Page 1
RIHOUSING
Application for “Letter of Eligibility”
GENERAL INFORMATION
1. Name of Development:
2. Address of Site: Plat _____, Lot(s) ________
3. City/Town: Zip Code:
4. Development Entity:
Name of Principal:
Street Address:
City/Town:
Telephone: Fax: Email:
5. Name of Consultant (if applicable):
Telephone: Fax: Email:
6. Type of Housing: Single Family Detached Condominiums
7. Unit Mix: Total Units Affordable Market
Anticipated source of subsidy: RIH Program
Municipal Type (e.g., density bonus, fee waiver, etc.)
8. Has the town previously reviewed any proposals to build on this site? Yes ___ No ___
If yes, please explain.
9. Is this an AGE-RESTRICTED (55+) development? Yes ___ No ___
10. Narrative Project Description including building types, unit types, number of bedrooms per unit.
11. Name of Approved Monitoring Agent _______________________________________________
Page 2
SITE INFORMATION
1. Total Gross Area of Site: Acreage Total Buildable Area of Site: Acreage
2. Current Zoning Classification:
Residential (minimum lot size)
Commercial Industrial Other
3. Does any portion of the site contain wetlands? Yes ___ No ___
If yes, how many acres are wetlands?
If yes, attach map of site noting wetland areas.
4. Is the site located within a designated flood hazard area? Yes ___ No ___
5. Are there any hazardous waste sites within a 1/2-mile radius of the site? Yes ___ No ___
If yes, describe:
6. Describe the prior uses of the subject site:
Existing buildings on site? Yes ___ No ___
If yes, describe plans for these buildings:
7. Is the site or any building located on the site listed, nominated or eligible for listing on the National
Register of Historic Places? Yes ___ No ___
8. Is the site within a Historic District? Yes ___ No ___
Page 3
SITE INFORMATION (continued)
9. Describe the current status of site control and attach copies of relevant executed agreements:
a.) Owned by Developer: Yes ___ No ___
b.) Under Purchase and Sale Agreement: Yes ___ No ___
Seller: Buyer:
Date of Agreement: ______________________
Expiration Date: _________________________
Extensions granted: Yes ___ No ___ Date of Extension:
Purchase Price $: _______________________
c.) Under Option
Seller: Buyer:
Date of Agreement: ______________________
Expiration Date: _________________________
Purchase Price $: _______________________
10. Most Recent "Arms Length" Sale:
Date: Price $:
Parties involved: Seller:
Buyer
11. Availability of Utilities (indicate which utilities will be available to this site)
Public Sewer Private Septic
Public Water Private Wells
Natural Gas Electricity
12. Is the site located near public transit? Yes ___ No ___
If yes, please indicate specific type of transit and distance from the site:
Page 4
PROJECT INFORMATION
1. Size of Development
a.) Total Number of Units:
b.) Number of Handicapped Accessible Units:
c.) Number of Buildings:
d.) Number of Stories in Buildings:
2. Total Gross Square Footage of Building
Space:
3. Project Type:
New Construction Rehabilitation Conversion
4. Construction Type:
Single Family Detached Townhouse Other
5. Is this a Condominium development? Yes ___ No ___
If yes, estimated condo fees: Market Units: Affordable Units:
Page 5
PRICING OF AFFORDABLE UNITS
In order to attract a sufficient number of qualified buyers for the deed restricted affordable units, the
following assumptions should be considered when determining maximum sales prices for these units:
Average Median Incomes shall be based on the HUD area median income
Assume a 0% down payment
Assume the buyer will use conventional mortgage financing at Freddie Mac interest rates for a 30-
year fixed rate loan. Rates are published weekly at www.freddiemac.com
The borrowers total monthly housing payment should not exceed 30% of the borrower’s gross
monthly income
The total monthly payment is comprised of principal, interest, taxes, insurance, mortgage
insurance and condo fees
Complete the following table for each type of unit, (.g. 2br townhouse, 3br single lot house,etc.)
Type 1 unit __________________________________________________________________________
Income
Target
# of Units
# of BR’s
Per Unit
# Baths
Per Unit
Sq. Footage
Per Unit
Sales Price
Per Unit
Buyers
Max
Income
Affordable
@ __% AMI
Affordable
@ __%AMI
Affordable
@ __% AMI
Market
Total
Page 6
Type 2 unit _____________________________________________________________________
Income
Target
# of Units
# of BR’s
Per Unit
Sq. Footage
Per Unit
Sales Price
Per Unit
Buyers
Max
Income
Affordable
@ __% AMI
Affordable
@ __%AMI
Affordable
@ __% AMI
Market
Total
Page 7
PRELIMINARY CONSTRUCTION BUDGET
Development Item
Total Cost
Low Mod
Component
Total Cost
Market Rate
Component
Total
Project
Cost
Development Costs
Site Acquisition:
$
$
$
Hard Costs:
Site Preparation
$
$
$
Landscaping
$
$
$
Residential Construction
$
$
$
Hard Cost Contingency
$
$
$
Total Hard Costs:
$
$
$
Soft Costs:
Permits/Surveys
$
$
$
Architectural
$
$
$
Engineering
$
$
$
Legal
$
$
$
Insurance
$
$
$
Security
$
$
$
Construction Manager
$
$
$
Property Taxes
$
$
$
Construction Loan Interest
$
$
$
Application/Financing Fees
$
$
$
Appraisal
$
$
$
Utilities
$
$
$
Accounting
$
$
$
Marketing & Commissions
$
$
$
Consultant
$
$
$
Soft Cost Contingency
$
$
$
Total Soft Costs:
$
$
$
Total Development Costs:
$
$
$
Sources
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
Sales Revenue (if applicable):
Affordable # ____ x $____ = $_____
$
$
$
Market # ____ x $____ = $______
$
$
$
Total Revenue:
$
$
$