AHRF-Application_Final.xlsx

For the electronic copy (PDF), rather than saving the Excel Worksheets as a PDF, make sure to

print the Excel Worksheets as a PDF. For the electronic (PDF) copy: print all the worksheets as a

single PDF copy and label as "Worksheets"; and print all the Exhibits as another single PDF copy

and label as "Exhibits". In addition, in order to have sequential page numbers for the entire

Worksheets PDF, make sure to select all the tabs before printing.

Note: Holding the Shift key, allows you to select multiple adjacent tabs by clicking the first tab and

the last one in the tab bar.

For the hardbound hardcopy of the completed application, make sure that the page numbers are

sequential for the entire Worksheets. If you print from the electronic copy (PDF) then the page

numbers ought to be sequential as you have already went through the exercise of printing the

pages sequentially.

XI. HOA Estimated Costs

IV. Target Population

V. Sources

VI. Project Budget/Uses

VII. Project Budget - Rehabilitation

VIII. Unit Mix and Sales Revenue

IX. Construction Disbursement and Funding (Cash Flow Format)

X. Estimated Project Revenues

2. Certifications and Assurances

3. Credit Authorization

4. Reponses to Questions

III. Project Description

HHFDC Affordable Homeownership Revolving Fund Application (For-Sale Projects)

Instructions

If you have any questions, please contact the Finance Branch at (808) 587-0567 or

[email protected]. Staff is available for consultation prior to submitting the application.

Applications must be complete in order to be accepted. Incomplete applications will not be

processed by the program staff for review and decision making by the Hawaii Housing Finance

and Development Corporation's Board of Directors (Board).

The Affordable Homeownership Revolving Fund (AHRF) application is prepared in Excel. The

AHRF Application (For Sale-Projects) may be completed in Excel. Please use, at minimum, an 11

point font.

Please submit one hardbound hardcopy of the completed application, an electronic Excel copy of

the completed application (for the Worksheets only), and an electronic (PDF) copy of the entire

completed application. The Excel AHRF Application packet is formatted for ease of printing on

8.5X11 sized paper. Please do not reformat.

Throughout the spreadsheet, please input data in the light blue shaded fields. The white cells are

automatically created values.

Please submit the application in the order listed below. Make sure that each section is properly

titled and labeled at the top of each page.

1. Worksheets in the following order:

I. Applicant's Request and Information

II. Site Information Sheet

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HHFDC Affordable Homeownership Revolving Fund Application (For-Sale Projects)

Instructions

Exhibit No.

Exhibit 1

Exhibit 2

Exhibit 3

Exhibit 4

Exhibit 5

Exhibit 6

Exhibit 7

Exhibit 8

Trade and banking references for the applicant.

6. The following Exhibits (1-30):

Description

Copy of a current IRS Tax Exemption Letter (nonprofits) and copy of the

Articles of Incorporation.

Most recent Treasury Form 990 with all supporting documentation as filed

with the IRS, if applicable.

Certified copies of the organizational documents of the applicant, including

its articles of incorporation and bylaws, declaration of trust, partnership or

limited partnership agreement, including any amendments thereto. Include a

signature resolution if not encompassed within corporation bylaws.

Housing Development Experience form provided as part of this application, if

applicable. Please fill in all information requested on the sheet using the

most current information. See sample form titled "Exhibit 8" in the Affordable

Homeownership Revolving Fund application packet.

5. Responses to Environmental Questionnaire

Copy of applicant's past three (3) years of audited financial statements and

reports prepared in accordance with generally accepted accounting

principles. In the event the applicant is an entity not yet formed, submit

federal and state tax returns and financial statements for the previous three

years, for the developer and principals of the applicant entity. Please redact

all social security numbers prior to submission.

Copy of an organizational chart from the sponsor and the owner of the

project. If the ownership structure will be different at anytime during the

development process, provide a separate organizational chart representing

the ownership structure at such time.

Certificate of Vendor Compliance for the applicant and constituent entities.

The Certificate should not be more than 30 days old and the status of all line

items shall be reported as compliant or exempt.

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HHFDC Affordable Homeownership Revolving Fund Application (For-Sale Projects)

Instructions

Exhibit 9

Exhibit 10

Exhibit 11

Exhibit 12

Exhibit 13

Exhibit 14

Exhibit 15

Exhibit 16

Exhibit 17

Exhibit 18

Exhibit 19

Preliminary title report. The preliminary title report should be dated no earlier

than six months from the date of the application.

Documentation regarding the applicable Special Site Classification.

Letter from the appropriate County Housing Agency which describes your

request for exemption under Chapter 201H, HRS, and the status of your

application. If your site is being rezoned, please attach a letter from the

appropriate County Planning Office which describes the status of the

rezoning process.

Letter of support from the County mayor, City or County council, County

Housing office or agency, or Neighborhood Board. Letter must not be older

than 6 months from the date of application.

Copy of the most recent Draft Environmental Assessment, Finding of No

Significant Impact or Environmental Impact Statement.

Location map of the project site. The map should identify the site, parks,

schools, public transit routes and stops, shopping and business districts,

and competitive developments.

Photographs or rendering of the project and site.

Survey, if available.

Evidence of site control for the project, e.g., deed, lease, agreement of sale,

option agreement.

Copy of any existing note, mortgage, or loan agreement encumbering the

project site, if available.

Resume for each member of the project team.

Resume for key staff involved in the development ownership of this project

from the sponsor and developer.

In addition, please provide a list of construction projects and contracts

completed by the Developer, General Contractor, Consultant, Project

Sponsor, and Architect for at least the last five years. The list includes at

minimum, the name of the project, address of the project, beginning and

ending date of the contract or project, the year project was placed in service,

name of owner of project, owner contact information and list of any federal,

state or local subsidy used in the project and a brief description of the

project.

Letter of reference are welcome in addition to the resumes.

Page 3 of 6

HHFDC Affordable Homeownership Revolving Fund Application (For-Sale Projects)

Instructions

Exhibit 20

Exhibit 21

Exhibit 22

Exhibit 23

Utilities:

Water:

Attach a copy of the Board of Water Supply or Department of Water

Supply letter confirming adequacy of existing water system and availability

of water.

Sewer:

Attach a copy of the sewer application indicating adequacy of

existing sewer system capacity.

Electricity:

Attach a copy of letter from local electricity provider confirming

the availability of electricity to the site.

Environmental Questionnaire (Part of this application packet) and copy of

Phase 1 Environmental Site Assessment. Copy of Phase 2 Environmental

Site Assessment and any mitigation plan, if necessary. The Phase 1

Environmental Site Assessment, Phase 2 Environmental Site Assessment,

and mitigation plan should be dated no earlier than 12 months from the date

of application.

Proposed construction timetable.

Market analysis prepared by an independent firm, not affiliated with the

developer (see below*), as to present and projected demand for the

proposed development in the market area. As the market analysis should

provide up-to-date demographic information, it should be dated no earlier

than six months from the date of the application.

*The firm conducting the study must provide the following documentation:

a) Certificate of Vendor Compliance within 30 days prior to the application

date indicating all checks as "compliant" or "exempt",

b) evidence that conducting market studies is one o the primary purposes of

the firm,

c) affidavit certifying that the firm is not affiliated with the developer/applicant

(See sample form titled "Market Analysis Affidavit" in the Affordable

Homeownership Revolving Fund application packet),

d) an affidavit from the developer/applicant certifying that they are not

affiliated with the market analysis firm must also be submitted See sample

form titled "Owner/Developer Affidavit" in the Affordable Homeownership

Revolving Fund application packet.

All documentation must be to the satisfaction of the HHFDC.

Page 4 of 6

HHFDC Affordable Homeownership Revolving Fund Application (For-Sale Projects)

Instructions

Exhibit 24

Exhibit 25

Exhibit 26

Terms and conditions of the proposed financing, including commitment

letters, from all financing sources and/or tax credit syndicators. Terms and

conditions must reconcile with the worksheets submitted with the Affordable

Homeownership Revolving Fund Application.

One half size set of plans.

Plans and specifications to include a) site plan at a minimum scale of 1"=40'

which delineate the building types, common elements and parking (including

handicapped designations). Project Data must be included on the site plan

sheet: zoning and building code information, both allowable and proposed,

under which the project was designed (e.g., parking, height limits. floor area

ratio, lot coverage, setbacks, type of construction, etc.); b) floor plans of

each building type at a minimum scale of 1/8"=1'-0". Handicapped clear

spaces shall be shown dashed on the plans and reference shall be made to

the code from which it was derived (e.g., UBC, FFHAA, UFAS, etc.); c)

exterior elevations of each building type at minimum scale of 1/8"=1'-0".

Indicate finish materials; and d) unit plans.

Applicant should be aware that a final copy of the plans will need to be

approved by the State of Hawaii Disabilities and Communications Access

Board prior to funding and start of constructions.

Current appraisal, if available.

Whenever the HHFDC provides loan financing, an appraisal report

conforming to USPAP standards shall be at the expense of the applicant

and ordered by the HHFDC. Prior to ordering the appraisal, the HHFDC will

require the applicant to deposit with the HHFDC sufficient funds to pay for

the entire cost of the appraisal report. Appraisal reports ordered by the

applicant may not be acceptable. Appraisal reports ordered and prepared for

any federally insured lender or HUD approved lender will be acceptable, but

shall be subject to a satisfactory review by HHFDC and an appraiser

engaged by the HHFDC if deemed necessary by HHFDC, at the

applicant/developer's expense.

Page 5 of 6

HHFDC Affordable Homeownership Revolving Fund Application (For-Sale Projects)

Instructions

Exhibit 27

Exhibit 28

Exhibit 29

Exhibit 30

NOTE:

If certain exhibits are not applicable, then insert a page with the statement "THIS SECTION IS

INTENTIONALLY OMITTED" typed on it, along with a brief explanation as to why the exhibit

is not applicable.

Capital Needs Assessment (if applicable). The Capital Needs Assessment

should be dated no earlier than six months from the date of the application.

A capital needs assessment is a qualified professional’s opinion of a

property’s current physical condition. It identifies deferred maintenance,

physical needs and deficiencies, and material building code violations that

affect the property’s use, structural and mechanical integrity, and future

physical and financial needs. The Capital Needs Assessment shall identify

any work that must be completed immediately to address health and safety

issues, violation of Federal or State law, violation of local code, or any work

necessary to ensure that the building can continue to operate as housing.

Comparative analysis of conventional water heating system and solar water

heating system (if applicable).

Architect Certification - Energy Efficiency and Green Building standards.

Applicants must submit a certification from the Architect confirming that the

Project can meet the required building standards for the category selected.

Special Housing Need documentation and support (if applicable).

Page 6 of 6