Insurance Status. Insurance is not applicable to this project as the site will undergo new construction.
Insurance Status. The applicant indicates that no insurance claim was filed on the property. The property was owned by a party other than the applicant during the time of Hurricane Xxxxxx, therefore the applicant, Lively Oaks Limited, does not anticipate insurance proceeds.
Insurance Status. The applicant does not have an insurance claim on this property and does not expect any insurance proceeds.
Examples of Insurance Status in a sentence
Industrial Insurance Status: Contractor is responsible for maintaining a current status of their industrial insurance premiums with the Department of Labor and Industries (L&I).
Industrial Insurance Status: Contractor is responsible for maintaining a current status of their industrialinsurance premiums with the Department of Labor and Industries (L&I).
Evidence of "Qualified Self- Insurance Status" will suffice to meet the requirements of this section.
Adjusted Trend of Primary Care Amount and Quality Measures 2010-14, by Insurance Status and Physician Ownership Source.
Adjusted Trend of Primary Care Amount and Quality Measures 2010-14, by Insurance Status and Physician Ownership 63 CHAPTER 4 Figure 1.
More Definitions of Insurance Status
Insurance Status. The applicant has not provided evidence of an outstanding insurance claim for the property damage incurred on the project site. Debt & Financing: The application identifies financing in the amount of $4.15 million from Regions Bank. The annual debt service will be $267,434 and the resulting average debt coverage ratio is 1.17. This is below the standard threshold of 1.2 for this development.
Insurance Status. The applicant indicated that an insurance claim was not filed for the damages suffered from Hurricane Xxxxxx. An insurance claim may be required as the first source of funds for the recovery of damaged property prior to pursuing CDBG-DR funds.
Insurance Status. The applicant has stated that an insurance claim has not been filed. Applicant has stated that a third-party claims adjustment has been commissioned that will be submitted. Insurance will need to be pursued to mitigate potential or actual duplication of benefits.
Insurance Status. The applicant indicates that an insurance claim has been file on the Linden Oaks project in response to the damages suffered from Hurricane Xxxxxx. Insurance proceeds are expected to amount to $417,437. Debt & Financing: The project was initially developed through the use of a USDA section 515 loan which remains on the property. The rehabilitation is proposed to be funded with a construction loan from The BHHH Companies Inc. in the amount of $1,366,015. A debt service ratio of 1.22 indicates that it may not be feasible to take on another loan on the property. CDBG-DR funds will be used to pay down the construction loan and fund the remainder of the rehabilitation. It should be noted that the applicant is proposing to finance costs for origination and fees from a related party for the construction financing. It does not appear that CDBG funds are being used to finance the proposed fees.
Insurance Status. The applicant has not provided evidence of an outstanding insurance claim or insurance proceeds for the rehabilitation of the two damaged units on Site 1. Debt & Financing: The development will be funded entirely through CDBG-DR funds. The applicant intends to obtain a $1 million construction loan from New First National Bank. This loan will fund initial construction costs incurred and will be paid-down with CDBG-DR disbursements. Projected Construction Cash Needs: Using an 18-month construction completion period, we modeled the development progress and identified an average for the first six months of $364,157 required monthly to fund the construction in this application. Operating Review Rent Analysis Proposed Rents Bedroom Size Number of Units Set Aside % High HOME Rent Limit Base Rent Utility Allowance TTP Annual Gross Potential Rents 2 6 80% 831 690 27 717 49,680 3 14 80% 1,041 900 33 933 151,200 1 1 80% 701 593 21 614 7,116 3 1 870% 1,041 593 21 614 7,116 The rents proposed by the applicant are lower than the HUD High HOME Rent Limits. This scenario is allowable, however reaching the maximum HOME Rent Limit will provide stronger operating cashflow if feasible under current market conditions. Development Expense Analysis Operating Expense Projected Expense Proposed % of Operations 0000 Xxxxx Xxxxx Median Operating Expense Distribution Variance Administrative $19,000.00 13.50% 12.4% 1.10% Management Fee $0.00 0.00% 8.2% 8.20% Payroll $20,500.00 14.56% 24.1% 9.54% Repairs & Maint. $29,000.00 20.60% 18.9% 1.70% Utilities $16,000.00 11.37% 14.7% 3.33% Property Insurance $0.00 0.00% 7.1% 7.10% Property Tax $56,250.00 39.96% 11.3% 28.66% Total $140,750.00 Average Variance 8.52% The table above depicts the proportion of operating expense that each category represents as established by the 2016 Texas Gross Median Operating Expense Distribution published by CohnReznick based on an assessment of multifamily affordable housing properties across Texas. The total average operating expense variance of the proposed development from this established standard is approximately nine percent. As indicated above the following variances are noted:
Insurance Status. The applicant has not provided evidence of an outstanding insurance claim or insurance proceeds for the reconstruction of damaged property. The application notes that demolition of damaged units was funded through a Small Business Administration Loan.