Print Preview - Full Application

Tax Credits, RPP Loans, and/or Tax Exempt Bond Loans

Project Description
Project Name: Windsor Crossing Apartments Address: City: Cricklewood Street near the intersection of Ludgate Street Lumberton County: Robeson Zip: 28358 Block Group: 3

Census Tract: 9613

Is project in Qualified Census Tract or Difficult to Develop Area? No Political Jurisdiction: Jurisdiction Address: Jurisdiction City: Jurisdiction Phone: City of Lumberton Last: Pennington Title: Mayor PO Box 1388 (500 N. Cedar Street) Lumberton (910)671-3800 Zip: 28359

Jurisdiction CEO Name: First: Raymond

Site Latitude: Site Longitude:

34.65 -79.00

Project Type: New Construction 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: Is this project a previously awarded tax credit development? If yes, what year were credits awarded?: Number of residents holding Section 8 vouchers: Will the project meet Energy Star standards as defined in Appendix B? No 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 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: 2 Persons with disabilities or homeless populations: the greater of 5 units or 10% of the total units. Number of Units: 4 Remarks: 10% of units will be targeted to persons with disabilities

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: Greenway Development Company 2500 West Roosevelt BLVD. Monroe First: Bradley (919)349-9872 (704)292-7447 (919)841-4706 greenway1018@yahoo.com State: NC Zip: 28110 Last: Parker Title: Managing Partner

NOTE: Email Address above will be used for communication between NCHFA and Applicant.

Site Description
Total Site Acreage: 7.3 Total Buildable Acreage: 5.9 If buildable acreage is less than total acreage, please explain: Buildable acreage is less than site acreage due to standard set-backs and buffer requirements.

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? Yes If yes: (a) Describe placement of project buildings in relation to this area: The site will have a portion of the improvements within the 100 year floodplain.

(b) Describe flood mitigation if the project will have improvements within the 100 year floodplain:

The City of Lumberton allows construction in the 100 year flood plain as long as the finished floor of all structures are elevated above the floodplain elevation.

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 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:

Purchase Price:

(c) Enter the current expiration date of the option/contract to purchase: 05/30/2007 (D) Enter Purchase Price: 555,000

Zoning
Present zoning classification of the site: R3 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? 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
Owner Name: Windsor Crossing Apartments, LP Address: City: 2500 West Roosevelt BLVD. Monroe State: NC Zip: 28110 (If assigned)

Federal Tax ID Number of Ownership Entity:

Note: Do not submit social security numbers for individuals. Entity Type: Limited Partnership Entity Status: Already Formed Is the applicant requesting that the Agency treat the application as Non-Profit sponsored? Is the applicant requesting that the Agency treat the application as CHDO sponsored?

No No

List all general partners, members,and principals. Specify nonprofit corporate general partners or members. Click [Add] to add additional partners, members, and principals.

Org:

Greenway Development Company, LLC Last Name: Parker Function: Principal

First Name: Bradley Address: City: Phone: EMail: 2500 West Roosevelt BLVD. Monroe (919)349-9872 greenway1018@yahoo.com

State: NC Fax: (919)841-4706 Nonprofit: No

Zip: 28110

Org:

Greenway Development Company, LLC Last Name: Walters Function: Principal

First Name: Ingram Address: City: Phone: EMail: 2500 West Roosevelt BLVD. Monroe (704)292-7447 ingram@ingramwalters.com

State: NC Fax: (704)292-7387 Nonprofit: No

Zip: 28110

Unit Mix
The Median Income for Robeson county is $47,100. Low Income Units Type Gdn Apt Gdn Apt Gdn Apt Gdn Apt # BRs Net Sq.Ft. 2 2 2 2 970 995 970 995 Total # Units 14 2 14 10 # Units 1 1 1 1 Monthly Rent 405 405 430 430 Electric Utility Allowance 71 71 71 71 Gas Mandatory Serv. Fees 0 0 0 0 Other Trash **Total Housing Exp. 476 476 501 501

Utilities included in rents:

Water/Sewer

Employee Units (will add to Low Income Unit total) Type # BRs Net Sq.Ft. Total # Units # Units Monthly Rent Electric Utility Allowance Gas Other Mandatory Serv. Fees **Total Housing Exp.

Utilities 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.

Utilities included in rents:

Water/Sewer

Electric

Statistics All Units Low Income....... Market Rate....... Totals............... 40 4 16800 40 Gross Monthly Rental Income 16800

Units 4

Proposed number of residential buildings: 6 Project Includes:

Maximum number of stories in buildings: 1

Separate community building - Sq. Ft. (Floor Area): 1,538 Community space within residential bulding(s) - Sq. Ft. (Floor Area): Elevators - Number of Elevators: Square Footage Information Gross Floor Square Footage: 38,596

Total Net Sq. Ft. (All Heated Areas): 32,970

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 2 2 24 16

Units targeted at 60 targeted at 50

% percent of median income affordable to/occupied by percent of median income affordable to/occupied by

Total Low Income Units:

40

Note: This number should match the total number of low income units in the Unit Mix section.

Funding Sources
NonAmortizing* Rate (%) 7.00 Term (Years) 18 Amort. Period (Years) 35 Annual Debt Service 45,231

Source Bank Loan RPP Loan Local Gov. Loan - Specify: RD 515 Loan RD 538 Loan - Specify: AHP Loan Other Loan 1 - Specify: Other Loan 2 - Specify: Other Loan 3 - Specify: Tax Exempt Bonds State Tax Credit(Loan) State Tax Credit(Direct Refund) Equity: Federal LIHTC Non-Repayable Grant Equity: Historic Tax Credits Deferred Developer Fees Owner Investment Other - Specify: Total Sources**

Amount 590,000

1,122,490

30

30

2,762,583

100

4,475,173

* "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. 915 Remarks concerning project funding sources: (Please be sure to include the name of the funding source(s))

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 8 Contractor Overhead 9 Contractor Profit 10 Construction Contingency 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 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 (0.58% 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 44 45 Other Basis Expense (specify)costruction lender inspection fee Other Basis Expense (specify) Soils Report and Wetlands Report Other Non-basis Expense (specify) Other Non-basis Expense (specify) 468,217 8,400 12,000 468,217 8,400 12,000 7,000 162,643 30,000 15,000 2,200 21,710 12,000 1,500 2,000 22,000 106,410 20,000 20,000 12,000 30,000 15,000 5,600 6,500 15,000 6,680 2,900 5,300 5,600 6,500 15,000 6,680 2,900 5,300 1,709,000 159,300 148,500 52,470 157,410 84,435 75,424 10,500 25,000 3,028,739 8,500 17,268 87,895 8,500 17,268 87,895 1,709,000 159,300 148,500 52,470 157,410 84,435 75,424 10,500 25,000 606,700 606,700 TOTAL COST Eligible Basis 30% PV 70% PV

43 Rent-up Expense

SUBTOTAL (lines 38 through 45) 46 Rent up Reserve 47 Operating Reserve 48 49 Other Reserve (specify) Other Reserve (specify)

508,617 23,355 90,409

50 DEVELOPMENT COST (lines 1-49) 51 Less Federal Financing 52 Less Disproportionate Standard 53 Less Nonqualified Nonrecourse Financing 54 Less Historic Tax Credit (residential) 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 60 Tax Credit Rate 61 Federal Tax Credits at Estimated Rate 62 Federal Tax Credits at 8.5% or 3.75% Max Federal Tax Credits (With Energy Star - Lesser of $8,500 per unit or 63 $800,000, w/o - Lesser of $8,000 per unit or $800,000) 64 Federal Tax Credits Requested 65 Land Cost 66 TOTAL REPLACEMENT COST FEDERAL TAX CREDITS IF AWARDED Comments:

3,920,173

3,749,999

0 3,749,999 100.00% 3,749,999 3,749,999 301,874 318,749 320,000 318,471 555,000 4,475,173 318,749 318,471 0 100% 0 100.00% 0 3.45 0 0 3,749,999 100% 3,749,999 100.00% 3,749,999 8.05 301,874 318,749

Total Replacement Cost per unit: Federal Tax Credits (line 62) per unit:

94,998 7,969

Market Study Information

Please provide a detailed description of the proposed project: Windsor Crossing will be a 40 unit elderly development(55 and over)located in Lumberton, NC. The development has 40, 2 bedroom 1/bath units(970-995 NSF). Each unit will be garden style with a large individual front porch entry and private rear patios. All of the buildings will be single story and situated with convenient access to the clubhouse. The design of the buildings will reflect a North Carolina coastal character with shingle accents, brackets, and pitched roofs with gables. The clubhouse, as demonstrated in the attached plans and elevations, will be designed specifically for seniors and will feature large indoor gathering and sitting areas along with large screened-in/outdoor gathering and sitting areas. The site is ideal for seniors as it is less than a half mile from everyday service needs of seniors, such as grocery stores, and restaurants and it is less than two miles from the hospital. The site is right next door to doctor offices and additional doctor offices are to be constructed on the adjacent parcel that shares the same access with subject site. In addition, The site is level and poses no difficult grades. Although the site is located within very convenient access to services required by seniors, it is situated in a quiet neighborhood where seniors can walk safely. Forty percent(16 units)of the units will be targeted to households at or below 50% of the area median income and the remainder will be targeted at 60% and below AMI. All of the proposed rents are well below the maximun allowable rent levels. Additionally, 10% of the units will be targeted to the special population of persons with disabilities and 10% of the units will be handicapped accessible. 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

As noted, the development will have single story garden-style units with attractive design features such as shingle accents, brackets, and shake gables. each unit will have and individual private entrance from a large front porch and private patios.

Have you built other tax credit developments that use the same building design as this project? Yes If yes, please provide name and address: Grand Oaks senior 100 Iron Bridge Road. Chester, VA

Site Amenities: The site will have a clubhouse, with a community room, business center with high speed internet access, screened porches for outdoor gathering and sitting, as well as large indoor gathering and sitting areas, kitchen and laundry room. On-site amenities will include resident garden plots and outside sitting areas and benches(3.

Onsite Activities: The site will have a clubhouse, with a community room, business center with high speed internet access, screened porches for outdoor gathering and sitting, kitchen and laundry room.

Landscaping Plans: Landscaping will be extensively utilized to beautify the developmet's green areas to blend the development into the existing neighborhood. Parking lots and drives will be lined with shade trees and the plant materials will compliment the natural fauna. To the extent possible, a tree lined buffer will remain around the perimeter of the site and an open space buffer will be around the site.

Interior Apartment Amenities: Each apartment will have range, hood, washer and dryer hook-ups, mini blinds, dishwasher, disposal, high speed internet access, ceiling fans, refrigerator with ice-maker, walk-in closets and plenty of interior and exterior storage. Each unit will have vinyl and carpet flooring. heating and cooling will be provided by a heat pump and central air conditioning.

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 site is located within close proximity to Exits 20 and 22 on I-95(approximately 1.5 miles) and approximately 2/10th of a mile from Fayetteviile Road, one of the major traffic arteies in Lumberton. Althought the site enjoys close proximity to these major traffic arteies, it is exceptionally well located on a quiet side street ( Crickelwood Street) at the edge of an upscale neighborhood where the homes in price from $(95,000 to $240,000 with an average home price of $150,000. Much new investment in retail and office is going on in the immediate area making the economic trend in the neighborhood very positive. All existing structures in the immediate neighborhood are very well maintained. There are no affordable housing projects in the neighborhood. SURROUNDING LAND USES AND AMENITIES 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. The Windsor Crossing site is surrounded by upscale single family homes, townhomes, newly constructed single story office buildings, a day care and a school. Additional single story office buildings for doctor offices will be constructed on the vacant parcel adjacent to the site. The adjacent single family neighborhood provides extensive and safe areas for seniors to walk, jog, and bike. The site is further balanced by its close proximity (approximately 1/2 miles or less) to retail strip centers, grocery store, pharmacy, basic healthcare, medical offices, bank, restaurants, gas station and video store. Basketball, tennis courts and outdoor athletic fields are open to the public at the middle school next door. the fire department is just behind the site. SITE SUITABILITY 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 road leading to the site (Cricklewood Street) is located just off Fayetteville Road, a major four lane highway with a center turning lane. The capacities of the side street and the Highway are sufficient to handle traffic from the proposed development. Although there is no mass transit in Lumberton, our residents can utilize the lumberton River council of Goverment's program that has established drop off/pick-up points in place for citizens of Roberson county, The fee for this service is $1.50 one way. Signage for the development will be located on the main entrance to the site. 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 negative features that will impede the development of the site. Furthermore, the topography is very level, which is excellent for a senior site as even slight grades can negatively impact everyday living.

Similarity of scale and aesthetics/architecture between project and surroundings. The proposed development will be a single story and have attractive architectural features, such as shingle accents, brackets and pitched roofs with shake gables. the design will make a positive contribution to and be very compatible with the surrounding neighborhood.

For each applicable neighborhood feature, enter distance from project in miles. 0.6 0.5 0.3 0.2 0.3 Grocery Store Mall/Strip Center Outdoor Athletic Fields Day Care/After School Schools 2.2 1.7 0.2 0.2 0.1 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 0.1 0.7 0.3 1.3 0.7 2.8 1.3 Convenience Store Basketball/Tennis Courts Public Parks Gas Station Library Fitness/Nature Trails Public Swimming Pools 0.3 0.2 1.2 0.3 0.4 2.3

Other facilities or services: There is no public transportation sytem in Lumberton; however, our residents can utilize the Lumberton River Council Of Government's program. In addition, on-site activities will be provided by community service providers. Lumberton has no public swimming pool.

Development Team
Provide contact information for development team members below: Management Agent Company: TM Associates Management, Inc. Address: City: Phone 15825 Shady Grove Road, Suite 55 Rockville (204)683-0300 State: MD Zip: 20850 Email: LSevere@tmgateway.com Last: Severe

Contact Name: First: Lester

Architect Company: Address: City: Phone

Cline Design Associates, PA 125 N. Harrington Road Raleigh (919)833-6413 State: NC Zip: 27603 Email: ChrisT@clinedesignassoc.com Last: Tingler

Contact Name: First: Chris

Attorney Company: Address: City: Phone

The Brockmann Law Firm 8037 Corporate Center Drive, Ste. 100 Charlotte (704)541-5779 State: NC Zip: 28226 Email: tbrockmaan@brockmannlawfirm Last: Brockmann

Contact Name: First: Todd

Investor Company: Address: City: Phone

Raymond James 880 Carillon Parkway St. Petersburg (800)438-8088 State: FL Zip: 33716 Email: Craig.Descalzi@RaymondJame Last: Descalzi

Contact Name: First: Craig

Consultant/Application Preparer (if different from developer) Company: Address: City: Phone Contact Name: First: State: Email: Last: Zip:

Identity of Interest? General Contractor Company: Wallick Construction Company Address: City: Phone PO Box B Irmo (803)781-6464 State: SC Zip: 29063 Email: blepper@wallickcos.com Last: Lepper

Contact Name: First: Bill

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): 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): Alarms/Fire Extinguishers Miscellaneous Operating & Maintenance Expenses SUBTOTAL Taxes and Insurance Real Estate Taxes Payroll Taxes (FICA) 12,376 18,000 5,500 183 500 625 2,544 950 480 2,938 2,800 2,375 18,000 3,438 1,810 1,001 5,500 9,588

7,425 31,500 1,950

62,212

5,625 10,000

156 1,200

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 2,230 10,000 10,000 134,318 104,088 40 2,602 2,000 4,000

29,500 2,000 230

Projected Cash Flow Year One

OPERATING INCOME Gross rental income (from Unit Mix - Total Monthly Rent) Stores and Commercial Laundry and Vending Other (specify): late fees, application fees, pet fees, etc. 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) 1,850 2,000 205,450 14,381 191,069 201,600

134,318 56,751

45,231

11,520 1.255

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 1 191,069 134,318 45,231 11,520 1.255 11 256,781 198,824 45,231 12,726 1.281 2 196,801 139,691 45,231 11,879 1.263 12 264,484 206,777 45,231 12,476 1.276 3 202,705 145,279 45,231 12,195 1.27 13 272,419 215,048 45,231 12,140 1.268 4 208,786 151,090 45,231 12,465 1.276 14 280,592 223,650 45,231 11,711 1.259 5 215,050 157,134 45,231 12,685 1.28 15 289,010 232,596 45,231 11,183 1.247 6 221,502 163,419 45,231 12,852 1.284 16 297,680 241,900 45,231 10,549 1.233 7 228,147 169,956 45,231 12,960 1.287 17 306,610 251,576 45,231 9,803 1.217 8 234,991 176,754 45,231 13,006 1.288 18 315,808 261,639 45,231 8,938 1.198 9 242,041 183,824 45,231 12,986 1.287 19 325,282 272,105 45,231 7,946 1.176 10 249,302 191,177 45,231 12,894 1.285 20 335,040 282,989 45,231 6,820 1.151

* 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".

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: 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 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.

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 Letters from State Housing Agencies or designated monitoring agent verifying out of state experience G Completed IRS Form 8821 (Appendix I) H 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) 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) K Documentation from utility company or local PHA to support estimated utility costs L Appraisal (required for land costs greater than $15,000 and for all 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. (Full Size, 24 x 36 inches) N Hazard and structural inspection and termite reports (Adaptive Re-use and Rehab projects only) O Copy of certificate of occupancy or proof of placed-in-service date (Rehabs Only) P 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. Q 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. 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. T Inducement Resolution (Tax-Exempt Bond Financed Projects only)