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Transcript of Bunce Manor
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Check all that apply:
Federal Low Income Housing Tax Credit
State Low Income Housing Tax Credit
Tax Exempt Bonds
Rental Production Program (RPP) Loan
Requested RPP Loan Amount:RPP Loan Product Requested: Multi-Family Production
Print Preview - Final Application
Tax Credits, RPP Loans, and/or Tax Exempt Bond Loans
Resources Requested
450,000
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Is project in Qualified Census Tract & Difficult to Develop area:
Project Name and Location
Project Name: Bunce Manor Apartments
Address: P. O. Drawer 42208
City: Fayetteville County: CUMBERLAND Zip: 28309
Census Tract: 33.02 Block Group: 1
No
Political Jurisdiction: City of Fayetteville
Jurisdiction CEO Name: First: Last:Marshall Pitts Title: Mayor
Jurisdiction Address: 433 Hay Street
Jurisdiction City: Fayetteville Zip: 28301
Jurisdiction Phone: (910)433-1992
Site Latitude: 35.0583
Site Longitude: -79.0079
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Is this project a follow-on (Phase II, etc) to a previously-awarded tax credit development project?
If yes, list names of previous phase(s):If yes, list names of previous phase(s):
Will the project be receiving federal rental assistance?
If yes, provide the subsidy source:If yes, provide the subsidy source: and number of units:and number of units:
Target Population: Elderly (55)
Indicate below any additional targeting for special populations proposed for this project:
Square Footage Information
Project Description
Project Type:* New Construction Rehab Adaptive Reuse
No
No
Mobility impaired handicapped: 5% of units comply with QAP Section IV(F)(3) (in addition to other federal and staterequirements)
Persons with disabilities or homeless populations: the greater of 5 units or 10% of the total units
Remarks: 25%or 12 units will be handicapped accessible. Five (5) of the units will target thedisabled/homeless population. Rents on these 5 units will be $175.00 per month.
Proposed number of residential buildings: 1 Maximum number of stories in buildings: 1
Types of Units:* Townhouse Duplex Garden Apartment Detached Single-Family
Project Includes:Separate community building -- Sq. Ft. (Floor Area):Sq. Ft. (Floor Area):
Community space within residential bulding(s) -- Sq. Ft. (Floor Area):Sq. Ft. (Floor Area): 2,9022,902
Elevators -- Number of Elevators:Number of Elevators:
Gross Floor Square Footage: 48,336
Total Net Sq. Ft. (All Heated Areas): 46,896
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Applicant Information
Applicant Name: Bunce Manor Associates Limited Partnership
Address: P.O. Drawer 42208
City: State: NC Zip:Fayetteville 28309
Contact: First: Last: Title:Murray Duggins Gen. Partner (see page 9)
Telephone: (910)485-6600
Alt Phone: (910)485-6600
Fax: (910)483-4274
Email Address: [email protected]
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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
8.73 8.73
Yes
There is a small house on the property that will need to be demolished.
No
Yes
Yes
Yes
No
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(b) Describe flood mitigation if the project is in the East Region and will have improvements within the 100 year floodplain:
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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: 09/15/2003
(D) Enter Purchase Price: 180,000
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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
R-10
Yes
No
No
No
No
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Ownership Entity
Owner Name: Bunce Manor Associates Limited Partnership
Address: P. O. Drawer 42208
City: State: NC Zip:Fayetteville 28309
Federal Tax ID Number of Ownership Entity: (If assigned)
Federal Tax ID Number of Managing GP or Member: (If Not Assigned)56-2053411
Entity Type: Limited Partnership
Entity Status: To Be Formed
Is the applicant requesting that the Agency treat the application as Non-Profit sponsored? No
Is the applicant requesting that the Agency treat the application as CHDO sponsored? No
List all general partners, members,and principals. Specify nonprofit corporate general partners ormembers. Click [Add] to add additional partners, members, and principals.
Org: Bunce Manor/Duggins LLC
First Name: N/A Last Name: N/A Function: Managing General Partner
Address: P. O. Drawer 42208
City: Fayetteville State: NC Zip: 28309
Phone: (910)485-6600 Fax: (910)483-4274
EMail: [email protected] Nonprofit: No TaxID 56-2053411
Org: Duggins Family Limited Partnership
First Name: Murray Last Name: Duggins Function: Member
Address: P. O. Drawer 42208
City: Fayetteville State: NC Zip: 28309
Phone: (910)485-6600 Fax: (910)483-4274
EMail: [email protected] Nonprofit: No TaxID 56-2053411
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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 9 targeted at 40 percent of median income.
1 14 targeted at 50 percent of median income.
1 13 targeted at 60 percent of median income.
2 4 targeted at 40 percent of median income.
2 4 targeted at 50 percent of median income.
2 4 targeted at 60 percent of median income.
48
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Estimated pricing on sale of Federal Tax Credits: $0.
Remarks concerning project funding sources:(Please be sure to include the name of the funding source(s))
Loans with Variable AmortizationPlease fill in the annual debt service as applicable for the first 20 years of the project life.
Funding Sources
Source AmountNon-
Amortizing*Rate(%)
Term(Years)
Amort.Period(Years)
AnnualDebt
Service
Bank Loan
RPP Loan 450,000 2.00 20 30Local Gov. Loan - Specify:City of Fayetteville
336,000 2.00 20 30
RD Loan
AHP Loan
Other Loan 1 - Specify:
Other Loan 2 - Specify:
Other Loan 3 - Specify:
Tax Exempt Bonds
State Tax Credit(Loan) 692,568 0 30 30 0
State Tax Credit(Direct Refund)
Equity: Federal LIHTC 2,234,486
Non-Repayable Grant
Equity: Historic Tax Credits
Deferred Developer Fees 40,000
Owner Investment 22,910 Other - Specify:
Total Sources** 3,775,964
* "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.
82
RPP Loan
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Year:Amt:
1
33345
2
33071
3
32739
4
32343
5
31880
6
31346
7
24017
8
23237
9
22552
10
21687
Year:Amt:
11
20726
12
19664
13
18494
14
17211
15
15808
16
14277
17
12613
18
10807
19
8851
20
6738
Local Gov. Loan - City of Fayetteville
Year:
Amt:
1
0
2
0
3
0
4
0
5
0
6
0
7
6720
8
6720
9
6720
10
6720
Year:Amt:
11
6720
12
6720
13
6720
14
6720
15
6720
16
6720
17
6720
18
6720
19
6720
20
6720
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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 326,260 326,260
4 Rehabilitation
5 Construction of New Building(s) 2,025,000 2,025,000
6 Accessory Building(s)
7 General Requirements 129,000 129,000
8 Contractor Overhead 49,500 49,500
9 Contractor Profit 148,700 148,700
10 Construction Contingency 80,400 80,400
11 Architect's Fee - Design 85,000 85,000
12 Architect's Fee - Inspection
SUBTOTAL (lines 1 through 12) 2,843,860
13 Construction Insurance (prorate) 4,000 4,000
14 Construction Loan Orig. Fee (prorate)
15 Construction Loan Interest (prorate) 73,000 73,000
16 Construction Loan Credit Enhancement (prorate)
17 Construction Period Taxes (prorate) 5,000 5,000
18 Water, Sewer and Impact Fees 11,000 11,000
19 Survey 5,000 5,000
20 Property Appraisal 6,000 6,000
21 Environmental Report 5,000 5,000
22 Market Study 4,000 4,000
23 Bond Costs (specify)
24 Cost of Issuance
25 Placement Fee
26 Permanent Loan Origination Fee
27 Permanent Loan Credit Enhancement
28 Title and Recording
SUBTOTAL (lines 13 through 28) 113,000
29 Real Estate Attorney 45,000 45,000
30 Other Attorney's Fees
31 Tax Credit App Fees 19,181 19,181
32 Cost Certification/Accounting Fees (specify) 7,300 7,300
33 Tax Opinion
34 Organizational (Partnership)
35 Tax Credit Monitoring Fee 28,800
SUBTOTAL (lines 29 through 35) 100,281
36 Furnishings and Equipment 5,000 5,000
37 Relocation Expenses
38 Developer's Fee (max 15% lines 2-36, less 8 & 9) 429,500 429,500
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)
SUBTOTAL (lines 36 through 43) 434,500
44 Rent up Reserve 14,400
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Comments:
45 Operating Reserve 89,923
46 Other Reserve (specify)
47 Other Reserve (specify)
48 DEVELOPMENT COST (lines 1-47) 3,595,964 0 3,462,841
49 Less Federal Financing
50 Less Disproportionate Standard
51 Less Nonqualified Nonrecourse Financing
52 Less Historic Tax Credit (residential) 0
53 TOTAL ELIGIBLE BASIS 3,462,841 0 3,462,841
54 Times Applicable Fraction 100.00% 100.00% 100.00%
55 TOTAL QUALIFIED BASIS 3,462,841 0 3,462,841
56 Tax Credit Rate 7.87% 7.87%
57 FEDERAL TAX CREDITS at Estimated Rate 272,525 0 272,525
57a FEDERAL TAX CREDITS at 8.5% or 3.75% 294,341 0 294,341
58 FEDERAL TAX CREDITS REQUESTED 295,358 295,358
59 STATE TAX CREDITS 694,960
60 Land Cost 180,000
61 TOTAL REPLACEMENT COST 3,775,964
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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:
Market Study Information
Bunce Manor Apartments will be located on 8.73 acres in southern Cumberland County.The site iswithin the city limits of Fayetteville in an area known as the 71st District. The location on BunceRoad chosen for this project is part of a comprehensive community redevelopment plan initiated bythe City of Fayetteville. The Fayetteville City Council unanimously adopted the plan on October 28,2002. A copy of that plan is included in this application. Bunce Manor will be a 48 unit e lderly project
located in one, 1 story building. The rent structure has been made very affordable. While theapplication targets those at both 50% and 60% of the median income, 8 of the units will target thoseat 40% or below the median income and 5 units will target disabled/homeless populations and havea very low rent of $175 per month. A seperate application has been submitted to the NCHFA for an80 unit family complex known as Bunce Green. Bunce Green will be located directly beside BunceManor.The site is located in a residential neighborhood. Many services such as schools, shopping,churches, a recreation center and library are located nearby. The Fayetteville Area System ofTransit (FAST) has a public transportation stop located directly in front of the site. The surroundingneighborhood is a mix of maintained homes and those in need of clean up and repair. The additionof Bunce Manor will be an asset to this area and a catalyst for improving the existing residentialarea. One part of the enclosed revitalization plan calls for the development of a community "villagegreen" in the area by the church located directly across the street from the site. Another part of theplan calls for the expansion of the Lewis Chapel Recreation facilities located a short distance fromthe site. The first step in that process was approved by the Fayetteville City Council on December10, 2002. Also, the passage of Senate Bill 1312 will allow the city of Fayetteville to condemn andremove buildings in a "community development target area".
Yes
Shallotte Villas (under construction)White StreetShallotte, NC
Legion Manor Apartments (under construction)Legion RoadHope Mills, NC
Community Bldg - Sq Ft: Community Room - Sq Ft: 2,902 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
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Landscaping Plans:
Interior Apartment Amenities (check all that apply):
Flooring: Carpet Vinyl Wood Wood Parquet Ceramic Tile Other
Heating/Cooling: Central Air Gas Heat Heat Pump Electric Pump
Do you plan to submit additional market data (market study, etc.) that you want considered?
If yes, please make sure to include the additional information in your pre-application packet.
Support services coordinator on staff.
Above average landscaping with sprinkler system.
Range Hood Dishwasher Disposal Refrigerator (frost free) Storage interior/exterior
W/D Hookups Mini-blinds Pantry Ceiling fans Walk-in closets
vct
Yes
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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).
Presently,the neighborhood is a mix of maintained homes and those in a state of disrepair. One ofthe first steps in implementing the redevelopment plan is the recent passage of Senate Bill 1312.This new law will allow the city to condemn and remove buildings in a redevelopment area muchmore quickly. According to Jim Alexander with the City Inspections Department, several mobilehomes located in the park across the street from the site have already been condemned andremoved. Other steps in implementing the development plan are underway.1) The City of Fayetteville has commited $560,000 to this project.2)On December 10, 2002 the city rezoned land in the area for expansion of the Lewis ChapelRecreation facility which is approximately 1/2 mile from the site. Part of this expansion would be theconstruction of a Family Life Center.3) According to Victor Sharpe with Fayetteville Community Development, the city owns a tract ofland adjacent to the Lewis Chapel site. Plans are to develop a city park at this site.4)A permit for construction of an education facility for St. Johns Church at 966 Bunce Road hasbeen issued.5)The design stage for the widening of Bunce Road is scheduled to begin 2004.
Retail in the area is growing as evidenced by new stores and businesses along Raeford and
Cliffdale Roads.
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.The area surrounding the site is mainly single family homes. A church is located across the streetfrom the site. Schools, medical facilities, banks and shopping are located within minutes of theproject site.
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).Presently,Bunce Road is adequate to serve this project. The redevelopment plan calls for thewidening of Bunce Road and the installation of a streetscape. The design stage of this widening isscheduled for 2004. Access to Raeford Road and Cliffdale Road, which are main thoroughfares, arelocated within 1/2 mile of Bunce Road.
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).Most of the land at this site is lightly wooded and is zoned residential. There are no enviormentalconcerns at this site.
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.The site is flat and no enviromental problems exists. The site is not located in a flood zone.
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For each applicable neighborhood feature, enter distance from project in miles.
Other facilities or services:
Similarity of scale and aesthetics/architecture between project and surroundings.Most of the properties surrounding the site are single family homes. The design and layout of thisproject will be an asset to the neighborhood.
Concentration of affordable housing (housing credit, project-based rental assistance, public housing).There is no public housing in this portion of the city.
Availability of Supportive Services (if applicable):A Support Services Coordinator will be on staff.
Grocery Store1.2 Community/Senior Center1.3
Mall/Strip Center1.2 Hospital3.5
Outdoor Athletic Fields.75 Pharmacy.5
Day Care/After School.5 Basic Health Care2.00
Schools1.3 Medical Offices2.00
Public Transportation Stop Bank/Credit Union.8
Convenience Store.75 Restaurants.25
Basketball/Tennis Courts1.5 Professional Services.75
Public Parks1.00 Movie Theater2.70
Gas Station.75 Video Rental1.2
Library1.00 Public Safety (Fire/Police)1.25
Fitness/Nature Trails1.00 Post Office1.2
Public Swimming Pools
There is a public transportation stop directly in front of site.
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Development List number low-income/tax credit housing projects and units developed, operated, and maintained in compliance by the principal(s) betweenDecember 1, 1996 and January 1, 2003:
Management List number of low-income housing tax credit units managed in the past 10 years:
Has any owner, principal, or management agent been debarred or received a limited denial participation in the past 10 years by any federal or
state agency?
Has any owner, principal, or management agent been involved in a bankruptcy, an adverse fair housing settlement, an adverse civil rights
settlement, or an adverse federal or state government proceeding and settlement in the past 10 years?
Has any owner or principal been in a mortgage default or delinquency of three months or more within the last 5 years on a FHA-insuredproject, a Rural Development funded rental project, a tax-exempt funded mortgage, a tax credit project, or any other publicly subsidized
project?
Has any owner or principal been involved within the last 10 years in a project which previously received an allocation of tax credits but failed tomeet compliance standards of the tax credit allocation, including return of a reservation of tax credits to the Agency after the carryover
agreement has been signed?
Has any owner or principal had a Form 8823 filed with the IRS for noncompliance on a project using low-income housing tax credits or
received a letter of non-compliance from the Agency?
Project Team Experience
North Carolina Other States
Projects: 13 2
Units: 576 56
North Carolina Other States
Projects: 20 5
Units: 760 128
No
No
No
No
Yes
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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? No
If yes, indicate the type and amount below:
Tax Exempt Financing: $
RD 515 Financing: $
Hope VI Financing: $
Other: $
If Other, specify the type of Federal subsidy:
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Project Operations (Year One)
Projected Operating Costs
Administrative Expenses
Advertising 2,000
Other Administrative Expense (specify):3,000
Office Salaries 3,000Office Supplies 2,000
Office or Model Apartment Rent
Management Fee 21,000
Manager or Superintendent Salaries 4,000
Manager or Superintendent Rent Free Unit
Legal Expenses (Project) 1,000
Auditing Expenses (Project) 3,000
Bookkeeping Fees/Accounting Services
Telephone and Answering Service 3,000
Bad Debts
Other Administrative Expenses (specify):
SUBTOTAL 42,000
Utilities Expense
Fuel Oil
Electricity (Light and Misc. Power) 10,500
Water
Gas
Sewer
SUBTOTAL 10,500
Operating and Maintenance Expenses
Janitor and Cleaning Payroll 3,500
Janitor and Cleaning Supplies
Janitor and Cleaning Contract 3,500
Exterminating Payroll/Contract 2,900
Exterminating Supplies
Garbage and Trash Removal 3,000
Security Payroll/Contract
Grounds Payroll
Grounds Supplies
Grounds Contract 15,000
Repairs Payroll 4,000
Repairs Material
Repairs Contract 5,000
Elevator Maintenance/Contract
Heating/Cooling Repairs and Maintenance 5,000
Swimming Pool Maintenance/Contract
Snow Removal
Decorating Payroll/Contract
Decorating Supplies
Other (specify):
Miscellaneous Operating & Maintenance Expenses 7,000
SUBTOTAL 0
Taxes and Insurance
Real Estate Taxes 18,100
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Payroll Taxes (FICA) 2,000
Miscellaneous Taxes, Licenses and Permits
Property and Liability Insurance (Hazard) 7,000
Fidelity Bond Insurance
Workmen's Compensation
Health Insurance and Other Employee Benefits
Other Insurance:
SUBTOTAL 0
Supportive Service Expenses
Service Coordinator 6,000
Service Supplies
Tenant Association Funds
Other Expenses (specify):
SUBTOTAL 0
Reserves
Replacement Reserves 12,000
SUBTOTAL 12,000
TOTAL OPERATING EXPENSES 146,500
ADJUSTED TOTAL OPERATING EXPENSES (Does not include taxes, reserves and resident support services) *
110,400
TOTAL UNITS(from total units in the Unit Mix section)
48
PER UNIT PER YEAR 2,300
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Design Features
ITEM DESCRIPTION
Foundation/Slab Components 20"x12" Footings w/2 #5 Rebar, Cont Reg. Brick, 4"x8" Block & Header Blocks on 4" Slab
Primary Windows Make: Model:Alenco Windows Series 3852
Type/Construction:
Aluminum, Single Hung, Thermal Break, TiltSash
Exterior Doors Type: Frames:Peachtree Steel Wood
SidingType: Grade/Thickness:
Hardi-Plank & BrickVeneer and/or .044"vinyl siding and trim
Warranty: 50 Year Warranty
Exterior Trim Pro-Trim/Hardi-Plank and or vinyl trim
Shingles Type: Weight:Asphalt 240#
Warranty: 30 Year Architectural
Sprinkler System Grinnell Fire Protection System Throughout (Wet System)
Cabinets Tri-Pak Composite Box, 3/4" Shelf, Oak Face
Heat Pump SEER: Make:12 Goodman
Model:
Air Conditioner SEER: Make:12 Goodman
Model: CPK J18
Other Heat Systems SEER: Make:
Model:
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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 17,600 10,400 28,000
Backfill-slab, Crawl 0
Slab-concrete/Rebar/Gravel 47,600 41,500 89,100
Waterproofing 0
Masonry Foundation 9,100 7,900 17,000
Brick Veneer 22,300 33,200 55,500
Steel/Structure/Rails 0
Framing/Lumber/Nails 113,700 189,300 303,000
Trusses 86,000 86,000
Crane Rental 8,700 8,700
Windows/Grilles/Screen 20,000 20,000Exterior Doors 44,500 44,500
Roofing 15,450 14,050 29,500
Fencing 6,300 6,300
Vinyl Siding/Trim/Box 50,285 45,715 96,000
Gutters/Shutters 4,400 5,100 9,500
Insulation 16,300 27,700 44,000
Drywall 56,100 38,400 94,500
Interior Doors 26,700 64,800 91,500
Int. & Final/Stair/Trim/Shelves 0
Cabinets & Tops 32,100 52,000 84,100
Painting 38,500 34,000 72,500
Marble - Tub/Shwr/Tops 0
Plumbing 60,000 95,000 155,000
Electrical 44,000 62,000 106,000
Heating/Air Conditioning 52,000 84,000 136,000
Floor Covering and Underlayment 17,500 41,800 59,300
Wall Paper 5,300 5,500 10,800
Mailboxes/Special Features/Signage 200 6,700 6,900
Gypcrete 0
Blinds/Shades/Art Work 3,500 8,300 11,800
Light Fixtures/Fans 0
Sprinkler System 36,100 57,400 93,500
Security Alarm 24,000 32,000 56,000
Hardwood Floors 0
Elevator 0
Ceramic Tiles 0
Acoustical Ceilings 0
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Remarks:
Mirror/Shower Door/Encls. 0
Hardware/Bath Access. 22,000 22,000
Appliances 64,500 64,500
Playground Equipment 0
Interior Clean 10,800 10,800
Exterior Clean/Dumpster 10,000 10,000
Other 1 (specify in Remarks) 12,200 12,200
Other 2 (specify in Remarks) 40,400 50,100 90,500
Total Cost 760,235 1,264,765 2,025,000
1. Includes drive, sidewalks, porches2. Includes site utilities
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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 80,700
Job Site Office/Trailer Rental 6,500
Impact Fees
Office Supplies
Security/Watchman 13,500
Water and Sewer Connection Fees
Project Signage
Tools and Equipment 1,900
Gas, Oil, and Maintenance
Cleanup/Dumpster Rental 2,600
Temporary Water, Electric, and Telephone 3,900Storage/Hauling
Driveway Access Permit 9,000
Porta-John Rental/Dumping 4,500
Builders Risk Insurance 6,400
Re-inspection Fees
Extra Plans and Specifications
Miscellaneous, Casual Labor
Equipment Rental
Other 1 (specify in Remarks)
Other 2 (specify in Remarks)
Total Cost 129,000
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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
Clearing/Grading/Final Grading/Excess and Borrow 80,200
Demolition
Earthwork/Excavation/Aerating 18,800
Soil Treatment 3,600
Pile Foundations
Caissons
Shoring/Bracing
Site Drainage 28,800
Site Utilities/Site Lighting 6,700
Paving and Surfacing/Curb and Gutter 63,400Walkways
Site Signage 3,600
Parking Lot Painting 1,500
Dumpsite Pads/Fencing 5,800
Fencing/Gates
Landscaping/Topsoil 65,000
Waterproofing/De-Watering
Operation of Construction Equipment/Fuel/Oil
Crane Rental
Rock and Hardpan Excavation
Site Supervision Personnel 14,360
Other (specify in Remarks) 34,500
Total Cost 326,260
Hauling trash, clean-up, labor
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This is a detailed breakdown of the Bond Costs cost element you summarized in the Development Costs table (Bond Costs). The totalshould match that roll-up value.
Remarks:
Costs - Bond Costs
ITEM TOTAL
Letter of Credit Fee
Credit Enhancement
Underwriter Discount
Capital Interest Fund
Other 1 (specify in Remarks)
Other 2 (specify in Remarks)
Total Cost 0
N/A
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This is a detailed breakdown of the Bond Issuance cost element you summarized in the Development Costs table (Cost of Issuance). Thetotal should match that roll-up value.
Remarks:
Costs - Bond Issuance
ITEM TOTAL
Bond Counsel
Issuer Counsel
Credit Enhancement/LOC Counsel
Underwriter Counsel
Developer's Counsel
Rating Agency Fee
Printing
Trustee Fee
Trustee Counsel
Other 1 (specify in Remarks)
Other 2 (specify in Remarks)Other 3 (specify in Remarks)
Total Cost 0
N/A
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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.
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