Tarboro Square

8/6/2019 Tarboro Square

1/34

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: Multi-Family Production

Print Preview - Final Application

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

Resources Requested

219,765

Page 1 of 34Print - APP03-0080

1/14/2005https://www.nchfa.org/Rental/RTCApp/(a132dki5uwhmmgencuyavoyu)/site/PrintApp.asp...


2/34

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

Project Name and Location

Project Name: Tarboro Square Apartments

Address: Wilson Street

City: Tarboro County: Edgecombe Zip: 27886

Census Tract: Block Group:

No

Political Jurisdiction: Town of Tarboro

Jurisdiction CEO Name: First: Last:Samuel Noble Title: Town Manager

Jurisdiction Address: P.O. Box 220

Jurisdiction City: Tarboro Zip: 27886

Jurisdiction Phone: (252)641-4250

Site Latitude:

Site Longitude:




3/34

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: RD 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

2424

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:

Proposed number of residential buildings: 4 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): 990990

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: 25,597

Total Net Sq. Ft. (All Heated Areas): 19,191




4/34

Applicant Information

Applicant Name: Tarboro Square Limited Partnership

Address: P.O. Box 1027

City: State: NC Zip:Dunn 28335

Contact: First: Last: Title:Ed Turlington

Telephone: (910)892-5999

Alt Phone: (910)892-0731

Fax: (910)892-3727

Email Address: [email protected]




5/34

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

6.0 6.0

No

No

No

Yes

No




6/34

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




7/34

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: 07/02/2003

(D) Enter Purchase Price: 110,000




8/34

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

RA-6

Yes

Yes

Yes

Rezoned to RA-6 on 4-21-2003.

No

No

No




9/34

Ownership Entity

Owner Name: Tarboro Square Limited Partnership


City: State: NC Zip:Dunn 28335

Federal Tax ID Number of Ownership Entity: (If assigned)56-6578945

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

Entity Type: Limited Partnership

Entity Status: Already 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: Tarboro Square Limited Partnership

First Name: Edward Last Name: Turlington Function: Managing General Partner


City: Dunn State: NC Zip: 28335

Phone: (910)891-5465 Fax: (910)891-5566

EMail: [email protected] Nonprofit: No TaxID 239-70-4486

Org: Tarboro Square Limited Partnership

First Name: Rebecca Last Name: Turlington Function: General Partner


City: Dunn State: NC Zip: 28335

Phone: (910)891-5465 Fax: (910)891-5566

EMail: [email protected] Nonprofit: No TaxID 416-62-3682




10/34

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 1 605 2 1 379 78 0 457

Gdn Apt 2 800 8 0 452 97 0 549

Gdn Apt 1 605 2 0 444 78 0 522

Gdn Apt 2 800 12 1 529 97 0 626

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....... 24 2 11610

Market Rate.......

Totals............... 24 2 11610

* 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.




11/34

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 50 percent of median income.




24




12/34

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 Loan 219,765 0.00 30 30 7,325Local Gov. Loan - Specify:

RD Loan 602,800 1.00 30 50 15,325

AHP Loan

Other Loan 1 - Specify:



Tax Exempt Bonds

State Tax Credit(Loan) 318,311 0 30 30 0

State Tax Credit(Direct Refund)

Equity: Federal LIHTC 676,568

Non-Repayable Grant

Equity: Historic Tax Credits

Deferred Developer Fees 0

Owner Investment

Other - Specify:

Total Sources** 1,817,444

* "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.

81

USDA-RD Loan obligated with 24 units (100%) RA




13/34

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 223,798 223,798

4 Rehabilitation

5 Construction of New Building(s) 881,187 881,187

6 Accessory Building(s)

7 General Requirements 66,299 66,299

8 Contractor Overhead 23,425 23,425

9 Contractor Profit 70,277 70,277

10 Construction Contingency 37,950 37,950

11 Architect's Fee - Design 31,000 31,000

12 Architect's Fee - Inspection 10,000 10,000

SUBTOTAL (lines 1 through 12) 1,343,936

13 Construction Insurance (prorate)

14 Construction Loan Orig. Fee (prorate) 7,800 7,800

15 Construction Loan Interest (prorate) 54,600 54,600

16 Construction Loan Credit Enhancement (prorate)

17 Construction Period Taxes (prorate)

18 Water, Sewer and Impact Fees 15,000 15,000

19 Survey 6,000 6,000

20 Property Appraisal 500 500

21 Environmental Report 1,800 1,800

22 Market Study 6,500 6,500

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) 92,200

29 Real Estate Attorney 9,500 9,500

30 Other Attorney's Fees

31 Tax Credit App Fees 7,292 7,292

32 Cost Certification/Accounting Fees (specify) 4,500 4,500

33 Tax Opinion

34 Organizational (Partnership)

35 Tax Credit Monitoring Fee 14,400


36 Furnishings and Equipment

37 Relocation Expenses

38 Developer's Fee (max 15% lines 2-36, less 8 & 9) 206,408 206,408

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 29,208




14/34

Comments:

45 Operating Reserve

46 Other Reserve (specify)

47 Other Reserve (specify)

48 DEVELOPMENT COST (lines 1-47) 1,707,444 0 1,663,836

49 Less Federal Financing 602,800

50 Less Disproportionate Standard 0

51 Less Nonqualified Nonrecourse Financing 0

52 Less Historic Tax Credit (residential) 0

53 TOTAL ELIGIBLE BASIS 1,061,036 0 1,061,036

54 Times Applicable Fraction 100.00% 100% 100%

55 TOTAL QUALIFIED BASIS 1,061,036 0 1,061,036

56 Tax Credit Rate 0.00% 7.87%

57 FEDERAL TAX CREDITS at Estimated Rate 83,503 0 83,503

57a FEDERAL TAX CREDITS at 8.5% or 3.75% 90,188 0 90,188

58 FEDERAL TAX CREDITS REQUESTED 83,341 83,341

59 STATE TAX CREDITS 318,311

60 Land Cost 110,000

61 TOTAL REPLACEMENT COST 1,817,444




15/34

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

24 unit family complex. Two (2) 8 unit two-story bldgs.2-4 unit one (1) story bldgs, office/clubhouse20 2-br units, 4 1-br units

None

No

Community Bldg - Sq Ft: 956 Community Room - Sq Ft: 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

Trees Shrubs8 Laurel Oak-30 gal 82 Indian Hawthorne-3-gal6 Yoshino Cherry-15 gal 72 Japanese Mock Orange-3-gal




16/34

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.

11 Red Maple-15-gal 75 Glossy Abelia-3-g10 Crepe Myrtle-15-gal 124 Dwarf Yaupon-3-gal12 River Birch-15-gal 20 Burford Holly 7-gal117 Southern Wax Myrtle-3-gal158 Parsons Juniper-3-gal20 Souther Indian Azalea-3-g

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

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

No




17/34

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).

Proposed site is located in area with mix of residential and multi-family housing. Older homes 15-25yrs old with additional areas being developed as development continues to infill undeveloped areaswithin the corporate limits.

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 is predominately residential with shopping and other amenities within 1/2 mile on WesternBlvd.

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).Street (Hwy. 111) is adquate to handle existing traffic as well as proposed traffic

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).There is a very limited amount of property within the corporate limits that is not developed. There ishighly developable land adjacent to the corporate limits. there are no negative features that willaffect the proposed complex.

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 on-site or off-site negative features or physical barriers to impede the development ofthe proposed project.

Similarity of scale and aesthetics/architecture between project and surroundings.Complex will contain both one and two story buildings, this mix will be similar to existing




18/34

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

Other facilities or services:

development and will not negatively impact the surrounding areas.

Concentration of affordable housing (housing credit, project-based rental assistance, public housing).There are eight (8) complexes within one (1) mile radius of site, five (5) conventional (297) units, five

(5) USDA-RHS 515 (254 units with 72 units of RA) and one (1) LIHTC project (48 units)

Availability of Supportive Services (if applicable):

Grocery Store.50 Community/Senior Center.0

Mall/Strip Center.50 Hospital2.0

Outdoor Athletic Fields1.5 Pharmacy.50

Day Care/After School.10 Basic Health Care.50

Schools.75 Medical Offices.50

Public Transportation Stop.0 Bank/Credit Union.50

Convenience Store.30 Restaurants.50

Basketball/Tennis Courts1.5 Professional Services.50

Public Parks.0 Movie Theater.50

Gas Station.30 Video Rental.50

Library1.5 Public Safety (Fire/Police)1.5

Fitness/Nature Trails.0 Post Office1.5

Public Swimming Pools.0




19/34


20/34

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: 45 1

Units: 1,425 32

North Carolina Other States

Projects: 45 1

Units: 1,425 32

No

No

No

No

Yes




21/34

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? Yes

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

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

If yes, indicate the type and amount below:

Tax Exempt Financing: $

RD 515 Financing: $ 602,800

Hope VI Financing: $

Other: $

If Other, specify the type of Federal subsidy:




22/34

Project Operations (Year One)

Projected Operating Costs

Administrative Expenses

Advertising 800

Other Administrative Expense (specify):

Office Salaries 0Office Supplies 1,200

Office or Model Apartment Rent 0

Management Fee 19,459

Manager or Superintendent Salaries 0

Manager or Superintendent Rent Free Unit 0

Legal Expenses (Project) 400

Auditing Expenses (Project) 2,850

Bookkeeping Fees/Accounting Services 0

Telephone and Answering Service 1,800

Bad Debts 0

Other Administrative Expenses (specify):963

SUBTOTAL 27,472

Utilities Expense

Fuel Oil 0

Electricity (Light and Misc. Power) 1,600

Water 150

Gas 0

Sewer 100

SUBTOTAL 1,850

Operating and Maintenance Expenses

Janitor and Cleaning Payroll 0

Janitor and Cleaning Supplies 5,400

Janitor and Cleaning Contract 0

Exterminating Payroll/Contract 400

Exterminating Supplies 0

Garbage and Trash Removal 2,400

Security Payroll/Contract 0

Grounds Payroll 0

Grounds Supplies 0

Grounds Contract 7,000

Repairs Payroll 0

Repairs Material 1,200

Repairs Contract 1,000

Elevator Maintenance/Contract 0

Heating/Cooling Repairs and Maintenance 600

Swimming Pool Maintenance/Contract 0

Snow Removal 0

Decorating Payroll/Contract 2,900

Decorating Supplies 0

Other (specify):2,000

Miscellaneous Operating & Maintenance Expenses 0

SUBTOTAL 22,900

Taxes and Insurance

Real Estate Taxes 12,500




23/34

Payroll Taxes (FICA) 1,100

Miscellaneous Taxes, Licenses and Permits 0

Property and Liability Insurance (Hazard) 6,600

Fidelity Bond Insurance 35

Workmen's Compensation 250

Health Insurance and Other Employee Benefits 2,411

Other Insurance:0

SUBTOTAL 22,896

Supportive Service Expenses

Service Coordinator 0

Service Supplies 0

Tenant Association Funds 0

Other Expenses (specify):0

SUBTOTAL 0

Reserves

Replacement Reserves 15,389

SUBTOTAL 15,389

TOTAL OPERATING EXPENSES 90,507

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

62,618

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

24

PER UNIT PER YEAR 2,609




24/34


25/34

Design Features

ITEM DESCRIPTION

Foundation/Slab Components 4'' concrete, 6 mil vapor barrier, 6x6 10/10 wire

Primary Windows Make: Model:Silver Line 2900 Type/Construction: Vinyl

Exterior Doors Type: Frames:Vinyl Wood

Siding Type: Grade/Thickness:Vinyl .044

Warranty:

Exterior Trim Aluminum and Vinyl

Shingles Type: Weight:3-Tab Fiberglass 222 per s.f.

Warranty: 25 years

Sprinkler System

Cabinets manufacturers Marsh or Eqaul

Heat Pump SEER: Make:12 Seer Trane/or Egaul

Model:

Air Conditioner SEER: Make:12 Seer Trane/or Egaul

Model:

Other Heat Systems SEER: Make:N/A

Model:




26/34

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 4,791 11,845 16,636

Backfill-slab, Crawl 0

Slab-concrete/Rebar/Gravel 10,479 36,365 46,844

Waterproofing 0

Masonry Foundation 1,797 4,813 6,610

Brick Veneer 18,683 13,662 32,345

Steel/Structure/Rails 0

Framing/Lumber/Nails 55,689 80,446 136,135

Trusses 35,676 35,676

Crane Rental 0

Windows/Grilles/Screen 15,000 15,000Exterior Doors 12,648 12,648

Roofing 7,368 7,132 14,500

Fencing 0

Vinyl Siding/Trim/Box 24,619 36,929 61,548

Gutters/Shutters 2,740 5,260 8,000

Insulation 4,937 8,188 13,125

Drywall 40,335 28,915 69,250

Interior Doors 21,352 21,352

Int. & Final/Stair/Trim/Shelves 11,935 24,315 36,250

Cabinets & Tops 3,750 36,250 40,000

Painting 14,375 14,375 28,750

Marble - Tub/Shwr/Tops 0

Plumbing 36,147 54,221 90,368

Electrical 26,800 38,200 65,000

Heating/Air Conditioning 28,640 41,360 70,000

Floor Covering and Underlayment 0

Wall Paper 0

Mailboxes/Special Features/Signage 6,000 6,000

Gypcrete 0

Blinds/Shades/Art Work 978 2,022 3,000

Light Fixtures/Fans 0

Sprinkler System 13,170 19,755 32,925

Security Alarm 0

Hardwood Floors 0

Elevator 0

Ceramic Tiles 0

Acoustical Ceilings 0




27/34

Remarks:

Mirror/Shower Door/Encls. 0

Hardware/Bath Access. 0

Appliances 1,022 18,203 19,225

Playground Equipment 0

Interior Clean 0

Exterior Clean/Dumpster 0

Other 1 (specify in Remarks) 0


Total Cost 308,255 572,932 881,187




28/34

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 28,325

Job Site Office/Trailer Rental 2,750

Impact Fees

Office Supplies

Security/Watchman

Water and Sewer Connection Fees

Project Signage

Tools and Equipment

Gas, Oil, and Maintenance

Cleanup/Dumpster Rental 8,688

Temporary Water, Electric, and Telephone 2,500Storage/Hauling

Driveway Access Permit

Porta-John Rental/Dumping 950

Builders Risk Insurance 3,812

Re-inspection Fees 5,750

Extra Plans and Specifications

Miscellaneous, Casual Labor

Equipment Rental 7,299

Other 1 (specify in Remarks) 4,725

Other 2 (specify in Remarks) 1,500

Total Cost 66,299

Re-inspections fees-field/engineeringother 1 - payroll taxes,insurancesother 2 - permit




29/34

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 0

Demolition 0

Earthwork/Excavation/Aerating 104,500

Soil Treatment 0

Pile Foundations 0

Caissons 0

Shoring/Bracing 0

Site Drainage 0

Site Utilities/Site Lighting 44,260

Paving and Surfacing/Curb and Gutter 33,578Walkways 17,460

Site Signage 0

Parking Lot Painting 0

Dumpsite Pads/Fencing 0

Fencing/Gates 0

Landscaping/Topsoil 24,000

Waterproofing/De-Watering 0

Operation of Construction Equipment/Fuel/Oil 0

Crane Rental 0

Rock and Hardpan Excavation 0

Site Supervision Personnel 0

Other (specify in Remarks) 0

Total Cost 223,798

None




30/34

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 0

Credit Enhancement 0

Underwriter Discount 0

Capital Interest Fund 0



Total Cost 0

None




31/34

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 0

Issuer Counsel 0

Credit Enhancement/LOC Counsel 0

Underwriter Counsel 0

Developer's Counsel 0

Rating Agency Fee 0

Printing 0

Trustee Fee 0

Trustee Counsel 0


Other 2 (specify in Remarks) 0Other 3 (specify in Remarks) 0

Total Cost 0

None




32/34

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.


Tarboro Square

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