barring ton oaks

8/6/2019 Barring Ton Oaks

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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

Page 1 of 34Print - APP03-0179

1/14/2005https://www.nchfa.org/Rental/RTCApp/(j3j3oh45rncgx4f5wuhp2wji)/site/PrintApp.aspx?I...


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

Project Name and Location

Project Name: Barrington Oaks

Address: 7123-E Barrington Drive

City: Charlotte County: MECKLENBURG Zip: 28215

Census Tract: 15.04 Block Group: 2

No

Political Jurisdiction: City of Charlotte

Jurisdiction CEO Name: First: Last:Patrick McCrory Title: Mayor

Jurisdiction Address: 23 Court Square

Jurisdiction City: Charlotte Zip: 37036

Jurisdiction Phone: (615)789-4184

Site Latitude:

Site Longitude:




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Is this project a follow-on (Phase II, etc) to a previously-awarded tax credit development project?

If yes, list names of previous phase(s):If yes, list names of previous phase(s):

Will the project be receiving federal rental assistance?

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

Target Population: Family

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

Square Footage Information

Project Description

Project Type:* New Construction Rehab Adaptive Reuse

No

Yes

9999

Mobility impaired handicapped: 5% of units comply with QAP Section IV(F)(3) (in addition to other federal and staterequirements)

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

Remarks:

Proposed number of residential buildings: 17 Maximum number of stories in buildings: 2

Types of Units:* Townhouse Duplex Garden Apartment Detached Single-Family

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

Community space within residential bulding(s) -- Sq. Ft. (Floor Area):Sq. Ft. (Floor Area): 420420

Elevators -- Number of Elevators:Number of Elevators:

Gross Floor Square Footage: 116,896

Total Net Sq. Ft. (All Heated Areas): 102,978




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Applicant Information

Applicant Name: Regency Devleopment Associates

Address: 2700 Wycliff Rd Suite 312

City: State: NC Zip:Raleigh 27607

Contact: First: Last: Title:Steve English Vice President

Telephone: (919)510-9660

Alt Phone:

Fax: (919)510-9670

Email Address: [email protected]




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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: 8/31/2003

(D) Enter Purchase Price: 2,700,000




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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

O-1 (office)

Yes

No

No

No




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Ownership Entity

Owner Name: Barrington Oaks, LLC

Address: 2700 Wycliff Road Suite 312

City: State: NC Zip:Raleigh 27607

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

Federal Tax ID Number of Managing GP or Member: (If Not Assigned)75-3092791

Entity Type: Limited Liability Company

Entity Status: To Be Formed

Is the applicant requesting that the Agency treat the application as Non-Profit sponsored? No

Is the applicant requesting that the Agency treat the application as CHDO sponsored? No

List all general partners, members,and principals. Specify nonprofit corporate general partners ormembers. Click [Add] to add additional partners, members, and principals.

Org: 2003 CDC Manager, LLC

First Name: Michael Last Name: Hurst Function: Managing Member

Address: 2700 Wycliff Road Suite 312

City: Raleigh State: NC Zip: 27607

Phone: (919)510-9660 Fax: (919)510-9670

EMail: [email protected] Nonprofit: No TaxID 75-3092791

Org: SunStarr Real Estate Group, LLC

First Name: Richard Last Name: Freund Function: Member

Address: 845 S. Main St. Suite 100

City: Fond du Lac State: WI Zip: 54935

Phone: (920)929-8600 Fax: (920)929-8601

EMail: [email protected] Nonprofit: No TaxID 39-1964296




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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 EFF 0 0 0 0 0 0

Gdn Apt 2 907 39 0 550 81 631

Gdn Apt 3 907 22 0 690 94 784

Gdn Apt 3 1020 14 0 690 111 801

Gdn Apt 4 1110 26 0 780 128 908

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....... 101 0 66570

Market Rate.......

Totals............... 101 0 66570

* 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 39 targeted at 60 percent of median income.



101




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Estimated pricing on sale of Federal Tax Credits: $0.

Remarks concerning project funding sources:(Please be sure to include the name of the funding source(s))

Funding Sources

Source AmountNon-

Amortizing*Rate(%)

Term(Years)

Amort.Period(Years)

AnnualDebt

Service

Bank Loan

RPP LoanLocal Gov. Loan - Specify:

RD Loan

AHP Loan

Other Loan 1 - Specify:IRP Bonds

445,315 6.25 9 9 64,818

Other Loan 2 - Specify:

Other Loan 3 - Specify:

Tax Exempt Bonds 4,195,000 6.25 30 30 309,952

State Tax Credit(Loan) 0 30 30 0

State Tax Credit(Direct Refund)

Equity: Federal LIHTC 1,443,870

Non-Repayable Grant 385,000

Equity: Historic Tax Credits

Deferred Developer Fees 285,743

Owner Investment

Other - Specify:Bond Earnings and Bridge LoanInterest

241,285

Total Sources** 6,996,213

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

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

80

AHP loan is a forgiveable loan from the AHP sponsor to the LLC. The request for Tax-Exemptbonds MUST also include the IRP supported bonds, such that the total allocation requested

is $4,640,315.




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Development Costs

Item Cost Element TOTAL COSTEligible Basis

30% PV 70% PV

1 Purchase of Buildings (Rehab) 2,160,000 2,160,000

2 Demoli tion

3 On-site Improvements 140,300 140,300

4 Rehabilitation

5 Construction of New Building(s) 1,601,845 1,601,845

6 Accessory Building(s) 126,355 126,355

7 General Requirements 112,110 112,110

8 Contractor Overhead 41,107 41,107

9 Contractor Profit 112,110 112,110

10 Construction Contingency 118,837 118,837

11 Architect's Fee - Design 25,000 25,000

12 Architect's Fee - Inspection

SUBTOTAL (lines 1 through 12) 4,437,664

13 Construction Insurance (prorate) 37,500 9,375

14 Construction Loan Orig. Fee (prorate)

15 Construction Loan Interest (prorate) 311,479 77,870

16 Construction Loan Credit Enhancement (prorate)

17 Construction Period Taxes (prorate) 37,500 9,375

18 Water, Sewer and Impact Fees 10,000

19 Survey 10,000 10,000

20 Property Appraisal 4,000 4,000

21 Environmental Report 10,000 10,000

22 Market Study 4,000 4,000

23 Bond Costs (specify) 34,802

24 Cost of Issuance 153,903

25 Placement Fee

26 Permanent Loan Origination Fee

27 Permanent Loan Credit Enhancement

28 Title and Recording 6,000

SUBTOTAL (lines 13 through 28) 619,184

29 Real Estate Attorney 15,000 12,000

30 Other Attorney's Fees 70,000

31 Tax Credit App Fees 9,254 9,254

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

33 Tax Opinion 0

34 Organizational (Partnership)

35 Tax Credit Monitoring Fee 42,925


36 Furnishings and Equipment 30,000 30,000

37 Relocation Expenses 100,000 100,000

38 Developer's Fee (max 15% lines 2-36, less 8 & 9) 487,338 487,338

39 Other Basis Expense (Construction Consulting Fee) 40,000 40,000

40 Other Basis Expense (Bridge Loan Int. and LOC Fees) 144,005 36,001

41 Rent-up Expenses

42 Other Non-basis Expense (AHP Consultant) 30,000

43 Other Non-basis Expense (LOC Commitment Fee) 23,202


44 Rent up Reserve




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Comments:

45 Operating Reserve 184,982

46 Other Reserve (specify) Soft Cost Contingency 30,000

47 Other Reserve (specify) Debt Service Reserve 160,659

48 DEVELOPMENT COST (lines 1-47) 6,456,213 5,308,877 0

49 Less Federal Financing

50 Less Disproportionate Standard

51 Less Nonqualified Nonrecourse Financing

52 Less Historic Tax Credit (residential) 0

53 TOTAL ELIGIBLE BASIS 5,308,877 5,308,877 0

54 Times Applicable Fraction 100.00% 100% 100%

55 TOTAL QUALIFIED BASIS 5,308,877 5,308,877 0

56 Tax Credit Rate 3.40% 0.00%

57 FEDERAL TAX CREDITS at Estimated Rate 180,501 180,501 0

57a FEDERAL TAX CREDITS at 8.5% or 3.75% 199,082 199,082 0

58 FEDERAL TAX CREDITS REQUESTED 0

59 STATE TAX CREDITS

60 Land Cost 540,000

61 TOTAL REPLACEMENT COST 6,996,213




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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

Barrington Oaks is an existing 30 year old property located on Charlotte's northwest side. Theproperty will undergo a major renovation including a complete unit cosmetic makeover with a newappliances, flooring cabinets and blinds. Exterior renovation will include a new low-maintenancesiding, new roofs and energy efficient windows and doors. A brand new, 1900 square foot clubhousewill be constructed which will include a kitchen, computer learning center and leasing office.The

existing laundry room will also be renovated with new lighting and appliances.Finally the landscapeplan calls for an increase in greenspace through the addition of landscaped islands, and the additionof picnic and tot-lot areas.

Broken Roof lines - Gables at Entry

No

Community Bldg - Sq Ft: Community Room - Sq Ft: 420 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

Organized recreational activitiesPlanned social and educational activities provided by local area agencies.

Increasing greenspace, addition of islands; new blacktop and striping; walking areas, new signageand lighting; screening added around refuse areas; enhancement to entrances.




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Interior Apartment Amenities (check all that apply):

Flooring: Carpet Vinyl Wood Wood Parquet Ceramic Tile Other

Heating/Cooling: Central Air Gas Heat Heat Pump Electric Pump

Do you plan to submit additional market data (market study, etc.) that you want considered?

If yes, please make sure to include the additional information in your pre-application packet.

Range Hood Dishwasher Disposal Refrigerator (frost free) Storage interior/exterior

W/D Hookups Mini-blinds Pantry Ceiling fans Walk-in closets

No




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Briefly describe your site in each of the following categories:

Applicant's Site Evaluation

NEIGHBORHOOD CHARACTERISTICS

Physical condition of buildings and improvements. Trend and direction of real estate developmentrelative to the project. Area economic health (degree of decline or investment).

The property is located in a mature but stable neighborhood. Single family homes and multifamilydevelopments located primarily to the west and north remain in reasonable physical conditiondespite their age (20-30 years), with a multifamily property to the east having undergone a recentrenovation. A mix of retail, office and commercial uses comprise the developments to the east. Muchof which is either new or recently renovated, including a new Walgreens at the southwest corner ofintersection of Milton and Sharon Amity and a new, market rate apartment complex located onSharon Amity 1/4 mile south of Milton.

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 neighborhood surrounding Barrington Oaks provides a strong balance of residential, retail andcommercial uses. The site is located approximately 1/4 mile west of the intersection of Milton and N.Sharon Amity Roads. Although small parcels of vacant land are adjacent to most of the property,apartments and single family homes comprise the neighborhood north, west and south. Aftercompletion of renovations, Barrington Oaks will provide an attractive alternative to the existing

multifamily options currently available.A Boys and Girls club is located just north of the property and several churches are located westalong Milton Road and east on Harris Blvd. Retail, commercial and other establishments are locatedprimarily to the east of the property. The commercial hub located at the Milton/Sharon Amityintersection provides a variety of shopping options including grocery, clothing and restaurantslocated at the Winn Dixie Marketplace. Commercial uses south along Sharon Amity include apharmacy, a tire store and self-storage.

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).Direct site access is provided by Barrington Rd. which runs south from Milton Rd along the west sideof the subject property. Since the Barrington Road stops at a dead-end near the south end of theproperty, the site exits onto a very low-volume traffic road. Milton Road is a four lane (five if includingthe turning lane) higher-traffic volume arterial road. The intersection of Milton Road and BarringtonRoad, while not controlled by a stop light, does provide for safe access from Milton to Barrington via

the above referenced middle turn-only lane, and access from Barrington onto Milton is provided byseperate left and right turn lanes.

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).Although most of the site is adjacent to small parcels of vacant land, the site is located in a mature,well-balanced neighborhood with a mix or residential, retail and commercial uses. The developmentitself is comprised of 17 typical 2-story apartment buildings with hip roofs and brick and vinyl siding.The renovation, while updating and enhancing the look will not alter the basic architecture andshould compliment the surrounding residential uses. The land adjacent to the property to the northprovides a buffer to Milton Road, while the land on the west and south have remained undevelopedand provides the site with a wooded surrounding.

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.The partially wooded site exhibits a level topography and no unusual or severe topographicalfeatures hinder the site. The site is graded and landscaped to accomodate the improvements andprovides for sufficient drainage. The propsed site plan calls for a series of sidewalks/walking pathsto connect the parking lots to the buildings and the building to each other.




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

Other facilities or services:

Similarity of scale and aesthetics/architecture between project and surroundings.Property is located in an area with properties fo similar age and type.

Concentration of affordable housing (housing credit, project-based rental assistance, public housing).The rehab of Barrington Oaks will not add to the concentration of affordable housing because theproperty is currently classified affordable with 99 of the 102 proposed units covered by a HAPcontract.

Availability of Supportive Services (if applicable):N/A

Grocery Store.2 Community/Senior Center1.3

Mall/Strip Center2.1 Hospital2.4

Outdoor Athletic Fields Pharmacy.2

Day Care/After School.3 Basic Health Care.8

Schools.5 Medical Offices

Public Transportation Stop Bank/Credit Union.3

Convenience Store Restaurants.2

Basketball/Tennis Courts0 Professional Services

Public Parks2.4 Movie Theater2.7

Gas Station.3 Video Rental1

Library2.4 Public Safety (Fire/Police)2.6

Fitness/Nature Trails0 Post Office2.3

Public Swimming Pools.2




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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: 29 98

Units: 2,652 8,133

North Carolina Other States

Projects: 10 1

Units: 554 48

No

No

No

No

No




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Financing Commitments

Does the project have a firm commitment for construction financing? Yes

Does the project have a letter of intent for private permenant financing? Yes

Does the project have a firm commitment for government financing? No

Does the project have a letter of intent from an investor? Yes

Is any portion of the eligible basis of new contruction or rehabilitation financed with federal subsidies other than CDBG funds or fundsfrom the HOME program? Yes

If yes, indicate the type and amount below:

Tax Exempt Financing: $ 4640315

RD 515 Financing: $

Hope VI Financing: $

Other: $

If Other, specify the type of Federal subsidy:




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Payroll Taxes (FICA) 4,000

Miscellaneous Taxes, Licenses and Permits 610

Property and Liability Insurance (Hazard) 25,240

Fidelity Bond Insurance

Workmen's Compensation 1,000

Health Insurance and Other Employee Benefits

Other Insurance:

SUBTOTAL 93,956

Supportive Service Expenses

Service Coordinator 2,700

Service Supplies 2,400

Tenant Association Funds

Other Expenses (specify):

SUBTOTAL 5,100

Reserves

Replacement Reserves 35,350

SUBTOTAL 35,350

TOTAL OPERATING EXPENSES 369,963

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

266,407

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

101

PER UNIT PER YEAR 2,637




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Design Features

ITEM DESCRIPTION

Foundation/Slab Components Existing Slab on Grade

Primary Windows Make: Model:Single Hung TBD Type/Construction: Aluminum Insulated windows

Exterior Doors Type: Frames:

Siding Type: Grade/Thickness:Vinyl .044

Warranty: TBD

Exterior Trim Vinyl

ShinglesType: Weight:Fiberglass

225 lb./square weight

Warranty: 25 years

Sprinkler System N/A

Cabinets Pre-manufactured by Canak base grade (as needed)

Heat Pump SEER: Make:10.5 TBD

Model: TBD

Air Conditioner SEER: Make:10.5 TBD

Model: TBD

Other Heat Systems SEER: Make:N/A N/A

Model: N/A




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This is a detailed breakdown of the General Requirements cost element you summarized in the Development Costs table (GeneralRequirements). The total should match that roll-up value.

Remarks:

Costs - General

ITEM TOTAL

Supervision 60,000

Job Site Office/Trailer Rental 2,000

Impact Fees 0

Office Supplies 500

Security/Watchman

Water and Sewer Connection Fees

Project Signage 1,000

Tools and Equipment 2,500

Gas, Oil, and Maintenance

Cleanup/Dumpster Rental 20,000

Temporary Water, Electric, and Telephone 1,500Storage/Hauling 3,000

Driveway Access Permit

Porta-John Rental/Dumping 1,000

Builders Risk Insurance 5,610

Re-inspection Fees 500

Extra Plans and Specifications 2,000

Miscellaneous, Casual Labor 10,000

Equipment Rental 2,500

Other 1 (specify in Remarks)

Other 2 (specify in Remarks)

Total Cost 112,110




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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

Clearing/Grading/Final Grading/Excess and Borrow

Demolition 51,500

Earthwork/Excavation/Aerating

Soil Treatment

Pile Foundations

Caissons

Shoring/Bracing

Site Drainage

Site Utilities/Site Lighting

Paving and Surfacing/Curb and Gutter 11,000Walkways 5,000

Site Signage 7,500

Parking Lot Painting 7,500

Dumpsite Pads/Fencing 5,000

Fencing/Gates 7,500

Landscaping/Topsoil 40,300

Waterproofing/De-Watering

Operation of Construction Equipment/Fuel/Oil

Crane Rental

Rock and Hardpan Excavation

Site Supervision Personnel 5,000

Other (specify in Remarks)

Total Cost 140,300




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This is a detailed breakdown of the Bond Issuance cost element you summarized in the Development Costs table (Cost of Issuance). Thetotal should match that roll-up value.

Remarks:

Costs - Bond Issuance

ITEM TOTAL

Bond Counsel 45,000

Issuer Counsel 12,500

Credit Enhancement/LOC Counsel 16,000

Underwriter Counsel 16,000

Developer's Counsel

Rating Agency Fee 10,000

Printing

Trustee Fee 8,000

Trustee Counsel

Other 1 (specify in Remarks) 46,403

Other 2 (specify in Remarks)Other 3 (specify in Remarks)

Total Cost 153,903

Other 1 - Issuer's Fee




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MINIMUM REQUIRED SET ASIDES (No Points Awarded):

Minimum Set-Asides

Select one of the following two options:

20% of the qualified units are rent restricted and occupied by households with incomes at or below 50% of the median income (Note:No Tax Credit Eligble Units in the the project can exceed 50% of median income)

40% of the qualified units are rent restricted and occupied by households with incomes at or below 60% of the median income (Note:No Tax Credit Eligble Units in the the project can exceed 60% of median income)

If requesting RPP funds:

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

State Tax Credit and QAP Targeting Points:

High Income county:

At least twenty-five percent (25%) of qualified units will be affordable to households with incomes at or below thirty percent (30%) ofcounty median income.

At least twenty-five percent (25%) of qualified units will be affordable to and occupied by households with incomes at or below thirtypercent (30%) of county median income.

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

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

Moderate Income County:

At least twenty-five percent (25%) of qualified units will be affordable to and occupied by households with incomes at or below fortypercent (40%) of county median income.

At least fifty percent (50%) of qualified units will be affordable to households with incomes at or below fifty percent (50%) of county

median income.At least fifty percent (50%) of qualified units will be affordable to and occupied by households with incomes at or below fifty percent(50%) of county median income.

Low Income County:

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

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

Tax Exempt Bonds

Threshold requirement (select one):

At least ten percent (10%) of qualified units will be affordable to and occupied by households with incomes at or below fifty percent

(50%) of county median income.

At least five percent (5%) of qualified units will be affordable to and occupied by households with incomes at or below forty percent(40%) of county median income.

Eligible for mortgage subsidy points (select one):

At least twenty percent (20%) of qualified units will be affordable to and occupied by households with incomes at or below fifty percent(50%) of county median income.

At least ten percent(10%) of qualified units will be affordable to and occupied by households with incomes at or below forty percent(40%) of county median income.




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PLEASE indicate which of the following exhibits are attached to your application. Others may be required as noted.

Full Application Checklist

A Nonprofit Organization Documentation or For-profit Corporation Documentation

B Current Financial Statements/Principals and Owners

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

D Management Agent Agreement

E Development and manager multi-family experience & Management Questionnaire (Appendix C)

F Letters from State Housing Agencies or designated monitoring agent verifying Out of State Management Experience

G Completed IRS Form 8821 (Appendix I)

H Permitted zoning letter (including conditional and special use)

I Site plan, floor plans and elevations

J Hazard and structural inspection and termite reports (Renovation projects only)

K Description of any existing conditions of historical significance.

L Description of environmental significance.

M Anticipated budget demonstrating how the project would meet the 10% test by November 14th.

N Evidence of Architect's Errors and Omissions insurance (or equivalent).

O Description of acquisition for existing/occupied projects or for projects with occupied buildings to be demolished.

P Description of proposed Relocation Plan & Relocation Budget, Etc. If any relocation is anticipated, reference Appendix F.

Q Targeting Plan and supporting documentation (Required for projects targeted to Special Populations)

R Local Housing Authority Agreement (Reference Model in Appendix I)

S Appraisal (for land costs greater than $5,000 and for buildings in rehab projects)

T Evidence of Permanent Loan Commitment, other sources of funds, and project-based subsidies.

U Statement regarding terms of Deferred Developer Fee and, if nonprofit, resolution of Board approving fee.

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

W Documentation to support estimated utility costs.


barring ton oaks

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