bayleaf plantation

8/6/2019 Bayleaf Plantation

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

Does a community revitalization plan exist?

Print Preview - Final Application

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

Project Name and Location

Project Name: Bayleaf Plantation

Address: Cowell Farm Road

City: Washington County: Beaufort Zip: 27889

Census Tract: 9904 Block Group: 4

Yes

No

Political Jurisdiction: City of Washington

Jurisdiction CEO Name: First: Last:L. Stewart Rumley Title: Mayor

Jurisdiction Address: PO Box 1988

Jurisdiction City: Washington Zip: 27889

Jurisdiction Phone: (252)975-9300

Site Latitude: 35.55254

Site Longitude: -77.03788

Page 1 of 32Print - APP04-0074

1/14/2005https://www.nchfa.org/Rental/RTCApp/(ckd2djz2ikgcdvfp3r4otn3d)/site/PrintApp.aspx?II...


2/32

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 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:

Target Population: Elderly (55)

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

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 the units required by other federaland state codes.)

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

Remarks:




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Applicant Information

Applicant Name: Pendergrant Development, LLC

Address: PO Box 18863

City: State: NC Zip:Raleigh 27619

Contact: First: Last: Title:Marilyn Hernandez Development Coordinator

Telephone: (919)755-0558

Alt Phone: (919)861-6028

Fax: (919)861-6068

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 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

4.0 4.0

No

No

Yes

No




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6/32

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: 10/31/2004

(D) Enter Purchase Price: 320,000




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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:

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-MF

Yes

No

No

No




8/32

Ownership Entity

Owner Name: Bayleaf Plantation, LLC


City: State: NC Zip:Raleigh 27619

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

Federal Tax ID Number of Managing GP or Member: (If Not Assigned)56-2195925

Entity Type: Limited Liability Company

Entity Status: To Be Formed

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

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

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

Org: Pendergrant Bayleaf, LLC

First Name: Frankie Last Name: Pendergraph Function: Managing Member


City: Raleigh State: NC Zip: 27619

Phone: (919)755-0558 Fax: (919)861-6068

EMail: [email protected] Nonprofit: No TaxID 999-99-9999

Org: Pendergrant Bayleaf, LLC

First Name: Charles Last Name: Grant Function: Member

Address: 5101 Unicon Drive, Suite A

City: Wake Forest State: NC Zip: 27857

Phone: (919)556-9073 Fax: (919)556-9389

EMail: [email protected] Nonprofit: No TaxID 999-99-9999




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The Median Income for Beaufort county is $45,200.

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 1 771 28 3 345 65 410

Gdn Apt 2 1031 8 1 390 88 478

Utilites included in rents: Water/Sewer Electric Gas Other


# Units#Units

MonthlyRent

UtilityAllowance

MandatoryServ. Fees

**TotalHousing Exp.



# Units#Units

MonthlyRent

UtilityAllowance

MandatoryServ. Fees

**TotalHousing Exp.


AllUnits

Units

Gross MonthlyRental Income

Low Income....... 36 4 12780

Market Rate.......

Totals............... 36 4 12780

Proposed number of residential buildings: 1 Maximum number of stories in buildings: 2

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): 2,6712,671

Elevators -- Number of Elevators:Number of Elevators: 11

Gross Floor Square Footage: 43,863

Total Net Sq. Ft. (All Heated Areas): 43,450

** 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.




10/32

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 14 targeted at 50 percent of median income.




36




11/32

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 515 Loan

RD 538 Loan - Specify:

AHP Loan

Other Loan 1 - Specify:



Tax Exempt Bonds

State Tax Credit(Loan) 1,018,831 0 30 30 0

State Tax Credit(Direct Refund)

Equity: Federal LIHTC 2,068,258

Non-Repayable Grant

Equity: Historic Tax Credits

Deferred Developer Fees 12,116

Owner Investment 207

Other - Specify:

Total Sources** 3,099,412

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

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

77

Equity pricing is lower than normal due to no debt, investor is not able to generate higherequity due to no mortgage interest deduction.




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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 318,000 303,000

4 Rehabilitation

5 Construction of New Building(s) 1,365,600 1,365,600

6 Accessory Building(s)

7 General Requirements 99,036 99,036

8 Contractor Overhead 34,993 34,993

9 Contractor Profit 139,971 139,971

10 Construction Contingency 57,738 57,738

11 Architect's Fee - Design 45,000 45,000

12 Architect's Fee - Inspection 9,335 9,335

SUBTOTAL (lines 1 through 12) 2,069,673

13 Construction Insurance (prorate) 3,200 3,200

14 Construction Loan Orig. Fee (prorate) 21,104 21,104

15 Construction Loan Interest (prorate) 91,220 91,220

16 Construction Loan Credit Enhancement (prorate) 5,450 5,450

17 Construction Period Taxes (prorate) 4,500 4,500

18 Water, Sewer and Impact Fees

19 Survey 9,000 9,000

20 Property Appraisal 6,500 6,500

21 Environmental Report 9,000 9,000

22 Market Study 4,000 4,000

23 Bond Costs (specify)

24 Cost of Issuance

25 Placement Fee

26 Permanent Loan Origination Fee

27 Permanent Loan Credit Enhancement

28 Title and Recording 10,339

SUBTOTAL (lines 13 through 28) 164,313

29 Real Estate Attorney 25,000 20,000

30 Other Attorney's Fees 6,500 6,500

31 Tax Credit App Fees 19,740 19,740

32 Engineering

33 Tax Opinion

34 Organizational (Partnership) 10,000

35 Tax Credit Monitoring Fee 18,900


36 Furnishings and Equipment 25,000 25,000

37 Relocation Expenses

38 Developer's Fee (max 15% lines 2-36, less 8 & 9) 324,000 324,000

39 Accounting Fees 13,500 8,500

40 Other Basis Expense (specify)

41 Rent-up Expenses 20,400

42 Other Non-basis Expense (specify)

43 Other Non-basis Expense (specify)


44 Rent up Reserve 21,600




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Comments:

45 Operating Reserve 60,786

46 Other Reserve (specify)

47 Other Reserve (specify)

48 DEVELOPMENT COST (lines 1-47) 2,779,412 0 2,612,387

49 Less Federal Financing

50 Less Disproportionate Standard

51 Less Nonqualified Nonrecourse Financing

52 Less Historic Tax Credit (residential) 0

53 TOTAL ELIGIBLE BASIS 2,612,387 0 2,612,387

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

55 Basis Before Boost 2,612,387 0 2,612,387

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

57 TOTAL QUALIFIED BASIS 3,396,103 0 3,396,103

58 Tax Credit Rate 7.91% 7.91%

59 Federal Tax Credits at Estimated Rate 268,631 0 268,631

60 Federal Tax Credits at 8.5% or 3.75% 288,668 0 288,668

61 Federal Tax Credits Requested 0

62 Land Cost 320,000

63 TOTAL REPLACEMENT COST 3,099,412




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Please provide a detailed description of the proposed project:

Construction (check all that apply):

Brick Vinyl Wood HardiPlank Balconies/Patios Sunrooms Front Porches

Front Gables or Dormers Wide Banding or Vertical/Horizontal Siding

Other:

Have you built other tax credit developments that use the same building design as this project?

If yes, please provide name and address:

Site Amenities (check all that apply):

Market Study Information

Bayleaf Plantation is a 36-unit elderly housing development that will be located on Cowell FarmRoad in the historic town of Washington, North Carolina. The complex will be an all-inclusivebuilding consisting of twenty-eight one and eight two-bedroom units. The building will have one largecommon area and several smaller common areas to meet all the social needs of the residents. Thebuilding will have an elevator and all units will be able to comply with ADA requirements. The

exterior will be nearly all brick with high quality vinyl siding and accents. The roof design will have avariety of large and small gables and hip gables. These design features will yield an aestheticallypleasing development.

This particular architectural style was chosen because a two-story design will blend better with thecommunity, the medical facilities nearby, and the existing single family and multifamilydevelopments in the neighborhood. We have utilized this design in other areas and thecommunities, Town Officials, Lenders and Equity Partners have been very pleased with the curbappeal. The development will be irrigated, have sodded lawns and will be extensively landscaped.

The interior of the units will have carpet throughout the living room area and the bedrooms. Thekitchen and the bathrooms will have high quality VCT flooring. All interior doors will have a six-paneldesign. The cabinetry will be of solid wood styles and fronts. All of the units will have washer/dryerhook-ups, patios or balconies, walk-in closets, pantries and storage areas. The heating and coolingsystem will consist of high efficiency heat pumps. All exterior windows and doors, where applicable,will have energy efficient insulated glass.

The site is very convenient to shopping, dining, banking, churches, schools, recreation andemployment opportunities. Perhaps the most appealing aspect of the Bayleaf Plantation site is itsproximity to the Beaufort County Hospital and other medical facilities which are within walkingdistance. We believe that in general the City of Washington is a place where seniors want and needto reside in decent, safe and affordable housing and that the specific location on Cowell Farm Roadis desirable due to its proximity to health care, shopping and historic downtown Washington .

Yes

Loris Gardens, Loris, SC

Community Bldg - Sq Ft: Community Room - Sq Ft: 2,671 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




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Onsite Activities:

Landscaping Plans:

Interior Apartment Amenities (check all that apply):

Flooring: Carpet Vinyl Wood Wood Parquet Ceramic Tile Other

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

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

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

Walking Trails Garden Spots Basketball/Tennis Court Playground Ball Field

Pool Fitness Stations Horseshoe Pit Shuffleboard Covered Drive Thru

A media, music and game room are also included in our development.

The development will be irrigated, have sodded lawns and will be extensively landscaped. All treeswill be a minimum of 2" calibar and shrubs 3 gallons containers. We have included hardscape itemssuch as horseshoe pit, shuffleboard, gazebo and walking trails for resident use. The entrance signwill be lighted and heavily landscaped. Dumpster screen will be white vinyl fencing with landscapebed surrounding enclosure. A nicely landscaped back patio area with benches and gazebo will addadditional outdoor seating and recreation for the residents.

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

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

VCT

No




16/32

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). Concentration of

affordable housing.The Bayleaf Plantation site is located on Cowell Farm Road in a high growth area on the northeastside of Washington. The majority of the existing buildings and improvements in the area are newand their condition is excellent. The trend and direction of real estate development in Washington isdefinitely increasing in this area. Clifton Park, a 48-unit multifamily property developed byPendergrant, will soon be under construction adjacent to the Bayleaf Plantation site. Also nearby isa new Doctors Vision Center. The City of Washington is revitalizing the entire downtown corridor.

This site is an especially good site for an elderly population because of its proximity to the hospital,medical offices, shopping and other amenities.

There are three affordable housing developments in the area; however, none compete with BayleafPlantation. Clifton Park, a 48-unit project targeting families, is soon to break ground. Glenview, a 40-unit USDA-RD Section 515 property, was built in 1983 and targets low to very low income tenants.Shalom House, a new 24-unit LIHTC property, targets families with special needs and low to verylow incomes. The Village Apartments, a USDA-RD project targeting low to very low income tenants,is located about a mile from the site.

Suitability of surrounding development. Land use pattern is primarily residential (single andmultifamily housing) with a balance of other uses (particularly retail and amenities). Amount andcharacter of vacant, undeveloped land. Effect of industrial, large-scale institutional or otherincompatible uses: wastewater treatment facilities, high traffic corridors, junkyards, prisions, landfills,large swamps, distribution facilities, frequently used railroad tracks, power transmission lines andtowers, factories or similar operations, sources of excessive noise, and sites with environmentalconcerns (such as odors or pollution).The neighborhood is a true mixed-use area. In the immediate vicinity the land uses include theBeaufort County Hospital, the Britthaven Nursing Home, Lifestyles Medical Fitness Center, DoctorsVision Center, the mental health center, various other medical facilities, office parks, single-familyhomes and non-competing multifamily properties. Shopping and retail centers are all nearby.Restaurants, banks, gas stations, grocery stores, convenience stores and other retail stores are allless than one half mile from the site. Washington Corners shopping center is approximately 0.4miles from the site. A new City park is being developed approximately one half mile from the site. Itwill include soccer, baseball and other athletic fields. The high school and middle school areapproximately 1 mile from the site. There are many single family homes and churches disbursed

throughout the greater neighborhood. The Beaufort County Community College is approximately 7miles from the site.

Historic downtown Washington, which has all of the amenities and conveniences of a medium sizedNorth Carolina town, is less than 1.5 miles from the site. As the County seat for Beaufort County,Washington is home to many City and County offices and commerce. Downtown is also home to theArts Council and Senior Center and various social services. Within the past two years, Washingtonhas drastically revitalized its waterfront area. It has installed a new bulkhead along the PamlicoRiver which facilitates all sorts of boating, fishing and water activities. The waterfront area alsoboasts the N.C. Estuarium, several marinas and many seasonal festivals including the HolidayMusic Festival, Riverfest and the Smoke on the Water BBQ Cook-off. There is a significant amountof activity in downtown Washington.

There are no large vacant land areas that are not in the process of being developed. There is also aconnector road that the City has proposed that will tie into a residential neighborhood. There are noincompatible uses or environmental concerns as it relates to this 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 Bayleaf Plantation development will be serviced by Cowell Farm Road. Cowell Farm Road andthe streets it feeds have the necessary traffic controls to accommodate the developments. It hasconnectors to Brown Street and Highland Avenue and it also connects to 15th Street via LoversLane. 15th Street is a major east-west connector in the City.

The vacant land in the area is quickly being developed. Much of it is being used for Clifton Park andas out-parcels for additional medical offices and businesses.

Degree of on-site negative features and physical barriers that will impede project construction or




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

Other facilities or services:

adversely affect future tenants; for example: power transmission lines and towers, flood hazards,steep slopes, large boulders, ravines, year-round streams, wetlands, and other similar features. Foradaptive re-use projects- suitability for residential use and difficulties posed by the building(s), suchas limited parking, environmental problems or the need for excessive demolition.There are no on-site negative features or physical barriers that would impede project construction oradversely affect future tenants. The site is relatively flat and rolls gently towards the southeast. Thesite is at one of the highest elevations in the City of Washington.

Similarity of scale and aesthetics/architecture between project and surroundings.The neighborhood contains many multiple story buildings including multifamily housingdevelopments, medical offices and the hospital. The Bayleaf Plantation property will be similar inscale to Clifton Park (soon to be under construction) and the other non-competing multifamilyproperties in the area. Additionally, because the neighborhood is a mixed use area, the proposedproject will fit in nicely.

Grocery Store.5

Community/Senior Center1.5

Mall/Strip Center1 Hospital.2

Outdoor Athletic Fields.5 Pharmacy.2

Day Care/After School1 Basic Health Care.2

Schools1 Medical Offices.2

Public Transportation Stop Bank/Credit Union.5

Convenience Store.5 Restaurants.5

Basketball/Tennis Courts.5 Professional Services1

Public Parks.5 Movie Theater1

Gas Station.5 Video Rental1

Library1.5 Public Safety (Fire/Police)1.2

Fitness/Nature Trails1 Post Office1.5

Public Swimming Pools7

The site is strategically located with conveniences to all major shopping, recreation, medical care,employment and services. The newly added downtown boardwalks to the historic district will be abeautiful walking and recreational service to the residents of our community.




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19/32

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: 11 3

Units: 482 160

North Carolina Other States

Projects: 37 6

Units: 1,578 640

No

No

Yes

No

No




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Financing Commitments

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

Does the project have a letter of intent for private permenant financing? No

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

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

Is any portion of the eligible basis of new contruction or rehabilitation financed with federal subsidies other than CDBG funds or fundsfrom the HOME program? No

If yes, indicate the type and amount below:

Tax Exempt Financing: $

RD 515 Financing: $

Hope VI Financing: $

Other: $

If Other, specify the type of Federal subsidy:




21/32

Project Operations (Year One)

Projected Operating Costs

Administrative Expenses

Advertising 1,500

Office Salaries 9,000

Office Supplies 750

Office or Model Apartment Rent 0

Management Fee 12,835

Manager or Superintendent Salaries 0

Manager or Superintendent Rent Free Unit 0

Legal Expenses (Project) 500

Auditing Expenses (Project) 3,600

Bookkeeping Fees/Accounting Services 0

Telephone and Answering Service 900

Bad Debts 0

Other Administrative Expenses (specify):0

SUBTOTAL 29,085

Utilities ExpenseFuel Oil 0

Electricity (Light and Misc. Power) 3,600

Water 6,900

Gas 0

Sewer 6,900

SUBTOTAL 17,400

Operating and Maintenance Expenses

Janitor and Cleaning Payroll 0

Janitor and Cleaning Supplies 0

Janitor and Cleaning Contract 0

Exterminating Payroll/Contract 864

Exterminating Supplies 0

Garbage and Trash Removal 3,888

Security Payroll/Contract 0

Grounds Payroll 9,500

Grounds Supplies 0

Grounds Contract 0

Repairs Payroll 8,000

Repairs Material 1,000

Repairs Contract 1,000

Elevator Maintenance/Contract 4,500

Heating/Cooling Repairs and Maintenance 1,000

Swimming Pool Maintenance/Contract 0

Snow Removal 0

Decorating Payroll/Contract 4,000

Decorating Supplies 0

Other (specify):0

Miscellaneous Operating & Maintenance Expenses 0

SUBTOTAL 33,752

Taxes and Insurance

Real Estate Taxes 23,038

Payroll Taxes (FICA) 1,530

Miscellaneous Taxes, Licenses and Permits 0




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Property and Liability Insurance (Hazard) 4,750

Fidelity Bond Insurance 65

Workmen's Compensation 551

Health Insurance and Other Employee Benefits 0

Other Insurance:

SUBTOTAL 29,934

Supportive Service Expenses

Service Coordinator 0

Service Supplies 2,400

Tenant Association Funds 0

Other Expenses (specify):0

SUBTOTAL 2,400

Reserves

Replacement Reserves 9,000

SUBTOTAL 9,000

TOTAL OPERATING EXPENSES 121,571

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

87,133

TOTAL UNITS(from total units in the Unit Mix section) 36

PER UNIT PER YEAR 2,420




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Design Features

ITEM DESCRIPTION

Foundation/Slab Components BLOCK PERIMETER, GRAVEL BASE, CONCRETE SLAB

Primary Windows Make: Model:SIMONTON/EQUAL PROFINISH Type/Construction: VINYL CLAD

Exterior Doors Type: Frames:METAL SIX PANEL WOOD

Siding Type: Grade/Thickness:VINYL .044MIL

Warranty: LIMITED LIFETIME

Exterior Trim WOOD

Shingles Type: Weight:FIBERGALSS 226-231

Warranty: 25+YEARS ANTIFUNGAL

Sprinkler System N/A

Cabinets MERIALLAT/HORIZON/EQUAL/SOLID WOOD STYLES AND FRONTS

Heat Pump SEER: Make:11 GOODMAN/EQUAL

Model: CPKJ24

Air Conditioner SEER: Make:N/A

Model:

Other Heat Systems SEER: Make:N/A

Model:




25/32

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 22,000 10,000 32,000

Backfill-slab, Crawl 28,500 18,000 46,500

Slab-concrete/Rebar/Gravel 13,000 21,000 34,000

Waterproofing 3,780 2,520 6,300

Masonry Foundation 12,000 26,000 38,000

Brick Veneer 18,000 45,000 63,000

Steel/Structure/Rails 5,000 10,000 15,000

Framing/Lumber/Nails 58,000 107,598 165,598

Trusses 0 78,000 78,000

Crane Rental 5,000 0 5,000

Windows/Grilles/Screen 0 21,500 21,500Exterior Doors 0 29,000 29,000

Roofing 12,300 21,600 33,900

Fencing 0 0 0

Vinyl Siding/Trim/Box 26,500 46,500 73,000

Gutters/Shutters 6,000 6,000 12,000

Insulation 12,000 25,000 37,000

Drywall 28,000 49,000 77,000

Interior Doors 0 38,000 38,000

Int. & Final/Stair/Trim/Shelves 10,000 13,000 23,000

Cabinets & Tops 7,600 28,480 36,080

Painting 24,500 8,600 33,100

Marble - Tub/Shwr/Tops 0 0 0

Plumbing 31,600 32,000 63,600

Electrical 31,176 31,750 62,926

Heating/Air Conditioning 32,000 32,000 64,000

Floor Covering and Underlayment 16,785 39,165 55,950

Wall Paper 0 0 0

Mailboxes/Special Features/Signage 305 2,751 3,056

Gypcrete 15,450 36,050 51,500

Blinds/Shades/Art Work 7,200 10,800 18,000

Light Fixtures/Fans 0 27,750 27,750

Sprinkler System 5,000 9,000 14,000

Security Alarm 0 0 0

Hardwood Floors 0 0 0

Elevator 0 0 0

Ceramic Tiles 0 0 0

Acoustical Ceilings 0 0 0




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Remarks:

Mirror/Shower Door/Encls. 3,375 3,375 6,750

Hardware/Bath Access. 5,100 7,650 12,750

Appliances 0 40,500 40,500

Playground Equipment 2,000 6,000 8,000

Interior Clean 18,351 2,039 20,390

Exterior Clean/Dumpster Rental 11,670 7,780 19,450

Other 1 (specify in Remarks) 0 0 0

Other 2 (specify in Remarks) 0 0 0

Total Cost 472,192 893,408 1,365,600




27/32

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 30,200

Job Site Office/Trailer Rental 2,000

Office Supplies 2,000

Security/Watchman 0

Project Signage 9,000

Tools and Equipment 3,340

Gas, Oil, and Maintenance 3,350

Temporary Water, Electric, and Telephone 4,000

Storage/Hauling 21,060

Driveway Access Permit 0

Porta-John Rental/Dumping 1,850Builders Risk Insurance 6,330

Re-inspection Fees 456

Extra Plans and Specifications 1,600

Miscellaneous, Casual Labor 9,350

Equipment Rental 4,500

Other 1 (specify in Remarks) 0


Total Cost 99,036




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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 18,000

Clearing/Grading/Final Grading/Excess and Borrow 26,800

Demolition 0

Earthwork/Excavation/Aerating 23,500

Soil Treatment 3,400

Pile Foundations 0

Caissons 0

Shoring/Bracing 6,500

Site Drainage 22,000

Site Utilities/Site Lighting 52,400

Paving and Surfacing/Curb and Gutter 28,000Walkways 19,000

Site Signage 6,500

Parking Lot Painting 3,500

Dumpster Pads/Fencing 7,500

Fencing/Gates 0

Landscaping/Topsoil 38,000

Rock and Hardpan Excavation 2,900

Site Supervision Personnel 12,000

Other (specify in Remarks) 48,000

Total Cost 318,000

Other: $15,000 in off-site improvements. This amount is deduced from the eligible basis amount onthe Development Costs page. Included Engineering costs of $33,000 from line 32 of originalapplication to Other.




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

Remarks:

Costs - Bond Costs

ITEM TOTAL

Letter of Credit Fee 0

Credit Enhancement 0

Underwriter Discount 0

Capital Interest Fund 0



Total Cost 0




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

Remarks:

Costs - Bond Issuance

ITEM TOTAL

Bond Counsel 0

Issuer Counsel 0

Credit Enhancement/LOC Counsel 0

Underwriter Counsel 0

Developer's Counsel 0

Rating Agency Fee 0

Printing 0

Trustee Fee 0

Trustee Counsel 0

Issuer's Fee 0

Other 1 (specify in Remarks) 0Other 2 (specify in Remarks) 0


Total Cost 0




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MINIMUM REQUIRED SET ASIDES (No Points Awarded):

Minimum Set-Asides

Select one of the following two options:

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

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

If requesting RPP funds:

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

State Tax Credit and QAP Targeting Points:

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 Letters from Local Utility Providers (original on letterhead, no fax or photocopies)

I Local Government Letter or Letter from Certified Engineer or Land Surveyor Confirming Floodplain Designation with Mapshowing 100 year and 500 year floodplain (original on letterhead, no fax or photocopies)

J Local Government Letter Confirming Zoning (original on letterhead, no fax or photocopies)

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

L Site plan, floor plans and elevations

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

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

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

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

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

R Targeting Plan and supporting documentation (Required for all projects)

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

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

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

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

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

X Documentation to support estimated utility costs.


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