Firetower Crossing

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Check all that apply:

Federal Low Income Housing Tax Credit

State Low Income Housing Tax Credit

Tax Exempt Bonds

Rental Production Program (RPP) Loan

Requested RPP Loan Amount:RPP Loan Product Requested:

Print Preview - Final Application

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

Resources Requested

of 34Print - APP03-0017

1/14/2005https://www.nchfa.org/Rental/RTCApp/(al44mtb5vws02y55mu2wv145)/site/PrintApp.asp...



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

Project Name and Location

Project Name: Firetower Crossing Apartments

Address: Garden Street and Firetower Road (Northeast intersection)

City: Sanford County: LEE Zip: 27330

Census Tract: 303 Block Group: 1500-1999

Yes

Political Jurisdiction: City of Sanford

Jurisdiction CEO Name: First: Last:Winston Hester Title: Mayor

Jurisdiction Address: Post Office Box 3729

Jurisdiction City: Sanford Zip: 27331-3729

Jurisdiction Phone: (919)775-8365

Site Latitude:

Site Longitude:





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 federal rental assistance?

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

Target Population: Family

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

Square Footage Information

Project Description

Project Type:* New Construction Rehab Adaptive Reuse

No

Yes

6060

Mobility impaired handicapped: 5% of units comply with QAP Section IV(F)(3) (in addition to other federal and staterequirements)

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

Remarks: Five percent (5%) of the total ten percent (10%) will be fully handicapped accessible including largerbathroom floorspace and a roll-in shower.

Proposed number of residential buildings: 8 Maximum number of stories in buildings: 2

Types of Units:* Townhouse Duplex Garden Apartment Detached Single-Family

Project Includes:Separate community building -- Sq. Ft. (Floor Area):Sq. Ft. (Floor Area): 1,7311,731

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

Elevators -- Number of Elevators:Number of Elevators:

Gross Floor Square Footage: 72,901

Total Net Sq. Ft. (All Heated Areas): 63,195





Applicant Information

Applicant Name: Firetower Crossing Apartments, LLC

Address: Post Office Box 6171

City: State: NC Zip:Raleigh 27628-6171

Contact: First: Last: Title:Cathy Connors Dir. of Development

Telephone: (919)755-9155

Alt Phone: (919)621-9372

Fax: (919)755-2245

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 in a distressed neighborhood?

If yes, does a community revitalization plan exist?

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:

Site Description

7.05 6.35

6.35 is the total acreage outside of setbacks.

No

No

No

Yes

No





(b) Describe flood mitigation if the project is in the East Region and will have improvements within the 100 year floodplain:





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:

Yes

Seller is the non-profit partner in the ownership entity.

(c) Enter the current expiration date of the option/contract to purchase: 12/31/2003

(D) Enter Purchase Price: 59,962





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:

Is a public hearing of any kind required in the future for you to fully develop this property?

If yes, describe the nature of the hearing and when you expect the hearing will be held:

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

Residential (R-12)

Yes

No

No

No

No





List each applicable unit mix combination in a separate row below. Click [Add] to create another row. Click "X" (at the left of each row) todelete a row.

Low Income Units

Market Rate Units

Statistics

Notes

Unit Mix

Type # BRs Net Sq.Ft.Total

# Units#Units

MonthlyRent

UtilityAllowance

MandatoryServ. Fees

**TotalHousing Exp.

Gdn Apt 2 908 12 2 345 124 469

Gdn Apt 3 1125 4 2 400 144 544

Gdn Apt 2 908 30 1 465 124 589

Gdn Apt 3 1125 14 1 540 144 684

Utilites included in rents: Water/Sewer Electric Gas Other

Type # BRs Net Sq.Ft.Total

# Units#Units

MonthlyRent

UtilityAllowance

MandatoryServ. Fees

**TotalHousing Exp.

Utilites included in rents: Water/Sewer Electric Gas Other

AllUnits

Units

Gross MonthlyRental Income

Low Income....... 60 6 27250

Market Rate.......

Totals............... 60 6 27250

* Paint-to-Paint Square Footage

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





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

Total Low Income Units:

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

Targeting

# BRs Units %

2 12 targeted at 40 percent of median income.




60





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))

Funding Sources

Source AmountNon-

Amortizing*Rate(%)

Term(Years)

Amort.Period(Years)

AnnualDebt

Service

Bank Loan

RPP LoanLocal Gov. Loan - Specify:

RD Loan

AHP Loan

Other Loan 1 - Specify:SHA Loan

194,760 2.00 20 20 11,823

Other Loan 2 - Specify:

Other Loan 3 - Specify:

Tax Exempt Bonds

State Tax Credit(Loan) 1,152,864 0 30 30 0

State Tax Credit(Direct Refund)

Equity: Federal LIHTC 3,447,412

Non-Repayable Grant

Equity: Historic Tax Credits

Deferred Developer Fees

Owner Investment 4 Other - Specify:

Total Sources** 4,795,040

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

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

76





Development Costs

Item Cost Element TOTAL COSTEligible Basis

30% PV 70% PV

1 Purchase of Buildings (Rehab) 0

2 Demolition 60,000

3 On-site Improvements 420,000 420,000

4 Rehabilitation

5 Construction of New Building(s) 2,649,013 2,649,013

6 Accessory Building(s)

7 General Requirements 107,740 107,740

8 Contractor Overhead 64,700 64,700

9 Contractor Profit 194,200 194,200

10 Construction Contingency 105,000 105,000

11 Architect's Fee - Design 81,000 81,000

12 Architect's Fee - Inspection 9,000 9,000

SUBTOTAL (lines 1 through 12) 3,690,653

13 Construction Insurance (prorate) 8,000 8,000

14 Construction Loan Orig. Fee (prorate) 9,140 8,747

15 Construction Loan Interest (prorate) 57,535 47,946

16 Construction Loan Credit Enhancement (prorate)

17 Construction Period Taxes (prorate) 7,500 7,500

18 Water, Sewer and Impact Fees 80,000 80,000

19 Survey 8,000 8,000

20 Property Appraisal 6,000 6,000

21 Environmental Report 8,000 8,000

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 5,000

SUBTOTAL (lines 13 through 28) 193,175

29 Real Estate Attorney 7,500 7,500

30 Other Attorney's Fees 35,000 22,000

31 Tax Credit App Fees 30,573 30,573

32 Cost Certification/Accounting Fees 9,000 9,000

33 Tax Opinion 5,000

34 Organizational (Partnership) 8,000

35 Tax Credit Monitoring Fee 31,500


36 Furnishings and Equipment 8,000 8,000

37 Relocation Expenses

38 Developer's Fee (max 15% lines 2-36, less 8 & 9) 548,175 548,175

39 Other Basis Expense (specify)

40 Other Basis Expense (specify)

41 Rent-up Expenses 8,000

42 Other Non-basis Expense (specify)

43 Other Non-basis Expense (specify)


44 Rent up Reserve 30,000





Comments:

45 Operating Reserve 130,502

46 Other Reserve (specify)

47 Other Reserve (specify)

48 DEVELOPMENT COST (lines 1-47) 4,735,078 0 4,434,094

49 Less Federal Financing

50 Less Disproportionate Standard

51 Less Nonqualified Nonrecourse Financing

52 Less Historic Tax Credit (residential) 0

53 TOTAL ELIGIBLE BASIS 4,434,094 0 4,434,094

54 Times Applicable Fraction 130.00% 130% 130%

55 TOTAL QUALIFIED BASIS 5,764,322 0 5,764,322

56 Tax Credit Rate 0.00% 8.13%

57 FEDERAL TAX CREDITS at Estimated Rate 468,639 0 468,639

57a FEDERAL TAX CREDITS at 8.5% or 3.75% 489,967 0 489,967

58 FEDERAL TAX CREDITS REQUESTED 0

59 STATE TAX CREDITS

60 Land Cost 59,962

61 TOTAL REPLACEMENT COST 4,795,040





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

Firetower Crossing Apartments will be a 60-unit rental community, which will target Sanfordresidents who earn 50% or less of the Lee County median income. The development will consist ofseven 2-story garden style apartment buildings, in addition to two 1-story buildings, one of which willcontain the office and community space. Four of the buildings will contain eight 2-bedroomapartments, two buildings will contain four three-bedroom and four 2-bedroom apartments, another

building will contain eight 3-bedroom apartments and one building will contain two 3-bedroom andtwo 2-bedroom apartments. The rents will be as follows:a. Ten 2-bedroom apts - Net rent: 345 Util Allow $124b. Four 3-bedroom apts - Net rent: 400 Util Allow $144c. Thirty-two 2-bedroom apts - Net rent 465 Util Allow $124d. Fourteen 3-bedroom apts - Net rent 540 Util Allow $144

The project location on Firetower Road is close to shopping and schools and is located in a quietresidential neighborhood. This apartment community will serve tenants with children as over 25% ofthe units will have 3-bedrooms. Firetower Crossing Apartments will also target to persons withdisabilities by making ten percent (10%) of the total units fully accessible, along with a targetingplan, to ensure that the appropriate population is aware of the accessible units at Firetower CrossingApartments.

Shingle-style vinyl accent siding

Yes

Dunbar Place Apartments

100 Peacock LaneArden, North Carolina 28704

Savannah Place Apartments1519 Savannah PlaceDurham, North Carolina 27713

Best Village Apartments909 Savannah LaneKinston, North Carolina 28501

Community Bldg - Sq Ft: 1,731 Community Room - Sq Ft: 851 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





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.

Pool Fitness Stations Horseshoe Pit Shuffleboard Covered Drive Thru

The on-site activities at Firetower Crossing will include a picnic area including tables and grills,garden spots, a playground area for the children, a gazebo, horseshoe pit and resident computercenter.

Firetower Crossing will be attractively landscaped with plants and trees native to the area, such aspines, dogwood trees and azaelas. A picnic area, including tables and grills, will also be located onthe site where the residents may enjoy outside meals. Garden spots will be provided so that theresidents will be able to plant vegetables and flowers.

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

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

No





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

Other facilities or services:

single family subdivsion located on Firetower Road. The single family homes are primarily vinyl withsome brick trim which mirrors the design of Firetower Crossing Apartments.

Concentration of affordable housing (housing credit, project-based rental assistance, public housing).The closest affordable housing complex is located approximately one mile east on Garden Street.

Availability of Supportive Services (if applicable):Not applicable.

Grocery Store2.0 Community/Senior Center.7

Mall/Strip Center2.0 Hospital.5

Outdoor Athletic Fields.5 Pharmacy1.1

Day Care/After School1.0 Basic Health Care.5

Schools.5 Medical Offices.5

Public Transportation Stop.1 Bank/Credit Union1.4

Convenience Store.1 Restaurants1.1

Basketball/Tennis Courts.5 Professional Services.5

Public Parks.5 Movie Theater2.5

Gas Station.1 Video Rental3.0

Library2.0 Public Safety (Fire/Police)2.0

Fitness/Nature Trails.5 Post Office2

Public Swimming Pools.5

Church 2/10 mile

Downtown Sanford 1.5 miles





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: 13 0

Units: 668 0

North Carolina Other States

Projects: 14 0

Units: 684 0

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? No

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

Is any portion of the eligible basis of new contruction or rehabilitation financed with federal subsidies other than CDBG funds or fundsfrom the HOME program? Yes

If yes, indicate the type and amount below:

Tax Exempt Financing: $

RD 515 Financing: $

Hope VI Financing: $

Other: $ 0

If Other, specify the type of Federal subsidy: Project Based Section 8 - 60 units





Project Operations (Year One)

Projected Operating Costs

Administrative Expenses

Advertising 1,000

Other Administrative Expense (specify):

Office SalariesOffice Supplies 4,000

Office or Model Apartment Rent

Management Fee 27,880

Manager or Superintendent Salaries 28,000

Manager or Superintendent Rent Free Unit

Legal Expenses (Project) 500

Auditing Expenses (Project) 4,500

Bookkeeping Fees/Accounting Services

Telephone and Answering Service 2,500

Bad Debts 1,500

Other Administrative Expenses (specify):

SUBTOTAL 69,880

Utilities Expense

Fuel Oil

Electricity (Light and Misc. Power) 10,000

Water 10,000

Gas 10,000

Sewer

SUBTOTAL 30,000

Operating and Maintenance Expenses

Janitor and Cleaning Payroll 2,500

Janitor and Cleaning Supplies 2,000

Janitor and Cleaning Contract

Exterminating Payroll/Contract 2,500

Exterminating Supplies

Garbage and Trash Removal 4,000

Security Payroll/Contract

Grounds Payroll

Grounds Supplies

Grounds Contract 10,000

Repairs Payroll 14,000

Repairs Material 12,000

Repairs Contract 10,000

Elevator Maintenance/Contract

Heating/Cooling Repairs and Maintenance 4,000

Swimming Pool Maintenance/Contract

Snow Removal

Decorating Payroll/Contract 14,000

Decorating Supplies

Other (specify):

Miscellaneous Operating & Maintenance Expenses

SUBTOTAL 75,000

Taxes and Insurance

Real Estate Taxes 35,000





Payroll Taxes (FICA) 1,500

Miscellaneous Taxes, Licenses and Permits

Property and Liability Insurance (Hazard) 16,000

Fidelity Bond Insurance

Workmen's Compensation

Health Insurance and Other Employee Benefits

Other Insurance:

SUBTOTAL 52,500

Supportive Service Expenses

Service Coordinator

Service Supplies 5,000

Tenant Association Funds

Other Expenses (specify):1,800

SUBTOTAL 6,800

Reserves

Replacement Reserves 15,000

SUBTOTAL 15,000

TOTAL OPERATING EXPENSES 249,180

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

192,380

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

60

PER UNIT PER YEAR 3,206





Design Features

ITEM DESCRIPTION

Foundation/Slab Components Turned down footings 4" concrete slab

Primary Windows Make: Model:Silverline Type/Construction: Insulated vinyl

Exterior Doors Type: Frames:Ins. Fiberglass Wood

Siding Type: Grade/Thickness:Vinyl .044

Warranty: Lifetime

Exterior Trim Vinyl

Shingles Type: Weight:Fungus Buster XT25 225

Warranty: 25 year

Sprinkler System 13R

Cabinets Marsh

Heat Pump SEER: Make:12 SEER Carrier

Model:

Air Conditioner SEER: Make:12 SEER Carrier

Model:

Other Heat Systems SEER: Make:

Model: Supp. Strip Heat 8 kw





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

Costs - Construction

ITEM LABOR MATERIAL TOTAL

Concrete Footings 0

Backfill-slab, Crawl 0

Slab-concrete/Rebar/Gravel 110,000 110,000 220,000

Waterproofing 25,000 25,000 50,000

Masonry Foundation 15,000 20,000 35,000

Brick Veneer 100,000 150,000 250,000

Steel/Structure/Rails 0

Framing/Lumber/Nails 200,000 200,000 400,000

Trusses 115,000 115,000

Crane Rental 0

Windows/Grilles/Screen 40,000 40,000Exterior Doors 60,000 60,000

Roofing 20,000 35,000 55,000

Fencing 600 5,000 5,600

Vinyl Siding/Trim/Box 0

Gutters/Shutters 2,000 8,000 10,000

Insulation 30,000 30,000 60,000

Drywall 62,853 160,000 222,853

Interior Doors 20,000 50,000 70,000

Int. & Final/Stair/Trim/Shelves 10,000 35,000 45,000

Cabinets & Tops 25,000 40,000 65,000

Painting 29,000 50,000 79,000

Marble - Tub/Shwr/Tops 0

Plumbing 75,000 125,000 200,000

Electrical 100,000 100,000 200,000

Heating/Air Conditioning 75,000 75,000 150,000

Floor Covering and Underlayment 34,000 34,000 68,000

Wall Paper 0

Mailboxes/Special Features/Signage 500 3,000 3,500

Gypcrete 10,000 15,000 25,000

Blinds/Shades/Art Work 2,500 2,500 5,000

Light Fixtures/Fans 0

Sprinkler System 35,000 60,000 95,000

Security Alarm 0

Hardwood Floors 0

Elevator 0

Ceramic Tiles 0

Acoustical Ceilings 0





Remarks:

Mirror/Shower Door/Encls. 0

Hardware/Bath Access. 2,000 5,000 7,000

Appliances 22,560 50,000 72,560

Playground Equipment 10,000 15,000 25,000

Interior Clean 2,500 3,000 5,500

Exterior Clean/Dumpster 10,000 10,000

Other 1 (specify in Remarks) 0

Other 2 (specify in Remarks) 0

Total Cost 1,018,513 1,630,500 2,649,013





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 46,000

Job Site Office/Trailer Rental 3,000

Impact Fees

Office Supplies 240

Security/Watchman

Water and Sewer Connection Fees

Project Signage 5,000

Tools and Equipment

Gas, Oil, and Maintenance 1,000

Cleanup/Dumpster Rental 20,000

Temporary Water, Electric, and Telephone 5,000Storage/Hauling 800

Driveway Access Permit

Porta-John Rental/Dumping 1,700

Builders Risk Insurance

Re-inspection Fees

Extra Plans and Specifications

Miscellaneous, Casual Labor 10,000

Equipment Rental 15,000

Other 1 (specify in Remarks)


Total Cost 107,740





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

Remarks:

Costs - Improvements

ITEM TOTAL

Subsurface Explorat ion/Perk Testing/Site Engineering 8,000

Clearing/Grading/Final Grading/Excess and Borrow 110,000

Demolition 0

Earthwork/Excavation/Aerating 0

Soil Treatment 0

Pile Foundations 0

Caissons 0

Shoring/Bracing 0

Site Drainage 0

Site Utilities/Site Lighting 114,000

Paving and Surfacing/Curb and Gutter 105,000Walkways 0

Site Signage 2,000

Parking Lot Painting 0

Dumpsite Pads/Fencing 0

Fencing/Gates 0

Landscaping/Topsoil 45,000

Waterproofing/De-Watering 0

Operation of Construction Equipment/Fuel/Oil 0

Crane Rental 0

Rock and Hardpan Excavation 0

Site Supervision Personnel 36,000

Other (specify in Remarks)

Total Cost 420,000





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


Other 2 (specify in Remarks)Other 3 (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.

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 fortypercent (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 county

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

Low Income County:

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

At least forty percent (40%) of qualified units will be affordable to and occupied by households with incomes at or below fifty percent(50%) 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 Permitted zoning letter (including conditional and special use)

I Site plan, floor plans and elevations

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

K Description of any existing conditions of historical significance.

L Description of environmental significance.

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

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

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

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

Q Targeting Plan and supporting documentation (Required for projects targeted to Special Populations)

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

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

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

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

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

W Documentation to support estimated utility costs.


Firetower Crossing

Documents

Transcript of Firetower Crossing