Garden Walk Villas

8/6/2019 Garden Walk Villas

1/35

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

600,000

Page 1 of 35Print - APP03-0150

1/14/2005https://www.nchfa.org/Rental/RTCApp/(5za0xoaklgagzoze3h4d2njc)/site/PrintApp.aspx?I...


2/35

Is project in Qualified Census Tract & Difficult to Develop area:

Project Name and Location

Project Name: Garden Walk Villas

Address: Charles Rollins Road

City: Henderson County: VANCE Zip: 27536

Census Tract: 9908 Block Group:

No

Political Jurisdiction: City of Henderson

Jurisdiction CEO Name: First: Last:Robert Young, Jr. Title: Mayor

Jurisdiction Address: P.O. Box 1434

Jurisdiction City: Henderson Zip: 27536-1434

Jurisdiction Phone: (252)431-6022

Site Latitude:

Site Longitude:




3/35

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: HUD 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

Yes

1010

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: The complex will have 6 fully accessible units, 3 ADA units and 3 mobility impaired as defined in theQAP. We are targeting 5 units for persons with disabilities or homeless persons. In addition, 1 unitwill be designed for sight and hearing impaired as specified in the QAP.

Proposed number of residential buildings: 1 Maximum number of stories in buildings: 2

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): 7,5217,521

Elevators -- Number of Elevators:Number of Elevators: 11

Gross Floor Square Footage: 47,095

Total Net Sq. Ft. (All Heated Areas): 44,814




4/35

Applicant Information

Applicant Name: WDT Development, LLC

Address: 430 Woodland Road

City: State: NC Zip:Henderson 27536

Contact: First: Last: Title:W. Dennis Tharrington Managing Member

Telephone: (252)436-9126

Alt Phone: (252)432-1445

Fax: (252)436-9126

Email Address: [email protected]




5/35

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

4.41 4.41

No

No

No

Yes

No




6/35

(b) Describe flood mitigation if the project is in the East Region and will have improvements within the 100 year floodplain:




7/35

Does the owner have fee simple ownership of the property (site/buildings)?

If yes provide:

Purchase Date: Purchase Price:

If no:

Site Control

Yes

11/13/2002 199,414

(a) Does the owner/principal or ownership entity have vaild option/contract to purchase the property?

(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:

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

(D) Enter Purchase Price:




8/35

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

O-I

Yes

Yes

Yes

On April 1, 2003, the City of Henderson Zoning Board of Adjustment granted a special use permit forthe construction of a 48-unit multi-family apartment complex.

No

No

No




9/35

Ownership Entity

Owner Name: Garden Walk Villas, LLC


City: State: NC Zip:Henderson 27536

Federal Tax ID Number of Ownership Entity: (If assigned)42-1567074

Federal Tax ID Number of Managing GP or Member: (If Not Assigned)

Entity Type: Limited Liability Company

Entity Status: Already 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: W. Dennis Tharrington

First Name: W. Dennis Last Name: Tharrington Function: Managing Member


City: Henderson State: NC Zip: 27536

Phone: (252)436-9126 Fax: (252)436-9126

EMail: [email protected] Nonprofit: No TaxID 244-84-5301

Org: N/A-Individual

First Name: Kenneth Last Name: Boisseau, II Function: Member

Address: 8304 Meadow Ridge Court

City: Raleigh State: NC Zip: 27615

Phone: (919)847-5860 Fax: (919)847-5860

EMail: [email protected] Nonprofit: No TaxID 237-70-4116




10/35

List each applicable unit mix combination in a separate row below. Click [Add] to create another row. Click "X" (at the left of each row) todelete a row.

Low Income Units

Market Rate Units

Statistics

Notes

Unit Mix

Type # BRs Net Sq.Ft.Total

# Units#Units

MonthlyRent

UtilityAllowance

MandatoryServ. Fees

**TotalHousing Exp.

Gdn Apt 1 677 17 5 350 40 0 390

Gdn Apt 1 677 19 0 407 40 0 447

Gdn Apt 2 888 3 1 427 60 0 487

Gdn Apt 2 888 9 0 485 60 0 545

Utilites included in rents: Water/Sewer Electric Gas Other trash pick-up

Type # BRs Net Sq.Ft.Total

# Units#Units

MonthlyRent

UtilityAllowance

MandatoryServ. Fees

**TotalHousing Exp.

Utilites included in rents: Water/Sewer Electric Gas Other

AllUnits

Units

Gross MonthlyRental Income

Low Income....... 48 6 19329

Market Rate.......

Totals............... 48 6 19329

* Paint-to-Paint Square Footage

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




11/35

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 17 targeted at 50 percent of median income.




48




12/35

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 203,606 7.50 20 30 17,083

RPP Loan 600,000 2.00 20 30Local Gov. Loan - Specify:

RD Loan

AHP Loan

Other Loan 1 - Specify:



Tax Exempt Bonds

State Tax Credit(Loan) 984,708 0 30 30 0

State Tax Credit(Direct Refund)

Equity: Federal LIHTC 2,014,708

Non-Repayable Grant

Equity: Historic Tax Credits

Deferred Developer Fees 42,171

Owner Investment

Other - Specify:

Total Sources** 3,845,193

* "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.

78

RPP Loan




13/35

Year:Amt:

1

30000

2

30000

3

30000

4

30000

5

29800

6

29500

7

29100

8

28600

9

28100

10

27500

Year:Amt:

11

26800

12

26000

13

25100

14

24100

15

23000

16

21700

17

20300

18

18800

19

17000

20

15100




14/35

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 250,000 187,500

4 Rehabilitation

5 Construction of New Building(s) 1,970,500 1,970,500

6 Accessory Building(s)

7 General Requirements 133,230 133,230

8 Contractor Overhead 47,050 47,050

9 Contractor Profit 188,296 188,296

10 Construction Contingency 77,617 77,617

11 Architect's Fee - Design 60,000 60,000

12 Architect's Fee - Inspection 7,500 7,500

SUBTOTAL (lines 1 through 12) 2,734,193

13 Construction Insurance (prorate) 8,000 5,600

14 Construction Loan Orig. Fee (prorate) 19,702

15 Construction Loan Interest (prorate) 118,239 82,767

16 Construction Loan Credit Enhancement (prorate)

17 Construction Period Taxes (prorate) 4,000 2,800

18 Water, Sewer and Impact Fees 1,200 1,200

19 Survey 18,000 18,000

20 Property Appraisal 4,000 4,000

21 Environmental Report 11,500 11,500

22 Market Study 4,500 4,500

23 Bond Costs (specify)

24 Cost of Issuance

25 Placement Fee

26 Permanent Loan Origination Fee 2,036

27 Permanent Loan Credit Enhancement

28 Title and Recording 5,000

SUBTOTAL (lines 13 through 28) 196,177

29 Real Estate Attorney 15,000

30 Other Attorney's Fees 30,000 15,000

31 Tax Credit App Fees 18,288 18,288

32 Cost Certification/Accounting Fees (specify) 10,000 10,000

33 Tax Opinion 5,000

34 Organizational (Partnership) 1,000

35 Tax Credit Monitoring Fee 28,800


36 Furnishings and Equipment 12,000 12,000

37 Relocation Expenses

38 Developer's Fee (max 15% lines 2-36, less 8 & 9) 414,615 414,615

39 Other Basis Expense (specify) Lenders supervision

40 Other Basis Expense (specify) Permit fees 10,397 10,397

41 Rent-up Expenses 25,000

42 Other Non-basis Expense (specify) Off-site costs 25,000

43 Other Non-basis Expense (specify)


44 Rent up Reserve 14,400




15/35

Comments:

45 Operating Reserve 105,909

46 Other Reserve (specify)

47 Other Reserve (specify)

48 DEVELOPMENT COST (lines 1-47) 3,645,779 0 3,282,360

49 Less Federal Financing

50 Less Disproportionate Standard

51 Less Nonqualified Nonrecourse Financing

52 Less Historic Tax Credit (residential) 0

53 TOTAL ELIGIBLE BASIS 3,282,360 0 3,282,360

54 Times Applicable Fraction 100.00% 100% 100%

55 TOTAL QUALIFIED BASIS 3,282,360 0 3,282,360

56 Tax Credit Rate 0.00% 7.87%

57 FEDERAL TAX CREDITS at Estimated Rate 258,321 0 258,321

57a FEDERAL TAX CREDITS at 8.5% or 3.75% 279,000 0 279,000

58 FEDERAL TAX CREDITS REQUESTED 0

59 STATE TAX CREDITS

60 Land Cost 199,414

61 TOTAL REPLACEMENT COST 3,845,193

* Line 58 will not calculate. *In our preliminary application, we showed our land cost as $226,092.However, that was for an entire 5-acre tract and we are only using 4.41 acres for Garden WalkVillas, therefore we have corrected the acreage and price in this budget/application.




16/35

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:

Landscaping Plans:

Market Study Information

This complex will feature a two-story, one building 48-unit complex for seniors. The site is beside ofthe Maria Parham Hospital and is ideal for senior citizens.

Security-Alarm system

No

Community Bldg - Sq Ft: Community Room - Sq Ft: 7,521 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

We will work closely with local human service agencies and the neighboring hospital to provideeducational and social programs for the seniors at Garden Walk Villas.

The landscaping will incorporate both evergreen and decidious species trees and shrubbery.Specific flowering-type trees will be utilized to accent color, beauty, and texture, as will colorfulperennials and accent flower beds. Both grass areas and natural areas will provide scenic areas for




17/35

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.

walking paths and picnic and leisure areas around the development site.

Range Hood Dishwasher Disposal Refrigerator (frost free) Storage interior/exterior

W/D Hookups Mini-blinds Pantry Ceiling fans Walk-in closets

Yes




18/35

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).

The area is the best in Henderson, located beside the hospital and in close proximity to all services.Most development close to the site is new, thus this is definitely an area of investment. All newshopping areas and office buildings are in this area. The neighboring Maria Parham Hospital isbeginning a $55 million expansion. It has just completed the addition of a cancer treatment areacomplete with radiation and chemotherapy capabilities.

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.All amenities such as shopping, services, and recreation are in this area. Some of the bestresidential subdivisions in Henderson are close to the site with homes in the $200,000s. Theneighboring hospital offers health care our residents can walk to.

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).The street serving the site is adequate for a 48-unit elderly complex and the City of Hendersonsupports the location of our site and proposed development.

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).There are no incompatible uses close to the site. The hospital is complementary to apartments forsenior citizens.

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.There are no physical barriers or environmental problems on the site.

Similarity of scale and aesthetics/architecture between project and surroundings.Our complex will fit in nicely with the surroundings.




19/35

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

Other facilities or services:

Concentration of affordable housing (housing credit, project-based rental assistance, public housing).There is no concentration of affordable housing close to our site.

Availability of Supportive Services (if applicable):We plan to work closely with local human service agencies and the hospital to provide supportiveservices to the residents at Garden Walk Villas. There is a strong existing network of serviceproviders that provide services to senior citizens in Henderson and Vance County.

Grocery Store.7 Community/Senior Center.5

Mall/Strip Center.6 Hospital.2

Outdoor Athletic Fields.5 Pharmacy.4

Day Care/After School0 Basic Health Care.1

Schools3.1 Medical Offices.1

Public Transportation Stop0 Bank/Credit Union.6

Convenience Store.35 Restaurants.3

Basketball/Tennis Courts.5 Professional Services.6

Public Parks.5 Movie Theater1.75

Gas Station.35 Video Rental1.75

Library3.6 Public Safety (Fire/Police)2.9

Fitness/Nature Trails.5 Post Office3.4

Public Swimming Pools.5

No public transportation is available in Henderson, however, KARTS (funded by DOT) operates atransportation service (can take wheelchairs) that is available to elderly residents. Roundtrip serviceis $4.00. The distance to schools above is actually to the Vance Granville Community College. Also,there is a Postal Plus within a mile. Dentist office being built next door (.2). Vance Granville PublicHealth (.2), Vance Granville Mental Health (.2), Cracker Barrel (.5), Walmart Superstore, Belks, etc

(.7), Vocational Rehab (.1), Henderson Mall (1.8).Community Center above is actually YMCA (.5).The Senior Center is 3.4 miles.




20/35


21/35

DevelopmentList 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:

ManagementList 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: 2 0

Units: 96 0

North Carolina Other States

Projects: 47 19

Units: 2,794 859

No

No

No

No

No




22/35

Financing Commitments

Does the project have a firm commitment for construction financing? No

Does the project have a letter of intent for private permenant financing? Yes

Does the project have a firm commitment for government financing? No

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:




23/35

Project Operations (Year One)

Projected Operating Costs

Administrative Expenses

Advertising 600

Other Administrative Expense (specify):

Office SalariesOffice Supplies 1,900

Office or Model Apartment Rent

Management Fee 20,736

Manager or Superintendent Salaries 18,000

Manager or Superintendent Rent Free Unit

Legal Expenses (Project) 100

Auditing Expenses (Project) 4,200

Bookkeeping Fees/Accounting Services

Telephone and Answering Service 4,500

Bad Debts

Other Administrative Expenses (specify):5,000

SUBTOTAL 55,036

Utilities Expense

Fuel Oil

Electricity (Light and Misc. Power) 9,000

Water 6,000

Gas

Sewer 5,000

SUBTOTAL 20,000

Operating and Maintenance Expenses

Janitor and Cleaning Payroll

Janitor and Cleaning Supplies 500

Janitor and Cleaning Contract 3,600

Exterminating Payroll/Contract 1,500

Exterminating Supplies

Garbage and Trash Removal 2,000

Security Payroll/Contract 600

Grounds Payroll

Grounds Supplies 1,800

Grounds Contract 8,000

Repairs Payroll 7,800

Repairs Material 600

Repairs Contract 1,200

Elevator Maintenance/Contract 2,700

Heating/Cooling Repairs and Maintenance 240

Swimming Pool Maintenance/Contract

Snow Removal 200

Decorating Payroll/Contract 500

Decorating Supplies 1,050

Other (specify):

Miscellaneous Operating & Maintenance Expenses

SUBTOTAL 32,290

Taxes and Insurance

Real Estate Taxes 30,342




24/35

Payroll Taxes (FICA) 2,077

Miscellaneous Taxes, Licenses and Permits

Property and Liability Insurance (Hazard) 10,000

Fidelity Bond Insurance 50

Workmen's Compensation 540

Health Insurance and Other Employee Benefits

Other Insurance:

SUBTOTAL 43,009

Supportive Service Expenses

Service Coordinator 1,400

Service Supplies 1,000

Tenant Association Funds

Other Expenses (specify):

SUBTOTAL 2,400

Reserves

Replacement Reserves 12,000

SUBTOTAL 12,000

TOTAL OPERATING EXPENSES 164,735

ADJUSTED TOTAL OPERATING EXPENSES(Does not include taxes, reserves and resident support services) *

119,993

TOTAL UNITS(from total units in the Unit Mix section)

48

PER UNIT PER YEAR 2,499




25/35


26/35

Design Features

ITEM DESCRIPTION

Foundation/Slab Components Concrete footings, block & brick walls, 4"concrete slab, reinforced over grad

Primary Windows Make: Model:Reynolds or equal 6000 single-hung Type/Construction: vinyl, insulated glass with grills

Exterior Doors Type: Frames:Steel, front 6-panel wood

Siding Type: Grade/Thickness:Hardi-Plank Horizontal

Warranty: 40 years

Exterior Trim Trim wrapped in pre-finished aluminum

ShinglesType: Weight:

Fiberglass,architectural 225#

Warranty: 25 years or greater, anti-fungal

Sprinkler System 13-R Fire Protection

Cabinets MarKraft or equal

Heat Pump SEER: Make:11 or better Trane

Model:

Air Conditioner SEER: Make:NA

Model:

Other Heat Systems SEER: Make:NA

Model:




27/35

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 90,000 90,000

Backfill-slab, Crawl 0 0

Slab-concrete/Rebar/Gravel 0 0

Waterproofing 2,000 2,000

Masonry Foundation 0 0

Brick Veneer 118,000 118,000

Steel/Structure/Rails 0 0

Framing/Lumber/Nails 265,000 265,000

Trusses 92,100 92,100

Crane Rental 1,000 1,000

Windows/Grilles/Screen 23,500 23,500Exterior Doors 14,500 14,500

Roofing 42,800 42,800

Fencing 1,500 1,500

Vinyl Siding/Trim/Box 97,000 97,000

Gutters/Shutters 5,000 5,000

Insulation 51,000 51,000

Drywall 141,000 141,000

Interior Doors 20,000 20,000

Int. & Final/Stair/Trim/Shelves 64,500 64,500

Cabinets & Tops 93,500 93,500

Painting 62,450 62,450

Marble - Tub/Shwr/Tops 0 0

Plumbing 160,300 160,300

Electrical 201,700 201,700

Heating/Air Conditioning 185,000 185,000

Floor Covering and Underlayment 62,000 62,000

Wall Paper 0 0

Mailboxes/Special Features/Signage 7,300 7,300

Gypcrete 20,200 20,200

Blinds/Shades/Art Work 3,150 3,150

Light Fixtures/Fans 0 0

Sprinkler System 38,000 38,000

Security Alarm 0 0

Hardwood Floors 0 0

Elevator 28,000 28,000

Ceramic Tiles 1,500 1,500

Acoustical Ceilings 0 0




28/35

Remarks:

Mirror/Shower Door/Encls. 0 0

Hardware/Bath Access. 15,000 15,000

Appliances 44,500 44,500

Playground Equipment 0 0

Interior Clean 7,000 7,000

Exterior Clean/Dumpster 12,000 12,000

Other 1 (specify in Remarks) 0

Other 2 (specify in Remarks) 0

Total Cost 0 1,970,500 1,970,500

Labor is included in materials line items.




29/35

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 75,000

Job Site Office/Trailer Rental 2,500

Impact Fees 0

Office Supplies 2,500

Security/Watchman 0

Water and Sewer Connection Fees 0

Project Signage 500

Tools and Equipment 5,230

Gas, Oil, and Maintenance 13,500

Cleanup/Dumpster Rental 11,000

Temporary Water, Electric, and Telephone 2,500Storage/Hauling 1,000

Driveway Access Permit 0

Porta-John Rental/Dumping 1,000

Builders Risk Insurance 7,000

Re-inspection Fees 0

Extra Plans and Specifications 500

Miscellaneous, Casual Labor 4,000

Equipment Rental 7,000

Other 1 (specify in Remarks)


Total Cost 133,230




30/35

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 0

Clearing/Grading/Final Grading/Excess and Borrow 111,800

Demolition 0

Earthwork/Excavation/Aerating 0

Soil Treatment 700

Pile Foundations 0

Caissons 0

Shoring/Bracing 0

Site Drainage 0

Site Utilities/Site Lighting 20,000

Paving and Surfacing/Curb and Gutter 68,500Walkways 0

Site Signage 1,000

Parking Lot Painting 1,500

Dumpsite Pads/Fencing 1,000

Fencing/Gates 1,500

Landscaping/Topsoil 43,000

Waterproofing/De-Watering 0

Operation of Construction Equipment/Fuel/Oil 0

Crane Rental 1,000

Rock and Hardpan Excavation 0

Site Supervision Personnel 0

Other (specify in Remarks) 0

Total Cost 250,000




31/35

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



Total Cost 0

NA




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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 2 (specify in Remarks)Other 3 (specify in Remarks)

Total Cost 0

NA




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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.


Garden Walk Villas

Documents

Transcript of Garden Walk Villas