Bermuda Run App

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Print Preview - Final Application

Tax Credits, RPP Loans, and/or Tax Exempt Bond Loans
Project Description
Project Name: Bermuda Run Apartments (fka Stewart's Creek II Apartments) Address: City: 101 Matthews Street Warsaw County: Duplin Block Group: 2 Zip: 28398
Census Tract: 9903
Is project in Qualified Census Tract or Difficult to Develop Area? Yes Political Jurisdiction: Jurisdiction CEO Name: Jurisdiction Address: Jurisdiction City: Jurisdiction Phone: 7th Congressional District First:Win Last: Batten Title: Mayor
P. O. Box 464, 121 South Front Street Warsaw Zip: 28398
(910)293-7814
Site Latitude: Site Longitude:
34.999 -78.091
Project Type: Rehab Is this project a previously awarded tax credit development? No If yes, what is the project number: Is this a request for supplemental credits? New Construction/Adaptive Reuse: Is this project a follow-on (Phase II, etc) to a previously-awarded tax credit development project? If yes, list names of previous phase(s): Rehab: Number of residents holding Section 8 vouchers: 0
Will the project meet Energy Star standards as defined in Appendix B? No Does a community revitalization plan exist? No Will the project use steel and concrete construction and have at least 4 stories? No Will the project include a Community Service Facility under IRS Revenue Ruling 2003-77? No
https://www.nchfa.org/Rental/RTCApp/(S(v3vsal45...283956D3A&SNID=A11FD61C52B747FB974DF03A414BB077 (1 of 30)9/16/2008 10:20:01 AM
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If yes, please describe:
Target Population:Family Will the project be receiving project based federal rental assistance? Yes If yes, provide the subsidy source: HUD and number of units: 50 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.) Number of Units: 0 Persons with disabilities or homeless populations: 10% of the total units.
Number of Units: 5 Remarks: This is an existing project with very little turnover nor is permanent displacement of existing residents anticipated. The Owner will make a good faith effort to give priority to the disabled for 5 units once existing residents have had the opportunity to re-occupy the property after completion of the renovation.
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Applicant Information
Indicate below an individual or a validly existing entity (a corporation, nonprofit, limited partnership or LLC) as the official applicant. Under QAP Section III(C)(5) only this individual or entity will be able to make decisions with regard to this application. If awarded the applicant must become part of the ownership entity. The applicant will execute the signature page for this application. Applicant Name: Address: City: Contact: Telephone: Alt Phone: Fax: Email Address: Stewart's Creek II, LLC P. O. Box 25168 Winston-Salem State: NC Zip: 27114-5168 First: Gaye Last:Morgan Title:Member
(336)231-8125 (336)765-0424 (336)765-3831 gmorgan@cmc-nc.com
NOTE: Email Address above will be used for communication between NCHFA and Applicant.
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Site Description
Total Site Acreage: 8.98 Total Buildable Acreage: 8.98
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? No If yes, please describe:
Are existing buildings on the site currently occupied? Yes If yes: (a) Briefly describe the situation: The project runs an annualized occupancy rate of 97%. Initially, some residents will be moved temporarily to locations off-site but within the community in order to allow for the first group of units to be rehabilitated. Thereafter, it is anticipated that displacement will be limited to temporary moves to other units within the project as units are rehabilitated. This will serve to limit the inconvenience and disruption of the residents and increases the likelihood that the residents will remain in the property, thus reducing vacancy loss. Temporary relocation is necessitated due to the abatement and/or encapsulation of asbestos tile flooring.
(b) Will tenant displacement be temporary? Yes (c) Will tenant displacement be permanent? No 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 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)?Yes If yes provide: Purchase Date: 10/19/2005 Purchase Price: 850,000
If no: (a) Does the owner/principal or ownership entity have valid option/contract to purchase the property? (b) Does an identity of interest (direct or indirect) exist between the owner/principal or ownership entity with the option/contract for purchase of the property and the seller of the property? If yes, specify the relationship:
(c) Enter the current expiration date of the option/contract to purchase: (D) Enter Purchase Price:
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Zoning
Present zoning classification of the site:R-6 Residential Is multifamily 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:
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?Yes If yes, describe below: Asbestos Tile Flooring
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Ownership Entity
Owner Name: Address: City: Stewart's Creek II, LLC 1415 Old Mill Circle Winston-Salem State:NC Zip: 27103
Federal Tax ID Number of Ownership Entity:
20-2943341
(If assigned)
Note: Do not submit social security numbers for individuals. Entity Type: Limited Liability Company Entity Status: Already Formed Is the applicant requesting that the Agency treat the application as Non-Profit sponsored? No Is the applicant requesting that the Agency treat the application as CHDO sponsored? No List all general partners, members,and principals. Specify nonprofit corporate general partners or members. Click [Add] to add additional partners, members, and principals.
Org: Address: City: Phone: EMail:
Stewart's Creek II, LLC Last Name: Eagan, Jr. State: NC Function: Managing Member Zip: 27103 1415 Old Mill Circle Winston-Salem
First Name: John
(336)765-6551 jeagan@cmc-nc.com
Fax: (336)765-3831 Nonprofit: No
Stewart's Creek II, LLC Last Name: Morgan State: NC Fax: (336)765-3831 Nonprofit: No Function: Member Zip: 27103 1415 Old Mill Circle Winston-Salem
First Name: Gaye
(336)231-8125 gmorgan@cmc-nc.com
Stewart's Creek II, LLC Last Name: Eagan State: NC Fax: (336)765-3831 Nonprofit: No Function: Member Zip: 27103 1415 Old Mill Circle Winston-Salem
First Name: David
(336)231-8146 deagan@cmc-nc.com
Org: Address: City: Phone:
Stewart's Creek II, LLC Last Name: Eagan, III State: NC Fax: (704)663-4035 Function: Member Zip: 28115 218 N. Main Street Mooresville
First Name: John
(704)663-6392
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EMail:
jeagan@alltel.net
Nonprofit: No
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Unit Mix
The Median Income for Duplin county is $48,100. Low Income Units Type # BRs Net Sq.Ft. Total # Units # Units Monthly Rent Utility Allowance Mandatory Serv. Fees **Total Housing Exp.
Gdn Apt 1 Gdn Apt 2 Gdn Apt 2 Gdn Apt 3 Gdn Apt 3
598 771 771 955 955
3 10 14 10 12
1 1 0 1 0
415 415 446 476 502

Electric
102 114 114 133 133

Gas
0 0 0 0 0
Other Trash
517 529 560 609 635
Utilities included in rents:
Water/Sewer
Employee Units (will add to Low Income Unit total) Total # Monthly Utility Mandatory **Total Type # BRs Net Sq.Ft. # Units Units Rent Allowance Serv. Fees Housing Exp. Utilities included in rents: Water/Sewer Electric Gas Other
Market Rate Units Type # BRs Net Sq.Ft. Total # Units # Units Monthly Rent Utility Allowance Mandatory Serv. Fees **Total Housing Exp.
Gdn Apt 2
771
446
Electric
114
Gas
0
Other Trash
560
Utilities included in rents:
Water/Sewer
Statistics All Units Low Income....... Market Rate....... Totals............... Gross Monthly Rental Income
Units
49 1 50
3 0 3
22423 446 22869
Proposed number of residential buildings: 10 Project Includes:
Maximum number of stories in buildings: 1
Separate community building - Sq. Ft. (Floor Area): 1,371
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Community space within residential bulding(s) - Sq. Ft. (Floor Area):
Elevators - Number of Elevators: Square Footage Information Gross Floor Square Footage:
48,569
Total Net Sq. Ft. (All Heated Areas): 47,856
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 2 2 3 3
Units
% targeted at 60 targeted at 50 targeted at 60 targeted at 50 targeted at 60 percent of median income affordable to percent of median income affordable to percent of median income affordable to percent of median income affordable to percent of median income affordable to
3 10 14 10 12
Total Low Income Units:
49
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
383,000
7.00
18
30
30,577
1,380,687
30
30
3,565,819
494
5,330,000
* "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. 82 Remarks concerning project funding sources: (Please be sure to include the name of the funding source(s)) It is anticipated that either Apollo Capital Partners, Raymond James Tax Credit Fund or Enterprise
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will provide equity for this proposed rehab. All parties have expressed an interest and have participated on prior tax credit developments with the developer and sponsors.
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Development Costs
Item Cost Element 1 Purchase of Building(s) (Rehab / Adaptive Reuse only) 2 Demolition (Rehab / Adaptive Reuse only) 3 On-site Improvements 4 Rehabilitation 5 Construction of New Building(s) 6 Accessory Building(s) 7 General Requirements (max 6% lines 2-6) 8 Contractor Overhead (max 2% lines 2-7) 9 Contractor Profit (max 8% lines 2-7; 6% if Identity of Interest) 10 Construction Contingency (max 3% lines 2-9, Rehabs 6%) 11 Architect's Fee - Design (11 + 12 = max 3% lines 2-10) 12 Architect's Fee - Inspection 13 Engineering Costs SUBTOTAL (lines 1 through 13) 14 Construction Insurance (prorate) 15 Construction Loan Orig. Fee (prorate) 16 Construction Loan Interest (prorate) 17 Construction Loan Credit Enhancement (prorate) 18 Construction Period Taxes (prorate) 19 Water, Sewer and Impact Fees 20 Survey 21 Property Appraisal 22 Environmental Report 23 Market Study 24 Bond Costs 25 Bond Issuance Costs 26 Placement Fee 27 Permanent Loan Origination Fee 28 Permanent Loan Credit Enhancement 29 Title and Recording TOTAL COST Eligible Basis 30% PV 70% PV
675,000 103,000 399,800 1,992,959 103,000 399,800 1,992,959
135,000 157,846 55,772 223,088 184,048 30,000 20,000 48,000 4,024,513 28,000 20,000 80,000
135,000 157,846 55,772 223,088 184,048 30,000 20,000 48,000
28,000 20,000 80,000
25,000 15,000 6,500 5,500 8,000 4,300
25,000 15,000 6,500 5,500 8,000 4,300
3,830
9,737
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SUBTOTAL (lines 14 through 29) 30 Real Estate Attorney 31 Other Attorney's Fees 32 Tax Credit Application Fees (Preliminary and Full) 33 Tax Credit Allocation Fee (0.60% of line 59, minimum $7,500) 34 Cost Certification / Accounting Fees 35 Tax Opinion 36 Organizational (Partnership) 37 Tax Credit Monitoring Fee SUBTOTAL (lines 30 through 37) 38 Furnishings and Equipment 39 Relocation Expense 40 Developer's Fee 41 42
205,867 30,000 10,000 2,200 32,312 12,000 12,000 30,000 10,000
1,200 35,000 122,712 35,000 100,000 498,240 35,000 100,000 498,240
Other Basis Expense (specify) Other Basis Expense (specify) 35,000
43 Rent-up Expense 44 45
Other Non-basis Expense (specify) Other Non-basis Expense (specify)

SUBTOTAL (lines 38 through 45)
668,240 15,000 118,668
46 Rent up Reserve 47 Operating Reserve 48 49
Other Reserve (specify) Other Reserve (specify) 5,155,000 0 4,227,053
50 DEVELOPMENT COST (lines 1-49) 51 Less Federal Financing 52 Less Disproportionate Standard 53 Less Nonqualified Nonrecourse Financing 54 Less Historic Tax Credit 55 TOTAL ELIGIBLE BASIS 56 Applicable Fraction (percentage of LI Units) 57 Basis Before Boost 58 Boost for QCT/DDA (if applicable, enter 130%) 59 TOTAL QUALIFIED BASIS
0 4,227,053 98.00% 4,142,512 0 98% 0 100.00% 5,385,266 0 4,227,053 98% 4,142,512 130.00% 5,385,266
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60 Tax Credit Rate 61 Federal Tax Credits at Estimated Rate 62 Federal Tax Credits at 9.00% or 3.75% (maximum $1,000,000) 63 Federal Tax Credits Requested 64 Land Cost 65 TOTAL REPLACEMENT COST FEDERAL TAX CREDITS IF AWARDED Comments:
3.40 457,748 484,674 0 175,000 5,330,000 484,674 0 0
8.50 457,748 484,674
Total Replacement Cost per unit: 65,030
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Market Study Information

Please provide a detailed description of the proposed project: The proposed project is the substantial rehabilitation of a 50-unit one-story garden apartment community originally developed in 1980 utilizing Section 515 Rural Rental Housing financing through the USDA's Farmers Home Administration. There are 10 residential buildings containing 3 - 1BR/1B units, 25 - 2BR/1B units and 22 - 3BR/1.5B units. There is no on-site rental office, maintenance shop, laundry, or community space. The buildings are structurally sound but suffer from age, obsolescence and lack of modern amenities. The plans for the project include replacing out-dated and inefficient heating/air conditioning systems with energyefficient 13 seer heat pumps, replacement of all existing roofs, replacing all windows with vinyl low-E glass insulated windows, replacing exterior doors, installing new storm doors, new patios with enclosed fencing and replacing the existing exterior lighting. Other significant repairs/replacements that must be addressed include electrical breaker panels, and GFI outlets in the kitchens and bathrooms. To improve the appearance of the buildings, gables will be added on new roofs of the buildings, shutters will be installed on windows, deteriorated masonite will be replaced with vinyl siding, and new gutters and downspouts will be installed. Entrances to the units will be made more attractive by installing a new roof line over the doorways. The interiors of the units require substantial renovation and modernization. While there have been sporadic upgrades in some units over the years, all of the units require substantial replacements. As a result of a Phase I Environmental Assessment performed in 2004, asbestos was observed in all unit tile flooring which will require abatement and/or encapsulation during the rehabilitation of the units. All bathroom wall-hung sinks, tubs/showers, toilets, plumbing fixtures and cabinets will be replaced in existing baths. The refrigerators and stoves in all units will be replaced with frost-free refrigerators with icemakers and energystar compliant stoves with self-cleaning ovens. New appliances will include a dishwasher and disposal. Most cabinetry and countertops will require replacement due to age, appearance and condition. The floors in all units will be replaced with carpet in living areas and new vinyl in kitchens and baths. Interior walls will undergo sheetrock repairs and painting and all interior doors, frames and hardware will be replaced. All units will have new updated light fixtures and mini-blinds. In addition, the developer plans to construct a Community Center of approximately 1371 square feet, which will not only include a rental office, laundry and maintenance shop; but will provide space for resident activities including a computer lab, activity/game room with TV. The community center will also have a public restroom and kitchenette. The property will employ an onsite manager and maintenance supervisor and as needed, part-time leasing and janitorial staff. Site improvements will include restoration of the parking lots including the installation of additional parking, required curb cuts and ramping for ADA compliance, new playground equipment, covered picnic area with grill, outdoor seating areas, fencing, much needed landscaping, and new signage. Existing clotheslines will also be removed from the property. For specific detail of planned rehabilitation of the physical aspects, see attached Scope of Work. The goal of the rehabilitation of Stewart's Creek II is to improve the quality of life of the residents not only through the physical improvement of their living environment but also in the provision of community services. The Town of Warsaw shares this vision by their support of this application. 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 Shutters, Vinyl Insulated Windows with Low-E glass and Full-View Tempered Glass Storm Doors.
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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: Furnished Community Center/Building with Kitchenette, Computer Lab and areas for management office and maintenance shop. Other amenities planned include a fenced Playground/Tot Lot, Covered Picnic Area with grill, outdoor seating areas and other recreational amenities.
Onsite Activities: A computer lab and business center will be located within the Community Center to allow residents access to the internet and to provide the necessary tools for computer-related training and adult educational courses. Site Management will work with local agencies to link programs and services available in the community to the residents. Particular emphasis will be placed on programs for children; including, but not limited to after-school and summer activities and programs.
Landscaping Plans: Existing lawns are mature but landscaping at the site is minimal. Plans include extensive foundation landscaping.
Interior Apartment Amenities: 13 seer Energy Efficient Heat Pumps to provide for central heating and air conditioning of the units is planned. Other interior amenities include energy star-compliant stove with self-cleaning oven, frost-free refrigerator with ice-maker, dishwasher, disposal, carpet/vinyl flooring and storm doors.
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 Trend and direction of real estate development and area economic health. Physical condition of buildings and improvements in the immediate vicinity. Concentration of affordable housing. Stewart's Creek II Apartments is located within an established residential neighborhood with some light industrial uses. Little to no new development has occurred in the area within the last few years with the exception of an adjacent 50 unit tax credit property, Tanglewood Apartments (formerly known as Stewart's Creek I Apartments), which is currently undergoing substantial renovations. No other affordable housing is located within the neighborhood with the nearest affordable housing located some one half mile away from the site. The buildings and improvements at the property are well maintained but suffer from obsolescence.
SURROUNDING LAND USES AND AMENITIES Land use pattern is residential in character (single and multifamily housing). Extent that the location is isolated. Effect of industrial, large-scale institutional or other incompatible uses, including but not limited to: 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). Amount and character of vacant, undeveloped land. The surrounding development contains mature single family dwellings with a few light commercial/industrial facilities nearby. West Dudley Street borders the north side of the property followed by vacant land. The area west of the property is vacant land. The area directly east of the property is Tanglewood Apartments, formerly known as Stewart's Creek I Apartments, and just southeast is a manufactured home park. The area to the south of the property is primarily single-family. Matthews Street and Cardinal Street bisect the property. Power lines are located across the street from West Dudley Street which runs parallel to the northern side of the property but are not believed to have any impact to the residents due to their distance from the site. The Town of Warsaw has a maintenance facilty within a few blocks of the property. In that traffic from such facility travels in the opposite direction from Stewart's Creek II Apartments, the maintenance facility has no negative impact upon the property. SITE SUITABILITY Adequate traffic safety controls (i.e. stop lights, speed limits, turn lanes). Burden on public facilities (particularly roads). Access to mass transit (if applicable). Visibility of buildings and/or location of project sign (s) in relation to traffic corridors. The property is bordered by Dudley Street, a public street running east and west along the northern boundary of the property. Another public road, Cardinal Street leads directly into the north and south sides of the site. Adequate traffic controls exist in the neighborhood in that the nearby streets typically handle light traffic throughout the residential area. When a train is in the area, it can temporarily block traffic on one of the adjoining roads but this does not impede the free flow of traffic in that multiple points of ingress and egress exist at the property. The property is not a burden to public facilities. The buildings and project signs are visible from the public streets servicing the neighborhood. The Town of Warsaw does not have a mass transit system. 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 projectssuitability for residential use and difficulties posed by the building(s), such as limited parking, environmental problems or the need for excessive demolition). No physical barriers or known negative features exist.
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Similarity of scale and aesthetics/architecture between project and surroundings. Stewart's Creek II Apartments is somewhat similar to the adjacent apartment community (Tanglewood Apartments) to the extent of it's one-story design. Though the property contains multifamily buildings, the property is aesthetically similar to the other single family residences within the neighborhood.
For each applicable neighborhood feature, enter distance from project in miles. Community/Senior Center
1 1 .5 .5 .5
Grocery Store Mall/Strip Center Outdoor Athletic Fields Day Care/After School Schools Public Transportation
10 10 .5
Hospital Pharmacy Basic Health Care
Stop
.25 .3 .5 .25
Convenience Store Public Parks Gas Station Library
Other facilities or services: Banks, Restaurants, Post Office, and Public Safety (fire and police) are within one-half mile of the property.
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Development Team
Provide contact information for development team members below:
Management Agent Company: Address: City: Phone Contact Name: Community Management Corporation P.O. Box 25168 Winston-Salem State: NC Zip: 27114-5168 Email: deagan@cmc-nc.com Last: Eagan
(336)231-8146
First: David
Architect Company: Address: City: Phone Contact Name: Ross/Deckard Architects, PA 3200 Atlantic Avenue, Suite 110 Raleigh State: NC Zip: 27604 Email: jr@rossdeckardarchitects.com First: JR Last: Ross
(919)875-0001
Attorney Company: Address: City: Phone Contact Name: Blanco Tackabery 110 South Stratford Road Winston-Salem State: NC Zip: 27104 Email: Last: Scogin
(336)293-9013
First: Carrie
Investor Company: Address: City: Phone Contact Name: Apollo Equity Partners 2101 Rexford Road, Suite 375W Charlotte State: NC Zip: 28211 Email: brian.flanagan@rbc.com Last: Flanagan
(980)233-6462
First: Brian
Consultant/Application Preparer (if different from developer) Company: Address: City: Phone Contact Name: First: State: Email: Last: Zip:
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General Contractor Company: Address: City: Phone Contact Name:
Identity of Interest?
Mutual Builders, Inc. P.O. Box 270 Smithfield State: NC Zip: 27577 Email: millard.stallings@mutualbuildersinc.ocm Last: Stallings
(919)934-0882
First: Millard
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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):
1,200 7,200 5,000
20,088 18,000
1,500 3,500 600 3,200
Training, Seminars, Mileage

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
1,000 61,288
10,600 3,500
3,500 17,600
1,200 600 2,400 900 120 10,000
1,200
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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):
1,800 12,000 18,000 2,000 1,800
2,400
6,000 1,500 1,000
Gas, Oil, Maintenance Mileage

Miscellaneous Operating & Maintenance Expenses SUBTOTAL Taxes and Insurance Real Estate Taxes 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:
62,920
25,000 4,800
9,000 250 1,200 5,200
SUBTOTAL Supportive Service Expenses Service Coordinator Service Supplies Tenant Association Funds Other Expenses (specify):
45,450
800 600 600 2,000
Training & Mileage

SUBTOTAL Reserves Replacement Reserves SUBTOTAL
17,500 17,500
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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
206,758 162,258 50 3,245
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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):
274,428
5,000 5,500 284,928 19,945 264,983 206,758 58,225 30,577 27,648 1.904
Interest Income/Late Charges/Damages/RR Withdrawals

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)
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 2 3 4 5 6 7 8 9 10
264,983 206,758 30,577 27,648 1.904

11
272,932 215,028 30,577 27,327 1.894

12
281,120 223,629 30,577 26,914 1.88

13
289,554 232,574 30,577 26,403 1.863

14
298,241 241,877 30,577 25,787 1.843

15
307,188 251,552 30,577 25,059 1.82

16
316,404 261,614 30,577 24,213 1.792

17
325,896 272,079 30,577 23,240 1.76

18
335,673 282,962 30,577 22,134 1.724

19
345,743 294,280 30,577 20,886 1.683

20
356,115 306,051 30,577 19,487 1.637
366,798 318,293 30,577 17,928 1.586
377,802 331,025 30,577 16,200 1.53
389,136 344,266 30,577 14,293 1.467
400,810 358,037 30,577 12,196 1.399
412,834 372,358 30,577 9,899 1.324
425,219 387,252 30,577 7,390 1.242
437,976 402,742 30,577 4,657 1.152
451,115 418,852 30,577 1,686 1.055
464,648 435,606 30,577 -1,535 0.95
* 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.
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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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Minimum Set-Asides
MINIMUM REQUIRED SET ASIDES (No Points Awarded): Select one of the following two options: 20% of the units are rent restricted and occupied by households with incomes at or below 50% of the median income (Note: No Tax Credit Eligible Units in the the project can exceed 50% of median income) 40% of the units are rent restricted and occupied by households with incomes at or below 60% of the median income (Note: No Tax Credit Eligible Units in the the project can exceed 60% of median income) If requesting RPP funds: 40% of the units 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 targeting 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.
Print - APP08-0127
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 (signed copies) C Ownership Entity Agreement, Development Agreement or any other agreements governing development services D Management Agent Agreement E Owner and Management Experience & Management Questionnaire (Appendix C) F Local Government Letter or Letter from Certified Engineer or Land Surveyor Confirming Floodplain Designation with Map showing all flood zones (original on letterhead, no fax or photocopies) G Local Government Letter Confirming Zoning including any pending notices or hearings (original on letterhead, no fax or photocopies) H Letters from Local Utility Providers regarding availability and capacity (original on letterhead, no fax or photocopies) I Documentation from utility company or local PHA to support estimated utility costs J Appraisal (required for land costs greater than $15,000 and for all Adaptive Re-use and Rehab projects) K Site plan, floor plans and elevations for all projects. Scope of work for Adaptive Re-use and Rehab projects. (Full Size, 24 x 36 inches) L Hazard and structural inspection and termite reports (Adaptive Re-use and Rehab projects only) M Copy of certificate of occupancy or proof of placed-in-service date (Rehabs Only) N Proposed Relocation Plan including relocation budget and copies of notices. Required for all Rehabs and any projects involving existing occupants of any dwellings to be rehabbed or demolished. O Evidence of Permanent Loan Commitment and other sources of funds ( i.e. Equity letter, AHP, RD and local government funds). For Rehabs with existing loans provide 1) copies of loan documents, 2) current loan balances from existing lenders with reserve balances, 3) letter from lender that outlines assumption requirements. P Local Housing Authority Agreement and Project Based Rental Assistance Letter, if applicable (Sample letters provided in Appendix I). For projects with existing PBRA contracts, provide a copy of the current contract and bank statement or other documentation verifying reserve balances and annual reserve contribution requirements. Q Statement regarding terms of Deferred Developer Fee. If a nonprofit is involved, a resolution from their board approving deferral of fee is required. R Inducement Resolution (Tax-Exempt Bond Financed Projects only)

Bermuda Run App

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Print - APP08-0127

Print Preview - Final Application

Census Tract: 9903

P. O. Box 464, 121 South Front Street Warsaw Zip: 28398

Site Latitude: Site Longitude:

https://www.nchfa.org/Rental/RTCApp/(S(v3vsal45...283956D3A&SNID=A11FD61C52B747FB974DF03A414BB077 (1 of 30)9/16/2008 10:20:01 AM

If yes, please describe:

https://www.nchfa.org/Rental/RTCApp/(S(v3vsal45...283956D3A&SNID=A11FD61C52B747FB974DF03A414BB077 (2 of 30)9/16/2008 10:20:01 AM

(336)231-8125 (336)765-0424 (336)765-3831 gmorgan@cmc-nc.com

https://www.nchfa.org/Rental/RTCApp/(S(v3vsal45...283956D3A&SNID=A11FD61C52B747FB974DF03A414BB077 (3 of 30)9/16/2008 10:20:01 AM

If buildable acreage is less than total acreage, please explain:

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

https://www.nchfa.org/Rental/RTCApp/(S(v3vsal45...283956D3A&SNID=A11FD61C52B747FB974DF03A414BB077 (4 of 30)9/16/2008 10:20:01 AM

https://www.nchfa.org/Rental/RTCApp/(S(v3vsal45...283956D3A&SNID=A11FD61C52B747FB974DF03A414BB077 (5 of 30)9/16/2008 10:20:01 AM

https://www.nchfa.org/Rental/RTCApp/(S(v3vsal45...283956D3A&SNID=A11FD61C52B747FB974DF03A414BB077 (6 of 30)9/16/2008 10:20:01 AM

https://www.nchfa.org/Rental/RTCApp/(S(v3vsal45...283956D3A&SNID=A11FD61C52B747FB974DF03A414BB077 (7 of 30)9/16/2008 10:20:01 AM

Federal Tax ID Number of Ownership Entity:

Org: Address: City: Phone: EMail:

First Name: John

Fax: (336)765-3831 Nonprofit: No

Org: Address: City: Phone: EMail:

First Name: Gaye

Org: Address: City: Phone: EMail:

First Name: David

Org: Address: City: Phone:

First Name: John

https://www.nchfa.org/Rental/RTCApp/(S(v3vsal45...283956D3A&SNID=A11FD61C52B747FB974DF03A414BB077 (8 of 30)9/16/2008 10:20:01 AM

https://www.nchfa.org/Rental/RTCApp/(S(v3vsal45...283956D3A&SNID=A11FD61C52B747FB974DF03A414BB077 (9 of 30)9/16/2008 10:20:01 AM

598 771 771 955 955

415 415 446 476 502

102 114 114 133 133

517 529 560 609 635

Utilities included in rents:

Utilities included in rents:

22423 446 22869

Proposed number of residential buildings: 10 Project Includes:

Maximum number of stories in buildings: 1

Separate community building - Sq. Ft. (Floor Area): 1,371

https://www.nchfa.org/Rental/RTCApp/(S(v3vsal45...283956D3A&SNID=A11FD61C52B747FB974DF03A414BB077 (10 of 30)9/16/2008 10:20:01 AM

Community space within residential bulding(s) - Sq. Ft. (Floor Area):

Total Net Sq. Ft. (All Heated Areas): 47,856

https://www.nchfa.org/Rental/RTCApp/(S(v3vsal45...283956D3A&SNID=A11FD61C52B747FB974DF03A414BB077 (11 of 30)9/16/2008 10:20:01 AM

Total Low Income Units:

https://www.nchfa.org/Rental/RTCApp/(S(v3vsal45...283956D3A&SNID=A11FD61C52B747FB974DF03A414BB077 (12 of 30)9/16/2008 10:20:01 AM

https://www.nchfa.org/Rental/RTCApp/(S(v3vsal45...283956D3A&SNID=A11FD61C52B747FB974DF03A414BB077 (13 of 30)9/16/2008 10:20:01 AM

https://www.nchfa.org/Rental/RTCApp/(S(v3vsal45...283956D3A&SNID=A11FD61C52B747FB974DF03A414BB077 (14 of 30)9/16/2008 10:20:01 AM

675,000 103,000 399,800 1,992,959 103,000 399,800 1,992,959

135,000 157,846 55,772 223,088 184,048 30,000 20,000 48,000

28,000 20,000 80,000

25,000 15,000 6,500 5,500 8,000 4,300

25,000 15,000 6,500 5,500 8,000 4,300

https://www.nchfa.org/Rental/RTCApp/(S(v3vsal45...283956D3A&SNID=A11FD61C52B747FB974DF03A414BB077 (15 of 30)9/16/2008 10:20:01 AM

205,867 30,000 10,000 2,200 32,312 12,000 12,000 30,000 10,000

1,200 35,000 122,712 35,000 100,000 498,240 35,000 100,000 498,240

Other Basis Expense (specify) Other Basis Expense (specify) 35,000

Other Non-basis Expense (specify) Other Non-basis Expense (specify)

668,240 15,000 118,668

46 Rent up Reserve 47 Operating Reserve 48 49

Other Reserve (specify) Other Reserve (specify) 5,155,000 0 4,227,053

https://www.nchfa.org/Rental/RTCApp/(S(v3vsal45...283956D3A&SNID=A11FD61C52B747FB974DF03A414BB077 (16 of 30)9/16/2008 10:20:01 AM

3.40 457,748 484,674 0 175,000 5,330,000 484,674 0 0

8.50 457,748 484,674

Total Replacement Cost per unit: 65,030