arbors at winmore app

8/6/2019 Arbors at Winmore App

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Print Preview - FinalApplicationTax Credits, RPP Loans, and/or Tax Exempt Bond Loans

roject Description

oject Name: The Arbors at Winmore

ddress: (scattered sites) W. Winmore Avenue, S. Cameilia Street

ty: Carrboro County: Orange Zip:

ensus Tract: 112.02 Block Group: 1003

project in Qualified Census Tract or Difficult to Develop Area? No

olitical Jurisdiction: Town of Carrboro

risdiction CEO Name:First:Mark Last:Chilton

Title: Mayor

risdiction Address: 301 W. Main Street

risdiction City: Carrboro Zip:

risdiction Phone:

e Latitude:

e Longitude:

oject Type: New Construction

this project a previously awarded tax credit development? No

If yes, what is the project number: Is this a request for supplementalcredits?

w Construction/Adaptive Reuse:his project a follow-on (Phase II, etc) to a previously-awarded tax credit development project? No

If yes, list names of previous phase(s):

ehab:

umber of residents holding Section 8uchers:

l the project meet Energy Star standards as defined in Appendix B? Yes

es a community revitalization plan exist? No

ll the project use steel and concrete construction and have at least 4 stories? No

ll the project include a Community Service Facility under IRS Revenue Ruling 2003-77?o

ttps://www.nchfa.org/Rental/RTCApp/(S(wuisva2oy...52666CB342&SNID=EFF8F467A5C24F3B8996C7A57EBEBB53 (1 of 29)9/16/2008 2:29:19 PM

27510

27510

(919)942-8541

35.9472

-79.0802


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If yes, please describe:

rget Population:Family

ll the project be receiving project based federal rental assistance? No

If yes, provide the subsidy source: and number of units:

icate 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 andstate codes.)

Number of Units:

Persons with disabilities or homeless populations: 10% of the total units.

Number of Units:

Remarks:


3

6


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pplicant Information

icate below an individual or a validly existing entity (a corporation, nonprofit, limited partnership or LLC) as the official applicant. UndeP Section III(C)(5) only this individual or entity will be able to make decisions with regard to this application. If awarded the applicant

come part of the ownership entity. The applicant will execute the signature page for this application.

pplicant Name: Crosland LLC

dress: 227 West Trade Street, Suite 800

ty: Charlotte State: NC Zip:

ontact: First: Dean Last:Edwards Title:Vice President

lephone:

Phone:

x:

mail Address:

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


28202

(919)754-8990

(919)256-3025

(919)754-8995

[email protected]


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te Description

al Site Acreage: Total Buildable Acreage:

If buildable acreage is less than total acreage, please explain:

ntify utilities and services currently available (and with adequate capacity) for this site:

Storm Sewer Water Sanitary Sewer Electric

he demolition of any buildings required or planned? No

If yes, please describe:

e 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?

he site directly accessed by an existing, paved, publicly maintained road? Yes

If no, please explain:

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:


1.67 1.67


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



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te Control

es the owner have fee simple ownership of the property (site/buildings)?No

If yes provide:

Purchase Date: Purchase Price:

If no:(a) Does the owner/principal or ownership entity have valid option/contract to purchase the property?Yes

(b) Does an identity of interest (direct or indirect) exist between the owner/principal or ownership entity with the option/contract fopurchase of the property and the seller of the property?NoIf yes, specify the relationship:

(c) Enter the current expiration date of the option/contract to purchase:

(D) Enter Purchase Price:


09/30/2008

850,176


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oning

esent zoning classification of the site:VMU (Village Mixed Use)

multifamily use permitted?Yes

e 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 obta

them:

e there any existing conditions of historical significance located on the project site that will require State Historic Preservation office re

If yes, describe below:

e there any existing conditions of environmental significance located on the project site?No

If yes, describe below:



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wnership Entity

wner Name: Arbors at Winmore LLC

dress: 227 West Trade Street, Suite 800

y: Charlotte State:NC Zip:

deral Tax ID Number of Ownership Entity: (If assigned)

ote: Do not submit social security numbers for individuals.

tity Type: Limited Liability Company

tity Status: Already Formed

the applicant requesting that the Agency treat the application as Non-Profit sponsored? No

the applicant requesting that the Agency treat the application as CHDO sponsored? No

st all general partners, members,and principals. Specify nonprofit corporate general partners or members.ck [Add] to add additional partners, members, and principals.

Org: Crosland LLC

st Name: Dean Last Name: Edwards Function: Managing Memberddress: 227 West Trade Street, Suite 800

ty: Charlotte State: NC Zip: 28202

one: Fax:

Mail: Nonprofit: No

Org: United Housing Associates, Inc.

st Name: Kathi Last Name: Santeramo Function: Member

ddress: 1345 Garner Lane, Suite 103

ty: Columbia State: SC Zip: 29210

one: Fax:

Mail: Nonprofit: Yes


28202

26-0829629

(919)754-8990 (919)754-8995

[email protected]

(803)731-3881 (803)731-3877

[email protected]


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oposed number of residential buildings: Maximum number of stories in buildings:

oject Includes:Separate community building - Sq. Ft. (Floor Area):

Community space within residential bulding(s) - Sq. Ft. (Floor Area):

Elevators - Number of Elevators:

uare Footage Information

oss Floor Square Footage:

tal Net Sq. Ft. (All Heated Areas):

tes

Please refer to the Income Limits and Maximum Housing Expense Table to ensure that Total Monthly Tenant Expenses for low inc

units are within established thresholds.

ttps://www.nchfa.org/Rental/RTCApp/(S(wuisva2o...2666CB342&SNID=EFF8F467A5C24F3B8996C7A57EBEBB53 (10 of 29)9/16/2008 2:29:19 PM

4 3

1,972

64,243

61,212
http://www.nchfa.com/lib/html/rental/Median%20Income%20Charts/income_limits.htmhttp://www.nchfa.com/lib/html/rental/Median%20Income%20Charts/income_limits.htm


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argeting

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

BRs Units %

targeted at percent of median income affordable to/occupied by






tal Low Income Units:

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


11 30

4 30

15 50

6 50

16 60

6 60

58


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unding Sources

Source AmountNon-

Amortizing*Rate(%)

Term(Years)

Amort.Period(Years)

AnnualDebt

Service

Bank Loan

RPP Loan

Local Gov. Loan - Specify:Town of Chapel Hill - HOME Funds

RD 515 Loan

RD 538 Loan - Specify:

AHP Loan

Other Loan 1 - Specify:FHLB-AHP

Other Loan 2 - Specify:FHLB-AHP

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**

"Non-amortizing" indicates that the loan does not have a fixed annual debt service. For these items, you must fill in 20-year debt serbelow.

Total Sources must equal total replacement cost in Project Development Cost (PDC) section.

timated pricing on sale of Federal Tax Credits: $0.

emarks concerning project funding sources:ease be sure to include the name of the funding source(s))

e Non-repayable Grant is a FHLB-AHP Grant which is being converted to a non-amortizing loan


300,000 2.00 30 30 13,306

1,440,000 2.00 20 20 87,417

550,000 7.00 30 30 43,910

250,000 4.46 30 30

410,160 0 30 30 0

4,541,011

7,491,171

85


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om the non-profit sponsor to the project at the Applicable Federal Rate with no payments for 30ars. This $250,000 will remain in Basis.

ans with Variable Amortizationease fill in the annual debt service as applicable for the first 20 years of the project life.

her Loan 2 - FHLB-AHP

ear:mt:

1 2 3 4 5 6 7 8 9 10

ear:mt:

11 12 13 14 15 16 17 18 19 20


0 0 0 0 0 0 0 0 0 0

0 0 0 0 0 0 0 0 0 0


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evelopment Costs

Item Cost Element TOTAL COSTEligible Basis

30% PV 70% PV

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 (max 6% lines 2-6)

8 Contractor Overhead (max 2% lines 2-7)

9 Contractor Profit (max 8% lines 2-7; 6% if Identity of Interest)

10 Construction Contingency (max 3% lines 2-9, Rehabs 6%)

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


605,334 605,334

3,427,803 3,427,803

241,988 241,988

85,503 85,503

256,508 256,508

138,514 138,514

104,250 104,250

38,400 38,400

50,000 50,000

4,948,300

16,500 16,500

36,750 36,750

225,468 225,468

5,000 5,000

294,448 294,448

20,000 20,000

5,000 5,000

9,000 9,000

4,300 4,300

19,900

10,000


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30 Real Estate Attorney

31 Other Attorney's Fees

32 Tax Credit Application Fees (Preliminary and Full)

33 Tax Credit Allocation Fee (0.60% of line 59, minimum $7,500)

34 Cost Certification / Accounting Fees

35 Tax Opinion

36 Organizational (Partnership)

37 Tax Credit Monitoring Fee


38 Furnishings and Equipment

39 Relocation Expense

40 Developer's Fee

41

42

43 Rent-up Expense

44

45


46 Rent up Reserve

47 Operating Reserve

48

49

50 DEVELOPMENT COST (lines 1-49)

51 Less Federal Financing

52 Less Disproportionate Standard

53 Less Nonqualified Nonrecourse Financing

54 Less Historic Tax Credit

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


646,366

40,000 40,000

10,000 10,000

2,200

37,715

15,000 15,000

2,500

2,500

40,600

150,515

35,000 35,000

609,000 609,000

Other Basis Expense (B 12,000 12,000

Other Basis Expense (S

26,100

Other Non-basis Expen

Other Non-basis Expen

682,100

17,400

196,314

Other Reserve (specify)

Other Reserve (specify)

6,640,995 0 6,285,766

0

6,285,766 0 6,285,766

100.00% 100% 100%

6,285,766 0 6,285,766

100.00% 100.00%

6,285,766 0 6,285,766


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60 Tax Credit Rate

61 Federal Tax Credits at Estimated Rate

62 Federal Tax Credits at 9.00% or 3.75% (maximum $1,000,000)

63 Federal Tax Credits Requested

64 Land Cost

65 TOTAL REPLACEMENT COST

FEDERAL TAX CREDITS IF AWARDED

Comments:

Total Replacement Cost per unit:81,994


3.40 8.50

534,290 0 534,290

565,719 0 565,719

0

850,176

7,491,171

565,719


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arket Study Information

ase provide a detailed description of the proposed project:

e Arbors at Winmore will be a 58-unit family housing development located in a pastoral setting of rollinguntryside not far from downtown Carrboro and Chapel Hill, NC. The Arbors at Winmore is situated on 3parate plots of land within the Winmore Subdivision, a high-end, market rate, traditional neighborhoodproved by the Town of Carrboro with the stipulation that affordable housing be made available to themmunity. The site for Winmore includes almost 68 acres of wooded land where attention to detail is therm. The community will have its own civic building, a community swimming pool and club house,

ailable to all residents, as well as a Frisbee Golf field, a children's play area, village green, and largeeenway with walking trails. The developers also plan an apple orchard, and other environmentally friendlyeen spaces throughout the village. The Arbors at Winmore consists of 42 2-BR and 16 3-BR unitssigned with the overall look of the Village Mixed Use sought after by the Town of Carrboro. The floor

ans for the Arbors will range from garden style apartments to colonial-style town homes dependent uponeir location. The Arbors will be divided into two primary sites, and will have its own community room andtivity space for tenants to augment the overall village amenities. The apartments will include spaciousor plans, washer and dryer hook-ups, balconies, and exterior storage space for each unit. Winmorebdivision itself is being promoted as a dynamic, mixed-use community nestles off of Homestead Road,

st a short walk to the local elementary, middle, and high schools. It will include 96 single family homes, 86wn homes, 20 of which will be live/work homes build around the central village green. Prices will rangem under $400,000 to the $900,000's and will provide a wonderful mix of income ranges that will includehe Arbors" tenants.

nstruction (check all that apply):

Brick Vinyl Wood HardiPlank Balconies/Patios Sunrooms Front Porches

Front Gables or Dormers Wide Banding or Vertical/Horizontal Siding

Other:

ve you built other tax credit developments that use the same building design as this project?Yes

If yes, please provide name and address:

The Havens at Willow Oaks located in Greensboro, NC uses a portion of this design for the townhouseunits.

e Amenities:

entral community Civic building, community swimming pool, children's play area, Frisbee Golf Field,eenway, walking trails. Community Center with laundry facilities, TV room, computer center with higheed internet connection, library, and deck area for tenant gatherings. The Winmore Master Planned

ommunity includes a Village Conservancy (open space), children's play area, multi-use field, bike racks,nches, and community gardens.



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site Activities:

ter school tutoring and activities for children, summer camp, family counseling and educationalportunities as well as tenant sponsored dinners.

ndscaping Plans:

th a generous budget of $1,200 per unit, Crosland will heavily landscape the proposed buildings in thisoject to ensure the mature growth of plants and trees compliment the surrounding wooded area. Winmorebdivision has adopted a "Winmore Design Code", which includes landscaping regulations and plant lists

at include the requirement of 1 1/2 inch caliper trees on the street side of all buildings and houses. Theveloper is also required by the town to landscape the entry and streetscape throughout the subdivision.

erior Apartment Amenities:

nits are spacious and planned to maximize living space. Each unit includes its own washer dryer hook-up,chen with bar areas that open out to dining and living areas, pantries, covered balconies with exteriororage closets, and ceiling fans in bedrooms and living rooms.

you plan to submit additional market data (market study, etc.) that you want considered? Yes

If yes, please make sure to include the additional information in your pre-application packet.



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pplicant's Site Evaluation

efly describe your site in each of the following categories:

EIGHBORHOOD CHARACTERISTICS

end and direction of real estate development and area economic health. Physical condition of buildings andprovements in the immediate vicinity. Concentration of affordable housing.

Winmore Subdivision itself is being promoted as a dynamic, mixed-use community nestled off of

omestead Road, just a short walk to the local elementary, middle and high schools. It will include 96 singlemily homes, 86 town homes, 20 of which will be live/work homes built around the central village green.rices will range from under $400,000 to the $900,000's which fall in line with surrounding communities.he Carrboro/Chapel Hill area has been a unique real estate market with land at a premium and no realfordable housing available. There is no nearby affordable housing other than another Crosland tax creditte in Chapel Hill which will not impact this site.

URROUNDING LAND USES AND AMENITIES

nd use pattern is residential in character (single and multifamily housing). Extent that the location isolated. Effect of industrial, large-scale institutional or other incompatible uses, including but not limited to:astewater treatment facilities, high traffic corridors, junkyards, prisons, landfills, large swamps, distributioncilities, frequently used railroad tracks, power transmission lines and towers, factories or similar operations,

urces of excessive noise, and sites with environmental concerns (such as odors or pollution). Amount andaracter of vacant, undeveloped land. Surrounding areas for Winmore include a variety of single family andultifamily homes and apartments. No industrial sites or other commercial sites are located nearby, andhile there is a power transmission line through the Winmore Subdivision, the tract is heavily wooded, ands and streets have been planned so that the line will have minimal effect on the residents.

TE SUITABILITY

equate traffic safety controls (i.e. stop lights, speed limits, turn lanes). Burden on public facilitiesarticularly roads). Access to mass transit (if applicable). Visibility of buildings and/or location of project signin relation to traffic corridors. The Arbors is located within the Winmore Subdivision and is, therefore,

sulated from heavy traffic. Mass transit stops have been planned in the village green area of thebdivision, and will be within walking distance of The Arbors tenants.

egree of on-site negative features and physical barriers that will impede project construction or adversely

ect future tenants; for example: power transmission lines and towers, flood hazards, steep slopes, largeulders, ravines, year-round streams, wetlands, and other similar features (for adaptive re-use projects-itability for residential use and difficulties posed by the building(s), such as limited parking, environmentaloblems or the need for excessive demolition).

here are few problems with site development for the project. The master developer of Winmore is in therocess of finishing all utilities to the full subdivision, water, sewer, electric, and paving, should beompleted by summer of 2007. While there are streams running through the neighborhood, the developeras mitigated these in accordance with the state of NC and has developed the parcels on which The Arborsll be built in such a way that there will be no adverse effects from streams and floodways.

milarity of scale and aesthetics/architecture between project and surroundings.

he Arbors will consist of 2 and 3 story buildings that will blend in with the surrounding town homes, singlemily houses and businesses to be constructed in the neighborhood. Also, Winmore's developer's havedopted a "Winmore Design Code" which must be followed by all builders in the neighborhood, insuring aomogeneous look and quality.

r each applicable neighborhood feature, enter distance from project in miles.



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Grocery StoreCommunity/Senior

Center

Mall/Strip Center Hospital

Outdoor Athletic Fields Pharmacy

Day Care/After School Basic Health Care

Schools

Public Transportation

op

Convenience Store

Public Parks

Gas Station

Library

her facilities or services:e fitness/nature trails and public swimming pool are part of the overall Winmore project.


7.4

7 5.14

5 1.7

5 1.6

2

6

7

5

7

25


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evelopment Team

ovide contact information for development team members below:

nagement Agent

ompany: Crosland LLC

dress: 227 W. Trade St., Suite 800


one Email:

ontact Name: First: Charlie Last: Henley

chitect

ompany: J Davis

dress: 510 Glenwood Ave., Suite 201

ty: Raleigh State: NC Zip:

one Email:

ontact Name: First: Bill Last: Egan

orney

ompany: Jordan Price Wall Gray Jones & Carlton

dress: 1951 Clark Avenue

ty: Raleigh State: NC Zip:

one Email:

ontact Name: First: Susan Last: Ellinger

estor

ompany: RBC Capital Markets-Apollo Equity Partners

dress: 2101 Rexford Road, Suite 375W


one Email:

ontact Name: First: Brian Last: Flanagan

nsultant/Application Preparer (if different from developer)

ompany:

dress:

ty: State: Zip:

one Email:

ontact Name: First: Last:


28202

(704)529-1166 [email protected]

27603


27605


28211



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neral Contractor Identity of Interest?

ompany: Crosland Contractors LLC

dress: 227 W. Trade St., Suite 800


one Email:

ontact Name: First: Denon Last: Williams


28202



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rojected 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


1,500

500

25,752

36,000

1,500

5,000

10,000

3,600

1,500

Training/Mileage2,000

87,352

2,500

13,500

13,500

29,500

12,000

250

5,000

2,500

500


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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

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


500

14,000

500

1,500

250

250

37,250

40,600

2,743

500

15,000

75

75

3,000

61,993

12,000

500

12,500

14,500

14,500


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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


243,095

175,495

58

3,026


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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".



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inimum Set-Asides

NIMUM 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: NCredit 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: NCredit 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 (30county median income.At least twenty-five percent (25%) of qualified units will be affordable to and occupied by households with incomes at or below 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 comedian income.At least fifty percent (50%) of qualified units will be affordable to and occupied by households with incomes at or below forty pe(40%) of county median income.

Tax Exempt BondsThreshold 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 per(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 per(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 fiftypercent (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 per(40%) of county median income.



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ull 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 Local Government Letter or Letter from Certified Engineer or Land Surveyor Confirming Floodplain Designation with Mapshowing all flood zones (original on letterhead, no fax or photocopies)

G Local Government Letter Confirming Zoning including any pending notices or hearings (original on letterhead, no fax orphotocopies)

H Letters from Local Utility Providers regarding availability and capacity (original on letterhead, no fax or photocopies)

I Documentation from utility company or local PHA to support estimated utility costs

J Appraisal (required for land costs greater than $15,000 and for all Adaptive Re-use and Rehab projects)

K Site plan, floor plans and elevations for all projects. Scope of work for Adaptive Re-use and Rehab projects. (Full Size, 24inches)

L Hazard and structural inspection and termite reports (Adaptive Re-use and Rehab projects only)

M Copy of certificate of occupancy or proof of placed-in-service date (Rehabs Only)

N Proposed Relocation Plan including relocation budget and copies of notices. Required for all Rehabs and any projectsinvolving existing occupants of any dwell ings to be rehabbed or demolished.

O Evidence of Permanent Loan Commitment and other sources of funds ( i.e. Equity letter, AHP, RD and local governmentfunds). For Rehabs with existing loans provide 1) copies of loan documents, 2) current loan balances from existing lenderreserve balances, 3) letter from lender that outlines assumption requirements.

P Local Housing Authority Agreement and Project Based Rental Assistance Letter, if applicable (Sample letters provided inAppendix I). For projects with existing PBRA contracts, provide a copy of the current contract and bank statement or otherdocumentation verifying reserve balances and annual reserve contribution requirements.

Q Statement regarding terms of Deferred Developer Fee. If a nonprofit is involved, a resolution from their board approvingdeferral of fee is required.

R Inducement Resolution (Tax-Exempt Bond Financed Projects only)

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