Crystal Springs App

8/6/2019 Crystal Springs App

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

roject Description

oject Name: Crystal Springs Apartments

dress: Lake Road

ty: Greenville County: Pitt Zip:

ensus Tract: 6 Block Group: 46677.09

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

olitical Jurisdiction: City of Greenville

risdiction CEO Name:First:Patricia Last:Dunn

Title: Mayor

risdiction Address: 200 W. Fifth Street

risdiction City: Greenville Zip:

risdiction Phone:

e Latitude:

e Longitude:

oject Type: New Construction

this project a previously awarded tax credit development? No

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

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

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

ehab:

umber of residents holding Section 8uchers:

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

es a community revitalization plan exist? No

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

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

ttps://www.nchfa.org/Rental/RTCApp/(S(iwnryp3nn...C9D993D102&SNID=D197E73B5C2D4C4287C930FEF9BE82E7 (1 of 29)9/16/2008 3:25:09 PM

27834

27834

(252)758-1692

35.3546

-77.2449


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If yes, please describe:

rget Population:Elderly (55)

ll the project be receiving project based federal rental assistance? Yes

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

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

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

Number of Units:

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

Number of Units:

Remarks: Fourteen (14)units will be Type A Fully Handicap Accessible, 8 of the units will have roll in showers, 5 onebedroom units and 3 two bedroom units. The remaining 50 units will be Type A Fully Handicap Accessibleunits with one exception; the kitchen wall cabinets will be two inches lower than standard height to allowresidents to put appliances under the cabinets and more easily reach the shelves. All of the tub shower

units in the complex will be handicap accessible with grab bars and seats. The kitchen stoves will have frontcontrolled knobs. Crystal Springs is being universally designed to enable residents to age in place.


40

14

8


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pplicant Information

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

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

pplicant Name: Greenville Housing Development Corporatioon

dress: PO Box 1426

ty: Greenville State: NC Zip:

ontact: First: Don Last:Rogers Title:Executive Dir

lephone:

Phone:

x:

mail Address:

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


27835

(252)329-4000

(252)329-4926

[email protected]


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te Description

al Site Acreage: Total Buildable Acreage:

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

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

Storm Sewer Water Sanitary Sewer Electric

he demolition of any buildings required or planned? No

If yes, please describe:

e existing buildings on the site currently occupied? No

If yes:(a) Briefly describe the situation:

(b) Will tenant displacement be temporary?(c) Will tenant displacement be permanent?

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

If no, please explain:

any portion of the site located inside the 100 year floodplain? No

If yes:(a) Describe placement of project buildings in relation to this area:


5.97 5.97


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



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te Control

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

If yes provide:

Purchase Date: Purchase Price:

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

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

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

(D) Enter Purchase Price:


10/01/2008

656,700


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oning

esent zoning classification of the site:R-6

multifamily use permitted?Yes

e variances, special or conditional use permits or any other item requiring a public hearing needed to develop this proposal?No

If yes, have the hearings been completed and permits been obtained?

If yes, specify permit or variance required and date obtained. If no, describe permits/variances required and schedule for obta

them:

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

If yes, describe below:

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

If yes, describe below:



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wnership Entity

wner Name: Crystal Springs Apartments, LLC

dress: PO Box 1428

y: Greenville State:NC Zip:

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

ote: Do not submit social security numbers for individuals.

tity Type: Limited Liability Company

tity Status: To Be Formed

the applicant requesting that the Agency treat the application as Non-Profit sponsored? Yes

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

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

Org: Greenville Housing Development Corporation

st Name: Don Last Name: Rogers Function: Managing Memberdress: PO Box 1428

ty: Greenville State: NC Zip: 27835

one: Fax:

Mail: Nonprofit: Yes

Org: Scott A Redinger Inc

st Name: Scott Last Name: Redinger Function: Managing Member

ddress: 4553 Technology Dr, Suite 3, Box 15

ty: Wilmington State: NC Zip: 28405

one: Fax:

Mail: Nonprofit: No


27835

(252)329-4000 (252)329-4926

[email protected]

(910)793-2850 (910)793-2851

[email protected]


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nit Mix

e Median Income for Pitt county is $51,600.

w Income Units

Type # BRs Net Sq.Ft.Total

# Units#Units

MonthlyRent

UtilityAllowance

MandatoryServ. Fees

**TotalHousing Exp.

Gdn Apt 1

Gdn Apt 1

Gdn Apt 2

Gdn Apt 2

Utilities included in rents: Water/Sewer Electric Gas Other Trash Collectiom

mployee Units (will add to Low Income Unit total)

ype # BRs Net Sq.Ft.Total

# Units#Units

MonthlyRent

UtilityAllowance

MandatoryServ. Fees

**TotalHousing Exp.

tilities included in rents: Water/Sewer Electric Gas Other

rket Rate Units

ype # BRs Net Sq.Ft.Total

# Units#Units

MonthlyRent

UtilityAllowance

MandatoryServ. Fees

**TotalHousing Exp.

ti li ties included in rents: Water/Sewer Electric Gas Other

atistics

AllUnits

Units

Gross MonthlyRental Income

Low Income.......

Market Rate.......

Totals...............

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

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

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


662 25 6 479 77 0 556

662 15 4 479 77 0 556

901 15 3 577 95 0 672

901 9 1 577 95 0 672

64 14 33008

64 14 33008

8 1

2,017


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Elevators - Number of Elevators:

uare Footage Information

oss Floor Square Footage:

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

tes

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

units are within established thresholds.

ttps://www.nchfa.org/Rental/RTCApp/(S(iwnryp3n...9D993D102&SNID=D197E73B5C2D4C4287C930FEF9BE82E7 (10 of 29)9/16/2008 3:25:09 PM

56,576

51,984
http://www.nchfa.com/lib/html/rental/Median%20Income%20Charts/income_limits.htmhttp://www.nchfa.com/lib/html/rental/Median%20Income%20Charts/income_limits.htm


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argeting

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

BRs Units %

targeted at percent of median income affordable to/occupied by






tal Low Income Units:

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


10 40

15 50

15 60

6 40

9 50

9 60

64


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unding Sources

Source AmountNon-

Amortizing*Rate(%)

Term(Years)

Amort.Period(Years)

AnnualDebt

Service

Bank Loan

RPP Loan

Local Gov. Loan - Specify:City of Greenville

RD 515 Loan

RD 538 Loan - Specify:

AHP Loan

Other Loan 1 - Specify:



Tax Exempt Bonds

State Tax Credit(Loan)

State Tax Credit(Direct Refund)

Equity: Federal LIHTC

Non-Repayable Grant

Equity: Historic Tax Credits

Deferred Developer Fees

Owner Investment

Other - Specify:

Total Sources**

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

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

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

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

ease note that the applicant plans to use HUD Section 8 Project Based Vouchers (PBV)for 40 of


755,355 6.50 30 40 53,067

793,500

2.00 20 20

256,000 2.00 20 20

1,227,772 0 30 30 0

4,174,079

7,206,706

80


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e 64 units. HUD PBV are available to lower income persons earning less than 50% of the AMI. Theplicants PBV rents are at 110% of the Fair Market Rent. HUD allows PHA's to go up to 110% of

MR. Twenty Four (24) of the units are targeted to elderly persons with incomes at or below 60% ofe median income. You will notice on the Unit Targeting page that 25% of the units are designatedaffordable to and occupied by families with incomes under 40% of AMI, in reality HUD Section 8

les require that 75% of the PHA's Section 8 new admissions are directed to lower income personsrning less than 30% of AMI. Because of the Section 8 assistance all of the 16 units with PBVrgeted to persons with incomes below 40% of AMI will be affordable to them.

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

PP Loan

ear:mt:

1 2 3 4 5 6 7 8 9 10

ear:mt:

11 12 13 14 15 16 17 18 19 20

ocal Gov. Loan - City of Greenville

ear:mt:

1 2 3 4 5 6 7 8 9 10

ear:mt:

11 12 13 14 15 16 17 18 19 20


28805 29119 29372 29560 29677 29719 29681 29555 29338 29021

28599 28064 27409 26627 25709 24647 23431 22053 20501 18767

9293 9394 9476 9537 9574 9588 9576 9535 9465 9363

9227 9054 8843 8591 8294 7952 7559 7115 6614 6055


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evelopment Costs

Item Cost Element TOTAL COSTEligible Basis

30% PV 70% PV

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

2 Demolition (Rehab / Adaptive Reuse only)

3 On-site Improvements

4 Rehabilitation

5 Construction of New Building(s)

6 Accessory Building(s)

7 General Requirements (max 6% lines 2-6)

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

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

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

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

12 Architect's Fee - Inspection

13 Engineering Costs

SUBTOTAL (lines 1 through 13)

14 Construction Insurance (prorate)

15 Construction Loan Orig. Fee (prorate)

16 Construction Loan Interest (prorate)

17 Construction Loan Credit Enhancement (prorate)

18 Construction Period Taxes (prorate)

19 Water, Sewer and Impact Fees

20 Survey

21 Property Appraisal

22 Environmental Report

23 Market Study

24 Bond Costs

25 Bond Issuance Costs

26 Placement Fee

27 Permanent Loan Origination Fee

28 Permanent Loan Credit Enhancement

29 Title and Recording


719,598 719,598

3,508,836 3,508,836

252,554 252,554

89,236 89,236

267,707 267,707

144,562 144,562

106,899 106,899

42,000 42,000

32,938 32,938

5,164,330

5,000 5,000

17,092 17,092

140,000 92,400

15,000 15,000

83,840 83,840

11,500 11,500

5,000 5,000

10,000 10,000

4,300 4,300

21,635

3,000


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30 Real Estate Attorney

31 Other Attorney's Fees

32 Tax Credit Application Fees (Preliminary and Full)

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

34 Cost Certification / Accounting Fees

35 Tax Opinion

36 Organizational (Partnership)

37 Tax Credit Monitoring Fee


38 Furnishings and Equipment

39 Relocation Expense

40 Developer's Fee

41

42

43 Rent-up Expense

44

45


46 Rent up Reserve

47 Operating Reserve

48

49

50 DEVELOPMENT COST (lines 1-49)

51 Less Federal Financing

52 Less Disproportionate Standard

53 Less Nonqualified Nonrecourse Financing

54 Less Historic Tax Credit

55 TOTAL ELIGIBLE BASIS

56 Applicable Fraction (percentage of LI Units)

57 Basis Before Boost

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

59 TOTAL QUALIFIED BASIS


316,367

22,500 22,500

16,000 16,000

2,200

36,834

10,000 10,000

1,500

1,500

44,800

135,334

35,000 35,000

672,000 647,000

Other Basis Expense (s

Other Basis Expense (e

10,000

Other Non-basis Expen

Other Non-basis Expen

717,000

38,000

178,975

Other Reserve (specify)

Other Reserve (specify)

6,550,006 0 6,138,962

0

6,138,962 0 6,138,962

100.00% 100% 100%

6,138,962 0 6,138,962

100.00% 100.00%

6,138,962 0 6,138,962


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60 Tax Credit Rate

61 Federal Tax Credits at Estimated Rate

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

63 Federal Tax Credits Requested

64 Land Cost

65 TOTAL REPLACEMENT COST

FEDERAL TAX CREDITS IF AWARDED

Comments:

Please note that the Water and Sewer fees of $83,840 is being paid to Greenville Utilities which is Not partof the City of Greenville,it is a seperate utility and none of its fees (not one thin dime) are received by theCity . Please see a letter in Exhibit O from the City verifying this satement.

Total Replacement Cost per unit:77,851


3.40 8.50

521,812 0 521,812

552,507 0 552,507

0

656,700

7,206,706

552,507


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arket Study Information

ase provide a detailed description of the proposed project:

e project will provide 64 units for the elderly 55 and older, 40 one bedroom units and 24 two bedroomits. There are 8 buildings with 8 units each and a community building located on 5.97 acres. Eachilding contains 5 one bedroom units and 3 two bedroom units.

nstruction (check all that apply):

Brick Vinyl Wood HardiPlank Balconies/Patios Sunrooms Front Porches

Front Gables or Dormers Wide Banding or Vertical/Horizontal Siding

Other:

The building plan is modeled after a large farm house with front and side porches, hip roofs, large porchcolumns, with multiple entrances into the house from the side porches.

ve you built other tax credit developments that use the same building design as this project?No

If yes, please provide name and address:

e Amenities:

e site will have a walking trail, picnic shelter, garden plots and landscaped sitting areas throughout. Theommunity Building will have a multipurpose room, exercise room, craft room and a library/computer room.

site Activities:

esidents will be able to participate in a variety of activities at the community building. The resident councill work with the Property Manager and Activity Coordinator to determine the type of onsite activites they

ould like to be involved in and the Manager and Activity Coordinator will arrange for the activities. Themmunity building has a large community room that can accommodate group activities such as "Dancingth the Developer", group games such as cards and bingo, and group meals. The community room alsocludes a craft room for resident artists and craft persons. The exercise room will include age appropriateercise equipment. The library/computer room will have several computers linking residents to the worldd books to broaden their knowledge or entertain.e site also has garden areas for residents that want to use their green thumbs, a large pinic area,

ndscaped sitting areas where friends can gather and a walking trail.



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ndscaping Plans:

e site will be extensively landscaped with shrubs along the foundations of all buildings and at thendscaped sitting areas. Deciduous trees (trees with leaves) will be planted where appropriate in the sited at sitting areas to offer shade and a home for birds. Signs will be placed at trees with benches under

em to warn residents that birds poop and to not look up or they may get bird dodo in their face. In additionshrubs, perennial flowers will be planted in front of the residential buildings and community building.here appropriate annual flower beds will be developed near the community building and at the projectgn. The project sign will be landscaped with shrubs, perennial and annual flowering plants.

erior Apartment Amenities:of the units are handicap accessible with features designed to help residents age in place. The units willEnergy Star Certified with energy efficient appliances. The kitchen appliances will include a stove withnt control knobs, frost-free refrigerators, and dish washers. Kitchens will include "lazy susans" in therner cabinets and a pantry. All the bathrooms are fully handicap accessible, six units will have roll inowers, tub/shower units will include grab bars, hand-held spray wand and seat. All the units will have pullrd alarms located in the bathroom, bedroom and living area. All the units will include cable and higheed internet access.

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

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



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pplicant's Site Evaluation

efly describe your site in each of the following categories:

EIGHBORHOOD CHARACTERISTICS

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

he site is located in a very well maintained area of multifamily housing of different styles and sizes. The

te is also within one half mile of the major medical park for the hospital with numerous doctor offices.here is a new road currently being cut through approximately 1,000 feet towards the west on the westernoundary of the site. The owner of the property of the site we have optioned is developing this street andans to offer additional lots for doctor offices and multifamily housing. The area around the site isontinuing to develop with new offices and mutifamily housing.

he northern boundary of the site is adjacent to brick duplex townhouse units that front on Spring Forestoad. Across the street on Spring Forest Road are market rate apartments. The northern entrance to thete will be off Spring Forest Road. The eastern and main entrance to the development will be off of Lakeoad. Across the street from the site on the corner of Spring Forest and Lake Road is Willow Springs, aHTC 33 unit elderly development. Going down Lake Road on the east side of the road are duplexes. One southern boundary of the site is an apartment complex.

here are two LIHTC developments within 1/2 mile of the site. Willow Glen, a 33 unit elderly development,

nd Breckenridge, a 72 unit family development, both appear in very good condition and fit in well with thearket rate apartments in the community.

URROUNDING LAND USES AND AMENITIES

nd use pattern is residential in character (single and multifamily housing). Extent that the location isolated. Effect of industrial, large-scale institutional or other incompatible uses, including but not limited to:astewater treatment facilities, high traffic corridors, junkyards, prisons, landfills, large swamps, distributioncilities, frequently used railroad tracks, power transmission lines and towers, factories or similar operations,urces of excessive noise, and sites with environmental concerns (such as odors or pollution). Amount andaracter of vacant, undeveloped land. The land use pattern surrounding the site is residential, multifamilyd professional offices for doctors. There are no incompatible land uses as described above that wouldpact the sites use as elderly housing or long term value. To the west of the site will be 6 acres of vacantnd zoned multifamily that the devlopers of Crystal Springs would consider for future development of

ordable elderly housing should it be available. The new road being built to the west of the site will open ups land for futuire multifamily development.

TE SUITABILITY

equate traffic safety controls (i.e. stop lights, speed limits, turn lanes). Burden on public facilitiesarticularly roads). Access to mass transit (if applicable). Visibility of buildings and/or location of project signin relation to traffic corridors. The site is perfectly located for a senior development. It is close and

nvenient to medical offices, the hospital, and shopping centers. It can be easily accessed by residentiald low volume streets that connect to John Hopkins Drive that and has a controlled (Stop light) access toantonsburg Road. The speed limit on Lake Road, Spring Forest Road and John Hopkins Road are 35PH. Almost at the intersection of John Hopkins and Stantonsburg Road is a shopping center with a Foodon, Rite Aid and other retail stores and restaurants. Please see the attached Amenities Map enclosed withs application to get an idea of how close this site is to amenities. There is a covered public bus stop within

yards of the site so the residents will have easy acess to the bus stop.



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egree of on-site negative features and physical barriers that will impede project construction or adverselyect future tenants; for example: power transmission lines and towers, flood hazards, steep slopes, largeulders, ravines, year-round streams, wetlands, and other similar features (for adaptive re-use projects-itability for residential use and difficulties posed by the building(s), such as limited parking, environmentaloblems or the need for excessive demolition).

her are no negative features and physical barriers that will impede project construction or adversely affectture tenants as described above. The site has a slight topography and can easily be designed to meetDA standards without steps or ramps.

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

s described above the project is surrounded by either multifamily uses that are one and two story ineight. The eight, eight unit buildings will fit in very well with the surrounding apartment communities. Theze and scale of the buildings are compatible with other buildings in the community.

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

Grocery StoreCommunity/Senior

Center

Mall/Strip Center Hospital

Outdoor Athletic Fields Pharmacy

Day Care/After School Basic Health Care

Schools

Public Transportation

op

Convenience Store

Public Parks

Gas Station

Library

her facilities or services:

thin one mile of the site, accessed by low volume residential streets and a controlled intersection, are alle services a senior citizen would need on a daily basis The site is within one half mile of numerous doctorices, .7 miles of a large strip shopping center and one mile from the hospital. The bus stop is 50 yardsm the site. Within 2.5 miles of the site is the library. Within 1.2 miles of the site is the senior center. Thee is about as close to perfect as you will find for an affordable senior development.


701.2

70 1.0

0 .70

40 .50

0

25

8

9

8

4


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evelopment Team

ovide contact information for development team members below:

nagement Agent

ompany: Greenville Housing Authority

dress: 1103 Broad St

ty: Greenville State: NC Zip:

one Email:

ontact Name: First: Don Last: Rogers

chitect

ompany: Stogner Architecture

dress: 615 E. Broad St

ty: Rockingham State: NC Zip:

one Email:

ontact Name: First: Wayne Last: Stogner

orney

ompany: Blanco Tackabery & Matamoros

dress: 110 S. Stratford Rd

ty: Winston Salem State: NC Zip:

one Email:

ontact Name: First: Deborah Last: McKenney

estor

ompany: Community Affordable Housing Equity Corporation

dress: 7700 Falls of the Neuse Rd, Suite 200

ty: Raleigh State: NC Zip:

one Email:

ontact Name: First: Yolanda Last: Winstead

nsultant/Application Preparer (if different from developer)

ompany: Scott A. Redinger, Inc.

dress: 4553 Technology Dr, Suite 3 Box 15

ty: Wilmington State: NC Zip:

one Email:

ontact Name: First: Scott Last: Redinger


27834

(252)329-4000 [email protected]

28379


27104


27615

(919)420-0063

28405



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neral Contractor Identity of Interest?

ompany: E.D Parker Corpoation

dress: 130 Corporate Parkway

ty: Benson State: NC Zip:

one Email:

ontact Name: First: Dale Last: Parker


27504

(919)894-2182 daleparker@edparkercorporation.


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rojected Operating Costs

Project Operations (Year One)

Administrative Expenses

Advertising

Office Salaries

Office Supplies

Office or Model Apartment Rent

Management Fee

Manager or Superintendent Salaries

Manager or Superintendent Rent Free Unit

Legal Expenses (Project)

Auditing Expenses (Project)

Bookkeeping Fees/Accounting Services

Telephone and Answering Service

Bad Debts

Other Administrative Expenses (specify):

SUBTOTAL

Utilities Expense

Fuel Oil

Electricity (Light and Misc. Power)

Water

Gas

Sewer

SUBTOTAL

Operating and Maintenance Expenses

Janitor and Cleaning Payroll

Janitor and Cleaning Supplies

Janitor and Cleaning Contract

Exterminating Payroll/Contract

Exterminating Supplies

Garbage and Trash Removal

Security Payroll/Contract

Grounds Payroll


1,500

2,000

30,000

34,400

650

7,015

4,300

5,500

650

training, software, milea1,285

87,300

12,800

19,584

32,384

2,000

3,000

2,200

3,600


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Grounds Supplies

Grounds Contract

Repairs Payroll

Repairs Material

Repairs Contract

Elevator Maintenance/Contract

Heating/Cooling Repairs and Maintenance

Swimming Pool Maintenance/Contract

Snow Removal

Decorating Payroll/Contract

Decorating Supplies

Other (specify):

Miscellaneous Operating & Maintenance Expenses

SUBTOTAL

Taxes and Insurance

Real Estate Taxes

Payroll Taxes (FICA)

Miscellaneous Taxes, Licenses and Permits

Property and Liability Insurance (Hazard)

Fidelity Bond Insurance

Workmen's Compensation

Health Insurance and Other Employee Benefits

Other Insurance:

SUBTOTAL

Supportive Service Expenses

Service Coordinator

Service Supplies

Tenant Association Funds

Other Expenses (specify):

SUBTOTAL

Reserves

Replacement Reserves

SUBTOTAL


4,500

11,900

17,800

4,900

1,000

3,200

1,000

55,100

45,000

5,000

19,500

1,500

4,000

75,000

1,000

1,000

16,000

16,000


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TOTAL OPERATING EXPENSES

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

TOTAL UNITS

(from total units in the Unit Mix section)

PER UNIT PER YEAR


266,784

204,784

64

3,200


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2. "Total Operating Expenses" comes from 1st-year cash flow, then it is escalated by 4% per year.3. "Debt Service" is the sum of "regular/amortized loan debt service + non-amortizing annual service" as entered by user from

Funding Sources section.4. "Net Cash Flow" is "Net Rental/Other Income" minus "Total Operating Expenses" minus "Debt Service".5. "Debt Coverage Ratio" is ("Net Rental/Other Income" minus "Total Operating Expenses") divided by "Debt Service".



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inimum Set-Asides

NIMUM REQUIRED SET ASIDES (No Points Awarded):

Select one of the following two options:

20% of the units are rent restricted and occupied by households with incomes at or below 50% of the median income (Note: NCredit Eligible Units in the the project can exceed 50% of median income)

40% of the units are rent restricted and occupied by households with incomes at or below 60% of the median income (Note: NCredit Eligible Units in the the project can exceed 60% of median income)

If requesting RPP funds:40% of the units are occupied by households with incomes at or below 50% of median income.

State Tax Credit and QAP Targeting Points:Moderate Income County:

At least twenty-five percent (25%) of qualified units will be affordable to and occupied by households with incomes at or below percent (40%) of county median income.

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

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

Tax Exempt BondsThreshold requirement (select one):

At least ten percent (10%) of qualified units will be affordable to and occupied by households with incomes at or below fifty per(50%) of county median income.At least five percent (5%) of qualified units will be affordable to and occupied by households with incomes at or below forty per(40%) of county median income.

Eligible for targeting points (select one):

At least twenty percent (20%) of qualified units will be affordable to and occupied by households with incomes at or below fiftypercent (50%) of county median income.At least ten percent(10%) of qualified units will be affordable to and occupied by households with incomes at or below forty per(40%) of county median income.



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ull Application Checklist

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

A Nonprofit Organization Documentation or For-profit Corporation Documentation

B Current Financial Statements/Principals and Owners (signed copies)

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

D Management Agent Agreement

E Owner and Management Experience & Management Questionnaire (Appendix C)

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

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

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

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

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

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

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

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

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

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

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

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

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

Crystal Springs App

Documents

Transcript of Crystal Springs App