gregory oaks

8/6/2019 Gregory Oaks

1/34

Check all that apply:

Federal Low Income Housing Tax Credit

State Low Income Housing Tax Credit

Tax Exempt Bonds

Rental Production Program (RPP) Loan

Requested RPP Loan Amount:RPP Loan Product Requested:

Print Preview - Final Application

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

Resources Requested

Page 1 of 34Print - APP03-0120

1/14/2005https://www.nchfa.org/Rental/RTCApp/(jbtrl155smmkhe34qezce3y5)/site/PrintApp.aspx?...


2/34

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

Project Name and Location

Project Name: Gregory Oaks (now known as Sea Lane Apts)

Address: 900 East Lane Street

City: Raleigh County: WAKE Zip: 27601

Census Tract: 506 Block Group: 003

Yes

Political Jurisdiction: City of Raleigh

Jurisdiction CEO Name: First: Last:Charles Meeker Title: Mayor

Jurisdiction Address: PO Box 590

Jurisdiction City: Raleigh Zip: 27602

Jurisdiction Phone: (919)890-3000

Site Latitude: 35.810

Site Longitude: -78.561




3/34

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: Family

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

Square Footage Information

Project Description

Project Type:* New Construction Rehab Adaptive Reuse

No

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: units have been set aside at 30% AMI rents

Proposed number of residential buildings: 8 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):

Elevators -- Number of Elevators:Number of Elevators:

Gross Floor Square Footage: 24,345

Total Net Sq. Ft. (All Heated Areas): 23,052




4/34

Applicant Information

Applicant Name: Jenkins Properties Limited Partnership

Address: PO Box 17022

City: State: NC Zip:Raleigh 27619

Contact: First: Last: Title:Rhonda Sheppard Project Mgr

Telephone: (919)847-8350

Alt Phone: (919)630-9223

Fax: (919)847-4709

Email Address: [email protected]




5/34

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

1.69 1.69

No

Yes

current occupancy is 50%. most of the tenants have vouchers

Yes

No

Yes

Yes

Yes

No




6/34

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




7/34

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: 1/1/2004

(D) Enter Purchase Price: 1,120,000




8/34

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

R10

Yes

No

No

No




9/34


10/34

List each applicable unit mix combination in a separate row below. Click [Add] to create another row. Click "X" (at the left of each row) todelete a row.

Low Income Units

Market Rate Units

Statistics

Notes

Unit Mix

Type # BRs Net Sq.Ft.Total

# Units#Units

MonthlyRent

UtilityAllowance

MandatoryServ. Fees

**TotalHousing Exp.

Gdn Apt 2 713 16 1 595 95 0 690

Gdn Apt 2 713 11 1 547 95 0 642

Gdn Apt 2 713 5 0 386 95 0 481

Utilites included in rents: Water/Sewer Electric Gas Other

Type # BRs Net Sq.Ft.Total

# Units#Units

MonthlyRent

UtilityAllowance

MandatoryServ. Fees

**TotalHousing Exp.

Utilites included in rents: Water/Sewer Electric Gas Other

AllUnits

Units

Gross MonthlyRental Income

Low Income....... 32 2 17467

Market Rate.......

Totals............... 32 2 17467

* Paint-to-Paint Square Footage

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




11/34

Specify Low Income Unit Targeting in table below. List each applicable targeting combination in a separate row below. Click [Add] to createanother row. Click "X" (at the left of each row) to delete a row. Add as many rows as needed.

Total Low Income Units:

Note: This number should match the total number of low income units in the Unit Mix section.

Targeting

# BRs Units %

2 16 targeted at 60 percent of median income.



32




12/34

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 725,000 7.00 18 30 57,881

RPP LoanLocal Gov. Loan - Specify:City of Raleigh

500,000 2.00 30 30 22,177

RD Loan

AHP Loan

Other Loan 1 - Specify:



Tax Exempt Bonds

State Tax Credit(Loan) 198,941 0 30 30 0

State Tax Credit(Direct Refund)

Equity: Federal LIHTC 1,260,232

Non-Repayable Grant

Equity: Historic Tax Credits

Deferred Developer Fees 124,618

Owner Investment

Other - Specify:

Total Sources** 2,808,791

* "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.

805

Received $500,000 from the City of Raleigh in April 2003. In April the staff is requesting a$200,000 increase.




13/34

Development Costs

Item Cost Element TOTAL COSTEligible Basis

30% PV 70% PV

1 Purchase of Buildings (Rehab) 1,008,000 1,008,000

2 Demoli tion

3 On-site Improvements 115,400 115,400

4 Rehabilitation 691,600 691,600

5 Construction of New Building(s)

6 Accessory Building(s)

7 General Requirements 48,420 48,420

8 Contractor Overhead 17,108 17,108

9 Contractor Profit 68,434 68,434

10 Construction Contingency 56,458 56,458

11 Architect's Fee - Design 30,000 30,000

12 Architect's Fee - Inspection 15,000 15,000

SUBTOTAL (lines 1 through 12) 2,050,420

13 Construction Insurance (prorate) 8,000 8,000

14 Construction Loan Orig. Fee (prorate) 15,965 15,965

15 Construction Loan Interest (prorate) 105,971 105,971

16 Construction Loan Credit Enhancement (prorate)

17 Construction Period Taxes (prorate) 4,000 4,000

18 Water, Sewer and Impact Fees 4,000 4,000

19 Survey 7,000 7,000

20 Property Appraisal 4,800 4,800

21 Environmental Report 11,501 11,501

22 Market Study 5,000 5,000

23 Bond Costs (specify)

24 Cost of Issuance

25 Placement Fee

26 Permanent Loan Origination Fee 14,250

27 Permanent Loan Credit Enhancement

28 Title and Recording 5,000

SUBTOTAL (lines 13 through 28) 185,487

29 Real Estate Attorney 15,000 15,000

30 Other Attorney's Fees 30,000 30,000

31 Tax Credit App Fees 11,888 11,888

32 Cost Certification/Accounting Fees (specify) 10,000 10,000

33 Tax Opinion 5,000

34 Organizational (Partnership)

35 Tax Credit Monitoring Fee 16,800


36 Furnishings and Equipment 10,000 10,000

37 Relocation Expenses 25,000 25,000

38 Developer's Fee (max 15% lines 2-36, less 8 & 9) 219,767 219,767

39 Other Basis Expense (specify)

40 Other Basis Expense (specify)

41 Rent-up Expenses 15,000

42 Other Non-basis Expense (specify)

43 Other Non-basis Expense (specify)


44 Rent up Reserve 9,600




14/34

Comments:

45 Operating Reserve 92,829

46 Other Reserve (specify)

47 Other Reserve (specify)

48 DEVELOPMENT COST (lines 1-47) 2,696,791 1,008,000 1,530,312

49 Less Federal Financing

50 Less Disproportionate Standard

51 Less Nonqualified Nonrecourse Financing 1,008,000

52 Less Historic Tax Credit (residential) 0

53 TOTAL ELIGIBLE BASIS 1,530,312 0 1,530,312

54 Times Applicable Fraction 130.00% 130% 130%

55 TOTAL QUALIFIED BASIS 1,989,405 0 1,989,405

56 Tax Credit Rate 3.37% 7.87%

57 FEDERAL TAX CREDITS at Estimated Rate 156,566 0 156,566

57a FEDERAL TAX CREDITS at 8.5% or 3.75% 169,099 0 169,099

58 FEDERAL TAX CREDITS REQUESTED 228,824 52,416 176,408

59 STATE TAX CREDITS

60 Land Cost 112,000

61 TOTAL REPLACEMENT COST 2,808,791




15/34

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

Gregory Oaks is a proposed acquistion and rehabilitation of the existing Sea Lane Apartments in theWest Idlewild neighborhood. It is located on East 900 Lane Street in downtown Raleigh. Theproperty consists of 32 two bedroom units. Interior renovations will include complete kitchenappliance replacements, new cabinets, new flooring where needed throughout the units, energeyefficient windows and many other features.

Covered dormered entrances along with new siding and roofing will be added to every building. Thelandscaping will be improved upon as well. A new leasing office with a laundry building (540 net sf)will be added to the site.

Yes

Oakley Square and many other rehabs

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

The management company will encourage onsite activities for the residents and help form aResident Committee. There are many services that can can come onsite.

The landscaping plan will be created to enhance and improve the existing landscaping




16/34


17/34

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).

Gregory Oaks is located in an area of Raleigh known as West Idlewood, which is included in theNew Bern/Edenton Redevelopment area. The community revitalization plan has been included withthe application.

While the area is noticeably deteriorating, the redevelopment is very active.

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 site is in a residential area and there are no competing affordable units within a half mile. Thereare many ammenities nearby suitable for families and there is nothing nearby that would beconstrued as deterimental.

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).adequate for needs, located in downtown Raleigh.

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).None of the above, mainly single family homes that have been renovated.

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.None known

Similarity of scale and aesthetics/architecture between project and surroundings.The rehabilitation of the units will be in line with the architectural requirements for that community.




18/34

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

Other facilities or services:

The community revitalization plan outlines the requirements that the rehab must follow

Concentration of affordable housing (housing credit, project-based rental assistance, public housing).none known

Availability of Supportive Services (if applicable):There are several support agencies in the downtown area.

Grocery Store.1 Community/Senior Center.2

Mall/Strip Center.9 Hospital2.1

Outdoor Athletic Fields.01 Pharmacy.5

Day Care/After School.3 Basic Health Care.2

Schools.3 Medical Offices.2

Public Transportation Stop.01 Bank/Credit Union.7

Convenience Store.7 Restaurants.2

Basketball/Tennis Courts.01 Professional Services.2

Public Parks.01 Movie Theater.6

Gas Station.7 Video Rental.9

Library.4 Public Safety (Fire/Police).5

Fitness/Nature Trails.7 Post Office.9

Public Swimming Pools.1

There is park with basketball courts next to the property, the bus stop is across the street and thereare several churches within walking distance. Brentwood Square is .9 miles away




19/34


20/34

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: 10 0

Units: 812 0

North Carolina Other States

Projects: 28 0

Units: 1,538 0

No

No

No

No

No




21/34

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:




22/34

Project Operations (Year One)

Projected Operating Costs

Administrative Expenses

Advertising 2,500

Other Administrative Expense (specify):

Office Salaries 10,000Office Supplies 800

Office or Model Apartment Rent

Management Fee 12,000

Manager or Superintendent Salaries

Manager or Superintendent Rent Free Unit

Legal Expenses (Project) 1,100

Auditing Expenses (Project) 3,500

Bookkeeping Fees/Accounting Services 1,300

Telephone and Answering Service 800

Bad Debts

Other Administrative Expenses (specify):

SUBTOTAL 32,000

Utilities Expense

Fuel Oil

Electricity (Light and Misc. Power) 2,600

Water 3,600

Gas

Sewer 3,600

SUBTOTAL 9,800

Operating and Maintenance Expenses

Janitor and Cleaning Payroll

Janitor and Cleaning Supplies 1,500

Janitor and Cleaning Contract 600

Exterminating Payroll/Contract 1,540

Exterminating Supplies 300

Garbage and Trash Removal 3,000

Security Payroll/Contract

Grounds Payroll

Grounds Supplies 300

Grounds Contract 4,000

Repairs Payroll 10,000

Repairs Material 1,000

Repairs Contract 775

Elevator Maintenance/Contract

Heating/Cooling Repairs and Maintenance 1,250

Swimming Pool Maintenance/Contract

Snow Removal 500

Decorating Payroll/Contract 1,500

Decorating Supplies 800

Other (specify):

Miscellaneous Operating & Maintenance Expenses

SUBTOTAL 27,065

Taxes and Insurance

Real Estate Taxes 12,800




23/34

Payroll Taxes (FICA) 2,000

Miscellaneous Taxes, Licenses and Permits 300

Property and Liability Insurance (Hazard) 5,000

Fidelity Bond Insurance 35

Workmen's Compensation 1,500

Health Insurance and Other Employee Benefits 2,000

Other Insurance:

SUBTOTAL 23,635

Supportive Service Expenses

Service Coordinator 1,400

Service Supplies 500

Tenant Association Funds

Other Expenses (specify):

SUBTOTAL 1,900

Reserves

Replacement Reserves 11,200

SUBTOTAL 11,200

TOTAL OPERATING EXPENSES 105,600

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

79,700

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

32

PER UNIT PER YEAR 2,490




24/34


25/34

Design Features

ITEM DESCRIPTION

Foundation/Slab Components N/A

Primary Windows Make: Model:Wenco 1700 Series Type/Construction: vinyl, single hung, double insulated

Exterior Doors Type: Frames:N/A N/A

Siding Type: Grade/Thickness:Vinyl 0.44

Warranty: Manufacturer

Exterior Trim N/A

Shingles Type: Weight:asphalt, 3 tab 230lbs/square

Warranty: 25 years

Sprinkler System N/A

Cabinets Solid face and stiles, GAK, plywood bottom

Heat Pump SEER: Make:11 Trane

Model: 1.5, 2 and 3 ton units

Air Conditioner SEER: Make:N/A N/A

Model: N/A

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

Model: N/A




26/34

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 0

Backfill-slab, Crawl 0

Slab-concrete/Rebar/Gravel 0

Waterproofing 0

Masonry Foundation 0

Brick Veneer 2,000 2,000

Steel/Structure/Rails 10,000 10,000

Framing/Lumber/Nails 62,800 62,800

Trusses 52,000 52,000

Crane Rental 9,500 9,500

Windows/Grilles/Screen 32,000 32,000Exterior Doors 12,000 12,000

Roofing 55,000 55,000

Fencing 0

Vinyl Siding/Trim/Box 71,500 71,500

Gutters/Shutters 16,600 16,600

Insulation 9,000 9,000

Drywall 4,800 4,800

Interior Doors 4,500 4,500

Int. & Final/Stair/Trim/Shelves 0

Cabinets & Tops 30,000 30,000

Painting 27,100 27,100

Marble - Tub/Shwr/Tops 0

Plumbing 32,300 32,300

Electrical 18,600 18,600

Heating/Air Conditioning 90,000 90,000

Floor Covering and Underlayment 57,000 57,000

Wall Paper 0

Mailboxes/Special Features/Signage 0

Gypcrete 0

Blinds/Shades/Art Work 4,000 4,000

Light Fixtures/Fans 0

Sprinkler System 2,500 2,500

Security Alarm 0

Hardwood Floors 0

Elevator 0

Ceramic Tiles 8,000 8,000

Acoustical Ceilings 0




27/34

Remarks:

Mirror/Shower Door/Encls. 0

Hardware/Bath Access. 4,800 4,800

Appliances 30,000 30,000

Playground Equipment 18,000 18,000

Interior Clean 3,100 3,100

Exterior Clean/Dumpster 24,500 24,500

Other 1 (specify in Remarks) 0

Other 2 (specify in Remarks) 0

Total Cost 0 691,600 691,600




28/34

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 15,420

Job Site Office/Trailer Rental

Impact Fees

Office Supplies

Security/Watchman

Water and Sewer Connection Fees

Project Signage 350

Tools and Equipment

Gas, Oil, and Maintenance

Cleanup/Dumpster Rental 15,000

Temporary Water, Electric, and Telephone 4,000Storage/Hauling

Driveway Access Permit

Porta-John Rental/Dumping 2,500

Builders Risk Insurance 4,500

Re-inspection Fees

Extra Plans and Specifications

Miscellaneous, Casual Labor 6,650

Equipment Rental

Other 1 (specify in Remarks)


Total Cost 48,420




29/34

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 32,000

Demolition

Earthwork/Excavation/Aerating

Soil Treatment

Pile Foundations

Caissons

Shoring/Bracing

Site Drainage 3,000

Site Utilities/Site Lighting 5,000

Paving and Surfacing/Curb and Gutter 36,800Walkways 16,000

Site Signage

Parking Lot Painting

Dumpsite Pads/Fencing 10,000

Fencing/Gates

Landscaping/Topsoil 9,600

Waterproofing/De-Watering

Operation of Construction Equipment/Fuel/Oil

Crane Rental

Rock and Hardpan Excavation

Site Supervision Personnel

Other (specify in Remarks) 3,000

Total Cost 115,400

Other is cost to snake drainage systems




30/34

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




31/34

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




32/34

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.




33/34




34/34

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.


gregory oaks

Documents