fee - Inspection 9,000 9,000

    SUBTOTAL (lines 1 through 12) 3,641,653

    13 Construction Insurance (prorate) 9,000 7,500

    14 Construction Loan Orig. Fee (prorate) 14,525 12,104

    15 Construction Loan Interest (prorate) 108,925 90,771

    16 Construction Loan Credit Enhancement (prorate)

    17 Construction Period Taxes (prorate) 9,000 7,500

    18 Water, Sewer and Impact Fees 80,000 80,000

    19 Survey 8,000 8,000

    20 Property Appraisal 6,000 6,000

    21 Environmental Report 8,000 8,000

    22 Market Study 4,000 4,000

    23 Bond Costs (specify)

    24 Cost of Issuance

    25 Placement Fee

    26 Permanent Loan Origination Fee 7,000

    27 Permanent Loan Credit Enhancement

    28 Title and Recording 5,000

    SUBTOTAL (lines 13 through 28) 259,450

    29 Real Estate Attorney 7,500 7,500

    30 Other Attorney's Fees 35,000 35,000

    31 Tax Credit App Fees 24,389 24,389

    32 Cost Certification/Accounting Fees (specify) 9,000 9,000

    33 Tax Opinion 5,000

    34 Organizational (Partnership) 8,000

    35 Tax Credit Monitoring Fee 36,000

    SUBTOTAL (lines 29 through 35) 124,889

    36 Furnishings and Equipment 7,500 7,500

    37 Relocation Expenses

    38 Developer's Fee (max 15% lines 2-36, less 8 & 9) 566,000 566,000

    39 Other Basis Expense -

    40 Other Basis Expense (specify)

    41 Rent-up Expenses 5,000

    42 Other Non-basis Expense - off-site improvements 60,000

    43 Other Non-basis Expense (specify)

    SUBTOTAL (lines 36 through 43) 638,500

    44 Rent up Reserve 18,000

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    Comments:

    45 Operating Reserve 136,571

    46 Other Reserve (specify)

    47 Other Reserve (specify)

    48 DEVELOPMENT COST (lines 1-47) 4,819,063 0 4,514,917

    49 Less Federal Financing

    50 Less Disproportionate Standard

    51 Less Nonqualified Nonrecourse Financing

    52 Less Historic Tax Credit (residential) 0

    53 TOTAL ELIGIBLE BASIS 4,514,917 0 4,514,917

    54 Times Applicable Fraction 100.00% 100% 100%

    55 TOTAL QUALIFIED BASIS 4,514,917 0 4,514,917

    56 Tax Credit Rate 7.87% 7.87%

    57 FEDERAL TAX CREDITS at Estimated Rate 355,323 0 355,323

    57a FEDERAL TAX CREDITS at 8.5% or 3.75% 383,767 0 383,767

    58 FEDERAL TAX CREDITS REQUESTED 357,269 357,269

    59 STATE TAX CREDITS 907,926

    60 Land Cost 291,510

    61 TOTAL REPLACEMENT COST 5,110,573

    units split to esc. at HOME rents.

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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

    Myrtle Place Apartments will be an attractive development for families and individuals who earnforty, fifty, or sixty percent of the median income for Wayne County. There will be six handicappedaccessible units. The site will include recreational areas for the residents, including garden andpicnic areas and a playground area for the children.

    Vinyl shingle accent siding.Stone veneer used as an accent on the outside of the buildings.

    Yes

    Similar developments:1. Dunbar Place Apartments100 Peacock DriveArden, NC 287042. Savannah Place Apartments1519 Savannah LaneDurham, NC 277133. Best Village Apartments909 Savannah LaneKinston, NC 28501

    Community Bldg - Sq Ft: 1,731 Community Room - Sq Ft: 851 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

    Residents will be provided the opportunity to utilize the community room for meetings, classes, andactivities. Clubs and organizations, such as Scouts, etc. may meet in the community room, andclasses, such as homebuyer education classes, may be held there as well.

    Myrtle Place Apartments will be attractively landscaped, by utilizing plants which thrive in the area.

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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.

    Suggested plants and trees include crepe myrtle, azaleas, wax myrtle, willow oaks, etc. Residentswill have the opportunity to plant flowers and vegetables in the garden areas on the property.

    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).

    Goldsboro and Wayne County have experienced growth in recent years. Unfortunately, the stock ofaffordable housing has not increased significantly. The physical condition of homes in theneighborhood is very good. Nearby is a recently built Food Lion shopping center, along with anotherretail shopping center with beauty salon and other small shops.

    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.Across the road from the site is an attractive single-family development, consisting of well-maintained brick homes. Nearby is a Food Lion shopping center, within walking distance of the site.

    SITE SUITABILITY

    Adequacy of street(s) and/or access road(s) serving the proposed project and traffic controls (lights,stop signs, turning lanes). Access to mass transit (if applicable).The site is located on Five Points Road (N.C.S.R. 1221), a state-maintained road, and traffic ismoderate on the road. Access to the property will be directly across from another state-maintainedroad (N.C.S.R. 1277. There is no access to mass transit in this area.

    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 property is across the street from a residential neighborhood. The site is presently anundeveloped subdivision, which has already been approved by Wayne County. The landowner ofthat property is a native of Goldsboro, and wishes to develop his remaining property in harmony withthe rest of the community.

    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 negative features for this site, nor any physical barriers which would impede projectconstruction nor prevent the residents' enjoyment of the property in the years to come.

    Similarity of scale and aesthetics/architecture between project and surroundings.Since this project is designed to be a low-density multi-family development, it will fit in well with the

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    For each applicable neighborhood feature, enter distance from project in miles.

    Other facilities or services:

    surrounding area. We will have eight buildings, both one- and two-story. There is a nearby market-rate apartment development on Five Points Road.

    Concentration of affordable housing (housing credit, project-based rental assistance, public housing).There are no low-income housing tax credit developments nearby, nor are there public housing

    projects, nor project-based rental assistance properties.

    Availability of Supportive Services (if applicable):

    Grocery Store.3 Community/Senior Center5

    Mall/Strip Center9 Hospital8

    Outdoor Athletic Fields3.5 Pharmacy.7

    Day Care/After School3.5 Basic Health Care3

    Schools3.5 Medical Offices3

    Public Transportation Stop Bank/Credit Union2

    Convenience Store.5 Restaurants.2

    Basketball/Tennis Courts3.5 Professional Services5

    Public Parks3.5 Movie Theater9

    Gas Station.5 Video Rental2

    Library6 Public Safety (Fire/Police)5

    Fitness/Nature Trails3.5 Post Office5

    Public Swimming Pools3.5

    1. Mina Weil Park (House St.) - swimming pool, athletic fields (softball, football, soccer), basketball,etc. - 3.5 miles from site.2. Waynesborough State Park & Historic Village - museum, historic building tours, hiking trail alongNeuse River, fishing, etc. - located 3.5 miles from site on Highway 117 North.3. Wayne Community College - 8 miles from site.

    4. Mount Olive College - 4-year college - 12 miles from site.

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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: 13 0

    Units: 668 0

    North Carolina Other States

    Projects: 14 0

    Units: 684 0

    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? 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 750

    Other Administrative Expense (specify):

    Office SalariesOffice Supplies 2,500

    Office or Model Apartment Rent

    Management Fee 27,000

    Manager or Superintendent Salaries 25,000

    Manager or Superintendent Rent Free Unit

    Legal Expenses (Project) 1,000

    Auditing Expenses (Project) 4,000

    Bookkeeping Fees/Accounting Services

    Telephone and Answering Service 2,500

    Bad Debts

    Other Administrative Expenses (specify):

    SUBTOTAL 62,750

    Utilities Expense

    Fuel Oil

    Electricity (Light and Misc. Power) 6,000

    Water 6,000

    Gas

    Sewer 12,500

    SUBTOTAL 24,500

    Operating and Maintenance Expenses

    Janitor and Cleaning Payroll

    Janitor and Cleaning Supplies

    Janitor and Cleaning Contract 6,000

    Exterminating Payroll/Contract 6,000

    Exterminating Supplies

    Garbage and Trash Removal 6,000

    Security Payroll/Contract 400

    Grounds Payroll

    Grounds Supplies

    Grounds Contract 12,500

    Repairs Payroll 16,000

    Repairs Material 600

    Repairs Contract 3,000

    Elevator Maintenance/Contract

    Heating/Cooling Repairs and Maintenance

    Swimming Pool Maintenance/Contract

    Snow Removal

    Decorating Payroll/Contract 11,000

    Decorating Supplies

    Other (specify):

    Miscellaneous Operating & Maintenance Expenses

    SUBTOTAL 61,500

    Taxes and Insurance

    Real Estate Taxes 18,750

    Page 23 of 35Print - APP03-0092

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    Payroll Taxes (FICA) 1,445

    Miscellaneous Taxes, Licenses and Permits

    Property and Liability Insurance (Hazard) 15,000

    Fidelity Bond Insurance

    Workmen's Compensation 75

    Health Insurance and Other Employee Benefits 4,000

    Other Insurance:225

    SUBTOTAL 39,495

    Supportive Service Expenses

    Service Coordinator

    Service Supplies

    Tenant Association Funds

    Other Expenses (specify):

    SUBTOTAL 0

    Reserves

    Replacement Reserves 15,000

    SUBTOTAL 15,000

    TOTAL OPERATING EXPENSES 203,245

    ADJUSTED TOTAL OPERATING EXPENSES(Does not include taxes, reserves and resident support services) *

    169,495

    TOTAL UNITS(from total units in the Unit Mix section)

    60

    PER UNIT PER YEAR 2,824

    Page 24 of 35Print - APP03-0092

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    Design Features

    ITEM DESCRIPTION

    Foundation/Slab Components Turned down footings & 4" concrete slab

    Primary Windows Make: Model:Silverline Type/Construction: Insulated vinyl

    Exterior Doors Type: Frames:Insulated Fiberglass Wood

    Siding Type: Grade/Thickness:Vinyl .044

    Warranty: Lifetime

    Exterior Trim Vinyl

    Shingles Type: Weight:Fungus Buster - XT 25 225

    Warranty: 25 year

    Sprinkler System 13 R

    Cabinets Marsh

    Heat Pump SEER: Make:12 SEER Carrier

    Model:

    Air Conditioner SEER: Make:Same as heat pump

    Model:

    Other Heat Systems SEER: Make:

    Model:Supplemental Strip Heat-8 kw.

    Page 26 of 35Print - APP03-0092

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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 215,000 215,000

    Waterproofing 0

    Masonry Foundation 0

    Brick Veneer 40,000 40,000

    Steel/Structure/Rails 40,000 40,000

    Framing/Lumber/Nails 220,000 220,000 440,000

    Trusses 115,000 115,000

    Crane Rental 0

    Windows/Grilles/Screen 50,000 50,000Exterior Doors 60,000 60,000

    Roofing 60,000 60,000

    Fencing 15,000 15,000

    Vinyl Siding/Trim/Box 160,000 160,000

    Gutters/Shutters 15,000 15,000

    Insulation 70,000 70,000

    Drywall 250,000 250,000

    Interior Doors 50,000 50,000

    Int. & Final/Stair/Trim/Shelves 45,000 40,000 85,000

    Cabinets & Tops 65,000 65,000

    Painting 65,000 65,000

    Marble - Tub/Shwr/Tops 0

    Plumbing 200,000 200,000

    Electrical 190,000 190,000

    Heating/Air Conditioning 120,000 120,000

    Floor Covering and Underlayment 80,000 80,000

    Wall Paper 0

    Mailboxes/Special Features/Signage 7,500 7,500

    Gypcrete 22,000 22,000

    Blinds/Shades/Art Work 7,500 7,500

    Light Fixtures/Fans 0

    Sprinkler System 92,000 92,000

    Security Alarm 0

    Hardwood Floors 0

    Elevator 0

    Ceramic Tiles 0

    Acoustical Ceilings 0

    Page 27 of 35Print - APP03-0092

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    Remarks:

    Mirror/Shower Door/Encls. 0

    Hardware/Bath Access. 20,000 20,000

    Appliances 55,000 55,000

    Playground Equipment 35,000 35,000

    Interior Clean 12,000 12,000

    Exterior Clean/Dumpster 10,000 10,000

    Other 1 (specify in Remarks) 18,013 18,013

    Other 2 (specify in Remarks) 0

    Total Cost 287,000 2,377,013 2,664,013

    Most labor costs are included in the framing labor costs. "Other 1" is contingency.

    Page 28 of 35Print - APP03-0092

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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 66,440

    Job Site Office/Trailer Rental 3,000

    Impact Fees

    Office Supplies 200

    Security/Watchman

    Water and Sewer Connection Fees

    Project Signage

    Tools and Equipment

    Gas, Oil, and Maintenance

    Cleanup/Dumpster Rental 20,000

    Temporary Water, Electric, and Telephone 6,000Storage/Hauling 1,000

    Driveway Access Permit

    Porta-John Rental/Dumping 2,000

    Builders Risk Insurance

    Re-inspection Fees

    Extra Plans and Specifications

    Miscellaneous, Casual Labor 10,000

    Equipment Rental

    Other 1 (specify in Remarks)

    Other 2 (specify in Remarks)

    Total Cost 108,640

    Water & sewer fees are included in impact fees. Project signage is included in construction.

    Page 29 of 35Print - APP03-0092

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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 110,000

    Demolition

    Earthwork/Excavation/Aerating

    Soil Treatment 2,000

    Pile Foundations

    Caissons

    Shoring/Bracing

    Site Drainage

    Site Utilities/Site Lighting 119,000

    Paving and Surfacing/Curb and Gutter 130,000Walkways

    Site Signage

    Parking Lot Painting

    Dumpsite Pads/Fencing

    Fencing/Gates

    Landscaping/Topsoil 45,000

    Waterproofing/De-Watering

    Operation of Construction Equipment/Fuel/Oil

    Crane Rental

    Rock and Hardpan Excavation

    Site Supervision Personnel

    Other (specify in Remarks) 10,000

    Total Cost 420,000

    Earthwork is included in grading. Site drainage is included in utilities. Walkways, parking lot, &dumpsite pads included in paving. Excavation included in grading. "Other" includes survey work.

    Page 30 of 35Print - APP03-0092

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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

    Page 32 of 35Print - APP03-0092

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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.

    Page 33 of 35Print - APP03-0092

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    Page 34 of 35Print - APP03-0092

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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.

    Page 35 of 35Print - APP03-0092


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