Scottish Glen - Housing Think

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    e
    f
    g Basic Information (BI)
    c
    d                                              c
                                                   d
                                                   e
                                                   f
                                                   g Operating Budget (OPBUDG)
    e
    f
    g Unit Information
    c
    d                                              b
                                                   c
                                                   d
                                                   e
                                                   f
                                                   g Cash Flow (CF)
    d
    e
    f
    g Project Analysis (Pts)
    c                                              b
                                                   c
                                                   d
                                                   e
                                                   f
                                                   g Rental Production Program Facts Sheet (Facts)
    e
    f
    g Project Development Costs (PDC)
    c
    d                                              c
                                                   d
                                                   e
                                                   f
                                                   g Market Study Rating (MSR)
    c
    d
    e
    f
    g Funding Sources (FS)
    b                                              d
                                                   e
                                                   f
                                                   g Notes
                                                   c


                                        Print Selected Reports
2000 RENTAL DEVELOPMENT PROGRAMS APPLICATION
PART I.            PROGRAM FUNDS REQUESTED
                  Federal LIHTC                         RPP                                      App # 054                    Staff
                  State LIHTC                           MFP         CHDO                                                      JA
                         Requested Loan Amount                   $0                               TC #

PART II.           BASIC INFORMATION
A. Project Name and Address
Project Name       Scottish Glen Apartments
Street Address     Turnpike Road and Xway Road
City               Laurinburg                       County Scotland                             Zip 28353
Census Tract       101                         Block Group 626                                        Region          E
High Cost Area           Yes          No
Political Jurisdiction    Laurinburg
Jurisdiction's CEO        Mayor Ann B. Slaughter
Mailing Address           305 West Church Street
City                      Laurinburg                                Zip 28353                 Tel 910 276-8324

Proposed Number of Units:            40             Renovation         New Construction          Family           Elderly
Is a supportive service plan being proposed?                  Yes           No


B. Developer Information
Developer Name Opportunity Inc. and Scott Redinger, Inc.
Address        PO Box 1437
City           Laurinburg                             State NC                                  Zip 28353
Contact Person Nancy Walker
Title          Director
Telephone      910-276-0100                           FAX 910-276-0100

C. Site Description (from Preliminary Application)
Total acreage     4.38 acres
Currently available adequate utilities and services:                  Storm sewer     Water      Sanitary sewer             Electric
Demolition planned or required              Yes           No
       Describe


D. Site Control and Zoning (from Preliminary Application)
Is Applicant fee simple owner                     Yes          No                   Date of purchase
Valid option/contract for purchase                Yes          No

Identity of interest exists                       Yes          No
   Specify relationship
Present zoning                  Office-Institutional
Mutifamily use permitted                          Yes          No

Public hearing required for proposal              Yes          No

Hearings completed                                Yes          No
   Specify                      Special Use Permit-Planning Board and City Council 2/17. Decision 3/22
Future public hearing required                    Yes          No
Nature/schedule of hearing



Site in a flood plain                             Yes          No




                                                                           1
2000 RENTAL DEVELOPMENT PROGRAMS APPLICATION
C. Ownership Entity
Owner Name       LLC To Be Formed                                                                                                Exists
Address          PO Box 1437                                                                                                     To be formed
City             Laurinburg                                  State NC                               Zip 28353
Fed Tax ID:      Ownership Entity                                                                    (if assigned)
                 Manging GP or Member             581949662 (Opp. Inc. TID)                          (if not assigned)


Type:               Limited Partnership         Limited Liability Co.               Individual               Corporation


General Partners or Members:
 1 Name Opportunity Incorporated (Nancy Walker, Director)      Title        Managing Member
   Add. PO Box 1437                                            City         Laurinburg                  St NC Zip        28353
   Phone 919-276-2582

 2 Name Scott Redinger, Inc. (Scott Redinger)                  Title        Managing Member
   Add. 108 N. Kerr Ave., Suite C-3                            City         Wilmington                  St NC Zip        28405
   Phone 910-793-2850

 3 Name                                                        Title
   Add.                                                        City                                     St       Zip
   Phone

 4 Name                                                        Title
   Add.                                                        City                                     St       Zip
   Phone


D. Owner applying as a:          For-Profit      NonProfit          Certified CHDO                    Yes          No



E. Private Lenders
Permanent First Mortage Lender            CICNC-Community Investment Corp. of NC
Construction Lender                       Richmond Savings Bank

F. Development Team
Management Agent                                               Architect
  Nancy Walker, Laurinburg Housing Authority                      Rick Reinhardt, Reinhardt Architecture
  PO Box 1437                                                     1125 E. Morehead St. Studio 208
  Laurinburg, NC 28353                                            Charlotte, NC 28204

Attorney                                                       Syndicator
   Mike Hurst, Blanco Tackaberry                                  CAHEC
   PO Drawer 25008                                                3733 National Drive, Suite 222
   Winston-Salem, NC 27114                                        Raleigh, NC 27612

Development/Housing Consultant                                 Market Analyst
   Wendy Painter, Painter & Associates                           Jerry Koontz, Koontz & Salinger
   4021 Spruce Drive                                             PO Box 37523
   Raleigh, NC 27612                                             Raleigh, NC

General Contractor                                             General Contractor selected by:
  Jerry Sawyer, CSI                                                          Bid
  PO Box 783                                                                 Negotiation
  Lumberton, NC 28359
                                                                             Identity of Interest




                                                                        2
2000 RENTAL DEVELOPMENT PROGRAMS APPLICATION
PART III.          PROJECT INFORMATION
  E. Project Type (from Preliminary Application)
      New Construction
      Acquisition and Substantial Rehabilitation                Building is          Occupied         Vacant

      Substantial Rehabilitation Only
                                                                Building is          Occupied         Vacant
      Distressed Federally assisted Project

      Project Receiving Federal subsidies (including project based rental Assistance


C. Project Description
Specially targeted units
          Large Family                                Elderly                                            Mobility impaired
          Other Special Needs         list target population:
   Total number of units           40           Low Income Units              40            Targeted Units        16

Type of units
        Townhouse               Detached Two Family (Duplex)                  Garden Apts           Detached Single Family
        Elevator       # stories             Other, describe:
   Number of residential buildings       5
   Project includes:           Separate Accessory Building                         Accessory Space in a residential building
   Floor area of Accessory Building/Space          1,068

   Site Acreage                                 4.381
   Gross Floor Square Footage                  45,723
   Net Square Footage                          38,792
   "Paint-to-Paint" Square Footage             37,724
   Recreational facilties planned:            An open recreational area with picnic tables and a playground will be
                                              provided on site.


D. Unit Mix and Rent Structure

Low Income Units
  Total Low Income Units                      40                Gross Monthly Rental Income                     $14,528
  Total Elderly Units                         0                 Gross Annual Rental Income                     $174,336
  Utilities included with rents:
          Water/Sewer            Electric      Gas      Other    (specify) trash collection

   Basis for utility estimates       HUD Section 8 Program Utility Allowances were used to determine utility costs.




Market Rate Units
  Total Market Rate Units                     0                 Gross Monthly Rental Income
                                                                Gross Annual Rental Income
   Utilities included with rents:
           Water/Sewer          Electric       Gas      Other    (specify)




                                                                          3
2000 RENTAL DEVELOPMENT PROGRAMS APPLICATION
Additional Information (not on applications)

     County Income Level                  LOW                           County Median Income          $40,800


APPLICATION FORM PART B

I. MINIMUM REQUIRED SET ASIDES
 A   20% of units are rent restricted and occupied by households with income less than 50% of median income.

B       40% of units are rent restricted and occupied by households with income less than 60% of median income.

C       40% of units are rent restricted and occupied by households with income less than 50% of median income.

D       40% of units are rent restricted and occupied by households with income less than 35% of median income.


II. MINIMUM SET ASIDES TO RECEIVE POINTS: HIGH-INCOME COUNTIES
 E    100% of units are rent restricted and occupied by households with income less than 50% of median income.

F      50% of units are rent restricted and occupied by households with income less than 50% of median income.

G      other:            % of units rent restricted; income less than           % of median income.

       Not Applicable


III. MINIMUM SET ASIDES TO RECEIVE POINTS: LOW-INCOME COUNTIES
H       50% of units are rent restricted and occupied by households with income less than 50% of median income.

 I      40% of units are rent restricted and occupied by households with income less than 50% of median income.

J       100% of units are rent restricted and occupied by households with income less than 60% of median income.

K       other:           % of units rent restricted; income less than           % of median income.

        Not Applicable


EXTENDED LOW-INCOME OCCUPANCY
  Project will remain low-income with no relief from Section 42 of IRS Code for                       30   years




                                                                           4
Unit Mix and Rent Structure                                                                         Scottish Glen Apartments: App#054

Low Income Units
Bedrooms      Number      Type       Square     Estimated  Estimated      Estimated    Total          HH        Affordable % Med    1st Year
              of Units                Feet       Monthly Utilities Cost   Required    Monthly        Adjust.        To              Revenue
                                               Rent Recvd Not Included    Monthly     Housing
                                                by Owner    in Rent        Services   Cost to
                                                                             Fees     Tenant

     2          24         Apt.          835         $328          $92                    $420           0.90    $16,800   45.8%      $94,464
     3          16         Apt.        1,083         $416         $105                    $521           1.04    $20,840   49.1%      $79,872
                                                                                                -                      -        -              -
                                                                                                -                      -        -              -
                                                                                                -                      -        -              -
                                                                                                -                      -        -              -
                                                                                                -                      -        -              -
                                                                                                -                      -        -              -
                                                                                                -                      -        -              -
                                                                                                -                      -        -              -
                                                                                                -                      -        -           -
Total Units          40                                                                                                     Total    $174,336



Market Rate Units
Bedrooms      Number      Type       Square     Estimated  Estimated      Estimated    Total          HH        Affordable % Med    1st Year
              of Units                Feet       Monthly Utilities Cost   Required    Monthly        Adjust.        To              Revenue
                                               Rent Recvd Not Included    Monthly     Housing
                                                by Owner    in Rent        Services   Cost to
                                                                             Fees     Tenant

                                                                                                -                      -                       -
                                                                                                -                      -                       -
                                                                                                -                      -                       -
                                                                                                -                      -                       -
                                                                                                -                      -                       -
                                                                                                -                      -                       -
                                                                                                -                      -                       -
                                                                                                -                      -                       -
                                                                                                -                      -                       -
                                                                                                -                      -                       -
                                                                                                -                      -                       -
Total Units           0                                                                                                     Total              -



MAX RENTS                                                    Max                       Max
                                                             Home                     Housing
                          window =   95%                     Rents                     Cost
Bedrooms       50%         60%       45%
     2         $436       $523       $392                         $436                    $420
     3         $504       $605       $453                         $605                    $521
                                                                                                -
                                                                                                -
                                                                                                -
                                                                                                -
                                                                                                -
                                                                                                -
                                                                                                -
                                                                                                -


                                                                          5
    -




6
                                                           EXHIBIT B




PROJECT DEVELOPMENT COSTS                                   TOTAL COST                                  30% PV      70% PV
Scottish Glen Apartments: App#054                                                                         ELIGIBLE BASIS
1. Purchase of Buildings (Rehab)                                                                               $0
2. Demolition                                                                                                               $0
3. On-site Improvements                                            $209,500                                           $209,500
4. Rehabilitation                                                                                                           $0
5. Construction of New Building(s)                             $1,757,322                                           $1,757,322
6. Accessory Building(s)                                                                                                    $0
7. General Requirements (max 6% lines 2-6)                         $118,000                  6.00%                    $118,000
8. Contractor Overhead (max 2% lines 2-7)                           $41,800                  2.00%                     $41,800
9. Contractor Profit (max 8% lines 2-7; 6% if i.d.)                $166,700                  8.00%                    $166,700
10. Construction Contingency(3% lines 2-7 NC; 6%Rehab)              $68,900                  3.00%                     $68,900
11. Architect's Fee- Design                                         $68,000                                            $68,000
12. Architect's Fee - Inspection                                    $12,000                                            $12,000
  SUBTOTAL          (lines 1 through 12)                                      $2,442,222
13. Construction Insurance (prorate)                                 $1,500                                            $1,500
14. Construction Loan Orig. Fee (prorate)                            $8,910                                            $8,910
15. Construction Loan Interest (prorate)                            $56,000                                           $56,000
16. Performance Bond                                                $16,256                                           $16,256
17. Construction Period Taxes (prorate)                              $8,166                                            $8,166
18. Bond Costs (Specify)
19. Cost of Issuance
20. Placement Fee
21. Permits and Tap Fees                                            $14,515                                           $14,515
22. Survey                                                           $3,500                                            $3,500
23. Property Appraisal                                               $5,000                                            $5,000
24. Environmental Report                                             $4,000                                            $4,000
25. Market Study                                                     $3,500                                            $3,500
26. Permanent Loan Origination Fee                                   $9,821
27. Permanent Loan Credit Enhancement
28. Title and Recording                                              $5,000                                            $3,000
  SUBTOTAL          (lines 13 through 28)                                      $136,168                                 3,000
29. Real Estate Attorney                                             $4,500                                            $4,500
30. Tax Opinion                                                      $5,000
31. Other Attorney's Fees                                           $22,000                                           $22,000
32. Organizational (Partnership)                                     $2,500
33. Tax Credit App Fees (5% x 9% or 4% tax credit)                  $12,705                 $12,705                   $12,705
34. Tax Credit Monitoring Fee ($375 x # units)                      $15,000                 $15,000
35. Cost Certification/Accounting Fees (Specify)                     $4,500                                            $4,500
  SUBTOTAL          (lines 29 through 35)                                       $66,205
36. Furnishings and Equipment                                       $10,000                                           $10,000
37. Other
38. Other
39. Developer's Fee (max 15% lines 2-36, less 8, 9 & 10)           $200,000                    8.4%                  $200,000
40. Rent-up Expenses                                                 $5,000
41. Relocation Expenses
  SUBTOTAL          (lines 36 through 41)                                      $215,000
42. Rent-up Reserve (Projects w/RPP: $200/unit)                     $39,576                  $8,000
43. Operating Reserve (6 mos.DS/Op.Exp.)                            $76,115                $75,768                   2,823,274
44. DEVELOPMENT COST (lines 1-43)                                             $2,975,286                      $0    $2,823,274
45. Less Federal Financing-other than CDBG                                                                                  $0
46. Less Disproportionate Standard                                                                                          $0
47. Less Nonqualified Nonrecourse Financing                                                                                 $0
48. Less Historic Tax Credit (residential)                                                                                   0
49. TOTAL ELIGIBLE BASIS                                                                                       $0   $2,823,274
50. Times Applicable Fraction                                      100.00%                                100.00%      100.00%
51. TOTAL QUALIFIED BASIS                                                                                      $0   $2,823,274
52. Tax Credit Rate                                                                                                      8.59%
53. FEDERAL TAX CREDITS at Estimated Rate                        $242,519                                     $0      $242,519
53a. FEDERAL TAX CREDITS at 8.78% or 3.83%                       $247,883                                     $0      $247,883
54. FEDERAL TAX CREDITS REQUESTED                                $242,202                                             $242,202
55. STATE TAX CREDITS (Total 5 yr. amount)                     $1,806,375                  $1,816,514
56. Land Cost                                                     $98,572
57. TOTAL REPLACEMENT COST                                                    $3,073,858




                                                               9
                                             Exhibit B
Summary of Permanent Funding Sources
Scottish Glen Apartments: App#054
                                         Amount       % of Total      Rate      Term     Amort. Period Annual Debt
                                                                                           (years)       Service
Source:                                                                        (years)
1. BANK                                   $335,819        10.9%        9.00%       20             30     $32,425
2. RPP LOAN                                                0.0%                                               $0
3. Local Government Loan                                   0.0%
4. Other Loan (Owner Loan)                                 0.0%
5. Other Loan                                              0.0%
6. Mortgage Revenue Bond                                   0.0%
7. Nonrepayable Grants                                     0.0%

                                                                   Estimated Pricing on sale of tax
8. Equity: Federal Housing Tax Credits   $1,876,277       61.0%    credits:                                 0.783
                                                                   Estimated Pricing on sale of tax
9. Equity: State Housing Tax Credits      $853,762        27.8%    credits:                                 0.470
10. Equity: Historic Tax Credits                           0.0%
11. Owner Investment                        $8,000         0.3%
12. Other                                                  0.0%
TOTAL SOURCES *                          $3,073,858      100.0%                                          $32,425




                                                  1
                                                      EXHIBIT B
PROJECT PROFORMA (YEAR ONE)
Scottish Glen Apartments: App#054
                                                PROJECT OPERATION
             1. Advertising                                                           $100
             2. Other Administrative Expense
             3. Office Salaries
             4. Office Supplies                                                      $1,207
             5. Office or Model Apartment Rent
             6. Management Fee                                                      $19,139
             7. Manager or Superintendent Salaries
   Admin.
             8. Manager or Superintendent Rent Free Unit
 Expenses
             9. Legal Expenses (Project)                                              $200
             10. Auditing Expenses (Project)                                         $3,500
             11. Bookkeeping Fees/Accounting Services                                $2,000
             12. Telephone and answering Service                                     $1,500
             13. Bad Debts
             14. Other Administrative Expenses (Travel, Postage etc.)                $3,700
             15. Total Administrative Expenses                                                 $31,346
             16. Fuel Oil/Coal
             17. Electricity (Light and Misc. Power)                                 $3,400
   Utilities 18. Water                                                                $700
  Expense    19. Gas                                                                 $1,530
             20. Sewer                                                                $900
             21. Total Utilities Expense                                                        $6,530
             22. Janitor and Cleaning Payroll
             23. Janitor and Cleaning Supplies
             24. Janitor and Cleaning Contract
             25. Exterminating Payroll/Contract
             26. Exterminating Supplies                                              $1,611
             27. Garbage and Trash Removal                                           $2,064
             28. Security Payroll/Contract
             29. Grounds Payroll
             30. Grounds Supplies                                                    $9,000
 Operating 31. Grounds Contract
     and     32. Repairs Payroll                                                    $16,480
Maintenance 33. Repairs Material                                                     $5,080
 Expenses 34. Repairs Contract                                                       $2,000
             35. Elevator Maintenance/Contract
             36. Heating/Cooling Repairs and Maintenance
             37. Swimming Pool Maintenance/Contract
             38. Snow Removal
             39. Decorating Payroll/Contract
             40. Decorating Supplies
             41. Other
             42. Miscellaneous Operating & Maintenance Expenses
             43. Total Operating & Maintenance Expenses                                        $36,235
             44. Real Estate Taxes                                                  $25,000
             45. Payroll Taxes (FICA)                                                $1,261
             46. Miscellaneous Taxes, Licenses and Permits
             47. Property and Liability Insurance (Hazard)                           $7,000
 Taxes and
             48. Fidelity Bond Insurance
 Insurance
             49. Workmen's Compensation
             50. Health Insurance and Other Employee Benefits                        $1,739
             51. Other Insurance (specify)
             52. Total Taxes and Insurance                                                     $35,000
             53. Service coordinator
 Supportive 54. Service Supplies
   Service   55. Tenant Association Funds
 Expenses 56. Other Expenses (specify)
             57. Total Supportive Service Expenses                                                 $0
  Reserves 58. Replacement Reserves                                                 $10,000
             59. Total Operating Expenses                                                     $119,111
             60. Per Unit Cost of Operations                                         $2,978
             Per Unit Cost (less Reserves, R.E.Taxes, Support Svc Expenses)          $2,103
                                              PROJECTED CASH FLOW
             61. Gross Rental Income                                               $174,336
             62. Stores and Commercial
             63. Laundry and Vending                                                  $600
 Rental and 64. Other Income (specify)                                               $1,900
Other Income 65. Total Gross Rental and Other Income Potential at 100% Occupancy              $176,836
             66. 7% Vacancy Allowance                                               $12,379
             67. Net Rental and Other Income (Revenue less vacancies)                         $164,457
             68. Net Operating Income                                                          $45,346
             69. Less First Mortgage Payment                                        $32,425
             70. Less Other Debt Service (RPP Loan)                                      $0
    Debt
             71. Less Other Debt Service (Developer Loan)                            $4,531
   Service
             72. Less Other Debt Service (specify)
             73. Total Debt Service                                                            $36,956
             74. Net Cash Flow                                                                  $8,391
             75. Debt Coverage Ratio                                                              1.23


                                                             11
2000 RENTAL DEVELOPMENT PROGRAM
A - SITE & MARKET ANALYSIS

Project Name                                        Scottish Glen Apartments
Application Number                                     054
Market study reviewed by                                AH           Date 2/1/2000
Site reviewed by                                      AH/RG          Date 2/1/2000

1. SITE EVALUATION (Maximum 140 points)
(a) NEIGHBORHOOD CHARACTERISTICS: (Maximum 80 points)
    1. Physical conditions of buildings in n'hood are acceptable  20
    2. Adjacent land uses compatible with residential development 28                       Sub
     3. (New const) No other competitive MF publically-assisted                           Totals
             rental develeopments within 0.5 mile                            15             63

(b) SITE SUITABILITY: (maximum 40 points)
     1. Access compatible with traffic pattern/street capacity               10
     2. Free from excessive traffic/noise of any type                        9
     3. Does not enter/exit onto major hi-volume traffic artery              15
     4. No obvious physical barriers to development                          5               39

(c) DEVELOPMENT COMPATIBILITY: (Maximum 20 points - choose either New or Rehab)
  New Construction - 20 points
    1. Compatible in use, scale & aesthetics with adjacent propty & uses 9
    2. Doesn't add to preponderance of ass'td or subsidized housing      5 14
 Rehab - 20 points
     1. Compatible in use and scale with existing n'hood
     2. Physical condition of buildings is acceptable
   5. Suitable for residential use                                                           0
 SITE EVALUATION TOTAL                                                                      116
2. MARKET STUDY ANALYSIS (Maximum 75 points)
     (a) Low capture rate (up to 25 pts)                                     20
     (b) Low vacancy rates of comps in mkt area (up to 25 pts)               23
     (c) Market Methodology & completeness of study (up to 25 pts)           25
 MARKET STUDY TOTAL                                                                          68
 AND MARKET EVALUATION TOTAL
  SITE                                                                                                       184




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2000 RENTAL DEVELOPMENT PROGRAM
B - RENT AFFORDABILITY (Maximum 95 points)
1. FEDERAL RENT SUBSIDIES
     (a) Committed rent subsidies        100% (15pts)   >60% (10pts)          <60% (0pts)            0
     (b) Written agreement between applicant and local housing auth. (5 pts)                         5                 5
2. MORTGAGE SUBSIDIES
     Financial subsidy to reduce debt service by        25% (40pts)           10% (20pts)      N/A                     0
3. TENANT RENT LEVELS
 High-Income County
     (a) 100% rent restricted; <50% county median income (15 pts)
     (b) 50% rent restricted; <50% county median income (5 pts)
Low-Income County                                                                                   20
     (a) 50% rent restricted; <50% county median income (20 pts)
     (b) 40% rent restricted; <50% county median income (15 pts)
     (c) 100% rent restricted; <60% county median income (5 pts)                                                      20
4. EXTENDED LOW-INCOME OCCUPANCY (Maximum 15 pts)
     Binding committment to low-income > 15 years (1 pt per year)                                                     15


  RENT AFFORDABILITY TOTAL                                                                                                             40

C - FINANCIAL STRUCTURE (Maximum Deduction 100 points)
     Total development cost per unit                       $71,490             cost/sq ft:                $74
     Total deduction (up to -100 pts)                                                                                                  -6
D - CAPABILITY OF THE PROJECT TEAM (Maximum 60 points)
     1. Experience of the principal in low-income housing         In-State Out-State
     less than 3 projects                                             3         0 pts          0 pts                  30
     3+ projects totaling at least 72 units                                     15 pts         8 pts                  0         Ncom/poor
     5+ projects totaling at least 120 units                                    30 pts         15 pts

     Number of projects in non-compliance/poor condition:                 0                                           30        (Total 1)
     2. Experience of the management agent in low-income In-State                       Out-State
         0-19 low-income units managed                                6         0 pts           0 pts                 10
         20-100 low income units managed                                        5 pts          0 pts                  0         Ncom/poor
         101-250 low income units managed                                       10 pts          5 pts

         251-500 low income units managed                                       15 pts          8 pts

         more than 500 low income units managed                                 20 pts          10 pts
                                                                                10 pts          5 pts
         more than 150 units of other kinds
     Number of projects in non-compliance/poor condition:                 0                                           10        (Total 2)
     3. Plan for operating and maintaining compliance (10 pts)                                                        10
     4. Bankruptcy or adverse settlements (-20 pts)                                                                   0
     5. Mortgage default on federal or state subsidized project (-20 pts)                                             0
     6. Failure to comply with standards of tax credit allocation (-20 pts)                                           0
     7. Significant noncompliance (-20 pts)                                                                           0

  CAPABILITY OF PROJECT TEAM TOTAL                                                                                                     50


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2000 RENTAL DEVELOPMENT PROGRAM
E - CREATION OF AFFORDABLE UNITS Maximum 10 points)
     1. New construction project (10 pts)                                       10
     2. Substantial renovation or conversion of vacant bldg (10 pts)            0
     3. Preservation of low-income rental housing (5 pts)                       0
     5. Rehabilitation of occupied low-income housing (10 pts)                  0
        if costs exceed $10,000 / unit                     52120.55 cost/unit
     6. Non-elderly, new construction                                           0
         76 or less units (0 pts)
         77-100 units (-15 pts)
         101-124 units (-35 pts)
         125 or more units (-50 pts)

  CREATION OF AFFORDABLE UNITS TOTAL                                                                            10

F - BONUS POINTS (Maximum 40 points)
     1. Distressed county tier                                1                                10
     2. Obligation of funds from RHS (15 pts)                                                  0

       3. Assistance to special populations (max 15 pts)                                       15
       4. Targeted service plans (max 10 pts)                                                  0
       Neither 3 or 4

  BONUS POINTS TOTAL                                                                                            25

G - DESIGN STANDARDS (Maximum 100 points)
     (a) Site plan considerations (max 25 pts)
       • attractive, scattered building layout; visual appeal; privacy          16
       • open space for recreational use
       • natural areas with trees (for new construction)
       • exceed required minimum landscaping budget
       • minimize changes to existing or natural topography of land
       • well-designed entry to site (signage, lighting, landscaping)                          16
     (b) Building and floor plan design (max 45 pts)
       • creative and versatile architectural designs                           30
       • open flowing floor plans                                                              30
     (c) Construction characteristics (max 30 pts)                                             24

  DESIGN STANDARDS TOTAL                                                                                        70


GRAND TOTAL POINTS                                                                                             373




 7/31/2011   7:37 AM                                          8                 dd58b609-7c1a-409b-ad03-3fd450a2ae96.xls
                                                                EXHIBIT B
PRE-TAX CASH FLOW ANALYSIS
Scottish Glen Apartments: App#054
                                           YR 11     YR 12       YR 13     YR 14      YR 15      YR 16      YR 17      YR 18      YR 19      YR 20

   Gross rent (esc. 3%)                  234,293     241,322    248,561    256,018    263,699    271,610    279,758    288,151    296,795    305,699
+ Tenant Contributions (esc. 3%)                0          0          0          0          0          0          0          0          0          0
+ Other Income (esc. 3%)                    3,360      3,461      3,564      3,671      3,781      3,895      4,012      4,132      4,256      4,384
= Gross Income or Rent                   237,653     244,782    252,126    259,690    267,480    275,505    283,770    292,283    301,051    310,083
- Vacancy Allowance (esc. 7%)              16,636     17,135     17,649     18,178     18,724     19,285     19,864     20,460     21,074     21,706
= EFFECTIVE NET RENT                     221,017     227,648    234,477    241,511    248,757    256,219    263,906    271,823    279,978    288,377
- Operating Expenses (esc. 4%)           161,511     167,971    174,690    181,678    188,945    196,503    204,363    212,537    221,039    229,880
- Other                                         0          0          0          0          0          0          0          0          0          0
- Mandatory Fee to Limited Partner              0          0          0          0          0          0          0          0          0          0
- Replacement Reserves (esc. 4%)           14,802     15,395     16,010     16,651     17,317     18,009     18,730     19,479     20,258     21,068
= NET OPERATING INCOME                     44,704     44,282     43,776     43,183     42,495     41,707     40,813     39,807     38,681     37,428
- Debt Service (Bank, 20 year term)        32,425     32,425     32,425     32,425     32,425     32,425     32,425     32,425     32,425     32,425
- Debt Service (RPP)                            0          0          0          0          0          0          0          0          0          0
- Debt Service(3. Local Government Loan)        0          0          0          0          0          0          0          0          0          0
- Debt Service(4. Other Loan (Owner Loan))      0          0          0          0          0          0          0          0          0          0
- Debt Service(5. Other Loan)                   0          0          0          0          0          0          0          0          0          0
Total Debt Service                         32,425     32,425     32,425     32,425     32,425     32,425     32,425     32,425     32,425     32,425
= CASH FLOW AVAILABLE                      12,279     11,857     11,352     10,758     10,070      9,282      8,388      7,382      6,256      5,003
- Fee to General Partner                        0          0          0          0          0          0          0          0          0          0
Debt Coverage Ratio-Bank 20 yr               1.38       1.37       1.35       1.33       1.31       1.29       1.26       1.23       1.19       1.15
Debt Coverage Ratio- All loans               1.38       1.37       1.35       1.33       1.31       1.29       1.26       1.23       1.19       1.15


LOAN AMORTIZATION
BANK (20 YEAR TERM)                         11        12         13         14         15         16         17         18         19         20
Interest Rate                    9.00%
Term                                20        240       228        216        204        192        180        168        156        144        132
Loan Principal                $335,819
P&I                            $32,425     32,425     32,425     32,425     32,425     32,425     32,425     32,425     32,425     32,425     32,425
  Interest Payment                         26,801     26,273     25,696     25,065     24,374     23,619     22,793     21,890     20,901     19,820
  Principal Payment                         5,624      6,152      6,729      7,360      8,050      8,806      9,632     10,535     11,523     12,604
REMAINING PRINCIPAL                       294,698    288,546    281,817    274,457    266,407    257,601    247,970    237,434    225,911    213,306


RPP Loan                                    11        12         13         14         15         16         17         18         19         20
Interest Rate                     0.00%
Term                                  0
Loan Principal                       $0
RPP Annual P&I Payment                           0         0          0          0          0          0          0          0          0          0


3. Local Government Loan                    11        12         13         14         15         16         17         18         19         20
Interest Rate                     0.00%
Term                                  0       -120      -132       -144       -156       -168       -180       -192       -204       -216       -228
Loan Principal                       $0
P&I                                   0
  Interest Payment
  Principal Payment
REMAINING PRINCIPAL

4. Other Loan (Owner Loan)                  11        12         13         14         15         16         17         18         19         20
Interest Rate                     0.00%
Term                                  0      (120)      (132)      (144)      (156)      (168)      (180)      (192)      (204)      (216)      (228)
Loan Principal                       $0
P&I                                  $0
  Interest Payment
  Principal Payment
REMAINING PRINCIPAL

5. Other Loan                               11        12         13         14         15         16         17         18         19         20
Interest Rate                     0.00%
Term                                  0      (120)      (132)      (144)      (156)      (168)      (180)      (192)      (204)      (216)      (228)
Loan Principal                       $0
P&I                                  $0
  Interest Payment
  Principal Payment
REMAINING PRINCIPAL

                                                                      3
                                                                          EXHIBIT B
RENTAL PRODUCTION PROGRAM FACT SHEET
Scottish Glen Apartments: App#054
Project Type:              New Construction                                   Low-income units:      40
Project Name:              Scottish Glen Apartments                           Market units:          0
City:                      Laurinburg                                         Site Size:             4.381 acres
County:                                                                       Unit Type:             /Apartments
RPP Request:                                                                  Median Income:         $40,800
Applicant:                 Opportunity Inc. and Scott Redinger, Inc.          Gross Res Sq Ft        45,723
Contractor:                Jerry Sawyer, CSI                                  Net Res Sq Ft          38,792
Selection:                 Negotiation                                        Capture Rate

INCOME TARGETS
      UNITS                       % MEDIAN
                           41% < x <= 45%
                           46% < x <= 50%
                           51% < x <= 60%
                           61% < x <= 70%
                           71% < x <= 80%
                         0 TOTAL
                                                                                                                           TOTAL          HARD
                                                                                                                            COST          COST
PROJECT COSTS                                                  Total               Per Unit               Percent           net s.f.      net s.f.
                                                               $2,232,722
Construction (PDC lines 4-12,37,38,41 minus Historic Tax Credit)                        $55,818                 72.6%          $57.56          $47.08
Improved Land (PDC lines 2,3,56)                                 $308,072                $7,702                 10.0%            $7.94
Building Acquisition (PDC line 1)                                      $0                    $0                   0.0%           $0.00
Soft Costs (PDC lines 13-36,40)                                  $217,373                $5,434                   7.1%           $5.60
Developer's Fee (PDC line 39)                                    $200,000                $5,000                   6.5%           $5.16
TOTAL REPLACEMENT COSTS                                        $2,958,167               $73,954                 96.2%          $76.26
Reserves/ Escrows (PDC lines 42 and 43)                          $115,691                $2,892                   3.8%           $2.98
TOTAL                                                          $3,073,858               $76,846               100.00%          $79.24


PERMANENT FINANCING SOURCES                                    Amount                 Rate                 Term            Percent
BANK                                                              $335,819                   9.00%                    20       10.9%
RPP Loan                                                                $0                   0.00%                     0        0.0%
Local Govt. or AHP                                                      $0                   0.00%                     0        0.0%
Other Loan                                                              $0                   0.00%                     0        0.0%
Other Loan                                                              $0                   0.00%                     0        0.0%
Mortgage Revenue Bond                                                   $0                     N/A                   N/A        0.0%
Nonrepayable Grants                                                     $0                     N/A                   N/A        0.0%
Equity: LIHTC                                                   $1,876,277                     N/A                   N/A       61.0%
Equity: State Tax Credit                                          $853,762                                                     27.8%
Equity: Historic Tax Credits                                            $0                    N/A                    N/A        0.0%
Owner Investment                                                    $8,000                    N/A                    N/A        0.3%
Other (i.e. Deferred Developer Fee)                                     $0                                                      0.0%
TOTAL                                                           $3,073,858                                                    100.0%



PROJECT OPERATIONS                                               Total              Per Unit
Total Annual Operating Expenses                                   $119,111                 $2,978
Total Annual Expenses w/o Prop Tax                                  $94,111                $2,353
Annual Management Fee                                               $19,139                  $478


UNIT SIZE, COST AND AFFORDABILITY - L ow-I ncome Units only                                                                                             Affordable
       Number of           Number of                    Sq                          Monthly               Rent Per                         Total            to
       Bedrooms           Dwelling Units                 Ft                          Rent                  Sq Ft           Utilities     Per Month      % Median
           2                    24                      835                          $328                  $0.39             $92           $420           45.8%
           3                    16                     1083                          $416                  $0.38            $105           $521           49.1%
                                                                                                                                                             -
                                                                                                                                                             -
                                                                                                                                                             -
                                                                                                                                                             -
                                                                                                                                                             -
                                                                                                                                                             -
                                                                                                                                                             -
                                                                                                                                                             -
         TOTAL                          40
                                                                                  4
Notes:   Scottish Glen Apartments: App#054
Table of Cost/Unit                   Control Values for Basic Info (BI) Table
   and (-) pts.              2       General Contractor selected by:
Cost per     Negative     FALSE      Renovation
           points to be    TRUE      New Construction
    Unit       applied     TRUE      Family
      0               0   FALSE      Elderly
  69000              -2   FALSE      Townhouse
  70000              -4   FALSE      Duplex
  71000              -6    TRUE      Apartments
  72000              -8   FALSE      Single-family
  73000             -10      2       Profit Status
  74000             -15      2       Minimum set asides (overall)
  75000             -20      4       Minimum set-aside (high-income county)
  76000             -35      1       Minimum set-aside (low-income county)
  77000             -50              Region
  80000             -75      2       Will there be a CDHO request?
  83000           -100       0       Is applicant a certified CDHO?
                             2       DemolitionPlanned
                             1       Supportive service plan proposed
                             2       Tax ID assigned to
                             0       Acquisition and Substantial Rehabilitation Occupancy
                             0       Substantial Rehabilitation Only Occupancy
                           TRUE      Project Type: New Construction
                          FALSE      Project Type: Acq & Substantial Rehab
                          FALSE      Project Type: Substantial Rehab Only
                          FALSE      Project Type: Distresses Federally Assisted Project
                          FALSE      Project Type: Project Receiving Federal Subsidies
                          Scotland   County
                             2       High Cost Area
        Control Values for Points (Pts) Table                        Tier   Points
  3     Committed rent subsidies                                      1      10
TRUE    Written agreement between applicant and local housing auth    2       5
  3     Financial subsidy to reduce debt service                      3       0
  3     Experience of the principal in low-income housing             4       0
  6     Experience of the management agent in low-income              5       0
FALSE   more than 150 units of other kinds
FALSE
TRUE    Plan for operating and maintaining compliance
FALSE   Bankruptcy or adverse settlements
FALSE   Mortgage default on federal or state subsidized project
FALSE   Failure to comply with standards of tax credit allocation
FALSE   Significant noncompliance
TRUE    New construction project
FALSE   Substantial renovation or conversion of vacant bldg
FALSE   Preservation of low-income rental housing
FALSE   Costs exceed FHA mortage insurance limits
FALSE   Rehabilitation of occupied low-income housing
  1     Non-elderly, new construction
  0     Distressed county tier
FALSE   Obligation of funds from RHS
  1     Assistance to special populations, Targeted service plans
                               Median   Income     Income
County              Region     Income    Level      Rating      Tier
         revised:            3/9/2000   3/9/2000   10/5/1998   1/1/2000
Alamance              C       $51,000      H          3           5
Alexander             W       $46,400      L          4           4
Alleghany             W       $40,100      L          5           1
Anson                 C       $40,100      L          5           2
Ashe                  W       $40,100      L          5           1
Avery                 W       $40,100      L          5           3
Beaufort              E       $40,100      L          5           1
Bertie                E       $40,100      L          5           1
Bladen                E       $40,100      L          5           2
Brunswick             E       $45,600      L          3           4
Buncombe              W       $45,200      L          3           5
Burke                 W       $46,400      L          4           4
Cabarrus              C       $57,100      H          2           5
Caldwell              W       $46,400      L          4           4
Camden                E       $44,800      L          4           1
Carteret              E       $45,400      L          4           4
Caswell               C       $40,900      L          4           3
Catawba               W       $46,400      L          3           5
Chatham               C       $62,800      L          4           5
Cherokee              W       $40,100      L          5           1
Chowan                E       $40,100      L          5           3
Clay                  W       $40,100      L          5           1
Cleveland             W       $44,700      L          4           3
Columbus              E       $40,100      L          5           1
Craven                E       $43,500      L          4           4
Cumberland            E       $40,700      L          5           3
Currituck             E       $49,300      L          4           3
Dare                  E       $48,100      L          4           3
Davidson              C       $51,000      H          3           4
Davie                 C       $51,000      L          5           5
Duplin                E       $40,100      L          5           3
Durham                C       $62,800      H          2           5
Edgecombe             E       $44,900      L          4           1
Forsyth               C       $51,000      H          2           5
Franklin              E       $62,800      L          4           4
Gaston                C       $57,100      H          3           4
Gates                 E       $42,400      L          4           3
Graham                W       $40,100      L          5           1
Granville             C       $48,100      L          4           4
Greene                E       $40,100      L          5           3
Guilford              C       $51,000      H          2           5
Halifax               E       $40,100      L          5           1
Harnett               E       $40,100      L          5           4
Haywood               W       $40,100      L          5           3
Henderson             W       $47,900      L          3           5
Hertford              E       $40,100      L          5           1
Hoke                  E       $40,100      L          5           2
Hyde                  E       $40,100      L          5           1
Iredell               C       $52,400      H          3           5
Jackson        W   $40,100   L   5   3
Johnston       C   $62,800   H   3   5
Jones          E   $40,100   L   5   1
Lee            C   $48,600   L   3   5
Lenoir         E   $40,100   L   4   3
Lincoln        C   $57,100   L   4   4
Macon          W   $40,100   L   5   3
Madison        W   $45,200   L   4   2
Martin         E   $40,100   L   5   1
McDowell       W   $41,300   L   4   3
Mecklenburg    C   $57,100   H   2   5
Mitchell       W   $40,100   L   5   2
Montgomery     C   $40,100   L   5   2
Moore          C   $50,400   L   3   5
Nash           E   $44,900   L   4   4
New Hanover    E   $45,600   L   3   5
Northampton    E   $40,100   L   5   1
Onslow         E   $37,200   L   5   2
Orange         C   $62,800   H   2   5
Pamlico        E   $41,700   L   5   2
Pasquotank     E   $40,100   L   5   2
Pender         E   $44,000   L   4   4
Perquimans     E   $40,100   L   5   1
Person         C   $48,700   L   3   4
Pitt           E   $45,600   L   3   4
Polk           W   $46,900   L   4   3
Randolph       C   $51,000   H   3   5
Richmond       C   $40,100   L   5   1
Robeson        E   $40,100   L   5   2
Rockingham     C   $41,900   L   4   3
Rowan          C   $57,100   H   3   4
Rutherford     W   $41,400   L   4   3
Sampson        E   $40,100   L   5   3
Scotland       E   $40,800   L   5   1
Stanly         C   $43,500   L   4   3
Stokes         C   $51,000   L   4   5
Surry          C   $40,100   L   5   4
Swain          W   $40,100   L   5   1
Transylvania   W   $42,400   L   4   5
Tyrrell        E   $40,100   L   5   1
Union          C   $57,100   L   4   5
Vance          C   $40,100   L   5   2
Wake           C   $62,800   H   2   5
Warren         C   $40,100   L   5   1
Washington     E   $40,100   L   5   1
Wataugua       W   $40,100   L   3   3
Wayne          E   $41,600   L   4   3
Wilkes         W   $40,100   L   5   4
Wilson         E   $44,500   L   4   3
Yadkin         C   $51,000   L   5   5
Yancey         W   $40,100   L   5   1
Points Summary For        54     Scottish Glen Apartments

    1   Project-Based RA                         0
    2   LHA Agreement                            5
    3   Mtge subsidies                           0
    4   Rent Levels                             20
    5   Extended occpcy                         15
    6   Financial struct                        -6
    7   Devt experience                         30
    8   Mgmt experience                         10
    9   Mgmt Plan                               10
   10   Bankruptcy                               0
   11   Mortgage default                         0
   12   Failed allocation                        0
   13   Sig noncompliance                        0
   14   New construction                        10
   15   Adaptive Reuse                           0
   16   Preservation                             0
   17   Rehabilitation                           0
   18   Large new family devts                   0
   19   Distressed county                       10
   20   RHS funds                                0
   21   Special population                      15
   22   Targeted service plan                    0
   23   Design                                  70
   24   MaxTC                            242201.83
   25   RPPLoan                                  0

				
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