Identification of all members of the project team. In addition to the information required by subsection (c), applications shall be required to contain the following: A description of the roles, financial structure and all legal relationships of the applicant, developer, owner(s), managing general partner, administrative subcontractor and all other partners in the construction project; The experience of the applicant, developer, owner, and managing general partner in developing the same type of subsidized project as proposed by the application; The readiness of the project to proceed; Documentation demonstrating that the project either complies with or is exempt from . The feasibility of the proposed project which shall include the following: The financial feasibility of the project and compliance with the and Federal and state Requirements; A market study, property appraisal and Phase I/Phase II environmental site assessment. I. The market study must demonstrate whether sufficient demand exists in the market area to support the proposed project at the projected rents. The property appraisal must determine the value of the land upon which the proposed project will be developed. If the land is leased, the appraisal must include the fair market value of the lease payments. The Phase I/ Phase II environmental site assessment must demonstrate whether the property is free from severe adverse environmental conditions. For projects located on Native American Lands as defined above, appraisals and a Phase I environmental site assessment will be required based on the data available. Any document prepared pursuant to sub sections (ii) above shall be prepared by an individual or firm which: Has the appropriate license, when deemed necessary by the Department, and knowledge and experience necessary to competently prepare the document; Is aware of, understands, and correctly employs those recognized methods and techniques that are necessary to produce a credible and complete document; Communicates each analysis, opinion, and conclusion in a manner that is not misleading as to the true market needs for low-income residential property, and the value and condition of the subject property; and is an independent third party having no identity of interest with the applicant, partners of the applicant, intended partners of the applicant, or with the general contractor. If the applicant is a CHDO, the procedures to ensure the effective project control of activities assisted with NHTF funds pursuant to CHDO’s Applications must include a Project Milestone Accomplishment Chart and an Expenditure Schedule that substantiates the project timeline from
Identification of all members of the project team. In addition to the information required by subsection (c), applications shall be required to contain the following: A description of the roles, financial structure and all legal relationships of the applicant, developer, owner(s), managing general partner, administrative subcontractor and all other partners in the construction project; The experience of the applicant, developer, owner, and managing general partner in developing the same type of subsidized project as proposed by the application; The readiness of the project to proceed; Documentation demonstrating that the project either complies with or is exempt from . The feasibility of the proposed project which shall include the following: The financial feasibility of the project and compliance with the and Federal and state Requirements; A market study, property appraisal and Phase I/Phase II environmental site assessment. I. The market study must demonstrate whether sufficient demand exists in the market area to support the proposed project at the projected rents. The property appraisal must determine the value of the land upon which the proposed project will be developed. If the land is leased, the appraisal must include the fair market value of the lease payments. The Phase I/ Phase II environmental site assessment must demonstrate whether the property is free from severe adverse environmental conditions. For projects located on Native American Lands as defined above, appraisals and a Phase I environmental site assessment will be required based on the data available. Any document prepared pursuant to sub sections (ii) above shall be prepared by an individual or firm which: Has the appropriate license, when deemed necessary by the Department, and knowledge and experience necessary to competently prepare the document; Is aware of, understands, and correctly employs those recognized methods and techniques that are necessary to produce a credible and complete document; Communicates each analysis, opinion, and conclusion in a manner that is not misleading as to the true market needs for low-income residential property, and the value and condition of the subject property; and is an independent third party having no identity of interest with the applicant, partners of the applicant, intended partners of the applicant, or with the general contractor. If the applicant is a CHDO, the procedures to ensure the CHDO’s effective project control of activities assisted with NHTF funds pursuant to Applications must include a Project Milestone Accomplishment Chart and an Expenditure Schedule that substantiates the project timeline from
HCD-FINAL-AP-FY-2017-18.docx