bunce manor

8/6/2019 Bunce Manor

http://slidepdf.com/reader/full/bunce-manor 1/36

Check all that apply:

Federal Low Income Housing Tax Credit

State Low Income Housing Tax Credit

Tax Exempt Bonds

Rental Production Program (RPP) Loan

Requested RPP Loan Amount:RPP Loan Product Requested: Multi-Family Production

Print Preview - Final Application

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

Resources Requested

450,000

of 36Print - APP03-0015

1/14/2005https://www.nchfa.org/Rental/RTCApp/(ynm5v545rc2na045jngr5rvr)/site/PrintApp.aspx?I...



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

Project Name and Location

Project Name: Bunce Manor Apartments

Address: P. O. Drawer 42208

City: Fayetteville County: CUMBERLAND Zip: 28309

Census Tract: 33.02 Block Group: 1

No

Political Jurisdiction: City of Fayetteville

Jurisdiction CEO Name: First: Last:Marshall Pitts Title: Mayor

Jurisdiction Address: 433 Hay Street

Jurisdiction City: Fayetteville Zip: 28301

Jurisdiction Phone: (910)433-1992

Site Latitude: 35.0583

Site Longitude: -79.0079





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

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

Will the project be receiving federal rental assistance?

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

Target Population: Elderly (55)

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

Square Footage Information

Project Description

Project Type:* New Construction Rehab Adaptive Reuse

No

No

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

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

Remarks: 25%or 12 units will be handicapped accessible. Five (5) of the units will target thedisabled/homeless population. Rents on these 5 units will be $175.00 per month.

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

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): 2,9022,902

Elevators -- Number of Elevators:Number of Elevators:

Gross Floor Square Footage: 48,336

Total Net Sq. Ft. (All Heated Areas): 46,896





Applicant Information

Applicant Name: Bunce Manor Associates Limited Partnership

Address: P.O. Drawer 42208

City: State: NC Zip:Fayetteville 28309

Contact: First: Last: Title:Murray Duggins Gen. Partner (see page 9)

Telephone: (910)485-6600

Alt Phone: (910)485-6600

Fax: (910)483-4274

Email Address: [email protected]





Total Site Acreage: Total Buildable Acreage:

If buildable acreage is less than total acreage, please explain:

Identify utilities and services currently available (and with adequate capacity) for this site:

Storm Sewer Water Sanitary Sewer Electric

Is the demolition of any buildings required or planned?

If yes, please describe:

Are existing buildings on the site currently occupied?

If yes:(a) Briefly describe the situation:

(b) Will tenant displacement be temporary?

(c) Will tenant displacement be permanent?

Is the site in a distressed neighborhood?

If yes, does a community revitalization plan exist?

Is the site directly accessed by an existing, paved, publicly maintained road?

If no, please explain:

Is any portion of the site located inside the 100 year floodplain?

If yes:(a) Describe placement of project buildings in relation to this area:

Site Description

8.73 8.73

Yes

There is a small house on the property that will need to be demolished.

No

Yes

Yes

Yes

No





(b) Describe flood mitigation if the project is in the East Region and will have improvements within the 100 year floodplain:





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: 09/15/2003

(D) Enter Purchase Price: 180,000





Present zoning classification of the site:

Is mutifamily use permitted?

Are variances, special or conditional use permits or any other item requiring a public hearing needed to develop this proposal?

If yes, have the hearings been completed and permits been obtained?

If yes, specify permit or variance required and date obtained. If no, describe permits/variances required and schedule for obtainingthem:

Is a public hearing of any kind required in the future for you to fully develop this property?

If yes, describe the nature of the hearing and when you expect the hearing will be held:

Are there any existing conditions of historical significance located on the project site that will require State Historic Preservation office review?

If yes, describe below:

Are there any existing conditions of environmental significance located on the project site?

If yes, describe below:

Zoning

R-10

Yes

No

No

No

No





Ownership Entity

Owner Name: Bunce Manor Associates Limited Partnership


City: State: NC Zip:Fayetteville 28309

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

Federal Tax ID Number of Managing GP or Member: (If Not Assigned)56-2053411

Entity Type: Limited Partnership

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: Bunce Manor/Duggins LLC

First Name: N/A Last Name: N/A Function: Managing General Partner


City: Fayetteville State: NC Zip: 28309

Phone: (910)485-6600 Fax: (910)483-4274

EMail: [email protected] Nonprofit: No TaxID 56-2053411

Org: Duggins Family Limited Partnership

First Name: Murray Last Name: Duggins Function: Member


City: Fayetteville State: NC Zip: 28309

Phone: (910)485-6600 Fax: (910)483-4274

EMail: [email protected] Nonprofit: No TaxID 56-2053411





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 9 targeted at 40 percent of median income.






48





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

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

Loans with Variable AmortizationPlease fill in the annual debt service as applicable for the first 20 years of the project life.

Funding Sources

Source AmountNon-

Amortizing*Rate(%)

Term(Years)

Amort.Period(Years)

AnnualDebt

Service

Bank Loan

RPP Loan 450,000 2.00 20 30Local Gov. Loan - Specify:City of Fayetteville

336,000 2.00 20 30

RD Loan

AHP Loan

Other Loan 1 - Specify:



Tax Exempt Bonds

State Tax Credit(Loan) 692,568 0 30 30 0

State Tax Credit(Direct Refund)

Equity: Federal LIHTC 2,234,486

Non-Repayable Grant

Equity: Historic Tax Credits

Deferred Developer Fees 40,000

Owner Investment 22,910 Other - Specify:

Total Sources** 3,775,964

* "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.

82

RPP Loan





Year:Amt:

1

33345

2

33071

3

32739

4

32343

5

31880

6

31346

7

24017

8

23237

9

22552

10

21687

Year:Amt:

11

20726

12

19664

13

18494

14

17211

15

15808

16

14277

17

12613

18

10807

19

8851

20

6738

Local Gov. Loan - City of Fayetteville

Year:

Amt:

1

0

2

0

3

0

4

0

5

0

6

0

7

6720

8

6720

9

6720

10

6720

Year:Amt:

11

6720

12

6720

13

6720

14

6720

15

6720

16

6720

17

6720

18

6720

19

6720

20

6720





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 326,260 326,260

4 Rehabilitation

5 Construction of New Building(s) 2,025,000 2,025,000

6 Accessory Building(s)

7 General Requirements 129,000 129,000

8 Contractor Overhead 49,500 49,500

9 Contractor Profit 148,700 148,700

10 Construction Contingency 80,400 80,400

11 Architect's Fee - Design 85,000 85,000

12 Architect's Fee - Inspection

SUBTOTAL (lines 1 through 12) 2,843,860

13 Construction Insurance (prorate) 4,000 4,000

14 Construction Loan Orig. Fee (prorate)

15 Construction Loan Interest (prorate) 73,000 73,000

16 Construction Loan Credit Enhancement (prorate)

17 Construction Period Taxes (prorate) 5,000 5,000

18 Water, Sewer and Impact Fees 11,000 11,000

19 Survey 5,000 5,000

20 Property Appraisal 6,000 6,000

21 Environmental Report 5,000 5,000

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

SUBTOTAL (lines 13 through 28) 113,000

29 Real Estate Attorney 45,000 45,000

30 Other Attorney's Fees

31 Tax Credit App Fees 19,181 19,181

32 Cost Certification/Accounting Fees (specify) 7,300 7,300

33 Tax Opinion

34 Organizational (Partnership)

35 Tax Credit Monitoring Fee 28,800


36 Furnishings and Equipment 5,000 5,000

37 Relocation Expenses

38 Developer's Fee (max 15% lines 2-36, less 8 & 9) 429,500 429,500

39 Other Basis Expense (specify)

40 Other Basis Expense (specify)

41 Rent-up Expenses

42 Other Non-basis Expense (specify)

43 Other Non-basis Expense (specify)


44 Rent up Reserve 14,400





Comments:

45 Operating Reserve 89,923

46 Other Reserve (specify)

47 Other Reserve (specify)

48 DEVELOPMENT COST (lines 1-47) 3,595,964 0 3,462,841

49 Less Federal Financing

50 Less Disproportionate Standard

51 Less Nonqualified Nonrecourse Financing

52 Less Historic Tax Credit (residential) 0

53 TOTAL ELIGIBLE BASIS 3,462,841 0 3,462,841

54 Times Applicable Fraction 100.00% 100.00% 100.00%

55 TOTAL QUALIFIED BASIS 3,462,841 0 3,462,841

56 Tax Credit Rate 7.87% 7.87%

57 FEDERAL TAX CREDITS at Estimated Rate 272,525 0 272,525

57a FEDERAL TAX CREDITS at 8.5% or 3.75% 294,341 0 294,341

58 FEDERAL TAX CREDITS REQUESTED 295,358 295,358

59 STATE TAX CREDITS 694,960

60 Land Cost 180,000

61 TOTAL REPLACEMENT COST 3,775,964





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:

Market Study Information

Bunce Manor Apartments will be located on 8.73 acres in southern Cumberland County.The site iswithin the city limits of Fayetteville in an area known as the 71st District. The location on BunceRoad chosen for this project is part of a comprehensive community redevelopment plan initiated bythe City of Fayetteville. The Fayetteville City Council unanimously adopted the plan on October 28,2002. A copy of that plan is included in this application. Bunce Manor will be a 48 unit e lderly project

located in one, 1 story building. The rent structure has been made very affordable. While theapplication targets those at both 50% and 60% of the median income, 8 of the units will target thoseat 40% or below the median income and 5 units will target disabled/homeless populations and havea very low rent of $175 per month. A seperate application has been submitted to the NCHFA for an80 unit family complex known as Bunce Green. Bunce Green will be located directly beside BunceManor.The site is located in a residential neighborhood. Many services such as schools, shopping,churches, a recreation center and library are located nearby. The Fayetteville Area System ofTransit (FAST) has a public transportation stop located directly in front of the site. The surroundingneighborhood is a mix of maintained homes and those in need of clean up and repair. The additionof Bunce Manor will be an asset to this area and a catalyst for improving the existing residentialarea. One part of the enclosed revitalization plan calls for the development of a community "villagegreen" in the area by the church located directly across the street from the site. Another part of theplan calls for the expansion of the Lewis Chapel Recreation facilities located a short distance fromthe site. The first step in that process was approved by the Fayetteville City Council on December10, 2002. Also, the passage of Senate Bill 1312 will allow the city of Fayetteville to condemn andremove buildings in a "community development target area".

Yes

Shallotte Villas (under construction)White StreetShallotte, NC

Legion Manor Apartments (under construction)Legion RoadHope Mills, NC

Community Bldg - Sq Ft: Community Room - Sq Ft: 2,902 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





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.

Support services coordinator on staff.

Above average landscaping with sprinkler system.

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

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

vct

Yes





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).

Presently,the neighborhood is a mix of maintained homes and those in a state of disrepair. One ofthe first steps in implementing the redevelopment plan is the recent passage of Senate Bill 1312.This new law will allow the city to condemn and remove buildings in a redevelopment area muchmore quickly. According to Jim Alexander with the City Inspections Department, several mobilehomes located in the park across the street from the site have already been condemned andremoved. Other steps in implementing the development plan are underway.1) The City of Fayetteville has commited $560,000 to this project.2)On December 10, 2002 the city rezoned land in the area for expansion of the Lewis ChapelRecreation facility which is approximately 1/2 mile from the site. Part of this expansion would be theconstruction of a Family Life Center.3) According to Victor Sharpe with Fayetteville Community Development, the city owns a tract ofland adjacent to the Lewis Chapel site. Plans are to develop a city park at this site.4)A permit for construction of an education facility for St. Johns Church at 966 Bunce Road hasbeen issued.5)The design stage for the widening of Bunce Road is scheduled to begin 2004.

Retail in the area is growing as evidenced by new stores and businesses along Raeford and

Cliffdale Roads.

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 area surrounding the site is mainly single family homes. A church is located across the streetfrom the site. Schools, medical facilities, banks and shopping are located within minutes of theproject 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).Presently,Bunce Road is adequate to serve this project. The redevelopment plan calls for thewidening of Bunce Road and the installation of a streetscape. The design stage of this widening isscheduled for 2004. Access to Raeford Road and Cliffdale Road, which are main thoroughfares, arelocated within 1/2 mile of Bunce Road.

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).Most of the land at this site is lightly wooded and is zoned residential. There are no enviormentalconcerns at this site.

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 site is flat and no enviromental problems exists. The site is not located in a flood zone.





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.Most of the properties surrounding the site are single family homes. The design and layout of thisproject will be an asset to the neighborhood.

Concentration of affordable housing (housing credit, project-based rental assistance, public housing).There is no public housing in this portion of the city.

Availability of Supportive Services (if applicable):A Support Services Coordinator will be on staff.

Grocery Store1.2 Community/Senior Center1.3

Mall/Strip Center1.2 Hospital3.5

Outdoor Athletic Fields.75 Pharmacy.5

Day Care/After School.5 Basic Health Care2.00

Schools1.3 Medical Offices2.00

Public Transportation Stop Bank/Credit Union.8

Convenience Store.75 Restaurants.25

Basketball/Tennis Courts1.5 Professional Services.75

Public Parks1.00 Movie Theater2.70

Gas Station.75 Video Rental1.2

Library1.00 Public Safety (Fire/Police)1.25

Fitness/Nature Trails1.00 Post Office1.2

Public Swimming Pools

There is a public transportation stop directly in front of site.





Development List number low-income/tax credit housing projects and units developed, operated, and maintained in compliance by the principal(s) betweenDecember 1, 1996 and January 1, 2003:

Management List number of low-income housing tax credit units managed in the past 10 years:

Has any owner, principal, or management agent been debarred or received a limited denial participation in the past 10 years by any federal or

state agency?

Has any owner, principal, or management agent been involved in a bankruptcy, an adverse fair housing settlement, an adverse civil rights

settlement, or an adverse federal or state government proceeding and settlement in the past 10 years?

Has any owner or principal been in a mortgage default or delinquency of three months or more within the last 5 years on a FHA-insuredproject, a Rural Development funded rental project, a tax-exempt funded mortgage, a tax credit project, or any other publicly subsidized

project?

Has any owner or principal been involved within the last 10 years in a project which previously received an allocation of tax credits but failed tomeet compliance standards of the tax credit allocation, including return of a reservation of tax credits to the Agency after the carryover

agreement has been signed?

Has any owner or principal had a Form 8823 filed with the IRS for noncompliance on a project using low-income housing tax credits or

received a letter of non-compliance from the Agency?

Project Team Experience

North Carolina Other States

Projects: 13 2

Units: 576 56

North Carolina Other States

Projects: 20 5

Units: 760 128

No

No

No

No

Yes





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? Yes

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:





Project Operations (Year One)

Projected Operating Costs

Administrative Expenses

Advertising 2,000

Other Administrative Expense (specify):3,000

Office Salaries 3,000Office Supplies 2,000

Office or Model Apartment Rent

Management Fee 21,000

Manager or Superintendent Salaries 4,000

Manager or Superintendent Rent Free Unit

Legal Expenses (Project) 1,000

Auditing Expenses (Project) 3,000

Bookkeeping Fees/Accounting Services

Telephone and Answering Service 3,000

Bad Debts

Other Administrative Expenses (specify):

SUBTOTAL 42,000

Utilities Expense

Fuel Oil

Electricity (Light and Misc. Power) 10,500

Water

Gas

Sewer

SUBTOTAL 10,500

Operating and Maintenance Expenses

Janitor and Cleaning Payroll 3,500

Janitor and Cleaning Supplies

Janitor and Cleaning Contract 3,500

Exterminating Payroll/Contract 2,900

Exterminating Supplies

Garbage and Trash Removal 3,000

Security Payroll/Contract

Grounds Payroll

Grounds Supplies

Grounds Contract 15,000

Repairs Payroll 4,000

Repairs Material

Repairs Contract 5,000

Elevator Maintenance/Contract

Heating/Cooling Repairs and Maintenance 5,000

Swimming Pool Maintenance/Contract

Snow Removal

Decorating Payroll/Contract

Decorating Supplies

Other (specify):

Miscellaneous Operating & Maintenance Expenses 7,000

SUBTOTAL 0

Taxes and Insurance

Real Estate Taxes 18,100





Payroll Taxes (FICA) 2,000

Miscellaneous Taxes, Licenses and Permits

Property and Liability Insurance (Hazard) 7,000

Fidelity Bond Insurance

Workmen's Compensation

Health Insurance and Other Employee Benefits

Other Insurance:

SUBTOTAL 0

Supportive Service Expenses

Service Coordinator 6,000

Service Supplies

Tenant Association Funds

Other Expenses (specify):

SUBTOTAL 0

Reserves

Replacement Reserves 12,000

SUBTOTAL 12,000

TOTAL OPERATING EXPENSES 146,500

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

110,400

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

48

PER UNIT PER YEAR 2,300





Design Features

ITEM DESCRIPTION

Foundation/Slab Components 20"x12" Footings w/2 #5 Rebar, Cont Reg. Brick, 4"x8" Block & Header Blocks on 4" Slab

Primary Windows Make: Model:Alenco Windows Series 3852

Type/Construction:

Aluminum, Single Hung, Thermal Break, TiltSash

Exterior Doors Type: Frames:Peachtree Steel Wood

SidingType: Grade/Thickness:

Hardi-Plank & BrickVeneer and/or .044"vinyl siding and trim

Warranty: 50 Year Warranty

Exterior Trim Pro-Trim/Hardi-Plank and or vinyl trim

Shingles Type: Weight:Asphalt 240#

Warranty: 30 Year Architectural

Sprinkler System Grinnell Fire Protection System Throughout (Wet System)

Cabinets Tri-Pak Composite Box, 3/4" Shelf, Oak Face

Heat Pump SEER: Make:12 Goodman

Model:

Air Conditioner SEER: Make:12 Goodman

Model: CPK J18

Other Heat Systems SEER: Make:

Model:





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 17,600 10,400 28,000

Backfill-slab, Crawl 0

Slab-concrete/Rebar/Gravel 47,600 41,500 89,100

Waterproofing 0

Masonry Foundation 9,100 7,900 17,000

Brick Veneer 22,300 33,200 55,500

Steel/Structure/Rails 0

Framing/Lumber/Nails 113,700 189,300 303,000

Trusses 86,000 86,000

Crane Rental 8,700 8,700

Windows/Grilles/Screen 20,000 20,000Exterior Doors 44,500 44,500

Roofing 15,450 14,050 29,500

Fencing 6,300 6,300

Vinyl Siding/Trim/Box 50,285 45,715 96,000

Gutters/Shutters 4,400 5,100 9,500

Insulation 16,300 27,700 44,000

Drywall 56,100 38,400 94,500

Interior Doors 26,700 64,800 91,500

Int. & Final/Stair/Trim/Shelves 0

Cabinets & Tops 32,100 52,000 84,100

Painting 38,500 34,000 72,500

Marble - Tub/Shwr/Tops 0

Plumbing 60,000 95,000 155,000

Electrical 44,000 62,000 106,000

Heating/Air Conditioning 52,000 84,000 136,000

Floor Covering and Underlayment 17,500 41,800 59,300

Wall Paper 5,300 5,500 10,800

Mailboxes/Special Features/Signage 200 6,700 6,900

Gypcrete 0

Blinds/Shades/Art Work 3,500 8,300 11,800

Light Fixtures/Fans 0

Sprinkler System 36,100 57,400 93,500

Security Alarm 24,000 32,000 56,000

Hardwood Floors 0

Elevator 0

Ceramic Tiles 0

Acoustical Ceilings 0





Remarks:

Mirror/Shower Door/Encls. 0

Hardware/Bath Access. 22,000 22,000

Appliances 64,500 64,500

Playground Equipment 0

Interior Clean 10,800 10,800

Exterior Clean/Dumpster 10,000 10,000

Other 1 (specify in Remarks) 12,200 12,200

Other 2 (specify in Remarks) 40,400 50,100 90,500

Total Cost 760,235 1,264,765 2,025,000

1. Includes drive, sidewalks, porches2. Includes site utilities





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 80,700

Job Site Office/Trailer Rental 6,500

Impact Fees

Office Supplies

Security/Watchman 13,500

Water and Sewer Connection Fees

Project Signage

Tools and Equipment 1,900

Gas, Oil, and Maintenance

Cleanup/Dumpster Rental 2,600

Temporary Water, Electric, and Telephone 3,900Storage/Hauling

Driveway Access Permit 9,000

Porta-John Rental/Dumping 4,500

Builders Risk Insurance 6,400

Re-inspection Fees

Extra Plans and Specifications

Miscellaneous, Casual Labor

Equipment Rental

Other 1 (specify in Remarks)


Total Cost 129,000





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 80,200

Demolition

Earthwork/Excavation/Aerating 18,800

Soil Treatment 3,600

Pile Foundations

Caissons

Shoring/Bracing

Site Drainage 28,800

Site Utilities/Site Lighting 6,700

Paving and Surfacing/Curb and Gutter 63,400Walkways

Site Signage 3,600

Parking Lot Painting 1,500

Dumpsite Pads/Fencing 5,800

Fencing/Gates

Landscaping/Topsoil 65,000

Waterproofing/De-Watering

Operation of Construction Equipment/Fuel/Oil

Crane Rental

Rock and Hardpan Excavation

Site Supervision Personnel 14,360

Other (specify in Remarks) 34,500

Total Cost 326,260

Hauling trash, clean-up, labor





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

Remarks:

Costs - Bond Costs

ITEM TOTAL

Letter of Credit Fee

Credit Enhancement

Underwriter Discount

Capital Interest Fund



Total Cost 0

N/A





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

Remarks:

Costs - Bond Issuance

ITEM TOTAL

Bond Counsel

Issuer Counsel

Credit Enhancement/LOC Counsel

Underwriter Counsel

Developer's Counsel

Rating Agency Fee

Printing

Trustee Fee

Trustee Counsel


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

Total Cost 0

N/A





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.





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.


bunce manor

Documents