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Tax Credits, RPP Loans, and/or Tax Exempt Bond Loans

Project Description
Project Name: Lakeview Terrace Address: City: 111 Lakeview Terrace Greenville County: Pitt Zip: 27834

Census Tract: 7.01

Block Group: 1 Block# 1021

Is project in Qualified Census Tract or Difficult to Develop Area? Yes Political Jurisdiction: Jurisdiction Address: Jurisdiction City: Jurisdiction Phone: City of Greenville Last: Parrott Title: Mayor P.O. Box 7207 Greenville, NC 27835 Greenville (252)321-0505 Zip: 27835

Jurisdiction CEO Name: First: Don

Site Latitude: Site Longitude:

35.590874 -77.387312

Project Type: Rehab New Construction/Adaptive Reuse: Is this project a follow-on (Phase II, etc) to a previously-awarded tax credit development project? If yes, list names of previous phase(s): Rehab: Is this project a previously awarded tax credit development? No If yes, what year were credits awarded?: Number of residents holding Section 8 vouchers: 30 Will the project meet Energy Star standards as defined in Appendix B? No Does a community revitalization plan exist? No Will the project use steel and concrete construction and have at least 4 stories? No Will the project include a Community Service Facility under IRS Revenue Ruling 2003-77? No If yes, please describe:

Target Population: Family Will the project be receiving project based federal rental assistance? Yes If yes, provide the subsidy source: HUD and number of units: 20 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: 5 Persons with disabilities or homeless populations: the greater of 5 units or 10% of the total units. Number of Units: 10 Remarks: We will meet 5% ADA as required per code for a renovation project of this nature. We will target 10 units for persons with disabilities.

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, LLC 4886 Bermuda Way North Myrtle Beach First: Brad (843)358-4886 (843)222-6483 (843)358-5085 tddouglasco@nc.rr.com State: SC Zip: 29577 Last: Queener Title: Managing Member

NOTE: Email Address above will be used for communication between NCHFA and Applicant.

Site Description
Total Site Acreage: 10.0 Total Buildable Acreage: 10.0 If buildable acreage is less than total acreage, please explain:

Identify utilities and services currently available (and with adequate capacity) for this site: Storm Sewer Water Sanitary Sewer Electric

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

Are existing buildings on the site currently occupied? Yes If yes: (a) Briefly describe the situation: There are 100 units, 87 are currently occupied. 20 of the units have project-based Section 8 linked to them and are occupied and there are 10 families with tenant-based Section 8 vouchers residing in the complex.

(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:

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 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:

Purchase Price:

(c) Enter the current expiration date of the option/contract to purchase: 9/30/2007 (D) Enter Purchase Price: 2,851,000

Zoning
Present zoning classification of the site: R-6 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:

Ownership Entity
Owner Name: Bradley Greenville, LLC Address: City: 4886 Bermuda Way North Myrtle Beach State: SC Zip: 29577 (If assigned)

Federal Tax ID Number of Ownership Entity:

Note: Do not submit social security numbers for individuals. Entity Type: Limited Liability Company 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:

Bradley NC, LLC Last Name: Queener Function: Managing Member

First Name: Brad Address: City: Phone: EMail: 4886 Bermuda Way North Myrtle Beach (843)358-4886 bqueener@sccoast.net

State: SC

Zip: 29577

Fax: (843)358-5085 Nonprofit: No

Org:

Halcon Development, LLC Last Name: Dusenbury Function: Member

First Name: Traci Address: City: Phone: EMail:

1403 Pitching Wedge Drive, Suite 305 Raleigh (919)662-0122 tddouglasco@nc.rr.com State: NC Fax: (919)662-0124 Nonprofit: No Zip: 27603

Org:

Hart Development, LLC Last Name: Hart Function: Member

First Name: Doug Address: City: Phone: EMail: 304 75th Ave N. Unit E Myrtle Beach (843)655-0620 dh@douglascoinc.com

State: SC

Zip: 29572

Fax: (843)358-1062 Nonprofit: No

Unit Mix
The Median Income for Pitt county is $49,800. Low Income Units Type Gdn Apt Gdn Apt Gdn Apt Gdn Apt Gdn Apt Gdn Apt Gdn Apt Gdn Apt Gdn Apt Gdn Apt Gdn Apt Gdn Apt # BRs Net Sq.Ft. 1 1 1 2 2 2 3 3 3 4 4 4 514 514 514 715 715 715 911 911 911 1065 1065 1065 Total # Units 2 8 6 5 15 20 4 11 15 2 7 5 # Units 1 2 2 0 0 0 0 0 0 0 0 0 Monthly Rent 266 335 422 315 398 477 366 462 544 403 510 568 Electric Utility Allowance 100 100 100 123 123 123 141 141 141 162 162 162 Gas Mandatory Serv. Fees 0 0 0 0 0 0 0 0 0 0 0 0 Other trash pick-up **Total Housing Exp. 366 435 522 438 521 600 507 603 685 565 672 730

Utilities 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.

Utilities included in rents:

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.

Utilities included in rents:

Water/Sewer

Electric

Statistics All Units Low Income....... Market Rate....... Totals............... 100 5 44751 100 Gross Monthly Rental Income 44751

Units 5

Proposed number of residential buildings: 14 Project Includes:

Maximum number of stories in buildings: 2

Separate community building - Sq. Ft. (Floor Area): 1,203

Community space within residential bulding(s) - Sq. Ft. (Floor Area): Elevators - Number of Elevators: Square Footage Information Gross Floor Square Footage: 85,457

Total Net Sq. Ft. (All Heated Areas): 80,451

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.

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 1 2 2 2 3 3 3 4 4 4 2 8 6 5 15 20 4 11 15 2 7 5

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 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 percent of median income affordable to/occupied by percent of median income affordable to/occupied by percent of median income affordable to/occupied by

Total Low Income Units:

100

Note: This number should match the total number of low income units in the Unit Mix section.

Funding Sources
NonAmortizing* Rate (%) 7.50 Term (Years) 20 Amort. Period (Years) 20 Annual Debt Service 77,828

Source Bank Loan RPP Loan Local Gov. Loan - Specify: RD 515 Loan RD 538 Loan - Specify: AHP Loan Other Loan 1 - Specify: First Bank TBD 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 805,086

1,790,127

30

30

7,519,248

10,114,461

* "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. 94 Remarks concerning project funding sources: (Please be sure to include the name of the funding source(s)) Permanent loan-Column Capital Equity Provider-Column Capital

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 8 Contractor Overhead 9 Contractor Profit 10 Construction Contingency 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 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 (0.58% 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 44 45 Other Basis Expense (specify) Building Permit/Inspection fees Other Basis Expense (specify)Lender's Inspecting Engineer/Attorney Other Non-basis Expense (specify) Title and survey conversion Other Non-basis Expense (specify) Permanent Loan Closing Costs 5,000 148,449 25,000 80,000 2,200 46,400 10,000 5,000 1,000 55,000 224,600 25,000 270,000 800,000 30,000 32,000 15,000 12,000 15,000 25,000 270,000 800,000 30,000 32,000 10,000 25,000 25,000 80,000 8,051 15,000 5,600 25,000 4,700 15,000 5,600 25,000 4,700 4,000 4,000 245,760 86,835 347,341 225,000 80,000 25,000 15,000 7,538,236 8,000 15,852 57,246 8,000 15,852 57,246 245,760 86,835 347,341 225,000 80,000 25,000 15,000 346,000 3,903,500 346,000 3,903,500 TOTAL COST 2,263,800 Eligible Basis 30% PV 70% PV 2,263,800

43 Rent-up Expense

SUBTOTAL (lines 38 through 45) 46 Rent up Reserve 47 Operating Reserve 48 49 Other Reserve (specify) Other Reserve (specify)

1,199,000 30,000 386,976

50 DEVELOPMENT COST (lines 1-49) 51 Less Federal Financing 52 Less Disproportionate Standard 53 Less Nonqualified Nonrecourse Financing 54 Less Historic Tax Credit (residential) 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 60 Tax Credit Rate 61 Federal Tax Credits at Estimated Rate 62 Federal Tax Credits at 8.5% or 3.75% Max Federal Tax Credits (With Energy Star - Lesser of $8,500 per unit or 63 $800,000, w/o - Lesser of $8,000 per unit or $800,000) 64 Federal Tax Credits Requested 65 Land Cost 66 TOTAL REPLACEMENT COST FEDERAL TAX CREDITS IF AWARDED Comments: Line 4 includes $153,500 for environmental asbestos abatement.

9,527,261

2,288,800

6,681,834

0 8,970,634 100.00% 8,970,634 11,661,824 806,844 849,921 800,000 0 587,200 10,114,461 800,000 2,288,800 100% 2,288,800 130.00% 2,975,440 3.47 103,247 111,579 6,681,834 100% 6,681,834 130.00% 8,686,384 8.10 703,597 738,342

Total Replacement Cost per unit: Federal Tax Credits (line 62) per unit:

91,103 8,499

Market Study Information

Please provide a detailed description of the proposed project: Lakeview Terrace Apartments is an existing 100-unit multi-family community that was built in the early 1970's with assistance from the HUD 236 program. The complex is almost 100% brick and is located on Arlington Boulevard across the street from Junius H. Rose High School and near Evans Park. The complex consists of 14 residential buildings and an office/Laundry building. The buildings are in severe need of revitalization and repair. We will remodel the interior of the apartments and repair any damage to the exterior and landscape the property to compliment the neighborhood and community. We also plan to add Central Air HVAC to the apartments which will greatly improve the quality of life for the tenants. We also plan to add half baths in the 3 and 4 Bedroom units as they now only currently have 1 full bathroom. 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: Upgraded Laundry Room, Playgrounds, Community Room, Picnic and Grilling areas.

Onsite Activities: On-site management/leasing and maintenance. 24-hour maintenance on call. We will work with local human service agencies to link the residents with existing services in the community. We will also sponsor educational opportunities for the residents and offer a computer center for them.

Landscaping Plans: Our landscaping plan will be creative and of extensive quality as compliment the neighboring communities. We will 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: We will upgrade all of the appliances and add HVAC-central heat and air. Ranges, range-hoods, dishwashers, refrigerators (frost-free), mini-blinds, ceiling fans, carpet and non-slip vinyl flooring.We will add half baths in the 3 and 4 bedroom units.

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.

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. Concentration of affordable housing. This existing community is located in a perfect location in the midst of many job opportunities and services. There are many new single family neighborhoods being built in Greenville. The Hospital and ECU are continuing to grow and remain two of the largest employers in the Greenville area. The units at Lakeview Terrace are in severe disrepair and at the time of application, approximately 13 units remain vacant for this reason. There is a need for quality affordable housing in Greenville and by renovating Lakeview Terrace we will fill a void in the community. A comprehensive rehabilitation of the Lakeview Terrace community is critical to improving the quality of life for the residents currently calling Lakeview home. It will also offer a new alternative for families, individuals, or seniors who need quality housing in the Greenville area. The local planning and community development office is thrilled that we are planning this renovation. While the complex is not situated in their approved Revitalization Area, they have said they will support our effort in any way they can and the renovation of this complex will be a great asset to the community and City as a whole. We will have confirmation of the support by the City in our full application. SURROUNDING LAND USES AND AMENITIES Suitability of surrounding development. Land use pattern is residential in character (single and multifamily housing) with a balance of other uses (particularly retail and amenities). 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. There is a mixture of commercial, residential, medical and educational areas around the Lakeview Terrace Apartments. The complex is directly across the street from the Junius H. Rose High School and is located near the Evans Park. It fronts Arlington Blvd which is a major thoroughfare and hub of activity in Greenville. SITE SUITABILITY Adequate traffic controls (stop lights, speed limits, turn lanes, etc.). Burden on public facilities (particularly roads). Access to mass transit (if applicable). Visibility of buildings and/or location of project sign(s) in relation to traffic corridors. The site is an existing community and adequate traffic controls and access are already in place. The property is conveniently located off of Arlington Blvd. 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 on-site features.

Similarity of scale and aesthetics/architecture between project and surroundings. The property is an existing community which has been deteriorating rapidly the past 5-10 years. It is an eyesore to the community and a comprehensive renovation would greatly enhance this area of Greenville. The renovation of this complex would enable the community to fit in better with the surrounding neighborhood and would certainly improve the aesthetic appeal of this area of Greenville. The site, however, is in a perfect location across from the Junius Rose High School and beside a park and in close proximity to medical facilities and offices, shopping, and all services.

For each applicable neighborhood feature, enter distance from project in miles. .4 Grocery Store .8 Community/Senior Center

.4 .1 .3 .1 .1 .2 .1 .1 .2 .1 .1 .5

Mall/Strip Center Outdoor Athletic Fields Day Care/After School Schools

.5 .3 .2 .2

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 .5 Convenience Store Basketball/Tennis Courts Public Parks Gas Station Library Fitness/Nature Trails Public Swimming Pools .5 .3 .8 .5 .8 .8

Other facilities or services: East Carolina University is located in Greenville and provides educational opportunities at different sites throughout Greenville and Pitt County.

Development Team
Provide contact information for development team members below: Management Agent Company: Vista Capital Management Address: City: Phone 201 McBee Ave., Suite 300-B Greenville (864)404-3500 State: SC Zip: 29602 Email: dupreecompany@bellsouth.net Last: DuPree

Contact Name: First: Frank

Architect Company: Address: City: Phone

Ross Deckard Architects 3200 Atlantic Avenue, Suite 110 Raleigh (919)875-0001 State: NC Zip: 27604 Email: jr@rossdeckardarchitects.com Last: Ross

Contact Name: First: James

Attorney Company: Address: City: Phone

Blanco, Tackaberry, Combs, Matamoros 110 S. Stratford Rd. Suite 500 Winston Salem (336)761-1250 State: NC Zip: 27104 Email: cws@btcmlaw.com Last: Scogin

Contact Name: First: Carolyn

Investor Company: Address: City: Phone

Column Capital LLC 7650 Courtney Campbell Causeway, Suite 875 Tampa (813)207-2111 State: FL Zip: 33607 Email: chris.diaz@colfin.com Last: Diaz

Contact Name: First: Chris

Consultant/Application Preparer (if different from developer) Company: Halcon Properties & Consulting, LLC Address: City: Phone 1403 Pitching Wedge Drive, #305 Raleigh (919)662-0122 State: NC Zip: 27603 Email: tddouglasco@nc.rr.com Last: Dusenbury

Contact Name: First: Traci

Identity of Interest? General Contractor Company: Mutual Builders Inc Address: City: Phone PO Box 270 Smithfield (919)934-0882 State: NC Zip: 27577 Email: robbie.parker@mutualbuildersin Last: Parker

Contact Name: First: Robbie

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): computer networking/high speed data 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): Cleaning/turnover Miscellaneous Operating & Maintenance Expenses SUBTOTAL Taxes and Insurance Real Estate Taxes Payroll Taxes (FICA) 105,800 51,660 9,000 500 10,000 1,500 6,500 17,500 5,000 5,000 1,500 9,800 1,500 2,500 17,000 41,300 42,000 2,500 3,600 30,571 40,000 7,200 3,500 3,500

2,500 8,610 2,500

6,000 107,981

7,300 17,000

Miscellaneous Taxes, Licenses and Permits Property and Liability Insurance (Hazard) Fidelity Bond Insurance Workmen's Compensation Health Insurance and Other Employee Benefits Other Insurance: SUBTOTAL Supportive Service Expenses Service Coordinator Service Supplies Tenant Association Funds Other Expenses (specify): SUBTOTAL Reserves Replacement Reserves SUBTOTAL TOTAL OPERATING EXPENSES ADJUSTED TOTAL OPERATING EXPENSES (Does not include taxes, reserves and resident support services) * TOTAL UNITS (from total units in the Unit Mix section) PER UNIT PER YEAR 1,500 35,000 35,000 388,241 300,081 100 3,000 6,000 30,000

96,660 1,000 500

Projected Cash Flow Year One

OPERATING INCOME Gross rental income (from Unit Mix - Total Monthly Rent) Stores and Commercial Laundry and Vending Other (specify): late fees, 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) 9,500 3,000 549,512 38,465 511,047 537,012

388,241 122,806

77,828

44,978 1.578

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 1 511,047 388,241 77,828 44,978 1.578 11 686,803 574,693 77,828 34,282 1.44 2 526,378 403,771 77,828 44,779 1.575 12 707,407 597,681 77,828 31,898 1.41 3 542,169 419,922 77,828 44,419 1.571 13 728,629 621,588 77,828 29,213 1.375 4 558,434 436,719 77,828 43,887 1.564 14 750,488 646,452 77,828 26,208 1.337 5 575,187 454,188 77,828 43,171 1.555 15 773,003 672,310 77,828 22,865 1.294 6 592,443 472,356 77,828 42,259 1.543 16 796,193 699,202 77,828 19,163 1.246 7 610,216 491,250 77,828 41,138 1.529 17 820,079 727,170 77,828 15,081 1.194 8 628,522 510,900 77,828 39,794 1.511 18 844,681 756,257 77,828 10,596 1.136 9 647,378 531,336 77,828 38,214 1.491 19 870,021 786,507 77,828 5,686 1.073 10 666,799 552,589 77,828 36,382 1.467 20 896,122 817,967 77,828 327 1.004

* 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".

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.

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 Letters from State Housing Agencies or designated monitoring agent verifying out of state experience G Completed IRS Form 8821 (Appendix I) H 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) I Local Government Letter Confirming Zoning including any pending notices or hearings (original on letterhead, no fax or photocopies) J Letters from Local Utility Providers regarding availability and capacity (original on letterhead, no fax or photocopies) K Documentation from utility company or local PHA to support estimated utility costs L Appraisal (required for land costs greater than $15,000 and for all Adaptive Re-use and Rehab projects) M 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) N Hazard and structural inspection and termite reports (Adaptive Re-use and Rehab projects only) O Copy of certificate of occupancy or proof of placed-in-service date (Rehabs Only) P 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. Q 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. R 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. S Statement regarding terms of Deferred Developer Fee. If a nonprofit is involved, a resolution from their board approving deferral of fee is required. T Inducement Resolution (Tax-Exempt Bond Financed Projects only)