Highland Terrace App

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Tax Credits, RPP Loans, and/or Tax Exempt Bond Loans
Project Description
Project Name: Highland Terrace Address: City: Lot 2 Highland Village Planned Community Cary County: Wake Zip: 27511
Census Tract: 535.07 Block Group: 4 Is project in Qualified Census Tract or Difficult to Develop Area? No Political Jurisdiction: Jurisdiction CEO Name: Jurisdiction Address: Jurisdiction City: Jurisdiction Phone: Cary First:Harold Last: Weinbrecht PO Box 8005 Cary Zip: 27511 Title: Mayor
(919)469-4011
Site Latitude: Site Longitude:
35.7861 -78.7945
Project Type: New Construction Is this project a previously awarded tax credit development? No If yes, what is the project number: Is this a request for supplemental credits? New Construction/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): Rehab: Number of residents holding Section 8 vouchers:
Will the project meet Energy Star standards as defined in Appendix B? Yes Does a community revitalization plan exist? No Will the project use steel and concrete construction and have at least 4 stories? No Will the project include a Community Service Facility under IRS Revenue Ruling 2003-77? No
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If yes, please describe:
Target Population:Elderly (55) Will the project be receiving project based federal rental assistance? No If yes, provide the subsidy source: and number of units: 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 the units required by other federal and state codes.) Number of Units: 4 Persons with disabilities or homeless populations: 10% of the total units.
Number of Units: 8 Remarks: DHIC expects that Resources for Seniors will be the local lead agency referring people to the 8 targeted units.
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Applicant Information
Indicate below an individual or a validly existing entity (a corporation, nonprofit, limited partnership or LLC) as the official applicant. Under QAP Section III(C)(5) only this individual or entity will be able to make decisions with regard to this application. If awarded the applicant must become part of the ownership entity. The applicant will execute the signature page for this application. Applicant Name: Address: City: Contact: Telephone: Alt Phone: Fax: Email Address: DHIC, Inc. 113 S. Wilmington Street Raleigh State: NC Zip: 27601 First: Natalie Last:Connell Title:Vice President
(919)832-4345
(919)832-2206 natalie@dhic.org
NOTE: Email Address above will be used for communication between NCHFA and Applicant.
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Site Description
Total Site Acreage: 3.02 Total Buildable Acreage: 3.02
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 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 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)?Yes If yes provide: Purchase Date: 4/9/2002 Purchase Price: 860,000
If no: (a) Does the owner/principal or ownership entity have valid option/contract to purchase the property? (b) Does an identity of interest (direct or indirect) exist between the owner/principal or ownership entity with the option/contract for purchase of the property and the seller of the property? If yes, specify the relationship:
(c) Enter the current expiration date of the option/contract to purchase: (D) Enter Purchase Price:
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Zoning
Present zoning classification of the site:Planned Development District Is multifamily use permitted?Yes Are variances, special or conditional use permits or any other item requiring a public hearing needed to develop this proposal?Yes If yes, have the hearings been completed and permits been obtained?Yes If yes, specify permit or variance required and date obtained. If no, describe permits/variances required and schedule for obtaining them: Town Council approved amendment to PDD that is necessary to develop Highland Terrace on April 24, 2008.
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: Address: City: Highland Terrace, LLC 113 S. Wilmington Street Raleigh State:NC Zip: 27601 (If assigned)
Federal Tax ID Number of Ownership Entity: Note: Do not submit social security numbers for individuals.
Entity Type: Limited Liability Company Entity Status: To Be Formed Is the applicant requesting that the Agency treat the application as Non-Profit sponsored? Yes Is the applicant requesting that the Agency treat the application as CHDO sponsored? 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: Address: City: Phone: EMail:
Highland Terrace Development, Inc. Last Name: Warren State: NC Function: Managing Member Zip: 27601 113 S. Wilmington Street Raleigh
First Name: Gregory
(919)832-4345 gregg@dhic.org
Fax: (919)832-2206 Nonprofit: No
Org: Address: City: Phone: EMail:
DHIC, Inc. Last Name: Warren State: NC Fax: (919)832-2206 Nonprofit: Yes Function: Member Zip: 27601 113 S. Wilmington Street Raleigh
First Name: Gregory
(919)832-4345 gregg@dhic.org
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Unit Mix
The Median Income for Wake county is $74,900. Low Income Units Type # BRs Net Sq.Ft. Total # Units # Units Monthly Rent Utility Allowance Mandatory Serv. Fees **Total Housing Exp.
Gdn Apt 1 Gdn Apt 1 Gdn Apt 1 Gdn Apt 1 Gdn Apt 2 Gdn Apt 2 Gdn Apt 2 Gdn Apt 2
683 683 683 683 925 972 933 925
35 9 9 6 13 3 3 2
2 1 1 2 0 0 1 1
600 506 365 364 725 609 440 436

Electric
55 55 55 55 65 65 65 65
Gas
0 0 0 0 0 0 0 0
Other Trash Removal
655 561 420 419 790 674 505 501
Utilities included in rents:
Water/Sewer
Employee Units (will add to Low Income Unit total) Total # Monthly Utility Mandatory **Total Type # BRs Net Sq.Ft. # Units Units Rent Allowance Serv. Fees Housing Exp. Utilities included in rents: Water/Sewer Electric Gas Other
Market Rate Units Total # Monthly Utility Mandatory **Total Type # BRs Net Sq.Ft. # Units Units Rent Allowance Serv. Fees Housing Exp. Utilities included in rents: Water/Sewer Electric Gas Other
Statistics All Units Low Income....... Market Rate....... Totals............... Gross Monthly Rental Income
Units
80
44467
80
44467
Proposed number of residential buildings: 1
Maximum number of stories in buildings: 3
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Project Includes: Separate community building - Sq. Ft. (Floor Area): Community space within residential bulding(s) - Sq. Ft. (Floor Area):
5,670
Elevators - Number of Elevators: 2 Square Footage Information Gross Floor Square Footage:
86,843
Total Net Sq. Ft. (All Heated Areas): 85,865
Notes ** 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 1 1 2 2 2 2
Units
% targeted at 60 targeted at 40 targeted at 30 targeted at 30 targeted at 60 targeted at 40 targeted at 30 targeted at 30 percent of median income affordable to/occupied by percent of median income affordable to/occupied by percent of median income affordable to/occupied by percent of median income affordable to/occupied by percent of median income affordable to/occupied by percent of median income affordable to/occupied by percent of median income affordable to/occupied by percent of median income affordable to/occupied by
35 9 9 6 13 3 3 2
Total Low Income Units:
80
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: Wake County RD 515 Loan RD 538 Loan - Specify: AHP Loan Other Loan 1 - Specify: Town of Cary Other Loan 2 - Specify: DHIC (NeighborWorks America) 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
1,571,006 800,000 536,000
6.75 2.00 2.00
30 20 20
40 20 20
113,745
170,000 320,000
2.00 4.21
20 40
20 40
839,781
30
30
5,567,192
9,803,979
* "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)) The NCHFA RPP loan, Wake County loan, and Town of Cary loan are being repaid on a pro-rata split
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of available net income to maintain a 1.15 debt coverage ratio. The DHIC (NeighborWorks America) loan will have an interest rate of the long term annual applicable federal rate at the month the loan is closed and a 40-year term.
Loans with Variable Amortization Please fill in the annual debt service as applicable for the first 20 years of the project life.
RPP Loan Year: Amt: Year: Amt: 1 2 3 4 5 6 7 8 9 10
20583
11
21522
12
22430
13
23303
14
24138
15
24930
16
25677
17
26374
18
27016
19
27599
20
28117
28567
28941
29235
29443
29557
29572
29479
29272
28943
Local Gov. Loan - Wake County Year: Amt: Year: Amt: 1 2 3 4 5 6 7 8 9 10
13790
11
14420
12
15028
13
15613
14
16172
15
16703
16
17204
17
17670
18
18101
19
18491
20
18839
19140
19391
19588
19727
19803
19813
19751
19612
19392
Other Loan 1 - Town of Cary Year: Amt: Year: Amt: 1 2 3 4 5 6 7 8 9 10
4374
11
4573
12
4766
13
4952
14
5129
15
5298
16
5456
17
5604
18
5741
19
5865
20
5975
6070
6150
6213
6257
6281
6284
6264
6220
6150
Other Loan 2 - DHIC (NeighborWorks America) Year: Amt: Year: Amt: 1 2 3 4 5 6 7 8 9 10
0
11
0
12
0
13
0
14
0
15
0
16
0
17
0
18
0
19
0
20
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Development Costs
Item Cost Element 1 Purchase of Building(s) (Rehab / Adaptive Reuse only) 2 Demolition (Rehab / Adaptive Reuse only) 3 On-site Improvements 4 Rehabilitation 5 Construction of New Building(s) 6 Accessory Building(s) 7 General Requirements (max 6% lines 2-6) 8 Contractor Overhead (max 2% lines 2-7) 9 Contractor Profit (max 8% lines 2-7; 6% if Identity of Interest) 10 Construction Contingency (max 3% lines 2-9, Rehabs 6%) 11 Architect's Fee - Design (11 + 12 = max 3% lines 2-10) 12 Architect's Fee - Inspection 13 Engineering Costs SUBTOTAL (lines 1 through 13) 14 Construction Insurance (prorate) 15 Construction Loan Orig. Fee (prorate) 16 Construction Loan Interest (prorate) 17 Construction Loan Credit Enhancement (prorate) 18 Construction Period Taxes (prorate) 19 Water, Sewer and Impact Fees 20 Survey 21 Property Appraisal 22 Environmental Report 23 Market Study 24 Bond Costs 25 Bond Issuance Costs 26 Placement Fee 27 Permanent Loan Origination Fee 28 Permanent Loan Credit Enhancement 29 Title and Recording TOTAL COST Eligible Basis 30% PV 70% PV
784,260
784,260
4,654,213
4,654,213
326,308 115,296 461,182 190,238 163,287 32,657 46,251 6,773,692 28,333 60,000 295,660
326,308 115,296 461,182 190,238 163,287 32,657 46,251
28,333 60,000 225,000
17,568 313,920 20,000 6,500 35,000 4,300
17,568 313,920 20,000 6,500 35,000 4,300
34,300
25,000
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SUBTOTAL (lines 14 through 29) 30 Real Estate Attorney 31 Other Attorney's Fees 32 Tax Credit Application Fees (Preliminary and Full) 33 Tax Credit Allocation Fee (0.60% of line 59, minimum $7,500) 34 Cost Certification / Accounting Fees 35 Tax Opinion 36 Organizational (Partnership) 37 Tax Credit Monitoring Fee SUBTOTAL (lines 30 through 37) 38 Furnishings and Equipment 39 Relocation Expense 40 Developer's Fee 41 42
840,581 35,000 15,000 2,200 50,387 13,500 13,500 35,000 15,000
10,000 56,000 182,087 50,000 50,000
800,000
800,000
Payment and Performance Bond Other Basis Expense (specify) 36,000
43 Rent-up Expense 44 45
Other Non-basis Expense (specify) Other Non-basis Expense (specify)

SUBTOTAL (lines 38 through 45)
886,000 24,000 237,619
46 Rent up Reserve 47 Operating Reserve 48 49
Other Reserve (specify) Other Reserve (specify) 8,943,979 0 8,397,813
50 DEVELOPMENT COST (lines 1-49) 51 Less Federal Financing 52 Less Disproportionate Standard 53 Less Nonqualified Nonrecourse Financing 54 Less Historic Tax Credit 55 TOTAL ELIGIBLE BASIS 56 Applicable Fraction (percentage of LI Units) 57 Basis Before Boost 58 Boost for QCT/DDA (if applicable, enter 130%) 59 TOTAL QUALIFIED BASIS
0 8,397,813 100.00% 8,397,813 0 100% 0 100.00% 8,397,813 0 8,397,813 100% 8,397,813 100.00% 8,397,813
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60 Tax Credit Rate 61 Federal Tax Credits at Estimated Rate 62 Federal Tax Credits at 9.00% or 3.75% (maximum $1,000,000) 63 Federal Tax Credits Requested 64 Land Cost 65 TOTAL REPLACEMENT COST FEDERAL TAX CREDITS IF AWARDED Comments:
3.40 713,814 755,803 755,803 860,000 9,803,979 755,803 0 0
8.50 713,814 755,803 755,803
Total Replacement Cost per unit: 81,644
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Market Study Information

Please provide a detailed description of the proposed project: Highland Terrace will be part of the existing Highland Village planned unit development located about a mile from the heart of downtown Cary. A HUD 202 project, a 50-unit family tax credit project and a 68-unit seniors (55+) tax credit project have been completed along with a clubhouse, pool and other amenities that will be available to all residents of Highland Village. Highland Terrace will have 59 one-BR units and 21 twoBR units for a total of 80. There will be generous amounts of common areas in the 3-story building for use by residents including a fitness center, laundry rooms on each floor, computer room/library with highspeed internet access, game room, several sitting areas both inside and outside and a spacious main gathering area with a kitchen. The building will have 2 elevators and a porte cochere. Access to the building will be via a card reader system to ensure security. 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
Have you built other tax credit developments that use the same building design as this project?No If yes, please provide name and address:
Site Amenities: As part of a planned unit development, residents will have easy access to common amenities at Highland Village. These amenities include a village green, clubhouse with pool, meeting space, business center, fitness center, and service by C-Tran, Cary's public transportation service.
Onsite Activities: DHIC will contract with Resources for Seniors (RFS) to provide on-site service coordination for residents. There will also be social and educational events organized by RFS & property management staff.
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Landscaping Plans: Landscaping will meet or exceed the Town of Cary requirements. All air handlers will be screened and attractive, colorful, native plant species will be used as much as possible. There will be sod installed in most open areas and some areas will be irrigated.
Interior Apartment Amenities: The apartments will include emergency pull cords in bathrooms and master bedrooms, frost-free refrigerator with ice makers, self-cleaning ovens and other energy efficient appliances, emergency fire sprinkler system, mini-blinds, spacious closets and cabinet space.
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 Trend and direction of real estate development and area economic health. Physical condition of buildings and improvements in the immediate vicinity. Concentration of affordable housing. Highland Village is located in the more established heart of Cary and is part of the Town Center Area Plan which encourages more dense, mixed-use development. Cary continues to be ranked as one of the best places in the country to live. Beazer is developing a townhome community adjacent to Highland Village with prices expected to be in the $250,000 range. Highland Village does have 3 other affordable rental components in addition to the proposed Highland Terrace but these properties are consistently fully occupied with waiting lists.
SURROUNDING LAND USES AND AMENITIES Land use pattern is residential in character (single and multifamily housing). Extent that the location is isolated. Effect of industrial, large-scale institutional or other incompatible uses, including but not limited to: 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). Amount and character of vacant, undeveloped land. There is a nice balance and mix of land uses in this infill neighborhood. There is a new for-sale townhome community being developed to the east, a shopping center that includes an auto parts store and a bowling alley among other businesses to the south, a gas station/ convenience store to the west and a light industrial business (Syracuse Plastics) directly to the north. There are also older, established single-family subdivisions, a skilled nursing facility and a variety of other services and retail options very close by. SITE SUITABILITY Adequate traffic safety controls (i.e. stop lights, speed limits, turn lanes). Burden on public facilities (particularly roads). Access to mass transit (if applicable). Visibility of buildings and/or location of project sign (s) in relation to traffic corridors. The site has excellent ingress and egress via High House Road and at the back of the development via Old Apex Road (near the family apartments). DHIC made improvements to High House Road as part of the Town approval process. There is a traffic signal at the intersection of High House and Old Apex Road. The Town required a traffic study and the conclusion was that no other improvements were necessary. C-Tran, Cary's public transportation system stops adjacent to the existing seniors tax credit property and arrangements will be made to have them also stop at Highland Terrace. 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 projectssuitability for residential use and difficulties posed by the building(s), such as limited parking, environmental problems or the need for excessive demolition). Highland Terrace will be the final component of the Highland Village PUD and there are no negative features or physical barriers that will impede construction or adversely affect future tenants. There is an existing CSX railroad track to the west of the site that will be buffered by berms and heavy plantings to help attenuate sound.
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Similarity of scale and aesthetics/architecture between project and surroundings. Highland Terrace will be very similar in appearance and scale (though slightly larger) to the existing The Commons at Highland Village tax credit community for seniors 55+. It will blend in well with the other components of Highland Village and will adhere to the high aesthetic standards the Town of Cary is known for.
For each applicable neighborhood feature, enter distance from project in miles.
.9 .2 .5 .2 1 .1
Stop
Grocery Store Mall/Strip Center Outdoor Athletic Fields Day Care/After School Schools Public Transportation
.9
Center
Community/Senior
4.5 .9 .4
Hospital Pharmacy Basic Health Care
.2 .5 .2 .9
Convenience Store Public Parks Gas Station Library
Other facilities or services: A bowling alley and auto parts store are directly across the street. Downtown Cary and Cary Town Hall are .8 miles from Highland Village. There are many services and amenities located in and around downtown Cary including banks, professional offices (legal, medical, etc.), restaurants, car repair shops, a seasonal Farmer's Market, hair salons, etc.
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Development Team
Provide contact information for development team members below:
Management Agent Company: Address: City: Phone Contact Name: Community Management Corporation 3801 Wake Forest Road Raleigh State: NC Zip: 27609 Email: pwells@cmc-nc.com Last: Wells
(919)981-0060
First: Pat
Architect Company: Address: City: Phone Contact Name: JDavis Architects, PLLC 510 Glenwood Avenue, Suite 210 Raleigh State: NC Zip: 27603 Email: bille@jdavisarchitects.com First: Bill Last: Eagan
(919)835-1500
Attorney Company: Address: City: Phone Contact Name: Ellis & Winters 1100 Crescent Green, Suite 200 Cary State: NC Zip: 27511 Email: chuck_anderson@elliswinters.com Last: Anderson
(919)865-7011
First: Chuck
Investor Company: Address: City: Phone Contact Name: Apollo Equity Partners 2101 Rexford Road, Suite 375-W Charlotte State: NC Zip: 28211 Email: brian.flanagan@rbc.com Last: Flanagan
(980)233-6462
First: Brian
Consultant/Application Preparer (if different from developer) Company: Address: City: Phone Contact Name: First: State: Email: Last: Zip:
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General Contractor Company: Address: City: Phone Contact Name:
Identity of Interest?
Southern General, Inc. PO Box 10372 Greensboro State: NC Zip: 27404 Email: rick@southerngeneralinc.com Last: Laughlin
(336)545-1410
First: Rick
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Projected Operating Costs

Project Operations (Year One) Administrative Expenses Advertising 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):
750 8,600 3,500
28,800 26,000
3,500 1,200 9,086
seminars, training, mileage, key attendant

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
1,500 82,936
14,300 9,100
9,100 32,500
7,000 1,200 3,600 1,350 200 3,500
2,000
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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):
1,200 11,000 18,000 2,400 2,000 4,200 2,400
5,600 1,500
Miscellaneous Operating & Maintenance Expenses SUBTOTAL Taxes and Insurance Real Estate Taxes 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:
500 67,650
65,000 6,400
15,000 60 1,200 12,000
SUBTOTAL Supportive Service Expenses Service Coordinator Service Supplies Tenant Association Funds Other Expenses (specify):
99,660
16,000 2,000 2,000
SUBTOTAL Reserves Replacement Reserves SUBTOTAL
20,000
20,000 20,000
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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
322,746 217,746 80 2,722
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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):
533,604
2,000
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)
535,604 37,492 498,112 322,746 175,366 152,492 22,874 1.15
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 2 3 4 5 6 7 8 9 10
498,112 322,746 152,492 22,874 1.15

11
513,055 335,656 154,260 23,139 1.15

12
528,447 349,082 155,969 23,396 1.15

13
544,300 363,045 157,613 23,642 1.15

14
560,629 377,567 159,184 23,878 1.15

15
577,448 392,670 160,676 24,102 1.15

16
594,771 408,377 162,082 24,312 1.15

17
612,614 424,712 163,393 24,509 1.15

18
630,992 441,700 164,603 24,689 1.15

19
649,922 459,368 165,700 24,854 1.15

20
669,420 477,743 166,676 25,001 1.15
689,503 496,853 167,522 25,128 1.15
710,188 516,727 168,227 25,234 1.15
731,494 537,396 168,781 25,317 1.15
753,439 558,892 169,172 25,375 1.15
776,042 581,248 169,386 25,408 1.15
799,323 604,498 169,414 25,411 1.15
823,303 628,678 169,239 25,386 1.15
848,002 653,825 168,849 25,328 1.15
873,442 679,978 168,230 25,234 1.15
* 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.
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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".
Print - APP08-0109
Minimum Set-Asides
MINIMUM REQUIRED SET ASIDES (No Points Awarded): Select one of the following two options: 20% of the units are rent restricted and occupied by households with incomes at or below 50% of the median income (Note: No Tax Credit Eligible Units in the the project can exceed 50% of median income) 40% of the units are rent restricted and occupied by households with incomes at or below 60% of the median income (Note: No Tax Credit Eligible Units in the the project can exceed 60% of median income) If requesting RPP funds: 40% of the units 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. 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 targeting 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.
Print - APP08-0109
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 (signed copies) C Ownership Entity Agreement, Development Agreement or any other agreements governing development services D Management Agent Agreement E Owner and Management Experience & Management Questionnaire (Appendix C) F Local Government Letter or Letter from Certified Engineer or Land Surveyor Confirming Floodplain Designation with Map showing all flood zones (original on letterhead, no fax or photocopies) G Local Government Letter Confirming Zoning including any pending notices or hearings (original on letterhead, no fax or photocopies) H Letters from Local Utility Providers regarding availability and capacity (original on letterhead, no fax or photocopies) I Documentation from utility company or local PHA to support estimated utility costs J Appraisal (required for land costs greater than $15,000 and for all Adaptive Re-use and Rehab projects) K Site plan, floor plans and elevations for all projects. Scope of work for Adaptive Re-use and Rehab projects. (Full Size, 24 x 36 inches) L Hazard and structural inspection and termite reports (Adaptive Re-use and Rehab projects only) M Copy of certificate of occupancy or proof of placed-in-service date (Rehabs Only) N Proposed Relocation Plan including relocation budget and copies of notices. Required for all Rehabs and any projects involving existing occupants of any dwellings to be rehabbed or demolished. O Evidence of Permanent Loan Commitment and other sources of funds ( i.e. Equity letter, AHP, RD and local government funds). For Rehabs with existing loans provide 1) copies of loan documents, 2) current loan balances from existing lenders with reserve balances, 3) letter from lender that outlines assumption requirements. P Local Housing Authority Agreement and Project Based Rental Assistance Letter, if applicable (Sample letters provided in Appendix I). For projects with existing PBRA contracts, provide a copy of the current contract and bank statement or other documentation verifying reserve balances and annual reserve contribution requirements. Q Statement regarding terms of Deferred Developer Fee. If a nonprofit is involved, a resolution from their board approving deferral of fee is required. R Inducement Resolution (Tax-Exempt Bond Financed Projects only)

Highland Terrace App

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Print - APP08-0109

Print Preview - Final Application

Site Latitude: Site Longitude:

https://www.nchfa.org/Rental/RTCApp/(S(enmaoumi...8716011E3&SNID=F7FB50D1979B46CDA7AD3992C2BD883A (1 of 29)9/17/2008 9:11:11 AM

If yes, please describe:

https://www.nchfa.org/Rental/RTCApp/(S(enmaoumi...8716011E3&SNID=F7FB50D1979B46CDA7AD3992C2BD883A (2 of 29)9/17/2008 9:11:11 AM

https://www.nchfa.org/Rental/RTCApp/(S(enmaoumi...8716011E3&SNID=F7FB50D1979B46CDA7AD3992C2BD883A (3 of 29)9/17/2008 9:11:11 AM

If buildable acreage is less than total acreage, please explain:

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

https://www.nchfa.org/Rental/RTCApp/(S(enmaoumi...8716011E3&SNID=F7FB50D1979B46CDA7AD3992C2BD883A (4 of 29)9/17/2008 9:11:11 AM

https://www.nchfa.org/Rental/RTCApp/(S(enmaoumi...8716011E3&SNID=F7FB50D1979B46CDA7AD3992C2BD883A (5 of 29)9/17/2008 9:11:11 AM

https://www.nchfa.org/Rental/RTCApp/(S(enmaoumi...8716011E3&SNID=F7FB50D1979B46CDA7AD3992C2BD883A (6 of 29)9/17/2008 9:11:11 AM

https://www.nchfa.org/Rental/RTCApp/(S(enmaoumi...8716011E3&SNID=F7FB50D1979B46CDA7AD3992C2BD883A (7 of 29)9/17/2008 9:11:11 AM

Org: Address: City: Phone: EMail:

First Name: Gregory

Fax: (919)832-2206 Nonprofit: No

Org: Address: City: Phone: EMail:

First Name: Gregory

https://www.nchfa.org/Rental/RTCApp/(S(enmaoumi...8716011E3&SNID=F7FB50D1979B46CDA7AD3992C2BD883A (8 of 29)9/17/2008 9:11:11 AM

683 683 683 683 925 972 933 925

600 506 365 364 725 609 440 436

655 561 420 419 790 674 505 501

Utilities included in rents:

Proposed number of residential buildings: 1

Maximum number of stories in buildings: 3

https://www.nchfa.org/Rental/RTCApp/(S(enmaoumi...8716011E3&SNID=F7FB50D1979B46CDA7AD3992C2BD883A (9 of 29)9/17/2008 9:11:11 AM

Total Net Sq. Ft. (All Heated Areas): 85,865

https://www.nchfa.org/Rental/RTCApp/(S(enmaoum...716011E3&SNID=F7FB50D1979B46CDA7AD3992C2BD883A (10 of 29)9/17/2008 9:11:11 AM

Total Low Income Units:

https://www.nchfa.org/Rental/RTCApp/(S(enmaoum...716011E3&SNID=F7FB50D1979B46CDA7AD3992C2BD883A (11 of 29)9/17/2008 9:11:11 AM

1,571,006 800,000 536,000

6.75 2.00 2.00

https://www.nchfa.org/Rental/RTCApp/(S(enmaoum...716011E3&SNID=F7FB50D1979B46CDA7AD3992C2BD883A (12 of 29)9/17/2008 9:11:11 AM

RPP Loan Year: Amt: Year: Amt: 1 2 3 4 5 6 7 8 9 10

Local Gov. Loan - Wake County Year: Amt: Year: Amt: 1 2 3 4 5 6 7 8 9 10

Other Loan 1 - Town of Cary Year: Amt: Year: Amt: 1 2 3 4 5 6 7 8 9 10

Other Loan 2 - DHIC (NeighborWorks America) Year: Amt: Year: Amt: 1 2 3 4 5 6 7 8 9 10

https://www.nchfa.org/Rental/RTCApp/(S(enmaoum...716011E3&SNID=F7FB50D1979B46CDA7AD3992C2BD883A (13 of 29)9/17/2008 9:11:11 AM

326,308 115,296 461,182 190,238 163,287 32,657 46,251

28,333 60,000 225,000

17,568 313,920 20,000 6,500 35,000 4,300

17,568 313,920 20,000 6,500 35,000 4,300

https://www.nchfa.org/Rental/RTCApp/(S(enmaoum...716011E3&SNID=F7FB50D1979B46CDA7AD3992C2BD883A (14 of 29)9/17/2008 9:11:11 AM

840,581 35,000 15,000 2,200 50,387 13,500 13,500 35,000 15,000

10,000 56,000 182,087 50,000 50,000

Payment and Performance Bond Other Basis Expense (specify) 36,000

Other Non-basis Expense (specify) Other Non-basis Expense (specify)

886,000 24,000 237,619

46 Rent up Reserve 47 Operating Reserve 48 49

Other Reserve (specify) Other Reserve (specify) 8,943,979 0 8,397,813

https://www.nchfa.org/Rental/RTCApp/(S(enmaoum...716011E3&SNID=F7FB50D1979B46CDA7AD3992C2BD883A (15 of 29)9/17/2008 9:11:11 AM

3.40 713,814 755,803 755,803 860,000 9,803,979 755,803 0 0

8.50 713,814 755,803 755,803

Total Replacement Cost per unit: 81,644

https://www.nchfa.org/Rental/RTCApp/(S(enmaoum...716011E3&SNID=F7FB50D1979B46CDA7AD3992C2BD883A (16 of 29)9/17/2008 9:11:11 AM

Market Study Information

Front Gables or Dormers Other:

Wide Banding or Vertical/Horizontal Siding

https://www.nchfa.org/Rental/RTCApp/(S(enmaoum...716011E3&SNID=F7FB50D1979B46CDA7AD3992C2BD883A (17 of 29)9/17/2008 9:11:11 AM

https://www.nchfa.org/Rental/RTCApp/(S(enmaoum...716011E3&SNID=F7FB50D1979B46CDA7AD3992C2BD883A (18 of 29)9/17/2008 9:11:11 AM

Applicant's Site Evaluation

https://www.nchfa.org/Rental/RTCApp/(S(enmaoum...716011E3&SNID=F7FB50D1979B46CDA7AD3992C2BD883A (19 of 29)9/17/2008 9:11:11 AM

Hospital Pharmacy Basic Health Care