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Georgia Department of Community Affairs2017 Funding ApplicationHousing Finance and Development DivisionProject NarrativeMcEachern VillagePowder Springs, Cobb CountyMcEachern Village will be developed through the cooperation of the Marietta Housing Authority’s non-profit development arm, Lemon SteetDevelopment and the Beverly J Searles Foundation. This development will consist of 144 one- and two-bedroom units for moderate-income seniorsearning 60% or less of the area median income as well as containing a market rate component.McEachern Village adjoins the massive McEachern Memorial United Methodist Church. The Church has a been an anchor institution in this part ofCobb County since about 1837. The 14 acre site is planned to include age-restricted apartments (3 story) and villlas. The apartment design is anupdate and improvement from the Nonprofit Sponsor's "Myrtle Terraces" community in Gainesville, GA. The Villas are based on the NonprofitSponsor's recently completed Live Oak Villas of Midway.This 14 acre tract in West Cobb is in the midst of Upper Income and Middle Income census tracts. The subject tract is Moderate Income, but the 5tracts including the subject have 29,000 people with Median Family Income in excess of 80,000. But for the lack of a Transit stop (CobbLinc) within0.5 miles, this would be a stellar 9% LIHTC winning application. The part of Cobb County desparately needs mixed income senior housing.Lemon Street Development Corporation is a Georgia nonprofit corporation exempt from taxation under section 501(c)(4) and an instrumentality of theMarietta Housing Authority. It was formed on April 2, 2007 to foster development of affordable housing, primarily through the Low Income HousingTax Credit Program. Lemon Street and Marietta Housing Authority share Boards; specifically, under the Lemon Street by-laws the Board of MHA isalso the Board of Lemon Street. Under HUD rules, Lemon Street is thus considered an instrumentality (rather than merely an affiliate) of MHA. Thisprovides additional assurance that the activities of Lemon Street are totally dedicated to the production of low-income housing.Beverly J. Searles Foundation, Inc. (“BJS Foundation”) is a not-for-profit developer, owner and operator, of quality affordable housing in communitiesin Georgia. This localized development experience allows BJS Foundation to focus and grow expertise in the affordable housing needs of State ofGeorgia and its communities. Working with experienced partners in the process compliments and enhances this experience. BJS Foundation intendsto work with Martin Riley Associates Architects once again, building on an established relationship and previous experience to create the highstandard community product BJS Foundation is proud to bring to Georgia communities2017 Project Narrative2017-0xxMcEachernVillageCore1 of 96
Georgia Department of Community Affairs2017 Funding ApplicationHousing Finance and Development DivisionProject NarrativeMcEachern VillagePowder Springs, Cobb County2017 Project Narrative2017-0xxMcEachernVillageCore2 of 96
2017 Funding ApplicationGeorgia Department of Community AffairsHousing Finance and Development DivisionPART ONE - PROJECT INFORMATION - 2017-0 McEachern Village , Powder Springs, Cobb CountyPlease note:May Revision 3Blue-shaded cells are unlocked for your use and do not contain references/formulas.Green-shaded cells are unlocked for your use and do contain references/formulas that can be overwritten.DCA Use ONLY - Project Nbr:2017-0Yellow cells - DCA Use ONLYI.DCA RESOURCESLIHTC (auto-filled from later entries)II.TYPE OF APPLICATIONTax Exempt Bond / 4% credit 773,299----- DCA HOME (from Consent Form)Pre-Application Number (if applicable) - use format 2017PA-###Have any changes occurred in the project since pre-application? - Enter Pre-App Nbr N/A - no pre-appWas this project previously submitted to the Ga Department of Community Affairs? NoIf Yes, please provide the information requested below for the previously submitted project:Project Name previously used:DCA Project Nbr previously assignedHas the Project Team changed?If No, what was the DCA Qualification Determination for the Team in that review? Select Designation III. APPLICANT CONTACT FOR APPLICATION REVIEWPhilip E. SearlesName4182 Westchester TraceAddressRoswellCityGAState(678) 467-6861Office PhoneZip 4Ext.30075-1950E-mailTitleDirect LineFaxCellularphilip@searles.comPresident(678) 467-6861(678) 467-6861(Enter phone numbers without using hyphens, parentheses, etc - ex: 1234567890)IV. PROJECT LOCATIONProject NameSite Street Address (if known)Nearest Physical Street Address *Site Geo Coordinates (##.######)CitySite is predominantly located:In USDA Rural Area?* If street number unknownLegislative Districts **If on boundary, other district:Political JurisdictionName of Chief Elected OfficialAddressZip 4V.PROJECT DESCRIPTIONA. Type of Construction:New ConstructionSubstantial EachernVillageCoreMcEachern Village2236 Old Villa Rica Road33.899030Latitude:Powder SpringsIn Unincorporated CountyIn DCA Rural County?NoCongressional11Cobb County, GeorgiaMike Boyce100 Cherokee Street30060-9679Longitude: -84.6680049-digit Zip**30127-1505County CobbNoOverall:UrbanState Senate37TitlePhone14400State House36Phased Project?DCA Project Nbr of previous phase:Scattered Site?NoAcreageCensus Tract NumberQCT?NoMSAHUD SA:NoNbr of ndy Springs-Mar** Must be verified by applicant using following websites:Zip ive sion Chairman(770) 528-3305---------------------------- Part I-Project InformationNon-historicAdaptive Reuse:0Historic RehabFor Acquisition/Rehabilitation, date of original construction:Historic003 of 96
2017 Funding ApplicationGeorgia Department of Community AffairsHousing Finance and Development DivisionPART ONE - PROJECT INFORMATION - 2017-0 McEachern Village , Powder Springs, Cobb CountyB. Mixed UseNoC. Unit BreakdownNumber of Low Income UnitsNumber of 50% UnitsNumber of 60% UnitsNumber of Unrestricted (Market) UnitsTotal Residential UnitsCommon Space UnitsTotal Units1310131131440144E. BuildingsNumber of Residential BuildingsNumber of Non-Residential BuildingsTotal Number of BuildingsF. Total Residential Parking l Common Area Square Footage from Nonresidential areasTotal Square Footage198(If no local zoning requirement: DCA minimum 1.5 spaces per unit for familyprojects, 1 per unit for senior projects)VI. TENANCY CHARACTERISTICSA. Family or Senior (if Senior, specify Elderly or HFOP)D. Unit AreaTotal Low Income Residential Unit Square FootageTotal Unrestricted (Market) Residential Unit Square FootageTotal Residential Unit Square FootageTotal Common Space Unit Square FootageTotal Square Footage from Units24,570144,142If Other, specify:HFOPFamilyHFOPIf combining Other withFamily or Sr, show # Units:ElderlyOtherB. Mobility ImpairedRoll-In ShowersNbr of Units Equipped:Nbr of Units Equipped:85% of Total Units% of Units for the . Sight / Hearing ImpairedNbr of Units Equipped:3% of Total Units2.1%Required:2%VII. RENT AND INCOME ELECTIONS40% of Units at 60% of AMIA. Tax Credit ElectionB. DCA HOME Projects Minimum Set-Aside Requirement (Rent & Income)20% of HOME-Assisted Units at 50% of AMINoVIII. SET ASIDESA. LIHTC:NonprofitYesB. HOME:CHDONoN/A - 4% BondIX. COMPETITIVE POOLX.(must be pre-qualified by DCA as CHDO)TAX EXEMPT BOND FINANCED PROJECTIssuer:Office Street AddressCityContact Name10-Digit Office PhoneDevelopment Authority of Cobb County240 Interstate N. PkwyAtlantaNelson Geter(770) 980-20002017-0xxMcEachernVillageCoreStateGAZip 4Executve DirectorTitle(770) 859-2342Direct linePart I-Project Information30339-0000E-mailWebsiteMay 23, 2017Inducement Date:2017Applicable QAP:12,000,000T-E Bond Allocated:ngeter@cobbchamber.org4 of 96
Georgia Department of Community Affairs2017 Funding ApplicationHousing Finance and Development DivisionPART ONE - PROJECT INFORMATION - 2017-0 McEachern Village , Powder Springs, Cobb CountyXI. AWARD LIMITATIONS FOR CURRENT DCA COMPETITIVE ROUNDThe following sections apply to all direct and indirect Owners, Developers and Consultants (Entity and Principal) :A. Number of Applications Submitted:n/aB. Amount of Federal Tax Credits in All Applications:n/aC. Names of Projects in which an Owner, Developer and Consultant(s) and each of its principals has a direct or indirect Ownership interest:Project ParticipantName of ProjectName of ProjectInterest Project Participant123456Interest789101112D. Names of Projects in which the Owner, Developer and Consultant(s) and each of its principals is partnering with an inexperienced unrelated entity for purposes of meeting DCAExperience Requirements:Project ParticipantName of ProjectProject ParticipantName of Project123456789101112XII. PRESERVATIONNoA. Subsequent AllocationYear of Original AllocationOriginal GHFA/DCA Project NumberFirst Year of Credit PeriodExpiring Tax Credit (15 Year)Date all buildings will complete 15 yr Compliance pdFirst Building ID Nbr in ProjectLast Building ID Nbr in ProjectGAGA-B. Expiring Section 8C. Expiring HUDHUD funded affordable nonpublic housing project2017-0xxMcEachernVillageCoreHUD funded affordable public housing projectPart I-Project Information5 of 96
2017 Funding ApplicationGeorgia Department of Community AffairsHousing Finance and Development DivisionPART ONE - PROJECT INFORMATION - 2017-0 McEachern Village , Powder Springs, Cobb CountyXIII. ADDITIONAL PROJECT INFORMATIONA. PHA UnitsIs proposed project part of a local public housing replacement program?Number of Public Housing Units reserved and rented to public housing tenants:Nbr of Units Reserved and Rented to:PHA Tenants w/ PBRA:Local PHAStreet AddressCityArea Code / PhoneNo% of Total Residential Units% of Total Residential UnitsContactDirect lineCellularHouseholds on Waiting List:Zip 4Email0%B. Existing properties: currently an Extension of Cancellation Option?If yes, expiration year:Nbr yrs to forgo cancellation option:New properties: to exercise an Extension of Cancellation Option?If yes, expiration year:Nbr yrs to forgo cancellation option:0%0%C. Is there a Tenant Ownership Plan?D. Is the Project Currently Occupied?If Yes ----------------- :Total Existing UnitsNumber Occupied% Existing OccupiedE. Waivers and/or Pre-Approvals - have the following waivers and/or pre-approvals been approved by DCA?NoAmenities?Qualification Determination?NoArchitectural Standards?Payment and Performance Bond (HOME only)?NoOther (specify):Sustainable Communities Site Analysis Packet or Feasibility study?NoHOME Consent?State Basis Boost (extraordinary circumstances)NoIf Yes, new Limit is -------------------------------------------- :Operating Expense?NoCredit Award Limitation (extraordinary circumstances)?If Yes, new Limit is -------------------------------------------- :F. Projected Place-In-Service DateAcquisitionRehabNew ConstructionXIV.NoNoNoNoJune 1, 2019APPLICANT COMMENTS AND CLARIFICATIONSXV.DCA COMMENTS - DCA USE ONLYThis tab is complete and accurate.2017-0xxMcEachernVillageCorePart I-Project Information6 of 96
Georgia Department of Community AffairsI.2017 Funding ApplicationHousing Finance and Development DivisionPART TWO - DEVELOPMENT TEAM INFORMATION - 2017-0 McEachern Village , Powder Springs, Cobb CountyDo NOT delete this tab from this workbook. Do NOT Copy from another workbook to "Paste" here . Use "Paste Special" and select "Values" instead.OWNERSHIP INFORMATIONA. OWNERSHIP ENTITYOffice Street AddressCityState10-Digit Office Phone / Ext.BJS McEachern, LP4182 Westchester TraceRoswellGAZip 4(404) 808-3828Name of PrincipalTitle of PrincipalDirect lineCellularDavid RussellManagerFed Tax ID:30075-1950For Profit(404) 808-3828Org Type:dwrussell@gmail.comE-mail(Enter phone nbrs w/out using hyphens, parentheses, etc - ex: 1234567890)* Must be verified by applicant using following website:B. PROPOSED PARTNERSHIP INFORMATIONhttp://zip4.usps.com/zip4/welcome.jsp1. GENERAL PARTNER(S)BJS Macland General, LLCNoel Taylora. Managing Gen'l PartnerName of Principal95 Cole Street, NEDirector of DevelopmentOffice Street AddressTitle of PrincipalMarietta(770) 419-5140CityWebsite http://mariettahousingauthority.org/Direct line30060-2090(678) 787-5112StategaZip 4Cellular(770) it Office Phone / Ext.E-mailBeverly J. Searles Foundation, Inc.Philip E. Searlesb. Other General PartnerName of Principal4182 Westchester TracePresidentOffice Street AddressTitle of Principal(678) 467-6861RoswellCityWebsite bjsfoundation.orgDirect line30075-1950StateGAZip 4Cellular(678) 467-6861philip@searles.com10-Digit Office Phone / Ext.E-mailLemon Street Development CorporationPatricia L. Bennettc. Other General PartnerName of Principal95 Cole Street, NEPresidentOffice Street AddressTitle of PrincipalMarietta(770) 419-5127CityWebsite http://mariettahousingauthority.org/Direct line30060-2090StateGAZip 4Cellular(770) git Office Phone / Ext.E-mail2. LIMITED PARTNERS (PROPOSED OR ACTUAL)Red Stone Equity PartnersDarren T. Swansona. Federal Limited PartnerName of Principal6000 Fairview Road, Suite 550Senior Vice PresidentOffice Street AddressTitle of PrincipalCharlotteCityWebsite www.rsequity.comDirect line28210-2219(347) 452-0362StateNCZip 4Cellular(704) 452-0362Darren.Swanson@redstoneequity.com10-Digit Office Phone / Ext.E-mailTwain Financial PartnersJacob Engleb. State Limited PartnerName of Principal1232 Washington Avenue, Suite 200Vice PresidentOffice Street AddressTitle of Principal(314) 300-4181St. LouisCityWebsite www.twainfinancial.comDirect line63103-1983(573) 424-3706StateMOZip 4Cellular(314) 300-4135Jacob.Engle@twainfinancial.com10-Digit Office Phone / Ext.E-mail3. NONPROFIT SPONSORPhilip E. SearlesBeverly J. Searles Foundation, Inc.Nonprofit SponsorName of Principal5030 Nesbit Ferry LanePresidentOffice Street AddressTitle of PrincipalSandy Springs(678) 467-6861CityWebsite bjsfoundation.orgDirect line30350-1116(678) 467-6861StateGAZip 4Cellular(678) 570-1177philip@searles.com10-Digit Office Phone / Ext.E-mail2017-0xxMcEachernVillageCorePart II-Development Team7 of 96
Georgia Department of Community Affairs2017 Funding ApplicationHousing Finance and Development DivisionPART TWO - DEVELOPMENT TEAM INFORMATION - 2017-0 McEachern Village , Powder Springs, Cobb CountyDo NOT delete this tab from this workbook. Do NOT Copy from another workbook to "Paste" here . Use "Paste Special" and select "Values" instead.II. DEVELOPER(S)David W. RussellBeverly J. Searles Foundation, Inc.A. DEVELOPERName of Principal4182 Westchester TraceDevelopment DirectorOffice Street AddressTitle of PrincipalRoswell(404) 808-3828CityWebsite bjsfoundation.orgDirect line30075-1950(404) 808-3828StateGAZip 4Cellular(678) 467-6861dwrussell@gmail.com10-Digit Office Phone / Ext.E-mailB. CO-DEVELOPER 1Office Street AddressCityState10-Digit Office Phone / Ext.Lemon Street Development Corporation95 Cole Street, NEMariettaWebsiteGAZip 4(770) 419-3200E-mailC. CO-DEVELOPER 2Office Street AddressCityState10-Digit Office Phone / Ext.Name of PrincipalTitle of PrincipalDirect lineCellularWebsiteZip 4E-mailIII. OTHER PROJECT TEAM MEMBERSA. OWNERSHIP CONSULTANTOffice Street AddressCityState10-Digit Office Phone / Ext.Name of PrincipalTitle of PrincipalDirect lineCellularWebsiteZip 4E-mailB. GENERAL CONTRACTOROffice Street AddressCityState10-Digit Office Phone / Ext.Great Southern, LLC2009 Springhill DriveValdostaGAC. MANAGEMENT COMPANYOffice Street AddressCityState10-Digit Office Phone / Ext.Royal American Management7700 Trenholm Road ExtensionPanama CityFL(850) 769-8981WebsiteZip 4E-mailWebsiteZip 4E-mailNoel TaylorDirector of Development(770) 419-5140(678) 787-5112Name of PrincipalTitle of PrincipalDirect lineCellularWebsiteZip 4E-mailD. DEVELOPMENT CONSULTANTOffice Street AddressCityState10-Digit Office Phone / singauthority.org/30060-2090Name of PrincipalTitle of PrincipalDirect art II-Development TeamName of PrincipalTitle of PrincipalDirect lineCellularMike McGlamryCEO(229) 506-6876Name of PrincipalTitle of PrincipalDirect lineCellularKerri TothPresident(850) 769-89818 of 96
Georgia Department of Community Affairs2017 Funding ApplicationHousing Finance and Development DivisionPART TWO - DEVELOPMENT TEAM INFORMATION - 2017-0 McEachern Village , Powder Springs, Cobb CountyDo NOT delete this tab from this workbook. Do NOT Copy from another workbook to "Paste" here . Use "Paste Special" and select "Values" instead.Gregory Q. ClarkColeman Talley, LLCD. ATTORNEYName of Principal910 N. Patterson StreetPartnerOffice Street AddressTitle of PrincipalValdosta(229) 671-8260CityWebsite www.ColemanTalley.comDirect line31601-4531(229) 834-9704StateGAZip 4Cellulargreg.clark@colemantalley.com10-Digit Office Phone / Ext.E-mailE. ACCOUNTANTOffice Street AddressCityState10-Digit Office Phone / Ext.Aprio (formerly known as Habif Arogeti & Wynne)5 Conccoure Pkwy NESandy SpringsWebsite www.aprio.com30328-0000GAZip 4(404) 898-8245ed.deck@aprio.comE-mailName of PrincipalTitle of PrincipalDirect lineCellularEd DeckPartner(404) 898-8245(404) 704-5705Mike RileyMartin Riley Associates - Architects, P.C.F. ARCHITECTName of Principal215 Church Street, Suite 200PartnerOffice Street AddressTitle of PrincipalDecaturCityWebsite www.martinriley.comDirect line(404) 922-8250StateGAZip 4Cellular10-Digit Office Phone / Ext.E-mailIV. OTHER REQUIRED INFORMATION (Answer each of the questions below for each participant listed below.)Bonnie Duckworth, ExectrixA. LAND SELLER (If applicable)Principal10-Digit Phone / Ext. 67863117335808 Fairwood CircleAcworthOffice Street AddressCity30101-0000StateGAZip 4E-mail amandadouglas@kw,comB. IDENTITY OF INTERESTIs there an ID of interest between: Yes/No If Yes, explain relationship in boxes provided below, and use Comment box at bottom of this tab or attach additional pages as needed:1. Developer andNoContractor?2. Buyer and Seller ofLand/Property?Yes3. Owner and Contractor?No4. Owner and Consultant?No5. Syndicator andDeveloper?No6. Syndicator andContractor?Yes7. Developer andConsultant?NoThe Land is leased to the Tax Credit Partnership by The Housing Authority of the City of Marietta, Geoorgia8. Other2017-0xxMcEachernVillageCorePart II-Development Team9 of 96
Georgia Department of Community AffairsHousing Finance and Development Division2017 Funding ApplicationPART TWO - DEVELOPMENT TEAM INFORMATION - 2017-0 McEachern Village , Powder Springs, Cobb CountyDo NOT delete this tab from this workbook. Do NOT Copy from another workbook to "Paste" here . Use "Paste Special" and select "Values" instead.V. OTHER REQUIRED INFORMATION - Continued (Answer each of the questions below for each participant listed below.)C. ADDITIONAL INFORMATIONParticipant 1. Has any person, principal, or agent for this entity ever 2. Is entity 3. Org Type 4. Project 5. Does this entity or a member of this entity have a conflict of interest with anybeen convicted of a felony (Yes or No)?a MBE/(FP,NP,Ownershipmember, officer, or employee of an entity that partners or contracts with theWBE?CHDO)Percentage Applicant? If yes, explain briefly in boxes below and use Comment box atthe bottom of this tab or attach explanation.If yes, explain briefly in boxes below and either useComment box or attach rofit0.0000%NoNoFor Profit0.0000%NoNoFor Profit98.9900%NoNoFor 00%NoCoDeveloper 1CoDeveloper profit0.0000%NoNoNonprofit0.0000%NoNoFor Profit0.0000%NoManagementCompanyYesFor Profit0.0000%NoManagingGenrl PrtnrOther GenrlPrtnr 1Other GenrlPrtnr 2Federal LtdPartnerState LtdPartnerNonProfitSponsorDeveloperVI.APPLICANT COMMENTS AND CLARIFICATIONSTotal 100.0000%Brief ExplanationVI.DCA COMMENTS - DCA USE ONLYTab is accurate2017-0xxMcEachernVillageCorePart II-Development Team10 of 96
Georgia Department of Community Affairs2017 Funding ApplicationHousing Finance and Development DivisionPART THREE - SOURCES OF FUNDS - 2017-0 McEachern Village , Powder Springs, Cobb CountyI.GOVERNMENT FUNDING SOURCES (check all that apply)YesYesTax CreditsHistoric Rehab CreditsTax Exempt Bonds: 12,000,000Taxable BondsCDBGHUD 811 Rental Assistance Demonstration (RAD)DCA HOME * -- Amt Other HOME * -- Amt Other HOME - SourceFHA Risk ShareFHA Insured MortgageReplacement Housing FundsMcKinney-Vento HomelessFHLB / AHP *NAHASDANeigborhood Stabilization Program *HUD CHOICE NeighborhoodsSpecify Other HOME Source hereGeorgia TCAP *USDA 515USDA 538USDA PBRASection 8 PBRAOther PBRA - Source: Specify Other PBRA Source hereNational Housing Trust FundOther Type of Funding - describe type/program hereSpecify Administrator of Other Funding Type here*This source may possibly trigger Uniform Relocation Act and/or HUD 104(d) reqmts. Check with source. For DCA HOME, refer to Relocation Manual. DCA HOME amount from DCA Consent Ltr.II.CONSTRUCTION FINANCINGFinancing TypeName of Financing EntityMortgage AMortgage BMortgage CFederal GrantState, Local, or Private GrantDeferred Developer FeesFederal Housing Credit EquityState Housing Credit EquityBank of AmericaRed Stone Equity PartnersTwain FinancialOther Type (specify)Other Type (specify)Other Type (specify)Total Construction Financing:Total Construction Period Costs from Development Budget:Surplus / (Shortage) of Construction funds to Construction Effective Interest RateTerm (In 80Part III-Sources of Funds11 of 96
Georgia Department of Community AffairsHousing Finance and Development Division2017 Funding ApplicationPART THREE - SOURCES OF FUNDS - 2017-0 McEachern Village , Powder Springs, Cobb CountyIII.PERMANENT FINANCINGFinancing TypeMortgage A (Lien Position 1)Mortgage B (Lien Position 2)Mortgage C (Lien Position 3)Other:Foundation or charity funding*Deferred Devlpr Fee5.85%Name of Financing EntityBellwether Enterprise Real Estate Capital, LLCTotal Cash Flow for Years 1 - 15:DDF Percent of Cash Flow (Yrs 1-15)Cash flow covers DDF P&I?Principal Amount10,636,000EffectiveInt Rate4.830%Amort.(Years)35Annual Debt Service inYear One630,372Loan al GrantState, Local, or Private GrantFederal Housing Credit EquityRed Stone Equity Partners7,732,990State Housing Credit EquityTwain Financial4,485,137Historic Credit EquityInvstmt Earnings: T-E BondsInvstmt Earnings: Taxable BondsIncome from OperationsOther:Other:Other:23,000,397Total Permanent Financing:23,000,397Total Development Costs from Development Budget:0Surplus/(Shortage) of Permanent funds to development costs:*Foundation or charity funding to cover costs exceeding DCA cost limit (see Appendix I, Section II).IV.Term(Years)18APPLICANT COMMENTS AND CLARIFICATIONSEquity Check7,269,0114,485,134IV. /-TC Equity463,979.402.80% of TDC34%20%53%DCA COMMENTS - DCA USE ONLYBond inducement was up to 12,000,000 - perm loan is 10,636,000. Construction loan rate is daily LIBOR 260bps. Formodeling purposes used LIBOR 3 month trailing average of 1.54% which is greater than the current daily rate of 1.18%2017-0xxMcEachernVillageCorePart III-Sources of Funds12 of 96
Georgia Department of Community AffairsHousing Finance and Development Division2017 Funding ApplicationPART FOUR - USES OF FUNDS - 2017-0 McEachern Village , Powder Springs, Cobb CountyI. DEVELOPMENT BUDGETTOTAL COSTPRE-DEVELOPMENT COSTSProperty AppraisalMarket StudyEnvironmental Report(s)Soil BoringsBoundary and Topographical SurveyZoning/Site Plan FeesOther: Enter description here; provide detail & justification in tab Part IV-b Other: Enter description here; provide detail & justification in tab Part IV-b Other: Enter description here; provide detail & justification in tab Part IV-b SubtotalACQUISITIONLandSite DemolitionAcquisition Legal Fees (if existing structures)Existing StructuresSubtotalLAND IMPROVEMENTSPer acre:132,890Site Construction (On-site)Site Construction (Off-site)SubtotalSTRUCTURESResidential Structures - New ConstructionResidential Structures - RehabAccessory Structures (ie. community bldg, maintenance bldg, etc.) - New ConstrAccessory Structures (ie. community bldg, maintenance bldg, etc.) - RehabSubtotalDCA Limit13.699%CONTRACTOR SERVICES6.000%795,5765.871%Builder Profit:2.000%265,1921.957%Builder Overhead6.000%795,5765.871%General Requirements**See QAP: General Requirements policy14.000%1,856,344SubtotalOTHER CONSTRUCTION HARD COSTS (Non-GC work scope items done by Owner)Other: Soil subsurface issuesT otal C onstruction H ard C osts15,611,419.00CONSTRUCTION CONTINGENCYConstruction Contingency2017-0xxMcEachernVillageCoreAverage onBasisRehabilitationBasisAmortizable orNon-DepreciableBasisPRE-DEVELOPMENT 0,000430,000LAND CTOR SERVICES----OTHER CONSTRUCTION HARD COSTS (Non-GC work scope items done by Owner)535,373per Res'l unitper Res'l unit SF108,412.63130.56per unit108.31per total sq ftper unit sq ftCONSTRUCTION CONTINGENCY3.20%500,000Part IV-A-Uses of Funds500,00013 of 96
Georgia Department of Community AffairsHousing Finance and Development Division2017 Funding ApplicationPART FOUR - USES OF FUNDS - 2017-0 McEachern Village , Powder Springs, Cobb CountyI. DEVELOPMENT BUDGET (cont'd)TOTAL COSTCONSTRUCTION PERIOD FINANCINGBridge Loan FeeBridge Loan InterestConstruction Loan FeeConstruction Loan InterestConstruction Legal FeesConstruction Period Inspection FeesConstruction Period Real Estate TaxConstruction InsuranceTitle and Recording FeesPayment and Performance bondsOther: Lender due diligenceOther: Enter description here; provide detail & justification in tab Part IV-b SubtotalPROFESSIONAL SERVICESArchitectural Fee - DesignArchitectural Fee - SupervisionMax: 20,000Green Building Consultant FeeGreen Building Program Certification Fee (LEED or Earthcraft)Accessibility Inspections and Plan ReviewConstruction Materials TestingEngineeringReal Estate AttorneyAccountingAs-Built SurveyOther: Enter description here; provide detail & justification in tab Part IV-b SubtotalAvg per unit:LOCAL GOVERNMENT FEES3,213Building PermitsImpact FeesWater Tap Feeswaived?Sewer Tap Feeswaived?SubtotalPERMANENT FINANCING FEESPermanent Loan FeesPermanent Loan Legal FeesTitle and Recording FeesBond Issuance PremiumCost of Issuance / Underwriter's DiscountOther: Enter description here; provide detail & justification in tab Part IV-b le orNon-DepreciableBasisCONSTRUCTION PERIOD 13,200462,690106,36065,00025,000219,771416,131Part IV-A-Uses of FundsPROFESSIONAL SERVICES-LOCAL GOVERNMENT FEES-PERMANENT FINANCING FEES-14 of 96
Georgia Department of Community AffairsHousing Finance and Development Division2017 Funding ApplicationPART FOUR - USES OF FUNDS - 2017-0 McEachern Village , Powder Springs, Cobb CountyI. DEVELOPMENT BUDGET(cont'd)TOTAL COSTDCA-RELATED COSTSDCA HOME Loan Pre-Application Fee ( 1000 FP/JV, 500 NP)Tax Credit Application Fee ( 6500 ForProf/JntVent, 5500 NonProf)DCA Waiver and Pre-approval Fees61,864LIHTC Allocation Processing Fee115,200LIHTC Compliance Monitoring FeeDCA HOME Front End Analysis Fee (when ID of Interest; 3000)DCA Final Inspection Fee (Tax Credit only - no HOME; 3000)Other: Enter description here; provide detail & justification in tab Part IV-b Other: Enter description here; provide detail & justification in tab Part IV-b SubtotalEQUITY COSTSPartnership Organization FeesTax Credit Legal OpinionSyndicator Legal FeesOther: Cost Certification auditSubtotalDEVELOPER'S FEEDeveloper's Overhead20.000%Consultant's Fee0.000%Guarantor Fees0.000%Developer's Profit80.000%SubtotalSTART-UP AND RESERVESMarketingRent-Up Reserves166,888648,962Operating Deficit Reserve:Replacement ReserveProposed Avg Per Unit:1,910Furniture, Fixtures and EquipmentOther: Enter description here; provide detail & justification in tab Part IV-b SubtotalOTHER COSTSRelocationOther: Enter description here; provide detail & justification in tab Part IV-b 8Square e orNon-DepreciableBasisDCA-RELATED COSTS5,50064,160115,2003,000187,860EQUITY COSTS2,50010,00020,00032,500DEVELOPER'S 00023,000,397TOTAL DEVELOPMENT COST (TDC)Average TDC Per:NewConstructionBasis20,952,151START-UP AND RESERVESOTHER COSTS---------159.57Part IV-A-Uses of Funds15 of 96
Georgia Department of Community AffairsHousing Finance and Development Division2017 Funding ApplicationPART FOUR - USES OF FUNDS - 2017-0 McEachern Village , Powder Springs, Cobb CountyII. T
Lemon Street and Marietta Housing Authority share Boards; specifically, under the Lemon Street by-laws the Board of MHA is also the Board of Lemon Street. Under HUD rules, Lemon Street is thus considered an instrumentality (rather than merely an affiliate) of MHA. . Georgia Department of Community Affairs 2017 Funding Application Housing .
