rowan pointe

8/6/2019 Rowan Pointe

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Is project in Qualified Census Tract or Difficult to Develop Area?

New Construction/Adaptive Reuse:

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 meet Energy Star standards as defined in Appendix B?

Does a community revitalization plan exist?

Target Population: Family

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:

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

Print Preview - Full Application

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

Project Description

Project Name: Rowan Pointe

Address: Willhaven Drive (between N. Mocksville & Boxwood Village Drive)

City: Mocksville County: Davie Zip: 27028

Census Tract: 806 Block Group: 1

No

Political Jurisdiction: Town of Mocksville

Jurisdiction CEO Name: First: Last:Francis Slate Title: MayorJurisdiction Address: 171 Clement Street

Jurisdiction City: Mocksville Zip: 27028

Jurisdiction Phone: (336)751-2259

Site Latitude: 35.5417

Site Longitude: -80.3453

Project Type: New Construction

No

Rehab:

Is this project a previously awarded tax credit development?

If yes, what year were credits awarded?:

Number of residents holding Section 8 vouchers:

No

No

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

Will the project include a Community Service Facility under IRS Revenue Ruling 2003-77? No

If yes, please describe:

No

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


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Number of Units: 3

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

Number of Units: 6

Remarks: The project intends to serve persons with disabilities.


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Indicate below an individual or a validly existing entity (a corporation, nonprofit, limited partnership or LLC) as the official applicant. UnderQAP Section III(C)(5) only this individual or entity will be able to make decisions with regard to this application. If awarded the applicantmust become part of the ownership entity. The applicant will execute the signature page for this application.

Applicant Information

Applicant Name: Landmark Asset Services, Inc.

Address: 406 East Fourth Street

City: State: NC Zip:Winston-Salem 27101

Contact: First: Last: Title:Bill Scantland VP & Managing Member

Telephone: (336)714-8920

Alt Phone: (336)722-9871

Fax: (336)722-3603

Email Address: [email protected]

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


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Total Site Acreage: Total Buildable Acreage:

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

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

Storm Sewer Water Sanitary Sewer Electric

Is the demolition of any buildings required or planned?

If yes, please describe:

Are existing buildings on the site currently occupied?

If yes:(a) Briefly describe the situation:

(b) Will tenant displacement be temporary?

(c) Will tenant displacement be permanent?

Is the site 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

8.96 8.96

No

No

Yes

No


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Does the owner have fee simple ownership of the property (site/buildings)?

If yes provide:

Purchase Date: Purchase Price:

If no:

Site Control

No

(a) Does the owner/principal or ownership entity have 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 for

purchase of the property and the seller of the property?If yes, specify the relationship:

Yes

IOI no longer exists. Using this box for clarification. NRP Properties LLC has entered into a contractwith Carolina Palms of Mocksville, LLC to purchase the property for this development. NRPProperties LLC will assign its interest in this contract to Rowan Pointe LLC once the applicationreceives funding and the entity is formed.

(c) Enter the current expiration date of the option/contract to purchase: 8/2/2007

(D) Enter Purchase Price: 705,000


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Present zoning classification of the site:

Is multifamily 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

TND (Traditional Neighborhood Development District)

Yes

No

No

No


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Ownership Entity

Owner Name: Rowan Pointe, LLC


City: State: NC Zip:Winston-Salem 27101

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

Note: Do not submit social security numbers for individuals.

Entity Type: Limited Liability Company

Entity Status: To Be Formed

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

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

List all general partners, members,and principals. Specify nonprofit corporate general partners ormembers. Click [Add] to add additional partners, members, and principals.

Org: Landmark Asset Services, Inc.

First Name: Bill Last Name: Scantland Function: Managing Member


City: Winston-Salem State: NC Zip: 27101

Phone: (336)714-8920 Fax: (336)722-3603

EMail: devadmin@landmarkdevelopmen Nonprofit: No

Org: Sari and Company

First Name: Jim Last Name: Sari Function: Member



Phone: (336)714-8911 Fax: (336)722-3603

EMail: [email protected] Nonprofit: No

Org: Fitch Development Group, Inc.

First Name: Hollis Last Name: Fitch Function: Member



Phone: (336)714-8929 Fax: (336)722-3603

EMail: [email protected] Nonprofit: No


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Notes

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


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

Total Low Income Units:

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

Targeting

# BRs Units %

1 6 targeted at 50 percent of median income affordable to/occupied by






60


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

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

Funding Sources

Source AmountNon-

Amortizing*Rate(%)

Term(Years)

Amort.Period(Years)

AnnualDebt

Service

Bank Loan 1,860,047 7.00 30 30 148,499

RPP Loan

Local Gov. Loan - Specify:

RD 515 Loan

RD 538 Loan - Specify:

AHP Loan

Other Loan 1 - Specify:



Tax Exempt Bonds

State Tax Credit(Loan) 1,293,176 0 30 30 0

State Tax Credit(Direct Refund)

Equity: Federal LIHTC 4,415,558

Non-Repayable Grant

Equity: Historic Tax Credits

Deferred Developer Fees

Owner Investment

Other - Specify:

Total Sources** 7,568,781

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

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

94


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Development Costs

Item Cost Element TOTAL COSTEligible Basis

30% PV 70% PV

1 Purchase of Building(s) (Rehab / Adaptive Reuse only)

2 Demolition (Rehab / Adaptive Reuse only)

3 On-site Improvements 1,000,000 1,000,0004 Rehabilitation

5 Construction of New Building(s) 3,360,079 3,360,079

6 Accessory Building(s) 100,000 100,000

7 General Requirements 258,000 258,000

8 Contractor Overhead 94,500 94,500

9 Contractor Profit 283,600 283,600

10 Construction Contingency 153,100 153,100

11 Architect's Fee - Design (11 + 12 = max 3% lines 2-10) 100,000 100,000

12 Architect's Fee - Inspection 20,000 20,000

13 Engineering Costs 28,000 28,000

SUBTOTAL (lines 1 through 13) 5,397,279

14 Construction Insurance (prorate) 10,000 10,00015 Construction Loan Orig. Fee (prorate) 60,000 60,000

16 Construction Loan Interest (prorate) 250,000 175,000

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

18 Construction Period Taxes (prorate) 12,000 12,000

19 Water, Sewer and Impact Fees 9,600 9,600

20 Survey 8,000 8,000

21 Property Appraisal 6,000 6,000

22 Environmental Report 4,000 4,000

23 Market Study 4,200 4,200

24 Bond Costs

25 Bond Issuance Costs

26 Placement Fee27 Permanent Loan Origination Fee

28 Permanent Loan Credit Enhancement

29 Title and Recording 15,000

SUBTOTAL (lines 14 through 29) 408,800

30 Real Estate Attorney 30,000 30,000

31 Other Attorney's Fees 10,000 10,000

32 Tax Credit Application Fees (Preliminary and Full) 2,200

33 Tax Credit Allocation Fee (0.58% of line 59, minimum $7,500) 37,502

34 Cost Certification / Accounting Fees 7,800 7,800

35 Tax Opinion 3,000

36 Organizational (Partnership) 3,000

37 Tax Credit Monitoring Fee 33,000SUBTOTAL (lines 30 through 37) 126,502

38 Furnishings and Equipment 72,000 72,000

39 Relocation Expense

40 Developer's Fee 630,000 630,000

41 Other Basis Expense (specify)

42 Other Basis Expense (specify)

43 Rent-up Expense 24,951

44 Other Non-basis Expense (specify)

45 Other Non-basis Expense (specify)


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Comments:

SUBTOTAL (lines 38 through 45) 726,951

46 Rent up Reserve 28,000

47 Operating Reserve 176,249

48 Other Reserve (specify)

49 Other Reserve (specify)

50 DEVELOPMENT COST (lines 1-49) 6,863,781 0 6,465,879

51 Less Federal Financing52 Less Disproportionate Standard

53 Less Nonqualified Nonrecourse Financing

54 Less Historic Tax Credit (residential) 0

55 TOTAL ELIGIBLE BASIS 6,465,879 0 6,465,879

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

57 Basis Before Boost 6,465,879 0 6,465,879

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

59 TOTAL QUALIFIED BASIS 6,465,879 0 6,465,879

60 Tax Credit Rate 3.45 8.05

61 Federal Tax Credits at Estimated Rate 520,503 0 520,503

62 Federal Tax Credits at 8.5% or 3.75% 549,599 0 549,599

63 Max Federal Tax Credits (With Energy Star - Lesser of $8,500 per unit or$800,000, w/o - Lesser of $8,000 per unit or $800,000) 480,000

64 Federal Tax Credits Requested 480,000 480,000

65 Land Cost 705,000

66 TOTAL REPLACEMENT COST 7,568,781

FEDERAL TAX CREDITS IF AWARDED 480,000

Total Replacement Cost per unit: 110,832

Federal Tax Credits (line 62) per unit: 9,160


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Please provide a detailed description of the proposed project:

Construction (check all that apply):

Brick Vinyl Wood HardiPlank Balconies/Patios Sunrooms Front Porches

Front Gables or Dormers Wide Banding or Vertical/Horizontal Siding

Other:

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

If yes, please provide name and address:

Site Amenities:

Market Study Information

Rowan Pointe will be a 60 unit development in Mocksville, North Carolina that will be targetedtowards families. The development will be comprised of 12 one bedroom/one bath units, 24 twobedroom/two bath units and 24 three bedroom/two bath units.

Fifty percent (50%) of the units will be targeted to households at or below 50% of the area medianincome and the remainder of the units will be targeted to households at or below 60% of the areamedian income. All of the projected rents are below the maximum allowable rent levels. Additionally,10% of the units will be targeted to the special population of persons with disabilities. These 10% ofthe units will be handicapped accessible (5% fully handicapped accessible and 5% to meet coderequirements).

Each of these units will be in a walk-up style building which has an individual covered entry, afeature that enhances the residential feel of the development. The building design will include brickat the base of each building and roof lines that are divided by pitched roofs with gables. Adding tothe visual appeal are the balconies which include detailed support columns and railings. Allmaterials used are low maintenance.

Overall, the site has been designed to ensure a strong visual appeal as well as privacy. Thedevelopment entrance will be located on Wilhaven Drive with the community building placedprominently near this entrance. The site will also include landscaping that enhances the site visuallyand provides privacy from neighboring uses and public areas.

The community building will contain both a porch at the main entrance and the rear of the building.The porch on the front of the building is meant to welcome residents and visitors to the site. The rearporch will be located off the great room and provide an area for residents to socialize andcongregate at the tables and chairs contained in this area.

Yes

Spaulding Woods & Spaulding Woods II, Marion NC. Berea Heights, Greenville SC. Please visit ourwebsite, www.landmarkdevelopment.biz for more infomrmation.

The site has been designed with families in mind in terms of amenities provided within thecommunity building and outdoors on site. The community building is located in clear view near thefront entrance of the development. The community building will contain a club room with comfortablefurniture. Off the club room will be a porch area with tables and chairs where residents can enjoy the

outdoors while socializing. The main building area will also contain a kitchen with refrigerator,microwave, sink and cabinetry/counter space, useful for a variety of social gatherings. The mainleasing and site manager office will also be housed in the community building, giving the residentseasy access to the property management staff and allowing the management staff clear views ofpeople entering the development. In addition to these amenities, the community building will alsocontain a resident computer room, well-equipped exercise room and common laundry area off themain building. All of these amenities were selected to benefit busy families with hectic schedules.Finally, this building will also contain handicapped bathrooms and a maintenance area. Thehandicapped bathrooms are strategically placed near the exercise room and the maintenance roomis discretely placed adjacent to the laundry room, off of the main building area.

The exterior site amenities are also suited for family convenience. A playground will be available forthe children living on the site. For additional recreational activity, there will be a swimming pool


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Onsite Activities:

Landscaping Plans:

Interior Apartment Amenities:

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.

located adjacent to the community building. When not utilizing the pool or play equipment, familiescan also enjoy the covered picnic area with grills and tables. In addition to ample parking, the sitewill have accessible walks linking the buildings, as well as common and parking areas. At least threeoutdoor sitting areas with benches will be disbursed throughout the site. Overall, the site will bebeautifully landscaped and will include attractive, well-placed signage with lighting, a well-designedentry way and strategically positioned lighting near the parking areas and amenities. Finally, therewill be a mail kiosk located near the community building with easy access to parking. A refusecollection area will be appropriately screened with fencing and landscaping.

The site manager will be expected to play an active role in ensuring that a variety of social activitiesand supportive services are offered on-site.

Landscaping will be extensively utilized to beautify the developments green areas and to blend thedevelopment into the existing environment. Parking lots and drives will be lined with shade trees andplant materials will complement the natural fauna. Ample open space will be maintained to allow forsuch amenities as the seating areas, playground and picnic areas. In addition to their beautificationof the site, trees and other plant materials will also serve as screening from surrounding uses and toallow privacy on the site.

Units will be equipped with modern, efficient amenities. All kitchens will have ample counter spaceand cabinetry, including a pantry. Mini blinds will be provided for all windows. Each master bedroomwill have a walk-in closet and second and/or third bedrooms will have a walk-in closet or a reach-incloset offering generous clothes storage.

The arrangement of each unit is consistent with current lifestyles. Two and three bedroom units offertwo full bathrooms which exceeds the minimum requirement established by NCHFA. Anothermodern amenity is high-speed internet access which will be wired to each unit separate fromcable/telephone and will be supported from a project-wide network or equivalent. Units will also offerthe convenience of wash/dryer hookups. The temperature can be controlled centrally by the unitsair conditioning/heating system. Overall, the residents should also benefit from lower utility bills aseach unit will be equipped with Energy Star Appliances.

No


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Briefly describe your site in each of the following categories:

Applicant's Site Evaluation

NEIGHBORHOOD CHARACTERISTICS

Trend and direction of real estate development and area economic health. Physical condition ofbuildings and improvements. Concentration of affordable housing.Davie County is served by I-40 which bisects the county and nearby I-77 and I-85. Convenientlylocated in the Piedmont Triad, the county is just 20 minutes form Winston-Salem, 30 minutes fromGreensboro and approximately 1 hour from Charlotte. It is a major industrial corridor. One-half of thenations population and one trillion dollars in industrial production representing 60% of the UsMarket is located within 800 miles of the county. There are more than 400,000 persons available asa labor force within a 30 mile radius of Mocksville.

Mocksville, located in Davie County, is a community that has been working diligently and effectivelyin bringing new economic opportunities into the city. One of its main assets is available infrastructurefor new industry, business and housing. Another important element in its smart growth" initativeshas been its willingness to think innovatively. An example has been the Economic Developmentcouncil working with the local community college to provide specialized training to benefit theindustries coming into its community. It has been successful in replacing its furniture and textile basewith high paying machinery manufacturing jobs.

There is an industrial park containing dozen businesses approximately 3 miles on the other sideof the interstate.

In addition to industry, examples of growth in the community include a newly built Lowes,McDonalds, Food Lion and Walgreens. The schools in Lee County are in the top ten of NorthCarolina.

Because the community is lacking housing options, employees are forced to find housing outsidethe area and in turn, endure a lengthy commutes to the employment opportunities within Mocksville.There has been only one affordable housing project built since the late 1990s which is fullyoccupied. Mocksville is in need of a quality multi-family project. This site will be located in a newlydeveloped PUD which offers numerous amenities with high-quality appeal.

SURROUNDING LAND USES AND AMENITIES

Suitability of surrounding development. Land use pattern is residential in character (single andmultifamily housing) with a balance of other uses (particularly retail and amenities). Effect ofindustrial, large-scale institutional or other incompatible uses, including but not limited to: wastewatertreatment facilities, high traffic corridors, junkyards, prisons, landfills, large swamps, distributionfacilities, frequently used railroad tracks, power transmission lines and towers, factories or similaroperations, sources of excessive noise, and sites with environmental concerns (such as odors orpollution). Amount and character of vacant, undeveloped land.This site is well-situated within a PUD and located next to a new drug store and grocery store (Bi-Low has recently moved and there are plans for Food Lion to move to the adjoining location). Thecurrent Food Lion is located less than 1.4 mile from the site. The shopping center adjoining the sitehas a dry cleaners, UPS and Video store. Since this development will be part of a PUD, thearchitectural plans proposed for this development have already been internally reviewed against thearchitectural guidelines for the PUD. Therefore, the project will be a perfect fit for the existingcommunity. With regard to negative or incompatible uses, there are none that will impact the viabilityof this community and would be a detriment to the project.

SITE SUITABILITY

Adequate traffic controls (stop lights, speed limits, turn lanes, etc.). Burden on public facilities(particularly roads). Access to mass transit (if applicable). Visibility of buildings and/or location ofproject sign(s) in relation to traffic corridors.

This property is located in the rear of the PUD bordered by adjacent residential property. The officeand commercial businesses are in the front of the PUD directly on the main thoroughfare. Theproject will be accessed through the center of the PUD by driving a short distance on NorthMocksville Court. The buildings will be highly visible from the main thoroughfare and visitors to thePUD as the site is slightly elevated in comparison to its neighboring properties. The project's signwill be well-lit and visible from the main roadway.

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).This property has been prepared for development with road and curb to the site including all other


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

Other facilities or services:

utilities and infrastructure. The site will not be affected by such negative features as transmissionlines, towers, flood hazards or year round wetlands.

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

This project is situated within a mixed use planned unit development. It is the premier community inMocksville and is referred to as the Boxwood area. A residential developer, Turnberry Boxwood, isbuilding 100 new town homes and patio homes adjoining this property within the PUD. Otherbuildings and offices within this PUD include physicians, and investment banking firm, real estateoffices, insurance agents, a bank and a bakery. There are strict architectural standards that havebeen put in place to ensure the development is similar in scale and aesthetics by the masterassociation.

Grocery Store0.446 Community/Senior Center1.47

Mall/Strip Center0.641 Hospital0.777

Outdoor Athletic Fields22.32 Pharmacy0.363

Day Care/After School1.74 Basic Health Care4.01

Schools1.05 Medical Offices8.26

Public Transportation Stop1.5 Bank/Credit Union0.181

Convenience Store1.41 Restaurants1.39

Basketball/Tennis Courts1.54 Professional Services3.33

Public Parks7.65 Movie Theater2.6

Gas Station1.47 Video Rental3.22

Library1.4 Public Safety (Fire/Police)1.51

Fitness/Nature Trails18.24 Post Office0.497

Public Swimming Pools12.66


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Project Operations (Year One)

Projected Operating Costs

Administrative Expenses

Advertising 1,000

Office Salaries

Office Supplies 2,800

Office or Model Apartment Rent

Management Fee 28,800

Manager or Superintendent Salaries 21,840

Manager or Superintendent Rent Free Unit

Legal Expenses (Project) 200

Auditing Expenses (Project) 3,600

Bookkeeping Fees/Accounting Services 3,600

Telephone and Answering Service 3,600

Bad Debts 4,051

Other Administrative Expenses (specify):

SUBTOTAL 69,491

Utilities Expense

Fuel Oil

Electricity (Light and Misc. Power) 12,000

Water 7,992

Gas 13,608

Sewer

SUBTOTAL 33,600

Operating and Maintenance Expenses

Janitor and Cleaning Payroll 7,280

Janitor and Cleaning Supplies 1,000

Janitor and Cleaning Contract

Exterminating Payroll/Contract 1,440

Exterminating SuppliesGarbage and Trash Removal 6,200

Security Payroll/Contract

Grounds Payroll

Grounds Supplies 1,500

Grounds Contract 3,500

Repairs Payroll 19,760

Repairs Material 3,100

Repairs Contract 4,750

Elevator Maintenance/Contract

Heating/Cooling Repairs and Maintenance 1,800

Swimming Pool Maintenance/Contract 4,800

Snow Removal 110Decorating Payroll/Contract 3,600

Decorating Supplies 1,300

Other (specify):

Fire Alarm/Sprinkler Maintenance2,000

Miscellaneous Operating & Maintenance Expenses

SUBTOTAL 62,140

Taxes and Insurance

Real Estate Taxes 19,500

Payroll Taxes (FICA) 5,597


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Miscellaneous Taxes, Licenses and Permits

Property and Liability Insurance (Hazard) 12,125

Fidelity Bond Insurance 50

Workmen's Compensation 1,497

Health Insurance and Other Employee Benefits

Other Insurance:

SUBTOTAL 38,769Supportive Service Expenses

Service Coordinator

Service Supplies

Tenant Association Funds

Other Expenses (specify):

SUBTOTAL 0

Reserves

Replacement Reserves 15,000

SUBTOTAL 15,000

TOTAL OPERATING EXPENSES 219,000

ADJUSTED TOTAL OPERATING EXPENSES(Does not include taxes, reserves and resident support services) * 184,500

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

60

PER UNIT PER YEAR 3,075


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MINIMUM REQUIRED SET ASIDES (No Points Awarded):

Minimum Set-Asides

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: NoTax Credit 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: NoTax Credit 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 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 countymedian 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.

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 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 percent(40%) of county median income.


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

Full Application Checklist

A Nonprofit Organization Documentation or For-profit Corporation Documentation

B Current Financial Statements/Principals and Owners (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 Letters from State Housing Agencies or designated monitoring agent verifying out of state experience

G Completed IRS Form 8821 (Appendix I)

H 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)

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

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

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

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

M Site plan, floor plans and elevations for all projects. Scope of work for Adaptive Re-use and Rehab projects. (Full Size, 24 x36 inches)

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

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

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

Q 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 lenderswith reserve balances, 3) letter from lender that outlines assumption requirements.

R 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.

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

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

rowan pointe

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