HomeMy WebLinkAboutLoan ProposalFLOI UDCOMMUNITY BANS
FLORI DA BASED,
FLOW DA FOCUSED.
Southeast Overtown-Park West Community Redevelopment Agency
Clarence E. Woods
1490 NW 3'd Avenue, Suite #105
Miami, FL 33136
6/30/2015
RE: Florida Community Bank Commercial Loan Proposal provide bridge financing for the
rehabilitation and renovation of 169 condominium units in the Town Park Plaza North complex in
the neighborhood of Overtown
Dear Southeast Overtown-Park West Community Redevelopment Agency:
Thank you for allowing Florida Community Bank the opportunity to review your loan request. We are pleased to
advise you that Florida Community Bank has approved the following credit facility (the "Loan") subject to the
following terms and general conditions:
BORROWER: Southeast Overtown-Park West Community Redevelopment Agency, a Florida
Corporation
LOAN AMOUNT: $75,000.00 Small Business Line of Credit
PERSONAL GUARANTOR(S): The Loan shall be unconditionally, joint and severally guaranteed by:
N/A
INTEREST RATE:
AND TERMS OF REPAYMENT: WSJ Prime Rate + 1.50%, ADOC, with monthly interest only payments with
principal due at maturity. Interest will be calculated based on a 360 day year for
the actual number of days elapsed.
COLLATERAL: The Loan will be secured by a FCB Certificate of Deposit i/a/o $75,000 i/n/o
Southeast Overtown-Park West Community Redevelopment Agency
LOAN FEES: 1 % of the Loan amount, '/z of this amount due at time of acceptance of the terms
and conditions of the Loan Proposal, balance due at closing.
DEPOSITORY RELATIONSHIP: Borrower will be required to maintain its primary depository accounts with the
Bank. Monthly Loan payments will be automatically debited from Borrower's
deposit account.
MATURITY: 18 months from the date of the Promissory Note.
PREPAYMENT FEE: N/A
ENVIRONMENTAL: N/A
ESCROWS: N/A
FLORIDA COMMUNITY B.
DOCUMENTS:
FLOW A BASED„
FLORIDA FOCUSED.
Borrower will execute and deliver to Bank all documents and items that are
customarily provided in transactions of this type, and all other documents or
items reasonably deemed necessary by the Bank. Each document and item
required to be submitted to the bank pursuant to this Proposal shall be
satisfactory in form and substance to the Bank.
PRE -CLOSING
CONDITIONS: All organizational documents needed (Articles of Incorporation, Articles of
Organization, Operating Agreement or Partnership Agreements) before
submitting to the closing department.
Hold to be placed on CD for the length of the loan..
Approval subject to AHP/FHLB grant approval..
Any other documents lender or their counsel may require.
LOAN COVENANTS:
LOAN APPLICATION:
WAIVER OF TRIAL
BY JURY:
PROPOSAL SURVIVES
CLOSING:
Borrower and Guarantors must submit tax returns and personal financial
statements annually. In addition, they must maintain a minimum DSC ratio of
1.25 to 1.00, measured annually.
This Proposal is based upon the accuracy of your representations and statements,
any loan application, and all additional information, representations, exhibits
and other matters submitted to Bank for its consideration. The Bank shall have
the option to declare this Proposal to be breached if (i) there is any material
misrepresentation or misstatement or any material error in anything submitted to
Bank, (ii) there is a material adverse change in the state of facts submitted to the
Bank; (iii) Borrower or any Loan guarantor has become insolvent, bankrupt,
incapacitated, or is deceased.
BORROWER, GUARANTOR(S) AND LENDER HEREBY MUTUALLY
WAIVE TRIAL BY JURY IN ANY ACTION, PROCEEDING OR
COUNTERCLAIM BROUGHT BY EITHER BORROWER OR LENDER
AGAINST THE OTHER AND BASED UPON, ARISING OUT OF, OR
CONNECTED WITH THIS LETTER OR ANY DOCUMENT EXECUTED IN
CONNECTION WITH THE LOAN. FURTHERMORE, EACH OF THE
LOAN DOCUMENTS SHALL CONTAIN WAIVER OF JURY TRIAL
PROVISIONS SATISFACTORY TO LENDER AND LENDER'S COUNSEL.
All covenants, agreements, representations and warranties made herein and
terms and provisions hereof shall survive the funding by Lender of the Loan
herein described, and shall continue in full force and effect so long as any
portion of the Loan remains unpaid. In the event of any conflict between this
letter and the loan documents, the loan documents will control and prevail the
terms of this Proposal Letter and all Loan Documents shall be governed by
Florida Law.
The terms of this Proposal provide a basis for the terms of the Loan Documents to be executed in connection with
the Loan, but do not constitute an all-inclusive or exhaustive expression of the terms and conditions of such
documents. Lender will be entitled to include such additional terms and conditions in the Loan Documents as
Lender may deem appropriate under the circumstances. If environmental, appraisal or title work are not satisfactory
or acceptable to the Lender or Lender's underwriting requirements, the proposal fee will be refunded less any
.FLORI M .A
FLORIDA COMMUNITY" BANK
expenses incurred by the Lender. All of the terms and conditions stated herein are subject to change, in our sole
discretion, after receipt and review by us of all of the information, documentation and final credit approval.
Please indicate your acceptance of this Proposal and the terms and conditions contained herein by executing below,
and returning one executed copy of the Proposal Letter and exhibits along with a check in the amount of $375
representing one-half of the loan commitment. The funds are considered fully earned and are non refundable, should
the loan not close, but fully applicable toward closing costs. All standard and reasonable costs related to this Loan
transaction will be the responsibility of the Borrower. Borrower acknowledges and agrees that the Bank will not
incur any expense in connection with the negotiation or consummation of this proposal or the Loan.
AS
FLOM'FOCUSE
This proposal shall expire unless it has been accepted in writing and the acceptance received on or before July 31,
2015. The financing provided herein must close on or before sixty (60) days of signing the Proposal Letter.
We would like to express our appreciation for the opportunity you have given us to be of service, and look forward
to an ongoing mutually satisfactory relationship.
Sincerely,
BY:
Scott Evans, Relationship Manager
Florida Community Bank, N.A.
ACCEPTED THIS DAY OF , 2015.
BORROWER:
Southeast Over own -Park West Community Redevelopment Agency, a Florida Corporation
BY:
Clarence E. Woods, President
Southeast Overtown Park West CRA - Town Park North Owner -Occupied Rehab 11 (109)
02/11/2014
Application Home
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Application Summary
Application Number
109
Location(s)
MIAMI-DADE, FL
Project Type
Ownership
Dwelling Type
Multi -Family
Total Units
15
Project Purpose
Rehabilitation
Use(s) of AHP Funds
Hard Costs (Owner -Occupied Rehabilitation)
Total Estimated Subsidy Amount
150,000.00
Total AHP Amount Requested
150,000.00
Total Development Costs
1,500,000.00
Page 1.
Southeast Overtown Park West CRA - Town Park North Owner -Occupied Rehab II (109)
02/11/2014
General Information
Basic Information,
Project Name
Town Park North Owner -Occupied Rehab II
Project Type
Ownership
Dwelling Type
Multi Family: Condominiums
Project Purpose
Purchase
Development
✓
Rehabilitation (Owner -Occupied)
Documentation
AHP Application Certification
Provide the complete and fully executed Affordable Housing Program (AHP)
Application Certification signed by the Executive Director, President, or CEO of the
sponsor. Use the template provided. Faxes are not acceptable.
The required template for this document can be viewed and printed from the Review
and Finalize page.
Documentation
AHP Application Supplemental Documentation
Complete the form for the appropriate project type and submit all documents as
described to FHLBank Atlanta by the application deadline date.
The required template for this document can be viewed and printed from the Review
and Finalize page.
Documentation
Single-family Rehabilitation Questionnaire
Provide a completed Single-family Rehabilitation Questionnaire. Use the template
provided. The template can also be found in the Helpful Links menu in the sponsor
portal.
The required template for this document can be viewed and printed from the Review
and Finalize page.
Use Of Funds
Please indicate below how AHP funds will be used by selecting uses from a maximum of three categories. All
uses selected here MUST correspond to the funds allocated in the Development Budget (located in the Financial
Feasibility section of the application). Please see the Development Budget for the line items associated with
each category.
Phase
Post -Development
Details
l
Category 2: Hard Costs / Development Costs
Rehabilitation (Owner -occupied)
Category 5: Soft Costs
Page 2.
Southeast Overtown Park West CRA - Town Park North Owner -Occupied Rehab II (109)
02/11/2014
Project Location(s)
Please complete the location information for the project. As information is input, the screen will refresh to
retrieve information specific to the project.
Note: Changes in project location are generally not allowed.
Location Diversity
Single Neighborhood
City, State, Zip
Miami, FL, 33136
County
MIAMI-DADE
Location Details
County `
MIAMI-DADE
The following census tracts are the tracts we found listed for the county selected above.lf you do not find your
tract listed here, please contact us by e-mail or via telephone.
Page 3.
Southeast Overtown Park West CRA - Town Park North Owner -Occupied Rehab II (109)
02/11/2014
Census Tract(s)
1.07
1.09
1.13
1.15
1.18
1.19
1.2
1.21
1.22
1,23
1.24
1.25
1.26
1.27
1.28
1.29
1.3
1.31
1.32
1.33
1.34
1.4
2,02
2.04
2.06
2.09
2.11
2.12
2.13
2.14
2.15
2.16
2.17
2.18
2.19
2.2
3.01
3.02
3.05
3.06
3.07
3.08
4.02
4.03
4.04
4.05
4.08
4.09
4.1
4.11
4.12
4.13
4.14
5.01
5.03
5.04
5.05
6.01
6.02
6.03
6.04
6.05
6.07
6.08
7.05
7.06
7.07
7.08
7.09
7.1
7.11
7.12
8.04
8.05
8.06
8.07
8.08
9.01
9.02
9.03
10.02
10.03
10.04
10.05
10.06
11.01
11.02
11.03
11.04
12.03
12.04
12.05
12.06
13.01
13.02
14.01
14.02
17.02
20.01
24.03
15.01
17.03
20,03
24.04
15.02
18.01
20.04
25.01
16.02
18:02
21.0
25.02
16.03
18,03
22.01
26.0
16.05
19.01
22.02
27.02
16.06
19.03
23.0
27.03
17.01
19.04
24.02
27.05
27.06
36.01
38.01
28.0
36.02
38.03
29.0
37.02
38.04
30.01
37.03
39.06
30.03
37.04
39.09
30.04
37.05
39.11
31.0
37.06
39.12
34.0
37.07
39.13
39.14
40.0
39.15
41.02
39.16
41.03
39.17
41.05
39.18
41.06
39.19
42.03
39.21
42.04
39.22
42.05
42.06
43.01
43.03
43.04
44.03
44.04
44.05
44.06
45.0
46.02
46.05
46.07
46.08
47.01
47.02
47.03
49.01
49.02
50.01
50.02
51.02
51.03
51.04
52.01
52.02
54.09
58,01
61.01
64.01
67.02
68.01
72.0
76.05
78.05
82.02
83.06
84.12
85.02
88.06
90.14
90.24
90.35
53.02
54.1
58.02
61.02
64.02
67.05
68.02
73.0
76.06
78.06
82.05
83.07
84.14
86.01
89.01
90.15
90.26
90.36
53.03
55.01
59.01
62.01
64.03
67.06
69.0
74.0
77.01
78.07
82.06
83.08
84.15
86.02
89.02
90.17
90.27
90.38
53.04
55.02
59.02
62.03
65.01
67.07
70.01
75.01
77.02
79.01
82.07
83.09
84.16
87.01
89.04
90.19
90.28
90.39
54.03
56.0
59.03
62.05
65.03
67.09
70.02
75.03
77.04
79.02
82.08
84.05
84.17
87.02
89.06
90.2
90.29
90.4
54.05
57.01
59.04
62,06
65.04
67.11
71.01
76.01
77.05
80.0
82.09
84.07
84.18
88.03
89,07
90.21
90.3
90.43
54.06
57.03
60.01
63.01
66.01
67.13
71.03
76.03
78.01
81.01
83.04
84.09
84.19
88.04
90.06
90.22
90.31
90.44
54.07
57.04
60.02
63.02
66.02
67.14
71.04
76.04
78.04
81.02
83.05
84.1
85.01
88.05
90.1
90.23
90.34
90.46
Page 4.
Southeast Overtown Park West CRA - Town Park North Owner -Occupied Rehab II (109)
02/11/2014
90.47
91,0
92.0
93.05
93.06
93.07
93.08
93.09
93.11
93.12
93.13
93.14
93.15
94.0
95.01
95.03
95.04
96.0
97.03
97.04
97.05
97.06
98.03
98.04
98.06
100,0
100.1
5
102.0
8
98.07
100.0
5
100.1
6
102.0
9
98.08
100.0
6
101.9
3
102.1
99.01
100.0
9
101.9
8
103.0
99.03
100.1
102.0
1
104.0
99.04
100.1
102.0
4
105.0
99.05
100.1
2
102,0
5
106.0
4
99.06
100.1
3
102.0
7
106.0
6
106.0
8
106.0
9
106.1
106.1
2
106.1
3
106.1
4
106.1
7
107.0
3
107.0
4
108.0
1
108.0
2
109.0
110.0
110.0
3
110.0
5
110.0
7
110.0
8
110.0
9
111.0
111.0
2
112.0
1
112.0
2
113.0
114.0
1
114.0
3
114.0
4
115.0
116.0
117.0
118.0
119.0
120.0
121.0
129.0
137.0
122.0
130.0
138.0
123.0
131.0
139.0
124.0
132.0
140.0
125.0
133.0
141.0
126.0
134.0
142.0
127.0
135.0
143.0
128.0
136.0
144.0
145.0
153.0
146.0
154.0
147.0
155.0
148.0
156.0
149.0
157.0
150.0
158.0
151.0
159.0
152.0
160.0
161.0
162.0
163.0
164.0.
165.0
166.0
167.0
168.0
169.0
177.0
185.0
193.0
201.0
9805.
0
170.0
178.0
186.0
194.0
202.0
9806.
0
171.0
179.0
187.0
195.0
203.0
9807.
0
172.0
180.0
188.0
196.0
4901.
0
9808.
0
173.0
181.0
189.0
197.0
9801.
0
9809.
0
174.0
182.0
190.0
198.0
9802.
0
9810.
0
175.0
183.0
191.0
199.0
9803.
0
9900.
0
176.0
184.0
192.0
200.0
9804.
0
Page 5.
Southeast Overtown Park West CRA - Town Park North Owner -Occupied Rehab II (109)
02/11/2014
Project Description
Provide a brief summary of the overall project (4500 characters or fewer). The project description should include
all relevant project -specific information including, but not limited to the following:
Community Impact
Describe the impact that this affordable housing project will have on the community.
Existing Conditions
Describe the existing conditions for the project (Location, Utilities, Zoning, Permits, Geotechnical, and
Environmental)
Development Budget
Describe the development budget and scope of work for the items below. Describe special construction
techniques (i.e., green building) and any unique development issues (i.e., site cleanup) that will impact the
project's costs.
New Construction of Unit Structures
Rehabilitation of Unit Structures
Infrastructure
Site Improvements
Off -Site Improvements
Demolition & Hazardous Materials
Accessory Buildings & Recreational Amenities
Builder General Requirements, Overhead and Profit
Hard Cost Contingency
Project Income
Describe any unique circumstances (i.e., rental subsidies) that will impact the project's pro forma (rental only).
Other Project Specific Information
Describe any other project -specific information that may require special consideration during application,
disbursement or long term monitoring.
Page 6.
Southeast Overtown Park West CRA - Town Park North Owner -Occupied Rehab II (109)
02/11/2014
AHP funds will be used to rehabilitate 15 owner -occupied units in the Town Park North neighborhood of
Overtown, City of Miami, Florida. AHP funds will be used to target households at or below 50%0 AMI. Units will be
substantially rehabilitated to address code and structural deficiencies, improve accessibility and livability, create
energy efficiency, and maintain affordability by stabilizing residents' maintenance costs. The project is located in
a target area of the City of Miami. The sponsor is the City's community redevelopment agency (CRA), which
oversees community development in Overtown. Significant community development activities are ongoing,
including upgrades to existing infrastructure and park systems, historic restoration, and affordable housing
projects. CRA will serve as lead applicant and coordinate programs to benefit AHP-assisted households.
Services to be provided to project participants will include: training and education programs, credit counseling
and predatory lending prevention programs, homeownership maintenance programs, and owner/resident
involvement programs. CRA will administer the project and be responsible for all financial matters in connection
with the grant funds. CRA will outreach to the target population; assist with the preparation of scope of work and
contracts; and coordinate completion of the rehabilitation and close-out. Key staff qualifications are included in
the application. AHP funds will be used during construction and as permanent financing for the substantial
rehabilitation of owner -occupied residential units. The sponsor will match AHP. AHP-assisted households will
have a current first mortgage on the unit. CRA will encumber the owner -occupied unit with a mortgage in favor of
the member and FHLB, as required. CRA will further encumber the owner -occupied unit with a mortgage in its
favor.
The sponsor has committed $3.3 million for the rehabilitation of 169 owner -occupied units at Town Park North as
per CRA resolution CRA-R-12-0056, which is included in this application. From that amount, $1,350,000 has
been allocated for the rehabilitation of the 15 AHP-assisted units represented in this application as Phase II of
the rehab program. The remaining CRA funds will be used over time for the rehab of the balance of the 169
Town Park North Units. Subsequent FHLB AHP grants will be applied for to fund the balance of the Town Park
North Owner -Occupied Rehabilitation project. Working with the property manager, the CRA has identified 74
units as of December 2013 that are in good standing (no liens, current on mortgage and maintenance fees, and
income qualified) and thus eligible for rehabilitation. Of those 74 units, 15 units have been identified to be
rehabilitated as part of Phase II of the broader rehabilitation project (169 units total).
Rehab costs were determined using a third -party per -unit cost estimate prepared in 2009 by Todd Jay Jonas
Architects. In addition, Brian Zeltsman, the CRA architect, inspected 6 units and found that all units were in a
similar state of disrepair. During the inspection of sample units, it was evident that a majority of the units had
significant mold infiltration in drywall caused by water leaks due to a failing roof and plumbing issues. Due to the
age of the buildings, asbestos abatement will be required. Asbestos abatement and mold remediation
techniques are set by the Miami -Dade department of Environmental Resource Management and include area
control, protection for workers in accordance with OSHA, and final air clearance testing when work is complete.
In updating and reaffirming the 2009 rehab cost estimate, Mr. Zeltsman also consulted a third -party contractor
with significant recent experience with similar rehab projects in Overtown and utilized RS Means industry
construction cost data to determine that the rehabilitation costs were reasonable. The quality rating for the rehab
work will meet or exceed minimum building codes and a majority of the materials used will be stock or builder
grade. Proposed upgrades will include metal roofs for longevity and maintenance, hurricane resistant impact
windows and doors, granite countertops at kitchens and baths, and crown moldings in living areas.
Page 7.
Southeast Overtown Park West CRA - Town Park North Owner -Occupied Rehab II (109)
02/11/2014
Sponsors and Developers
Sponsor List
AHP Applications must have at least one primary project sponsor. Additional sponsors and developers may be
added as necessary. To complete the selection of sponsor(s) and developer(s) for this application:
1. Choose the sponsor and click "View Details" to finalize the information required, i.e. Primary Contact, etc. This
sponsor is automatically set as the Primary sponsor.
2. Click "Select Additional" to view and choose other sponsors/developers. Complete the details screen for each
one selected.
3. To change the Primary sponsor, highlight the correct sponsor and click "Set As Primary".
Name
Role
Primary
Southeast Overtown Park West CRA
Sponsor/Developer
YES
Sponsor Details
Sponsor or Developer Information
Organization Name
Southeast Overtown Park West CRA
Primary Contact
Xavier Vega
Grants Administrator
1490 NW 3rd Avenue, Suite 105
Miami, FL 33136
Phone: (305)679-6818
Fax: (305)679-6835
E-mail: xvegaRmiamigov.com
Alternate Contact
Chelsa Arscott
Program and Operations Supervisor
1490 NW 3rd Avenue, Suite 105
Miami, FL 33136
Phone: (305)679-6811
Fax; (305)679-6835
E-mail: carscott(cmiamigov.com
Organizational Role
What is this organization's role on
V
Sponsor and Developer
this project?
Sponsor Only
Developer Only
Consultant
Project Ownership
Will the Sponsor have an ownership
interest in the project upon
completion?
No
Page 8.
Southeast Overtown Park West CRA - Town Park North Owner -Occupied Rehab II (109)
02/11/2014
Members and Subsidies
Member List
AHP Applications must be reviewed and approved by one or more financial institutions that are presently
Members of the FHLBA. Each Member listed can provide AHP subsidies to your project in the form of Direct
Subsidies (grants) or Subsidized Advances (loans). Senior Management of the Primary Member must review,
underwrite and approve the application prior to consideration for AHP funding. The AHP Application must be
executed by an officer of the Member who is listed on the Banks Credit and Collateral signature card.
Please specify all Members below, To add a new Member to this application, click "Select New" or "Select
Additional." To designate a Member as primary, select that Member and click "Set as Primary." To modify
Member or Subsidy information for a particular Member, select the Member and click "View Details".
Member Name
Estimated Subsidy
Primary
Florida Community Bank, National Association
$150,000.00
YES
Total Estimated AHP Subsidy:
$150,000.00
Member Details
Member and Subsidy Details
Member Name
Florida Community Bank, National Association
Primary Contact
Nancy Merolla
Vice President
2500 Weston Road Suite 100
Weston, FL 33331
Phone: (954)984-3341
Fax: (305)662-4508
E-mail: nmerolla[i fcb1923.com
Alternate Contact
Please Select...
Subsidy Information
Please provide information for the type(s) of subsidy being requested from this Member.
In order for a subsidy increase to be considered, a detailed explanation is required on the 'Reason for
Modification' area provided on the main Members and Subsidies screen.
V
Direct Subsidy (Grant)
Subsidy Amount - Direct:
$150,000.00
Subsidized Advance (Loan)
Estimated Total Subsidy Amount
$150,000.00
Member Financial Interest
Does the Member bank have any past or present financial ownership
interest in this project?
No
Page 9.
Southeast Overtown Park West CRA - Town Park North Owner -Occupied Rehab II (109)
02/11/2014
Project Targeting
Income Targeting
Please select and provide the number of units for each income group that will be targeted by this project.
Income
Level
Number of Units
Percentage of AHP-Assisted
Units
Percentage of Total Units
High (>80% of AMI)
0
N/A
0.00%
Moderate (>65% - 80% of AMI)
Low (>50% - 65% of AMI)
Very Low (50% or less of AMI) (Must be at least 20% of total units
to qualify for funding)
0
0
15
0.00%
0.00%
100.00%
0.00%
0.00%
100.00%
Total Units in Project: 15
Total AHP Assisted Units: 15
Special Needs Targeting
Please select and provide the number of units for the special needs groups that will be targeted by this project.
Special Needs Group
Number of Units
Percent of AHP Assisted Units
Elderly
0
0.00%
*Mentally or Physically Disabled Persons
0
0.00%
*Persons recovering from physical, alcohol or drug abuse
0
0.00%
*Persons with AIDS
0
0.00%
Large Units (3 or more bedrooms)
0
0.00%
Other (Veterans)
2
13.33%
* These units qualify for Supportive Housing/Special Needs Scoring in projects where 100% of the units in the project are reserved for occupancy by households with
these special needs. See Supportive Housing/Special Needs section on Scoring Page 3.
Page 10.
Southeast Overtown Park West CRA - Town Park North Owner -Occupied Rehab II (109)
02/11/2014
Project Cost
Use this section to provide residence building data for the residence buildings included in your Financial Feasibility Development Budget.
Use the building -type drop -down to select the building-type(s) being Constructed or Rehabilitated.
For single-family building -types, enter the building -data by model and enter the number of times each model will be constructed or rehabilitated.
Enter apartments on a per building basis. The 'apartment' building -type cannot be grouped by model.
Finished Above Grade is gross conditioned floor area, which includes all conditioned space plus the exterior enclosing wall. The floor area shown here should match the
floor area in the Project Construction Form.
Project Targeting Units
15
Multi -Family
Floor Area (Square Feet)
Residence
Building Type
Apartments,
Multiples
Building! Name
6
Number of
Units
per Building
4
Finished
Above
Grade
4,456
Finished
Basement
0
Unfinished
Basement
or Crawl
Space
0
Number of
Stories
2
Masonry
Exterior Walls /
Wood Joists
Exterior Wall
Covering
Stucco
Building
Perimeter
Linear Feet
221.00
Apartments,
Multiples
7
5
5,130
0
0
2
Masonry
Exterior Walls /
Wood Joists
Stucco
316.00
Apartments,
Multiples
8
6
4,692
0
0
2
Masonry
Exterior Walls /
Wood Joists
Stucco
303.00
Total
14,278
0
0'
Total Units; 15
Total Finished Square Feet: 14,278
Page 11.
Southeast Overtown Park West. CRA - Town Park North Owner -Occupied Rehab II (109)
02/11/2014
Project Readiness
Project Readiness Information
Estimated Start Date: ''
05/24/2014
(mm/dd/yyyy)
Estimated Coniplletion Date:
09/30/2015
(mm/dd/yyyy)
(mm/dd/yyyy)
Estimated Date when AHP Funds will be First
Drawn:
04/30/2015
Will AHP funds be drawn down (completely or
partially) or used by the project to procure other
financing commitments within 12 months of
FHLBank Atlanta approval?
Yes
How many AHP disbursements are anticipated?
4 or more
Page 12.
Southeast Overtown Park West CRA - Town Park North Owner -Occupied Rehab II (109)
02/11/2014
Fair Housing
Fair Housing Statement
The project sponsor agrees to the following:
1. The Sponsor will comply with Federal and State laws on fair housing and equal opportunity, including but not
limited to the Federal Fair Housing Act, the Rehabilitation Act of 1973, and the Americans with Disabilities Act of
1990, as now or hereafter amended, which include:
(a) Providing equal opportunities of housing occupancy regardless of race, color, religion, sex, familial status,
disability, and national origin;
(b) Affirmatively promoting and effectively marketing fair housing during sales, lending, closing, and post -closing
activities;
(c) Promoting housing that is structurally accessible to and usable by all persons, particularly persons with
disabilities.
2. Fair housing laws and regulations will be prominently displayed at the leasing and sales offices and the project
development sites, and all signage will contain the fair housing logo.
Please indicate how the project sponsor will disseminate information to the public regarding the availability of
affordable housing units:
Print Media (at least two required):
Brochures
✓
Newspapers
V
Flyers
f
Signs
Other Media (at least one required):
Mailing List
V
Neighborhood or Public Meetings
Public Service Announcements
Radio
Referrals from Community Groups
Referrals from Social Service Agencies
Target Marketing to Special Needs Populations
Target Marketing to Minorities
Television
Other
Acknowledgement:
✓
I acknowledge my obligation to comply with applicable fair housing and equal credit opportunity laws.
Page 13.
Southeast Overtown Park West CRA - Town Park North Owner -Occupied Rehab II (109)
02/11/2014
Market Feasibility
Market Feasibility: Requirements
Indicate the types of documents or studies used to determine adequate demand for the units in this project by
the targeted population(s).
Market Study
Needs Assessment
Waiting Lists'
Other
Describe the documentation. ( 100 characters or less)
Census Data prepared City
of Miami Planning
Department; Miami -Dade
Property Appraiser On-line
Tools.
For what market area?
Overtown
Who prepared this document?
When was it prepared?
City of Miami Planning
Departm
01/2014 (MM/YYYY)
Describe the primary market area in which the project will be located and the targeted population that
will be the source of buyers/rentersfor this project. (255 characters or less)
The primary market area is Overtown neighborhood of Miami, FL. The project will target households at or below
50% AMI.
Enter the population (# of people) of the primary
market area that will be the source of
buyers/renters for this project.
What is the percentage of change in population'
since the last census?.�
10,004
0.2%
Decrease
Please provide an explanation for the decrease. (255 characters or less)
The decrease can be attributed to the lack of economic opportunities available to adequately provide for the
resident population.
Enter the targeted population (# of people) within
the primary area that will be the source of
buyers/renters for this project.
What is the percentage of change in this population
since the last census?
15
0%
Increase
Specify the unemployment status in the primary
market area?
High Unemployment (> 5%)
Specify the, status of the economy in the primary market area?
Status
Weak
Trend:
Growing
Provide the following information for up to three comparable properties (within 2 miles for urban
markets or 5 miles for rural markets) sold within the last 6 months.
Property Address
477 NW 19th Street #353, Miami, FL 33136
1841 NW lst Court, Miami, FL 33136
201 NW 7th Street Apt. 407, Miami, FL 33136
Sales Price
$40,000
$56,500
$130,000
Date Sold (mm/dd/yyyy)
10/01/2013
07/08/2013
12/18/2013
Page 14.
Southeast Overtown Park West CRA - Town Park North Owner -Occupied Rehab II (109)
02/11/2014
Provide the projected time it will take to sell / lease
this project's units to the targeted customers.
0 months
Describe the basis for this projection. (100 characters or less )
A 7-year restrictive covenant will restrict sale or lease of owner -occupied rehab units.
Provide approximate distance from the project's location to each of the following facilities. If scattered
site project, enter 0 miles (valid range is 0 to 250).
Facility
Distance
Facility
Distance
Public Transportation
1 miles
Public Schools
1 miles
Police Services
1 miles
Fire Services
1 miles
Grocery Stores
1 miles
Pharmacy
1 miles
Health Facilities
1 miles
Other Shopping
1 miles
Page 15.
Southeast Overtown Park West CRA - Town Park North Owner -Occupied Rehab II (109)
02/11/2014
Financial Feasibility
All projects submitted to the FHLBank Atlanta must meet basic financial feasibility guidelines or provide an explanation for the variance from the guidelines. Variance
explanations will be requested in this section of the application for items that do not meet the guidelines. A complete list of the FHLBank Atlanta Feasibility Guidelines
can be found on the Helpful Links page. Projects must leverage AHP funds with funds from other sources to meet the threshold requirement that a minimum of 20% of
the total proposed projects funding sources is committed. Acceptable sources of funds used to meet this requirement will be determined at the discretion of the Bank.
Sources of Funding
Will the project sponsor receive non -cash donations (in -kind) including materials, professional volunteer labor and nonprofessional volunteer labor?
No
Please list all other cash sources of Permanent Financing in the project for AHP Assisted Homebuyers Only.
Permanent financing (cash) sources should include the following :
Any cash provided by the homebuyer for down payment, closing costs, and prepaids.
Any loans or grants to the homebuyer that provide down payment, closing costs, or prepaid assistance.
Any loans or grants to the homebuyer from sources other than the sponsor (e.g., city or county CDBG loan, etc.).
The following are not permanent financing sources. Do not include as a permanent financing source:
Temporary construction financing
Homebuyer mortgages not requiring repayment (usually 2nd or 3rd mortgages)
Select the "Add New" button to add additional sources of funding.
Name
Type !
Status
Amount
Total AHP Direct Subsidy
Grant
N/A
$150,000.00
Southeast Overtown/Park West CRA
Grant
Approved
$1,350,000.00
Total
$1,500,000.00
Has the project sponsor secured a commitment for construction funding for the project?
If yes, provide the total funding amount committed
$300000
Documentation
Funding Commitment for each Construction and/or Permanent Funding Source
Provide a document verifying the funding commitment from each construction
and/or permanent funding source committed to the project.
Page 16.
Southeast Overtown Park West CRA - Town Park North Owner -Occupied Rehab II (109)
02/11/2014
Development Budget
Special Notes:
When completing the Development Budget, include all costs - costs requiring cash payments and the market -value
of costs covered by non -cash donations (In -kind) including materials, professional volunteer labor and nonprofessional volunteer labor.
The total sources in the Sources of Funding box are required to match the total development costs in the project Development Budget.
Please click on the following link to complete the development budget for this project.
Source of Funding Details
The following are not permanent financing sources. Do not include as a permanent financing source
Temporary construction financing
Homebuyer mortgages not requiring repayment (usually 2nd or 3rd mortgages)
Basic Information
Name of Funding Source
Funding Source Type
Description
Amount
Debt
Southeast Overtown/Park West CRA
Grant
State & Local Grants
$1,350,000 (whole dollar amount)
N/A
Status
Approved
Page 17.
Southeast Overtown Park West CRA - Town Park North Owner -Occupied Rehab II (109)
02/11/2014
Development Budget
Use the following guidelines when filling out the Development Budget below:
In the "Total Budget" column, enter the amount of the total development budget for AHP Assisted units that will be used for the associated purpose. Include cash and
noncash uses in the development budget. Noncash uses are the market -value of in -kind donations such as materials, professional volunteer labor and nonprofessional
volunteer labor.
In the "Allocated to AHP" column, enter the amount of the total budget for that purpose that will come from AHP funds.
The fields in the "Allocated to AHP" column are enabled only if the associated Use Of Funds was selected on the General Information page of the application.
Use the "Calculate Budget" button to run the mathematical operations on the Development Budget and see the section and column totals_ The Calculate Budget button
does NOT save the Development Budget.
Hard Costs/Development Costs'.
Uses
Rehabilitation (Owner Occupied)
1,500,000
Allocated to AHP
($150,000.00)
150,000
Southeast
Overtown/Park West
CRA
($1,350,000.00)
1,350,000
Unallocated
so
Total Budget Pe
AHP Unit
$100,000.00
Subtotal - Hard Costs / Development Costs
$1,500,000
$150,000
$1,350,000
$0
$100,000.00
Soft Costs
Allocated to AHP
Southeast
Overtown/Park West
CRA
Unallocated
Total Budget Per
AHP Unit
Homebuyer-Related Closing Costs
Subtotal - Soft Costs:
$0
$0
$0
$0
$0
$0.00
$0.00
Total Development Budget
$1,500,000
$150,000
$1,350,000
$0
$100,000.00
Page 18.
Southeast Overtown Park West CRA Town Park North Owner -Occupied Rehab II (109)
02/11/2014
Miscellaneous Information
Commercial Information
Does this Project Include Commercial Space?
No
Consultant Information
If there are consultants involved in this project, please indicate the type(s) and provide contact information.
Application Consultant
Contact Name
Contact Title
Phone Number
Fax Number
E-mail Address
Mr. Judd Roth (Prefix, First, Last, Suffix)
Chief Operating Officer
(610) 439-1965 ext. ( (999) 999-9999 ext.99999 )
(610) 821-5173 ( (999) 999-9999 )
jkrred a,aol.com
Real Estate Consultant
Services from Member
Has the project purchased any services from the Member bank such as Bank !
owned real estate (REO's)?
No
Other Information
Will any of the funds requested in this application be
used to finance units already funded in a previously
approved AHP application? Answer "Yes" only if
additional AHP funds are being requested for the same
units.
No
Will this application be submitted to another Federal
Horne Loan Bank for AHP funding?
Does this project involve the refinancing of any existing
loan?
No
No
Page 19.
Southeast Overtown Park West CRA - Town Park North Owner -Occupied Rehab II (109)
02/11/2014
Scoring Criteria Page 1
The scoring section of the application details the criteria that will be used to score applications. A brief
explanation of each scoring criteria appears in each section, along with the number of points associated with the
specific criteria. Please complete all scoring sections that apply to your project.
Donated Property (up to 5 points)
Projects creating housing using a significant proportion of units or land contemporaneously donated or conveyed
by the federal government or any agency or instrumentality thereof; or units or land donated or conveyed by any
other party for a nominal price. Nominal price is defined as a small, negligible amount, most often 10 dollars or
less, and may be accompanied by modest expenses related to the conveyance of the property for use by the
project. The subject property must be donated on or before the application deadline date by an entity not related
to the project sponsor, project owner, or member. An exception is allowed for government or quasi -government
sellers or lessors that the donation may be between related parties and that the conveyance may be evidenced
by an action to convey. Points will not be awarded for grants acquisition or for reduction in sales price.
Significant proportion is defined by the Bank to mean at least 25% of the units, land, or land lots must be
donated or conveyed to the project.
Number of Units or Land Lots Donated or Conveyed to the Project
0 (AHP-Assisted Units
Only)
NonProfit or Government Sponsor Responsibilities (up to 5 points)
The information provided during Sponsor Registration indicates that at least one Sponsor is a nonprofit or
government organization.
Role in Acquisition
Did, or will, the sponsor acquire or execute an option or sales contract for
the subject property?
No
Role in Predevelopment
Did the sponsor's staff perform the initial
financial feasibility analysis?
Yes
Has, or will, the sponsor initiate an
environmental review of the subject
property?
Yes
Is the sponsor responsible for hiring the
architect and/or engineer for this project?
Yes
Role in
Construction/Rehabilitati
on
Is the sponsor responsible for the hiring of the general contractor or
builder?
Yes
Will the sponsor provide its own construction crew for this project?
Yes
Will the sponsor approve the construction draws for this project?
Yes
Role in Marketing and
Outreach
Has the sponsor prepared a targeted marketing plan?
Yes
Will the sponsor be directly responsible for the marketing of this project
utilizing the media described in the Fair Housing section of this application?
Yes
Will the sponsor work with other community groups and social services
agencies to market this property?
Yes
Role in Qualifying
Borrowers for Mortgages
Will the sponsor pre -qualify individuals for permanent mortgages for this
project?
No
Will the sponsor monitor progress of individuals from pre -qualification to
closing for this project?
No
Role in Providing or
Arranging Permanent
Mortgage Financing
Did, or will, the sponsor initiate identifying permanent mortgage lenders?
No
Page 20.
Southeast Overtown Park West CRA - Town Park North Owner -Occupied Rehab II (109)
02/11/2014
Scoring Criteria Page 2
Empowerment Activities (Up to 5 points)
Projects that provide housing in combination with programs offering one or more activities to assist residents in
improving their economic opportunities. Click "Add New" to add new empowerment activities, and complete the
details screen for each activity. Note: To save an empowerment activity and receive points, the activity must be
made available to 100% of AHP-assisted units.
Type
Provider.
Potential Points
Counseling Program (Homeowners
& Tenants)
Legal Services of Greater Miami,
Inc.
2 1/2
Owner/Resident Involvement
Program
Southeast Overtown Park West CRA
2 1/2
Housing for Homeless Households (5 points)
Projects that provide housing for homeless are projects that provide:
Rental housing reserving at least 20 percent of the units for the creation of transitional housing for homeless
households, permitting a minimum of six months occupancy; or
Permanent owner -occupied housing, reserving at least 20 percent of the AHP-assisted units for homeless
households.
Homeless Units - 0 (0.00 % of total AHP families.)
Please Note: If the project is funded, during the monitoring process, sponsors must provide documentation that
each resident was homeless at the time of application. Documentation may include a referral letter from a
recognized agency or a self affidavit from the resident verifying their homeless classification under HUD statutes,
regulations or regulatory interpretations. Homeless households are defined as those households recognized as
homeless under current HUD statutes, regulations, or regulatory interpretations
Page 21.
Southeast Overtown Park West CRA - Town Park North Owner -Occupied Rehab II (109)
02/11/2014
Empowerments.
Counseling Program (Homeowners & Tenants) - 2.5 points
Empowerment Details
Describe the Counseling program (100 words or less)
To help the AHP-assisted families prevent the loss of their homes to foreclosure and challenge predatory lending
practices, Legal Services of Greater Miami will provide an on -site community education presentation on
foreclosure prevention and predatory lending. In addition, Community Work Training Program, Inc. will conduct
8 quarterly, on -site, hour-long, interactive sessions on home maintenance and repairs, focusing on major
housing systems.
How many AHP-assisted families will the Counseling Program be made
available to'?
15 (100.00 % of total AHP
families.)
The Counseling Program must include a minimum of two features below. Check all that apply:
Energy Conservation
Post -Purchase Foreclosure
Prevention
Planning for
Homeownership
Eviction Prevention
Post -Purchase
Maintenance
Predatory Lending
Landlord / Tenant. Rights
and Responsibilities
Rental Assistance
Provider Information
Years of Experience:
A sponsor will provide the activity/service:
47
Owner Nanie
Contact Name
Contact Title;,
Address Line 1
Address Line 2
Sponsor will partner with another organization/agency to provide the
activity/service
Legal Services of Greater Miami, Inc.
Ms. Carolina Lombardi (Prefix, First, Last, Suffix)
Advocacy director
3000 Biscayne Blvd.
City, State zip
Phone Number';
Fax Number
E-mail Address
Miami, FL 33137
(305) 438-2427 ext. ( (999) 999-9999 ext.99999 )
( (999) 999-9999 )
Where will the program be provided'?
How often will the program be provided to AHP-assisted families?
what is the duration (#hours) of the program?
What is the annual cost per AHP-assisted family to participate in the
program?
The project sponsor affirms the information provided above is accurate. Note:
If awarded, the project sponsor must provide documentation to FHLBank
Atlanta during the monitoring phase to confirm theimplementation of.
empowerment activities.
Project Site
Quarterly
1
0
Yes
Page 22.
Southeast Overtown Park West CRA - Town Park North Owner -Occupied Rehab II (109)
02/11/2014
Owner/Resident involvement Program - 2.5 points
Empowerment Details
Describe the Owner/Resident Involvement program (100 words or less)
The sponsor will involve AHP-assisted families through the formation of a tenant council/advisory committee.
The tenant council will meet to address issues of mutual concern to residents. The tenant council will assure that
all AHP-households have a voice in decisions made relative to the project, as well as monitoring problems,
reporting situations, and finding solutions. The sponsor will assist with the formation and support the tenant
council once it is self -regulated.
How many,AHP-assisted families will the Owner/Resident Involvement
program be made available to?
15 (100.00 % of total AHP
families.)
The Owner/Resident Involvement Program must include at least one feature below. Check all that apply:
Involvement in Project Design Process
Provider Information
Years of Experience:
31
f
A sponsor will provide the activity/service
Sponsor will partner with another organization/agency to provide the
activity/service
Sponsor
Southeast Overtown Park
West CRA
Where will the program be provided?`
Project Site
How often will the program be provided to AHP-assisted families?
Quarterly
What is the duration (# hours) of the program?
1
What is the annual cost per AHP-assisted family to participate in the
program?
0
The project sponsor affirms the information provided above is accurate. Note:
If awarded, the project sponsor must provide documentation to FHLBank
Atlanta during the monitoring phase to confirm the implementation of
empowerment activities.
Yes
Page 23.
Southeast Overtown Park West CRA - Town Park North Owner -Occupied Rehab II (109)
02/11/2014
Scoring Criteria Page 3
First Priority for Atlanta District
Member Financial Participation (up to 15 points)
Projects that demonstrate Bank member financial participation (excluding the pass -through of AHP direct
subsidy) in the project of at least 5% of permanent sources such as providing market rate or concessionary
financing, equity, or some other acceptable forms of financial participation as determined by the Bank in its sole
discretion.
Is the Member providing conventional or concessionary financing or equity to
the project? If yes, indicate which type below.
Yes
Permanent Loan
Construction Loan
Bridge Loan
Equity Investment
Documentation
Evidence of Member Financial Participation
Provide the member commitments for financial participation as indicated in the
application, signed by an authorized representative of the member financial
institution
Second Priority. for Atlanta District
Project Readiness (10 points)
Projects that demonstrate readiness, at the time of application, that have demonstrated to the Banks satisfaction
that they have met certain development / financing benchmarks, based on project type and as determined by the
Bank in its sole discretion.
In order to receive the 10 points in this category,
75% of the units must be identified including cost specifications and cost breakdown and homeowners income
eligible for AHP.
Enter the number of units below that meet this criteria.
Number of units (AHP-assisted units only)
12 (80.0%)
Supportive Housing / Special Needs (5 points)
Projects eligible for Supportive Housing / Special Needs points are projects where there is at least 50% increase
in supply of the units and 100% of the units in the project are reserved for occupancy by households with special
needs, which is defined as the mentally or physically disabled persons, persons recovering from physical or
substance abuse and people with AIDS.
Total Number of Supportive Housing/ Special Needs Project Units
0 (0,0%)
Number of New Units (AHP-assisted Units only)
0 (0.0% increase in supply
of units)
Veterans (5 points)
Housing reserving at least 10% of the units for households that include a Veteran. Veteran is defined as those
that are currently serving or have served in any branch of the US military, or their surviving spouses.
Number of units reserved for Veterans
2 (13.33%)
Documentation
Veterans Housing Certification (Application)
Provide the Veterans Housing Certification (Application), signed by an authorized
representative of the project sponsor organization. Complete and submit the
template provided in the Review and finalize Section of this application.
The required template for this document can be viewed and printed from the Review
and Finalize page.
Leveraging (10 points)
Projects eligible for Leveraging points are projects where AHP funds are less than or equal to 10% of total
permanent sources. Information provided in the Financial Feasibility section of this application will be used to
calculate a score for Leveraging.
AHP funds as a percent of total permanent sources
10.00%0
Page 24.
Southeast Overtown Park West CRA - Town Park North Owner -Occupied Rehab II (109)
02/11/2014
Scoring Criteria Page 4
Targeting (up to 20 points)
Information provided in the Project Targeting section of this application will be used to calculate a score for
income targeting. Projects are evaluated based on the income populations the project will assist.
AHR Subsidy per Unit (up to 10 points)
Information provided in the General Information and Members and Subsidies sections of the application has
been used to calculate the amount of AHP Subsidy requested per unit. For display purposes in this application,
the total amount of AHP subsidy has been estimated based on the Bank's cost of funds on the application
offering date. During actual scoring, the total amount of AHP subsidy will be calculated based on the Bank's cost
of funds on the application submission deadline date.
Estimated Total Subsidy Amount
150,000.00
Estimated Subsidy Amount Per Unit i
10,000.00
Relocation and Community Stability (up to 5 points)
Points are awarded to those projects that promote community stability by:
- Rehabilitating vacant or abandoned properties (does not include vacant land)
- Being located in a neighborhood that is part of a neighborhood stabilization, redevelopment or revitalization
areas approved by a unit of state or local government and is a target area for the receipt of state or local
government funding or support services in the stabilization of the neighborhood
- Not creating household displacement, or if household displacement will occur, budgeting for relocation
assistance
Will this project involve the rehabilitation of vacant or abandoned properties?
No
Is the project located in a neighborhood that is part of a neighborhood
stabilization plan, redevelopment or revitalization area approved by a unit of
state or local government and is a target area for the receipt of state or local
government funding or support services in the stabilization of the
neighborhood?
Yes
Documentation _
Proof of Community Stability Location
Submit documentation evidencing that the project is located in a neighborhood
that is part of a neighborhood stabilization plan, redevelopment or
revitalization area supported by a unit of state or local government. Please
use the template provided.
The required template for this document can be viewed and printed from the
Review and Finalize page.
Will this project result in household displacement of existing low- to moderate
-income residents?
No
Page 25.
Southeast Overtown Park West CRA - Town Park North Owner -Occupied Rehab II (109)
02/11/2014
Additional Information
You must complete all applicable questions on the screen. If this is an ownership project, you are not
required to answer items 4, 5, 6,7 or 33. If this is a rental project, you are not required to answer item 8.
1,
Is the primary sponsor of the project a not -for -profit 501 (c)(3) organization?
No
2.
Is the primary sponsor of the project a local housing authority?
No
3.
Is the primary sponsor of the project a state or local agency, excluding local housing
authorities?
Yes
4.
If this is a rental project, will the funds from the award be used for principal reduction
on the mortgage for the project?
5.
Question removed from application. No longer applicable.
6.
If this is a rental project, will the funds from the award be used to refinance, in
conjunction with the purchase, construction or rehabilitation of the project?
7
If this is a rental project, is a bridge loan being provided to the project by the
member?
8
If this is an ownership project, will funds from the award be used for homebuyers'
counseling costs?
No
9.
Does the project use any Federal Government property?
No
10.
Does the project use any HUD -owned property?
No
11.
Will the project meet housing needs documented as part of a community
development strategy approved by a unit of a state or local government?
Yes
12.
Question removed from application. No longer applicable.
No
13.
Question removed from application. No longer applicable.
No
14.
Will the project provide service -enriched housing for occupants? (Service Enriched
Housing is defined as housing which incorporates economic empowerment features
and may also include on -site quality of Life social services, programs or activities.)
Yes
15.
Is the HOME program a permanent source of funds for the project?
No
16.
Is the FHA a permanent source of funds for the project?
No
17.
Excluding FHA, HOME, and LIHTC, are any other Federal housing programs a
permanent source of funds for the project?
No
18.
Are state funds a projected source of funds for the project excluding Federal
government programs such as HOME and CDBG?
No
19.
Are local government funds a projected source of funds for the project?
Yes
20,
Are charitable funds a projected source of funds for the project?
No
21.
Excluding the pass through of AHP subsidy, is non -permanent financing being
provided by the member?
Yes
22.
Excluding the pass through of AHP subsidy, will the member use an FHLBank
advance (i.e. CIP or other advance) to finance this project?
No
23.
Excluding the pass through of AHP subsidy, is a mortgage loan being provided by
the member?
No
24.
Excluding the pass through of AHP subsidy, are closing costs being reduced by the
member?
No
25.
Excluding the pass through of AHP subsidy, are grant(s) or in -kind contributions or
services being provided by the member?
No
26.
Question removed from application. No longer applicable.
No
27,
Question removed from application. No longer applicable.
No
28.
Is the project located on Native Land such as Native American Tribe, Alaskan
Native Village, or Native Hawaiian Home Lands?
No
29.
Question removed from application. No longer applicable.
No
30.
Question removed from application. No longer applicable.
No
31.
Report the number of units reserved for households with incomes at or below 30%
of AMI as proposed in the application.
Page 26.
Southeast Overtown Park West CRA - Town Park North Owner -Occupied Rehab II (109)
02/11/2014
32.
Excluding AHP subsidy requested, report the total dollar amount of all other
subsidized funds (i.e. grants, below -market loans, CDBG, and tax credit equity) as
proposed in the Financial Feasibility - Sources of Funding section.
1,350,000.00
33.
If this is a rental project, are tax-exempt multifamily rental housing bonds used as a
permanent source of funds for the project?
34,
Is this project located in an area designated by USDA Rural Development as eligible
for Rural Development housing programs?
No
Page 27.