maple ridge 3 app
TRANSCRIPT
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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
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28314
28301
(910)433-1992
35.065
-79.404
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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.
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8
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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.
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27607
(919)854-7990
(919)669-1079
(919)854-7925
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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
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8.70 8.50
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plain area.
(b) Describe flood mitigation if the project will have improvements within the 100 year floodplain:
No improvements are within the flood plain.
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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:
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3/15/2009
566,500
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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.
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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
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27607
(910)458-7178 (800)852-3707
(919)854-7990 (919)854-7925
(910)458-7178 (800)852-3707
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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.
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1,383
89,489
74,843
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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.
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4 40
16 40
6 50
7 50
7 50
10 60
30 60
80
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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
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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
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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
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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
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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
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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
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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:
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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.
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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.
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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
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63.0
6
1 1.6
6
9
6
1
6
1
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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
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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]
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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
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28412
(910)395-1113 [email protected]
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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
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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
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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
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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
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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
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309,000
224,000
80
2,800
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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".
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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.
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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)