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

Project Description
Project Name: LIFE HOUSE OF GREENSBORO Address: City: 2314 NORTH CHURCH STREET GREENSBORO County: Guilford Zip: 27405 Block Group: 103

Census Tract: 102

Is project in Qualified Census Tract or Difficult to Develop Area? No Political Jurisdiction: Jurisdiction Address: Jurisdiction City: Jurisdiction Phone: Greensboro Last: Holliday Title: Mayor 300 West Washington Street Greensboro (336)373-2396 Zip: 27401

Jurisdiction CEO Name: First: Keith

Site Latitude: Site Longitude:

36.08268 -79.78605

Project Type: New Construction New Construction/Adaptive Reuse: Is this project a follow-on (Phase II, etc) to a previously-awarded tax credit development project? No If yes, list names of previous phase(s): Rehab: Is this project a previously awarded tax credit development? If yes, what year were credits awarded?: Number of residents holding Section 8 vouchers: Will the project meet Energy Star standards as defined in Appendix B? Yes Does a community revitalization plan exist? No Will the project use steel and concrete construction and have at least 4 stories? No Will the project include a Community Service Facility under IRS Revenue Ruling 2003-77? No 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: 24 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: 24 Persons with disabilities or homeless populations: the greater of 5 units or 10% of the total units. Number of Units: 24 Remarks: Housing for populations with special needs - Persons with various disabilities, including severe disabilities (such as traumatic brain and spinal cord injury, visual and hearing loss, etc.)

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: VOA North Carolina Community Housing Development Corporation Post Office Box 1447 (246 Stoneridge Drive, Suite 103) Columbia First: Pepper (803)753-0220 (910)793-2850 (803)779-1657 pselkins@voacarolinas.org State: SC Zip: 29202-1447 Last: Schales-Elkins Title: CEO/President

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

Site Description
Total Site Acreage: 3.26 Total Buildable Acreage: 3.26 If buildable acreage is less than total acreage, please explain:

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

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

Are existing buildings on the site currently occupied? No If yes: (a) Briefly describe the situation:

(b) Will tenant displacement be temporary? (c) Will tenant displacement be permanent? Is the site directly accessed by an existing, paved, publicly maintained road? Yes If no, please explain:

Is any portion of the site located inside the 100 year floodplain? No If yes: (a) Describe placement of project buildings in relation to this area:

(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: 12/31/2007 (D) Enter Purchase Price: 271,758

Zoning
Present zoning classification of the site: GO-H (General Office-High Intensity) 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: Greensboro LIFE House, LLC Address: City: PO Box 1447 Columbia State: SC Zip: 29202-1447 (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?

Yes Yes

List all general partners, members,and principals. Specify nonprofit corporate general partners or members. Click [Add] to add additional partners, members, and principals.

Org:

VOA Greensboro LIFE House, Inc. Last Name: Schales-Elkins, President Function: Managing Member

First Name: Pepper Address: City: Phone: EMail: PO Box 1447 Columbia (803)753-0220 pselkins@voacarolinas.org

State: SC Fax: (803)779-1657 Nonprofit: Yes

Zip: 29210

Unit Mix
The Median Income for Guilford county is $56,400. Low Income Units Type Gdn Apt Gdn Apt # BRs Net Sq.Ft. 1 2 671 905 Total # Units 16 8 # Units 16 8 Monthly Rent 541 624 Electric Utility Allowance 91 116 Gas Mandatory Serv. Fees 0 0 Other Garbage Pickup **Total Housing Exp. 632 740

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............... 24 24 13648 24 Gross Monthly Rental Income 13648

Units 24

Proposed number of residential buildings: 1 Project Includes:

Maximum number of stories in buildings: 1

Separate community building - Sq. Ft. (Floor Area): Community space within residential bulding(s) - Sq. Ft. (Floor Area): 7,500 Elevators - Number of Elevators: Square Footage Information Gross Floor Square Footage: 27,600

Total Net Sq. Ft. (All Heated Areas): 26,300

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 8 4 4 4 2 2

Units targeted at 50 targeted at 40 targeted at 30 targeted at 50 targeted at 40 targeted at 30

% 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:

24

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

Funding Sources
NonAmortizing* Rate (%) Term (Years) Amort. Period (Years) Annual Debt Service

Source Bank Loan RPP Loan Local Gov. Loan - Specify: City of Greensboro RD 515 Loan RD 538 Loan - Specify: AHP Loan Other Loan 1 - Specify: Greensboro Housing Authority Other Loan 2 - Specify: CICNC 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

1,000,000 336,651

2.00 0.00

30 30

30 30 11,221

71,760 223,422

0.00 7.75

15 19

15 30 19,207

320,900

30

30

1,774,623

3,727,356

* "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. 87 Remarks concerning project funding sources: (Please be sure to include the name of the funding source(s)) The $71,760 loan shown from the Greensboro Housing Authority is actually the payment on the balance of the lease. The appraised value of the leasehold interest was determined to be $271,760. VOAC is paying $200,00 of the leasehold balance at closing and paying back the $71,760 over 15 years at no interest.

Loans with Variable Amortization Please fill in the annual debt service as applicable for the first 20 years of the project life.

RPP Loan Year: Amt: Year: Amt: 1 6107 11 7509 2 6407 12 7399 3 6678 13 7231 4 6919 14 7000 5 7125 15 6702 6 7297 16 11117 7 7429 17 10671 8 7519 18 10144 9 7565 19 9531 10 7562 20 8827

Other Loan 1 - Greensboro Housing Authority Year: Amt: Year: Amt: 1 4784 11 4784 2 4784 12 4784 3 4784 13 4784 4 4784 14 4784 5 4784 15 4784 6 4784 16 0 7 4784 17 0 8 4784 18 0 9 4784 19 0 10 4784 20 0

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 Other Basis Expense - Permits & Fees Other Non-basis Expense (specify) Other Non-basis Expense (specify) 2,500 7,500 2,500 252,000 227,000 5,000 164,440 15,500 15,000 2,200 18,612 7,500 2,500 1,500 15,600 78,412 40,000 40,000 7,500 15,500 15,000 4,000 25,000 5,000 5,000 6,400 25,000 5,000 5,000 6,400 5,000 5,000 137,442 48,563 145,688 78,672 60,000 15,000 25,000 2,801,064 7,500 16,540 85,000 7,500 16,540 85,000 137,442 48,563 145,688 78,672 60,000 15,000 25,000 1,881,199 1,881,199 409,500 354,500 TOTAL COST Eligible Basis 30% PV 70% PV

43 Rent-up Expense

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

302,000 34,960 74,720

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:

3,455,596

3,209,004

0 3,209,004 100.00% 3,209,004 3,209,004 258,324 272,765 204,000 0 271,760 3,727,356 204,000 0 100% 0 100.00% 0 3.45 0 0 3,209,004 100% 3,209,004 100.00% 3,209,004 8.05 258,324 272,765

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

139,413 11,365

Market Study Information

Please provide a detailed description of the proposed project: LIFE House of Greensboro (LHG)is a 24 unit apartment complex consisting of 16-one bedroom and 8-two bedroom apartments on 3.26 acreas in Greensboro, NC. LHG has been designed with many features to enable persons with disabilities, including severe physical disabilities, to live independently in their own apartment. The units are configured in a single one story building along with the community facilities. The "Z" shaped all-in-one building has parking adjacent to the controlled entrances with a covered porte cochere drive thru at the main entrance and a fenced rear courtyard with sitting and activity areas.

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

Fully sprinkled, meets Energy Star Standards and will receive an energy certificate. The walls and roof are wood frame with R-15 insulation in the walls and R-38 in the ceilings. All units exceed the requirements for Type A fully handicapped accesible units. A list of the amenities necessary to enable persons with disabilities to live at LHG is enclosed as part of the application.

Have you built other tax credit developments that use the same building design as this project? Yes If yes, please provide name and address: LIFE House of Asheville 100 Peachtree Street Nettlewood Professional Park Asheville, NC 28803 LIFE House of Greenville 1567 Wimbledon Drive Greenville, NC Site Amenities: A large screened in porch and courtyard in the rear of the building, portico at the front of the building for tenant pick up and drop off; sitting and landsacped areas at the front of the building; a four foot sidewalk system to accomodate tenant exercise; laundry facilities; library/computer room; tenant storage; conference room; multi-purpose room; activity/exercise room; mail boxes inside by office door.

Onsite Activities: The residents of LHG are responsible for obtaining and managing the services they need to live at LHG. The N.C. Division of Vocational Rehabilitation and Independent Living (VRIL)will work with residents to help them coordinate the services they need from various providers to live more independently. A Resident Council will be formed for the purpose of engaging the residents in developing the activities and programs to be offered on the property, they will have monthly meetings and prepare agenda for the meetings, they will encourage participation by other residents by fielding complaints, suggesting activities, recommending service providers and making announcements of community events (agreed upon by majority of the tenants), local service providers will be invited to the meetings to make presentations; two computers will be purchased for the computer room for use by residents. Landscaping Plans: Landscaped fully accessible sitting areas will be located in the front of the building and courtyard to encourage the enjoyment of the outdoors in a relaxing atmosphere. A variety of shade trees will be located near the sitting areas and at other locations on the property. A mixture of evergreen schrubs will be planted around the building. Perrenial and annual plant flower beds will be located at the front of the building, near entrance areas and tenant sitting areas such as the courtyard. The devlopment will also include raised flower beds for the tenants use at various locations on the property.

Interior Apartment Amenities: Large bathrooms with ceramic tile floors in bathrooms; marble roll in showers with seats; adjustable height showerheads with flex hoses, right and left side transfer to handicap toilets; all sinks and tub/showers have lever handles; grab bars; 34" high solid plywood base cabinets in kitchen and baths; roll out shelves in kitchen base cabinets; cabinet mounted stove at counter top height with front controls; range hoods have accessibly located switches; side by side refrigerator with roll out shelves and doors that open 180 degrees; kitchen & bathroom sinks have open knee access space or removable fronts; kitchen and bath cabinets have "D" pulls on all doors and drawers; two sliding automatic doors at the front of the building; automatic doors (proximity card access) to tenant units; hollow metal door frames; formica kick plates on all apt doors; 36" wide doors with lever type hardware; wiring for hearing impared (5 units); plastic corner guards on all interior building walls; emergency call system in living rooms; bedrooms and bathrooms; reinforced ceiling joints to accommodate a lift track; severe use sheetrock on lower 4' of all walls. 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.

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. The site is in a stable, mixed use neighborhood with the necessary zoning already in place. The immediate area contains a variety of uses, including well-maintained multifamily, single family detached, commercial/retail and medical uses. The Church St corridor stretches from downtown to the northern edge of the city and is seeing significant upgrading of all types of development.There are no excessive concentrations of affordable housing in the area.

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. LIFEHouse of Greensboro will be immediately adjacent to the Greensboro Housing Authority's Hall Towers elderly development. This is a well-maintained, high rise apartment project. The White Oak Historic Neighborhood is also adjacent to the site, adding single family residential to the area. To the south along Church Street are a variety of commercial, retail and medical uses that will help meet shopping and service needs of the proposed project. The railroad tracks to the rear of the site are well buffered from the buildable portion of the site and do not carry significant rail traffic. No incompatible municipal facilities are in the area. The primary large industrial use is the Cone Mill White Oak textile plant to the east. This plant will cause no adverse impacts due to distance from the proposed site and declining activity at the White Oak plant. No sigificant vacant land exists in the area although some clearance and redevelopment for medical uses continues near Cone Hospital to the south approximately 3/4 to 1.0 miles away. Golden Gate Center (shopping center) located on Church Street across from the proposed site for LHG contains Harris Teeter, Food Lion, Staples, Wachovia Bank, Blockbuster, restaurant and coffee shop, drycleaners and beauty salons. An access to the shopping center was provided by the owners of the shoppoing center to help the residents of Hall Towers walk to the shopping center. VOAC will talk to the owners of the shopping center about making modifications necessary to accomodate the LHG residents. 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 has good access to Church St. A stop light currently exists at the primary site entrance on Church and a public bus stop is already in place across Church St. from the site. A second site access will be from 11th Street. Door to door public paratransit is available in Greensboro for citizens with disabilities who cannot use the standard GTA bus routes.Church St.is a major transportation corridor and the addition of LIFEHouse will have no impact on traffic levels. Project buildings will be set back on the site to allow for any future widening of Church St. and to protect the existing trees on the site. Water, sewer, gas and electrical service are adequate for the proposed development. 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). The site has no significant negative features. The developer's architect has met with city engineering and planning staff to review preliminary plans. An existing utility easement across the site will be released and the moderate drop in grade from the Church St. side to the rear of the site are the primary issues identified and both are readily addressed. No electrical transmisssion lines, wetlands, steep slopes, streams, etc. have been identified as problems. The light industrial use to the immediate south of the proposed site has its parking area facing the proposed site; however, it is very effectively buffered by existing vegetation and a fence.

Similarity of scale and aesthetics/architecture between project and surroundings.

The surrounding neighborhood shows a wide variety of building styles, from the White Oak mill village to the high rise Hall Towers. The one story LIFE House design is both attractive and low density with 24 units on 3.2 acres. Open space will be preserved as shown on the site plan. The modern but non-institutional design will be a good transition between the high density Hall Towers and the commercial/retail uses to the south.

For each applicable neighborhood feature, enter distance from project in miles. .3 .3 .6 1.0 .3 .1 .1 1.0 1.0 .2 2.1 1.6 1.0 Grocery Store Mall/Strip Center Outdoor Athletic Fields Day Care/After School Schools 1.0 .9 .4 .4 .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 .3 Convenience Store Basketball/Tennis Courts Public Parks Gas Station Library Fitness/Nature Trails Public Swimming Pools .3 .5 2.6 .3 .5 1.1

Other facilities or services: The proposed site is approximately .3 of mile from the Golden Gate Shopping Center, which offers Harris Teeter and Food Lion grocery stores, Blockbuster Video, major national and local banking, restaurants and other shopping. A 24 hour CVS Pharmacy is across the street from the shopping center. Cone Elementary School is .3 of a mile from the site and Page High School is .6 of a mile away. Medical services of virtually all types are within .9 of a mile due to the proximity of Cone Hospital and the significant medical development surrounding that campus. The Cone Outpatient Rehab Clinic is approximately .4 of a mile south of the site on Church St as is private urgent care clinic. Another large medical development cluster is located .8 of a mile north of the site on Church St. just north of Cone Blvd. Professional services (legal, financial, insurance) are available along State Street, approximately .5 of mile away. The YWCA is 2.2 miles to the south and offers additional indoor swimming options including a pool with a hydraulic lift.

Development Team
Provide contact information for development team members below: Management Agent Company: Volunteers of America of the Carolinas Address: City: Phone PO Box 1447 Columbia (803)753-0220 State: SC Zip: 29202-1447 Email: pselkins@voacarolinas.org Last: Schales-Elkins

Contact Name: First: Pepper

Architect Company: Address: City: Phone

Moore Riley Architects PO Box 17652 Raleigh (919)782-6471 State: NC Zip: 27619 Email: mrarch@intrex.net Last: Moore

Contact Name: First: Ed

Attorney Company: Address: City: Phone

Blanco Tackabery Combs & Matamoros PO Box 25008 Winston-Salem (336)761-1250 State: NC Zip: 27114-5008 Email: dlm@btmclaw.com Last: McKenney

Contact Name: First: Debbie

Investor Company: Address: City: Phone

Enterprise Community Investment, Inc. 10227 Wincopin Circle Columbia (410)964-0552 State: MD Zip: 21044 Email: Last: Crawford

Contact Name: First: Kenneth

Consultant/Application Preparer (if different from developer) Company: Scott A. Redinger Inc. Address: City: Phone 4553 Technology Drive, Suite 3, Box5 Wilmington (910)793-2850 State: NC Zip: 28405 Email: saredinger@aol.com Last: Redinger

Contact Name: First: Scott

Identity of Interest? General Contractor Company: Weaver Cooke Construction Address: City: Phone 7900 McCloud Road Greensboro (336)378-7900 State: NC Zip: 27409 Email: dgeorge@weavercooke.com Last: George

Contact Name: First: Doug

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): Mileage Training and Computer expense 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) 15,850 25,000 1,933 300 500 1,000 7,800 450 3,600 1,235 715 2,925 13,700 200 4,100 1,512 2,488 10,920 9,360 1,200

500

1,330 31,610

7,200 3,575

250

Miscellaneous Taxes, Licenses and Permits Property and Liability Insurance (Hazard) Fidelity Bond Insurance Workmen's Compensation Health Insurance and Other Employee Benefits Other Insurance: City of Greensboro Storm Water Fee 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

400 12,789 175 235

357 40,889

0 6,000 6,000 108,049 77,049 24 3,210

Projected Cash Flow Year One

OPERATING INCOME Gross rental income (from Unit Mix - Total Monthly Rent) Stores and Commercial Laundry and Vending Other (specify): Interest on Investments 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) 2,000 1,500 167,276 11,709 155,567 163,776

108,049 47,518

41,319

6,199 1.15

20-Year Cash Flow

Year Net Rental/Other Income* Total Operating Expenses* Debt Service Net Cash Flow Debt Coverage Ratio Year Net Rental/Other Income* Total Operating Expenses* Debt Service Net Cash Flow Debt Coverage Ratio 1 155,567 108,049 41,319 6,199 1.15 11 209,069 159,940 42,721 6,408 1.15 2 160,234 112,371 41,619 6,244 1.15 12 215,341 166,338 42,611 6,392 1.15 3 165,041 116,866 41,890 6,285 1.15 13 221,801 172,992 42,443 6,366 1.15 4 169,992 121,541 42,131 6,320 1.15 14 228,455 179,912 42,212 6,331 1.15 5 175,092 126,403 42,337 6,352 1.15 15 235,309 187,108 41,914 6,287 1.15 6 180,345 131,459 42,509 6,377 1.15 16 242,368 194,592 41,545 6,231 1.15 7 185,755 136,717 42,641 6,397 1.15 17 249,639 202,376 41,099 6,164 1.15 8 191,328 142,186 42,731 6,411 1.15 18 257,128 210,471 40,572 6,085 1.15 9 197,068 147,873 42,777 6,418 1.15 19 264,842 218,890 39,959 5,993 1.15 10 202,980 153,788 42,774 6,418 1.15 20 272,787 227,646 39,255 5,886 1.15

* 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: 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 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)