Print Preview - Full Application Tax Credits, RPP Loans, and/or Tax Exempt Bond Loans
Project Description Project Name: The Village Address:
tbd Town Center Drive
City:
Locust
County: Stanly
Census Tract: 9908.00
Zip: 28097
Block Group: 1
Is project in Qualified Census Tract or Difficult to Develop Area? No Political Jurisdiction:
CIty of Locust
Jurisdiction CEO Name: First: Harold Jurisdiction Address:
P.O. Box 190
Jurisdiction City:
Locust
Jurisdiction Phone:
(704)888-5260
Site Latitude:
35.2798
Site Longitude:
-80.4068
Last: Greene
Title: Mayor
Zip: 28097-0190
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: 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: 3 Persons with disabilities or homeless populations: the greater of 5 units or 10% of the total units. Number of Units: 3 Remarks:
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:
Wynnefield Properties, Inc.
Address:
P.O. Box 395
City:
Jamestown
Contact:
First: Craig
State: NC Zip: 27282 Last: Stone
Telephone:
(336)454-6134
Alt Phone:
(336)906-1854
Fax:
(336)454-6190
Email Address:
[email protected]
Title: President
NOTE: Email Address above will be used for communication between NCHFA and Applicant.
Site Description Total Site Acreage: 2.2
Total Buildable Acreage: 2.2
If buildable acreage is less than total acreage, please explain:
Identify utilities and services currently available (and with adequate capacity) for this site: Storm Sewer
Water
Sanitary Sewer
Electric
Is the demolition of any buildings required or planned? No If yes, please describe:
Are existing buildings on the site currently occupied? No If yes: (a) Briefly describe the situation:
(b) Will tenant displacement be temporary? (c) Will tenant displacement be permanent? Is the site directly accessed by an existing, paved, publicly maintained road? Yes If no, please explain:
Is any portion of the site located inside the 100 year floodplain? No If yes: (a) Describe placement of project buildings in relation to this area:
(b) Describe flood mitigation if the project will have improvements within the 100 year floodplain:
Site Control Does the owner have fee simple ownership of the property (site/buildings)? No If yes provide: Purchase Date:
Purchase Price:
If no: (a) Does the owner/principal or ownership entity have valid option/contract to purchase the property? Yes (b) Does an identity of interest (direct or indirect) exist between the owner/principal or ownership entity with the option/contract for purchase of the property and the seller of the property? No If yes, specify the relationship:
(c) Enter the current expiration date of the option/contract to purchase: 10/31/2007 (D) Enter Purchase Price: 1,015,000
Zoning Present zoning classification of the site: NBD - Neighborhood District Is multifamily use permitted? Yes Are variances, special or conditional use permits or any other item requiring a public hearing needed to develop this proposal? 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: The Village, LLC Address:
P.O. Box 395
City:
Jamestown
State: NC
Zip: 27282
Federal Tax ID Number of Ownership Entity:
(If assigned)
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:
Wynnefield Properties, Inc.
First Name: Craig
Last Name: Stone
Address:
P.O. Box 395
City:
Jamestown
Phone:
(336)454-6134
EMail:
[email protected]
Function: Managing Member
State: NC
Zip: 27282
Fax: (336)454-6190 Nonprofit: No
Unit Mix The Median Income for Stanly county is $50,500. Low Income Units Monthly Rent
Mandatory Serv. Fees
**Total Housing Exp.
Total # Units
Gdn Apt
1
1002
3
1
275
90
0
365
Gdn Apt
1
1002
3
1
370
90
0
460
Gdn Apt
1
1002
4
1
465
90
0
555
Gdn Apt
2
1002
7
1
330
112
0
442
Gdn Apt
2
1002
10
0
445
112
0
557
Gdn Apt
2
1002
7
0
560
112
0
672
Gdn Apt
3
1150
4
1
370
151
0
521
Gdn Apt
3
1150
6
1
500
151
0
651
Gdn Apt
3
1150
4
0
590
151
0
741
Water/Sewer
Electric
Utilities included in rents:
# Units
Utility Allowance
# BRs Net Sq.Ft.
Type
Other Trash
Gas
Employee Units (will add to Low Income Unit total) Type
# BRs
Total # Units
Net Sq.Ft.
Utilities included in rents:
# Units
Water/Sewer
Monthly Rent Electric
Utility Allowance Gas
Mandatory Serv. Fees
**Total Housing Exp.
Other
Market Rate Units Type
# BRs
Total # Units
Net Sq.Ft.
Utilities included in rents:
# Units
Water/Sewer
Monthly Rent
Electric
Utility Allowance Gas
Mandatory Serv. Fees
**Total Housing Exp.
Other
Statistics
Low Income.......
All Units
Units
Gross Monthly Rental Income
48
6
21315
48
6
21315
Market Rate....... Totals...............
Proposed number of residential buildings: 3
Maximum number of stories in buildings: 3
Project Includes: Separate community building - Sq. Ft. (Floor Area): 1,192 Community space within residential bulding(s) - Sq. Ft. (Floor Area): Elevators - Number of Elevators:
Square Footage Information Gross Floor Square Footage:
53,620
Total Net Sq. Ft. (All Heated Areas): 51,472
Notes **
Please refer to the Income Limits and Maximum Housing Expense Table to ensure that Total Monthly Tenant Expenses for low income units are within established thresholds.
Targeting Specify Low Income Unit Targeting in table below. List each applicable targeting combination in a separate row below. Click [Add] to create another row. Click "X" (at the left of each row) to delete a row. Add as many rows as needed.
# BRs
Units
%
1
3
targeted at 40
percent of median income affordable to/occupied by
1
3
targeted at 50
percent of median income affordable to/occupied by
1
4
targeted at 60
percent of median income affordable to/occupied by
2
7
targeted at 40
percent of median income affordable to/occupied by
2
10
targeted at 50
percent of median income affordable to/occupied by
2
7
targeted at 60
percent of median income affordable to/occupied by
3
4
targeted at 40
percent of median income affordable to/occupied by
3
6
targeted at 50
percent of median income affordable to/occupied by
3
4
targeted at 60
percent of median income affordable to/occupied by
Total Low Income Units:
48
Note: This number should match the total number of low income units in the Unit Mix section.
Funding Sources
Source
Amount
NonAmortizing*
Rate (%)
Term (Years)
Amort. Period (Years)
Bank Loan
470,789
8.00
30
30
RPP Loan
960,000
2.00
20
20
909,182
0
30
30
Annual Debt Service 41,453
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)
0
State Tax Credit(Direct Refund) Equity: Federal LIHTC
3,256,591
Non-Repayable Grant Equity: Historic Tax Credits Deferred Developer Fees Owner Investment Other - Specify: Total Sources**
5,596,562
* "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. 89 Remarks concerning project funding sources: (Please be sure to include the name of the funding source(s)) The RPP loan will have a balloon payment of 785,783 at the end of the 20 year term.
Loans with Variable Amortization Please fill in the annual debt service as applicable for the first 20 years of the project life.
RPP Loan Year: Amt:
1 19599
2 19944
3 20240
4 20484
5 20670
6 20795
7 20854
8 20843
9 20756
10 20588
Year: Amt:
11 20334
12 19987
13 19543
14 18993
15 18332
16 17552
17 16645
18 15604
19 14421
20 13069
Development Costs Item Cost Element
TOTAL COST
Eligible Basis 30% PV 70% PV
1 Purchase of Building(s) (Rehab / Adaptive Reuse only) 2 Demolition (Rehab / Adaptive Reuse only) 3 On-site Improvements
200,000
200,000
4 Rehabilitation 5 Construction of New Building(s)
2,751,813
2,751,813
6 Accessory Building(s)
117,600
117,600
7 General Requirements
184,165
184,165
8 Contractor Overhead
65,072
65,072
9 Contractor Profit
195,215
195,215
10 Construction Contingency
105,416
105,416
11 Architect's Fee - Design (11 + 12 = max 3% lines 2-10)
118,294
118,294
12,000
12,000
5,000
5,000
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)
3,754,575 6,000
6,000
18,451
18,451
150,684
150,684
7,500
7,500
17 Construction Loan Credit Enhancement (prorate) 18 Construction Period Taxes (prorate) 19 Water, Sewer and Impact Fees 20 Survey
8,500
8,500
21 Property Appraisal
8,000
8,000
22 Environmental Report
2,500
2,500
23 Market Study
4,200
4,200
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)
2,500 208,335
30 Real Estate Attorney
20,000
20,000
31 Other Attorney's Fees
15,000
15,000
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
2,200 26,366 8,500
35 Tax Opinion
1,000
36 Organizational (Partnership)
1,000
37 Tax Credit Monitoring Fee SUBTOTAL (lines 30 through 37) 38 Furnishings and Equipment
8,500
31,200 105,266 38,000
38,000
504,000
504,000
39 Relocation Expense 40 Developer's Fee 41
Other Basis Expense (specify)
42
Other Basis Expense (specify)
43 Rent-up Expense 44
Other Non-basis Expense (specify)
45
Other Non-basis Expense (specify)
14,400
SUBTOTAL (lines 38 through 45)
556,400
46 Rent up Reserve
12,000
47 Operating Reserve 48
Other Reserve (specify)
49
Other Reserve (specify)
109,986
50 DEVELOPMENT COST (lines 1-49)
4,746,562
0
4,545,910
4,545,910
0
4,545,910
100.00%
100%
100%
4,545,910
0
4,545,910
51 Less Federal Financing 52 Less Disproportionate Standard 53 Less Nonqualified Nonrecourse Financing 54 Less Historic Tax Credit (residential)
0
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
4,545,910
60 Tax Credit Rate
100.00%
100.00%
0
4,545,910
3.45
8.05
61 Federal Tax Credits at Estimated Rate
365,945
0
365,945
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
386,402
0
386,402
384,000
65 Land Cost
850,000
66 TOTAL REPLACEMENT COST
5,596,562
FEDERAL TAX CREDITS IF AWARDED Comments:
Total Replacement Cost per unit: Federal Tax Credits (line 62) per unit:
365,946
96,345 8,050
384,000
365,946
Market Study Information Please provide a detailed description of the proposed project: The Village is a 48 unit family community to be located in Locust. The proposed community will target families with incomes between 50% and 60% of the median income limits. The community will consist of three-story buildings including forty-three 2 bedrooms and fifteen 3 bedrooms. Each apartment will include a kitchen with range, hood, dishwasher, refrigerator (frost-free), W/D hookup, mini blinds, pantry, walk-in closets, central air, heat pump and storage; flooring with be carpet and VCT. The apartment community will be apart of the newly constructed Town Centre
Construction (check all that apply): Brick
Vinyl
Wood
Front Gables or Dormers
HardiPlank
Balconies/Patios
Sunrooms
Front Porches
Wide Banding or Vertical/Horizontal Siding
Other: Please see the attached community design requirements from Duany Plater-Zyberk & Company for more detail on the The Village.
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: The site has more than 15 site amenities within the Town Centre. All of our residents will have access to all the sites parks, walking trails, community parks and playground. By purchasing this site our residents then have access to all of the surrounding Town Centre amenities.
Onsite Activities: Additional community activities such as holiday parties, National Night Out annual cookout and education/informative meetings will be scheduled in the community room. The Town Centre will have additional activities in the park such as concerts, picnics, etc.
Landscaping Plans: Extensive landscaping will be throughout the Town Centre and will compliment The Village community.
Interior Apartment Amenities:
The following interior apartment amenities will be included in each unit: Range, hood, dishwasher, refrigerator (frost-free), storage interior/exterior, W/D hookups, miniblinds, walk-in closets, carpet, vinyl, central air and heat pumps.
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. Locust is a town which is in the process of being reborn. Highway 24/27 was recently expanded to a five lane highway which forced the destruction of the downtown central business district. From this process of rebirth began with a dynamic plan to build a new city center to rival other communities with connectivity and planned growth. The City is become one that is truly life enriching. The cities tag line is "Locust - a city with a soul". Locust Town Centre was developed with the award winning Duany Plater-Zyberk & Company out of Miami, Florida. Our site is located within the five minute walking circle which means that the residents will have access to all of life’s amenities and an expansive number of site amenities will be accessible for all of the residents. The main focus for the site design centers around a town center concept highlighted by an open natural area. 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. This planned community uses multiple land uses together with high density housing to develop the City Centre concept. Duany Plater - Zyberk & Company have design concept and control of all aspects of the City Centre. AN attached 11 x 17 printout gives more detail to this concept. 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. All site traffic controls and infrastructure design use the Town Centre concept. Please see the attached handout for further detail and explanation of the concept. Our residents will be within a five minute walk of all of the Centre's amenitie 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 not negative features.
Similarity of scale and aesthetics/architecture between project and surroundings. All of the buildings are designed to architecturally compliment each other
For each applicable neighborhood feature, enter distance from project in miles. .5
Grocery Store
.5
Community/Senior Center
.5
Mall/Strip Center
5
Hospital
.5
Outdoor Athletic Fields
.5
Pharmacy
.5
Day Care/After School
.5
Basic Health Care
1
Schools
.5
Medical Offices
.5
Public Transportation Stop .5
.5
Convenience Store
.5
Restaurants
1.5
Basketball/Tennis Courts
.5
Professional Services
.5
Public Parks
.5
Gas Station
.5
Video Rental
.5
Library
.75
Public Safety (Fire/Police)
.5
Fitness/Nature Trails
.65
Post Office
1.5
Public Swimming Pools
Other facilities or services:
Bank/Credit Union
Movie Theater
Development Team Provide contact information for development team members below: Management Agent Company: Wynnefield Properties, Inc. Address:
P.O. Box 395
City:
Jamestown
State: NC Zip: 27282
Phone
(336)454-6134
Email:
[email protected]
Contact Name: First: Craig
Last: Stone
Architect Company:
FMK Architects
Address:
220 North Tryon Street, Suite 400
City:
Charlotte
State: NC Zip: 28202
Phone
(704)375-9950
Email:
[email protected]
Contact Name: First: Allen
Last: McGuire
Attorney Company:
Blanco Tackabery Combs & Matamoros
Address:
110 South Stratford Road
City:
Winston Salem
State: NC Zip: 27104
Phone
(336)293-9013
Email:
[email protected]
Contact Name: First: Ron
Last: Matamoros
Investor Company:
Raymond James
Address:
880 Carillon Parkway
City:
St. Petersburg
State: FL Zip: 33716
Phone
(800)438-8088
Email:
[email protected]
Contact Name: First: Craig
Last: Descalzi
Consultant/Application Preparer (if different from developer) Company: Wynnefield Development II, Inc. Address:
P.O. Box 395
City:
Jamestown
State: NC Zip: 27282
Phone
(336)454-6134
Email:
[email protected]
Contact Name: First: Craig
Last: Stone
Identity of Interest? General Contractor Company: Wynnefield Properties, Inc. Address:
P.O. Box 395
City:
Jamestown
State: NC Zip: 27282
Phone
(336)454-6134
Email:
[email protected]
Contact Name: First: Craig
Last: Stone
Projected Operating Costs Project Operations (Year One) Administrative Expenses Advertising
500
Office Salaries Office Supplies
1,000
Office or Model Apartment Rent Management Fee
25,920
Manager or Superintendent Salaries
12,000
Manager or Superintendent Rent Free Unit Legal Expenses (Project) Auditing Expenses (Project)
700 4,400
Bookkeeping Fees/Accounting Services Telephone and Answering Service Bad Debts Other Administrative Expenses (specify): Asset Management Fee SUBTOTAL Utilities Expense Fuel Oil
5,600
3,000 53,120
Electricity (Light and Misc. Power)
8,095
Water
5,700
Gas Sewer SUBTOTAL Operating and Maintenance Expenses Janitor and Cleaning Payroll
0 13,795
Janitor and Cleaning Supplies Janitor and Cleaning Contract Exterminating Payroll/Contract
4,000
Exterminating Supplies Garbage and Trash Removal
4,800
Security Payroll/Contract Grounds Payroll Grounds Supplies
0
Grounds Contract
9,500
Repairs Payroll
11,000
Repairs Material
4,200
Repairs Contract
3,250
Elevator Maintenance/Contract Heating/Cooling Repairs and Maintenance
1,500
Swimming Pool Maintenance/Contract Snow Removal
352
Decorating Payroll/Contract
3,400
Decorating Supplies Other (specify):
3,300
Miscellaneous Operating & Maintenance Expenses SUBTOTAL Taxes and Insurance Real Estate Taxes Payroll Taxes (FICA)
45,302 26,950 4,500
Miscellaneous Taxes, Licenses and Permits Property and Liability Insurance (Hazard) Fidelity Bond Insurance
13,800 300
Workmen's Compensation Health Insurance and Other Employee Benefits Other Insurance: SUBTOTAL Supportive Service Expenses Service Coordinator Service Supplies
45,550
1,152
Tenant Association Funds Other Expenses (specify): SUBTOTAL Reserves Replacement Reserves
1,152 12,000
SUBTOTAL
12,000
TOTAL OPERATING EXPENSES
170,919
ADJUSTED TOTAL OPERATING EXPENSES (Does not include taxes, reserves and resident support services) *
130,817
TOTAL UNITS (from total units in the Unit Mix section) PER UNIT PER YEAR
48 2,725
Projected Cash Flow Year One OPERATING INCOME Gross rental income (from Unit Mix - Total Monthly Rent)
255,780
Stores and Commercial Laundry and Vending
1,500
Other (specify): Late Fees, Security Dep., App. Fees
2,000
Total Gross Income Potential at 100% Occupancy
259,280
Seven Percent Vacancy Allowance
18,149
NET RENTAL/OTHER INCOME
241,131
TOTAL OPERATING EXPENSES (from Projected Operating Costs)
170,919
NET OPERATING INCOME
70,212
DEBT SERVICE (from Funding Sources Loans)
61,052
9,160
NET CASH FLOW DEBT COVERAGE RATIO (Must not be less than 1.15)
1.15
20-Year Cash Flow Year
1
2
3
4
5
6
7
8
9
10
Net Rental/Other Income*
241,131
248,365
255,816
263,490
271,395
279,537
287,923
296,561
305,458
314,622
Total Operating Expenses*
170,919
177,756
184,866
192,261
199,951
207,949
216,267
224,918
233,915
243,272
61,052
61,397
61,693
61,937
62,123
62,248
62,307
62,296
62,209
62,041
9,160
9,212
9,257
9,292
9,321
9,340
9,349
9,347
9,334
9,309
1.15
1.15
1.15
1.15
1.15
1.15
1.15
1.15
1.15
1.15
Debt Service Net Cash Flow Debt Coverage Ratio Year
11
12
13
14
15
16
17
18
19
20
Net Rental/Other Income*
324,061
333,783
343,796
354,110
364,733
375,675
386,945
398,553
410,510
422,825
Total Operating Expenses*
253,003
263,123
273,648
284,594
295,978
307,817
320,130
332,935
346,252
360,102
61,787
61,440
60,996
60,446
59,785
59,005
58,098
57,057
55,874
54,522
9,271
9,220
9,152
9,070
8,970
8,853
8,717
8,561
8,384
8,201
1.15
1.15
1.15
1.15
1.15
1.15
1.15
1.15
1.15
1.15
Debt Service Net Cash Flow Debt Coverage Ratio
* 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: 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.
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)
