CITY OF COVINGTON, KENTUCKY CDBG Upper Floor Residential Rehab Program Application SECTION 1 APPLICATION SUMMARY Project Address: Owner Name: Owner Address: Contact Name: Contact Phone: Contact Fax: Contact Email: Estimated Total Development Cost: City Requested: (max. $20,000 per residential unit) Total Number of Residential Units: Number of Vacant Residential Units: (Buildings with any occupied residential units are not eligible for funding) 1
SECTION 2 PROJECT DEVELOPMENT TEAM Lead Organization Name: Contact Person: Address: Phone: Fax: Email: Co-Partner Contact Person: Address: Phone: Fax: Email: Co-Partner Contact Person: Address: Phone: Fax: Email: Attach additional sheets if necessary. 2
SECTION 3 PROJECT NARRATIVE Provide a written description of the project with the following information: 1. Describe the project and the target population to be served. (NOTE: CDBG regulations require that 51% of the units must be occupied by households at or below 80% of area median income at initial occupancy. The remaining units may be rented at any income range and subsequent rentals can be to any income range. A copy of the current income limits is attached). 2. Provide a general overview of the proposed residential project. 3. Provide an overview of the commercial component of the property, including plans for renovation. Describe any proposed improvements to the exterior of the property. (NOTE: The City s funds cannot be used for the commercial or exterior components). 4. Provide a schedule for completion of the project. Include target completion dates for steps such as obtaining additional financing, beginning and completing the construction, lease up, etc. 5. Describe the Development Team/Project Sponsors and the role each plays in the project. Provide information on development experience, including locations of completed projects. 6. Describe the commercial units in the building. Include business name if occupied. 3
SECTION 4 PROJECT DESIGN/FINANCING Part A Development Specification Equipment to be included in each unit: Range/Stove Air conditioning Refrigerator Microwave Washer/Dryer (in unit) Washer/Dryer (on site) Disposal Dishwasher Window Treatments Security System (in each unit) Energy Efficiency Describe any steps to be taken to make the property more energy efficient: Accessibility/Adaptability Describe any design and construction considerations to make the units more accessible or adaptable for physically disabled individuals. 4
Project Amenities Does the project have on-site parking? Yes No If yes, number of spaces: If no, describe the parking available to the tenants: Commercial Space Does the building have commercial space? Yes No Current use of the space: If vacant, anticipated plans for the commercial space: 5
Part B Development Financial Information Complete the attached Excel spreadsheet with information relating to development costs, sources and uses of funds, and operating expenses CONSTRUCTION/REHAB COSTS TOTAL COST CITY FUNDS OTHER FUNDS Site work Demolition Rehabilitation/Construction Equipment General Requirements Contractor s Overhead Contractor s Profit Builder s Risk Insurance Subtotal Construction Contingency CONSTRUCTION/REHAB TOTAL DEVELOPMENT COSTS TOTAL COST CITY FUNDS OTHER FUNDS Architectural Fees Cost Estimate Permit Fees Marketing Legal Fees CONVENTIONAL LOAN TOTAL COST CITY FUNDS OTHER FUNDS Construction Loan Origination Fees Construction Loan Legal Fees Permanent Loan Origination Fees Permanent Loan Legal Fees Construction Period Interest OTHER COSTS TOTAL COST CITY FUNDS OTHER FUNDS TOTAL DEVELOPMENT COSTS TOTAL CITY OTHER $ $ $ 6
SOURCES OF CONSTRUCTION FINANCING Attach documentation for each source (i.e., commitment letter) Source of Financing Financing Terms SOURCE OF PERMANENT FINANCING Attach documentation for each source (i.e., commitment letter) Source 1: Contact Name Interest Rate Amortization Period Phone Loan Term Annual Debt Service $ % years years $ Date of Application: Status: Under Review Conditional Commitment Firm Commitment Source 2: Contact Name Interest Rate Amortization Period Phone Loan Term Annual Debt Service $ % years years $ Date of Application: Status: Under Review Conditional Commitment Firm Commitment Source 3: Contact Name Interest Rate Amortization Period Phone Loan Term Annual Debt Service $ % years years $ Date of Application: Status: Under Review Conditional Commitment Firm Commitment ATTACH ADDITIONAL SHEETS IN NECESSARY 7
Part C Development Financial Information # of Bedrooms # of Units Proposed Rent 0 1 2 3 4 Total Other Annual Income (i.e., laundry income) Income Source 8
Part D Project Expenses Provide the following information regarding project expenses for the first year of operation following construction/rehab Annual Administrative Expenses Expense Item Management Fee Legal/Accounting Administrative Advertising Total Administrative Annual Operating Expenses Expense Item Natural Gas/Other Fuel Electricity Water/Sewer Trash Removal Janitorial Exterminating Total Operating Annual Maintenance Expenses Expense Item Building Maintenance Ground Maintenance Security Decorating Replacement Reserve Total Maintenance Annual Taxes and Insurance Expense Item Real Estate Taxes Insurance Total Taxes and Insurance TOTAL ANNUAL PROJECT EXPENSES: 9
CERTIFICATIONS The Applicant(s) certifies that all information furnished with this application is provided for the purposes of obtaining financial assistance from the City of Covington s Community Development Block Grant Program (CDBG) under the Upper Floor Residential Rent Rehab Program. All information provided is true and complete to the best of the Applicant s knowledge and belief. If any information provided in this application changes following submission of this application, the Applicant agrees to notify the City immediately. The Applicant understands and agrees that if false information is provided in this application, the City may disqualify the application and deem the Applicant ineligible to receive any funds in the future. The City reserves the right to reject any and all proposals. The Applicant certifies that he/she nor its principals is presently debarred, suspended, proposed for disbarment, declared ineligible or voluntarily excluded from HUD programs. Good Standing: Pursuant to Commissioners Ordinance O-11-06, applicants and affiliated persons and/or entities for this program must not have made or filed pending adverse claims against the City in the form of settlement demands and/or lawsuits; nor shall they be delinquent in their obligations to pay loans, fines, liens, or other obligations owed to the City of Covington ( the City ). No person or entity will be denied federal public or assisted housing agency benefits or programs administered by the City as a result of this policy. Legal Name of Applicant: Signature: Name: Title: Date: 10