Cedarwood App

8/6/2019 Cedarwood App

1/29

rint - APP08-0099

Print Preview - FinalApplicationTax Credits, RPP Loans, and/or Tax Exempt Bond Loans

roject Description

oject Name: Cedarwood

dress: Oliver Street

ty: Pollocksville County: Jones Zip:

ensus Tract: 9801 Block Group: 1

project in Qualified Census Tract or Difficult to Develop Area? Yes

olitical Jurisdiction: Town of Pollocksville

risdiction CEO Name:First:James Last:Bender

Title: Mayor

risdiction Address: PO Box 97

risdiction City: Pollocksville Zip:

risdiction Phone:

e Latitude:

e Longitude:

oject Type: New Construction

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? No

If yes, list names of previous phase(s):

ehab:

umber of residents holding Section 8uchers:

l the project meet Energy Star standards as defined in Appendix B? Yes

es a community revitalization plan exist? No

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

ttps://www.nchfa.org/Rental/RTCApp/(S(skvhngy1i...1D4B0A7DDB&SNID=F472077B28844C719235D4B504F748E7 (1 of 29)9/16/2008 2:07:29 PM

28573

28573

(252)224-9831

35.00392

-77.22661


2/29

rint - APP08-0099

If yes, please describe:

rget Population:Family

ll the project be receiving project based federal rental assistance? No

If yes, provide the subsidy source: 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:


3

5


3/29

rint - APP08-0099

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: Barry T. Mills

dress: 209 E. Main St.

ty: Wallace State: NC Zip:

ontact: First: Barry Last:Mills Title:

lephone:

Phone:

x:

mail Address:

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


28466

(910)285-2141

(910)290-1860

(910)285-2142

[email protected]


4/29

rint - APP08-0099

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? No

If yes:(a) Briefly describe the situation:

(b) Will tenant displacement be temporary?(c) Will tenant displacement be permanent?

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:


4.0 4.0


5/29

rint - APP08-0099

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



6/29

rint - APP08-0099

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:

buyer and seller same

(c) Enter the current expiration date of the option/contract to purchase:

(D) Enter Purchase Price:


12/31/2008

100,000


7/29

rint - APP08-0099

oning

esent zoning classification of the site:R-6

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:



8/29

rint - APP08-0099

wnership Entity

wner Name: Cedarwood Properties of Pollocksville, LLC

dress: 209 E. Main St.

y: Wallace State:NC Zip:

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

ote: Do not submit social security numbers for individuals.

tity Type: Limited Liability Company

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: Barry T. Mills

st Name: Barry Last Name: Mills Function: Managing Memberdress: 209 E. Main St.

ty: Wallace State: NC Zip: 28466

one: Fax:

Mail: Nonprofit: No


28466

(910)285-2141 (910)285-2142

[email protected]


9/29

rint - APP08-0099

nit Mix

e Median Income for Jones county is $48,100.

w Income Units

Type # BRs Net Sq.Ft.Total

# Units#Units

MonthlyRent

UtilityAllowance

MandatoryServ. Fees

**TotalHousing Exp.

Gdn Apt 2

Utilities included in rents: Water/Sewer Electric Gas Other Trash collection

mployee Units (will add to Low Income Unit total)

ype # BRs Net Sq.Ft.Total

# Units#Units

MonthlyRent

UtilityAllowance

MandatoryServ. Fees

**TotalHousing Exp.

tilities 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):

Elevators - Number of Elevators:

uare Footage Information

oss Floor Square Footage:


909 24 3 350 81 0 431

24 3 8400

24 3 8400

12 1

1,574

25,184


10/29

rint - APP08-0099

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.


23,390
http://www.nchfa.com/lib/html/rental/Median%20Income%20Charts/income_limits.htmhttp://www.nchfa.com/lib/html/rental/Median%20Income%20Charts/income_limits.htm


11/29

rint - APP08-0099

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/occupied by

tal Low Income Units:

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


10 50

14 60

24


12/29

rint - APP08-0099

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:CDBG-DCA

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))

ere will in fact be zero debt service, but since the spreadsheet would not accept zero vales in the


144,000 0.00 20 20

562,723 0 30 30 0

2,341,843

3,048,566

75


13/29

rint - APP08-0099

mortization schedule below, $1 was entered instead.

ans with Variable Amortizationease fill in the annual debt service as applicable for the first 20 years of the project life.

her Loan 1 - CDBG-DCA

ear:mt:

1 2 3 4 5 6 7 8 9 10

ear:mt:

11 12 13 14 15 16 17 18 19 20


0 0 0 0 0 0 0 0 0 0

0 0 0 0 0 0 0 0 0 0


14/29

rint - APP08-0099

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


395,000 395,000

1,550,000 1,550,000

0

116,700 116,700

41,234 41,234

123,702 123,702

66,799 66,799

42,000 42,000

10,800 10,800

30,000 30,000

2,376,235

7,500 7,500

90,000 90,000

1,000 1,000

15,000 15,000

6,000 6,000

5,000 5,000

4,300 4,300

5,000


15/29

rint - APP08-0099


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


38 Furnishings and Equipment

39 Relocation Expense

40 Developer's Fee

41

42

43 Rent-up Expense

44

45


46 Rent up Reserve

47 Operating Reserve

48

49

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


133,800

11,000 11,000

8,000 8,000

2,200

22,043

10,000

6,000

16,800

76,043

50,000 50,000

252,000 252,000

Other Basis Expense (s

Other Basis Expense (s

10,800

Other Non-basis Expen

Other Non-basis Expen

312,800

7,200

42,488

Other Reserve (specify)

Other Reserve (specify)

2,948,566 0 2,826,035

0

2,826,035 0 2,826,035

100.00% 100% 100%

2,826,035 0 2,826,035

0.00% 130.00%

3,673,846 0 3,673,846


16/29

rint - APP08-0099

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:95,560


3.40 8.50

312,277 0 312,277

330,646 0 330,646

294,294 294,294

100,000

3,048,566

330,646


17/29

rint - APP08-0099

arket Study Information

ase provide a detailed description of the proposed project:

edarwood is three 2-story buildings that includes 24 two-bedroom units. Each housing unit is equippedth a dishwasher, ceiling fan, and walk-in closets. The grounds will be equipped with elements such as aayground, picnic areas, and walking trails that include fitness stations, all elements that will give residentse opportunity to build a community with neighbors.

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:

ve you built other tax credit developments that use the same building design as this project?Yes

If yes, please provide name and address:

1. River Walk, Wall Street, Grifton, NC2. Hunter's Ridge, Perry Street Ext., Farmville, NC3. Jones Crossing, Oliver Street, Pollocksville, NC

e Amenities:

ommunity Bldg., Community Room, Playground, Walking Trails, Fitness Stations, Gazebo/Arbor, Picnicea, Flag Pole, Sitting Area, Irrigated Lawns, Bike Racks, Game/Craft Room, Exercise Room, Resident

omputer Center, TV room, Providing High-Speed Internet Access

site Activities:

edarwood will partner with a Service Agency that provides services and assistance to residents withental, Physical, and/or Developmental disabilities in order to provide resources to those residents thatay need additional assistance for independent living.

ndscaping Plans:



18/29

rint - APP08-0099

e site will be well landscaped with large irrigated grass and shade areas, walking trails, gazebo and largees to encourage a community feeling to the finished development.

erior Apartment Amenities:

ange, Hood, Dishwasher, Disposal, Refridgerator, Storage interior/exterior, W/D Hookups, Mini-blinds,

antry, Ceiling fans, Walk-in closets.ooring: Carpet and Vinyleating/Cooling: Central Air, Heat Pump

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.



19/29

rint - APP08-0099

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.

te is located within the very best single family neighborhood in Pollocksville, containing homes with all

rick construction averaging $150,000 in value with consistent appreciation. Area economic health is veryood due to its close proximity to New Bern and the Cherry Point Naval Air Station.

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. Site is immediately adjacent to very attractive single family homesd the Pollocksville Elementary School. It is within 1 block of the Pollocksville Public Library, within 2 blocksa small grocery market and gas station,and within 3 blocks of a bank, restaurant, the East Carolina

ommunity Health Center and churches. The other adjacent land uses are active agricultural, whereybeans and corn are grown.

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. Site will be at the end of 24" wide Oliver Street, one block off US Hwy. 17

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, large

ulders, 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 negative on-site features.

milarity of scale and aesthetics/architecture between project and surroundings.

he proposed project will fit comfortably in the neighborhood which is characterized by the adjacent

ementary School and surrounding single family homes. The adjacent Vilage Apartment duplexes offer anxcellent transition to the new duplexes at the end of the street.

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



20/29

rint - APP08-0099

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:


79

1 10

.5

5 .5

7

6

4


21/29

rint - APP08-0099

evelopment Team

ovide contact information for development team members below:

nagement Agent

ompany: Management Services

dress: 3515 Trent Rd., Suite 17

ty: New Bern State: NC Zip:

one Email:

ontact Name: First: Janie Last: Figueroa

chitect

ompany: Tise-Kiester Architects

dress: 119 E. Franklin St., Suite 300

ty: Chapel Hill State: NC Zip:

one Email:

ontact Name: First: Don Last: Tise

orney

ompany: TBD

dress: TBD

ty: TBD State: NC Zip:

one Email:

ontact Name: First: Last:

estor

ompany: TBD

dress: TBD

ty: TBD State: NC Zip:

one Email:

ontact Name: First: Last:

nsultant/Application Preparer (if different from developer)

ompany: The Banks Law Firm PA

dress: 4810 Emperor Blvd, Suite 110

ty: Durham State: NC Zip:

one Email:

ontact Name: First: Jim Last: Yamin


28561

(252)636-2400 [email protected]

27514


99999

(999)999-9999

99999

(999)999-9999

27703



22/29

rint - APP08-0099

neral Contractor Identity of Interest?

ompany: Associated Development Co.

dress: 209 E.Main St., PO Box 340

ty: Wallace State: NC Zip:

one Email:

ontact Name: First: Barry Last: Mills


28466



23/29

rint - APP08-0099

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


200

15,000

10,500

125

4,200

1,500

2,500

34,025

1,000

800

800

2,600

1,576

1,500


24/29

rint - APP08-0099

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


2,500

4,800

4,500

2,000

2,000

1,500

1,500

500

200

22,576

11,750

1,500

250

5,500

25

750

19,775

0

6,000

6,000


25/29

rint - APP08-0099

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


84,976

67,226

24

2,801


26/29


27/29

rint - APP08-0099

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".



28/29

rint - APP08-0099

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.



29/29

rint - APP08-0099

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)

Cedarwood App

Documents

Transcript of Cedarwood App