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

Project Description
Project Name: Stewart Circle, LLC Address: City: 700 Atlantic Street Durham County: Durham Zip: 27707 Block Group: 1-1032

Census Tract: 13.04

Is project in Qualified Census Tract or Difficult to Develop Area? Yes Political Jurisdiction: Jurisdiction Address: Jurisdiction City: Jurisdiction Phone: City of Durham Last: Bell Title: Mayor 101 City Hall Plaza Durham (919)560-4333 Zip: 27707

Jurisdiction CEO Name: First: William V. (Bill)

Site Latitude: Site Longitude:

35.959 -78.913

Project Type: Rehab New Construction/Adaptive Reuse: Is this project a follow-on (Phase II, etc) to a previously-awarded tax credit development project? If yes, list names of previous phase(s): Rehab: Is this project a previously awarded tax credit development? No If yes, what year were credits awarded?: Number of residents holding Section 8 vouchers: 0 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: 1 Persons with disabilities or homeless populations: the greater of 5 units or 10% of the total units. Number of Units: 2 Remarks: There is no federal rental assistance committed to this project.

Applicant Information
Indicate below an individual or a validly existing entity (a corporation, nonprofit, limited partnership or LLC) as the official applicant. Under QAP Section III(C)(5) only this individual or entity will be able to make decisions with regard to this application. If awarded the applicant must become part of the ownership entity. The applicant will execute the signature page for this application. Applicant Name: Address: City: Contact: Telephone: Alt Phone: Fax: Email Address: Woodland Associates, Inc. 1150-2 Executive Circle Cary First: James (919)469-0260 (919)669-9454 (919)469-0260 jpou@bellsouth.net State: NC Zip: 27511 Last: Pou Title: President

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

Site Description
Total Site Acreage: 1.576 Total Buildable Acreage: 1.576 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: Applicant plans a major renovation of extisting units to complete Phase III (final phase) of the project. Phase I Stewart Heights and Phase II Stewart Square are currently under construction. Many of the existing Phase III units are either VACANT or serving as temporary relocation units for phase I and II. Some of the former residents from phase III have moved into phases I or II and wish to return to their original unit in phase III once the renovation there is complete. We do not anticipate any permanent relocatees in phase III. All relocation costs are for temporary relocation during unit rehab.

(b) Will tenant displacement be temporary? Yes (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? Yes If yes: (a) Describe placement of project buildings in relation to this area: A small portion of the site along the northern edge has recently been designated as 100-yr floodplain area due to recent (2006)recalculations ("J" maps). Their are two existing buildings on the site in that area and a portion of the footings for these two (northern) buildings are located in the floodplan. However, the units in both buildings have finished floor elevations (289.43' & 290.4') that are well above the floodplan limit elevation (286.8'). Any new HVAC units serving these building can be located on the uphill side of the building well outside of the floodplain.

(b) Describe flood mitigation if the project will have improvements within the 100 year floodplain:

Because the units affected by the new flood plain designation are existing they can be retained and renovated without additional mitigation. Flood insurance will be required.

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? No If yes, specify the relationship:

Purchase Price:

(c) Enter the current expiration date of the option/contract to purchase: 11/30/2007 (D) Enter Purchase Price: 265,000

Zoning
Present zoning classification of the site: RU-M (Urban Residential Multi-family 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: Stewart Circle, LLC Address: City: 1150-2 Executive Circle Cary State: NC Zip: 27511 (If assigned)

Federal Tax ID Number of Ownership Entity:

Note: Do not submit social security numbers for individuals. Entity Type: Limited Liability Company Entity Status: To Be Formed Is the applicant requesting that the Agency treat the application as Non-Profit sponsored? 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:

JWPM, LLC Last Name: Pou Function: Managing Member

First Name: James Address: City: Phone: EMail: 1150-2 Executive Circle Cary (919)469-0260 jpou@bellsouth.net

State: NC

Zip: 27511

Fax: (919)469-9980 Nonprofit: No

Unit Mix
The Median Income for Durham county is $71,300. Low Income Units Type Twn Hse Twn Hse Twn Hse Total # BRs Net Sq.Ft. # Units 2 2 2 662 662 662 10 6 4 # Units 0 1 0 Monthly Rent 510 435 400 Electric Utility Allowance 87 87 87 Gas Other Mandatory Serv. Fees 0 0 0 **Total Housing Exp. 597 522 487

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 Mandatory Serv. Fees **Total Housing Exp.

Utilities included in rents:

Water/Sewer

Other N/A

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

Utilities included in rents:

Water/Sewer

Electric

Other N/A

Statistics All Units Low Income....... Market Rate....... Totals............... 20 1 9310 20 Gross Monthly Rental Income 9310

Units 1

Proposed number of residential buildings: 5 Project Includes:

Maximum number of stories in buildings: 1

Separate community building - Sq. Ft. (Floor Area): Community space within residential bulding(s) - Sq. Ft. (Floor Area): Elevators - Number of Elevators: Square Footage Information Gross Floor Square Footage: 13,240

Total Net Sq. Ft. (All Heated Areas): 13,240

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 2 2 10 10

Units targeted at 40 targeted at 60

% percent of median income affordable to percent of median income affordable to

Total Low Income Units:

20

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

Funding Sources
NonAmortizing* 0 218,000 160,000 0 0 0 0 0 0 0 218,000 0 1,360,000 0 0 0 100 0 1,956,100 0 30 30 0 2.00 2.00 20 20 20 20 13,233 9,712 Rate (%) Term (Years) Amort. Period (Years) Annual Debt Service

Source Bank Loan RPP Loan Local Gov. Loan - Specify: City of Durham-HOME 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

* "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. 85 Remarks concerning project funding sources: (Please be sure to include the name of the funding source(s))

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) Owner paid construction Other Basis Expense (specify) Construction Performance Other Non-basis Expense (specify) Other Non-basis Expense (specify) TOTAL COST 118,807 82,110 140,000 718,600 8,000 0 56,923 18,974 56,923 54,904 4,000 8,000 9,000 1,276,241 9,994 10,000 68,363 0 6,000 0 5,000 3,500 2,500 4,200 0 0 0 0 0 4,045 113,602 15,000 1,000 2,200 13,286 8,500 0 1,000 13,000 53,986 15,000 55,000 214,752 13,500 0 8,000 296 0 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)

306,548 6,000 52,723 0 0 1,809,100 0 0 0 0 0 100.00% 0 0 0 0 160,000 0 147,000 1,956,100 0 100% 0 130.00% 0 3.45 0 0 0 0 100% 0 130.00% 0 8.05 0 0 0 0

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: There will be some new construction of space to expand the footprint of the rehab units to add new bathroom space to meet HC standards. This is a rehab project of existing units where the Applicant would like the tenants to remain as renters in the property and avoid relocation expenses. Tenants will be temporarily relocated while rehab work is done building by building. This approach does tend to increase some subcontractor per unit costs since some subcontractors do have to mobilize multiple times to accomodate this one building at a time rehab shedule in accordance with the relocation schedule.

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

87,519 0

Market Study Information

Please provide a detailed description of the proposed project: The proposed new Stewart Circle project is Phase III of a community rehabilitation effort by Woodland Associates. Construction on Phase I is being completed now. Phase II received funding from NCHFA in 2006 and is just starting construction this spring. This new proposal for Stewart Circle targets the acquisition and rehabilitation of the remainig 20 units that will complete the renovation of the old Mutual Heights community. City funding approval of Phase III is expected in April 2007. We hope to gain the cost efficiencies of moving the general contractor immediately on to Phase III work. See attached Rental Schedule for detailed unit bedroom sizes and proposed rents.

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? Yes If yes, please provide name and address: PHASE I: Stewart Heights Apartments 204 Jan Court, Durham, NC 27707 PHASE II: Stewart Square Apartments 3200 Fayetteville St, Durham, NC 27707

Site Amenities:

Onsite Activities:

Landscaping Plans: Landscaping will be planned to add to the aesthetic appeal of the naturally wooded area surrounding Stewart Circle. Existing trees and shrubbery will be saved where feasible and transplanted as necessary.

Interior Apartment Amenities:

Washer/Dryer connections, central HVAC, original 1950 hardwood floors (reconditioned), stove, refrigerator

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. Mutual Heights is a fifty five year old community that has provided affordable living for many of Durhams low and moderate income minority renters. Many of its current residents are long term occupants with income well below 40% of Median Income. Stewart Circle shall become an LIHTC property serving low and moderate households with half of the units priced and targeted to households under 40% of Median Income and half to those under 60% of Median Income. Our target market is the same elderly and near elderly (50+ with grandchildren) market that is currently being served at the proposed site. The existing residents comprise a good quality tenant population that will be even more attracted to the Stewart location when the units are renovated. Many residents value the easy and quick access to area conveniences. The community is located within on e mile of a local police substation and within three miles of a local fire station. Public transportation is accessible directly at the property. Woodland Associates proposes to renovate the physical structures and also to maintain service to the existing resident community. 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 area surrounding Stewart Circle has been developed and encompasses a wide array of amenties including grocery stores, schools, churches, a bike trail, and speciality shops. 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. Stewart Circle is strategically posistioned in the heart of Durham county. It is easily accessible by car or bus with entrances on both Fayetteville Street and Cornwallis Road. 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). This project has very few negative features. Only 10% of the site falls within the flood zone. The buildings have been in place for over fifty years with no prior flooding. The flood plain was recently expanded into this area. The new floodplain affects only the rear footing of two buildings. However, the finished floor elevation of these two buildings (289.93' & 290.4') is 3-4 feet above the flood plain limit (286.8'). The only mitigation action needed is location of HVAC unit outside the floodplain. This will be done.

Similarity of scale and aesthetics/architecture between project and surroundings. Stewart Circle currently consists of single level townhomes which flows well with the surrounding community.

For each applicable neighborhood feature, enter distance from project in miles. .5 5 Grocery Store Mall/Strip Center 4 10 Community/Senior Center Hospital

1 1 .25 .10 1 1 6 1 2 1 5

Outdoor Athletic Fields Day Care/After School Schools

1 2.5 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 2 Convenience Store Basketball/Tennis Courts Public Parks Gas Station Library Fitness/Nature Trails Public Swimming Pools 3 5 5 7 1 6

Other facilities or services:

Development Team
Provide contact information for development team members below: Management Agent Company: Woodland Associates, Inc Address: City: Phone 1150-2 Executive Circle Durham (919)469-0260 State: NC Zip: 27511 Email: Last: Pou

Contact Name: First: James

Architect Company: Address: City: Phone

Hale Architecture PC 135 South White St Wake Forest (919)554-4000 State: NC Zip: 27587 Email: Last: Hale

Contact Name: First: Matthew

Attorney Company: Address: City: Phone

Price, Jordan, Wall, Gray, Jones & Carlton 1951 Clark Ave Raleigh (919)828-2501 State: NC Zip: 27605 Email: sellinger@jordanprice.com Last: Ellinger

Contact Name: First: Susan

Investor Company: Address: City: Phone

The Richmond Group Affordable Housing Corporation 6135 Park South Dr. Suite 510 Charlotte (704)945-7171 State: NC Zip: 28210 Email: Last: Lahn

Contact Name: First: Johnathan

Consultant/Application Preparer (if different from developer) Company: None Address: City: Phone Contact Name: First: State: Email: Last: Zip:

Identity of Interest? General Contractor Company: Woodland Contracting, LLC Address: City: Phone 201 Jan Court Durham (919)682-8797 State: NC Zip: 27707 Email: Last: Oliver

Contact Name: First: Robert

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): Credit Reports/Comp. Support/ Misc. Admin 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): Equipment Repair and Rental Miscellaneous Operating & Maintenance Expenses SUBTOTAL Taxes and Insurance Real Estate Taxes Payroll Taxes (FICA) 8,500 7,600 0 100 1,800 800 500 200 600 21,900 0 1,740 3,450 0 3,450 8,640 0 0 0 1,500 0 1,200 0 0 800 2,400 5,540 4,400 8,000 0 100 0 0 400 200 280 110 24,930 10,440 1,001

700 200 900

Miscellaneous Taxes, Licenses and Permits Property and Liability Insurance (Hazard) Fidelity Bond Insurance Workmen's Compensation Health Insurance and Other Employee Benefits Other Insurance: Misc. Financial Expense 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 3,000 0 300 240 55 15,036 0 0 0

0 7,000 7,000 77,506 60,066 20 3,003

Projected Cash Flow Year One

OPERATING INCOME Gross rental income (from Unit Mix - Total Monthly Rent) Stores and Commercial Laundry and Vending Other (specify): 111,720

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)

111,720 7,820 103,900

77,506 26,394

22,945

3,449 1.15

20-Year Cash Flow

Year Net Rental/Other Income* Total Operating Expenses* Debt Service Net Cash Flow Debt Coverage Ratio Year Net Rental/Other Income* Total Operating Expenses* Debt Service Net Cash Flow Debt Coverage Ratio 1 103,900 77,506 22,945 3,449 1.15 11 139,634 114,728 22,945 1,961 1.085 2 107,017 80,606 22,945 3,466 1.151 12 143,823 119,317 22,945 1,561 1.068 3 110,228 83,830 22,945 3,453 1.15 13 148,138 124,090 22,945 1,103 1.048 4 113,535 87,183 22,945 3,407 1.148 14 152,582 129,054 22,945 583 1.025 5 116,941 90,670 22,945 3,326 1.145 15 157,159 134,216 22,945 -2 1 6 120,449 94,297 22,945 3,207 1.14 16 161,874 139,585 22,945 -656 0.971 7 124,062 98,069 22,945 3,048 1.133 17 166,730 145,168 22,945 -1,383 0.94 8 127,784 101,992 22,945 2,847 1.124 18 171,732 150,975 22,945 -2,188 0.905 9 131,618 106,072 22,945 2,601 1.113 19 176,884 157,014 22,945 -3,075 0.866 10 135,567 110,315 22,945 2,307 1.101 20 182,191 163,295 22,945 -4,049 0.824

* 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)