Print Preview - Final Application: Resources Requested

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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: 836,340 RPP Loan Product Requested: Multi-Family Production
https://www.nchfa.org/Rental/RTCApp/(qwi4zh55144cr4455mcn5vqt)/site/PrintApp.aspx... 1/14/2005
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Project Name and Location

Project Name: Myrtle Place Apartments Address: City: Five Points Road Goldsboro County: WAYNE Zip: 27530 Block Group:
Census Tract: 09
Is project in Qualified Census Tract & Difficult to Develop area: No Political Jurisdiction: Jurisdiction Address: Jurisdiction City: Jurisdiction Phone: County of Wayne Last: Price Title: Board of Commissioners Chairman P.O. Box 227 Goldsboro (919)731-1435 Zip: 27533
Jurisdiction CEO Name: First: Atlas
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 be targeting the disabled population, including persons with mobility impairments and/or those with developmental disabilities. We are submitting a Targeting Plan to the N.C. Department of Health & Human Services for their review.
Proposed number of residential buildings: 8 Types of Units:* Project Includes:
Maximum number of stories in buildings: 2
Townhouse
Duplex
Garden Apartment
Detached Single-Family
Separate community building - Sq. Ft. (Floor Area): 1,731 Community space within residential bulding(s) - Sq. Ft. (Floor Area): Elevators - Number of Elevators: Square Footage Information Gross Floor Square Footage: 71,061
Total Net Sq. Ft. (All Heated Areas): 61,491
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Applicant Information
Applicant Name: Address: City: Contact: Telephone: United Equities VI P.O. Box 6171 Raleigh First: Jennifer (919)755-9155 State: NC Zip: 27628 Last: Dunbar Title: Project Developer
Alt Phone:
(919)621-9367
Fax:
(919)755-2245
Email Address:
jennifer@millsconstructionco.com
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Site Description
Total Site Acreage: 7.38 Total Buildable Acreage: 5.9 If buildable acreage is less than total acreage, please explain: Buildable acreage is total site acreage less setback areas required by the Zoning Ordinance of Wayne County.
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? No If yes, does a community revitalization plan exist? Is the site directly accessed by an existing, paved, publicly maintained road? No If no, please explain: Right-of-way for ingress, egress, and regress to be conveyed by owner of base tract of property. Please see property description attached to Option to Purchase.
Is any portion of the site located inside the 100 year floodplain? No If yes: (a) Describe placement of project buildings in relation to this area:
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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: 10/31/2003 (D) Enter Purchase Price: 291,510
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Zoning
Present zoning classification of the site: R 10 - multi-family use permitted 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? Yes If yes, have the hearings been completed and permits been obtained? Yes If yes, specify permit or variance required and date obtained. If no, describe permits/variances required and schedule for obtaining them: A special use permit, required for the development of this property as a multi-family project, was obtained at the March 27 meeting of the Wayne County Board of Adjustment.
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: Myrtle Place Apartments, LLC Address: City: P.O. Box 6171 Raleigh State: NC Zip: 27628 (If assigned) 244-64-7461 (If Not Assigned)
Federal Tax ID Number of Ownership Entity: Federal Tax ID Number of Managing GP or Member:
Entity Type: Limited Liability Company 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:
Myrtle Place Apartments, LLC Last Name: Mills Function: Managing Member
First Name: Fred Address: City: Phone: EMail: P.O. 6171 Raleigh (919)755-9155
State: NC
Zip: 27628
Fax: (919)755-2245 Nonprofit: No TaxID 244-64-7461
jennifer@millsconstructionco.com
Org:
Myrtle Place Apartments, LLC Last Name: LeGrand Function: Member
First Name: Stuart Address: City: Phone: EMail: P.O. Box 727 Shelby (704)482-5614 mcci@shelby.net
State: NC
Zip: 28151
Fax: (704)482-8894 Nonprofit: No TaxID 242-74-9421
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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 Gdn Apt Gdn Apt Gdn Apt Gdn Apt # BRs Net Sq.Ft. 1 2 3 1 2 3 1 2 3 759 908 1125 759 908 1125 759 908 1125 Total # Units 2 9 4 2 9 4 4 18 8 # Units 2 2 2 0 0 0 0 0 0 Monthly Rent 250 300 335 330 380 435 410 490 555 Electric Utility Allowance 70 85 110 70 85 110 70 85 110 Gas Other Trash pickup Mandatory Serv. Fees **Total Housing Exp. 320 385 445 400 465 545 480 575 665
Utilites included in rents:
Water/Sewer
Market Rate Units Type # BRs Net Sq.Ft. Total # Units # Units Monthly Rent Utility Allowance Gas Other Mandatory Serv. Fees **Total Housing Exp.
Utilites included in rents:
Water/Sewer
Electric
Statistics All Units Low Income....... Market Rate....... Totals............... 60 6 25260 60 Gross Monthly Rental Income 25260
Units 6
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 1 2 3 2 9 4 2 9 4 4 18 8
Units targeted at 40 targeted at 40 targeted at 40 targeted at 50 targeted at 50 targeted at 50 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. percent of median income. percent of median income. percent of median income.
Total Low Income Units:
60
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 (%) 7.25 2.00 Term (Years) 20 20 Amort. Period (Years) 30 20 Annual Debt Service 28,651
Source Bank Loan RPP Loan Local Gov. Loan - Specify: RD Loan AHP Loan Other Loan 1 - Specify: CDBG - from Wayne County 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 350,000 836,340
250,000
2.00
20
20
902,983
30
30
2,771,250
5,110,573
* "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. 78 Remarks concerning project funding sources: (Please be sure to include the name of the funding source(s)) We have applied for a $250,000 Community Development Block Grant for public infrastructure with Wayne County as our sponsoring local government. The County will loan the project the grant funds as a 20 year, 2% loan. As project feasibility permits, we will be making payments on the loan to Wayne County. In addition, as cash flow permits, we may be able to help disabled persons with rental assistance. This assistance will only be made if all other obligations are met, including first mortgage, the RPP loan, the CDBG loan, and whatever investor services or other fees may be due from the project. RPP repayments reflected below are accurate.sk
Loans with Variable Amortization Please fill in the annual debt service as applicable for the first 20 years of the project life.
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RPP Loan Year: Amt: Year: Amt: 1 30500 11 27500 2 30500 12 26000 3 30000 13 24300 4 29500 14 23000 5 29000 15 21000 6 31000 16 19000 7 31000 17 21500 8 29500 18 19400 9 30000 19 16500 10 28500 20 13500
Other Loan 1 - CDBG - from Wayne County Year: Amt: Year: Amt: 1 10000 11 7500 2 10000 12 7500 3 10000 13 7500 4 10000 14 7500 5 10000 15 7500 6 7500 16 2500 7 7500 17 2500 8 7500 18 2500 9 7500 19 2500 10 7500 20 2500
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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 Basis Expense Other Basis Expense (specify) 5,000 60,000 Other Non-basis Expense - off-site improvements Other Non-basis Expense (specify) SUBTOTAL (lines 36 through 43) 44 Rent up Reserve 638,500 18,000 566,000 566,000 5,000 259,450 7,500 35,000 24,389 9,000 5,000 8,000 36,000 124,889 7,500 7,500 7,500 35,000 24,389 9,000 7,000 9,000 80,000 8,000 6,000 8,000 4,000 7,500 80,000 8,000 6,000 8,000 4,000 108,640 64,000 191,500 103,500 81,000 9,000 3,641,653 9,000 14,525 108,925 7,500 12,104 90,771 108,640 64,000 191,500 103,500 81,000 9,000 2,664,013 2,664,013 420,000 420,000 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)
136,571
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 Comments: units split to esc. at HOME rents.
4,819,063
4,514,917
0 4,514,917 100.00% 4,514,917 355,323 383,767 357,269 907,926 291,510 5,110,573 0 100% 0 7.87% 0 0 4,514,917 100% 4,514,917 7.87% 355,323 383,767 357,269
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Market Study Information

Please provide a detailed description of the proposed project: Myrtle Place Apartments will be an attractive development for families and individuals who earn forty, fifty, or sixty percent of the median income for Wayne County. There will be six handicapped accessible units. The site will include recreational areas for the residents, including garden and picnic areas and a playground area for the children.
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
Vinyl shingle accent siding. Stone veneer used as an accent on the outside of the buildings.
Have you built other tax credit developments that use the same building design as this project? Yes If yes, please provide name and address: Similar developments: 1. Dunbar Place Apartments 100 Peacock Drive Arden, NC 28704 2. Savannah Place Apartments 1519 Savannah Lane Durham, NC 27713 3. Best Village Apartments 909 Savannah Lane Kinston, NC 28501 Site Amenities (check all that apply): Community Bldg - Sq Ft: 1,731 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: 851 Resident Computer Center TV Rm Onsite Leasing Office Car Care Area Basketball/Tennis Court Horseshoe Pit Garages - Number: 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: Residents will be provided the opportunity to utilize the community room for meetings, classes, and activities. Clubs and organizations, such as Scouts, etc. may meet in the community room, and classes, such as homebuyer education classes, may be held there as well.
Landscaping Plans: Myrtle Place Apartments will be attractively landscaped, by utilizing plants which thrive in the area.
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Suggested plants and trees include crepe myrtle, azaleas, wax myrtle, willow oaks, etc. Residents will have the opportunity to plant flowers and vegetables in the garden areas on the property.
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? No 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). Goldsboro and Wayne County have experienced growth in recent years. Unfortunately, the stock of affordable housing has not increased significantly. The physical condition of homes in the neighborhood is very good. Nearby is a recently built Food Lion shopping center, along with another retail shopping center with beauty salon and other small shops.
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. Across the road from the site is an attractive single-family development, consisting of wellmaintained brick homes. Nearby is a Food Lion shopping center, within walking distance of the site.
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 site is located on Five Points Road (N.C.S.R. 1221), a state-maintained road, and traffic is moderate on the road. Access to the property will be directly across from another state-maintained road (N.C.S.R. 1277. There is no access to mass transit in this area.
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). The property is across the street from a residential neighborhood. The site is presently an undeveloped subdivision, which has already been approved by Wayne County. The landowner of that property is a native of Goldsboro, and wishes to develop his remaining property in harmony with the rest of the community.
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. There are no negative features for this site, nor any physical barriers which would impede project construction nor prevent the residents' enjoyment of the property in the years to come.
Similarity of scale and aesthetics/architecture between project and surroundings. Since this project is designed to be a low-density multi-family development, it will fit in well with the
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surrounding area. We will have eight buildings, both one- and two-story. There is a nearby marketrate apartment development on Five Points Road.
Concentration of affordable housing (housing credit, project-based rental assistance, public housing). There are no low-income housing tax credit developments nearby, nor are there public housing projects, nor project-based rental assistance properties.
Availability of Supportive Services (if applicable):
For each applicable neighborhood feature, enter distance from project in miles. .3 9 3.5 3.5 3.5 Grocery Store Mall/Strip Center Outdoor Athletic Fields Day Care/After School Schools 5 8 .7 3 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 2 .5 3.5 3.5 .5 6 3.5 3.5 Convenience Store Basketball/Tennis Courts Public Parks Gas Station Library Fitness/Nature Trails Public Swimming Pools .2 5 9 2 5 5
Other facilities or services: 1. Mina Weil Park (House St.) - swimming pool, athletic fields (softball, football, soccer), basketball, etc. - 3.5 miles from site. 2. Waynesborough State Park & Historic Village - museum, historic building tours, hiking trail along Neuse River, fishing, etc. - located 3.5 miles from site on Highway 117 North. 3. Wayne Community College - 8 miles from site. 4. Mount Olive College - 4-year college - 12 miles from site.
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Development Team
Provide contact information for development team members below: Management Agent Company: United Property Management, LLC Address: City: Phone 1048 Washington St. Raleigh (919)755-9155 State: NC Zip: 27605 Email: teressa@millsconstructionco.co Last: Johnson
Contact Name: First: Teressa
Architect Company: Address: City: Phone
Brown & Jones Architects, Inc. 701 N. Person Street Raleigh (919)831-2625 State: NC Zip: 27604 Email: wayne@brownandjones.com Last: Jones
Contact Name: First: Wayne
Attorney Company: Address: City: Phone
Moore & Van Allen Suite 1700 - One Hannover Square (P.O. Box 26507) Raleigh (919)821-6200 State: NC Zip: 27611-6507 Email: killianc@mvalaw.com Last: Killian
Contact Name: First: Leon (Chip)
Investor Company: Address: City: Phone
Community Affordable Housing Equity Corporation 7700 Falls of Neuse Rd. - Suite 200 Raleigh (919)420-0063 State: NC Zip: 27615 Email: jgraham@cahec.com Last: Graham
Contact Name: First: Johan
Consultant/Application Preparer (if different from developer) Company: Address: City: Phone Contact Name: First: State: Email: Last: Zip:
Identity of Interest? General Contractor Company: Mills Construction Co., Inc. Address: City: Phone 1048 Washington St. Raleigh (919)755-9155 State: NC Zip: 27605 Email: fmillsjr@millsconstructionco.com Last: Mills
Contact Name: First: Fred Jr.
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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: 13 668 0 0
Management List number of low-income housing tax credit units managed in the past 10 years: North Carolina Other States Projects: Units: 14 684 0 0
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 No 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 61,500 18,750 11,000 12,500 16,000 600 3,000 6,000 400 6,000 6,000 12,500 24,500 62,750 2,500 1,000 4,000 27,000 25,000 2,500
750
6,000 6,000
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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
1,445 15,000 75 4,000 225 39,495
0 15,000 15,000 203,245 169,495 60 2,824
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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): 1,000 303,120
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)
304,120 21,288 282,832
203,245 79,587
69,151
10,436 1.151
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 1 282,832 203,245 69,151 10,436 1.151 11 380,104 300,852 63,651 15,601 1.245 2 291,317 211,375 69,151 10,791 1.156 12 391,507 312,886 62,151 16,470 1.265 3 300,057 219,830 68,651 11,576 1.169 13 403,252 325,401 60,451 17,400 1.288 4 309,059 228,623 68,151 12,285 1.18 14 415,350 338,417 59,151 17,782 1.301 5 318,331 237,768 67,651 12,912 1.191 15 427,811 351,954 57,151 18,706 1.327 16 440,645 366,032 50,151 24,462 1.488 6 327,881 247,279 67,151 13,451 1.2 7 337,717 257,170 67,151 13,396 1.199 17 453,864 380,673 52,651 20,540 1.39 8 347,849 267,457 65,651 14,741 1.225 18 467,480 395,900 50,551 21,029 1.416 9 358,284 278,155 66,151 13,978 1.211 19 481,504 411,736 47,651 22,117 1.464 10 369,033 289,281 64,651 15,101 1.234 20 495,949 428,205 44,651 23,093 1.517
* 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 Turned down footings & 4" concrete slab Make: Silverline
Model:
Type/Construction: Insulated vinyl Exterior Doors Siding Type: Insulated Fiberglass Type: Vinyl Warranty: Lifetime Exterior Trim Shingles Vinyl Type: Fungus Buster - XT 25 Warranty: 25 year Sprinkler System Cabinets Heat Pump 13 R Marsh SEER: 12 SEER Model: Air Conditioner SEER: Same as heat pump Model: Other Heat Systems SEER: Supplemental Strip HeatModel: 8 kw. Make: Make: Make: Carrier Weight: 225 Frames: Wood Grade/Thickness: .044
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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 92,000 7,500 22,000 7,500 200,000 190,000 120,000 80,000 45,000 50,000 60,000 60,000 15,000 160,000 15,000 70,000 250,000 50,000 40,000 65,000 65,000 220,000 40,000 40,000 220,000 115,000 215,000 LABOR MATERIAL TOTAL 0 0 215,000 0 0 40,000 40,000 440,000 115,000 0 50,000 60,000 60,000 15,000 160,000 15,000 70,000 250,000 50,000 85,000 65,000 65,000 0 200,000 190,000 120,000 80,000 0 7,500 22,000 7,500 0 92,000 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: Most labor costs are included in the framing labor costs. "Other 1" is contingency. 287,000 2,377,013 12,000 10,000 18,013 20,000 55,000 35,000
0 20,000 55,000 35,000 12,000 10,000 18,013 0 2,664,013
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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: Water & sewer fees are included in impact fees. Project signage is included in construction. 108,640 10,000 2,000 20,000 6,000 1,000 200 TOTAL 66,440 3,000
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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: Earthwork is included in grading. Site drainage is included in utilities. Walkways, parking lot, & dumpsite pads included in paving. Excavation included in grading. "Other" includes survey work. 10,000 420,000 45,000 119,000 130,000 2,000 TOTAL 4,000 110,000
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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: 0 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: 0 TOTAL
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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

Jurisdiction CEO Name: First: Atlas

Site Latitude: Site Longitude:

Proposed number of residential buildings: 8 Types of Units:* Project Includes:

Maximum number of stories in buildings: 2

Total Net Sq. Ft. (All Heated Areas): 61,491

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

Fax: (919)755-2245 Nonprofit: No TaxID 244-64-7461

Myrtle Place Apartments, LLC Last Name: LeGrand Function: Member

Fax: (704)482-8894 Nonprofit: No TaxID 242-74-9421

Utilites included in rents:

Utilites included in rents:

Total Low Income Units:

Amount 350,000 836,340

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

Availability of Supportive Services (if applicable):

Contact Name: First: Teressa

Architect Company: Address: City: Phone

Contact Name: First: Wayne

Attorney Company: Address: City: Phone

Contact Name: First: Leon (Chip)

Investor Company: Address: City: Phone

Contact Name: First: Johan

Contact Name: First: Fred Jr.

Project Team Experience

If Other, specify the type of Federal subsidy:

Projected Operating Costs

1,445 15,000 75 4,000 225 39,495

0 15,000 15,000 203,245 169,495 60 2,824

Projected Cash Flow Year One

304,120 21,288 282,832

20-Year Cash Flow

0 20,000 55,000 35,000 12,000 10,000 18,013 0 2,664,013

Costs - Bond Costs

Costs - Bond Issuance

Full Application Checklist

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