Agenda - 12-09-2003-8m - Laserfiche WebLink

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dV4 P,~ N'44~ p ~ o J * ,* ~4 p~ 4&h oNCV~. U. S. Department of Housing and Urban Development Greeneuoro Field Otflce 1500 Pinecroft Road, Suite 401 Greensboro, NC 27407-3838 www.hud,gov/IocaUgre oEC u s too3 Ms Tara L. Pikes Directoz Orange County Department of Housing and Community Development P O HoX 8181 Hillsborough, NC 27278 Deaz Ms. Fikes: A subsidy layering review for Club Nova Apartments to be located in Cazrboro, North Carolina, has been completed.. Mental Health Association in North Cazolina, Inc. (MHA/NC, Inc.) will be the managing genezal partner for the project: A1124 units (studio/efficiency traits) will be assisted with project-based assistance. The zeview was based upon financial documentation submitted to HUD Headquarters by this offtce, the project owner, and Orange County Department of Housing and Conununity Development (HA); in accordance with the Administrative Guidelines published in the Federal Re inter on February 25, 1994; and in accordance with the Revisions to PIIA Pzoject-}3ased Assistance Program, Initial Gmdance published in the Federal lteRister on January 16, 2001.. As a result of the review, we are authorizing initial contract rents of $542.00 with a $57.00 utility allowance for these 24 units. These rents aze different from the rents in the application. As part of the subsidy layering zeview, it was determined that ttte proposed project will zcceive 71 cents per dollaz of total allocation in net syndication proceeds as a souzce of funds. 'T`herefore, the project was not subjected to further review pursuant to Section 102(d) of the H1T17 Reform Actor to further Section 911 review- The Housing Authority and the owner must comply with the following provision: Cost Certi&cation. Housing assistance payments under the HAY Contract must not be more than necessary, based upon HUD requirements, to provide affordable housing after taking account of related assistance from other Federal, State, or local government agencies. Within 90 days of execution of the HAP Contract, the owner must furnish to the North Carolina State Office, through the housing authority, a schedule of actual final project costs paid, compared to the project costs originally budgeted and presented to HUD. The seltedule of actual project costs paid must be audited by a public accountant in aecordance with generally accepted auditing standards. If the actual project costs, as shown by the submitted audited schedule, vary from those budgeted and, as a result, would cause housing assistance payments under the HAP Contract to exceed what is necessazy to provide affordable housing, adjustments must be made to the amount of the housing assistance payments to the owner.