Windsor Place at Randleman

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Print Preview - Final Application

Tax Credits, RPP Loans, and/or Tax Exempt Bond Loans
Project Name and Location

Project Name: Windsor Place At Randleman Address: City: 707 S. Main Street Randleman County: Randolph Zip: 27317 Block Group: 1
Census Tract: 314
Is project in Qualified Census Tract & Difficult to Develop area? No Does a community revitalization plan exist? No Political Jurisdiction: Jurisdiction Address: Jurisdiction City: Jurisdiction Phone: City of Randleman Last: Moore Title: Mayor 101 Hillary Street Randleman (336)495-7500 Zip: 27317
Jurisdiction CEO Name: First: Bruce
Site Latitude: Site Longitude:
https://www.nchfa.org/Rental/RTCApp/(ujclpv2xe4k3uof24tr1gtuu)/site/PrintApp.aspx?II... 1/14/2005
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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 project based federal rental assistance? No If yes, provide the subsidy source: and number of units:
Target Population: Family 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.) Persons with disabilities or homeless populations: the greater of 5 units or 10% of the total units Remarks: 4 units to comply with QAP Section IV(F)(3) (5%) 7 units to comply with QAP Section IV(F)(4) (10% targeted)
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Applicant Information
Applicant Name: Address: City: Contact: Telephone: Windsor Place At Randleman Limited Partnership P.O. Box 1567 Dunn First: Willard (910)892-5999 State: NC Zip: 28335 Last: Dean Title: Chief Operating Officer
Alt Phone:
(910)892-0731
Fax:
(910)892-3727
Email Address:
willardd@dthmanagement.com
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Site Description
Total Site Acreage: 9.797 Total Buildable Acreage: 9.797 If buildable acreage is less than total acreage, please explain:
Identify utilities and services currently available (and with adequate capacity) for this site: Storm Sewer Water Sanitary Sewer Electric
Is the demolition of any buildings required or planned? Yes If yes, please describe: A small wood frame residence, less than 1000 SF, over 50 years old, is to be removed to provide access to the site from S. Main Street. The building will be given to the mover or demolition will be necessary.
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:
(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: 05/06/2003 If no: (a) Does the owner/principal or ownership entity have vaild 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:
Purchase Price: 168,348
(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: R-3 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? 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: Conditional use permit for the 8 buildings/64 unit apartment complex located in the 700 block of South Main Street was approved by the Randleman Board of Adjustments at their February 24, 2003 meeting. The vote was unanimous (PIN# 7764198158 & 7764194680
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: Windsor Place at Randleman Limited Partnership Address: City: P.O. Box 1567 Dunn State: NC Zip: 28335 56-2343120 (If assigned) (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: 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:
Windsor Place at Randleman Limited Partnership Last Name: Harris Function: Managing General Partner
First Name: Oscar Address: City: Phone: EMail:
100 Cumberland Avenue Dunn (910)892-1021 CPA@ONHACPA.COM State: NC Zip: 28334
Fax: (910)892-6084 Nonprofit: No TaxID 237-60-5419
Org:
Windsor Place at Randleman Limited Partnership Last Name: Turlington Function: General Partner
First Name: Edward Address: City: Phone: EMail: 100 Tilghman Drive Dunn (910)891-5465 estcinc@aol.com
State: NC
Zip: 28334
Fax: (910)891-5566 Nonprofit: No TaxID 239-70-4486
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Unit Mix
The Median Income for Randolph county is $56,100. Low Income Units Type Gdn Apt Gdn Apt Gdn Apt Gdn Apt # BRs Net Sq.Ft. 1 2 1 2 706 906 706 906 Total # Units 12 14 10 15 # Units 2 1 2 1 Monthly Rent 450 540 450 540 Electric Utility Allowance 70 90 70 90 Gas Other Mandatory Serv. Fees 0 0 0 0 **Total Housing Exp. 520 630 520 630
Utilites 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.
Water/Sewer
Market Rate Units Type Total # BRs Net Sq.Ft. # Units 706 906 2 11 # Units 1 1 Monthly Rent 500 600 Electric Utility Allowance 70 90 Gas Other Mandatory Serv. Fees 0 0 **Total Housing Exp. 570 690
Gdn Apt 1 Gdn Apt 2
Water/Sewer
Statistics All Units Low Income....... Market Rate....... Totals............... 51 13 64 Gross Monthly Rental Income 25560 7600 33160
Units 6 2 8
Proposed number of residential buildings: 8 Project Includes:
Maximum number of stories in buildings: 2
Separate community building - Sq. Ft. (Floor Area): 1,456 Community space within residential bulding(s) - Sq. Ft. (Floor Area): Elevators - Number of Elevators: Square Footage Information Gross Floor Square Footage: 74,536
Total Net Sq. Ft. (All Heated Areas): 54,784
Notes
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**
Please refer to the Income Limits and Maximum Housing Expense Table to ensure that Total Monthly Tenant Expenses for low income units are within established thresholds.
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Targeting
Specify Low Income Unit Targeting in table below. List each applicable targeting combination in a separate row below. Click [Add] to create another row. Click "X" (at the left of each row) to delete a row. Add as many rows as needed.
# BRs 1 2 1 1 12 14 10 15
Units targeted at 50 targeted at 50 targeted at 60 targeted at 60
% percent of median income. percent of median income. percent of median income. percent of median income.
Total Low Income Units:
51
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 (%) 6.00 Term (Years) 25 Amort. Period (Years) 25 Annual Debt Service 36,933
Source Bank Loan RPP Loan Local Gov. Loan - Specify: RD 515 Loan RD 538 Loan - Specify: AHP Loan Other Loan 1 - Specify: AHP Loan 2 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 477,700
765,000 695,100
2.00 4.30
25 25
25 25
38,909 45,421
754,507
30
30
2,416,860
52,236
5,161,403
* "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. 81 Remarks concerning project funding sources: (Please be sure to include the name of the funding source(s)) Bank of America will make the three loans shown and will obtain a guarantee thru the RD 538 Guaranteed Loan Program. Total of loans will be 1,937,800.
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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) 19,940 19,380 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) Other Non-basis Expense (specify) Other Non-basis Expense (specify) SUBTOTAL (lines 36 through 43) 44 Rent up Reserve 589,742 19,200 589,742 589,742 38,400 78,097 231,320 8,500 7,500 21,697 2,000 8,500 7,500 21,697 2,000 14,000 5,500 3,500 8,000 14,000 5,500 3,500 4,000 3,000 3,000 20,000 138,000 20,000 138,000 2,590,399 60,701 195,306 69,008 207,024 111,793 50,000 10,000 3,898,231 2,590,399 60,701 195,306 69,008 207,024 111,793 50,000 10,000 604,000 604,000 TOTAL COST Eligible Basis 30% PV 70% PV 0
41 Rent-up Expenses
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45 Operating Reserve 46 47 Other Reserve (specify) Other Reserve (specify)
176,465
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 Applicable Fraction (percentage of LI Units) 55 Basis Before Boost 56 Boost for QCT/DDA (if applicable, enter 130%) 57 TOTAL QUALIFIED BASIS 58 Tax Credit Rate 59 Federal Tax Credits at Estimated Rate 60 Federal Tax Credits at 8.5% or 3.75% 61 Federal Tax Credits Requested 62 Land Cost 63 TOTAL REPLACEMENT COST Comments:
4,993,055
4,715,670
0 4,715,670 80.00% 3,772,536 3,772,536 298,407 320,665 320,665 168,348 5,161,403 0 80% 0 100.00% 0 0.00% 0 0 4,715,670 80% 3,772,536 100.00% 3,772,536 7.91% 298,407 320,665 320,665
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Market Study Information

Please provide a detailed description of the proposed project: 64 Unit Garden-type Family Complex - 8 buildings with 8 units/building 13 units (20%-2-1 Bdr. & 11 2 bdr. are market rate units 3 - 1 bdr. buildings and 5 - 2 bdr. buildings - office/clubhouse building with playground and natural areas.
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 (check all that apply): Community Bldg - Sq Ft: 1,456 Laundry Rm Game/Craft Rm Chapel/Prayer Rm Irrigated Lawns Walking Trails Pool Screened Porch Exercise Rm Picnic Area Security Gate Garden Spots Fitness Stations Community Room - Sq Ft: Resident Computer Center TV Rm Onsite Leasing Office Car Care Area Basketball/Tennis Court Horseshoe Pit Garages - Number: Exam Rm Beauty Salon Onsite Mgr Storage Units Playground Shuffleboard Reading Rm/Library Vending Rm Onsite Maint. Person Gazebos Ball Field Covered Drive Thru
Onsite Activities: FHLB Sponsor will assist in the creation of a resident association. The sponsor will also monitor the safety program offered to AHP assisted tenants as well as provide a tenant counseling program. Eligible AHP residents will be provided transportation services by the Randolph County Area Transit System RCATS).
Landscaping Plans: Shrubs used will be 3-7 gal. size and trees used will be 15-30 gal. size: Indian Hawthorn; Laurel Oak; Japanese Mock Orange; Yoshino Cherry; Glossy Abelia; Red Maple; Dwarf Yaupon; Crepe Myrtle; Burford Holly; River Birch; Southern Wax Myrtle; Parsins Juniper.
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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? No If yes, please make sure to include the additional information in your pre-application packet.
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Applicant's Site Evaluation

Briefly describe your site in each of the following categories: NEIGHBORHOOD CHARACTERISTICS Physical condition of buildings and improvements. Trend and direction of real estate development relative to the project. Area economic health (degree of decline or investment). Concentration of affordable housing. The site is located in an established neighborhood along Main Street that is a mix of residential and multi-family housing, small retail commercial businesses as well as professional services. The PHA has an 80 unit complex located .25 miles north on Main Street. This complex was built in 1968. There are two RD 515 projects (30 & 40 units) approximately 1.5 miles North of site. They were built in 1980 and 1985. One tax credit project is located 1.75 NW of site and was built in 1897. It has 44 units.
Suitability of surrounding development. Land use pattern is primarily residential (single and multifamily housing) with a balance of other uses (particularly retail and amenities). Amount and character of vacant, undeveloped land. Effect of industrial, large-scale institutional or other incompatible uses: wastewater treatment facilities, high traffic corridors, junkyards, prisions, 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). Site entrance located at 707 South Main Street (Business U.S. Highway 220) Mix is single family, multi-family, school, industrial, small retail business. Proposed site is undeveloped woodland and is one of the few tracts available for development along Main Street and within 3/4 mile of the downtown business district. There are no sources of excessive noise in the immediate area.
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). Main Street (Business U.S. Hwy. 220) is adequate to meet current and potential traffic needs. Nearest stoplights are approximately .7 miles to north and 1.1 miles to south.
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. No negative features or physical barriers to impede project construction. There will be a natural buffer along the west property line and trees along the access street from Main Street to the buildings.
Similarity of scale and aesthetics/architecture between project and surroundings. The proposed apartment buildings will be 2-story garden type apartments with 8 units per building. The community/office building will be 1-story. The building will blend with the existing surroundings.
For each applicable neighborhood feature, enter distance from project in miles.
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.8 .8 .4 .5 .25 0 1.5 1.5 1.4 .8 .8 1.2 0
Grocery Store Mall/Strip Center Outdoor Athletic Fields Day Care/After School Schools
.25 0 1.5 1.5 1.5
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 .75 Convenience Store Basketball/Tennis Courts Public Parks Gas Station Library Fitness/Nature Trails Public Swimming Pools .8 .8 0 2.0 .8 1.6
Other facilities or services:
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Development Team
Provide contact information for development team members below: Management Agent Company: DTH Management Group, Ltd. Address: City: Phone PO Box 1567 Dunn (910)892-5999 State: NC Zip: 28335 Email: willardd@dthmanagement.com Last: Dean
Contact Name: First: Willard
Architect Company: Address: City: Phone
Boisseau Design Group/Architects, P.A. 8304 Meadow Ridge Court Raleigh (919)847-5860 State: NC Zip: 28615 Email: KBDGKEN@aol.com Last: Boisseau
Contact Name: First: Kenn
Attorney Company: Address: City: Phone
R. Daniel Rizzo, Attorney At Law PO Box 966 Dunn (910)892-9102 State: NC Zip: 28335 Email: Last: Rizzo
Contact Name: First: Dan
Investor Company: Address: City: Phone
Raymond James Tax Credit Funds, Inc. 880 Carillion Parkway St. Petersburg (800)438-8088 State: FL Zip: 33716 Email: Craigdescalzi@RaymondJames 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: EST General Contractors, Inc. Address: City: Phone PO Box 1027 Dunn (910)891-5465 State: NC Zip: 28335 Email: Last: Turlington
Contact Name: First: ED
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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: 45 1,425 1 32
Management List number of low-income housing tax credit units managed in the past 10 years: North Carolina Other States Projects: Units: 45 1,425 1 32
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? Yes
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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 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): Training, Postage 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): Furniture & Fixture Replacement Miscellaneous Operating & Maintenance Expenses SUBTOTAL Taxes and Insurance Real Estate Taxes Payroll Taxes (FICA) Miscellaneous Taxes, Licenses and Permits 3,500 1,200 1,600 4,100 10,800 8,600 4,000 900 7,500 20,800 1,500 300 3,500 22,385 20,800 1,500
1,000
1,500 52,485
6,000 600
3,200 1,100 58,900 51,000 3,200
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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): Operating subsidy for targeted units 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
17,600 210 1,050 10,400
83,460
13,320 13,320 16,000 16,000 231,665 151,345 64 2,364
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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): Interest, Tenant Fees 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) 750 2,500 401,170 28,081 373,089 397,920
231,665 141,424
121,263
20,161 1.166
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 1 373,089 231,665 121,263 20,161 1.166 11 501,401 342,921 121,263 37,217 1.307 2 384,282 240,932 121,263 22,087 1.182 12 516,443 356,638 121,263 38,542 1.318 3 395,810 250,569 121,263 23,978 1.198 13 531,936 370,904 121,263 39,769 1.328 4 407,684 260,592 121,263 25,829 1.213 14 547,894 385,740 121,263 40,891 1.337 5 419,915 271,016 121,263 27,636 1.228 15 564,331 401,170 121,263 41,898 1.346 6 432,512 281,857 121,263 29,392 1.242 16 581,261 417,217 121,263 42,781 1.353 7 445,487 293,131 121,263 31,093 1.256 17 598,699 433,906 121,263 43,530 1.359 8 458,852 304,856 121,263 32,733 1.27 18 616,660 451,262 121,263 44,135 1.364 9 472,618 317,050 121,263 34,305 1.283 19 635,160 469,312 121,263 44,585 1.368 10 486,797 329,732 121,263 35,802 1.295 20 654,215 488,084 121,263 44,868 1.37
* Net Rental Income escalated at annual rate of 3% and expenses escalated at a rate of 4% after the first year.
Calculations:
1. "Net Rental/Other Income" comes from 1st-year cash flow, then it is escalated by 3% per year. 2. "Total Operating Expenses" comes from 1st-year cash flow, then it is escalated by 4% per year. 3. "Debt Service" is the sum of "regular/amortized loan debt service + non-amortizing annual service" as entered by user from Funding Sources section. 4. "Net Cash Flow" is "Net Rental/Other Income" minus "Total Operating Expenses" minus "Debt Service". 5. "Debt Coverage Ratio" is ("Net Rental/Other Income" minus "Total Operating Expenses") divided by "Debt Service".
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Design Features
ITEM Foundation/Slab Components Primary Windows DESCRIPTION 4'' concrete, 6 mil vapor barrier, 6x6 10/10 wire Make: Silver Line Type/Construction: Vinyl Exterior Doors Siding Type: Metal Type: Lap Warranty: Exterior Trim Shingles Aluminum and Vinyl Type: 3-Tab Fiberglass Warranty: 25 years Sprinkler System Cabinets Heat Pump NFPA 13-R Manufacturers Marsh Oregaul SEER: 12 Seer Model: Air Conditioner SEER: 12 Seer Model: Other Heat Systems SEER: N/A Model: Make: Make: Trane/or Egaul Make: Trane/or Egaul Weight: 225 per s.f. Frames: Wood Grade/Thickness: .044 Model: 2900
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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 143,333 1,944 4,491 12,197 95,836 86,402 92,310 20,680 143,754 101,427 92,250 48,254 39,391 9,750 40,731 22,536 167,320 53,548 82,322 11,097 23,584 116,364 69,808 60,592 90,750 40,731 16,641 35,525 34,928 29,961 190,447 187,579 134,720 11,489 44,758 13,276 25,953 29,078 67,228 LABOR 10,158 MATERIAL 25,102 TOTAL 35,260 0 96,306 0 24,765 70,711 0 378,026 134,720 0 35,525 34,928 46,602 0 135,870 11,097 46,120 283,684 69,808 99,983 100,500 81,462 0 239,590 187,829 184,560 68,934 0 12,197 0 6,435 0 143,333 0 0 0 0 0
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Mirror/Shower Door/Encls. Hardware/Bath Access. Appliances Playground Equipment Interior Clean Exterior Clean/Dumpster Rental Other 1 (specify in Remarks) Other 2 (specify in Remarks) Total Cost Remarks: 1,082,327 1,508,072 2,335 3,640 44,819 11,360
0 0 47,154 15,000 0 0 0 0 2,590,399
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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 Office Supplies Security/Watchman Project Signage Tools and Equipment Gas, Oil, and Maintenance 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: 1 - Cleanup/Dumpster rental 2 - Payroll taxes/field engineering [5701] [18120] TOTAL 43,000 3,250 1,100 0 1,500 6,000 2,450 6,500 4,410 0 5,400 14,350 1,000 1,500 22,025 39,600 19,400 23,821 195,306
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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 Dumpster Pads/Fencing Fencing/Gates Landscaping/Topsoil Rock and Hardpan Excavation Site Supervision Personnel Other (specify in Remarks) Total Cost Remarks: 604,000 38,400 12,050 213,740 196,565 143,245 TOTAL
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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: TOTAL 0 0 0 0 0 0 0
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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 Issuer's Fee Other 1 (specify in Remarks) Other 2 (specify in Remarks) Other 3 (specify in Remarks) Total Cost Remarks: TOTAL 0 0 0 0 0 0 0 0 0 0 0 0 0 0
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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: 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.
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 Letters from Local Utility Providers (original on letterhead, no fax or photocopies) I 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)
J Local Government Letter Confirming Zoning (original on letterhead, no fax or photocopies) K Copy of certificate of occupancy or proof of placed-in-service date (Rehabs Only) L Site plan, floor plans and elevations M Hazard and structural inspection and termite reports (Renovation projects only) N Anticipated budget demonstrating how the project would meet the 10% test by November 14th. O Evidence of Architect's Errors and Omissions insurance (or equivalent). P Description of acquisition for existing/occupied projects or for projects with occupied buildings to be demolished. Q Description of proposed Relocation Plan & Relocation Budget, Etc. If any relocation is anticipated, reference Appendix F. R Targeting Plan and supporting documentation (Required for all projects) S Local Housing Authority Agreement (Reference Model in Appendix I) T Appraisal (for land costs greater than $5,000 and for buildings in rehab projects) U Evidence of Permanent Loan Commitment, other sources of funds, and project-based subsidies. V Statement regarding terms of Deferred Developer Fee and, if nonprofit, resolution of Board approving fee. W Inducement Resolution (Tax-Exempt Bond Financed Projects only) X Documentation to support estimated utility costs.

Windsor Place at Randleman

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Windsor Place at Randleman

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Project Name and Location

Census Tract: 314

Jurisdiction CEO Name: First: Bruce

Site Latitude: Site Longitude:

Purchase Price: 168,348

First Name: Oscar Address: City: Phone: EMail:

100 Cumberland Avenue Dunn (910)892-1021 CPA@ONHACPA.COM State: NC Zip: 28334

Fax: (910)892-6084 Nonprofit: No TaxID 237-60-5419

Fax: (910)891-5566 Nonprofit: No TaxID 239-70-4486

Utilites included in rents:

Utilites included in rents:

Gdn Apt 1 Gdn Apt 2

Utilites included in rents:

Proposed number of residential buildings: 8 Project Includes:

Maximum number of stories in buildings: 2

Total Net Sq. Ft. (All Heated Areas): 54,784

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

Total Low Income Units:

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

Market Study Information

Front Gables or Dormers Other:

Wide Banding or Vertical/Horizontal Siding

Ceramic Tile Electric Pump

Applicant's Site Evaluation

.8 .8 .4 .5 .25 0 1.5 1.5 1.4 .8 .8 1.2 0

.25 0 1.5 1.5 1.5

Other facilities or services:

Contact Name: First: Willard

Architect Company: Address: City: Phone

Contact Name: First: Kenn

Attorney Company: Address: City: Phone

Contact Name: First: Dan

Investor Company: Address: City: Phone

Contact Name: First: Craig

Contact Name: First: ED

Project Team Experience

If Other, specify the type of Federal subsidy:

Projected Operating Costs

3,200 1,100 58,900 51,000 3,200

17,600 210 1,050 10,400

13,320 13,320 16,000 16,000 231,665 151,345 64 2,364

Projected Cash Flow Year One

20-Year Cash Flow

0 0 47,154 15,000 0 0 0 0 2,590,399

Costs - Bond Costs

Costs - Bond Issuance

Full Application Checklist

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