south oak crossing

8/6/2019 South Oak Crossing

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

Does a community revitalization plan exist?

Print Preview - Full Application

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

Project Name and Location

Project Name: South Oak Crossing

Address: 7501 Old Pineville Road

City: Charlotte County: Mecklenburg Zip: 28217

Census Tract: 58.06 Block Group: 1

No

No

Political Jurisdiction: City of CharlotteJurisdiction CEO Name: First: Last:Patrick McCrory Title: Mayor

Jurisdiction Address: 600 East Fourth Street

Jurisdiction City: Charlotte Zip: 28202

Jurisdiction Phone: (704)339-7600

Site Latitude: 35.1394

Site Longitude: -80.8832



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: and number of units:and number of units:

Target Population: Family

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

Project Description

Project Type:* New Construction Rehab Adaptive Reuse

No

No

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

Number of Units: 1010

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

Number of Units: 2020Remarks: A partnership will be developed with Community Link to act as the local lead agency in the same

manner that Community Link is the local lead agency at Tyvola Crossing, another project developedby CMHP with a 2003 tax credit award.

Will the project use steel and concrete construction and have at least 4 stories?

Will the project include a Community Service Facility under Section 42(d)(4)(c)(iii) of the code?

No

No

If yes, please describe:



Applicant Information

Applicant Name: Charlotte-Mecklenburg Housing Partnership, Inc.

Address: 1201 Greenwood Cliff, Suite 300

City: State: NC Zip:Charlotte 28204

Contact: First: Last: Title:Patricia Garrett President

Telephone: (704)342-0933

Alt Phone:

Fax: (704)342-2745

Email Address: [email protected]

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



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

9.8 8.8

The site has a protected wetlands area that will not be disturbed and will be maintained according toCode and the requirements of the Corps of Engineers.

No

No

Yes

No



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

If yes provide:

Purchase Date: Purchase Price:

If no:

Site Control

Yes

7/29/2002 480,000

(a) Does the owner/principal or ownership entity have valid option/contract to purchase the property?

(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:

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

(D) Enter Purchase Price:



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

UR2-CD

Yes

No

No

Yes

The site has a protected wetlands area that will not be disturbed and will be maintained according toCode.



Ownership Entity

Owner Name: South Oak Crossing, LLC

Address: 1201 Greenwood Cliff Suite 300

City: State: NC Zip:Charlotte 28204

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

Federal Tax ID Number of Managing GP or Member: (If Not Assigned)36-4581147

Entity Type: Limited Liability Company

Entity Status: Already 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? No

Is the applicant requesting that the Agency treat the application as a Hope VI project? Yes

Does the ownership entity include a public housing authority (PHA) or a related entity of thePHA as a partner, member, or principal?

No

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

Org: Charlotte-Mecklenburg Housing Partnership, Inc.

First Name: Patricia Last Name: Garrett Function: Managing Member

Address: 1201 Greenwood Cliff Suite 300

City: Charlotte State: NC Zip: 28204

Phone: (704)342-0933 Fax: (704)342-2745

EMail: [email protected] Nonprofit: Yes



Notes

** 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.



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 %

2 10 targeted at 30 percent of median income




100



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 Amortization

Funding Sources

Source AmountNon-

Amortizing*Rate(%)

Term(Years)

Amort.Period(Years)

AnnualDebt

Service

Bank Loan

RPP Loan

Local Gov. Loan - Specify:City of Charlotte Housing TrustFund

3,767,300 1.00 40 40

RD 515 Loan

RD 538 Loan - Specify:

AHP Loan

Other Loan 1 - Specify:Charlotte Housing Authority HOPEVI

1,500,000 1.00 40 40

Other Loan 2 - Specify:

Other Loan 3 - Specify:

Tax Exempt Bonds 9,121,713 5.80 40 40 587,076

State Tax Credit(Loan) 0 30 30 0

State Tax Credit(Direct Refund)

Equity: Federal LIHTC 2,244,273

Non-Repayable Grant

Equity: Historic Tax Credits

Deferred Developer Fees

Owner Investment 811,415 Other - Specify:

Total Sources** 17,444,701

* "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.

85

All debt will be subordinate to the Bonds and HUD will require a Deed of Trust Rider statingthat all subordinate debt is payable only from surplus cash.



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

Local Gov. Loan - City of Charlotte Housing Trust Fund

Year:Amt:

1

37673

2

37673

3

37673

4

37673

5

37673

6

37673

7

37673

8

37673

9

37673

10

37673

Year:Amt:

11

37673

12

37673

13

37673

14

37673

15

37673

16

37673

17

37673

18

37673

19

37673

20

37673

Other Loan 1 - Charlotte Housing Authority HOPE VI

Year:Amt:

1

15000

2

15000

3

15000

4

15000

5

15000

6

15000

7

15000

8

15000

9

15000

10

15000

Year:Amt:

11

15000

12

15000

13

15000

14

15000

15

15000

16

15000

17

15000

18

15000

19

15000

20

15000



Development Costs

Item Cost Element TOTAL COSTEligible Basis

30% PV 70% PV

1 Purchase of Building(s) (Rehab / Adaptive Reuse) 0 0

2 Demolition (Rehab / Adaptive Reuse only) 0 0

3 On-site Improvements 1,344,000 1,209,6004 Rehabilitation 0 0

5 Construction of New Building(s) 9,320,000 9,320,000

6 Accessory Building(s) 0 0

7 General Requirements 576,000 576,000

8 Contractor Overhead 207,000 207,000

9 Contractor Profit 778,000 778,000

10 Construction Contingency 327,000 327,000

11 Architect's Fee - Design 50,000 50,000

12 Architect's Fee - Inspection 150,000 150,000

SUBTOTAL (lines 1 through 12) 12,752,000

13 Construction Insurance (prorate) 40,000 36,000

14 Construction Loan Orig. Fee (prorate) 0 015 Construction Loan Interest (prorate) 643,000 578,700

16 Construction Loan Credit Enhancement (prorate) 0 0

17 Construction Period Taxes (prorate) 35,000 31,500

18 Water, Sewer and Impact Fees 98,000 98,000

19 Survey 12,000 12,000

20 Property Appraisal 12,000 12,000

21 Environmental Report 9,000 9,000

22 Market Study 10,200 10,200

23 Bond Costs 250,000

24 Bond Issuance Costs 290,000

25 Placement Fee 0

26 Permanent Loan Origination Fee 027 Permanent Loan Credit Enhancement 0

28 Title and Recording 15,000


29 Real Estate Attorney 20,000 0

30 Other Attorney's Fees 40,000 40,000

31 Tax Credit Application Fees (Preliminary and Full) 2,120

32 Tax Credit Allocation Fee (0.52% of l ine 58, minimum $7,500) 40,381

33 Cost Certification / Accounting Fees 50,000 50,000

34 Tax Opinion 15,000

35 Organizational (Partnership) 10,000

36 Tax Credit Monitoring Fee 96,000

SUBTOTAL (lines 29 through 36) 273,50137 Furnishings and Equipment 120,000 120,000

38 Relocation Expense 0 0

39 Developer's Fee 1,296,000 1,296,000

40 Other Basis Expense (specify) 0 0

41 Other Basis Expense (specify) 0 0

42 Rent-up Expense 0

43 Other Non-basis Expense (specify) 0

44 Other Non-basis Expense (specify) 0




Comments:

45 Rent up Reserve 0

46 Operating Reserve 700,000

47 HUD Working Capital 189,000

48 HUD Operating Deficit Reserve 220,000

49 DEVELOPMENT COST (lines 1-48) 16,964,701 14,911,000 0

50 Less Federal Financing 0

51 Less Disproportionate Standard 052 Less Nonqualified Nonrecourse Financing 0

53 Less Historic Tax Credit (residential) 0 0

54 TOTAL ELIGIBLE BASIS 14,911,000 14,911,000 0

55 Applicable Fraction (percentage of LI Units) 52.08% 52.08% 52.08%

56 Basis Before Boost 7,765,648 7,765,648 0

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

58 TOTAL QUALIFIED BASIS 7,765,648 7,765,648 0

59 Tax Credit Rate 3.40 7.95

60 Federal Tax Credits at Estimated Rate 264,032 264,032 0

61 Federal Tax Credits at 8.5% or 3.75% 291,211 291,211 0

62 Federal Tax Credits Requested 0

63 Land Cost 480,00064 TOTAL REPLACEMENT COST 17,444,701



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):

Market Study Information

South Oak Crossing (“South Oak”) is a proposed 200 unit mixed-income family apartmentcommunity to be constructed on vacant undeveloped land owned by Charlotte-MecklenburgHousing Partnership. The site address is 7501 Old Pineville Road, Charlotte, North Carolina.

The site has good accessibility to major thoroughfares, employment schools, shopping, publictransportation and other services and will be within ¼ to ½ mile from the planned Arrowood Stationlight rail stop. Approximately 10% of the units will be set aside for HOPE VI replacement housing,100 units will be affordable to 60% AMI and the remainder will be unrestricted market rate units.There will be a variety of financing sources used during construction including City of CharlotteHousing Trust Fund, HOPE VI and Federal Low Income Housing Tax Credit equity. CMHP will alsorequest funding from Neighborhood Reinvestment and will provide a loan or equity to the project ifnecessary. The primary source of funding will be tax exempt bonds with credit enhancementprovided by HUD’s 221(d)(4) program. The site was successfully rezoned from R-15 MF (CD) toUR-2(CD).

Total development costs for South Oak Crossing will be approximately $89,000 per unit. Thenumber of units per acre has not been determined. The 2 bedroom units will be 925 square feet and3 bedroom units will be 1162 square feet. There will also be a separate club house/leasing office onsite. Site amenities will include a tot lot, playground, picnic area, bike racks, bus shelter, TV room,business center with high speed internet access available for each unit and in the business center.

South Oak will be one of the first affordable housing developments to be constructed adjacent to thenew Charlotte light rail corridor and CMHP has worked closely with the City of Charlotte PlanningDepartment and others to ensure that the site is consistent with the recently adopted Transit StationArea Principles. The Principles focus on the land use, mobility and design of development within ½mile of each station and encourage a mixture of housing types and the development of workforcehousing. The Principles also encourage higher densities for development and concentrating thosehigher densities closest to the transit stations, with 20 dwellings per acre within a ¼ mile and 15dwellings per acre within a ½ mile of the transit station. Being within ½ mile of the Arrowood Stationprovides an opportunity to create a model for future mixed-income residential developments alongtransit corridors. The development will be designed to make it convenient for our residents to takefull advantage of the benefits of mass transit and other nearby Amenities.

Security fencing around the perimeter of the property where needed.

Yes

Rivermere Apartments (AKA, Rocky Branch II) 3404 Dunns Common Parkway, Charlotte NC

Community Bldg

Ft: 3,378

Community Room

Ft: 735

Garages

Number:

Resident Garden Plots Playground Tot Lot Basketball Court Volleyball Court



Onsite Activities:

Landscaping Plans:

Interior Apartment Amenities (check all that apply):

Flooring: Carpet Vinyl Wood Wood Parquet Ceramic Tile Other

Heating/Cooling: Central Air Gas Heat Heat Pump Electric Pump

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.

Walking Trails Fitness Stations Gazebo/ArborPicnic Area with

Tables/GrillesHorseshoe Pit

ShuffleboardCar Care Area with

VacuumFenced Ball Field Swimming Pool

Covered Drive-hrough at Entry

Flag Pole Sitting AreaCovered Drop off at

EntryLarge Fountain Tennis Court

Irrigated LawnsGarages/Covered

ParkingBike Racks Bus Shelter Game/Craft Room

Screened Porch Sunroom with Chairs Exercise Room Exam RoomReading

Room/Library

Resident ComputerCenter

TV room Beauty Salon Vending AreaStorage for Elderly

Projects

Providing High-SpeedInternet Access

Community ServiceFacility

On-site activities will take place in the Community Building which will include a TV and a business

center furnished with new computers and a printer with free high-speed internet access available toall residents. The property will host at least two community wide parties per year. The communitybuilding will also be available to be reserved by residents for birthday parties and other events in theevening and on weekends.

The site will be attractively landscaped in a similar fashion to the developer's other tax credit sites.

Range Hood Dishwasher Disposal Refrigerator (frost free) Storage interior/exterior

W/D Hookups Mini-blinds Pantry Ceiling fans Walk-in closets

Yes



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 trend of residential development in the area continues and will be affected positively by theintroduction of light rail in the area. The coming light rail amenity will only serve to make theproposed development more attractive to potential renters not currently residing in the market.

The second apparent trend within the market is the growth of the Latino community. This market isthe second largest concentration of Latinos in the City limits. CMHP has devoted a significantamount of time meeting with Latinos in the area to determine how the proposed development canbest serve this population. Our research will ultimately result in a development with among otherthings more three bedrooms than the surrounding residential rental developments, security fencingwere needed and at least one Spanish speaking property management employee.

The site is an area with other affordable rental but a great deal of the affordable rental in the area isolder and lack an adequate amount of three bedroom units and amenities. Of the 26 apartmentcommunities in the defined market (i.e., Southwest-2 as defined by the Charlotte ApartmentAssociation) only 6 were built within the last 15 years. This is during a period of time of populationgrowth and demographic change in the area. The primary change being in the increasing number ofLatino families. The South Boulevard corridor is the second largest concentration of Latino’s in theCity of Charlotte. Commonly these families are larger and this has increased the need for affordablethree bedroom units. The existing market rate and affordable housing in the area does not fully meetthe need in that 10 of the existing developments do not have three bedroom units and 36% of theunits in the market are one bedroom.

The enclosed market study supports the conclusion that the market is not saturated and that leaseup for the proposed number of units will be accomplished within a reasonable period of time aftercompletion.

CMHP has owned and operated the adjoining Shelton Knoll apartments since 1996 and hasexperienced very little vacancy during this period. Shelton Knoll units are smaller and have feweramenities than the proposed development.

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 similaroperations, sources of excessive noise, and sites with environmental concerns (such as odors orpollution). Amount and character of vacant, undeveloped land.



The surrounding development is ideal for the proposed use due to the amenities now in existence asshown in the enclosed amenities maps and the future amenities that will follow transit development.There are no apparent surrounding uses that will conflict with the proposed use. CMHP has spent aconsiderable amount of time meeting with residents of the area and other resources such as lawenforcement assigned to the area to develop a site plan and on-site amenities that will be mostattractive to future tenants. This research and discussion is ongoing and will lead to a site that isvery attractive to the present demographic and fits within the Transit Oriented Developmentrequirements. The land use pattern in the area is a mixture of uses with a predominance ofmultifamily residential. This is primarily due to the demographic nature of the area. This area is

composed of the quintessential “workforce” housing with enough market demand to lease theproposed number of units. It is important to state that the proposed market is essentially 60% of AMIand the rents are set accordingly. The enclosed maps show the balance of uses in the area with ahealthy mixture of residential uses, retail amenities and support services needed to support andenhance the quality of life. Industrial and large scale institutional uses are not a concern in the areaof the proposed site. The most significant large scale institutional use near the site is the adjoiningVictory Christian Church. This use is not incompatible with the proposed use. There is not a largeamount of vacant undeveloped land in the area. Future developments within the TOD overlay willhave to comply with the transit specific development restrictions. The South Oak Crossing site iswithin 3 miles of Carolina Pavilion, the 8th largest Shopping Center in the Charlotte MetropolitanRegion with anchor tenants including Target, Old Navy, AMC Movie Theatre, Kohl’s, BabySuperstore, Sports Authority, Value City Furniture, and Circuit City. Carolina Pavilion is across thestreet from a stop on the proposed South Corridor Light Rail which will have a stop within ½ mile ofSouth Oak Crossing. A resident of South Oak Crossing without access to a car will be able to easilyget to Carolina Pavilion using the light rail line. South Oak Crossing is also within 5 miles of CarolinaPlace Mall, a major regional mall with anchor tenants including Belk, J.C. Penney, Sears, Dillards,and Hechts.

SITE SUITABILITY (MAXIMUM 35 POINTS)

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 is accessible from various major thoroughfares with more than adequate traffic controls andsignage. The addition of the 200 units as proposed will not overtax the public facilities in the area.The proposed development was thoroughly reviewed by City government during the rezoningapproval process. The recommendation by City staff to rezone is based on land use plans adoptedby the elected officials and a study of current development patterns in the vicinity of the request.Planning staff also consults with other City and/or County departments to assess the impact on suchconcerns as transportation, storm water, schools and public amenities. In addition, the applicationfor City of Charlotte trust funds required another level of review of the plans and preliminaryapproval by the Planning department. The site is served by the CATS bus system with the neareststop within ¼ mile of the site. This stop provides access to the Charlotte Transportation Center bybus #10 departing and bus #12 returning at regular intervals. Access to downtown will improve

vastly with the completion of the South light rail line and the new Arrowood Station. ArrowoodStation will be constructed within a ¼ of the site and will be one of 15 stations along the SouthCorridor light rail alignment. The proposed site plan for the station includes a sheltered elevatedpassenger platform, 288 Park and Ride spaces as well as four bus bays. The proposed buildings willbe highly visible from Old Pineville Road. Old Pineville has a high traffic count and may be realignedduring the construction of the light rail corridor. If this realignment occurs site visibility will not beaffected.

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 does contain a designated wetlands area that will have to be protected and preserved asshown on the proposed site plan. It is not anticipated at this time that the wetlands area will be animpediment to construction. The FEMA map (i.e., map #370159 0023B) notes that there are no floodplain areas located on the subject property.

Similarity of scale and aesthetics/architecture between project and surroundings.The proposed development will be larger than the adjoining CMHP-owned Shelton Knoll apartmentsand some of the surrounding apartment communities. Aesthetically it will be much more appealingthan the surrounding developments.



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

Other facilities or services:

Grocery Store0.35 Community/Senior Center1.92

Mall/Strip Center0.1 Hospital3.53

Outdoor Athletic Fields0.85 Pharmacy0.74

Day Care/After School0.31 Basic Health Care0.33

Schools0.54 Medical Offices0.33

Public Transportation Stop0.25 Bank/Credit Union0.23

Convenience Store0.67 Restaurants0.23

Basketball/Tennis Courts0.85 Professional Services0.64

Public Parks0.85 Movie Theater2.22

Gas Station0.31 Video Rental0.3

Library3.38 Public Safety (Fire/Police)1

Fitness/Nature Trails1.72 Post Office0.76

Public Swimming Pools1.92



Development List number low-income/tax credit housing projects and units developed, operated, and maintained in compliance by the principal(s)between December 1, 1997 and January 1, 2004 :

Management List 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 butfailed to meet 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: 5

Units: 271

North Carolina Other States

Projects: 20 61

Units: 1,760 8,628

No

No

No

No

No



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? Yes

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 orfunds from the HOME program?

Yes

If yes, indicate the type and amount below:

Tax Exempt Financing: $

RD 515 Financing: $

Hope VI Financing: $ 1,500,000

Other: $ 3,767,300

If Other, specify the type of Federal subsidy: Source of City funding is a tax exempt bond issuance.



Project Operations (Year One)

Projected Operating Costs

Administrative Expenses

Advertising 10,000

Office Salaries 0

Office Supplies 4,000

Office or Model Apartment Rent 0

Management Fee 84,454

Manager or Superintendent Salaries 100,000

Manager or Superintendent Rent Free Unit 0

Legal Expenses (Project) 3,080

Auditing Expenses (Project) 5,500

Bookkeeping Fees/Accounting Services 2,500

Telephone and Answering Service 13,000

Bad Debts 20,000

Other Administrative Expenses (specify):

Training, software, copier lease, fire monitoring, recreational14,000

SUBTOTAL 256,534

Utilities Expense

Fuel Oil 0

Electricity (Light and Misc. Power) 24,000

Water 36,000

Gas 5,120

Sewer 7,680

SUBTOTAL 72,800

Operating and Maintenance Expenses

Janitor and Cleaning Payroll 0

Janitor and Cleaning Supplies 0

Janitor and Cleaning Contract 2,000

Exterminating Payroll/Contract 1,540

Exterminating Supplies 0Garbage and Trash Removal 1,500

Security Payroll/Contract 770

Grounds Payroll 0

Grounds Supplies 0

Grounds Contract 50,000

Repairs Payroll 70,000

Repairs Material 5,000

Repairs Contract 10,000

Elevator Maintenance/Contract 0

Heating/Cooling Repairs and Maintenance 1,000

Swimming Pool Maintenance/Contract 0

Snow Removal 0Decorating Payroll/Contract 0

Decorating Supplies 0

Other (specify):0

Miscellaneous Operating & Maintenance Expenses 0

SUBTOTAL 141,810

Taxes and Insurance

Real Estate Taxes 128,141

Payroll Taxes (FICA) 15,555



Miscellaneous Taxes, Licenses and Permits 0

Property and Liability Insurance (Hazard) 26,400

Fidelity Bond Insurance 0

Workmen's Compensation 4,800

Health Insurance and Other Employee Benefits 10,000

Other Insurance:

SUBTOTAL 184,896Supportive Service Expenses

Service Coordinator 0

Service Supplies 0

Tenant Association Funds 0

Other Expenses (specify):0

SUBTOTAL 0

Reserves

Replacement Reserves 48,000

SUBTOTAL 48,000

TOTAL OPERATING EXPENSES 704,040

ADJUSTED TOTAL OPERATING EXPENSES (Does not include taxes, reserves and resident support services) * 527,899

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

192

PER UNIT PER YEAR 2,749



Design Features

ITEM DESCRIPTION

Foundation/Slab Components Concrete/Masonry (Reinforced)

Primary Windows Make: Model:Moss or Equal Varies

Type/Construction: Double Pane Insulated Vinyl

Exterior Doors Type: Frames:Metal Clad Insulated Wood

Siding Type: Grade/Thickness:Vinyl & Brick .044 (Vinyl)

Warranty: Limited Lifetime

Exterior Trim Maintenance Free Aluminum Wrap

Shingles Type: Weight:3 Tab Fiberglass 240

Warranty: 25 yr

Sprinkler System Wet System Per Code

Cabinets Marsh or Equal-Solid Frame, Adjustable Shelves

Heat Pump SEER: Make:N/A N/A

Model: N/A

Air Conditioner SEER: Make:11 or Greater Trane or Equal

Model: Varies

Other Heat Systems SEER: Make:11 or Greater Trane or Equal

Model: Varies



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 47,520 50,030 97,550Backfill-slab, Crawl 31,135 7,640 38,775

Slab-concrete/Rebar/Gravel 56,645 419,895 476,540

Waterproofing 34,250 10,200 44,450

Masonry Foundation 22,375 61,750 84,125

Brick Veneer 247,400 218,300 465,700

Steel/Structure/Rails 5,350 30,410 35,760

Framing/Lumber/Nails 990,550 1,009,995 2,000,545

Trusses 41,250 548,200 589,450

Crane Rental 0 0 0

Windows/Grilles/Screen 20,920 139,380 160,300

Exterior Doors 44,165 66,335 110,500

Roofing 89,470 80,320 169,790

Fencing 11,180 64,695 75,875

Vinyl Siding/Trim/Box 254,800 387,960 642,760

Gutters/Shutters 22,753 21,067 43,820

Insulation 51,240 48,290 99,530

Drywall 334,865 299,600 634,465

Interior Doors 25,935 110,920 136,855

Int. & Final/Stair/Trim/Shelves 77,380 121,820 199,200

Cabinets & Tops 32,710 258,790 291,500

Painting 84,950 90,250 175,200

Marble - Tub/Shwr/Tops 0 0 0

Plumbing 300,315 357,025 657,340

Electrical 291,150 303,850 595,000

Heating/Air Conditioning 231,320 289,000 520,320

Floor Covering and Underlayment 39,250 200,200 239,450

Wall Paper 0 0 0

Mailboxes/Special Features/Signage 5,000 11,500 16,500

Gypcrete 30,185 75,230 105,415

Blinds/Shades/Art Work 2,365 19,640 22,005

Light Fixtures/Fans 9,200 37,100 46,300

Sprinkler System 38,300 100,200 138,500

Security Alarm 750 1,750 2,500

Hardwood Floors 0 0 0

Elevator 0 0 0

Ceramic Tiles 0 0 0



Remarks:

Acoustical Ceilings 0 0 0

Mirror/Shower Door/Encls. 3,830 18,470 22,300

Hardware/Bath Access. 4,810 25,900 30,710

Appliances 10,150 203,850 214,000

Playground Equipment 5,710 39,890 45,600

Interior Clean 49,810 1,490 51,300

Exterior Clean/Dumpster Rental 39,820 250 40,070

Other 1 (specify in Remarks) 0


Total Cost 3,588,808 5,731,192 9,320,000



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 348,110Job Site Office/Trailer Rental 59,690

Office Supplies 9,565

Security/Watchman 64,735

Project Signage 3,000

Tools and Equipment 8,290

Gas, Oil, and Maintenance 0

Temporary Water, Electric, and Telephone 27,890

Storage/Hauling 0

Driveway Access Permit 0

Porta-John Rental/Dumping 4,780

Builders Risk Insurance 42,965

Re-inspection Fees 0

Extra Plans and Specifications 4,005

Miscellaneous, Casual Labor 2,970

Equipment Rental 0



Total Cost 576,000



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 Exploration/Perk Testing/Site Engineering 23,510Clearing/Grading/Final Grading/Excess and Borrow 329,750

Demolition 0

Earthwork/Excavation/Aerating 0

Soil Treatment 0

Pile Foundations 0

Caissons 0

Shoring/Bracing 0

Site Drainage 0

Site Utilities/Site Lighting 396,450

Paving and Surfacing/Curb and Gutter 435,800

Walkways 0

Site Signage 4,640

Parking Lot Painting 0

Dumpster Pads/Fencing 7,970

Fencing/Gates 75,680

Landscaping/Topsoil 62,800

Rock and Hardpan Excavation 0

Site Supervision Personnel 7,400

Other (specify in Remarks)

Total Cost 1,344,000



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 5,000Credit Enhancement 245,000

Underwriter Discount 0

Capital Interest Fund 0

Other 1 (specify in Remarks)

Other 2 (specify in Remarks)

Total Cost 250,000

Capital Interest Fund is included in Construction Interest line item.



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

Remarks:

Costs - Bond Issuance

ITEM TOTAL

Bond Counsel 35,000Issuer Counsel

Credit Enhancement/LOC Counsel 10,000

Underwriter Counsel 15,000

Developer's Counsel 17,000

Rating Agency Fee 11,000

Printing 6,000

Trustee Fee 2,000

Trustee Counsel 10,000

Issuer's Fee 90,000

Other 1 (specify in Remarks) 4,000



Total Cost 290,000

Other 1: Cash flow verificationOther 2: Underwriter's feeOther 3: Rating Agency Fee



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 mortgage subsidy 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.



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 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 100 year and 500 year floodplain (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 to support estimated utility costs

L Appraisal (required for land costs greater than $5,000 and for buildings in 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.

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 (see Appendix F). Required for all Rehabs andany 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. AHP, RD and local government funds). ForRehabs with existing loans provide 1) copies of loan documents, 2) current loan balances from existing lenders with reservebalances, 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)

U Anticipated budget demonstrating how the project will meet the 10% test

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