Gateway Park

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Print Preview - Final Application

Tax Credits, RPP Loans, and/or Tax Exempt Bond Loans
Resources Requested
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:
https://www.nchfa.org/Rental/RTCApp/(lb5l4d45p43xqoi0fl4atw55)/site/PrintApp.aspx?II... 1/14/2005
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Project Name and Location

Project Name: Gateway Park Address: City: Jamaica Drive Raleigh County: Wake Block Group: Zip: 27601
Census Tract: 509
Is project in Qualified Census Tract & Difficult to Develop area: Yes Political Jurisdiction: Jurisdiction Address: Jurisdiction City: Jurisdiction Phone: City of Raleigh Last: Meeker Title: Mayor Government Complex 222 W. Hargett St., Room 209 Raleigh (919)890-3050 Zip: 27602
Jurisdiction CEO Name: First: Charles
Site Latitude: Site Longitude:
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Project Description
Project Type:* New Construction Rehab Adaptive Reuse
Is this project a follow-on (Phase II, etc) to a previously-awarded tax credit development project? No If yes, list names of previous phase(s): Will the project be receiving federal rental assistance? No If yes, provide the subsidy source: and number of units:
Target Population: Family Indicate 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 other federal and state requirements) Persons with disabilities or homeless populations: the greater of 5 units or 10% of the total units Remarks: We will partner with Triangle Family Services to target 10% of the units to working families who are homeless. We are NOT targeting to mobility impaired. We will however meet all requirements of the accessibility code.
Proposed number of residential buildings: 4 Types of Units:* Project Includes:
Maximum number of stories in buildings: 3
Townhouse
Duplex
Garden Apartment
Detached Single-Family
Separate community building - Sq. Ft. (Floor Area): Community space within residential bulding(s) - Sq. Ft. (Floor Area): 1,547 Elevators - Number of Elevators: Square Footage Information Gross Floor Square Footage: 123,453
Total Net Sq. Ft. (All Heated Areas): 95,668
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Applicant Information
Applicant Name: Address: City: Contact: Telephone: The NRP Group, LLC 4030 Wake Forest Road, Suite 300 Raleigh First: Jannice (919)719-2730 State: NC Zip: 27609 Last: Ashley Title: Project Manager
Alt Phone:
(919)719-2706
Fax:
(919)719-2769
Email Address:
jashley@nrpgroup.com
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Site Description
Total Site Acreage: 5.67 Total Buildable Acreage: 3.4 If buildable acreage is less than total acreage, please explain: Approximately 2.27 acres of the site are undevelopable due to the 100 year floodplain and required stream buffers.
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? No If yes, please describe:
Are 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? Is the site in a distressed neighborhood? Yes If yes, does a community revitalization plan exist? Yes Is the site directly accessed by an existing, paved, publicly maintained road? Yes If no, please explain:
Is any portion of the site located inside the 100 year floodplain? Yes If yes: (a) Describe placement of project buildings in relation to this area: While approximately 2 acres of the site is located within the 100 year floodplain, every effort has been made to keep the buildings outside of this area. As the site plan shows, only .06 acres of building footprint and .45 acres of parking in the floodplain. This small impacted development area will be mitigated by filling the site so the finished floor elevation is above the flood elevation.
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(b) Describe flood mitigation if the project is in the East Region and will have improvements within the 100 year floodplain:
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Site Control
Does the owner have fee simple ownership of the property (site/buildings)? No If yes provide: Purchase Date: If no: (a) Does the owner/principal or ownership entity have vaild option/contract to purchase the property? Yes (b) Does an identity of interest (direct or indirect) exist between the owner/principal or ownership entity with the option/contract for purchase of the property and the seller of the property? No If yes, specify the relationship:
Purchase Price:
(c) Enter the current expiration date of the option/contract to purchase: 12/30/2003 (D) Enter Purchase Price: 550,000
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Zoning
Present zoning classification of the site: Residential-20 (R-20) Is mutifamily use permitted? Yes Are 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 obtaining them:
Is a public hearing of any kind required in the future for you to fully develop this property? No 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? No If yes, describe below:
Are there any existing conditions of environmental significance located on the project site? No If yes, describe below:
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Ownership Entity
Owner Name: NRP Gateway Park, LP Address: City: 4030 Wake Forest Road, Suite 300 Raleigh State: NC Zip: 27609 (If assigned) 56-2223008 (If Not Assigned)
Federal Tax ID Number of Ownership Entity: Federal Tax ID Number of Managing GP or Member:
Entity Type: Limited Partnership Entity Status: To Be Formed Is the applicant requesting that the Agency treat the application as Non-Profit sponsored? Is the applicant requesting that the Agency treat the application as CHDO sponsored?
No No
List all general partners, members,and principals. Specify nonprofit corporate general partners or members. Click [Add] to add additional partners, members, and principals.
Org:
NRP Southeast Properties, LLC Last Name: Scott Function: Managing Member
First Name: Alan F. Address: City: Phone: EMail:
4030 Wake Forest Road, Suite 300 Raleigh (919)719-2706 ascott@nrpgroup.com State: NC Zip: 27609
Fax: (919)719-2769 Nonprofit: No TaxID 56-2223008
Org:
NRP Southeast Properties, LLC Last Name: Bailey Function: Member
First Name: Rick Address: City: Phone: EMail:
5309 Transportation Blvd. Cleveland (216)475-8900 rbailey@nrpgroup.com State: NC Zip: 44125
Org:
NRP Southeast Properties, LLC Last Name: Heller Function: Member
First Name: David Address: City: Phone: EMail:
5309 Transportation Blvd. Cleveland (216)475-8900 jdheller@nrpgroup.com State: NC Zip: 44125
Org:
NRP Southeast Properties, LLC Last Name: Parker Function: Member
First Name: Bradley Address: City: Phone: EMail:
4030 Wake Forest Road, Suite 300 Raleigh (919)719-2706 State: NC Zip: 27609
Fax: (919)719-2769 Nonprofit: No TaxID
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bparker@nrpgroup.com
56-2223008
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Unit Mix
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) to delete a row. Low Income Units Type Gdn Apt Gdn Apt Gdn Apt Gdn Apt Gdn Apt Twn Hse Gdn Apt Twn Hse Total # BRs Net Sq.Ft. # Units 1 2 3 1 2 2 3 3 709 980 1308 709 980 1294 1308 1466 3 4 2 16 20 14 11 5 # Units 0 0 0 0 0 0 0 0 Monthly Rent 341 392 446 620 730 750 840 860 Electric Utility Allowance 60 90 110 60 90 90 110 110 Gas Other Mandatory Serv. Fees **Total Housing Exp. 401 482 556 680 820 840 950 970
Utilites included in rents:
Water/Sewer
Market Rate Units Type Gdn Apt Total # BRs Net Sq.Ft. # Units 1 709 1294 1294 1466 3 4 0 2 # Units 0 0 0 0 Monthly Rent 660 820 0 935 Electric Utility Allowance 60 90 0 110 Gas Other Mandatory Serv. Fees **Total Housing Exp. 720 910 0 1045
Twn Hse 2 Gdn Apt 2
Twn Hse 3
Utilites included in rents:
Water/Sewer
Statistics All Units Low Income....... Market Rate....... Totals............... 75 9 84 Gross Monthly Rental Income 52043 7130 59173
Units 0 0 0
Notes * ** 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 income units are within established thresholds.
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Targeting
Specify Low Income Unit Targeting in table below. List each applicable targeting combination in a separate row below. Click [Add] to create another row. Click "X" (at the left of each row) to delete a row. Add as many rows as needed.
# BRs 1 2 3 1 2 3 3 4 2 16 34 16
Units targeted at 40 targeted at 40 targeted at 40 targeted at 60 targeted at 60 targeted at 60
% percent of median income. percent of median income. percent of median income. percent of median income. percent of median income. percent of median income.
Total Low Income Units:
75
Note: This number should match the total number of low income units in the Unit Mix section.
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Funding Sources
NonAmortizing* Rate (%) Term (Years) Amort. Period (Years) Annual Debt Service
Source Bank Loan RPP Loan Local Gov. Loan - Specify: City of Raleigh RD Loan AHP Loan Other Loan 1 - Specify: Other Loan 2 - Specify: Other Loan 3 - Specify: Tax Exempt Bonds State Tax Credit(Loan) State Tax Credit(Direct Refund) Equity: Federal LIHTC Non-Repayable Grant Equity: Historic Tax Credits Deferred Developer Fees Owner Investment Other - Specify: Total Sources**
Amount
1,300,000
2.00
30
30
57,660
4,400,000
5.90 0
30 30
30 30
313,176 0
2,266,123
167,115 100
8,133,338
* "Non-amortizing" indicates that the loan does not have a fixed annual debt service. For these items, you must fill in 20-year debt service below. ** Total Sources must equal total replacement cost in Project Development Cost (PDC) section. Estimated pricing on sale of Federal Tax Credits: $0. 83 Remarks concerning project funding sources: (Please be sure to include the name of the funding source(s))
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Development Costs
Item Cost Element 1 Purchase of Buildings (Rehab) 2 Demolition 3 On-site Improvements 4 Rehabilitation 5 Construction of New Building(s) 6 Accessory Building(s) 7 General Requirements 8 Contractor Overhead 9 Contractor Profit 10 Construction Contingency 11 Architect's Fee - Design 12 Architect's Fee - Inspection SUBTOTAL (lines 1 through 12) 13 Construction Insurance (prorate) 14 Construction Loan Orig. Fee (prorate) 15 Construction Loan Interest (prorate) 16 Construction Loan Credit Enhancement (prorate) 17 Construction Period Taxes (prorate) 18 Water, Sewer and Impact Fees 19 Survey 20 Property Appraisal 21 Environmental Report 22 Market Study 23 Bond Costs (specify) 24 Cost of Issuance 25 Placement Fee 26 Permanent Loan Origination Fee 27 Permanent Loan Credit Enhancement 28 Title and Recording SUBTOTAL (lines 13 through 28) 29 Real Estate Attorney 30 Other Attorney's Fees 31 Tax Credit App Fees 32 Cost Certification/Accounting Fees (specify) 33 Tax Opinion 34 Organizational (Partnership) 35 Tax Credit Monitoring Fee SUBTOTAL (lines 29 through 35) 36 Furnishings and Equipment 37 Relocation Expenses 38 Developer's Fee (max 15% lines 2-36, less 8 & 9) 39 40 42 43 Other (Construction Lender Counsel, Review Fee) Other Basis Expense (specify) Other Non-basis Expense (specify) Other Non-basis Expense (specify) SUBTOTAL (lines 36 through 43) 44 Rent up Reserve 855,577 36,350 768,577 37,000 768,577 37,000 15,240 5,000 2,000 3,500 35,700 151,440 50,000 50,000 15,240 5,000 48,000 15,000 647,438 90,000 90,000 4,254,500 24,270 235,176 98,774 296,322 155,580 184,305 10,000 5,683,677 25,000 24,000 175,000 55,000 5,000 76,698 5,000 6,700 2,000 11,540 36,000 162,500 25,000 24,000 175,000 55,000 5,000 76,698 5,000 6,700 2,000 11,540 4,254,500 24,270 235,176 98,774 296,322 155,580 184,305 10,000 424,750 424,750 TOTAL COST Eligible Basis 30% PV 70% PV 0
41 Rent-up Expenses
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45 Operating Reserve 46 47 Other Reserve (specify) Other Reserve (specify)
208,856
48 DEVELOPMENT COST (lines 1-47) 49 Less Federal Financing 50 Less Disproportionate Standard 51 Less Nonqualified Nonrecourse Financing 52 Less Historic Tax Credit (residential) 53 TOTAL ELIGIBLE BASIS 54 Times Applicable Fraction 55 TOTAL QUALIFIED BASIS 56 Tax Credit Rate 57 FEDERAL TAX CREDITS at Estimated Rate 57a FEDERAL TAX CREDITS at 8.5% or 3.75% 58 FEDERAL TAX CREDITS REQUESTED 59 STATE TAX CREDITS 60 Land Cost 61 TOTAL REPLACEMENT COST
7,583,338
7,035,432
0 7,035,432 88.59% 6,232,689 8,102,495 233,725 324,215 550,000 8,133,338 7,035,432 88.59% 6,232,689 130.00% 8,102,495 233,725 324,215 0 88.59% 0 0.00% 0 0
Comments: Your line 57a is calculating incorrectly. It is not figuring the boost. Instead it calculates off of line 55. 57a should equal $303,963(boosted basis X 3.75). We are requesting at the 4% rate since it is a bond deal. Therefore, we calculate $324,215. Note: Chart B should be used for costs since this is a downtown development with unique circumstances. And was selected by City of Raleigh for design among other criteria.
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Market Study Information

Please provide a detailed description of the proposed project: Gateway Park will be a newly constructed, 84 unit multi-family development located in downtown Raleigh. The development will consist of four, three story buildings and contain twenty-two 1 bedroom/1 bath garden-style units, twenty-four 2 bedroom/2 bath garden-style units, eighteen 2 bedroom/2.5 bath townhouse units, and thirteen 3 bedroom/2 bath garden-style units and seven 3 bedroom/2.5 bath townhouse units. All units will have garden tubs. The building closest to the entrance will contain some residential units and the community/clubhouse space. The community space will house the site manager's office and for use by residents, a large community room with kitchen facilities, a laundry room and a business office. This area will be secured in the evening hours, but residents will be able to gain entry with electronic access cards--a useful safety feature. The development will also have 40 garages. Many of the units will have direct access to these garages providing a secure environment for parking and storage. The perimeter and front entrance of the development will be gated with attractive iron fencing and entry will be gained through an electronic card issued to each resident. The development will contain a mix of market rate (9 unit)and affordable units (75). The committed targeting of the development is 10% of the units (9 units) affordable to and occupied by households at 40% of area median income or below. The remainder of affordable units are targeted to households at 60% of area median income and below. The market rate units could be occupied by households at any income level. However, it should be noted that the proposed market rate rents are set below the maximum 60% tax credit rent levels. Additionally, we plan to partner with Triangle Family Services to target 10% of the units to homeless families. It is important to note that both the design of the development and the rent structure take into consideration the fact that the development is located in a community revitalization area. The City of Raleigh published a request for proposals in the Fall of 2002 for the redevelopment of Jamaica Drive (a key component of the Jamaica Drive Redevelopment Plan) and our Gateway Park proposal was selected from a number of strong proposals by experienced tax credit developers. The redevelopment plan calls for major streetscape improvements (tree plantings and facade improvements) along S. Saunders Street where currently a number of auto body shops exist, improved access to S. Saunders Street from the major Dawson/McDowell thoroughfare, and continued acquisition and demolition of dilapidated residential properties south of the Jamaica Drive site for future commercial/hotel development. A redevelopment plan is also being developed for the area just north of the proposed development site which will focus on revitalization of the commercial area, improvements to residences, and improved access to the downtown area. Finally, the site is less than 3/10 of a mile from downtown Raleigh (it has a great view of the skyline) where the Downtown Livability Plan for creating a more vibrant Raleigh is currently being implemented. Quite a number of new development activities are underway in the area of the Gateway Park including several condominium projects (Park Devereux on Hargett St., The Dawson on Morgan Common on Morgan St. and Caraleigh Mills (adaptive re-use) on Maywood Ave.) with sales prices ranging from $120,000-$600,000; commercial development (the brand new BTI Arts and Entertainment (Wilmington St.), a major mixed use development by Progress Energy (Davie St.), the redevelopment of the Convention Center (Cabarrus St.), and adaptive reuse of the historic Bain Water Plant (Fayetteville St. and Maywood Ave.); and a major new transit rail station (West St.). Additionally, Centennial Campus of North Carolina State University (a $2 billion dollar office/instituitional/housing development) is located approximately 1 mile from the site. More detailed information on the area revitalization and development activities has been included in your packet. Construction (check all that apply): Brick Vinyl Wood HardiPlank Balconies/Patios Sunrooms Front Porches
Front Gables or Dormers Other:
Wide Banding or Vertical/Horizontal Siding
Gateway Park has been designed with strong architectural characteristics that are befitting of its visible location at the entryway to downtown Raleigh. This superior design will also be important in attracting market rate and moderate income households to the development. The exterior facade of the buildings will be an attractive combination of brick and vinyl siding. The architectural design will incorporate Arts and Crafts style architectural elements such as brackets and hipped roofs as well as other details such as arched doorways, bay windows, recessed breezeways, and cupolas. The overall development design creates the look of a townhouse community, making it stand apart from the more typical apartment complex. Have 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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Site Amenities (check all that apply): Community Bldg - Sq Ft: 1,586 Laundry Rm Game/Craft Rm Chapel/Prayer Rm Irrigated Lawns Walking Trails Pool Screened Porch Exercise Rm Picnic Area Security Gate Garden Spots Fitness Stations Community Room - Sq Ft: 1,100 Resident Computer Center TV Rm Onsite Leasing Office Car Care Area Basketball/Tennis Court Horseshoe Pit Garages - Number: 40 Exam Rm Beauty Salon Onsite Mgr Storage Units Playground Shuffleboard Reading Rm/Library Vending Rm Onsite Maint. Person Gazebos Ball Field Covered Drive Thru
Onsite Activities: The development will be professionally managed by an experienced company with a proven track record of managing both market rate and affordable properties in urban settings. We have made a commitment to the City of Raleigh that the property manager will live on site. The property manager will be expected to play a very active role in ensuring that a variety of social activities (such as holiday parties, movie nights, and other family events) and supportive services (such as on-site educational classes that cover such topics as homeownership training, continuing education, legal information, consumer credit counseling, and health and safety) are offered at Gateway Park. Additionally, we plan to work closely with the Raleigh Police Department to become part of the community watch program and to partner with the Downtown Raleigh Alliance to access their safety patrol program. Landscaping Plans: Landscaping will be extensively utilized to beautify the development's green areas and to blend the development into its environment. Measures will be taken to retain as many of the mature trees as possible. Parking lots and drives will be lined with shade trees. While some of the site is undevelopable due to the 100 year floodplain, we see it as an opportunity to preserve a natural area as a buffer around the development. As demonstrated by the site plan, these natural features will open space for such amenities as a walking path that connects to the Capital Area Greenway (which runs adjacent to the site), picnic areas garden plots, and a playground. As noted previously, attractive iron fencing will be placed along the Rocky Branch creek side of the property and will have a gate for access to the greenway. The entrance to the development will be gated with iron fencing as well. Interior Apartment Amenities (check all that apply): Range W/D Hookups Flooring: Carpet Hood Mini-blinds Vinyl Central Air Dishwasher Pantry Wood Gas Heat Disposal Ceiling fans Wood Parquet Heat Pump Refrigerator (frost free) Walk-in closets Other Storage interior/exterior
Ceramic Tile Electric Pump
Heating/Cooling:
Do 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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Applicant's Site Evaluation

Briefly describe your site in each of the following categories: NEIGHBORHOOD CHARACTERISTICS Physical condition of buildings and improvements. Trend and direction of real estate development relative to the project. Area economic health (degree of decline or investment). The proposed development is part of the Jamaica Drive Area Redevelopment community revitalization plan (please see Tab D for detailed information). Many of the dilapidated residential buildings within the redevelopment area have been acquired and demolished. Further acquisition and demolition of structures south of the Jamaica Drive site is planned. The auto body businesses along S.Saunders street (which are thriving businesses) will not be demolished. However, a major streetscape improvement plan and building rehabilitation for S. Saunders Street is to be implemented by the Spring of 2004. The plan calls for a general clean up effort with existing buildings being rehabilitated to meet various City Code standards. Visual improvements to this area will include the paving of gravel parking areas, screening of autos and storage areas, general landscaping and the removal of dumped debris and overgrown weeds. Additionally, the street will be lined with shade trees and sidewalk plantings and the front facades of the existing buildings will be rehabilitated utilizing the City's facade renovation grant program. A redevelopment plan is currently being written for the area to the north of the site (otherside of Western Blvd.). It will be known as the Downtown West Gateway Plan and is scheduled to be approved this Spring (2003). The plan calls for the redevelopment of the business area along S. Saunders and South Street and rehabilitation of housing in the area. Another plan which effects the Jamaica Drive site is the Downtown Livable Streets Plan (the site is .3 miles from the heart of downtown)which is scheduled to be approved this Spring. This is an exciting plan which has received much public attention and participation and is designed to encourage a greater level of investment in housing, commercial, public space development. As you will see from the information provided in Tab D, the economic health of the area (within one mile of the Jamaica Drive site)is becoming increasingly strong with a high degree of public/private investment and major development activity. Housing development activity within a half to one mile of the site includes several high-end ($100,000-$600,000)condominium projects (Park Devereux (Hargett and Dawson, completed 2001), The Dawson on Morgan (Morgan and Dawson, under construction), Martin Place (Martin St., completed 1997), Caraleigh Mills (Maywood Ave., under construction), and North Shore (Centennial Parkway, completed 2002). Commercial and office space development activity within a mile of the site include Centennial Campus ($200 million already invested, $2 billion dollar project upon completion), the Bain Water Plant (Maywood and Fayetteville St., $6.7 million dollar investment to be complete in 2003), the BTI Arts and Entertainment Center and Parking Deck (a $45 million dollar public/private investment completed in 2001), the Raleigh Business and Technology Center (a $1.7 million dollar investment, completed in 2000), Progress Energy mixed use one million square feet development(plans currently underway), and the Triangle Transit Regional Rail Station (total project cost $724 million). All of this development activity indicates a high-quality, affordable development such as Gateway Park will be in demand. Suitability of surrounding development. Land use pattern is primarily residential with a balance of other uses, including non-competing multifamily and single family units, relevant amenities, shopping and services. The area surrounding the Gateway Park site is primarily residential (see attached land use map), much residential development exists to the north of site including the historic Boylan Heights neighborhood. Residences also include the Heritage Park public housing development which recently underwent a major renovation. A community police station is also present at this development. The land use to the south of the site, along S. Saunders St. is light industrial with a number of thriving auto service businesses. As mentioned, the redevelopment plan calls for streetscape and facade improvements in this area. The area further south of the site is planned for office/hotel development. The Captal Area Greenway borders the proposed site on the south side and therefore will serve as a buffer between it and this new office/hotel development. An elementary magnet school (Washington) is on the eastern side of the site (within walking distance). Visible to the west of the site is the Dorothea Dix campus which currently holds the offices of the Department of Health and Human Services but plans are underway for the redevelopment of this site into a mixed use area with housing, commercial and medical office development. The site is less than a half a mile from downtown Raleigh where a number of shopping, services, and recreational opportunities abound. Additional services and shopping are also easily accessible via Western Boulevard and Martin Luther King Blvd. 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). S.Saunders St. is adequate to serve the proposed project. A light exists at the corner of Lake Wheeler Road and S. Saunders St. Additionally, a new access ramp is planned as part of the revitalization plan which will connect the Dawson/McDowell Connector directly to S. Saunders St (currently you cannot turn right onto S. Saunders from Dawson/McDowell). The ramp has been funded and is expected to be complete by Spring 2003. The plan states that improving access to
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this area is important to the marketability of the redevelopment site. Plans also call for improving access into downtown from S. Saunders Street. Finally, the site is within easy walking distance (.1 mile) to a bus stop and will be .3 miles from the new Triangle Transit Authority Regional Rail Station that is planned in downtown (on the corner of West St. and Hargett St.)(see revitalization tab). Amount and character of vacant, undeveloped land. Effect of industrial, large-scale institutional or other incompatible uses: wastewater treatment facilities, high traffic corridors, junkyards, prisons, landfills, large swamps, distribution facilities, frequently used railroad tracks, power transmission lines and towers, factories or similar operations, sources of excessive noise, and sites with environmental concerns (such as odors or pollution). There is little undeveloped land around the site. As previously noted, the Jamaica Drive Redevelopment Plan calls for the development of the northern portion of the area (the proposed site) as high-density residential, the southern portion of the redevelopment area as office/hotel and has major facade and streetscape improvements for the existing businesses along S. Saunders Street by 2004. The improvements include screening of the autobiles at the service shops (moving them off of the street and behind fence and plant screening). The proposed site is adjacent to two major transportation corridors (Western Blvd and the Dawson/McDowell Connector). However, noise does not seem to be as great a factor as might be imagined due to a landscaped birm that runs between the site and Western Blvd. and the fact that the site is at a lower level. The building placement and site landscaping have been designed to mitigate the noise that might come from these roads. Degree of on-site negative features and physical barriers that will impede project construction or adversely 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. For adaptive re-use projects- suitability for residential use and difficulties posed by the building(s), such as limited parking, environmental problems or the need for excessive demolition. As noted previously, 2 acres of the site are undevelopable due to the 100 year floodplain. Only a very small portion of the building footprint (.06 acres) will be in this area and will be mitigated by filling the finished floor elevation above the flood elevation. Rather than being viewed as a negative, this feature may be seen as an opportunity to preserve a natural area as a buffer around the development and to allow for open space amenities such as a walking path that connects to the Capital Area Greenway that borders the site, picnic areas, garden plots, and a large playground.
Similarity of scale and aesthetics/architecture between project and surroundings. In selecting Gateway Park for the Jamaica Drive redevelopment, the City of Raleigh placed a high emphasis on design criteria. They wanted a design that was fitting of the development's location as the entryway to downtown. The three-story, townhouse-style design is very compatible with new housing (condominium) developments that are being built in the neighborhood like Park Devereux and The Dawson on Morgan. This type of superior design will be important in attracting market rate and moderate income households to the development. Additionally we plan to have a number of safety features in Gateway Park that are similar to what is offered at market rate properties. The entrance will be gated and residents will have electronic access cards, an attractive iron fence will also run along the perimeter of the site. There will be garages and many units will have direct access to these. Concentration of affordable housing (housing credit, project-based rental assistance, public housing). The proposed site is adjacent to the Heritage Park public housing development which has 122 units of housing. This development was built in 1975-1978 and although no major renovations have occurred, it is in relatively good condition. On the other side of the McDowell/Dawson Connector is the Walnut Terrace public housing development which has 302 units. This is an older development (1959). Police substations exist at both of these properties. A property manager at Heritage Park reported good occupancy and report that this is not a "problem property"(ie little problem with crime, bad tenants). It should also be noted that Walnut Terrace is adjacent to the Washington elementary magnet school and also has a Child Development Center on site. Similar to a Hope VI project, the Gateway Park development will be a positive addition to the area bringin households with moderate incomes (tax credit incomes are generally much higher than public housing incomes)and market rate incomes. The various income levels that require "affordable" housing should be considered when addressing the question of whether a "concentration" of affordable housing exists. I think that we can all agree that tax credit housing is very different from public housing in terms of design and tenant base. In terms of tax credit housing, only the Prairie Building, a mixed use development (commerical/housing) with 11 tax credit units can be considered to be in the same neighborhood as the proposed development. Availability of Supportive Services (if applicable): The develoment will have a live on-site property manager who will be expected to play an active role in connecting residents with area supportive services. Ten percent (10%) of the units will be targeted to persons with disabilities. The main offices of the Department of Health and Human Services (with whom we will be partnering for this targeting) are located on the Dorothea Dix campus .2 miles from the site. Additionally, the site is conveniently located to many services in downtown Raleigh and is on a bus route.
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For each applicable neighborhood feature, enter distance from project in miles. 2 2 0.1 0.3 0.1 0.1 0.6 1 1 0.6 2 0.1 1 Grocery Store Mall/Strip Center Outdoor Athletic Fields Day Care/After School Schools 0.3 4.5 2 4.5 0.3 Community/Senior Center Hospital Pharmacy Basic Health Care Medical Offices Bank/Credit Union Restaurants Professional Services Movie Theater Video Rental Public Safety (Fire/Police) Post Office
Public Transportation Stop 0.3 Convenience Store Basketball/Tennis Courts Public Parks Gas Station Library Fitness/Nature Trails Public Swimming Pools 0.3 0.3 0.3 2 0.1 0.3
Other facilities or services: The site is 0.3 miles from the heart of downtown Raleigh where many shopping, service and employment opportunities. The main campus of North Carolina State University is 2 miles from the site on Western Boulevard. The Shaw University campus is .8 miles from the site on Martin Luther King Blvd. Mission Valley Shopping Center, which has restaurants, banks, movie theatres, and a drug store is 2 miles from the site on Western Boulevard. A new Kroger grocery store is 2 miles from the site on Martin Luther King Blvd. Pullen Park which has a public swimming pool, arts and crafts center and many recreational opportunities is 1 mile from the site off of Western Blvd. The new Raleigh Business and Technology Center is .7 miles from the site on the corner of Wilmington and Martin Luther King. The C.T. Washington Elementary Magnet School is within walking distance to the site through the tunnel. There will be another magnet school (Middle) located on Centennial Campus which is approximately 1 mile from the site on Centennial Parkway (see revitalization plan Tab). Additionally, there is a child development center within .3 miles of the site at Walnut Terrace and one at the YWCA on Hillsborough St. Centennial Campus will have a mix of uses including research facilities, offices, a conference center, hotel, golf course, and upscale condominium housing. Finally, the Farmer's Market is .8 miles from the site on Lake Wheeler Road. We plan to work with the Downtown Raleigh Alliance safety patrol and the community police officer to ensure a safe environment for residents.
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Development Team
Provide contact information for development team members below: Management Agent Company: Ram Partners, LLC Address: City: Phone 1100 Circle 75 Parkway Suite 800 Atlanta (770)437-5208 State: GA Zip: 30339 Email: mlogan@rampartnersllc.com Last: Logan
Contact Name: First: Martha
Architect Company: Address: City: Phone
Cline Design Associates PA 125 N. Harrington St. Raleigh (919)833-6413 State: NC Zip: 27603 Email: carij@clinedesignassoc.com Last: Jones
Contact Name: First: Cari
Attorney Company: Address: City: Phone
Womble, Carlyle, Sandridge & Rice, PLLC One Wachovia Center, Suite 3300 Charlotte (704)331-4964 State: NC Zip: 28202 Email: tbrockmann@wcsr.com Last: Brockman
Contact Name: First: Todd
Investor Company: Address: City: Phone
CAHEC 7700 Falls of Neuse Road, Suite 200 Raleigh (919)420-0063 State: NC Zip: 27615 Email: Last: Boole
Contact Name: First: Dana
Consultant/Application Preparer (if different from developer) Company: Address: City: Phone Contact Name: First: State: Email: Last: Zip:
Identity of Interest? General Contractor Company: NRP Contractors, LLC Address: City: Phone 5309 Transportation Boulevard Cleveland (216)475-8900 State: OH Zip: 44125 Email: dswindell@nrpgroup.com Last: Swindell
Contact Name: First: Dave
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Project Team Experience

Development List number low-income/tax credit housing projects and units developed, operated, and maintained in compliance by the principal(s) between December 1, 1996 and January 1, 2003: North Carolina Other States Projects: Units: 2 370 16 672
Management List number of low-income housing tax credit units managed in the past 10 years: North Carolina Other States Projects: Units: 2 370 6 1,322
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? No 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? No 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-insured project, a Rural Development funded rental project, a tax-exempt funded mortgage, a tax credit project, or any other publicly subsidized project? No 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 to meet 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? No 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? No
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Financing Commitments
Does the project have a firm commitment for construction financing? Does the project have a letter of intent for private permenant financing? Does the project have a firm commitment for government financing? Does the project have a letter of intent from an investor? Is any portion of the eligible basis of new contruction or rehabilitation financed with federal subsidies other than CDBG funds or funds from the HOME program? If yes, indicate the type and amount below: Tax Exempt Financing: $ RD 515 Financing: Hope VI Financing: Other: $ $ $ Yes Yes Yes Yes No
If Other, specify the type of Federal subsidy:
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Projected Operating Costs

Project Operations (Year One) Administrative Expenses Advertising Other Administrative Expense (specify): 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 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 61,900 49,000 3,000 2,000 12,000 5,000 8,900 4,000 10,000 31,500 27,000 73,960 2,500 500 2,000 25,200 32,000 6,300
5,460
11,500 10,000
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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 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
3,800 14,700 6,300 1,900
75,700 5,000 1,000
6,000 21,000 21,000 270,060 194,060 84 2,310
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Projected Cash Flow Year One

OPERATING INCOME Gross rental income (from Unit Mix - Total Monthly Rent) Stores and Commercial Laundry and Vending Other (specify): Garages (39@$45), Cable, Misc. Total Gross Income Potential at 100% Occupancy Seven Percent Vacancy Allowance NET RENTAL/OTHER INCOME TOTAL OPERATING EXPENSES (from Projected Operating Costs) NET OPERATING INCOME DEBT SERVICE (from Funding Sources Loans) NET CASH FLOW DEBT COVERAGE RATIO (Must not be less than 1.15) 39,000 749,076 52,435 696,641 710,076
270,060 426,581
370,836
55,745 1.15
20-Year Cash Flow

Year Net Rental/Other Income* Total Operating Expenses* Debt Service Net Cash Flow Debt Coverage Ratio Year Net Rental/Other Income* Total Operating Expenses* Debt Service Net Cash Flow Debt Coverage Ratio 1 696,641 270,060 370,836 55,745 1.15 11 936,226 399,753 370,836 165,637 1.447 2 717,540 280,862 370,836 65,842 1.178 12 964,313 415,743 370,836 177,734 1.479 3 739,066 292,096 370,836 76,134 1.205 13 4 761,238 303,780 370,836 86,622 1.234 14 5 784,075 315,931 370,836 97,308 1.262 15 6 807,597 328,568 370,836 108,193 1.292 16 7 831,825 341,711 370,836 119,278 1.322 17 8 856,780 355,379 370,836 130,565 1.352 18 9 882,483 369,594 370,836 142,053 1.383 19 10 908,957 384,378 370,836 153,743 1.415 20
993,242 1,023,039 1,053,730 1,085,342 1,117,902 1,151,439 1,185,982 1,221,561 432,373 370,836 190,033 1.512 449,668 370,836 202,535 1.546 467,655 370,836 215,239 1.58 486,361 370,836 228,145 1.615 505,815 370,836 241,251 1.651 526,048 370,836 254,555 1.686 547,090 370,836 268,056 1.723 568,974 370,836 281,751 1.76
* Net Rental Income escalated at annual rate of 3% and expenses escalated at a rate of 4% after the first year.
Calculations:
1. "Net Rental/Other Income" comes from 1st-year cash flow, then it is escalated by 3% per year. 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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Design Features
ITEM Foundation/Slab Components Primary Windows DESCRIPTION 4" Monolithic Slab w/1" Perimeter Insulation Make: Alside Model: Performance Series 0100
Type/Construction: Vinyl-Low E Double Pane Insulated Wood Jamb w/latch and Frames: deadbolt Grade/Thickness: .044 or better
Exterior Doors
Type: Fiberglass Six-Panel Type: Vinyl Warranty: Lifetime on Materials
Siding
Exterior Trim
Brick, Vinyl Siding, and Aluminum Asphalt/Fiberglass Type: Composite
Shingles
Weight: 235
Warranty: 25 Year Material, 10 Year Antifungal Sprinkler System Cabinets Heat Pump As required by Code and NFPA 13R MDF, Thermofoil Coated, Raised Panel Door SEER: 11.00 HP-29 Series Sized for Model: Apt Air Conditioner SEER: 11.00 HP-29 Series Sized for Model: Apt Other Heat Systems SEER: Model: Make: Make: Lennox or Equivalent Make: Lennox or Equivalent
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Costs - Construction
This is a detailed breakdown of rehabilitation or construction costs you summarized in the Development Costs table (Rehabilitation and Construction of New Building(s)). The total should match those roll-up values. ITEM Concrete Footings Backfill-slab, Crawl Slab-concrete/Rebar/Gravel Waterproofing Masonry Foundation Brick Veneer Steel/Structure/Rails Framing/Lumber/Nails Trusses Crane Rental Windows/Grilles/Screen Exterior Doors Roofing Fencing Vinyl Siding/Trim/Box Gutters/Shutters Insulation Drywall Interior Doors Int. & Final/Stair/Trim/Shelves Cabinets & Tops Painting Marble - Tub/Shwr/Tops Plumbing Electrical Heating/Air Conditioning Floor Covering and Underlayment Wall Paper Mailboxes/Special Features/Signage Gypcrete Blinds/Shades/Art Work Light Fixtures/Fans Sprinkler System Security Alarm Hardwood Floors Elevator Ceramic Tiles Acoustical Ceilings 1,830 7,320 20,130 2,562 10,248 182,268 198,518 164,700 43,920 121,512 132,346 109,800 65,880 69,998 87,840 118,950 23,332 73,200 4,392 19,764 235,704 73,200 10,248 29,646 101,016 100,650 18,300 8,235 36,600 54,900 24,705 36,600 91,500 915 109,800 96,075 14,640 193,248 67,344 91,500 915 36,600 32,025 14,640 289,872 101,016 LABOR 91,500 MATERIAL 91,500 TOTAL 183,000 0 183,000 1,830 146,400 128,100 29,280 483,120 168,360 0 73,200 32,940 73,200 0 146,400 14,640 49,410 336,720 100,650 87,840 118,950 93,330 0 303,780 330,864 274,500 109,800 0 12,810 0 9,150 20,130 0 0 0 0 0 0
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Mirror/Shower Door/Encls. Hardware/Bath Access. Appliances Playground Equipment Interior Clean Exterior Clean/Dumpster Other 1 (specify in Remarks) Other 2 (specify in Remarks) Total Cost Remarks:
1,391 3,660 4,575 73 12,810 18,300 297,250
5,563 14,640 86,925 659
6,954 18,300 91,500 732 12,810 18,300
297,250
594,500 0
2,150,912
2,103,588
4,254,500
Other1: Last minute changes needed to be done. Break out of these items will be specified at later date.
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Costs - General
This is a detailed breakdown of the General Requirements cost element you summarized in the Development Costs table (General Requirements). The total should match that roll-up value. ITEM Supervision Job Site Office/Trailer Rental Impact Fees Office Supplies Security/Watchman Water and Sewer Connection Fees Project Signage Tools and Equipment Gas, Oil, and Maintenance Cleanup/Dumpster Rental Temporary Water, Electric, and Telephone Storage/Hauling Driveway Access Permit Porta-John Rental/Dumping Builders Risk Insurance Re-inspection Fees Extra Plans and Specifications Miscellaneous, Casual Labor Equipment Rental Other 1 (specify in Remarks) Other 2 (specify in Remarks) Total Cost Remarks: Other 1-Job Travel Other 2-Field Staking 9,722 3,883 8,106 14,570 235,176 2,919 46,966 495 808 808 11,338 22,294 808 TOTAL 100,000 12,459
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Costs - Improvements
This is a detailed breakdown of the Site Improvements cost element you summarized in the Development Costs table (On-site Improvements). The total should match that roll-up value. ITEM Subsurface Exploration/Perk Testing/Site Engineering Clearing/Grading/Final Grading/Excess and Borrow Demolition Earthwork/Excavation/Aerating Soil Treatment Pile Foundations Caissons Shoring/Bracing Site Drainage Site Utilities/Site Lighting Paving and Surfacing/Curb and Gutter Walkways Site Signage Parking Lot Painting Dumpsite Pads/Fencing Fencing/Gates Landscaping/Topsoil Waterproofing/De-Watering Operation of Construction Equipment/Fuel/Oil Crane Rental Rock and Hardpan Excavation Site Supervision Personnel Other (specify in Remarks) Total Cost Remarks: 424,750 119,482 119,482 29,223 1,316 2,676 680 807 53,009 44,599 1,444 47,402 4,630 TOTAL
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Costs - Bond Costs

This is a detailed breakdown of the Bond Costs cost element you summarized in the Development Costs table (Bond Costs). The total should match that roll-up value. ITEM Letter of Credit Fee Credit Enhancement Underwriter Discount Capital Interest Fund Other 1 (specify in Remarks) Other 2 (specify in Remarks) Total Cost Remarks: 36,000 36,000 TOTAL
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Costs - Bond Issuance

This is a detailed breakdown of the Bond Issuance cost element you summarized in the Development Costs table (Cost of Issuance). The total should match that roll-up value. ITEM Bond Counsel Issuer Counsel Credit Enhancement/LOC Counsel Underwriter Counsel Developer's Counsel Rating Agency Fee Printing Trustee Fee Trustee Counsel Other 1 (specify in Remarks) Other 2 (specify in Remarks) Other 3 (specify in Remarks) Total Cost Remarks: Other 1: Issuer's Fee 162,500 10,500 5,000 7,500 8,500 45,000 TOTAL 40,000 7,000 25,000 14,000
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Minimum Set-Asides
MINIMUM REQUIRED SET ASIDES (No Points Awarded): 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%) of county median income. At least twenty-five percent (25%) of qualified units will be affordable to and occupied by households with incomes at or below thirty percent (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 county median 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 forty 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 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 county median 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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Full 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 C Ownership Entity Agreement, Development Agreement or any other agreements governing development services D Management Agent Agreement E Development and manager multi-family experience & Management Questionnaire (Appendix C) F Letters from State Housing Agencies or designated monitoring agent verifying Out of State Management Experience G Completed IRS Form 8821 (Appendix I) H Permitted zoning letter (including conditional and special use) I Site plan, floor plans and elevations
J Hazard and structural inspection and termite reports (Renovation projects only) K Description of any existing conditions of historical significance. L Description of environmental significance. M Anticipated budget demonstrating how the project would meet the 10% test by November 14th. N Evidence of Architect's Errors and Omissions insurance (or equivalent). O Description of acquisition for existing/occupied projects or for projects with occupied buildings to be demolished. P Description of proposed Relocation Plan & Relocation Budget, Etc. If any relocation is anticipated, reference Appendix F. Q Targeting Plan and supporting documentation (Required for projects targeted to Special Populations) R Local Housing Authority Agreement (Reference Model in Appendix I) S Appraisal (for land costs greater than $5,000 and for buildings in rehab projects) T Evidence of Permanent Loan Commitment, other sources of funds, and project-based subsidies. U Statement regarding terms of Deferred Developer Fee and, if nonprofit, resolution of Board approving fee. V Inducement Resolution (Tax-Exempt Bond Financed Projects only) W Documentation to support estimated utility costs.

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Project Name and Location

Census Tract: 509

Jurisdiction CEO Name: First: Charles

Site Latitude: Site Longitude:

Proposed number of residential buildings: 4 Types of Units:* Project Includes:

Maximum number of stories in buildings: 3

Total Net Sq. Ft. (All Heated Areas): 95,668

Is the demolition of any buildings required or planned? No If yes, please describe:

First Name: Alan F. Address: City: Phone: EMail:

Fax: (919)719-2769 Nonprofit: No TaxID 56-2223008

NRP Southeast Properties, LLC Last Name: Bailey Function: Member

First Name: Rick Address: City: Phone: EMail:

5309 Transportation Blvd. Cleveland (216)475-8900 rbailey@nrpgroup.com State: NC Zip: 44125

Fax: (216)475-0700 Nonprofit: No TaxID 56-2223008

NRP Southeast Properties, LLC Last Name: Heller Function: Member

First Name: David Address: City: Phone: EMail:

5309 Transportation Blvd. Cleveland (216)475-8900 jdheller@nrpgroup.com State: NC Zip: 44125

Fax: (216)475-0700 Nonprofit: No TaxID 56-2223008

NRP Southeast Properties, LLC Last Name: Parker Function: Member

First Name: Bradley Address: City: Phone: EMail:

Fax: (919)719-2769 Nonprofit: No TaxID

Utilites included in rents:

Twn Hse 2 Gdn Apt 2

Utilites included in rents:

Units targeted at 40 targeted at 40 targeted at 40 targeted at 60 targeted at 60 targeted at 60

Total Low Income Units:

45 Operating Reserve 46 47 Other Reserve (specify) Other Reserve (specify)

Market Study Information

Front Gables or Dormers Other:

Wide Banding or Vertical/Horizontal Siding

Ceramic Tile Electric Pump

Applicant's Site Evaluation

Contact Name: First: Martha

Architect Company: Address: City: Phone

Contact Name: First: Cari

Attorney Company: Address: City: Phone

Contact Name: First: Todd

Investor Company: Address: City: Phone

Contact Name: First: Dana

Contact Name: First: Dave

Project Team Experience

If Other, specify the type of Federal subsidy:

Projected Operating Costs

3,800 14,700 6,300 1,900

75,700 5,000 1,000

6,000 21,000 21,000 270,060 194,060 84 2,310

Projected Cash Flow Year One

20-Year Cash Flow

Type: Fiberglass Six-Panel Type: Vinyl Warranty: Lifetime on Materials

Brick, Vinyl Siding, and Aluminum Asphalt/Fiberglass Type: Composite

1,391 3,660 4,575 73 12,810 18,300 297,250

5,563 14,640 86,925 659

6,954 18,300 91,500 732 12,810 18,300

Costs - Bond Costs

Costs - Bond Issuance

Full Application Checklist

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