Print Preview - Final Application: Resources Requested

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Print Preview - Final Application

Tax Credits, RPP Loans, and/or Tax Exempt Bond Loans
Resources Requested
Check all that apply: Federal Low Income Housing Tax Credit State Low Income Housing Tax Credit Tax Exempt Bonds Rental Production Program (RPP) Loan Requested RPP Loan Amount: 541,000 RPP Loan Product Requested: Multi-Family Production
https://www.nchfa.org/Rental/RTCApp/(b2zzls2hszy5nu45zgmtfz45)/site/PrintApp.aspx?I... 1/14/2005
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Project Name and Location

Project Name: Bailey Springs Apartments Address: City: Wilma Sigmon Road Lincolnton County: Lincoln Block Group: Zip: 28092
Census Tract: 0702.00
Is project in Qualified Census Tract & Difficult to Develop area: No Political Jurisdiction: Jurisdiction Address: Jurisdiction City: Jurisdiction Phone: Lincoln County Last: Cochrane Title: Chairman 115 W. Main Lincolnton (704)732-3848 Zip: 28092
Jurisdiction CEO Name: First: Jerry
Site Latitude: Site Longitude:
35.474 -81.255
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Project Description
Project Type:* New Construction Rehab Adaptive Reuse
Is this project a follow-on (Phase II, etc) to a previously-awarded tax credit development project? No If yes, list names of previous phase(s): Will the project be receiving federal rental assistance? Yes If yes, provide the subsidy source: HUD and number of units: 27
Target Population: Elderly (55) Indicate below any additional targeting for special populations proposed for this project: Mobility impaired handicapped: 5% of units comply with QAP Section IV(F)(3) (in addition to other federal and state requirements) Persons with disabilities or homeless populations: the greater of 5 units or 10% of the total units Remarks: There are 5 units for the targeted population:4-units that are Handicapped/Mobility impaired and 1unit for Sensory impaired.
Proposed number of residential buildings: 5 Types of Units:* Project Includes:
Maximum number of stories in buildings: 1
Townhouse
Duplex
Garden Apartment
Detached Single-Family
Separate community building - Sq. Ft. (Floor Area): 1,900 Community space within residential bulding(s) - Sq. Ft. (Floor Area): Elevators - Number of Elevators: Square Footage Information Gross Floor Square Footage: 30,640
Total Net Sq. Ft. (All Heated Areas): 26,131
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Applicant Information
Applicant Name: Address: City: Contact: Telephone: Bailey Springs Apartments, Limited Partnership P. O. Box 220 Florence First: Allan (256)760-9657 State: NC Zip: 35631-0220 Last: Rappuhn Title: Member of GP
Alt Phone:
(256)335-4030
Fax:
(256)767-5804
Email Address:
arappuhn@gatewaymgt.com
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Site Description
Total Site Acreage: 6.5 Total Buildable Acreage: 6.5 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? Yes If yes, please describe: Old shed and barn. They have never been used for residential purpose and have not previously or currently been occupied.
Are existing buildings on the site currently occupied? No If yes: (a) Briefly describe the situation:
(b) Will tenant displacement be temporary? (c) Will tenant displacement be permanent? Is the site in a distressed neighborhood? No If yes, does a community revitalization plan exist? Is the site directly accessed by an existing, paved, publicly maintained road? Yes If no, please explain:
Is any portion of the site located inside the 100 year floodplain? No If yes: (a) Describe placement of project buildings in relation to this area:
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(b) Describe flood mitigation if the project is in the East Region and will have improvements within the 100 year floodplain:
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Site Control
Does the owner have fee simple ownership of the property (site/buildings)? No If yes provide: Purchase Date: If 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? No If yes, specify the relationship:
Purchase Price:
(c) Enter the current expiration date of the option/contract to purchase: 12/06/2003 (D) Enter Purchase Price: 195,000
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Zoning
Present zoning classification of the site: R-8 Is mutifamily use permitted? Yes Are variances, special or conditional use permits or any other item requiring a public hearing needed to develop this proposal? No If yes, have the hearings been completed and permits been obtained? If yes, specify permit or variance required and date obtained. If no, describe permits/variances required and schedule for obtaining them:
Is a public hearing of any kind required in the future for you to fully develop this property? No If yes, describe the nature of the hearing and when you expect the hearing will be held:
Are there any existing conditions of historical significance located on the project site that will require State Historic Preservation office review? No If yes, describe below:
Are there any existing conditions of environmental significance located on the project site? No If yes, describe below:
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Ownership Entity
Owner Name: Bailey Springs Apartments, Limited Partnership Address: City: P. O. Box 220 Florence State: AL Zip: 35631-0220 (If assigned) 80-0004583 (If Not Assigned)
Federal Tax ID Number of Ownership Entity: Federal Tax ID Number of Managing GP or Member:
Entity Type: Limited Partnership Entity Status: To Be Formed Is the applicant requesting that the Agency treat the application as Non-Profit sponsored? Is the applicant requesting that the Agency treat the application as CHDO sponsored?
No No
List all general partners, members,and principals. Specify nonprofit corporate general partners or members. Click [Add] to add additional partners, members, and principals.
Org:
Gateway Properties, LLC Last Name: Rappuhn Function: Managing General Partner
First Name: Allan Address: City: Phone: EMail: P. O. Box 220 Florence (256)760-9657
State: AL
Zip: 35631-0220
Fax: (256)767-5804 Nonprofit: No TaxID 80-0004583
arappuhn@gatewaymgt.com
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Unit Mix
List each applicable unit mix combination in a separate row below. Click [Add] to create another row. Click "X" (at the left of each row) to delete a row. Low Income Units Type Gdn Apt Gdn Apt Gdn Apt # BRs Net Sq.Ft. 1 2 2 751 941 941 Total # Units 18 9 1 # Units 2 2 0 Monthly Rent 401 466 0 Electric Utility Allowance 80 111 0 Gas Other trash removal Mandatory Serv. Fees **Total Housing Exp. 481 577 0
Utilites included in rents:
Water/Sewer
Market Rate Units Type # BRs Net Sq.Ft. Total # Units # Units Monthly Rent Utility Allowance Gas Other Mandatory Serv. Fees **Total Housing Exp.
Utilites included in rents:
Water/Sewer
Electric
Statistics All Units Low Income....... Market Rate....... Totals............... 28 4 11412 28 Gross Monthly Rental Income 11412
Units 4
Notes * ** Paint-to-Paint Square Footage Please refer to the Income Limits and Maximum Housing Expense Table to ensure that Total Monthly Tenant Expenses for low income units are within established thresholds.
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Targeting
Specify Low Income Unit Targeting in table below. List each applicable targeting combination in a separate row below. Click [Add] to create another row. Click "X" (at the left of each row) to delete a row. Add as many rows as needed.
# BRs 1 2 1 2 2 4 3 14 6 1
Units targeted at 40 targeted at 40 targeted at 50 targeted at 50 targeted at 0
% percent of median income. percent of median income. percent of median income. percent of median income. percent of median income.
Total Low Income Units:
28
Note: This number should match the total number of low income units in the Unit Mix section.
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Funding Sources
NonAmortizing* Rate (%) Term (Years) Amort. Period (Years) Annual Debt Service
Source Bank Loan RPP Loan Local Gov. Loan - Specify: RD Loan AHP Loan Other Loan 1 - Specify: Other Loan 2 - Specify: Other Loan 3 - Specify: Tax Exempt Bonds State Tax Credit(Loan) State Tax Credit(Direct Refund) Equity: Federal LIHTC Non-Repayable Grant Equity: Historic Tax Credits Deferred Developer Fees Owner Investment Other - Specify: Total Sources**
Amount
541,000
2.00
20
20
125,000
0.00
20
20
405,345
30
30
1,259,938
202
2,331,485
* "Non-amortizing" indicates that the loan does not have a fixed annual debt service. For these items, you must fill in 20-year debt service below. ** Total Sources must equal total replacement cost in Project Development Cost (PDC) section. Estimated pricing on sale of Federal Tax Credits: $0. 79 Remarks concerning project funding sources: (Please be sure to include the name of the funding source(s))
Loans with Variable Amortization Please fill in the annual debt service as applicable for the first 20 years of the project life.
RPP Loan
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Year: Amt: Year: Amt:
1 28400 11 29500
2 28400 12 29500
3 28400 13 28900
4 29000 14 28900
5 29000 15 28900
6 29000 16 28600
7 29400 17 28200
8 29400 18 27300
9 29400 19 27300
10 29500 20 26700
AHP Loan Year: Amt: Year: Amt: 1 0 11 0 2 0 12 0 3 0 13 0 4 0 14 0 5 0 15 0 6 0 16 0 7 0 17 0 8 0 18 0 9 0 19 0 10 0 20 125000
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Development Costs
Item Cost Element 1 Purchase of Buildings (Rehab) 2 Demolition 3 On-site Improvements 4 Rehabilitation 5 Construction of New Building(s) 6 Accessory Building(s) 7 General Requirements 8 Contractor Overhead 9 Contractor Profit 10 Construction Contingency 11 Architect's Fee - Design 12 Architect's Fee - Inspection SUBTOTAL (lines 1 through 12) 13 Construction Insurance (prorate) 14 Construction Loan Orig. Fee (prorate) 15 Construction Loan Interest (prorate) 16 Construction Loan Credit Enhancement (prorate) 17 Construction Period Taxes (prorate) 18 Water, Sewer and Impact Fees 19 Survey 20 Property Appraisal 21 Environmental Report 22 Market Study 23 Bond Costs (specify) 24 Cost of Issuance 25 Placement Fee 26 Permanent Loan Origination Fee 27 Permanent Loan Credit Enhancement 28 Title and Recording SUBTOTAL (lines 13 through 28) 29 Real Estate Attorney 30 Other Attorney's Fees 31 Tax Credit App Fees 32 Cost Certification/Accounting Fees (specify) 33 Tax Opinion 34 Organizational (Partnership) 35 Tax Credit Monitoring Fee SUBTOTAL (lines 29 through 35) 36 Furnishings and Equipment 37 Relocation Expenses 38 Developer's Fee (max 15% lines 2-36, less 8 & 9) 39 40 42 43 Other Basis Expense (specify) Other Basis Expense (specify) 10,000 Other Non-basis Expense (specify) Other Non-basis Expense (specify) SUBTOTAL (lines 36 through 43) 44 Rent up Reserve 270,475 8,400 250,475 250,475 16,800 49,372 10,000 10,000 10,000 181,500 15,000 2,000 12,072 3,500 12,072 3,500 15,000 28,000 7,500 8,500 28,000 7,500 8,500 5,000 5,000 76,467 27,018 108,073 44,580 26,880 6,720 1,564,180 3,000 24,000 95,500 3,000 24,000 95,500 76,467 27,018 108,073 44,580 26,880 6,720 1,032,000 1,032,000 242,442 242,442 TOTAL COST Eligible Basis 30% PV 70% PV 0
41 Rent-up Expenses
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45 Operating Reserve 46 47 Other Reserve (specify) Other Reserve (specify)
62,558
48 DEVELOPMENT COST (lines 1-47) 49 Less Federal Financing 50 Less Disproportionate Standard 51 Less Nonqualified Nonrecourse Financing 52 Less Historic Tax Credit (residential) 53 TOTAL ELIGIBLE BASIS 54 Times Applicable Fraction 55 TOTAL QUALIFIED BASIS 56 Tax Credit Rate 57 FEDERAL TAX CREDITS at Estimated Rate 57a FEDERAL TAX CREDITS at 8.5% or 3.75% 58 FEDERAL TAX CREDITS REQUESTED 59 STATE TAX CREDITS 60 Land Cost 61 TOTAL REPLACEMENT COST Comments:
2,136,485
2,026,727
0 2,026,727 100.00% 2,026,727 159,503 172,271 0 406,621 195,000 2,331,485 0 100% 0 0.00% 0 0 2,026,727 100% 2,026,727 7.87% 159,503 172,271
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Market Study Information

Please provide a detailed description of the proposed project: The project will consist of 28 apartment units which will include 18 one-bedroom and 10 twobedroom units that will be designed for elderly persons. The buildings are all single story to provide a "cottage" type atmosphere. The structures will be wood frame with brick veneer exteriors and will include decorative shutters and porches. The site will be professionally landscaped and an on-site gazebo will be available for the residents for outdoor cooking, parties, or just relaxing. The project will have an onsite manager that will be an employee of GEM Management, Inc. which manages over 4,500 units. GEM Management is based in Charlotte, North Carolina. The project will have a community building containing an office, laundry, and large community room with fully equipped kitchen. Typically, this room is used by the residents for monthly social gatherings and can be used by individual residents for birthday parties or family gatherings. All of the units will have washer and dryer connections. The site is located on Wilma Sigmon Road in Lincolnton, North Carolina on a 6.5 acre parcel of land. Construction (check all that apply): Brick Vinyl Wood HardiPlank Balconies/Patios Sunrooms Front Porches
Front Gables or Dormers Other:
Wide Banding or Vertical/Horizontal Siding
Broken roof lines, large spacious units that exceed mininium square footage
Have you built other tax credit developments that use the same building design as this project? Yes If yes, please provide name and address: Leniox Station Rockingham NC
Site Amenities (check all that apply): Community Bldg - Sq Ft: 1,900 Laundry Rm Game/Craft Rm Chapel/Prayer Rm Irrigated Lawns Walking Trails Pool Screened Porch Exercise Rm Picnic Area Security Gate Garden Spots Fitness Stations Community Room - Sq Ft: Resident Computer Center TV Rm Onsite Leasing Office Car Care Area Basketball/Tennis Court Horseshoe Pit Garages - Number: Exam Rm Beauty Salon Onsite Mgr Storage Units Playground Shuffleboard Reading Rm/Library Vending Rm Onsite Maint. Person Gazebos Ball Field Covered Drive Thru
Onsite Activities: Gardening, exercise activities, covered dish dinners, games, activities.
Landscaping Plans:
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The project will be professionally landscaped with foundation shrubbery, decorative trees, and seasonal planting.
Interior Apartment Amenities (check all that apply): Range W/D Hookups Flooring: Carpet Hood Mini-blinds Vinyl Central Air Dishwasher Pantry Wood Gas Heat Disposal Ceiling fans Wood Parquet Heat Pump Refrigerator (frost free) Walk-in closets Other Storage interior/exterior
Ceramic Tile Electric Pump
Heating/Cooling:
Do you plan to submit additional market data (market study, etc.) that you want considered? No If yes, please make sure to include the additional information in your pre-application packet.
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Applicant's Site Evaluation

Briefly describe your site in each of the following categories: NEIGHBORHOOD CHARACTERISTICS Physical condition of buildings and improvements. Trend and direction of real estate development relative to the project. Area economic health (degree of decline or investment). The neighborhood consists of single-family, commercial and multi-family land uses. This is a growth area for the city of Lincolnton. The area has a new assisted living facility next to the site and a new shopping center within a half-mile.
Suitability of surrounding development. Land use pattern is primarily residential with a balance of other uses, including non-competing multifamily and single family units, relevant amenities, shopping and services. The surrounding area has new non-competing multifamily, single family and commerical.
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). Street and highway accessability is very good to the site. Access to all major facilities can be attained within a 5 to 15 minute drive.
Amount and character of vacant, undeveloped land. Effect of industrial, large-scale institutional or other incompatible uses: wastewater treatment facilities, high traffic corridors, junkyards, prisons, landfills, large swamps, distribution facilities, frequently used railroad tracks, power transmission lines and towers, factories or similar operations, sources of excessive noise, and sites with environmental concerns (such as odors or pollution). This is a growth area and is changing from agriculture to commercial and residental. The county has the sheriff's office and detention center .3 miles from the site. Site is well bufferred from the road.
Degree of on-site negative features and physical barriers that will impede project construction or adversely 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. For adaptive re-use projects- suitability for residential use and difficulties posed by the building(s), such as limited parking, environmental problems or the need for excessive demolition. There is no negative features or physical barriers.
Similarity of scale and aesthetics/architecture between project and surroundings. The area has a new assisted care facility next to the site that is very similar in architecture. The
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project will be aesthetically pleasing and will fit well into the surrounding neighborhood.
Concentration of affordable housing (housing credit, project-based rental assistance, public housing). There are no concentration of affordable housing in this area.
Availability of Supportive Services (if applicable): All supportive services are within a 10 minute drive.
For each applicable neighborhood feature, enter distance from project in miles. .5 .5 Grocery Store Mall/Strip Center Outdoor Athletic Fields Day Care/After School Schools 1.5 1.5 .5 .5 1.5 Community/Senior Center Hospital Pharmacy Basic Health Care Medical Offices Bank/Credit Union Restaurants Professional Services Movie Theater .5 1 1 Video Rental Public Safety (Fire/Police) Post Office
Public Transportation Stop .5 .5 Convenience Store Basketball/Tennis Courts Public Parks 1 1 Gas Station Library Fitness/Nature Trails Public Swimming Pools Other facilities or services: .5 1
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Development Team
Provide contact information for development team members below: Management Agent Company: GEM Management, Inc. Address: City: Phone 2021 Cross Beam Drive Charlotte (704)357-6000 State: NC Zip: 28217 Email: Last: Ellis
Contact Name: First: Gary
Architect Company: Address: City: Phone
McKean & Associates 2815 Zelda Road Montgomery (334)272-4044 State: AL Zip: 36106 Email: Last: McKean
Contact Name: First: Rory
Attorney Company: Address: City: Phone
David T. Pryzwansky 5700 Six Forks Road, Suite 201 Raleigh (919)846-4801 State: NC Zip: 27609 Email: davidp@pandclaw.com Last: Pryzwansky
Contact Name: First: David
Investor Company: Address: City: Phone
SouthTrust Bank P.O. Box 2554 Birmingham (205)254-4967 State: AL Zip: 35290 Email: Last: Taylor
Contact Name: First: Dale
Consultant/Application Preparer (if different from developer) Company: Address: City: Phone Contact Name: First: State: Email: Last: Zip:
Identity of Interest? General Contractor Company: Olympia Construction Inc. Address: City: Phone 9010 US HWY 431 Albertville (256)878-6054 State: AL Zip: 35950 Email: Last: Fullerton
Contact Name: First: Ralph
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Project Team Experience

Development List number low-income/tax credit housing projects and units developed, operated, and maintained in compliance by the principal(s) between December 1, 1996 and January 1, 2003: North Carolina Other States Projects: Units: 2 89 24 1,116
Management List number of low-income housing tax credit units managed in the past 10 years: North Carolina Other States Projects: Units: 49 1,483 61 1,953
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? No 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? No 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-insured project, a Rural Development funded rental project, a tax-exempt funded mortgage, a tax credit project, or any other publicly subsidized project? No 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 to meet 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? No 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? No
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Financing Commitments
Does the project have a firm commitment for construction financing? Does the project have a letter of intent for private permenant financing? Does the project have a firm commitment for government financing? Does the project have a letter of intent from an investor? Is any portion of the eligible basis of new contruction or rehabilitation financed with federal subsidies other than CDBG funds or funds from the HOME program? If yes, indicate the type and amount below: Tax Exempt Financing: $ RD 515 Financing: Hope VI Financing: Other: $ $ $ No No No Yes No
If Other, specify the type of Federal subsidy:
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Projected Operating Costs

Project Operations (Year One) Administrative Expenses Advertising Other Administrative Expense (specify): Office Salaries Office Supplies Office or Model Apartment Rent Management Fee Manager or Superintendent Salaries Manager or Superintendent Rent Free Unit Legal Expenses (Project) Auditing Expenses (Project) Bookkeeping Fees/Accounting Services Telephone and Answering Service Bad Debts Other Administrative Expenses (specify): SUBTOTAL Utilities Expense Fuel Oil Electricity (Light and Misc. Power) Water Gas Sewer SUBTOTAL Operating and Maintenance Expenses Janitor and Cleaning Payroll Janitor and Cleaning Supplies Janitor and Cleaning Contract Exterminating Payroll/Contract Exterminating Supplies Garbage and Trash Removal Security Payroll/Contract Grounds Payroll Grounds Supplies Grounds Contract Repairs Payroll Repairs Material Repairs Contract Elevator Maintenance/Contract Heating/Cooling Repairs and Maintenance Swimming Pool Maintenance/Contract Snow Removal Decorating Payroll/Contract Decorating Supplies Other (specify): Miscellaneous Operating & Maintenance Expenses SUBTOTAL Taxes and Insurance Real Estate Taxes 23,820 13,216 6,000 6,720 2,500 3,600 5,000 3,000 9,000 29,080 1,000 1,000 1,500 1,200 11,760 6,720 2,400
3,500
3,000 3,000
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Payroll Taxes (FICA) Miscellaneous Taxes, Licenses and Permits Property and Liability Insurance (Hazard) Fidelity Bond Insurance Workmen's Compensation Health Insurance and Other Employee Benefits Other Insurance: SUBTOTAL Supportive Service Expenses Service Coordinator Service Supplies Tenant Association Funds Other Expenses (specify): SUBTOTAL Reserves Replacement Reserves SUBTOTAL TOTAL OPERATING EXPENSES ADJUSTED TOTAL OPERATING EXPENSES (Does not include taxes, reserves and resident support services) * TOTAL UNITS (from total units in the Unit Mix section) PER UNIT PER YEAR
1,000 6,750
20,966
600
600 7,000 7,000 90,466 69,650 28 2,487
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Projected Cash Flow Year One

OPERATING INCOME Gross rental income (from Unit Mix - Total Monthly Rent) Stores and Commercial Laundry and Vending Other (specify): non-refund/latefees/interest Total Gross Income Potential at 100% Occupancy Seven Percent Vacancy Allowance NET RENTAL/OTHER INCOME TOTAL OPERATING EXPENSES (from Projected Operating Costs) NET OPERATING INCOME DEBT SERVICE (from Funding Sources Loans) NET CASH FLOW DEBT COVERAGE RATIO (Must not be less than 1.15) 900 2,200 140,044 9,803 130,241 136,944
90,466 39,775
28,400
11,375 1.401
20-Year Cash Flow

Year Net Rental/Other Income* Total Operating Expenses* Debt Service Net Cash Flow Debt Coverage Ratio Year Net Rental/Other Income* Total Operating Expenses* Debt Service Net Cash Flow Debt Coverage Ratio 1 130,241 90,466 28,400 11,375 1.401 11 175,033 133,911 29,500 11,622 1.394 2 134,148 94,085 28,400 11,663 1.411 12 180,284 139,267 29,500 11,517 1.39 3 138,172 97,848 28,400 11,924 1.42 13 185,693 144,838 28,900 11,955 1.414 4 142,317 101,762 29,000 11,555 1.398 14 191,264 150,632 28,900 11,732 1.406 5 146,587 105,832 29,000 11,755 1.405 15 197,002 156,657 28,900 11,445 1.396 6 150,985 110,065 29,000 11,920 1.411 16 202,912 162,923 28,600 11,389 1.398 7 155,515 114,468 29,400 11,647 1.396 17 208,999 169,440 28,200 11,359 1.403 8 160,180 119,047 29,400 11,733 1.399 18 215,269 176,218 27,300 11,751 1.43 9 164,985 123,809 29,400 11,776 1.401 19 221,727 183,267 27,300 11,160 1.409 10 169,935 128,761 29,500 11,674 1.396 20 228,379 190,598 151,700 -113,919 0.249
* Net Rental Income escalated at annual rate of 3% and expenses escalated at a rate of 4% after the first year.
Calculations:
1. "Net Rental/Other Income" comes from 1st-year cash flow, then it is escalated by 3% per year. 2. "Total Operating Expenses" comes from 1st-year cash flow, then it is escalated by 4% per year. 3. "Debt Service" is the sum of "regular/amortized loan debt service + non-amortizing annual service" as entered by user from Funding Sources section. 4. "Net Cash Flow" is "Net Rental/Other Income" minus "Total Operating Expenses" minus "Debt Service". 5. "Debt Coverage Ratio" is ("Net Rental/Other Income" minus "Total Operating Expenses") divided by "Debt Service".
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Design Features
ITEM Foundation/Slab Components Primary Windows DESCRIPTION 4" concrete slab with 6x6, 10x10, wire mesh on vapor barrier on 4" fill Make: Equal to Alenco Model: Series 3810
Type/Construction: Aluminum/thermal break Exterior Doors Type: Metal insulated Frames: Wood .044 meet astm D3679Grade/Thickness: 81a
Siding Type: Vinyl (PVC)
Warranty: Lifetime non-prorated limited (50 year) Exterior Trim Shingles Vinyl or Aluminum Type: 3 tab GAF Fiberglass Warranty: 30 year Sprinkler System Cabinets Heat Pump N/A 3/4" cabinet hardwood veneer plywood SEER: 11 Indoor-HHQA/OutdoorModel: HPGB Air Conditioner SEER: See above Model: see above Other Heat Systems SEER: N/A Model: N/A Make: Make: see above Make: Rudd or Equal
Weight:
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Costs - Construction
This is a detailed breakdown of rehabilitation or construction costs you summarized in the Development Costs table (Rehabilitation and Construction of New Building(s)). The total should match those roll-up values. ITEM Concrete Footings Backfill-slab, Crawl Slab-concrete/Rebar/Gravel Waterproofing Masonry Foundation Brick Veneer Steel/Structure/Rails Framing/Lumber/Nails Trusses Crane Rental Windows/Grilles/Screen Exterior Doors Roofing Fencing Vinyl Siding/Trim/Box Gutters/Shutters Insulation Drywall Interior Doors Int. & Final/Stair/Trim/Shelves Cabinets & Tops Painting Marble - Tub/Shwr/Tops Plumbing Electrical Heating/Air Conditioning Floor Covering and Underlayment Wall Paper Mailboxes/Special Features/Signage Gypcrete Blinds/Shades/Art Work Light Fixtures/Fans Sprinkler System Security Alarm Hardwood Floors Elevator Ceramic Tiles Acoustical Ceilings 1,500 3,000 1,500 7,000 1,000 2,000 40,000 35,000 35,000 15,000 40,000 30,000 35,000 20,000 3,000 2,500 15,000 2,000 30,000 2,100 9,000 54,000 5,000 10,000 5,000 20,000 15,000 7,500 15,000 2,000 15,000 3,000 10,000 30,000 15,000 25,000 25,000 11,000 80,000 10,000 88,400 25,000 3,000 45,000 1,500 22,000 25,000 50,000 LABOR 10,000 MATERIAL 20,000 TOTAL 30,000 0 75,000 0 4,500 67,000 0 168,400 35,000 0 18,000 10,000 30,000 4,000 45,000 5,100 19,000 84,000 20,000 35,000 30,000 31,000 0 80,000 65,000 70,000 35,000 0 3,000 0 3,000 10,000 0 0 0 0 0 0
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Mirror/Shower Door/Encls. Hardware/Bath Access. Appliances Playground Equipment Interior Clean Exterior Clean/Dumpster Other 1 (specify in Remarks) Other 2 (specify in Remarks) Total Cost Remarks:
2,000 3,000 3,000 1,500 2,800 6,000
2,000 6,000 25,000 3,500 200
4,000 9,000 28,000 5,000 3,000 6,000 0 0
479,400
552,600
1,032,000
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Costs - General
This is a detailed breakdown of the General Requirements cost element you summarized in the Development Costs table (General Requirements). The total should match that roll-up value. ITEM Supervision Job Site Office/Trailer Rental Impact Fees Office Supplies Security/Watchman Water and Sewer Connection Fees Project Signage Tools and Equipment Gas, Oil, and Maintenance Cleanup/Dumpster Rental Temporary Water, Electric, and Telephone Storage/Hauling Driveway Access Permit Porta-John Rental/Dumping Builders Risk Insurance Re-inspection Fees Extra Plans and Specifications Miscellaneous, Casual Labor Equipment Rental Other 1 (specify in Remarks) Other 2 (specify in Remarks) Total Cost Remarks: 76,467 4,000 3,000 7,000 300 4,167 2,000 3,000 4,000 1,000 TOTAL 45,000 3,000
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Costs - Improvements
This is a detailed breakdown of the Site Improvements cost element you summarized in the Development Costs table (On-site Improvements). The total should match that roll-up value. ITEM Subsurface Exploration/Perk Testing/Site Engineering Clearing/Grading/Final Grading/Excess and Borrow Demolition Earthwork/Excavation/Aerating Soil Treatment Pile Foundations Caissons Shoring/Bracing Site Drainage Site Utilities/Site Lighting Paving and Surfacing/Curb and Gutter Walkways Site Signage Parking Lot Painting Dumpsite Pads/Fencing Fencing/Gates Landscaping/Topsoil Waterproofing/De-Watering Operation of Construction Equipment/Fuel/Oil Crane Rental Rock and Hardpan Excavation Site Supervision Personnel Other (specify in Remarks) Total Cost Remarks: 242,442 4,000 28,000 1,000 2,000 15,000 44,442 50,500 20,000 3,500 TOTAL 4,000 70,000
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Costs - Bond Costs

This is a detailed breakdown of the Bond Costs cost element you summarized in the Development Costs table (Bond Costs). The total should match that roll-up value. ITEM Letter of Credit Fee Credit Enhancement Underwriter Discount Capital Interest Fund Other 1 (specify in Remarks) Other 2 (specify in Remarks) Total Cost Remarks: 0 TOTAL
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Costs - Bond Issuance

This is a detailed breakdown of the Bond Issuance cost element you summarized in the Development Costs table (Cost of Issuance). The total should match that roll-up value. ITEM Bond Counsel Issuer Counsel Credit Enhancement/LOC Counsel Underwriter Counsel Developer's Counsel Rating Agency Fee Printing Trustee Fee Trustee Counsel Other 1 (specify in Remarks) Other 2 (specify in Remarks) Other 3 (specify in Remarks) Total Cost Remarks: 0 TOTAL
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Minimum Set-Asides
MINIMUM REQUIRED SET ASIDES (No Points Awarded): 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: High Income county: At least twenty-five percent (25%) of qualified units will be affordable to households with incomes at or below thirty percent (30%) of county median income. At least twenty-five percent (25%) of qualified units will be affordable to and occupied by households with incomes at or below thirty percent (30%) of county median income.
At least fifty percent (50%) of qualified units will be affordable to households with incomes at or below forty percent (40%) of county median income. At least fifty percent (50%) of qualified units will be affordable to and occupied by households with incomes at or below forty percent (40%) of county median income. 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 forty percent (40%) of county median income.
At least fifty percent (50%) of qualified units will be affordable to households with incomes at or below fifty percent (50%) of county median 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. 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 county median 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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Full Application Checklist

PLEASE indicate which of the following exhibits are attached to your application. Others may be required as noted. A Nonprofit Organization Documentation or For-profit Corporation Documentation B Current Financial Statements/Principals and Owners 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 Permitted zoning letter (including conditional and special use) I Site plan, floor plans and elevations
J Hazard and structural inspection and termite reports (Renovation projects only) K Description of any existing conditions of historical significance. L Description of environmental significance. M Anticipated budget demonstrating how the project would meet the 10% test by November 14th. N Evidence of Architect's Errors and Omissions insurance (or equivalent). O Description of acquisition for existing/occupied projects or for projects with occupied buildings to be demolished. P Description of proposed Relocation Plan & Relocation Budget, Etc. If any relocation is anticipated, reference Appendix F. Q Targeting Plan and supporting documentation (Required for projects targeted to Special Populations) R Local Housing Authority Agreement (Reference Model in Appendix I) S Appraisal (for land costs greater than $5,000 and for buildings in rehab projects) T Evidence of Permanent Loan Commitment, other sources of funds, and project-based subsidies. U Statement regarding terms of Deferred Developer Fee and, if nonprofit, resolution of Board approving fee. V Inducement Resolution (Tax-Exempt Bond Financed Projects only) W Documentation to support estimated utility costs.

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Project Name and Location

Census Tract: 0702.00

Jurisdiction CEO Name: First: Jerry

Site Latitude: Site Longitude:

Proposed number of residential buildings: 5 Types of Units:* Project Includes:

Maximum number of stories in buildings: 1

Total Net Sq. Ft. (All Heated Areas): 26,131

Fax: (256)767-5804 Nonprofit: No TaxID 80-0004583

Utilites included in rents:

Utilites included in rents:

Units targeted at 40 targeted at 40 targeted at 50 targeted at 50 targeted at 0

Total Low Income Units:

Year: Amt: Year: Amt:

AHP Loan Year: Amt: Year: Amt: 1 0 11 0 2 0 12 0 3 0 13 0 4 0 14 0 5 0 15 0 6 0 16 0 7 0 17 0 8 0 18 0 9 0 19 0 10 0 20 125000

45 Operating Reserve 46 47 Other Reserve (specify) Other Reserve (specify)

Market Study Information

Front Gables or Dormers Other:

Wide Banding or Vertical/Horizontal Siding

Ceramic Tile Electric Pump

Applicant's Site Evaluation

Contact Name: First: Gary

Architect Company: Address: City: Phone

Contact Name: First: Rory

Attorney Company: Address: City: Phone

Contact Name: First: David

Investor Company: Address: City: Phone

Contact Name: First: Dale

Contact Name: First: Ralph

Project Team Experience

If Other, specify the type of Federal subsidy:

Projected Operating Costs

600 7,000 7,000 90,466 69,650 28 2,487

Projected Cash Flow Year One

20-Year Cash Flow

Siding Type: Vinyl (PVC)

2,000 3,000 3,000 1,500 2,800 6,000

2,000 6,000 25,000 3,500 200

4,000 9,000 28,000 5,000 3,000 6,000 0 0

Costs - Bond Costs

Costs - Bond Issuance

Full Application Checklist

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