Magnolia Pointe

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Print Preview - Final Application

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

Project Name: Magnolia Pointe Address: City: Intersection of Danube Lane and Hebron Road Durham County: Durham Zip: 27704 Block Group:
Census Tract: 17.09
Is project in Qualified Census Tract & Difficult to Develop area? Yes Does a community revitalization plan exist? No Political Jurisdiction: Jurisdiction Address: Jurisdiction City: Jurisdiction Phone: City of Durham Last: Bell Title: Mayor Office of the Mayor, 101 City Hall Plaza Durham (919)560-4333 Zip: 27701
Jurisdiction CEO Name: First: William
Site Latitude: Site Longitude:
https://www.nchfa.org/Rental/RTCApp/(jo35a2zeigg314ycwfyzszub)/site/PrintApp.aspx?I... 1/14/2005
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Project Description
Project Type:* New Construction Rehab Adaptive Reuse
Is this project a follow-on (Phase II, etc) to a previously-awarded tax credit development project? No If yes, list names of previous phase(s): Will the project be receiving project based federal rental assistance? No If yes, provide the subsidy source: and number of units:
Target Population: Family Indicate below any additional targeting for special populations proposed for this project: Mobility impaired handicapped: 5% of units comply with QAP Section IV(F)(3) (in addition to the units required by other federal and state codes.) Persons with disabilities or homeless populations: the greater of 5 units or 10% of the total units Remarks:
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Applicant Information
Applicant Name: Address: City: Contact: Telephone: The NRP Group,LLC 8601 Six Forks Road, Suite 400 Raleigh First: Jannice (919)882-2135 State: NC Zip: 27615 Last: Ashley Title: Project Manager
Alt Phone:
(919)882-2133
Fax:
(919)882-2137
Email Address:
jashley@nrpgroup.com
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Site Description
Total Site Acreage: 28.2 Total Buildable Acreage: 14.4 If buildable acreage is less than total acreage, please explain: Due to required buffers, storm water management and open space requirements. Note: The proposed development will utilize approximately 23 acres of the site (10.9 developable acreage). Residual land is available for future residential development.
Identify utilities and services currently available (and with adequate capacity) for this site: Storm Sewer Water Sanitary Sewer Electric
Is the demolition of any buildings required or planned? No If yes, please describe:
Are existing buildings on the site currently occupied? No If yes: (a) Briefly describe the situation:
(b) Will tenant displacement be temporary? (c) Will tenant displacement be permanent? Is the site directly accessed by an existing, paved, publicly maintained road? Yes If no, please explain:
Is any portion of the site located inside the 100 year floodplain? No If yes: (a) Describe placement of project buildings in relation to this area:
(b) Describe flood mitigation if the project will have improvements within the 100 year floodplain:
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Site Control
Does the owner have fee simple ownership of the property (site/buildings)? No If yes provide: Purchase Date: If no: (a) Does the owner/principal or ownership entity have vaild option/contract to purchase the property? Yes (b) Does an identity of interest (direct or indirect) exist between the owner/principal or ownership entity with the option/contract for purchase of the property and the seller of the property? No If yes, specify the relationship:
Purchase Price:
(c) Enter the current expiration date of the option/contract to purchase: 12/31/2004 (D) Enter Purchase Price: 2,100,000
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Zoning
Present zoning classification of the site: PDR 4.99 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:
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: Magnoia Pointe L.P. Address: City: 8601 Six Forks Road, Suite 400 Raleigh State: NC Zip: 27615 (If assigned) 56-2223008 (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: To Be Formed Is the applicant requesting that the Agency treat the application as Non-Profit sponsored? Is the applicant requesting that the Agency treat the application as CHDO sponsored?
No No
List all general partners, members,and principals. Specify nonprofit corporate general partners or members. Click [Add] to add additional partners, members, and principals.
Org:
NRP Southeast Properties, LLC Last Name: Scott Function: Managing General Partner
First Name: Alan F. Address: City: Phone: EMail:
5309 Transportation Blvd. Cleveland (216)475-8900 ascott@nrpgroup.com State: OH Zip: 44125
Fax: (216)475-0700 Nonprofit: No TaxID 56-2223008
Org:
NRP Southeast Properties, LLC Last Name: Bailey Function: General Partner
First Name: T. Rick Address: City: Phone: EMail:
5309 Transportation Blvd. Cleveland (216)475-8900 rbailey@nrpgroup.com State: OH Zip: 44125
Org:
NRP Southeast Properties, LLC Last Name: Heller Function: General Partner
First Name: J. David Address: City: Phone: EMail:
5309 Transportation Blvd. Cleveland (216)475-8900 jdheller@nrpgroup.com State: OH Zip: 44125
Org:
NRP Southeast Properties, LLC Last Name: Parker Function: General Partner
First Name: Brad Address: City: Phone: EMail:
8601 Six Forks Road, Suite 400 Raleigh (919)882-2134 State: NC Zip: 27615
Fax: (919)882-2137 Nonprofit: No TaxID
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bparker@nrpgroup.com
56-2223008
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Unit Mix
The Median Income for Durham county is $71,300. Low Income Units Type Gdn Apt Gdn Apt Gdn Apt Gdn Apt Gdn Apt # BRs Net Sq.Ft. 1 1 2 2 3 823 823 1062 1046 1276 Total # Units 39 9 84 12 36 # Units 0 2 4 1 2 Monthly Rent 625 425 780 750 850 Electric Utility Allowance 60 60 75 75 95 Gas Other Trash Mandatory Serv. Fees **Total Housing Exp. 685 485 855 825 945
Utilites included in rents:
Water/Sewer
Employee Units (will add to Low Income Unit total) Type # BRs Net Sq.Ft. Total # Units # Units Monthly Rent Electric Utility Allowance Gas Other Mandatory Serv. Fees **Total Housing Exp.
Water/Sewer
Market Rate Units Type # BRs Net Sq.Ft. Total # Units # Units Monthly Rent Utility Allowance Gas Other Mandatory Serv. Fees **Total Housing Exp.
Water/Sewer
Electric
Statistics All Units Low Income....... Market Rate....... Totals............... 180 9 133320 180 Gross Monthly Rental Income 133320
Units 9
Proposed number of residential buildings: 9 Project Includes:
Maximum number of stories in buildings: 3
Separate community building - Sq. Ft. (Floor Area): 3,391 Community space within residential bulding(s) - Sq. Ft. (Floor Area): Elevators - Number of Elevators: Square Footage Information Gross Floor Square Footage: 228,194
Total Net Sq. Ft. (All Heated Areas): 190,591
Notes
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**
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 3 9 39 96 36
Units targeted at 40 targeted at 60 targeted at 60 targeted at 60
% percent of median income. percent of median income. percent of median income. percent of median income.
Total Low Income Units:
180
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
11,800,000
6.00 0
40 30
40 30
779,102 0
5,610,025
409,113 100
17,819,238
* "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. 85 Remarks concerning project funding sources: (Please be sure to include the name of the funding source(s)) GMAC-Construction and Permanent CAHEC-Equity
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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 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: meters, borings, permits Other Basis Expense (specify) Other Non-basis Expense (specify) Other Non-basis Expense (specify) SUBTOTAL (lines 36 through 43) 44 Rent up Reserve 1,615,621 1,347,055 168,566 1,347,055 168,566 25,000 1,839,807 60,000 5,000 49,280 5,000 1,998 3,500 76,500 201,278 100,000 100,000 49,280 5,000 60,000 15,000 362,714 25,000 7,000 2,000 5,500 477,900 286,650 15,000 362,714 25,000 7,000 2,000 5,500 608,043 608,043 8,200,000 552,350 609,141 215,230 645,689 348,672 200,000 26,500 12,197,582 25,000 25,000 8,200,000 552,350 609,141 215,230 645,689 348,672 200,000 26,500 1,400,000 1,400,000 TOTAL COST Eligible Basis 30% PV 70% PV 0
41 Rent-up Expenses
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45 Operating Reserve 46 47 Other Reserve (specify) Other Reserve (specify)
464,950
48 DEVELOPMENT COST (lines 1-47) 49 Less Federal Financing 50 Less Disproportionate Standard 51 Less Nonqualified Nonrecourse Financing 52 Less Historic Tax Credit (residential) 53 TOTAL ELIGIBLE BASIS 54 Applicable Fraction (percentage of LI Units) 55 Basis Before Boost 56 Boost for QCT/DDA (if applicable, enter 130%) 57 TOTAL QUALIFIED BASIS 58 Tax Credit Rate 59 Federal Tax Credits at Estimated Rate 60 Federal Tax Credits at 8.5% or 3.75% 61 Federal Tax Credits Requested 62 Land Cost 63 TOTAL REPLACEMENT COST Comments:
16,319,238
14,977,740
0 14,977,740 100.00% 14,977,740 19,471,062 660,069 730,164 729,813 1,500,000 17,819,238 14,977,740 100% 14,977,740 130.00% 19,471,062 3.39% 660,069 730,164 729,813 0 100% 0 130.00% 0 0.00% 0 0
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Market Study Information

Please provide a detailed description of the proposed project: Magnolia Pointe will be a 180 unit, bond financed development for families. The development will consist of 9, three-story buildings and a clubhouse. There will be 48, 1 bedroom/1 bath units, 96, two bedroom/2 bath units, and 36, three bedroom/2 bath units. Five percent(5%) of the units [nine 1 bedroom units] will be targeted to households at 40% and below of the area median income and the remainder will be targeted to households at 60% of ami and below. The proposed rents for the 40% units are approximately $50 below the 2003 maximum allowable rents for Durham County. The proposed rents for the 60% units are between $120-170 below the maximum allowable rents. Magnolia Pointe will be part of the Villages of Independence a planned unit development. The first major phase of this PUD is already under construction and will consist of a mix of 220 single-family houses and townhomes ranging in prices from $109,000 to $250,000. Completion is expected by July 2004. The second phase of the PUD, of which the proposed development will be a part, is just underway now and has been approved for a total of 690 units (200 single-family houses, 239 townhouses, and up to 256 multi-family units or "cluster" homes. Overall, the development is located in a N. Durham neighborhood that has an ideal mix of residential and commercial retail/service uses. The area is clearly one of strong developmental growth with a number of new shopping centers (Independence Park-with a Lowes home improvement store, super Walmart, fast food restaurants and fine dining), a new medical park (affiliated with Duke Medical), new single-family and townhome subdivisions (with price ranges from the low-$100,000's to $250,000+)all less than a half a mile from the project site. An older shopping plaza, Oxford Commons, with a Walmart is also less than half a mile from the site. Durham Regional Hospital and Sprint are both located just over a half a mile from the site allowing for excellent employment opportunities. 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
The buildings will have an arts and crafts architectural style with such features as shingle accents, brackets, and hipped roofs with gables. Additionally, all units will have 9' high ceilings with crown molding and built-in bookshelves. As noted below, the basic building style and unit design of this project will be very similar to our project Falls Pointe at the Park completed in June 2002. Pictures are included in the market analyst packet.
Have you built other tax credit developments that use the same building design as this project? Yes If yes, please provide name and address: Falls Pointe at the Park 100 Cascade Falls Lane (off corner of S. Alston Ave. and Alexander Dr.) Durham, NC 919-806-5400
Site Amenities (check all that apply): Community Bldg - Sq Ft: 3,391 Laundry Rm Game/Craft Rm Chapel/Prayer Rm Irrigated Lawns Walking Trails Pool Onsite Activities: Screened Porch Exercise Rm Picnic Area Security Gate Garden Spots Fitness Stations Community Room - Sq Ft: 2,549 Resident Computer Center TV Rm Onsite Leasing Office Car Care Area Basketball/Tennis Court Horseshoe Pit Garages - Number: 20 Exam Rm Beauty Salon Onsite Mgr Storage Units Playground Shuffleboard Reading Rm/Library Vending Rm Onsite Maint. Person Gazebos Ball Field Covered Drive Thru
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The site manager will be expected to play an active role in ensuring that social activities (such as holiday parties, movie nights and other regular events) occur on-site. Additionally, the manager will be familiar with service providers in the area and will work to connect residents in need of such services to these providers.
Landscaping Plans: Landscaping will be extensively utilized to beautify the development's green areas and to blend the development into its environment. Parking lots and drives will be lined with shade trees and plant materials will compliment the natural fauna. Ample open space (including a 10 acre tree/nature preserve area)will be maintained to allow for such amenities as a gazebo, walking trail and garden plots.
Interior Apartment Amenities (check all that apply): Range W/D Hookups Flooring: Carpet Hood Mini-blinds Vinyl Central Air Dishwasher Pantry Wood Gas Heat Disposal Ceiling fans Wood Parquet Heat Pump Refrigerator (frost free) Walk-in closets Other Storage interior/exterior
Ceramic Tile Electric Pump
Heating/Cooling:
Do you plan to submit additional market data (market study, etc.) that you want considered? No If yes, please make sure to include the additional information in your pre-application packet.
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Applicant's Site Evaluation

Briefly describe your site in each of the following categories: NEIGHBORHOOD CHARACTERISTICS Physical condition of buildings and improvements. Trend and direction of real estate development relative to the project. Area economic health (degree of decline or investment). Concentration of affordable housing. Magnolia Pointe will be part of the Villages of Independence a planned unit development. The first major phase of this PUD is already under construction (on Danube Lane across from Ben Franklin St.) and will consist of a mix of 220 single-family houses and townhomes ranging in prices from $109,000 to $250,000. Completion is expected by July 2004. The second phase of the PUD, of which the proposed development will be a part, is just underway now and has been approved for a total of 690 units (200 single-family houses, 239 townhouses, and up to 256 multi-family units or "cluster" homes.(see PUD plan with map section) The area is clearly one of strong developmental growth with a number of new shopping centers, a new medical park (affiliated with Duke Medical), and as noted, new single-family and townhome subdivisions (with price ranges from the low-$100,000's to $250,000+)all less than a half a mile from the project site. Summer Meadows which is across from the site on Hebron Rd. will consist of approximately 400 homes and further east on Hebron DR Horton and Torrey Homes are building 250 townhomes. The proposed development will be located less than a mile from several tax credit properties which are on E.Carver Street [Carver Pond {family}, Carver Place {elderly} and Preiss Steele Place {elderly}]. All of these tax credit developments were built prior to 1997, are in good to excellent condition, and have good occupancy. According to a NCHFA market study done last year, the family development, Carver Pond had a vacancy of less than 5%. The existence of this other affordable housing will not negatively impact the proposed development since there is a healthy balance in the neighborhood between this type of housing and higher end single-family, townhomes and market rate apartments. Suitability of surrounding development. Land use pattern is primarily residential (single and multifamily housing) with a balance of other uses (particularly retail and amenities). Amount and character of vacant, undeveloped land. Effect of industrial, large-scale institutional or other incompatible uses: wastewater treatment facilities, high traffic corridors, junkyards, prisions, landfills, large swamps, distribution facilities, frequently used railroad tracks, power transmission lines and towers, factories or similar operations, sources of excessive noise, and sites with environmental concerns (such as odors or pollution). As noted, Magnolia Pointe will be located within a planned unit development therefore, the surrounding land use is primarily residential. The proposed development is also located in a N. Durham neighborhood which has an ideal mix of residential and commercial retail/service uses. A new shopping center, Independence Park is less than a half a mile from the site and has a Lowes home improvement store, a super Walmart, several fast food restaurants, fine dining establishments and banks. The new Independence medical park (affiliated with Duke Medical) is also less than a half a mile from the site and has over 1,000,000 square feet of hospital off-site surgical, medical and diagnostic offices. As noted there are many new single-family and townhome subdivisions surrounding the proposed site(with price ranges from the low-$100,000's to $250,000+)all less than a half a mile from the project site. An older shopping plaza, Oxford Commons, with a Walmart, Food Lion, video store, clothing stores, and Dollar General is also less than half a mile from the site along N. Roxboro Road. Durham Regional Hospital and Sprint are both located just over a half a mile from the site on N. Roxboro Road allowing for excellent employment opportunities. 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 capacity of the road has been deemed to be adequate for the planned unit development of which Magnolia Pointe will be a part. As noted, the City of Durham has approved the master pud plan for up to 690 residential units. Some road improvements along Danube and Hebron will be required as part of this approved plan. For example, Magnolia Pointe will be required to build a deceleration lane into the development on Danube. As shown in the site plan, there will be two means of ingress/egress into the development one onto Hebron Avenue and one onto Danube Lane. Several public transit (bus stops) are located less than a half a mile from the site on E. Carver St. Degree of on-site negative features and physical barriers that will impede project construction or adversely affect future tenants; for example: power transmission lines and towers, flood hazards, steep slopes, large boulders, ravines, year-round streams, wetlands, and other similar features. For adaptive re-use projects- suitability for residential use and difficulties posed by the building(s), such as limited parking, environmental problems or the need for excessive demolition. There are no negative site features that will impede the development of this site. An intermittant
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stream does exist on the lower (southern portion of the site). However, this portion of the site will not be developed and will serve as a nature/tree preserve in order to meet the City of Durham's Open Space requirement.
Similarity of scale and aesthetics/architecture between project and surroundings. The proposed development, though part of a PUD, will be located on its own separate parcel and therefore, will not be directly next to the one and two story single-family homes. The owners of the PUD have reviewed the proposed elevations for Magnolia Pointe and feel the design is quite compatible with and complimentary to the other residences to be built in the PUD.
For each applicable neighborhood feature, enter distance from project in miles. 0.5 0.5 0.5 1 2 0.8 0.5 2 2 0.5 3 0 0 Grocery Store Mall/Strip Center Outdoor Athletic Fields Day Care/After School Schools 0.3 0.8 0.5 0.3 0.3 Community/Senior Center Hospital Pharmacy Basic Health Care Medical Offices Bank/Credit Union Restaurants Professional Services Movie Theater Video Rental Public Safety (Fire/Police) Post Office
Public Transportation Stop 0.5 Convenience Store Basketball/Tennis Courts Public Parks Gas Station Library Fitness/Nature Trails Public Swimming Pools 0.5 0.3 1 1 3 1
Other facilities or services: The proposed development will have its own pool and fitness/nature trails.
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Development Team
Provide contact information for development team members below: Management Agent Company: NRP Management,LLC Address: City: Phone 5309 Transportation Blvd. Cleveland (216)475-8900 State: OH Zip: 44125 Email: pconnelly@nrpgroup.com Last: Connelly
Contact Name: First: Patrick
Architect Company: Address: City: Phone
Cline Design Associates PA 125 N. Harrington St. Raleigh (919)833-6413 State: NC Zip: 27603 Email: davidbo@clinedesignassoc.com Last: Boone
Contact Name: First: David
Attorney Company: Address: City: Phone
Womble, Carlyle, Sandridge & Rice, PLLC One Wachovia Center, Suite 3300 Charlotte (704)331-4964 State: NC Zip: 28202 Email: tbrockmann@wcsr.com Last: Brockmann
Contact Name: First: Todd
Investor Company: Address: City: Phone
CAHEC 7700 Falls of Neuse Road, Suite 200 Raleigh (919)420-0063 State: NC Zip: 27615 Email: dboole@cahec.com Last: Boole
Contact Name: First: Dana
Consultant/Application Preparer (if different from developer) Company: Address: City: Phone Contact Name: First: State: Email: Last: Zip:
Identity of Interest? General Contractor Company: NRP Contractors, LLC Address: City: Phone 5309 Transportation Blvd. Cleveland (216)475-8900 State: OH Zip: 44125 Email: dswindell@nrpgroup.com Last: Swindell
Contact Name: First: Dave
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Project Team Experience

Development List number low-income/tax credit housing projects and units developed, operated, and maintained in compliance by the principal(s) between December 1, 1996 and January 1, 2003: North Carolina Other States Projects: Units: 3 430 26 1,529
Management List number of low-income housing tax credit units managed in the past 10 years: North Carolina Other States Projects: Units: 3 430 7 513
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: $ 11,800,000 RD 515 Financing: Hope VI Financing: Other: $ $ $ Yes Yes Yes Yes Yes
If Other, specify the type of Federal subsidy:
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Projected Operating Costs

Project Operations (Year One) Administrative Expenses Advertising Office Salaries Office Supplies Office or Model Apartment Rent Management Fee Manager or Superintendent Salaries Manager or Superintendent Rent Free Unit Legal Expenses (Project) Auditing Expenses (Project) Bookkeeping Fees/Accounting Services Telephone and Answering Service Bad Debts Other Administrative Expenses (specify): SUBTOTAL Utilities Expense Fuel Oil Electricity (Light and Misc. Power) Water Gas Sewer SUBTOTAL Operating and Maintenance Expenses Janitor and Cleaning Payroll Janitor and Cleaning Supplies Janitor and Cleaning Contract Exterminating Payroll/Contract Exterminating Supplies Garbage and Trash Removal Security Payroll/Contract Grounds Payroll Grounds Supplies Grounds Contract Repairs Payroll Repairs Material Repairs Contract Elevator Maintenance/Contract Heating/Cooling Repairs and Maintenance Swimming Pool Maintenance/Contract Snow Removal Decorating Payroll/Contract Decorating Supplies Other (specify): Miscellaneous Operating & Maintenance Expenses SUBTOTAL Taxes and Insurance Real Estate Taxes Payroll Taxes (FICA) Miscellaneous Taxes, Licenses and Permits 106,820 117,720 21,146 1,200 1,000 1,200 1,400 33,300 29,120 1,200 1,200 10,400 7,700 15,900 76,500 200,247 4,200 5,200 6,600 75,927 42,200
12,600 49,920 3,600
34,200 26,400
800 12,600 5,700
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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
36,000 5,114 7,200
187,180
0 45,000 45,000 615,747 453,027 180 2,516
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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): 20 Garages @ $50; cable/internet; fees 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) 1,800 25,800 1,627,440 113,920 1,513,520 1,599,840
615,747 897,773
779,102
118,671 1.152
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
1,513,520 1,558,926 1,605,694 1,653,865 1,703,481 1,754,585 1,807,223 1,861,440 1,917,283 1,974,801 615,747 779,102 118,671 1.152 11 640,377 779,102 139,447 1.179 12 665,992 779,102 160,600 1.206 13 692,632 779,102 182,131 1.234 14 720,337 779,102 204,042 1.262 15 749,150 779,102 226,333 1.291 16 779,116 779,102 249,005 1.32 17 810,281 779,102 272,057 1.349 18 842,692 779,102 295,489 1.379 19 876,400 779,102 319,299 1.41 20
2,034,045 2,095,066 2,157,918 2,222,656 2,289,336 2,358,016 2,428,756 2,501,619 2,576,668 2,653,968 911,456 779,102 343,487 1.441 947,914 779,102 368,050 1.472 985,831 1,025,264 1,066,275 1,108,926 1,153,283 1,199,414 1,247,391 1,297,287 779,102 392,985 1.504 779,102 418,290 1.537 779,102 443,959 1.57 779,102 469,988 1.603 779,102 496,371 1.637 779,102 523,103 1.671 779,102 550,175 1.706 779,102 577,579 1.741
* 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 4" Monolithic Slab w/1" Perimeter Insulation Make: Alside Model: Performance SEries 0100
Type/Construction: Vinyl-Low E Double Pane Insulated Insulated Fiberglass Type: Six Panel Type: Vinyl Warranty: 10 year Warranty Exterior Trim Brick, Vinyl Siding and Alumininum Asphalt/Fiberglass Type: Composite Wood Jamb w/latch and Frames: deadbolt Grade/Thickness: .044 or better
Exterior Doors
Siding
Shingles
Weight: 235
Warranty: 25 Year Material, 10 Year Antifungal Sprinkler System Cabinets Heat Pump As required by the Code and NFPA 13R MDF, Thermofoil Coated, Raised Panel Door SEER: 11.00 HP-29 Series Sized for Model: Apt. Air Conditioner SEER: 11.00 HP-20 Series Sized for Model: Apt. Other Heat Systems SEER: Model: Make: Make: Lennox or Equivalent Make: Lennox or Equivalent
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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 3,280 20,500 4,100 13,120 61,500 16,400 65,600 408,360 393,600 369,000 106,600 272,240 262,400 246,000 159,900 188,600 9,840 49,200 487,900 0 164,000 0 156,825 188,600 22,960 73,800 209,100 225,500 0 266,500 52,275 51,250 16,400 92,250 153,750 49,200 92,250 276,750 32,800 524,800 150,880 92,250 32,800 787,200 226,320 205,000 205,000 LABOR 205,000 MATERIAL 205,000 TOTAL 410,000 0 410,000 0 0 369,000 65,600 1,312,000 377,200 0 205,000 65,600 184,500 0 377,200 32,800 123,000 697,000 225,500 164,000 266,500 209,100 0 680,600 656,000 615,000 266,500 0 16,400 82,000 20,500 65,600 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 Rental Other 1 (specify in Remarks) Other 2 (specify in Remarks) Total Cost Remarks:
3,280 8,200 10,250
13,120 32,800 194,750
16,400 41,000 205,000 0
16,400 24,600
16,400 24,600 0 0
3,979,665
4,220,335
8,200,000
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Costs - General
This is a detailed breakdown of the General Requirements cost element you summarized in the Development Costs table (General Requirements). The total should match that roll-up value. ITEM Supervision Job Site Office/Trailer Rental Office Supplies Security/Watchman Project Signage Tools and Equipment Gas, Oil, and Maintenance Temporary Water, Electric, and Telephone Storage/Hauling Driveway Access Permit Porta-John Rental/Dumping Builders Risk Insurance Re-inspection Fees Extra Plans and Specifications Miscellaneous, Casual Labor Equipment Rental Other 1 (specify in Remarks) Other 2 (specify in Remarks) Total Cost Remarks: Other 1: Job Travel Other 2: Field Staking 9,137 30,457 12,183 24,366 45,685 609,141 60,914 TOTAL 289,342 18,274 12,183 15,229 7,310 7,310 6,091 70,660
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Costs - Improvements
This is a detailed breakdown of the Site Improvements cost element you summarized in the Development Costs table (On-site Improvements). The total should match that roll-up value. ITEM Subsurface Exploration/Perk Testing/Site Engineering Clearing/Grading/Final Grading/Excess and Borrow Demolition Earthwork/Excavation/Aerating Soil Treatment Pile Foundations Caissons Shoring/Bracing Site Drainage Site Utilities/Site Lighting Paving and Surfacing/Curb and Gutter Walkways Site Signage Parking Lot Painting Dumpster Pads/Fencing Fencing/Gates Landscaping/Topsoil Rock and Hardpan Excavation Site Supervision Personnel Other (specify in Remarks) Total Cost Remarks: 1,400,000 434,000 336,000 98,000 14,000 7,000 9,800 7,000 203,000 161,000 14,000 116,200 TOTAL
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Costs - Bond Costs

This is a detailed breakdown of the Bond Costs cost element you summarized in the Development Costs table (Bond Costs). The total should match that roll-up value. ITEM Letter of Credit Fee Credit Enhancement Underwriter Discount Capital Interest Fund Other 1 (specify in Remarks) Other 2 (specify in Remarks) Total Cost Remarks: Other: Placement Fee 477,900 88,500 TOTAL 236,000 153,400
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Costs - Bond Issuance

This is a detailed breakdown of the Bond Issuance cost element you summarized in the Development Costs table (Cost of Issuance). The total should match that roll-up value. ITEM Bond Counsel Issuer Counsel Credit Enhancement/LOC Counsel Underwriter Counsel Developer's Counsel Rating Agency Fee Printing Trustee Fee Trustee Counsel Issuer's Fee Other 1 (specify in Remarks) Other 2 (specify in Remarks) Other 3 (specify in Remarks) Total Cost Remarks: Other: Cash Flow, Prep and Printing 286,650 TOTAL 51,150 15,000 15,000 0 60,000 15,000 3,500 5,000 2,500 118,000 1,500
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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.
Tax Exempt Bonds Threshold requirement (select one): At least ten percent (10%) of qualified units will be affordable to and occupied by households with incomes at or below fifty percent (50%) of county median income. At least five percent (5%) of qualified units will be affordable to and occupied by households with incomes at or below forty percent (40%) of county median income. Eligible for mortgage subsidy points (select one): At least twenty percent (20%) of qualified units will be affordable to and occupied by households with incomes at or below fifty percent (50%) of county median income. At least ten percent(10%) of qualified units will be affordable to and occupied by households with incomes at or below forty percent (40%) of county median income.
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Full Application Checklist

PLEASE indicate which of the following exhibits are attached to your application. Others may be required as noted. A Nonprofit Organization Documentation or For-profit Corporation Documentation B Current Financial Statements/Principals and Owners C Ownership Entity Agreement, Development Agreement or any other agreements governing development services D Management Agent Agreement E Development and manager multi-family experience & Management Questionnaire (Appendix C) F Letters from State Housing Agencies or designated monitoring agent verifying Out of State Management Experience G Completed IRS Form 8821 (Appendix I) H Letters from Local Utility Providers (original on letterhead, no fax or photocopies) I Local Government Letter or Letter from Certified Engineer or Land Surveyor Confirming Floodplain Designation with Map showing 100 year and 500 year floodplain (original on letterhead, no fax or photocopies)
J Local Government Letter Confirming Zoning (original on letterhead, no fax or photocopies) K Copy of certificate of occupancy or proof of placed-in-service date (Rehabs Only) L Site plan, floor plans and elevations M Hazard and structural inspection and termite reports (Renovation projects only) N Anticipated budget demonstrating how the project would meet the 10% test by November 14th. O Evidence of Architect's Errors and Omissions insurance (or equivalent). P Description of acquisition for existing/occupied projects or for projects with occupied buildings to be demolished. Q Description of proposed Relocation Plan & Relocation Budget, Etc. If any relocation is anticipated, reference Appendix F. R Targeting Plan and supporting documentation (Required for all projects) S Local Housing Authority Agreement (Reference Model in Appendix I) T Appraisal (for land costs greater than $5,000 and for buildings in rehab projects) U Evidence of Permanent Loan Commitment, other sources of funds, and project-based subsidies. V Statement regarding terms of Deferred Developer Fee and, if nonprofit, resolution of Board approving fee. W Inducement Resolution (Tax-Exempt Bond Financed Projects only) X Documentation to support estimated utility costs.

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Project Name and Location

Census Tract: 17.09

Jurisdiction CEO Name: First: William

Site Latitude: Site Longitude:

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

First Name: Alan F. Address: City: Phone: EMail:

5309 Transportation Blvd. Cleveland (216)475-8900 ascott@nrpgroup.com State: OH Zip: 44125

Fax: (216)475-0700 Nonprofit: No TaxID 56-2223008

First Name: T. Rick Address: City: Phone: EMail:

5309 Transportation Blvd. Cleveland (216)475-8900 rbailey@nrpgroup.com State: OH Zip: 44125

Fax: (216)475-0700 Nonprofit: No TaxID 56-2223008

First Name: J. David Address: City: Phone: EMail:

5309 Transportation Blvd. Cleveland (216)475-8900 jdheller@nrpgroup.com State: OH Zip: 44125

Fax: (216)475-0700 Nonprofit: No TaxID 56-2223008

First Name: Brad Address: City: Phone: EMail:

Fax: (919)882-2137 Nonprofit: No TaxID

Utilites included in rents:

Utilites included in rents:

Utilites included in rents:

Proposed number of residential buildings: 9 Project Includes:

Maximum number of stories in buildings: 3

Total Net Sq. Ft. (All Heated Areas): 190,591

Units targeted at 40 targeted at 60 targeted at 60 targeted at 60

Total Low Income Units:

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

Market Study Information

Front Gables or Dormers Other:

Wide Banding or Vertical/Horizontal Siding

Ceramic Tile Electric Pump

Applicant's Site Evaluation

Contact Name: First: Patrick

Architect Company: Address: City: Phone

Contact Name: First: David

Attorney Company: Address: City: Phone

Contact Name: First: Todd

Investor Company: Address: City: Phone

Contact Name: First: Dana

Contact Name: First: Dave

Project Team Experience

If Other, specify the type of Federal subsidy:

Projected Operating Costs

12,600 49,920 3,600

800 12,600 5,700

36,000 5,114 7,200

0 45,000 45,000 615,747 453,027 180 2,516

Projected Cash Flow Year One

20-Year Cash Flow

3,280 8,200 10,250

13,120 32,800 194,750

16,400 41,000 205,000 0

Costs - Bond Costs

Costs - Bond Issuance

Full Application Checklist

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