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Print Preview - Final Application

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

Project Name: Tyler Run II (currently known as Edenton Manor, Section II) Address: City: 201 Tyler Lane Edenton County: Chowan Zip: 27932 Block Group:
Census Tract: 9901
Is project in Qualified Census Tract & Difficult to Develop area? No Does a community revitalization plan exist? No Political Jurisdiction: Jurisdiction Address: Jurisdiction City: Jurisdiction Phone: Town of Edenton Last: Vaughan Title: Mayor 300 S. Broad Street Edenton (252)482-6874 Zip: 27932
Jurisdiction CEO Name: First: Roland
Site Latitude: Site Longitude:
36.063 -76.670
https://www.nchfa.org/Rental/RTCApp/(m3j1tn55a2p02v55ynwtv055)/site/PrintApp.aspx... 1/14/2005
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Project Description
Project Type:* New Construction Rehab Adaptive Reuse
Is this project a follow-on (Phase II, etc) to a previously-awarded tax credit development project? No If yes, list names of previous phase(s): Will the project be receiving project based federal rental assistance? Yes If yes, provide the subsidy source: RD and number of units: 40
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: This development has federally based rental assistance on 40 of a total 60 units.
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Applicant Information
Applicant Name: Address: City: Contact: Telephone: Blue Dolphin Development, LLC 4325 Lake Boone Trail, Suite 200 Raleigh First: Judy (919)217-0177 State: NC Zip: 27607 Last: Core Title: Sole Member
Alt Phone:
(919)801-4134
Fax:
(919)277-0180
Email Address:
judy@bluedolphindevelopment.com
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Site Description
Total Site Acreage: 3.987 Total Buildable Acreage: 3.987 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: There will be a relocation plan for the tenants who may be temporarily displaced during the rehabilitation. There are budgeted funds of $700 per unit for relocation costs.
(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:
(b) Describe flood mitigation if the project will have improvements within the 100 year floodplain:
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Site Control
Does the owner have fee simple ownership of the property (site/buildings)? No If yes provide: Purchase Date: If no: (a) Does the owner/principal or ownership entity have vaild option/contract to purchase the property? Yes (b) Does an identity of interest (direct or indirect) exist between the owner/principal or ownership entity with the option/contract for purchase of the property and the seller of the property? No If yes, specify the relationship:
Purchase Price:
(c) Enter the current expiration date of the option/contract to purchase: 10/31/2004 (D) Enter Purchase Price: 900,000
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Zoning
Present zoning classification of the site: R-10 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: Tyler Run II, LLC Address: City: 4325 Lake Boone Trail, Suite 200 Raleigh State: NC Zip: 27607 (If assigned) 54-2079442 (If Not Assigned)
Federal Tax ID Number of Ownership Entity: Federal Tax ID Number of Managing GP or Member:
Entity Type: Limited Liability Company Entity Status: Already Formed Is the applicant requesting that the Agency treat the application as Non-Profit sponsored? Is the applicant requesting that the Agency treat the application as CHDO sponsored?
No No
List all general partners, members,and principals. Specify nonprofit corporate general partners or members. Click [Add] to add additional partners, members, and principals.
Org:
Blue Dolphin Investments, LLC Last Name: Core Function: Principal
First Name: Judy Address: City: Phone: EMail:
4325 Lake Boone Trail, Suite 200 Raleigh (919)277-0177 judy@bluedolphindevelopment.co State: NC Zip: 27607
Fax: (919)277-0180 Nonprofit: No TaxID 54-2079442
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Unit Mix
The Median Income for Chowan county is $45,200. Low Income Units Type Gdn Apt Gdn Apt Gdn Apt Gdn Apt # BRs Net Sq.Ft. 1 2 2 3 583 790 790 998 Total # Units 8 16 24 12 # Units 3 0 0 0 Monthly Rent 366 386 386 416 Electric Utility Allowance 72 100 100 116 Gas Other Mandatory Serv. Fees **Total Housing Exp. 438 486 486 532
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............... 60 3 23360 60 Gross Monthly Rental Income 23360
Units 3
Proposed number of residential buildings: 9 Project Includes:
Maximum number of stories in buildings: 2
Separate community building - Sq. Ft. (Floor Area): Community space within residential bulding(s) - Sq. Ft. (Floor Area): 667 Elevators - Number of Elevators: Square Footage Information Gross Floor Square Footage: 57,352
Total Net Sq. Ft. (All Heated Areas): 48,873
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 8 16 24 12
Units targeted at 60 targeted at 60 targeted at 50 targeted at 60
% percent of median income. percent of median income. percent of median income. percent of median income.
Total Low Income Units:
60
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 (%) 7.50 Term (Years) 20 Amort. Period (Years) 30 Annual Debt Service 44,346
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 528,526
275,000
1.00
30
30
10,614
872,646
30
30
1,577,517
3,253,689
* "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. 78 Remarks concerning project funding sources: (Please be sure to include the name of the funding source(s))
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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 Permits 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 P&P Bond & Lenders Inspection Accounting & Soft Cost Contingency soft cost cont Other Non-basis Expense (specify) SUBTOTAL (lines 36 through 43) 44 Rent up Reserve 405,208 18,000 23,000 20,000 23,000 146,155 23,700 25,000 17,206 15,000 5,000 1,000 21,000 107,906 8,000 42,000 312,208 23,528 8,000 42,000 288,680 3,792 5,925 10,000 17,206 15,000 2,750 18,000 6,000 20,000 5,000 0 18,000 6,000 20,000 5,000 85,200 30,104 90,312 97,537 27,500 32,232 2,371,085 15,000 19,900 44,505 0 15,000 15,000 15,000 19,900 26,703 85,200 30,104 90,312 97,537 27,500 32,232 1,320,000 1,320,000 100,000 75,000 TOTAL COST 588,200 Eligible Basis 30% PV 70% PV 588,200
41 Rent-up Expenses
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45 Operating Reserve 46 47 Rental Reserves Other Reserve (specify)
122,535 21,000
48 DEVELOPMENT COST (lines 1-47) 49 Less Federal Financing 50 Less Disproportionate Standard 51 Less Nonqualified Nonrecourse Financing 52 Less Historic Tax Credit (residential) 53 TOTAL ELIGIBLE BASIS 54 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:
3,191,889
615,520
2,293,299
0 2,908,819 100.00% 2,908,819 2,908,819 202,266 218,012 230,052 61,800 3,253,689 615,520 100% 615,520 100.00% 615,520 3.39% 20,866 23,082 21,617 2,293,299 100% 2,293,299 100.00% 2,293,299 7.91% 181,399 194,930 208,435
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Market Study Information

Please provide a detailed description of the proposed project: Tyler Run II, currently known as Edenton Manor Apartments Section II, is a 60-unit garden style apartment complex with frontage on Tyler Lane and Old Herford Road in Edenton, NC. The apartments are comprised of nine two-story brick buildings
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 proposed renovation of the apartments will include substantial improvements to the interior with updated appliances, new kitchen cabinets, installation of new water heaters as necessary, new carpet and/or vinyl, and drywall and sub floor repairs. Exterior improvements will include new windows, doors, shutters, roof, gutters, paint, and brickwork repair, replace condensers and pads, new project signage, re-paving of the parking lot, sidewalks, curbs, and patios, landscaping upgrades, playground equipment, additional exterior lighting and the construction of a mailbox shelter.
Have you built other tax credit developments that use the same building design as this project? Yes If yes, please provide name and address: Blue Dolphin Development is currently in the closing process of Highland Green, a 50-unit acquisition rehab project located in Henderson, North Carolina. Other low income housing tax-credit projects that Judy Core-Hicks of Blue Dolphin has developed include City Views at Rosa Burney Park, a 180-unit elderly and family development located in Atlanta, Georgia and Poplar Square, a 100-unit acquisition rehab located in Sumter, South Carolina.
Site Amenities (check all that apply): Community Bldg - Sq Ft: Laundry Rm Game/Craft Rm Chapel/Prayer Rm Irrigated Lawns Walking Trails Pool Screened Porch Exercise Rm Picnic Area Security Gate Garden Spots Fitness Stations Community Room - Sq Ft: Resident Computer Center TV Rm Onsite Leasing Office Car Care Area Basketball/Tennis Court Horseshoe Pit Garages - Number: Exam Rm Beauty Salon Onsite Mgr Storage Units Playground Shuffleboard Reading Rm/Library Vending Rm Onsite Maint. Person Gazebos Ball Field Covered Drive Thru
Onsite Activities: The property manager will be responsible for all on-site activities and services. However, once a Resident Committee is established, it is typical that they will take over a majority of the responsibility. Onsite programs specifically related to families with children will be held monthly, such as parties, potluck meals, movie nights, health seminars and other educational activities designed to be fun and promote the well-being of the residents. There is money in the operating budget for the Resident Committee to use throughout the year for such activities. Supportive services and socialization among residents is a primary focus of Blue Dolphin. The principal of Blue Dolphin, Judy Core-Hicks, has substantial experience in the social service and special needs populations. Prior to Blue Dolphin, she created the supportive services program for a leading affordable housing developer, was the Director of Supportive Services and during her last two years of tenure was the manager over Community Relations, Marketing and Supportive Services employees. In addition, Judy Core-Hicks, holds a BA in psychology, an MA in Human and
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Organizational Systems and is pursuing her Ph.D. in Human Development. Landscaping Plans: The landscaping plan will ensure attractive curb appeal with improvements that will include restoring landscaped areas by pruning and fertilizing the existing vegetation and installing new low-lying vegetation that is indigenous to the area and will withstand varying weather conditions.
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? 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 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. The City of Edenton has planned for new improvements in the immediate vicinity which indicates an overall increase in investment for the area. This includes new greenway trails and sidewalks along Coke Avenue which would connect with the existing sidewalks along Tyler Lane. The City has also targetd the North Broad Street (Highway 17 Business) corridor as an improvement goal for the fiscal year 2004-2005. The only other affordable multi-family housing within a 1/2 mile of the site is the Edenton Housing Authority's Blade Street Public Housing site. There are a total of seven projects in Edenton with rental assistance.
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). Surrounding development consists of a mix of residential, commercial and agricultural uses along with vacant lots. Land to the west (fronting on Tyler Lane) is agricultural. Development to the south of the site includes one church and a mix of single-family detached and mobile homes. To the north on Old Hertford Road are houses surrounded by agricultural land. Commercial uses in the immediate vicinity include Edenton Village Shopping Center with Food Lion and CVS Pharmacy, and a Day Care Center.
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 site is located at the intersection of Tyler Lane and Old Hertford Road. Tyler Lane is a short street connecting Old Hertford Road and Coke Avenue. Old Hertford Road and Coke Avenue run parallel with each other into Highway 17 BUS/N. Broad Street which is the major thoroughfare in Edenton. Public transportation along a set route is available on the Edenton Trolley on Tuesday through Saturday. The trolley stops at Edenton Manor three times daily.
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 on-site features or physical barriers that pose a threat to the operation of the apartments or its tenants.
Similarity of scale and aesthetics/architecture between project and surroundings. The subject property has been a part of the surrounding community since the mid-1970's. Although the architecture of the surrounding development does not conform to one type of aesthetic, the brick facade of the apartments is complimentary with the surrounding uses and a typical style of construction in that area.
For each applicable neighborhood feature, enter distance from project in miles.
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0.8 1.2 1.2 0.1 0.6 0.0 0.4
Grocery Store Mall/Strip Center Outdoor Athletic Fields Day Care/After School Schools
0.9 0.9 0.4 0.4 0.4
Community/Senior Center Hospital Pharmacy Basic Health Care Medical Offices Bank/Credit Union Restaurants Professional Services Movie Theater Video Rental Public Safety (Fire/Police) Post Office
Public Transportation Stop 0.3 Convenience Store Basketball/Tennis Courts 0.4 1.0 1.0 0.3 0.6 0.9
0.4 0.6 1.2 0.0
Public Parks Gas Station Library Fitness/Nature Trails Public Swimming Pools
Other facilities or services:
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Development Team
Provide contact information for development team members below: Management Agent Company: T.M. Associates Management, Inc. Address: City: Phone 15825 Shady Grove Road, Suite 25 Rockville (240)683-0300 State: MD Zip: 20850 Email: lsevere@tmgateway.com Last: Severe
Contact Name: First: Lester
Architect Company: Address: City: Phone
Ruhf Plitt Willard Architects, Ltd. 100 Cathedral Street, Suite 5 Annapolis (410)267-6590 State: MD Zip: 21401 Email: rruhf@rpwarch.com Last: Ruhf
Contact Name: First: Richard
Attorney Company: Address: City: Phone
Blanco Tackaberry Combs & Matamoros 110 S. Stratford Road, 5th Floor Winston-Salem (336)293-9000 State: NC Zip: 27104 Email: dlm@btcmlaw.com Last: McKenney
Contact Name: First: Debbie
Investor Company: Address: City: Phone
Raymond James 880 Carillon Parkway St. Petersburg (800)438-8088 State: FL Zip: 33716 Email: craig.descalzi@raymondjames.c Last: Descalzi
Contact Name: First: Craig
Consultant/Application Preparer (if different from developer) Company: Address: City: Phone Contact Name: First: State: Email: Last: Zip:
Identity of Interest? General Contractor Company: Mutual Builders, Inc. Address: City: Phone 4325 Lake Boone Trail, Suite 222 Raleigh (919)571-0424 State: NC Zip: 27607 Email: millard.stallings@mutualbuilders Last: Stallings
Contact Name: First: Millard
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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: 4 236 0 0
Management List number of low-income housing tax credit units managed in the past 10 years: North Carolina Other States Projects: Units: 0 0 109 3,900
Has any owner, principal, or management agent been debarred or received a limited denial participation in the past 10 years by any federal or state agency? No Has any owner, principal, or management agent been involved in a bankruptcy, an adverse fair housing settlement, an adverse civil rights settlement, or an adverse federal or state government proceeding and settlement in the past 10 years? No Has any owner or principal been in a mortgage default or delinquency of three months or more within the last 5 years on a FHA-insured project, a Rural Development funded rental project, a tax-exempt funded mortgage, a tax credit project, or any other publicly subsidized project? No Has any owner or principal been involved within the last 10 years in a project which previously received an allocation of tax credits but failed to meet compliance standards of the tax credit allocation, including return of a reservation of tax credits to the Agency after the carryover agreement has been signed? No Has any owner or principal had a Form 8823 filed with the IRS for noncompliance on a project using low-income housing tax credits or received a letter of non-compliance from the Agency? No
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Financing Commitments
Does the project have a firm commitment for construction financing? Does the project have a letter of intent for private permenant financing? Does the project have a firm commitment for government financing? Does the project have a letter of intent from an investor? Is any portion of the eligible basis of new contruction or rehabilitation financed with federal subsidies other than CDBG funds or funds from the HOME program? If yes, indicate the type and amount below: Tax Exempt Financing: $ RD 515 Financing: Hope VI Financing: Other: $ $ $ Yes Yes Yes Yes No
If Other, specify the type of Federal subsidy:
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Projected Operating Costs

Project Operations (Year One) Administrative Expenses Advertising Office Salaries Office Supplies Office or Model Apartment Rent Management Fee Manager or Superintendent Salaries Manager or Superintendent Rent Free Unit Legal Expenses (Project) Auditing Expenses (Project) Bookkeeping Fees/Accounting Services Telephone and Answering Service Bad Debts Other Administrative Expenses (specify): Miscellaneous 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 1,500 7,500 15,000 15,000 10,000 1,600 5,000 5,900 18,600 1,500 1,000 4,500 19,562
100 17,000 2,000
1,750 47,412
10,100 2,600
1,000 56,600 19,000 3,500
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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
18,000 100 2,500 4,398
47,498
0 20,000 20,000 190,110 151,110 60 2,518
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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): Tenant Receipts and Interest 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) 500 5,500 286,320 20,042 266,278 280,320
190,110 76,168
54,960
21,208 1.386
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 1 266,278 190,110 54,960 21,208 1.386 11 357,856 281,409 54,960 21,487 1.391 2 274,266 197,714 54,960 21,592 1.393 12 368,592 292,665 54,960 20,967 1.381 3 282,494 205,623 54,960 21,911 1.399 13 379,650 304,372 54,960 20,318 1.37 4 290,969 213,848 54,960 22,161 1.403 14 391,040 316,547 54,960 19,533 1.355 5 299,698 222,402 54,960 22,336 1.406 15 402,771 329,209 54,960 18,602 1.338 6 308,689 231,298 54,960 22,431 1.408 16 414,854 342,377 54,960 17,517 1.319 7 317,950 240,550 54,960 22,440 1.408 17 427,300 356,072 54,960 16,268 1.296 8 327,489 250,172 54,960 22,357 1.407 18 440,119 370,315 54,960 14,844 1.27 9 337,314 260,179 54,960 22,175 1.403 19 453,323 385,128 54,960 13,235 1.241 10 347,433 270,586 54,960 21,887 1.398 20 466,923 400,533 54,960 11,430 1.208
* 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 NA Make: Wenco Model: 1700 Series
Type/Construction: Vinyl Single-hung Insulated Exterior Doors Siding Type: Rate Metal Insulation Type: Vinyl Warranty: Manufacturer Exterior Trim Shingles Gable roofs over entry doors Type: Asphalt Warranty: 25-year Manufacturer Sprinkler System Cabinets Heat Pump NA Solid oak frames and door panels with wood bottoms and bases SEER: 11 Model: 1.5 ton Air Conditioner SEER: 11 Model: 1.5 ton Other Heat Systems SEER: NA Model: NA Make: NA Make: Goodman Make: Goodman Weight: Dimensional Frames: Wood Grade/Thickness: .044
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Costs - Construction
This is a detailed breakdown of rehabilitation or construction costs you summarized in the Development Costs table (Rehabilitation and Construction of New Building(s)). The total should match those roll-up values. ITEM Concrete Footings Backfill-slab, Crawl Slab-concrete/Rebar/Gravel Waterproofing Masonry Foundation Brick Veneer Steel/Structure/Rails Framing/Lumber/Nails Trusses Crane Rental Windows/Grilles/Screen Exterior Doors Roofing Fencing Vinyl Siding/Trim/Box Gutters/Shutters Insulation Drywall Interior Doors Int. & Final/Stair/Trim/Shelves Cabinets & Tops Painting Marble - Tub/Shwr/Tops Plumbing Electrical Heating/Air Conditioning Floor Covering and Underlayment Wall Paper Mailboxes/Special Features/Signage Gypcrete Blinds/Shades/Art Work Light Fixtures/Fans Sprinkler System Security Alarm Hardwood Floors Elevator Ceramic Tiles Acoustical Ceilings 2,300 3,000 6,400 11,000 1,200 3,300 36,000 24,500 17,000 18,000 68,000 51,500 65,000 67,000 21,600 10,600 16,500 5,500 42,000 7,500 2,500 21,000 11,500 11,100 27,000 11,000 32,400 37,900 52,500 22,500 36,000 14,500 6,500 23,000 24,500 21,900 91,000 56,000 6,000 4,400 45,000 4,400 138,700 7,500 2,300 LABOR MATERIAL TOTAL 0 0 9,800 0 0 6,000 8,800 183,700 0 0 54,000 48,500 69,000 28,000 78,000 22,000 9,000 44,000 36,000 33,000 118,000 67,000 0 104,000 76,000 82,000 85,000 0 4,500 0 8,700 14,000 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: 369,700 950,300 3,000 10,000 36,000 4,000 18,000 48,000 12,000
0 22,000 48,000 15,000 10,000 36,000 0 0 1,320,000
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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: 85,200 200 500 21,700 5,000 1,500 300 500 500 1,500 3,000 500 TOTAL 50,000
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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: 100,000 20,000 25,000 9,000 5,000 2,000 10,000 24,000 5,000 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: TOTAL 0 0 0 0 0 0 0
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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: TOTAL 0 0 0 0 0 0 0 0 0 0 0 0 0 0
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Minimum Set-Asides
MINIMUM REQUIRED SET ASIDES (No Points Awarded): Select one of the following two options: 20% of the qualified units are rent restricted and occupied by households with incomes at or below 50% of the median income (Note: No Tax Credit Eligble Units in the the project can exceed 50% of median income) 40% of the qualified units are rent restricted and occupied by households with incomes at or below 60% of the median income (Note: No Tax Credit Eligble Units in the the project can exceed 60% of median income) If requesting RPP funds: 40% of the qualified unit are occupied by households with incomes at or below 50% of median income.
State Tax Credit and QAP Targeting Points: Low Income County: At least forty percent (40%) of qualified units will be affordable to households with incomes at or below fifty percent (50%) of county median income. At least forty percent (40%) of qualified units will be affordable to and occupied by households with incomes at or below fifty percent (50%) of county median income.
Tax Exempt Bonds Threshold requirement (select one): At least ten percent (10%) of qualified units will be affordable to and occupied by households with incomes at or below fifty percent (50%) of county median income. At least five percent (5%) of qualified units will be affordable to and occupied by households with incomes at or below forty percent (40%) of county median income. Eligible for mortgage subsidy points (select one): At least twenty percent (20%) of qualified units will be affordable to and occupied by households with incomes at or below fifty percent (50%) of county median income. At least ten percent(10%) of qualified units will be affordable to and occupied by households with incomes at or below forty percent (40%) of county median income.
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Full Application Checklist

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

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Project Name and Location

Census Tract: 9901

Jurisdiction CEO Name: First: Roland

Site Latitude: Site Longitude:

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

Blue Dolphin Investments, LLC Last Name: Core Function: Principal

First Name: Judy Address: City: Phone: EMail:

Fax: (919)277-0180 Nonprofit: No TaxID 54-2079442

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: 2

Total Net Sq. Ft. (All Heated Areas): 48,873

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

Total Low Income Units:

45 Operating Reserve 46 47 Rental Reserves 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

0.8 1.2 1.2 0.1 0.6 0.0 0.4

0.9 0.9 0.4 0.4 0.4

0.4 0.6 1.2 0.0

Other facilities or services:

Contact Name: First: Lester

Architect Company: Address: City: Phone

Contact Name: First: Richard

Attorney Company: Address: City: Phone

Contact Name: First: Debbie

Investor Company: Address: City: Phone

Contact Name: First: Craig

Contact Name: First: Millard

Project Team Experience

If Other, specify the type of Federal subsidy:

Projected Operating Costs

100 17,000 2,000

1,000 56,600 19,000 3,500

18,000 100 2,500 4,398

0 20,000 20,000 190,110 151,110 60 2,518

Projected Cash Flow Year One

20-Year Cash Flow

0 22,000 48,000 15,000 10,000 36,000 0 0 1,320,000

Costs - Bond Costs

Costs - Bond Issuance

Full Application Checklist

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