Maple Ridge 3 App

Print - APP08-0017
Print Preview - Final Application

Tax Credits, RPP Loans, and/or Tax Exempt Bond Loans
Project Description
Project Name: Maple Ridge Apartments - Phase 3 Address: City: Bone Creek Drive Fayetteville County: Cumberland Zip: 28314 Block Group: 3306002
Census Tract: 3306
Is project in Qualified Census Tract or Difficult to Develop Area? No Political Jurisdiction: Jurisdiction CEO Name: Jurisdiction Address: Jurisdiction City: Jurisdiction Phone: City of Fayetteville First:Anthony Last: Chavonne 433 Hay Street Fayetteville Zip: 28301 Title: Mayor
(910)433-1992
Site Latitude: Site Longitude:
35.065 -79.404
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? Yes If yes, list names of previous phase(s): Maple Ridge 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
https://www.nchfa.org/Rental/RTCApp/(S(5o2lfeyb...A53E35F43&SNID=2BDAAB1552CE416C856ABE166A2B42EF (1 of 29)9/15/2008 3:52:34 PM
Print - APP08-0017
If yes, please describe:
Target Population:Family 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: Four (4) mobility impaired handicap units planned to meet the QAP and an additional four (4) units planned for a total of eight (8) units (10% of the units). In addition, another two (2) units will be provided with Audio/ Visual design elements to assist residents with hearing and sight impairments.
Print - APP08-0017
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: SNW, LLP 972 Trinity Road Raleigh State: NC Zip: 27607 First: Stephanie Last:Norris Title:Partner
(919)854-7990 (919)669-1079 (919)854-7925 stephanie@spauldingnorris.com
NOTE: Email Address above will be used for communication between NCHFA and Applicant.
Print - APP08-0017
Site Description
Total Site Acreage: 8.70 Total Buildable Acreage: 8.50
If buildable acreage is less than total acreage, please explain: The eastern portion of the site is adjacent to Bone Creek, which is buffered by wetlands and floodplain. Approximately 0.2 acres of the site are located within the wetland and floodplain. However, the buildings are not located within the wetlands or floodplain. Please see the enclosed Preliminary Plans for the Site Plan and floodplain location.
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: Approximately 0.2 acres of the site are located in the floodplain. No buildings are located within the flood
Print - APP08-0017
plain area.
(b) Describe flood mitigation if the project will have improvements within the 100 year floodplain: No improvements are within the flood plain.
Print - APP08-0017
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?Yes If yes, specify the relationship: Current property owner, Oscar Norris, is a principal of Norris Asset Management Trust and a partner in SNW, LLP
(c) Enter the current expiration date of the option/contract to purchase: 3/15/2009 (D) Enter Purchase Price: 566,500
Print - APP08-0017
Zoning
Present zoning classification of the site:R-6 Residential 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?Yes If yes, describe below: Wetlands are located along the creek on the east side of the property. A minimal amount of wetland disturbance is needed for access. The amount of disturbance proposed is within the permittable limits of the US Army Corp of Engineers and NCDENR Division of Water Quality.
Print - APP08-0017
Ownership Entity
Owner Name: Address: City: Maple Ridge Apartments Phase 3, LLC 972 Trinity Road Raleigh State:NC Zip: 27607 (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? No Is the applicant requesting that the Agency treat the application as CHDO sponsored? 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: Address: City: Phone: EMail:
SNW, LLP Last Name: Norris State: NC Function: Managing Member Zip: 28428 P.O. Box 1249 Carolina Beach
First Name: Oscar
(910)458-7178 rugcross@aol.com
Fax: (800)852-3707 Nonprofit: No
SNW,LLP Last Name: Norris State: NC Fax: (919)854-7925 Nonprofit: No Function: Member Zip: 27607 972 Trinity Road Raleigh
First Name: Stephanie
(919)854-7990 stephanie@spauldingnorris.com
SNW, LLP Last Name: Norris State: NC Fax: (800)852-3707 Nonprofit: No Function: Member Zip: 28428 P.O. Box 1249 Carolina Beach
First Name: Joan
(910)458-7178 rugcross@aol.com
Print - APP08-0017
Unit Mix
The Median Income for Cumberland county is $49,300. 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 2 Gdn Apt 1 Gdn Apt 2 Gdn Apt 2 Gdn Apt 1 Gdn Apt 2
733 980 733 980 980 733 980
4 16 6 7 7 10 30
1 2 1 1 1 1 1
271 323 363 434 434 456 539

Electric
98 121 98 121 121 98 121

Gas
0 0 0 0 0 0 0
Other Trash Collection
369 444 461 555 555 554 660
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
35236
80
35236
Proposed number of residential buildings: 10
Maximum number of stories in buildings: 2
Print - APP08-0017
Project Includes:
Separate community building - Sq. Ft. (Floor Area): 1,383 Community space within residential bulding(s) - Sq. Ft. (Floor Area):
Elevators - Number of Elevators: Square Footage Information Gross Floor Square Footage:
89,489
Total Net Sq. Ft. (All Heated Areas): 74,843
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.
Print - APP08-0017
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 2 2 1 2
Units
% targeted at 40 targeted at 40 targeted at 50 targeted at 50 targeted at 50 targeted at 60 targeted at 60 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 percent of median income affordable to/occupied by percent of median income affordable to/occupied by
4 16 6 7 7 10 30
Total Low Income Units:
80
Note: This number should match the total number of low income units in the Unit Mix section.
Print - APP08-0017
Funding Sources
NonAmortizing* Rate (%) Term (Years) Amort. Period (Years) Annual Debt Service
Source Bank Loan RPP Loan Local Gov. Loan - Specify: City of Fayetteville 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
327,685 800,000 400,000 0 0 0 0 0 0 0 1,524,473 0 5,377,041 0 0 133,665
6.25 2.00 2.00
30 20 20
30 20 20
24,211
30
30
0 8,562,864
* "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. 83 Remarks concerning project funding sources: (Please be sure to include the name of the funding source(s)) The funds for the Bank Loan will be provided by CICCAR (see Letter of Intent included). The City of
Print - APP08-0017
Fayetteville has approved a request for the amount indicated (see Conditional Commitment Letter included). Raymond James Tax Credit Funds has provided a Letter of Interest regarding the federal tax credit equity pricing.
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
35280
11
35031
12
34703
13
34291
14
33789
15
33191
16
32492
17
31684
18
30761
19
29717
20
28543
27232
25775
24165
22391
20445
18316
15995
13469
10729
Local Gov. Loan - City of Fayetteville Year: Amt: Year: Amt: 1 2 3 4 5 6 7 8 9 10
17637
11
17513
12
17349
13
17143
14
16892
15
16593
16
16243
17
15840
18
15378
19
14856
20
14269
13614
12886
12080
11194
10221
9157
7996
6734
5364
Print - APP08-0017
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
0 0 810,680 0 4,586,631 0 323,536 114,316 343,251 185,352 72,800 18,200 40,000 6,494,766 800 30,000 200,000 0 3,000 0 20,000 7,500 7,200 5,100 0 0 0 5,000 0 10,000 800 30,000 200,000 0 3,000 0 20,000 7,500 7,200 5,100 323,536 114,316 343,251 185,352 72,800 18,200 40,000 4,586,631 810,680
Print - APP08-0017
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
288,600 10,000 20,000 2,200 45,734 15,000 2,500 500 56,000 151,934 9,000 0 800,000 0 0 35,000 9,000 0 800,000 0 0 15,000 10,000 20,000
Other Basis Expense (specify) Other Basis Expense (specify)
43 Rent-up Expense 44 45
Other Non-basis Expense (specify)Permits & Fees Other Non-basis Expense (specify)
SUBTOTAL (lines 38 through 45)
0 844,000 24,000 193,064 0 0 7,996,364 0 0 0 0 7,622,366 100.00% 7,622,366 0 100% 0 100.00% 7,622,366 0 0 7,622,366 0 0 0 0 7,622,366 100% 7,622,366 100.00% 7,622,366
46 Rent up Reserve 47 Operating Reserve 48 49
Other Reserve (specify) Other Reserve (specify)
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
Print - APP08-0017
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
3.40 647,901 686,013 686,013 566,500 8,562,864 686,013 0 0
8.50 647,901 686,013 686,013
Comments: Item #19-Water, Sewer and Impact Fees are not applicable. See letter attached from City of Fayetteville Public Works Department provided with the Preliminary Application.
Total Replacement Cost per unit: 79,547
Print - APP08-0017
Market Study Information

Please provide a detailed description of the proposed project: Construction of 80 apartments for families consisting of 20 one-bedroom units and 60 two-bedroom units. 20 units will be affordable to families earning incomes equal or less than 40% AMI. A copy of the Preliminary Market Study prepared by John Wall & Associates was provided with the Preliminary Application.
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
Attractive/pleasing coordination of all exterior and interior colors designed to complement the building style and neighborhood.
Have you built other tax credit developments that use the same building design as this project?Yes If yes, please provide name and address: Hampton Place Apts, Whiteville, NC Raintree Apts, Rose Hill, NC Maple Ridge Apts, Fayetteville, NC Waterbrook Apartments, Raleigh, NC
Site Amenities: Playground, Picnic Area with Grills, Sitting Areas, Bike Racks, Gazebo/Arbor, Garden Plot, Reading Room/ Library, Resident Computer Center, Game/Craft Area, Screened Porch in Community Area, Flag Pole, Community Laundry Area
Onsite Activities:
Landscaping Plans:
Print - APP08-0017
The site will be landscaped with existing trees, as well as, planted trees and shrubs. A Landscape Plan is included in the enclosed Preliminary Plans, which illustrates the proposed plantings around each building. In addition, a large portion of the existing vegetation within the wetland and floodplain will be preserved. The perimeter of the property adjacent to the existing single-family residence will include a 6' privacy fence, existing vegetation and proposed trees to establish a privacy buffer.
Interior Apartment Amenities: Range, Hood, Refrigeratior (frost free), Storage (interior/exterior), W/D hookups, Mini-blinds, Dishwasher, Ceiling Fans, Carpet & Vinyl flooring, Central Air, Heat Pump.
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.
Print - APP08-0017
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. The market in Fayetteville continues to remain very stable, especially due to the federal military base realignment and proposed troop increase at Fort Bragg. The long term trends anticipate continued growth and economic viability. The general area of the site has seen recent new residential and retail growth. Further growth trends are expected since this area was annexed into the City of Fayetteville. There does not appear to be a concentration of affordable housing in the immediated area, except for Maple Ridge Phase 1. The single family neighborhood adjacent to the site is well maintained and presents an attractive image. 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. The land use pattern in the immediate vicinity of the site are primarily residential uses. Within one-half mile of the site are supporting retail businesses such as grocery stores, drug stores, and other retail businesses. Within one mile of the site are two elementary schools and a day care. One of the schools, Hefner Elementary, is located within the neighborhood immediately north of the site. There are no incompatible or offensive land uses near the site or areas of environmental concern. 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 development is located at the end of Bone Creek Drive, a City maintained public street. Cliffdale Road, the main arterial street serving the area, has been widened and improved. Visibility of the proposed site is good as it is adjacent to the existing Maple Ridge Apts, Phase 1, 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 projectssuitability 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 impact the development and long term viability of the project. The existing topography will be graded to a finish grade acceptable for the design of the buildings, roadway, sidewalks and general use of the site. Wetlands adjacent to the site will only be disturbed enough to install the proposed drive. The wetlands and floodplain will provide a vegetative buffer from other developments.
Similarity of scale and aesthetics/architecture between project and surroundings. The proposed development will continue the scale and aesthetics initiated with Maple Ridge Phase 1. The 2story design will be consistent with the single family homes in the adjacent neighborhood which contains one and two story homes. The design, style and materials used in conjunction with appropiate landscaping will enhance the area and contribute to the appeal of the neighborhood.
For each applicable neighborhood feature, enter distance from project in miles.
Print - APP08-0017
.6 .6 1.1 .6 .9
Grocery Store Mall/Strip Center Outdoor Athletic Fields Day Care/After School Schools Public Transportation
3.0
Center
Community/Senior
Hospital
1.6
Pharmacy Basic Health Care
Stop
.6 1.1 .6 2.1
Convenience Store Public Parks Gas Station Library
Other facilities or services: Post Office 3.0; Video Rental 0.6; Professional Services 1.1; Restaurants 0.6; Bank or Credit Union 2.1
Print - APP08-0017
Development Team
Provide contact information for development team members below:
Management Agent Company: Address: City: Phone Contact Name: Norco Management Co., Inc. PO Box 15025 Wilmington State: NC Zip: 28408 Email: rugcross@aol.com Last: Norris
(910)791-3294
First: Joan
Architect Company: Address: City: Phone Contact Name: Martin Riley Associates - Architects,PC 215 Church St., Suite 200 Decatur State: GA Zip: 30030-3329 Email: jmartin@martinriley.com Last: Martin
(404)373-2800
First: Jackie
Attorney Company: Address: City: Phone Contact Name: Smith Moore Law 2800 Two Hannover Square Raleigh State: NC Zip: 27601 Email: Matt.Cunningham@smithmoorelaw.com Last: Cunningham
(919)755-8703
First: Matt
Investor Company: Address: City: Phone Contact Name: Raymond James Tax Credit Funds, Inc. 880 Carillon Parkway St. Petersburg State: FL Zip: 33716 Email: Craig.Descalzi@RaymondJames.com Last: Descalzi
(800)438-8088
First: Craig
Consultant/Application Preparer (if different from developer) Company: Address: City: Phone Contact Name: TLW Corporation PO Box 292 Lillington State: NC Zip: 27546 Email: TLWComGrp@aol.com Last: Wade
(910)893-9227
First: Terry
Print - APP08-0017
General Contractor Company: Address: City: Phone Contact Name:
Identity of Interest?
N&F Investors Inc. 301 Beau Rivage Promenade Wilmington State: NC Zip: 28412 Email: myra1113@aol.com Last: Norris
(910)395-1113
First: Kenneth
Print - APP08-0017
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):
2,000 0 2,800 0 50,000 23,000 0 2,000 5,000 0 2,000 0 2,000 88,800
training
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
0 8,000 7,700 0 0 15,700
4,100 3,700 0 9,500 0 10,600 8,200 0
Print - APP08-0017
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):
5,000 20,000 20,000 2,000 5,600 0 2,500 0 0 4,000 2,000 0
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:
0 97,200
65,000 0 0 20,000 800 1,500 0 0
SUBTOTAL Supportive Service Expenses Service Coordinator Service Supplies Tenant Association Funds Other Expenses (specify):
87,300
0 0 0 0
SUBTOTAL Reserves Replacement Reserves SUBTOTAL
20,000 20,000
Print - APP08-0017
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
309,000 224,000 80 2,800
Print - APP08-0017
Projected Cash Flow Year One

OPERATING INCOME Gross rental income (from Unit Mix - Total Monthly Rent) Stores and Commercial Laundry and Vending Other (specify):
422,832 2,400 2,400 0
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)
427,632 29,934 397,698 309,000 88,698 77,128 11,570 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
397,698 309,000 77,128 11,570 1.15

11
409,629 321,360 76,755 11,514 1.15

12
421,918 334,214 76,263 11,441 1.15

13
434,576 347,583 75,645 11,348 1.15

14
447,613 361,486 74,892 11,235 1.15

15
461,041 375,945 73,995 11,101 1.15

16
474,872 390,983 72,946 10,943 1.15

17
489,118 406,622 71,735 10,761 1.15

18
503,792 422,887 70,350 10,555 1.15

19
518,906 439,802 68,784 10,320 1.15

20
534,473 457,394 67,023 10,056 1.15
550,507 475,690 65,057 9,760 1.15
567,022 494,718 62,872 9,432 1.15
584,033 514,507 60,456 9,070 1.15
601,554 535,087 57,796 8,671 1.15
619,601 556,490 54,877 8,234 1.15
638,189 578,750 51,684 7,755 1.15
657,335 601,900 48,202 7,233 1.15
677,055 625,976 44,414 6,665 1.15
697,367 651,015 40,304 6,048 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.
Print - APP08-0017
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 - APP08-0017
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: 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 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 - APP08-0017
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)

Maple Ridge 3 App

Diunggah oleh

Informasi Dokumen

Deskripsi Asli:

Hak Cipta

Format Tersedia

Bagikan dokumen Ini

Bagikan atau Tanam Dokumen

Opsi Berbagi

Apakah menurut Anda dokumen ini bermanfaat?

Apakah konten ini tidak pantas?

Hak Cipta:

Format Tersedia

Maple Ridge 3 App

Diunggah oleh

Hak Cipta:

Format Tersedia

Print - APP08-0017

Print Preview - Final Application

Census Tract: 3306

Site Latitude: Site Longitude:

https://www.nchfa.org/Rental/RTCApp/(S(5o2lfeyb...A53E35F43&SNID=2BDAAB1552CE416C856ABE166A2B42EF (1 of 29)9/15/2008 3:52:34 PM

If yes, please describe:

https://www.nchfa.org/Rental/RTCApp/(S(5o2lfeyb...A53E35F43&SNID=2BDAAB1552CE416C856ABE166A2B42EF (2 of 29)9/15/2008 3:52:34 PM

(919)854-7990 (919)669-1079 (919)854-7925 stephanie@spauldingnorris.com

https://www.nchfa.org/Rental/RTCApp/(S(5o2lfeyb...A53E35F43&SNID=2BDAAB1552CE416C856ABE166A2B42EF (3 of 29)9/15/2008 3:52:34 PM

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

https://www.nchfa.org/Rental/RTCApp/(S(5o2lfeyb...A53E35F43&SNID=2BDAAB1552CE416C856ABE166A2B42EF (4 of 29)9/15/2008 3:52:34 PM

https://www.nchfa.org/Rental/RTCApp/(S(5o2lfeyb...A53E35F43&SNID=2BDAAB1552CE416C856ABE166A2B42EF (5 of 29)9/15/2008 3:52:34 PM

https://www.nchfa.org/Rental/RTCApp/(S(5o2lfeyb...A53E35F43&SNID=2BDAAB1552CE416C856ABE166A2B42EF (6 of 29)9/15/2008 3:52:34 PM

https://www.nchfa.org/Rental/RTCApp/(S(5o2lfeyb...A53E35F43&SNID=2BDAAB1552CE416C856ABE166A2B42EF (7 of 29)9/15/2008 3:52:34 PM

Org: Address: City: Phone: EMail:

First Name: Oscar

Fax: (800)852-3707 Nonprofit: No

Org: Address: City: Phone: EMail:

First Name: Stephanie

Org: Address: City: Phone: EMail:

First Name: Joan

https://www.nchfa.org/Rental/RTCApp/(S(5o2lfeyb...A53E35F43&SNID=2BDAAB1552CE416C856ABE166A2B42EF (8 of 29)9/15/2008 3:52:34 PM

733 980 733 980 980 733 980

271 323 363 434 434 456 539

98 121 98 121 121 98 121

369 444 461 555 555 554 660

Utilities included in rents:

Proposed number of residential buildings: 10

Maximum number of stories in buildings: 2

https://www.nchfa.org/Rental/RTCApp/(S(5o2lfeyb...A53E35F43&SNID=2BDAAB1552CE416C856ABE166A2B42EF (9 of 29)9/15/2008 3:52:34 PM

Total Net Sq. Ft. (All Heated Areas): 74,843

https://www.nchfa.org/Rental/RTCApp/(S(5o2lfeyb...A53E35F43&SNID=2BDAAB1552CE416C856ABE166A2B42EF (10 of 29)9/15/2008 3:52:34 PM

Total Low Income Units:

https://www.nchfa.org/Rental/RTCApp/(S(5o2lfeyb...A53E35F43&SNID=2BDAAB1552CE416C856ABE166A2B42EF (11 of 29)9/15/2008 3:52:34 PM

327,685 800,000 400,000 0 0 0 0 0 0 0 1,524,473 0 5,377,041 0 0 133,665

6.25 2.00 2.00

https://www.nchfa.org/Rental/RTCApp/(S(5o2lfeyb...A53E35F43&SNID=2BDAAB1552CE416C856ABE166A2B42EF (12 of 29)9/15/2008 3:52:34 PM

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

Local Gov. Loan - City of Fayetteville Year: Amt: Year: Amt: 1 2 3 4 5 6 7 8 9 10

https://www.nchfa.org/Rental/RTCApp/(S(5o2lfeyb...A53E35F43&SNID=2BDAAB1552CE416C856ABE166A2B42EF (13 of 29)9/15/2008 3:52:34 PM

https://www.nchfa.org/Rental/RTCApp/(S(5o2lfeyb...A53E35F43&SNID=2BDAAB1552CE416C856ABE166A2B42EF (14 of 29)9/15/2008 3:52:34 PM

Other Basis Expense (specify) Other Basis Expense (specify)

46 Rent up Reserve 47 Operating Reserve 48 49

Other Reserve (specify) Other Reserve (specify)

https://www.nchfa.org/Rental/RTCApp/(S(5o2lfeyb...A53E35F43&SNID=2BDAAB1552CE416C856ABE166A2B42EF (15 of 29)9/15/2008 3:52:34 PM

3.40 647,901 686,013 686,013 566,500 8,562,864 686,013 0 0

8.50 647,901 686,013 686,013

Total Replacement Cost per unit: 79,547

https://www.nchfa.org/Rental/RTCApp/(S(5o2lfeyb...A53E35F43&SNID=2BDAAB1552CE416C856ABE166A2B42EF (16 of 29)9/15/2008 3:52:34 PM

Market Study Information

Front Gables or Dormers Other:

Wide Banding or Vertical/Horizontal Siding

https://www.nchfa.org/Rental/RTCApp/(S(5o2lfeyb...A53E35F43&SNID=2BDAAB1552CE416C856ABE166A2B42EF (17 of 29)9/15/2008 3:52:34 PM

https://www.nchfa.org/Rental/RTCApp/(S(5o2lfeyb...A53E35F43&SNID=2BDAAB1552CE416C856ABE166A2B42EF (18 of 29)9/15/2008 3:52:34 PM

Applicant's Site Evaluation

https://www.nchfa.org/Rental/RTCApp/(S(5o2lfeyb...A53E35F43&SNID=2BDAAB1552CE416C856ABE166A2B42EF (19 of 29)9/15/2008 3:52:34 PM

Pharmacy Basic Health Care

Convenience Store Public Parks Gas Station Library

https://www.nchfa.org/Rental/RTCApp/(S(5o2lfeyb...A53E35F43&SNID=2BDAAB1552CE416C856ABE166A2B42EF (20 of 29)9/15/2008 3:52:34 PM

https://www.nchfa.org/Rental/RTCApp/(S(5o2lfeyb...A53E35F43&SNID=2BDAAB1552CE416C856ABE166A2B42EF (21 of 29)9/15/2008 3:52:34 PM

General Contractor Company: Address: City: Phone Contact Name:

https://www.nchfa.org/Rental/RTCApp/(S(5o2lfeyb...A53E35F43&SNID=2BDAAB1552CE416C856ABE166A2B42EF (22 of 29)9/15/2008 3:52:34 PM

Projected Operating Costs