HomeMy Public PortalAboutr 05:044
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No. 0 'i-úú
II
Date of Adoption.J'Jnll"ry 27. 2005
AUTHORIZING TAX ABATEMENT AGREEMENT-
BLOCK 144, LOTS 9 & 17
WHEREAS, Frank Raia and Anthony Sirignano and or successors, (hereinafter referred
to as the "Sponsor") proposes to construct a housing project (hereinafter referred to as the
"Development" or "Project") pursuant to the provisions of the New Jersey Housing and
Mortgage Finance Agency Law of 1983, as amended (N.J.S.A. 55:14K-1, et seq.)
(hereinafter referred td as the "HMF A Law") within the Borough of Carteret (hereinafter
referred to as the "Municipality") on the site described as Block 144 Lots 9 & 17 the
Borough of Carteret, Middlesex County and commonly knowo as 553 & 569-571
Roosevelt Avenue, Carteret, New Jersey; and
WHEREAS, the Development will be subject to the Rules and Regulations of the New
Jersey Housing and Mortgage Finance Agency (hereinafter refereed to as the
"NJHMF A"); and
WHEREAS, pursuant to the provisions of the HMF A Law, the Governing Body of the
Municipality hereby certifies that there is a need for this low and moderate income
housing project in the Municipality; and
WHEREAS, the Sponsor has presented to this body a proposal covering the cost of the
land and improvements and the operation of the Development as estimated by the
Sponsor and NJHMF A, which reasonably assures the successful completion and
operation of the Development.
NOW, THEREFORE, BE IT RESOLVED, by the Mayor and Co:,:ncil of the Borough
ofCarteret, County of Middlesex, State of New Jersey as follows:
(a) The proposed Development will meet or meets an existing housing need.
(b) The proposed Development conforms or will confoml to the requirements
of all applicable ordinances of this Municipality. I
(c) The Development of the Project is hereby approved; and
. BE IT FURTHER RESOLVED, that
(1) The Borough Council hereby adopt the within Resolution and make the
determination and findings therein contained by virtue of pursuant to, and
in conformity with the provisions of the HMF A Law with the intent and
purpose that the NJHMF A shall rely thereon in making a mortgage loan
to the Sponsor, which shall construct, owo and operate the Devefopment;
and
(2) The Borough Council does hereby adopt the within Resolution with the
further intent and purpose that from the date of execution of the NJHMF A
mortgage, the proposed Development will be exempt from real property
taxation as provided in N.J.S.A. 55:l4K-1 et seq., and that, in lieu of
taxes, said Sponsor shall make to the Municipality payment of an annual
service charge for municipal services supplied to the Development in such
amounts and manner set forth in the Agreement for payments in Lieu of
Taxes attached hereto as Exhibit "B". The exemption is being made with
the understanding that the land shall continue to be assessed but shall be
credited toward the annual service charge; and
(3) The Borough Council hereby authorized and direct¡: the Mayor and the
Borough of Cartetet to execute, on behalf of the Municipality, Agreement
for payments in Lieu of Taxes in the form annexed hereto as Exhibit "B";
and
NO. 05-44
II
-I
(4)
I
PAGE 2 of 2
The Borough Council understand and agrees that the amounts set forth in
Exhibit "A" are estimates only and agrees that the Sponsor may, upon
NJHMF A approval, make reasonable changes m the construction,
maintenance and operation of the development to ensure compliance with
financial and statutory requirements of NJHMF A, which will necessitate
reasonable changes in the amounts set forth in Exhibit "A".
(5)
The Borough's Finance Department is hereby authorized and directed to
make payment to the Sponsor in the amount of $320,000.00 (16 units x
$20,000.00 per unit), to be paid JTom the Borough's Regional Contribution
Agreement account and upon approval of the financing for the
Development by the NJHMF A.
Adopted this 27'h day of January, 2005
and certified as a true copy of the
original on January 28,2005.
KATHLEEN M. BARNEY, RMC/CMC
Municipal Clerk
!
.
YES NO ]';V A.B.
X
X
X
..
i ,
I l..........
,
RECORD OF COUNCIL VOTE
~ W"NC'~ YES ]';0 NV A.B. COUNCILMAN
BELLINO X . NAPLES
DIAZ X RIOS
KRUM X SITARZ
-
---~
x - Indicate Vote AB - Absent NY - Not Voting XOR - Indicates \/otc to Overrule Veto
- - ---- --- -..------
Adopted at a meeting of the Municipal Council
~:::;,;~:;
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I
I
EXHIBIT "B"
AGREEMENT BETWEEN THE BOROUGH OF CARTERET AND FRANiK
RAIA and ANTHONY SIRIGNANO FOR THE ABATEMENT OF REAli
PROPERTY TAXES
(Block 144, Lot 9 and 17)
THIS AGREEMENT made and entered this/r~y of March 2005 by and
between THE BOROUGH OF CARTERET, a municipal corporation of the Statelof
New Jersey, with principal offices at 6] Cooke Avenue, Carteret, New Jersey 07008
(hereafter referred to as the "Borough") and FRANK RAIA & ANTHONY
SIRIGNANO, their successors and/or assigns with offices at 450 7th Street, Hobok~n
New Jersey, ( hereinafter referred to as the "Sponsor").
WITNESSETH
In consideration of the mutual covenants herein contained, the fact the New:
Jersey Housing and Mortgage Finance Agency will be giving permanent financing (take-
,
out financing) on the project hereinafter defined, and for other good and valuable
consideration, it is mutually covenanted and agreed as follows:
I. This Agreement is made pursuant to the authority contained in Section 37
of The New Jersey Housing and MOligage Finance Agency Law of 1983, (N.J.S.A.,
55:14K-1 et~) (hereinafter referred to as the" NJHMFA Law") and a Resolution of
the Mayor and Borough Council of the Municipality adopted on January 27, 2005.1
2. The Municipality recognizes and approves the Sponsor as the entity which
will own and operate the development known as Roosevelt Commons/ Hill Bowl IV (the
"Development"), as previously approved by the governing body in the aforesaid
Resolution.
3. It is expressly understood and agreed that the Borough enters into this
Agreement in reliance upon compliance by the Sponsor with the NJHMF A Law. Th~
Borough recognizes that the amounts set forth in the financial plan attached hereto a$
Exhibit "A" are estimates only and acknowledges the right ofNJHMFA to direct thel
Sponsor to make reasonable changes in the rehabilitation, maintenance and operatiOJh of
the Development which are required by NJHMF A, in its view, to ensure compliance with
the requirements of the Regional Contribution Agreement, Department of Community
Affairs Balanced Housing and Home Programs, if any, which changes may necessitate
reasonable alterations in the amounts set forth in Exhibit "A".
4. The property which is the subject of this Agreement is known as Block
144, Lots 9 and 17, commonly known as 553, 569-571 Roosevelt Avenue, Carteret, New
Jersey 07008 (the "Property").
5. Pursuant to the NJHMFA Law, the Property and all improvements thereon
may be exempt from real property taxation if the Sponsor and the Borough enter into an
agreement for payments in lieu of taxes to the Borough and the same shall not extend
beyond the date on which the eligible loan made by the NJHMFA is paid in full.
6. (a) In consideration of the aforesaid exemption from real property
taxation, the Sponsor and the Municipality of an annual service charge in such amount
and manner as follows: (i) from the date of the closing title until the date of the execution
of the NJHMF A mortgage an annual amount equal to $10,000.00; and (ii) from the date
of the execution of the NJHMF A mortgage and for the remaining tenn of this Agreement,
an annua] amount equal to the greater of$JO,OOO.OO or 6.28% of the "Annual Gross
Shelter Rent". As used herein, the AnnuaJ Gross Shelter Rent shall mean the gross rent
less the cost of the following items: gas and electricity if supplied by the Development
Project; the cost of heating fuel if supplied by the Development Project; water and
sewerage consumption/use charges, if any and if paid by the Development Project; and
trash and garbage removal unless supplied by the Borough.
(b) Payment by the Sponsor sha1l be made on a quarterly basis on the
same date as real estate taxes are paid to the Borough and shall be based upon the Annual
Gross Shelter Rent of the previous quarter. In a timely fashion after the three (3) months
following the end of the first fiscal year of operation after the date of the execution öf the
NJHMF A mortgage and on or about March l5t of each year thereafter that this Agreement
remains in effect, the Sponsor sha1l submit to the Borough a certified, audited financial
statement of the operation of the Development setting forth the Annual Gross Shelth
Rent from all sources and the total service charge due to the Borough calculated at 6.28
percent of the Annual Gross Shelter Rent from all sources as set forth in the audit (the
"Audit Amount"), as determined in the manner set forth in the aforementioned Exhlibit
"A". In the event that the Audit Amount for any fiscal year shall exceed the amount
previously paid by the Sponsor to the Borough for such fiscal year (the "Payment
Amount"), the Sponsor sha1l pay such excess to the Borough simultaneously with ib
delivery of the audit for such fiscal year to the Borough. The Borough may accept any
such payment without prejudice to its right to cha1lenge the amount due. In the ev(mt that
the Payment Amount for any fiscal year shall exceed the Audit Amount for such fiscal
year, the Borough shall credit the amount of such excess to the account of the SpoÜsor.
(c) All payments made pursuant to this Agreement sha1l be in lieu (~f
taxes, and the Borough shall have all the rights and remedies of tax enforcement glianted
to Municipalities by law just as if said payments constituted regular tax obligations on
real property within the Borough. If, however, the Borough disputes the total amoun~ of
the annual service charge due it, based upon the Sponsor's audit, it may apply to the
Superior Court, Chancery Division, for an accounting of the service charge due to the
Borough. Any such action must be commenced within one year of the receipt ofthei
Sponsor's audit by the Borough.
(d) In the event of any delinquency in the aforesaid payments, the
Borough shall give notice to the Sponsor and NJHMF A in the manner set forth in
paragraph 10(a) below, prior to any legal action being taken.
7. This Agreement shall remain in effect only so long as the Sponsor or' its
successor and assigns and the Development remain subject to the provisions of the
aforesaid NJHMFA Law.
8. Upon any termination of such tax abatement, whether by affinnativei
action of the Sponsor, its successors and assigns, or by virtue of the provisions of the
NIHMF A Law, the Development shall be taxed as omitted property in accordance with
the applicable law.
9. The Sponsor, its successors and assigns shall, upon request, permit
inspection of the property, equipment, building and other facilities of the Development
and also permit examination and audit of its books, contracts, records, documents aind
papers by representatives duly authorized by the Borough. Any such inspection,
examination, or audit shall be made during the reasonable hours of the business day, in
the presence of a general partner or agent ofthe Sponsor or its successors and assigns.
_.
10. A notice or communication sent by either party to the other hereunder'
shall be sent by certified mail, return receipt requested, addressed as follows:
(a) When sent by the Borough to the Sponsor, it shall be addressed tc>
Frank Raia & Anthony Sirignano, 450 7th Street, Hoboken, New Jersey 07030, or to 'such
other address as the Sponsor may hereafter designated in writing.
(b) When sent by the Sponsor to the Borough, it shall be addressed to
Borough of Carteret, Municipal Building, 61 Cooke Avenue, Carteret, New Jersey ci7008,
or such other address as the Borough may designate in writing.
(c) When sent by either the Sponsor or the Borough to the NJHMFA, it
shall be addressed to 637 South Clinton Avenue, P.O. Box 18550, Trenton, New Jefsey
08650-2085, or such other address as the NJHMFA may designate in writing.
11. It is agreed and understood that subject to the terms and provisions c:f
paragraph 8 herein, the Sponsor agrees that it will not sell or transfer the Development,
together with the improvements thereon, to any corporation, association or entity, unless
such corporation, association or entity quali fies under the NJHMF A Law and owns no
other development at the time of transfer, without first obtaining the prior written cbnsent
of the New Jersey Housing and Mortgage Finance Agency.
12. The Sponsor further agrees to abide by all applicable Federal, State and
Local rules, regulations and ordinances regarding equal employment opportunities.,
13. In the event of a breach of the within Agreement by either of the Parties
hereto or a dispute arising between the Parties in reference to the terms and provisions as
set forth herein, either Party may apply to the Superior Court, Middlesex County 1<1 settle
and resolve said breach or dispute in such fashion as will tend to accomplish the purposes
of the NJHMFA Law.
14. Notwithstanding anything to the contrary in Paragraph 6 or elsewhere in
this Agreement, land taxes shall continue to be assessed against the real property, but
shall be credited toward each quarterly payment of the annual service charge.
IN WITNESS WHEREOF, the Parties have caused these present to be executed
as of the day and year first above written.
ûlíL lli%j -
~~
tÇØrk
FRANK RAIA ¿
~~
AN~ 0
ATTEST:
¿;-i¿j.b~~
+ .
EXHIBIT "A"
4:30 PM
NEW JERSEY HOUSING AND MORTGAGE FINANCE AGENCY
MULTI·FAMILY LENDING· NO TAX CREDIT.'j,
SCITEDULE lO-A: PROJECT DESCRIPTION
Inducement
Commitment
Re-Commítmenl
Bond Sale
Closing
m.1F A#
Date:
Prepared by:
Reviewed by:
lIIlIBow]
Name of Housing Development
RôoseveltAven~~'
Project Street Address
Zip Code:
Municipality
County
Carteret·;
Middksex
i',1
Block No.
-·144
144
Lot No.
9.00
17
Type of Dcvelonment
(Select either Family or Senior Citizens (NOT BOTH):
Family
Senior Citizens x
Provide the followinl!:
legislative District:
Congressional Disttict:
Census Tract:
TvneofConstruction
New Construction
Modular
Moderate Rehabílitaion
Substantial Rehab.
Conversion
Rehabilitation/Occupied
x'
12 (mos.)
6 (mos.)
Total Number of Parking Spaces
Ratio of parking to D.U.'s
24
2 :1
The Prolect is In a:
UCC
Smart Growth
P!anningArea:
No. of dwel1ìng units
No. of currently
occupied DU's
Constructio' Tenn
Rent-up P
16
Parkin!!
(designate area)
CHECK WHICH APPLIES
Construction Loan
Construction & Pennanent Loan
Pennanent Loan Only
Tax Exempt
Taxable
x
Tyoe of Subsidy
City Living
HOME EXPRESS:
Hm. Exp. Loan Amount: $
Small Renta! Project Preservation:
Loan:
Subsidy:
420,37\
400,000
Tvne of Loan
TvoeofFinancine
x
Cost Summary
Cost of Land and/or Improvements
Construction Cost
Total Project Cost
$20,625 perDU
$67,438 perDU
$125,298 perDU
$37 perSqft.
$120 per Sqft.
$224 perSqft.
Types of
Residential
Structures*
No,of
Bldgs.
No. of
Stories
Each
UnilType
(I'"o.of
BR's)
Unit Size
In Sq. Ft.
No.of
x Unil5
N,'
Rentable
Area
Rental Rooms
Per Unit
Total
Garden ' 2 2 IBR 560 16 8,960 4 56
. ..'
"
, .
,
"
,
Commercial Space .' ,.
Common/Other Space " > "
Totals
2
16
8,960
56
'"Low - Rise (I - 3), MidlHi - Rise (4 + stories), Townhou,e or Semi-detached
rev. 07/26/01LB, \ Jl05/0! MR, 4/\103 AMA, 8/15/03 A}i[A, 8/27103 AMA, 1/8/04 AMA
This memorandum contains advisory, consultative and deliberative materials and is Intended forthe fJerson(s) named as recipient{s).
4:30PM
SCHEDULE to-B, EST. DEVELOPMENT COSTS AND CAPITAL REOUIREMENTS
InduCCDII'm
Commiu"""t
Re-Comnitmctlt
Bond Sale
Closing
HMFA#
Prepa'c:dby'
Reviev,c:dby:
D..
D..
(DiroctorofTochnic.aIServicc:s)
I. SOURCES OF FUNDS DURJNG CONSTRUCTION:
(DiroctororCredit)
WiUloalVsberr:paidtJomprojectr~enues'!
(lfSourC(:isagran~enla'G",)
YorNorG
D..
R",;ewedby'
a) ConslTUctionloan
b) NOTÙlBrunswickRCA
c)MiddlescxCountyHo~
d) DeferrcdLaooCost
c) DcferrcdDeveloperFee
o
.
"
TOTAL SOURCES OF OJNSTRUCTIONS FIINDS:
650,000
320,000
560,000
114,400
190,000
1,834,400
2. USES of FUNDS DURJNG CONSTRUcnON;
A. ACOUlSITION COSTS:
a) Land
b) Building Aa¡u;,ition
c) Relocation
d)O!her
B. CONSTRUCTION COSTS
a) Derro1ition
b) Off-,ileJ11l'TOVemeIlIs
c) Residential SOUClUJes
d) Comnunity Service Facìli\}'
e) EnvirotlIlJ<nul Clearances
QSurety&Boooing
g) Bui1dingpemùlS
h) Garage Parking
i) Uti1i\}' Connection Fees
j)GeneralRequirmenlS
k)ContraclOrOverbo:ad& ProlÎt
I) Other'
m)Other
--
@
IS
per Ac'e)
330,000
330,000
.,./
30,000
30,000
944,000
75,000
C. DEVELOPER FEE
D. CONTINGENCY
a) Hard Costs --!E,~
b)SotlCosts
E. PROFESSIONAL SERVI~-
a) Awraisa1 & MarkC1 Swdy
b)AIchitect
c) Engineer
d) Attomcy
c) Co,¡CenificationlAudil
QEnviroruncntalConsultant
gj Historical Cottsultanl
h)SoillnvestigaIion
¡)Survcyor
j}Othcr
k)Other
F. PRE_OPEiiA'fîDÑALEXí'ENSES-
a) Opaatorfces(pre-cons!ructionco11l"elion)
b) Adverris;ngand ProlOOtion(pre-co!lS¡;uctionco11l'letion)
c) Staffing and Start.up Supplies (p,e·ccns!ruclioncomplclion)
d) Housing AffnrdableScrviccsFcc (HJ.s)
c)Olher
G. CARRYING AND FINANCING COSTS DURING CONSTRUCTION
.)Inlercst@ 6,_0000 % lOr (
b)RE Tax $ 10,000 (per'lUIum) X
c)lttsuranccS 10,000 (peralUlum) X
d) Ti!le Insurancc and RecordingExpellfes
e)PoinISToReducc:HMFASClYÌcingFo:eIColU'L&PO"",_Only)
Q HMFA Serond Note Financing FeeIC~ns't" Perm Onlyl
iJHMFACorlSlI_lDanScrv,Fee % for I N/A
h) OlbaL.er.dcr COIIS!ruction Financing Fee
i) Tax CredilFees
1NegariveAIbitrage(ifBond,are,ohlduringCou5trucUou)
k)Costoflssuancc(UBoudiareioldduringCOI\SIruU;on)
I)O¡bcr:
]. USES OF FUNDS DURING CÓNST'l:UcnON:
11.59%
1,079,000 .../'
190,000 .-----
107,900
107,900
5,000
30,000
15,000
J,OOO
'.000
10,000
10,000
78,000
/
',000
'000/
12 lIDS,) '" ,
100 Yrs
1,00 Yrs
'" ,
'" ,
IOOS.) SNIA
325000
19,500
10,000
10,000
',000
4. BALANCE OF FUNDS NEEDED FOR CONSTRUcnON (overue I shortage):
(ESTIMATE)
(ESTiMATE)
,
$1
$1
44,500
1,834,4001
5. SOURCES OF FUNDS FOR PERMhNENT CLOSING,
a) Small Projecl
b) AgenyMtg
oj
"
0)
o
,)
')
TOTAL SOURCES FOR PERMANENT CLOSING,
400,000
420,371
820,371
6. DEVELOPER'S FEE' 0,28%
1, USES of FUNDS FOR PERMANENT CLOSING:
A.HMFAPointsllo¡c:ducealUlualservi~ On
B HMFA Second NOle F;nancing Fee
C. CONSTRUcnON LOAN PAYOFF
NOTE: IfHMfA i. providing COlISluct'OD & Permanent Mlg" ESCROWS are funded al Ibe ron'lruclloo loan closing.
D. Reinu"".mem for Land (ESTIMATE)
E. ro,toflssuancc: (ESTIMATE)
F. ESCROW REOUlREMENTS,
1)WorklogCapitaIE.crllw
a) Debl Service & Operaling Expe'lScs
b) Rcmal Agenl Rem-up Fee (durin':¡ Renl-up)
c)Advenis;ngandProlOOtion(duri,',gRent-up)
!)OlherE..rows
a) Insurance(1/2YR)
b) Taxcs(! Qtr,)
c) DehISClYÌcc: Paymenl& Sen;ciHg Fcc for 1 Month
d) MorlgageInsurance Premium (J\IJP)!ycarplus3 IOOntllS
e) Rr:pa;r& ReplacenJent Reserves
Q Oper.tingDeficil Reserve
gjOther:
8. USES Of FUNDS FOR PERMANE1IT CLOSING
9. BALANCE NEEDED TO CLOSE (-Verne I shOTtinl,
10. TOTALPRQJECTCOSTS
11, MAXIMUM MORTGAGE LOAN 20,97 %ofl1em 10
4,651
114,400
650,000
41,537
4,800
2,516
2.461
H10,311
(0)
2,004,771
420,371
11. SPONSOR'S EOUITY REOUlRED
h Compo..d of:
a)Ca,h
b) PledgooAsscts
c) BridgcFinandng
D. REPAYMENT OF SECOND NOn: ¡IFAPPLlCABLE)
$1
-------ï::ïšîšõu-;ë;-------
lnt..-csl@
Principal $
)~ ,
Toto! $
Total
NEW JFRSEY lfOUS1NG AND MORTGAGE FlNANCE AGENCY
By:
'"
(DC\-'cloper Or Aulhnri.cd Signatory) NJHMFA E,,,,,'Utive DircclOr or Designee
Thl. mamorandum eonúlln. a<lvl.of)', con.Ullatlva and daUbaratl"" matarlals and Is ¡ntandad rOr t~ person(S) namad as ..clplant(s).
4:30 PM
SCHEDULE lO-C: OPERATING EXPENSES
Sponsoring Entity:
Dev. Name: Hill Bowl
HMF A#
Prepared by:
Reviewed by:
Director of Property Management
Date
# of
Emolovees
Total Wages
incbenefits
[. ADMINISTRATIVE EXPENSE
Stationery & Supp!. --
Telephone --
Dues & Sub.
--
Postage --
Insp. & Other Fees --
Advertising --
Legal Services
Auditing (Year End) --
Soc. Servo Supp!. --
Bookkeeping/Accounting --
Misc. Adm. Expenses --
Computer Charges 864
--
Other:misc -~
TOTAL $ _ 6,000
III. MAINTENANCE AND REPAIRS
n. SALARIES &
RELATED CHARGES
Superintendent
lanitorial
Grounds & Landscaping
Security
Socia1 Services
Site Office & Admin
Maintenance
OtherSa]aties:
Imp!. Benefits
Emp!. Payroll Taxes
Worker's Compo
Other:
11.000
TOTAL $
11,000
IV. MAINTENANCE CONTRACTS
Masonary
Carpentry
Plumbing
'ectrical
___Itchen Equipment
Elevator
Windows & Glass
Vehicles & Equip.
Snow Removal
Grounds & Landscaping
Paint & Dec. Sup!.
Small Equip. & Tools
Janit. Sup. & Tools
HV AC Supplies
Misc. Maine. Supp!.
Other:
--
Security
Elevator
Rubbish Removal
Heating & AC Maint.
Grounds, Parking & Landscaping
Exterminating
Cyclical Apt. Painting
Other:
--
--
--
8,000
1,867
--
--
TOTAL $
9,867
--
--
V. UTILITY EXPENSE
--
Water Charges
Sewer Charges
Electricity
0"
Fuel
3,000
3,000
6,000
5,000
-~
TOTAL $ _ 5,000
TOTAL $
17,000
VI. REAL ESTATE TAX CALCUI..ATION ]:OR TAX ABATEMENT
Gross Rents ~. 129,600
Less Vacancy (-) 12,960
Less Utilities (if applicable) (.) 17,000
Gross Sheltered Rents $ 99,640
,to , 10.10 %
__al Estate Taxes ~; 10,064
This memorandum contains advisory, consultative and deliberative materials and is Intended for the person(s) named as recipient(s).
4;30 PM
SCHEDÙLE 10-D
ANTICIPATED GROSS RENTS
Mortgage Amount
Mortga' stRate
TeL )
Amortizàtlbn-\ Y,S,M)
FMRArea
420,371
5.45 %
30
HMFA #
Prepared by:
Reviewed by:
M
Date
ANTIC(PATED GROSS RENTS
No. of
Bedrooms
No. of
Units
Target ....
Occupancy
Gross
Rent
Allowance for
Tenant Paid
Utilities"'''''
Net Rent
Monthly
Annual
I 16 675 675 10,800 129,600
Super's Apt.
TOTALS
16
10,800
Anticipated Annual Gross Rents
129,600
..
Indicate on a separate line which apartment i; for the Superintendent.
Ifit's rent·free, put $0 in the Rent column.
Indicate "U¡w", "Mod" or "Mkt" AND the percentage of median income.
Low Income· 50% or less of median income
Moderate Income· 50% to 80% of median ircome
Market Income - 80%+ of median income
Where tenants pay their own utilities, a "utili1y allowance" must be subtracted
from the maximum chargeable rent when detennining their rental charge.
...
EOUIPMENT AND SERV1CES
(a)
Eouloment:
Ranges
Refrigerator
Air Conditioning
Laundry Facilities
lOsa]
___nwasher
Carpet
Drapes
Swimming Pool
Tennis Court
Other:
(b)
Services:
Heat
Hot Water
Cooking
Air Conditioning
Household Electric
Water
Sewer
Parking
Other:
Other:
Gas,Electric Paid by
or Oil Tenant
e x
e x
e x
e x
x
--
--
--
--
--
--
--
COMMERCIAL SPACE
(Include al1 utility costs associated with the commercial space in your description)
This memorandum contains advisory, consultative and deliberative materials and is Intended for the person(s) named as recipient(s).
SCHEDULE IO-E
SUMMARY OF ANTICIPATED ANNUAL INCOME AND EXPENSES
4:30 PM
Sponsoring Entity:
HMFA#
Prepared by:
Reviewed by:
(Director of Property Management - Exoenses Only)
)ev. Name: HiJl Bowl
RENTAL INCOME
Apartment Rents
Vacancy Loss
NET APT. RENTS
Commercial Income
Garage & Parking
Commercial Vacancy
NET COMMERCIAL RENTALS
TOTAL RENTAL INCOME
OTHER INCOME
Laundry Machines
Other:
TOTAL OTHER INCOME
TOTAL REVENUE
EXPENSES
Administrative
Salaries
Maint. & Repairs
Maint. Contracts
Utilities
'nagement Fee
(Schedule I)
(Schedule II)
(Schedule III)
(Schedule IV)
(Schedule V)
30.73
Date
$
129,600
12,960
] 16,640
10.00 %)
$
%
--
per unit
$ ] 16,640
$
$
$ 116,640
$ 6,000
11,000
5,000
9.867
17,000
5,900
10,064
9,600
6,800
$ 81,230
$ 35,410
Real Estate Taxes (Schedule VI)
Insurance $600 peT UnÎ1
ReseIVe for Repair and Replacement
425.00 per unit
TOTAL EXPENSES
NET OPERATING INCOME
DEBT SERVICE
I. Principal and Interest
2. Mortg & Bond Serv Fee
3.MIP
AGENCY DEBT SERVICE
DEBT SERVICE ON OTHER
MORTGAGE LOANS
TOTAL DEBT SERVICE
NET INCOME
Less Return on Equity
Project Pro; ISS)
DEBT SERVICE RA no CALCULA nON:
$ 28,484
0.25 % 1,051
--
%
--
$ 29,535
$
$ 29,535
$ 5,875
% on $ $
$11 5,87511
DSR =
NET OPERATING IN,:::OME
AGENCY DEBT SERýICE
1.19892
New Mortgage
Amount
42o,3711
This memorandum contains advisory, consultative and deliberative materials and is intended for the person{s) named as reclpient{s).
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