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Arrowood Villas - Housing Think

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


                                        Print Selected Reports
2000 RENTAL DEVELOPMENT PROGRAMS APPLICATION
PART I.            PROGRAM FUNDS REQUESTED
                  Federal LIHTC                       RPP                                            App # 112                    Staff
                  State LIHTC                         MFP          CHDO                                                           ajh
                         Requested Loan Amount                 $0                                        TC #

PART II.           BASIC INFORMATION
A. Project Name and Address
Project Name       Arrowood Villas
Street Address     Mont Carmel Lane
City               Charlotte                               County Mecklenburg                       Zip 28211
Census Tract       23                                 Block Group 23.002                                  Region          C
High Cost Area           Yes         No
Political Jurisdiction    Charlotte
Jurisdiction's CEO        Mayor Patrick McCrory
Mailing Address           600 East Fourth Street
City                      Charlotte                                Zip 28202                    Tel 704-336-2241

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


B. Developer Information
Developer Name Arrowood Company Limited Partnership
Address        c/o Wynnefield Properties,Inc. P.O. Box 395
City           Jamestown                             State NC                                       Zip 27282
Contact Person Patty Ray
Title
Telephone      336-454-6134                          FAX 336-454-6190

C. Site Description (from Preliminary Application)
Total acreage      2.3 acres
Currently available adequate utilities and services:                Storm sewer        Water         Sanitary sewer             Electric
Demolition planned or required            Yes            No
       Describe                                  Four duplex apartment buildings are to be demolished.



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                  R-22 MF
Mutifamily use permitted                        Yes           No

Public hearing required for proposal            Yes           No

Hearings completed                              Yes           No
   Specify
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      Pinecrest Manor Apartments, Limited Partnership                                                                  Exists
Address         528 West Tenth Street                                                                                            To be formed
City            Charlotte                            State NC                                       Zip 28202
Fed Tax ID:     Ownership Entity                                                                     (if assigned)
                Manging GP or Member         56-2178969                                              (if not assigned)


Type:              Limited Partnership          Limited Liability Co.               Individual              Corporation


General Partners or Members:
 1 Name Legacy Housing, LLC                                    Title        General Partner, (OMS Properties & George Mundle)
   Add. 528 West Tenth Street                                  City         Charlotte                St NC Zip 28202
   Phone 704-376-3594

 2 Name OMS Properties, LLC                                    Title        GP, (Pete, Wanda & Kathryn Hubicki, Members)
   Add. 528 West Tenth Street                                  City         Charlotte                St NC Zip 28202
   Phone 704-376-3594

 3 Name Wallace Central, LLC                                   Title        GP (Elbie D. Wallace, Jr., Member)
   Add. 336 Orange Street                                      City         Charlotte                  St NC Zip         28205
   Phone 704-364-6787

 4 Name Regency Investment Associates                          Title        General Partner (Gordon Blackwell, CEO)
   Add. 2700 Wycliff Road, Suite 312                           City         Raleigh                   St NC Zip 27607
   Phone 919-510-9660


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



E. Private Lenders
Permanent First Mortage Lender           SunTrust Bank, Altanta, GA
Construction Lender                      SunTrust Bank, Altanta, GA

F. Development Team
Management Agent                                               Architect
  Excel Property Management                                       Narmour Wright Associates, LLC
  1005 Dresser Court                                              127 West Worthington Ave., Suite 206
  Raleigh, NC 27609 (Ann Hanson, 919-878-0522)                    Charlotte, NC 28203 (Tom Wright, 704-376-6000)

Attorney                                                       Syndicator
   Blanco Tackabery Combs & Matamoros                             SunTrust Community Dev Corp
   110 S. Stratford Rd., 5th Floor (Debbie McKenney               P.O. Box 4418
   Winston-Salem, NC 27104 (336-761-1250)                         Atlanta, GA 30302

Development/Housing Consultant                                 Market Analyst
                                                                 Community Research Group
                                                                 2380 Science Parkway, Suite 104
                                                                 Okemos, MI (Steve Shaw, 317-547-3253)

General Contractor                                             General Contractor selected by:
  Weaver- Cooke Construction, LLC                                            Bid
  7900 McCloud Rd., Suite 200 (Steve Trogdon)                                Negotiation
  Greensboro, NC 27409         (336-378-7900)
                                                                             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           44           Low Income Units              44            Targeted Units        44

Type of units
        Townhouse               Detached Two Family (Duplex)                  Garden Apts           Detached Single Family
        Elevator     3 # stories             Other, describe:
   Number of residential buildings       1
   Project includes:           Separate Accessory Building                         Accessory Space in a residential building
   Floor area of Accessory Building/Space          3,424

   Site Acreage                                  2.3
   Gross Floor Square Footage                  39,693
   Net Square Footage                          38,586
   "Paint-to-Paint" Square Footage             28,104
   Recreational facilties planned:            See Supportive Services Plan. Walking path through natural area,
                                              gardening area.


D. Unit Mix and Rent Structure

Low Income Units
  Total Low Income Units                      44                Gross Monthly Rental Income                     $15,992
  Total Elderly Units                         44                Gross Annual Rental Income                     $191,904
  Utilities included with rents:
          Water/Sewer            Electric      Gas      Other    (specify)

   Basis for utility estimates       Estimates provided by utility providers.




Market Rate Units
  Total Market Rate Units                                       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                 HIGH                           County Median Income          $57,100


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                                                                                   Arrowood Villas: App#112

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

     1         18         APT           612         $267          $70           $0       $337          0.75    $13,480   31.5%      $57,672
     1         20         APT           612         $412          $70           $0       $482          0.75    $19,280   45.0%      $98,880
     2         6          APT           808         $491          $87           $0       $578          0.90    $23,120   45.0%      $35,352
                                                                                               -                     -        -              -
                                                                                               -                     -        -              -
                                                                                               -                     -        -              -
                                                                                               -                     -        -              -
                                                                                               -                     -        -              -
                                                                                               -                     -        -              -
                                                                                               -                     -        -              -
                                                                                               -                     -        -           -
Total Units         44                                                                                                    Total    $191,904



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 =    90%                   Rents                      Cost
Bedrooms      50%         60%        45%
     1        $482       $578        $434                                   OVER         $337
     1        $482       $578        $434                                   OVER         $482
     2        $578       $694        $520                                   OVER         $578
                                                                                               -
                                                                                               -
                                                                                               -
                                                                                               -
                                                                                               -
                                                                                               -
                                                                                               -


                                                                        5
    -




6
2000 RENTAL DEVELOPMENT PROGRAM
A - SITE & MARKET ANALYSIS

Project Name                                        Arrowood Villas
Application Number                                     112
Market study reviewed by                               AJH          Date
Site reviewed by                                      SC/JY         Date 2/24/2000

1. SITE EVALUATION (Maximum 140 points)
(a) NEIGHBORHOOD CHARACTERISTICS: (Maximum 80 points)
    1. Physical conditions of buildings in n'hood are acceptable  15
    2. Adjacent land uses compatible with residential development 30                      Sub
     3. (New const) No other competitive MF publically-assisted                          Totals
            rental develeopments within 0.5 mile                            15             60

(b) SITE SUITABILITY: (maximum 40 points)
     1. Access compatible with traffic pattern/street capacity              8
     2. Free from excessive traffic/noise of any type                       8
     3. Does not enter/exit onto major hi-volume traffic artery             12
     4. No obvious physical barriers to development                         -5              23

(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 8
    2. Doesn't add to preponderance of ass'td or subsidized housing      6 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                                                                      97
2. MARKET STUDY ANALYSIS (Maximum 75 points)
     (a) Low capture rate (up to 25 pts)                                    22
     (b) Low vacancy rates of comps in mkt area (up to 25 pts)              25
     (c) Market Methodology & completeness of study (up to 25 pts)          22
 MARKET STUDY TOTAL                                                                         69
 AND MARKET EVALUATION TOTAL
  SITE                                                                                                      166




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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                                                                              15
     (a) 100% rent restricted; <50% county median income (15 pts)
     (b) 50% rent restricted; <50% county median income (5 pts)
Low-Income County
     (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)                                                   15
4. EXTENDED LOW-INCOME OCCUPANCY (Maximum 15 pts)
     Binding committment to low-income > 15 years (1 pt per year)                                                  15


  RENT AFFORDABILITY TOTAL                                                                                                          35

C - FINANCIAL STRUCTURE (Maximum Deduction 100 points)
     Total development cost per unit                       $166,836         cost/sq ft: #VALUE!
     Total deduction (up to -100 pts)                                                                                          ########
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:                                                          30         (Total 1)
     2. Experience of the management agent in low-income In-State                    Out-State
            0-19 low-income units managed                              5     0 pts           0 pts                 20
            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:                                                          20         (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                                                                                                  60


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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                  128819.45 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                               5                                0
     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                                                                                          15

G - DESIGN STANDARDS (Maximum 100 points)
     (a) Site plan considerations (max 25 pts)
       • attractive, scattered building layout; visual appeal; privacy        15
       • 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)                        15
     (b) Building and floor plan design (max 45 pts)
       • creative and versatile architectural designs                         32
       • open flowing floor plans                                                            32
     (c) Construction characteristics (max 30 pts)                                           24

  DESIGN STANDARDS TOTAL                                                                                      71


GRAND TOTAL POINTS                                                                                       ########




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                                                           EXHIBIT B




PROJECT DEVELOPMENT COSTS                                    TOTAL COST                                 30% PV      70% PV
Arrowood Villas: App#112                                                                                  ELIGIBLE BASIS
1. Purchase of Buildings (Rehab)
2. Demolition
3. On-site Improvements                                             $752,285                                         $752,285
4. Rehabilitation
5. Construction of New Building(s)                                 $4,530,479                                       $4,530,479
6. Accessory Building(s)                                              $64,459                                          $64,459
7. General Requirements (max 6% lines 2-6)                           $320,833                  6.00%                  $320,833
8. Contractor Overhead (max 2% lines 2-7)                            $113,361                  2.00%                  $113,361
9. Contractor Profit (max 8% lines 2-7; 6% if i.d.)                   $28,133                  0.50%                   $28,133
10. Engineering                                                       $94,640                  1.63%                   $94,640
11. Architect's Fee- Design                                           $34,247                                          $34,247
12. Architect's Fee - Inspection                                      $25,500                                          $25,500
  SUBTOTAL          (lines 1 through 12)                                        $5,963,937
13. Construction Insurance (prorate)
14. Construction Loan Orig. Fee (prorate)                            $40,000                                          $40,000
15. Construction Loan Interest (prorate)                            $258,376                                         $258,376
16. Construction Loan Credit Enhan (prorate)
17. Construction Period Taxes (prorate)                              $11,061                                          $11,061
18. Bond Costs (Specify)
19. Cost of Issuance
20. Placement Fee
21. Consulting                                                       $36,252                                          $36,252
22. Survey                                                            $5,087                                           $5,087
23. Property Appraisal                                                $5,500                                           $5,500
24. Environmental Report                                              $2,313                                           $2,313
25. Market Study                                                      $7,500                                           $7,500
26. Permanent Loan Origination Fee                                  $229,270
27. Permanent Loan Credit Enhancement
28. Title and Recording                                              $19,516                                          $19,516
  SUBTOTAL          (lines 13 through 28)                                        $614,875
29. Real Estate Attorney                                             $24,745                                          $24,745
30. Tax Opinion                                                       $4,871
31. Other Attorney's Fees                                            $47,542                                          $42,542
32. Organizational (Partnership)                                     $16,909
33. Tax Credit App Fees (5% x 9% or 4% tax credit)                   $11,186                  $29,338                 $11,186
34. Tax Credit Monitoring Fee ($375 x # units)                       $18,750                  $16,500
35. Cost Certification/Accounting Fees (Specify)                     $11,477                                          $11,477
  SUBTOTAL          (lines 29 through 35)                                        $135,480
36. Furnishings and Equipment                                        $10,000                                          $10,000
37. (Specify)                                                       $200,000
38. (Specify)
39. Developer's Fee (max 15% lines 2-36, less 8, 9 & 10)            $400,000                   6.17%                  $70,000
40. Rent-up Expenses                                                 $16,511
41. Relocation Expenses
  SUBTOTAL          (lines 36 through 41)                                        $626,511
42. Rent-up Reserve (Projects w/RPP: $200/unit)
43. Operating Reserve (6 mos.DS/Op.Exp.)                                                     $309,364
44. DEVELOPMENT COST (lines 1-43)                                               $7,340,803                    $0    $6,519,492
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    $6,519,492
50. Times Applicable Fraction                                                                                           41.52%
51. TOTAL QUALIFIED BASIS                                                                                     $0    $2,707,154
52. Tax Credit Rate                                                                                                      8.39%
53. FEDERAL TAX CREDITS at Estimated Rate                           $227,130                                  $0      $227,130
53. FEDERAL TAX CREDITS at 8.23% (Feb Rate)                         $222,799                                  $0      $222,799
54. FEDERAL TAX CREDITS REQUESTED                                                                                     $224,692
55. STATE TAX CREDITS (Total 5 yr. amount)
56. Land Cost                                                       $430,000
57. TOTAL REPLACEMENT COST                                                      $7,770,803




                                                               1
                                             Exhibit B
Summary of Permanent Funding Sources
Arrowood Villas: App#112
                                         Amount       % of Total      Rate      Term     Amort. Period   Annual
                                                                                           (years)        Debt
Source:                                                                        (years)                   Service
1. BANK                                  $5,300,000       68.2%        8.40%       18              30    $484,529
2. RPP LOAN                                                0.0%
3. Local Government Loan                                   0.0%
4. Other 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   $1,919,137       24.7%    credits:                                 0.850
                                                                   Estimated Pricing on sale of tax
9. Equity: State Housing Tax Credits                  #VALUE!      credits:
10. Equity: Historic Tax Credits                           0.0%
11. Owner Investment (Contractor Note)     $151,666        2.0%
12. Other( Def Dev FEE)                    $400,000        5.1%
TOTAL SOURCES *                          $7,770,803      100.0%                                          $484,529




                                                  2
                                                      EXHIBIT B
PROJECT PROFORMA (YEAR ONE)
Arrowood Villas: App#112
                                                PROJECT OPERATION
             1. Advertising                                                          $1,200
             2. Other Administrative Expense
             3. Office Salaries
             4. Office Supplies                                                      $1,200
             5. Office or Model Apartment Rent
             6. Management Fee                                                      $18,276
             7. Manager or Superintendent Salaries                                  $18,720
   Admin.
             8. Manager or Superintendent Rent Free Unit
  Expenses
             9. Legal Expenses (Project)
             10. Auditing Expenses (Project)                                         $3,600
             11. Bookkeeping Fees/Accounting Services
             12. Telephone and answering Service                                     $2,400
             13. Bad Debts
             14. Other Administrative Expenses (specify)                             $1,983
             15. Total Administrative Expenses                                                 $47,379
             16. Fuel Oil/Coal
             17. Electricity (Light and Misc. Power)                                 $3,600
   Utilities 18. Water                                                               $8,200
   Expense   19. Gas                                                                 $1,200
             20. Sewer
             21. Total Utilities Expense                                                       $13,000
             22. Janitor and Cleaning Payroll
             23. Janitor and Cleaning Supplies                                        $360
             24. Janitor and Cleaning Contract                                       $2,400
             25. Exterminating Payroll/Contract                                      $1,050
             26. Exterminating Supplies
             27. Garbage and Trash Removal                                            $720
             28. Security Payroll/Contract
             29. Grounds Payroll
             30. Grounds Supplies                                                    $1,200
 Operating 31. Grounds Contract                                                      $7,200
     and     32. Repairs Payroll                                                    $12,000
Maintenance 33. Repairs Material                                                     $1,200
  Expenses 34. Repairs Contract                                                       $900
             35. Elevator Maintenance/Contract                                       $2,150
             36. Heating/Cooling Repairs and Maintenance                              $300
             37. Swimming Pool Maintenance/Contract
             38. Snow Removal                                                         $100
             39. Decorating Payroll/Contract                                          $500
             40. Decorating Supplies                                                  $125
             41. Other
             42. Miscellaneous Operating & Maintenance Expenses
             43. Total Operating & Maintenance Expenses                                        $30,205
             44. Real Estate Taxes                                                  $18,400
             45. Payroll Taxes (FICA)                                                $2,458
             46. Miscellaneous Taxes, Licenses and Permits
             47. Property and Liability Insurance (Hazard)                           $4,800
 Taxes and
             48. Fidelity Bond Insurance                                              $100
  Insurance
             49. Workmen's Compensation                                               $358
             50. Health Insurance and Other Employee Benefits                        $2,700
             51. Other Insurance (specify)
             52. Total Taxes and Insurance                                                     $28,816
             53. Service coordinator                                                 $3,200
 Supportive 54. Service Supplies                                                      $200
   Service   55. Tenant Association Funds                                             $400
  Expenses 56. Other Expenses (specify)
             57. Total Supportive Service Expenses                                              $3,800
   Reserves 58. Replacement Reserves                                                $11,000
             59. Total Operating Expenses                                                     $134,200
             60. Per Unit Cost of Operations                                         $3,050
             Per Unit Cost (less Reserves, R.E.Taxes, Support Svc Expenses)          $2,295
                                              PROJECTED CASH FLOW
             61. Gross Rental Income                                               $191,904
             62. Stores and Commercial
             63. Laundry and Vending                                                 $2,640
 Rental and 64. Other Income (specify)                                               $3,360
Other Income 65. Total Gross Rental and Other Income Potential at 100% Occupancy              $197,904
             66. 7% Vacancy Allowance                                               $13,853
             67. Net Rental and Other Income (Revenue less vacancies)                         $184,051
             68. Net Operating Income                                                          $49,851
             69. Less First Mortgage Payment                                       $484,529
             70. Less Other Debt Service (RPP Loan)                                      $0
   Debt
             71. Less Other Debt Service (specify)                                       $0
   Service
             72. Less Other Debt Service (specify)
             73. Total Debt Service                                                            $484,529
             74. Net Cash Flow                                                                ($434,678)
             75. Debt Coverage Ratio                                                               0.10


                                                              8
                                                                   EXHIBIT B
PRE-TAX CASH FLOW ANALYSIS
Arrowood Villas: App#112
                                            YR 11        YR 12       YR 13        YR 14       YR 15       YR 16       YR 17       YR 18     YR 19      YR 20

   Gross rent (esc. 3%)                    257,903      265,640     273,609      281,817     290,272     298,980     307,950     317,188    326,704    336,505
+ Tenant Contributions (esc. 3%)                  0            0           0            0           0           0           0           0         0          0
+ Other Income (esc. 3%)                      8,063       8,305       8,555        8,811       9,076       9,348       9,628       9,917     10,215     10,521
= Gross Income or Rent                     265,966      273,945     282,164      290,629     299,348     308,328     317,578     327,105    336,918    347,026
- Vacancy Allowance (esc. 7%)               18,618       19,176      19,751       20,344      20,954      21,583      22,230      22,897     23,584     24,292
= EFFECTIVE NET RENT                       247,349      254,769     262,412      270,285     278,393     286,745     295,347     304,208    313,334    322,734
- Operating Expenses (esc. 4%)             182,366      189,661     197,247      205,137     213,343     221,876     230,751     239,981    249,581    259,564
- 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%)            16,283       16,934      17,611       18,316      19,048      19,810      20,603      21,427     22,284     23,175
= NET OPERATING INCOME                      48,700       48,175      47,554       46,832      46,002      45,058      43,993      42,800     41,469     39,995
- Debt Service (Bank, 18 year term)        484,529      484,529     484,529      484,529     484,529     484,529     484,529     484,529          0          0
- 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)                     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                         484,529      484,529     484,529      484,529     484,529     484,529     484,529     484,529          0          0
= CASH FLOW AVAILABLE                      (435,829)   (436,354)   (436,975)    (437,697)   (438,527)   (439,470)   (440,535)   (441,729)    41,469     39,995
- Fee to General Partner                          0            0           0            0           0           0           0           0         0          0
Debt Coverage Ratio-Bank 18 yr                 0.10         0.10        0.10         0.10        0.09        0.09        0.09        0.09      0.00       0.00
Debt Coverage Ratio- All loans                 0.10         0.10        0.10         0.10        0.09        0.09        0.09        0.09      0.00       0.00


LOAN AMORTIZATION
BANK (18 YEAR TERM)                          11           12          13           14          15          16          17          18        19         20
Interest Rate            8.40%
Term                        18                 240          228         216          204         192         180         168         156       144        132
Loan Principal      $5,300,000
P&I                   $484,529             484,529      484,529     484,529      484,529     484,529     484,529     484,529     484,529
  Interest Payment                         390,115      381,872     372,909      363,163     352,567     341,045     328,517     314,896
  Principal Payment                         94,414      102,657     111,620      121,366     131,962     143,484     156,011     169,633
REMAINING PRINCIPAL                     4,592,433      4,489,776   4,378,156    4,256,791   4,124,829   3,981,345   3,825,333   3,655,700


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                                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

                                                                           10
                                                                        EXHIBIT B
RENTAL PRODUCTION PROGRAM FACT SHEET
Arrowood Villas: App#112
Project Type:              New Construction                                 Low-income units:       44
Project Name:              Arrowood Villas                                  Market units:           0
City:                      Charlotte                                        Site Size:              2.3 acres
County:                    Mecklenburg                                      Unit Type:
RPP Request:                                                                Median Income:          $57,100
Applicant:                 Arrowood Company Limited Partnership             Gross Res Sq Ft         39,693
Contractor:                Weaver- Cooke Construction, LLC                  Net Res Sq Ft           38,586
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.
                                                            #VALUE!
Construction (PDC lines 4-12,37,38,41 minus Historic Tax Credit)                 #VALUE!                #VALUE!           #VALUE!           $121.54
Improved Land (PDC lines 2,3,56)                            #VALUE!              #VALUE!                #VALUE!           #VALUE!
Building Acquisition (PDC line 1)                                                #VALUE!                #VALUE!           #VALUE!
Soft Costs (PDC lines 13-36,40)                                  $776,866              $17,656          #VALUE!                $20.13
Developer's Fee (PDC line 39)                                    $400,000               $9,091          #VALUE!                $10.37
TOTAL REPLACEMENT COSTS                                     #VALUE!              #VALUE!                #VALUE!           #VALUE!
Reserves/ Escrows (PDC lines 42 and 43)                     #VALUE!              #VALUE!                #VALUE!           #VALUE!
TOTAL                                                       #VALUE!              #VALUE!                #VALUE!           #VALUE!


PERMANENT FINANCING SOURCES                                  Amount                  Rate                  Term            Percent
BANK                                                          $5,300,000                    8.40%                    18        68.2%
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                                                 $1,919,137                      N/A                   N/A        26.0%
Equity: State Tax Credit                                                                                                  #VALUE!
Equity: Historic Tax Credits                                          $0                     N/A                    N/A         0.0%
Owner Investment                                                $151,666                     N/A                    N/A         2.0%
Other (i.e. Deferred Developer Fee)                             $400,000
TOTAL                                                         $7,370,803                                                  #VALUE!



PROJECT OPERATIONS                                            Total               Per Unit
Total Annual Operating Expenses                                $134,200                  $3,050
Total Annual Expenses w/o Prop Tax                             $115,800                  $2,632
Annual Management Fee                                            $18,276                   $415


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
           1                    18                      612                        $267                   $0.44             $70           $337          31.5%
           1                    20                      612                        $412                   $0.67             $70           $482          45.0%
           2                     6                      808                        $491                   $0.61             $87           $578          45.0%
                                                                                                                                                           -
                                                                                                                                                           -
                                                                                                                                                           -
                                                                                                                                                           -
                                                                                                                                                           -
                                                                                                                                                           -
                                                                                                                                                           -
         TOTAL                         44
                                                                                11
Notes:   Arrowood Villas: App#112
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      TRUE      New Construction
    Unit   be applied      TRUE      Family
      0              0     TRUE      Elderly
  69000             -2     FALSE     Townhouse
  70000             -4     FALSE     Duplex
  71000             -6     FALSE     Apartments
  72000             -8     FALSE     Single-family
  73000           -10        1       Profit Status
  74000           -15        1       Minimum set asides (overall)
  75000           -20        1       Minimum set-aside (high-income county)
  76000           -35        5       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?
                             1       DemolitionPlanned
                             2       Supportive service plan proposed
                             1       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
                         Mecklenburg County
                             1       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
  5     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        112 Arrowood Villas

    1   Project-Based RA                     0
    2   LHA Agreement                        5
    3   Mtge subsidies                       0
    4   Rent Levels                         15
    5   Extended occpcy                     15
    6   Financial struct              #VALUE!
    7   Devt experience                     30
    8   Mgmt experience                     20
    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                    0
   20   RHS funds                            0
   21   Special population                  15
   22   Targeted service plan                0
   23   Design                              71
   24   MaxTC                           222799
   25   RPPLoan                              0

				
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