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Print Preview - FinalApplicationTax Credits, RPP Loans, and/or Tax Exempt Bond Loans
roject Description
oject Name: Springchase Apartments
dress: 1010 Turnpike Rd
ty: Laurinburg County: Scotland Zip:
ensus Tract: 101 Block Group: 6
project in Qualified Census Tract or Difficult to Develop Area? No
olitical Jurisdiction: City of Laurinburg
risdiction CEO Name:First:Matthew Last:Block
Title: Mayor
risdiction Address: PO Box 249
risdiction City: Laurinburg Zip:
risdiction Phone:
e Latitude:
e Longitude:
oject Type: Rehab
this project a previously awarded tax credit development? No
If yes, what is the project number: Is this a request for supplementalcredits?
w Construction/Adaptive Reuse:his project a follow-on (Phase II, etc) to a previously-awarded tax credit development project?
If yes, list names of previous phase(s):
ehab:
umber of residents holding Section 8 vouchers: 11
l the project meet Energy Star standards as defined in Appendix B? No
es a community revitalization plan exist? Yes
ll the project use steel and concrete construction and have at least 4 stories? No
ll the project include a Community Service Facility under IRS Revenue Ruling 2003-77?o
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28352
28353
(910)276-8324
34.4548
-79.2932
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If yes, please describe:
rget Population:Family
ll the project be receiving project based federal rental assistance? Yes
If yes, provide the subsidy source: RD and number of units:
icate below any additional targeting for special populations proposed for this project:
Mobility impaired handicapped: 5% of units comply with QAP Section IV(F)(3) (in addition to the units required by other federal andstate codes.)
Number of Units:
Persons with disabilities or homeless populations: 10% of the total units.
Number of Units:
Remarks: Projects with rental assistance are required to target five units as the minimum. A plan will be developedwith the local lead agency to devise a Targeting Plan to be certified by the N.C. Department of HealthServices.
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24
0
5
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pplicant Information
icate below an individual or a validly existing entity (a corporation, nonprofit, limited partnership or LLC) as the official applicant. UndeP Section III(C)(5) only this individual or entity will be able to make decisions with regard to this application. If awarded the applicant
come part of the ownership entity. The applicant will execute the signature page for this application.
pplicant Name: Hawkeye, Inc.
dress: 809 22nd Avenue
ty: Tuscaloosa State: AL Zip:
ontact: First: David Last:Morrow Title:President
lephone:
Phone:
x:
mail Address:
OTE: Email Address above will be used for communication between NCHFA and Applicant.
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35401
(205)759-5781
(205)799-1638
(205)391-0031
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te Description
al Site Acreage: Total Buildable Acreage:
If buildable acreage is less than total acreage, please explain:
ntify utilities and services currently available (and with adequate capacity) for this site:
Storm Sewer Water Sanitary Sewer Electric
he demolition of any buildings required or planned? No
If yes, please describe:
e existing buildings on the site currently occupied? Yes
If yes:(a) Briefly describe the situation:
Relocation assistance for moving of the furnishings to vacant units on site and back to the renovated unitswill be done by maintenance person or third party movers under the direction of the Management Agent.
Any costs not waived or otherwise incurred will be borne by the operations of the project and if those fundsare insufficient, by the Owner and/or Developer. The residents will not incurr any costs in the event ofrelocation.
(b) Will tenant displacement be temporary? Yes(c) Will tenant displacement be permanent? No
he site directly accessed by an existing, paved, publicly maintained road? Yes
If no, please explain:
any portion of the site located inside the 100 year floodplain? No
If yes:(a) Describe placement of project buildings in relation to this area:
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6 6
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(b) Describe flood mitigation if the project will have improvements within the 100 year floodplain:
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te Control
es the owner have fee simple ownership of the property (site/buildings)?No
If yes provide:
Purchase Date: Purchase Price:
If no:(a) Does the owner/principal or ownership entity have valid option/contract to purchase the property?Yes
(b) Does an identity of interest (direct or indirect) exist between the owner/principal or ownership entity with the option/contract fopurchase of the property and the seller of the property?YesIf yes, specify the relationship:
The principal of the general partner of the seller is the same principal as the general partner of the buyer.
(c) Enter the current expiration date of the option/contract to purchase:
(D) Enter Purchase Price:
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01/09/2009
1,619,999
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oning
esent zoning classification of the site:R-20 Residential
multifamily use permitted?Yes
e variances, special or conditional use permits or any other item requiring a public hearing needed to develop this proposal?No
If yes, have the hearings been completed and permits been obtained?
If yes, specify permit or variance required and date obtained. If no, describe permits/variances required and schedule for obta
them:
e there any existing conditions of historical significance located on the project site that will require State Historic Preservation office re
If yes, describe below:
e there any existing conditions of environmental significance located on the project site?No
If yes, describe below:
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wnership Entity
wner Name: Laurinburg II Housing, L.P.
dress: 809 22nd Avenue
y: Tuscaloosa State:AL Zip:
deral Tax ID Number of Ownership Entity: (If assigned)
ote: Do not submit social security numbers for individuals.
tity Type: Limited Partnership
tity Status: To Be Formed
the applicant requesting that the Agency treat the application as Non-Profit sponsored? No
the applicant requesting that the Agency treat the application as CHDO sponsored? No
st all general partners, members,and principals. Specify nonprofit corporate general partners or members.ck [Add] to add additional partners, members, and principals.
Org: Hawkeye, Inc.
st Name: David Last Name: Morrow Function: Managing General Partnerdress: 809 22nd Avenue
ty: Tuscaloosa State: AL Zip: 35041
one: Fax:
Mail: Nonprofit: No
Org: Hawkeye, Inc.
st Name: David Last Name: Morrow Function: Principal
dress: 809 22nd Avenue
ty: Tuscaloosa State: AL Zip: 35401
one: Fax:
Mail: Nonprofit: No
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35401
26-1720293
(205)759-5781 (205)391-0031
(205)759-5781 (205)391-0031
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nit Mix
e Median Income for Scotland county is $48,100.
w Income Units
Type # BRs Net Sq.Ft.Total
# Units#Units
MonthlyRent
UtilityAllowance
MandatoryServ. Fees
**TotalHousing Exp.
Gdn Apt 1
Twn Hse 2
Twn Hse 2
Utilities included in rents: Water/Sewer Electric Gas Other
mployee Units (will add to Low Income Unit total)
Type # BRs Net Sq.Ft.Total
# Units#Units
MonthlyRent
UtilityAllowance
MandatoryServ. Fees
**TotalHousing Exp.
Twn Hse 2
Utilities included in rents: Water/Sewer Electric Gas Other
rket Rate Units
ype # BRs Net Sq.Ft.Total
# Units#Units
MonthlyRent
UtilityAllowance
MandatoryServ. Fees
**TotalHousing Exp.
ti li ties included in rents: Water/Sewer Electric Gas Other
atistics
AllUnits
Units
Gross MonthlyRental Income
Low Income.......
Market Rate.......
Totals...............
oposed number of residential buildings: Maximum number of stories in buildings:
oject Includes:Separate community building - Sq. Ft. (Floor Area):
Community space within residential bulding(s) - Sq. Ft. (Floor Area):
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720 20 2 456 86 0 542
951 16 0 481 115 0 596
951 3 0 481 115 0 596
951 1 0 0 0 0 0
40 2 18259
40 2 18259
7 2
1,144
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Elevators - Number of Elevators:
uare Footage Information
oss Floor Square Footage:
tal Net Sq. Ft. (All Heated Areas):
tes
Please refer to the Income Limits and Maximum Housing Expense Table to ensure that Total Monthly Tenant Expenses for low inc
units are within established thresholds.
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36,095
35,044
http://www.nchfa.com/lib/html/rental/Median%20Income%20Charts/income_limits.htmhttp://www.nchfa.com/lib/html/rental/Median%20Income%20Charts/income_limits.htm8/6/2019 Spring Chase App
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argeting
ecify Low Income Unit Targeting in table below. List each applicable targeting combination in a separate row below. Click [Add] to cother row. Click "X" (at the left of each row) to delete a row. Add as many rows as needed.
BRs Units %
targeted at percent of median income affordable to/occupied by
targeted at percent of median income affordable to
targeted at percent of median income affordable to/occupied by
tal Low Income Units:
te: This number should match the total number of low income units in the Unit Mix section.
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3 60
16 50
20 60
39
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unding Sources
Source AmountNon-
Amortizing*Rate(%)
Term(Years)
Amort.Period(Years)
AnnualDebt
Service
Bank Loan
RPP Loan
Local Gov. Loan - Specify:
RD 515 Loan
RD 538 Loan - Specify:
AHP Loan
Other Loan 1 - Specify:
Other Loan 2 - Specify:
Other Loan 3 - Specify:
Tax Exempt Bonds
State Tax Credit(Loan)
State Tax Credit(Direct Refund)
Equity: Federal LIHTC
Non-Repayable Grant
Equity: Historic Tax Credits
Deferred Developer Fees
Owner Investment
Other - Specify:
Total Sources**
"Non-amortizing" indicates that the loan does not have a fixed annual debt service. For these items, you must fill in 20-year debt serbelow.
Total Sources must equal total replacement cost in Project Development Cost (PDC) section.
timated pricing on sale of Federal Tax Credits: $0.
emarks concerning project funding sources:ease be sure to include the name of the funding source(s))
ural Development will provide long-term financing through the assumption of the existing
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1,266,127 1.00 40 50 32,189
909,418 0 30 30 0
1,729,575
0
3,905,120
75
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debtness to the new owner. Tax credit equity will come from Regions Bank, and a state tax creditan from the North Carolina Housing Finance Agency loan is proposed.
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evelopment Costs
Item Cost Element TOTAL COSTEligible Basis
30% PV 70% PV
1 Purchase of Building(s) (Rehab / Adaptive Reuse only)
2 Demolition (Rehab / Adaptive Reuse only)
3 On-site Improvements
4 Rehabilitation
5 Construction of New Building(s)
6 Accessory Building(s)
7 General Requirements (max 6% lines 2-6)
8 Contractor Overhead (max 2% lines 2-7)
9 Contractor Profit (max 8% lines 2-7; 6% if Identity of Interest)
10 Construction Contingency (max 3% lines 2-9, Rehabs 6%)
11 Architect's Fee - Design (11 + 12 = max 3% lines 2-10)
12 Architect's Fee - Inspection
13 Engineering Costs
SUBTOTAL (lines 1 through 13)
14 Construction Insurance (prorate)
15 Construction Loan Orig. Fee (prorate)
16 Construction Loan Interest (prorate)
17 Construction Loan Credit Enhancement (prorate)
18 Construction Period Taxes (prorate)
19 Water, Sewer and Impact Fees
20 Survey
21 Property Appraisal
22 Environmental Report
23 Market Study
24 Bond Costs
25 Bond Issuance Costs
26 Placement Fee
27 Permanent Loan Origination Fee
28 Permanent Loan Credit Enhancement
29 Title and Recording
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1,519,999 1,519,999
0 0
1,120,760 1,120,760
0 0
67,246 67,246
23,760 23,760
95,040 95,040
78,408 78,408
32,255 32,250
9,300 9,300
12,000 12,000
2,958,768
15,700 15,700
33,092 33,092
152,704 125,400
21,311 21,311
2,068 2,068
9,500 9,500
5,000 5,000
4,000 4,000
4,300 4,300
10,000
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60 Tax Credit Rate
61 Federal Tax Credits at Estimated Rate
62 Federal Tax Credits at 9.00% or 3.75% (maximum $1,000,000)
63 Federal Tax Credits Requested
64 Land Cost
65 TOTAL REPLACEMENT COST
FEDERAL TAX CREDITS IF AWARDED
Comments:
Total Replacement Cost per unit:34,630
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3.40 8.50
230,633 51,952 178,681
246,492 57,300 189,192
246,492 57,300 189,192
100,000
3,905,120
246,492
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arket Study Information
ase provide a detailed description of the proposed project:
ere are seven existing residential buildings on the site and an existing office building. The many uses willclude a facility for recreation, parties and a computer center for children and parents to use for homework,search, learning and job searching. The renovation of this proposed project will allow for the buildings tobrought to ADA standards for full enjoyment of those with disabilities, provide quality services for those
need, and extend the useful life of an aging property with no funds to do much of the neededprovements. The renovations will include replacing the roofs with 30 year architectural style shingles,
vering high maintenance wood siding with vinyl siding
nstruction (check all that apply):
Brick Vinyl Wood HardiPlank Balconies/Patios Sunrooms Front Porches
Front Gables or Dormers Wide Banding or Vertical/Horizontal Siding
Other:
staggard roof lines and townhouse/apartment offsets
ve you built other tax credit developments that use the same building design as this project?No
If yes, please provide name and address:
e Amenities:
e amenities will include a newly renovated playground, a resident computer center, a covered picnic areath tables and grills, outdoor sitting area with benches, a tot lot and a gazebo.
site Activities:
nsite activities will consist of resident involvement with activities advertised through the monthly newslettercluding movie night and game night in the community room, holiday parties, and potluck dinnersoughout the year, neighborhood watch, and computer learning aids in the community building.
ndscaping Plans:
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e existing landscaping will be re-worked to include taking up old overgrown shrubs, putting new shrubsd new sod in areas needed, lining a row of white crepe myrtles facing the road, extra flowers and annualsound the site sign and the office area.
erior Apartment Amenities:
erior apartment amenities include a stove, refrigerator with icemaker, dishwasher, microwave, telephone
cks, carpet, internet access and cable outlets.
you plan to submit additional market data (market study, etc.) that you want considered? No
If yes, please make sure to include the additional information in your pre-application packet.
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pplicant's Site Evaluation
efly describe your site in each of the following categories:
EIGHBORHOOD CHARACTERISTICS
end and direction of real estate development and area economic health. Physical condition of buildings andprovements in the immediate vicinity. Concentration of affordable housing.
his area is an established residential area convenient to all the services in the city of Laurinburg. The
conomic health of this area has remained steady. The projects buildings have been held together fairlyell considering the high maintenance exterior which has drained the replacement reserve funds and theroperties high needs such as covering the wood siding with low maintenance vinyl siding,better insulation,ew appliances, new HVAC and new flooring, to name a few.
URROUNDING LAND USES AND AMENITIES
nd use pattern is residential in character (single and multifamily housing). Extent that the location isolated. Effect of industrial, large-scale institutional or other incompatible uses, including but not limited to:astewater treatment facilities, high traffic corridors, junkyards, prisons, landfills, large swamps, distributioncilities, frequently used railroad tracks, power transmission lines and towers, factories or similar operations,
urces of excessive noise, and sites with environmental concerns (such as odors or pollution). Amount andaracter of vacant, undeveloped land. The surrounding areas consist of residential neighbors as well asher multi-family developments. No other adjacent adverse land uses may affect the property in the futuree to the surrounding residential and multi-family developments already in place. There are no major
dustrial or other incapatible uses nearby. There are no existing negative land uses known which wouldtract from the overall site. Retail shopping is convenient to the property as well as medical facility,creation, education and other daily needs of the residents.
TE SUITABILITY
equate traffic safety controls (i.e. stop lights, speed limits, turn lanes). Burden on public facilitiesarticularly roads). Access to mass transit (if applicable). Visibility of buildings and/or location of project signin relation to traffic corridors. The site is located off Turnpike Road which connects to Hwy. 74. The
operty is visible from Turnpike Road and since the road is already established, there is not an additonal
rden on the road as traffic pattern has already been established due to this property being exhistingusing with no additional traffic anticipated.
egree of on-site negative features and physical barriers that will impede project construction or adverselyect future tenants; for example: power transmission lines and towers, flood hazards, steep slopes, largeulders, ravines, year-round streams, wetlands, and other similar features (for adaptive re-use projects-itability for residential use and difficulties posed by the building(s), such as limited parking, environmentaloblems or the need for excessive demolition).
here are no on-site negative barriers such as flood areas, wetlands, or rock which would impede projectonstruction since there are already existing buildings on site. All residential buildings have beenonstructed and would not require removing any barriers. Also, there are no on-site negative features, suchs transmission lines, ravines, etc. which would affect future tenants.
milarity of scale and aesthetics/architecture between project and surroundings.
he aesthetics and architecture of the buidings are compatible with the surrounding houses and the scale ofher residential housing in the vicinty.
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r each applicable neighborhood feature, enter distance from project in miles.
Grocery StoreCommunity/Senior
Center
Mall/Strip Center Hospital
Outdoor Athletic Fields Pharmacy
Day Care/After School Basic Health Care
Schools
Public Transportation
op
Convenience Store
Public Parks
Gas Station
Library
her facilities or services:
ere is a community services building within 315 feet of the property. The Scotland County Museum is justound the corner. Local transportation picks up on the property and will take residents to a desiredstination.
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6.3
2 2.4
5 1.3
5 .6
7
6
42
5
42
5
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evelopment Team
ovide contact information for development team members below:
nagement Agent
ompany: Morrow Realty Company, Inc.
dress: 809 22nd Avenue
ty: Tuscaloosa State: AL Zip:
one Email:
ontact Name: First: David Last: Morrow
chitect
ompany: Boisseau Design Group
dress: 8304 Meadow Ridge Court
ty: Raleigh State: NC Zip:
one Email:
ontact Name: First: Kenn Last: Boisseau
orney
ompany: David Pryzwansky
dress: 5 West Hargett Street, Suite 910
ty: Raleigh State: NC Zip:
one Email:
ontact Name: First: David Last: Pryzwansky
estor
ompany: Regions Bank
dress: 2222 9th Street
ty: Tuscaloosa State: AL Zip:
one Email:
ontact Name: First: Chuck Last: Bracknell
nsultant/Application Preparer (if different from developer)
ompany:
dress:
ty: State: Zip:
one Email:
ontact Name: First: Last:
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35401
(205)759-5781 [email protected]
27615
(919)847-5860 [email protected]
27601
(919)828-8668 [email protected]
35401
(205)750-2616 [email protected]
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neral Contractor Identity of Interest?
ompany: Empire Construction
dress: 3600 Henson Rd
ty: Knoxville State: TN Zip:
one Email:
ontact Name: First: Rick Last: Cherverton
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37921
(865)251-4895 [email protected]
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rojected Operating Costs
Project Operations (Year One)
Administrative Expenses
Advertising
Office Salaries
Office Supplies
Office or Model Apartment Rent
Management Fee
Manager or Superintendent Salaries
Manager or Superintendent Rent Free Unit
Legal Expenses (Project)
Auditing Expenses (Project)
Bookkeeping Fees/Accounting Services
Telephone and Answering Service
Bad Debts
Other Administrative Expenses (specify):
SUBTOTAL
Utilities Expense
Fuel Oil
Electricity (Light and Misc. Power)
Water
Gas
Sewer
SUBTOTAL
Operating and Maintenance Expenses
Janitor and Cleaning Payroll
Janitor and Cleaning Supplies
Janitor and Cleaning Contract
Exterminating Payroll/Contract
Exterminating Supplies
Garbage and Trash Removal
Security Payroll/Contract
Grounds Payroll
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700
16,700
1,800
22,932
1,000
3,055
1,600
Training1,800
49,587
7,300
7,818
8,232
23,350
1,000
3,442
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Grounds Supplies
Grounds Contract
Repairs Payroll
Repairs Material
Repairs Contract
Elevator Maintenance/Contract
Heating/Cooling Repairs and Maintenance
Swimming Pool Maintenance/Contract
Snow Removal
Decorating Payroll/Contract
Decorating Supplies
Other (specify):
Miscellaneous Operating & Maintenance Expenses
SUBTOTAL
Taxes and Insurance
Real Estate Taxes
Payroll Taxes (FICA)
Miscellaneous Taxes, Licenses and Permits
Property and Liability Insurance (Hazard)
Fidelity Bond Insurance
Workmen's Compensation
Health Insurance and Other Employee Benefits
Other Insurance:
SUBTOTAL
Supportive Service Expenses
Service Coordinator
Service Supplies
Tenant Association Funds
Other Expenses (specify):
SUBTOTAL
Reserves
Replacement Reserves
SUBTOTAL
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1,397
3,000
18,850
2,700
3,000
2,850
Program Maintenance400
278
36,917
21,411
3,166
11,500
210
1,640
8,475
46,402
0
13,300
13,300
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TOTAL OPERATING EXPENSES
ADJUSTED TOTAL OPERATING EXPENSES(Does not include taxes, reserves and resident support services) *
TOTAL UNITS
(from total units in the Unit Mix section)
PER UNIT PER YEAR
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169,556
134,845
40
3,371
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2. "Total Operating Expenses" comes from 1st-year cash flow, then it is escalated by 4% per year.3. "Debt Service" is the sum of "regular/amortized loan debt service + non-amortizing annual service" as entered by user from
Funding Sources section.4. "Net Cash Flow" is "Net Rental/Other Income" minus "Total Operating Expenses" minus "Debt Service".5. "Debt Coverage Ratio" is ("Net Rental/Other Income" minus "Total Operating Expenses") divided by "Debt Service".
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inimum Set-Asides
NIMUM REQUIRED SET ASIDES (No Points Awarded):
Select one of the following two options:
20% of the units are rent restricted and occupied by households with incomes at or below 50% of the median income (Note: NCredit Eligible Units in the the project can exceed 50% of median income)
40% of the units are rent restricted and occupied by households with incomes at or below 60% of the median income (Note: NCredit Eligible Units in the the project can exceed 60% of median income)
If requesting RPP funds:40% of the units are occupied by households with incomes at or below 50% of median income.
State Tax Credit and QAP Targeting Points: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 comedian income.At least forty percent (40%) of qualified units will be affordable to and occupied by households with incomes at or below fifty pe(50%) of county median income.
Tax Exempt BondsThreshold requirement (select one):At least ten percent (10%) of qualified units will be affordable to and occupied by households with incomes at or below fifty per(50%) of county median income.At least five percent (5%) of qualified units will be affordable to and occupied by households with incomes at or below forty per(40%) of county median income.
Eligible for targeting points (select one):
At least twenty percent (20%) of qualified units will be affordable to and occupied by households with incomes at or below fiftypercent (50%) of county median income.At least ten percent(10%) of qualified units will be affordable to and occupied by households with incomes at or below forty per(40%) of county median income.
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ull Application Checklist
PLEASE indicate which of the following exhibits are attached to your application. Others may be required as noted.
A Nonprofit Organization Documentation or For-profit Corporation Documentation
B Current Financial Statements/Principals and Owners (signed copies)
C Ownership Entity Agreement, Development Agreement or any other agreements governing development services
D Management Agent Agreement
E Owner and Management Experience & Management Questionnaire (Appendix C)
F Local Government Letter or Letter from Certified Engineer or Land Surveyor Confirming Floodplain Designation with Mapshowing all flood zones (original on letterhead, no fax or photocopies)
G Local Government Letter Confirming Zoning including any pending notices or hearings (original on letterhead, no fax orphotocopies)
H Letters from Local Utility Providers regarding availability and capacity (original on letterhead, no fax or photocopies)
I Documentation from utility company or local PHA to support estimated utility costs
J Appraisal (required for land costs greater than $15,000 and for all Adaptive Re-use and Rehab projects)
K Site plan, floor plans and elevations for all projects. Scope of work for Adaptive Re-use and Rehab projects. (Full Size, 24inches)
L Hazard and structural inspection and termite reports (Adaptive Re-use and Rehab projects only)
M Copy of certificate of occupancy or proof of placed-in-service date (Rehabs Only)
N Proposed Relocation Plan including relocation budget and copies of notices. Required for all Rehabs and any projectsinvolving existing occupants of any dwell ings to be rehabbed or demolished.
O Evidence of Permanent Loan Commitment and other sources of funds ( i.e. Equity letter, AHP, RD and local governmentfunds). For Rehabs with existing loans provide 1) copies of loan documents, 2) current loan balances from existing lenderreserve balances, 3) letter from lender that outlines assumption requirements.
P Local Housing Authority Agreement and Project Based Rental Assistance Letter, if applicable (Sample letters provided inAppendix I). For projects with existing PBRA contracts, provide a copy of the current contract and bank statement or otherdocumentation verifying reserve balances and annual reserve contribution requirements.
Q Statement regarding terms of Deferred Developer Fee. If a nonprofit is involved, a resolution from their board approvingdeferral of fee is required.
R Inducement Resolution (Tax-Exempt Bond Financed Projects only)
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