Cottage at Glendale App

8/6/2019 Cottage at Glendale App

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

roject Description

oject Name: Cottages at Glendale

dress: Pike Street

ty: Wilson County: Wilson Zip:

ensus Tract: 0004.0 Block Group: 4

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

olitical Jurisdiction: City of Wilson

risdiction CEO Name:First:Bruce Last:Rose

Title: Mayor

risdiction Address: PO Box 10

risdiction City: Wilson 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? Yes

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

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(usnmks45...E210EEDF1&SNID=AE067CD7E900421E835093B3DE431D28 (1 of 29)9/17/2008 10:11:29 AM

27894

27894

(252)399-2200

35.71621

-77.93967


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If yes, please describe:

rget Population:Elderly (55)

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:


2

4


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pplicant Information

icate below an individual or a validly existing entity (a corporation, nonprofit, limited partnership or LLC) as the official applicant. UndeP Section III(C)(5) only this individual or entity will be able to make decisions with regard to this application. If awarded the applicant

come part of the ownership entity. The applicant will execute the signature page for this application.

pplicant Name: Pendergraph Development, LLC

dress: PO Box 19691

ty: Raleigh State: NC Zip:

ontact: First: Frankie Last:Pendergraph Title:

lephone:

Phone:

x:

mail Address:

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


27619

(919)755-0558

(919)861-6068

[email protected]


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te Description

al Site Acreage: Total Buildable Acreage:

If buildable acreage is less than total acreage, please explain:

ntify utilities and services currently available (and with adequate capacity) for this site:

Storm Sewer Water Sanitary Sewer Electric

he demolition of any buildings required or planned? No

If yes, please describe:

e existing buildings on the site currently occupied? 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:


11 11


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



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te Control

es the owner have fee simple ownership of the property (site/buildings)?No

If yes provide:

Purchase Date: Purchase Price:

If no:(a) Does the owner/principal or ownership entity have valid option/contract to purchase the property?Yes

(b) Does an identity of interest (direct or indirect) exist between the owner/principal or ownership entity with the option/contract fopurchase of the property and the seller of the property?YesIf yes, specify the relationship:

Pendergraph Development, LLC is the Seller and the Developer. Pendergraph Development, LLC and FWPCottages at Glendale, LLC, the managing member, are both owned by Frankie W. Pendergraph.

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

(D) Enter Purchase Price:


5/1/2009

478,500


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oning

esent zoning classification of the site:O&R-2

multifamily use permitted?Yes

e variances, special or conditional use permits or any other item requiring a public hearing needed to develop this proposal?No

If yes, have the hearings been completed and permits been obtained?

If yes, specify permit or variance required and date obtained. If no, describe permits/variances required and schedule for obta

them:

e there any existing conditions of historical significance located on the project site that will require State Historic Preservation office re

If yes, describe below:

e there any existing conditions of environmental significance located on the project site?No

If yes, describe below:



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wnership Entity

wner Name: Cottages at Glendale, LLC

dress: PO Box 19691

y: Raleigh 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: FWP Cottages at Glendale, LLC

st Name: Frankie Last Name: Pendergraph Function: Managing Memberdress: PO Box 19691

ty: Raleigh State: NC Zip: 27619

one: Fax:

Mail: Nonprofit: No


27619

(919)755-0558 (919)861-6068

[email protected]


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nit Mix

e Median Income for Wilson county is $49,600.

w Income Units

Type # BRs Net Sq.Ft.Total

# Units#Units

MonthlyRent

UtilityAllowance

MandatoryServ. Fees

**TotalHousing Exp.

Gdn Apt 1

Gdn Apt 2

Gdn Apt 1

Gdn Apt 2

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

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):


731 4 1 355 90 0 445

969 16 4 428 121 0 549

731 4 0 385 90 0 475

969 16 0 458 121 0 579

40 5 17136

40 5 17136

10 1

1,825


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argeting

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

BRs Units %

targeted at percent of median income affordable to/occupied by




tal Low Income Units:

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

ttps://www.nchfa.org/Rental/RTCApp/(S(usnmks4...210EEDF1&SNID=AE067CD7E900421E835093B3DE431D28 (11 of 29)9/17/2008 10:11:29 AM

4 50

16 50

4 60

16 60

40


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unding Sources

Source AmountNon-

Amortizing*Rate(%)

Term(Years)

Amort.Period(Years)

AnnualDebt

Service

Bank Loan

RPP Loan

Local Gov. Loan - Specify:

RD 515 Loan

RD 538 Loan - Specify:

AHP Loan

Other Loan 1 - Specify:



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))


625,000 6.20 30 30 45,935

797,865 0 30 30 0

3,346,474

320

4,769,659

78


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evelopment Costs

Item Cost Element TOTAL COSTEligible Basis

30% PV 70% PV

1 Purchase of Building(s) (Rehab / Adaptive Reuse only)

2 Demolition (Rehab / Adaptive Reuse only)

3 On-site Improvements

4 Rehabilitation

5 Construction of New Building(s)

6 Accessory Building(s)

7 General Requirements (max 6% lines 2-6)

8 Contractor Overhead (max 2% lines 2-7)

9 Contractor Profit (max 8% lines 2-7; 6% if Identity of Interest)

10 Construction Contingency (max 3% lines 2-9, Rehabs 6%)

11 Architect's Fee - Design (11 + 12 = max 3% lines 2-10)

12 Architect's Fee - Inspection

13 Engineering Costs

SUBTOTAL (lines 1 through 13)

14 Construction Insurance (prorate)

15 Construction Loan Orig. Fee (prorate)

16 Construction Loan Interest (prorate)

17 Construction Loan Credit Enhancement (prorate)

18 Construction Period Taxes (prorate)

19 Water, Sewer and Impact Fees

20 Survey

21 Property Appraisal

22 Environmental Report

23 Market Study

24 Bond Costs

25 Bond Issuance Costs

26 Placement Fee

27 Permanent Loan Origination Fee

28 Permanent Loan Credit Enhancement

29 Title and Recording


530,000 355,000

2,150,000 2,150,000

100,000 100,000

166,800 166,800

58,936 58,936

176,808 176,808

95,476 95,476

45,450 45,450

10,000 10,000

23,000 23,000

3,356,470

2,000 2,000

22,000 22,000

150,261 150,261

5,000 5,000

24,025 24,025

14,000 14,000

6,500 6,500

4,500 4,500

4,300 4,300

12,500

9,000


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60 Tax Credit Rate

61 Federal Tax Credits at Estimated Rate

62 Federal Tax Credits at 9.00% or 3.75% (maximum $1,000,000)

63 Federal Tax Credits Requested

64 Land Cost

65 TOTAL REPLACEMENT COST

FEDERAL TAX CREDITS IF AWARDED

Comments:

Total Replacement Cost per unit:81,950


3.40 8.50

429,078 0 429,078

454,318 0 454,318

410,116 410,116

478,500

4,769,659

454,318


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arket Study Information

ase provide a detailed description of the proposed project:

e Cottages at Glendale will be a 10-building, 40-unit development for the elderly. Each residentialilding will contain 4 units. The buildings will be 1 story and will feature a craftsman style design includingbled areas with board and batten siding and craftsman arches, broken roof lines, and brick. Thevelopment will also have a community building of similar style that will house the on-site managementice, a multipurpose community room, kitchen, computer center, laundry room and a covered patio withating.

ur rents will be affordable to 50% and 60% income levels with the rent structure targeting at 50% rentvels. We feel that this site and market is excellent for the proposed development. All necessary amenities

the residents are within 1/2 mile of the site.

lson is a growing community located in Wilson County in eastern North Carolina. It offers outdoorcreation, the arts, dining and shopping, business and industry, education and healthcare and a solidtwork of parks, community centers and libraries. There is also a senior center within one mile of the site.ey offer many programs for the seniors in the community such as meal preparation, crafts, ceramics,alth classes, Veterans meetings and programs. Wilson is a nice community to live in for seniors.

lson and Wilson County are growing and you are seeing more people moving to the area for the qualitylife that it provides for seniors or families. On the Wilson Visitors Bureau website (http://www.wilson-nc.m/) there is a listing of the 50 must see items in Wilson. It is worth looking at that website to show the

versity that Wilson offers.

e are attaching various market studies addressing the need and demand for elderly housing in this marketea. In March of 2007, Downing and Associates prepared a Market Study for the Agency for the Glendaleoods development which is the Phase I to the Cottages at Glendale. In September of 2007, Downing andsociates prepared a Housing Needs Assessment for the Wilson Housing Authority. In November of 2007,or & Associates prepared a Housing Market Study for Wachovia Securities relating to the Glendaleoods development. All three of these studies concluded that there is a great need for elderly housingthin the primary market area of Glendale Woods and The Cottages at Glendale. The studies reflectedgh need and low capture rates.

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:

Each residential buildings will contain a fire protection/sprinkler system. Covered entry and covered porches/patio off living room.

ve you built other tax credit developments that use the same building design as this project?No

If yes, please provide name and address:



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e Amenities:

e development will include 3 outdoor sitting areas, a community building containing a multipurpose room,esident computer center and each unit will have its own exterior tenant storage closet. The developmentl also include a covered patio with seating (150 sq ft minimum) attached to the back of the communityilding and a separate gazebo with seating. The gazebo will be centrally located on the property.

site Activities:e anticipate having computer classes, health education, first aid courses, diabetes screening and nutritionasses, wellness programs, computer learning center, aerobics and exercise classes, and various activitiesared towards different age groups, holiday events, and much more. We see this development as havingtive seniors as residents.

ndscaping Plans:

our plan to install new plant material as described in the QAP and an irrigation system in the main visibleeas. We will also make sure all site amenities and handicap parking and walks conform to handicap/cessibility requirements. There will also be new hardscape items installed such as benches and a gazebo/llis. The site will have attractive signage, lighting, and landscaping. Trees will be a minimum of 2 caliperd all shrubs will be 3 gallon or larger. White vinyl fencing will be installed around dumpsters.

erior Apartment Amenities:

e units will be spacious with exterior storage and large closets within the unit. All living areas anddrooms will have ceiling fans. All appliances will carry the energy star rating. All units will have a

shwasher and full size washer dryer connections.

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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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.

he proposed site for the Cottages at Glendale, an elderly development, is located on Pike Street off of

hreve Street in the South East area of Wilson. The site is located in an area that is growing and has nodverse effects on the existing property. The site is located in a well established residential area with low

mpact commercial and is very suitable for the development. All necessary amenities are within 1/2 mile ofe site and in fact many are within walking distance. There are doctors offices, pharmacies, professional

ervices, recreational facilities, restaurants, schools, medical buildings and a hospital, banks, a groceryore, and various shopping areas within mile of the site.

he site is wooded with a good stand of pine trees that would allow for additional vegitative buffers. The siteflat to slightly sloping and has no adverse features. The site is located in a developed area and is

xtremely close to all amenities. Within walking distance are Big Lots, Piggy Wiggly, Eckerd Drug,cDonalds, a gas station, a movie theater, Park Wood/Wilson shopping mall, a senior citizen center, day

are nursery, ball fields, and playground areas.

Wilson is the County Seat of Wilson County, a growing community located in eastern North Carolina. It

fers outdoor recreation, the arts, dining and shopping, business and industry, education and healthcarend a solid network of parks, community centers and libraries. Wilson is a nice community to live in.

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. There are no adverse land uses or amenities in any proximity to thee. The site is located in a primarily residential setting with low to moderate impact commercial. Theoposed development would blend within this developed area of Wilson. There are no environmentalpacts associated with this site. This site is an excellent site for this type of development.

TE SUITABILITY

equate traffic safety controls (i.e. stop lights, speed limits, turn lanes). Burden on public facilitiesarticularly roads). Access to mass transit (if applicable). Visibility of buildings and/or location of project signin relation to traffic corridors. The streets and access roads are adequate to support the current

velopment as is and with improvements. The site is gently sloping with no topographic issues. The site isitable for the development that is being proposed. Water and sewer are available to the site and we do notesee any major road improvements needed.

egree of on-site negative features and physical barriers that will impede project construction or adverselyect future tenants; for example: power transmission lines and towers, flood hazards, steep slopes, largeulders, ravines, year-round streams, wetlands, and other similar features (for adaptive re-use projects-itability for residential use and difficulties posed by the building(s), such as limited parking, environmentaloblems or the need for excessive demolition).

here are no on-site negative features or physical barriers to the site that would impede the development ofis property.



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

he current development will be similar in scale and aesthetics to the surrounding uses.

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

Grocery StoreCommunity/Senior

Center

Mall/Strip Center Hospital

Outdoor Athletic Fields Pharmacy

Day Care/After School Basic Health Care

Schools

Public Transportation

op

Convenience Store

Public Parks

Gas Station

Library

her facilities or services:

lson offers many activities for all age groups and has many available programs for active seniors.


5.5

5 .5

5 .5

5 .5

5

5

5

5

7


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evelopment Team

ovide contact information for development team members below:

nagement Agent

ompany: Pendergraph Management, LLC

dress: PO Box 19691


one Email:

ontact Name: First: Frankie Last: Pendergraph

chitect

ompany: Planworx Architecture, PA

dress: 5711 Six Forks Road, Suite 100


one Email:

ontact Name: First: Marc Last: Mills

orney

ompany: The Brockmann Law Firm

dress: 8037 Corporate Center Drive

ty: Charlotte State: NC Zip:

one Email:

ontact Name: First: Todd Last: Brockmann

estor

ompany: Apollo Equity Partners

dress: 2101 Rexford Road, Suite 375W

ty: Charlotte State: NC Zip:

one Email:

ontact Name: First: Brian Last: Flanagan

nsultant/Application Preparer (if different from developer)

ompany:

dress:

ty: State: Zip:

one Email:

ontact Name: First: Last:


27619

(919)755-0558 [email protected]

27609


28226

(704)541-5779 tbrockmann@brockmannlawfirm.

28211



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neral Contractor Identity of Interest?

ompany: Caliber Builders, LLC

dress: PO Box 19691


one Email:

ontact Name: First: Frankie Last: Pendergraph


27619



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rojected Operating Costs

Project Operations (Year One)

Administrative Expenses

Advertising

Office Salaries

Office Supplies

Office or Model Apartment Rent

Management Fee

Manager or Superintendent Salaries

Manager or Superintendent Rent Free Unit

Legal Expenses (Project)

Auditing Expenses (Project)

Bookkeeping Fees/Accounting Services

Telephone and Answering Service

Bad Debts

Other Administrative Expenses (specify):

SUBTOTAL

Utilities Expense

Fuel Oil

Electricity (Light and Misc. Power)

Water

Gas

Sewer

SUBTOTAL

Operating and Maintenance Expenses

Janitor and Cleaning Payroll

Janitor and Cleaning Supplies

Janitor and Cleaning Contract

Exterminating Payroll/Contract

Exterminating Supplies

Garbage and Trash Removal

Security Payroll/Contract

Grounds Payroll


1,000

13,000

2,500

17,280

500

3,300

2,500

computer and software,1,500

41,580

10,500

7,000

7,000

24,500

500

1,600

2,000


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Grounds Supplies

Grounds Contract

Repairs Payroll

Repairs Material

Repairs Contract

Elevator Maintenance/Contract

Heating/Cooling Repairs and Maintenance

Swimming Pool Maintenance/Contract

Snow Removal

Decorating Payroll/Contract

Decorating Supplies

Other (specify):

Miscellaneous Operating & Maintenance Expenses

SUBTOTAL

Taxes and Insurance

Real Estate Taxes

Payroll Taxes (FICA)

Miscellaneous Taxes, Licenses and Permits

Property and Liability Insurance (Hazard)

Fidelity Bond Insurance

Workmen's Compensation

Health Insurance and Other Employee Benefits

Other Insurance:

SUBTOTAL

Supportive Service Expenses

Service Coordinator

Service Supplies

Tenant Association Funds

Other Expenses (specify):

SUBTOTAL

Reserves

Replacement Reserves

SUBTOTAL


7,000

11,000

1,500

1,500

1,500

2,000

28,600

20,000

2,000

500

11,000

250

900

3,000

37,650

0

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


142,330

112,330

40

2,808


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2. "Total Operating Expenses" comes from 1st-year cash flow, then it is escalated by 4% per year.3. "Debt Service" is the sum of "regular/amortized loan debt service + non-amortizing annual service" as entered by user from

Funding Sources section.4. "Net Cash Flow" is "Net Rental/Other Income" minus "Total Operating Expenses" minus "Debt Service".5. "Debt Coverage Ratio" is ("Net Rental/Other Income" minus "Total Operating Expenses") divided by "Debt Service".



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inimum Set-Asides

NIMUM REQUIRED SET ASIDES (No Points Awarded):

Select one of the following two options:

20% of the units are rent restricted and occupied by households with incomes at or below 50% of the median income (Note: NCredit Eligible Units in the the project can exceed 50% of median income)

40% of the units are rent restricted and occupied by households with incomes at or below 60% of the median income (Note: NCredit Eligible Units in the the project can exceed 60% of median income)

If requesting RPP funds:40% of the units are occupied by households with incomes at or below 50% of median income.

State Tax Credit and QAP Targeting Points: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 percent (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 comedian income.

At least fifty percent (50%) of qualified units will be affordable to and occupied by households with incomes at or below fifty per(50%) of county median income.

Tax Exempt BondsThreshold requirement (select one):

At least ten percent (10%) of qualified units will be affordable to and occupied by households with incomes at or below fifty per(50%) of county median income.At least five percent (5%) of qualified units will be affordable to and occupied by households with incomes at or below forty per(40%) of county median income.

Eligible for targeting points (select one):

At least twenty percent (20%) of qualified units will be affordable to and occupied by households with incomes at or below fiftypercent (50%) of county median income.At least ten percent(10%) of qualified units will be affordable to and occupied by households with incomes at or below forty per(40%) of county median income.



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ull Application Checklist

PLEASE indicate which of the following exhibits are attached to your application. Others may be required as noted.

A Nonprofit Organization Documentation or For-profit Corporation Documentation

B Current Financial Statements/Principals and Owners (signed copies)

C Ownership Entity Agreement, Development Agreement or any other agreements governing development services

D Management Agent Agreement

E Owner and Management Experience & Management Questionnaire (Appendix C)

F Local Government Letter or Letter from Certified Engineer or Land Surveyor Confirming Floodplain Designation with Mapshowing all flood zones (original on letterhead, no fax or photocopies)

G Local Government Letter Confirming Zoning including any pending notices or hearings (original on letterhead, no fax orphotocopies)

H Letters from Local Utility Providers regarding availability and capacity (original on letterhead, no fax or photocopies)

I Documentation from utility company or local PHA to support estimated utility costs

J Appraisal (required for land costs greater than $15,000 and for all Adaptive Re-use and Rehab projects)

K Site plan, floor plans and elevations for all projects. Scope of work for Adaptive Re-use and Rehab projects. (Full Size, 24inches)

L Hazard and structural inspection and termite reports (Adaptive Re-use and Rehab projects only)

M Copy of certificate of occupancy or proof of placed-in-service date (Rehabs Only)

N Proposed Relocation Plan including relocation budget and copies of notices. Required for all Rehabs and any projectsinvolving existing occupants of any dwell ings to be rehabbed or demolished.

O Evidence of Permanent Loan Commitment and other sources of funds ( i.e. Equity letter, AHP, RD and local governmentfunds). For Rehabs with existing loans provide 1) copies of loan documents, 2) current loan balances from existing lenderreserve balances, 3) letter from lender that outlines assumption requirements.

P Local Housing Authority Agreement and Project Based Rental Assistance Letter, if applicable (Sample letters provided inAppendix I). For projects with existing PBRA contracts, provide a copy of the current contract and bank statement or otherdocumentation verifying reserve balances and annual reserve contribution requirements.

Q Statement regarding terms of Deferred Developer Fee. If a nonprofit is involved, a resolution from their board approvingdeferral of fee is required.

R Inducement Resolution (Tax-Exempt Bond Financed Projects only)

Cottage at Glendale App

Documents

Transcript of Cottage at Glendale App