The Highlands Apartments

8/6/2019 The Highlands Apartments

1/25

Is project in Qualified Census Tract or Difficult to Develop Area?

New Construction/Adaptive Reuse:

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 meet Energy Star standards as defined in Appendix B?

Does a community revitalization plan exist?

Target Population: Family

Will the project be receiving project based federal rental assistance?

If yes, provide the subsidy source:If yes, provide the subsidy source: and number of units:and number of units:

Indicate below any additional targeting for special populations proposed for this project:

Print Preview - Final Application

Tax Credits, RPP Loans, and/or Tax Exempt Bond Loans

Project Description

Project Name: The Highlands Apartments

Address: 171 Butler Rd.

City: Forest City County: Rutherford Zip: 28043

Census Tract: 9608 Block Group: 2

Yes

Political Jurisdiction: Forest City

Jurisdiction CEO Name: First: Last:Jimmy Gibson Title: MayorJurisdiction Address: 128 N. Powell Street

Jurisdiction City: Forest City Zip: 28043

Jurisdiction Phone: (828)245-4747

Site Latitude: 35.3261

Site Longitude: -81.8609

Project Type: Rehab

Rehab:

Is this project a previously awarded tax credit development? No

If yes, what year were credits awarded?:

Number of residents holding Section 8 vouchers: 22

No

Yes

Will the project use steel and concrete construction and have at least 4 stories? No

Will the project include a Community Service Facility under IRS Revenue Ruling 2003-77? No

If yes, please describe:

No

Mobility impaired handicapped: 5% of units comply with QAP Section IV(F)(3) (in addition to the units required by other federal andstate codes.)


2/25

Number of Units: 0

Persons with disabilities or homeless populations: the greater of 5 units or 10% of the total units.

Number of Units: 6

Remarks: 10% of the units or a total of 6 units will be targeted to persons with disabilities who qualify for KeyProgram rental assistance. A plan will be developed with the local lead agency to devise a TargetingPlan to be certified by the N.C. Department of Health and Human Services (DHHS).


3/25

Indicate below an individual or a validly existing entity (a corporation, nonprofit, limited partnership or LLC) as the official applicant. UnderQAP Section III(C)(5) only this individual or entity will be able to make decisions with regard to this application. If awarded the applicantmust become part of the ownership entity. The applicant will execute the signature page for this application.

Applicant Information

Applicant Name: Hawkeye, Inc.

Address: 809 22nd Avenue

City: State: AL Zip:Tuscaloosa 35401

Contact: First: Last: Title:David Morrow President

Telephone: (205)759-5781

Alt Phone: (205)799-1638

Fax: (205)391-0031

Email Address: [email protected]

NOTE: Email Address above will be used for communication between NCHFA and Applicant.


4/25

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 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:

(b) Describe flood mitigation if the project will have improvements within the 100 year floodplain:

Site Description

3.7 2.8

The buildings are already developed on site and the buildable acreage includes areas for thebuildings, parking, and amenities and proposed community building. The non-buildable areasinclude existing building set-backs, water retention area, sloped areas.

No

Yes

Relocation assistance for moving of the funishings of the residents to vacant executive model unitsonsite and back to the renovated units will be done by third party movers under the direction of theManagement Agent. Any costs not waived or otherwise incurred will be borne by the operations ofthe project and if those funds are insufficient by the Owner and/or Developer. The residents will notincurr any costs in the event of relocation.

Yes

No

Yes

No


5/25


6/25

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 valid 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:

Yes

The principal of the general partner of the seller is the same principal as the general partner of thebuyer

(c) Enter the current expiration date of the option/contract to purchase: 01/04/2008

(D) Enter Purchase Price: 1,600,000


7/25

Present zoning classification of the site:

Is multifamily 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:

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-3 Residential

Yes

No

No

No


8/25

Ownership Entity

Owner Name: Forest City II Housing, L.P.


City: State: AL Zip:Tuscaloosa 35401

Federal Tax ID Number of Ownership Entity: (If assigned)20-8982679

Note: Do not submit social security numbers for individuals.

Entity Type: Limited Partnership

Entity Status: Already 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: Hawkeye, Inc.

First Name: David Last Name: Morrow Function: Managing General Partner


City: Tuscaloosa State: AL Zip: 35401

Phone: (205)759-5781 Fax: (205)391-0031

EMail: [email protected] Nonprofit: No

Org: Hawkeye, Inc.

First Name: David Last Name: Morrow Function: Principal


City: Tuscaloosa State: AL Zip: 35401

Phone: (205)759-5781 Fax: (205)391-0031

EMail: [email protected] Nonprofit: No


9/25

The Median Income for Rutherford county is $47,100.

Low Income Units

Employee Units (will add to Low Income Unit total)

Market Rate Units

Statistics

Square Footage Information

Notes

Unit Mix

Type # BRs Net Sq.Ft.Total

# Units#Units

MonthlyRent

UtilityAllowance

MandatoryServ. Fees

**TotalHousing Exp.

Gdn Apt 1 666 20 1 380 93 0 473

Gdn Apt 2 771 23 2 400 102 0 502

Utilities included in rents: Water/Sewer Electric Gas Other


# Units#Units

MonthlyRent

UtilityAllowance

MandatoryServ. Fees

**TotalHousing Exp.

Gdn Apt 2 771 1 0 0 0 0 0



# Units#Units

MonthlyRent

UtilityAllowance

MandatoryServ. Fees

**TotalHousing Exp.


AllUnits

Units

Gross MonthlyRental Income

Low Income....... 44 3 16800

Market Rate.......

Totals............... 44 3 16800

Proposed number of residential buildings: 5 Maximum number of stories in buildings: 2

Project Includes:Separate community building -- Sq. Ft. (Floor Area):Sq. Ft. (Floor Area): 684684

Community space within residential bulding(s) -- Sq. Ft. (Floor Area):Sq. Ft. (Floor Area): 638638

Elevators -- Number of Elevators:Number of Elevators:

Gross Floor Square Footage: 35,892

Total Net Sq. Ft. (All Heated Areas): 33,146

** Please refer to the Income Limits and Maximum Housing Expense Table to ensure that Total Monthly Tenant Expenses for lowincome units are within established thresholds.


10/25


11/25

Specify Low Income Unit Targeting in table below. List each applicable targeting combination in a separate row below. Click [Add] tocreate another 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 20 targeted at 60 percent of median income affordable to/occupied by

2 5 targeted at 60 percent of median income affordable to/occupied by

2 18 targeted at 50 percent of median income affordable to

43


12/25

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 Loan

Local Gov. Loan - Specify:

RD 515 Loan 1,410,788 1.00 30 50 35,866

RD 538 Loan - Specify:

AHP Loan

Other Loan 1 - Specify:



Tax Exempt Bonds

State Tax Credit(Loan) 180,118 0 30 30 0

State Tax Credit(Direct Refund)

Equity: Federal LIHTC 2,627,954

Non-Repayable Grant

Equity: Historic Tax Credits 0

Deferred Developer Fees 0

Owner Investment

Other - Specify:0

Total Sources** 4,218,860

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

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

85

Due to changes on PV on PDC, there are more credits and therefore more equity, whichbacks into less State Tax Credit equity.


13/25

Development Costs

Item Cost Element TOTAL COSTEligible Basis

30% PV 70% PV

1 Purchase of Building(s) (Rehab / Adaptive Reuse only) 1,370,000 1,370,000

2 Demolition (Rehab / Adaptive Reuse only)

3 On-site Improvements 87,000 87,0004 Rehabilitation 1,254,512 1,254,512

5 Construction of New Building(s) 0 0

6 Accessory Building(s) 74,000 74,000

7 General Requirements 84,800 84,800

8 Contractor Overhead 29,900 29,900

9 Contractor Profit 119,900 119,900

10 Construction Contingency 89,958 89,958

11 Architect's Fee - Design (11 + 12 = max 3% lines 2-10) 33,000 33,000

12 Architect's Fee - Inspection 11,000 11,000

13 Engineering Costs 10,000 10,000

SUBTOTAL (lines 1 through 13) 3,164,070

14 Construction Insurance (prorate) 15,700 15,70015 Construction Loan Orig. Fee (prorate) 11,054 11,054

16 Construction Loan Interest (prorate) 63,000 63,000

17 Construction Loan Credit Enhancement (prorate)

18 Construction Period Taxes (prorate) 13,281 13,281

19 Water, Sewer and Impact Fees 1,442 1,442

20 Survey 8,500 8,500

21 Property Appraisal 5,000 5,000

22 Environmental Report 4,000 4,000

23 Market Study 4,000 4,000

24 Bond Costs

25 Bond Issuance Costs

26 Placement Fee27 Permanent Loan Origination Fee

28 Permanent Loan Credit Enhancement

29 Title and Recording 18,781

SUBTOTAL (lines 14 through 29) 144,758

30 Real Estate Attorney 8,000 8,000 0

31 Other Attorney's Fees 23,000 0 23,000

32 Tax Credit Application Fees (Preliminary and Full) 2,200

33 Tax Credit Allocation Fee (0.58% of line 59, minimum $7,500) 26,845

34 Cost Certification / Accounting Fees 7,500 7,500

35 Tax Opinion 1,500

36 Organizational (Partnership) 2,500

37 Tax Credit Monitoring Fee 24,200SUBTOTAL (lines 30 through 37) 95,745

38 Furnishings and Equipment 27,500 27,500

39 Relocation Expense 52,800 52,800

40 Developer's Fee 462,000 0 462,000

41 Other Basis Expense (specify) lender inspectons 7,500 7,500

42 Other Basis Expense (specify) capital needs assessment 0 0

43 Rent-up Expense 5,000

44 Other Non-basis Expense (specify)

45 Other Non-basis Expense (specify)


14/25

Comments:

SUBTOTAL (lines 38 through 45) 554,800

46 Rent up Reserve 15,000

47 Operating Reserve 0

48 Other Reserve (specify) Replacement Reserve 14,487

49 Other Reserve (specify)

50 DEVELOPMENT COST (lines 1-49) 3,988,860 1,378,000 2,500,347

51 Less Federal Financing52 Less Disproportionate Standard

53 Less Nonqualified Nonrecourse Financing

54 Less Historic Tax Credit (residential) 0

55 TOTAL ELIGIBLE BASIS 3,878,347 1,378,000 2,500,347

56 Applicable Fraction (percentage of LI Units) 100.00% 100% 100%

57 Basis Before Boost 3,878,347 1,378,000 2,500,347

58 Boost for QCT/DDA (if applicable, enter 130%) 100.00% 130.00%

59 TOTAL QUALIFIED BASIS 4,628,451 1,378,000 3,250,451

60 Tax Credit Rate 3.45 8.05

61 Federal Tax Credits at Estimated Rate 309,202 47,541 261,661

62 Federal Tax Credits at 8.5% or 3.75% 327,963 51,675 276,288

63 Max Federal Tax Credits (With Energy Star - Lesser of $8,500 per unit or$800,000, w/o - Lesser of $8,000 per unit or $800,000) 352,000

64 Federal Tax Credits Requested 327,963 51,675 276,288

65 Land Cost 230,000

66 TOTAL REPLACEMENT COST 4,218,860

FEDERAL TAX CREDITS IF AWARDED 327,963

Line 33 adjusted after all other adjustments. Line 42 CNA: RD will accept our PNA that was done.Line 46: Maximum allowed. Line 48: allowed only because underfunded currently. Line 40:developer fee moved to 70% PV which in turn allows a slight bump in annual credits requested.

Total Replacement Cost per unit: 89,953

Federal Tax Credits (line 62) per unit: 7,454


15/25

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:

Onsite Activities:

Landscaping Plans:

Market Study Information

There are 5 existing residential buidings on the site with a proposed community center building forthe residents to use for recreation, parties, and a computer center for children and parents to use forhomework, research, learning, and job searching. The renovation of this proposed project will allowfor the buildings to be brought up to ADA standards for full enjoyment for those with disabilities,provide quality services for those in need, and extend the useful life of an aging property with nofunds to do much the needed improvements. The proposed project will involve the renovation of anaging Rural Development property. The renovations will include replacing the roofs with 30architectural style shingles, covering high maintenance wood siding with vinyl siding, painting of allexterior areas including new doors and stairs, painting of all interior units, replacing all applianceswith energy star appliances, replacing all flooring, complete updgrade to landscaping, and adding acommunity building for residents.

No

Site amenities will include security cameras, a newly renovated playground, a resident computercenter, a covered picnic area with tables and grills, outdoor sitting area with benches, a tot lot, and agazebo

Onsite activities will consist of resident involvement with activities advertised through the monthlynewsletter including movie night and game night in the community room, holiday parties and potluckdinners throughout the year, neighborhood watch, and computer learning aids in the commmunitybuilding.

The existing landscaping will be reworked to include taking up old overgrown shrubs, putting newshrubs and new sod in areas needed, lining a row of white crepe mirtles leading up to the propertyfrom the road, and extra flowers and annuals around the site sign and the office.


16/25

Interior Apartment Amenities:

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.

Interior apartment amenities include a stove, refrigerator with icemaker, dishwasher, microwave,cable, telephone, carpet, internet access

No


17/25

Briefly describe your site in each of the following categories:

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

Applicant's Site Evaluation

NEIGHBORHOOD CHARACTERISTICS

Trend and direction of real estate development and area economic health. Physical condition ofbuildings and improvements. Concentration of affordable housing.The area is in an established residential area convenient to all the services in town. Tenants arewithin walking distance to work and shopping areas. The economic health has remained steady withactive redevelopment projects such as the Florence Mill Redevelopment Project and Main StreetDevelopment as well as others in planning stages. All other affordable housing is located in otherparts of the town. The buildings have been held together fairly well considering the highmaintenance of the exterior which has drained the replacement reserve funds and the property hashigh needs such as covering the wood siding with low maintenance vinyl siding, better insulation,new appliances, new HVAC, and new flooring.

SURROUNDING LAND USES AND AMENITIES

Suitability of surrounding development. Land use pattern is residential in character (single andmultifamily housing) with a balance of other uses (particularly retail and amenities). Effect ofindustrial, large-scale institutional or other incompatible uses, including but not limited to: wastewatertreatment facilities, high traffic corridors, junkyards, prisons, landfills, large swamps, distributionfacilities, frequently used railroad tracks, power transmission lines and towers, factories or similar

operations, sources of excessive noise, and sites with environmental concerns (such as odors orpollution). Amount and character of vacant, undeveloped land.The surrounding land uses are strictly residential neighborhoods on all sides which is ideal foraffordable apartments. No other adjacent adverse land uses may affect the property in the futuredue to the surrounding properties having residential houses. There are no major industrial or otherincapatible uses nearby. There are no existing negative land uses known which would detract fromthe overall site. Retail property is convenient to the site such as the mall which is .7 miles,restaurants which are .5 miles, theater which is .7 mile, and bank which is .5 miles. Conveniencefrom the property to amenities include .3 miles to basketball court, 1.3 miles to a fitness center, .8mile to a public swimming pool, and .5 mile to a museum.

SITE SUITABILITY

Adequate traffic controls (stop lights, speed limits, turn lanes, etc.). Burden on public facilities(particularly roads). Access to mass transit (if applicable). Visibility of buildings and/or location ofproject sign(s) in relation to traffic corridors.The site is located off of Butler Rd. which is not a major thoroughfare. A small turn lane exists and is

adequate for the less travelled road. The buidings are not visible to Highway 74, a major highway.There is not an additional burden on the public road as the traffic pattern has been alreadyestablished due to this property being existing housing with no additional traffic anticipated.

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 barriers such as flood areas, wetlands, or rock which would impedeproject construction of the community building which already has area on the existing sitedesignated for it. All other buildings have been constructed and would not require removing anybarriers. Also, there are no on-site negative features, such as transmission lines, ravines, etc. whichwould affect future tenants.

Similarity of scale and aesthetics/architecture between project and surroundings.The aesthetics and architecture of the buildings are very nice with the banded arched breezewaysand covered balconies. The project fits very well with the surroundings.


18/25

Other facilities or services:

Grocery Store1.2 Community/Senior Center2.9

Mall/Strip Center.7 Hospital6.2

Outdoor Athletic Fields2.4 Pharmacy1.2

Day Care/After School3.2 Basic Health Care.6

Schools1.6 Medical Offices2

Public Transportation Stop0 Bank/Credit Union.5

Convenience Store.1 Restaurants.25

Basketball/Tennis Courts.3 Professional Services2

Public Parks2.4 Movie Theater.7

Gas Station.1 Video Rental.9

Library1.3 Public Safety (Fire/Police).9

Fitness/Nature Trails6 Post Office1.5

Public Swimming Pools.8

There is a community services building less than a mile away. There is also mental health care

facilities available at New Vistas 2.8 miles away (marriage therapy) and Universal Mental HealthServices available 1.1 mile away.


19/25


20/25


21/25

Project Operations (Year One)

Projected Operating Costs

Administrative Expenses

Advertising 400

Office Salaries

Office Supplies 3,575

Office or Model Apartment Rent

Management Fee 22,086

Manager or Superintendent Salaries

Manager or Superintendent Rent Free Unit 18,840

Legal Expenses (Project) 300

Auditing Expenses (Project) 2,600

Bookkeeping Fees/Accounting Services

Telephone and Answering Service 1,050

Bad Debts

Other Administrative Expenses (specify):

SUBTOTAL 48,851

Utilities Expense

Fuel Oil

Electricity (Light and Misc. Power) 7,088

Water 2,014

Gas

Sewer 875

SUBTOTAL 9,977

Operating and Maintenance Expenses

Janitor and Cleaning Payroll

Janitor and Cleaning Supplies

Janitor and Cleaning Contract

Exterminating Payroll/Contract

Exterminating Supplies 1,083Garbage and Trash Removal 626

Security Payroll/Contract

Grounds Payroll 0

Grounds Supplies 3,250

Grounds Contract

Repairs Payroll 15,250

Repairs Material 2,100

Repairs Contract 3,200

Elevator Maintenance/Contract

Heating/Cooling Repairs and Maintenance

Swimming Pool Maintenance/Contract

Snow RemovalDecorating Payroll/Contract

Decorating Supplies 1,000

Other (specify):

Miscellaneous Operating & Maintenance Expenses

SUBTOTAL 26,509

Taxes and Insurance

Real Estate Taxes 13,281

Payroll Taxes (FICA) 2,936


22/25

Miscellaneous Taxes, Licenses and Permits 100

Property and Liability Insurance (Hazard) 13,183

Fidelity Bond Insurance 192

Workmen's Compensation 1,160

Health Insurance and Other Employee Benefits 8,400

Other Insurance:

SUBTOTAL 39,252Supportive Service Expenses

Service Coordinator

Service Supplies

Tenant Association Funds

Other Expenses (specify):

SUBTOTAL 0

Reserves

Replacement Reserves 14,900

SUBTOTAL 14,900

TOTAL OPERATING EXPENSES 139,489

ADJUSTED TOTAL OPERATING EXPENSES(Does not include taxes, reserves and resident support services) * 111,308

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

44

PER UNIT PER YEAR 2,529


23/25


24/25

MINIMUM REQUIRED SET ASIDES (No Points Awarded):

Minimum Set-Asides

Select one of the following two options:

20% of the units are rent restricted and occupied by households with incomes at or below 50% of the median income (Note: NoTax Credit Eligible Units in the the project can exceed 50% of median income)

40% of the units are rent restricted and occupied by households with incomes at or below 60% of the median income (Note: NoTax Credit Eligible Units in the the project can exceed 60% of median income)

If requesting RPP funds:

40% of the units are occupied by households with incomes at or below 50% of median income.

State Tax Credit and QAP Targeting Points:

Low Income County:

At least forty percent (40%) of qualified units will be affordable to households with incomes at or below fifty percent (50%) ofcounty median income.

At least forty percent (40%) of qualified units will be affordable to and occupied by households with incomes at or below fiftypercent (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 targeting points (select one):

At least twenty percent (20%) of qualified units will be affordable to and occupied by households with incomes at or below fiftypercent (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.


25/25

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 (signed copies)

C Ownership Entity Agreement, Development Agreement or any other agreements governing development services

D Management Agent Agreement

E Owner and Management Experience & Management Questionnaire (Appendix C)

F Letters from State Housing Agencies or designated monitoring agent verifying out of state experience

G Completed IRS Form 8821 (Appendix I)

H Local Government Letter or Letter from Certified Engineer or Land Surveyor Confirming Floodplain Designation with Mapshowing all flood zones (original on letterhead, no fax or photocopies)

I Local Government Letter Confirming Zoning including any pending notices or hearings (original on letterhead, no fax orphotocopies)

J Letters from Local Utility Providers regarding availability and capacity (original on letterhead, no fax or photocopies)

K Documentation from utility company or local PHA to support estimated utility costs

L Appraisal (required for land costs greater than $15,000 and for all Adaptive Re-use and Rehab projects)

M Site plan, floor plans and elevations for all projects. Scope of work for Adaptive Re-use and Rehab projects. (Full Size, 24 x36 inches)

N Hazard and structural inspection and termite reports (Adaptive Re-use and Rehab projects only)

O Copy of certificate of occupancy or proof of placed-in-service date (Rehabs Only)

P Proposed Relocation Plan including relocation budget and copies of notices. Required for all Rehabs and any projectsinvolving existing occupants of any dwellings to be rehabbed or demolished.

Q Evidence of Permanent Loan Commitment and other sources of funds ( i.e. Equity letter, AHP, RD and local governmentfunds). For Rehabs with existing loans provide 1) copies of loan documents, 2) current loan balances from existing lenderswith reserve balances, 3) letter from lender that outlines assumption requirements.

R Local Housing Authority Agreement and Project Based Rental Assistance Letter, if applicable (Sample letters provided inAppendix I). For projects with existing PBRA contracts, provide a copy of the current contract and bank statement or otherdocumentation verifying reserve balances and annual reserve contribution requirements.

S Statement regarding terms of Deferred Developer Fee. If a nonprofit is involved, a resolution from their board approvingdeferral of fee is required.

T Inducement Resolution (Tax-Exempt Bond Financed Projects only)

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The Highlands Apartments

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