lassiter square

8/6/2019 Lassiter Square

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

Does a community revitalization plan exist?

Print Preview - Final Application

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

Project Name and Location

Project Name: Lassiter Square

Address: 306 & 310 West Decatur Street

City: Madison County: Rockingham Zip: 27025

Census Tract: 0408 Block Group: 002

No

No

Political Jurisdiction: Town of Madison

Jurisdiction CEO Name: First: Last:Kenneth Hawkins Title: Mayor

Jurisdiction Address: 120 North Market Street

Jurisdiction City: Madison Zip: 27025

Jurisdiction Phone: (336)427-0221

Site Latitude: 36.3887

Site Longitude: -79.9652

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1/14/2005https://www.nchfa.org/Rental/RTCApp/(se412j452ndh4wuwuvidze2r)/site/PrintApp.aspx?...



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

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

Will the project be receiving project based federal rental assistance?

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

Target Population: Family

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

Project Description

Project Type:* New Construction Rehab Adaptive Reuse

No

No

Mobility impaired handicapped: 5% of units comply with QAP Section IV(F)(3) (in addition to the units required by other federaland state codes.)

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

Remarks:





Applicant Information

Applicant Name: Landmark Asset Services, Inc.

Address: 406 East Fourth Street

City: State: NC Zip:Winston Salem 27101

Contact: First: Last: Title:Jim Sari V.P.

Telephone: (336)722-9871

Alt Phone: (800)809-4693

Fax: (336)722-9871

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 directly accessed by an existing, paved, publicly maintained road?

If no, please explain:

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

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

(b) Describe flood mitigation if the project will have improvements within the 100 year floodplain:

Site Description

4.3 4.3

No

No

Yes

No





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: 11/15/2004

(D) Enter Purchase Price: 300,000





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:

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-8

Yes

No

Yes

Project consists of new construction & adaptive reuse of two former school buildings. All historic

work in accordance with NPS standards.

Yes

see enclosed remediation budgets & environmental reports.





[email protected] 57-1152167





Notes

Total Net Sq. Ft. (All Heated Areas): 46,303

** 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.





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 4 targeted at 50 percent of median income.






36





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

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

Funding Sources

Source AmountNon-

Amortizing*Rate(%)

Term(Years)

Amort.Period(Years)

AnnualDebt

Service

Bank Loan

RPP LoanLocal Gov. Loan - Specify:

RD 515 Loan

RD 538 Loan - Specify:

AHP Loan 515,000 2.00 20 20 31,263

Other Loan 1 - Specify:



Tax Exempt Bonds

State Tax Credit(Loan) 1,012,603 0 30 30 0

State Tax Credit(Direct Refund)

Equity: Federal LIHTC 2,135,703

Non-Repayable Grant

Equity: Historic Tax Credits 549,107

Deferred Developer Fees 102,012

Owner Investment

Other - Specify:

Total Sources** 4,314,425

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

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

80





Development Costs

Item Cost Element TOTAL COSTEligible Basis

30% PV 70% PV

1 Purchase of Buildings (Rehab) 85,000 85,000

2 Demolition 100,000 100,000

3 On-site Improvements 150,000 143,000

4 Rehabilitation 1,116,020 1,005,620

5 Construction of New Building(s) 1,167,700 1,167,700

6 Accessory Building(s)

7 General Requirements 145,900 138,900

8 Contractor Overhead 51,460 48,900

9 Contractor Profit 154,600 147,000

10 Construction Contingency 173,141 164,484

11 Architect's Fee - Design 57,600 57,600

12 Architect's Fee - Inspection 14,400 14,400

SUBTOTAL (lines 1 through 12) 3,215,821

13 Construction Insurance (prorate)

14 Construction Loan Orig. Fee (prorate) 30,000 30,000

15 Construction Loan Interest (prorate) 100,000 100,000

16 Construction Loan Credit Enhancement (prorate) 30,000 30,000

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

18 Water, Sewer and Impact Fees 2,500 2,500

19 Survey 8,000 8,000

20 Property Appraisal 8,000 8,000

21 Environmental Report 8,000 8,000

22 Market Study 5,040 5,040

23 Soils report

24 Cost of Issuance

25 Placement Fee

26 Permanent Loan Origination Fee

27 Permanent Loan Credit Enhancement

28 Title and Recording 5,000

SUBTOTAL (lines 13 through 28) 201,540

29 Real Estate Attorney 25,000 25,000

30 Other Attorney's Fees

31 Tax Credit App Fees 19,632 19,632

32 Cost Cert, Accting 12,000 12,000

33 Tax Opinion 5,000

34 Organizational (Partnership) 5,000

35 Tax Credit Monitoring Fee 18,900


36 Furnishings and Equipment 30,000 30,000

37 Relocation Expenses

38 Developer's Fee (max 15% lines 2-36, less 8 & 9) 486,400 458,850

39 Other Basis Expense (specify)

40 Other Basis Expense (specify)

41 Rent-up Expenses

42 Building Acquisiton Fee

43 Other Non-basis Expense (specify)


44 Rent up Reserve 10,800





Comments:

45 Operating Reserve 69,332

46 Other Reserve (specify)

47 Other Reserve (specify)

48 DEVELOPMENT COST (lines 1-47) 4,099,425 85,000 3,729,626

49 Less Federal Financing 85,000

50 Less Disproportionate Standard

51 Less Nonqualified Nonrecourse Financing

52 Less Historic Tax Credit (residential) 354,284 354,284

53 TOTAL ELIGIBLE BASIS 3,375,342 0 3,375,342

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

55 Basis Before Boost 3,375,342 0 3,375,342

56 Boost for QCT/DDA (if applicable, enter 130%) 100.00% 100.00%

57 TOTAL QUALIFIED BASIS 3,375,342 0 3,375,342

58 Tax Credit Rate 0.00% 7.91%

59 Federal Tax Credits at Estimated Rate 266,989 0 266,989

60 Federal Tax Credits at 8.5% or 3.75% 286,904 0 286,904

61 Federal Tax Credits Requested 278,505 0 278,505

62 Land Cost 215,000

63 TOTAL REPLACEMENT COST 4,314,425

Amount on line 49 is to offset acquisition basis; project not eligible for acquisition credits





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 provides badly needed affordable housing in one of the poorer markets in the state. Thisdevelopment is fronted by the legal, medical complex on Decatur Street. The public safety office isbehind this site. Madison and Mayodan are contingous comunities behind the Winn Dixie and Kmartcenters; the major retail center for both communities. This center is less than .5 miles from the site.

This development is comprised of the adaptive reuse of two former school system buildings totaling15 units and 24 units of new 2 & 3 bedroom apartments. The development will provide New Yorkstyle loft apartments in the historical buildings with modern apartments in the new constructioncomponent.

Yes

See our website at www.landmarkdevelopment.biz

Community Bldg - Sq Ft: 1,400 Community Room - Sq Ft: 800 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

CAHEC sponsored with their myriad of services provided.

Landscaping will be compatible with market rate apartments in the triad.





Interior Apartment Amenities (check all that apply):

Flooring: Carpet Vinyl Wood Wood Parquet Ceramic Tile Other

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

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

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

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

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

No





Briefly describe your site in each of the following categories:

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

Applicant's Site Evaluation

NEIGHBORHOOD CHARACTERISTICS

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

affordable housing.This is a transitional neighborhood between established single family and older multi-family housing.The neighborhood is in a good state of repair and is attractive.

Suitability of surrounding development. Land use pattern is primarily residential (single andmultifamily housing) with a balance of other uses (particularly retail and amenities). Amount andcharacter of vacant, undeveloped land. Effect of industrial, large-scale institutional or otherincompatible uses: wastewater treatment facilities, high traffic corridors, junkyards, prisions, landfills,large swamps, distribution facilities, frequently used railroad tracks, power transmission lines andtowers, factories or similar operations, sources of excessive noise, and sites with environmentalconcerns (such as odors or pollution).

There are no incompatible uses in the area. The site is between a residential neighborhood andresidential services.

SITE SUITABILITY

Adequacy of street(s) and/or access road(s) serving the proposed project and traffic controls (lights,stop signs, turning lanes). Access to mass transit (if applicable).The site is between two rural development sites. The rehablilitation of the older units will ingress andregress on Decatur Street across from the Police Department. There are no traffic issues. No masstransit available in Madison.

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.There are no negative site features for this development . The older building is on a level site thathas serviced this community for over 50 years. The new construction is on the samelevel site withadequate drainage.

Similarity of scale and aesthetics/architecture between project and surroundings.The existing buildings have fit in the community for over 50 years. The new construction will becomplimentary to the exisiting ones in accordance with the National Park Service guidelines.





Other facilities or services:

Grocery Store.5 Community/Senior Center.2

Mall/Strip Center.5 Hospital1

Outdoor Athletic Fields Pharmacy.5

Day Care/After School.3 Basic Health Care.1

Schools.5 Medical Offices.1

Public Transportation Stop Bank/Credit Union.3

Convenience Store.5 Restaurants.3

Basketball/Tennis Courts Professional Services.3

Public Parks.5 Movie Theater

Gas Station.5 Video Rental.5

Library.5 Public Safety (Fire/Police).1

Fitness/Nature Trails Post Office.3

Public Swimming Pools

The City Municipal building is .3 miles form the site. The police and fire departments are behind the

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: 9 6

Units: 320 113

North Carolina Other States

Projects: 12 13

Units: 462 380

No

No

No

No

No





Financing Commitments

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

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

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

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

Is any portion of the eligible basis of new contruction or rehabilitation financed with federal subsidies other than CDBG funds or fundsfrom the HOME program? 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 600

Office Salaries

Office Supplies 900

Office or Model Apartment Rent

Management Fee 17,280

Manager or Superintendent Salaries 9,100

Manager or Superintendent Rent Free Unit

Legal Expenses (Project) 300

Auditing Expenses (Project) 3,200

Bookkeeping Fees/Accounting Services 2,400

Telephone and Answering Service 1,800

Bad Debts 4,000

Other Administrative Expenses (specify):

SUBTOTAL 39,580

Utilities ExpenseFuel Oil

Electricity (Light and Misc. Power) 6,756

Water 4,000

Gas

Sewer 4,000

SUBTOTAL 14,756

Operating and Maintenance Expenses

Janitor and Cleaning Payroll 1,200

Janitor and Cleaning Supplies

Janitor and Cleaning Contract

Exterminating Payroll/Contract 864

Exterminating Supplies

Garbage and Trash Removal 1,200

Security Payroll/Contract

Grounds Payroll

Grounds Supplies 1,000

Grounds Contract 2,000

Repairs Payroll 6,000

Repairs Material 2,000

Repairs Contract 2,000

Elevator Maintenance/Contract

Heating/Cooling Repairs and Maintenance 600

Swimming Pool Maintenance/Contract

Snow Removal 600

Decorating Payroll/Contract 2,000

Decorating Supplies 600

Other (specify):

Miscellaneous Operating & Maintenance Expenses 900

SUBTOTAL 20,964

Taxes and Insurance

Real Estate Taxes 9,000

Payroll Taxes (FICA) 2,400

Miscellaneous Taxes, Licenses and Permits 600





Property and Liability Insurance (Hazard) 7,000

Fidelity Bond Insurance 100

Workmen's Compensation 1,000

Health Insurance and Other Employee Benefits

Other Insurance:

SUBTOTAL 20,100

Supportive Service Expenses

Service Coordinator 1,200

Service Supplies 600

Tenant Association Funds

Other Expenses (specify):

SUBTOTAL 1,800

Reserves

Replacement Reserves 10,200

SUBTOTAL 10,200

TOTAL OPERATING EXPENSES 107,400

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

86,400

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

PER UNIT PER YEAR 2,400





Design Features

ITEM DESCRIPTION

Foundation/Slab Components concrete/masonry

Primary Windows Make: Model:vinyl/new Type/Construction: existing refurbished wood

Exterior Doors Type: Frames:metal wood

Siding Type: Grade/Thickness:hardipanel 1/2"

Warranty: brick on existing buildings and 40% on new construction

Exterior Trim wood

ShinglesType: Weight:

architectural/anti-fungal 225

Warranty: 25 years - epdm on existing - 20 years

Sprinkler System none

Cabinets wood with vinyl

Heat Pump SEER: Make:12 goodman

Model: cple

Air Conditioner SEER: Make:12 goodman

Model: cple

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 10,000 10,000 20,000

Backfill-slab, Crawl 5,000 5,000 10,000

Slab-concrete/Rebar/Gravel 20,000 20,000 40,000

Waterproofing 5,000 5,000 10,000

Masonry Foundation 5,000 5,000 10,000

Brick Veneer 35,000 35,000 70,000

Steel/Structure/Rails 3,000 7,000 10,000

Framing/Lumber/Nails 90,000 90,000 180,000

Trusses 20,000 40,000 60,000

Crane Rental 0

Windows/Grilles/Screen 30,000 20,000 50,000Exterior Doors 5,000 15,000 20,000

Roofing 60,000 60,000 120,000

Fencing 2,000 1,720 3,720

Vinyl Siding/Trim/Box 30,000 30,000 60,000

Gutters/Shutters 5,000 15,000 20,000

Insulation 30,000 30,000 60,000

Drywall 110,000 110,000 220,000

Interior Doors 15,000 15,000 30,000

Int. & Final/Stair/Trim/Shelves 40,000 40,000 80,000

Cabinets & Tops 10,000 40,000 50,000

Painting 40,000 40,000 80,000

Marble - Tub/Shwr/Tops 0

Plumbing 120,000 120,000 240,000

Electrical 135,000 135,000 270,000

Heating/Air Conditioning 110,000 110,000 220,000

Floor Covering and Underlayment 20,000 60,000 80,000

Wall Paper 0

Mailboxes/Special Features/Signage 2,000 8,000 10,000

Gypcrete 10,000 10,000 20,000

Blinds/Shades/Art Work 2,000 8,000 10,000

Light Fixtures/Fans 5,000 15,000 20,000

Sprinkler System 0

Security Alarm 0

Hardwood Floors 30,000 10,000 40,000

Elevator 0

Ceramic Tiles 0

Acoustical Ceilings 0





Remarks:

Mirror/Shower Door/Encls. 0

Hardware/Bath Access. 10,000 20,000 30,000

Appliances 2,000 38,000 40,000

Playground Equipment 0

Interior Clean 8,000 2,000 10,000

Exterior Clean/Dumpster Rental 5,000 5,000 10,000

Other 1 (specify in Remarks) 50,000 30,000 80,000

Other 2 (specify in Remarks) 0

Total Cost 1,079,000 1,204,720 2,283,720

other 1 - demolition in existing buildings





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 90,000

Job Site Office/Trailer Rental 12,000

Office Supplies 4,000

Security/Watchman

Project Signage 2,000

Tools and Equipment 1,000

Gas, Oil, and Maintenance 4,000

Temporary Water, Electric, and Telephone 15,000

Storage/Hauling 4,000

Driveway Access Permit 2,000

Porta-John Rental/Dumping 4,000Builders Risk Insurance 7,000

Re-inspection Fees

Extra Plans and Specifications 900

Miscellaneous, Casual Labor

Equipment Rental

Other 1 (specify in Remarks)


Total Cost 145,900





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 Explorat ion/Perk Testing/Site Engineering 5,000

Clearing/Grading/Final Grading/Excess and Borrow 30,000

Demolition

Earthwork/Excavation/Aerating

Soil Treatment

Pile Foundations

Caissons

Shoring/Bracing

Site Drainage

Site Utilities/Site Lighting 40,000

Paving and Surfacing/Curb and Gutter 40,000Walkways 10,000

Site Signage

Parking Lot Painting

Dumpster Pads/Fencing

Fencing/Gates

Landscaping/Topsoil 25,000

Rock and Hardpan Excavation

Site Supervision Personnel

Other (specify in Remarks)

Total Cost 150,000





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





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

Issuer's Fee

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


Total Cost 0





MINIMUM REQUIRED SET ASIDES (No Points Awarded):

Minimum Set-Asides

Select one of the following two options:

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

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

If requesting RPP funds:

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

State Tax Credit and QAP Targeting Points:

Low Income County:

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

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

Tax Exempt Bonds

Threshold requirement (select one):

At least ten percent (10%) of qualified units will be affordable to and occupied by households with incomes at or below fifty percent(50%) of county median income.

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

Eligible for mortgage subsidy points (select one):

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

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





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

Full Application Checklist

A Nonprofit Organization Documentation or For-profit Corporation Documentation

B Current Financial Statements/Principals and Owners

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

D Management Agent Agreement

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

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

G Completed IRS Form 8821 (Appendix I)

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

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

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

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

L Site plan, floor plans and elevations

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

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

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

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

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

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

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

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

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

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

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

X Documentation to support estimated utility costs.


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