Ridgeland Terrace App

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Tax Credits, RPP Loans, and/or Tax Exempt Bond Loans
Project Description
Project Name: Ridgeland Terrace Address: City: Carolina Avenue/Westridge Drive Yadkinville County: Yadkin Zip: 27055 Block Group: 4
Census Tract: 505.01
Is project in Qualified Census Tract or Difficult to Develop Area? No Political Jurisdiction: Jurisdiction CEO Name: Jurisdiction Address: Jurisdiction City: Jurisdiction Phone: Town of Yadkinville First:Hubert Last: Gregory 709 Jefferson Street Yadkinville Zip: 27055 Title: Mayor
(336)679-8732
Site Latitude: Site Longitude:
36.1202 -76.2546
Project Type: New Construction 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? No If yes, list names of previous phase(s): Rehab: Number of residents holding Section 8 vouchers:
Will the project meet Energy Star standards as defined in Appendix B? Yes 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(pamaov45...062A9E768&SNID=44F04447701649D5A1E6094AD8849C0C (1 of 29)9/17/2008 10:19:42 AM
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If yes, please describe:
Target Population:Family Will the project be receiving project based federal rental assistance? No If yes, provide the subsidy source: and number of units: 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: 6 Persons with disabilities or homeless populations: 10% of the total units.
Number of Units: 5 Remarks: We are targeting 5 of the units for persons with disabilities as required by the 2008 QAP Section IV(F)(4). We are targeting 5% or 3 units for ADA and 5% or 3 units to comply with QAP Section IV(F)(3). In addition, 2% of the units will be equipped to serve persons with sight and or hearing impairments per Appendix B of the 2008 QAP.
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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: Bradley NC 2008, LLC P.O. Box 526 (709 N. Main Street) Aynor State: SC Zip: 29511 First: Brad Last:Queener Title:Member
(919)741-9328 (843)358-4886 (919)662-0124 tddouglasco@nc.rr.com
NOTE: Email Address above will be used for communication between NCHFA and Applicant.
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Site Description
Total Site Acreage: 6.175 Total Buildable Acreage: 6.175
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? 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:
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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)?No If yes provide: Purchase Date: Purchase Price:
If no: (a) Does the owner/principal or ownership entity have valid 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:
(c) Enter the current expiration date of the option/contract to purchase: 8/30/2008 (D) Enter Purchase Price: 226,931
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Zoning
Present zoning classification of the site:R-8A (5.925 acres) and B-2 (.25 acres) 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?No If yes, describe below:
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Ownership Entity
Owner Name: Address: City: Ridgeland Terrace, LLC P.O. Box 526 (709 N. Main Street, Suite 200) Aynor State:SC Zip: 29511
Federal Tax ID Number of Ownership Entity:
26-2404687
(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:
Ridgeland Terrace Managing Member, LLC Last Name: Queener State: SC Function: Managing Member Zip: 29511 P.O. Box 526 (709 N. Main Street, Suite 200) Aynor
First Name: Brad
(843)358-4886 bqueener@sccoast.net
Fax: (843)358-5085 Nonprofit: No
Org: Address: City: Phone: EMail:
Bradley NC 2008, LLC Last Name: Queener State: SC Fax: (843)358-5085 Nonprofit: No Function: Principal Zip: 29511 P.O. Box 526 (709 N. Main Street, Suite 200) Aynor
First Name: Brad
(843)358-4886 bqueener@sccoast.net
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Unit Mix
The Median Income for Yadkin county is $58,200. 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 1 Gdn Apt 1 Gdn Apt 2 Gdn Apt 2 Gdn Apt 2 Gdn Apt 2 Gdn Apt 3 Gdn Apt 3 Gdn Apt 3 Gdn Apt 3 Gdn Apt 3
717 717 826 1012 1012 1113 1113 1271 1271 1313 1313 1271
1 1 2 8 4 2 10 3 5 1 9 2
0 1 0 2 0 0 0 1 0 0 2 0
333 350 375 410 446 446 460 474 500 500 520 520
Electric
95 95 95 106 106 106 106 123 123 123 123 123

Gas
0 0 0 0 0 0 0 0 0 0 0 0
Other trash pick-up
428 445 470 516 552 552 566 597 623 623 643 643
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 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
Statistics
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All Units Low Income....... Market Rate....... Totals...............
Units
Gross Monthly Rental Income
48
22131
48
22131
Proposed number of residential buildings: 6 Project Includes:
Maximum number of stories in buildings: 2
Separate community building - Sq. Ft. (Floor Area): 1,742 Community space within residential bulding(s) - Sq. Ft. (Floor Area):
Elevators - Number of Elevators: Square Footage Information Gross Floor Square Footage:
66,832
Total Net Sq. Ft. (All Heated Areas): 59,965
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 2 2 2 3 3 3 1 1 1
Units
% targeted at 40 targeted at 50 targeted at 60 targeted at 40 targeted at 50 targeted at 60 targeted at 40 targeted at 50 targeted at 60 percent of median income affordable to/occupied by percent of median income affordable to/occupied by percent of median income affordable to/occupied by percent of median income affordable to/occupied by percent of median income affordable to/occupied by percent of median income affordable to/occupied by percent of median income affordable to/occupied by percent of median income affordable to/occupied by percent of median income affordable to/occupied by
8 6 10 3 6 11 1 1 2
Total Low Income Units:
48
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: Bonneville Multifamily 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
990,000
5.00
30
40
57,285
887,439
30
30
3,358,884 192,000
17,078
5,445,401
* "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)) RD 538 Loan commitment provided by Bonneville Multifamily. The commitment letter is attached in
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Exhibit O, as well as the letter from USDA Rural Development. The commitment is for up to $1,425,000 and an Interest Credit, will keep the interest rate at the AFR. Non-repayable grant -FHLBA AHP direct subsidy from BB&T- awarded. Award letter in Exhibit O. Equity Investor-Commitment letter from Alliant Capital LTD in Exhibit O.
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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
450,000
360,000
2,887,201
2,887,201
200,232 70,749 212,246 114,613 77,400 30,000 15,000 4,057,441 10,000 22,551 141,665
200,232 70,749 212,246 114,613 77,400 30,000 12,000
10,000 22,551 84,999
4,000 110,250 10,000 4,000 10,000 7,500
2,800 110,250 10,000 4,000 10,000 7,500
9,900
10,000
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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
339,866 15,000 34,000 2,200 28,917 10,000 5,000 1,000 33,600 129,717 30,000 30,000 10,000 15,000 34,000
504,000
504,000
Lender Attorney /inspecting Engineer & Attorney Other soft costs /perm loan closing costs 5,000
43 Rent-up Expense 44 45
Title / Survey Conversion Other Non-basis Expense (specify)

SUBTOTAL (lines 38 through 45)
539,000 14,400 138,046
46 Rent up Reserve 47 Operating Reserve 48 49
Other Reserve (specify) Other Reserve (specify) 5,218,470 0 4,819,541
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 4,819,541 100.00% 4,819,541 0 100% 0 100.00% 4,819,541 0 4,819,541 100% 4,819,541 100.00% 4,819,541
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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:
3.40 409,661 433,759 0 226,931 5,445,401 433,759 0 0
8.50 409,661 433,759
Total Replacement Cost per unit: 81,980
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Market Study Information

Please provide a detailed description of the proposed project: Ridgeland Terrace will be a 48-unit family community offering a safe and affordable place for the citizens of Yadkinville. Ridgeland Terrace will have 6 residential buildings and a clubhouse building. According to market studies performed on the area there is a great need for high-quality, affordable rental housing in Yadkinville. The site is located in close proximity to shopping, retail, commercial and medical services. Yadkinville continues to grow and as it does, the need for affordable housing becomes more prevalent.
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
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: Laundry room, online computer stations, community room, picnic and grill areas, playground and benches on property, and connecting sidewalks around the property that encourage walking.
Onsite Activities: We will work closely with local human service agencies to provide educational, social and health preservation programs for the families living at Ridgeland Terrace. We plan to invite local service providers and case managers to come on site and provide educational workshops for our residents. Residents will have access to the internet and computers in our computer center. Management will supply refreshments for these functions and coordinate services with the residents.
Landscaping Plans:
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Our landscaping plan will be creative as we hope to incorporate many different kinds of evergreens and deciduous species trees and shrubbery around the buildings. Specific flowering type trees will also be utilized to accent color beauty, and texture, as will colorful perennials and accent flower beds. Overall the landscaping plan will facilitate picnicking and leisurely strolls around the development.
Interior Apartment Amenities: Ranges, range hoods, dishwashers, refrigerators (frost-free), interior and exterior storage areas, miniblinds, pantry, ceiling fans, walk in closets, carpet and washers and dryers hook-ups.
Do you plan to submit additional market data (market study, etc.) that you want considered? Yes If yes, please make sure to include the additional information in your pre-application packet.
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Applicant's Site Evaluation

Briefly describe your site in each of the following categories: NEIGHBORHOOD CHARACTERISTICS 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. Yadkinville and the surrounding areas are expanding rapidly and the need for quality housing continues to grow. The area in which the development is proposed is located within a mix of multi-family and single family residences.
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 land use pattern of the surrounding areas is a mix of single family and multi-family. The proposed development will not adversely affect the overall character of the surrounding neighborhood. The Westridge Townhomes, owned by indpendent owners, are very nice and they are located adjacent to 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. There are adequate traffic safety controls close to the site and the proposed development will overburden the public facilities. The buildings of the development will be clearly visible in relation to the traffic corridors. We have obtained access and added an ingress/egress to the site from the service road and hope to use the roadway from Westridge Drive for emergency only, if necessary. We believe this is a big plus as comments from NCHFA in past years have indicated that an ingress/egress in an alternate location (due to the size of Westridge Dr) could significantly influence the site evaluation of this property. There is no mass transit available to the site, but there is a van service that will pick up senior and disabled residents and take them to medical appointments. 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). There are no on-site negative features or physical barriers that will impede project construction or adversely affect future tenants.
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Similarity of scale and aesthetics/architecture between project and surroundings. The scale of the buildings will be on par with the other multi-family developments in the area as well as the single family residences.
For each applicable neighborhood feature, enter distance from project in miles.
.8 1.3 2 1.1 1.3 0

Stop
Grocery Store Mall/Strip Center Outdoor Athletic Fields Day Care/After School Schools Public Transportation
1.4
Center
Community/Senior
1.7 .8 .8
Hospital Pharmacy Basic Health Care
.4 2 .4 1.3
Convenience Store Public Parks Gas Station Library
Other facilities or services: Cape Fear Transportation and Yveti Transportation Services both serve Yadkinville and will be available to transport our future residents to medical care, although there is no public transportation service. We have included a map in the Directions/Maps section to show more nearby services.
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Development Team
Provide contact information for development team members below:
Management Agent Company: Address: City: Phone Contact Name: Vista Capital Management Group, Inc. 201 E. McBee Ave. , Third Floor, Suite 300-B Greenville State: SC Zip: 29601 Email: wredding@vistacm.com Last: Redding
(864)404-3500
First: Wayne
Architect Company: Address: City: Phone Contact Name: Humphreys & Partners Architects 8929 J. M. Keynes Drive, Suite 355 Charlotte State: NC Zip: 28262 Email: sarmad@humphreys.com Last: Fahmi
(704)510-1357
First: Sarmad
Attorney Company: Address: City: Phone Contact Name: Blanco Tackabery 110 S. Stratford Rd., Suite 500 Winston Salem State: NC Zip: 27104 Email: cws@blancolaw.com Last: Scogin
(336)293-9000
First: Carolyn
Investor Company: Address: City: Phone Contact Name: Alliant Capital, LTD. 340 Royal Poinciana Way, Suite 305 Palm Beach State: FL Zip: 33480 Email: bbass@q10churchill.com Last: Bass
(727)461-2200
First: Becker
Consultant/Application Preparer (if different from developer) Company: Address: City: Phone Contact Name: Halcon Properties & Consulting, LLC 1403-305 Pitching Wedge Drive Raleigh State: NC Zip: 27603 Email: tddouglasco@nc.rr.com Last: Dusenbury
(919)662-0122
First: Traci
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General Contractor Company: Address: City: Phone Contact Name:
Identity of Interest?
Progress Builders, LLC PO BOX 160 / 709 N. Main Street Aynor State: SC Zip: 29511 Email: mallard@progressbuildersllc.com Last: Allard
(843)358-1052
First: Michael
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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):
1,000
2,500
19,000 32,000
3,540 3,500 1,000 0
computercenter/high speed internet/computer maintenance

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
62,540
6,600 5,000
4,500 16,100
1,500 2,500 3,500
5,200
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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):
2,000 7,500
2,400 4,000
2,000
500
500 2,400
computer/high speed internet/computer center

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:
34,000
31,567 6,000
12,000
3,800
SUBTOTAL Supportive Service Expenses Service Coordinator Service Supplies Tenant Association Funds Other Expenses (specify):
53,367
1,000 200
SUBTOTAL Reserves Replacement Reserves SUBTOTAL
1,200
12,000 12,000
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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
179,207 134,440 48 2,801
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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):
265,572
6,480
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)
272,052 19,044 253,008 179,207 73,801 57,285 16,516 1.288
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
253,008 179,207 57,285 16,516 1.288

11
260,598 186,375 57,285 16,938 1.296

12
268,416 193,830 57,285 17,301 1.302

13
276,468 201,583 57,285 17,600 1.307

14
284,762 209,646 57,285 17,831 1.311

15
293,305 218,032 57,285 17,988 1.314

16
302,104 226,753 57,285 18,066 1.315

17
311,167 235,823 57,285 18,059 1.315

18
320,502 245,256 57,285 17,961 1.314

19
330,117 255,066 57,285 17,766 1.31

20
340,021 265,269 57,285 17,467 1.305
350,222 275,880 57,285 17,057 1.298
360,729 286,915 57,285 16,529 1.289
371,551 298,392 57,285 15,874 1.277
382,698 310,328 57,285 15,085 1.263
394,179 322,741 57,285 14,153 1.247
406,004 335,651 57,285 13,068 1.228
418,184 349,077 57,285 11,822 1.206
430,730 363,040 57,285 10,405 1.182
443,652 377,562 57,285 8,805 1.154
* 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: 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. 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.
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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 (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)

Ridgeland Terrace App

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Ridgeland Terrace App

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Print - APP08-0053

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Census Tract: 505.01

Site Latitude: Site Longitude:

https://www.nchfa.org/Rental/RTCApp/(S(pamaov45...062A9E768&SNID=44F04447701649D5A1E6094AD8849C0C (1 of 29)9/17/2008 10:19:42 AM

If yes, please describe:

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(919)741-9328 (843)358-4886 (919)662-0124 tddouglasco@nc.rr.com

https://www.nchfa.org/Rental/RTCApp/(S(pamaov45...062A9E768&SNID=44F04447701649D5A1E6094AD8849C0C (3 of 29)9/17/2008 10:19:42 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:

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https://www.nchfa.org/Rental/RTCApp/(S(pamaov45...062A9E768&SNID=44F04447701649D5A1E6094AD8849C0C (5 of 29)9/17/2008 10:19:42 AM

https://www.nchfa.org/Rental/RTCApp/(S(pamaov45...062A9E768&SNID=44F04447701649D5A1E6094AD8849C0C (6 of 29)9/17/2008 10:19:42 AM

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Federal Tax ID Number of Ownership Entity:

Org: Address: City: Phone: EMail:

First Name: Brad

Fax: (843)358-5085 Nonprofit: No

Org: Address: City: Phone: EMail:

First Name: Brad

https://www.nchfa.org/Rental/RTCApp/(S(pamaov45...062A9E768&SNID=44F04447701649D5A1E6094AD8849C0C (8 of 29)9/17/2008 10:19:42 AM

95 95 95 106 106 106 106 123 123 123 123 123

Utilities included in rents:

https://www.nchfa.org/Rental/RTCApp/(S(pamaov45...062A9E768&SNID=44F04447701649D5A1E6094AD8849C0C (9 of 29)9/17/2008 10:19:42 AM

All Units Low Income....... Market Rate....... Totals...............

Gross Monthly Rental Income

Proposed number of residential buildings: 6 Project Includes:

Maximum number of stories in buildings: 2

Total Net Sq. Ft. (All Heated Areas): 59,965

https://www.nchfa.org/Rental/RTCApp/(S(pamaov45...062A9E768&SNID=44F04447701649D5A1E6094AD8849C0C (10 of 29)9/17/2008 10:19:42 AM

Total Low Income Units:

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https://www.nchfa.org/Rental/RTCApp/(S(pamaov45...062A9E768&SNID=44F04447701649D5A1E6094AD8849C0C (12 of 29)9/17/2008 10:19:42 AM

https://www.nchfa.org/Rental/RTCApp/(S(pamaov45...062A9E768&SNID=44F04447701649D5A1E6094AD8849C0C (13 of 29)9/17/2008 10:19:42 AM

200,232 70,749 212,246 114,613 77,400 30,000 12,000

10,000 22,551 84,999

4,000 110,250 10,000 4,000 10,000 7,500

2,800 110,250 10,000 4,000 10,000 7,500

https://www.nchfa.org/Rental/RTCApp/(S(pamaov45...062A9E768&SNID=44F04447701649D5A1E6094AD8849C0C (14 of 29)9/17/2008 10:19:42 AM

Title / Survey Conversion Other Non-basis Expense (specify)

539,000 14,400 138,046

46 Rent up Reserve 47 Operating Reserve 48 49

Other Reserve (specify) Other Reserve (specify) 5,218,470 0 4,819,541

https://www.nchfa.org/Rental/RTCApp/(S(pamaov45...062A9E768&SNID=44F04447701649D5A1E6094AD8849C0C (15 of 29)9/17/2008 10:19:42 AM

3.40 409,661 433,759 0 226,931 5,445,401 433,759 0 0

8.50 409,661 433,759

Total Replacement Cost per unit: 81,980

https://www.nchfa.org/Rental/RTCApp/(S(pamaov45...062A9E768&SNID=44F04447701649D5A1E6094AD8849C0C (16 of 29)9/17/2008 10:19:42 AM

Market Study Information

Front Gables or Dormers Other:

Wide Banding or Vertical/Horizontal Siding

https://www.nchfa.org/Rental/RTCApp/(S(pamaov45...062A9E768&SNID=44F04447701649D5A1E6094AD8849C0C (17 of 29)9/17/2008 10:19:42 AM

https://www.nchfa.org/Rental/RTCApp/(S(pamaov45...062A9E768&SNID=44F04447701649D5A1E6094AD8849C0C (18 of 29)9/17/2008 10:19:42 AM

Applicant's Site Evaluation

https://www.nchfa.org/Rental/RTCApp/(S(pamaov45...062A9E768&SNID=44F04447701649D5A1E6094AD8849C0C (19 of 29)9/17/2008 10:19:42 AM

.8 1.3 2 1.1 1.3 0

Hospital Pharmacy Basic Health Care

Convenience Store Public Parks Gas Station Library

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General Contractor Company: Address: City: Phone Contact Name:

https://www.nchfa.org/Rental/RTCApp/(S(pamaov45...062A9E768&SNID=44F04447701649D5A1E6094AD8849C0C (22 of 29)9/17/2008 10:19:42 AM