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Tax Credits, RPP Loans, and/or Tax Exempt Bond Loans
Project Description
Project Name: Richardson Court Address: City: 1101 South Brake Street Nashville County: Nash Zip: 27856
Census Tract: 0111.00 Block Group: 6042 Is project in Qualified Census Tract or Difficult to Develop Area? No Political Jurisdiction: Jurisdiction CEO Name: Jurisdiction Address: Jurisdiction City: Jurisdiction Phone: Town of Nashville First:Preston Last: Mitchell 200 Washington Street Nashville Zip: 27856 Title: Town Manager
(252)459-4511
Site Latitude: Site Longitude:
35.9613 -77.9623
Project Type: Rehab Is this project a previously awarded tax credit development? No If yes, what is the project number: Is this a request for supplemental credits? New Construction/Adaptive Reuse: Is this project a follow-on (Phase II, etc) to a previously-awarded tax credit development project? If yes, list names of previous phase(s): Rehab: Number of residents holding Section 8 vouchers: 0
Will the project meet Energy Star standards as defined in Appendix B? No Does a community revitalization plan exist? No Will the project use steel and concrete construction and have at least 4 stories? No Will the project include a Community Service Facility under IRS Revenue Ruling 2003-77? No
https://www.nchfa.org/Rental/RTCApp/(S(itlfqwatc...23F1DEB1F8&SNID=16EEDE6C334B46F4BD1D22A8C02CF903 (1 of 29)9/16/2008 2:19:53 PM
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If yes, please describe:
Target Population:Family Will the project be receiving project based federal rental assistance? Yes If yes, provide the subsidy source: HUD and number of units: 50 Indicate below any additional targeting for special populations proposed for this project: Mobility impaired handicapped: 5% of units comply with QAP Section IV(F)(3) (in addition to the units required by other federal and state codes.) Number of Units: 3 Persons with disabilities or homeless populations: 10% of the total units.
Number of Units: 0 Remarks: The proposed rehab will create 3 handicap accessible units to meet the 5% requirement. It is infeasible to adapt three and four bedroom units to handicap accessibility, so the conversion will be on one and two bedroom units only. Existing Section 8 HAP contract will be preserved.
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Applicant Information
Indicate below an individual or a validly existing entity (a corporation, nonprofit, limited partnership or LLC) as the official applicant. Under QAP Section III(C)(5) only this individual or entity will be able to make decisions with regard to this application. If awarded the applicant must become part of the ownership entity. The applicant will execute the signature page for this application. Applicant Name: Address: City: Contact: Telephone: Alt Phone: Fax: Email Address: Atlantic Development LLC 124 Fletcher Street, Suite 1 Kennebunk State: ME Zip: 04043 First: Drew Last:Fitch Title:President
(207)467-8230 (207)756-9136 (207)467-8240 drew@atlanticdev.net
NOTE: Email Address above will be used for communication between NCHFA and Applicant.
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Site Description
Total Site Acreage: 7.1 Total Buildable Acreage: 7.1
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? No If yes, please describe:
Are existing buildings on the site currently occupied? Yes If yes: (a) Briefly describe the situation: 5 Multi-Unit Buildings, and a laundry/office building. Rehabilitation will be done with tenants in place, so relocation will not be necessary.
(b) Will tenant displacement be temporary? No (c) Will tenant displacement be permanent? No Is the site directly accessed by an existing, paved, publicly maintained road? Yes If no, please explain:
Is any portion of the site located inside the 100 year floodplain? No If yes: (a) Describe placement of project buildings in relation to this area:
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(b) Describe flood mitigation if the project will have improvements within the 100 year floodplain:
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Site Control
Does the owner have fee simple ownership of the property (site/buildings)?No If yes provide: Purchase Date: Purchase Price:
If no: (a) Does the owner/principal or ownership entity have valid option/contract to purchase the property?Yes (b) Does an identity of interest (direct or indirect) exist between the owner/principal or ownership entity with the option/contract for purchase of the property and the seller of the property?No If yes, specify the relationship:
(c) Enter the current expiration date of the option/contract to purchase: 12/31/2008 (D) Enter Purchase Price: 1,250,000
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Zoning
Present zoning classification of the site:MF Is multifamily use permitted?Yes Are variances, special or conditional use permits or any other item requiring a public hearing needed to develop this proposal?No 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 obtaining them:
Are there any existing conditions of historical significance located on the project site that will require State Historic Preservation office review? No If yes, describe below:
Are there any existing conditions of environmental significance located on the project site?No If yes, describe below:
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Ownership Entity
Owner Name: Address: City: Nash- Richardson Limited Partnership 124 Fletcher Street, Suite 1 Kennebunk State:ME Zip: 04043
Federal Tax ID Number of Ownership Entity:
26-1548971
(If assigned)
Note: Do not submit social security numbers for individuals. Entity Type: Limited Partnership Entity Status: Already Formed Is the applicant requesting that the Agency treat the application as Non-Profit sponsored? No Is the applicant requesting that the Agency treat the application as CHDO sponsored? No List all general partners, members,and principals. Specify nonprofit corporate general partners or members. Click [Add] to add additional partners, members, and principals.
Org: Address: City: Phone: EMail:
Nash-Richardson Management LLC Last Name: Fitch State: ME Function: Managing General Partner Zip: 04043 124 Fletcher Street, Suite 1 Kennebunk
First Name: Drew
(207)467-8230 drew@atlanticdev.net
Fax: (207)467-8240 Nonprofit: No
Org: Address: City: Phone: EMail:
Nash-Richardson Management LLC Last Name: Tulloch State: ME Function: General Partner Zip: 04043 124 Fletcher Street, Suite 1 Kennebunk
First Name: Greg
(207)467-8230 greg@atlanticdev.net
Fax: (207)467-8240 Nonprofit: No
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Unit Mix
The Median Income for Nash county is $48,800. Low Income Units Type # BRs Net Sq.Ft. Total # Units # Units Monthly Rent Utility Allowance Mandatory Serv. Fees **Total Housing Exp.
Gdn Apt 1 Gdn Apt 2 Gdn Apt 3 Gdn Apt 4 Gdn Apt 1 Gdn Apt 2 Gdn Apt 3 Gdn Apt 4
600 775 920 1020 600 775 920 1020
3 8 8 5 3 9 9 5
0 0 0 0 2 1 0 0
483 572 655 731 391 462 530 589

Electric
66 86 104 118 66 86 104 118

Gas Other
0 0 0 0 0 0 0 0
549 658 759 849 457 548 634 707
Utilities included in rents:
Water/Sewer
Employee Units (will add to Low Income Unit total) Total # Monthly Utility Mandatory **Total Type # BRs Net Sq.Ft. # Units Units Rent Allowance Serv. Fees Housing Exp. Utilities included in rents: Water/Sewer Electric Gas Other
Market Rate Units Total # Monthly Utility Mandatory **Total Type # BRs Net Sq.Ft. # Units Units Rent Allowance Serv. Fees Housing Exp. Utilities included in rents: Water/Sewer Electric Gas Other
Statistics All Units Low Income....... Market Rate....... Totals............... Gross Monthly Rental Income
Units
50
27966
50
27966
Proposed number of residential buildings: 5
Maximum number of stories in buildings: 2
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Project Includes:
Separate community building - Sq. Ft. (Floor Area): 1,410 Community space within residential bulding(s) - Sq. Ft. (Floor Area):
Elevators - Number of Elevators: Square Footage Information Gross Floor Square Footage:
49,037
Total Net Sq. Ft. (All Heated Areas): 46,712
Notes ** Please refer to the Income Limits and Maximum Housing Expense Table to ensure that Total Monthly Tenant Expenses for low income units are within established thresholds.
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Targeting
Specify Low Income Unit Targeting in table below. List each applicable targeting combination in a separate row below. Click [Add] to create another row. Click "X" (at the left of each row) to delete a row. Add as many rows as needed.
# BRs 1 2 3 4 1 2 3 4
Units
% targeted at 60 targeted at 60 targeted at 60 targeted at 60 targeted at 50 targeted at 50 targeted at 50 targeted at 50 percent of median income affordable to/occupied by percent of median income affordable to/occupied by percent of median income affordable to/occupied by percent of median income affordable to/occupied by percent of median income affordable to percent of median income affordable to percent of median income affordable to percent of median income affordable to
3 8 8 5 3 9 9 5
Total Low Income Units:
50
Note: This number should match the total number of low income units in the Unit Mix section.
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Funding Sources
NonAmortizing* Rate (%) Term (Years) Amort. Period (Years) Annual Debt Service
Source Bank Loan RPP Loan Local Gov. Loan - Specify: RD 515 Loan RD 538 Loan - Specify: AHP Loan Other Loan 1 - Specify: Other Loan 2 - Specify: Other Loan 3 - Specify: Tax Exempt Bonds State Tax Credit(Loan) State Tax Credit(Direct Refund) Equity: Federal LIHTC Non-Repayable Grant Equity: Historic Tax Credits Deferred Developer Fees Owner Investment Other - Specify: Total Sources**
Amount
1,180,000
6.75
30
30
91,841
664,615
30
30
1,911,951
103,502
3,860,068
* "Non-amortizing" indicates that the loan does not have a fixed annual debt service. For these items, you must fill in 20-year debt service below. ** Total Sources must equal total replacement cost in Project Development Cost (PDC) section.
Estimated pricing on sale of Federal Tax Credits: $0. 84 Remarks concerning project funding sources: (Please be sure to include the name of the funding source(s)) Proposed funding sources are Arbor Commercial mortgage for the permanent loan, Bank of
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America for construction loan, and Apollo Equity Partners would be the tax credit investor.
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Development Costs
Item Cost Element 1 Purchase of Building(s) (Rehab / Adaptive Reuse only) 2 Demolition (Rehab / Adaptive Reuse only) 3 On-site Improvements 4 Rehabilitation 5 Construction of New Building(s) 6 Accessory Building(s) 7 General Requirements (max 6% lines 2-6) 8 Contractor Overhead (max 2% lines 2-7) 9 Contractor Profit (max 8% lines 2-7; 6% if Identity of Interest) 10 Construction Contingency (max 3% lines 2-9, Rehabs 6%) 11 Architect's Fee - Design (11 + 12 = max 3% lines 2-10) 12 Architect's Fee - Inspection 13 Engineering Costs SUBTOTAL (lines 1 through 13) 14 Construction Insurance (prorate) 15 Construction Loan Orig. Fee (prorate) 16 Construction Loan Interest (prorate) 17 Construction Loan Credit Enhancement (prorate) 18 Construction Period Taxes (prorate) 19 Water, Sewer and Impact Fees 20 Survey 21 Property Appraisal 22 Environmental Report 23 Market Study 24 Bond Costs 25 Bond Issuance Costs 26 Placement Fee 27 Permanent Loan Origination Fee 28 Permanent Loan Credit Enhancement 29 Title and Recording TOTAL COST Eligible Basis 30% PV 70% PV
1,050,000
1,050,000
93,745 1,224,893
93,745 1,224,893
79,118 27,950 111,821 92,250 30,893 18,000 20,000 2,748,670 14,594 12,360 75,000 10,969 10,585
79,118 27,950 111,821 92,250 30,893 18,000 20,000
1,494 12,360 7,500 10,969 10,585
20,000 10,000 5,000 6,500
20,000 10,000 5,000 6,500
18,538
10,000
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SUBTOTAL (lines 14 through 29) 30 Real Estate Attorney 31 Other Attorney's Fees 32 Tax Credit Application Fees (Preliminary and Full) 33 Tax Credit Allocation Fee (0.60% of line 59, minimum $7,500) 34 Cost Certification / Accounting Fees 35 Tax Opinion 36 Organizational (Partnership) 37 Tax Credit Monitoring Fee SUBTOTAL (lines 30 through 37) 38 Furnishings and Equipment 39 Relocation Expense 40 Developer's Fee 41 42
193,546 25,000 25,000 2,200 19,938 15,000 5,000 15,000 25,000 25,000
35,000 127,138 10,000 25,000 375,000 14,995 10,000 25,000 375,000 14,995
Other Basis Expense (specify) P & P Bond Other Basis Expense (specify) Const. lender inspections
43 Rent-up Expense 44 45
Other Non-basis Expense Perm lender counsel Other Non-basis Expense (specify)
SUBTOTAL (lines 38 through 45)
424,995 15,000 150,719
46 Rent up Reserve 47 Operating Reserve 48 49
Other Reserve (specify) Other Reserve (specify) 3,660,068 1,075,000 2,248,073
50 DEVELOPMENT COST (lines 1-49) 51 Less Federal Financing 52 Less Disproportionate Standard 53 Less Nonqualified Nonrecourse Financing 54 Less Historic Tax Credit 55 TOTAL ELIGIBLE BASIS 56 Applicable Fraction (percentage of LI Units) 57 Basis Before Boost 58 Boost for QCT/DDA (if applicable, enter 130%) 59 TOTAL QUALIFIED BASIS
0 3,323,073 100.00% 3,323,073 1,075,000 100% 1,075,000 100.00% 3,323,073 1,075,000 2,248,073 100% 2,248,073 100.00% 2,248,073
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60 Tax Credit Rate 61 Federal Tax Credits at Estimated Rate 62 Federal Tax Credits at 9.00% or 3.75% (maximum $1,000,000) 63 Federal Tax Credits Requested 64 Land Cost 65 TOTAL REPLACEMENT COST FEDERAL TAX CREDITS IF AWARDED Comments:
3.40 227,636 242,639 0 200,000 3,860,068 242,640 36,550 40,313
8.50 191,086 202,327
Total Replacement Cost per unit: 32,596
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Market Study Information

Please provide a detailed description of the proposed project: Existing brick and vinyl 2 story multi-unit complex with 5 residential buildingsand an office/laundry combination.
Construction (check all that apply): Brick Vinyl Wood HardiPlank Balconies/Patios Sunrooms Front Porches
Front Gables or Dormers Other:
Wide Banding or Vertical/Horizontal Siding
Have you built other tax credit developments that use the same building design as this project?Yes If yes, please provide name and address: Rolling Meadows Apartments, Rocky Mount, NC Brookwood Apartments, Roxboro, NC
Site Amenities: On-site management office, laundry, picnic area, free wireless internet access and playgrounds.
Onsite Activities:
Landscaping Plans:
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The site has adequate landscaping and lawn coverage existing. New plants and sod will be utilized where necessary.
Interior Apartment Amenities: New kitchens, bathrooms, flooring, and HVAC.
Do you plan to submit additional market data (market study, etc.) that you want considered? No If yes, please make sure to include the additional information in your pre-application packet.
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Applicant's Site Evaluation

Briefly describe your site in each of the following categories: NEIGHBORHOOD CHARACTERISTICS Trend and direction of real estate development and area economic health. Physical condition of buildings and improvements in the immediate vicinity. Concentration of affordable housing. The neighborhood is fully developed, containing both single and multi-family residences.
SURROUNDING LAND USES AND AMENITIES Land use pattern is residential in character (single and multifamily housing). Extent that the location is isolated. Effect of industrial, large-scale institutional or other incompatible uses, including but not limited to: wastewater treatment facilities, high traffic corridors, junkyards, prisons, landfills, large swamps, distribution facilities, frequently used railroad tracks, power transmission lines and towers, factories or similar operations, sources of excessive noise, and sites with environmental concerns (such as odors or pollution). Amount and character of vacant, undeveloped land. The project is located at the end of a local street. The area has no sources of excessive noise or environmental concerns. SITE SUITABILITY Adequate traffic safety controls (i.e. stop lights, speed limits, turn lanes). Burden on public facilities (particularly roads). Access to mass transit (if applicable). Visibility of buildings and/or location of project sign (s) in relation to traffic corridors. There will be no added burden on public facilities. Degree of on-site negative features and physical barriers that will impede project construction or adversely affect future tenants; for example: power transmission lines and towers, flood hazards, steep slopes, large boulders, ravines, year-round streams, wetlands, and other similar features (for adaptive re-use projectssuitability for residential use and difficulties posed by the building(s), such as limited parking, environmental problems or the need for excessive demolition). None Expected.
Similarity of scale and aesthetics/architecture between project and surroundings. Similar to surrounding community.
For each applicable neighborhood feature, enter distance from project in miles.
.4 .8
Grocery Store Mall/Strip Center
9.3
Center
Community/Senior
6.1
Hospital
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.9 .2 .3 .5
Stop
Outdoor Athletic Fields Day Care/After School Schools Public Transportation
.8 .7
Pharmacy Basic Health Care
.5 .9 .9 .8
Convenience Store Public Parks Gas Station Library
Other facilities or services: Close to downtown area and local services.
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Development Team
Provide contact information for development team members below:
Management Agent Company: Address: City: Phone Contact Name: Housing Management Resources 500 Victory Rd N. Quincy State: MA Zip: 02171 Email: rpierce@hmrproperties.com Last: Pierce
(617)471-0300
First: Richard
Architect Company: Address: City: Phone Contact Name: Smith Norwood Architecture PO Box 18161 Raleigh State: NC Zip: 27619-8161 Email: jsmith@smithnorwooda-d.com First: Jill Last: Smith
(919)807-1111
Attorney Company: Address: City: Phone Contact Name: Hunton & williams PO Box 109, 421 Fayetteville Street Mall Raleigh State: NC Zip: 27602 Email: dfricke@hunton.com Last: Fricke
(919)899-3000
First: David
Investor Company: Address: City: Phone Contact Name: Apollo Equity Partners 2101 Rexford Rd, Suite 375-W Charlotte State: NC Zip: 28211 Email: brian.flanagan@rbc.com Last: Flanagan
(980)233-6462
First: Brian
Consultant/Application Preparer (if different from developer) Company: Address: City: Phone Contact Name: First: State: Email: Last: Zip:
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General Contractor Company: Address: City: Phone Contact Name:
Identity of Interest?
Empire Construction PO Box 51786 Knoxville State: TN Zip: 37950-1786 Email: rickc@empireconstruction.com Last: Cheverton
(865)251-4835
First: Rick
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Projected Operating Costs

Project Operations (Year One) Administrative Expenses Advertising Office Salaries Office Supplies Office or Model Apartment Rent Management Fee Manager or Superintendent Salaries Manager or Superintendent Rent Free Unit Legal Expenses (Project) Auditing Expenses (Project) Bookkeeping Fees/Accounting Services Telephone and Answering Service Bad Debts Other Administrative Expenses (specify):
1,642
6,433
15,887 24,148
1,179 4,500 2,350
3,850
SUBTOTAL Utilities Expense Fuel Oil Electricity (Light and Misc. Power) Water Gas Sewer SUBTOTAL Operating and Maintenance Expenses Janitor and Cleaning Payroll Janitor and Cleaning Supplies Janitor and Cleaning Contract Exterminating Payroll/Contract Exterminating Supplies Garbage and Trash Removal Security Payroll/Contract Grounds Payroll
59,989
742 8,524 5,430
15,995 30,691
13,317
11,778
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Grounds Supplies Grounds Contract Repairs Payroll Repairs Material Repairs Contract Elevator Maintenance/Contract Heating/Cooling Repairs and Maintenance Swimming Pool Maintenance/Contract Snow Removal Decorating Payroll/Contract Decorating Supplies Other (specify):
20,503
14,669
Miscellaneous Operating & Maintenance Expenses SUBTOTAL Taxes and Insurance Real Estate Taxes Payroll Taxes (FICA) Miscellaneous Taxes, Licenses and Permits Property and Liability Insurance (Hazard) Fidelity Bond Insurance Workmen's Compensation Health Insurance and Other Employee Benefits Other Insurance:
4,304 64,571
11,088 3,350
14,595
7,813
SUBTOTAL Supportive Service Expenses Service Coordinator Service Supplies Tenant Association Funds Other Expenses (specify):
36,846
SUBTOTAL Reserves Replacement Reserves SUBTOTAL
17,500 17,500
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TOTAL OPERATING EXPENSES ADJUSTED TOTAL OPERATING EXPENSES (Does not include taxes, reserves and resident support services) * TOTAL UNITS (from total units in the Unit Mix section) PER UNIT PER YEAR
209,597 181,009 50 3,620
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Projected Cash Flow Year One

OPERATING INCOME Gross rental income (from Unit Mix - Total Monthly Rent) Stores and Commercial Laundry and Vending Other (specify):
335,592
3,330
Total Gross Income Potential at 100% Occupancy Seven Percent Vacancy Allowance NET RENTAL/OTHER INCOME TOTAL OPERATING EXPENSES (from Projected Operating Costs) NET OPERATING INCOME DEBT SERVICE (from Funding Sources Loans) NET CASH FLOW DEBT COVERAGE RATIO (Must not be less than 1.15)
338,922 23,725 315,197 209,597 105,600 91,841 13,759 1.15
20-Year Cash Flow

Year Net Rental/Other Income* Total Operating Expenses* Debt Service Net Cash Flow Debt Coverage Ratio Year Net Rental/Other Income* Total Operating Expenses* Debt Service Net Cash Flow Debt Coverage Ratio 1 2 3 4 5 6 7 8 9 10
315,197 209,597 91,841 13,759 1.15

11
324,653 217,981 91,841 14,831 1.161

12
334,393 226,700 91,841 15,852 1.173

13
344,425 235,768 91,841 16,816 1.183

14
354,758 245,199 91,841 17,718 1.193

15
365,401 255,007 91,841 18,553 1.202

16
376,363 265,207 91,841 19,315 1.21

17
387,654 275,815 91,841 19,998 1.218

18
399,284 286,848 91,841 20,595 1.224

19
411,263 298,322 91,841 21,100 1.23

20
423,601 310,255 91,841 21,505 1.234
436,309 322,665 91,841 21,803 1.237
449,398 335,572 91,841 21,985 1.239
462,880 348,995 91,841 22,044 1.24
476,766 362,955 91,841 21,970 1.239
491,069 377,473 91,841 21,755 1.237
505,801 392,572 91,841 21,388 1.233
520,975 408,275 91,841 20,859 1.227
536,604 424,606 91,841 20,157 1.219
552,702 441,590 91,841 19,271 1.21
* Net Rental Income escalated at annual rate of 3% and expenses escalated at a rate of 4% after the first year.
Calculations:
1. "Net Rental/Other Income" comes from 1st-year cash flow, then it is escalated by 3% per year.
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2. "Total Operating Expenses" comes from 1st-year cash flow, then it is escalated by 4% per year. 3. "Debt Service" is the sum of "regular/amortized loan debt service + non-amortizing annual service" as entered by user from Funding Sources section. 4. "Net Cash Flow" is "Net Rental/Other Income" minus "Total Operating Expenses" minus "Debt Service". 5. "Debt Coverage Ratio" is ("Net Rental/Other Income" minus "Total Operating Expenses") divided by "Debt Service".
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Minimum Set-Asides
MINIMUM REQUIRED SET ASIDES (No Points Awarded): Select one of the following two options: 20% of the units are rent restricted and occupied by households with incomes at or below 50% of the median income (Note: No Tax Credit Eligible Units in the the project can exceed 50% of median income) 40% of the units are rent restricted and occupied by households with incomes at or below 60% of the median income (Note: No Tax Credit Eligible Units in the the project can exceed 60% of median income) If requesting RPP funds: 40% of the units are occupied by households with incomes at or below 50% of median income. State Tax Credit and QAP Targeting Points: 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 forty percent (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 county median income. At least fifty percent (50%) of qualified units will be affordable to and occupied by households with incomes at or below fifty percent (50%) of county median income. Tax Exempt Bonds Threshold requirement (select one): At least ten percent (10%) of qualified units will be affordable to and occupied by households with incomes at or below fifty percent (50%) of county median income. At least five percent (5%) of qualified units will be affordable to and occupied by households with incomes at or below forty percent (40%) of county median income. Eligible for targeting points (select one): At least twenty percent (20%) of qualified units will be affordable to and occupied by households with incomes at or below fifty percent (50%) of county median income. At least ten percent(10%) of qualified units will be affordable to and occupied by households with incomes at or below forty percent (40%) of county median income.
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Full Application Checklist

PLEASE indicate which of the following exhibits are attached to your application. Others may be required as noted.
A Nonprofit Organization Documentation or For-profit Corporation Documentation B Current Financial Statements/Principals and Owners (signed copies) C Ownership Entity Agreement, Development Agreement or any other agreements governing development services D Management Agent Agreement E Owner and Management Experience & Management Questionnaire (Appendix C) F Local Government Letter or Letter from Certified Engineer or Land Surveyor Confirming Floodplain Designation with Map showing all flood zones (original on letterhead, no fax or photocopies) G Local Government Letter Confirming Zoning including any pending notices or hearings (original on letterhead, no fax or photocopies) H Letters from Local Utility Providers regarding availability and capacity (original on letterhead, no fax or photocopies) I Documentation from utility company or local PHA to support estimated utility costs J Appraisal (required for land costs greater than $15,000 and for all Adaptive Re-use and Rehab projects) K Site plan, floor plans and elevations for all projects. Scope of work for Adaptive Re-use and Rehab projects. (Full Size, 24 x 36 inches) L Hazard and structural inspection and termite reports (Adaptive Re-use and Rehab projects only) M Copy of certificate of occupancy or proof of placed-in-service date (Rehabs Only) N Proposed Relocation Plan including relocation budget and copies of notices. Required for all Rehabs and any projects involving existing occupants of any dwellings to be rehabbed or demolished. O Evidence of Permanent Loan Commitment and other sources of funds ( i.e. Equity letter, AHP, RD and local government funds). For Rehabs with existing loans provide 1) copies of loan documents, 2) current loan balances from existing lenders with reserve balances, 3) letter from lender that outlines assumption requirements. P Local Housing Authority Agreement and Project Based Rental Assistance Letter, if applicable (Sample letters provided in Appendix I). For projects with existing PBRA contracts, provide a copy of the current contract and bank statement or other documentation verifying reserve balances and annual reserve contribution requirements. Q Statement regarding terms of Deferred Developer Fee. If a nonprofit is involved, a resolution from their board approving deferral of fee is required. R Inducement Resolution (Tax-Exempt Bond Financed Projects only)

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Site Latitude: Site Longitude:

https://www.nchfa.org/Rental/RTCApp/(S(itlfqwatc...23F1DEB1F8&SNID=16EEDE6C334B46F4BD1D22A8C02CF903 (1 of 29)9/16/2008 2:19:53 PM

If yes, please describe:

https://www.nchfa.org/Rental/RTCApp/(S(itlfqwatc...23F1DEB1F8&SNID=16EEDE6C334B46F4BD1D22A8C02CF903 (2 of 29)9/16/2008 2:19:53 PM

(207)467-8230 (207)756-9136 (207)467-8240 drew@atlanticdev.net

https://www.nchfa.org/Rental/RTCApp/(S(itlfqwatc...23F1DEB1F8&SNID=16EEDE6C334B46F4BD1D22A8C02CF903 (3 of 29)9/16/2008 2:19:53 PM

If buildable acreage is less than total acreage, please explain:

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

https://www.nchfa.org/Rental/RTCApp/(S(itlfqwatc...23F1DEB1F8&SNID=16EEDE6C334B46F4BD1D22A8C02CF903 (4 of 29)9/16/2008 2:19:53 PM

https://www.nchfa.org/Rental/RTCApp/(S(itlfqwatc...23F1DEB1F8&SNID=16EEDE6C334B46F4BD1D22A8C02CF903 (5 of 29)9/16/2008 2:19:53 PM

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https://www.nchfa.org/Rental/RTCApp/(S(itlfqwatc...23F1DEB1F8&SNID=16EEDE6C334B46F4BD1D22A8C02CF903 (7 of 29)9/16/2008 2:19:53 PM

Federal Tax ID Number of Ownership Entity:

Org: Address: City: Phone: EMail:

First Name: Drew

Fax: (207)467-8240 Nonprofit: No

Org: Address: City: Phone: EMail:

First Name: Greg

Fax: (207)467-8240 Nonprofit: No

https://www.nchfa.org/Rental/RTCApp/(S(itlfqwatc...23F1DEB1F8&SNID=16EEDE6C334B46F4BD1D22A8C02CF903 (8 of 29)9/16/2008 2:19:53 PM

600 775 920 1020 600 775 920 1020

483 572 655 731 391 462 530 589

66 86 104 118 66 86 104 118

549 658 759 849 457 548 634 707

Utilities included in rents:

Proposed number of residential buildings: 5

Maximum number of stories in buildings: 2

https://www.nchfa.org/Rental/RTCApp/(S(itlfqwatc...23F1DEB1F8&SNID=16EEDE6C334B46F4BD1D22A8C02CF903 (9 of 29)9/16/2008 2:19:53 PM

Total Net Sq. Ft. (All Heated Areas): 46,712

https://www.nchfa.org/Rental/RTCApp/(S(itlfqwatc...23F1DEB1F8&SNID=16EEDE6C334B46F4BD1D22A8C02CF903 (10 of 29)9/16/2008 2:19:53 PM

Total Low Income Units:

https://www.nchfa.org/Rental/RTCApp/(S(itlfqwatc...23F1DEB1F8&SNID=16EEDE6C334B46F4BD1D22A8C02CF903 (11 of 29)9/16/2008 2:19:53 PM

https://www.nchfa.org/Rental/RTCApp/(S(itlfqwatc...23F1DEB1F8&SNID=16EEDE6C334B46F4BD1D22A8C02CF903 (12 of 29)9/16/2008 2:19:53 PM

https://www.nchfa.org/Rental/RTCApp/(S(itlfqwatc...23F1DEB1F8&SNID=16EEDE6C334B46F4BD1D22A8C02CF903 (13 of 29)9/16/2008 2:19:53 PM

79,118 27,950 111,821 92,250 30,893 18,000 20,000

1,494 12,360 7,500 10,969 10,585

20,000 10,000 5,000 6,500

20,000 10,000 5,000 6,500

https://www.nchfa.org/Rental/RTCApp/(S(itlfqwatc...23F1DEB1F8&SNID=16EEDE6C334B46F4BD1D22A8C02CF903 (14 of 29)9/16/2008 2:19:53 PM

424,995 15,000 150,719

46 Rent up Reserve 47 Operating Reserve 48 49

Other Reserve (specify) Other Reserve (specify) 3,660,068 1,075,000 2,248,073

https://www.nchfa.org/Rental/RTCApp/(S(itlfqwatc...23F1DEB1F8&SNID=16EEDE6C334B46F4BD1D22A8C02CF903 (15 of 29)9/16/2008 2:19:53 PM

3.40 227,636 242,639 0 200,000 3,860,068 242,640 36,550 40,313

8.50 191,086 202,327

Total Replacement Cost per unit: 32,596

https://www.nchfa.org/Rental/RTCApp/(S(itlfqwatc...23F1DEB1F8&SNID=16EEDE6C334B46F4BD1D22A8C02CF903 (16 of 29)9/16/2008 2:19:53 PM

Market Study Information

Front Gables or Dormers Other:

Wide Banding or Vertical/Horizontal Siding

https://www.nchfa.org/Rental/RTCApp/(S(itlfqwatc...23F1DEB1F8&SNID=16EEDE6C334B46F4BD1D22A8C02CF903 (17 of 29)9/16/2008 2:19:53 PM

Interior Apartment Amenities: New kitchens, bathrooms, flooring, and HVAC.

https://www.nchfa.org/Rental/RTCApp/(S(itlfqwatc...23F1DEB1F8&SNID=16EEDE6C334B46F4BD1D22A8C02CF903 (18 of 29)9/16/2008 2:19:53 PM

Applicant's Site Evaluation

Grocery Store Mall/Strip Center

https://www.nchfa.org/Rental/RTCApp/(S(itlfqwatc...23F1DEB1F8&SNID=16EEDE6C334B46F4BD1D22A8C02CF903 (19 of 29)9/16/2008 2:19:53 PM

Outdoor Athletic Fields Day Care/After School Schools Public Transportation

Pharmacy Basic Health Care

Convenience Store Public Parks Gas Station Library

Other facilities or services: Close to downtown area and local services.