APPLICATION FOR RENTAL HOUSING PROGRAM (RHP) FUNDS
COVER SHEET

REQUEST FOR RHP FUNDS:

Will project require RHP funds during construction phase? Y __ N __

Please provide, as attachments or appendices, the following basic information about the non-profit developer. This information does not need to be generated in an original form; copies of relevant sections from sources such as an organization's basic funding proposals are adequate as long as the needed information is conveyed.

1. Governing structure - description of current membership and board; process for selecting board.

2. List of current directors and officers.

3. Organizational history, especially in housing and community development.

4. Organization's development strategy - goals and objectives.

5. Financial profile - provide current year's operating budget and most recent audited financial statements.

6. Evidence of Chapter 180 and 501(c)(3) tax status.

Please provide, as attachments or appendices, the following basic information about the for-profit developer. This information does not need to be generated in an original form; copies of relevant sections from sources such as an organization's basic funding proposals are adequate as long as the needed information is conveyed.

1. Corporation Papers - identifying owner and/or general partners.

2. Resumes of the owner and/or general partners.

3. Federal and State tax returns for the previous three years.

4. Describe past experience in developing affordable housing.

5. Provide three lender references. Lenders should be familiar with applicant's professional development experience, and not just the applicant's credit worthiness.

Please answer, in type form, the questions (except #7) listed below. When responding, have the relevant question appear above the response.

1. Site: Describe in narrative. Indicate current zoning, and describe any zoning changes, environmental approvals, or other regulatory approval required to implement the proposed development program. Indicate if building(s) are historic structures or a contributing resource in a historic district. Document evidence of local municipal regulatory approvals granted, and describe support or resistance from neighborhood organizations, abutters or municipal regulatory/permitting authorities. Provide documentation of the site's appropriateness for the proposed development program (zoning, regulatory, historical and environmental).

2. Site Plan, Maps: Provide one set of site plan, locus map, floor plan and elevations.

3. Site Control: Provide status of ownership, and describe plans to acquire site control. If site control has been established, provide evidence of option, purchase and sale or title.

4. Proposed Development Program: Describe what factors went into selecting acquisition vs. new construction and proposed use of RHP funds.

5. Affordability Profile: Provide a detailed breakdown of the number and percentage of units which will be affordable to households with incomes below 60% of median income, between 60%-80% of the median income, between 80%-100% of median, and above median income. Include in this description the bedroom composition for each income category (e.g., 10 units for 60% MHI, comprising of four 3BR, four 2BR and two 2BR).

6. Community & Public Benefits of Project: Describe the community and public benefits this project will provide.

7. Proposed Development Schedule:	Proposed Date
Submission of Financing Applications	__________________
Regulatory & Zoning Reviews & Approvals	__________________
Building Permit	__________________
Receipt of Financing Commitments	__________________
Construction Start	__________________
Construction Completion	__________________
Full Occupancy	__________________

8. Market Demand: Provide data and information that supports the demand for this project.

9. Accessibility/Adaptability/Visitability: Describe plans for handicapped accessibility; visitability; and/or adaptability if appropriate for population to be served.

10. Special Needs: Indicate what special needs population will be served, why this group was chosen and what supportive services will be provided.

11. Affirmative Action: Describe and document what steps will be taken to affirmatively solicit the selection of contractors and tenants for this project.

12. Purpose of Assistance Requested: Describe how RHP funds will further the progress of the proposed project.

For corporate entities, provide names of principals. Attach statement of qualification for each member (if applicable and appropriate).

A. Developer:

B. Other Development Partners (If private, for profit, see section below on joint ventures):

C. Development Consultant:

D. Architect:

E. Lawyer:

Joint Ventures: If the non-profit developer is involved in a joint venture with a private for-profit developer, provide evidence that the non-profit partner controls the majority interest in the joint venture.

A. TOTAL DEVELOPMENT BUDGET - USES OF FUNDS

B.TOTAL DEVELOPMENT BUDGET - SOURCES OF FUNDS

CONSTRUCTION FINANCING

Total

a) Lender's Name: _________________________________

Address: _________________________________

_________________________________

Amount: ________________________

Term: ________________________

Rate: ________________________

b) Lender's Name: _________________________________

Address: _________________________________

_________________________________

Amount: ________________________

Term: ________________________

Rate: ________________________

TOTAL CONSTRUCTION LOANS

_______

EQUITY

_______

TOTAL EQUITY

_______

TOTAL CONSTRUCTION FINANCING

_______

Attach commitment letters, or letter of interest with plan and schedule for obtaining commitments.

 

Gross Annual Income from Operation	______
Vacancy & Collection Lost	(_____)
Effective Gross Income from Operations	______
Other Income or Receipts (see note below)	______
Total Project Income	______
Annual Operating Expenses:
Management Fee @ ________%	______
Payroll, Administrative	______
Payroll taxes & benefits, Admin.	______
Legal	______
Audit	______
Marketing	______
Telephone	______
Office Supplies	______
Accounting & Data Processing	______
Investor Servicing	______
DHCD Monitoring Fee	______
Other	______
Subtotal Admin:	______
Payroll, Maintenance	______
Payroll, Taxes & Benefits, Admin	______
Janitorial Materials	______
Landscaping	______
Decorating (inter. only)	______
Repairs (inter. & ext.)	______
Elevator Maintenance	______
Trash Removal	______
Snow Removal	______
Extermination	______
Recreation	______
Other	______
Subtotal: Maintenance	______
Resident Services	______
Security	______
Electricity	______
Natural Gas	______
Oil	______
Water & Sewer	______
Subtotal: Utilities	______
Real Estate Taxes	______
Other Taxes	______
Insurance	______
Subtotal: Taxes, Insurance	______
Replacement Reserve	______
Operating Reserve	______
Total Expenses	(_____)
Debt Service
Source 1. __________ $ ________     per mo. x 12 __________
Source 2. __________ $ ________     per mo. x 12 __________
Source 3. __________ $ ________     per mo. x 12 __________
Total Debt Service (Annual)	(________)
Net Operating Income (Annual)	__________
Debt Service Coverage (Year 1)	__________

Note: Any proposed source of nonresidential operating income such as service contract revenue from Department of Public Welfare, Department of Social Services, or another public or private source must be documented with a letter of interest or commitment, along with corresponding service-related expenses.