Professional Documents
Culture Documents
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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: 610,000 RPP Loan Product Requested: Multi-Family Production
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Census Tract: 14
Is project in Qualified Census Tract & Difficult to Develop area: No Political Jurisdiction: Jurisdiction Address: Jurisdiction City: Jurisdiction Phone: Town of Ayden Last: House Title: Mayor 4061 East Avenue, P.O. Box 219 Ayden (252)746-7077 Zip: 28513
35.4687 -77.4071
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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? Yes If yes, provide the subsidy source: RD and number of units: 24
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:
Townhouse
Duplex
Garden Apartment
Detached Single-Family
Separate community building - Sq. Ft. (Floor Area): 978 Community space within residential bulding(s) - Sq. Ft. (Floor Area): Elevators - Number of Elevators: Square Footage Information Gross Floor Square Footage: 24,238
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Applicant Information
Applicant Name: Address: City: Contact: Telephone: Ayden MMR GP, LLC 1607 Helmwood Drive Greensboro First: Maida (336)292-3449 State: NC Zip: 27410 Last: Renson Title: Manager
Alt Phone:
(336)478-2274
Fax:
(336)852-9595
Email Address:
maidarenson@yahoo.com
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Site Description
Total Site Acreage: 4.0 Total Buildable Acreage: 4.0 If buildable acreage is less than total acreage, please explain:
Identify utilities and services currently available (and with adequate capacity) for this site: Storm Sewer Water Sanitary Sewer Electric
Is the demolition of any buildings required or planned? Yes If yes, please describe: There are a number of old metal non-residential structures on the site that will be demolished by the current land owner before the property is purchased. In addition, there is a small old house that wil also be demolished by the current landowner before title is transferred to the partnership.
Are existing buildings on the site currently occupied? Yes If yes: (a) Briefly describe the situation: The current landowner has provided housing for 2 individuals in the house on this property. However, they will be moving before the property is purchased by the partnership. It is my understanding that the current landownder will be providing alternative housing for these individuals.
(b) Will tenant displacement be temporary? No (c) Will tenant displacement be permanent? Yes 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? 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:
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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: 10/30/2003 (D) Enter Purchase Price: 159,962
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Zoning
Present zoning classification of the site: RML Low Density Multi-FAmily 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: Ayden MMR Limited Partnership Address: City: 1607 Helmwood Drive Greensboro State: NC Zip: 27410 04-3637922 (If assigned) (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: Already 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:
Ayden MMR GP, LLC Last Name: Renson Function: Managing General Partner
First Name: Maida Address: City: Phone: EMail: 1607 Helmwood Drive Greensboro (336)292-3449
State: NC
Zip: 27410
maidarenson@yahoo.com
Org:
First Name: Maida Address: City: Phone: EMail: 1607 Helmwood Drive Greensboro (336)292-3449
State: NC
Zip: 27410
maidarenson@yahoo.com
Org:
First Name: Maida Address: City: Phone: EMail: 1607 Helmwood Drive Greensboro (336)292-3449
State: NC
Zip: 27410
maidarenson@yahoo.com
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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 Duplex Duplex Duplex Duplex Duplex Duplex # BRs Net Sq.Ft. 1 1 2 2 3 3 727 671 871 871 1088 1088 Total # Units 3 4 7 7 1 2 # Units 1 1 1 1 1 1 Monthly Rent 407 407 507 507 607 607 Electric Utility Allowance 83 83 101 101 127 127 Gas Other Mandatory Serv. Fees 0 0 0 0 0 0 **Total Housing Exp. 490 490 608 608 734 734
Water/Sewer
Market Rate Units Type Duplex Total # BRs Net Sq.Ft. # Units 1 675 1 # Units 1 Monthly Rent 0 Electric Utility Allowance 83 Gas Other Mandatory Serv. Fees 0 **Total Housing Exp. 83
Water/Sewer
Statistics All Units Low Income....... Market Rate....... Totals............... 24 1 25 Gross Monthly Rental Income 11768 0 11768
Units 6 1 7
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 1 2 2 3 3 3 4 7 7 1 2
% percent of median income. percent of median income. percent of median income. percent of median income. percent of median income. percent of median income.
24
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 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
610,000
0.00
30
30
20,333
525,000
1.00
30
50
13,347
255,149
30
30
753,095
2,143,244
* "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. 75 Remarks concerning project funding sources: (Please be sure to include the name of the funding source(s)) This project was selected for funding under the USDA-RD Flood NOFA.
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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 Audit Fee 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) Other Non-basis Expense (specify) Other Non-basis Expense (specify) SUBTOTAL (lines 36 through 43) 44 Rent up Reserve 245,000 36,231 240,000 240,000 5,000 115,438 14,000 12,000 8,355 7,000 3,500 17,055 15,000 76,910 5,000 5,000 6,300 0 8,355 7,000 1,000 22,650 18,000 1,000 2,500 8,538 1,000 22,650 18,000 1,000 2,500 8,538 8,750 48,000 5,833 48,000 75,357 26,626 79,879 43,135 23,500 5,250 1,509,703 75,357 26,626 79,879 0 23,500 5,250 975,706 975,706 280,250 240,250 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) 1,983,282 0 1,800,744 525,000
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
0 1,275,744 100.00% 1,275,744 100,401 108,438 1,084,380 255,149 159,962 2,143,244 0 100% 0 7.87% 0 0 1,275,744 100% 1,275,744 7.87% 100,401 108,438 1,084,380
Comments: Market study expenses exceeded $4,000 because a second study was prepared for the RD loan application.
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Have you built other tax credit developments that use the same building design as this project? No If yes, please provide name and address:
Site Amenities (check all that apply): Community Bldg - Sq Ft: 978 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: 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: The resident manager will be responsible conducting programs for the residents. This will include social events and educational activities. There will be a computer on-site for use by the residents.
Landscaping Plans: There will be attractive landscaping throughout, with special attention to the entrance and the
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perimeter of the property. There are several large trees on the property including cherry, oak and gum trees that will not be disturbed. A landscaping plan has been prepared and will be included with the materials submitted on 1/17/2003.
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
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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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 local apartments and duplexes are market rate units, and therefore should not compete with the proposed development. The area has a nice balance of rental and single family residential property and attractive agricultural fields. Downtown (with all its amenities) and a grocery store are within 1/2 mile. The proposed units represent an ideal fit for this neighborhood.
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 local roads are lightly used residential streets and will be more than adequate to serve the limited amount of traffic that will be generated by the proposed development. The site is within a block of state highway 102, and is only 1.75 miles from North Carolina highway 11.
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). Most of the land surrounding this property is developed. The only vacant land near the site is agricultural. There are no environmental concerns or other sites with incompatible uses near the property.
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. The site includes a number of vacant deteriorating metal non-residential buildings that will be removed by the current owner prior to purchase. There are no other on-site negative features, environmental concerns or incompatible features that would impede construction, limit the amount of buildable acreage, or that might affect enjoyment by the tenants.
Similarity of scale and aesthetics/architecture between project and surroundings. The proposed unit elevations are similar in size and architecturally compatible with the surrounding
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residences. Single story duplexes are planned to help blend the new structures into an existing neighborhood.
Concentration of affordable housing (housing credit, project-based rental assistance, public housing). The market study reflects several affordable housing developments in the area, each with substantial waiting lists. These are not, however, located in the immediate neighborhood of the proposed development.
For each applicable neighborhood feature, enter distance from project in miles. 0.5 1.4 1.8 0.7 1.8 Grocery Store Mall/Strip Center Outdoor Athletic Fields Day Care/After School Schools 1.9 1.9 1.9 0.6 Community/Senior Center Hospital Pharmacy Basic Health Care Medical Offices Bank/Credit Union Restaurants Professional Services Movie Theater 2.0 0.8 0.8 Video Rental Public Safety (Fire/Police) Post Office
Public Transportation Stop 1.4 0.2 1.0 1.0 0.2 0.7 Convenience Store Basketball/Tennis Courts Public Parks Gas Station Library Fitness/Nature Trails Public Swimming Pools Other facilities or services: 0.7 0.8
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Development Team
Provide contact information for development team members below: Management Agent Company: Harris Brown Management Address: City: Phone P.O. Box 26405 Greensboro (336)544-2300 State: NC Zip: 27404-6405 Email: MHoloman@HBMC.com Last: Holoman
Martin Riley Associates - Architects P.C. 215 Church Street, Suite 200 Decatur (404)373-2800 State: GA Zip: 30030 Email: jmartin@martinriley.com Last: Martin
Schell Bray Aycock Abel & Livingston, P.L.L.C. 230 North Elm Street Greensboro (336)370-8800 State: NC Zip: 27401 Email: tcwatkins@sbaal.com Last: Watkins
Not Yet Identified Not Yet Identified Not Yet Identified (000)000-0000 State: NC Zip: 00000 Email: Last:
Consultant/Application Preparer (if different from developer) Company: N/A Address: City: Phone Contact Name: First: State: Email: Last: Zip:
Identity of Interest? General Contractor Company: Weaver Cooke Construction Address: City: Phone 7900 McCloud Road Greensboro (336)378-7900 State: NC Zip: 27409 Email: strogdon@weavercooke.com Last: Trogdon
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Management List number of low-income housing tax credit units managed in the past 10 years: North Carolina Other States Projects: Units: 170 7,177 71 2,972
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: $ 525,000 $ $ No No Yes No Yes
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1,000 0 0 500 0 18,049 0 0 0 2,750 0 1,500 0 2,083 25,882 0 3,500 1,500 0 0 5,000 0 0 0 0 0 3,360 0 0 0 5,000 7,200 1,800 2,400 0 0 0 0 2,035 2,000 0 0 23,795 12,500
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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
0 0 4,600 0 0 0 0 17,100 1,000 500 0 0 1,500 17,210 17,210 90,487 59,277 25 2,371
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90,487 40,923
33,680
7,243 1.215
* 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 Concrete Strip Footing with Concrete Turn Down Make: Allen Co. Model: Thermal Break Frame
Type/Construction: Aluminum Single Hung Exterior Doors Siding Type: Insulated Metal Type: Vinyl Warranty: 20 Year Exterior Trim Shingles Wood with Aluminum Wrap Type: Fiberglass Warranty: 25 Year Sprinkler System Cabinets Heat Pump None Mesa by Marsh SEER: 11.0 Model: Air Conditioner SEER: N/A Model: N/A Other Heat Systems SEER: N/A Model: N/A Make: N/A Make: N/A Make: Trane or Equal Weight: 225# Frames: Wood Grade/Thickness: .045
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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 LABOR 11,240 2,927 27,320 0 7,620 71,363 195 47,810 15,367 2,927 1,522 1,903 13,113 0 10,245 2,342 10,725 46,190 4,391 2,927 9,250 12,645 0 23,417 21,466 14,636 8,781 0 185 0 224 0 0 0 0 0 0 0 11,162 10,782 14,206 0 19,026 2,537 11,619 30,793 24,880 11,708 29,291 13,699 0 54,640 32,198 58,542 20,490 0 1,668 0 2,020 0 0 0 0 0 0 0 MATERIAL 12,177 0 40,980 0 3,113 32,062 781 88,789 28,539 TOTAL 23,417 2,927 68,300 0 10,733 103,425 976 136,599 43,906 2,927 12,684 12,685 27,319 0 29,271 4,879 22,344 76,983 29,271 14,635 38,541 26,344 0 78,057 53,664 73,178 29,271 0 1,853 0 2,244 0 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:
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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 = Building Permit TOTAL 24,657 4,672 0 980 0 0 588 1,183 5,652 0 4,898 4,695 0 6,631 12,585 0 1,206 0 4,597 3,013 0 75,357
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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: TOTAL 7,500 48,000 0 0 2,800 0 0 0 5,100 77,000 76,000 26,250 7,500 1,300 3,300 0 19,500 0 0 0 0 6,000 0 280,250
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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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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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