Weldon Downtown

Print - APP04-0096
Page 1 of 32
Print Preview - Final Application

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

Project Name: Weldon Downtown Apartments Address: City: 121 Washington Avenue, Washington & Third Weldon County: Halifax Block Group: 002 Zip: 27890
Census Tract: 9901
Is project in Qualified Census Tract & Difficult to Develop area? Yes Does a community revitalization plan exist? Yes Political Jurisdiction: Jurisdiction Address: Jurisdiction City: Jurisdiction Phone: Town of Weldon Last: Draper Title: Mayor PO Box 551 Weldon (252)536-4836 Zip: 27890
Jurisdiction CEO Name: First: Johnny
Site Latitude: Site Longitude:
36.4278 -77.5961
https://www.nchfa.org/Rental/RTCApp/(j00jcpqfizcgg045al0xf0vk)/site/PrintApp.aspx?II...
1/14/2005
Print - APP04-0096
Page 2 of 32
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? Yes If yes, provide the subsidy source: HUD and number of units: 24
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:
1/14/2005
Print - APP04-0096
Page 3 of 32
Applicant Information
Applicant Name: Address: City: Contact: Telephone: Landmark Asset Services, Inc. 406 East Fourth Street Winston Salem First: Jim (336)722-9871 State: NC Zip: 27101 Last: Sari Title: V.P.
Alt Phone:
(800)809-4693
Fax:
(336)722-9871
Email Address:
jim@landmarkdevelopment.biz
1/14/2005
Print - APP04-0096
Page 4 of 32
Site Description
Total Site Acreage: 1.09 Total Buildable Acreage: 1.09 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? Yes If yes: (a) Briefly describe the situation: one existing commercial tenant to remain, no displacement. Construction to work around.
(b) Will tenant displacement be temporary? No (c) Will tenant displacement be permanent? No 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:
1/14/2005
Print - APP04-0096
Page 5 of 32
1/14/2005
Print - APP04-0096
Page 6 of 32
Site Control
Does the owner have fee simple ownership of the property (site/buildings)? No If yes provide: Purchase Date: If no: (a) Does the owner/principal or ownership entity have vaild option/contract to purchase the property? Yes (b) Does an identity of interest (direct or indirect) exist between the owner/principal or ownership entity with the option/contract for purchase of the property and the seller of the property? No If yes, specify the relationship:
Purchase Price:
(c) Enter the current expiration date of the option/contract to purchase: 12/31/2004 (D) Enter Purchase Price: 185,000
1/14/2005
Print - APP04-0096
Page 7 of 32
Zoning
Present zoning classification of the site: Retail-Commercial (C-1) 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: Special Use permit obtained 5.3.04.
Are there any existing conditions of historical significance located on the project site that will require State Historic Preservation office review? Yes If yes, describe below: The site is contributing to downtown historic preservation and will qualify for historic tax credits.
Are there any existing conditions of environmental significance located on the project site? Yes If yes, describe below: see enclosed environmental studies & remediation budgets.
1/14/2005
Print - APP04-0096
Page 8 of 32
Ownership Entity
Owner Name: Weldon Small Town Development, LLC Address: City: 406 East Fourth Street Winston Salem State: NC Zip: 27101 (If assigned) 56-1838930 (If Not Assigned)
Federal Tax ID Number of Ownership Entity: Federal Tax ID Number of Managing GP or Member:
Entity Type: Limited Liability Company Entity Status: To Be 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:
Landmark Asset Services, Inc. Last Name: Sari Function: Managing Member
First Name: Jim Address: City: Phone: EMail: 406 East Fourth Street Winston Salem (336)722-9871
State: NC
Zip: 27101
Fax: (336)722-3603 Nonprofit: No TaxID 56-1838930
Org:
Sari & Company Last Name: Sari Function: Member
First Name: Jim Address: City: Phone: EMail: 406 East Fourth Street Winston Salem (336)722-9871
State: NC
Zip: 27101
Org:
Fitch Development Company Last Name: Fitch Function: Member
First Name: Hollis Address: City: Phone: EMail:
406 East Fourth Street, Apt. 440 Winston Salem (336)748-0835 sec42@mindspring.com State: NC Zip: 27101
1/14/2005
Print - APP04-0096
Page 9 of 32
Unit Mix
The Median Income for Halifax county is $45,200. Low Income Units Type Duplex Gdn Apt Gdn Apt # BRs Net Sq.Ft. 1 2 3 750 1000 1300 Total # Units 12 10 2 # Units 2 1 1 Monthly Rent 309 356 462 Electric Utility Allowance 50 72 86 Gas Other trash Mandatory Serv. Fees **Total Housing Exp. 359 428 548
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 # BRs Net Sq.Ft. Total # Units # Units Monthly Rent Utility Allowance Gas Other Mandatory Serv. Fees **Total Housing Exp.
Water/Sewer
Electric
Statistics All Units Low Income....... Market Rate....... Totals............... 24 4 8192 24 Gross Monthly Rental Income 8192
Units 4
Proposed number of residential buildings: 2 Project Includes:
Maximum number of stories in buildings: 2
Separate community building - Sq. Ft. (Floor Area): Community space within residential bulding(s) - Sq. Ft. (Floor Area): 1,800 Elevators - Number of Elevators: Square Footage Information Gross Floor Square Footage: 37,466
Total Net Sq. Ft. (All Heated Areas): 35,848
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.
1/14/2005
Print - APP04-0096
Page 10 of 32
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 3 1 2 3 5 4 1 7 6 1
Units targeted at 50 targeted at 50 targeted at 50 targeted at 60 targeted at 60 targeted at 60
% percent of median income. percent of median income. percent of median income. percent of median income. percent of median income. percent of median income.
Total Low Income Units:
24
Note: This number should match the total number of low income units in the Unit Mix section.
1/14/2005
Print - APP04-0096
Page 11 of 32
Funding Sources
NonAmortizing* Rate (%) Term (Years) Amort. Period (Years) Annual Debt Service
Source Bank Loan RPP Loan Local Gov. Loan - Specify: city cdbg 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
336,000
0.00
30
30
11,200
854,906
30
30
1,731,867
912,046
3,834,819
* "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. 75 Remarks concerning project funding sources: (Please be sure to include the name of the funding source(s)) Special CDBG funding for distressed communities. Only 4 or 46 towns qualified.
1/14/2005
Print - APP04-0096
Page 12 of 32
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) 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 Accting, Cost cert. 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 Cost Certification Acquisition Development Fee 20,000 Other Non-basis Expense (specify) Other Non-basis Expense (specify) SUBTOTAL (lines 36 through 43) 44 Rent up Reserve 467,360 7,200 427,360 366,270 8,000 194,040 30,000 5,000 17,414 12,000 5,000 3,000 12,600 85,014 20,000 20,000 26,100 4,350 17,414 10,440 8,000 8,000 8,000 5,040 6,960 6,960 6,960 5,040 108,000 38,000 114,500 147,419 46,000 14,000 2,823,405 3,000 30,000 80,000 40,000 4,000 2,610 26,100 69,600 34,800 3,480 94,000 33,060 99,615 128,255 40,020 12,180 TOTAL COST 159,000 100,000 156,486 1,940,000 Eligible Basis 30% PV 70% PV 159,000 100,000 87,000 1,700,000
41 Rent-up Expenses
1/14/2005
Print - APP04-0096
Page 13 of 32
45 Operating Reserve 46 47 Distressed Community Operational Subsidy Other Reserve (specify)
51,800 180,000
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
3,808,819
159,000 159,000
2,901,214
632,926 2,268,288 100.00% 2,268,288 2,948,774 233,248 250,645 237,291 26,000 3,834,819 0 100% 0 100.00% 0 0.00% 0 0 0
632,926 2,268,288 100% 2,268,288 130.00% 2,948,774 7.91% 233,248 250,645 237,291
Comments: Entered amount on line 49 to remove acquisition credits; project is not eligible for them
1/14/2005
Print - APP04-0096
Page 14 of 32
Market Study Information

Please provide a detailed description of the proposed project: Consist of the rehab of 6 national register downtown property located on 2 sites in the downtown area. Rehab of existing the old Leggett building and a Bank in downtown Weldon. Total of 24 family units.
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
rehab of all significant historic building stock in Weldon.
Have you built other tax credit developments that use the same building design as this project? Yes If yes, please provide name and address: see our website at www.landmarkdevelopment.biz
Site Amenities (check all that apply): Community Bldg - Sq Ft: 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: 1,400 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: CAHEC sponsored activites such as Vista volunteer, computer room, exercise room, etc.
Landscaping Plans: refurbishing existing landscape and adding patios creating a new garden area along with new landscaped areas.
1/14/2005
Print - APP04-0096
Page 15 of 32
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.
1/14/2005
Print - APP04-0096
Page 16 of 32
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. Typical commercial buildings in the heart of downtown Weldon. Area part of planned redevelopment project. Buildings in fair to good condition.
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). Typical business district mix of uses and downtown conditions, nearby residential neighborhoods.
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). Good street system, access and traffic controls.
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. Adaptive reuse will require normal renovation. There are no significant negative features impacting construction.
Similarity of scale and aesthetics/architecture between project and surroundings. Project is adaptive reuse of existing buildings, capitalizing on historic character of buildings, and will provide improved aesthetics in the downtown area.
For each applicable neighborhood feature, enter distance from project in miles.
1/14/2005
Print - APP04-0096
Page 17 of 32
.3 .5
Grocery Store Mall/Strip Center Outdoor Athletic Fields Day Care/After School
0 1 .3 .3 .5
Community/Senior Center Hospital Pharmacy Basic Health Care Medical Offices Bank/Credit Union Restaurants Professional Services Movie Theater
.5 .5 .3
Schools
Public Transportation Stop .3 Convenience Store Basketball/Tennis Courts Public Parks .5 .5
.3 .5
Gas Station Library Fitness/Nature Trails Public Swimming Pools
.5 1 1
Video Rental Public Safety (Fire/Police) Post Office
Other facilities or services:
1/14/2005
Print - APP04-0096
Page 18 of 32
Development Team
Provide contact information for development team members below: Management Agent Company: Landmark Asset Services, Inc. Address: City: Phone 406 East Fourth Street Winston Salem (336)722-9871 State: NC Zip: 27101 Email: jim@landmarkdevelopment.biz Last: Sari
Contact Name: First: Jim
Architect Company: Address: City: Phone
Dunn & Dalton Architects 401 North Herritage Street Kinston (252)527-1523 State: NC Zip: 28501 Email: drew@dunndalton.com Last: Dalton
Contact Name: First: Drew
Attorney Company: Address: City: Phone
Blanco Tackabery Combs & Matamoros, P.A. PO Drawer 25008 Winston Salem (336)761-1250 State: NC Zip: 27114-5008 Email: dlm@btcmlaw.com Last: McKenney
Contact Name: First: Deborah
Investor Company: Address: City: Phone
Community Affordable Housing Equity Corporation (CAHEC) 7700 Falls of Neuse Road, Suite 200 Raleigh (919)420-0063 State: NC Zip: 27615 Email: gmayo@cahec.com Last: Mayo
Contact Name: First: Greg
Consultant/Application Preparer (if different from developer) Company: Landmark Asset Services, Inc. Address: City: Phone 406 East Fourth Street Winston Salem (336)722-9871 State: NC Zip: 27101 Email: jim@landmarkdevelopment.biz Last: Sari
Contact Name: First: Jim
Identity of Interest? General Contractor Company: Rehab Builders, Inc. Address: City: Phone 406 East Fourth Street Winston Salem (336)722-6132 State: NC Zip: 27101 Email: ed@rehabbuilders.com Last: Lipsky
Contact Name: First: Ed
1/14/2005
Print - APP04-0096
Page 19 of 32
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: 9 320 6 113
Management List number of low-income housing tax credit units managed in the past 10 years: North Carolina Other States Projects: Units: 12 462 13 380
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? No
1/14/2005
Print - APP04-0096
Page 20 of 32
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 No Yes Yes No
If Other, specify the type of Federal subsidy:
1/14/2005
Print - APP04-0096
Page 21 of 32
Projected Operating Costs

Project Operations (Year One) Administrative Expenses Advertising Office Salaries Office Supplies Office or Model Apartment Rent Management Fee Manager or Superintendent Salaries Manager or Superintendent Rent Free Unit Legal Expenses (Project) Auditing Expenses (Project) Bookkeeping Fees/Accounting Services Telephone and Answering Service Bad Debts Other Administrative Expenses (specify): SUBTOTAL Utilities Expense Fuel Oil Electricity (Light and Misc. Power) Water Gas Sewer SUBTOTAL Operating and Maintenance Expenses Janitor and Cleaning Payroll Janitor and Cleaning Supplies Janitor and Cleaning Contract Exterminating Payroll/Contract Exterminating Supplies Garbage and Trash Removal Security Payroll/Contract Grounds Payroll Grounds Supplies Grounds Contract Repairs Payroll Repairs Material Repairs Contract Elevator Maintenance/Contract Heating/Cooling Repairs and Maintenance Swimming Pool Maintenance/Contract Snow Removal Decorating Payroll/Contract Decorating Supplies Other (specify): Miscellaneous Operating & Maintenance Expenses SUBTOTAL Taxes and Insurance Real Estate Taxes Payroll Taxes (FICA) Miscellaneous Taxes, Licenses and Permits
900 0 1,600 0 11,520 10,400 0 200 2,600 2,400 2,400 1,200
33,220
6,000 0 0 0 6,000 2,400 1,200 0 900 0 0 0 1,200 600 0 10,400 2,180 2,400 0 600 0 0 2,400 600
1,200 26,080 7,200 2,400 600
1/14/2005
Print - APP04-0096
Page 22 of 32
Property and Liability Insurance (Hazard) Fidelity Bond Insurance Workmen's Compensation Health Insurance and Other Employee Benefits Other Insurance: SUBTOTAL Supportive Service Expenses Service Coordinator Service Supplies Tenant Association Funds Other Expenses (specify): SUBTOTAL Reserves Replacement Reserves SUBTOTAL TOTAL OPERATING EXPENSES ADJUSTED TOTAL OPERATING EXPENSES (Does not include taxes, reserves and resident support services) * TOTAL UNITS (from total units in the Unit Mix section) PER UNIT PER YEAR
5,200 100 800 0
16,300 1,800 600 0
2,400 8,400 8,400 92,400 74,400 24 3,100
1/14/2005
Print - APP04-0096
Page 23 of 32
Projected Cash Flow Year One

OPERATING INCOME Gross rental income (from Unit Mix - Total Monthly Rent) Stores and Commercial Laundry and Vending Other (specify): distressed community annual oper. subsidy 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) 98,304 18,800 2,880 6,000 125,984 8,818 117,166
92,400 24,766
11,200
13,566 2.211
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 1 117,166 92,400 11,200 13,566 2.211 11 157,461 136,777 11,200 9,484 1.847 2 120,681 96,096 11,200 13,385 2.195 12 162,185 142,248 11,200 8,737 1.78 3 124,301 99,940 11,200 13,161 2.175 13 167,051 147,938 11,200 7,913 1.707 4 128,030 103,938 11,200 12,892 2.151 14 172,063 153,856 11,200 7,007 1.626 5 131,871 108,096 11,200 12,575 2.123 15 177,225 160,010 11,200 6,015 1.537 6 135,827 112,420 11,200 12,207 2.09 16 182,542 166,410 11,200 4,932 1.44 7 139,902 116,917 11,200 11,785 2.052 17 188,018 173,066 11,200 3,752 1.335 8 144,099 121,594 11,200 11,305 2.009 18 193,659 179,989 11,200 2,470 1.221 9 148,422 126,458 11,200 10,764 1.961 19 199,469 187,189 11,200 1,080 1.096 10 152,875 131,516 11,200 10,159 1.907 20 205,453 194,677 11,200 -424 0.962
* 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".
1/14/2005
Print - APP04-0096
Page 24 of 32
Design Features
ITEM Foundation/Slab Components Primary Windows DESCRIPTION concerete/masonry
Make:
Model:
Type/Construction: restored historic existing wood Exterior Doors Siding Type: existing wood Type: masonry Warranty: Exterior Trim Shingles wood Type: epdm Warranty: 20 year Sprinkler System Cabinets Heat Pump wet system thermafoil SEER: 12 Model: cple Air Conditioner SEER: 12 Model: cple Other Heat Systems SEER: Model: Make: Make: goodman Make: goodman Frames: existing wood Grade/Thickness: 12" to 24"
Weight:
1/14/2005
Print - APP04-0096
Page 25 of 32
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 30,000 10,000 50,000 50,000 2,000 8,000 2,000 8,000 120,000 140,000 80,000 10,000 120,000 140,000 120,000 30,000 4,000 5,000 25,000 100,000 10,000 40,000 5,000 50,000 2,000 10,000 25,000 100,000 20,000 40,000 35,000 30,000 40,000 2,000 45,000 20,000 8,000 45,000 30,000 1,000 120,000 10,000 4,000 120,000 LABOR MATERIAL TOTAL 0 0 0 0 0 40,000 5,000 240,000 0 0 60,000 10,000 90,000 0 6,000 15,000 50,000 200,000 30,000 80,000 40,000 80,000 0 240,000 280,000 200,000 40,000 0 10,000 0 10,000 0 100,000 0 40,000 0 0 0
1/14/2005
Print - APP04-0096
Page 26 of 32
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: 938,000 1,002,000 9,000 6,000 1,000 4,000 10,000 2,000 20,000 22,000
0 30,000 24,000 0 10,000 10,000 0 0 1,940,000
1/14/2005
Print - APP04-0096
Page 27 of 32
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: 108,000 6,000 2,000 10,000 4,000 2,000 TOTAL 70,000 8,000 6,000
1/14/2005
Print - APP04-0096
Page 28 of 32
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: 156,486 12,000 20,000 10,000 4,000 1,486 4,000 2,000 10,000 8,000 85,000 TOTAL
1/14/2005
Print - APP04-0096
Page 29 of 32
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: 0 TOTAL
1/14/2005
Print - APP04-0096
Page 30 of 32
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: 0 TOTAL
1/14/2005
Print - APP04-0096
Page 31 of 32
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: Low Income County: At least forty percent (40%) of qualified units will be affordable to households with incomes at or below fifty percent (50%) of county median income. At least forty percent (40%) of qualified units will be affordable to and occupied by households with incomes at or below fifty percent (50%) of county median income.
Tax Exempt Bonds Threshold requirement (select one): At least ten percent (10%) of qualified units will be affordable to and occupied by households with incomes at or below fifty percent (50%) of county median income. At least five percent (5%) of qualified units will be affordable to and occupied by households with incomes at or below forty percent (40%) of county median income. Eligible for 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.
1/14/2005
Print - APP04-0096
Page 32 of 32
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.
1/14/2005

Weldon Downtown

Încărcat de

Informații document

Descriere originală:

Drepturi de autor

Formate disponibile

Partajați acest document

Partajați sau inserați document

Opțiuni de partajare

Vi se pare util acest document?

Este necorespunzător acest conținut?

Drepturi de autor:

Formate disponibile

Weldon Downtown

Încărcat de

Drepturi de autor:

Formate disponibile

Print - APP04-0096

Print Preview - Final Application

Project Name and Location

Census Tract: 9901

Jurisdiction CEO Name: First: Johnny

Site Latitude: Site Longitude:

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

Fax: (336)722-3603 Nonprofit: No TaxID 56-1838930

Sari & Company Last Name: Sari Function: Member

Fax: (336)722-3603 Nonprofit: No TaxID 04-3677539

Fitch Development Company Last Name: Fitch Function: Member

First Name: Hollis Address: City: Phone: EMail:

Fax: (336)722-9871 Nonprofit: No TaxID 57-1152167

Utilites included in rents:

Utilites included in rents:

Utilites included in rents:

Proposed number of residential buildings: 2 Project Includes:

Maximum number of stories in buildings: 2

Total Net Sq. Ft. (All Heated Areas): 35,848

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

Total Low Income Units:

45 Operating Reserve 46 47 Distressed Community Operational Subsidy Other Reserve (specify)

Market Study Information

Front Gables or Dormers Other:

Wide Banding or Vertical/Horizontal Siding

rehab of all significant historic building stock in Weldon.

Ceramic Tile Electric Pump

Applicant's Site Evaluation

Public Transportation Stop .3 Convenience Store Basketball/Tennis Courts Public Parks .5 .5

Gas Station Library Fitness/Nature Trails Public Swimming Pools

Video Rental Public Safety (Fire/Police) Post Office

Other facilities or services:

Contact Name: First: Jim

Architect Company: Address: City: Phone

Contact Name: First: Drew

Attorney Company: Address: City: Phone

Contact Name: First: Deborah

Investor Company: Address: City: Phone

Contact Name: First: Greg

Contact Name: First: Jim

Contact Name: First: Ed

Project Team Experience

If Other, specify the type of Federal subsidy:

Projected Operating Costs

900 0 1,600 0 11,520 10,400 0 200 2,600 2,400 2,400 1,200

1,200 26,080 7,200 2,400 600

5,200 100 800 0

16,300 1,800 600 0

2,400 8,400 8,400 92,400 74,400 24 3,100

Projected Cash Flow Year One

20-Year Cash Flow

0 30,000 24,000 0 10,000 10,000 0 0 1,940,000

Costs - Bond Costs

Costs - Bond Issuance

Full Application Checklist

S-ar putea să vă placă și