Palmer Green

8/6/2019 Palmer Green

1/35

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

Page 1 of 35Print - APP03-0016

1/14/2005https://www.nchfa.org/Rental/RTCApp/(krthlr55smsy1s45e2tka555)/site/PrintApp.aspx?II...


2/35

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

Project Name and Location

Project Name: Palmer Green Apartments

Address: Palmer Street

City: Raeford County: Hoke Zip: 28376

Census Tract: 9702 Block Group: 1

No

Political Jurisdiction: City of Raeford

Jurisdiction CEO Name: First: Last:Bob Gentry Title: Mayor

Jurisdiction Address: 315 N. Main Street

Jurisdiction City: Raeford Zip: 28376

Jurisdiction Phone: (910)875-8161

Site Latitude: 34.9751

Site Longitude: -79.2440




3/35

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: 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

No

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: 25% of the units will be handicapped accessible. 5 of the units will target the homeless/disabledpoopulation. Rents will range from 155 to 175 on these units.

Proposed number of residential buildings: 5 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): 1,2031,203

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: 44,323

Total Net Sq. Ft. (All Heated Areas): 39,853




4/35

Applicant Information

Applicant Name: Palmer Green Associates Limited Partnership

Address: P. O. Drawer 42208

City: State: NC Zip:Fayetteville 28309

Contact: First: Last: Title:Murray Duggins Gen. Partner-see owner info page 9

Telephone: (910)485-6600

Alt Phone:

Fax: (910)483-4274

Email Address: [email protected]




5/35

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

4 4

No

No

No

Yes

No




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




7/35

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: 8/29/2003

(D) Enter Purchase Price: 100,000




8/35

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

RMF-12

Yes

Yes

Yes

The town of Raeford does not issue a permit. Included are the minutes of the town meeting whereuse was approved.

No

No

No




9/35

Ownership Entity

Owner Name: Palmer Green Associates Limited Partnership


City: State: NC Zip:Fayetteville 28309

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

Federal Tax ID Number of Managing GP or Member: (If Not Assigned)56-2053411

Entity Type: Limited Partnership

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: Palmer Green/Duggins, LLC

First Name: N/A Last Name: N/A Function: Managing General Partner

Address: P. O. Box 42208

City: Fayetteville State: NC Zip: 28309

Phone: (910)485-6600 Fax: (910)483-4274

EMail: [email protected] Nonprofit: No TaxID 56-2053411

Org: Duggins Family Limited Partnership

First Name: Murray Last Name: Duggins Function: General Partner


City: Fayetteville State: NC Zip: 28309

Phone: (910)485-6600 Fax: (910)483-4274

EMail: [email protected] Nonprofit: No TaxID 56-2053411




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11/35

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

Total Low Income Units:

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

Targeting

# BRs Units %

1 2 targeted at 40 percent of median income.






40




12/35

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 230,000 7.25 20 30 18,828

RPP LoanLocal Gov. Loan - Specify:DCA

200,000 0.00 30 30

RD Loan

AHP Loan

Other Loan 1 - Specify:



Tax Exempt Bonds

State Tax Credit(Loan) 792,808 0 30 30 0

State Tax Credit(Direct Refund)

Equity: Federal LIHTC 1,629,674

Non-Repayable Grant

Equity: Historic Tax Credits

Deferred Developer Fees

Owner Investment

Other - Specify:

Total Sources** 2,852,482

* "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.

79

The City of Raeford and a consultant, Larry Jarvis, are working with the Division ofCommunity Assistance for funding as noted above.

Local Gov. Loan - DCA




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Year:Amt:

1

11750

2

11750

3

11750

4

11750

5

11500

6

11500

7

11000

8

11000

9

11000

10

11000

Year:Amt:

11

10500

12

10500

13

10500

14

10500

15

10000

16

9000

17

8000

18

7000

19

6000

20

4000




14/35

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 226,500 226,500

4 Rehabilitation

5 Construction of New Building(s) 1,590,597 1,590,597

6 Accessory Building(s)

7 General Requirements 98,660 98,660

8 Contractor Overhead 38,400 38,440

9 Contractor Profit 114,900 114,900

10 Construction Contingency 62,000 62,000

11 Architect's Fee - Design 70,000 70,000

12 Architect's Fee - Inspection

SUBTOTAL (lines 1 through 12) 2,201,057

13 Construction Insurance (prorate) 4,725 4,725

14 Construction Loan Orig. Fee (prorate)

15 Construction Loan Interest (prorate) 39,500 39,500

16 Construction Loan Credit Enhancement (prorate)

17 Construction Period Taxes (prorate) 3,000 3,000

18 Water, Sewer and Impact Fees 10,340 10,340

19 Survey 3,000 3,000

20 Property Appraisal 5,500 5,500

21 Environmental Report 3,500 3,500

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

SUBTOTAL (lines 13 through 28) 73,565

29 Real Estate Attorney 40,650 40,650

30 Other Attorney's Fees

31 Tax Credit App Fees 15,121 15,121

32 Cost Certification/Accounting Fees (specify) 7,300 7,300

33 Tax Opinion

34 Organizational (Partnership)

35 Tax Credit Monitoring Fee 21,000


36 Furnishings and Equipment 5,000 5,000

37 Relocation Expenses

38 Developer's Fee (max 15% lines 2-36, less 8 & 9) 300,000 300,000

39 Other Basis Expense (specify)

40 Other Basis Expense (specify)

41 Rent-up Expenses

42 Other Non-basis Expense (specify)

43 Other Non-basis Expense (specify)


44 Rent up Reserve 12,000




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Comments:

45 Operating Reserve 76,789

46 Other Reserve (specify)

47 Other Reserve (specify)

48 DEVELOPMENT COST (lines 1-47) 2,752,482 0 2,642,733

49 Less Federal Financing

50 Less Disproportionate Standard

51 Less Nonqualified Nonrecourse Financing

52 Less Historic Tax Credit (residential) 0

53 TOTAL ELIGIBLE BASIS 2,642,733 0 2,642,733

54 Times Applicable Fraction 100.00% 100% 100%

55 TOTAL QUALIFIED BASIS 2,642,733 0 2,642,733

56 Tax Credit Rate 8.50% 8.50%

57 FEDERAL TAX CREDITS at Estimated Rate 224,632 0 224,632

57a FEDERAL TAX CREDITS at 8.5% or 3.75% 224,632 0 224,632

58 FEDERAL TAX CREDITS REQUESTED 224,712 224,712

59 STATE TAX CREDITS 793,102

60 Land Cost 100,000

61 TOTAL REPLACEMENT COST 2,852,482




16/35

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

Project will consist of 5 two-story rental buildings containing a total of 40 one, two, & three bedrooms(one & two bath) units with a total rental area of approximately 42,000 sq. ft. Project will also havean office/community building. Palmer Green will be operated according to NCHFA requirements.Construction will be brick veneer and hardiplank. The management company will be UnitedManagement. A support services program will be in place. The proposed project targets those at

40%,50% and 60% of the median income. 11 units will be handicapped accessible. A supportservices coordinator is on staff to assist tenants.

Yes

Raeford Green Apts.,400 Southern Ave., Raeford, NC 28376;Blanton Green Apts., 1034 Lauren McNeill Loop, Fayetteville, NC 28303;Golfview Apts. 4131 Fescue Ct., Hope Mills, NC 28348; Longview Apts., 117 LongviewDr.,Fayetteville, NC; Blanton Green II Apts. (under const.) Adjacent to Blanton Green I; WoodgreenApts.(under const.) 200 Bradford Dr., Aberdeen, NC.28315; Rosehill West Apts., James HamnerWay, Fayetteville, NC.

Community Bldg - Sq Ft: 1,203 Community Room - Sq Ft: 1,100 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

Playground with equipment, support services director with scheduled activities.

Above average landscaping with automatic sprinkler system.




17/35

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.

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

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

vct

Yes




18/35

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).

Surrounding area consists of nice residential homes and other acreage which is presently use foragriculture but zoned R-12 to allow residential homes. There are no signs of decline in the area andwe believe that a market assessment will show that the economic health is good.

Suitability of surrounding development. Land use pattern is primarily residential with a balance ofother uses, including non-competing multifamily and single family units, relevant amenities, shoppingand services.Land use pattern is primarily residential. There is a school across Thomas St. within .2 mi. of thesite. There is a water tower which was built in 1997 under modern standards and is 112 ft. in heightand 50 ft. in diameter. Please note that it is NOT A WELL SITE but a tank only. It is approximately230 ft. from property line and 245 ft. from any building which would be included in the project. Abuffer will be constructed along the property line for aesthetic reasons. Amenities, shopping,

services, etc. are listed below.

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).The project ingress and egress will be state road 1244 (Palmer Street) which is not a main trafficartery. Appropriate stop signs and traffic lights are in place.

Amount and character of vacant, undeveloped land. Effect of industrial, large-scale institutional orother incompatible uses: wastewater treatment facilities, high traffic corridors, junkyards, prisons,landfills, large swamps, distribution facilities, frequently used railroad tracks, power transmission linesand towers, factories or similar operations, sources of excessive noise, and sites with environmentalconcerns (such as odors or pollution).Undeveloped land around site is now used for agriculture but is zoned for residential use. Tlhe siteitself is not used for agriculture. There are no detrimental factors as listed above. The water tower asdiscussed above will not, in our opinion have any detrimental effect on proposed project or tenants.

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.There are no negative features that will impede project construction or adversely affect futuretenants.

Similarity of scale and aesthetics/architecture between project and surroundings.Project will blend well with surrounding aesthetics/architecture.




19/35

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

Other facilities or services:

Concentration of affordable housing (housing credit, project-based rental assistance, public housing).There is a Rural Development project approximately one mile from the project (Twin Oaks Apts.)

and an affordable housing project approximately 2 miles from site (Raeford Green).

Availability of Supportive Services (if applicable):The developer of the low income projects employs a certified support services coordinator whoworks with tenants and establishes contact with city and county social service agencies for tenantsas needed. Many of the Hoke County support services offices are located in the City of Raeford.

Grocery Store1 Community/Senior Center.4

Mall/Strip Center1 Hospital.5

Outdoor Athletic Fields.2 Pharmacy.5

Day Care/After School.7 Basic Health Care.5

Schools.2 Medical Offices.5

Public Transportation Stop Bank/Credit Union1

Convenience Store.4 Restaurants1

Basketball/Tennis Courts.2 Professional Services1.5

Public Parks Movie Theater

Gas Station.4 Video Rental1

Library2 Public Safety (Fire/Police)2

Fitness/Nature Trails Post Office2

Public Swimming Pools

First Health Community Health Services is located .5 mi. from site. This facility offers diversemedical services and includes ambulance service .




20/35


21/35

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

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

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

state agency?

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

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

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

project?

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

agreement has been signed?

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

received a letter of non-compliance from the Agency?

Project Team Experience

North Carolina Other States

Projects: 19 4

Units: 736 104

North Carolina Other States

Projects: 20 5

Units: 760 128

No

No

No

No

Yes




22/35

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? Yes

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

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

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

If yes, indicate the type and amount below:

Tax Exempt Financing: $

RD 515 Financing: $

Hope VI Financing: $

Other: $

If Other, specify the type of Federal subsidy:




23/35

Project Operations (Year One)

Projected Operating Costs

Administrative Expenses

Advertising 1,600

Other Administrative Expense (specify):

Office Salaries 4,200Office Supplies 1,500

Office or Model Apartment Rent

Management Fee 17,550

Manager or Superintendent Salaries 1,500

Manager or Superintendent Rent Free Unit

Legal Expenses (Project) 500

Auditing Expenses (Project) 3,500

Bookkeeping Fees/Accounting Services

Telephone and Answering Service 2,000

Bad Debts

Other Administrative Expenses (specify):

SUBTOTAL 32,350

Utilities Expense

Fuel Oil

Electricity (Light and Misc. Power) 6,500

Water

Gas

Sewer

SUBTOTAL 6,500

Operating and Maintenance Expenses

Janitor and Cleaning Payroll

Janitor and Cleaning Supplies

Janitor and Cleaning Contract 4,000

Exterminating Payroll/Contract 3,000

Exterminating Supplies

Garbage and Trash Removal 4,871

Security Payroll/Contract

Grounds Payroll 4,000

Grounds Supplies 3,000

Grounds Contract 7,000

Repairs Payroll 4,000

Repairs Material

Repairs Contract 3,500

Elevator Maintenance/Contract

Heating/Cooling Repairs and Maintenance 5,500

Swimming Pool Maintenance/Contract

Snow Removal

Decorating Payroll/Contract 3,000

Decorating Supplies 2,400

Other (specify):

Miscellaneous Operating & Maintenance Expenses

SUBTOTAL 0

Taxes and Insurance

Real Estate Taxes 15,000




24/35

Payroll Taxes (FICA) 3,379

Miscellaneous Taxes, Licenses and Permits

Property and Liability Insurance (Hazard) 5,500

Fidelity Bond Insurance

Workmen's Compensation

Health Insurance and Other Employee Benefits

Other Insurance:

SUBTOTAL 0

Supportive Service Expenses

Service Coordinator 6,000

Service Supplies

Tenant Association Funds

Other Expenses (specify):

SUBTOTAL 0

Reserves

Replacement Reserves 10,000

SUBTOTAL 10,000

TOTAL OPERATING EXPENSES 123,000

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

92,000

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

40

PER UNIT PER YEAR 2,300




25/35


26/35

Design Features

ITEM DESCRIPTION

Foundation/Slab Components 20x12" footings w/2 rebar. Continuous reg. brick 4"x8" block & header blocks on 4"slab.

Primary Windows Make: Model:Alenco series 3852 Type/Construction: aluminum, single hung, thermal break, tilt sash

Exterior Doors Type: Frames:Peachtree Steel Wood

SidingType: Grade/Thickness:

Hardiplank & BrickVeneer and/or .044"vinyl siding & trim

Warranty: 50 yr. warranty

Exterior Trim Pro-trim/Hardiplank and/or vinyl trim

Shingles Type: Weight:Asphalt 240# Warranty: 30 yr. architectural

Sprinkler System Grinnell fire protection system throughout. Wet system

Cabinets Tri-Pac Composite Box, 3/4" shelf, oak face

Heat Pump SEER: Make:12 Goodman

Model:

Air Conditioner SEER: Make:12 Goodman

Model: CPK J18

Other Heat Systems SEER: Make:N/A

Model:




27/35

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 12,752 7,173 19,925

Backfill-slab, Crawl 39,030 31,933 70,963

Slab-concrete/Rebar/Gravel 0 0 0

Waterproofing 0 0 0

Masonry Foundation 0 0 0

Brick Veneer 25,190 21,416 46,606

Steel/Structure/Rails 24,144 28,339 52,483

Framing/Lumber/Nails 95,494 158,118 253,612

Trusses 0 62,168 62,168

Crane Rental 0 6,511 6,511

Windows/Grilles/Screen 0 14,865 14,865Exterior Doors 0 38,792 38,792

Roofing 10,575 7,404 17,979

Fencing 14,263 4,255 18,518

Vinyl Siding/Trim/Box 61,718 17,912 79,630

Gutters/Shutters 4,185 4,719 8,904

Insulation 14,212 21,317 35,529

Drywall 47,738 31,824 79,562

Interior Doors 23,542 54,933 78,475

Int. & Final/Stair/Trim/Shelves 0 0 0

Cabinets & Tops 26,982 40,474 67,456

Painting 34,988 28,627 63,615

Marble - Tub/Shwr/Tops 0 0 0

Plumbing 51,673 73,246 124,919

Electrical 33,744 44,731 78,475

Heating/Air Conditioning 35,397 58,384 93,781

Floor Covering and Underlayment 14,877 34,713 49,590

Wall Paper 10,116 10,116 20,232

Mailboxes/Special Features/Signage 278 3,228 3,506

Gypcrete 0 0 0

Blinds/Shades/Art Work 3,283 7,681 10,964

Light Fixtures/Fans 0 0 0

Sprinkler System 0 0 0

Security Alarm 0 0 0

Hardwood Floors 0 0 0

Elevator 0 0 0

Ceramic Tiles 0 0 0

Acoustical Ceilings 0 0 0




28/35

Remarks:

Mirror/Shower Door/Encls. 0 0 0

Hardware/Bath Access. 0 19,590 19,590

Appliances 0 58,551 58,551

Playground Equipment 0 1,948 1,948

Interior Clean 10,017 0 10,017

Exterior Clean/Dumpster 9,183 0 9,183

Other 1 (specify in Remarks) 5,676 5,566 11,242

Other 2 (specify in Remarks) 37,330 45,676 83,006

Total Cost 646,387 944,210 1,590,597

Other 1. Driveway, sidewalks, porchOther 2. Site Utilities




29/35

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 61,489

Job Site Office/Trailer Rental 4,359

Impact Fees

Office Supplies 0

Security/Watchman 9,504

Water and Sewer Connection Fees

Project Signage 0

Tools and Equipment 2,235

Gas, Oil, and Maintenance 0

Cleanup/Dumpster Rental 1,789

Temporary Water, Electric, and Telephone 3,690Storage/Hauling 0

Driveway Access Permit 7,546

Porta-John Rental/Dumping 3,688

Builders Risk Insurance 4,360

Re-inspection Fees 0

Extra Plans and Specifications 0

Miscellaneous, Casual Labor 0

Equipment Rental 0

Other 1 (specify in Remarks) 0

Other 2 (specify in Remarks) 0

Total Cost 98,660




30/35

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 0

Clearing/Grading/Final Grading/Excess and Borrow 49,424

Demolition 0

Earthwork/Excavation/Aerating 13,420

Soil Treatment 2,291

Pile Foundations 0

Caissons 0

Shoring/Bracing 0

Site Drainage 12,962

Site Utilities/Site Lighting 52,370

Paving and Surfacing/Curb and Gutter 34,497Walkways 0

Site Signage 1,637

Parking Lot Painting 654

Dumpsite Pads/Fencing 3,273

Fencing/Gates 0

Landscaping/Topsoil 33,061

Waterproofing/De-Watering 0

Operation of Construction Equipment/Fuel/Oil 0

Crane Rental 0

Rock and Hardpan Excavation 0

Site Supervision Personnel 7,200

Other (specify in Remarks) 15,711

Total Cost 226,500

Other - Hauling Trash




31/35

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

Other 1 (specify in Remarks)


Total Cost 0

N/A




32/35

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

N/A




33/35

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.




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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.


Palmer Green

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Transcript of Palmer Green