wyndsor downs

8/6/2019 Wyndsor Downs

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

Does a community revitalization plan exist?

Print Preview - Final Application

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

Project Name and Location

Project Name: Wyndsor Downs

Address: SR 1251, Near Hwy 74

City: Polkton County: Anson Zip: 28135

Census Tract: 9803 Block Group: 4

No

Yes

Political Jurisdiction: Town of Polkton

Jurisdiction CEO Name: First: Last:W. Cliff Martin Title: Mayor

Jurisdiction Address: 113 West Polk Street

Jurisdiction City: Polkton Zip: 28135

Jurisdiction Phone: (704)272-7463

Site Latitude: 34.99908

Site Longitude: -80.21582

Page 1 of 34Print - APP04-0077

1/14/2005https://www.nchfa.org/Rental/RTCApp/(4qlrvh55vwitipvaad13yyyd)/site/PrintApp.aspx?I...


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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:




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Applicant Information

Applicant Name: Pendergrant Development, LLC

Address: PO Box 18863

City: State: NC Zip:Raleigh 27619

Contact: First: Last: Title:Marilyn Hernandez Development Coordinator

Telephone: (919)755-0558

Alt Phone: (919)861-6028

Fax: (919)861-6068

Email Address: [email protected]




4/34

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

5 5

No

No

Yes

No




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6/34

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

If yes provide:

Purchase Date: Purchase Price:

If no:

Site Control

No

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

(b) Does an identity of interest (direct or indirect) exist between the owner/principal or ownership entity with the option/contract for

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

Yes

Frankie W. Pendergraph is the managing member of the Seller (Pendergrant, LLC) and theownership entity. WE HAVE PURCHASED THE LAND.

(c) Enter the current expiration date of the option/contract to purchase: 2/5/2005

(D) Enter Purchase Price: 150,000




7/34

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

Residential/Business

Yes

No

No

No




8/34


9/34

The Median Income for Anson county is $45,200.

Low Income Units

Employee Units (will add to Low Income Unit total)

Market Rate Units

Statistics

Square Footage Information

Notes

Unit Mix

Type # BRs Net Sq.Ft.Total

# Units#Units

MonthlyRent

UtilityAllowance

MandatoryServ. Fees

**TotalHousing Exp.

Gdn Apt 2 970 16 3 350 108 458

Gdn Apt 3 1220 4 1 395 126 521

Gdn Apt 2 970 8 0 410 108 518

Gdn Apt 3 1220 4 0 465 126 591

Utilites included in rents: Water/Sewer Electric Gas Other


# Units#Units

MonthlyRent

UtilityAllowance

MandatoryServ. Fees

**TotalHousing Exp.



# Units#Units

MonthlyRent

UtilityAllowance

MandatoryServ. Fees

**TotalHousing Exp.


AllUnits

Units

Gross MonthlyRental Income

Low Income....... 32 4 12320

Market Rate.......

Totals............... 32 4 12320

Proposed number of residential buildings: 4 Maximum number of stories in buildings: 2

Project Includes:Separate community building -- Sq. Ft. (Floor Area):Sq. Ft. (Floor Area): 1,7991,799

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

Elevators -- Number of Elevators:Number of Elevators:

Gross Floor Square Footage: 38,623

Total Net Sq. Ft. (All Heated Areas): 34,570

** 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.




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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 %

2 16 targeted at 50 percent of median income.




32




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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))

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

Funding Sources

Source AmountNon-

Amortizing*Rate(%)

Term(Years)

Amort.Period(Years)

AnnualDebt

Service

Bank Loan 257,000 7.75 30 30 22,094

RPP LoanLocal Gov. Loan - Specify:

RD 515 Loan

RD 538 Loan - Specify:

AHP Loan 160,000 0.00 30 30

Other Loan 1 - Specify:Town of Polkton

68,000 2.00 20 20 4,128

Other Loan 2 - Specify:

Other Loan 3 - Specify:

Tax Exempt Bonds

State Tax Credit(Loan) 687,393 0 30 30 0

State Tax Credit(Direct Refund)

Equity: Federal LIHTC 1,413,550

Non-Repayable Grant

Equity: Historic Tax Credits

Deferred Developer Fees 23,781

Owner Investment 143

Other - Specify:

Total Sources** 2,609,867

* "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.

78

The AHP loan was approved in December of 2003. It is non-interest bearing, with a balloonprincipal payment at the end of 30 years (no monthly principal or interest payments).




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AHP Loan

Year:Amt:

1

0

2

0

3

0

4

0

5

0

6

0

7

0

8

0

9

0

10

0

Year:Amt:

11

0

12

0

13

0

14

0

15

0

16

0

17

0

18

0

19

0

20

0




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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 245,400 245,400

4 Rehabilitation

5 Construction of New Building(s) 1,137,200 1,137,200

6 Accessory Building(s) 85,000 85,000

7 General Requirements 86,196 86,196

8 Contractor Overhead 30,456 30,456

9 Contractor Profit 121,824 121,824

10 Construction Contingency 50,252 50,252

11 Architect's Fee - Design 45,000 45,000

12 Architect's Fee - Inspection 9,335 9,335

SUBTOTAL (lines 1 through 12) 1,810,663

13 Construction Insurance (prorate) 3,200 3,200

14 Construction Loan Orig. Fee (prorate) 17,933 17,933

15 Construction Loan Interest (prorate) 77,513 77,513

16 Construction Loan Credit Enhancement (prorate) 4,500 4,500

17 Construction Period Taxes (prorate) 4,500 4,500

18 Water, Sewer and Impact Fees

19 Survey 9,000 9,000

20 Property Appraisal 6,500 6,500

21 Environmental Report 9,000 9,000

22 Market Study 12,000 8,000

23 Bond Costs (specify)

24 Cost of Issuance

25 Placement Fee

26 Permanent Loan Origination Fee 5,140

27 Permanent Loan Credit Enhancement

28 Title and Recording 8,722

SUBTOTAL (lines 13 through 28) 158,008

29 Real Estate Attorney 25,000 20,000

30 Other Attorney's Fees 15,500 9,000

31 Tax Credit App Fees 13,995

32 Auditing, carryover, cost certification 13,500 8,500

33 Tax Opinion

34 Organizational (Partnership) 10,000

35 Tax Credit Monitoring Fee 16,800


36 Furnishings and Equipment 15,000 15,000

37 Relocation Expenses

38 Developer's Fee (max 15% lines 2-36, less 8 & 9) 288,000 288,000

39 Engineering,Geotech, soils testing

40 AHP Fee

41 Rent-up Expenses 19,800

42 Other Non-basis Expense (specify)

43 Other Non-basis Expense (specify)


44 Rent up Reserve 9,600




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Comments:

45 Operating Reserve 64,001

46 Other Reserve (specify)

47 Other Reserve (specify)

48 DEVELOPMENT COST (lines 1-47) 2,459,867 0 2,291,309

49 Less Federal Financing

50 Less Disproportionate Standard

51 Less Nonqualified Nonrecourse Financing

52 Less Historic Tax Credit (residential) 0

53 TOTAL ELIGIBLE BASIS 2,291,309 0 2,291,309

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

55 Basis Before Boost 2,291,309 0 2,291,309

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

57 TOTAL QUALIFIED BASIS 2,291,309 0 2,291,309

58 Tax Credit Rate 0.00% 7.91%

59 Federal Tax Credits at Estimated Rate 181,242 0 181,242

60 Federal Tax Credits at 8.5% or 3.75% 194,761 0 194,761

61 Federal Tax Credits Requested 0

62 Land Cost 150,000

63 TOTAL REPLACEMENT COST 2,609,867




16/34

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):

Market Study Information

Wyndsor Downs is a 32 unit multi-family housing development that will be located near theintersection of Highway 74 and SR 1252 in Polkton. The site is directly adjacent to South PiedmontCommunity College.

All ground floor apartment units will be able to comply with ADA requirements. The exterior will be

nearly all brick veneer with high quality vinyl siding and accents. Where applicable, the siding willhave a larger exposure on the first floor and a smaller exposure siding on the second floor. Abandboard will divide the two at the second level floor system. The two siding exposures will havecolor variations between the lower and upper floor. The roof design has a variety of large and smallgables. This along with the combination of brick siding, accent trim, decorative rails, and colorvariations will yield an aesthetically pleasing development.

This particular architectural style was chosen because we felt that a two-story design would blendwith the community and surrounding homes. We have developed this design on previousdevelopments. The Agency, Town Officials, lenders and our Equity Partners are very pleased withthe curb appeal.

The interior of the units will have carpet in the living room and bedrooms. VCT will be utilized in thekitchens and baths. All interior doors will be of a six-panel design. The cabinetry will be of solid woodstyles and fronts. All units will have washer/dryer hook-ups, dishwashers, patios or balconies, andexterior storage. HVAC will consist of energy efficient heat pumps with an eleven seer rating. Allexterior windows and doors, where applicable, will have energy efficient insulated glass.

The development will have a separate community/office, with amenities such as, playground,horseshoe pit, shuffleboard, gazebo, exercise room, library, media room, vending area, and a picnicarea. The development will be extensively landscaped.

The site has all the conveniences of shopping, restaurants, banking, churches, schools, medicalfacilities, and employment. The majority of new growth in Anson County such as businesses, singlefamily development and state government growth, etc. are taking place in Polkton

Front entries are covered breezeways. Patio doors are full view glass providing an abundance ofnatural lighting into the main l iving, dining, and kitchen area.

Yes

Morgans Ridge, Wilson, NCLaurel Pointe, Goldsboro, NCHawthorne Court, Tarboro, NC

Community Bldg - Sq Ft: 1,799 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




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Onsite Activities:

Landscaping Plans:

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.

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

Although a service package is not required on a family development, we will have various on siteactivities such as holiday events, social gatherings, newsletters and recreational activities. Also,because Wyndsor Downs received an AHP Grant, all social services required by that program willbe offered.

The property will be extensively landscaped exceeding the require per units costs. Sod and irrigationwill be installed in high visibility areas. The site amenities will be strategically located with bordersthroughout the property and will be handicap accessible. The site will have attractive signage,lighting and landscaping. Trees will be a minumum of 2" calibar and all shrubs will be 3 gallon orlarger. White vinyl fencing will be installed around dumpsters with plant bed.

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

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

VCT

No




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Briefly describe your site in each of the following categories:

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 proposed site is located on Horne Town Road near its intersection with Highway 74 in Polkton.The site is directly across Horne Town Road from the South Piedmont Community College. Thephysical condition of the college is excellent. The neighborhood also consists of Whitaker AppliedTechnologies Center (part of the college), Anson Childrens Center and scattered single-familyhomes; all of which are in good physical condition. Whitaker Applied Technologies Center locatedon Horne Town Road is a part of South Piedmont Community College where they teach vocationsincluding how to repair automobiles and machinery.

The site is located on the west side of Polkton and development in the Town is moving in thatdirection. Although Polkton is a small town, it is growing and its economic health is increasing due tothe new State prison, located 1.8 miles from the site. The new prison will create 500 new jobs. Theexisting prison will remain and employs approximately 450 middle class workers. A new hospital,affiliated with the prison, is also being planned. There are significant employment opportunities atthese facilities but there simply is no place for the workers to live in Polkton.

Suitability of surrounding development. Land use pattern is primarily residential (single and

multifamily 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).Polkton is located on Highway 74 which connects Rockingham to Wadesboro and Monroe andcontinues to Charlotte. The areas on and off of Highway 74 in Polkton include downtown Polkton,the community college, single family homes, various gas stations and convenience stores, a fewrestaurants, and recreational areas/ball fields. There is one affordable multifamily development inPolkton and it tagets an elderly population.

The site is located just off of Highway 74 on Horne Town Road next to the South PiedmontCommunity College. The site is directly across Horne Town Road from the college and less than 1.8miles from the new and existing State prisons.

Downtown Polkton is approximately one mile from the site. The police department, fire department,

First 1 Bank, the post office and Town offices are all located downtown. The elementary school islocated just down Highway 74 West in Polkton.

There are two parks within a few miles of the site. The Polkton Swimming Pool contains a publicswimming pool and volleyball court. The Field of Dreams Complex contains several ball fields and isthe home to many little league tournaments. The Pee Dee National Wildlife Refuge is less than 5miles from the site.

Wadesboro, the County seat of Anson County, is located just down Highway 74 from the site. Theclosest retail center in Wadesboro is Anson Station which has many stores. Food Lion, IGA, Wal-Mart, Moore Department Store, Cato Fashion, Dollar General, Family Dollar and CVS Pharmacy areall less than 7 minutes (7 miles) from the site. The Anson Community Hospital is also less than 7miles from the site. The West Anson Medical Center is only 0.3 miles from the site. There are noincompatible uses or on-site or off-site negative features that would impede construction or adverslyaffect future tenants.

SITE SUITABILITY

Adequacy of street(s) and/or access road(s) serving the proposed project and traffic controls (lights,stop signs, turning lanes). Access to mass transit (if applicable).The streets and access roads are adequate to support the proposed development and have thenecessary traffic controls to provide for safe travel. Highway 74 is a four-lane highway with turnlanes. The proposed development will be directly serviced by Horne Town Road which is asecondary road.

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,




19/34

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

Other facilities or services:

steep slopes, large boulders, ravines, year-round streams, wetlands, and other similar features. Foradaptive re-use projects- suitability for residential use and difficulties posed by the building(s), suchas limited parking, environmental problems or the need for excessive demolition.There are no on-site negative features and physical barriers that will impede construction oradversely affect tenants. The older home that is located on the site will be removed prior toconstruction start. The site slopes from one end to the other but will be able to be balanced duringthe grading process. The site is the best location in Polkton for a multifamily housing development.

Similarity of scale and aesthetics/architecture between project and surroundings.The proposed development will be aesthetically and architecturally consistent with the surroundingneighborhood. The community college next door contains several attractive buildings which havemultiple stories. The proposed project will be a nice addition to the neighborhood.

Grocery Store.5 Community/Senior Center.5

Mall/Strip Center7 Hospital7

Outdoor Athletic Fields0.1 Pharmacy7

Day Care/After School.5 Basic Health Care.3

Schools0.1 Medical Offices.3

Public Transportation Stop.5 Bank/Credit Union.6

Convenience Store.6 Restaurants.5

Basketball/Tennis Courts.5 Professional Services.5

Public Parks.5 Movie Theater7

Gas Station.6 Video Rental.5

Library0.1 Public Safety (Fire/Police)1

Fitness/Nature Trails.5 Post Office1

Public Swimming Pools5

South Piedmont Community College is adjacent to the site and downtown Polkton is less than 1 milefrom the site. The Town of Wadesboro is 7 miles away. There are significant employmentopportunities at the new and existing prisons less than 2 miles from the site.




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21/34

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: 11 3

Units: 482 160

North Carolina Other States

Projects: 37 6

Units: 1,578 640

No

No

Yes

No

No




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Financing Commitments

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

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

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

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

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

If yes, indicate the type and amount below:

Tax Exempt Financing: $

RD 515 Financing: $

Hope VI Financing: $

Other: $ 160,000

If Other, specify the type of Federal subsidy: AHP Grant to be loaned by the non-profit




23/34

Project Operations (Year One)

Projected Operating Costs

Administrative Expenses

Advertising 1,500

Office Salaries 9,000

Office Supplies 600

Office or Model Apartment Rent 0

Management Fee 12,415

Manager or Superintendent Salaries 0

Manager or Superintendent Rent Free Unit 0

Legal Expenses (Project) 500

Auditing Expenses (Project) 3,000

Bookkeeping Fees/Accounting Services 0

Telephone and Answering Service 900

Bad Debts 0

Other Administrative Expenses (specify):0

SUBTOTAL 27,915

Utilities ExpenseFuel Oil 0

Electricity (Light and Misc. Power) 4,000

Water 1,920

Gas 0

Sewer 1,920

SUBTOTAL 7,840

Operating and Maintenance Expenses

Janitor and Cleaning Payroll 600

Janitor and Cleaning Supplies 0

Janitor and Cleaning Contract 0

Exterminating Payroll/Contract 768

Exterminating Supplies 0

Garbage and Trash Removal 3,456

Security Payroll/Contract 0

Grounds Payroll 0

Grounds Supplies 0

Grounds Contract 7,200

Repairs Payroll 10,000

Repairs Material 750

Repairs Contract 750

Elevator Maintenance/Contract 0

Heating/Cooling Repairs and Maintenance 750

Swimming Pool Maintenance/Contract 0

Snow Removal 0

Decorating Payroll/Contract 6,900

Decorating Supplies 0

Other (specify):0

Miscellaneous Operating & Maintenance Expenses 0

SUBTOTAL 31,174

Taxes and Insurance

Real Estate Taxes 17,375

Payroll Taxes (FICA) 1,710

Miscellaneous Taxes, Licenses and Permits 0




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Property and Liability Insurance (Hazard) 4,750

Fidelity Bond Insurance 65

Workmen's Compensation 551

Health Insurance and Other Employee Benefits 0

Other Insurance:0

SUBTOTAL 24,451

Supportive Service Expenses

Service Coordinator 1,500

Service Supplies 700

Tenant Association Funds 200

Other Expenses (specify):0

SUBTOTAL 2,400

Reserves

Replacement Reserves 8,000

SUBTOTAL 8,000

TOTAL OPERATING EXPENSES 101,780

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

74,005

TOTAL UNITS(from total units in the Unit Mix section) 32

PER UNIT PER YEAR 2,312




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26/34

Design Features

ITEM DESCRIPTION

Foundation/Slab Components BLOCK PERIMETER, GRAVEL BASE, CONCRETE SLAB

Primary Windows Make: Model:SIMONTON/EQUAL PROFINISH Type/Construction: VINYL CLAD

Exterior Doors Type: Frames:METAL SIX PANEL WOOD

Siding Type: Grade/Thickness:VINYL .044MIL

Warranty: LIMITED LIFETIME

Exterior Trim WOOD

Shingles Type: Weight:FIBERGLASS 226-231

Warranty: 25+ YEARS ANTIFUNGAL

Sprinkler System N/A

Cabinets MERIALLAT/HORIZON/EQUAL/SOLID WOOD STYLES AND FRONTS

Heat Pump SEER: Make:11 GOODMAN/EQUAL

Model: CPKJ24

Air Conditioner SEER: Make:N/A

Model:

Other Heat Systems SEER: Make:N/A

Model:




27/34

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 18,000 8,000 26,000

Backfill-slab, Crawl 21,000 16,000 37,000

Slab-concrete/Rebar/Gravel 11,000 14,500 25,500

Waterproofing 2,000 1,800 3,800

Masonry Foundation 13,400 21,000 34,400

Brick Veneer 15,000 48,000 63,000

Steel/Structure/Rails 0 0 0

Framing/Lumber/Nails 24,000 65,000 89,000

Trusses 0 52,000 52,000

Crane Rental 2,000 0 2,000

Windows/Grilles/Screen 0 16,000 16,000Exterior Doors 0 27,000 27,000

Roofing 9,500 20,000 29,500

Fencing 0 0 0

Vinyl Siding/Trim/Box 20,000 40,000 60,000

Gutters/Shutters 6,000 8,000 14,000

Insulation 7,800 24,000 31,800

Drywall 35,206 56,855 92,061

Interior Doors 0 32,000 32,000

Int. & Final/Stair/Trim/Shelves 14,000 18,900 32,900

Cabinets & Tops 7,000 34,000 41,000

Painting 18,000 8,000 26,000

Marble - Tub/Shwr/Tops 0 0 0

Plumbing 26,000 34,000 60,000

Electrical 29,800 29,800 59,600

Heating/Air Conditioning 32,000 32,000 64,000

Floor Covering and Underlayment 15,000 32,000 47,000

Wall Paper 0 0 0

Mailboxes/Special Features/Signage 300 200 500

Gypcrete 12,000 31,000 43,000

Blinds/Shades/Art Work 5,200 7,800 13,000

Light Fixtures/Fans 0 22,750 22,750

Sprinkler System 0 0 0

Security Alarm 0 0 0

Hardwood Floors 0 0 0

Elevator 0 0 0

Ceramic Tiles 0 0 0

Acoustical Ceilings 0 0 0




28/34

Remarks:

Mirror/Shower Door/Encls. 3,375 3,375 6,750

Hardware/Bath Access. 4,600 6,000 10,600

Appliances 0 33,000 33,000

Playground Equipment 4,000 8,000 12,000

Interior Clean 14,000 2,039 16,039

Exterior Clean/Dumpster Rental 9,000 5,000 14,000

Other 1 (specify in Remarks) 0 0 0

Other 2 (specify in Remarks) 0 0 0

Total Cost 379,181 758,019 1,137,200




29/34

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 22,000

Job Site Office/Trailer Rental 2,000

Office Supplies 2,000

Security/Watchman 0

Project Signage 8,000

Tools and Equipment 3,200

Gas, Oil, and Maintenance 2,500

Temporary Water, Electric, and Telephone 0

Storage/Hauling 15,000

Driveway Access Permit 1,090

Porta-John Rental/Dumping 1,850Builders Risk Insurance 8,000

Re-inspection Fees 456

Extra Plans and Specifications 1,600

Miscellaneous, Casual Labor 14,000

Equipment Rental 4,500

Other 1 (specify in Remarks) 0


Total Cost 86,196




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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 16,000

Clearing/Grading/Final Grading/Excess and Borrow 21,000

Demolition 0

Earthwork/Excavation/Aerating 14,000

Soil Treatment 2,500

Pile Foundations 0

Caissons 0

Shoring/Bracing 5,000

Site Drainage 18,600

Site Utilities/Site Lighting 35,000

Paving and Surfacing/Curb and Gutter 26,000Walkways 18,400

Site Signage 4,000

Parking Lot Painting 4,000

Dumpster Pads/Fencing 5,000

Fencing/Gates 0

Landscaping/Topsoil 32,000

Rock and Hardpan Excavation 2,900

Site Supervision Personnel 10,000

Other (specify in Remarks) 31,000

Total Cost 245,400

Other: this is the amount from line 39 of the original app.




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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




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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




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MINIMUM REQUIRED SET ASIDES (No Points Awarded):

Minimum Set-Asides

Select one of the following two options:

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

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

If requesting RPP funds:

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

State Tax Credit and QAP Targeting Points:

Low Income County:

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

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

Tax Exempt Bonds

Threshold requirement (select one):

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

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

Eligible for mortgage subsidy points (select one):

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

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




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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

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

D Management Agent Agreement

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

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

G Completed IRS Form 8821 (Appendix I)

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

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

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

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

L Site plan, floor plans and elevations

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

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

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

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

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

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

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

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

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

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

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

X Documentation to support estimated utility costs.


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