Hunters Glen

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

    Does a community revitalization plan exist?

    Print Preview - Final Application

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

    Project Name and Location

    Project Name: HUNTERS GLEN

    Address: FIRE TOWER ROAD

    City: SANFORD County: Lee Zip: 27330

    Census Tract: 304 Block Group: 304-06

    No

    No

    Political Jurisdiction: CITY OF SANFORD

    Jurisdiction CEO Name: First: Last:WINSTON HESTER Title: MAYOR

    Jurisdiction Address: 225 E. WEATHERSPOON STREET

    Jurisdiction City: SANFORD Zip: 27330

    Jurisdiction Phone: (919)775-8365

    Site Latitude: 35.7810

    Site Longitude: -78.6366

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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 project based 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: Family

    Indicate below any additional targeting for special populations proposed for this project:

    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 the units required by other federaland state codes.)

    Persons with disabilities or homeless populations: the greater of 5 units or 10% of the total units

    Remarks: ADDITIONAL 5% HANDICAP UNITS ADDED IN ADDITION TO EXISTING 5% REQUIREMENTFOR TOTAL OF 10% HANDICAP UNITS

    FOUR TARGET UNITS FOR PERSONS WITH DISABILITIES PER CHANGE #10 2004 QAP

    CURBLESS ROLL-IN SHOWERS IN 2 HANDICAP UNITS (36"x60")

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    Applicant Information

    Applicant Name: HUNTERS GLEN ASSOCIATES, LIMITED PARTNERSHIP

    Address: 503 CARTHAGE STREET

    City: State: NC Zip:SANFORD 27330

    Contact: First: Last: Title:PAIGE SIMPSON OFFICE MANAGER

    Telephone: (919)774-6511

    Alt Phone: (919)774-3578

    Fax: (919)774-5011

    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 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:

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

    Site Description

    6.0 6.0

    No

    No

    Yes

    No

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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

    Yes

    01/15/2003 72,000

    (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:

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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:

    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

    RESIDENTIAL-12,000

    Yes

    No

    No

    No

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    Ownership Entity

    Owner Name: HUNTERS GLEN ASSOCIATES, LIMITED PARTNERSHIP

    Address: 503 CARTHAGE STREET

    City: State: NC Zip:SANFORD 27330

    Federal Tax ID Number of Ownership Entity: (If assigned)13-4279240

    Federal Tax ID Number of Managing GP or Member: (If Not Assigned)56-1586240

    Entity Type: Limited Partnership

    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: HUNTERS GLEN ASSOCIATES, LIMITED PARTNERSHIP

    First Name: DONALD Last Name: SIMPSON Function: Principal

    Address: 503 CARTHAGE STREET

    City: SANFORD State: NC Zip: 27330

    Phone: (919)774-6511 Fax: (919)774-5011

    EMail: [email protected] Nonprofit: No TaxID 56-1586240

    Org: DONALD R. SIMPSON FAMILY LIMITED PARTNERSHIP

    First Name: DONALD R. Last Name: SIMPSON Function: General Partner

    Address: 503 CARTHAGE STREET

    City: SANFORD State: NC Zip: 27330

    Phone: (919)774-6511 Fax: (919)774-5011

    EMail: [email protected] Nonprofit: No TaxID 56-2172625

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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 16 targeted at 39 percent of median income.

    2 8 targeted at 39 percent of median income.

    2 16 targeted at 43 percent of median income.

    40

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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))

    Funding Sources

    Source AmountNon-

    Amortizing*Rate(%)

    Term(Years)

    Amort.Period(Years)

    AnnualDebt

    Service

    Bank Loan

    RPP Loan 688,339 2.00 18 18 45,568Local Gov. Loan - Specify:

    RD 515 Loan

    RD 538 Loan - Specify:

    AHP Loan

    Other Loan 1 - Specify:

    Other Loan 2 - Specify:

    Other Loan 3 - Specify:

    Tax Exempt Bonds

    State Tax Credit(Loan) 501,193 0 30 30 0

    State Tax Credit(Direct Refund)

    Equity: Federal LIHTC 1,506,335

    Non-Repayable Grant

    Equity: Historic Tax Credits

    Deferred Developer Fees

    Owner Investment 1,897

    Other - Specify:

    Total Sources** 2,697,764

    * "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.

    76

    RPP LOAN FROM NORTH CAROLINA HOUSING FINANCE AGENCYSTATE TAX CREDIT LOAN

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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 195,500 195,500

    4 Rehabilitation

    5 Construction of New Building(s) 1,505,000 1,505,000

    6 Accessory Building(s) 60,500 60,500

    7 General Requirements 96,000 96,000

    8 Contractor Overhead 34,000 34,000

    9 Contractor Profit 105,000 105,000

    10 Construction Contingency 59,880 59,880

    11 Architect's Fee - Design 28,000 28,000

    12 Architect's Fee - Inspection 12,000 12,000

    SUBTOTAL (lines 1 through 12) 2,095,880

    13 Construction Insurance (prorate) 800 800

    14 Construction Loan Orig. Fee (prorate) 1,500 1,500

    15 Construction Loan Interest (prorate) 49,039 49,039

    16 Construction Loan Credit Enhancement (prorate)

    17 Construction Period Taxes (prorate) 809 809

    18 Water, Sewer and Impact Fees 2,775 2,775

    19 Survey 4,500 4,500

    20 Property Appraisal 900 900

    21 Environmental Report 1,400 1,400

    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 650

    SUBTOTAL (lines 13 through 28) 66,373

    29 Real Estate Attorney 750 750

    30 Other Attorney's Fees 5,000 5,000

    31 Tax Credit App Fees 15,111 15,111

    32 Cost Certification Fees 3,000 3,000

    33 Tax Opinion 365

    34 Organizational (Partnership) 125

    35 Tax Credit Monitoring Fee 24,000

    SUBTOTAL (lines 29 through 35) 48,351

    36 Furnishings and Equipment 8,500 8,500

    37 Relocation Expenses

    38 Developer's Fee (max 15% lines 2-36, less 8 & 9) 312,000 312,000

    39 Other Basis Expense (specify)

    40 Other Basis Expense (specify)

    41 Rent-up Expenses 500

    42 Other Non-basis Expense (specify)

    43 Other Non-basis Expense (specify)

    SUBTOTAL (lines 36 through 43) 321,000

    44 Rent up Reserve 12,000

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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:

    Landscaping Plans:

    Market Study Information

    The proposed project represents a rare opportunity to build affordable housing in a high incomeneighborhood. Thre will be five buildings of eight units each, and a community building. Allstructures will have brick and vinyl exteriors, the top floors will have lifted ceilings, and all drywallused will be fire guard rated. The driving suface will be paved with asphalt and have 24"concretecurb and gutter. There will be 5' concrete sidewalks throughout the project. All the work will be

    performed in accordance with applicable codes and standards. and performed in a workmanship likemanner to complete an attractive project

    Fire guard drywall throughout, energy efficient construction, dramatic landscaping, postal station.

    No

    Community Bldg - Sq Ft: 1,457 Community Room - Sq Ft: 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

    Bible study, resident programs presented free of charge on topics of: home safety, fire prevention,estate planning, insurance coverage, introduction to computers, etc., and hosting of holiday parties.Club house will be available free of charge for residents to host baby/wedding shower parties andbirthday/retirement parties.

    Beautiful landscaping to include compacta shrubbery with long-leaf pine straw around buildings,postal station and entrance sign. Entrance sign to be carved, sand-blasted style with lighting. Fivefoot sidewalks throughout project for walking excercise and to provide longevity of asphalt and

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    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.

    erosion control. A strip of grass will be planted between the side walk and the 24" back to backconcrete curb and gutter. Curb and gutter islands with landscaping will be constructed if necessaryfor ease of parking and backing out of parking spaces. After project completion, landscaping will bemaintained to provide a consistently well-manicured development

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

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

    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). Concentration of

    affordable housing.Carthage Conoies is a large scale, brand new housing development adjacent to site, on left. It isowned by a national development company that is traded on the New York Stock Exchange. Homesare priced at the upper end market for Lee County.Three Churches surround the site. Tremendous economic investments on-going during the lastthree years have been made to properties directly adjoining the site.One-half mile from the site are 271 high market rate (non-competing) occupied residentialapartments owned and managed by the Applicant General Partner.The Board of Education is currently proposing locating Lee County's new high school two miles fromthe site.The surrounding and immediate neighborhoods have a definate trend toward high income, fullmarket rate residential development, while supplying numerous public amenities.The hospital, medical services, public parks, retail and convenience stores, restaurants, and fitnessorganizations are less than one mile from the site.The site presents the rare opportunity of creating affordable housing in an established high incomeneighborhood.

    Suitability of surrounding development. Land use pattern is primarily residential (single andmultifamily housing) with a balance of other uses (particularly retail and amenities). Amount andcharacter of vacant, undeveloped land. Effect of industrial, large-scale institutional or otherincompatible uses: wastewater treatment facilities, high traffic corridors, junkyards, prisions, landfills,large swamps, distribution facilities, frequently used railroad tracks, power transmission lines andtowers, factories or similar operations, sources of excessive noise, and sites with environmentalconcerns (such as odors or pollution).Carthage Colonies, a high end housing development, is adjacent to site. Three Churches are inimmediate vacinity to site. There is some vacant land, but primarily residential developmentsurrounds the site. One-half mile from the site are 271 high market rate (non-competing) occupiedresidential units owned and managed by the Applicant General Partner.There are no known

    junkyards, prisons, landfills, railroad tracks, factories, or any other existing factors which wouldcause any environmental concerns, what so ever. The surrouding site is extremely suitable for theproposed apartment development.

    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).A public maintained road serves the property; City water , sewer, police, fire and rescue services areprovided; three stop signs are close to the site; superior infrastructure provides easy access to allmajor thoroughfares, retailers, and service and medical providers.

    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.

    None

    Similarity of scale and aesthetics/architecture between project and surroundings.Adjoining properties are new construction, high income occupied properties. Primarily residentialand church development surrounds the site

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

    Other facilities or services:

    Grocery Store2.4 Community/Senior Center2.5

    Mall/Strip Center2.4 Hospital.9

    Outdoor Athletic Fields1.8 Pharmacy1.3

    Day Care/After School.5 Basic Health Care.9

    Schools3.0 Medical Offices.9

    Public Transportation Stop Bank/Credit Union1.7

    Convenience Store1.3 Restaurants1.7

    Basketball/Tennis Courts2.0 Professional Services1.7

    Public Parks1.3 Movie Theater2.4

    Gas Station1.3 Video Rental1.7

    Library2.1 Public Safety (Fire/Police)2.4

    Fitness/Nature Trails.9 Post Office2.0

    Public Swimming Pools4.5

    In addition to the above, there is a brand new fully occupied shopping strip with grocery, videorental, pharmacy, restaurants, and retail less than 2.0 miles south of the site.

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    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: 4 0

    Units: 136 0

    North Carolina Other States

    Projects: 4 0

    Units: 136 0

    No

    No

    No

    No

    Yes

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    Project Operations (Year One)

    Projected Operating Costs

    Administrative Expenses

    Advertising 1,500

    Office Salaries 0

    Office Supplies 550

    Office or Model Apartment Rent 0

    Management Fee 16,026

    Manager or Superintendent Salaries 0

    Manager or Superintendent Rent Free Unit 0

    Legal Expenses (Project) 125

    Auditing Expenses (Project) 3,350

    Bookkeeping Fees/Accounting Services 9,600

    Telephone and Answering Service 1,200

    Bad Debts 1,000

    Other Administrative Expenses (specify):

    CREDIT REPORTS FOR APPLICATIONS225

    SUBTOTAL 33,576

    Utilities ExpenseFuel Oil 0

    Electricity (Light and Misc. Power) 4,100

    Water 200

    Gas 0

    Sewer 200

    SUBTOTAL 4,500

    Operating and Maintenance Expenses

    Janitor and Cleaning Payroll 0

    Janitor and Cleaning Supplies 650

    Janitor and Cleaning Contract 3,150

    Exterminating Payroll/Contract 1,500

    Exterminating Supplies 250

    Garbage and Trash Removal 3,900

    Security Payroll/Contract 0

    Grounds Payroll 0

    Grounds Supplies 2,900

    Grounds Contract 7,900

    Repairs Payroll 0

    Repairs Material 8,200

    Repairs Contract 7,900

    Elevator Maintenance/Contract 0

    Heating/Cooling Repairs and Maintenance 3,500

    Swimming Pool Maintenance/Contract 0

    Snow Removal 350

    Decorating Payroll/Contract 3,700

    Decorating Supplies 4,200

    Other (specify):0

    Miscellaneous Operating & Maintenance Expenses 0

    SUBTOTAL 48,100

    Taxes and Insurance

    Real Estate Taxes 16,750

    Payroll Taxes (FICA) 0

    Miscellaneous Taxes, Licenses and Permits 0

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    Design Features

    ITEM DESCRIPTION

    Foundation/Slab Components 3000 psi CONCRETE, 3 #4 REBAR, FIBER REINFORCEMENT, WITH CONTROL JOINTS.

    Primary WindowsMake: Model:GENERALALUMINUM THERMAL PANE

    Type/Construction: ALUMINUM

    Exterior Doors

    Type: Frames:

    UL CLASS 90MINUTE FIRE RATEDMETAL DOORS WITHSELF-CLOSINGHINGES METAL

    SidingType: Grade/Thickness:

    BRICK & VINYLGILBARCO .44

    Warranty: LIFETIME LIMITED 50 YEAR

    Exterior Trim VINYL GILBARCO .44 TRIM, SEAMLESS GUTTERS

    ShinglesType: Weight:

    CERTAINTEEDXT25AR 225 lbs.

    Warranty: 25 YEAR, CLASS A, ALGAE RESISTANT

    Sprinkler System NONE

    Cabinets EUROPEAN STYLE WOOD CABINETS

    Heat Pump SEER: Make:12 GOODMAN

    Model: 1-1/2 TON & 2.0 TON

    Air Conditioner SEER: Make:12 GOODMAN

    Model: 1-1/2 TON & 2.0 TON

    Other Heat Systems SEER: Make:

    Model:

    8 kw HEAT STRIPS ONABOVE LISTEDHEATING UNITS

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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 0 0 0

    Backfill-slab, Crawl 6,000 0 6,000

    Slab-concrete/Rebar/Gravel 39,000 25,000 64,000

    Waterproofing 3,397 0 3,397

    Masonry Foundation 0 0 0

    Brick Veneer 56,000 50,000 106,000

    Steel/Structure/Rails 6,500 6,100 12,600

    Framing/Lumber/Nails 178,000 195,000 373,000

    Trusses 50,000 0 50,000

    Crane Rental 0 0 0

    Windows/Grilles/Screen 0 25,000 25,000Exterior Doors 0 14,000 14,000

    Roofing 9,000 22,300 31,300

    Fencing 0 0 0

    Vinyl Siding/Trim/Box 40,211 1,548 41,759

    Gutters/Shutters 6,200 1,000 7,200

    Insulation 28,000 0 28,000

    Drywall 45,000 35,000 80,000

    Interior Doors 0 16,800 16,800

    Int. & Final/Stair/Trim/Shelves 8,000 0 8,000

    Cabinets & Tops 55,000 0 55,000

    Painting 40,000 15,000 55,000

    Marble - Tub/Shwr/Tops 0 0 0

    Plumbing 144,300 0 144,300

    Electrical 73,000 30,000 103,000

    Heating/Air Conditioning 63,000 52,000 115,000

    Floor Covering and Underlayment 18,000 30,000 48,000

    Wall Paper 0 0 0

    Mailboxes/Special Features/Signage 0 0 0

    Gypcrete 0 0 0

    Blinds/Shades/Art Work 2,500 7,500 10,000

    Light Fixtures/Fans 0 0 0

    Sprinkler System 0 0 0

    Security Alarm 0 0 0

    Hardwood Floors 0 0 0

    Elevator 0 0 0

    Ceramic Tiles 0 0 0

    Acoustical Ceilings 0 0 0

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    Remarks:

    Mirror/Shower Door/Encls. 0 0 0

    Hardware/Bath Access. 1,500 5,500 7,000

    Appliances 0 75,778 75,778

    Playground Equipment 1,100 11,816 12,916

    Interior Clean 7,500 350 7,850

    Exterior Clean/Dumpster Rental 3,000 1,100 4,100

    Other 1 (specify in Remarks) 0

    Other 2 (specify in Remarks) 0

    Total Cost 884,208 620,792 1,505,000

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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 40,000

    Job Site Office/Trailer Rental 1,600

    Office Supplies 500

    Security/Watchman 0

    Project Signage 300

    Tools and Equipment 2,600

    Gas, Oil, and Maintenance 6,000

    Temporary Water, Electric, and Telephone 2,810

    Storage/Hauling 1,700

    Driveway Access Permit 250

    Porta-John Rental/Dumping 1,000Builders Risk Insurance 3,500

    Re-inspection Fees 90

    Extra Plans and Specifications 250

    Miscellaneous, Casual Labor 1,200

    Equipment Rental 34,000

    Other 1 (specify in Remarks) 200

    Other 2 (specify in Remarks)

    Total Cost 96,000

    $200.00 PERFORMANCE BONDS FOR DEPARTMENT OF TRANSPORTATION

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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 Explorat ion/Perk Testing/Site Engineering 4,500

    Clearing/Grading/Final Grading/Excess and Borrow 40,500

    Demolition

    Earthwork/Excavation/Aerating

    Soil Treatment 3,100

    Pile Foundations

    Caissons

    Shoring/Bracing

    Site Drainage 9,000

    Site Utilities/Site Lighting 93,500

    Paving and Surfacing/Curb and Gutter 40,000Walkways

    Site Signage 2,000

    Parking Lot Painting 800

    Dumpster Pads/Fencing 2,100

    Fencing/Gates

    Landscaping/Topsoil

    Rock and Hardpan Excavation

    Site Supervision Personnel

    Other (specify in Remarks)

    Total Cost 195,500

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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

    Page 29 of 32Print - APP04-0194

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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

    Issuer's Fee

    Other 1 (specify in Remarks)Other 2 (specify in Remarks)

    Other 3 (specify in Remarks)

    Total Cost 0

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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:

    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 countymedian 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.

    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 Letters from Local Utility Providers (original on letterhead, no fax or photocopies)

    I Local Government Letter or Letter from Certified Engineer or Land Surveyor Confirming Floodplain Designation with Mapshowing 100 year and 500 year floodplain (original on letterhead, no fax or photocopies)

    J Local Government Letter Confirming Zoning (original on letterhead, no fax or photocopies)

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

    L Site plan, floor plans and elevations

    M Hazard and structural inspection and termite reports (Renovation projects only)

    N Anticipated budget demonstrating how the project would meet the 10% test by November 14th.

    O Evidence of Architect's Errors and Omissions insurance (or equivalent).

    P Description of acquisition for existing/occupied projects or for projects with occupied buildings to be demolished.

    Q Description of proposed Relocation Plan & Relocation Budget, Etc. If any relocation is anticipated, reference Appendix F.

    R Targeting Plan and supporting documentation (Required for all projects)

    S Local Housing Authority Agreement (Reference Model in Appendix I)

    T Appraisal (for land costs greater than $5,000 and for buildings in rehab projects)

    U Evidence of Permanent Loan Commitment, other sources of funds, and project-based subsidies.

    V Statement regarding terms of Deferred Developer Fee and, if nonprofit, resolution of Board approving fee.

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

    X Documentation to support estimated utility costs.

    Page 32 of 32Print - APP04-0194