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

Project Description
Project Name: The Village Address: City: tbd Town Center Drive Locust County: Stanly Block Group: 1 Zip: 28097

Census Tract: 9908.00

Is project in Qualified Census Tract or Difficult to Develop Area? No Political Jurisdiction: Jurisdiction Address: Jurisdiction City: Jurisdiction Phone: CIty of Locust Last: Greene Title: Mayor P.O. Box 190 Locust (704)888-5260 Zip: 28097-0190

Jurisdiction CEO Name: First: Harold

Site Latitude: Site Longitude:

35.2798 -80.4068

Project Type: New Construction New Construction/Adaptive Reuse: Is this project a follow-on (Phase II, etc) to a previously-awarded tax credit development project? No If yes, list names of previous phase(s): Rehab: Is this project a previously awarded tax credit development? If yes, what year were credits awarded?: Number of residents holding Section 8 vouchers: Will the project meet Energy Star standards as defined in Appendix B? No Does a community revitalization plan exist? No Will the project use steel and concrete construction and have at least 4 stories? No Will the project include a Community Service Facility under IRS Revenue Ruling 2003-77? No If yes, please describe:

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

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

Number of Units: 3 Persons with disabilities or homeless populations: the greater of 5 units or 10% of the total units. Number of Units: 3 Remarks:

Applicant Information
Indicate below an individual or a validly existing entity (a corporation, nonprofit, limited partnership or LLC) as the official applicant. Under QAP Section III(C)(5) only this individual or entity will be able to make decisions with regard to this application. If awarded the applicant must become part of the ownership entity. The applicant will execute the signature page for this application. Applicant Name: Address: City: Contact: Telephone: Alt Phone: Fax: Email Address: Wynnefield Properties, Inc. P.O. Box 395 Jamestown First: Craig (336)454-6134 (336)906-1854 (336)454-6190 patty.ray@wynnefieldproperties.com State: NC Zip: 27282 Last: Stone Title: President

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

Site Description
Total Site Acreage: 2.2 Total Buildable Acreage: 2.2 If buildable acreage is less than total acreage, please explain:

Identify utilities and services currently available (and with adequate capacity) for this site: Storm Sewer Water Sanitary Sewer Electric

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

Are existing buildings on the site currently occupied? No If yes: (a) Briefly describe the situation:

(b) Will tenant displacement be temporary? (c) Will tenant displacement be permanent? Is the site directly accessed by an existing, paved, publicly maintained road? Yes If no, please explain:

Is any portion of the site located inside the 100 year floodplain? No If yes: (a) Describe placement of project buildings in relation to this area:

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

Site Control
Does the owner have fee simple ownership of the property (site/buildings)? No If yes provide: Purchase Date: 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: 10/31/2007 (D) Enter Purchase Price: 1,015,000

Zoning
Present zoning classification of the site: NBD - Neighborhood District Is multifamily use permitted? Yes Are variances, special or conditional use permits or any other item requiring a public hearing needed to develop this proposal? No If yes, have the hearings been completed and permits been obtained? If yes, specify permit or variance required and date obtained. If no, describe permits/variances required and schedule for obtaining them:

Are there any existing conditions of historical significance located on the project site that will require State Historic Preservation office review? No If yes, describe below:

Are there any existing conditions of environmental significance located on the project site? No If yes, describe below:

Ownership Entity
Owner Name: The Village, LLC Address: City: P.O. Box 395 Jamestown State: NC Zip: 27282 (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:

Wynnefield Properties, Inc. Last Name: Stone Function: Managing Member

First Name: Craig Address: City: Phone: EMail: P.O. Box 395 Jamestown (336)454-6134

State: NC

Zip: 27282

Fax: (336)454-6190 Nonprofit: No

craig@wynnefieldproperties.com

Unit Mix
The Median Income for Stanly county is $50,500. Low Income Units Type Gdn Apt Gdn Apt Gdn Apt Gdn Apt Gdn Apt Gdn Apt Gdn Apt Gdn Apt Gdn Apt # BRs Net Sq.Ft. 1 1 1 2 2 2 3 3 3 1002 1002 1002 1002 1002 1002 1150 1150 1150 Total # Units 3 3 4 7 10 7 4 6 4 # Units 1 1 1 1 0 0 1 1 0 Monthly Rent 275 370 465 330 445 560 370 500 590 Electric Utility Allowance 90 90 90 112 112 112 151 151 151 Gas Mandatory Serv. Fees 0 0 0 0 0 0 0 0 0 Other Trash **Total Housing Exp. 365 460 555 442 557 672 521 651 741

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............... 48 6 21315 48 Gross Monthly Rental Income 21315

Units 6

Proposed number of residential buildings: 3 Project Includes:

Maximum number of stories in buildings: 3

Separate community building - Sq. Ft. (Floor Area): 1,192 Community space within residential bulding(s) - Sq. Ft. (Floor Area): Elevators - Number of Elevators:

Square Footage Information Gross Floor Square Footage: 53,620

Total Net Sq. Ft. (All Heated Areas): 51,472

Notes ** Please refer to the Income Limits and Maximum Housing Expense Table to ensure that Total Monthly Tenant Expenses for low income units are within established thresholds.

Targeting
Specify Low Income Unit Targeting in table below. List each applicable targeting combination in a separate row below. Click [Add] to create another row. Click "X" (at the left of each row) to delete a row. Add as many rows as needed.

# BRs 1 1 1 2 2 2 3 3 3 3 3 4 7 10 7 4 6 4

Units targeted at 40 targeted at 50 targeted at 60 targeted at 40 targeted at 50 targeted at 60 targeted at 40 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 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:

48

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

Funding Sources
NonAmortizing* Rate (%) 8.00 2.00 Term (Years) 30 20 Amort. Period (Years) 30 20 Annual Debt Service 41,453

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: 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 470,789 960,000

909,182

30

30

3,256,591

5,596,562

* "Non-amortizing" indicates that the loan does not have a fixed annual debt service. For these items, you must fill in 20-year debt service below. ** Total Sources must equal total replacement cost in Project Development Cost (PDC) section. Estimated pricing on sale of Federal Tax Credits: $0. 89 Remarks concerning project funding sources: (Please be sure to include the name of the funding source(s)) The RPP loan will have a balloon payment of 785,783 at the end of the 20 year term.

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

RPP Loan Year: Amt: Year: Amt: 1 19599 11 20334 2 19944 12 19987 3 20240 13 19543 4 20484 14 18993 5 20670 15 18332 6 20795 16 17552 7 20854 17 16645 8 20843 18 15604 9 20756 19 14421 10 20588 20 13069

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) 14,400 Other Non-basis Expense (specify) Other Non-basis Expense (specify) 504,000 504,000 2,500 208,335 20,000 15,000 2,200 26,366 8,500 1,000 1,000 31,200 105,266 38,000 38,000 8,500 20,000 15,000 8,500 8,000 2,500 4,200 8,500 8,000 2,500 4,200 7,500 7,500 2,751,813 117,600 184,165 65,072 195,215 105,416 118,294 12,000 5,000 3,754,575 6,000 18,451 150,684 6,000 18,451 150,684 2,751,813 117,600 184,165 65,072 195,215 105,416 118,294 12,000 5,000 200,000 200,000 TOTAL COST 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)

556,400 12,000 109,986

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:

4,746,562

4,545,910

0 4,545,910 100.00% 4,545,910 4,545,910 365,945 386,402 384,000 365,946 850,000 5,596,562 384,000 365,946 0 100% 0 100.00% 0 3.45 0 0 4,545,910 100% 4,545,910 100.00% 4,545,910 8.05 365,945 386,402

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

96,345 8,050

Market Study Information


Please provide a detailed description of the proposed project: The Village is a 48 unit family community to be located in Locust. The proposed community will target families with incomes between 50% and 60% of the median income limits. The community will consist of three-story buildings including forty-three 2 bedrooms and fifteen 3 bedrooms. Each apartment will include a kitchen with range, hood, dishwasher, refrigerator (frost-free), W/D hookup, mini blinds, pantry, walk-in closets, central air, heat pump and storage; flooring with be carpet and VCT. The apartment community will be apart of the newly constructed Town Centre

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

Front Gables or Dormers Other:

Wide Banding or Vertical/Horizontal Siding

Please see the attached community design requirements from Duany Plater-Zyberk & Company for more detail on the The Village.

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

Site Amenities: The site has more than 15 site amenities within the Town Centre. All of our residents will have access to all the sites parks, walking trails, community parks and playground. By purchasing this site our residents then have access to all of the surrounding Town Centre amenities.

Onsite Activities: Additional community activities such as holiday parties, National Night Out annual cookout and education/informative meetings will be scheduled in the community room. The Town Centre will have additional activities in the park such as concerts, picnics, etc.

Landscaping Plans: Extensive landscaping will be throughout the Town Centre and will compliment The Village community.

Interior Apartment Amenities:

The following interior apartment amenities will be included in each unit: Range, hood, dishwasher, refrigerator (frost-free), storage interior/exterior, W/D hookups, miniblinds, walk-in closets, carpet, vinyl, central air and heat pumps.

Do you plan to submit additional market data (market study, etc.) that you want considered? No If yes, please make sure to include the additional information in your pre-application packet.

Applicant's Site Evaluation


Briefly describe your site in each of the following categories: NEIGHBORHOOD CHARACTERISTICS Trend and direction of real estate development and area economic health. Physical condition of buildings and improvements. Concentration of affordable housing. Locust is a town which is in the process of being reborn. Highway 24/27 was recently expanded to a five lane highway which forced the destruction of the downtown central business district. From this process of rebirth began with a dynamic plan to build a new city center to rival other communities with connectivity and planned growth. The City is become one that is truly life enriching. The cities tag line is "Locust - a city with a soul". Locust Town Centre was developed with the award winning Duany Plater-Zyberk & Company out of Miami, Florida. Our site is located within the five minute walking circle which means that the residents will have access to all of lifes amenities and an expansive number of site amenities will be accessible for all of the residents. The main focus for the site design centers around a town center concept highlighted by an open natural area. SURROUNDING LAND USES AND AMENITIES Suitability of surrounding development. Land use pattern is residential in character (single and multifamily housing) with a balance of other uses (particularly retail and amenities). Effect of industrial, large-scale institutional or other incompatible uses, including but not limited to: wastewater treatment facilities, high traffic corridors, junkyards, prisons, landfills, large swamps, distribution facilities, frequently used railroad tracks, power transmission lines and towers, factories or similar operations, sources of excessive noise, and sites with environmental concerns (such as odors or pollution). Amount and character of vacant, undeveloped land. This planned community uses multiple land uses together with high density housing to develop the City Centre concept. Duany Plater - Zyberk & Company have design concept and control of all aspects of the City Centre. AN attached 11 x 17 printout gives more detail to this concept. SITE SUITABILITY Adequate traffic controls (stop lights, speed limits, turn lanes, etc.). Burden on public facilities (particularly roads). Access to mass transit (if applicable). Visibility of buildings and/or location of project sign(s) in relation to traffic corridors. All site traffic controls and infrastructure design use the Town Centre concept. Please see the attached handout for further detail and explanation of the concept. Our residents will be within a five minute walk of all of the Centre's amenitie Degree of on-site negative features and physical barriers that will impede project construction or adversely affect future tenants; for example: power transmission lines and towers, flood hazards, steep slopes, large boulders, ravines, year-round streams, wetlands, and other similar features (for adaptive re-use projects- suitability for residential use and difficulties posed by the building(s), such as limited parking, environmental problems or the need for excessive demolition). There are not negative features.

Similarity of scale and aesthetics/architecture between project and surroundings. All of the buildings are designed to architecturally compliment each other

For each applicable neighborhood feature, enter distance from project in miles. .5 .5 .5 Grocery Store Mall/Strip Center Outdoor Athletic Fields .5 5 .5 Community/Senior Center Hospital Pharmacy

.5 1 .5 .5 1.5 .5 .5 .5 .5 1.5

Day Care/After School Schools

.5 .5

Basic Health Care Medical Offices Bank/Credit Union Restaurants Professional Services Movie Theater

Public Transportation Stop .5 Convenience Store Basketball/Tennis Courts Public Parks Gas Station Library Fitness/Nature Trails Public Swimming Pools .5 .75 .65 .5 .5

Video Rental Public Safety (Fire/Police) Post Office

Other facilities or services:

Development Team
Provide contact information for development team members below: Management Agent Company: Wynnefield Properties, Inc. Address: City: Phone P.O. Box 395 Jamestown (336)454-6134 State: NC Zip: 27282 Email: craig@wynnefieldproperties.com Last: Stone

Contact Name: First: Craig

Architect Company: Address: City: Phone

FMK Architects 220 North Tryon Street, Suite 400 Charlotte (704)375-9950 State: NC Zip: 28202 Email: amcguire@fmkarchitects.com Last: McGuire

Contact Name: First: Allen

Attorney Company: Address: City: Phone

Blanco Tackabery Combs & Matamoros 110 South Stratford Road Winston Salem (336)293-9013 State: NC Zip: 27104 Email: ram@btcmlaw.com Last: Matamoros

Contact Name: First: Ron

Investor Company: Address: City: Phone

Raymond James 880 Carillon Parkway St. Petersburg (800)438-8088 State: FL Zip: 33716 Email: craig.descalzi@raymondjames.c Last: Descalzi

Contact Name: First: Craig

Consultant/Application Preparer (if different from developer) Company: Wynnefield Development II, Inc. Address: City: Phone P.O. Box 395 Jamestown (336)454-6134 State: NC Zip: 27282 Email: craig@wynnefieldproperties.com Last: Stone

Contact Name: First: Craig

Identity of Interest? General Contractor Company: Wynnefield Properties, Inc. Address: City: Phone P.O. Box 395 Jamestown (336)454-6134 State: NC Zip: 27282 Email: craig@wynnefieldproperties.com Last: Stone

Contact Name: First: Craig

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): Asset Management Fee 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) 45,302 26,950 4,500 352 3,400 3,300 1,500 0 9,500 11,000 4,200 3,250 4,800 4,000 0 13,795 5,600 700 4,400 25,920 12,000 1,000

500

3,000 53,120

8,095 5,700

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 1,152 12,000 12,000 170,919 130,817 48 2,725 45,550 13,800 300

1,152

Projected Cash Flow Year One


OPERATING INCOME Gross rental income (from Unit Mix - Total Monthly Rent) Stores and Commercial Laundry and Vending Other (specify): Late Fees, Security Dep., App. Fees 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) 1,500 2,000 259,280 18,149 241,131 255,780

170,919 70,212

61,052

9,160 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 1 241,131 170,919 61,052 9,160 1.15 11 324,061 253,003 61,787 9,271 1.15 2 248,365 177,756 61,397 9,212 1.15 12 333,783 263,123 61,440 9,220 1.15 3 255,816 184,866 61,693 9,257 1.15 13 343,796 273,648 60,996 9,152 1.15 4 263,490 192,261 61,937 9,292 1.15 14 354,110 284,594 60,446 9,070 1.15 5 271,395 199,951 62,123 9,321 1.15 15 364,733 295,978 59,785 8,970 1.15 6 279,537 207,949 62,248 9,340 1.15 16 375,675 307,817 59,005 8,853 1.15 7 287,923 216,267 62,307 9,349 1.15 17 386,945 320,130 58,098 8,717 1.15 8 296,561 224,918 62,296 9,347 1.15 18 398,553 332,935 57,057 8,561 1.15 9 305,458 233,915 62,209 9,334 1.15 19 410,510 346,252 55,874 8,384 1.15 10 314,622 243,272 62,041 9,309 1.15 20 422,825 360,102 54,522 8,201 1.15

* Net Rental Income escalated at annual rate of 3% and expenses escalated at a rate of 4% after the first year.

Calculations:
1. "Net Rental/Other Income" comes from 1st-year cash flow, then it is escalated by 3% per year. 2. "Total Operating Expenses" comes from 1st-year cash flow, then it is escalated by 4% per year. 3. "Debt Service" is the sum of "regular/amortized loan debt service + non-amortizing annual service" as entered by user from Funding Sources section. 4. "Net Cash Flow" is "Net Rental/Other Income" minus "Total Operating Expenses" minus "Debt Service". 5. "Debt Coverage Ratio" is ("Net Rental/Other Income" minus "Total Operating Expenses") divided by "Debt Service".

Minimum Set-Asides
MINIMUM REQUIRED SET ASIDES (No Points Awarded): Select one of the following two options: 20% of the units are rent restricted and occupied by households with incomes at or below 50% of the median income (Note: No Tax Credit Eligible Units in the the project can exceed 50% of median income) 40% of the units are rent restricted and occupied by households with incomes at or below 60% of the median income (Note: No Tax Credit Eligible Units in the the project can exceed 60% of median income) If requesting RPP funds: 40% of the units are occupied by households with incomes at or below 50% of median income.

State Tax Credit and QAP Targeting Points: Moderate Income County: At least twenty-five percent (25%) of qualified units will be affordable to and occupied by households with incomes at or below forty percent (40%) of county median income.

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

Tax Exempt Bonds Threshold requirement (select one): At least ten percent (10%) of qualified units will be affordable to and occupied by households with incomes at or below fifty percent (50%) of county median income. At least five percent (5%) of qualified units will be affordable to and occupied by households with incomes at or below forty percent (40%) of county median income. Eligible for targeting points (select one): At least twenty percent (20%) of qualified units will be affordable to and occupied by households with incomes at or below fifty percent (50%) of county median income. At least ten percent(10%) of qualified units will be affordable to and occupied by households with incomes at or below forty percent (40%) of county median income.

Full Application Checklist


PLEASE indicate which of the following exhibits are attached to your application. Others may be required as noted. A Nonprofit Organization Documentation or For-profit Corporation Documentation B Current Financial Statements/Principals and Owners (signed copies) C Ownership Entity Agreement, Development Agreement or any other agreements governing development services D Management Agent Agreement E Owner and Management Experience & Management Questionnaire (Appendix C) F Letters from State Housing Agencies or designated monitoring agent verifying out of state experience G Completed IRS Form 8821 (Appendix I) H Local Government Letter or Letter from Certified Engineer or Land Surveyor Confirming Floodplain Designation with Map showing all flood zones (original on letterhead, no fax or photocopies) I Local Government Letter Confirming Zoning including any pending notices or hearings (original on letterhead, no fax or photocopies) J Letters from Local Utility Providers regarding availability and capacity (original on letterhead, no fax or photocopies) K Documentation from utility company or local PHA to support estimated utility costs L Appraisal (required for land costs greater than $15,000 and for all Adaptive Re-use and Rehab projects) M Site plan, floor plans and elevations for all projects. Scope of work for Adaptive Re-use and Rehab projects. (Full Size, 24 x 36 inches) N Hazard and structural inspection and termite reports (Adaptive Re-use and Rehab projects only) O Copy of certificate of occupancy or proof of placed-in-service date (Rehabs Only) P Proposed Relocation Plan including relocation budget and copies of notices. Required for all Rehabs and any projects involving existing occupants of any dwellings to be rehabbed or demolished. Q Evidence of Permanent Loan Commitment and other sources of funds ( i.e. Equity letter, AHP, RD and local government funds). For Rehabs with existing loans provide 1) copies of loan documents, 2) current loan balances from existing lenders with reserve balances, 3) letter from lender that outlines assumption requirements. R Local Housing Authority Agreement and Project Based Rental Assistance Letter, if applicable (Sample letters provided in Appendix I). For projects with existing PBRA contracts, provide a copy of the current contract and bank statement or other documentation verifying reserve balances and annual reserve contribution requirements. S Statement regarding terms of Deferred Developer Fee. If a nonprofit is involved, a resolution from their board approving deferral of fee is required. T Inducement Resolution (Tax-Exempt Bond Financed Projects only)

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