maple ridge 3 app

Upload: ryan-sloan

Post on 07-Apr-2018

234 views

Category:

Documents


0 download

TRANSCRIPT

  • 8/6/2019 Maple Ridge 3 App

    1/29

    rint - APP08-0017

    Print Preview - FinalApplicationTax Credits, RPP Loans, and/or Tax Exempt Bond Loans

    roject Description

    oject Name: Maple Ridge Apartments - Phase 3

    dress: Bone Creek Drive

    ty: Fayetteville County: Cumberland Zip:

    ensus Tract: 3306 Block Group: 3306002

    project in Qualified Census Tract or Difficult to Develop Area? No

    olitical Jurisdiction: City of Fayetteville

    risdiction CEO Name:First:Anthony Last:Chavonne

    Title: Mayor

    risdiction Address: 433 Hay Street

    risdiction City: Fayetteville Zip:

    risdiction Phone:

    e Latitude:

    e Longitude:

    oject Type: New Construction

    this project a previously awarded tax credit development? No

    If yes, what is the project number: Is this a request for supplementalcredits?

    w Construction/Adaptive Reuse:his project a follow-on (Phase II, etc) to a previously-awarded tax credit development project? Yes

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

    ehab:

    umber of residents holding Section 8uchers:

    l the project meet Energy Star standards as defined in Appendix B? Yes

    es a community revitalization plan exist? No

    ll the project use steel and concrete construction and have at least 4 stories? No

    ll the project include a Community Service Facility under IRS Revenue Ruling 2003-77?o

    ttps://www.nchfa.org/Rental/RTCApp/(S(5o2lfeyb...A53E35F43&SNID=2BDAAB1552CE416C856ABE166A2B42EF (1 of 29)9/15/2008 3:52:34 PM

    28314

    28301

    (910)433-1992

    35.065

    -79.404

  • 8/6/2019 Maple Ridge 3 App

    2/29

    rint - APP08-0017

    If yes, please describe:

    rget Population:Family

    ll the project be receiving project based federal rental assistance? No

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

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

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

    Number of Units:

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

    Number of Units:

    Remarks: Four (4) mobility impaired handicap units planned to meet the QAP and an additional four (4) units plannedfor a total of eight (8) units (10% of the units). In addition, another two (2) units will be provided with Audio/Visual design elements to assist residents with hearing and sight impairments.

    ttps://www.nchfa.org/Rental/RTCApp/(S(5o2lfeyb...A53E35F43&SNID=2BDAAB1552CE416C856ABE166A2B42EF (2 of 29)9/15/2008 3:52:34 PM

    4

    8

  • 8/6/2019 Maple Ridge 3 App

    3/29

    rint - APP08-0017

    pplicant Information

    icate below an individual or a validly existing entity (a corporation, nonprofit, limited partnership or LLC) as the official applicant. UndeP Section III(C)(5) only this individual or entity will be able to make decisions with regard to this application. If awarded the applicant

    come part of the ownership entity. The applicant will execute the signature page for this application.

    pplicant Name: SNW, LLP

    dress: 972 Trinity Road

    ty: Raleigh State: NC Zip:

    ontact: First: Stephanie Last:Norris Title:Partner

    lephone:

    Phone:

    x:

    mail Address:

    OTE: Email Address above will be used for communication between NCHFA and Applicant.

    ttps://www.nchfa.org/Rental/RTCApp/(S(5o2lfeyb...A53E35F43&SNID=2BDAAB1552CE416C856ABE166A2B42EF (3 of 29)9/15/2008 3:52:34 PM

    27607

    (919)854-7990

    (919)669-1079

    (919)854-7925

    [email protected]

  • 8/6/2019 Maple Ridge 3 App

    4/29

    rint - APP08-0017

    te Description

    al Site Acreage: Total Buildable Acreage:

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

    The eastern portion of the site is adjacent to Bone Creek, which is buffered by wetlands and floodplain.Approximately 0.2 acres of the site are located within the wetland and floodplain. However, the buildings arenot located within the wetlands or floodplain. Please see the enclosed Preliminary Plans for the Site Planand floodplain location.

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

    Storm Sewer Water Sanitary Sewer Electric

    he demolition of any buildings required or planned? No

    If yes, please describe:

    e existing buildings on the site currently occupied? No

    If yes:(a) Briefly describe the situation:

    (b) Will tenant displacement be temporary?(c) Will tenant displacement be permanent?

    he site directly accessed by an existing, paved, publicly maintained road? Yes

    If no, please explain:

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

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

    Approximately 0.2 acres of the site are located in the floodplain. No buildings are located within the flood

    ttps://www.nchfa.org/Rental/RTCApp/(S(5o2lfeyb...A53E35F43&SNID=2BDAAB1552CE416C856ABE166A2B42EF (4 of 29)9/15/2008 3:52:34 PM

    8.70 8.50

  • 8/6/2019 Maple Ridge 3 App

    5/29

    rint - APP08-0017

    plain area.

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

    No improvements are within the flood plain.

    ttps://www.nchfa.org/Rental/RTCApp/(S(5o2lfeyb...A53E35F43&SNID=2BDAAB1552CE416C856ABE166A2B42EF (5 of 29)9/15/2008 3:52:34 PM

  • 8/6/2019 Maple Ridge 3 App

    6/29

    rint - APP08-0017

    te Control

    es the owner have fee simple ownership of the property (site/buildings)?No

    If yes provide:

    Purchase Date: Purchase Price:

    If no:(a) Does the owner/principal or ownership entity have valid 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 fopurchase of the property and the seller of the property?YesIf yes, specify the relationship:

    Current property owner, Oscar Norris, is a principal of Norris Asset Management Trust and a partner inSNW, LLP

    (c) Enter the current expiration date of the option/contract to purchase:

    (D) Enter Purchase Price:

    ttps://www.nchfa.org/Rental/RTCApp/(S(5o2lfeyb...A53E35F43&SNID=2BDAAB1552CE416C856ABE166A2B42EF (6 of 29)9/15/2008 3:52:34 PM

    3/15/2009

    566,500

  • 8/6/2019 Maple Ridge 3 App

    7/29

    rint - APP08-0017

    oning

    esent zoning classification of the site:R-6 Residential

    multifamily use permitted?Yes

    e variances, special or conditional use permits or any other item requiring a public hearing needed to develop this proposal?No

    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 obta

    them:

    e there any existing conditions of historical significance located on the project site that will require State Historic Preservation office re

    If yes, describe below:

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

    If yes, describe below:

    Wetlands are located along the creek on the east side of the property. A minimal amount of wetland

    disturbance is needed for access. The amount of disturbance proposed is within the permittable limits of theUS Army Corp of Engineers and NCDENR Division of Water Quality.

    ttps://www.nchfa.org/Rental/RTCApp/(S(5o2lfeyb...A53E35F43&SNID=2BDAAB1552CE416C856ABE166A2B42EF (7 of 29)9/15/2008 3:52:34 PM

  • 8/6/2019 Maple Ridge 3 App

    8/29

    rint - APP08-0017

    wnership Entity

    wner Name: Maple Ridge Apartments Phase 3, LLC

    dress: 972 Trinity Road

    y: Raleigh State:NC Zip:

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

    ote: Do not submit social security numbers for individuals.

    tity Type: Limited Liability Company

    tity Status: To Be Formed

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

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

    st all general partners, members,and principals. Specify nonprofit corporate general partners or members.ck [Add] to add additional partners, members, and principals.

    Org: SNW, LLP

    st Name: Oscar Last Name: Norris Function: Managing Memberdress: P.O. Box 1249

    ty: Carolina Beach State: NC Zip: 28428

    one: Fax:

    Mail: Nonprofit: No

    Org: SNW,LLP

    st Name: Stephanie Last Name: Norris Function: Member

    dress: 972 Trinity Road

    ty: Raleigh State: NC Zip: 27607

    one: Fax:

    Mail: Nonprofit: No

    Org: SNW, LLP

    st Name: Joan Last Name: Norris Function: Member

    dress: P.O. Box 1249

    ty: Carolina Beach State: NC Zip: 28428

    one: Fax:

    Mail: Nonprofit: No

    ttps://www.nchfa.org/Rental/RTCApp/(S(5o2lfeyb...A53E35F43&SNID=2BDAAB1552CE416C856ABE166A2B42EF (8 of 29)9/15/2008 3:52:34 PM

    27607

    (910)458-7178 (800)852-3707

    [email protected]

    (919)854-7990 (919)854-7925

    [email protected]

    (910)458-7178 (800)852-3707

    [email protected]

  • 8/6/2019 Maple Ridge 3 App

    9/29

  • 8/6/2019 Maple Ridge 3 App

    10/29

    rint - APP08-0017

    oject Includes:Separate community building - Sq. Ft. (Floor Area):

    Community space within residential bulding(s) - Sq. Ft. (Floor Area):

    Elevators - Number of Elevators:

    uare Footage Information

    oss Floor Square Footage:

    tal Net Sq. Ft. (All Heated Areas):

    tes

    Please refer to the Income Limits and Maximum Housing Expense Table to ensure that Total Monthly Tenant Expenses for low inc

    units are within established thresholds.

    ttps://www.nchfa.org/Rental/RTCApp/(S(5o2lfeyb...A53E35F43&SNID=2BDAAB1552CE416C856ABE166A2B42EF (10 of 29)9/15/2008 3:52:34 PM

    1,383

    89,489

    74,843

    http://www.nchfa.com/lib/html/rental/Median%20Income%20Charts/income_limits.htmhttp://www.nchfa.com/lib/html/rental/Median%20Income%20Charts/income_limits.htm
  • 8/6/2019 Maple Ridge 3 App

    11/29

    rint - APP08-0017

    argeting

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

    BRs Units %

    targeted at percent of median income affordable to/occupied by

    targeted at percent of median income affordable to/occupied by

    targeted at percent of median income affordable to/occupied by

    targeted at percent of median income affordable to/occupied by

    targeted at percent of median income affordable to

    targeted at percent of median income affordable to/occupied by

    targeted at percent of median income affordable to/occupied by

    tal Low Income Units:

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

    ttps://www.nchfa.org/Rental/RTCApp/(S(5o2lfeyb...A53E35F43&SNID=2BDAAB1552CE416C856ABE166A2B42EF (11 of 29)9/15/2008 3:52:34 PM

    4 40

    16 40

    6 50

    7 50

    7 50

    10 60

    30 60

    80

  • 8/6/2019 Maple Ridge 3 App

    12/29

    rint - APP08-0017

    unding Sources

    Source AmountNon-

    Amortizing*Rate(%)

    Term(Years)

    Amort.Period(Years)

    AnnualDebt

    Service

    Bank Loan

    RPP Loan

    Local Gov. Loan - Specify:City of Fayetteville

    RD 515 Loan

    RD 538 Loan - Specify:

    AHP Loan

    Other Loan 1 - Specify:

    Other Loan 2 - Specify:

    Other Loan 3 - Specify:

    Tax Exempt Bonds

    State Tax Credit(Loan)

    State Tax Credit(Direct Refund)

    Equity: Federal LIHTC

    Non-Repayable Grant

    Equity: Historic Tax Credits

    Deferred Developer Fees

    Owner Investment

    Other - Specify:

    Total Sources**

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

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

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

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

    e funds for the Bank Loan will be provided by CICCAR (see Letter of Intent included). The City of

    ttps://www.nchfa.org/Rental/RTCApp/(S(5o2lfeyb...A53E35F43&SNID=2BDAAB1552CE416C856ABE166A2B42EF (12 of 29)9/15/2008 3:52:34 PM

    327,685 6.25 30 30 24,211

    800,000

    2.00 20 20

    400,000 2.00 20 20

    0

    0

    0

    0

    0

    0

    0

    1,524,473 0 30 30 0

    0

    5,377,041

    0

    0

    133,665

    0

    8,562,864

    83

  • 8/6/2019 Maple Ridge 3 App

    13/29

    rint - APP08-0017

    yetteville has approved a request for the amount indicated (see Conditional Commitment Lettercluded). Raymond James Tax Credit Funds has provided a Letter of Interest regarding the federalx credit equity pricing.

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

    PP Loan

    ear:mt:

    1 2 3 4 5 6 7 8 9 10

    ear:mt:

    11 12 13 14 15 16 17 18 19 20

    ocal Gov. Loan - City of Fayetteville

    ear:mt:

    1 2 3 4 5 6 7 8 9 10

    ear:mt:

    11 12 13 14 15 16 17 18 19 20

    ttps://www.nchfa.org/Rental/RTCApp/(S(5o2lfeyb...A53E35F43&SNID=2BDAAB1552CE416C856ABE166A2B42EF (13 of 29)9/15/2008 3:52:34 PM

    35280 35031 34703 34291 33789 33191 32492 31684 30761 29717

    28543 27232 25775 24165 22391 20445 18316 15995 13469 10729

    17637 17513 17349 17143 16892 16593 16243 15840 15378 14856

    14269 13614 12886 12080 11194 10221 9157 7996 6734 5364

  • 8/6/2019 Maple Ridge 3 App

    14/29

  • 8/6/2019 Maple Ridge 3 App

    15/29

  • 8/6/2019 Maple Ridge 3 App

    16/29

    rint - APP08-0017

    60 Tax Credit Rate

    61 Federal Tax Credits at Estimated Rate

    62 Federal Tax Credits at 9.00% or 3.75% (maximum $1,000,000)

    63 Federal Tax Credits Requested

    64 Land Cost

    65 TOTAL REPLACEMENT COST

    FEDERAL TAX CREDITS IF AWARDED

    Comments:

    Item #19-Water, Sewer and Impact Fees are not applicable. See letter attached from City of FayettevillePublic Works Department provided with the Preliminary Application.

    Total Replacement Cost per unit:79,547

    ttps://www.nchfa.org/Rental/RTCApp/(S(5o2lfeyb...A53E35F43&SNID=2BDAAB1552CE416C856ABE166A2B42EF (16 of 29)9/15/2008 3:52:34 PM

    3.40 8.50

    647,901 0 647,901

    686,013 0 686,013

    686,013 686,013

    566,500

    8,562,864

    686,013

  • 8/6/2019 Maple Ridge 3 App

    17/29

    rint - APP08-0017

    arket Study Information

    ase provide a detailed description of the proposed project:

    onstruction of 80 apartments for families consisting of 20 one-bedroom units and 60 two-bedroom units.units will be affordable to families earning incomes equal or less than 40% AMI. A copy of the

    eliminary Market Study prepared by John Wall & Associates was provided with the Preliminarypplication.

    nstruction (check all that apply):

    Brick Vinyl Wood HardiPlank Balconies/Patios Sunrooms Front Porches

    Front Gables or Dormers Wide Banding or Vertical/Horizontal Siding

    Other:

    Attractive/pleasing coordination of all exterior and interior colors designed to complement the building styleand neighborhood.

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

    If yes, please provide name and address:

    Hampton Place Apts, Whiteville, NCRaintree Apts, Rose Hill, NCMaple Ridge Apts, Fayetteville, NCWaterbrook Apartments, Raleigh, NC

    e Amenities:

    ayground, Picnic Area with Grills, Sitting Areas, Bike Racks, Gazebo/Arbor, Garden Plot, Reading Room/brary, Resident Computer Center, Game/Craft Area, Screened Porch in Community Area, Flag Pole,ommunity Laundry Area

    site Activities:

    ndscaping Plans:

    ttps://www.nchfa.org/Rental/RTCApp/(S(5o2lfeyb...A53E35F43&SNID=2BDAAB1552CE416C856ABE166A2B42EF (17 of 29)9/15/2008 3:52:34 PM

  • 8/6/2019 Maple Ridge 3 App

    18/29

    rint - APP08-0017

    e site will be landscaped with existing trees, as well as, planted trees and shrubs. A Landscape Plan iscluded in the enclosed Preliminary Plans, which illustrates the proposed plantings around each building.addition, a large portion of the existing vegetation within the wetland and floodplain will be preserved. Therimeter of the property adjacent to the existing single-family residence will include a 6' privacy fence,isting vegetation and proposed trees to establish a privacy buffer.

    erior Apartment Amenities:

    ange, Hood, Refrigeratior (frost free), Storage (interior/exterior), W/D hookups, Mini-blinds, Dishwasher,

    eiling Fans, Carpet & Vinyl flooring, Central Air, Heat Pump.

    you plan to submit additional market data (market study, etc.) that you want considered? No

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

    ttps://www.nchfa.org/Rental/RTCApp/(S(5o2lfeyb...A53E35F43&SNID=2BDAAB1552CE416C856ABE166A2B42EF (18 of 29)9/15/2008 3:52:34 PM

  • 8/6/2019 Maple Ridge 3 App

    19/29

    rint - APP08-0017

    pplicant's Site Evaluation

    efly describe your site in each of the following categories:

    EIGHBORHOOD CHARACTERISTICS

    end and direction of real estate development and area economic health. Physical condition of buildings andprovements in the immediate vicinity. Concentration of affordable housing.

    he market in Fayetteville continues to remain very stable, especially due to the federal military base

    alignment and proposed troop increase at Fort Bragg. The long term trends anticipate continued growthnd economic viability. The general area of the site has seen recent new residential and retail growth.urther growth trends are expected since this area was annexed into the City of Fayetteville. There doesot appear to be a concentration of affordable housing in the immediated area, except for Maple Ridgehase 1. The single family neighborhood adjacent to the site is well maintained and presents an attractive

    mage.

    URROUNDING LAND USES AND AMENITIES

    nd use pattern is residential in character (single and multifamily housing). Extent that the location isolated. Effect of industrial, large-scale institutional or other incompatible uses, including but not limited to:astewater treatment facilities, high traffic corridors, junkyards, prisons, landfills, large swamps, distributioncilities, frequently used railroad tracks, power transmission lines and towers, factories or similar operations,

    urces of excessive noise, and sites with environmental concerns (such as odors or pollution). Amount andaracter of vacant, undeveloped land. The land use pattern in the immediate vicinity of the site are primarilysidential uses. Within one-half mile of the site are supporting retail businesses such as grocery stores, drugores, and other retail businesses. Within one mile of the site are two elementary schools and a day care.ne of the schools, Hefner Elementary, is located within the neighborhood immediately north of the site.ere are no incompatible or offensive land uses near the site or areas of environmental concern.

    TE SUITABILITY

    equate traffic safety controls (i.e. stop lights, speed limits, turn lanes). Burden on public facilitiesarticularly roads). Access to mass transit (if applicable). Visibility of buildings and/or location of project signin relation to traffic corridors. The development is located at the end of Bone Creek Drive, a City

    aintained public street. Cliffdale Road, the main arterial street serving the area, has been widened andproved. Visibility of the proposed site is good as it is adjacent to the existing Maple Ridge Apts, Phase 1,

    e.egree of on-site negative features and physical barriers that will impede project construction or adverselyect future tenants; for example: power transmission lines and towers, flood hazards, steep slopes, largeulders, ravines, year-round streams, wetlands, and other similar features (for adaptive re-use projects-itability for residential use and difficulties posed by the building(s), such as limited parking, environmentaloblems or the need for excessive demolition).

    here are no negative features that will impact the development and long term viability of the project. Thexisting topography will be graded to a finish grade acceptable for the design of the buildings, roadway,dewalks and general use of the site. Wetlands adjacent to the site will only be disturbed enough to installe proposed drive. The wetlands and floodplain will provide a vegetative buffer from other developments.

    milarity of scale and aesthetics/architecture between project and surroundings.

    he proposed development will continue the scale and aesthetics initiated with Maple Ridge Phase 1. The 2-ory design will be consistent with the single family homes in the adjacent neighborhood which containsne and two story homes. The design, style and materials used in conjunction with appropiate landscapingll enhance the area and contribute to the appeal of the neighborhood.

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

    ttps://www.nchfa.org/Rental/RTCApp/(S(5o2lfeyb...A53E35F43&SNID=2BDAAB1552CE416C856ABE166A2B42EF (19 of 29)9/15/2008 3:52:34 PM

  • 8/6/2019 Maple Ridge 3 App

    20/29

    rint - APP08-0017

    Grocery StoreCommunity/Senior

    Center

    Mall/Strip Center Hospital

    Outdoor Athletic Fields Pharmacy

    Day Care/After School Basic Health Care

    Schools

    Public Transportation

    op

    Convenience Store

    Public Parks

    Gas Station

    Library

    her facilities or services:

    ost Office 3.0; Video Rental 0.6; Professional Services 1.1; Restaurants 0.6; Bank or Credit Union 2.1

    ttps://www.nchfa.org/Rental/RTCApp/(S(5o2lfeyb...A53E35F43&SNID=2BDAAB1552CE416C856ABE166A2B42EF (20 of 29)9/15/2008 3:52:34 PM

    63.0

    6

    1 1.6

    6

    9

    6

    1

    6

    1

  • 8/6/2019 Maple Ridge 3 App

    21/29

    rint - APP08-0017

    evelopment Team

    ovide contact information for development team members below:

    nagement Agent

    ompany: Norco Management Co., Inc.

    dress: PO Box 15025

    ty: Wilmington State: NC Zip:

    one Email:

    ontact Name: First: Joan Last: Norris

    chitect

    ompany: Martin Riley Associates - Architects,PC

    dress: 215 Church St., Suite 200

    ty: Decatur State: GA Zip:

    one Email:

    ontact Name: First: Jackie Last: Martin

    orney

    ompany: Smith Moore Law

    dress: 2800 Two Hannover Square

    ty: Raleigh State: NC Zip:

    one Email:

    ontact Name: First: Matt Last: Cunningham

    estor

    ompany: Raymond James Tax Credit Funds, Inc.

    dress: 880 Carillon Parkway

    ty: St. Petersburg State: FL Zip:

    one Email:

    ontact Name: First: Craig Last: Descalzi

    nsultant/Application Preparer (if different from developer)

    ompany: TLW Corporation

    dress: PO Box 292

    ty: Lillington State: NC Zip:

    one Email:

    ontact Name: First: Terry Last: Wade

    ttps://www.nchfa.org/Rental/RTCApp/(S(5o2lfeyb...A53E35F43&SNID=2BDAAB1552CE416C856ABE166A2B42EF (21 of 29)9/15/2008 3:52:34 PM

    28408

    (910)791-3294 [email protected]

    30030-3329

    (404)373-2800 [email protected]

    27601

    (919)755-8703 Matt.Cunningham@smithmoorela

    33716

    (800)438-8088 Craig.Descalzi@RaymondJames.

    27546

    (910)893-9227 [email protected]

  • 8/6/2019 Maple Ridge 3 App

    22/29

    rint - APP08-0017

    neral Contractor Identity of Interest?

    ompany: N&F Investors Inc.

    dress: 301 Beau Rivage Promenade

    ty: Wilmington State: NC Zip:

    one Email:

    ontact Name: First: Kenneth Last: Norris

    ttps://www.nchfa.org/Rental/RTCApp/(S(5o2lfeyb...A53E35F43&SNID=2BDAAB1552CE416C856ABE166A2B42EF (22 of 29)9/15/2008 3:52:34 PM

    28412

    (910)395-1113 [email protected]

  • 8/6/2019 Maple Ridge 3 App

    23/29

    rint - APP08-0017

    rojected Operating Costs

    Project Operations (Year One)

    Administrative Expenses

    Advertising

    Office Salaries

    Office Supplies

    Office or Model Apartment Rent

    Management Fee

    Manager or Superintendent Salaries

    Manager or Superintendent Rent Free Unit

    Legal Expenses (Project)

    Auditing Expenses (Project)

    Bookkeeping Fees/Accounting Services

    Telephone and Answering Service

    Bad Debts

    Other Administrative Expenses (specify):

    SUBTOTAL

    Utilities Expense

    Fuel Oil

    Electricity (Light and Misc. Power)

    Water

    Gas

    Sewer

    SUBTOTAL

    Operating and Maintenance Expenses

    Janitor and Cleaning Payroll

    Janitor and Cleaning Supplies

    Janitor and Cleaning Contract

    Exterminating Payroll/Contract

    Exterminating Supplies

    Garbage and Trash Removal

    Security Payroll/Contract

    Grounds Payroll

    ttps://www.nchfa.org/Rental/RTCApp/(S(5o2lfeyb...A53E35F43&SNID=2BDAAB1552CE416C856ABE166A2B42EF (23 of 29)9/15/2008 3:52:34 PM

    2,000

    0

    2,800

    0

    50,000

    23,000

    0

    2,000

    5,000

    0

    2,000

    0

    training2,000

    88,800

    0

    8,000

    7,700

    0

    0

    15,700

    4,100

    3,700

    0

    9,500

    0

    10,600

    8,200

    0

  • 8/6/2019 Maple Ridge 3 App

    24/29

    rint - APP08-0017

    Grounds Supplies

    Grounds Contract

    Repairs Payroll

    Repairs Material

    Repairs Contract

    Elevator Maintenance/Contract

    Heating/Cooling Repairs and Maintenance

    Swimming Pool Maintenance/Contract

    Snow Removal

    Decorating Payroll/Contract

    Decorating Supplies

    Other (specify):

    Miscellaneous Operating & Maintenance Expenses

    SUBTOTAL

    Taxes and Insurance

    Real Estate Taxes

    Payroll Taxes (FICA)

    Miscellaneous Taxes, Licenses and Permits

    Property and Liability Insurance (Hazard)

    Fidelity Bond Insurance

    Workmen's Compensation

    Health Insurance and Other Employee Benefits

    Other Insurance:

    SUBTOTAL

    Supportive Service Expenses

    Service Coordinator

    Service Supplies

    Tenant Association Funds

    Other Expenses (specify):

    SUBTOTAL

    Reserves

    Replacement Reserves

    SUBTOTAL

    ttps://www.nchfa.org/Rental/RTCApp/(S(5o2lfeyb...A53E35F43&SNID=2BDAAB1552CE416C856ABE166A2B42EF (24 of 29)9/15/2008 3:52:34 PM

    5,000

    20,000

    20,000

    2,000

    5,600

    0

    2,500

    0

    0

    4,000

    2,000

    0

    0

    97,200

    65,000

    0

    0

    20,000

    800

    1,500

    0

    0

    87,300

    0

    0

    0

    0

    0

    20,000

    20,000

  • 8/6/2019 Maple Ridge 3 App

    25/29

    rint - APP08-0017

    TOTAL OPERATING EXPENSES

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

    TOTAL UNITS

    (from total units in the Unit Mix section)

    PER UNIT PER YEAR

    ttps://www.nchfa.org/Rental/RTCApp/(S(5o2lfeyb...A53E35F43&SNID=2BDAAB1552CE416C856ABE166A2B42EF (25 of 29)9/15/2008 3:52:34 PM

    309,000

    224,000

    80

    2,800

  • 8/6/2019 Maple Ridge 3 App

    26/29

  • 8/6/2019 Maple Ridge 3 App

    27/29

    rint - APP08-0017

    2. "Total Operating Expenses" comes from 1st-year cash flow, then it is escalated by 4% per year.3. "Debt Service" is the sum of "regular/amortized loan debt service + non-amortizing annual service" as entered by user from

    Funding Sources section.4. "Net Cash Flow" is "Net Rental/Other Income" minus "Total Operating Expenses" minus "Debt Service".5. "Debt Coverage Ratio" is ("Net Rental/Other Income" minus "Total Operating Expenses") divided by "Debt Service".

    ttps://www.nchfa.org/Rental/RTCApp/(S(5o2lfeyb...A53E35F43&SNID=2BDAAB1552CE416C856ABE166A2B42EF (27 of 29)9/15/2008 3:52:34 PM

  • 8/6/2019 Maple Ridge 3 App

    28/29

    rint - APP08-0017

    inimum Set-Asides

    NIMUM REQUIRED SET ASIDES (No Points Awarded):

    Select one of the following two options:

    20% of the units are rent restricted and occupied by households with incomes at or below 50% of the median income (Note: NCredit Eligible Units in the the project can exceed 50% of median income)

    40% of the units are rent restricted and occupied by households with incomes at or below 60% of the median income (Note: NCredit Eligible Units in the the project can exceed 60% of median income)

    If requesting RPP funds:40% of the units are occupied by households with incomes at or below 50% of median income.

    State Tax Credit and QAP Targeting Points: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 percent (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 comedian income.

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

    Tax Exempt BondsThreshold 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 per(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 per(40%) of county median income.

    Eligible for targeting points (select one):

    At least twenty percent (20%) of qualified units will be affordable to and occupied by households with incomes at or below fiftypercent (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 per(40%) of county median income.

    ttps://www.nchfa.org/Rental/RTCApp/(S(5o2lfeyb...A53E35F43&SNID=2BDAAB1552CE416C856ABE166A2B42EF (28 of 29)9/15/2008 3:52:34 PM

  • 8/6/2019 Maple Ridge 3 App

    29/29

    rint - APP08-0017

    ull Application Checklist

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

    A Nonprofit Organization Documentation or For-profit Corporation Documentation

    B Current Financial Statements/Principals and Owners (signed copies)

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

    D Management Agent Agreement

    E Owner and Management Experience & Management Questionnaire (Appendix C)

    F Local Government Letter or Letter from Certified Engineer or Land Surveyor Confirming Floodplain Designation with Mapshowing all flood zones (original on letterhead, no fax or photocopies)

    G Local Government Letter Confirming Zoning including any pending notices or hearings (original on letterhead, no fax orphotocopies)

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

    I Documentation from utility company or local PHA to support estimated utility costs

    J Appraisal (required for land costs greater than $15,000 and for all Adaptive Re-use and Rehab projects)

    K Site plan, floor plans and elevations for all projects. Scope of work for Adaptive Re-use and Rehab projects. (Full Size, 24inches)

    L Hazard and structural inspection and termite reports (Adaptive Re-use and Rehab projects only)

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

    N Proposed Relocation Plan including relocation budget and copies of notices. Required for all Rehabs and any projectsinvolving existing occupants of any dwell ings to be rehabbed or demolished.

    O Evidence of Permanent Loan Commitment and other sources of funds ( i.e. Equity letter, AHP, RD and local governmentfunds). For Rehabs with existing loans provide 1) copies of loan documents, 2) current loan balances from existing lenderreserve balances, 3) letter from lender that outlines assumption requirements.

    P Local Housing Authority Agreement and Project Based Rental Assistance Letter, if applicable (Sample letters provided inAppendix I). For projects with existing PBRA contracts, provide a copy of the current contract and bank statement or otherdocumentation verifying reserve balances and annual reserve contribution requirements.

    Q Statement regarding terms of Deferred Developer Fee. If a nonprofit is involved, a resolution from their board approvingdeferral of fee is required.

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