windsor place at randleman

8/6/2019 Windsor Place at Randleman

1/33

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

Does a community revitalization plan exist?

Print Preview - Final Application

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

Project Name and Location

Project Name: Windsor Place At Randleman

Address: 707 S. Main Street

City: Randleman County: Randolph Zip: 27317

Census Tract: 314 Block Group: 1

No

No

Political Jurisdiction: City of Randleman

Jurisdiction CEO Name: First: Last:Bruce Moore Title: Mayor

Jurisdiction Address: 101 Hillary Street

Jurisdiction City: Randleman Zip: 27317

Jurisdiction Phone: (336)495-7500

Site Latitude:

Site Longitude:

Page 1 of 33Print - APP04-0123

1/14/2005https://www.nchfa.org/Rental/RTCApp/(ujclpv2xe4k3uof24tr1gtuu)/site/PrintApp.aspx?II...


2/33

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

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

Will the project be receiving project based federal rental assistance?

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

Target Population: Family

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

Project Description

Project Type:* New Construction Rehab Adaptive Reuse

No

No

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

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

Remarks: 4 units to comply with QAP Section IV(F)(3) (5%)7 units to comply with QAP Section IV(F)(4)(10% targeted)




3/33

Applicant Information

Applicant Name: Windsor Place At Randleman Limited Partnership

Address: P.O. Box 1567

City: State: NC Zip:Dunn 28335

Contact: First: Last: Title:Willard Dean Chief Operating Officer

Telephone: (910)892-5999

Alt Phone: (910)892-0731

Fax: (910)892-3727

Email Address: [email protected]




4/33

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

9.797 9.797

Yes

A small wood frame residence, less than 1000 SF, over 50 years old, is to be removed to provideaccess to the site from S. Main Street. The building will be given to the mover or demolition will benecessary.

No

Yes

No




5/33




6/33

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

If yes provide:

Purchase Date: Purchase Price:

If no:

Site Control

Yes

05/06/2003 168,348

(a) Does the owner/principal or ownership entity have vaild option/contract to purchase the property?

(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:

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

(D) Enter Purchase Price:




7/33

Present zoning classification of the site:

Is mutifamily use permitted?

Are variances, special or conditional use permits or any other item requiring a public hearing needed to develop this proposal?

If yes, have the hearings been completed and permits been obtained?

If yes, specify permit or variance required and date obtained. If no, describe permits/variances required and schedule for obtainingthem:

Are there any existing conditions of historical significance located on the project site that will require State Historic Preservation office review?

If yes, describe below:

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

If yes, describe below:

Zoning

R-3

Yes

Yes

Yes

Conditional use permit for the 8 buildings/64 unit apartment complex located in the 700 block ofSouth Main Street was approved by the Randleman Board of Adjustments at their February 24,2003 meeting. The vote was unanimous (PIN# 7764198158 & 7764194680

No

No




8/33

Ownership Entity

Owner Name: Windsor Place at Randleman Limited Partnership

Address: P.O. Box 1567

City: State: NC Zip:Dunn 28335

Federal Tax ID Number of Ownership Entity: (If assigned)56-2343120

Federal Tax ID Number of Managing GP or Member: (If Not Assigned)

Entity Type: Limited Partnership

Entity Status: Already 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: Windsor Place at Randleman Limited Partnership

First Name: Oscar Last Name: Harris Function: Managing General Partner

Address: 100 Cumberland Avenue

City: Dunn State: NC Zip: 28334

Phone: (910)892-1021 Fax: (910)892-6084

EMail: [email protected] Nonprofit: No TaxID 237-60-5419

Org: Windsor Place at Randleman Limited Partnership

First Name: Edward Last Name: Turlington Function: General Partner

Address: 100 Tilghman Drive

City: Dunn State: NC Zip: 28334

Phone: (910)891-5465 Fax: (910)891-5566

EMail: [email protected] Nonprofit: No TaxID 239-70-4486




9/33


10/33

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




11/33

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

Total Low Income Units:

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

Targeting

# BRs Units %

1 12 targeted at 50 percent of median income.




51




12/33

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 477,700 6.00 25 25 36,933

RPP LoanLocal Gov. Loan - Specify:

RD 515 Loan

RD 538 Loan - Specify:

AHP Loan 765,000 2.00 25 25 38,909

Other Loan 1 - Specify:AHP Loan 2

695,100 4.30 25 25 45,421

Other Loan 2 - Specify:

Other Loan 3 - Specify:

Tax Exempt Bonds

State Tax Credit(Loan) 754,507 0 30 30 0

State Tax Credit(Direct Refund)

Equity: Federal LIHTC 2,416,860

Non-Repayable Grant

Equity: Historic Tax Credits

Deferred Developer Fees

Owner Investment 52,236

Other - Specify:

Total Sources** 5,161,403

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

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

81

Bank of America will make the three loans shown and will obtain a guarantee thru the RD 538Guaranteed Loan Program. Total of loans will be 1,937,800.




13/33

Development Costs

Item Cost Element TOTAL COSTEligible Basis

30% PV 70% PV

1 Purchase of Buildings (Rehab) 0

2 Demoli tion

3 On-site Improvements 604,000 604,000

4 Rehabilitation

5 Construction of New Building(s) 2,590,399 2,590,399

6 Accessory Building(s) 60,701 60,701

7 General Requirements 195,306 195,306

8 Contractor Overhead 69,008 69,008

9 Contractor Profit 207,024 207,024

10 Construction Contingency 111,793 111,793

11 Architect's Fee - Design 50,000 50,000

12 Architect's Fee - Inspection 10,000 10,000

SUBTOTAL (lines 1 through 12) 3,898,231

13 Construction Insurance (prorate)

14 Construction Loan Orig. Fee (prorate) 20,000 20,000

15 Construction Loan Interest (prorate) 138,000 138,000

16 Construction Loan Credit Enhancement (prorate)

17 Construction Period Taxes (prorate) 3,000 3,000

18 Water, Sewer and Impact Fees

19 Survey 14,000 14,000

20 Property Appraisal 5,500 5,500

21 Environmental Report 3,500 3,500

22 Market Study 8,000 4,000

23 Bond Costs (specify)

24 Cost of Issuance

25 Placement Fee 19,940

26 Permanent Loan Origination Fee 19,380

27 Permanent Loan Credit Enhancement

28 Title and Recording

SUBTOTAL (lines 13 through 28) 231,320

29 Real Estate Attorney 8,500 8,500

30 Other Attorney's Fees 7,500 7,500

31 Tax Credit App Fees 21,697 21,697

32 Cost Certification/Accounting Fees (specify) 2,000 2,000

33 Tax Opinion

34 Organizational (Partnership)

35 Tax Credit Monitoring Fee 38,400


36 Furnishings and Equipment

37 Relocation Expenses

38 Developer's Fee (max 15% lines 2-36, less 8 & 9) 589,742 589,742

39 Other Basis Expense (specify)

40 Other Basis Expense (specify)

41 Rent-up Expenses

42 Other Non-basis Expense (specify)

43 Other Non-basis Expense (specify)


44 Rent up Reserve 19,200




14/33

Comments:

45 Operating Reserve 176,465

46 Other Reserve (specify)

47 Other Reserve (specify)

48 DEVELOPMENT COST (lines 1-47) 4,993,055 0 4,715,670

49 Less Federal Financing

50 Less Disproportionate Standard

51 Less Nonqualified Nonrecourse Financing

52 Less Historic Tax Credit (residential) 0

53 TOTAL ELIGIBLE BASIS 4,715,670 0 4,715,670

54 Applicable Fraction (percentage of LI Units) 80.00% 80% 80%

55 Basis Before Boost 3,772,536 0 3,772,536

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

57 TOTAL QUALIFIED BASIS 3,772,536 0 3,772,536

58 Tax Credit Rate 0.00% 7.91%

59 Federal Tax Credits at Estimated Rate 298,407 0 298,407

60 Federal Tax Credits at 8.5% or 3.75% 320,665 0 320,665

61 Federal Tax Credits Requested 320,665 320,665

62 Land Cost 168,348

63 TOTAL REPLACEMENT COST 5,161,403




15/33

Please provide a detailed description of the proposed project:

Construction (check all that apply):

Brick Vinyl Wood HardiPlank Balconies/Patios Sunrooms Front Porches

Front Gables or Dormers Wide Banding or Vertical/Horizontal Siding

Other:

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

If yes, please provide name and address:

Site Amenities (check all that apply):

Onsite Activities:

Landscaping Plans:

Market Study Information

64 Unit Garden-type Family Complex - 8 buildings with 8 units/building 13 units (20%-2-1 Bdr. & 11 -2 bdr. are market rate units 3 - 1 bdr. buildings and 5 - 2 bdr. buildings - office/clubhouse buildingwith playground and natural areas.

No

Community Bldg - Sq Ft: 1,456 Community Room - Sq Ft: Garages - Number:

Laundry Rm Screened Porch Resident Computer Center Exam Rm Reading Rm/Library

Game/Craft Rm Exercise Rm TV Rm Beauty Salon Vending Rm

Chapel/Prayer Rm Picnic Area Onsite Leasing Office Onsite Mgr Onsite Maint. Person

Irrigated Lawns Security Gate Car Care Area Storage Units Gazebos

Walking Trails Garden Spots Basketball/Tennis Court Playground Ball Field

Pool Fitness Stations Horseshoe Pit Shuffleboard Covered Drive Thru

FHLB Sponsor will assist in the creation of a resident association. The sponsor will also monitor thesafety program offered to AHP assisted tenants as well as provide a tenant counseling program.Eligible AHP residents will be provided transportation services by the Randolph County Area TransitSystem RCATS).

Shrubs used will be 3-7 gal. size and trees used will be 15-30 gal. size: Indian Hawthorn; LaurelOak; Japanese Mock Orange; Yoshino Cherry; Glossy Abelia; Red Maple; Dwarf Yaupon; CrepeMyrtle; Burford Holly; River Birch; Southern Wax Myrtle; Parsins Juniper.




16/33

Interior Apartment Amenities (check all that apply):

Flooring: Carpet Vinyl Wood Wood Parquet Ceramic Tile Other

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

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

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

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

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

No




17/33

Briefly describe your site in each of the following categories:

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

Applicant's Site Evaluation

NEIGHBORHOOD CHARACTERISTICS

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

affordable housing.The site is located in an established neighborhood along Main Street that is a mix of residential andmulti-family housing, small retail commercial businesses as well as professional services. The PHAhas an 80 unit complex located .25 miles north on Main Street. This complex was built in 1968.There are two RD 515 projects (30 & 40 units) approximately 1.5 miles North of site. They were builtin 1980 and 1985. One tax credit project is located 1.75 NW of site and was built in 1897. It has 44units.

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

Site entrance located at 707 South Main Street (Business U.S. Highway 220) Mix is single family,multi-family, school, industrial, small retail business. Proposed site is undeveloped woodland and isone of the few tracts available for development along Main Street and within 3/4 mile of thedowntown business district. There are no sources of excessive noise in the immediate area.

SITE SUITABILITY

Adequacy of street(s) and/or access road(s) serving the proposed project and traffic controls (lights,stop signs, turning lanes). Access to mass transit (if applicable).Main Street (Business U.S. Hwy. 220) is adequate to meet current and potential traffic needs.Nearest stoplights are approximately .7 miles to north and 1.1 miles to south.

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.No negative features or physical barriers to impede project construction. There will be a naturalbuffer along the west property line and trees along the access street from Main Street to thebuildings.

Similarity of scale and aesthetics/architecture between project and surroundings.The proposed apartment buildings will be 2-story garden type apartments with 8 units per building.The community/office building will be 1-story. The building will blend with the existing surroundings.




18/33

Other facilities or services:

Grocery Store.8 Community/Senior Center.25

Mall/Strip Center.8 Hospital0

Outdoor Athletic Fields.4 Pharmacy1.5

Day Care/After School.5 Basic Health Care1.5

Schools.25 Medical Offices1.5

Public Transportation Stop0 Bank/Credit Union.75

Convenience Store1.5 Restaurants.8

Basketball/Tennis Courts1.5 Professional Services.8

Public Parks1.4 Movie Theater0

Gas Station.8 Video Rental2.0

Library.8 Public Safety (Fire/Police).8

Fitness/Nature Trails1.2 Post Office1.6

Public Swimming Pools0




19/33


20/33

DevelopmentList number low-income/tax credit housing projects and units developed, operated, and maintained in compliance by the principal(s) betweenDecember 1, 1996 and January 1, 2003:

ManagementList number of low-income housing tax credit units managed in the past 10 years:

Has any owner, principal, or management agent been debarred or received a limited denial participation in the past 10 years by any federal or

state agency?

Has any owner, principal, or management agent been involved in a bankruptcy, an adverse fair housing settlement, an adverse civil rights

settlement, or an adverse federal or state government proceeding and settlement in the past 10 years?

Has any owner or principal been in a mortgage default or delinquency of three months or more within the last 5 years on a FHA-insuredproject, a Rural Development funded rental project, a tax-exempt funded mortgage, a tax credit project, or any other publicly subsidized

project?

Has any owner or principal been involved within the last 10 years in a project which previously received an allocation of tax credits but failed tomeet compliance standards of the tax credit allocation, including return of a reservation of tax credits to the Agency after the carryover

agreement has been signed?

Has any owner or principal had a Form 8823 filed with the IRS for noncompliance on a project using low-income housing tax credits or

received a letter of non-compliance from the Agency?

Project Team Experience

North Carolina Other States

Projects: 45 1

Units: 1,425 32

North Carolina Other States

Projects: 45 1

Units: 1,425 32

No

No

No

No

Yes




21/33

Financing Commitments

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

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

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

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

Is any portion of the eligible basis of new contruction or rehabilitation financed with federal subsidies other than CDBG funds or fundsfrom the HOME program? No

If yes, indicate the type and amount below:

Tax Exempt Financing: $

RD 515 Financing: $

Hope VI Financing: $

Other: $

If Other, specify the type of Federal subsidy:




22/33

Project Operations (Year One)

Projected Operating Costs

Administrative Expenses

Advertising 1,000

Office Salaries

Office Supplies 1,500

Office or Model Apartment Rent

Management Fee 22,385

Manager or Superintendent Salaries 20,800

Manager or Superintendent Rent Free Unit

Legal Expenses (Project) 300

Auditing Expenses (Project) 3,500

Bookkeeping Fees/Accounting Services

Telephone and Answering Service 1,500

Bad Debts

Other Administrative Expenses (specify):

Training, Postage1,500

SUBTOTAL 52,485

Utilities ExpenseFuel Oil

Electricity (Light and Misc. Power) 6,000

Water 600

Gas

Sewer 900

SUBTOTAL 7,500

Operating and Maintenance Expenses

Janitor and Cleaning Payroll 20,800

Janitor and Cleaning Supplies

Janitor and Cleaning Contract

Exterminating Payroll/Contract 4,000

Exterminating Supplies

Garbage and Trash Removal 8,600

Security Payroll/Contract

Grounds Payroll

Grounds Supplies

Grounds Contract 10,800

Repairs Payroll

Repairs Material 1,600

Repairs Contract 4,100

Elevator Maintenance/Contract

Heating/Cooling Repairs and Maintenance 1,200

Swimming Pool Maintenance/Contract

Snow Removal

Decorating Payroll/Contract 3,500

Decorating Supplies

Other (specify):

Furniture & Fixture Replacement3,200

Miscellaneous Operating & Maintenance Expenses 1,100

SUBTOTAL 58,900

Taxes and Insurance

Real Estate Taxes 51,000

Payroll Taxes (FICA) 3,200

Miscellaneous Taxes, Licenses and Permits




23/33

Property and Liability Insurance (Hazard) 17,600

Fidelity Bond Insurance 210

Workmen's Compensation 1,050

Health Insurance and Other Employee Benefits 10,400

Other Insurance:

SUBTOTAL 83,460

Supportive Service Expenses

Service Coordinator

Service Supplies

Tenant Association Funds

Other Expenses (specify):

Operating subsidy for targeted units13,320

SUBTOTAL 13,320

Reserves

Replacement Reserves 16,000

SUBTOTAL 16,000

TOTAL OPERATING EXPENSES 231,665

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

151,345

TOTAL UNITS(from total units in the Unit Mix section) 64

PER UNIT PER YEAR 2,364




24/33


25/33

Design Features

ITEM DESCRIPTION

Foundation/Slab Components 4'' concrete, 6 mil vapor barrier, 6x6 10/10 wire

Primary Windows Make: Model:Silver Line 2900 Type/Construction: Vinyl

Exterior Doors Type: Frames:Metal Wood

Siding Type: Grade/Thickness:Lap .044

Warranty:

Exterior Trim Aluminum and Vinyl

Shingles Type: Weight:3-Tab Fiberglass 225 per s.f.

Warranty: 25 years

Sprinkler System NFPA 13-R

Cabinets Manufacturers Marsh Oregaul

Heat Pump SEER: Make:12 Seer Trane/or Egaul

Model:

Air Conditioner SEER: Make:12 Seer Trane/or Egaul

Model:

Other Heat Systems SEER: Make:N/A

Model:




26/33

This is a detailed breakdown of rehabilitation or construction costs you summarized in the Development Costs table (Rehabilitation andConstruction of New Building(s)). The total should match those roll-up values.

Costs - Construction

ITEM LABOR MATERIAL TOTAL

Concrete Footings 10,158 25,102 35,260

Backfill-slab, Crawl 0

Slab-concrete/Rebar/Gravel 29,078 67,228 96,306

Waterproofing 0

Masonry Foundation 11,489 13,276 24,765

Brick Veneer 44,758 25,953 70,711

Steel/Structure/Rails 0

Framing/Lumber/Nails 190,447 187,579 378,026

Trusses 134,720 134,720

Crane Rental 0

Windows/Grilles/Screen 35,525 35,525Exterior Doors 34,928 34,928

Roofing 16,641 29,961 46,602

Fencing 0

Vinyl Siding/Trim/Box 53,548 82,322 135,870

Gutters/Shutters 11,097 11,097

Insulation 22,536 23,584 46,120

Drywall 167,320 116,364 283,684

Interior Doors 69,808 69,808

Int. & Final/Stair/Trim/Shelves 39,391 60,592 99,983

Cabinets & Tops 9,750 90,750 100,500

Painting 40,731 40,731 81,462

Marble - Tub/Shwr/Tops 0

Plumbing 95,836 143,754 239,590

Electrical 86,402 101,427 187,829

Heating/Air Conditioning 92,310 92,250 184,560

Floor Covering and Underlayment 20,680 48,254 68,934

Wall Paper 0

Mailboxes/Special Features/Signage 12,197 12,197

Gypcrete 0

Blinds/Shades/Art Work 1,944 4,491 6,435

Light Fixtures/Fans 0

Sprinkler System 143,333 143,333

Security Alarm 0

Hardwood Floors 0

Elevator 0

Ceramic Tiles 0

Acoustical Ceilings 0




27/33

Remarks:

Mirror/Shower Door/Encls. 0

Hardware/Bath Access. 0

Appliances 2,335 44,819 47,154

Playground Equipment 3,640 11,360 15,000

Interior Clean 0

Exterior Clean/Dumpster Rental 0

Other 1 (specify in Remarks) 0


Total Cost 1,082,327 1,508,072 2,590,399




28/33

This is a detailed breakdown of the General Requirements cost element you summarized in the Development Costs table (GeneralRequirements). The total should match that roll-up value.

Remarks:

Costs - General

ITEM TOTAL

Supervision 43,000

Job Site Office/Trailer Rental 3,250

Office Supplies 1,100

Security/Watchman 0

Project Signage 1,500

Tools and Equipment 6,000

Gas, Oil, and Maintenance 2,450

Temporary Water, Electric, and Telephone 6,500

Storage/Hauling 4,410

Driveway Access Permit 0

Porta-John Rental/Dumping 5,400Builders Risk Insurance 14,350

Re-inspection Fees 1,000

Extra Plans and Specifications 1,500

Miscellaneous, Casual Labor 22,025

Equipment Rental 39,600

Other 1 (specify in Remarks) 19,400

Other 2 (specify in Remarks) 23,821

Total Cost 195,306

1 - Cleanup/Dumpster rental2 - Payroll taxes/field engineering[5701] [18120]




29/33

This is a detailed breakdown of the Site Improvements cost element you summarized in the Development Costs table (On-siteImprovements). The total should match that roll-up value.

Remarks:

Costs - Improvements

ITEM TOTAL

Subsurface Exploration/Perk Testing/Site Engineering

Clearing/Grading/Final Grading/Excess and Borrow 143,245

Demolition

Earthwork/Excavation/Aerating

Soil Treatment

Pile Foundations

Caissons

Shoring/Bracing

Site Drainage

Site Utilities/Site Lighting 213,740

Paving and Surfacing/Curb and Gutter 196,565Walkways

Site Signage 12,050

Parking Lot Painting

Dumpster Pads/Fencing

Fencing/Gates

Landscaping/Topsoil 38,400

Rock and Hardpan Excavation

Site Supervision Personnel

Other (specify in Remarks)

Total Cost 604,000




30/33

This is a detailed breakdown of the Bond Costs cost element you summarized in the Development Costs table (Bond Costs). The totalshould match that roll-up value.

Remarks:

Costs - Bond Costs

ITEM TOTAL

Letter of Credit Fee 0

Credit Enhancement 0

Underwriter Discount 0

Capital Interest Fund 0



Total Cost 0




31/33

This is a detailed breakdown of the Bond Issuance cost element you summarized in the Development Costs table (Cost of Issuance). Thetotal should match that roll-up value.

Remarks:

Costs - Bond Issuance

ITEM TOTAL

Bond Counsel 0

Issuer Counsel 0

Credit Enhancement/LOC Counsel 0

Underwriter Counsel 0

Developer's Counsel 0

Rating Agency Fee 0

Printing 0

Trustee Fee 0

Trustee Counsel 0

Issuer's Fee 0

Other 1 (specify in Remarks) 0Other 2 (specify in Remarks) 0


Total Cost 0




32/33

MINIMUM REQUIRED SET ASIDES (No Points Awarded):

Minimum Set-Asides

Select one of the following two options:

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

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

If requesting RPP funds:

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

State Tax Credit and QAP Targeting Points:

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 mortgage subsidy points (select one):

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

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




33/33

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

Full Application Checklist

A Nonprofit Organization Documentation or For-profit Corporation Documentation

B Current Financial Statements/Principals and Owners

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

D Management Agent Agreement

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

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

G Completed IRS Form 8821 (Appendix I)

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

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

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

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

L Site plan, floor plans and elevations

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

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

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

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

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

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

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

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

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

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

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

X Documentation to support estimated utility costs.


windsor place at randleman

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