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: RPP Loan Product Requested:
https://www.nchfa.org/Rental/RTCApp/(fhx3mf45ae2fnw454igxpc45)/site/PrintApp.aspx?... 1/14/2005
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Project Name and Location

Project Name: Rankin School Place Address: City: 1603 Spry Street Greensboro County: GUILFORD Zip: 27405 Block Group: 1004
Census Tract: 12704
Is project in Qualified Census Tract & Difficult to Develop area: No Political Jurisdiction: Jurisdiction Address: Jurisdiction City: Jurisdiction Phone: Greensboro Last: Holliday Title: Mayor PO Box 3136 Greensboro (336)373-2396 Zip: 27402
Jurisdiction CEO Name: First: Keith
Site Latitude: Site Longitude:
36.12014 -79.76291
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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: 18
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: Property is to be developed to house seniors age 55 and older and households where one or more disabilities are present. Two bedroom dwellings are also being included to provide a shared or split living option for related and unrelated seniors in need of affordable, below market rents and/or households where the individuals are mutually dependent. *Based on the experience of St. Leo's Place, it is estimated that Rankin School Place will house approximately 18 households that have received vouchers under the Section 8 Program.
Proposed number of residential buildings: 6 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): 2,140 Community space within residential bulding(s) - Sq. Ft. (Floor Area): Elevators - Number of Elevators: Square Footage Information Gross Floor Square Footage: 48,174
Total Net Sq. Ft. (All Heated Areas): 43,186
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Applicant Information
Applicant Name: Address: City: Contact: Telephone: Beacon Management Corporation 2100-V West Cornwallis Drive Greensboro First: George (336)282-6000 State: NC Zip: 27408 Last: Carr III Title: President
Alt Phone:
(336)545-9000
Fax:
(336)545-9004
Email Address:
gcarr@beacon-nc.com
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Site Description
Total Site Acreage: 6.78 Total Buildable Acreage: 6.78 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? No If yes, please describe:
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: 12/15/2003 (D) Enter Purchase Price: 371,000
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Zoning
Present zoning classification of the site: RM-12 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: Rankin School Place Limited Partnership Address: City: 2100-V West Cornwallis Drive Greensboro State: NC Zip: 27408 (If assigned) 56-1244308 (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 Yes
List all general partners, members,and principals. Specify nonprofit corporate general partners or members. Click [Add] to add additional partners, members, and principals.
Org:
Beacon Management Corporation Last Name: Carr III Function: Managing General Partner
First Name: George Address: City: Phone: EMail:
2100-V West Cornwallis Drive Greensboro (336)545-9000 gcarr@beacon-nc.com State: NC Zip: 27408
Fax: (336)545-9004 Nonprofit: No TaxID 56-1244308
Org:
N/A Last Name: Carr III Function: General Partner
First Name: George Address: City: Phone: EMail:
2100-V West Cornwallis Drive Greensboro (336)282-6000 gcarr@beacon-nc.com State: NC Zip: 27408
Fax: (336)545-9004 Nonprofit: No TaxID 040-34-9026
Org:
Project Homestead, Inc. Last Name: King Function: General Partner
First Name: Michael Address: City: Phone: EMail: PO Box 507 Greensboro (336)273-4663 projhome@aol.com
State: NC
Zip: 27402
Fax: (336)274-2258 Nonprofit: Yes TaxID 56-1757181
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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 Gdn Apt # BRs Net Sq.Ft. 1 1 2 2 602 602 819 819 Total # Units 19 29 3 5 # Units 19 29 3 5 Monthly Rent 527 433 612 498 Electric Utility Allowance 41 41 70 70 Gas Other Mandatory Serv. Fees **Total Housing Exp. 568 474 682 568
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............... 56 56 26896 56 Gross Monthly Rental Income 26896
Units 56
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 1 2 2 19 29 3 5
Units targeted at 60 targeted at 50 targeted at 60 targeted at 50
% percent of median income. percent of median income. percent of median income. percent of median income.
Total Low Income Units:
56
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 (%) 7.25 Term (Years) 18 Amort. Period (Years) 30 Annual Debt Service 106,304
Source Bank Loan RPP Loan Local Gov. Loan - Specify: City of Greensboro RD Loan AHP Loan Other Loan 1 - Specify: Guilford County 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 1,298,600
317,000
0.50
30
30
450,000 61,000
0.50 0.50
30 30
30 30
30
30
2,564,912
127,350
4,818,862
* "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. 78 Remarks concerning project funding sources: (Please be sure to include the name of the funding source(s)) City of Greensboro = 30 year, non-amortizing residual receipt loan. Guilford County = 30 year, non-amortizing residual receipt loan. AHP = 30 year, non-amortizing balloon loan. City and County loans are scheduled to commence P&I payments in year 11 at the rate of 50% of surplus cash earned above a debt service coverage of 1.15.
Loans with Variable Amortization Please fill in the annual debt service as applicable for the first 20 years of the project life.
Local Gov. Loan - City of Greensboro
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Year: Amt: Year: Amt:
1 0 11 9546
2 0 12 10302
3 0 13 11043
4 0 14 11769
5 0 15 12477
6 0 16 13164
7 0 17 13830
8 0 18 14472
9 0 19 15086
10 0 20 15670
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 0
Other Loan 1 - Guilford County Year: Amt: Year: Amt: 1 0 11 1837 2 0 12 1982 3 0 13 2125 4 0 14 2265 5 0 15 2401 6 0 16 2533 7 0 17 2661 8 0 18 2785 9 0 19 2903 10 0 20 3015
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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) 25,000 Other Non-basis Expense (specify) Other Non-basis Expense (specify) SUBTOTAL (lines 36 through 43) 44 Rent up Reserve 626,893 28,000 526,893 526,893 8,000 323,500 20,000 20,000 22,743 6,000 2,500 5,000 14,000 90,243 75,000 75,000 20,000 20,000 22,743 6,000 45,000 12,000 6,000 4,500 5,000 0 12,000 6,000 4,500 5,000 0 462,000 30,000 2,186,000 0 158,880 56,138 168,413 90,943 75,000 14,000 3,241,374 18,000 25,000 140,000 40,000 20,000 18,000 25,000 140,000 40,000 20,000 TOTAL COST Eligible Basis 30% PV 70% PV 0 0 462,000 30,000 2,186,000 0 158,880 56,138 168,413 90,943 75,000 14,000
41 Rent-up Expenses
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45 Operating Reserve 46 47 Other Reserve (specify) Other Reserve (specify)
137,852
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:
4,447,862
4,182,510
0 4,182,510 100.00% 4,182,510 329,163 355,513 0 371,000 4,818,862 0 100% 0 0.00% 0 0 4,182,510 100% 4,182,510 7.87% 329,163 355,513
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Market Study Information

Please provide a detailed description of the proposed project: Rankin School Place will be virtually identical in design and amenities to St. Leo's Place located at 805 Sullivan Street in Greensboro. 56 one and two bedroom residential units will be developed in six single-story buildings. Central hallways will be provided and continually monitored by security cameras. Individual apartments will each be provided with range, refrigerator, dishwasher, heating and air conditioning equipment, laundry hook-ups, and protected porches. A 2140 square foot office and community building will also be included.
Construction (check all that apply): Brick Vinyl Wood HardiPlank Balconies/Patios Sunrooms Front Porches
Front Gables or Dormers Other: Back Porches
Wide Banding or Vertical/Horizontal Siding
Have you built other tax credit developments that use the same building design as this project? Yes If yes, please provide name and address: St. Leo's Place 805 Sullivan Street Greensboro, NC 27405
Site Amenities (check all that apply): Community Bldg - Sq Ft: 2,140 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: 1,043 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: A variety of resident service programs conducted and staffed by Project Homestead, Inc. Multipurpose community room is available to provide many of the amenities checked above.
Landscaping Plans: Extensive landscaping will be done, also very similar to St. Leo's Place in Greensboro.
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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? Yes 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 6.78 acre tract is located in a predominantly residential neighborhood in northeast Greensboro. The parcel is partially wooded and without significant slopes.
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. Spry Street is located approximately 1/2 mile north of Cone Boulevard which serves as a major eastwest corridor across the city. The property is situated in very close proximity to Rankin Elementary School. Areas north, east, and west are heavily residential with a variety of commercial activity lying to the south along Summit Avenue.
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 property is extremely well located with no known adverse conditions. Most commercial activity is easily accessible via sidewalks or automobile. Property ingress and egress are not expected to be difficult.
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). The surrounding land uses include single-family housing, an elementary school and a church. According to the 2002 market study, there were no major infrastructure improvements planned for the subject area.
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 are no adverse conditions. In fact the property is flat and only partially wooded in the back area.
Similarity of scale and aesthetics/architecture between project and surroundings. Rankin School Place is being developed with handsome craftsman style architecture which still can
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be found throughout the neighborhood. Seven single-story buildings are to be included on the property which will provide an appropriate scale to the surrounding area. At the land seller's request, the buildings will be very similar in style, size and amenitites to those developed and built at St. Leo's Place located at 805 Sullivan Street in Greensboro.
Concentration of affordable housing (housing credit, project-based rental assistance, public housing).
Availability of Supportive Services (if applicable): A variety of established supportive services will be provided and staffed by Project Homestead, Inc.
For each applicable neighborhood feature, enter distance from project in miles. 0.3 0.5 0.1 0.05 0.1 0.2 0.3 5.0 0.5 0.5 2.5 0.25 1.0 Grocery Store Mall/Strip Center Outdoor Athletic Fields Day Care/After School Schools 1.0 2.5 0.3 2.0 2.0 Community/Senior Center Hospital Pharmacy Basic Health Care Medical Offices Bank/Credit Union Restaurants Professional Services Movie Theater Video Rental Public Safety (Fire/Police) Post Office
Public Transportation Stop 0.5 Convenience Store Basketball/Tennis Courts Public Parks Gas Station Library Fitness/Nature Trails Public Swimming Pools 0.5 0.4 5.0 0.5 0.75 2.5
Other facilities or services: 0.4 = Laundromat; beauty & barber shop; auto repair shop; storage facility. 1.0 = public golf course. 3.0 = seven parks offering walking trails, picnic shelters and areas, barbecue grills, a pond/lake, tennis courts, and ball fields. >5.0 = cultural, entertainment, and academic activities are provided by four local colleges/universities. >6.0 = movie theater, bowling alley, multiple fitness centers, and numerous restaurants.
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Development Team
Provide contact information for development team members below: Management Agent Company: Beacon Management Corporation Address: City: Phone 2100-V West Cornwallis Drive Greensboro (336)545-9000 State: NC Zip: 27408 Email: gcarr@beacon-nc.com Last: Carr
Contact Name: First: George
Architect Company: Address: City: Phone
Stec and Company 405 Battleground Avenue Greensboro (336)275-5371 State: NC Zip: 27401 Email: Last: Stec
Contact Name: First: John
Attorney Company: Address: City: Phone
Blanco, Tackabery, Combs & Matamoros, PA PO Drawer 25008 Winston-Salem (336)761-1250 State: NC Zip: 27114 Email: Last: Matamoros
Contact Name: First: Ronald
Investor Company: Address: City: Phone
To Be Determined To Be Determined To Be Determined (999)999-9999 State: NC Zip: 99999 Email: Last:
Contact Name: First:
Consultant/Application Preparer (if different from developer) Company: Address: City: Phone Contact Name: First: State: Email: Last: Zip:
Identity of Interest? General Contractor Company: John Kavanagh Company Address: City: Phone 1810 Pembroke Road Greensboro (336)272-9904 State: NC Zip: 27408 Email: Last: Kavanagh
Contact Name: First: John
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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: 15 870 0 0
Management List number of low-income housing tax credit units managed in the past 10 years: North Carolina Other States Projects: Units: 7 368 1 48
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: $ $ $ Yes Yes Yes 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 43,615 23,800 1,000 265 1,000 12,000 12,400 4,000 3,000 2,300 10,500 60,735 150 3,500 2,352 3,500 27,233 15,500 4,500
4,000
5,500 2,700
750 5,600 1,300 100 1,800 400
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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
5,110 8,000 90 750
37,750 2,200 600
2,800 14,000 14,000 169,400 128,800 56 2,300
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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): 322,752
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)
322,752 22,592 300,160
169,400 130,760
106,304
24,456 1.23
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 1 300,160 169,400 106,304 24,456 1.23 11 403,390 250,753 117,687 34,950 1.297 2 309,165 176,176 106,304 26,685 1.251 12 415,492 260,783 118,588 36,121 1.305 3 318,440 183,223 106,304 28,913 1.272 13 427,957 271,214 119,472 37,271 1.312 4 327,993 190,552 106,304 31,137 1.293 14 440,796 282,063 120,338 38,395 1.319 5 337,833 198,174 106,304 33,355 1.314 15 454,020 293,346 121,182 39,492 1.326 6 347,968 206,101 106,304 35,563 1.335 16 467,641 305,080 122,001 40,560 1.332 7 358,407 214,345 106,304 37,758 1.355 17 481,670 317,283 122,795 41,592 1.339 8 369,159 222,919 106,304 39,936 1.376 18 496,120 329,974 123,561 42,585 1.345 9 380,234 231,836 106,304 42,094 1.396 19 511,004 343,173 124,293 43,538 1.35 10 391,641 241,109 106,304 44,228 1.416 20 526,334 356,900 124,989 44,445 1.356
* 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 inch concrete with fiber mesh reinforcements with R-5 rigid insulation Make: Moss Industries Model: Ultra
Vinyl 6 over 1, Single Hung, Low Maintenance, Type/Construction: U=.40 max or Wood Windows Exterior Doors Siding Type: Metal Insulated Type: Vinyl or Hardiplank Warranty: Lifetime Exterior Trim Shingles Vinyl (Simulated 5" Corners and Bands) Type: Fiberglass Warranty: 25 year // Anti-fungal Sprinkler System Cabinets N/A Pre-manufactured oak fronts GMC 1 1/2 Ton w/5kw Make: Heater Weight: 250# Frames: Steel Grade/Thickness: .042 Nominal
Heat Pump
SEER: 12 Model: 6yrs - Insulated Ducts
Air Conditioner
SEER: N/A Model:
Make:
Other Heat Systems
SEER: N/A Model:
Make:
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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 LABOR 22,000 3,520 70,000 0 80,400 0 0 125,093 0 0 0 0 27,912 0 48,980 2,684 19,872 93,052 0 22,925 80,530 34,853 0 110,009 101,081 93,914 50,444 0 0 0 2,803 0 0 0 0 0 0 0 MATERIAL 33,000 5,280 105,000 0 53,600 0 0 102,349 188,570 0 41,000 39,553 27,913 0 32,653 1,789 13,248 62,034 35,456 15,283 53,687 14,937 0 73,339 67,387 62,609 33,629 0 0 0 1,868 0 0 0 0 0 0 0 TOTAL 55,000 8,800 175,000 0 134,000 0 0 227,442 188,570 0 41,000 39,553 55,825 0 81,633 4,473 33,120 155,086 35,456 38,208 134,217 49,790 0 183,348 168,468 156,523 84,073 0 0 0 4,671 0 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: Bond Costs - Construction
0 20,845 0 0 6,032 12,000 30,000 0 1,058,949
0 31,267 61,600 0 0
0 52,112 61,600 0 6,032 12,000
0 0 1,157,051
30,000 0 2,216,000
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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: Mileage Reimbursement. TOTAL 101,561 4,760 0 0 0 0 1,596 4,655 0 10,341 8,645 0 0 3,192 5,985 0 1,330 5,985 5,985 4,845 0 158,880
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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: TOTAL 0 159,933 0 0 7,315 0 0 0 63,000 108,164 46,589 15,000 6,650 3,059 3,990 0 40,800 0 0 0 0 7,500 0 462,000
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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: 12704

Jurisdiction CEO Name: First: Keith

Site Latitude: Site Longitude:

Proposed number of residential buildings: 6 Types of Units:* Project Includes:

Maximum number of stories in buildings: 1

Total Net Sq. Ft. (All Heated Areas): 43,186

Is the demolition of any buildings required or planned? No If yes, please describe:

First Name: George Address: City: Phone: EMail:

Fax: (336)545-9004 Nonprofit: No TaxID 56-1244308

N/A Last Name: Carr III Function: General Partner

First Name: George Address: City: Phone: EMail:

Fax: (336)545-9004 Nonprofit: No TaxID 040-34-9026

Project Homestead, Inc. Last Name: King Function: General Partner

Fax: (336)274-2258 Nonprofit: Yes TaxID 56-1757181

Utilites included in rents:

Utilites included in rents:

Units targeted at 60 targeted at 50 targeted at 60 targeted at 50

Total Low Income Units:

Local Gov. Loan - City of Greensboro

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 0

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

Market Study Information

Front Gables or Dormers Other: Back Porches

Wide Banding or Vertical/Horizontal Siding

Ceramic Tile Electric Pump

Applicant's Site Evaluation

Contact Name: First: George

Architect Company: Address: City: Phone

Contact Name: First: John

Attorney Company: Address: City: Phone

Contact Name: First: Ronald

Investor Company: Address: City: Phone

To Be Determined To Be Determined To Be Determined (999)999-9999 State: NC Zip: 99999 Email: Last:

Contact Name: First:

Contact Name: First: John

Project Team Experience

If Other, specify the type of Federal subsidy:

Projected Operating Costs

750 5,600 1,300 100 1,800 400

5,110 8,000 90 750

37,750 2,200 600

2,800 14,000 14,000 169,400 128,800 56 2,300

Projected Cash Flow Year One

322,752 22,592 300,160

20-Year Cash Flow

SEER: 12 Model: 6yrs - Insulated Ducts

SEER: N/A Model:

Other Heat Systems

SEER: N/A Model:

0 20,845 0 0 6,032 12,000 30,000 0 1,058,949

0 52,112 61,600 0 6,032 12,000

Costs - Bond Costs

Costs - Bond Issuance

Full Application Checklist

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