Professional Documents
Culture Documents
Will the project be receiving project based federal rental assistance? Yes
If yes, provide the subsidy source: HUD and number of units: 154
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: 10
Persons with disabilities or homeless populations: the greater of 5 units or 10% of the total units.
Number of Units: 16
Remarks: 100% of the units have federal project-based assistance. There are currently two HAP contracts for
the development of which we plan to combine into one HAP contract.
Will the project use steel and concrete construction and have at least 4 stories? No
Will the project include a Community Service Facility under Section 42(d)(4)(c)(iii) of the code? No
If yes, please describe:
Applicant Information
Telephone: (919)277-0177
Fax: (919)277-0180
NOTE: Email Address above will be used for communication between NCHFA and Applicant.
Site Description
Total Site Acreage: 11.9 Total Buildable Acreage: 11.9
If buildable acreage is less than total acreage, please explain:
Identify utilities and services currently available (and with adequate capacity) for this site:
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:
(b) Describe flood mitigation if the project will have improvements within the 100 year floodplain:
Site Control
Does the owner have fee simple ownership of the property (site/buildings)? No
If yes provide:
Purchase Date: Purchase Price:
If no:
(a) Does the owner/principal or ownership entity have valid 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:
(c) Enter the current expiration date of the option/contract to purchase: 3/31/2006
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:
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:
Ownership Entity
Statistics
Market Rate.......
Project Includes:
Separate community building - Sq. Ft. (Floor Area): 1,357
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.
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 Units %
1 34 targeted at 60 percent of median income
Note: This number should match the total number of low income units in the Unit Mix section.
Funding Sources
Amort. Annual
Non- Rate Term Period Debt
Source Amount Amortizing* (%) (Years) (Years) Service
Bank Loan
RPP Loan
Local Gov. Loan - Specify:
RD 515 Loan
RD 538 Loan - Specify:
AHP Loan
Other Loan 1 - Specify:
Non-Repayable Grant
Owner Investment
Other - Specify:
Replacement Reserves & Residual 600,000
Receipts
Total Sources** 8,244,760
* "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.
Comments:
Market Study Information
Please provide a detailed description of the proposed project:
Walker Landing, currently known as Elizabeth Manor Apartments Section I and Section II, is a 154-
unit garden and townhouse-style apartment community. The apartments are comprise of 1,2,3 and
4-bedroom units situated in 19 two-story buildings. The development was built in two phases in 1975
and 1976. The first phase was originally financed through HUD and the second phase was financed
through USDA Rural Development. Both phases have 100% project-based assistance through HUD.
Other:
The proposed renovation of the apartments will include substantial interior improvements including
updated appliances, new kitchen cabinets, installation of new water heaters and HVAC as
necessary, new carpet and/or vinyl, as well as drywall and sub floor repairs. Exterior improvements
will include all new windows. The doors, shutters, gutters, roofs and brickwork will be repaired as
needed. Other common area improvements will include installing new signage and playground
equipment as well as repairing any tripping hazards along the the parking lot, sidewalks and curbs.
Have you built other tax credit developments that use the same building design as this project? Yes
If yes, please provide name and address:
Tyler Run I & II
201 Tyler Lane
Edenton, NC 27932
Highland Green
111 S. Pinkson
Henderson, NC 27536
Lincoln Apartments
Route 19 & Lincoln Drive
Shinnston, WV 26431
Resident Garden Plots Playground Tot Lot Basketball Court Volleyball Court
Garages/Covered
Irrigated Lawns Bike Racks Bus Shelter Game/Craft Room
Parking
Reading
Screened Porch Sunroom with Chairs Exercise Room Exam Room
Room/Library
Resident Computer Storage for Elderly
TV room Beauty Salon Vending Area
Center Projects
Onsite Activities:
The property manager will be responsible for all on-site activities and services. However, once a
Resident Committee is established, it is typical that they will take over a majority of the
responsibility.
On site programs specifically related to families with children will be held monthly, such as parties,
potluck meals, movie nights, health seminars and other educational activities designed to be fun and
promote the well-being of the residents.
Landscaping Plans:
The landscaping plan will ensure attractive curb appeal with improvements to include restoring
existing landscaped areas by pruning and fertilizing vegetation and planting low-lying vegetation that
is indigenous to the area. Sod will be placed around the sides of the building and all high traffic
areas.
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.
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. Concentration of affordable housing.
The area on either side of Walker Avenue on the opposite side of the railroad tracks has had recent
redevelopment activity with a number of singly-family homes that have been bought and sold to
moderate income families. A LIHTC elderly development was funded in 2001 and is now built. The
neighborhood has recently been improved with new sidewalks on Walker Avenue and connecting
streets.
Suitability of surrounding development. Land use pattern is residential in character (single and
multifamily housing) with a balance of other uses (particularly retail and amenities). 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.
Land uses around the site include a mix of residential, commercial and institutional uses along with
vacant lots. An unused railroad track borders the site to the west. Land to the north (fronting on
Walker Avenue) includes a vacant undeveloped lot, older single family residences, and a daycare
center. PW Moore Elementary School is located to the west, with access off Roanoke Avenue. Most
of the remaining development immediately adjacent to the site is comprised of a mix of older single-
family residential homes. Much of the area along Halstead Boulevard from Ehringhaus east to
Roanoke Avenue is a mix of retail and other highway commercial development.
Adequate traffic controls (stop lights, speed limits, turn lanes, etc.). 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 fronts Walker Avenue, a residential street that connects to Roanoke Avenue. Roanoke
Avenue is a minor collector road that provides access from Halstead Boulevard to State Route 34
and US 17 Business and Elizabeth City business district. Public transportation along a set route is
available on the Elizabeth City Loop which operates Monday through Friday and has scheduled
stops in front of Walking Landing five times daily.
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 on-site features or physical barriers that pose a threat to the operation of the
apartments or its tenants.
For each applicable neighborhood feature, enter distance from project in miles.
0.5 Grocery Store 1.5 Community/Senior Center
Management Agent
Company: T.M. Associates, Inc.
Address: 15825 Shady Grove Road, Suite 5
City: Rockville State: MD Zip: 20850
Architect
Company: Ross/Deckard Architects P.A.
Address: 6131 Falls of Neuse Road, Suite 112
City: Raleigh State: NC Zip: 27609
Attorney
Company: Hunton and Williams
Address: 421 Fayetteville Street Mall, 1 Hanover Square, Suite 1400
City: Raleigh State: NC Zip: 27601
Investor
Company: Red Capital Markets, Inc.
Address: 339 Barrello Lane
City: Cocoa Beach State: FL Zip: 32931
Phone Email:
Contact Name: First: Last:
Management
List number of low-income housing tax credit units managed in the past 10 years:
North Carolina Other States
Projects: 1 86
Units: 50 3,161
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? Yes
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
Financing Commitments
Does the project have a firm commitment for construction financing? No
Does the project have a letter of intent for private permenant financing? Yes
Does the project have a firm commitment for government financing? No
Does the project have a letter of intent from an investor? Yes
Is any portion of the eligible basis of new contruction or rehabilitation financed with federal subsidies other than CDBG funds or
No
funds from the HOME program?
If yes, indicate the type and amount below:
Hope VI Financing: $
Other: $
SUBTOTAL 160,000
Supportive Service Expenses
Service Coordinator
Service Supplies
Tenant Association Funds
Other Expenses (specify):
SUBTOTAL 0
Reserves
Replacement Reserves 54,250
SUBTOTAL 54,250
TOTAL OPERATING EXPENSES 538,467
ADJUSTED TOTAL OPERATING EXPENSES
394,217
(Does not include taxes, reserves and resident support services) *
TOTAL UNITS
155
(from total units in the Unit Mix section)
PER UNIT PER YEAR 2,543
Projected Cash Flow
Year One
OPERATING INCOME
Gross rental income
936,840
(from Unit Mix - Total Monthly Rent)
Stores and Commercial
DEBT SERVICE
307,682
(from Funding Sources Loans)
Year 1 2 3 4 5 6 7 8 9 10
Net Rental/Other Income* 892,884 919,671 947,261 975,679 1,004,949 1,035,097 1,066,150 1,098,135 1,131,079 1,165,011
Total Operating Expenses* 538,467 560,006 582,406 605,702 629,930 655,127 681,332 708,585 736,928 766,405
Debt Service 307,682 307,682 307,682 307,682 307,682 307,682 307,682 307,682 307,682 307,682
Net Cash Flow 46,735 51,983 57,173 62,295 67,337 72,288 77,136 81,868 86,469 90,924
Debt Coverage Ratio 1.152 1.169 1.186 1.202 1.219 1.235 1.251 1.266 1.281 1.296
Year 11 12 13 14 15 16 17 18 19 20
Net Rental/Other Income* 1,199,961 1,235,960 1,273,039 1,311,230 1,350,567 1,391,084 1,432,817 1,475,802 1,520,076 1,565,678
Total Operating Expenses* 797,061 828,943 862,101 896,585 932,448 969,746 1,008,536 1,048,877 1,090,832 1,134,465
Debt Service 307,682 307,682 307,682 307,682 307,682 307,682 307,682 307,682 307,682 307,682
Net Cash Flow 95,218 99,335 103,256 106,963 110,437 113,656 116,599 119,243 121,562 123,531
Debt Coverage Ratio 1.309 1.323 1.336 1.348 1.359 1.369 1.379 1.388 1.395 1.401
* 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".
Design Features
ITEM DESCRIPTION
Foundation/Slab Components
Exterior Trim New PVC Trim on Facia/Rake Boards & Vinyl Shutters
Cabinets Solid Oak Frames & Door Panels with Wood Bottoms & Bases
Remarks:
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 TOTAL
Supervision 83,000
Job Site Office/Trailer Rental 4,900
Office Supplies 850
Security/Watchman
Project Signage 1,000
Tools and Equipment 1,200
Gas, Oil, and Maintenance 1,500
Temporary Water, Electric, and Telephone 1,500
Storage/Hauling 5,400
Driveway Access Permit 0
Porta-John Rental/Dumping 3,800
Builders Risk Insurance 4,000
Re-inspection Fees 300
Extra Plans and Specifications 650
Miscellaneous, Casual Labor 45,000
Equipment Rental 5,000
Other 1 (specify in Remarks)
Other 2 (specify in Remarks)
Total Cost 158,100
Remarks:
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 TOTAL
Subsurface Exploration/Perk Testing/Site Engineering
Clearing/Grading/Final Grading/Excess and Borrow
Demolition 5,000
Earthwork/Excavation/Aerating
Soil Treatment 2,500
Pile Foundations
Caissons
Shoring/Bracing
Site Drainage
Site Utilities/Site Lighting
Paving and Surfacing/Curb and Gutter 59,000
Walkways 21,000
Site Signage 10,000
Parking Lot Painting
Dumpster Pads/Fencing 11,000
Fencing/Gates
Landscaping/Topsoil 46,500
Rock and Hardpan Excavation
Site Supervision Personnel
Other (specify in Remarks)
Total Cost 155,000
Remarks:
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 TOTAL
Letter of Credit Fee
Credit Enhancement
Underwriter Discount 47,500
Capital Interest Fund
Other 1 (specify in Remarks)
Other 2 (specify in Remarks)
Total Cost 47,500
Remarks:
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 TOTAL
Bond Counsel 35,000
Issuer Counsel 15,000
Credit Enhancement/LOC Counsel
Underwriter Counsel 17,000
Developer's Counsel
Rating Agency Fee 15,000
Printing
Trustee Fee 6,500
Trustee Counsel 6,500
Issuer's Fee 47,500
Other 1 (specify in Remarks) 10,000
Other 2 (specify in Remarks) 2,500
Other 3 (specify in Remarks)
Total Cost 155,000
Remarks:
$10,000 is budgeted as a contingency for the bond fees and an additional $2,500 has been
budgeted for local government counsel fees.
Minimum Set-Asides
MINIMUM REQUIRED SET ASIDES (No Points Awarded):
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)
PLEASE indicate which of the following exhibits are attached to your application. Others may be required as noted.
C Ownership Entity Agreement, Development Agreement or any other agreements governing development services
F Letters from State Housing Agencies or designated monitoring agent verifying out of state experience
H Local Government Letter or Letter from Certified Engineer or Land Surveyor Confirming Floodplain Designation with Map
showing 100 year and 500 year floodplain (original on letterhead, no fax or photocopies)
I Local Government Letter Confirming Zoning including any pending notices or hearings (original on letterhead, no fax or
photocopies)
J Letters from Local Utility Providers regarding availability and capacity (original on letterhead, no fax or photocopies)
L Appraisal (required for land costs greater than $5,000 and for buildings in Adaptive Re-use and Rehab projects)
M Site plan, floor plans and elevations for all projects. Scope of work for Adaptive Re-use and Rehab projects.
N Hazard and structural inspection and termite reports (Adaptive Re-use and Rehab projects only)
P Proposed Relocation Plan including relocation budget and copies of notices (see Appendix F). Required for all Rehabs and
any projects involving existing occupants of any dwellings to be rehabbed or demolished.
Q Evidence of Permanent Loan Commitment and other sources of funds ( i.e. 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.
R 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.
S Statement regarding terms of Deferred Developer Fee. If a nonprofit is involved, a resolution from their board approving
deferral of fee is required.
U Anticipated budget demonstrating how the project will meet the 10% test