Orange County NC Website
Browse       Search
1 <br /> 21 <br /> C. Status of Financing Commitments <br /> 1. Does the project have a firm commitment for construction financing? X Yes No <br /> 2. Does the project have a firm commitment for permanent financing? X Yes No <br /> 3. Does the project have a firm commitment for government financing? N/A Yes No <br /> If yes to H2 and/or N3, attach as Exhibit R a copy of the commitment, deed of trust or note. The permanent and/or <br /> government financing commitment must be submitted under lender's letterhead. Applicants must use the Form of <br /> Evidence of Permanent Loan Commitment in Appendix L to meet the requirements of this section. <br /> (Note: A firm commitment for permanent financing is a binding obligation in the form of a letter, resolution, or <br /> binding contract from a private lender or unit of government stipulating that a mortgage loan has been approved for the <br /> project for at least 15 years at a given interest rate subject to normal conditions and exceptions. RECD commitments <br /> must be the obligation of funds. Projects using FHA mortgage insurance must have a firm commitment.) <br /> PART V1. PROJECT PROFORMA (Year One) <br /> A. Project Operations <br /> 1. Advertising/Marketing $ 5,000 <br /> 2. Management Fee $ 32,351 <br /> 3. Legal $ 400 <br /> 4. Administrative S 37,147 <br /> 5. Utilities $ 59,70 _ <br /> 6. Operating $ 39,853 <br /> 7. Elevator $ 1 ,600 <br /> 8. Trash Removal $ <br /> 9. Decorating/Repairs $ 5,100 <br /> 10. Maintenance S 14,000 <br /> 11. Grounds $ 10,000 <br /> 12. Taxes $ 49,600 <br /> 13. Payroll Taxes $ 13,000 <br /> 14. Insurance $ 10,000 <br /> 15. Other $ 14,500 <br /> 16. Replacement Reserve $ 18,600 <br /> 17. Total Annual Expense $ 310,851 <br /> 18. Per Unit Expense $ 2,507 <br /> Estimated Percentage Increase in Annual Expenses: 4 % <br /> Other Anticipated Annual Expenses: <br /> Investor Services Fee $ <br /> Partnership Management Fee $ <br /> Other Audit, tax return $ 5,000 _���a: � „-y � <br /> dNI RW '* "��Supportive services $ 7,500 °”` s�vv�sS rV <br /> Contingency $ 2,000 t,,tjd v►�{—Pvev;dc <br /> Total of line 15 above $ 14,500 •d �d;-}-,,;y�� Nc� <br /> (11) - Part A, Page 10 of 12 01/29/96 <br />