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Randall Place
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Transcript of Randall Place
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Is project in Qualified Census Tract or Difficult to Develop Area?
New Construction/Adaptive Reuse:
Is this project a follow-on (Phase II, etc) to a previously-awarded tax credit development project?
If yes, list names of previous phase(s):If yes, list names of previous phase(s):
Will the project meet Energy Star standards as defined in Appendix B?
Does a community revitalization plan exist?
Target Population: Family
Will the project be receiving project based federal rental assistance?
If yes, provide the subsidy source:If yes, provide the subsidy source: and number of units:and number of units:
Indicate below any additional targeting for special populations proposed for this project:
Print Preview - Full Application
Tax Credits, RPP Loans, and/or Tax Exempt Bond Loans
Project Description
Project Name: Randall Place
Address: Randall Lane
City: Goldsboro County: Wayne Zip: 27533
Census Tract: 13 Block Group: 1
No
Political Jurisdiction: City of Goldsboro
Jurisdiction CEO Name: First: Last:Al King Title: MayorJurisdiction Address: PO Drawer A
Jurisdiction City: Goldsboro Zip: 27533-9701
Jurisdiction Phone: (919)580-4330
Site Latitude: 35.382962
Site Longitude: -77.91310
Project Type: New Construction
Yes
Ashebrooke Apartments Phase I
Rehab:
Is this project a previously awarded tax credit development?
If yes, what year were credits awarded?:
Number of residents holding Section 8 vouchers:
No
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:
No
Mobility impaired handicapped: 5% of units comply with QAP Section IV(F)(3) (in addition to the units required by other federal andstate codes.)
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Number of Units: 4
Persons with disabilities or homeless populations: the greater of 5 units or 10% of the total units.
Number of Units: 5
Remarks:
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Indicate below an individual or a validly existing entity (a corporation, nonprofit, limited partnership or LLC) as the official applicant. UnderQAP Section III(C)(5) only this individual or entity will be able to make decisions with regard to this application. If awarded the applicantmust become part of the ownership entity. The applicant will execute the signature page for this application.
Applicant Information
Applicant Name: The Banks Law Firm, P.A.
Address: 4819 Emperor Blvd., Suite 110
City: State: NC Zip:Durham 27703
Contact: First: Last: Title:Jim Yamin
Telephone: (919)281-9169
Alt Phone: (919)474-9137
Fax: (919)474-9537
Email Address: [email protected]
NOTE: Email Address above will be used for communication between NCHFA and Applicant.
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Total Site Acreage: Total Buildable Acreage:
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?
If yes, please describe:
Are existing buildings on the site currently occupied?
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?
If no, please explain:
Is any portion of the site located inside the 100 year floodplain?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 Description
5.8 5.8
No
No
Yes
Yes
There will be some construction within this area.
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Clean fill will be brought in to raise the elevation of the buildable areas to appropriate levels.
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Does the owner have fee simple ownership of the property (site/buildings)?
If yes provide:
Purchase Date: Purchase Price:
If no:
Site Control
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?If yes, specify the relationship:
Yes
The seller John Bell is also a proposed member of the ownership entity.
(c) Enter the current expiration date of the option/contract to purchase: 7/31/2007
(D) Enter Purchase Price: 193,000
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Present zoning classification of the site:
Is multifamily use permitted?
Are variances, special or conditional use permits or any other item requiring a public hearing needed to develop this proposal?
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 obtainingthem:
Are there any existing conditions of historical significance located on the project site that will require State Historic Preservation office
review?
If yes, describe below:
Are there any existing conditions of environmental significance located on the project site?
If yes, describe below:
Zoning
R-12
Yes
No
No
No
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Ownership Entity
Owner Name: Randall Place LLC
Address: 4819 Emperor Blvd., Suite 110
City: State: NC Zip:Durham 27703
Federal Tax ID Number of Ownership Entity: (If assigned)
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? 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 ormembers. Click [Add] to add additional partners, members, and principals.
Org: The Banks Law Firm, P.A.
First Name: Sherrod Last Name: Banks Function: Managing Member
Address: 4819 Emperor Blvd., Suite 110
City: Durham State: NC Zip: 27703
Phone: (919)281-9169 Fax: (919)474-9537
EMail: [email protected] Nonprofit: No
Org: NA
First Name: John Last Name: Bell Function: Member
Address: 1204 E. Ash St.
City: Goldsboro State: NC Zip: 27530
Phone: (919)734-4321 Fax: (919)734-1840
EMail: [email protected] Nonprofit: No
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Square Footage Information
Notes
Separate community building -- Sq. Ft. (Floor Area):Sq. Ft. (Floor Area): 1,8441,844
Community space within residential bulding(s) -- Sq. Ft. (Floor Area):Sq. Ft. (Floor Area):
Elevators -- Number of Elevators:Number of Elevators:
Gross Floor Square Footage: 49,312
Total Net Sq. Ft. (All Heated Areas): 46,336
** Please refer to the Income Limits and Maximum Housing Expense Table to ensure that Total Monthly Tenant Expenses for lowincome units are within established thresholds.
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Estimated pricing on sale of Federal Tax Credits: $0.
Remarks concerning project funding sources:(Please be sure to include the name of the funding source(s))
Loans with Variable AmortizationPlease fill in the annual debt service as applicable for the first 20 years of the project life.
Funding Sources
Source AmountNon-
Amortizing*Rate(%)
Term(Years)
Amort.Period(Years)
AnnualDebt
Service
Bank Loan
RPP Loan 779,136 2.00 20 20
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) 791,994 0 30 30 0
State Tax Credit(Direct Refund)
Equity: Federal LIHTC 2,773,089
Non-Repayable Grant
Equity: Historic Tax Credits
Deferred Developer Fees
Owner Investment
Other - Specify:
Total Sources** 4,344,219
* "Non-amortizing" indicates that the loan does not have a fixed annual debt service. For these items, you must fill in 20-year debtservice below.
** Total Sources must equal total replacement cost in Project Development Cost (PDC) section.
87
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RPP Loan
Year:Amt:
1
34904
2
34643
3
34322
4
33937
5
33483
6
32957
7
32354
8
31670
9
30898
10
30035
Year:Amt:
11
29074
12
28009
13
26836
14
25546
15
24135
16
22593
17
20915
18
19092
19
17117
20
14980
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Development Costs
Item Cost Element TOTAL COSTEligible Basis
30% PV 70% PV
1 Purchase of Building(s) (Rehab / Adaptive Reuse only)
2 Demolition (Rehab / Adaptive Reuse only)
3 On-site Improvements 550,000 550,0004 Rehabilitation
5 Construction of New Building(s) 2,160,000 2,160,000
6 Accessory Building(s)
7 General Requirements 216,800 216,800
8 Contractor Overhead 58,536 58,536
9 Contractor Profit 175,608 175,608
10 Construction Contingency 94,828 94,828
11 Architect's Fee - Design (11 + 12 = max 3% lines 2-10) 33,000 33,000
12 Architect's Fee - Inspection 7,000 7,000
13 Engineering Costs 35,000 35,000
SUBTOTAL (lines 1 through 13) 3,330,772
14 Construction Insurance (prorate)15 Construction Loan Orig. Fee (prorate) 10,000 10,000
16 Construction Loan Interest (prorate) 78,000 78,000
17 Construction Loan Credit Enhancement (prorate)
18 Construction Period Taxes (prorate) 1,000 1,000
19 Water, Sewer and Impact Fees
20 Survey 10,000 10,000
21 Property Appraisal 7,500 7,500
22 Environmental Report 2,500 2,500
23 Market Study 4,200 4,200
24 Bond Costs
25 Bond Issuance Costs
26 Placement Fee27 Permanent Loan Origination Fee
28 Permanent Loan Credit Enhancement
29 Title and Recording 10,000
SUBTOTAL (lines 14 through 29) 123,200
30 Real Estate Attorney 10,000 10,000
31 Other Attorney's Fees 6,000 6,000
32 Tax Credit Application Fees (Preliminary and Full) 2,200
33 Tax Credit Allocation Fee (0.58% of line 59, minimum $7,500) 22,968
34 Cost Certification / Accounting Fees 10,000 10,000
35 Tax Opinion
36 Organizational (Partnership)
37 Tax Credit Monitoring Fee 26,000SUBTOTAL (lines 30 through 37) 77,168
38 Furnishings and Equipment 70,000 70,000
39 Relocation Expense
40 Developer's Fee 420,000 420,000
41 Other Basis Expense (specify)
42 Other Basis Expense (specify)
43 Rent-up Expense 25,000
44 Other Non-basis Expense (specify)
45 Other Non-basis Expense (specify)
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Comments:
SUBTOTAL (lines 38 through 45) 515,000
46 Rent up Reserve 12,000
47 Operating Reserve 93,079
48 Other Reserve (specify)
49 Other Reserve (specify)
50 DEVELOPMENT COST (lines 1-49) 4,151,219 0 3,959,972
51 Less Federal Financing52 Less Disproportionate Standard
53 Less Nonqualified Nonrecourse Financing
54 Less Historic Tax Credit (residential) 0
55 TOTAL ELIGIBLE BASIS 3,959,972 0 3,959,972
56 Applicable Fraction (percentage of LI Units) 100.00% 100% 100%
57 Basis Before Boost 3,959,972 0 3,959,972
58 Boost for QCT/DDA (if applicable, enter 130%) 100.00% 100.00%
59 TOTAL QUALIFIED BASIS 3,959,972 0 3,959,972
60 Tax Credit Rate 3.45 8.05
61 Federal Tax Credits at Estimated Rate 318,777 0 318,777
62 Federal Tax Credits at 8.5% or 3.75% 336,597 0 336,597
63 Max Federal Tax Credits (With Energy Star - Lesser of $8,500 per unit or$800,000, w/o - Lesser of $8,000 per unit or $800,000) 320,000
64 Federal Tax Credits Requested 318,777 318,777
65 Land Cost 193,000
66 TOTAL REPLACEMENT COST 4,344,219
FEDERAL TAX CREDITS IF AWARDED 320,000
Development costs exceed QAP guidelines based upon the experience with Ashebrooke Apts.Having just placed that project in service last December, their costs offer a unique precedent forwhat we might expect to encounter right next door.
Their per unit site costs were $18,270, while we are only budgeting $13,750. Their per square foothard construction costs were $44 and we are proposing $43.80.
Total Replacement Cost per unit: 101,154
Federal Tax Credits (line 62) per unit: 8,415
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Please provide a detailed description of the proposed project:
Construction (check all that apply):
Brick Vinyl Wood HardiPlank Balconies/Patios Sunrooms Front Porches
Front Gables or Dormers Wide Banding or Vertical/Horizontal Siding
Other:
Have you built other tax credit developments that use the same building design as this project?
If yes, please provide name and address:
Site Amenities:
Onsite Activities:
Landscaping Plans:
Market Study Information
The proposed project is a forty (40) unit family rental community off Randall Lane in Goldsboro.Ashebrooke Apartments will consist of 1, 2, and 3 bedroom apartments. There will be a separateoffice/community/laundry building, and a playground for the residents use. The development willincorporate both garden and townhouse style apartments. The site’s close proximity to shopping,schools and a grocery store make it a desirable location. The proposed development is also locatedin the area of Goldsboro that is experiencing growth. The units will be targeted to households at 40-60% AMI. In addition, 10% of the units will be targeted to the mobility impaired.
As an indication of the attractiveness of the site and strength of the market, as of 1/10/07, theproperty management company has already approved 13 households to move in starting Monday1/15/05 and is finalizing the verification process for an additional 11 others. After having received theCertificate of Occupancy on 12/28/06, the first Ashebrooke phase is nearly 50% rented up within thefirst 2 weeks, in spite of the time of year when applications are typically quite slow.
30 Year Dimensional Roof Shingles
Yes
- Ashebrooke Apartments Phase I, Randall Lane, Goldsboro NC- White Oak Manor Apartments, 41 Manor Lane, Swansboro, NC 28584- Ridgewood Apartments, 1018 Wait Ave., Wake Forest, NC 27857- Park Place Apartments, 107 Luxury Lane, Knightdale, NC 27545
Community RoomComputer CenterLaundry RoomPicnic AreaPlaygroundOutdoor sitting area with benchesGazeboTot lot
Residents will have full use of the computer center located in the community building. Periodictraining courses will be conducted on computer hardware and software. Periodic homeownership
counseling courses will also be conducted for those interested in pursuing homeownership.
Each building will have landscaped plantings in front of each apartment, in mulch beds. Trees willalso be planted in front of and around the building and common areas where existing trees may notbe, or cannot be saved.
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Interior Apartment Amenities:
Do you plan to submit additional market data (market study, etc.) that you want considered?
If yes, please make sure to include the additional information in your pre-application packet.
Range with hoodFrost-free RefrigeratorSome interior/exterior storage spaceWasher/Dryer hook-upsMini BlindsCarpetingVinyl kitchen and bathroomsCentral Air Conditioning and Heat Pump
No
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Briefly describe your site in each of the following categories:
For each applicable neighborhood feature, enter distance from project in miles.
Applicant's Site Evaluation
NEIGHBORHOOD CHARACTERISTICS
Trend and direction of real estate development and area economic health. Physical condition ofbuildings and improvements. Concentration of affordable housing.(See attached Site Evaluation Narrative Supplement)
SURROUNDING LAND USES AND AMENITIES
Suitability of surrounding development. Land use pattern is residential in character (single andmultifamily housing) with a balance of other uses (particularly retail and amenities). Effect ofindustrial, large-scale institutional or other incompatible uses, including but not limited to: wastewatertreatment facilities, high traffic corridors, junkyards, prisons, landfills, large swamps, distributionfacilities, 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 orpollution). Amount and character of vacant, undeveloped land.The site is exclusively surrounded by residential development, notably the high-end single-familyMaplewood subdivision contiguous to the north and the very attractive Ravenwood subdivisioncontiguous to the east and south. Existing natural buffers will be maintained to screen the leastattractive adjoining properties to the south and west. The site is midway between a brand new FoodLion on New Hope Rd. and a very heavy concentration of retail and services all along Berkeley Blvd.
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 ofproject sign(s) in relation to traffic corridors.The site is at the end of quiet Randall Lane, which offers the advantage on not being a “passthrough” street. Traffic will then turn onto Sanborn Lane before intersecting with Central Heights Rd.,a relatively low traffic road that will be widened to 3 lanes. Further, our site can be accessed viaThoroughfare Road from the south, intersecting Central Heights Road almost across the street from
Sanborn Lane. There will be a public transportation stop at Sanborn and Central Heights Rd.
Degree of on-site negative features and physical barriers that will impede project construction oradversely 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 (foradaptive re-use projects- suitability for residential use and difficulties posed by the building(s), suchas limited parking, environmental problems or the need for excessive demolition).There simply are no on-site negative features and physical barriers that will impede projectconstruction or adversely affect future tenants.
Similarity of scale and aesthetics/architecture between project and surroundings.
As a second phase development, the proposed project is completely similar in scale andaesthetics/architecture with the surroundings.
Grocery Store0.6 Community/Senior Center0.8
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Other facilities or services:
Mall/Strip Center0.6 Hospital2.6
Outdoor Athletic Fields0.4 Pharmacy0.6
Day Care/After School0.8 Basic Health Care0.4
Schools0.3 Medical Offices0.4
Public Transportation Stop0.2 Bank/Credit Union1.0
Convenience Store0.7 Restaurants0.8
Basketball/Tennis Courts1.3 Professional Services0.6
Public Parks0.5 Movie Theater2.2
Gas Station1.1 Video Rental1.1
Library1.6 Public Safety (Fire/Police)1.9
Fitness/Nature Trails1.3 Post Office1.8
Public Swimming Pools2.8
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Project Operations (Year One)
Projected Operating Costs
Administrative Expenses
Advertising 3,000
Office Salaries
Office Supplies
Office or Model Apartment Rent
Management Fee 13,215
Manager or Superintendent Salaries 18,000
Manager or Superintendent Rent Free Unit
Legal Expenses (Project) 500
Auditing Expenses (Project) 4,100
Bookkeeping Fees/Accounting Services
Telephone and Answering Service 2,500
Bad Debts
Other Administrative Expenses (specify):
postage, mileage500
SUBTOTAL 41,815
Utilities Expense
Fuel Oil
Electricity (Light and Misc. Power) 7,500
Water 1,200
Gas
Sewer 750
SUBTOTAL 9,450
Operating and Maintenance Expenses
Janitor and Cleaning Payroll
Janitor and Cleaning Supplies
Janitor and Cleaning Contract
Exterminating Payroll/Contract 3,000
Exterminating SuppliesGarbage and Trash Removal 1,100
Security Payroll/Contract
Grounds Payroll
Grounds Supplies 2,000
Grounds Contract 7,000
Repairs Payroll 18,000
Repairs Material 3,500
Repairs Contract 3,500
Elevator Maintenance/Contract
Heating/Cooling Repairs and Maintenance
Swimming Pool Maintenance/Contract
Snow RemovalDecorating Payroll/Contract 3,000
Decorating Supplies 3,000
Other (specify):
turnover painting, cleaning500
Miscellaneous Operating & Maintenance Expenses 200
SUBTOTAL 44,800
Taxes and Insurance
Real Estate Taxes 31,280
Payroll Taxes (FICA) 3,000
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Miscellaneous Taxes, Licenses and Permits 250
Property and Liability Insurance (Hazard) 6,000
Fidelity Bond Insurance 50
Workmen's Compensation 1,800
Health Insurance and Other Employee Benefits 2,000
Other Insurance:
SUBTOTAL 44,380Supportive Service Expenses
Service Coordinator
Service Supplies
Tenant Association Funds
Other Expenses (specify):
SUBTOTAL 0
Reserves
Replacement Reserves 10,000
SUBTOTAL 10,000
TOTAL OPERATING EXPENSES 150,445
ADJUSTED TOTAL OPERATING EXPENSES (Does not include taxes, reserves and resident support services) * 109,165
TOTAL UNITS(from total units in the Unit Mix section)
40
PER UNIT PER YEAR 2,729
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MINIMUM REQUIRED SET ASIDES (No Points Awarded):
Minimum Set-Asides
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: NoTax 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: NoTax Credit Eligible Units in the the project can exceed 60% of median income)
If requesting RPP funds:
40% of the units are occupied by households with incomes at or below 50% of median income.
State Tax Credit and QAP Targeting Points:
Moderate Income County:
At least twenty-five percent (25%) of qualified units will be affordable to and occupied by households with incomes at or below fortypercent (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 countymedian income.
At least fifty percent (50%) of qualified units will be affordable to and occupied by households with incomes at or below fifty percent(50%) of county median income.
Tax Exempt Bonds
Threshold requirement (select one):
At least ten percent (10%) of qualified units will be affordable to and occupied by households with incomes at or below fifty percent(50%) of county median income.
At least five percent (5%) of qualified units will be affordable to and occupied by households with incomes at or below forty percent(40%) of county median income.
Eligible for targeting points (select one):
At least twenty percent (20%) of qualified units will be affordable to and occupied by households with incomes at or below fiftypercent (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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PLEASE indicate which of the following exhibits are attached to your application. Others may be required as noted.
Full Application Checklist
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 Mapshowing 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 orphotocopies)
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 x36 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 projectsinvolving 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 governmentfunds). For Rehabs with existing loans provide 1) copies of loan documents, 2) current loan balances from existing lenderswith 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 inAppendix I). For projects with existing PBRA contracts, provide a copy of the current contract and bank statement or otherdocumentation 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 approvingdeferral of fee is required.
T Inducement Resolution (Tax-Exempt Bond Financed Projects only)