River's Retreat App

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Print Preview - Final Application

Tax Credits, RPP Loans, and/or Tax Exempt Bond Loans
Project Description
Project Name: River's Retreat at Elizabeth Crossing Address: City: HWY 17 Elizabeth City County: Pasquotank Zip: 27907 Block Group: 5037
Census Tract: 96004
Is project in Qualified Census Tract or Difficult to Develop Area? Yes Political Jurisdiction: Jurisdiction CEO Name: Jurisdiction Address: Jurisdiction City: Jurisdiction Phone: City of Elizabeth City First:Charles Last: Foster 306 E. Colonial Ave. Elizabeth City Zip: 27907-0347 Title: Mayor
(252)338-3981
Site Latitude: Site Longitude:
36.1733 -76.1517
Project Type: New Construction Is this project a previously awarded tax credit development? No If yes, what is the project number: Is this a request for supplemental credits? 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: 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
https://www.nchfa.org/Rental/RTCApp/(S(hvmuxz45...351F3DE0E&SNID=B8B670B8D89A4346A76BDBA430FF31B3 (1 of 30)9/16/2008 3:23:39 PM
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If yes, please describe:
Target Population:Elderly (55) Will the project be receiving project based federal rental assistance? No If yes, provide the subsidy source: and number of units: 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: 4 Persons with disabilities or homeless populations: 10% of the total units.
Number of Units: 4 Remarks: We are targeting 4 of the units for persons with disabilities as required by QAP Section IV(F)(4). We are targeting 5% or 2 units for ADA and 5% or 2 units to comply with QAP Section IV(F)(3).
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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: Douglas NC, LLC PO Box 160 / 709 N. Main Street Aynor State: SC Zip: 29511 First: David Last:Douglas Title:Managing Member
(919)741-9328 (843)358-1052 (919)662-0124 tddouglasco@nc.rr.com
NOTE: Email Address above will be used for communication between NCHFA and Applicant.
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Site Description
Total Site Acreage: 4.8 Total Buildable Acreage: 3.08
If buildable acreage is less than total acreage, please explain: .7 acres is non-buildable due to setbacks and landscape buffers. 1.02 acres is located in the AE Floodzone and cannot be built upon.
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? Yes If yes: (a) Describe placement of project buildings in relation to this area: 1.02 acres is located in the AE Flood Zone. Neither the building, nor any impervious element, will be located
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within the flood zone or flood way with the exception of best management practices for stormwater management that may be incorporated as part of the development to mitigate any impact to the floodplain or floodway.
(b) Describe flood mitigation if the project will have improvements within the 100 year floodplain: We will incorporate best management practices as part of our development planning process.We are working closely with the City to provide stormwater management measures that exceed their current ordinance requirements and that will not negatively impact the flood zone or floodway.
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Site Control
Does the owner have fee simple ownership of the property (site/buildings)?No If yes provide: Purchase Date: Purchase Price:
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:
(c) Enter the current expiration date of the option/contract to purchase: 8/30/2008 (D) Enter Purchase Price: 100,000
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Zoning
Present zoning classification of the site:HB (Highway Business)/County R-15 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?Yes If yes, have the hearings been completed and permits been obtained?Yes If yes, specify permit or variance required and date obtained. If no, describe permits/variances required and schedule for obtaining them: A portion of the property was rezoned to allow for multifamily at 12 units per acre by the City Council on April 23rd, 2007 and it was annexed. A public hearing was also held on April 9, 2007.
Are there any existing conditions of historical significance located on the project site that will require State Historic Preservation office review? No If yes, describe below:
Are there any existing conditions of environmental significance located on the project site?No If yes, describe below:
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Ownership Entity
Owner Name: Address: City: River's Retreat at Elizabeth Crossing, LLC PO Box 160 / 709 N. Main Street Aynor State:SC Zip: 29511
Federal Tax ID Number of Ownership Entity:
26-2405262
(If assigned)
Note: Do not submit social security numbers for individuals. Entity Type: Limited Liability Company Entity Status: Already Formed Is the applicant requesting that the Agency treat the application as Non-Profit sponsored? No Is the applicant requesting that the Agency treat the application as CHDO sponsored? 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: Address: City: Phone: EMail:
River's Retreat at Elizabeth Crossing Managing Member, LLC Last Name: Douglas State: SC Function: Managing Member Zip: 29511 PO Box 160 / 709 N. Main Street Aynor
First Name: David
(843)358-1052 dd@douglascoinc.com
Fax: (843)358-1069 Nonprofit: No
Douglas NC, LLC Last Name: Douglas State: SC Fax: (843)358-1069 Nonprofit: No Function: Principal Zip: 29511 PO Box 160 / 709 N. Main Street Aynor
First Name: David
(843)358-1052 dd@douglascoinc.com
Halcon Development, LLC Last Name: Dusenbury State: NC Fax: (919)662-0124 Nonprofit: No Function: Principal Zip: 27603 1403-305 Pitching Wedge Drive Raleigh
First Name: Traci
(919)662-0122 tddouglasco@nc.rr.com
Org: Address: City: Phone:
Hart Development, LLC Last Name: Hart State: SC Fax: (843)358-1069 Function: Principal Zip: 29511 PO Box 160 / 709 N. Main Street Aynor
First Name: Doug
(843)358-1052
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EMail:
dh@douglascoinc.com
Nonprofit: No
DuPree Development, LLC Last Name: DuPree State: SC Fax: (864)404-3502 Nonprofit: No Function: Principal Zip: 29601 201 E McBee Avenue, Third Floor, Suite 300-B Greenville
First Name: Frank
(864)404-3500 dupreecompany@bellsouth.net
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Unit Mix
The Median Income for Pasquotank county is $48,100. Low Income Units Type # BRs Net Sq.Ft. Total # Units # Units Monthly Rent Utility Allowance Mandatory Serv. Fees **Total Housing Exp.
Gdn Apt 1 Gdn Apt 1 Gdn Apt 1 Gdn Apt 1 Gdn Apt 1 Gdn Apt 1 Gdn Apt 2 Gdn Apt 2 Gdn Apt 2
640 718 733 733 789 792 1071 1071 1152
2 8 3 1 6 4 8 4 4
0 2 0 0 0 0 1 0 1
346 346 346 419 419 419 409 449 449

Electric
88 88 88 88 88 88 113 113 113

Gas
0 0 0 0 0 0 0 0 0
Other trash pick-up
434 434 434 507 507 507 522 562 562
Utilities included in rents:
Water/Sewer
Employee Units (will add to Low Income Unit total) Total # Monthly Utility Mandatory **Total Type # BRs Net Sq.Ft. # Units Units Rent Allowance Serv. Fees Housing Exp. Utilities included in rents: Water/Sewer Electric Gas Other
Market Rate Units Total # Monthly Utility Mandatory **Total Type # BRs Net Sq.Ft. # Units Units Rent Allowance Serv. Fees Housing Exp. Utilities included in rents: Water/Sewer Electric Gas Other
Statistics All Units Low Income....... Market Rate....... Totals............... Gross Monthly Rental Income
Units
40
15971
40
15971
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Proposed number of residential buildings: 1 Project Includes:
Maximum number of stories in buildings: 2
Separate community building - Sq. Ft. (Floor Area): Community space within residential bulding(s) - Sq. Ft. (Floor Area):
2,016
Elevators - Number of Elevators: 2 Square Footage Information Gross Floor Square Footage:
53,470
Total Net Sq. Ft. (All Heated Areas): 48,797
Notes ** Please refer to the Income Limits and Maximum Housing Expense Table to ensure that Total Monthly Tenant Expenses for low income units are within established thresholds.
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Targeting
Specify Low Income Unit Targeting in table below. List each applicable targeting combination in a separate row below. Click [Add] to create another row. Click "X" (at the left of each row) to delete a row. Add as many rows as needed.
# BRs 1 1 2 2
Units
% targeted at 50 targeted at 60 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
13 11 8 8
Total Low Income Units:
40
Note: This number should match the total number of low income units in the Unit Mix section.
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Funding Sources
NonAmortizing* Rate (%) Term (Years) Amort. Period (Years) Annual Debt Service
Source Bank Loan RPP Loan Local Gov. Loan - Specify: RD 515 Loan RD 538 Loan - Specify: AHP Loan Other Loan 1 - Specify: Other Loan 2 - Specify: Other Loan 3 - Specify: Tax Exempt Bonds State Tax Credit(Loan) State Tax Credit(Direct Refund) Equity: Federal LIHTC Non-Repayable Grant Equity: Historic Tax Credits Deferred Developer Fees Owner Investment Other - Specify: Total Sources**
Amount
660,399
30
30
3,734,291 240,000
4,634,690
* "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. 80 Remarks concerning project funding sources: (Please be sure to include the name of the funding source(s)) Non-Repayable Grant -FHLBA AHP direct subsidy from BB&T - awarded. Award letter attached.
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This project has no debt. Equity Commitment Letter provided by Alliant Capital, LTD.
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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 (max 6% lines 2-6) 8 Contractor Overhead (max 2% lines 2-7) 9 Contractor Profit (max 8% lines 2-7; 6% if Identity of Interest) 10 Construction Contingency (max 3% lines 2-9, Rehabs 6%) 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 TOTAL COST Eligible Basis 30% PV 70% PV
325,000
260,000
2,452,000
2,452,000
166,620 58,872 176,617 95,373 67,000 30,000 25,000 3,396,482 10,000 20,470 106,536
166,620 58,872 176,617 95,373 67,000 30,000 20,000
10,000 20,470 63,922
4,000 259,560 10,000 4,000 10,000 8,500
2,800 259,560 10,000 4,000 10,000 8,500
10,000
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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 (0.60% 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
443,066 24,000 25,000 2,200 32,953 10,000 5,000 1,000 28,000 128,153 45,000 45,000 10,000 9,000 25,000
420,000
420,000
Building Permits Other Basis Expense (specify)investor engineer/attny 15,000
43 Rent-up Expense 44 45
off-site access to shopping center survey/title conversion

SUBTOTAL (lines 38 through 45)
480,000 12,000 74,989
46 Rent up Reserve 47 Operating Reserve 48 49
Other Reserve (specify) Other Reserve (specify) 4,534,690 0 4,224,734
50 DEVELOPMENT COST (lines 1-49) 51 Less Federal Financing 52 Less Disproportionate Standard 53 Less Nonqualified Nonrecourse Financing 54 Less Historic Tax Credit 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
0 4,224,734 100.00% 4,224,734 0 100% 0 130.00% 5,492,154 0 4,224,734 100% 4,224,734 130.00% 5,492,154
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60 Tax Credit Rate 61 Federal Tax Credits at Estimated Rate 62 Federal Tax Credits at 9.00% or 3.75% (maximum $1,000,000) 63 Federal Tax Credits Requested 64 Land Cost 65 TOTAL REPLACEMENT COST FEDERAL TAX CREDITS IF AWARDED
3.40 466,833 494,294 0 100,000 4,634,690 494,294 0 0
8.50 466,833 494,294
Comments: Line #19-includes City impact fees for stormwater, landfill, and recreation, in addition to w/s connection fees.
Total Replacement Cost per unit: 81,862
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Market Study Information

Please provide a detailed description of the proposed project: During our work with the City on our 56-unit family proposal that we began working on in 2006, the local community and City discussed the need for senior housing. For this reason, we are incorporating a 40-unit senior complex into our site. There will be one main residential building with a community room/craft room, computer area and TV area, library and exercise room. According to local real estate professionals there is a great need for this type of rental housing for seniors . The site is located in close proximity to shopping, medical and services. Elizabeth City is growing very rapidly. There is new commercial and residential development taking place.
Construction (check all that apply): Brick Vinyl Wood HardiPlank Balconies/Patios Sunrooms Front Porches
Front Gables or Dormers Other:
Wide Banding or Vertical/Horizontal Siding
The building features a center "outdoor" courtyard area for the residents' safe enjoyment.
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: Covered entry, laundry room, library with 2 online computer stations, community room/craft room, and comfortable sitting areas for the seniors to meet and relax. Outside there will be picnic and grill areas, benches on property, gazebo and connecting sidewalks that encourage walks around the property. The courtyard area will also feature benches, flower beds, and gardens.
Onsite Activities: There will be sitting areas throughout the building including, a tv room, community room/craft room, library with 2 online internet stations, and outside there will be a gazebo/arbor, picnic area w/tables/grills and sidewalks for walking. Each resident will also have his or her own interior storage area. We will work closely with local human service agencies to provide educational, social and health preservation programs for the seniors living at River's Retreat. We have many commitments from local agencies to come on-site and work with our residents to provide many different services.
Landscaping Plans:
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Our landscaping plan will be creative as we hope to 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 picnics and leisurely strolls around the development. The center courtyard will also feature flower beds, benches, and greenery.
Interior Apartment Amenities: Ranges, range hoods, dishwashers, refrigerators (frost-free), interior storage areas, mini-blinds, pantry, ceiling fans, walk in closets, carpet and washer and dryer hook-ups. The building will have a sprinkler system and will have pull system emergency alarms throughout the building for added safety of our senior residents.
Do you plan to submit additional market data (market study, etc.) that you want considered? Yes If yes, please make sure to include the additional information in your pre-application packet.
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Applicant's Site Evaluation

Briefly describe your site in each of the following categories: NEIGHBORHOOD CHARACTERISTICS Trend and direction of real estate development and area economic health. Physical condition of buildings and improvements in the immediate vicinity. Concentration of affordable housing. Elizabeth City was ranked by Money Magazine as one of the Best Places to live on the Coast. The site is in close proximity to the Pasquotank River and Intracoastal Waterway. It is close to shopping, retail, commercial and medical services. The surrounding properties are a mix of commercial and residential. The neighborhood as a whole is growing and there are many single-family neighborhoods being built. With a growing economy and popultion, there is a greater need for more affordable high quality rental units.
SURROUNDING LAND USES AND AMENITIES Land use pattern is residential in character (single and multifamily housing). Extent that the location is isolated. 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 are no other apartment communities near this project but many businesses that will be beneficial to our residents. There are restaurants, grocery stores, a bank, an urgent care and a gas station all within walking distance of our proposed project. SITE SUITABILITY Adequate traffic safety controls (i.e. stop lights, speed limits, turn lanes). 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. There are adequate traffic controls and there is no burden on the public facilities for this project. There is no mass transit but there is public transportation that will come to the development to take residents to medical appointments. Neighboring businesses are Pizza Inn, Subway, Applebees, Farm Fresh Grocery, Chartway Bank, Urgent Care, and a BP gas station. 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 projectssuitability 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 features on the site that will impede the construction or adversely affect the future tenants.
Similarity of scale and aesthetics/architecture between project and surroundings. The proposed community will fit in nicely with the surrounding area. The design of our buildings will fit in aesthetically and actually enhance the existing community. We are working closely with the City on our design.
For each applicable neighborhood feature, enter distance from project in miles.
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.1 .2 .5 .5 .5 .1
Stop
Grocery Store Mall/Strip Center Outdoor Athletic Fields Day Care/After School Schools Public Transportation
1.4
Center
Community/Senior
3 .2 .2
Hospital Pharmacy Basic Health Care
.1 1 .1 1
Convenience Store Public Parks Gas Station Library
Other facilities or services: The college of the Albemarle, Elizabeth City State University, and Roanoke Bible College are also in close proximity. We are including a map in the Directions/Map section to show the proximity to services.
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Development Team
Provide contact information for development team members below:
Management Agent Company: Address: City: Phone Contact Name: Vista Capital Management Group, Inc. 201 E. McBee Avenue, Third Floor, Suite 300-B Greenville State: SC Zip: 29601 Email: wredding@vistacm.com Last: Redding
(864)404-3500
First: Wayne
Architect Company: Address: City: Phone Contact Name: Humphreys & Partners Architects, L.P. 8929 J. M. Keynes Drive, Suite 355 Charlotte State: NC Zip: 28262 Email: sarmad@humphreys.com Last: Fahmi
(704)510-1357
First: Sarmad
Attorney Company: Address: City: Phone Contact Name: Blanco Tackabery 110 S. Stratford Rd., Suite 500 Winston Salem State: NC Zip: 27104 Email: cws@blancolaw.com Last: Scogin
(336)293-9000
First: Carolyn
Investor Company: Address: City: Phone Contact Name: Alliant Capital, LTD. 340 Royal Poinciana Way, Suite 305 Palm Beach State: FL Zip: 33480 Email: bbass@q10churchill.com Last: Bass
(727)461-2200
First: Becker
Consultant/Application Preparer (if different from developer) Company: Address: City: Phone Contact Name: Halcon Properties & Consulting, LLC 1403-305 Pitching Wedge Drive Raleigh State: NC Zip: 27603 Email: tddouglasco@nc.rr.com Last: Dusenbury
(919)662-0122
First: Traci
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General Contractor Company: Address: City: Phone Contact Name:
Identity of Interest?
Progress Builders PO BOX 160 / 709 N. Main Street Aynor State: SC Zip: 29511 Email: mallard@progressbuildersllc.com Last: Allard
(843)358-1052
First: Michael
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Projected Operating Costs

Project Operations (Year One) Administrative Expenses Advertising Office Salaries Office Supplies Office or Model Apartment Rent Management Fee Manager or Superintendent Salaries Manager or Superintendent Rent Free Unit Legal Expenses (Project) Auditing Expenses (Project) Bookkeeping Fees/Accounting Services Telephone and Answering Service Bad Debts Other Administrative Expenses (specify):
250
500
13,000 28,000
1,000 1,000
computer center/high speed internet/computer maintenance

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
1,200 44,950
8,000 12,000
12,000 32,000
450 2,500 1,800
2,000
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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):
500 2,000
2,500
500
Miscellaneous Operating & Maintenance Expenses SUBTOTAL Taxes and Insurance Real Estate Taxes 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:
12,250
21,578 3,200
10,000
2,000 10,000 46,778
Flood Insurance
SUBTOTAL Supportive Service Expenses Service Coordinator Service Supplies Tenant Association Funds Other Expenses (specify):
3,000 1,000
SUBTOTAL Reserves Replacement Reserves SUBTOTAL
4,000
10,000 10,000
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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
149,978 114,400 40 2,860
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Projected Cash Flow Year One

OPERATING INCOME Gross rental income (from Unit Mix - Total Monthly Rent) Stores and Commercial Laundry and Vending Other (specify):
191,652
3,000
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)
194,652 13,626 181,026 149,978 31,048 0 31,048
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 11 1 2 3 4 5 6 7 8 9 10
181,026 149,978 0 31,048 0
186,457 155,977 0 30,480 0

12
192,051 162,216 0 29,835 0

13
197,813 168,705 0 29,108 0

14
203,747 175,453 0 28,294 0

15
209,859 182,471 0 27,388 0

16
216,155 189,770 0 26,385 0

17
222,640 197,361 0 25,279 0

18
229,319 205,255 0 24,064 0

19
236,199 213,465 0 22,734 0

20
243,285 222,004 0 21,281 0
250,584 230,884 0 19,700 0
258,102 240,119 0 17,983 0
265,845 249,724 0 16,121 0
273,820 259,713 0 14,107 0
282,035 270,102 0 11,933 0
290,496 280,906 0 9,590 0
299,211 292,142 0 7,069 0
308,187 303,828 0 4,359 0
317,433 315,981 0 1,452 0
* 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.
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2. "Total Operating Expenses" comes from 1st-year cash flow, then it is escalated by 4% per year. 3. "Debt Service" is the sum of "regular/amortized loan debt service + non-amortizing annual service" as entered by user from Funding Sources section. 4. "Net Cash Flow" is "Net Rental/Other Income" minus "Total Operating Expenses" minus "Debt Service". 5. "Debt Coverage Ratio" is ("Net Rental/Other Income" minus "Total Operating Expenses") divided by "Debt Service".
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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: 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 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.
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Full Application Checklist

PLEASE indicate which of the following exhibits are attached to your application. Others may be required as noted.
A Nonprofit Organization Documentation or For-profit Corporation Documentation B Current Financial Statements/Principals and Owners (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 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) G Local Government Letter Confirming Zoning including any pending notices or hearings (original on letterhead, no fax or photocopies) H Letters from Local Utility Providers regarding availability and capacity (original on letterhead, no fax or photocopies) I Documentation from utility company or local PHA to support estimated utility costs J Appraisal (required for land costs greater than $15,000 and for all Adaptive Re-use and Rehab projects) K 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) L Hazard and structural inspection and termite reports (Adaptive Re-use and Rehab projects only) M Copy of certificate of occupancy or proof of placed-in-service date (Rehabs Only) N 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. O 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. P 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. Q Statement regarding terms of Deferred Developer Fee. If a nonprofit is involved, a resolution from their board approving deferral of fee is required. R Inducement Resolution (Tax-Exempt Bond Financed Projects only)

River&#39;s Retreat App

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Print - APP08-0048

Print Preview - Final Application

Census Tract: 96004

Site Latitude: Site Longitude:

https://www.nchfa.org/Rental/RTCApp/(S(hvmuxz45...351F3DE0E&SNID=B8B670B8D89A4346A76BDBA430FF31B3 (1 of 30)9/16/2008 3:23:39 PM

If yes, please describe:

https://www.nchfa.org/Rental/RTCApp/(S(hvmuxz45...351F3DE0E&SNID=B8B670B8D89A4346A76BDBA430FF31B3 (2 of 30)9/16/2008 3:23:39 PM

(919)741-9328 (843)358-1052 (919)662-0124 tddouglasco@nc.rr.com

https://www.nchfa.org/Rental/RTCApp/(S(hvmuxz45...351F3DE0E&SNID=B8B670B8D89A4346A76BDBA430FF31B3 (3 of 30)9/16/2008 3:23:39 PM

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

https://www.nchfa.org/Rental/RTCApp/(S(hvmuxz45...351F3DE0E&SNID=B8B670B8D89A4346A76BDBA430FF31B3 (4 of 30)9/16/2008 3:23:39 PM

https://www.nchfa.org/Rental/RTCApp/(S(hvmuxz45...351F3DE0E&SNID=B8B670B8D89A4346A76BDBA430FF31B3 (5 of 30)9/16/2008 3:23:39 PM

https://www.nchfa.org/Rental/RTCApp/(S(hvmuxz45...351F3DE0E&SNID=B8B670B8D89A4346A76BDBA430FF31B3 (6 of 30)9/16/2008 3:23:39 PM

https://www.nchfa.org/Rental/RTCApp/(S(hvmuxz45...351F3DE0E&SNID=B8B670B8D89A4346A76BDBA430FF31B3 (7 of 30)9/16/2008 3:23:39 PM

Federal Tax ID Number of Ownership Entity:

Org: Address: City: Phone: EMail:

First Name: David

Fax: (843)358-1069 Nonprofit: No

Org: Address: City: Phone: EMail:

First Name: David

Org: Address: City: Phone: EMail:

First Name: Traci

Org: Address: City: Phone:

First Name: Doug

https://www.nchfa.org/Rental/RTCApp/(S(hvmuxz45...351F3DE0E&SNID=B8B670B8D89A4346A76BDBA430FF31B3 (8 of 30)9/16/2008 3:23:39 PM

Org: Address: City: Phone: EMail:

First Name: Frank

https://www.nchfa.org/Rental/RTCApp/(S(hvmuxz45...351F3DE0E&SNID=B8B670B8D89A4346A76BDBA430FF31B3 (9 of 30)9/16/2008 3:23:39 PM

640 718 733 733 789 792 1071 1071 1152

346 346 346 419 419 419 409 449 449

88 88 88 88 88 88 113 113 113

434 434 434 507 507 507 522 562 562

Utilities included in rents:

https://www.nchfa.org/Rental/RTCApp/(S(hvmuxz4...51F3DE0E&SNID=B8B670B8D89A4346A76BDBA430FF31B3 (10 of 30)9/16/2008 3:23:39 PM

Proposed number of residential buildings: 1 Project Includes:

Maximum number of stories in buildings: 2

Total Net Sq. Ft. (All Heated Areas): 48,797

https://www.nchfa.org/Rental/RTCApp/(S(hvmuxz4...51F3DE0E&SNID=B8B670B8D89A4346A76BDBA430FF31B3 (11 of 30)9/16/2008 3:23:39 PM

Total Low Income Units:

https://www.nchfa.org/Rental/RTCApp/(S(hvmuxz4...51F3DE0E&SNID=B8B670B8D89A4346A76BDBA430FF31B3 (12 of 30)9/16/2008 3:23:39 PM

https://www.nchfa.org/Rental/RTCApp/(S(hvmuxz4...51F3DE0E&SNID=B8B670B8D89A4346A76BDBA430FF31B3 (13 of 30)9/16/2008 3:23:39 PM

https://www.nchfa.org/Rental/RTCApp/(S(hvmuxz4...51F3DE0E&SNID=B8B670B8D89A4346A76BDBA430FF31B3 (14 of 30)9/16/2008 3:23:39 PM

166,620 58,872 176,617 95,373 67,000 30,000 20,000

10,000 20,470 63,922

4,000 259,560 10,000 4,000 10,000 8,500

2,800 259,560 10,000 4,000 10,000 8,500

https://www.nchfa.org/Rental/RTCApp/(S(hvmuxz4...51F3DE0E&SNID=B8B670B8D89A4346A76BDBA430FF31B3 (15 of 30)9/16/2008 3:23:39 PM

Building Permits Other Basis Expense (specify)investor engineer/attny 15,000

off-site access to shopping center survey/title conversion

480,000 12,000 74,989

46 Rent up Reserve 47 Operating Reserve 48 49

Other Reserve (specify) Other Reserve (specify) 4,534,690 0 4,224,734

https://www.nchfa.org/Rental/RTCApp/(S(hvmuxz4...51F3DE0E&SNID=B8B670B8D89A4346A76BDBA430FF31B3 (16 of 30)9/16/2008 3:23:39 PM

3.40 466,833 494,294 0 100,000 4,634,690 494,294 0 0

8.50 466,833 494,294

Total Replacement Cost per unit: 81,862

https://www.nchfa.org/Rental/RTCApp/(S(hvmuxz4...51F3DE0E&SNID=B8B670B8D89A4346A76BDBA430FF31B3 (17 of 30)9/16/2008 3:23:39 PM

Market Study Information

Front Gables or Dormers Other:

Wide Banding or Vertical/Horizontal Siding

https://www.nchfa.org/Rental/RTCApp/(S(hvmuxz4...51F3DE0E&SNID=B8B670B8D89A4346A76BDBA430FF31B3 (18 of 30)9/16/2008 3:23:39 PM

https://www.nchfa.org/Rental/RTCApp/(S(hvmuxz4...51F3DE0E&SNID=B8B670B8D89A4346A76BDBA430FF31B3 (19 of 30)9/16/2008 3:23:39 PM

Applicant's Site Evaluation

River's Retreat App

River's Retreat App