wyndsor park

8/6/2019 Wyndsor Park

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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 Park

Address: Tobiano Drive

City: New Bern County: Craven Zip: 27253

Census Tract: 211 Block Group: 2020

No

No

Political Jurisdiction: City of New Bern

Jurisdiction CEO Name: First: Last:Tom Bayliss Title: Mayor

Jurisdiction Address: P.O. Box 1129

Jurisdiction City: New Bern Zip: 27253

Jurisdiction Phone: (252)636-4000

Site Latitude: 35.07334

Site Longitude: -77.0623

Page 1 of 33Print - APP04-0142

1/14/2005https://www.nchfa.org/Rental/RTCApp/(14asge55nupds155nmt5yvzj)/site/PrintApp.aspx?...


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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: Targeting Plan meets architectural and affordability requirements in accordance with the QAP.




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Applicant Information

Applicant Name: Wynnefield Properties, Inc.

Address: P.O. Box 395

City: State: NC Zip:Jamestown 27282

Contact: First: Last: Title:Craig Stone Vice President

Telephone: (336)454-6134

Alt Phone: (336)906-1853

Fax: (336)454-6190

Email Address: [email protected]




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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

6.93 6.3

Approximately 50' of wetland on property but not considered to be in the 100 year floodplain.

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 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:

No

(c) Enter the current expiration date of the option/contract to purchase: 10/31/2004

(D) Enter Purchase Price: 252,000




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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-10-A Residential Multi-family

Yes

Yes

Yes

See attached Special Use Permit

No

No




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Ownership Entity

Owner Name: Wyndsor Park, LLC


City: State: NC Zip:Jamestown 27282

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

Federal Tax ID Number of Managing GP or Member: (If Not Assigned)56-1634056

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: Wynnefield Properties, Inc.

First Name: Craig Last Name: Stone Function: Managing Member


City: Jamestown State: NC Zip: 27282

Phone: (336)454-6134 Fax: (336)454-6190

EMail: [email protected] Nonprofit: No TaxID 56-1634056

Org: Norwood Stone

First Name: Norwood Last Name: Stone Function: Member

Address: 3822 Simmons Court

City: Greensboro State: NC Zip: 27407

Phone: (336)454-6134 Fax: (336)454-6190

EMail: [email protected] Nonprofit: No TaxID 239-56-6851




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** 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 6 targeted at 40 percent of median income.






56




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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 1,226,037 7.40 30 30 101,865

RPP LoanLocal Gov. Loan - Specify:

RD 515 Loan

RD 538 Loan - Specify:

AHP Loan

Other Loan 1 - Specify:



Tax Exempt Bonds

State Tax Credit(Loan) 851,255 0 30 30 0

State Tax Credit(Direct Refund)

Equity: Federal LIHTC 2,659,439

Non-Repayable Grant

Equity: Historic Tax Credits

Deferred Developer Fees 37,117

Owner Investment

Other - Specify:

Total Sources** 4,773,848

* "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.

79

Community Investment Corp. of North Carolina




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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 425,000 425,000

4 Rehabilitation

5 Construction of New Building(s) 2,305,630 2,305,630

6 Accessory Building(s) 150,000 150,000

7 General Requirements 172,750 172,750

8 Contractor Overhead 61,000 61,000

9 Contractor Profit 183,250 155,340

10 Construction Contingency 98,929 98,929

11 Architect's Fee - Design 42,000 42,000

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

SUBTOTAL (lines 1 through 12) 3,448,559

13 Construction Insurance (prorate) 23,500 23,500

14 Construction Loan Orig. Fee (prorate) 26,867 26,867

15 Construction Loan Interest (prorate) 183,477 183,477

16 Construction Loan Credit Enhancement (prorate)

17 Construction Period Taxes (prorate) 4,000 4,000

18 Water, Sewer and Impact Fees 45,000 45,000

19 Survey 7,500 7,500

20 Property Appraisal 3,000 3,000

21 Environmental Report 4,000 4,000

22 Market Study

23 Bond Costs (specify)

24 Cost of Issuance

25 Placement Fee

26 Permanent Loan Origination Fee 24,521

27 Permanent Loan Credit Enhancement

28 Title and Recording 2,000

SUBTOTAL (lines 13 through 28) 323,865

29 Real Estate Attorney 14,500 14,500

30 Other Attorney's Fees 18,000 18,000

31 Tax Credit App Fees 24,213 24,213

32 Tax Credit Compliance Fee

33 Tax Opinion 2,500

34 Organizational (Partnership) 1,500

35 Tax Credit Monitoring Fee 29,400


36 Furnishings and Equipment 30,000 30,000

37 Relocation Expenses

38 Developer's Fee (max 15% lines 2-36, less 8 & 9) 438,969 438,696

39 Cost Certification 4,875 4,875

40 Other Basis Expense (specify)Engineer 8,000 8,000

41 Rent-up Expenses 20,000

42 Other Non-basis Expense (specify)

43 Other Non-basis Expense (specify)


44 Rent up Reserve 16,800




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Comments:

45 Operating Reserve 135,667

46 Syndication Fees 5,000

47 Other Reserve (specify)

48 DEVELOPMENT COST (lines 1-47) 4,521,848 0 4,256,277

49 Less Federal Financing

50 Less Disproportionate Standard

51 Less Nonqualified Nonrecourse Financing

52 Less Historic Tax Credit (residential) 0

53 TOTAL ELIGIBLE BASIS 4,256,277 0 4,256,277

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

55 Basis Before Boost 4,256,277 0 4,256,277

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

57 TOTAL QUALIFIED BASIS 4,256,277 0 4,256,277

58 Tax Credit Rate 7.91% 7.91%

59 Federal Tax Credits at Estimated Rate 336,671 0 336,671

60 Federal Tax Credits at 8.5% or 3.75% 361,783 0 361,783

61 Federal Tax Credits Requested 341,851 341,851

62 Land Cost 252,000

63 TOTAL REPLACEMENT COST 4,773,848




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

Wyndsor Park is a 56 unit family community to be located in New Bern. The prop0sed communitywill target families with incomes between 40% and 60% of the median income limits. Great detailhas been placed on assuring the appearance of this community to fit nicely within the surroundingmarket appeal. Because of the long term funding requirements, the products used in constructionare both energy efficient and low maintenance. The exterior surface incorporates the use of brick for

a unique affordable design package.

An all brick facade with brick quoins, dental moding at the roof line, brick leaning soldier course withkey stone accent and a broken roof line for aesthetic.

Yes

Breckenridge CourtSpring Forest RoadGreenville, NC(2002 Tax Credit Award)

Glenwood PlacePlaza DriveHickory, NC(2002 Tax Credit Award)

Community Bldg - Sq Ft: 2,125 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

The propety will preserve and provide shade trees where possible at select areas. The proeprty willbe well landscaped with plant beds provided at various locations throughout the site. A detailed plan




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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.

is being preparded for final submission.

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

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

Yes




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.All structures in the neighborhood are new. There are residential units consisting of single family,duplexes and apartments. All utilities including streets are new.

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).

This neighborhood has all the compatible assets including schools, churches, shopping andpersonal service estabishments.

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 site is served off Glenburnie Road, which is a major artery in New Bern. Elizabeth Avenue, ouraccess road, has a traffic light at Glenburnie and the site is less than a half a mile from thisintersection.

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.A small area has been set as wetlands, approximately 50' across the rear of the property, most ofthis is in the set back which will be open space and will not be developed.

Similarity of scale and aesthetics/architecture between project and surroundings.The residential community in and around our site is made up of single family (one and two story)multi-family (one, two and three story) units, all new and modern construction.




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Other facilities or services:

Grocery Store1 Community/Senior Center

Mall/Strip Center2 Hospital2.2

Outdoor Athletic Fields1 Pharmacy1

Day Care/After School1 Basic Health Care1

Schools1 Medical Offices4

Public Transportation Stop Bank/Credit Union1

Convenience Store1 Restaurants1

Basketball/Tennis Courts1 Professional Services3

Public Parks1 Movie Theater3

Gas Station1 Video Rental1

Library3 Public Safety (Fire/Police)4

Fitness/Nature Trails1 Post Office2

Public Swimming Pools1




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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: 20

Units: 1,018

North Carolina Other States

Projects: 19

Units: 956

No

No

No

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? 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 840

Office Salaries 780

Office Supplies 1,267

Office or Model Apartment Rent

Management Fee 22,848

Manager or Superintendent Salaries 11,960

Manager or Superintendent Rent Free Unit 6,188

Legal Expenses (Project) 1,008

Auditing Expenses (Project) 2,378

Bookkeeping Fees/Accounting Services

Telephone and Answering Service 1,642

Bad Debts

Other Administrative Expenses (specify):

SUBTOTAL 48,911

Utilities ExpenseFuel Oil

Electricity (Light and Misc. Power) 5,644

Water 1,210

Gas

Sewer 1,210

SUBTOTAL 8,064

Operating and Maintenance Expenses

Janitor and Cleaning Payroll

Janitor and Cleaning Supplies

Janitor and Cleaning Contract

Exterminating Payroll/Contract 3,091

Exterminating Supplies

Garbage and Trash Removal 4,704

Security Payroll/Contract

Grounds Payroll

Grounds Supplies 1,530

Grounds Contract 12,029

Repairs Payroll 15,235

Repairs Material 1,546

Repairs Contract 2,238

Elevator Maintenance/Contract

Heating/Cooling Repairs and Maintenance 1,550

Swimming Pool Maintenance/Contract 1,141

Snow Removal 1,036

Decorating Payroll/Contract 1,874

Decorating Supplies 1,784

Other (specify):

Miscellaneous Operating & Maintenance Expenses

SUBTOTAL 47,758

Taxes and Insurance

Real Estate Taxes 24,528

Payroll Taxes (FICA) 7,392

Miscellaneous Taxes, Licenses and Permits




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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 12,336 16,123 28,459

Backfill-slab, Crawl 1,542 0 1,542

Slab-concrete/Rebar/Gravel 35,466 74,273 109,739

Waterproofing 0 0 0

Masonry Foundation 9,887 8,194 18,081

Brick Veneer 49,797 29,735 79,532

Steel/Structure/Rails 3,538 13,480 17,018

Framing/Lumber/Nails 108,846 171,805 280,651

Trusses 72,564 66,079 138,643

Crane Rental 0 3,833 3,833

Windows/Grilles/Screen 3,900 45,859 49,759Exterior Doors 6,259 12,159 18,418

Roofing 20,590 28,943 49,533

Fencing 0 0 0

Vinyl Siding/Trim/Box 43,901 82,070 125,971

Gutters/Shutters 19,048 3,436 22,484

Insulation 21,769 32,643 54,412

Drywall 127,532 65,286 192,818

Interior Doors 19,411 50,881 70,292

Int. & Final/Stair/Trim/Shelves 11,701 26,828 38,529

Cabinets & Tops 29,661 76,123 105,784

Painting 42,722 35,022 77,744

Marble - Tub/Shwr/Tops 0 0 0

Plumbing 98,143 89,074 187,217

Electrical 53,244 53,260 106,504

Heating/Air Conditioning 49,797 73,083 122,880

Floor Covering and Underlayment 23,674 91,189 114,863

Wall Paper 0 0 0

Mailboxes/Special Features/Signage 2,358 9,648 12,006

Gypcrete 0 0 0

Blinds/Shades/Art Work 1,542 9,780 11,322

Light Fixtures/Fans 9,343 30,661 40,004

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




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Remarks:

Mirror/Shower Door/Encls. 0 0 0

Hardware/Bath Access. 9,343 51,013 60,356

Appliances 10,975 56,828 67,803

Playground Equipment 2,358 5,418 7,776

Interior Clean 3,900 4,890 8,790

Exterior Clean/Dumpster Rental 1,902 3,965 5,867

Other 1 (specify in Remarks) 19,250 57,750 77,000

Other 2 (specify in Remarks) 0 0 0

Total Cost 926,299 1,379,331 2,305,630

Other 1 - Pool = 77,000




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 114,837

Job Site Office/Trailer Rental 4,160

Office Supplies

Security/Watchman

Project Signage

Tools and Equipment 6,951

Gas, Oil, and Maintenance 4,634

Temporary Water, Electric, and Telephone 8,426

Storage/Hauling 6,021

Driveway Access Permit

Porta-John Rental/Dumping 2,036Builders Risk Insurance 8,794

Re-inspection Fees

Extra Plans and Specifications 1,145

Miscellaneous, Casual Labor 11,112

Equipment Rental 4,634

Other 1 (specify in Remarks)

Other 2 (specify in Remarks)

Total Cost 172,750




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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 Explorat ion/Perk Testing/Site Engineering 9,010

Clearing/Grading/Final Grading/Excess and Borrow 86,870

Demolition

Earthwork/Excavation/Aerating

Soil Treatment 3,188

Pile Foundations

Caissons

Shoring/Bracing

Site Drainage 26,988

Site Utilities/Site Lighting 141,653

Paving and Surfacing/Curb and Gutter 96,560Walkways 11,263

Site Signage 3,354

Parking Lot Painting 553

Dumpster Pads/Fencing 3,358

Fencing/Gates

Landscaping/Topsoil 42,203

Rock and Hardpan Excavation

Site Supervision Personnel

Other (specify in Remarks)

Total Cost 425,000




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

Other 1 (specify in Remarks) 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




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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:

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.


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