Attachment A

Housing Preservation Development Fund

FY 2014 Competitive Application

Application Submission Checklist

Before submitting your application(s) please use the following checklist to be sure that you have included all required items. All applications are to be typed on the FY 2014 Housing Preservation and Development Fund Competitive Application which is available through the OHCD website Submit 1 original and 7 copies (all with tabs and copies of attachments).

Tab # / REQUIRED ATTACHMENTS
1 / Application Form
2 / Applicant’s organizational documents, including: IRS determination letter granting organization non-profit status; Articles of Incorporation and Bylaws; State Corporation Commission Certificate, Business Licenses
3 / Organization’s most recent unconditional financial audit, Management Letter and Management Audit Response Letter
4 / Organization’s most recent years tax filings with the IRS.
5 / Current and Previous Year’s Operating Budget
6 / Resumes of board members, key development staff and member of the development team
7 / Market Study or other Evidence of Market Support for Project
8 / Location Map and detailed directions to the site
9 / Preliminary site plan and design sketches, building elevations, and typical unit floor plans and unit sizes
10 / Engineering Report & Environmental Audit
11 / Typical Unit Floor Plans/Unit Sizes
12 / Pro-forma - Required only for Rental Projects (should be multiyear through the period of affordability)
13 / Evidence of Financing Commitments (Construction and Permanent)-includes loans and grants
14 / Tax Credit Application, if applicable
15 / Partnership Agreement(s)
16 / Site control documentation (e.g., contract for sale, purchase agreement or option, long term lease)
17 / Construction cost estimate and/or construction contract with preliminary bids for work; list of subcontractors and vendors
18 / Real estate appraisal (if completed)
19 / Board Authorization Resolution
20 / Photographs of the project, unit interiors (if existing) and surrounding area

Application(s) must be assembled in the following order with 20 tabs. If requiredattachment is not provided include the tab and explain reason for absence of attachment.

Application Instructions

Deadline for submission is March 26 at 5:00 p.m. Any applications received after 5:00 p.m. will not be considered for evaluation. Submit applications to the following address:

Prince William County Office of Housing and Community Development

Attn: Bill Lake, Community Planning and Development Division Chief

Dr. A. J. Ferlazzo Building

15941 Donald Curtis Drive, Suite 112

Woodbridge, Virginia 22191-4291

Failure to provide 1 signed original and 7 typed copies of the Application, including all 20 tabs and copies of attachments following application, will eliminate the application from being evaluated. Faxed, electronically submitted or applications not submitted on FY 2014 Housing Preservation and Development Fund Competitive Application will also not be evaluated.

For further information:

Contact:Bill Lake, Community Planning and Development Division Chief

Phone:703-492-2300

E-mail:

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Attachment A

Housing Preservation Development Fund

FY 2014 Competitive Application

For Office Use Only
Date Received
Time Received
OHCD Staff Initials

APPLICANT INFORMATION

Project Sponsor:

Federal Tax ID:

Contact Person:

Name: Title:

Address:

Telephone: Fax: E-Mail:

PROJECT SUMMARY

Name of Project:

Project Address

TYPE OF PROJECT (Check Type) / CONSTRUCTION TYPE (Check type)
NEW CONSTRUCTION / MULTIFAMILY
ACQUISITION / TOWNHOUSE
REHABILITATION / SINGLE FAMILY DETACHED
ACQUISITION/REHAB / CONDO
SITE DEVELOPMENT / OTHER
HOMEOWNERSHIP ASSISTANCE
OTHER
Check Project Type / TOTAL
# UNITS / # AFFORDABLE
Units / # YEARS AFFORDABLE
W/DEED RESTRICITONS
i.e. 10/20/30/99 years / % Area Median Income Targeted / # Units for Elderly, Persons with Disabilities,
Universal Design
OWNER
RENTAL
OTHER (Describe)
  • Affordability definition: Units will be affordable to households when total rent charged plus utilities or PITI does not exceed 30% of the combined gross household income.

Applicant Type
Checktype / Grant / 5-30 Year Deferred Loan / 30-Year Amortized Loan* / Deferred Loan / Total HDTF Request
County Agency
Non-Profit
Partnership
For-Profit / $ / $ / $ / $ / $

*Note: For Profit Business may only apply for amortized loans.

I. PROJECT DESCRIPTION (80 points maximum with 20Bonus points awarded on perdevelopment basis for units targeted forelderly, persons with disabilities,or built withuniversal design features limited to 3 additional pages.)

A. Proposed project (not your agency) with reference to:

1)Describe project including amenities and/or supportive services that are planned for the project.

2)Describe Management Plan for the project

B. Describe the estimated number of units needed in PWC for development or rehabilitation for households at or below 100% of AMI. Description should include the need for HPDFand how these funds will be used in this project.

C. Does the project meet the goals and objectives of the following adopted plans? If yes explain: If answer is no, project is not eligible for funding.

1)Five Year Consolidated Housing and Community Development Plan Yes No

2)County’s Strategic Plan Human Services Goals Yes No

3)County’s Comprehensive Plan Housing Goals Yes No

D. Is project located in Prince William County and gives preference to beneficiaries who live or work in Prince William County? Yes No If answer is no, project is not eligible for funding.

II.Benefit to % Area Median Income(20 points maximum limited to one additional page)

A.Describe the method used with specific reference to published statistical data to determine the estimated need for this project and how pricing/rent are based on affordability. Affordability is defined as total rent charged plus utilities or PITI not to exceed 30% of the combined gross household income.

B.In the table provided indicate total units by bedroom size, % of Area Median Income (AMI) targeted in column (a), # of affordable units (b), square footage (c), monthly rent or sales price (d), total utilities included in rent (e) and total per unit cost (f).

AFFORDABLE UNIT CHARACTERISTICS
(a) / (b) / (c) / (d) / (e) / (f)
Bedroom Size / Total # Units / # of Units Based on % of Area Median Income / # Units / Unit
(Sq. Ft.) / Monthly Rent/
Sales Price / Utilities included / Per Unit Cost
1 Bedroom / 50% / $ / $ / $
80% / $ / $ / $
100% / $ / $ / $
2 Bedroom / 50% / $ / $ / $
80% / $ / $ / $
100% / $ / $ / $
3 Bedroom / 50% / $ / $ / $
80% / $ / $ / $
100% / $ / $ / $
4 Bedroom / 50% / $ / $ / $
80% / $ / $ / $
100% / $ / $ / $
MARKET RATE UNIT CHARACTERISTICS
(a) / (b) / (c) / (d) / (e) / (f)
Bedroom Size / % of Area Median Income Targeted / # Units / Unit
(Sq. Ft.) / Monthly Rent/
Sales Price / Utilities included / Per Unit Cost
1 Bedroom / $ / $ / $
2 Bedroom / $ / $ / $
3 Bedroom / $ / $ / $
4 Bedroom / $ / $ / $
$ / $ / $
III.Period of Affordability (40 points maximum with limited narrative to one page)

Describe the proposed affordability restrictions for units that will be maintained with affordable occupancy and rental restrictions. Describe how the restrictions will be enforced. Describe equity sharing provisions that may be in place.

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Attachment A

Housing Preservation Development Fund

FY 2014 Competitive Application

IV. Readiness of the Project and Development Schedule (30 Points maximum)

Provide evidence in the appropriate Tab with reference to readiness of project and complete the Project Time Line.

PROJECT TIME LINE

Implementation/Milestone / Responsible Person / Indicate Title / Start Date / Completion Date

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Attachment A

Housing Preservation Development Fund

FY 2014 Competitive Application

V. Sources of Financing and Degree of Other Project Funding Commitments (50 points maximum)
  1. Construction Financing: List individually the sources of construction financing, including any loans financed through grant sources:

Source of Funds / Date of Application / Date of Commitment / Amount of Funds / Name of Contact Person & Phone #
$
$
$
Totals: / $

Commitment letter(s) attached

B. Permanent Financing: List individually the sources of all permanent financing in order of lienposition:

Source of Funds / Date of Application / Date of Commitment / Amount of Funds / Annual Debt Service Cost / Interest Rate of Loan / Term of Loan
$ / $
$ / $
$ / $
$ / $
Totals: / $ / $

Commitment letter(s) attached

C.Grants: List all grants provided for the project:

Source of Funds / Date of Application / Date of Commitment / Amount of Funds / Name of Contact Person & Phone #
$
$
$
Totals: / $

Commitment letter(s) attached

Source of Funds / Date of Application / Date of Commitment / Amount of Funds / Name of Contact Person & Phone #
Low Income Housing Tax Credit / $
Totals: / $

D.Low Income Housing Tax Credit (LIHTC):

LIHTC Commitment letter(s) submit in Tab 14

E.Total Sources of Funding:

Add Totals from A. Construction Financing, B. Permanent Financing, C. Grants and D. Low Income Housing Tax Credit Equity / $
VI. Uses of Funds - Development Budget (20 Points maximum)
PRE – DEVELOPMENT COSTS
Total / % of Total / Per Unit
Feasibility Study / $ / $
Market Study / $ / $
Appraisal / $ / $
Environmental Assessment / $ / $
Architect Plans & Specifications / $ / $
Developer’s Legal Fees / $ / $
Funding Application Fees / $ / $
Other Pre Development Costs specify / $ / $
$ / $
$ / $
$ / $
Subtotal Pre-development Costs / $
CONSTRUCTION COSTS
Total / % of Total / Per Unit
Buildings / $ / $
Site work / $ / $
Landscaping / $ / $
Builder’s General Requirements (2-4% of structure) / $ / $
Builder’s Overhead / $ / $
Builder’s Profit / $ / $
Performance Bond Premium / $ / $
Construction Contingency / $ / $
Other Construction Costs specify / $ / $
$ / $
$ / $
Subtotal Construction Costs / $
FEES
Total / % of Total / Per Unit
Architect/Engineering Design Fees / $ / $
Architect Supervision / $ / $
Legal:Construction / $ / $
Permanent / $ / $
Developer’s Syndication / $ / $
Accounting/Syndication Audit / $ / $
Marketing / $ / $
Survey’s / $ / $
Soil Borings / $ / $
Tap Fees / $ / $
Other Construction Costs specify / $ / $
$ / $
$ / $
Subtotal Fees / $

USES – DEVELOPMENT BUDGET Continued

FINANCING FEES & COSTS DURING CONSTRUCTION
Total / % of Total / Per Unit
Construction Interest / $ / $
Real Estate Tax During Construction / $ / $
Builders Risk, Hazard & Liability Insurance / $ / $
Construction Loan Fee / $ / $
Permanent Loan Fee / $ / $
Title & Recording / $ / $
Impact Fees/or other Jurisdiction Fees / $ / $
Permit Fees / $ / $
Soft Cost Contingency / $ / $
Working Capital Reserve / $ / $
$ / $
$ / $
$ / $
Subtotal Fees & Costs During Construction / $
Other Costs
Total / % of Total / Per Unit
Developer Fee / $ / $
Relocation Costs / $ / $
Land/Building Acquisition / $ / $
$ / $
Total Other Costs / $ / $
Add Totals from all development costs
TOTAL DEVELOPMENT COSTS / $
Enter Total Development Costs / $
Enter and Subtract Total Sources of Funding from page 5
Enter and Subtract Housing Preservation Development Fund RequestProjected Excess/Deficit / -$
-$
$

If a gap exists between sources of funds and total development costs, explain how the gap will be funded.

VII. Pro Forma(Required submission for all Rental Project proposals)
A.Attach multiyear pro forma (project income and expenditure statement) through the period of affordability proposed. (Tab 12)
B.Summarize projected cash flow for the first full year of stabilized occupancy below.

YEAR

REVENUE

A.Annual Gross Rents$

B.Less 5% Vacancy-$()

C.Net Rental Income$

D.Other Income

Source $

Source$

E.(C + D) Net Income$

EXPENSES

F.Operating Expenses$

DEBT SERVICE

1st Trust$

$@ %

For Months

Lender

2ndTrust$

$@ %

For Months

Lender

3rdTrust$

$@ %

For Months

Lender

G.Debt Total$

H.Cash Flow Available

(E minus F+G)

$

VIII. Detailed Annual Operating Budget (Required submission for all Rental Project proposals)
Advertising and Marketing / $
Management (Salaries, fees, etc.) / $
Insurance / $
Administrative, Legal, Audit / $
Operations
Elevator / $
Heating / $
Lighting / $
Water & Sewer / $
Trash Removal / $
Employee Payroll / $
Decorating / $
Repairs / $
Exterminating / $
Insurance / $
Grounds maintenance / $
General maintenance / $
Other / $
$
Total Operations / $
Taxes
Real Estate / $
Personal Property / $
Employee Payroll / $
Other / $
Total Taxes / $
Replacement Reserves / $
Other Fees and Expenses / $
TOTAL OPERATING EXPENSES / $

Average Expense per Unit

/ $
IX. Displacement Analysis and Assistance

Number of Households Anticipated Displaced Temporarily?

Number of Households Anticipated Displaced Permanently?

Describe Specific Assistance to Households Temporarily Displaced Including Both Financial and Other Services if Applicable.

Describe Specific Assistance to HouseholdsPermanently Displaced Including Both Financial and Other Services if Applicable.

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Attachment A

Housing Preservation Development Fund

FY 2014 Competitive Application

X.Applicant Experience and Capacity (60 Points maximum)

A.Total number of years in operation

B.Total number of units produced

C.Total number of current employees in the agency/organization

Full-time Part-time Volunteers

D.List previous affordable housing projects developed by your organization.

Project Name / Location / Project Type / No. of Units / Year Completed

(Attach an additional sheet if necessary).

E.Describe the experience of your organization and the development team in the creation of affordable housing to include housing management, and/or other areas relevant to the proposed project.

F.Describe the organization’s capacity to provide project management and construction supervision during building and/or renovation activity.

G.Staffing for Proposed Project (Include resumes Tab 6)

List name, job title, responsibility and anticipated hours per weekthat will be involved in the administration and implementation of your proposed project.

Name / Job Title / Responsibility / Hrs./week

H.The DevelopmentTeam (Include Resumes in Tab 6)

Indicate which members of the Development Team have been selected, and provide contact information.

Developer, if different from applicant
Name
Address
Phone Fax / Attorney
Name
Address
Phone Fax
Transactional/Real Estate and Tax Credit Counsel
Name
Address
Phone Fax / Consultant (if any)
Name
Address
Phone Fax
Architect
Name
Address
Phone Fax / Accountant(s)
Name
Address
Phone Fax
Structural Engineer
Name
Address
Phone Fax / Environmental Consultants
Name
Address
Phone Fax
Lender
Name
Address
Phone Fax / Investors
Name
Address
Phone Fax
General Contractor
Name
Address
Phone Fax / Syndication Firm (if any)
Name
Address
Phone Fax
Management Company
Name
Address
Phone Fax / Other
Name
Address
Phone Fax

I. Attach copy of your Organization Operating Budget for the Current and Previous Year (Tab 5).

J.Has your organization had an audit completed within your past fiscal year by an independent certified public accountant?

No Yes Date of Audit

If yes, attach copyof the complete unconditional financial audit (Tab 3) and include the “Management Letter”which summarizes the audit and the “Management Audit Response Letter”if applicable.

If No, give an explanation as to why your organization has not had an audit performed.

K.Did your organization file an income tax return last year?

Yes Attach income tax return (Tab 4)

No Attach most recent tax return (Tab 4)

XI.BOARD AUTHORIZATION RESOLUTION (Tab 19)

All applicants must provide a Board Authorization Resolution that allows the organization to make application for Housing Preservation and Development Funds for project(s). Failure to provide a Board Authorization Resolution will preclude the application from being considered for funding. The Board Resolution must indicate the following:

1)Authorization to Make Application of HPDF

2)Project Description

3)HPDF Project Funding Request and Repayment Provisions

4)Match if applicable, and

5)AffordabilityPeriod

6)Equity Sharing Provision if applicable

For non-profit, for-profit and governmental entities that do not have a Board of Directors, verification can be a letter from the Chief Financial Officer. For PWC governmental agencies a letter from the County Executive will act as a Board Resolution.

XII.CERTIFICATION (This Certification should be signed by the Executive Director or Chief Financial Officer of organization.)

To the best of my knowledge and belief, information and data contained in this proposal are true and correct and the application has been duly authorized by the governing body of the applicant.

Name and Title:

Signature:

Date:

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