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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: CHDO
Print Preview - Final Application
Tax Credits, RPP Loans, and/or Tax Exempt Bond Loans
Resources Requested
406,344
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Is project in Qualified Census Tract & Difficult to Develop area:
Project Name and Location
Project Name: Pineridge Manor
Address: Old Plank Rd.
City: Hope Mills County: CUMBERLAND Zip: 28348
Census Tract: Block Group:
No
Political Jurisdiction: Town of Hope Mills
Jurisdiction CEO Name: First: Last:Edwin Deaver Title: Mayor
Jurisdiction Address: 5770 Rockfish Rd.
Jurisdiction City: Hope Mills Zip: 28348
Jurisdiction Phone: (910)424-4555
Site Latitude: 34.5830
Site Longitude: -78.5688
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Is this project a follow-on (Phase II, etc) to a previously-awarded tax credit development project?
If yes, list names of previous phase(s):If yes, list names of previous phase(s):
Will the project be receiving federal rental assistance?
If yes, provide the subsidy source:If yes, provide the subsidy source: and number of units:and number of units:
Target Population: 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:
Proposed number of residential buildings: 1 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): 2,8892,889
Elevators -- Number of Elevators:Number of Elevators:
Gross Floor Square Footage: 68,490
Total Net Sq. Ft. (All Heated Areas): 60,438
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Applicant Information
Applicant Name: Atlantic Housing Development LLC
Address: 1400 Hope MIlls Rd.
City: State: NC Zip:Fayetteville 28304
Contact: First: Last: Title:Terry Spell Managing member
Telephone: (910)425-9000
Alt Phone:
Fax: (910)425-0807
Email Address: terryspel [email protected]
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Total Site Acreage: Total Buildable Acreage:
If buildable acreage is less than total acreage, please explain:
Identify utilities and services currently available (and with adequate capacity) for this site:
Storm Sewer Water Sanitary Sewer Electric
Is the demolition of any buildings required or planned?
If yes, please describe:
Are existing buildings on the site currently occupied?
If yes:(a) Briefly describe the situation:
(b) Will tenant displacement be temporary?
(c) Will tenant displacement be permanent?
Is the site in a distressed neighborhood?
If yes, does a community revitalization plan exist?
Is the site directly accessed by an existing, paved, publicly maintained road?
If no, please explain:
Is any portion of the site located inside the 100 year floodplain?
If yes:(a) Describe placement of project buildings in relation to this area:
Site Description
6.2 6.2
No
No
No
Yes
No
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(b) Describe flood mitigation if the project is in the East Region and will have improvements within the 100 year floodplain:
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Does the owner have fee simple ownership of the property (site/buildings)?
If yes provide:
Purchase Date: Purchase Price:
If no:
Site Control
No
(a) Does the owner/principal or ownership entity have vaild option/contract to purchase the property? Yes
(b) Does an identity of interest (direct or indirect) exist between the owner/principal or ownership entity with the option/contract for
purchase of the property and the seller of the property?If yes, specify the relationship:
No
(c) Enter the current expiration date of the option/contract to purchase: 10/15/2003
(D) Enter Purchase Price: 300,000
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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
R-10
Yes
Yes
Yes
Special use permit obtained January 2003.
Yes
Late February
No
No
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Specify Low Income Unit Targeting in table below. List each applicable targeting combination in a separate row below. Click [Add] to createanother row. Click "X" (at the left of each row) to delete a row. Add as many rows as needed.
Total Low Income Units:
Note: This number should match the total number of low income units in the Unit Mix section.
Targeting
# BRs Units %
1 6 targeted at 40 percent of median income.
1 3 targeted at 40 percent of median income.
2 6 targeted at 40 percent of median income.
1 9 targeted at 50 percent of median income.
2 6 targeted at 50 percent of median income.
1 15 targeted at 60 percent of median income.
2 15 targeted at 60 percent of median income.
60
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Estimated pricing on sale of Federal Tax Credits: $0.
Remarks concerning project funding sources:(Please be sure to include the name of the funding source(s))
Loans with Variable AmortizationPlease fill in the annual debt service as applicable for the first 20 years of the project life.
Funding Sources
Source AmountNon-
Amortizing*Rate(%)
Term(Years)
Amort.Period(Years)
AnnualDebt
Service
Bank Loan 475,000 7.50 30 30 39,855
RPP Loan 406,344 2.00 20 20Local Gov. Loan - Specify:Cumberland County Loan
360,000 2.00 20 20
RD Loan
AHP Loan
Other Loan 1 - Specify:
Other Loan 2 - Specify:
Other Loan 3 - Specify:
Tax Exempt Bonds
State Tax Credit(Loan) 875,740 0 30 30 0
State Tax Credit(Direct Refund)
Equity: Federal LIHTC 2,687,641
Non-Repayable Grant
Equity: Historic Tax Credits
Deferred Developer Fees 89,848
Owner Investment
Other - Specify:
Total Sources** 4,894,573
* "Non-amortizing" indicates that the loan does not have a fixed annual debt service. For these items, you must fill in 20-year debt servicebelow.
** Total Sources must equal total replacement cost in Project Development Cost (PDC) section.
78
RPP Loan
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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 405,714 405,714
4 Rehabilitation
5 Construction of New Building(s) 2,580,000 2,580,000
6 Accessory Building(s)
7 General Requirements 179,143 179,143
8 Contractor Overhead 63,297 63,297
9 Contractor Profit 189,891 189,891
10 Construction Contingency 102,541 102,541
11 Architect's Fee - Design 123,200 123,200
12 Architect's Fee - Inspection 30,800 30,800
SUBTOTAL (lines 1 through 12) 3,674,586
13 Construction Insurance (prorate)
14 Construction Loan Orig. Fee (prorate) 15,000 15,000
15 Construction Loan Interest (prorate) 75,000 75,000
16 Construction Loan Credit Enhancement (prorate)
17 Construction Period Taxes (prorate) 501 501
18 Water, Sewer and Impact Fees
19 Survey 4,260 4,260
20 Property Appraisal 6,000 6,000
21 Environmental Report 2,500 2,500
22 Market Study 4,000 4,000
23 Bond Costs (specify)
24 Cost of Issuance
25 Placement Fee
26 Permanent Loan Origination Fee 10,000
27 Permanent Loan Credit Enhancement
28 Title and Recording 2,000
SUBTOTAL (lines 13 through 28) 119,261
29 Real Estate Attorney 15,000 15,000
30 Other Attorney's Fees 6,000 6,000
31 Tax Credit App Fees 23,715 23,715
32 Cost Certification/Accounting Fees (specify) 8,565 8,565
33 Tax Opinion
34 Organizational (Partnership)
35 Tax Credit Monitoring Fee 36,000
SUBTOTAL (lines 29 through 35) 89,280
36 Furnishings and Equipment
37 Relocation Expenses
38 Developer's Fee (max 15% lines 2-36, less 8 & 9) 543,574 543,574
39 Other Basis Expense (specify)
40 Other Basis Expense (specify)
41 Rent-up Expenses 14,821
42 Other Non-basis Expense (specify)
43 Other Non-basis Expense (specify)
SUBTOTAL (lines 36 through 43) 558,395
44 Rent up Reserve 18,000
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Comments:
45 Operating Reserve 135,051
46 Other Reserve (specify)
47 Other Reserve (specify)
48 DEVELOPMENT COST (lines 1-47) 4,594,573 0 4,378,701
49 Less Federal Financing
50 Less Disproportionate Standard
51 Less Nonqualified Nonrecourse Financing
52 Less Historic Tax Credit (residential) 0
53 TOTAL ELIGIBLE BASIS 4,378,701 0 4,378,701
54 Times Applicable Fraction 100.00% 100% 100%
55 TOTAL QUALIFIED BASIS 4,378,701 0 4,378,701
56 Tax Credit Rate 0.00% 7.87%
57 FEDERAL TAX CREDITS at Estimated Rate 344,603 0 344,603
57a FEDERAL TAX CREDITS at 8.5% or 3.75% 372,189 0 372,189
58 FEDERAL TAX CREDITS REQUESTED 344,595 344,595
59 STATE TAX CREDITS 875,718
60 Land Cost 300,000
61 TOTAL REPLACEMENT COST 4,894,573
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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
This project will include two, one story, buildings each containing 36 housing units for the elderly.There will be 12 two bedrooms and 24 one bedrooms in each building. The buildings will beconnected by a covered walk. Each building will contain support/public spaces.
Community Bldg - Sq Ft: Community Room - Sq Ft: 1,500 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
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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
Yes
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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 site is vacant, undeveloped woods. There is no evidence of any prior development on this site.Within a 1/2 mile radius of this site are 186 single family residences representing an approximatepopulation of 502 persons, 574 persons residing in apartments for a total of approximately 1,076people living within 1/2 mile of the site. This represents nearly 9% of the resident population of HopeMills. Most homes in the area have been constructed between the 1950's and the 1980's andappear to be in sound condition. This is an area in transition where a great deal of private and publicinvestments continues to define the ongoing trends of development geared towards professional,service and retail uses. Enclosed as part of the hard copy submittals is a map of the existing landuse in the area displaying a 1/2-mile to 1-mile radius of the site proposed for development. Uses areitemized on an accompanying paper listing each use in particular. This area is a part of Hope Millsthat will continue to undergo continual infill development in a manner consistent with the needs ofthe surrounding neighborhoods and sustaining economic vitality.
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.Aside from residential uses, there are several sites nearby that provide certain desirable amenities
to citizens. Adjoining the proposed site is a new full service United States Post Office. Within walkingdistance is Hope Mills Crossing Shopping Center with a Bi Lo grocery as the anchor. A MedicineShoppe pharmacy, attorney's offices, chiropractors, insurance agencies, barber & hairdressingshops, restaurants, a Wal Mart Supercenter, two churches, a senior center, a Masonic Lodge, acommunity center, parks, playgrounds, and a public library are also within 1/2 miles of this site. Landuse in this area has been conducted in keeping with a comprehensive plan adopted by Hope Millssince 1996.
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).Current funded transportation improvements are in progress either by construction, design, orundergoing feasibility study. All transportation improvements will include sidewalks and bicyclelanes, consistent with the Bicycle & Pedestrian Plan adopted by Hope Mills in 1999. The majorintersection nearest this site was enhanced at the time the Hope Mills Crossing shopping center wasbuilt. "Lateral access" between sites is enforced to reduce traffic congestion and the number of
driveways along the major highways in Hope Mills. Mass transit, or at least some form of dedicatedtransit for certain residents, is currently on the table for discussion. It is hoped that Hope Mills canpartner with Fayetteville and Cumberland County within the next couple of years to determine thebest way to structure a countywide transit system that will be used extensively.
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).This site enjoys the privilege of isolation from direct traffic and noise due to its location, yet it is closeenough in proximity to allow residents to walk or drive a short distance to accommodate theireveryday needs. Presumably, some land adjoining this site on the north side will provide a largenatural open space buffer to preserve the view setting and prevent undesirable encroachment ofnonresidential uses. Being located on the fringe of the corporate limits of Hope Mills affords this sitethe luxury of denying incompatible uses of natural and scenic land conservation help to insure thesite harmony with existing and future land uses. There are no wetlands in inventory that would prove
detrimental to site of this project, nor is there any concerns of flood. Any negative feature or physicalbarriers that may exist on or near this site are absolutely minimal, if they exist at all. Electricaltransmission lines are nearly 1/2 mile north of this site, and the railroad is nearly 3/4 mile south. Anyfuture development, or redevelopment, of parcels near this site will require review and approval, withspecial intent on preserving and enhancing existing development.
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.
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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.This project's location enables it to be as secluded or visible as it wants to be. Regardless, this is anarea where old and new construction meets, and the transition is not stark or cold. Landscapesbuffers are beneficial in softening the divisions from the old neighborhoods to the newer
developments. Aesthetically and architecturally, this project will blend in harmony with itssurroundings.
Concentration of affordable housing (housing credit, project-based rental assistance, public housing).This proposed project is the first of its kind to be considered for an area central to the core of HopeMills. Future development in this area will serve to enhance the project by way of supportiveservices. Recent trends in this area are moving away from predominately retail to more professionalservice offices and clinics that are complimentary to the residents of the project.
Availability of Supportive Services (if applicable):
The amenities within one mile of the project include the Hope Mills Municipal Complex where theFirs Station, Police Department and Town Hall are located. The Veteran's Park is also situated in thecomplex. An elementary school, animal hospital, dental clinic, banks, Hope mills Golf Course,Brower Park and three more churches are also located within one mile of the project site.
Grocery Store0.1 Community/Senior Center0.049
Mall/Strip Center0.1 Hospital0
Outdoor Athletic Fields0.17 Pharmacy0.032
Day Care/After School0.39 Basic Health Care0.74
Schools0.48 Medical Offices0.74
Public Transportation Stop0 Bank/Credit Union0.04
Convenience Store0.43 Restaurants0.19
Basketball/Tennis Courts0.32 Professional Services0.04
Public Parks0.17 Movie Theater0
Gas Station0.24 Video Rental0.38
Library0.31 Public Safety (Fire/Police)0.39
Fitness/Nature Trails0.38 Post Office0.0
Public Swimming Pools0
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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:
Units:
North Carolina Other States
Projects:
Units:
No
No
No
No
No
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Financing Commitments
Does the project have a firm commitment for construction financing? No
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:
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Project Operations (Year One)
Projected Operating Costs
Administrative Expenses
Advertising 500
Other Administrative Expense (specify):1,000
Office SalariesOffice Supplies 2,125
Office or Model Apartment Rent
Management Fee 18,735
Manager or Superintendent Salaries 25,600
Manager or Superintendent Rent Free Unit
Legal Expenses (Project) 840
Auditing Expenses (Project) 3,800
Bookkeeping Fees/Accounting Services
Telephone and Answering Service 2,500
Bad Debts
Other Administrative Expenses (specify):
SUBTOTAL 55,100
Utilities Expense
Fuel Oil
Electricity (Light and Misc. Power) 7,575
Water 11,500
Gas
Sewer
SUBTOTAL 19,075
Operating and Maintenance Expenses
Janitor and Cleaning Payroll 450
Janitor and Cleaning Supplies 500
Janitor and Cleaning Contract
Exterminating Payroll/Contract 900
Exterminating Supplies
Garbage and Trash Removal 7,500
Security Payroll/Contract
Grounds Payroll
Grounds Supplies 1,500
Grounds Contract 7,800
Repairs Payroll 17,000
Repairs Material 1,200
Repairs Contract
Elevator Maintenance/Contract 2,500
Heating/Cooling Repairs and Maintenance 500
Swimming Pool Maintenance/Contract
Snow Removal
Decorating Payroll/Contract 4,500
Decorating Supplies
Other (specify):
Miscellaneous Operating & Maintenance Expenses
SUBTOTAL 44,350
Taxes and Insurance
Real Estate Taxes 27,375
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Payroll Taxes (FICA) 3,900
Miscellaneous Taxes, Licenses and Permits
Property and Liability Insurance (Hazard) 16,000
Fidelity Bond Insurance
Workmen's Compensation 635
Health Insurance and Other Employee Benefits 7,225
Other Insurance:
SUBTOTAL 55,135
Supportive Service Expenses
Service Coordinator 8,320
Service Supplies 4,000
Tenant Association Funds
Other Expenses (specify):
SUBTOTAL 12,320
Reserves
Replacement Reserves 15,000
SUBTOTAL 15,000
TOTAL OPERATING EXPENSES 200,980
ADJUSTED TOTAL OPERATING EXPENSES (Does not include taxes, reserves and resident support services) *
146,285
TOTAL UNITS(from total units in the Unit Mix section)
60
PER UNIT PER YEAR 2,438
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Design Features
ITEM DESCRIPTION
Foundation/Slab Components Poured Footing with Slab on Grade
Primary Windows Make: Model:Weather Shield Vinyl Clad Type/Construction:
Exterior Doors Type: Frames:MTL. Clad Wood
Siding Type: Grade/Thickness:Vinyl .042
Warranty: 50 Years
Exterior Trim Vinyl
Shingles Type: Weight:Asphalt 240lbs
Warranty: 25 year
Sprinkler System NFPA 13R
Cabinets Marsh or Equal
Heat Pump SEER: Make:12 Trane
Model: Split System
Air Conditioner SEER: Make:
Model:
Other Heat Systems SEER: Make:
Model:
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This is a detailed breakdown of rehabilitation or construction costs you summarized in the Development Costs table (Rehabilitation andConstruction of New Building(s)). The total should match those roll-up values.
Costs - Construction
ITEM LABOR MATERIAL TOTAL
Concrete Footings 44,185 33,665 77,850
Backfill-slab, Crawl 2,946 14,729 17,675
Slab-concrete/Rebar/Gravel 46,710 16,833 63,543
Waterproofing 1,683 421 2,104
Masonry Foundation 63,122 44,186 107,308
Brick Veneer 84,163 112,779 196,942
Steel/Structure/Rails 0 18,095 18,095
Framing/Lumber/Nails 300,883 208,304 509,187
Trusses 0 77,851 77,851
Crane Rental 17,254 0 17,254
Windows/Grilles/Screen 0 44,606 44,606Exterior Doors 0 14,308 14,308
Roofing 25,249 19,358 44,607
Fencing 0 0 0
Vinyl Siding/Trim/Box 74,747 20,199 94,946
Gutters/Shutters 0 5,471 5,471
Insulation 27,774 10,521 38,295
Drywall 85,846 98,892 184,738
Interior Doors 0 27,353 27,353
Int. & Final/Stair/Trim/Shelves 50,498 26,511 77,009
Cabinets & Tops 0 62,281 62,281
Painting 42,082 12,625 54,707
Marble - Tub/Shwr/Tops 0 29,878 29,878
Plumbing 101,838 69,435 171,273
Electrical 60,597 60,597 121,194
Heating/Air Conditioning 42,081 84,163 126,244
Floor Covering and Underlayment 24,041 64,904 88,945
Wall Paper 0 0 0
Mailboxes/Special Features/Signage 0 12,624 12,624
Gypcrete 10,520 8,416 18,936
Blinds/Shades/Art Work 0 7,575 7,575
Light Fixtures/Fans 0 9,258 9,258
Sprinkler System 29,036 18,937 47,973
Security Alarm 12,624 7,575 20,199
Hardwood Floors 0 0 0
Elevator 18,095 25,249 43,344
Ceramic Tiles 0 0 0
Acoustical Ceilings 0 0 0
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Remarks:
Mirror/Shower Door/Encls. 0 0 0
Hardware/Bath Access. 0 9,258 9,258
Appliances 0 31,561 31,561
Playground Equipment 0 0 0
Interior Clean 24,828 0 24,828
Exterior Clean/Dumpster 8,416 0 8,416
Other 1 (specify in Remarks) 0 72,364 72,364
Other 2 (specify in Remarks) 0 0 0
Total Cost 1,199,218 1,380,782 2,580,000
OTHER 1: PERMITS & FEES
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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 68,745
Job Site Office/Trailer Rental 4,359
Impact Fees 0
Office Supplies 559
Security/Watchman 1,118
Water and Sewer Connection Fees 0
Project Signage 1,118
Tools and Equipment 15,247
Gas, Oil, and Maintenance 6,535
Cleanup/Dumpster Rental 15,247
Temporary Water, Electric, and Telephone 15,792Storage/Hauling 0
Driveway Access Permit 0
Porta-John Rental/Dumping 4,356
Builders Risk Insurance 0
Re-inspection Fees 0
Extra Plans and Specifications 0
Miscellaneous, Casual Labor 0
Equipment Rental 46,067
Other 1 (specify in Remarks)
Other 2 (specify in Remarks)
Total Cost 179,143
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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
Earthwork/Excavation/Aerating 57,329
Soil Treatment
Pile Foundations
Caissons
Shoring/Bracing
Site Drainage 119,068
Site Utilities/Site Lighting 37,054
Paving and Surfacing/Curb and Gutter 57,321Walkways 37,925
Site Signage 7,055
Parking Lot Painting 1,764
Dumpsite Pads/Fencing
Fencing/Gates
Landscaping/Topsoil 88,198
Waterproofing/De-Watering
Operation of Construction Equipment/Fuel/Oil
Crane Rental
Rock and Hardpan Excavation
Site Supervision Personnel
Other (specify in Remarks)
Total Cost 405,714
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This is a detailed breakdown of the Bond Costs cost element you summarized in the Development Costs table (Bond Costs). The totalshould match that roll-up value.
Remarks:
Costs - Bond Costs
ITEM TOTAL
Letter of Credit Fee
Credit Enhancement
Underwriter Discount
Capital Interest Fund
Other 1 (specify in Remarks)
Other 2 (specify in Remarks)
Total Cost 0
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This is a detailed breakdown of the Bond Issuance cost element you summarized in the Development Costs table (Cost of Issuance). Thetotal should match that roll-up value.
Remarks:
Costs - Bond Issuance
ITEM TOTAL
Bond Counsel
Issuer Counsel
Credit Enhancement/LOC Counsel
Underwriter Counsel
Developer's Counsel
Rating Agency Fee
Printing
Trustee Fee
Trustee Counsel
Other 1 (specify in Remarks)
Other 2 (specify in Remarks)Other 3 (specify in Remarks)
Total Cost 0
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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.
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