Download - Life House of Greensboro

8/6/2019 Life House of Greensboro

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Is project in Qualified Census Tract or Difficult to Develop Area?

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

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

Does a community revitalization plan exist?

Target Population: Family

Will the project be receiving project based federal rental assistance?

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

Indicate below any additional targeting for special populations proposed for this project:

Print Preview - Full Application

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

Project Description

Project Name: LIFE HOUSE OF GREENSBORO

Address: 2314 NORTH CHURCH STREET

City: GREENSBORO County: Guilford Zip: 27405

Census Tract: 102 Block Group: 103

No

Political Jurisdiction: Greensboro

Jurisdiction CEO Name: First: Last:Keith Holliday Title: MayorJurisdiction Address: 300 West Washington Street

Jurisdiction City: Greensboro Zip: 27401

Jurisdiction Phone: (336)373-2396

Site Latitude: 36.08268

Site Longitude: -79.78605

Project Type: New Construction

No

Rehab:

Is this project a previously awarded tax credit development?

If yes, what year were credits awarded?:

Number of residents holding Section 8 vouchers:

Yes

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:

Yes

2424

Mobility impaired handicapped: 5% of units comply with QAP Section IV(F)(3) (in addition to the units required by other federal andstate codes.)


2/25

Number of Units: 24

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

Number of Units: 24

Remarks: Housing for populations with special needs - Persons with various disabilities, including severedisabilities (such as traumatic brain and spinal cord injury, visual and hearing loss, etc.)


3/25

Indicate below an individual or a validly existing entity (a corporation, nonprofit, limited partnership or LLC) as the official applicant. UnderQAP Section III(C)(5) only this individual or entity will be able to make decisions with regard to this application. If awarded the applicantmust become part of the ownership entity. The applicant will execute the signature page for this application.

Applicant Information

Applicant Name: VOA North Carolina Community Housing Development Corporation

Address: Post Office Box 1447 (246 Stoneridge Drive, Suite 103)

City: State: SC Zip:Columbia 29202-1447

Contact: First: Last: Title:Pepper Schales-Elkins CEO/President

Telephone: (803)753-0220

Alt Phone: (910)793-2850

Fax: (803)779-1657

Email Address: [email protected]

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


4/25

Total Site Acreage: Total Buildable Acreage:

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?

If yes, please describe:

Are existing buildings on the site currently occupied?

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?

If no, please explain:

Is any portion of the site located inside the 100 year floodplain?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 Description

3.26 3.26

No

No

Yes

No


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Does the owner have fee simple ownership of the property (site/buildings)?

If yes provide:

Purchase Date: Purchase Price:

If no:

Site Control

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?If yes, specify the relationship:

No

(c) Enter the current expiration date of the option/contract to purchase: 12/31/2007

(D) Enter Purchase Price: 271,758


7/25

Present zoning classification of the site:

Is multifamily use permitted?

Are variances, special or conditional use permits or any other item requiring a public hearing needed to develop this proposal?

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 obtainingthem:

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

review?

If yes, describe below:

Are there any existing conditions of environmental significance located on the project site?

If yes, describe below:

Zoning

GO-H (General Office-High Intensity)

Yes

No

No

No


8/25

Ownership Entity

Owner Name: Greensboro LIFE House, LLC

Address: PO Box 1447

City: State: SC Zip:Columbia 29202-1447

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

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? Yes

Is the applicant requesting that the Agency treat the application as CHDO sponsored? Yes

List all general partners, members,and principals. Specify nonprofit corporate general partners ormembers. Click [Add] to add additional partners, members, and principals.

Org: VOA Greensboro LIFE House, Inc.

First Name: Pepper Last Name:Schales-Elkins,President

Function: Managing Member

Address: PO Box 1447

City: Columbia State: SC Zip: 29210

Phone: (803)753-0220 Fax: (803)779-1657

EMail: [email protected] Nonprofit: Yes


9/25

The Median Income for Guilford county is $56,400.

Low Income Units

Employee Units (will add to Low Income Unit total)

Market Rate Units

Statistics

Square Footage Information

Notes

Unit Mix

Type # BRs Net Sq.Ft.Total

# Units#Units

MonthlyRent

UtilityAllowance

MandatoryServ. Fees

**TotalHousing Exp.

Gdn Apt 1 671 16 16 541 91 0 632

Gdn Apt 2 905 8 8 624 116 0 740

Utilities included in rents: Water/Sewer Electric Gas Other Garbage Pickup


# Units#Units

MonthlyRent

UtilityAllowance

MandatoryServ. Fees

**TotalHousing Exp.

Utilities included in rents: Water/Sewer Electric Gas Other


# Units#Units

MonthlyRent

UtilityAllowance

MandatoryServ. Fees

**TotalHousing Exp.

Utilities included in rents: Water/Sewer Electric Gas Other

AllUnits

Units

Gross MonthlyRental Income

Low Income....... 24 24 13648

Market Rate.......

Totals............... 24 24 13648

Proposed number of residential buildings: 1 Maximum number of stories in buildings: 1

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

Community space within residential bulding(s) -- Sq. Ft. (Floor Area):Sq. Ft. (Floor Area): 7,5007,500

Elevators -- Number of Elevators:Number of Elevators:

Gross Floor Square Footage: 27,600

Total Net Sq. Ft. (All Heated Areas): 26,300

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


10/25

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

Total Low Income Units:

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

Targeting

# BRs Units %

1 8 targeted at 50 percent of median income affordable to/occupied by






24


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

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

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

Funding Sources

Source AmountNon-

Amortizing*Rate(%)

Term(Years)

Amort.Period(Years)

AnnualDebt

Service

Bank Loan

RPP Loan 1,000,000 2.00 30 30

Local Gov. Loan - Specify:City of Greensboro

336,651 0.00 30 30 11,221

RD 515 Loan

RD 538 Loan - Specify:

AHP Loan

Other Loan 1 - Specify:Greensboro Housing Authority

71,760 0.00 15 15

Other Loan 2 - Specify:CICNC

223,422 7.75 19 30 19,207

Other Loan 3 - Specify:

Tax Exempt Bonds

State Tax Credit(Loan) 320,900 0 30 30 0

State Tax Credit(Direct Refund)

Equity: Federal LIHTC 1,774,623

Non-Repayable Grant

Equity: Historic Tax Credits

Deferred Developer Fees

Owner Investment

Other - Specify:

Total Sources** 3,727,356

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

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

87

The $71,760 loan shown from the Greensboro Housing Authority is actually the payment onthe balance of the lease. The appraised value of the leasehold interest was determined to be$271,760. VOAC is paying $200,00 of the leasehold balance at closing and paying back the$71,760 over 15 years at no interest.


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RPP Loan

Year:Amt:

1

6107

2

6407

3

6678

4

6919

5

7125

6

7297

7

7429

8

7519

9

7565

10

7562

Year:Amt:

11

7509

12

7399

13

7231

14

7000

15

6702

16

11117

17

10671

18

10144

19

9531

20

8827

Other Loan 1 - Greensboro Housing Authority

Year:Amt:

1

4784

2

4784

3

4784

4

4784

5

4784

6

4784

7

4784

8

4784

9

4784

10

4784

Year:Amt:

11

4784

12

4784

13

4784

14

4784

15

4784

16

0

17

0

18

0

19

0

20

0


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Development 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 409,500 354,5004 Rehabilitation

5 Construction of New Building(s) 1,881,199 1,881,199

6 Accessory Building(s)

7 General Requirements 137,442 137,442

8 Contractor Overhead 48,563 48,563

9 Contractor Profit 145,688 145,688

10 Construction Contingency 78,672 78,672

11 Architect's Fee - Design (11 + 12 = max 3% lines 2-10) 60,000 60,000

12 Architect's Fee - Inspection 15,000 15,000

13 Engineering Costs 25,000 25,000

SUBTOTAL (lines 1 through 13) 2,801,064

14 Construction Insurance (prorate) 7,500 7,50015 Construction Loan Orig. Fee (prorate) 16,540 16,540

16 Construction Loan Interest (prorate) 85,000 85,000

17 Construction Loan Credit Enhancement (prorate)

18 Construction Period Taxes (prorate) 5,000 5,000

19 Water, Sewer and Impact Fees

20 Survey 25,000 25,000

21 Property Appraisal 5,000 5,000

22 Environmental Report 5,000 5,000

23 Market Study 6,400 6,400

24 Bond Costs

25 Bond Issuance Costs

26 Placement Fee27 Permanent Loan Origination Fee 4,000

28 Permanent Loan Credit Enhancement

29 Title and Recording 5,000

SUBTOTAL (lines 14 through 29) 164,440

30 Real Estate Attorney 15,500 15,500

31 Other Attorney's Fees 15,000 15,000

32 Tax Credit Application Fees (Preliminary and Full) 2,200

33 Tax Credit Allocation Fee (0.58% of line 59, minimum $7,500) 18,612

34 Cost Certification / Accounting Fees 7,500 7,500

35 Tax Opinion 2,500

36 Organizational (Partnership) 1,500

37 Tax Credit Monitoring Fee 15,600SUBTOTAL (lines 30 through 37) 78,412

38 Furnishings and Equipment 40,000 40,000

39 Relocation Expense

40 Developer's Fee 252,000 227,000

41 Other Basis Expense -

42 Other Basis Expense - Permits & Fees 2,500 2,500

43 Rent-up Expense 7,500

44 Other Non-basis Expense (specify)

45 Other Non-basis Expense (specify)


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Comments:

SUBTOTAL (lines 38 through 45) 302,000

46 Rent up Reserve 34,960

47 Operating Reserve 74,720

48 Other Reserve (specify)

49 Other Reserve (specify)

50 DEVELOPMENT COST (lines 1-49) 3,455,596 0 3,209,004

51 Less Federal Financing52 Less Disproportionate Standard

53 Less Nonqualified Nonrecourse Financing

54 Less Historic Tax Credit (residential) 0

55 TOTAL ELIGIBLE BASIS 3,209,004 0 3,209,004

56 Applicable Fraction (percentage of LI Units) 100.00% 100% 100%

57 Basis Before Boost 3,209,004 0 3,209,004

58 Boost for QCT/DDA (if applicable, enter 130%) 100.00% 100.00%

59 TOTAL QUALIFIED BASIS 3,209,004 0 3,209,004

60 Tax Credit Rate 3.45 8.05

61 Federal Tax Credits at Estimated Rate 258,324 0 258,324

62 Federal Tax Credits at 8.5% or 3.75% 272,765 0 272,765

63 Max Federal Tax Credits (With Energy Star - Lesser of $8,500 per unit or$800,000, w/o - Lesser of $8,000 per unit or $800,000) 204,000

64 Federal Tax Credits Requested 0

65 Land Cost 271,760

66 TOTAL REPLACEMENT COST 3,727,356

FEDERAL TAX CREDITS IF AWARDED 204,000

Total Replacement Cost per unit: 139,413

Federal Tax Credits (line 62) per unit: 11,365


15/25

Please provide a detailed description of the proposed project:

Construction (check all that apply):

Brick Vinyl Wood HardiPlank Balconies/Patios Sunrooms Front Porches

Front Gables or Dormers Wide Banding or Vertical/Horizontal Siding

Other:

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

If yes, please provide name and address:

Site Amenities:

Onsite Activities:

Landscaping Plans:

Market Study Information

LIFE House of Greensboro (LHG)is a 24 unit apartment complex consisting of 16-one bedroom and8-two bedroom apartments on 3.26 acreas in Greensboro, NC. LHG has been designed with manyfeatures to enable persons with disabilities, including severe physical disabilities, to liveindependently in their own apartment. The units are configured in a single one story building alongwith the community facilities. The "Z" shaped all-in-one building has parking adjacent to thecontrolled entrances with a covered porte cochere drive thru at the main entrance and a fenced rearcourtyard with sitting and activity areas.

Fully sprinkled, meets Energy Star Standards and will receive an energy certificate. The walls androof are wood frame with R-15 insulation in the walls and R-38 in the ceilings. All units exceed therequirements for Type A fully handicapped accesible units. A list of the amenities necessary toenable persons with disabilities to live at LHG is enclosed as part of the application.

Yes

LIFE House of Asheville100 Peachtree StreetNettlewood Professional ParkAsheville, NC 28803

LIFE House of Greenville1567 Wimbledon DriveGreenville, NC

A large screened in porch and courtyard in the rear of the building, portico at the front of the buildingfor tenant pick up and drop off; sitting and landsacped areas at the front of the building; a four footsidewalk system to accomodate tenant exercise; laundry facilities; library/computer room; tenantstorage; conference room; multi-purpose room; activity/exercise room; mail boxes inside by officedoor.

The residents of LHG are responsible for obtaining and managing the services they need to live atLHG. The N.C. Division of Vocational Rehabilitation and Independent Living (VRIL)will work withresidents to help them coordinate the services they need from various providers to live moreindependently. A Resident Council will be formed for the purpose of engaging the residents indeveloping the activities and programs to be offered on the property, they will have monthlymeetings and prepare agenda for the meetings, they will encourage participation by other residentsby fielding complaints, suggesting activities, recommending service providers and makingannouncements of community events (agreed upon by majority of the tenants), local serviceproviders will be invited to the meetings to make presentations; two computers will be purchased forthe computer room for use by residents.

Landscaped fully accessible sitting areas will be located in the front of the building and courtyard toencourage the enjoyment of the outdoors in a relaxing atmosphere. A variety of shade trees will belocated near the sitting areas and at other locations on the property. A mixture of evergreen schrubswill be planted around the building. Perrenial and annual plant flower beds will be located at the frontof the building, near entrance areas and tenant sitting areas such as the courtyard. The devlopmentwill also include raised flower beds for the tenants use at various locations on the property.


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Interior Apartment Amenities:

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

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

Large bathrooms with ceramic tile floors in bathrooms; marble roll in showers with seats; adjustableheight showerheads with flex hoses, right and left side transfer to handicap toilets; all sinks andtub/showers have lever handles; grab bars; 34" high solid plywood base cabinets in kitchen andbaths; roll out shelves in kitchen base cabinets; cabinet mounted stove at counter top height withfront controls; range hoods have accessibly located switches; side by side refrigerator with roll outshelves and doors that open 180 degrees; kitchen & bathroom sinks have open knee access spaceor removable fronts; kitchen and bath cabinets have "D" pulls on all doors and drawers; two slidingautomatic doors at the front of the building; automatic doors (proximity card access) to tenant units;

hollow metal door frames; formica kick plates on all apt doors; 36" wide doors with lever typehardware; wiring for hearing impared (5 units); plastic corner guards on all interior building walls;emergency call system in living rooms; bedrooms and bathrooms; reinforced ceiling joints toaccommodate a lift track; severe use sheetrock on lower 4' of all walls.

No


17/25

Briefly describe your site in each of the following categories:

Applicant's Site Evaluation

NEIGHBORHOOD CHARACTERISTICS

Trend and direction of real estate development and area economic health. Physical condition ofbuildings and improvements. Concentration of affordable housing.The site is in a stable, mixed use neighborhood with the necessary zoning already in place. Theimmediate area contains a variety of uses, including well-maintained multifamily, single familydetached, commercial/retail and medical uses. The Church St corridor stretches from downtown tothe northern edge of the city and is seeing significant upgrading of all types of development.Thereare no excessive concentrations of affordable housing in the area.

SURROUNDING LAND USES AND AMENITIES

Suitability of surrounding development. Land use pattern is residential in character (single andmultifamily housing) with a balance of other uses (particularly retail and amenities). Effect ofindustrial, large-scale institutional or other incompatible uses, including but not limited to: wastewatertreatment facilities, high traffic corridors, junkyards, prisons, landfills, large swamps, distributionfacilities, 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 orpollution). Amount and character of vacant, undeveloped land.LIFEHouse of Greensboro will be immediately adjacent to the Greensboro Housing Authority's HallTowers elderly development. This is a well-maintained, high rise apartment project. The White OakHistoric Neighborhood is also adjacent to the site, adding single family residential to the area. To thesouth along Church Street are a variety of commercial, retail and medical uses that will help meetshopping and service needs of the proposed project. The railroad tracks to the rear of the site arewell buffered from the buildable portion of the site and do not carry significant rail traffic. Noincompatible municipal facilities are in the area. The primary large industrial use is the Cone MillWhite Oak textile plant to the east. This plant will cause no adverse impacts due to distance from theproposed site and declining activity at the White Oak plant. No sigificant vacant land exists in thearea although some clearance and redevelopment for medical uses continues near Cone Hospital tothe south approximately 3/4 to 1.0 miles away. Golden Gate Center (shopping center) located onChurch Street across from the proposed site for LHG contains Harris Teeter, Food Lion, Staples,Wachovia Bank, Blockbuster, restaurant and coffee shop, drycleaners and beauty salons. Anaccess to the shopping center was provided by the owners of the shoppoing center to help theresidents of Hall Towers walk to the shopping center. VOAC will talk to the owners of the shopping

center about making modifications necessary to accomodate the LHG residents.

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 ofproject sign(s) in relation to traffic corridors.The site has good access to Church St. A stop light currently exists at the primary site entrance onChurch and a public bus stop is already in place across Church St. from the site. A second siteaccess will be from 11th Street. Door to door public paratransit is available in Greensboro forcitizens with disabilities who cannot use the standard GTA bus routes.Church St.is a majortransportation corridor and the addition of LIFEHouse will have no impact on traffic levels. Projectbuildings will be set back on the site to allow for any future widening of Church St. and to protect theexisting trees on the site. Water, sewer, gas and electrical service are adequate for the proposeddevelopment.

Degree of on-site negative features and physical barriers that will impede project construction oradversely 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 (foradaptive re-use projects- suitability for residential use and difficulties posed by the building(s), suchas limited parking, environmental problems or the need for excessive demolition).The site has no significant negative features. The developer's architect has met with city engineeringand planning staff to review preliminary plans. An existing utility easement across the site will bereleased and the moderate drop in grade from the Church St. side to the rear of the site are theprimary issues identified and both are readily addressed. No electrical transmisssion lines, wetlands,steep slopes, streams, etc. have been identified as problems. The light industrial use to theimmediate south of the proposed site has its parking area facing the proposed site; however, it isvery effectively buffered by existing vegetation and a fence.

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


18/25

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

Other facilities or services:

The surrounding neighborhood shows a wide variety of building styles, from the White Oak millvillage to the high rise Hall Towers. The one story LIFE House design is both attractive and lowdensity with 24 units on 3.2 acres. Open space will be preserved as shown on the site plan. Themodern but non-institutional design will be a good transition between the high density Hall Towersand the commercial/retail uses to the south.

Grocery Store.3 Community/Senior Center1.0

Mall/Strip Center.3 Hospital.9

Outdoor Athletic Fields.6 Pharmacy.4

Day Care/After School1.0 Basic Health Care.4

Schools.3 Medical Offices.4

Public Transportation Stop.1 Bank/Credit Union.3

Convenience Store.1 Restaurants.3

Basketball/Tennis Courts1.0 Professional Services.5

Public Parks1.0 Movie Theater2.6

Gas Station.2 Video Rental.3

Library2.1 Public Safety (Fire/Police).5

Fitness/Nature Trails1.6 Post Office1.1

Public Swimming Pools1.0

The proposed site is approximately .3 of mile from the Golden Gate Shopping Center, which offersHarris Teeter and Food Lion grocery stores, Blockbuster Video, major national and local banking,restaurants and other shopping. A 24 hour CVS Pharmacy is across the street from the shoppingcenter. Cone Elementary School is .3 of a mile from the site and Page High School is .6 of a mileaway. Medical services of virtually all types are within .9 of a mile due to the proximity of ConeHospital and the significant medical development surrounding that campus. The Cone Outpatient

Rehab Clinic is approximately .4 of a mile south of the site on Church St as is private urgent careclinic. Another large medical development cluster is located .8 of a mile north of the site on ChurchSt. just north of Cone Blvd. Professional services (legal, financial, insurance) are available alongState Street, approximately .5 of mile away. The YWCA is 2.2 miles to the south and offersadditional indoor swimming options including a pool with a hydraulic lift.


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Project Operations (Year One)

Projected Operating Costs

Administrative Expenses

Advertising 500

Office Salaries

Office Supplies 1,200

Office or Model Apartment Rent

Management Fee 10,920

Manager or Superintendent Salaries 9,360

Manager or Superintendent Rent Free Unit

Legal Expenses (Project) 200

Auditing Expenses (Project) 4,100

Bookkeeping Fees/Accounting Services 1,512

Telephone and Answering Service 2,488

Bad Debts

Other Administrative Expenses (specify):

Mileage Training and Computer expense1,330

SUBTOTAL 31,610

Utilities Expense

Fuel Oil

Electricity (Light and Misc. Power) 7,200

Water 3,575

Gas

Sewer 2,925

SUBTOTAL 13,700

Operating and Maintenance Expenses

Janitor and Cleaning Payroll

Janitor and Cleaning Supplies 250

Janitor and Cleaning Contract

Exterminating Payroll/Contract 715

Exterminating SuppliesGarbage and Trash Removal 1,235

Security Payroll/Contract

Grounds Payroll

Grounds Supplies 450

Grounds Contract 3,600

Repairs Payroll

Repairs Material 1,000

Repairs Contract 7,800

Elevator Maintenance/Contract

Heating/Cooling Repairs and Maintenance 500

Swimming Pool Maintenance/Contract

Snow RemovalDecorating Payroll/Contract 300

Decorating Supplies

Other (specify):

Miscellaneous Operating & Maintenance Expenses

SUBTOTAL 15,850

Taxes and Insurance

Real Estate Taxes 25,000

Payroll Taxes (FICA) 1,933


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Miscellaneous Taxes, Licenses and Permits 400

Property and Liability Insurance (Hazard) 12,789

Fidelity Bond Insurance 175

Workmen's Compensation 235

Health Insurance and Other Employee Benefits

Other Insurance:

City of Greensboro Storm Water Fee357

SUBTOTAL 40,889Supportive Service Expenses

Service Coordinator

Service Supplies

Tenant Association Funds

Other Expenses (specify):

SUBTOTAL 0

Reserves

Replacement Reserves 6,000

SUBTOTAL 6,000

TOTAL OPERATING EXPENSES 108,049

ADJUSTED TOTAL OPERATING EXPENSES(Does not include taxes, reserves and resident support services) * 77,049

TOTAL UNITS(from total units in the Unit Mix section)

24

PER UNIT PER YEAR 3,210


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24/25

MINIMUM REQUIRED SET ASIDES (No Points Awarded):

Minimum Set-Asides

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: NoTax 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: NoTax 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 belowthirty 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%) ofcounty median income.

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


25/25

PLEASE indicate which of the following exhibits are attached to your application. Others may be required as noted.

Full Application Checklist

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 Mapshowing 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 orphotocopies)

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 x36 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 projectsinvolving 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 governmentfunds). For Rehabs with existing loans provide 1) copies of loan documents, 2) current loan balances from existing lenderswith 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 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.

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

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

Download - Life House of Greensboro

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