hotel kinston

8/6/2019 Hotel Kinston

1/33

Is project in Qualified Census Tract & Difficult to Develop area?

Does a community revitalization plan exist?

Print Preview - Final Application

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

Project Name and Location

Project Name: Hotel Kinston

Address: 503 N. Queen Street

City: Kinston County: Lenoir Zip: 28501

Census Tract: 107 Block Group: 001

Yes

Yes

Political Jurisdiction: City of Kinston

Jurisdiction CEO Name: First: Last:Johnnie Mosley Title: Mayor

Jurisdiction Address: PO Box 339

Jurisdiction City: Kinston Zip: 28502

Jurisdiction Phone: (252)939-3115

Site Latitude: 35.2657

Site Longitude: -77.5811

Page 1 of 33Print - APP04-0135

1/14/2005https://www.nchfa.org/Rental/RTCApp/(vfmxhey25ngb3j45ibt4w245)/site/PrintApp.aspx?...


2/33

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 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:

Target Population: Elderly (RHS/HUD)

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

Project Description

Project Type:* New Construction Rehab Adaptive Reuse

No

Yes

3838

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

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

Remarks:




3/33

Applicant Information

Applicant Name: Landmark Asset Services, Inc.

Address: 406 East Fourth Street

City: State: NC Zip:Winston Salem 27101

Contact: First: Last: Title:Jim Sari V.P.

Telephone: (336)722-9871

Alt Phone: (800)809-4693

Fax: (336)722-3603

Email Address: [email protected]




4/33

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

.52 .52

No

Yes

Hotel Kinston is a 48 unit S. 8 project that typically runs 80 - 85% occupancy. As of 5/10/04, therewere 38 of 48 units occupied. In accordance with the uniform relocation act, appropriate notice ofthe potential sale will be given to all tenants and a temporary relocation budget will be established.No more units will be leased until the NCHFA awards are published, so no permanent relocation willbe required.

Yes

No

Yes

No




5/33




6/33


7/33

Present zoning classification of the site:

Is mutifamily 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

B-2

Yes

No

Yes

Project will utilize historic tax credit equity. Building is already listed on the National Register so only

approval of building plans (Pt II) will be required. Sponsor has significant experience in NPSrehabilitation work.

Yes

see enviromental reports and remediation budget.




8/33


9/33

The Median Income for Lenoir county is $45,200.

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 1 650 29 2 411 90 0 501

Gdn Apt 2 950 9 1 411 130 0 541

Utilites included in rents: Water/Sewer Electric Gas Other trash


# Units#Units

MonthlyRent

UtilityAllowance

MandatoryServ. Fees

**TotalHousing Exp.

Utilites included in rents: Water/Sewer Electric Gas Other


# Units#Units

MonthlyRent

UtilityAllowance

MandatoryServ. Fees

**TotalHousing Exp.

Utilites included in rents: Water/Sewer Electric Gas Other

AllUnits

Units

Gross MonthlyRental Income

Low Income....... 38 3 15618

Market Rate.......

Totals............... 38 3 15618

Proposed number of residential buildings: 1 Maximum number of stories in buildings: 11

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): 1,0501,050

Elevators -- Number of Elevators:Number of Elevators: 11

Gross Floor Square Footage: 47,843

Total Net Sq. Ft. (All Heated Areas): 47,464

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




10/33

Specify Low Income Unit Targeting in table below. List each applicable targeting combination in a separate row below. Click [Add] to createanother 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 12 targeted at 50 percent of median income.




38




11/33

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 2,987,247 0.00 20 20Local Gov. Loan - Specify:

RD 515 Loan

RD 538 Loan - Specify:

AHP Loan

Other Loan 1 - Specify:



Tax Exempt Bonds

State Tax Credit(Loan) 0 30 30 0

State Tax Credit(Direct Refund)

Equity: Federal LIHTC 739,926

Non-Repayable Grant

Equity: Historic Tax Credits 1,071,236

Deferred Developer Fees

Owner Investment

Other - Specify:

Total Sources** 4,798,409

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

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

76




12/33

RPP Loan

Year:Amt:

1

26402

2

25891

3

25313

4

24663

5

23937

6

23131

7

22240

8

21258

9

20181

10

19004

Year:Amt:

11

17719

12

16322

13

14806

14

13164

15

11389

16

9475

17

7413

18

5194

19

2812

20

257




13/33

Development Costs

Item Cost Element TOTAL COSTEligible Basis

30% PV 70% PV

1 Purchase of Buildings (Rehab) 695,000 695,000

2 Demolition 50,000 50,000

3 On-site Improvements 100,000 100,000

4 Rehabilitation 2,280,000 2,210,000

5 Construction of New Building(s)

6 Accessory Building(s)

7 General Requirements 142,800 138,500

8 Contractor Overhead 50,400 48,900

9 Contractor Profit 151,300 146,750

10 Construction Contingency 166,470 161,476

11 Architect's Fee - Design 76,000 76,000

12 Architect's Fee - Inspection 19,000 19,000

SUBTOTAL (lines 1 through 12) 3,730,970

13 Construction Insurance (prorate) 4,000 4,000

14 Construction Loan Orig. Fee (prorate) 30,000 30,000

15 Construction Loan Interest (prorate) 100,000 100,000

16 Construction Loan Credit Enhancement (prorate) 40,000 40,000

17 Construction Period Taxes (prorate) 25,000 25,000

18 Water, Sewer and Impact Fees

19 Survey 8,000 8,000

20 Property Appraisal 8,000 8,000

21 Environmental Report 8,000 8,000

22 Market Study 5,040 5,040

23 Bond Costs (specify)

24 Cost of Issuance

25 Placement Fee

26 Permanent Loan Origination Fee

27 Permanent Loan Credit Enhancement

28 Title and Recording 12,000

SUBTOTAL (lines 13 through 28) 240,040

29 Real Estate Attorney 30,000 30,000

30 Other Attorney's Fees 8,000 8,000

31 Tax Credit App Fees 26,078 26,078

32 Accounting 12,000 12,000

33 Tax Opinion 5,000

34 Organizational (Partnership) 5,000

35 Tax Credit Monitoring Fee 19,000


36 Furnishings and Equipment 25,000 25,000

37 Relocation Expenses 22,800 22,800

38 Developer's Fee (max 15% lines 2-36, less 8 & 9) 500,000 465,600

39 Acquisition Development Fee

40 Other Basis Expense (specify)

41 Rent-up Expenses 20,000

42 Other Non-basis Expense (specify)

43 Other Non-basis Expense (specify)


44 Rent up Reserve 11,400




14/33

Comments:

45 Operating Reserve 88,121

46 HAP contract Lag Payment Reserve

47 Other Reserve (specify)

48 DEVELOPMENT COST (lines 1-47) 4,743,409 695,000 3,768,144

49 Less Federal Financing

50 Less Disproportionate Standard

51 Less Nonqualified Nonrecourse Financing

52 Less Historic Tax Credit (residential) 752,748 752,748

53 TOTAL ELIGIBLE BASIS 3,710,396 695,000 3,015,396

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

55 Basis Before Boost 3,710,396 695,000 3,015,396

56 Boost for QCT/DDA (if applicable, enter 130%) 100.00% 130.00%

57 TOTAL QUALIFIED BASIS 4,615,014 695,000 3,920,014

58 Tax Credit Rate 3.39% 7.91%

59 Federal Tax Credits at Estimated Rate 333,633 23,560 310,073

60 Federal Tax Credits at 8.5% or 3.75% 359,263 26,062 333,201

61 Federal Tax Credits Requested 100,000 0 100,000

62 Land Cost 55,000

63 TOTAL REPLACEMENT COST 4,798,409

The MAXIMUM amount of credits the Agency will reserve for this project is $100,000




15/33

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 (check all that apply):

Onsite Activities:

Landscaping Plans:

Market Study Information

located on the national register of historic places, the hotel kinston is the only skyscraper in townand it dominates the downtown skyline. the project consists of a total rehabilitation of an out of dateHUD deal that currently consists of 48 units. The units today consist of 1 or 2 joined hotel rooms thatlimit the unit sizes to approximately 200 - 400sf each. the rehab plan calls for the creation of 38units, 29 -1br's & 9 - 2br's which are of normal sizing, averaging 650sf and 950sf respectively. the 10

unit loss will eliminate the efficiency units only, which were the 200sf units. the project is beingpurchased from the kinston housing authority and recently failed a HUD inspection (34 of 41 unitsfailed). HUD recommends reconfiguration in that letter. The sponsor is also applying for rehab taxcredits for a similar project in Wilmington. The project will retain its HUD project based rentalassistance and will benefit from historic tax credit equity.

This renovation restores the granduer to the former hotel, restoring the ornate detail, prevelant in1920's hotel design. some of the detail includes molded plaster, wrought iron stairways, glasschandeliers, and large leaded glass windows.

Yes

landmark has completed several dozen rehab/adaptive reuse projects throughout the southeast.please see our website at www.landmarkdevelopment.biz for complete detail.

Community Bldg - Sq Ft: Community Room - Sq Ft: 1,050 Garages - Number:

Laundry Rm Screened Porch Resident Computer Center Exam Rm Reading Rm/Library

Game/Craft Rm Exercise Rm TV Rm Beauty Salon Vending Rm

Chapel/Prayer Rm Picnic Area Onsite Leasing Office Onsite Mgr Onsite Maint. Person

Irrigated Lawns Security Gate Car Care Area Storage Units Gazebos

Walking Trails Garden Spots Basketball/Tennis Court Playground Ball Field

Pool Fitness Stations Horseshoe Pit Shuffleboard Covered Drive Thru

the project will share a vista volunteer with the other are Landmark properties. This volunteercoordinates a plethora of activities for residents including meals, transportation, medical screening,computer training and many others.

see architectural plans.




16/33


17/33

Briefly describe your site in each of the following categories:

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

Applicant's Site Evaluation

NEIGHBORHOOD CHARACTERISTICS

Physical condition of buildings and improvements. Trend and direction of real estate developmentrelative to the project. Area economic health (degree of decline or investment). Concentration of

affordable housing.located on the "main" street in Kinston (Queen). Revitalization of area underway, including NCHFAapproved Nantucket Lofts, a $4.8 mil adaptive reuse mixed use project. Walking distance to manycommercial and employment activities in Kinston's business district. Herritage street, one block over,is showing significant improvements. Investment on the rise in accordance with the ThemedDevelopment Plan for downtown Kinston dated 7.14.01. There is a highrise PHA development nextdoor, but this plan actually reduces concentration by nine units and substantially improves theexisting, obsolete affordable on site product.

Suitability of surrounding development. Land use pattern is primarily residential (single andmultifamily housing) with a balance of other uses (particularly retail and amenities). Amount andcharacter of vacant, undeveloped land. Effect of industrial, large-scale institutional or otherincompatible uses: wastewater treatment facilities, high traffic corridors, junkyards, prisions, landfills,large swamps, distribution facilities, frequently used railroad tracks, power transmission lines andtowers, factories or similar operations, sources of excessive noise, and sites with environmentalconcerns (such as odors or pollution).

The subject site is located on Queen Street, in the heart of the central business district. There aremultifamily & single family units to the rear and left of the development, retail and poublic facilitiesacross from the site. There are over 50 services within a one mile radius of the site, with the majoritywithin 1/2 mile. There are no significant incompatible uses.

SITE SUITABILITY

Adequacy of street(s) and/or access road(s) serving the proposed project and traffic controls (lights,stop signs, turning lanes). Access to mass transit (if applicable).Adequate access and frontage. Mass transit out front door.

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.no negative features.

Similarity of scale and aesthetics/architecture between project and surroundings.highest building in town. In scale with neighboring Kinston Towers project. The finest real estate incity.




18/33

Other facilities or services:

Grocery Store.3 Community/Senior Center.5

Mall/Strip Center.2 Hospital1.5

Outdoor Athletic Fields.5 Pharmacy.2

Day Care/After School.5 Basic Health Care

Schools1 Medical Offices.5

Public Transportation Stop.2 Bank/Credit Union.1

Convenience Store.2 Restaurants.2

Basketball/Tennis Courts.5 Professional Services.2

Public Parks.5 Movie Theater

Gas Station.3 Video Rental.2

Library.1 Public Safety (Fire/Police).7

Fitness/Nature Trails.5 Post Office.5

Public Swimming Pools1

located in the middle of everything.




19/33


20/33

DevelopmentList number low-income/tax credit housing projects and units developed, operated, and maintained in compliance by the principal(s) betweenDecember 1, 1996 and January 1, 2003:

ManagementList number of low-income housing tax credit units managed in the past 10 years:

Has any owner, principal, or management agent been debarred or received a limited denial participation in the past 10 years by any federal or

state agency?

Has any owner, principal, or management agent been involved in a bankruptcy, an adverse fair housing settlement, an adverse civil rights

settlement, or an adverse federal or state government proceeding and settlement in the past 10 years?

Has any owner or principal been in a mortgage default or delinquency of three months or more within the last 5 years on a FHA-insuredproject, a Rural Development funded rental project, a tax-exempt funded mortgage, a tax credit project, or any other publicly subsidized

project?

Has any owner or principal been involved within the last 10 years in a project which previously received an allocation of tax credits but failed tomeet compliance standards of the tax credit allocation, including return of a reservation of tax credits to the Agency after the carryover

agreement has been signed?

Has any owner or principal had a Form 8823 filed with the IRS for noncompliance on a project using low-income housing tax credits or

received a letter of non-compliance from the Agency?

Project Team Experience

North Carolina Other States

Projects: 9 6

Units: 320 113

North Carolina Other States

Projects: 12 13

Units: 462 380

No

No

No

No

No




21/33

Financing Commitments

Does the project have a firm commitment for construction financing? Yes

Does the project have a letter of intent for private permenant financing? No

Does the project have a firm commitment for government financing? No

Does the project have a letter of intent from an investor? Yes

Is any portion of the eligible basis of new contruction or rehabilitation financed with federal subsidies other than CDBG funds or fundsfrom the HOME program? No

If yes, indicate the type and amount below:

Tax Exempt Financing: $

RD 515 Financing: $

Hope VI Financing: $

Other: $

If Other, specify the type of Federal subsidy:




22/33

Project Operations (Year One)

Projected Operating Costs

Administrative Expenses

Advertising 600

Office Salaries 0

Office Supplies 1,200

Office or Model Apartment Rent 0

Management Fee 18,240

Manager or Superintendent Salaries 13,000

Manager or Superintendent Rent Free Unit 0

Legal Expenses (Project) 600

Auditing Expenses (Project) 3,600

Bookkeeping Fees/Accounting Services 3,600

Telephone and Answering Service 2,400

Bad Debts 1,900

Other Administrative Expenses (specify):

misc office900

SUBTOTAL 46,040

Utilities ExpenseFuel Oil 0

Electricity (Light and Misc. Power) 12,000

Water 2,400

Gas 0

Sewer 2,800

SUBTOTAL 17,200

Operating and Maintenance Expenses

Janitor and Cleaning Payroll 3,600

Janitor and Cleaning Supplies 600

Janitor and Cleaning Contract 0

Exterminating Payroll/Contract 1,200

Exterminating Supplies 0

Garbage and Trash Removal 2,400

Security Payroll/Contract 0

Grounds Payroll 0

Grounds Supplies 1,200

Grounds Contract 2,400

Repairs Payroll 10,400

Repairs Material 2,400

Repairs Contract 3,600

Elevator Maintenance/Contract 3,000

Heating/Cooling Repairs and Maintenance 1,200

Swimming Pool Maintenance/Contract 0

Snow Removal 0

Decorating Payroll/Contract 2,400

Decorating Supplies 800

Other (specify):900

Miscellaneous Operating & Maintenance Expenses 0

SUBTOTAL 36,100

Taxes and Insurance

Real Estate Taxes 18,000

Payroll Taxes (FICA) 2,500

Miscellaneous Taxes, Licenses and Permits 900




23/33

Property and Liability Insurance (Hazard) 12,000

Fidelity Bond Insurance 200

Workmen's Compensation 1,200

Health Insurance and Other Employee Benefits 0

Other Insurance:0

SUBTOTAL 34,800

Supportive Service Expenses

Service Coordinator 1,800

Service Supplies 600

Tenant Association Funds 0

Other Expenses (specify):0

SUBTOTAL 2,400

Reserves

Replacement Reserves 13,300

SUBTOTAL 13,300

TOTAL OPERATING EXPENSES 149,840

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

116,140

TOTAL UNITS(from total units in the Unit Mix section) 38

PER UNIT PER YEAR 3,056




24/33


25/33


26/33

This is a detailed breakdown of rehabilitation or construction costs you summarized in the Development Costs table (Rehabilitation andConstruction of New Building(s)). The total should match those roll-up values.

Costs - Construction

ITEM LABOR MATERIAL TOTAL

Concrete Footings 0

Backfill-slab, Crawl 0

Slab-concrete/Rebar/Gravel 0

Waterproofing 0

Masonry Foundation 0

Brick Veneer 30,000 30,000 60,000

Steel/Structure/Rails 0

Framing/Lumber/Nails 100,000 100,000 200,000

Trusses 0

Crane Rental 0

Windows/Grilles/Screen 90,000 60,000 150,000Exterior Doors 7,000 13,000 20,000

Roofing 85,000 85,000 170,000

Fencing 0

Vinyl Siding/Trim/Box 0

Gutters/Shutters 0

Insulation 20,000 20,000 40,000

Drywall 120,000 120,000 240,000

Interior Doors 5,000 15,000 20,000

Int. & Final/Stair/Trim/Shelves 35,000 35,000 70,000

Cabinets & Tops 15,000 45,000 60,000

Painting 80,000 40,000 120,000

Marble - Tub/Shwr/Tops 0

Plumbing 110,000 110,000 220,000

Electrical 135,000 135,000 270,000

Heating/Air Conditioning 100,000 100,000 200,000

Floor Covering and Underlayment 30,000 50,000 80,000

Wall Paper 0

Mailboxes/Special Features/Signage 2,000 8,000 10,000

Gypcrete 0

Blinds/Shades/Art Work 0

Light Fixtures/Fans 0

Sprinkler System 60,000 60,000 120,000

Security Alarm 0

Hardwood Floors 0

Elevator 60,000 60,000 120,000

Ceramic Tiles 0

Acoustical Ceilings 0




27/33


28/33

This is a detailed breakdown of the General Requirements cost element you summarized in the Development Costs table (GeneralRequirements). The total should match that roll-up value.

Remarks:

Costs - General

ITEM TOTAL

Supervision 80,000

Job Site Office/Trailer Rental 12,000

Office Supplies 4,000

Security/Watchman

Project Signage 2,000

Tools and Equipment 6,000

Gas, Oil, and Maintenance 6,000

Temporary Water, Electric, and Telephone 14,000

Storage/Hauling 4,000

Driveway Access Permit

Porta-John Rental/Dumping 4,000Builders Risk Insurance 8,000

Re-inspection Fees

Extra Plans and Specifications 2,800

Miscellaneous, Casual Labor

Equipment Rental

Other 1 (specify in Remarks)


Total Cost 142,800




29/33

This is a detailed breakdown of the Site Improvements cost element you summarized in the Development Costs table (On-siteImprovements). The total should match that roll-up value.

Remarks:

Costs - Improvements

ITEM TOTAL

Subsurface Explorat ion/Perk Testing/Site Engineering 3,000

Clearing/Grading/Final Grading/Excess and Borrow 15,000

Demolition

Earthwork/Excavation/Aerating 10,000

Soil Treatment

Pile Foundations

Caissons

Shoring/Bracing

Site Drainage

Site Utilities/Site Lighting 20,000

Paving and Surfacing/Curb and Gutter 15,000Walkways 10,000

Site Signage 2,000

Parking Lot Painting

Dumpster Pads/Fencing 5,000

Fencing/Gates

Landscaping/Topsoil 20,000

Rock and Hardpan Excavation

Site Supervision Personnel

Other (specify in Remarks)

Total Cost 100,000




30/33

This is a detailed breakdown of the Bond Costs cost element you summarized in the Development Costs table (Bond Costs). The totalshould match that roll-up value.

Remarks:

Costs - Bond Costs

ITEM TOTAL

Letter of Credit Fee

Credit Enhancement

Underwriter Discount

Capital Interest Fund



Total Cost 0




31/33

This is a detailed breakdown of the Bond Issuance cost element you summarized in the Development Costs table (Cost of Issuance). Thetotal should match that roll-up value.

Remarks:

Costs - Bond Issuance

ITEM TOTAL

Bond Counsel

Issuer Counsel

Credit Enhancement/LOC Counsel

Underwriter Counsel

Developer's Counsel

Rating Agency Fee

Printing

Trustee Fee

Trustee Counsel

Issuer's Fee

Other 1 (specify in Remarks)Other 2 (specify in Remarks)


Total Cost 0




32/33


33/33

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

C Ownership Entity Agreement, Development Agreement or any other agreements governing development services

D Management Agent Agreement

E Development and manager multi-family experience & Management Questionnaire (Appendix C)

F Letters from State Housing Agencies or designated monitoring agent verifying Out of State Management Experience

G Completed IRS Form 8821 (Appendix I)

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

I Local Government Letter or Letter from Certified Engineer or Land Surveyor Confirming Floodplain Designation with Mapshowing 100 year and 500 year floodplain (original on letterhead, no fax or photocopies)

J Local Government Letter Confirming Zoning (original on letterhead, no fax or photocopies)

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

L Site plan, floor plans and elevations

M Hazard and structural inspection and termite reports (Renovation projects only)

N Anticipated budget demonstrating how the project would meet the 10% test by November 14th.

O Evidence of Architect's Errors and Omissions insurance (or equivalent).

P Description of acquisition for existing/occupied projects or for projects with occupied buildings to be demolished.

Q Description of proposed Relocation Plan & Relocation Budget, Etc. If any relocation is anticipated, reference Appendix F.

R Targeting Plan and supporting documentation (Required for all projects)

S Local Housing Authority Agreement (Reference Model in Appendix I)

T Appraisal (for land costs greater than $5,000 and for buildings in rehab projects)

U Evidence of Permanent Loan Commitment, other sources of funds, and project-based subsidies.

V Statement regarding terms of Deferred Developer Fee and, if nonprofit, resolution of Board approving fee.

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

X Documentation to support estimated utility costs.


hotel kinston

Documents