Filbert's Creek

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Print Preview - Final Application

Tax Credits, RPP Loans, and/or Tax Exempt Bond Loans
Project Name and Location

Project Name: Filbert's Creek Apartments Address: City: 120 Claire Drive Edenton County: Chowan Zip: 27932 Block Group:
Census Tract: 9901.00
Is project in Qualified Census Tract & Difficult to Develop area? No Does a community revitalization plan exist? No Political Jurisdiction: Jurisdiction Address: Jurisdiction City: Jurisdiction Phone: Town of Edenton Last: Vaughan Title: Mayor 300 S. Broad Street Edenton (252)482-8674 Zip: 27932
Jurisdiction CEO Name: First: Roland
Site Latitude: Site Longitude:
36.045 -76.614
https://www.nchfa.org/Rental/RTCApp/(nve4sd45tuzygky3ysqnhdmo)/site/PrintApp.aspx... 1/14/2005
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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 project based 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 the units required by other federal and state codes.) 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 the persons with mobility impairments and/or developmental disabilities.
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Applicant Information
Applicant Name: Address: City: Contact: Telephone: United Equities VI P.O. Box 6171 Raleigh First: Cathy (919)755-9155 State: NC Zip: 27628-6171 Last: Connors Title: Dir. of Development
Alt Phone:
(919)621-9372
Fax:
(919)755-2245
Email Address:
cathy@millsconstructionco.com
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Site Description
Total Site Acreage: 4 Total Buildable Acreage: 3.15 If buildable acreage is less than total acreage, please explain: Buildable acreage reflects total site acreage less area taken by setbacks required by the Unified Development Ordinance of the Town of Edenton.
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 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? No If yes: (a) Describe placement of project buildings in relation to this area:
(b) Describe flood mitigation if the project will have improvements within the 100 year floodplain:
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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: 10/31/2004 (D) Enter Purchase Price: 240,000
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Zoning
Present zoning classification of the site: RA-20 Is mutifamily use permitted? No 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: The Town Council approved the reaoning request from a R-20, Residential-20 District to a C.U. R14, Conditional Use Residential-14 District as evidenced by Exhibit J zoning letter dated April 20, 2004.
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: Filbert's Creek Apartments, LLC Address: City: P.O. Box 6171 Raleigh State: NC Zip: 27628-6171 (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:
Filbert's Creek Apartments, LLC Last Name: Mills Function: Managing Member
First Name: Fred Address: City: Phone: EMail: P.O. Box 6171 Raleigh (919)755-9155
State: NC
Zip: 27628-6171
Fax: (919)755-2245 Nonprofit: No TaxID 244-64-7461
johnw@millsconstructionco.com
Org:
Filbert's Creek 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
Org:
Northeastern Community Development Corporation Last Name: Garcia Function: Member
First Name: Maria Address: City: Phone: EMail: P.O. Box 367 Camden (252)338-5466
State: NC
Zip: 27921
Fax: (252)338-5639 Nonprofit: Yes TaxID 58-1716737
ncdc@net-change.com
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Unit Mix
The Median Income for Chowan county is $45,200. 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 1 2 1 1 8 3 2 14 8 # Units 1 2 1 0 0 0 0 1 0 Monthly Rent 297 325 425 320 385 425 385 450 500 Electric Utility Allowance 65 70 90 65 70 90 65 70 90 Gas Other Trash Mandatory Serv. Fees **Total Housing Exp. 362 395 515 385 455 515 450 520 590
Utilites included in rents:
Water/Sewer
Employee Units (will add to Low Income Unit total) Type # BRs Net Sq.Ft. Total # Units # Units Monthly Rent Electric Utility Allowance Gas Other Mandatory Serv. Fees **Total Housing Exp.
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.
Water/Sewer
Electric
Statistics All Units Low Income....... Market Rate....... Totals............... 40 5 17117 40 Gross Monthly Rental Income 17117
Units 5
Proposed number of residential buildings: 5 Project Includes:
Maximum number of stories in buildings: 2
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
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Gross Floor Square Footage:
48,621
Total Net Sq. Ft. (All Heated Areas): 42,083
Notes ** 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 1 2 2 3 3 2 2 10 14 4 8
Units targeted at 50 targeted at 60 targeted at 50 targeted at 60 targeted at 50 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:
40
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: RD 515 Loan RD 538 Loan - Specify: AHP Loan Other Loan 1 - Specify: Other Loan 2 - Specify: Other Loan 3 - Specify: Tax Exempt Bonds State Tax Credit(Loan) 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
743,962
2.00
20
20
892,782
30
30
1,812,376
3,449,120
* "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. 77 Remarks concerning project funding sources: (Please be sure to include the name of the funding source(s)) Enterprise Social Investment Corporation will more than likely be the syndicator in this deal.
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 36866 11 31283 2 36661 12 30194 3 36390 13 28985 4 36049 14 27648 5 35634 15 26175 6 35139 16 24558 7 34559 17 22790 8 33889 18 20861 9 33124 19 18763 10 32257 20 16485
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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 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 Accounting/Cost Cert. 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 (specify) Other Basis Expense (specify) 8,000 Other Non-basis Expense (specify) Other Non-basis Expense (specify) SUBTOTAL (lines 36 through 43) 44 Rent up Reserve 394,755 12,000 381,755 381,755 5,000 136,000 10,000 10,000 17,555 9,000 5,000 10,000 24,000 85,555 5,000 5,000 10,000 7,300 17,555 9,000 8,000 30,000 8,000 6,000 8,000 4,000 0 8,000 30,000 8,000 6,000 8,000 4,000 91,525 42,300 127,000 68,587 61,200 6,800 2,487,832 8,000 8,000 51,000 8,000 8,000 42,500 91,525 42,300 127,000 68,587 61,200 6,800 1,675,420 1,675,420 415,000 350,000 TOTAL COST 0 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)
92,978
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 Applicable Fraction (percentage of LI Units) 55 Basis Before Boost 56 Boost for QCT/DDA (if applicable, enter 130%) 57 TOTAL QUALIFIED BASIS 58 Tax Credit Rate 59 Federal Tax Credits at Estimated Rate 60 Federal Tax Credits at 8.5% or 3.75% 61 Federal Tax Credits Requested 62 Land Cost 63 TOTAL REPLACEMENT COST
3,209,120
2,975,942
0 2,975,942 100.00% 2,975,942 2,975,942 235,397 252,955 236,374 240,000 3,449,120 0 100% 0 100.00% 0 7.91% 0 0 2,975,942 100% 2,975,942 100.00% 2,975,942 7.91% 235,397 252,955 236,374
Comments: lowered line items 9, 10 and 38 to meet the required percentages.
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Market Study Information

Please provide a detailed description of the proposed project: Filbert's Creek Apartments will be an attractive residential development for families who earn below fifty and sixty percent of the median income for Chowan County. Five units will be handicapped accessible. The site is within close proximity of employers, shopping, schools, and recreational activities.
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
Shingle-style vinyl accent siding
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 Design: 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 may use the community room for meetings, classes, and other activities. They may also enjoy the natural areas at the back of the property, which will be attractively landscaped in order to provide an outside area to relax.
Landscaping Plans: Filbert's Creek Apartments will be attractively landscaped with plants and trees native to the area, such as the crepe myrtle, willow oak, azaleas, dogwood, and wax myrtle. A natural area with benches will be located at the rear of the property. Trees will be planted in order to create a pleasant
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shaded natural area. A picnic area will also be located on the site where the residents may enjoy outside meals. Garden spots will be provided so that the residents will be able to plant vegetables and flowers.
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). Concentration of affordable housing. Filberts Creek Apartments will be located in an area that consists of both residential and business developments. The area is located off US Highway 17 bypass and has seen gradual growth over the years. Chowan Gardens, a U.S.D.A - Rural Development Project targeting 80% a.m.i., is located in the neighborhood, is well-maintained and has a low vacancy rate.
Suitability of surrounding development. Land use pattern is primarily residential (single and multifamily housing) with a balance of other uses (particularly retail and amenities). Amount and character of vacant, undeveloped land. Effect of industrial, large-scale institutional or other incompatible uses: wastewater treatment facilities, high traffic corridors, junkyards, prisions, 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). This project is suitable in this location because of its proximity to residential and multi-family developments with several businesses, medical facilities and a hospital near the site. The site sits near undeveloped land but the owner of the property has been careful to develop the area in harmony with the surrounding community. The location is in a safe and quiet area of Edenton within walking distance to shopping, restaurants, a gas station, a nursing home, an assisted living center, and multiple medical facilities. A public transportation stop is only two blocks away from the site and the downtown area is less than two miles away offering banks, a post office, schools, shopping, parks, etc. The site does not have any surrounding negative impacts. 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). Filbert's Creek Apartments will be located at the intersection of Claire Drive and West Hicks Street. There is a community trolley service for the town, and bus transportation will be available from the site to shopping centers and the downtown area. There is a trolley stop on West Hicks Street, within walking distance of the site.
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. This site has no negative features.
Similarity of scale and aesthetics/architecture between project and surroundings. Filbert's Creek Apartments will contain two-story and one-story buildings, with brick veneer. These buildings will fit in with the arechitectural style of other buildings in the area, which are also one- and two-story, and which utilize brick construction.
For each applicable neighborhood feature, enter distance from project in miles.
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0.2 0.2 0.7 1.2 0.8 0.2 0.1 0.7 1.6 0.1 1.6 2.7
Grocery Store Mall/Strip Center Outdoor Athletic Fields Day Care/After School Schools
12 0.3 1.2 0.4 0.4
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 0.2 Convenience Store Basketball/Tennis Courts Public Parks Gas Station Library Fitness/Nature Trails Public Swimming Pools 0.1 1.6 1.4 1.2 1.6 1.3
Other facilities or services: 1. Albermarle Learning Center - Educational Programs about the area's rural heritage - Morristown Road (12 Miles) 2. College of the Albermarle - 2 year Community College - North Broad Street (3 Miles) 3. Edenton National Fish Hatchery - Educational Facility - West Queen Street (1.5 Miles)
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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 Street Raleigh (919)755-9155 State: NC Zip: 27605 Email: teressa@millsconstructionco.co Last: Johnson
Contact Name: First: Teressa
Architect Company: Address: City: Phone
Brown and Jones Architects, Inc. 701 N. Person St. Raleigh (919)831-2625 State: NC Zip: 27604 Email: wayne@brownandjones.com Last: Jones
Contact Name: First: Wayne
Attorney Company: Address: City: Phone
Pryzwansky & Cook, PLLC 5700 Six Forks Rd, Suite 201(Capital Office Center) Raleigh (919)846-4747 State: NC Zip: 27609 Email: davidp@pandclaw.com Last: Pryzwansky
Contact Name: First: David
Investor Company: Address: City: Phone
Enterprise Social Investment Corporation 10227 Wincopin Circle, Suite 800 Maryland (703)237-4190 State: NC Zip: 21044-3400 Email: cirving@esic.org Last: Irving
Contact Name: First: Cindy
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: 15 768 0 0
Management List number of low-income housing tax credit units managed in the past 10 years: North Carolina Other States Projects: Units: 15 768 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 No 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 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 Payroll Taxes (FICA) Miscellaneous Taxes, Licenses and Permits 36,750 15,000 1,445 4,000 10,000 12,000 3,600 2,000 2,000 400 2,000 8,000 16,000 48,600 1,000 4,000 2,100 2,000 18,000 18,750 2,000
750
4,000 4,000
750
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Property and Liability Insurance (Hazard) Fidelity Bond Insurance Workmen's Compensation Health Insurance and Other Employee Benefits Other Insurance: Unemployment - State and Federal 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
12,000 75 4,000 220 32,740 2,500 2,500
5,000 10,000 10,000 149,090 119,090 40 2,977
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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): 1,000 205,404
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)
206,404 14,448 191,956
149,090 42,866
36,866
6,000 1.163
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 1 191,956 149,090 36,866 6,000 1.163 11 257,972 220,691 31,283 5,998 1.192 2 197,715 155,054 36,661 6,000 1.164 12 265,711 229,519 30,194 5,998 1.199 3 203,646 161,256 36,390 6,000 1.165 13 273,682 238,700 28,985 5,997 1.207 4 209,755 167,706 36,049 6,000 1.166 14 281,892 248,248 27,648 5,996 1.217 5 216,048 174,414 35,634 6,000 1.168 15 290,349 258,178 26,175 5,996 1.229 6 222,529 181,391 35,139 5,999 1.171 16 299,059 268,505 24,558 5,996 1.244 7 229,205 188,647 34,559 5,999 1.174 17 308,031 279,245 22,790 5,996 1.263 8 236,081 196,193 33,889 5,999 1.177 18 317,272 290,415 20,861 5,996 1.287 9 243,163 204,041 33,124 5,998 1.181 19 326,790 302,032 18,763 5,995 1.32 10 250,458 212,203 32,257 5,998 1.186 20 336,594 314,113 16,485 5,996 1.364
* 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 Make: Silverline
Model:
Type/Construction: Insulated Vinyl Exterior Doors Siding Type: Ins. Fiberglass Type: Vinyl Warranty: Lifetime Exterior Trim Shingles Vinyl Type: Fungus Buster XT25 Warranty: 25 year Sprinkler System Cabinets Heat Pump 13R Marsh SEER: 12 SEER Model: Air Conditioner SEER: 12 SEER Model: Other Heat Systems SEER: Supplemental Strip heat Model: 8kw Make: Make: Carrier 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 75,000 0 11,000 4,520 4,000 101,000 127,000 100,000 56,000 105,000 10,000 43,000 160,000 0 40,000 38,000 40,000 32,000 0 0 0 12,000 39,000 9,000 18,000 10,000 7,500 120,000 0 14,000 7,500 130,000 140,000 30,000 60,000 LABOR MATERIAL TOTAL 0 0 90,000 0 0 24,000 15,000 250,000 140,000 0 39,000 9,000 30,000 0 105,000 10,000 43,000 160,000 32,000 40,000 38,000 40,000 0 101,000 127,000 100,000 56,000 0 4,000 11,000 4,520 0 75,000 0 0 0 0 0
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Mirror/Shower Door/Encls. Hardware/Bath Access. Appliances Playground Equipment Interior Clean Exterior Clean/Dumpster Rental Other 1 (specify in Remarks) Other 2 (specify in Remarks) Total Cost Remarks: Other 1 -Toilet Partitions Other 2 -Framing Hardware
2,000 3,000 40,000 35,000 6,400 0 12,000 2,500 20,000 1,178,920 496,500 11,000
2,000 14,000 40,000 35,000 6,400 12,000 2,500 20,000 1,675,420
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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 Office Supplies Security/Watchman Project Signage Tools and Equipment Gas, Oil, and Maintenance 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 -Permits 91,525 TOTAL 45,000 3,000 500 0 5,000 5,000 0 5,000 2,000 0 1,000 0 0 0 3,000 0 22,025
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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 Dumpster Pads/Fencing Fencing/Gates Landscaping/Topsoil Rock and Hardpan Excavation Site Supervision Personnel Other (specify in Remarks) Total Cost Remarks: Other = Offsite Costs TOTAL 4,000 70,000 0 0 2,000 0 0 0 35,000 80,000 95,000 18,000 0 2,000 4,000 0 40,000 0 0 65,000 415,000
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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 Issuer's Fee 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: 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 Letters from Local Utility Providers (original on letterhead, no fax or photocopies) I Local Government Letter or Letter from Certified Engineer or Land Surveyor Confirming Floodplain Designation with Map showing 100 year and 500 year floodplain (original on letterhead, no fax or photocopies)
J Local Government Letter Confirming Zoning (original on letterhead, no fax or photocopies) K Copy of certificate of occupancy or proof of placed-in-service date (Rehabs Only) L Site plan, floor plans and elevations M Hazard and structural inspection and termite reports (Renovation projects only) N Anticipated budget demonstrating how the project would meet the 10% test by November 14th. O Evidence of Architect's Errors and Omissions insurance (or equivalent). P Description of acquisition for existing/occupied projects or for projects with occupied buildings to be demolished. Q Description of proposed Relocation Plan & Relocation Budget, Etc. If any relocation is anticipated, reference Appendix F. R Targeting Plan and supporting documentation (Required for all projects) S Local Housing Authority Agreement (Reference Model in Appendix I) T Appraisal (for land costs greater than $5,000 and for buildings in rehab projects) U Evidence of Permanent Loan Commitment, other sources of funds, and project-based subsidies. V Statement regarding terms of Deferred Developer Fee and, if nonprofit, resolution of Board approving fee. W Inducement Resolution (Tax-Exempt Bond Financed Projects only) X Documentation to support estimated utility costs.

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Project Name and Location

Census Tract: 9901.00

Jurisdiction CEO Name: First: Roland

Site Latitude: Site Longitude:

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

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

Filbert's Creek Apartments, LLC Last Name: LeGrand Function: Member

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

Northeastern Community Development Corporation Last Name: Garcia Function: Member

Fax: (252)338-5639 Nonprofit: Yes TaxID 58-1716737

Utilites included in rents:

Utilites included in rents:

Utilites included in rents:

Proposed number of residential buildings: 5 Project Includes:

Maximum number of stories in buildings: 2

Gross Floor Square Footage:

Total Net Sq. Ft. (All Heated Areas): 42,083

Units targeted at 50 targeted at 60 targeted at 50 targeted at 60 targeted at 50 targeted at 60

Total Low Income Units:

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

Comments: lowered line items 9, 10 and 38 to meet the required percentages.

Market Study Information

Front Gables or Dormers Other:

Wide Banding or Vertical/Horizontal Siding

Shingle-style vinyl accent siding

Ceramic Tile Electric Pump

Applicant's Site Evaluation

12 0.3 1.2 0.4 0.4

Contact Name: First: Teressa

Architect Company: Address: City: Phone

Contact Name: First: Wayne

Attorney Company: Address: City: Phone

Contact Name: First: David

Investor Company: Address: City: Phone

Contact Name: First: Cindy

Contact Name: First: Fred Jr.

Project Team Experience

If Other, specify the type of Federal subsidy:

Projected Operating Costs

12,000 75 4,000 220 32,740 2,500 2,500

5,000 10,000 10,000 149,090 119,090 40 2,977

Projected Cash Flow Year One

206,404 14,448 191,956

20-Year Cash Flow

2,000 14,000 40,000 35,000 6,400 12,000 2,500 20,000 1,675,420

Costs - Bond Costs

Costs - Bond Issuance

Full Application Checklist

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