Cedar Spring

8/6/2019 Cedar Spring

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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: Cedar Spring - A Senior Living Community

Address: 100 S. Hollybrook Road

City: Wendell County: Wake Zip: 27591

Census Tract: 0544.02 Block Group: 2021

No

No

Political Jurisdiction: Town of Wendell

Jurisdiction CEO Name: First: Last:Tim Hinnant Title: Mayor

Jurisdiction Address: P.O. Box 828

Jurisdiction City: Wendell Zip: 27591

Jurisdiction Phone: (919)365-4444

Site Latitude: 35.7791

Site Longitude: -78.3666

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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: Elderly (55)

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.)

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

Remarks:





Applicant Information

Applicant Name: Evergreen Construction Company

Address: 7706 Six Forks Road, Suite 202

City: State: NC Zip:Raleigh 27615

Contact: First: Last: Title:Tim Morgan Vice President

Telephone: (919)848-2041

Alt Phone: (919)630-3383

Fax: (919)848-0455

Email Address: [email protected]





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

1.286 1.286

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

No

(a) Does the owner/principal or ownership entity have vaild 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: 9/30/2004

(D) Enter Purchase Price: 100,000





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

R-10

Yes

Yes

Yes

A special use permit was obtained from the Town of Wendell on April 26, 2004.

No

No





Ownership Entity

Owner Name: Cedar Spring Housing Associates, LLC


City: State: NC Zip:Raleigh 27615

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

Federal Tax ID Number of Managing GP or Member: (If Not Assigned)028-40-6430

Entity Type: Limited Liability Company

Entity Status: To Be Formed

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

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

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

Org: Cedar Spring Housing Associates, LLC

First Name: Lyle Last Name: Gardner Function: Managing Member


City: Raleigh State: NC Zip: 27615

Phone: (919)848-2041 Fax: (919)848-0455

EMail: [email protected] Nonprofit: No TaxID 028-40-6430

Org: Cedar Spring Housing Associates, LLC

First Name: Timothy Last Name: Morgan Function: Member


City: Raleigh State: NC Zip: 27615

Phone: (919)848-2041 Fax: (919)848-0455

EMail: [email protected] Nonprofit: No TaxID 241-17-2557





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 300,000 2.00 20 20Local Gov. Loan - Specify:Wake County

330,000 0.00 30 30 11,000

RD 515 Loan

RD 538 Loan - Specify:

AHP Loan

Other Loan 1 - Specify:



Tax Exempt Bonds

State Tax Credit(Loan) 161,336 0 30 30 0

State Tax Credit(Direct Refund)

Equity: Federal LIHTC 995,313

Non-Repayable Grant

Equity: Historic Tax Credits

Deferred Developer Fees 5,713

Owner Investment

Other - Specify:

Total Sources** 1,792,362

* "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.

78





RPP Loan

Year:Amt:

1

11724

2

11681

3

11607

4

11500

5

11359

6

11181

7

10964

8

10705

9

10402

10

10051

Year:Amt:

11

9650

12

9196

13

8685

14

8114

15

7480

16

6778

17

6005

18

5157

19

4228

20

3216





Development Costs

Item Cost Element TOTAL COSTEligible Basis

30% PV 70% PV

1 Purchase of Buildings (Rehab) 0

2 Demoli tion

3 On-site Improvements 175,000 175,000

4 Rehabilitation

5 Construction of New Building(s) 838,500 838,500

6 Accessory Building(s)

7 General Requirements 60,810 60,810

8 Contractor Overhead 21,486 21,486

9 Contractor Profit 64,459 64,459

10 Construction Contingency 34,808 34,808

11 Architect's Fee - Design 45,000 45,000

12 Architect's Fee - Inspection 8,250 8,250

SUBTOTAL (lines 1 through 12) 1,248,313

13 Construction Insurance (prorate)

14 Construction Loan Orig. Fee (prorate) 5,500 5,500

15 Construction Loan Interest (prorate) 35,000 35,000

16 Construction Loan Credit Enhancement (prorate)

17 Construction Period Taxes (prorate) 2,000 2,000

18 Water, Sewer and Impact Fees 34,200 34,200

19 Survey 45,000 45,000

20 Property Appraisal 5,000 5,000

21 Environmental Report 2,500 2,500

22 Market Study 4,000 4,000

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 4,500

SUBTOTAL (lines 13 through 28) 137,700

29 Real Estate Attorney 8,000 8,000

30 Other Attorney's Fees 4,500 4,500

31 Tax Credit App Fees 10,469 10,469

32 Cost Certification 5,000 5,000

33 Tax Opinion

34 Organizational (Partnership) 500

35 Tax Credit Monitoring Fee 12,000


36 Furnishings and Equipment 25,000 25,000

37 Relocation Expenses

38 Developer's Fee (max 15% lines 2-36, less 8 & 9) 178,880 178,880

39 Other Basis Expense (specify)

40 Other Basis Expense (specify)

41 Rent-up Expenses 16,000

42 Other Non-basis Expense (specify)

43 Other Non-basis Expense (specify)


44 Rent up Reserve 26,000





Comments:

45 Operating Reserve 55,000

46 Other Reserve (specify)

47 Other Reserve (specify)

48 DEVELOPMENT COST (lines 1-47) 1,727,362 0 1,613,362

49 Less Federal Financing

50 Less Disproportionate Standard

51 Less Nonqualified Nonrecourse Financing

52 Less Historic Tax Credit (residential) 0

53 TOTAL ELIGIBLE BASIS 1,613,362 0 1,613,362

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

55 Basis Before Boost 1,613,362 0 1,613,362

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

57 TOTAL QUALIFIED BASIS 1,613,362 0 1,613,362

58 Tax Credit Rate 0.00% 7.91%

59 Federal Tax Credits at Estimated Rate 127,616 0 127,616

60 Federal Tax Credits at 8.5% or 3.75% 137,135 0 137,135

61 Federal Tax Credits Requested 116,974 116,974

62 Land Cost 65,000

63 TOTAL REPLACEMENT COST 1,792,362





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

We are proposing to construct a twenty (20) unit senior rental community at the corner of 100 S.Hollybrook Road and 200 E. Second Street in the Town of Wendell. The project will consist of (10)one bedroom, one bath units and (10) two bedroom, one bath units for persons 55 years of age andolder. The design of the building is such that all units are fully accessible. The building is served byone elevator and the main entrance is secured with a call panel entry system. All exterior doors are

self locking with all residential units opening into a interior hallway. We will have over 5,000 s.f. ofcommon area space for the residents use. There will be a computer center, a library/reading room, amulti-purpose room with a full size kitchen, a vending area, laundry room, a TV room and additionalstorage rooms for the residents use. We will have units set aside for persons at 40% and up to 60%of median income. In addition, we will have a contracted supportive services coordinator throughResources for Seniors, to assist with screening and determining the needs of the residents and withlinking them to agencies that exist within the community to help with their needs.

30 Year Dimensional Roof Shingles

Yes

Berkeley Spring5521 Dixon DriveRaleigh, NC 27609Berkeley Spring is very similar in design with what we are proposing. The main difference isBerkeley is rectangular in shape. What we are proposing in Wendell is an L-shaped version.

Community Bldg - Sq Ft: Community Room - Sq Ft: 5,760 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

Onsite activities will consist of bingo, bible studies, monthly birthday celebrations, holidaygatherings, use of computer and exercise equipment, and planned movie nights.





Briefly describe your site in each of the following categories:

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.The physical condition of the buildings and homes within view of the site are fair. The site is veryclose to the downtown area (Main Street) of Wendell. Main street has some older homes at thesouth end that are fairly well maintained. The direction of development for Wendell is further west ofthis site, back on Business 64. There are two other senior housing complexes in Wendell,Robinwood and Crestfield. Robinwood is a 84 unit RD/LIHTC project and Crestfield is a 40 unit HUD202. Directly across the street from this site, are 10 units of what appear to be affordable housingunits. Also across the street is the senior center.

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).

This site is directly across the street from the senior center, which serves as a nutrition site for theelderly. The public library is also across the street. Within walking distance is the historic downtownarea of Wendell, that has a variety of shops and businesses. Abuting this parcel is Cedar Trace, a12 unit conventional rental community. Across the street are additional rental units consisting of (5)duplex buildings. Traveling south on Hollybrook Road, the land use is almost all single family. Thehomes closest to the site look to be twenty plus years old. But going further south on Hollybrook are(2) new subdivisions, Deerfield and HollyPointe, that appear to be completely built out. Also withinview from the site is the Mortex Apparel Company and a couple of warehouses they own. There areno vacant tracts of land nearby. This is a downtown site with business/commercial uses to the northand single family uses to the south.

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).There are two publicly maintained streets that adequately access this site (Hollybrook Road andSecond Street). The town has a stop sign in place where these two streets intersect. Hollybrook

Road, traveling North, feeds into Wendell Avenue, which takes you back out to Business 64. Theredo not appear to be any traffic issues related to this site.

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.None exist. This is a cleared, relatively flat parcel.

Similarity of scale and aesthetics/architecture between project and surroundings.What we are proposing will help this area of Wendell. As previously stated, the new growth isoccuring back towards Hwy 64. It will a lso give the senior population another housing option that iswithin walking distance of the senior center.





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

Other facilities or services:

Grocery Store1 Community/Senior Center.08

Mall/Strip Center2.5 Hospital

Outdoor Athletic Fields.6 Pharmacy.4

Day Care/After School Basic Health Care

Schools.6 Medical OfficesPublic Transportation Stop Bank/Credit Union.2

Convenience Store.3 Restaurants.23

Basketball/Tennis Courts.6 Professional Services.09

Public Parks.6 Movie Theater

Gas Station.6 Video Rental1.2

Library.08 Public Safety (Fire/Police).21

Fitness/Nature Trails Post Office2.5

Public Swimming Pools

There are two dentist offices .7 mile from the site. The nearest hospital is East Wake Hospital inZebulon. The downtown area of Wendell is within easy walking distance, again offering a variety ofbusinesses and services. See vicinity map for location of facilities and services in relation to the site.





Development List 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:

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 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 0

Units: 370 0

North Carolina Other States

Projects: 17 0

Units: 728 0

No

No

No

No

No





Financing Commitments

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

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 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:





Project Operations (Year One)

Projected Operating Costs

Administrative Expenses

Advertising 1,000

Office Salaries

Office Supplies

Office or Model Apartment Rent

Management Fee 7,571

Manager or Superintendent Salaries 13,500

Manager or Superintendent Rent Free Unit

Legal Expenses (Project) 250

Auditing Expenses (Project) 4,200

Bookkeeping Fees/Accounting Services

Telephone and Answering Service 2,000

Bad Debts

Other Administrative Expenses (specify):

Office Supplies, Postage, MIleage Reimbursement1,000

SUBTOTAL 29,521

Utilities ExpenseFuel Oil

Electricity (Light and Misc. Power) 4,000

Water 1,200

Gas

Sewer 1,200

SUBTOTAL 6,400

Operating and Maintenance Expenses

Janitor and Cleaning Payroll

Janitor and Cleaning Supplies

Janitor and Cleaning Contract

Exterminating Payroll/Contract 1,500

Exterminating Supplies

Garbage and Trash Removal 3,500

Security Payroll/Contract

Grounds Payroll

Grounds Supplies 1,000

Grounds Contract 4,000

Repairs Payroll 4,500

Repairs Material 1,000

Repairs Contract 1,500

Elevator Maintenance/Contract 2,000

Heating/Cooling Repairs and Maintenance

Swimming Pool Maintenance/Contract

Snow Removal

Decorating Payroll/Contract 1,250

Decorating Supplies 1,250

Other (specify):

Miscellaneous Operating & Maintenance Expenses 200

SUBTOTAL 21,700

Taxes and Insurance

Real Estate Taxes 10,000

Payroll Taxes (FICA) 2,000

Miscellaneous Taxes, Licenses and Permits 250





Property and Liability Insurance (Hazard) 5,500

Fidelity Bond Insurance 50

Workmen's Compensation 1,000

Health Insurance and Other Employee Benefits

Other Insurance:

SUBTOTAL 18,800

Supportive Service Expenses

Service Coordinator 1,500

Service Supplies 500

Tenant Association Funds

Other Expenses (specify):

SUBTOTAL 2,000

Reserves

Replacement Reserves 5,000

SUBTOTAL 5,000

TOTAL OPERATING EXPENSES 83,421

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

66,421

TOTAL UNITS(from total units in the Unit Mix section) 20

PER UNIT PER YEAR 3,321





Design Features

ITEM DESCRIPTION

Foundation/Slab Components Brick and block foundation with concrete slab

Primary Windows Make: Model:Silverline 2900 Type/Construction: Vinyl-Tilt Sash w/5/8" Insulated Glass - 6/6 Lite

Exterior Doors Type: Frames:Stanley-Metal Metal

Siding Type: Grade/Thickness:Vinyl .044

Warranty: Lifetime

Exterior Trim Vinyl and Aluminum Coil

ShinglesType: Weight:Tamko-Dimensional

HeritageSeries

Warranty: 30 Year

Sprinkler System N/A

Cabinets Cardell Millenia Series - Oakbrook Gold - Wood Cabinets

Heat Pump SEER: Make:11 Rheem

Model: RPLA-024-JAC

Air Conditioner SEER: Make:11 Rheem

Model: RPLA-024-JAC

Other Heat Systems SEER: Make:

Model:





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 3,018 4,527 7,545

Backfill-slab, Crawl 0

Slab-concrete/Rebar/Gravel 20,124 30,186 50,310

Waterproofing 0

Masonry Foundation 0

Brick Veneer 18,447 27,671 46,118

Steel/Structure/Rails 0

Framing/Lumber/Nails 63,625 95,438 159,063

Trusses 0

Crane Rental 5,000 5,000

Windows/Grilles/Screen 11,000 11,000Exterior Doors 10,600 10,600

Roofing 6,640 9,960 16,600

Fencing 0

Vinyl Siding/Trim/Box 40,000 40,000

Gutters/Shutters 5,500 5,500

Insulation 15,300 15,300

Drywall 41,925 41,925

Interior Doors 11,700 11,700

Int. & Final/Stair/Trim/Shelves 9,560 14,340 23,900

Cabinets & Tops 39,000 39,000

Painting 32,000 32,000

Marble - Tub/Shwr/Tops 0

Plumbing 75,980 75,980

Electrical 67,865 67,865

Heating/Air Conditioning 71,794 71,794

Floor Covering and Underlayment 23,300 23,300

Wall Paper 0

Mailboxes/Special Features/Signage 8,300 8,300

Gypcrete 0

Blinds/Shades/Art Work 3,100 3,100

Light Fixtures/Fans 0

Sprinkler System 0

Security Alarm 0

Hardwood Floors 0

Elevator 40,000 40,000

Ceramic Tiles 0

Acoustical Ceilings 0





Remarks:

Mirror/Shower Door/Encls. 0

Hardware/Bath Access. 5,500 5,500

Appliances 22,000 22,000

Playground Equipment 0

Interior Clean 3,100 3,100

Exterior Clean/Dumpster Rental 2,000 2,000

Other 1 (specify in Remarks) 0

Other 2 (specify in Remarks) 0

Total Cost 126,514 711,986 838,500

Masonry Foundation included in Brick Veneer.Trusses included in Framing.Labor costs for the following are included in Materials: Vinyl Siding, Gutters, Insulationk, Drywall,Cabinets, Painting, Plumbing, Electrical, HVAC, Floor Covering, Mailboxes, Blinds, Elevator,Hardware/Bath.





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 30,000

Job Site Office/Trailer Rental 4,000

Office Supplies 500

Security/Watchman

Project Signage 1,000

Tools and Equipment

Gas, Oil, and Maintenance

Temporary Water, Electric, and Telephone 2,500

Storage/Hauling

Driveway Access Permit

Porta-John Rental/Dumping 900Builders Risk Insurance 8,500

Re-inspection Fees

Extra Plans and Specifications 250

Miscellaneous, Casual Labor 2,660

Equipment Rental 3,000

Other 1 (specify in Remarks) 7,500

Other 2 (specify in Remarks)

Total Cost 60,810

Other 1 - Fees for permits for construction.





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

Clearing/Grading/Final Grading/Excess and Borrow 5,000

Demolition

Earthwork/Excavation/Aerating 80,000

Soil Treatment 1,100

Pile Foundations

Caissons

Shoring/Bracing

Site Drainage

Site Utilities/Site Lighting 38,400

Paving and Surfacing/Curb and Gutter 22,000Walkways 2,500

Site Signage 10,000

Parking Lot Painting

Dumpster Pads/Fencing 1,500

Fencing/Gates 2,500

Landscaping/Topsoil 12,000

Rock and Hardpan Excavation

Site Supervision Personnel

Other (specify in Remarks)

Total Cost 175,000





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

Credit Enhancement

Underwriter Discount

Capital Interest Fund



Total Cost 0





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





MINIMUM REQUIRED SET ASIDES (No Points Awarded):

Minimum Set-Asides

Select one of the following two options:

20% of the qualified units are rent restricted and occupied by households with incomes at or below 50% of the median income (Note:No Tax Credit Eligble Units in the the project can exceed 50% of median income)

40% of the qualified units are rent restricted and occupied by households with incomes at or below 60% of the median income (Note:No Tax Credit Eligble Units in the the project can exceed 60% of median income)

If requesting RPP funds:

40% of the qualified unit 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%) ofcounty median income.

At least twenty-five percent (25%) of qualified units will be affordable to and occupied by households with incomes at or below thirtypercent (30%) of county median income.

At least fifty percent (50%) of qualified units will be affordable to households with incomes at or below forty percent (40%) of countymedian income.

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

At least ten percent(10%) of qualified units will be affordable to and occupied by households with incomes at or below forty percent(40%) of county median income.





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.


Cedar Spring

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Transcript of Cedar Spring