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Print Preview - Final Application

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

Project Description
Project Name: Sampson Square Address: City: 804 and 806 College St. Clinton County: Sampson Zip: 28328 Block Group: 1991

Census Tract: 0535

Is project in Qualified Census Tract or Difficult to Develop Area? No Political Jurisdiction: Jurisdiction CEO Name: Jurisdiction Address: Jurisdiction City: Jurisdiction Phone: City of Clinton First:Luther Last: Starling 227 Lisbon St. Clinton Zip: 28329 Title: Mayor

(910)592-1961

Site Latitude: Site Longitude:

34.999902 -78.319787

Project Type: New Construction Is this project a previously awarded tax credit development? No If yes, what is the project number: Is this a request for supplemental credits? New Construction/Adaptive Reuse: Is this project a follow-on (Phase II, etc) to a previously-awarded tax credit development project? No If yes, list names of previous phase(s): Rehab: Number of residents holding Section 8 vouchers:

Will the project meet Energy Star standards as defined in Appendix B? Yes Does a community revitalization plan exist? No Will the project use steel and concrete construction and have at least 4 stories? No Will the project include a Community Service Facility under IRS Revenue Ruling 2003-77? No

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If yes, please describe:

Target Population:Elderly (55) Will the project be receiving project based federal rental assistance? No If yes, provide the subsidy source: and number of units: Indicate 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 and state codes.) Number of Units: 4 Persons with disabilities or homeless populations: 10% of the total units.

Number of Units: 4 Remarks: A total of 4 units will be mobility impaired, handicapped units in compliance w the QAP. One of these units will also be equipped for the visually and hearing impaired.

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Applicant Information
Indicate below an individual or a validly existing entity (a corporation, nonprofit, limited partnership or LLC) as the official applicant. Under QAP Section III(C)(5) only this individual or entity will be able to make decisions with regard to this application. If awarded the applicant must become part of the ownership entity. The applicant will execute the signature page for this application. Applicant Name: Address: City: Contact: Telephone: Alt Phone: Fax: Email Address: Fred G. Mills PO Box 6171 Raleigh State: NC Zip: 27628 First: Julie Last:Graw Title:Developer

(919)755-9155 (919)621-9356 (919)755-2245 julieg@millsconstructionco.com

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

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Site Description
Total Site Acreage: 4.5 Total Buildable Acreage: 4.5

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? Yes If yes, please describe: Two,small, old bungalows in poor repair will be demolished. They are located at the front of the two parcels that comprise the site: 804 and 806 College St. We have not done an environmental assessment of the two, little houses.

Are existing buildings on the site currently occupied? No If yes: (a) Briefly describe the situation:

(b) Will tenant displacement be temporary? (c) Will tenant displacement be permanent? Is the site directly accessed by an existing, paved, publicly maintained road? Yes If no, please explain:

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

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Site Control
Does 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 for purchase of the property and the seller of the property?No If yes, specify the relationship:

(c) Enter the current expiration date of the option/contract to purchase: 10/31/2008 (D) Enter Purchase Price: 187,000

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Zoning
Present zoning classification of the site: R 6 Is multifamily use permitted?Yes Are variances, special or conditional use permits or any other item requiring a public hearing needed to develop this proposal?Yes If yes, have the hearings been completed and permits been obtained?Yes If yes, specify permit or variance required and date obtained. If no, describe permits/variances required and schedule for obtaining them: A conditional use permit was required and passed unanimously by the Clinton City Council on Tues. 4/1/08.

Are there any existing conditions of historical significance located on the project site that will require State Historic Preservation office review? No If yes, describe below:

Are there any existing conditions of environmental significance located on the project site?No If yes, describe below:

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Ownership Entity
Owner Name: Address: City: Sampson Square, LLC P O Box 6171 Raleigh State:NC Zip: 27628 (If assigned)

Federal Tax ID Number of Ownership Entity: Note: Do not submit social security numbers for individuals.

Entity Type: Limited Liability Company 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 or members. Click [Add] to add additional partners, members, and principals.

Org: Address: City: Phone: EMail:

Sampson Square, LLC Last Name: Mills State: NC Function: Managing Member Zip: 27628-6171 P O Box 6171 Raleigh

First Name: Fred

(919)755-9155 fgm@millsconstructionco.com

Fax: (919)755-2245 Nonprofit: No

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Unit Mix
The Median Income for Sampson county is $48,100. Low Income Units Type # BRs Net Sq.Ft. Total # Units # Units Monthly Rent Utility Allowance Mandatory Serv. Fees **Total Housing Exp.

Gdn Apt 1 Gdn Apt 2 Gdn Apt 1 Gdn Apt 2 Gdn Apt 1 Gdn Apt 2

694 927 694 927 694 927

5 4 8 6 11 6

1 1 2 0 0 0

276 333 364 439 395 473

Electric

77 91 77 91 77 91
Gas

0 0 0 0 0 0
Other Trash collection

353 424 441 530 472 564

Utilities included in rents:

Water/Sewer

Employee Units (will add to Low Income Unit total) Total # Monthly Utility Mandatory **Total Type # BRs Net Sq.Ft. # Units Units Rent Allowance Serv. Fees Housing Exp. Utilities included in rents: Water/Sewer Electric Gas Other

Market Rate Units Total # Monthly Utility Mandatory **Total Type # BRs Net Sq.Ft. # Units Units Rent Allowance Serv. Fees Housing Exp. Utilities included in rents: Water/Sewer Electric Gas Other

Statistics All Units Low Income....... Market Rate....... Totals............... Gross Monthly Rental Income

Units

40

15441

40

15441

Proposed number of residential buildings: 1 Project Includes:

Maximum number of stories in buildings: 2

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

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

1,428
Elevators - Number of Elevators: 1 Square Footage Information Gross Floor Square Footage:

46,122

Total Net Sq. Ft. (All Heated Areas): 45,144

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

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

# BRs 1 2 1 2 1 2

Units

% targeted at 40 targeted at 40 targeted at 50 targeted at 50 targeted at 60 targeted at 60 percent of median income affordable to/occupied by percent of median income affordable to/occupied by percent of median income affordable to/occupied by percent of median income affordable to/occupied by percent of median income affordable to/occupied by percent of median income affordable to/occupied by

5 4 8 6 11 6

Total Low Income Units:

40

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

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Funding Sources
NonAmortizing* Rate (%) Term (Years) Amort. Period (Years) Annual Debt Service

Source 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**

Amount

431,400

2.00

20

20

972,795 0 2,642,616 240,000 0 0 0

30

30

4,286,811

* "Non-amortizing" indicates that the loan does not have a fixed annual debt service. For these items, you must fill in 20-year debt service below. ** Total Sources must equal total replacement cost in Project Development Cost (PDC) section.

Estimated pricing on sale of Federal Tax Credits: $0. 80 Remarks concerning project funding sources: (Please be sure to include the name of the funding source(s)) 1st Mortgage - NCHFA - RPP

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2nd Mortgage - NCHFA - State Tax Credit Loan Equity - ESIC CDBG - City of Clinton Grant, not a loan (240,0000)

Loans with Variable Amortization Please fill in the annual debt service as applicable for the first 20 years of the project life.

RPP Loan Year: Amt: Year: Amt: 1 2 3 4 5 6 7 8 9 10

22728
11

22129
12

21461
13

20720
14

19900
15

18999
16

18010
17

16930
18

15752
19

14472
20

13083

11580

9955

8203

6316

4288

2110

226

2728

5404

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Development Costs
Item Cost Element 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 TOTAL COST Eligible Basis 30% PV 70% PV

275,000 0 2,400,000 0 160,500 56,710 170,130 91,870 56,051 6,227 20,000 3,236,488 12,000 16,100 133,648 0 12,000 7,300 15,000 5,000 8,000 4,300 0 0 0 0 0 4,000

275,000 0 2,400,000 0 160,500 56,710 170,130 91,870 56,051 6,227 20,000

12,000 16,100 95,399 0 12,000 7,300 15,000 5,000 8,000 4,300

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SUBTOTAL (lines 14 through 29) 30 Real Estate Attorney 31 Other Attorney's Fees 32 Tax Credit Application Fees (Preliminary and Full) 33 Tax Credit Allocation Fee (0.60% of line 59, minimum $7,500) 34 Cost Certification / Accounting Fees 35 Tax Opinion 36 Organizational (Partnership) 37 Tax Credit Monitoring Fee SUBTOTAL (lines 30 through 37) 38 Furnishings and Equipment 39 Relocation Expense 40 Developer's Fee 41 42

217,348 15,000 10,000 2,200 23,320 10,000 5,000 5,000 28,000 98,520 20,000 0 420,000 0 20,000 0 420,000 0 10,000 15,000 10,000

Other Basis Expense Other Basis Expense (specify)

43 Rent-up Expense 44 45

10,441

Developer's 1/2 of CDBG Consultant Fee Other Non-basis Expense (specify)

SUBTOTAL (lines 38 through 45)

450,441 12,000 85,014

46 Rent up Reserve 47 Operating Reserve 48 49

Other reserve (specifiy) Other Reserve (specify) 4,099,811 0 3,886,587

50 DEVELOPMENT COST (lines 1-49) 51 Less Federal Financing 52 Less Disproportionate Standard 53 Less Nonqualified Nonrecourse Financing 54 Less Historic Tax Credit 55 TOTAL ELIGIBLE BASIS 56 Applicable Fraction (percentage of LI Units) 57 Basis Before Boost 58 Boost for QCT/DDA (if applicable, enter 130%) 59 TOTAL QUALIFIED BASIS

0 3,886,587 100.00% 3,886,587 0 100% 0 100.00% 3,886,587 0 3,886,587 100% 3,886,587 100.00% 3,886,587

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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:

3.40 330,360 349,793 617,174 187,000 4,286,811 349,793 0 0 308,587

8.50 330,360 349,793 308,587

Total Replacement Cost per unit: 78,855

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Market Study Information

Please provide a detailed description of the proposed project: 40 elderly units, 55 and over in Clinton, NC (pop.approx.8,700) consisting of 22, 1 bedroom units and 18, 2 bedrms. Rents range from $276-$473 and include water/sewer and trash collection. At initial lease up; 10 units: 7, 1 bdrm. and 3,2 bdrms. will serve residents w incomes at 40% or less the Sampson Co. AMI. 7,1 bdrm. and 3,2 bedrms. serve those earning 50% the AMI. 18,1 bedrm. and 12,2 bedrms. serve those earning 60% the AMI, however RENTS WILL BE THE SAME AS THOSE AT THE 50% LEVEL. Two tracts totalling 4.5 acres will be the site for the 2-story, elevatored building. The two, small bungalows in poor condition will be demolished. The tracts at 804 and 806 College St. abut the downtown historic district. The archetectural design and detail of the building is complimentary to existing residential properties. (Note street elevation) There is an abundance of retail and commercial offerings a short distance away on HWY 87 Business. A Piggly Wiggly grocery is diagonally accross two lane, College St. from the site. The heart of a revitalized downtown and numerous medical services and Sampson Regional Hospital (the co.'s largest employer)is a short walk via sidewalk through the historic residential district. One larger home has been converted to an Art Center. Competing new CVS and Walgreen Pharmacies are just a few blocks away. The Holliday Public Library is less than a half mile walk away as are 2 consignment shops,hair salons and barber shops. A number of medical offices dot Beamon St. off College St. less than a mile from the site.

Construction (check all that apply): Brick Vinyl Wood HardiPlank Balconies/Patios Sunrooms Front Porches

Front Gables or Dormers Other:

Wide Banding or Vertical/Horizontal Siding

Sampson Square will comply w Energy Star Standards. Exterior accented with vinyl shingle siding and detailing to blend w historic district properties in the area.

Have you built other tax credit developments that use the same building design as this project?Yes If yes, please provide name and address: (**Note design diferences: Sampson Square will be 2 story and elevatored,w facade detail characteristic of properties in the vicinity.) Rollinwood Manor 1932 Rollinwood Dr. Rocky Mount, NC 27801 Sandhill Manor 801 Harkey Rd. Sanford, NC 27330

Site Amenities:

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Indoor, outdoor sitting areas, multi-purpose room, resident computer center, individual tenant storage, covered drive-thru/ drop off at entry, 5'walking path, covered picnic area w tables and grill, gazebo, patio/ sitting areas and garden plots.

Onsite Activities: Residents may use the multi-purpose room for meetings, classes, parties, and other activities. The resident computer center will offer computers w high speed internet access and a printer. Residents can enjoy indoor and outdoor sitting areas, exercise on walking path around building, relax/enjoy a shared meal in the picnic or sitting areas and delight in growing flowers in the garden plots.

Landscaping Plans: Wherever possible large, mature trees outside the building footprint will be preserved. Landscaping will be concentrated along street, entrance, side and outdoor sitting areas. Plantings will be predominantly drought resistant. Plants and trees native to the area such as crepe myrtle, azalea, dogwood and willow oak will create pleasant, shaded natural areas. Residents will enjoy outdoor meals at a picnic area. Garden plots will offer residents, enriched soil in raised beds to plant vegetables and flowers.

Interior Apartment Amenities: Range, hood, dishwasher, frost-free refigerator, washer/dryer connections, carpet, vinyl, central air and heat pump, and individual, interior storage.

Do you plan to submit additional market data (market study, etc.) that you want considered? Yes If yes, please make sure to include the additional information in your pre-application packet.

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Applicant's Site Evaluation

Briefly describe your site in each of the following categories: NEIGHBORHOOD CHARACTERISTICS Trend and direction of real estate development and area economic health. Physical condition of buildings and improvements in the immediate vicinity. Concentration of affordable housing. Clinton is located in low income, Sampson Co. The closest subsidized housing is a nicely-maintained rehab., Lisbon Square (HUD, RD, Elderly)within 1 mile. Lisbon Square maintains a waiting list. The site is a "very walkable site" w sidewalks on both sides of the street. It is on the fringe of a Residential Historic District, beyond that is new medical-related development and a revitalizing downtown area. Clinton was named an "All American City." Sampson Regional Hospital and an abundance of auxillary medical offices and services are aprox. a half mile from the site, are economic drivers for the area and the county as a whole. The historic residential district and a surrounding, well maintained, older neighborhood surround the site on three sides. North of the site are properties in transition zoned Neighborhood Shopping, requiring new development to be neighborhood supportive in scale and use. SURROUNDING LAND USES AND AMENITIES Land use pattern is residential in character (single and multifamily housing). Extent that the location is isolated. Effect of industrial, large-scale institutional or other incompatible uses, including but not limited to: wastewater treatment facilities, high traffic corridors, junkyards, prisons, landfills, large swamps, distribution facilities, frequently used railroad tracks, power transmission lines and towers, factories or similar operations, sources of excessive noise, and sites with environmental concerns (such as odors or pollution). Amount and character of vacant, undeveloped land. The immediate vicinity is largely residential in character, except to the north of the property. The site has excellent connectivity due to an existing sitewalk to downtown area and medical offices and hospital. College St. is a two lane road connecting the new retail development of US 701 Business w the older, established town center and medical amenities. There are no large-scale institutional or incombatible uses in the surrounding area of the site. Nearby and adjacent vacant land is to the rear of properties fronting College St. and are wooded and undeveloped. These wooded portions of tracts are bound by single family uses. SITE SUITABILITY Adequate traffic safety controls (i.e. stop lights, speed limits, turn lanes). Burden on public facilities (particularly roads). Access to mass transit (if applicable). Visibility of buildings and/or location of project sign (s) in relation to traffic corridors. Sampson Square, 40(55+)elderly units will have no adverse affects on College St. a two lane, 25 mph connector st. because of the property's size andclose proximity to a grocery, art center, library salons/barbers, consignment shops etc...; it is more convenient to walk via the sidewalk than to drive and park. The signalized intersection at College and Beamon afford seniors on foot safe passage to CVS and Walgreens on both corners and access to an array of medical services. Sampson Square's driveway and uplighted and landscaped sign will front College St. providing excellent visibility on this cooridor. The building, driveway and landscaping placement will be cohesive with the existing residential streetscape. Degree of on-site negative features and physical barriers that will impede project construction or adversely 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 (for adaptive re-use projectssuitability for residential use and difficulties posed by the building(s), such as limited parking, environmental problems or the need for excessive demolition). There are no negative features.

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Similarity of scale and aesthetics/architecture between project and surroundings. There are a few buildings in the adjacent historic district that are similar in scale: The Art Center, (a converted large home), the Clinton HeadStart School, the Piggly Wiggly Grocery and a church.

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

.02 1.0 1.7 .7 1.7 0

Stop

Grocery Store Mall/Strip Center Outdoor Athletic Fields Day Care/After School Schools Public Transportation

.9
Center

Community/Senior

.8 .5 .6

Hospital Pharmacy Basic Health Care

.4 .9 .4 .4

Convenience Store Public Parks Gas Station Library

Other facilities or services: MEDICAL: Gastover Cancer Ctr., OutPatient Rehab., Internal Medicine, RiteAid, Hospice etc... aprox..6 mile from site. SHOPPING/LEISURE: Bee Hive Thrift Store, Clinton Crisis Ctr. and Thrift Store, Hair Salons and Barbers are aprox. .5 mile from site. CHURCH: .10 (1/10th) The Sampson Co. Council on Aging offers on call vanpool transportation for seniors and people w disabilities.

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Development Team
Provide contact information for development team members below:

Management Agent Company: Address: City: Phone Contact Name: United Property Management, LLC Post Office Box 6171 Raleigh State: NC Zip: 27628-6171 Email: casey@millsconstructionco.com Last: Patton

(919)755-9155
First: Casey

Architect Company: Address: City: Phone Contact Name: Jones Architecture 5306 Six Forks Rd. Suite 221 Raleigh State: NC Zip: 27609 Email: wayne@wjonesarchitecture.com Last: Jones

(919)510-8186
First: Wayne

Attorney Company: Address: City: Phone Contact Name: The Pryzwansky Law Firm 5 West Hargett Raleigh State: NC Zip: 27601 Email: david@pryzlaw.com Last: Pryswansky

(919)828-8668
First: David

Investor Company: Address: City: Phone Contact Name: Enterprise Community Investment, Inc. 10227 Wincopin Circle, Suite 810 Columbia State: MD Zip: 21044 Email: ssmith@enterprisecommunity.com Last: Smith

(410)964-0552
First: Steve

Consultant/Application Preparer (if different from developer) Company: Address: City: Phone Contact Name: First: State: Email: Last: Zip:

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General Contractor Company: Address: City: Phone Contact Name:

Identity of Interest?

Mills Construction Co. of SC, Inc. Post Office Box 6171 Raleigh State: NC Zip: 27628-6171 Email: fmillsjr@millsconstructionco.com Last: Mills,Jr.

(919)755-9155
First: Fred

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Projected 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):

2,000 0 1,200 0 18,000 16,000 0 1,000 4,000 3,000 1,200 0 0

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

46,400

0 11,000 7,000 0 7,000 25,000

5,000 1,500 0 1,000 0 5,000 0 0

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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):

2,000 0 3,000 2,800 2,000 4,000 0 0 0 0 0 0

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:

26,300

25,000 2,000 0 10,000 0 500 1,600 500 39,600

Unemployment State and Federal

SUBTOTAL Supportive Service Expenses Service Coordinator Service Supplies Tenant Association Funds Other Expenses (specify):

0 0 0 0

SUBTOTAL Reserves Replacement Reserves SUBTOTAL

10,000 10,000

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TOTAL OPERATING EXPENSES ADJUSTED TOTAL OPERATING EXPENSES (Does not include taxes, reserves and resident support services) * TOTAL UNITS (from total units in the Unit Mix section) PER UNIT PER YEAR

147,300 112,300 40 2,808

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Projected Cash Flow Year One

OPERATING INCOME Gross rental income (from Unit Mix - Total Monthly Rent) Stores and Commercial Laundry and Vending Other (specify):

185,292

1,200 0 186,492 13,054 173,438 147,300 26,138 22,728 3,410 1.15

Cable, Direct TV Contracts and Services

Total Gross Income Potential at 100% Occupancy Seven Percent Vacancy Allowance NET RENTAL/OTHER INCOME TOTAL OPERATING EXPENSES (from Projected Operating Costs) NET OPERATING INCOME DEBT SERVICE (from Funding Sources Loans) NET CASH FLOW DEBT COVERAGE RATIO (Must not be less than 1.15)

20-Year Cash Flow

Year Net Rental/Other Income* Total Operating Expenses* Debt Service Net Cash Flow Debt Coverage Ratio Year Net Rental/Other Income* Total Operating Expenses* Debt Service Net Cash Flow Debt Coverage Ratio 1 2 3 4 5 6 7 8 9 10

173,438 147,300 22,728 3,410 1.15

11

178,641 153,192 22,129 3,320 1.15

12

184,000 159,320 21,461 3,219 1.15

13

189,520 165,693 20,720 3,107 1.15

14

195,206 172,321 19,900 2,985 1.15

15

201,062 179,214 18,999 2,849 1.15

16

207,094 186,383 18,010 2,701 1.15

17

213,307 193,838 16,930 2,539 1.15

18

219,706 201,592 15,752 2,362 1.15

19

226,297 209,656 14,472 2,169 1.15

20

233,086 218,042 13,083 1,961 1.15

240,079 226,764 11,580 1,735 1.15

247,281 235,835 9,955 1,491 1.15

254,699 245,268 8,203 1,228 1.15

262,340 255,079 6,316 945 1.15

270,210 265,282 4,288 640 1.149

278,316 275,893 2,110 313 1.148

286,665 286,929 226 -490 -1.168

295,265 298,406 2,728 -5,869 -1.151

304,123 310,342 5,404 -11,623 -1.151

* Net Rental Income escalated at annual rate of 3% and expenses escalated at a rate of 4% after the first year.

Calculations:
1. "Net Rental/Other Income" comes from 1st-year cash flow, then it is escalated by 3% per year.

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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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Minimum Set-Asides
MINIMUM 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: No Tax Credit 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: No Tax Credit 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 county median 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 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 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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Full 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 Map showing 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 or photocopies) 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, 24 x 36 inches) 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 projects involving existing occupants of any dwellings to be rehabbed or demolished. O Evidence of Permanent Loan Commitment and other sources of funds ( i.e. Equity letter, AHP, RD and local government funds). For Rehabs with existing loans provide 1) copies of loan documents, 2) current loan balances from existing lenders with reserve 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 in Appendix I). For projects with existing PBRA contracts, provide a copy of the current contract and bank statement or other documentation 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 approving deferral of fee is required. R Inducement Resolution (Tax-Exempt Bond Financed Projects only)

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