Beacon Pointe
-
Upload
ryan-sloan -
Category
Documents
-
view
226 -
download
0
Transcript of Beacon Pointe
8/6/2019 Beacon Pointe
http://slidepdf.com/reader/full/beacon-pointe 1/33
Is project in Qualified Census Tract & Difficult to Develop area?
Does a community revitalization plan exist?
Print Preview - Final Application
Tax Credits, RPP Loans, and/or Tax Exempt Bond Loans
Project Name and Location
Project Name: Beacon Pointe
Address: 1901 Lipscomb Rd. E
City: Wilson County: Wilson Zip: 27894
Census Tract: 007.00 Block Group: 5054
Yes
Yes
Political Jurisdiction: City of Wilson
Jurisdiction CEO Name: First: Last:Bruce Rose Title: Mayor
Jurisdiction Address: 112 N. Goldsboro Street, P.O. Box 10
Jurisdiction City: Wilson Zip: 27894
Jurisdiction Phone: (252)399-2200
Site Latitude: 35.7142
Site Longitude: -77.8829
Page 1 of 33Print - APP04-0134
1/14/2005https://www.nchfa.org/Rental/RTCApp/(4h1tl0454rlwyqzgy2lawf45)/site/PrintApp.aspx?I...
8/6/2019 Beacon Pointe
http://slidepdf.com/reader/full/beacon-pointe 2/33
Is this project a follow-on (Phase II, etc) to a previously-awarded tax credit development project?
If yes, list names of previous phase(s):If yes, list names of previous phase(s):
Will the project be receiving project based federal rental assistance?
If yes, provide the subsidy source:If yes, provide the subsidy source: HUD and number of units:and number of units:
Target Population: Family
Indicate below any additional targeting for special populations proposed for this project:
Project Description
Project Type:* New Construction Rehab Adaptive Reuse
No
Yes
4646
Mobility impaired handicapped: 5% of units comply with QAP Section IV(F)(3) (in addition to the units required by other federaland state codes.)
Persons with disabilities or homeless populations: the greater of 5 units or 10% of the total units
Remarks: Ten units will be targeted to women and families who are homeless and the victims of domesticviolence. The plan will be managed by the Wesley Shelter, a local shelter providing services towomen and families, McClain Barr(the management comapany) and NDC/WCIA.
Page 2 of 33Print - APP04-0134
1/14/2005https://www.nchfa.org/Rental/RTCApp/(4h1tl0454rlwyqzgy2lawf45)/site/PrintApp.aspx?I...
8/6/2019 Beacon Pointe
http://slidepdf.com/reader/full/beacon-pointe 3/33
Applicant Information
Applicant Name: National Development Council Housing And Economic Development Corporation
Address: 73 Tip Top Rd.
City: State: NC Zip:Brevard 28712
Contact: First: Last: Title:Pat Thomson Director
Telephone: (828)884-4527
Alt Phone: (828)507-6100
Fax: (828)877-4035
Email Address: [email protected]
Page 3 of 33Print - APP04-0134
1/14/2005https://www.nchfa.org/Rental/RTCApp/(4h1tl0454rlwyqzgy2lawf45)/site/PrintApp.aspx?I...
8/6/2019 Beacon Pointe
http://slidepdf.com/reader/full/beacon-pointe 4/33
Total Site Acreage: Total Buildable Acreage:
If buildable acreage is less than total acreage, please explain:
Identify utilities and services currently available (and with adequate capacity) for this site:
Storm Sewer Water Sanitary Sewer Electric
Is the demolition of any buildings required or planned?
If yes, please describe:
Are existing buildings on the site currently occupied?
If yes:(a) Briefly describe the situation:
(b) Will tenant displacement be temporary?
(c) Will tenant displacement be permanent?
Is the site directly accessed by an existing, paved, publicly maintained road?
If no, please explain:
Is any portion of the site located inside the 100 year floodplain?
If yes:(a) Describe placement of project buildings in relation to this area:
(b) Describe flood mitigation if the project will have improvements within the 100 year floodplain:
Site Description
10.0 10.0
No
Yes
Yes, approximately 91 of the 104 units are occupied. The buildings will be renovated in stages, withtenants moving to completed units where feasible or off-site, when not feasible. Three to fourbuildings at a time will be renovated, beginning with the largest units.
Yes
No
Yes
No
Page 4 of 33Print - APP04-0134
1/14/2005https://www.nchfa.org/Rental/RTCApp/(4h1tl0454rlwyqzgy2lawf45)/site/PrintApp.aspx?I...
8/6/2019 Beacon Pointe
http://slidepdf.com/reader/full/beacon-pointe 5/33
Page 5 of 33Print - APP04-0134
1/14/2005https://www.nchfa.org/Rental/RTCApp/(4h1tl0454rlwyqzgy2lawf45)/site/PrintApp.aspx?I...
8/6/2019 Beacon Pointe
http://slidepdf.com/reader/full/beacon-pointe 6/33
Does the owner have fee simple ownership of the property (site/buildings)?
If yes provide:
Purchase Date: Purchase Price:
If no:
Site Control
Yes
9/25/1995 960,000
(a) Does the owner/principal or ownership entity have vaild option/contract to purchase the property?
(b) Does an identity of interest (direct or indirect) exist between the owner/principal or ownership entity with the option/contract for
purchase of the property and the seller of the property?If yes, specify the relationship:
(c) Enter the current expiration date of the option/contract to purchase:
(D) Enter Purchase Price:
Page 6 of 33Print - APP04-0134
1/14/2005https://www.nchfa.org/Rental/RTCApp/(4h1tl0454rlwyqzgy2lawf45)/site/PrintApp.aspx?I...
8/6/2019 Beacon Pointe
http://slidepdf.com/reader/full/beacon-pointe 7/33
Present zoning classification of the site:
Is mutifamily use permitted?
Are variances, special or conditional use permits or any other item requiring a public hearing needed to develop this proposal?
If yes, have the hearings been completed and permits been obtained?
If yes, specify permit or variance required and date obtained. If no, describe permits/variances required and schedule for obtainingthem:
Are there any existing conditions of historical significance located on the project site that will require State Historic Preservation office review?
If yes, describe below:
Are there any existing conditions of environmental significance located on the project site?
If yes, describe below:
Zoning
RA-6
Yes
No
No
No
Page 7 of 33Print - APP04-0134
1/14/2005https://www.nchfa.org/Rental/RTCApp/(4h1tl0454rlwyqzgy2lawf45)/site/PrintApp.aspx?I...
8/6/2019 Beacon Pointe
http://slidepdf.com/reader/full/beacon-pointe 8/33
Ownership Entity
Owner Name: Beacon Point, LP
Address: 51 East 42nd Street, Suite 300
City: State: NY Zip:New York 10017
Federal Tax ID Number of Ownership Entity: (If assigned)
Federal Tax ID Number of Managing GP or Member: (If Not Assigned)11-2933129
Entity Type: Limited Partnership
Entity Status: To Be Formed
Is the applicant requesting that the Agency treat the application as Non-Profit sponsored? No
Is the applicant requesting that the Agency treat the application as CHDO sponsored? No
List all general partners, members,and principals. Specify nonprofit corporate general partners ormembers. Click [Add] to add additional partners, members, and principals.
Org: National Development Council Housing and Economic Development Corporation
First Name: Robert Last Name: Davenport Function: Managing General Partner
Address: 51 East 42nd Street, Suite 300
City: New York State: NY Zip: 10017
Phone: (212)682-1106 Fax: (212)573-6118
EMail: [email protected] Nonprofit: Yes TaxID 11-2933129
Org: Wilson Community Improvement Association
First Name: Barbara Last Name: Blackston Function: General Partner
Address: 504 East Green Street
City: Wilson State: NC Zip: 27893
Phone: (252)243-5488 Fax: (252)243-2945
EMail: [email protected] Nonprofit: Yes TaxID 56-1035507
Page 8 of 33Print - APP04-0134
1/14/2005https://www.nchfa.org/Rental/RTCApp/(4h1tl0454rlwyqzgy2lawf45)/site/PrintApp.aspx?I...
8/6/2019 Beacon Pointe
http://slidepdf.com/reader/full/beacon-pointe 9/33
8/6/2019 Beacon Pointe
http://slidepdf.com/reader/full/beacon-pointe 10/33
Notes
Gross Floor Square Footage: 118,576
Total Net Sq. Ft. (All Heated Areas): 109,008
** Please refer to the Income Limits and Maximum Housing Expense Table to ensure that Total Monthly Tenant Expenses for low incomeunits are within established thresholds.
Page 10 of 33Print - APP04-0134
1/14/2005https://www.nchfa.org/Rental/RTCApp/(4h1tl0454rlwyqzgy2lawf45)/site/PrintApp.aspx?I...
8/6/2019 Beacon Pointe
http://slidepdf.com/reader/full/beacon-pointe 11/33
Specify Low Income Unit Targeting in table below. List each applicable targeting combination in a separate row below. Click [Add] to createanother row. Click "X" (at the left of each row) to delete a row. Add as many rows as needed.
Total Low Income Units:
Note: This number should match the total number of low income units in the Unit Mix section.
Targeting
# BRs Units %
1 12 targeted at 50 percent of median income.
2 21 targeted at 50 percent of median income.
3 22 targeted at 50 percent of median income.
1 4 targeted at 60 percent of median income.
3 26 targeted at 60 percent of median income.
2 19 targeted at 60 percent of median income.
104
Page 11 of 33Print - APP04-0134
1/14/2005https://www.nchfa.org/Rental/RTCApp/(4h1tl0454rlwyqzgy2lawf45)/site/PrintApp.aspx?I...
8/6/2019 Beacon Pointe
http://slidepdf.com/reader/full/beacon-pointe 12/33
Estimated pricing on sale of Federal Tax Credits: $0.
Remarks concerning project funding sources:(Please be sure to include the name of the funding source(s))
Funding Sources
Source AmountNon-
Amortizing*Rate(%)
Term(Years)
Amort.Period(Years)
AnnualDebt
Service
Bank Loan 805,049 7.25 25 25 69,827
RPP LoanLocal Gov. Loan - Specify:
RD 515 Loan
RD 538 Loan - Specify:
AHP Loan
Other Loan 1 - Specify:
Other Loan 2 - Specify:
Other Loan 3 - Specify:
Tax Exempt Bonds
State Tax Credit(Loan) 1,227,869 0 30 30 0
State Tax Credit(Direct Refund)
Equity: Federal LIHTC 3,827,548
Non-Repayable Grant
Equity: Historic Tax Credits
Deferred Developer Fees 142,626
Owner Investment 7,381
Other - Specify:
Total Sources** 6,010,473
* "Non-amortizing" indicates that the loan does not have a fixed annual debt service. For these items, you must fill in 20-year debt servicebelow.
** Total Sources must equal total replacement cost in Project Development Cost (PDC) section.
75
Page 12 of 33Print - APP04-0134
1/14/2005https://www.nchfa.org/Rental/RTCApp/(4h1tl0454rlwyqzgy2lawf45)/site/PrintApp.aspx?I...
8/6/2019 Beacon Pointe
http://slidepdf.com/reader/full/beacon-pointe 13/33
Development Costs
Item Cost Element TOTAL COSTEligible Basis
30% PV 70% PV
1 Purchase of Buildings (Rehab) 700,000 700,000
2 Demolition 300,000 300,000
3 On-site Improvements 236,800 236,800
4 Rehabilitation 2,462,456 2,462,456
5 Construction of New Building(s)
6 Accessory Building(s)
7 General Requirements 173,077 173,077
8 Contractor Overhead 61,154 61,154
9 Contractor Profit 244,614 244,614
10 Construction Contingency 208,686 208,686
11 Architect's Fee - Design 84,855 84,855
12 Architect's Fee - Inspection 9,425 9,425
SUBTOTAL (lines 1 through 12) 4,481,067
13 Construction Insurance (prorate) 20,000 20,000
14 Construction Loan Orig. Fee (prorate) 40,000 40,000
15 Construction Loan Interest (prorate) 150,000 150,000
16 Construction Loan Credit Enhancement (prorate)
17 Construction Period Taxes (prorate) 20,000 20,000
18 Water, Sewer and Impact Fees
19 Survey 2,000 2,000
20 Property Appraisal 8,000 8,000
21 Environmental Report 15,000 15,000
22 Market Study
23 Bond Costs (specify)
24 Cost of Issuance
25 Placement Fee
26 Permanent Loan Origination Fee 10,000
27 Permanent Loan Credit Enhancement
28 Title and Recording 5,000
SUBTOTAL (lines 13 through 28) 270,000
29 Real Estate Attorney 25,000 15,000
30 Other Attorney's Fees 15,000 0
31 Tax Credit App Fees 37,713 37,713
32 Physical Needs Assessment 4,000 4,000
33 Tax Opinion
34 Organizational (Partnership) 2,000
35 Tax Credit Monitoring Fee 54,600
SUBTOTAL (lines 29 through 35) 138,313
36 Furnishings and Equipment
37 Relocation Expenses 50,000 50,000
38 Developer's Fee (max 15% lines 2-36, less 8 & 9) 554,313 554,313
39 Cost Certification 8,000 8,000
40 Performance Bond 27,580 27,580
41 Rent-up Expenses
42 Moving Expenses 100,000
43 Other Non-basis Expense (specify)
SUBTOTAL (lines 36 through 43) 739,893
44 Rent up Reserve 31,200
Page 13 of 33Print - APP04-0134
1/14/2005https://www.nchfa.org/Rental/RTCApp/(4h1tl0454rlwyqzgy2lawf45)/site/PrintApp.aspx?I...
8/6/2019 Beacon Pointe
http://slidepdf.com/reader/full/beacon-pointe 14/33
Comments:
45 Operating Reserve 250,000
46 Other Reserve (specify)
47 Other Reserve (specify)
48 DEVELOPMENT COST (lines 1-47) 5,910,473 700,000 4,732,673
49 Less Federal Financing
50 Less Disproportionate Standard
51 Less Nonqualified Nonrecourse Financing
52 Less Historic Tax Credit (residential) 0
53 TOTAL ELIGIBLE BASIS 5,432,673 700,000 4,732,673
54 Applicable Fraction (percentage of LI Units) 100.00% 100% 100%
55 Basis Before Boost 5,432,673 700,000 4,732,673
56 Boost for QCT/DDA (if applicable, enter 130%) 100.00% 130.00%
57 TOTAL QUALIFIED BASIS 6,852,474 700,000 6,152,474
58 Tax Credit Rate 3.39% 7.91%
59 Federal Tax Credits at Estimated Rate 510,390 23,730 486,660
60 Federal Tax Credits at 8.5% or 3.75% 549,210 26,250 522,960
61 Federal Tax Credits Requested 548,497 26,250 522,247
62 Land Cost 100,000
63 TOTAL REPLACEMENT COST 6,010,473
Page 14 of 33Print - APP04-0134
1/14/2005https://www.nchfa.org/Rental/RTCApp/(4h1tl0454rlwyqzgy2lawf45)/site/PrintApp.aspx?I...
8/6/2019 Beacon Pointe
http://slidepdf.com/reader/full/beacon-pointe 15/33
Please provide a detailed description of the proposed project:
Construction (check all that apply):
Brick Vinyl Wood HardiPlank Balconies/Patios Sunrooms Front Porches
Front Gables or Dormers Wide Banding or Vertical/Horizontal Siding
Other:
Have you built other tax credit developments that use the same building design as this project?
If yes, please provide name and address:
Site Amenities (check all that apply):
Onsite Activities:
Market Study Information
Wilson Community Improvement purchased Beacon Point from HUD in 1995. HUD had foreclosedon the property and sold it to WCIA for $980,000 after minimal improvements. WCIA has operatedthe apartments since 1995, but the units are suffering from deterioration of a typical 30+ year oldproperty. Currently vacancy is running at 10-15% and it is difficult to keep the units maintained andoccupied. Improvements are necessary to make the units more marketable, including upgrades to
heating/ cooling, flooring, and overall site amenities. The property includes 13 - eight unit buildings.The buildings will be completely renovated to include a mix of one, two and three bedroom units.The existing four bedroom units will be remodeled to become spacious 3 bedroom, 2 bath units. Allunits will have the asbestos floor tile removed and receive new vinyl in kitchens and bathrooms andnew carpet in living areas. The existing configuration has the heating units and water heater inavailable closets. All heating units will be moved to the exterior. The renovation will also upgrade theexisting office, laundry and community resource center. Additional playground equipment will beadded as well as a new picnic area with grills and a walking trail around the site.
No
Community Bldg - Sq Ft: 4,836 Community Room - Sq Ft: Garages - Number:
Laundry Rm Screened Porch Resident Computer Center Exam Rm Reading Rm/Library
Game/Craft Rm Exercise Rm TV Rm Beauty Salon Vending Rm
Chapel/Prayer Rm Picnic Area Onsite Leasing Office Onsite Mgr Onsite Maint. Person
Irrigated Lawns Security Gate Car Care Area Storage Units Gazebos
Walking Trails Garden Spots Basketball/Tennis Court Playground Ball Field
Pool Fitness Stations Horseshoe Pit Shuffleboard Covered Drive Thru
Beacon Point will offer after school programs in the Community Resource Building. Computers areavailable for children and adults to use in the evenings and afterschool. Exercise classes will also beoffered in the Community Resource Building.
Page 15 of 33Print - APP04-0134
1/14/2005https://www.nchfa.org/Rental/RTCApp/(4h1tl0454rlwyqzgy2lawf45)/site/PrintApp.aspx?I...
8/6/2019 Beacon Pointe
http://slidepdf.com/reader/full/beacon-pointe 16/33
Landscaping Plans:
Interior Apartment Amenities (check all that apply):
Flooring: Carpet Vinyl Wood Wood Parquet Ceramic Tile Other
Heating/Cooling: Central Air Gas Heat Heat Pump Electric Pump
Do you plan to submit additional market data (market study, etc.) that you want considered?
If yes, please make sure to include the additional information in your pre-application packet.
Landscaping will be completely redone to include substantial new plantings at the entrance ofBeacon Point. Additionally a new picnic area with tables and grills will be added. A walking trailaround the perimeter of the property will be added.
Range Hood Dishwasher Disposal Refrigerator (frost free) Storage interior/exterior
W/D Hookups Mini-blinds Pantry Ceiling fans Walk-in closets
Page 16 of 33Print - APP04-0134
1/14/2005https://www.nchfa.org/Rental/RTCApp/(4h1tl0454rlwyqzgy2lawf45)/site/PrintApp.aspx?I...
8/6/2019 Beacon Pointe
http://slidepdf.com/reader/full/beacon-pointe 17/33
Briefly describe your site in each of the following categories:
For each applicable neighborhood feature, enter distance from project in miles.
Applicant's Site Evaluation
NEIGHBORHOOD CHARACTERISTICS
Physical condition of buildings and improvements. Trend and direction of real estate developmentrelative to the project. Area economic health (degree of decline or investment). Concentration of
affordable housing.The surrounding neighborhood is made up of single family homes ranging in price from $85,000 to$175,000. Most of the homes are owner occupied. The neighborhood has seen a new elementarycompleted in the past year, the C.H. Darden Elementary School. Withing one mile of the site isWCIA's award winning Adventura East -- a new single family subdivision with 120 homes built overthe last several years.
Suitability of surrounding development. Land use pattern is primarily residential (single andmultifamily housing) with a balance of other uses (particularly retail and amenities). Amount andcharacter of vacant, undeveloped land. Effect of industrial, large-scale institutional or otherincompatible uses: wastewater treatment facilities, high traffic corridors, junkyards, prisions, landfills,large swamps, distribution facilities, frequently used railroad tracks, power transmission lines andtowers, factories or similar operations, sources of excessive noise, and sites with environmentalconcerns (such as odors or pollution).
The majority of the surrounding neighborhood is single family homes, already built. No existingnegative developments are located in close proximity to Beacon Point. Some existing vacant landexists nearby.
SITE SUITABILITY
Adequacy of street(s) and/or access road(s) serving the proposed project and traffic controls (lights,stop signs, turning lanes). Access to mass transit (if applicable).Lipscomb Road was recently widened to a four lane road with a turning lane. Beacon Point islocated along and off of Lipscomb Road. Lipscomb provides excellent access to shopping, schools,employment and other service needs of the community residents. A bus stop is located on site atBeacon Point.
Degree of on-site negative features and physical barriers that will impede project construction oradversely affect future tenants; for example: power transmission lines and towers, flood hazards,steep slopes, large boulders, ravines, year-round streams, wetlands, and other similar features. Foradaptive re-use projects- suitability for residential use and difficulties posed by the building(s), suchas limited parking, environmental problems or the need for excessive demolition.No negative features located within or adjacent to the existing development
Similarity of scale and aesthetics/architecture between project and surroundings.The existing development is brick and frame buildings. The buildings are two story and fit in scalewith the surrounding single family homes.
Page 17 of 33Print - APP04-0134
1/14/2005https://www.nchfa.org/Rental/RTCApp/(4h1tl0454rlwyqzgy2lawf45)/site/PrintApp.aspx?I...
8/6/2019 Beacon Pointe
http://slidepdf.com/reader/full/beacon-pointe 18/33
Other facilities or services:
Grocery Store.25 Community/Senior Center1
Mall/Strip Center1 Hospital10
Outdoor Athletic Fields.25 Pharmacy1
Day Care/After School.25 Basic Health Care2
Schools.25 Medical Offices7
Public Transportation Stop0 Bank/Credit Union2
Convenience Store1 Restaurants1
Basketball/Tennis Courts1 Professional Services1
Public Parks1 Movie Theater10
Gas Station.25 Video Rental7
Library5 Public Safety (Fire/Police)1
Fitness/Nature Trails1 Post Office2
Public Swimming Pools
Page 18 of 33Print - APP04-0134
1/14/2005https://www.nchfa.org/Rental/RTCApp/(4h1tl0454rlwyqzgy2lawf45)/site/PrintApp.aspx?I...
8/6/2019 Beacon Pointe
http://slidepdf.com/reader/full/beacon-pointe 19/33
8/6/2019 Beacon Pointe
http://slidepdf.com/reader/full/beacon-pointe 20/33
Development List number low-income/tax credit housing projects and units developed, operated, and maintained in compliance by the principal(s) betweenDecember 1, 1996 and January 1, 2003:
Management List number of low-income housing tax credit units managed in the past 10 years:
Has any owner, principal, or management agent been debarred or received a limited denial participation in the past 10 years by any federal or
state agency?
Has any owner, principal, or management agent been involved in a bankruptcy, an adverse fair housing settlement, an adverse civil rights
settlement, or an adverse federal or state government proceeding and settlement in the past 10 years?
Has any owner or principal been in a mortgage default or delinquency of three months or more within the last 5 years on a FHA-insuredproject, a Rural Development funded rental project, a tax-exempt funded mortgage, a tax credit project, or any other publicly subsidized
project?
Has any owner or principal been involved within the last 10 years in a project which previously received an allocation of tax credits but failed tomeet compliance standards of the tax credit allocation, including return of a reservation of tax credits to the Agency after the carryover
agreement has been signed?
Has any owner or principal had a Form 8823 filed with the IRS for noncompliance on a project using low-income housing tax credits or
received a letter of non-compliance from the Agency?
Project Team Experience
North Carolina Other States
Projects: 0 8
Units: 0 355
North Carolina Other States
Projects: 2 4
Units:
No
No
No
No
No
Page 20 of 33Print - APP04-0134
1/14/2005https://www.nchfa.org/Rental/RTCApp/(4h1tl0454rlwyqzgy2lawf45)/site/PrintApp.aspx?I...
8/6/2019 Beacon Pointe
http://slidepdf.com/reader/full/beacon-pointe 21/33
Financing Commitments
Does the project have a firm commitment for construction financing? No
Does the project have a letter of intent for private permenant financing? Yes
Does the project have a firm commitment for government financing? No
Does the project have a letter of intent from an investor? Yes
Is any portion of the eligible basis of new contruction or rehabilitation financed with federal subsidies other than CDBG funds or fundsfrom the HOME program? No
If yes, indicate the type and amount below:
Tax Exempt Financing: $
RD 515 Financing: $
Hope VI Financing: $
Other: $
If Other, specify the type of Federal subsidy:
Page 21 of 33Print - APP04-0134
1/14/2005https://www.nchfa.org/Rental/RTCApp/(4h1tl0454rlwyqzgy2lawf45)/site/PrintApp.aspx?I...
8/6/2019 Beacon Pointe
http://slidepdf.com/reader/full/beacon-pointe 22/33
Project Operations (Year One)
Projected Operating Costs
Administrative Expenses
Advertising 4,952
Office Salaries 9,360
Office Supplies 12,160
Office or Model Apartment Rent
Management Fee 36,667
Manager or Superintendent Salaries 50,386
Manager or Superintendent Rent Free Unit
Legal Expenses (Project) 1,270
Auditing Expenses (Project) 4,000
Bookkeeping Fees/Accounting Services
Telephone and Answering Service 3,636
Bad Debts 5,062
Other Administrative Expenses (specify):
SUBTOTAL 127,493
Utilities ExpenseFuel Oil
Electricity (Light and Misc. Power) 17,447
Water 25,487
Gas 1,964
Sewer 28,464
SUBTOTAL 73,362
Operating and Maintenance Expenses
Janitor and Cleaning Payroll
Janitor and Cleaning Supplies 1,200
Janitor and Cleaning Contract
Exterminating Payroll/Contract 2,248
Exterminating Supplies
Garbage and Trash Removal 1,692
Security Payroll/Contract
Grounds Payroll
Grounds Supplies 1,350
Grounds Contract 12,000
Repairs Payroll 35,646
Repairs Material 12,300
Repairs Contract 2,400
Elevator Maintenance/Contract
Heating/Cooling Repairs and Maintenance
Swimming Pool Maintenance/Contract
Snow Removal
Decorating Payroll/Contract
Decorating Supplies 7,020
Other (specify):
Miscellaneous Operating & Maintenance Expenses
SUBTOTAL 75,856
Taxes and Insurance
Real Estate Taxes 38,500
Payroll Taxes (FICA) 7,241
Miscellaneous Taxes, Licenses and Permits 1,020
Page 22 of 33Print - APP04-0134
1/14/2005https://www.nchfa.org/Rental/RTCApp/(4h1tl0454rlwyqzgy2lawf45)/site/PrintApp.aspx?I...
8/6/2019 Beacon Pointe
http://slidepdf.com/reader/full/beacon-pointe 23/33
Property and Liability Insurance (Hazard) 40,695
Fidelity Bond Insurance 335
Workmen's Compensation 1,890
Health Insurance and Other Employee Benefits 25,655
Other Insurance:
SUBTOTAL 115,336
Supportive Service Expenses
Service Coordinator 0
Service Supplies 0
Tenant Association Funds
Other Expenses (specify):
SUBTOTAL 0
Reserves
Replacement Reserves 36,750
SUBTOTAL 36,750
TOTAL OPERATING EXPENSES 428,797
ADJUSTED TOTAL OPERATING EXPENSES (Does not include taxes, reserves and resident support services) *
353,547
TOTAL UNITS(from total units in the Unit Mix section) 104
PER UNIT PER YEAR 3,399
Page 23 of 33Print - APP04-0134
1/14/2005https://www.nchfa.org/Rental/RTCApp/(4h1tl0454rlwyqzgy2lawf45)/site/PrintApp.aspx?I...
8/6/2019 Beacon Pointe
http://slidepdf.com/reader/full/beacon-pointe 24/33
8/6/2019 Beacon Pointe
http://slidepdf.com/reader/full/beacon-pointe 25/33
Design Features
ITEM DESCRIPTION
Foundation/Slab Components Concrete Footings/ Brick & Concrete block foundation walls
Primary Windows Make: Model: Single hung Type/Construction: vinyl
Exterior Doors Type: Frames:Metal insulated Wood
Siding Type: Grade/Thickness:Brick and Vinyl siding .044"
Warranty:
Exterior Trim Wood
Shingles Type: Weight:Fiberglass 215 #
Warranty: 25 year
Sprinkler System N.A.
Cabinets Marsh Furniture/oak flat panel framed
Heat Pump SEER: Make:12 Carrier or equal
Model:
Air Conditioner SEER: Make:
Model:
Other Heat Systems SEER: Make:
Model:
Page 25 of 33Print - APP04-0134
1/14/2005https://www.nchfa.org/Rental/RTCApp/(4h1tl0454rlwyqzgy2lawf45)/site/PrintApp.aspx?I...
8/6/2019 Beacon Pointe
http://slidepdf.com/reader/full/beacon-pointe 26/33
This is a detailed breakdown of rehabilitation or construction costs you summarized in the Development Costs table (Rehabilitation andConstruction of New Building(s)). The total should match those roll-up values.
Costs - Construction
ITEM LABOR MATERIAL TOTAL
Concrete Footings 0
Backfill-slab, Crawl 0
Slab-concrete/Rebar/Gravel 16,946 25,419 42,365
Waterproofing 0
Masonry Foundation 0
Brick Veneer 12,789 5,746 18,535
Steel/Structure/Rails 2,171 8,685 10,856
Framing/Lumber/Nails 37,069 68,843 105,912
Trusses 0
Crane Rental 0
Windows/Grilles/Screen 0Exterior Doors 7,030 39,836 46,866
Roofing 10,168 11,015 21,183
Fencing 0
Vinyl Siding/Trim/Box 14,828 27,537 42,365
Gutters/Shutters 4,448 4,819 9,267
Insulation 12,709 13,769 26,478
Drywall 71,491 47,660 119,151
Interior Doors 33,759 191,304 225,063
Int. & Final/Stair/Trim/Shelves 23,830 95,321 119,151
Cabinets & Tops 60,370 191,171 251,541
Painting 69,902 75,727 145,629
Marble - Tub/Shwr/Tops 0
Plumbing 83,406 194,613 278,019
Electrical 69,055 103,582 172,637
Heating/Air Conditioning 76,786 307,145 383,931
Floor Covering and Underlayment 63,547 148,277 211,824
Wall Paper 0
Mailboxes/Special Features/Signage 2,118 19,064 21,182
Gypcrete 0
Blinds/Shades/Art Work 0
Light Fixtures/Fans 0
Sprinkler System 0
Security Alarm 0
Hardwood Floors 0
Elevator 0
Ceramic Tiles 0
Acoustical Ceilings 0
Page 26 of 33Print - APP04-0134
1/14/2005https://www.nchfa.org/Rental/RTCApp/(4h1tl0454rlwyqzgy2lawf45)/site/PrintApp.aspx?I...
8/6/2019 Beacon Pointe
http://slidepdf.com/reader/full/beacon-pointe 27/33
Remarks:
Mirror/Shower Door/Encls. 0
Hardware/Bath Access. 6,620 26,478 33,098
Appliances 4,634 88,039 92,673
Playground Equipment 20,335 22,030 42,365
Interior Clean 15,754 2,780 18,534
Exterior Clean/Dumpster Rental 20,256 3,575 23,831
Other 1 (specify in Remarks) 0
Other 2 (specify in Remarks) 0
Total Cost 740,021 1,722,435 2,462,456
Page 27 of 33Print - APP04-0134
1/14/2005https://www.nchfa.org/Rental/RTCApp/(4h1tl0454rlwyqzgy2lawf45)/site/PrintApp.aspx?I...
8/6/2019 Beacon Pointe
http://slidepdf.com/reader/full/beacon-pointe 28/33
This is a detailed breakdown of the General Requirements cost element you summarized in the Development Costs table (GeneralRequirements). The total should match that roll-up value.
Remarks:
Costs - General
ITEM TOTAL
Supervision 41,054
Job Site Office/Trailer Rental 10,731
Office Supplies 2,683
Security/Watchman
Project Signage 1,350
Tools and Equipment 5,192
Gas, Oil, and Maintenance 17,308
Temporary Water, Electric, and Telephone 8,654
Storage/Hauling 10,783
Driveway Access Permit
Porta-John Rental/Dumping 19,038Builders Risk Insurance 38,942
Re-inspection Fees
Extra Plans and Specifications 2,769
Miscellaneous, Casual Labor
Equipment Rental 10,558
Other 1 (specify in Remarks) 4,015
Other 2 (specify in Remarks)
Total Cost 173,077
Building Permit
Page 28 of 33Print - APP04-0134
1/14/2005https://www.nchfa.org/Rental/RTCApp/(4h1tl0454rlwyqzgy2lawf45)/site/PrintApp.aspx?I...
8/6/2019 Beacon Pointe
http://slidepdf.com/reader/full/beacon-pointe 29/33
This is a detailed breakdown of the Site Improvements cost element you summarized in the Development Costs table (On-siteImprovements). The total should match that roll-up value.
Remarks:
Costs - Improvements
ITEM TOTAL
Subsurface Exploration/Perk Testing/Site Engineering
Clearing/Grading/Final Grading/Excess and Borrow 10,000
Demolition
Earthwork/Excavation/Aerating
Soil Treatment
Pile Foundations
Caissons
Shoring/Bracing
Site Drainage
Site Utilities/Site Lighting 25,000
Paving and Surfacing/Curb and Gutter 58,000Walkways 44,000
Site Signage
Parking Lot Painting 1,800
Dumpster Pads/Fencing 17,000
Fencing/Gates
Landscaping/Topsoil 75,000
Rock and Hardpan Excavation
Site Supervision Personnel 6,000
Other (specify in Remarks)
Total Cost 236,800
Page 29 of 33Print - APP04-0134
1/14/2005https://www.nchfa.org/Rental/RTCApp/(4h1tl0454rlwyqzgy2lawf45)/site/PrintApp.aspx?I...
8/6/2019 Beacon Pointe
http://slidepdf.com/reader/full/beacon-pointe 30/33
This is a detailed breakdown of the Bond Costs cost element you summarized in the Development Costs table (Bond Costs). The totalshould match that roll-up value.
Remarks:
Costs - Bond Costs
ITEM TOTAL
Letter of Credit Fee
Credit Enhancement
Underwriter Discount
Capital Interest Fund
Other 1 (specify in Remarks)
Other 2 (specify in Remarks)
Total Cost 0
Page 30 of 33Print - APP04-0134
1/14/2005https://www.nchfa.org/Rental/RTCApp/(4h1tl0454rlwyqzgy2lawf45)/site/PrintApp.aspx?I...
8/6/2019 Beacon Pointe
http://slidepdf.com/reader/full/beacon-pointe 31/33
This is a detailed breakdown of the Bond Issuance cost element you summarized in the Development Costs table (Cost of Issuance). Thetotal should match that roll-up value.
Remarks:
Costs - Bond Issuance
ITEM TOTAL
Bond Counsel
Issuer Counsel
Credit Enhancement/LOC Counsel
Underwriter Counsel
Developer's Counsel
Rating Agency Fee
Printing
Trustee Fee
Trustee Counsel
Issuer's Fee
Other 1 (specify in Remarks)Other 2 (specify in Remarks)
Other 3 (specify in Remarks)
Total Cost 0
Page 31 of 33Print - APP04-0134
1/14/2005https://www.nchfa.org/Rental/RTCApp/(4h1tl0454rlwyqzgy2lawf45)/site/PrintApp.aspx?I...
8/6/2019 Beacon Pointe
http://slidepdf.com/reader/full/beacon-pointe 32/33
MINIMUM REQUIRED SET ASIDES (No Points Awarded):
Minimum Set-Asides
Select one of the following two options:
20% of the qualified units are rent restricted and occupied by households with incomes at or below 50% of the median income (Note:No Tax Credit Eligble Units in the the project can exceed 50% of median income)
40% of the qualified units are rent restricted and occupied by households with incomes at or below 60% of the median income (Note:No Tax Credit Eligble Units in the the project can exceed 60% of median income)
If requesting RPP funds:
40% of the qualified unit are occupied by households with incomes at or below 50% of median income.
State Tax Credit and QAP Targeting Points:
Moderate Income County:
At least twenty-five percent (25%) of qualified units will be affordable to and occupied by households with incomes at or below fortypercent (40%) of county median income.
At least fifty percent (50%) of qualified units will be affordable to households with incomes at or below fifty percent (50%) of countymedian income.
At least fifty percent (50%) of qualified units will be affordable to and occupied by households with incomes at or below fifty percent(50%) of county median income.
Tax Exempt Bonds
Threshold requirement (select one):
At least ten percent (10%) of qualified units will be affordable to and occupied by households with incomes at or below fifty percent(50%) of county median income.
At least five percent (5%) of qualified units will be affordable to and occupied by households with incomes at or below forty percent(40%) of county median income.
Eligible for mortgage subsidy points (select one):
At least twenty percent (20%) of qualified units will be affordable to and occupied by households with incomes at or below fifty percent(50%) of county median income.
At least ten percent(10%) of qualified units will be affordable to and occupied by households with incomes at or below forty percent(40%) of county median income.
Page 32 of 33Print - APP04-0134
1/14/2005https://www.nchfa.org/Rental/RTCApp/(4h1tl0454rlwyqzgy2lawf45)/site/PrintApp.aspx?I...
8/6/2019 Beacon Pointe
http://slidepdf.com/reader/full/beacon-pointe 33/33
PLEASE indicate which of the following exhibits are attached to your application. Others may be required as noted.
Full Application Checklist
A Nonprofit Organization Documentation or For-profit Corporation Documentation
B Current Financial Statements/Principals and Owners
C Ownership Entity Agreement, Development Agreement or any other agreements governing development services
D Management Agent Agreement
E Development and manager multi-family experience & Management Questionnaire (Appendix C)
F Letters from State Housing Agencies or designated monitoring agent verifying Out of State Management Experience
G Completed IRS Form 8821 (Appendix I)
H Letters from Local Utility Providers (original on letterhead, no fax or photocopies)
I Local Government Letter or Letter from Certified Engineer or Land Surveyor Confirming Floodplain Designation with Mapshowing 100 year and 500 year floodplain (original on letterhead, no fax or photocopies)
J Local Government Letter Confirming Zoning (original on letterhead, no fax or photocopies)
K Copy of certificate of occupancy or proof of placed-in-service date (Rehabs Only)
L Site plan, floor plans and elevations
M Hazard and structural inspection and termite reports (Renovation projects only)
N Anticipated budget demonstrating how the project would meet the 10% test by November 14th.
O Evidence of Architect's Errors and Omissions insurance (or equivalent).
P Description of acquisition for existing/occupied projects or for projects with occupied buildings to be demolished.
Q Description of proposed Relocation Plan & Relocation Budget, Etc. If any relocation is anticipated, reference Appendix F.
R Targeting Plan and supporting documentation (Required for all projects)
S Local Housing Authority Agreement (Reference Model in Appendix I)
T Appraisal (for land costs greater than $5,000 and for buildings in rehab projects)
U Evidence of Permanent Loan Commitment, other sources of funds, and project-based subsidies.
V Statement regarding terms of Deferred Developer Fee and, if nonprofit, resolution of Board approving fee.
W Inducement Resolution (Tax-Exempt Bond Financed Projects only)
X Documentation to support estimated utility costs.
Page 33 of 33Print - APP04-0134