Professional Documents
Culture Documents
Page 1 of 39
Resources Requested
Check all that apply: Federal Low Income Housing Tax Credit State Low Income Housing Tax Credit Tax Exempt Bonds Rental Production Program (RPP) Loan Requested RPP Loan Amount: RPP Loan Product Requested:
https://www.nchfa.org/Rental/RTCApp/(pths0x55vb4uaoapzmgqevmf)/site/PrintApp.aspx... 1/14/2005
Print - APP03-0145
Page 2 of 39
Census Tract: 11
Is project in Qualified Census Tract & Difficult to Develop area: Yes Political Jurisdiction: Jurisdiction Address: Jurisdiction City: Jurisdiction Phone: City of Durham Last: Bell Title: Mayor 101 City Hall Plaza Durham (919)560-4333 Zip: 27701
35.9885 -78.8876
https://www.nchfa.org/Rental/RTCApp/(pths0x55vb4uaoapzmgqevmf)/site/PrintApp.aspx... 1/14/2005
Print - APP03-0145
Page 3 of 39
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? Yes If yes, list names of previous phase(s): Main Street Townhomes (Phase I of the Durham HOPE VI project) Will the project be receiving federal rental assistance? Yes If yes, provide the subsidy source: HUD and number of units: 25
Target Population: Elderly (62) 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 other federal and state requirements) Persons with disabilities or homeless populations: the greater of 5 units or 10% of the total units Remarks:
Townhouse
Duplex
Garden Apartment
Detached Single-Family
Separate community building - Sq. Ft. (Floor Area): Community space within residential bulding(s) - Sq. Ft. (Floor Area): 3,906 Elevators - Number of Elevators: 1 Square Footage Information Gross Floor Square Footage: 32,492
https://www.nchfa.org/Rental/RTCApp/(pths0x55vb4uaoapzmgqevmf)/site/PrintApp.aspx... 1/14/2005
Print - APP03-0145
Page 4 of 39
Applicant Information
Applicant Name: Address: City: Contact: Telephone: The Community Builders, Inc. 95 Berkeley St., Suite 500 Boston First: Thomas R. (617)695-9595 State: MA Zip: 02116-6240 Last: Davis Title: Project Manager
Alt Phone:
(617)283-0656
Fax:
(617)695-9483
Email Address:
t_davis@tcbinc.org
https://www.nchfa.org/Rental/RTCApp/(pths0x55vb4uaoapzmgqevmf)/site/PrintApp.aspx... 1/14/2005
Print - APP03-0145
Page 5 of 39
Site Description
Total Site Acreage: 1.394 Total Buildable Acreage: 1.394 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? Yes If yes, please describe: Currently, five residential structures are on the site. The structure on the corner of Morning Glory Avenue and Elm Street suffers from significant fire damage and will be demolished. The remaining four structures will be rehabilitated, with the structure along Morning Glory Avenue being moved to the corner site previously occupied by the demolished structure. The Housing Authority of the City of Durham will acquire the sites and demolish the fire-damaged building prior to transferring the site to the project ownership entity. All demolition costs will be carried by the Housing Authority of the City of Durham under the HOPE VI program.
Are existing buildings on the site currently occupied? Yes If yes: (a) Briefly describe the situation: Two of the existing residential structures are currently renter-occupied. The residential tenants will receive relocation benefits pursuant to the Uniform Relocation Act, as provided by the Housing Authority of the City of Durham under the HOPE VI program.
(b) Will tenant displacement be temporary? No (c) Will tenant displacement be permanent? Yes Is the site in a distressed neighborhood? Yes If yes, does a community revitalization plan exist? Yes 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:
https://www.nchfa.org/Rental/RTCApp/(pths0x55vb4uaoapzmgqevmf)/site/PrintApp.aspx... 1/14/2005
Print - APP03-0145
Page 6 of 39
(b) Describe flood mitigation if the project is in the East Region and will have improvements within the 100 year floodplain:
https://www.nchfa.org/Rental/RTCApp/(pths0x55vb4uaoapzmgqevmf)/site/PrintApp.aspx... 1/14/2005
Print - APP03-0145
Page 7 of 39
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: 11/14/2003 (D) Enter Purchase Price: 244,831
https://www.nchfa.org/Rental/RTCApp/(pths0x55vb4uaoapzmgqevmf)/site/PrintApp.aspx... 1/14/2005
Print - APP03-0145
Page 8 of 39
Zoning
RM-CN-40(D) Residential Multifamily Compact Present zoning classification of the site: Neighborhood high density, with a Development Plan 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:
Is a public hearing of any kind required in the future for you to fully develop this property? No If yes, describe the nature of the hearing and when you expect the hearing will be held:
Are there any existing conditions of historical significance located on the project site that will require State Historic Preservation office review? Yes If yes, describe below: The western part of the site is located in the Golden Belt Historic District, as designated by the National Register of Historic Places. The Golden Belt Historic District encompasses the former Golden Belt Manufacturing facility and the mill village built in the early 1900s to serve it. The HOPE VI effort has identified the most physically distressed block in this area for revitalization as the Morning Glory Senior Village. The portion of the site located within the historic district boundaries includes the existing 5 residential structures, one of which has been severely damaged by fire. These structures are small, three-room cottages in distressed physical conditions. The historic district does not include the large lot at the Alston Avenue end of the site, on which 19 of the units will be located. The developer will work with the State Historic Preservation Office with respect to the demolition of the fire-damaged structure and the rehabilitation of the remaining residential structures. The rehabilitation will include upgrades and additions to the basic structures to convert the existing cottages to larger senior citizen units while permitting the reuse of historic structures, which are generally too small for the needs of many contemporary families. Are there any existing conditions of environmental significance located on the project site? Yes If yes, describe below: The Morning Glory Senior Village project will incorporate four of the existing single-family residential structures into the development - 1102 Worth Street, 1104 Worth Street, 1106 Worth Street, and 1103 Morning Glory Avenue. Attached are reports testing for asbestos, lead paint, petroleum bulk storage tanks and PCBs/USTs/CFCs and other hazardous materials. The investigations also revealed the presence of mold at the 1104 Worth Street property. Further research will determine the appropriate remediation measures. However, any such work will not adversely affect the budget for the development, as the sites will be transferred to the ownership entity as clean sites. The Housing Authority of the City of Durham will acquire the sites, fully investigate the existing conditions, remediate the site as appropriate and transfer a clean site to the project ownership entity. All remediation costs will be carried by the Housing Authority of the City of Durham under the HOPE VI program. In addition to the four existing structures, the site includes a large lot at 203 North Alston Avenue. A Phase I Environmental Assessment conducted in April 2003 identified a potential recognized environmental condition on the 203 North Alston Avenue portion of the site. There are no existing structures on this lot, nor has there been any activity on this lot since 1994. Based upon the Phase I research of historical uses and records, the Phase I Environmental Site Assessment recommends
https://www.nchfa.org/Rental/RTCApp/(pths0x55vb4uaoapzmgqevmf)/site/PrintApp.aspx... 1/14/2005
Print - APP03-0145
Page 9 of 39
that additional testing be performed at various locations on the 203 North Alston site to determine the condition of both the soil and groundwater at the site. The currently vacant 203 North Alston parcel had previously been the location of a former Service Distribution Company (SERVCO) gasoline station between 1972 and 1989. The Phase I Environmental Site Assessment revealed that SERVCO removed five underground storage tanks (USTs) from the site in 1989. Additional research is being conducted to confirm the removal of the USTs. The subsequent (and current) owner filed a Pollution Incident/UST Leak Report with the NCDENR in 1994, indicating that soil contamination was discovered during building demolition and removal of dispenser pumps from the site. Subsequent soil testing revealed that the contamination did not exceed the Division of Environmental Management action limit of 10 mg/kg (ppm). The NCDENR provided a permit for on-site soil remediation by excavating the suspect soils from the subsurface and spreading them into the upper layer of the native soil. The results of the additional environmental site assessments will determine whether any additional work is required on the site with respect to any identified environmental conditions. However, any such work will not adversely affect the budget for the development, as the sites will be transferred to the ownership entity as clean sites. The Housing Authority of the City of Durham will acquire the sites, fully investigate the existing conditions, remediate the site as appropriate and transfer a clean site to the project ownership entity. All remediation costs will be carried by the Housing Authority of the City of Durham under the HOPE VI program.
https://www.nchfa.org/Rental/RTCApp/(pths0x55vb4uaoapzmgqevmf)/site/PrintApp.aspx... 1/14/2005
Print - APP03-0145
Page 10 of 39
Ownership Entity
Owner Name: TCB-DVI Morning Glory LLC Address: City: c/o The Community Builders, Inc., 95 Berkeley St., Suite 500 Boston State: MA Zip: 02116-6240 51-0445057 (If assigned) (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?
Yes 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:
TCB Morning Glory, Inc. Last Name: Davis Function: Managing Member
c/o The Community Builders, Inc., 95 Berkeley St., Suite 500 Boston (617)695-9595 t_davis@tcbinc.org State: MA Zip: 02116-6240
Org:
c/o Durham Housing Authority, 330 East Main Street Durham (919)683-1551 gsimpson@dha-nc.org State: NC Zip: 27701
Org:
95 Berkeley Street, Suite 500 Boston (617)695-9595 t_davis@tcbinc.org State: MA Zip: 02116-6240
https://www.nchfa.org/Rental/RTCApp/(pths0x55vb4uaoapzmgqevmf)/site/PrintApp.aspx... 1/14/2005
Print - APP03-0145
Page 11 of 39
Unit Mix
List each applicable unit mix combination in a separate row below. Click [Add] to create another row. Click "X" (at the left of each row) to delete a row. Low Income Units Type Gdn Apt Duplex Sgl Fam Duplex Total # BRs Net Sq.Ft. # Units 1 1 2 2 717 695 953 961 19 2 2 2 # Units 1 1 0 1 Monthly Rent 229 229 281 281 Electric Utility Allowance 0 0 0 0 Gas Mandatory Serv. Fees 0 0 0 0 Other Trash **Total Housing Exp. 229 229 281 281
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............... 25 3 5933 25 Gross Monthly Rental Income 5933
Units 3
Notes * ** Paint-to-Paint Square Footage 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.
https://www.nchfa.org/Rental/RTCApp/(pths0x55vb4uaoapzmgqevmf)/site/PrintApp.aspx... 1/14/2005
Print - APP03-0145
Page 12 of 39
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 6 5 10 1 1 2
% percent of median income. percent of median income. percent of median income. percent of median income. percent of median income. percent of median income.
25
Note: This number should match the total number of low income units in the Unit Mix section.
https://www.nchfa.org/Rental/RTCApp/(pths0x55vb4uaoapzmgqevmf)/site/PrintApp.aspx... 1/14/2005
Print - APP03-0145
Page 13 of 39
Funding Sources
NonAmortizing* Rate (%) Term (Years) Amort. Period (Years) Annual Debt Service
Source Bank Loan RPP Loan Local Gov. Loan - Specify: Durham Housing Authority RD Loan AHP Loan Other Loan 1 - Specify: Creative Housing Development Strategies 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
775,919
4.79
40
40
200,000
0.00
40
40
245,718
30
30
1,450,207
100
2,671,944
* "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. 75 Remarks concerning project funding sources: (Please be sure to include the name of the funding source(s)) No debt service is required on either the Durham Housing Authority or Creative Housing Development Strategies loans. Each loan has a balloon payment of principal and interest at the 40 year maturity.
Loans with Variable Amortization Please fill in the annual debt service as applicable for the first 20 years of the project life.
https://www.nchfa.org/Rental/RTCApp/(pths0x55vb4uaoapzmgqevmf)/site/PrintApp.aspx... 1/14/2005
Print - APP03-0145
Page 14 of 39
1 0 11 0
2 0 12 0
3 0 13 0
4 0 14 0
5 0 15 0
6 0 16 0
7 0 17 0
8 0 18 0
9 0 19 0
10 0 20 0
Other Loan 1 - Creative Housing Development Strategies Year: Amt: Year: Amt: 1 0 11 0 2 0 12 0 3 0 13 0 4 0 14 0 5 0 15 0 6 0 16 0 7 0 17 0 8 0 18 0 9 0 19 0 10 0 20 0
https://www.nchfa.org/Rental/RTCApp/(pths0x55vb4uaoapzmgqevmf)/site/PrintApp.aspx... 1/14/2005
Print - APP03-0145
Page 15 of 39
Development Costs
Item Cost Element 1 Purchase of Buildings (Rehab) 2 Demolition 3 On-site Improvements 4 Rehabilitation 5 Construction of New Building(s) 6 Accessory Building(s) 7 General Requirements 8 Contractor Overhead 9 Contractor Profit 10 Construction Contingency 11 Architect's Fee - Design 12 Architect's Fee - Inspection SUBTOTAL (lines 1 through 12) 13 Construction Insurance (prorate) 14 Construction Loan Orig. Fee (prorate) 15 Construction Loan Interest (prorate) 16 Construction Loan Credit Enhancement (prorate) 17 Construction Period Taxes (prorate) 18 Water, Sewer and Impact Fees 19 Survey 20 Property Appraisal 21 Environmental Report 22 Market Study 23 Bond Costs (specify) 24 Cost of Issuance 25 Placement Fee 26 Permanent Loan Origination Fee 27 Permanent Loan Credit Enhancement 28 Title and Recording SUBTOTAL (lines 13 through 28) 29 Real Estate Attorney 30 Other Attorney's Fees 31 Tax Credit App Fees 32 Cost Certification/Accounting Fees (specify) 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 Construction Management and Engineering Security 5,000 Other Non-basis Expense (specify) Other Non-basis Expense (specify) SUBTOTAL (lines 36 through 43) 44 Rent up Reserve 314,538 7,500 267,538 267,538 14,203 15,000 10,000 3,097 13,125 122,328 42,000 42,000 14,203 5,000 15,450 93,802 66,903 61,903 4,000 4,000 3,183 27,000 10,000 6,000 3,183 27,000 10,000 6,000 12,000 12,000 79,300 26,152 81,194 42,021 65,000 20,000 1,636,325 16,169 16,169 79,300 26,152 81,194 42,021 65,000 20,000 1,260,858 1,260,858 10,000 51,800 46,620 TOTAL COST Eligible Basis 30% PV 70% PV 0
41 Rent-up Expenses
https://www.nchfa.org/Rental/RTCApp/(pths0x55vb4uaoapzmgqevmf)/site/PrintApp.aspx... 1/14/2005
Print - APP03-0145
Page 16 of 39
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 Times Applicable Fraction 55 TOTAL QUALIFIED BASIS 56 Tax Credit Rate 57 FEDERAL TAX CREDITS at Estimated Rate 57a FEDERAL TAX CREDITS at 8.5% or 3.75% 58 FEDERAL TAX CREDITS REQUESTED 59 STATE TAX CREDITS 60 Land Cost 61 TOTAL REPLACEMENT COST Comments:
0 1,890,141 130.00% 2,457,183 193,380 208,860 255,174 215,789 244,831 2,671,944 0 130% 0 0.00% 0 0 0 1,890,141 130% 2,457,183 7.87% 193,380 208,860 255,174
https://www.nchfa.org/Rental/RTCApp/(pths0x55vb4uaoapzmgqevmf)/site/PrintApp.aspx... 1/14/2005
Print - APP03-0145
Page 17 of 39
https://www.nchfa.org/Rental/RTCApp/(pths0x55vb4uaoapzmgqevmf)/site/PrintApp.aspx... 1/14/2005
Print - APP03-0145
Page 18 of 39
Broken roof lines; In addition, the development will incorporate historic cottages and may use different materials based upon historic requirements.
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 (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: 1,000 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 Morning Glory Senior Village development is a follow-up development to the Main Street Townhomes development (the first phase of the Durham HOPE VI project). The on-site manager and on-site maintenance personnel will operate primarily out of the offices at the Main Street Townhomes development. However, the management staff will have scheduled hours in a satellite office at the Morning Glory Senior Village. The Morning Glory Senior Village amenities will include the management office, places to socialize, two laundry rooms (one on each floor), lawns, a landscaped courtyard and walking promenade, a community garden plot and storage units. The various social areas of the community will be located to be convenient and to provide a variety of options in the way they are used. On the first floor of the main building there will be a large community area that will be a sun-drenched room with a wall of west-facing windows, including a living room area with a fireplace and a dining area. The furniture in this community area can be rearranged to create a 1,000 square foot community room for special events. Additionally, residents can exercise in a fitness room or participate in crafts. Upstairs, residents can gather in a living room with a TV, play games or sit in the sunrooms overlooking the courtyard. Landscaping Plans: The development will feature attractive, neighborhood-safe landscaping around the buildings. Landscaping will include street and shade trees, lawns, and low bushes along the front porches and building edges, with visual interest through color and texture. The courtyard will emphasize flowering trees, again providing year round visual interest through color, blossom and texture. The selected plantings will be durable and climate appropriate, with preferences for drought resistant, noninvasive and native species. All landscaping will meet appropriate streetscape and planning codes of the City of Durham as well as be consistent with market standards and quality. Interior Apartment Amenities (check all that apply): Range W/D Hookups Flooring: Carpet Hood Mini-blinds Vinyl Dishwasher Pantry Wood Disposal Ceiling fans Wood Parquet Refrigerator (frost free) Walk-in closets Other Storage interior/exterior
Ceramic Tile
https://www.nchfa.org/Rental/RTCApp/(pths0x55vb4uaoapzmgqevmf)/site/PrintApp.aspx... 1/14/2005
Print - APP03-0145
Page 19 of 39
Heating/Cooling:
Central Air
Gas Heat
Heat Pump
Electric Pump
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.
https://www.nchfa.org/Rental/RTCApp/(pths0x55vb4uaoapzmgqevmf)/site/PrintApp.aspx... 1/14/2005
Print - APP03-0145
Page 20 of 39
https://www.nchfa.org/Rental/RTCApp/(pths0x55vb4uaoapzmgqevmf)/site/PrintApp.aspx... 1/14/2005
Print - APP03-0145
Page 21 of 39
North East Central Durham is a residential neighborhood, with a mix of detached single-family houses, duplexes and apartment buildings. The Morning Glory Senior Village is well within the residential zones. It is surrounded on the east, north and west by single-family homes, and by the area grocery store to the south. Moving beyond the immediately adjacent blocks, the Morning Glory Senior Village is in the center of a predominantly single-family home residential community. The existing and planned multifamily properties are clustered along Angier Avenue, particularly west of Alston. There are two multifamily properties dedicated to seniors within the area, but the Morning Glory Senior Village offers a different living option for potential residents. The design, shaped in part by comments from the senior residents of the Few Gardens development, seeks to create a lowscale, village environment evocative of single family homes rather than a double-loaded corridor environment. The senior community has been sized to approximate the number of seniors who were relocated from the Few Gardens site by the HOPE VI effort. While solidly within a residential area of Durham, the development surrounding the Morning Glory Senior Village includes a balance of other uses, including essential services and amenities. Two grocery stores are nearby. Bull City, across the street from the site, is under new management and its quality upgrade is well underway. A Winn Dixie is a little further away on Lakewood Avenue, just over mile from the site. Several shopping centers are approximately mile away, located along Fayetteville Street just south of the Durham Freeway. These include Phoenix Crossing and Phoenix Square, with a collection of restaurants, clothing stores and personal services such as hair salons, medical and dental offices and convenience stores. Gas and convenience shopping can be found along Alston Avenue, at the Exxon Station, the BP Station/Family Fare Convenience Store and the Karis Mini Mart, as well as other nearby locations. Basic health care services are available at the Lincoln Community Health Center, located 0.6 miles to the south on Linwood Avenue. The Lincoln Community Health Center is one of the oldest medical facilities serving Durhams African American community and is a respected community institution. A Kerr Drug pharmacy, located at Fayetteville Street and Lakewood Avenue, also serves the area's needs. Nearby recreational amenities include two public parks (Edgemont Park 0.18 miles and Longmeadow Park 0.3 miles). A public swimming pool is located at Longmeadow Park/the Salvation Army Boys and Girls Club. (There are several other recreational facilities in the area geared towards younger area residents, such as the playing fields at the Eastway School and the John Avery Boys and Girls Club.) Nearby educational amenities include the branch library at the Salvation Army facility (0.28 miles), plus two other libraries just over mile away (the Durham Central Public Library and the Stanford L. Warren Public Library). For cultural activities, the Hayti Heritage Center located on Fayetteville Street at the Durham Freeway offers cultural, educational, and entertainment programs highlighting contemporary and historic African American life, and the Durham Performing Arts Center, with both a movie theater and a live stage, is a short distance away in downtown Durham. Finally, residents of the area have access to a wide variety of services provided by public, private and religious institutions. The County Social Services offices and other County offices are just about mile from the site and many other Durham City and County government offices are just beyond it. Over twenty-five religious institutions are active in the neighborhood, including the Durham Rescue Mission, Refiner's Fire, the Asbury Temple United Methodist Church and The Church of the Apostolic Revival, many of which provide a variety of services. In addition, the neighborhood is home to senior citizen centers (such as Center of My Joy, on Morning Glory), day care centers (such as the Edgemont Community Day Care Center on Ramseur Street) and job training centers (such as the Center for Employment Training in the Golden Belt Center). As evidenced by this discussion, the range of amenities and services available within a very small radius of the development site is substantial. Unfortunately, the quality of the neighborhoods current physical environment leaves a perception inconsistent with the depth of amenities available in the area. However, as noted above and in the description of the revitalization plans (Tab D), the quality of the physical environment is about to undergo a dramatic shift as the revitalization activities proceed. It is important to distinguish the quality of the physical environment from the substantial range of amenities and services available in the area and the fundamentally appropriate mix and pattern of land use in the community. Based on the trends which are emerging and will become increasingly evident over the next few years, the Morning Glory Senior Village location is very suitable for a residential development, with easy access by foot, by public transit or by car, to many desirable amenities, including all of the amenities identified in Section IV(A)(1)(a) of the NCHFA Qualified Allocation Plan. 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). Public streets with adequate capacity and traffic controls serve all areas of the site. Entrance and exit to the parking will be from Morning Glory Street, a quiet residential street. Elm and Worth Streets, also surrounding the development, are small streets with very little traffic. The fourth side of the site fronts on Alston Avenue, which is a larger thoroughfare. For drivers leaving the parking lot of the development, a right turn onto Alston is straightforward due to the traffic signal at Taylor. Occasionally, the volume on Alston is a concern for a left turn, but a left turn is easily achieved from Main Street, one block to the south. The Main Street/Alston Avenue intersection is signalized. Alston
https://www.nchfa.org/Rental/RTCApp/(pths0x55vb4uaoapzmgqevmf)/site/PrintApp.aspx... 1/14/2005
Print - APP03-0145
Page 22 of 39
Avenue is the most heavily traveled road in the area and, in its current condition, is not fully adequate. However, the North Carolina Department of Transportation has scheduled a major upgrade to Alston Avenue to occur by FY2008. Planning (including the community impact analysis) has begun and property acquisition and design are scheduled for next year. The size of this development ensures that there will not be a substantial burden placed on the areas road system. In fact, the Citys traffic analysis in connection with the pending rezoning indicates a reduction in the potential traffic generation, due to the shift from commercial to residential zoning on part of the site. The Morning Glory Senior Village site also has easy access to mass transit. The #2 bus runs along Main Street, with a stop one block away from the development. Several other bus lines run through the area, as shown on page 10 of the Durham HOPE VI Neighborhood Revitalization Plan (Tab D). In addition, the Triangle Transit Authority is developing a regional rail system, scheduled to go into operation in 2007, which will have a stop at the corner of Alston Avenue and Pettigrew Street. This stop, less than mile from the Morning Glory Senior Village site, will provide a one-seat train ride to much of the metropolitan area, including stops at Duke, downtown Durham, Research Triangle Park, Cary, and downtown Raleigh. Amount and character of vacant, undeveloped land. Effect of industrial, large-scale institutional or other incompatible uses: 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). Although there is currently substantial vacant, undeveloped land in the neighborhood, the HOPE VI effort will develop much of it over the next few years. The HOPE VI Edgemont Homeownership Initiative, scheduled to break ground later this year, together with the Calvert Place development, applying for low income housing tax credits this year, will together result in the development of the vacant and underutilized land south of Main Street and west of Stokes Street. In addition, the Goodwill store which will be constructed on the north side of Main Street and the renovation of the Golden Belt facility will eliminate additional vacant land in the area. Similarly, the Main Street Townhomes development (allocated tax credits in 2002) will develop additional currently-vacant land. Upon completion of the residential developments associated with the HOPE VI program, the primary remaining undeveloped land will be individual house lots scattered through the northern and eastern portions of the neighborhood, larger lots approximately mile away near the railroad tracks and the Durham Freeway (at Plum Street), and the land along the west side of Alston Avenue between Angier and Main, and along Main next to the Bull City market. This area near the Main/Alston intersection is being left vacant deliberately to permit the emergence of a neighborhood center, with additional shops and community facilities at the corner of Main and Alston. Conversations with some of the owners of these sites have confirmed the validity of this approach, as they are considering precisely these kinds of uses. In addition, commercial uses typically follow residential development in a transforming neighborhood such as this, and it is important to plan and allow for the emergence of shops in this area. Once the vacant land in the neighborhood is developed, in large part by the HOPE VI effort, the area around the Morning Glory Senior Village will not suffer from significant incompatible uses. The Golden Belt manufacturing operations closed many years ago, and the ongoing historic renovation of the facility is drawing office uses to the site. The adjacent sites are not sources of potential pollution, traffic or other environmental or physical impacts. 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 Morning Glory Senior Village site is appropriate for new construction. It does not suffer from power transmission lines, flood hazards, substantial geologic features, wetlands or other topographic problems. The grade change in the middle of the site actually facilitates a lower scale to the development, and the two story structure will be constructed on the relatively flat parcel at the bottom of the grade. The single family and duplex development at the top of the hill is primarily rehabilitation and a small addition, not negatively impacted by the grade. The sites are currently covered by grass, shrubs, a few trees and a few existing structures. One building will need to be demolished (the fire-damaged building on the corner of Morning Glory and Elm Streets) and one will need to be moved. However, as the old mill homes are relatively simple buildings and are relatively well constructed, the move is anticipated to be a reasonable sum. Similarity of scale and aesthetics/architecture between project and surroundings. The Morning Glory Senior Village will be compatible in scale and aesthetics with its surroundings. While certainly including a bigger structure than the surrounding single-family homes, the grade allows the two-story building to be comparable in elevation to the single-story houses around it. In addition, the rhythm of porches and gables will relate to the rhythm of the single-family homes around it. The architecture of the surrounding homes is predominantly a folk-Victorian, clapboard style. The Morning Glory Senior Village is being designed with a clapboard style appearance to complement its surroundings. It will not, however, be fully imitative, allowing the design to enliven the street and the community. Variety in the detailing and planned streetscape improvements will
https://www.nchfa.org/Rental/RTCApp/(pths0x55vb4uaoapzmgqevmf)/site/PrintApp.aspx... 1/14/2005
Print - APP03-0145
Page 23 of 39
further integrate the development with the community and make the area inviting to pedestrians. All the buildings will face the street and will feature porches and varying setbacks to signal that it is a residential area. Concentration of affordable housing (housing credit, project-based rental assistance, public housing). The Morning Glory Senior Village developments impact on the concentration of affordable housing must be evaluated in the context of the HOPE VI program as a whole. One of the primary goals of the Durham HOPE VI effort is to deconcentrate poverty and introduce a greater mix of incomes in the community than was previously the case. Prior to the HOPE VI program, North East Central Durham hosted 240 households in the Few Gardens public housing development. The HOPE VI program, which anticipates using low income housing tax credits for all of the rental phases, will result in the demolition of these 240 public housing units and the construction of 275 new rental units, of which 248 will be tax credit units (including public housing units) and 27 will be market rate units. As a result, there will be a net increase of 8 income restricted rental units in the community. However, the reduction from 240 public housing units to only 160 public housing units will permit an increase in the income levels targeted for the tax credit units. Even the public housing units will have a greater mix of incomes than the original Few Gardens development, as the new HOPE VI family developments will have preferences for working families and admission tiers to ensure a mix of incomes within the public-housing-eligible community. Finally, the HOPE VI program will build 150 for sale units, drawing to the area families with incomes substantially higher than the incomes of most of the Few Gardens public housing residents. Deconcentration of poverty can occur by dispersing low income families in higher income communities, or by drawing higher income families into lower income communities. The Durham HOPE VI program, through its emphasis on high quality design and its comprehensive approach to the entire neighborhood, seeks to implement this latter approach. This choice serves both to deconcentrate poverty in the City of Durham and to provide a revitalizing stimulus to the area. Availability of Supportive Services (if applicable):
For each applicable neighborhood feature, enter distance from project in miles. .02 .63 .3 .28 .15 .08 .02 .34 .18 .09 .28 .34 .28 Grocery Store Mall/Strip Center Outdoor Athletic Fields Day Care/After School Schools .07 1.52 .62 .6 .6 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 .65 Convenience Store Basketball/Tennis Courts Public Parks Gas Station Library Fitness/Nature Trails Public Swimming Pools .02 .54 1.4 1.2 .65 .73
Other facilities or services: 0.75 mi. to City Hall and local government services; 0.55 mi. to County government services; 0.53 mi. to Performance Theater and Cultural Center; 1.40 mi. to Amtrak and Greyhound bus stations
https://www.nchfa.org/Rental/RTCApp/(pths0x55vb4uaoapzmgqevmf)/site/PrintApp.aspx... 1/14/2005
Print - APP03-0145
Page 24 of 39
Development Team
Provide contact information for development team members below: Management Agent Company: Durham Management Collaborative LLC Address: City: Phone 95 Berkeley Street, Suite 500 Boston (617)695-9595 State: MA Zip: 02116 Email: c_moran@tcbinc.org Last: Moran, Jr.
Gurlitz Architectural Group, PA 5310 S. Alston Avenue, Suite 220 Durham (919)489-9000 State: NC Zip: 27713 Email: richard@gurlitzarchitects.com Last: Gurlitz
The Community Builders, Inc., Office of General Counsel 95 Berkeley Street, Suite 500 Boston (617)695-9595 State: MA Zip: 02116 Email: l_palermo@tcbinc.org Last: Palermo
Wachovia Securities 201 South College Street, 8th Floor Charlotte (704)715-1790 State: NC Zip: 28288-0166 Email: tylee.kessler@wachovia.com Last: Kessler
Consultant/Application Preparer (if different from developer) Company: Address: City: Phone Contact Name: First: State: Email: Last: Zip:
Identity of Interest? General Contractor Company: Carocon Corporation (tentative) Address: City: Phone 11635 Capital Blvd., Suite 304 Wake Forest (919)554-2668 State: NC Zip: 27587 Email: craigf@carocon.com Last: Ferri
https://www.nchfa.org/Rental/RTCApp/(pths0x55vb4uaoapzmgqevmf)/site/PrintApp.aspx... 1/14/2005
Print - APP03-0145
Page 25 of 39
Management List number of low-income housing tax credit units managed in the past 10 years: North Carolina Other States Projects: Units: 2 160 45 3,443
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? Yes 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? Yes 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? Yes
https://www.nchfa.org/Rental/RTCApp/(pths0x55vb4uaoapzmgqevmf)/site/PrintApp.aspx... 1/14/2005
Print - APP03-0145
Page 26 of 39
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: $ $ 1,259,939 $ Yes No Yes Yes Yes
https://www.nchfa.org/Rental/RTCApp/(pths0x55vb4uaoapzmgqevmf)/site/PrintApp.aspx... 1/14/2005
Print - APP03-0145
Page 27 of 39
180
10,705 1,028
196 31,877
https://www.nchfa.org/Rental/RTCApp/(pths0x55vb4uaoapzmgqevmf)/site/PrintApp.aspx... 1/14/2005
Print - APP03-0145
Page 28 of 39
Payroll Taxes (FICA) Miscellaneous Taxes, Licenses and Permits Property and Liability Insurance (Hazard) Fidelity Bond Insurance Workmen's Compensation Health Insurance and Other Employee Benefits Other Insurance: SUBTOTAL Supportive Service Expenses Service Coordinator Service Supplies Tenant Association Funds Other Expenses (specify): SUBTOTAL Reserves Replacement Reserves SUBTOTAL TOTAL OPERATING EXPENSES ADJUSTED TOTAL OPERATING EXPENSES (Does not include taxes, reserves and resident support services) * TOTAL UNITS (from total units in the Unit Mix section) PER UNIT PER YEAR
36,800
https://www.nchfa.org/Rental/RTCApp/(pths0x55vb4uaoapzmgqevmf)/site/PrintApp.aspx... 1/14/2005
Print - APP03-0145
Page 29 of 39
123,187 29,752
29,752
* 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".
https://www.nchfa.org/Rental/RTCApp/(pths0x55vb4uaoapzmgqevmf)/site/PrintApp.aspx... 1/14/2005
Print - APP03-0145
Page 30 of 39
Design Features
ITEM Foundation/Slab Components Primary Windows DESCRIPTION Brick veneer on CMU foundation wall
Make:
Model:
Thermally broken solid vinyl double hung Type/Construction: w/insulated glass Exterior Doors Siding Type: Insulated steel Type: Brick veneer and vinyl Warranty: Lifetime limited Exterior Trim Vinyl wrapped wood Laminated asphalt Type: antifungal Warranty: 25 year Sprinkler System Cabinets Heat Pump NFPA 13R Marsh or equiv. SEER: 12 Model: 38 BYCOXX or equivalent Air Conditioner SEER: Chiller Model: 30 RA or equivalent Other Heat Systems SEER: Boiler-Raypak Model: "H" AFUE Make: Make: Carrier or equivalent Make: Carrier or equivalent Frames: Solid wood Grade/Thickness: 0.044 min.
Shingles
Weight: 240
https://www.nchfa.org/Rental/RTCApp/(pths0x55vb4uaoapzmgqevmf)/site/PrintApp.aspx... 1/14/2005
Print - APP03-0145
Page 31 of 39
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 1,000 5,200 2,000 61,900 23,200 2,500 5,200 3,000 53,900 5,600 38,000 65,000 28,000 14,000 30,200 50,000 70,800 28,400 10,658 2,100 12,000 3,000 41,000 2,000 12,200 42,500 3,500 12,000 9,500 16,000 24,000 31,000 1,500 52,500 32,000 7,500 14,100 3,800 85,150 80,150 4,000 17,900 2,900 20,400 4,500 23,800 5,000 13,000 30,300 7,700 16,000 25,500 11,000 14,000 LABOR 12,800 MATERIAL 7,500 6,000 7,500 TOTAL 20,300 6,000 21,500 0 31,500 45,100 5,300 137,650 112,150 4,000 28,558 5,000 32,400 7,500 64,800 7,000 25,200 72,800 11,200 28,000 35,000 27,000 0 68,200 115,000 98,800 42,400 0 3,500 10,400 5,000 115,800 28,800 0 0 0 0 0
https://www.nchfa.org/Rental/RTCApp/(pths0x55vb4uaoapzmgqevmf)/site/PrintApp.aspx... 1/14/2005
Print - APP03-0145
Page 32 of 39
Mirror/Shower Door/Encls. Hardware/Bath Access. Appliances Playground Equipment Interior Clean Exterior Clean/Dumpster Other 1 (specify in Remarks) Other 2 (specify in Remarks) Total Cost Remarks: Other 1: Fireplace in community living room. 584,558 676,300 500 1,500 4,000 1,000 5,000 2,500 11,000 19,500
https://www.nchfa.org/Rental/RTCApp/(pths0x55vb4uaoapzmgqevmf)/site/PrintApp.aspx... 1/14/2005
Print - APP03-0145
Page 33 of 39
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 Impact Fees Office Supplies Security/Watchman Water and Sewer Connection Fees Project Signage Tools and Equipment Gas, Oil, and Maintenance Cleanup/Dumpster Rental Temporary Water, Electric, and Telephone Storage/Hauling Driveway Access Permit Porta-John Rental/Dumping Builders Risk Insurance Re-inspection Fees Extra Plans and Specifications Miscellaneous, Casual Labor Equipment Rental Other 1 (specify in Remarks) Other 2 (specify in Remarks) Total Cost Remarks: Other 1 is the payment and performance bonds. 79,300 15,000 3,100 7,100 6,000 2,500 1,400 TOTAL 38,900 5,300
https://www.nchfa.org/Rental/RTCApp/(pths0x55vb4uaoapzmgqevmf)/site/PrintApp.aspx... 1/14/2005
Print - APP03-0145
Page 34 of 39
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 Dumpsite Pads/Fencing Fencing/Gates Landscaping/Topsoil Waterproofing/De-Watering Operation of Construction Equipment/Fuel/Oil Crane Rental Rock and Hardpan Excavation Site Supervision Personnel Other (specify in Remarks) Total Cost Remarks: 51,800 9,000 5,000 3,600 7,300 7,100 10,000 8,600 1,200 TOTAL
https://www.nchfa.org/Rental/RTCApp/(pths0x55vb4uaoapzmgqevmf)/site/PrintApp.aspx... 1/14/2005
Print - APP03-0145
Page 35 of 39
https://www.nchfa.org/Rental/RTCApp/(pths0x55vb4uaoapzmgqevmf)/site/PrintApp.aspx... 1/14/2005
Print - APP03-0145
Page 36 of 39
https://www.nchfa.org/Rental/RTCApp/(pths0x55vb4uaoapzmgqevmf)/site/PrintApp.aspx... 1/14/2005
Print - APP03-0145
Page 37 of 39
Minimum Set-Asides
MINIMUM REQUIRED SET ASIDES (No Points Awarded): Select one of the following two options: 20% of the qualified units are rent restricted and occupied by households with incomes at or below 50% of the median income (Note: No Tax Credit Eligble Units in the the project can exceed 50% of median income) 40% of the qualified units are rent restricted and occupied by households with incomes at or below 60% of the median income (Note: No Tax Credit Eligble Units in the the project can exceed 60% of median income) If requesting RPP funds: 40% of the qualified unit are occupied by households with incomes at or below 50% of median income.
State Tax Credit and QAP Targeting Points: High Income county: At least twenty-five percent (25%) of qualified units will be affordable to households with incomes at or below thirty percent (30%) of county median income. At least twenty-five percent (25%) of qualified units will be affordable to and occupied by households with incomes at or below thirty percent (30%) of county median income.
At least fifty percent (50%) of qualified units will be affordable to households with incomes at or below forty percent (40%) of county median income. At least fifty percent (50%) of qualified units will be affordable to and occupied by households with incomes at or below forty percent (40%) of county median income. 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. 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.
https://www.nchfa.org/Rental/RTCApp/(pths0x55vb4uaoapzmgqevmf)/site/PrintApp.aspx... 1/14/2005
Print - APP03-0145
Page 38 of 39
https://www.nchfa.org/Rental/RTCApp/(pths0x55vb4uaoapzmgqevmf)/site/PrintApp.aspx... 1/14/2005
Print - APP03-0145
Page 39 of 39
J Hazard and structural inspection and termite reports (Renovation projects only) K Description of any existing conditions of historical significance. L Description of environmental significance. M Anticipated budget demonstrating how the project would meet the 10% test by November 14th. N Evidence of Architect's Errors and Omissions insurance (or equivalent). O Description of acquisition for existing/occupied projects or for projects with occupied buildings to be demolished. P Description of proposed Relocation Plan & Relocation Budget, Etc. If any relocation is anticipated, reference Appendix F. Q Targeting Plan and supporting documentation (Required for projects targeted to Special Populations) R Local Housing Authority Agreement (Reference Model in Appendix I) S Appraisal (for land costs greater than $5,000 and for buildings in rehab projects) T Evidence of Permanent Loan Commitment, other sources of funds, and project-based subsidies. U Statement regarding terms of Deferred Developer Fee and, if nonprofit, resolution of Board approving fee. V Inducement Resolution (Tax-Exempt Bond Financed Projects only) W Documentation to support estimated utility costs.
https://www.nchfa.org/Rental/RTCApp/(pths0x55vb4uaoapzmgqevmf)/site/PrintApp.aspx... 1/14/2005