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

Project Description
Project Name: Curlin Commons Address: City: TBD Overhead Bridge Road Mooresville County: Iredell Block Group: 5 Zip: 28115

Census Tract: 613

Is project in Qualified Census Tract or Difficult to Develop Area? No Political Jurisdiction: Jurisdiction Address: Jurisdiction City: Jurisdiction Phone: Town of Mooresville Last: Justice Title: Town Manager PO Box 878 Mooresville (704)662-3186 Zip: 28115

Jurisdiction CEO Name: First: James

Site Latitude: Site Longitude:

35.60988 -80.8019

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? 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 If yes, please describe:

Target Population: Elderly (55) Will the project be receiving project based federal rental assistance? No If yes, provide the subsidy source: and number of units:

Indicate below any additional targeting for special populations proposed for this project: Mobility impaired handicapped: 5% of units comply with QAP Section IV(F)(3) (in addition to the units required by other federal and state codes.)

Number of Units: 3 Persons with disabilities or homeless populations: the greater of 5 units or 10% of the total units. Number of Units: 4 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: The Affordable Housing Group Address: City: Contact: Telephone: Alt Phone: Fax: Email Address: (704)376-8709 kstilwell@affordablehousinggroup.org 1300 Baxter Street, Suite 215 Charlotte First: Kathy (704)968-7202 State: NC Zip: 28204 Last: Stilwell Title: Director of Real Estate Development

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

Site Description
Total Site Acreage: 10.03 Total Buildable Acreage: 9 If buildable acreage is less than total acreage, please explain: A total of 18.1 acres are available, with 10.5 +/- acres to be subdivided from the main parcel for Curlin Commons to comply with zoning maximum of 4 units per acre. A dry creekbed and Public Service gas line will be crossed to access the building site to the rear of the property.

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: 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: The lessor is the Catholic Diocese of Charlotte which is the parent non-profit of the Catholic Diocese of Charlotte Housing Corporation

Purchase Price:

(c) Enter the current expiration date of the option/contract to purchase: 8/31/2007 (D) Enter Purchase Price: 0

Zoning
Present zoning classification of the site: R20A and HB 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: Curlin Commons LLC Address: City: 1300 Baxter Street, Suite 215 Charlotte State: NC Zip: 28204 20-8564011 (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: Already Formed Is the applicant requesting that the Agency treat the application as Non-Profit sponsored? Is the applicant requesting that the Agency treat the application as CHDO sponsored?

Yes 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:

The Affordable Housing Group of North Carolina, Inc. Last Name: Stilwell Function: Managing Member

First Name: Kathy Address: City: Phone: EMail:

1300 Baxter Street, Suite 215 Charlotte (704)968-7202 kstilwell@affordablehousinggroup State: NC Fax: (704)376-8709 Nonprofit: Yes Zip: 28204

Org:

Catholic Diocese of Charlotte Housing Corporation Last Name: Carter Function: Member

First Name: Gerry Address: City: Phone: EMail: 1123 S. Church Street Charlotte (704)370-3250

State: NC Fax: (704)370-3377 Nonprofit: Yes

Zip: 28203

gacarter@catholicdiocese.org

Unit Mix
The Median Income for Iredell county is $57,500. Low Income Units Type Gdn Apt Gdn Apt Gdn Apt Gdn Apt Gdn Apt Gdn Apt # BRs Net Sq.Ft. 1 1 1 2 2 2 699 699 699 903 903 903 Total # Units 7 10 11 3 4 5 # Units 1 1 1 1 1 1 Monthly Rent 240 424 515 290 509 595 Electric Utility Allowance 83 83 83 98 98 98 Gas Mandatory Serv. Fees 0 0 0 0 0 0 Other trash **Total Housing Exp. 323 507 598 388 607 693

Utilities included in rents:

Water/Sewer

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

Utilities included in rents:

Water/Sewer

Market Rate Units Type # BRs Net Sq.Ft. Total # Units # Units Monthly Rent Utility Allowance Gas Other Mandatory Serv. Fees **Total Housing Exp.

Utilities included in rents:

Water/Sewer

Electric

Statistics All Units Low Income....... Market Rate....... Totals............... 40 6 17466 40 Gross Monthly Rental Income 17466

Units 6

Proposed number of residential buildings: 1 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): 3,825 Elevators - Number of Elevators: 1 Square Footage Information Gross Floor Square Footage: 53,430

Total Net Sq. Ft. (All Heated Areas): 52,349

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 1 1 1 2 2 2 7 10 11 3 4 5

Units targeted at 30 targeted at 50 targeted at 60 targeted at 30 targeted at 50 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/occupied by percent of median income affordable to/occupied by

Total Low Income Units:

40

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

Funding Sources
NonAmortizing* Rate (%) 2.00 Term (Years) 20 Amort. Period (Years) 20 Annual Debt Service

Source Bank Loan RPP Loan Local Gov. Loan - Specify: RD 515 Loan RD 538 Loan - Specify: AHP Loan Other Loan 1 - Specify: Other Loan 2 - Specify: FHLB - Grant 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 440,000

160,000

2.00

20

30

7,096

500,000

2.00

20

30

456,793

30

30

3,059,694

3,079 225,000

4,844,566

* "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. 90 Remarks concerning project funding sources: (Please be sure to include the name of the funding source(s)) Perm mortgage loan from Diocese at 2% with variable payments based on cash flow. FHLB funding awarded through RBC Centura as the Member bank. Catholic Diocese of Charlotte equity contribution of $225,000 for Chapel and upgrades.

Loans with Variable Amortization Please fill in the annual debt service as applicable for the first 20 years of the project life.

Bank Loan Year: Amt: Year: Amt: 1 32000 11 27500 2 32000 12 26500 3 31750 13 25500 4 31500 14 24500 5 31000 15 23500 6 30750 16 22000 7 30250 17 20500 8 29500 18 19000 9 29000 19 17000 10 28500 20 14750

Other Loan 2 - FHLB - Grant Year: Amt: Year: Amt: 1 0 11 0 2 0 12 0 3 0 13 0 4 0 14 0 5 0 15 0 6 0 16 0 7 0 17 0 8 0 18 0 9 0 19 0 10 0 20 0

Development Costs
Item Cost Element 1 Purchase of Building(s) (Rehab / Adaptive Reuse only) 2 Demolition (Rehab / Adaptive Reuse only) 3 On-site Improvements 4 Rehabilitation 5 Construction of New Building(s) 6 Accessory Building(s) 7 General Requirements 8 Contractor Overhead 9 Contractor Profit 10 Construction Contingency 11 Architect's Fee - Design (11 + 12 = max 3% lines 2-10) 12 Architect's Fee - Inspection 13 Engineering Costs SUBTOTAL (lines 1 through 13) 14 Construction Insurance (prorate) 15 Construction Loan Orig. Fee (prorate) 16 Construction Loan Interest (prorate) 17 Construction Loan Credit Enhancement (prorate) 18 Construction Period Taxes (prorate) 19 Water, Sewer and Impact Fees 20 Survey 21 Property Appraisal 22 Environmental Report 23 Market Study 24 Bond Costs 25 Bond Issuance Costs 26 Placement Fee 27 Permanent Loan Origination Fee 28 Permanent Loan Credit Enhancement 29 Title and Recording SUBTOTAL (lines 14 through 29) 30 Real Estate Attorney 31 Other Attorney's Fees 32 Tax Credit Application Fees (Preliminary and Full) 33 Tax Credit Allocation Fee (0.58% of line 59, minimum $7,500) 34 Cost Certification / Accounting Fees 35 Tax Opinion 36 Organizational (Partnership) 37 Tax Credit Monitoring Fee SUBTOTAL (lines 30 through 37) 38 Furnishings and Equipment 39 Relocation Expense 40 Developer's Fee 41 42 44 45 Other Basis Expense (specify) Other Basis Expense (specify) Other Non-basis Expense (specify) Other Non-basis Expense (specify) TOTAL COST 0 0 448,000 0 2,200,000 175,000 169,380 59,848 239,390 98,749 65,600 16,400 37,000 3,509,367 18,000 35,000 244,125 0 3,584 300,000 16,500 5,500 2,500 4,200 0 0 0 6,000 0 10,000 645,409 35,000 10,000 2,200 26,494 13,500 3,000 2,500 22,000 114,694 28,000 0 420,000 0 0 20,000 0 0 28,000 0 420,000 0 0 13,500 35,000 5,000 14,400 28,000 183,094 0 2,867 300,000 16,500 5,500 2,500 4,200 0 448,000 0 2,200,000 175,000 169,380 59,848 239,390 98,749 65,600 16,400 37,000 Eligible Basis 30% PV 70% PV

43 Rent-up Expense

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

468,000 12,000 95,096

50 DEVELOPMENT COST (lines 1-49) 51 Less Federal Financing 52 Less Disproportionate Standard 53 Less Nonqualified Nonrecourse Financing 54 Less Historic Tax Credit (residential) 55 TOTAL ELIGIBLE BASIS 56 Applicable Fraction (percentage of LI Units) 57 Basis Before Boost 58 Boost for QCT/DDA (if applicable, enter 130%) 59 TOTAL QUALIFIED BASIS 60 Tax Credit Rate 61 Federal Tax Credits at Estimated Rate 62 Federal Tax Credits at 8.5% or 3.75% Max Federal Tax Credits (With Energy Star - Lesser of $8,500 per unit or 63 $800,000, w/o - Lesser of $8,000 per unit or $800,000) 64 Federal Tax Credits Requested 65 Land Cost 66 TOTAL REPLACEMENT COST FEDERAL TAX CREDITS IF AWARDED Comments:

4,844,566

4,567,928

0 4,567,928 100.00% 4,567,928 4,567,928 370,002 388,273 340,000 340,000 0 4,844,566 340,000 340,000 0 100% 0 100.00% 0 3.45 0 0 4,567,928 100% 4,567,928 100.00% 4,567,928 8.10 370,002 388,273

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

110,937 9,707

Market Study Information

Please provide a detailed description of the proposed project: Curlin Commons is proposed as a single building containing 40 apartments on two floors. There will be an elevator and core of amenities at the entry to the building and smaller sitting areas adjacent to laundry facilities. The building design creates two interior courtyards for resident use - one in a formal design with sidewalks, benches and gardens - the second is a less formal area with shade trees and lawns. The site is located adjacent to an active church and very nice single family homes. The property is located in a quiet residential area, but is less than a mile from a variety of shopping, support services, recreation and restaurants in the quickly developing Mooresville community.

Construction (check all that apply): Brick Vinyl Wood HardiPlank Balconies/Patios Sunrooms Front Porches

Front Gables or Dormers Other:

Wide Banding or Vertical/Horizontal Siding

Have you built other tax credit developments that use the same building design as this project? No If yes, please provide name and address:

Site Amenities: Exterior amenities include covered porch, patio, covered entry portico, landscaped courtyard, sidewalks. Interior amenities include chapel, manager office, library/computer center, multipurpose area with kitchen, parlor with sitting area and TV, sitting areas adjacent to main entry, two laundry facilities per floor, resident bulk storage closets.

Onsite Activities: Catholic Social Services will be active and will coordinate a variety of activities. Services shall be established to meet the identified needs of the residents. Examples of such could include senior excercise classes, health screenings, movie night, covered dish dinners, game night, day trips, etc.

Landscaping Plans: Property will include foundation plantings with special detail on interior courtyard spaces with lighting, sidewalks/paths, outdoor sitting area. Larger courtyard will include shade trees and lawn areas.

Interior Apartment Amenities:

Apartments are spacious with large kitchens with pantry, and bathrooms with linen closets. Each unit entry is recessed to provide privacy and sense of personal space. Bedrooms are large with walk-in closets and double windows in the master. In addition to linen, pantry and walkin closets, each unit also includes two additional storage spaces within the unit and bulk item storage in a seperate area on the same floor. All units will include emergency pull stations in the bathroom and master bedroom and grab bar in the tub area.

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. Mooresville is a community experiencing tremendous growth as a popular waterfront bedroom community of Charlotte. Real estate development is booming and opportunitites to obtain buildable sites at a reasonable cost are becoming scarce.

SURROUNDING LAND USES AND AMENITIES Suitability of surrounding development. Land use pattern is residential in character (single and multifamily housing) with a balance of other uses (particularly retail and amenities). Effect of industrial, large-scale institutional or other incompatible uses, including but not limited to: wastewater treatment facilities, high traffic corridors, junkyards, prisons, landfills, large swamps, distribution facilities, frequently used railroad tracks, power transmission lines and towers, factories or similar operations, sources of excessive noise, and sites with environmental concerns (such as odors or pollution). Amount and character of vacant, undeveloped land. The neighborhood surrounding Curlin Commons is a mix of middle to upper middle class single family homes, new and existing highway commercial including retail and services, and a limited amount of light industrial. Undeveloped land includes the balance of the Diocese owned site and heavily wooded land to the rear of the proposed development. 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. Highway 150 is a main artery into Mooresville, and the entrance to Curlin Commons will be on the less traveled Overhead Bridge Road - both roads are in good condition and able to handle additional traffic. Curlin Commons will be situated to the rear of the 18 acre parcel, but will be visible from Highway 150 and Overhead Bridge Road. Project signage will be located at the entrance off Overhead Bridge Road and should be visible from Highway 150. 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). The project site is heavily wooded and contains a dry creekbed that will require a small culvert to cross. Topography slopes from the rear of the property toward the creekbed near the front of the larger site creating excellent drainage away from the buildling and allows for the facility to be located on position of prominance on the site. A gas pipeline easement on the property can be easily crossed and development located away from the easement.

Similarity of scale and aesthetics/architecture between project and surroundings. The facility is planned as a two story congregate facility. The adjacent church school facility is two stories as are many of the homes located in the subdivision across the street. The scale of the building is visually minimized from the street by creating a smaller front facade that widens as it extends back which also creates the usable courtyards between the wings.

For each applicable neighborhood feature, enter distance from project in miles. .8 .8 Grocery Store Mall/Strip Center 12.6 3 Community/Senior Center Hospital

1.5 .1 1.5 2.4 .3 2.8 .6 .3 3 2.8 7.2

Outdoor Athletic Fields Day Care/After School Schools

.1 .1 .1

Pharmacy Basic Health Care Medical Offices Bank/Credit Union Restaurants Professional Services Movie Theater Video Rental Public Safety (Fire/Police) Post Office

Public Transportation Stop .8 Convenience Store Basketball/Tennis Courts Public Parks Gas Station Library Fitness/Nature Trails Public Swimming Pools .1 1 1.5 2.4 2.0 2.4

Other facilities or services:

Development Team
Provide contact information for development team members below: Management Agent Company: Excel Property Management, Inc. Address: City: Phone 1004 Bullard Court, Suite 106 Raleigh (919)878-0522 State: NC Zip: 27615 Email: rblackmon@excel.com Last: Blackmon

Contact Name: First: Rita

Architect Company: Address: City: Phone

Tise Kiester Architects 119 E. Franklin Street, Suite 300 Chapel Hill (919)967-0158 State: NC Zip: 27514 Email: dtise@tisekiester.com Last: Tise

Contact Name: First: Don

Attorney Company: Address: City: Phone

Nelson Mullins Riley & Scarborough 4140 Park Lane Avenue, Suite 300 Raleigh (919)877-3813 State: NC Zip: 27612 Email: sellinger@nmrs.com Last: Ellinger

Contact Name: First: Susan

Investor Company: Address: City: Phone

MMA Financial 101 Arch Street Boston (617)790-1647 State: MA Zip: 02110 Email: tmaxwell@mmafin.com Last: Maxwell

Contact Name: First: Tom

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

Identity of Interest? General Contractor Company: Weaver Cooke (or comparable based on bid results) Address: City: Phone 8401 Key Boulevard Greensboro (336)378-7900 State: NC Zip: 27409 Email: mmorgan@weavercooke.com Last: Morgan

Contact Name: First: Mark

Projected Operating Costs

Project Operations (Year One) Administrative Expenses Advertising Office Salaries Office Supplies Office or Model Apartment Rent Management Fee Manager or Superintendent Salaries Manager or Superintendent Rent Free Unit Legal Expenses (Project) Auditing Expenses (Project) Bookkeeping Fees/Accounting Services Telephone and Answering Service Bad Debts Other Administrative Expenses (specify): training/mileage 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) 32,924 21,000 2,430 2,000 1,000 2,800 6,000 10,000 1,500 3,000 1,200 1,000 2,000 5,000 21,000 3,000 2,000 3,500 18,972 17,000 2,500

2,000

2,500 51,472

8,000 8,000

500 1,000 924

Miscellaneous Taxes, Licenses and Permits Property and Liability Insurance (Hazard) Fidelity Bond Insurance Workmen's Compensation Health Insurance and Other Employee Benefits Other Insurance: SUBTOTAL Supportive Service Expenses Service Coordinator Service Supplies Tenant Association Funds Other Expenses (specify): SUBTOTAL Reserves Replacement Reserves SUBTOTAL TOTAL OPERATING EXPENSES ADJUSTED TOTAL OPERATING EXPENSES (Does not include taxes, reserves and resident support services) * TOTAL UNITS (from total units in the Unit Mix section) PER UNIT PER YEAR 0 10,000 10,000 151,096 120,096 40 3,002 35,700 11,000 70 1,200

Projected Cash Flow Year One

OPERATING INCOME Gross rental income (from Unit Mix - Total Monthly Rent) Stores and Commercial Laundry and Vending Other (specify): 1,440 209,592

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)

211,032 14,772 196,260

151,096 45,164

39,096

6,068 1.16

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 1 196,260 151,096 39,096 6,068 1.155 11 263,756 223,658 34,596 5,502 1.159 2 202,148 157,140 39,096 5,912 1.151 12 271,669 232,604 33,596 5,469 1.163 3 208,212 163,426 38,846 5,940 1.153 13 279,819 241,908 32,596 5,315 1.163 4 214,458 169,963 38,596 5,899 1.153 14 288,214 251,584 31,596 5,034 1.159 5 220,892 176,762 38,096 6,034 1.158 15 296,860 261,647 30,596 4,617 1.151 6 227,519 183,832 37,846 5,841 1.154 16 305,766 272,113 29,096 4,557 1.157 7 234,345 191,185 37,346 5,814 1.156 17 314,939 282,998 27,596 4,345 1.157 8 241,375 198,832 36,596 5,947 1.163 18 324,387 294,318 26,096 3,973 1.152 9 248,616 206,785 36,096 5,735 1.159 19 334,119 306,091 24,096 3,932 1.163 10 256,074 215,056 35,596 5,422 1.152 20 344,143 318,335 21,846 3,962 1.181

* 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: High Income county: At least twenty-five percent (25%) of qualified units will be affordable to households with incomes at or below thirty percent (30%) of county median income. At least twenty-five percent (25%) of qualified units will be affordable to and occupied by households with incomes at or below thirty percent (30%) of county median income.

At least fifty percent (50%) of qualified units will be affordable to 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 and occupied by households with incomes at or below forty percent (40%) 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)