Gracen's Ridge App

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Print Preview - Final Application

Tax Credits, RPP Loans, and/or Tax Exempt Bond Loans
Project Description
Project Name: Gracen's Ridge Address: City: # TBD College Avenue Boiling Springs County: Cleveland Zip: 28017 Block Group: 0001
Census Tract: 9515
Is project in Qualified Census Tract or Difficult to Develop Area? Yes Political Jurisdiction: Jurisdiction CEO Name: Jurisdiction Address: Jurisdiction City: Jurisdiction Phone: Town of Boiling Springs First:Max Last: Hamrick PL Box 1014 Boiling Springs Zip: 28017-1014 Title: Mayor
(704)434-2357
Site Latitude: Site Longitude:
35.25 -81.66
Project Type: New Construction Is this project a previously awarded tax credit development? Yes If yes, what is the project number: 2167 Is this a request for supplemental credits? Yes New Construction/Adaptive Reuse: Is this project a follow-on (Phase II, etc) to a previously-awarded tax credit development project? No If yes, list names of previous phase(s): Rehab: Number of residents holding Section 8 vouchers:
Will the project meet Energy Star standards as defined in Appendix B? No Does a community revitalization plan exist? No Will the project use steel and concrete construction and have at least 4 stories? No Will the project include a Community Service Facility under IRS Revenue Ruling 2003-77? No
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If yes, please describe:
Target Population:Elderly (55) Will the project be receiving project based federal rental assistance? No If yes, provide the subsidy source: and number of units: Indicate below any additional targeting for special populations proposed for this project: Mobility impaired handicapped: 5% of units comply with QAP Section IV(F)(3) (in addition to the units required by other federal and state codes.) Number of Units: 1 Persons with disabilities or homeless populations: 10% of the total units.
Number of Units: 5 Remarks:
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Applicant Information
Indicate below an individual or a validly existing entity (a corporation, nonprofit, limited partnership or LLC) as the official applicant. Under QAP Section III(C)(5) only this individual or entity will be able to make decisions with regard to this application. If awarded the applicant must become part of the ownership entity. The applicant will execute the signature page for this application. Applicant Name: Address: City: Contact: Telephone: Alt Phone: Fax: Email Address: Southland Partners LLC 131 Matthews Station St., suite 2-F Matthews State: NC Zip: 28105 First: Tom Last:Honeycutt Title:Member Manager
(704)321-1526
(704)321-1562 southllc@windstream.net
NOTE: Email Address above will be used for communication between NCHFA and Applicant.
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Site Description
Total Site Acreage: 2.323 Total Buildable Acreage: 2.323
If buildable acreage is less than total acreage, please explain:
Identify utilities and services currently available (and with adequate capacity) for this site: Storm Sewer Water Sanitary Sewer Electric
Is the demolition of any buildings required or planned? No If yes, please describe:
Are existing buildings on the site currently occupied? No If yes: (a) Briefly describe the situation:
(b) Will tenant displacement be temporary? (c) Will tenant displacement be permanent? Is the site directly accessed by an existing, paved, publicly maintained road? Yes If no, please explain:
Is any portion of the site located inside the 100 year floodplain? No If yes: (a) Describe placement of project buildings in relation to this area:
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(b) Describe flood mitigation if the project will have improvements within the 100 year floodplain:
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Site Control
Does the owner have fee simple ownership of the property (site/buildings)?Yes If yes provide: Purchase Date: 5/22/2007 Purchase Price: 71,000
If no: (a) Does the owner/principal or ownership entity have valid option/contract to purchase the property? (b) Does an identity of interest (direct or indirect) exist between the owner/principal or ownership entity with the option/contract for purchase of the property and the seller of the property? If yes, specify the relationship:
(c) Enter the current expiration date of the option/contract to purchase: (D) Enter Purchase Price:
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Zoning
Present zoning classification of the site:R10-CU Is multifamily use permitted?Yes Are variances, special or conditional use permits or any other item requiring a public hearing needed to develop this proposal?No If yes, have the hearings been completed and permits been obtained? If yes, specify permit or variance required and date obtained. If no, describe permits/variances required and schedule for obtaining them:
Are there any existing conditions of historical significance located on the project site that will require State Historic Preservation office review? No If yes, describe below:
Are there any existing conditions of environmental significance located on the project site?No If yes, describe below:
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Ownership Entity
Owner Name: Address: City: Gracen's Ridge Housing LLC 131 Matthews Station St., Suite 2-F Matthews State:NC Zip: 28105
Federal Tax ID Number of Ownership Entity:
20-5200234
(If assigned)
Note: Do not submit social security numbers for individuals. Entity Type: Limited Liability Company Entity Status: Already Formed Is the applicant requesting that the Agency treat the application as Non-Profit sponsored? No Is the applicant requesting that the Agency treat the application as CHDO sponsored? No List all general partners, members,and principals. Specify nonprofit corporate general partners or members. Click [Add] to add additional partners, members, and principals.
Org: Address: City: Phone: EMail:
Southland Partners LLC Last Name: Honeycutt State: NC Function: Managing Member Zip: 28105 131 Matthews Station St., Suite 2-F Matthews
First Name: Tom
Fax: (704)321-1562 Nonprofit: No
Thomas W. Honeycutt Last Name: Honeycutt State: NC Fax: (704)321-1562 Nonprofit: No Function: Principal Zip: 28105 131 Matthews Station St., Suite 2-F Matthews
First Name: Tom
Gary D. Ellis Last Name: Ellis State: NC Fax: (704)571-1881 Nonprofit: No Function: Principal Zip: 28217 2021 Cross Beam Drive Charlotte
First Name: Danny
(704)357-6000 dellisgem@bellsouth.net
Org: Address: City: Phone:
Melvin B. Melton Last Name: Melton State: NC Fax: (704)357-1881 Function: Principal Zip: 28217 2021 Cross Beam Drive Charlotte
First Name: Mel
(704)357-6000
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EMail:
mmeltongem@bellsouth.net
Nonprofit: No
Timothy L. Gunderman Last Name: Gunderman State: NC Fax: (704)357-1881 Nonprofit: No Function: Principal Zip: 28217 2021 Cross Beam Drive Charlotte
First Name: Tim
(704)357-6000 tgundermangem@bellsouth.net
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Unit Mix
The Median Income for Cleveland county is $49,000. Low Income Units Type # BRs Net Sq.Ft. Duplex 1 Duplex 1 Total # Units # Units Monthly Rent Utility Allowance Mandatory Serv. Fees **Total Housing Exp.
694 715
7 6
6 0
Water/Sewer
382 474
Electric
77 77
Gas
0 0
Other Trash
459 551
Utilities included in rents:
Employee Units (will add to Low Income Unit total) Total # Monthly Utility Mandatory **Total Type # BRs Net Sq.Ft. # Units Units Rent Allowance Serv. Fees Housing Exp. Utilities included in rents: Water/Sewer Electric Gas Other
Market Rate Units Total # Monthly Utility Mandatory **Total Type # BRs Net Sq.Ft. # Units Units Rent Allowance Serv. Fees Housing Exp. Utilities included in rents: Water/Sewer Electric Gas Other
Statistics All Units Low Income....... Market Rate....... Totals............... Gross Monthly Rental Income
Units
13
5518
13
5518
Proposed number of residential buildings: 8 Project Includes:
Maximum number of stories in buildings: 1
Separate community building - Sq. Ft. (Floor Area): 1,201 Community space within residential bulding(s) - Sq. Ft. (Floor Area):
Elevators - Number of Elevators: Square Footage Information
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Gross Floor Square Footage:
10,828
Total Net Sq. Ft. (All Heated Areas): 10,349
Notes ** Please refer to the Income Limits and Maximum Housing Expense Table to ensure that Total Monthly Tenant Expenses for low income units are within established thresholds.
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Targeting
Specify Low Income Unit Targeting in table below. List each applicable targeting combination in a separate row below. Click [Add] to create another row. Click "X" (at the left of each row) to delete a row. Add as many rows as needed.
# BRs 1 1
Units
% targeted at 50 targeted at 60 percent of median income affordable to/occupied by percent of median income affordable to/occupied by
7 6
Total Low Income Units:
13
Note: This number should match the total number of low income units in the Unit Mix section.
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Funding Sources
NonAmortizing* Rate (%) Term (Years) Amort. Period (Years) Annual Debt Service
Source Bank Loan RPP Loan Local Gov. Loan - Specify: RD 515 Loan RD 538 Loan - Specify: AHP Loan Other Loan 1 - Specify: Other Loan 2 - Specify: Other Loan 3 - Specify: Tax Exempt Bonds State Tax Credit(Loan) State Tax Credit(Direct Refund) Equity: Federal LIHTC Non-Repayable Grant Equity: Historic Tax Credits Deferred Developer Fees Owner Investment Other - Specify: Total Sources**
Amount
0 0 0 150,000 0 0 0 0 0 0 333,875 0 1,256,081 0 0 861 0 0 1,740,817 0 30 30 0 1.00 30 50 3,813
* "Non-amortizing" indicates that the loan does not have a fixed annual debt service. For these items, you must fill in 20-year debt service below. ** Total Sources must equal total replacement cost in Project Development Cost (PDC) section.
Estimated pricing on sale of Federal Tax Credits: $0. 823 Remarks concerning project funding sources: (Please be sure to include the name of the funding source(s)) The RD loan is a 1st mortgage only and is without Rental Assistance. This amount is currently
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obligated and ready to fund on construction completion. Construction is underway and site work is about complete at this time. Construction will be completed by December 2008.
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Development Costs
Item Cost Element 1 Purchase of Building(s) (Rehab / Adaptive Reuse only) 2 Demolition (Rehab / Adaptive Reuse only) 3 On-site Improvements 4 Rehabilitation 5 Construction of New Building(s) 6 Accessory Building(s) 7 General Requirements (max 6% lines 2-6) 8 Contractor Overhead (max 2% lines 2-7) 9 Contractor Profit (max 8% lines 2-7; 6% if Identity of Interest) 10 Construction Contingency (max 3% lines 2-9, Rehabs 6%) 11 Architect's Fee - Design (11 + 12 = max 3% lines 2-10) 12 Architect's Fee - Inspection 13 Engineering Costs SUBTOTAL (lines 1 through 13) 14 Construction Insurance (prorate) 15 Construction Loan Orig. Fee (prorate) 16 Construction Loan Interest (prorate) 17 Construction Loan Credit Enhancement (prorate) 18 Construction Period Taxes (prorate) 19 Water, Sewer and Impact Fees 20 Survey 21 Property Appraisal 22 Environmental Report 23 Market Study 24 Bond Costs 25 Bond Issuance Costs 26 Placement Fee 27 Permanent Loan Origination Fee 28 Permanent Loan Credit Enhancement 29 Title and Recording TOTAL COST Eligible Basis 30% PV 70% PV
0 0 355,000 0 677,590 59,790 61,955 23,087 92,347 35,323 22,400 5,600 6,500 1,339,592 0 3,947 22,365 0 1,000 12,225 10,000 8,500 2,500 4,300 0 0 0 0 0 0 0 3,947 22,365 0 1,000 12,225 10,000 8,500 2,500 4,300 355,000 0 677,590 59,790 61,955 23,087 92,347 35,323 22,400 5,600 6,500
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SUBTOTAL (lines 14 through 29) 30 Real Estate Attorney 31 Other Attorney's Fees 32 Tax Credit Application Fees (Preliminary and Full) 33 Tax Credit Allocation Fee (0.60% of line 59, minimum $7,500) 34 Cost Certification / Accounting Fees 35 Tax Opinion 36 Organizational (Partnership) 37 Tax Credit Monitoring Fee SUBTOTAL (lines 30 through 37) 38 Furnishings and Equipment 39 Relocation Expense 40 Developer's Fee 41 42
64,837 23,000 0 2,200 12,531 3,800 2,000 0 9,100 52,631 23,100 0 158,000 0 0 0 0 0 181,100 3,900 27,757 0 0 1,669,817 0 1,606,494 23,100 0 158,000 0 0 20,965 0
Other Basis Expense (specify) Other Basis Expense (specify)
43 Rent-up Expense 44 45
Other Non-basis Expense (specify) Other Non-basis Expense (specify)

SUBTOTAL (lines 38 through 45)
46 Rent up Reserve 47 Operating Reserve 48 49
Other Reserve (specify) Other Reserve (specify)
50 DEVELOPMENT COST (lines 1-49) 51 Less Federal Financing 52 Less Disproportionate Standard 53 Less Nonqualified Nonrecourse Financing 54 Less Historic Tax Credit 55 TOTAL ELIGIBLE BASIS 56 Applicable Fraction (percentage of LI Units) 57 Basis Before Boost 58 Boost for QCT/DDA (if applicable, enter 130%) 59 TOTAL QUALIFIED BASIS
0 1,606,494 100.00% 1,606,494 0 100% 0 130.00% 2,088,442 0 1,606,494 100% 1,606,494 130.00% 2,088,442
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60 Tax Credit Rate 61 Federal Tax Credits at Estimated Rate 62 Federal Tax Credits at 9.00% or 3.75% (maximum $1,000,000) 63 Federal Tax Credits Requested 64 Land Cost 65 TOTAL REPLACEMENT COST FEDERAL TAX CREDITS IF AWARDED
3.40 177,518 187,960 166,385 71,000 1,740,817 166,385 0 0
8.50 177,518 187,960 166,385
Comments: $55885 in additional credits to be added to the credits reserved in 2006 in the amount of $110500, for a total credits of $166385. RD Loan is to be reduced to $150,000 so as not to oversource. Additional allocation fee of $12,531 must be paid per 2008 QAP.
Total Replacement Cost per unit: 100,392
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Market Study Information

Please provide a detailed description of the proposed project: This is a 2006 tax credit site applying for additional tax credits based on increased costs per the QAP. The site is a 13 unit elderly development made up of duplexes and singles with all one bedroom units and a seperate community services facility.
Construction (check all that apply): Brick Vinyl Wood HardiPlank Balconies/Patios Sunrooms Front Porches
Front Gables or Dormers Other:
Wide Banding or Vertical/Horizontal Siding
Have you built other tax credit developments that use the same building design as this project?No If yes, please provide name and address:
Site Amenities: Community services facility, laundry room, game craft room, walking trails, exercise room, picnic area, garden spots, computer center, TV room, onsite leasing office, gazebo, sitting areas, flag pole and fitness stations.
Onsite Activities: Space for resident activities, a laundry room, onsite office, warming kitchen, tv viewing, covered and uncovered patio back of Community facility.
Landscaping Plans:
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Extensive landscaping to compliment the units costing in excess of $1,000 per dwelling unit.
Interior Apartment Amenities: Outside vented range hood, frost free refrigerator, interior storage, miniblinds, pantry, walkin closets, washer and dryer hookups, carpet and vinyl floors, central heat and air using 13 seer units.
Do you plan to submit additional market data (market study, etc.) that you want considered? Yes If yes, please make sure to include the additional information in your pre-application packet.
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Applicant's Site Evaluation

Briefly describe your site in each of the following categories: NEIGHBORHOOD CHARACTERISTICS Trend and direction of real estate development and area economic health. Physical condition of buildings and improvements in the immediate vicinity. Concentration of affordable housing. Existing conditions are mixed from fair to new with the trend for continued growth in the area.
SURROUNDING LAND USES AND AMENITIES Land use pattern is residential in character (single and multifamily housing). Extent that the location is isolated. Effect of industrial, large-scale institutional or other incompatible uses, including but not limited to: wastewater treatment facilities, high traffic corridors, junkyards, prisons, landfills, large swamps, distribution facilities, frequently used railroad tracks, power transmission lines and towers, factories or similar operations, sources of excessive noise, and sites with environmental concerns (such as odors or pollution). Amount and character of vacant, undeveloped land. Surrounding development is primarily residential, medical and commercial/institutional uses. No imcompatible uses are present. SITE SUITABILITY Adequate traffic safety controls (i.e. stop lights, speed limits, turn lanes). Burden on public facilities (particularly roads). Access to mass transit (if applicable). Visibility of buildings and/or location of project sign (s) in relation to traffic corridors. Streets are adequate as is and the site presents little impact to existing traffic patterns. No mass transit available. Degree of on-site negative features and physical barriers that will impede project construction or adversely affect future tenants; for example: power transmission lines and towers, flood hazards, steep slopes, large boulders, ravines, year-round streams, wetlands, and other similar features (for adaptive re-use projectssuitability for residential use and difficulties posed by the building(s), such as limited parking, environmental problems or the need for excessive demolition). None
Similarity of scale and aesthetics/architecture between project and surroundings. Our buildings are designed to blend with the existing architecture.
For each applicable neighborhood feature, enter distance from project in miles. Community/Senior Center
.5
Grocery Store
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Mall/Strip Center Outdoor Athletic Fields Day Care/After School Schools Public Transportation Stop
.2 1.6 .2
Hospital Pharmacy Basic Health Care
1.5
Convenience Store Public Parks
1.5
Gas Station Library
Other facilities or services: banks and restaurants are with a mile of the site.
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Development Team
Provide contact information for development team members below:
Management Agent Company: Address: City: Phone Contact Name: GEM Management Inc. 2021 Cross Beam Drive Charlotte State: NC Zip: 28217 Email: Last: Ellis
(704)357-6000
First: Danny
Architect Company: Address: City: Phone Contact Name: Martin Riley and Associates 215 Church St., Suite 200 Decatur State: GA Zip: 30030 Email: Last: Martin
(404)373-2800
First: Jackie
Attorney Company: Address: City: Phone Contact Name: The Pryzwansky Law Firm PO Box 2475 Raleigh State: NC Zip: 27602 Email: Last: Pryzwansky
(919)828-8668
First: David
Investor Company: Address: City: Phone Contact Name: WNC and Associates 17782 Sky Park Circle Irvine State: CA Zip: 92614-6404 Email: Last: Shafer
(800)286-1135
First: David
Consultant/Application Preparer (if different from developer) Company: Address: City: Phone Contact Name: First: State: Email: Last: Zip:
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General Contractor Company: Address: City: Phone Contact Name:
Identity of Interest?
SH Efird Construction 29265 Sweet Home Church Road Albemarle State: NC Zip: 28001 Email: Last: Efird
(704)983-5656
First: Heath
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Projected Operating Costs

Project Operations (Year One) Administrative Expenses Advertising Office Salaries Office Supplies Office or Model Apartment Rent Management Fee Manager or Superintendent Salaries Manager or Superintendent Rent Free Unit Legal Expenses (Project) Auditing Expenses (Project) Bookkeeping Fees/Accounting Services Telephone and Answering Service Bad Debts Other Administrative Expenses (specify):
1,248 0 850 0 4,992 2,502 0 55 2,000 0 1,200 0 0
SUBTOTAL Utilities Expense Fuel Oil Electricity (Light and Misc. Power) Water Gas Sewer SUBTOTAL Operating and Maintenance Expenses Janitor and Cleaning Payroll Janitor and Cleaning Supplies Janitor and Cleaning Contract Exterminating Payroll/Contract Exterminating Supplies Garbage and Trash Removal Security Payroll/Contract Grounds Payroll
12,847
0 2,033 450 0 325 2,808
0 150 500 390 0 1,872 0 0
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Grounds Supplies Grounds Contract Repairs Payroll Repairs Material Repairs Contract Elevator Maintenance/Contract Heating/Cooling Repairs and Maintenance Swimming Pool Maintenance/Contract Snow Removal Decorating Payroll/Contract Decorating Supplies Other (specify):
0 4,368 3,224 700 0 0 900 0 0 250 750 0
Miscellaneous Operating & Maintenance Expenses SUBTOTAL Taxes and Insurance Real Estate Taxes Payroll Taxes (FICA) Miscellaneous Taxes, Licenses and Permits Property and Liability Insurance (Hazard) Fidelity Bond Insurance Workmen's Compensation Health Insurance and Other Employee Benefits Other Insurance:
0 13,104
9,290 1,080 200 3,200 200 0 0 0
SUBTOTAL Supportive Service Expenses Service Coordinator Service Supplies Tenant Association Funds Other Expenses (specify):
13,970
0 0 0 0
SUBTOTAL Reserves Replacement Reserves SUBTOTAL
3,510 3,510
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TOTAL OPERATING EXPENSES ADJUSTED TOTAL OPERATING EXPENSES (Does not include taxes, reserves and resident support services) * TOTAL UNITS (from total units in the Unit Mix section) PER UNIT PER YEAR
46,239 33,439 13 2,572
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Projected Cash Flow Year One

OPERATING INCOME Gross rental income (from Unit Mix - Total Monthly Rent) Stores and Commercial Laundry and Vending Other (specify):
66,216 0 0 231 66,447 4,651 61,796 46,239 15,557 3,813 11,744 4.08
Interest on reserve and operating accounts

Total Gross Income Potential at 100% Occupancy Seven Percent Vacancy Allowance NET RENTAL/OTHER INCOME TOTAL OPERATING EXPENSES (from Projected Operating Costs) NET OPERATING INCOME DEBT SERVICE (from Funding Sources Loans) NET CASH FLOW DEBT COVERAGE RATIO (Must not be less than 1.15)
20-Year Cash Flow

Year Net Rental/Other Income* Total Operating Expenses* Debt Service Net Cash Flow Debt Coverage Ratio Year Net Rental/Other Income* Total Operating Expenses* Debt Service Net Cash Flow Debt Coverage Ratio 1 2 3 4 5 6 7 8 9 10
61,796 46,239 3,813 11,744 4.08

11
63,650 48,089 3,813 11,748 4.081

12
65,560 50,013 3,813 11,734 4.077

13
67,527 52,014 3,813 11,700 4.068

14
69,553 54,095 3,813 11,645 4.054

15
71,640 56,259 3,813 11,568 4.034

16
73,789 58,509 3,813 11,467 4.007

17
76,003 60,849 3,813 11,341 3.974

18
78,283 63,283 3,813 11,187 3.934

19
80,631 65,814 3,813 11,004 3.886

20
83,050 68,447 3,813 10,790 3.83
85,542 71,185 3,813 10,544 3.765
88,108 74,032 3,813 10,263 3.692
90,751 76,993 3,813 9,945 3.608
93,474 80,073 3,813 9,588 3.515
96,278 83,276 3,813 9,189 3.41
99,166 86,607 3,813 8,746 3.294
102,141 90,071 3,813 8,257 3.165
105,205 93,674 3,813 7,718 3.024
108,361 97,421 3,813 7,127 2.869
* Net Rental Income escalated at annual rate of 3% and expenses escalated at a rate of 4% after the first year.
Calculations:
1. "Net Rental/Other Income" comes from 1st-year cash flow, then it is escalated by 3% per year.
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2. "Total Operating Expenses" comes from 1st-year cash flow, then it is escalated by 4% per year. 3. "Debt Service" is the sum of "regular/amortized loan debt service + non-amortizing annual service" as entered by user from Funding Sources section. 4. "Net Cash Flow" is "Net Rental/Other Income" minus "Total Operating Expenses" minus "Debt Service". 5. "Debt Coverage Ratio" is ("Net Rental/Other Income" minus "Total Operating Expenses") divided by "Debt Service".
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Minimum Set-Asides
MINIMUM REQUIRED SET ASIDES (No Points Awarded): Select one of the following two options: 20% of the units are rent restricted and occupied by households with incomes at or below 50% of the median income (Note: No Tax Credit Eligible Units in the the project can exceed 50% of median income) 40% of the units are rent restricted and occupied by households with incomes at or below 60% of the median income (Note: No Tax Credit Eligible Units in the the project can exceed 60% of median income) If requesting RPP funds: 40% of the units are occupied by households with incomes at or below 50% of median income. State Tax Credit and QAP Targeting Points: Moderate Income County: At least twenty-five percent (25%) of qualified units will be affordable to and occupied by households with incomes at or below forty percent (40%) of county median income. At least fifty percent (50%) of qualified units will be affordable to households with incomes at or below fifty percent (50%) of county median income. At least fifty percent (50%) of qualified units will be affordable to and occupied by households with incomes at or below fifty percent (50%) of county median income. Tax Exempt Bonds Threshold requirement (select one): At least ten percent (10%) of qualified units will be affordable to and occupied by households with incomes at or below fifty percent (50%) of county median income. At least five percent (5%) of qualified units will be affordable to and occupied by households with incomes at or below forty percent (40%) of county median income. Eligible for targeting points (select one): At least twenty percent (20%) of qualified units will be affordable to and occupied by households with incomes at or below fifty percent (50%) of county median income. At least ten percent(10%) of qualified units will be affordable to and occupied by households with incomes at or below forty percent (40%) of county median income.
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Full Application Checklist

PLEASE indicate which of the following exhibits are attached to your application. Others may be required as noted.
A Nonprofit Organization Documentation or For-profit Corporation Documentation B Current Financial Statements/Principals and Owners (signed copies) C Ownership Entity Agreement, Development Agreement or any other agreements governing development services D Management Agent Agreement E Owner and Management Experience & Management Questionnaire (Appendix C) F Local Government Letter or Letter from Certified Engineer or Land Surveyor Confirming Floodplain Designation with Map showing all flood zones (original on letterhead, no fax or photocopies) G Local Government Letter Confirming Zoning including any pending notices or hearings (original on letterhead, no fax or photocopies) H Letters from Local Utility Providers regarding availability and capacity (original on letterhead, no fax or photocopies) I Documentation from utility company or local PHA to support estimated utility costs J Appraisal (required for land costs greater than $15,000 and for all Adaptive Re-use and Rehab projects) K Site plan, floor plans and elevations for all projects. Scope of work for Adaptive Re-use and Rehab projects. (Full Size, 24 x 36 inches) L Hazard and structural inspection and termite reports (Adaptive Re-use and Rehab projects only) M Copy of certificate of occupancy or proof of placed-in-service date (Rehabs Only) N Proposed Relocation Plan including relocation budget and copies of notices. Required for all Rehabs and any projects involving existing occupants of any dwellings to be rehabbed or demolished. O Evidence of Permanent Loan Commitment and other sources of funds ( i.e. Equity letter, AHP, RD and local government funds). For Rehabs with existing loans provide 1) copies of loan documents, 2) current loan balances from existing lenders with reserve balances, 3) letter from lender that outlines assumption requirements. P Local Housing Authority Agreement and Project Based Rental Assistance Letter, if applicable (Sample letters provided in Appendix I). For projects with existing PBRA contracts, provide a copy of the current contract and bank statement or other documentation verifying reserve balances and annual reserve contribution requirements. Q Statement regarding terms of Deferred Developer Fee. If a nonprofit is involved, a resolution from their board approving deferral of fee is required. R Inducement Resolution (Tax-Exempt Bond Financed Projects only)

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Print Preview - Final Application

Census Tract: 9515

Site Latitude: Site Longitude:

https://www.nchfa.org/Rental/RTCApp/(S(ph5pnd45p...E2977B02E3&SNID=B34B4DBD342E4F7AB47D54345C852326 (1 of 30)9/15/2008 3:31:38 PM

If yes, please describe:

Number of Units: 5 Remarks:

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https://www.nchfa.org/Rental/RTCApp/(S(ph5pnd45p...E2977B02E3&SNID=B34B4DBD342E4F7AB47D54345C852326 (3 of 30)9/15/2008 3:31:38 PM

If buildable acreage is less than total acreage, please explain:

Is the demolition of any buildings required or planned? No If yes, please describe:

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Federal Tax ID Number of Ownership Entity:

Org: Address: City: Phone: EMail:

First Name: Tom

Fax: (704)321-1562 Nonprofit: No

Org: Address: City: Phone: EMail:

First Name: Tom

Org: Address: City: Phone: EMail:

First Name: Danny

Org: Address: City: Phone:

First Name: Mel

https://www.nchfa.org/Rental/RTCApp/(S(ph5pnd45p...E2977B02E3&SNID=B34B4DBD342E4F7AB47D54345C852326 (8 of 30)9/15/2008 3:31:38 PM

Org: Address: City: Phone: EMail:

First Name: Tim

https://www.nchfa.org/Rental/RTCApp/(S(ph5pnd45p...E2977B02E3&SNID=B34B4DBD342E4F7AB47D54345C852326 (9 of 30)9/15/2008 3:31:38 PM

Utilities included in rents:

Proposed number of residential buildings: 8 Project Includes:

Maximum number of stories in buildings: 1

Elevators - Number of Elevators: Square Footage Information

https://www.nchfa.org/Rental/RTCApp/(S(ph5pnd45...2977B02E3&SNID=B34B4DBD342E4F7AB47D54345C852326 (10 of 30)9/15/2008 3:31:38 PM

Gross Floor Square Footage:

Total Net Sq. Ft. (All Heated Areas): 10,349

https://www.nchfa.org/Rental/RTCApp/(S(ph5pnd45...2977B02E3&SNID=B34B4DBD342E4F7AB47D54345C852326 (11 of 30)9/15/2008 3:31:38 PM

Total Low Income Units:

https://www.nchfa.org/Rental/RTCApp/(S(ph5pnd45...2977B02E3&SNID=B34B4DBD342E4F7AB47D54345C852326 (12 of 30)9/15/2008 3:31:38 PM

0 0 0 150,000 0 0 0 0 0 0 333,875 0 1,256,081 0 0 861 0 0 1,740,817 0 30 30 0 1.00 30 50 3,813

https://www.nchfa.org/Rental/RTCApp/(S(ph5pnd45...2977B02E3&SNID=B34B4DBD342E4F7AB47D54345C852326 (13 of 30)9/15/2008 3:31:38 PM

https://www.nchfa.org/Rental/RTCApp/(S(ph5pnd45...2977B02E3&SNID=B34B4DBD342E4F7AB47D54345C852326 (14 of 30)9/15/2008 3:31:38 PM

https://www.nchfa.org/Rental/RTCApp/(S(ph5pnd45...2977B02E3&SNID=B34B4DBD342E4F7AB47D54345C852326 (15 of 30)9/15/2008 3:31:38 PM

Other Basis Expense (specify) Other Basis Expense (specify)

Other Non-basis Expense (specify) Other Non-basis Expense (specify)

46 Rent up Reserve 47 Operating Reserve 48 49

Other Reserve (specify) Other Reserve (specify)

https://www.nchfa.org/Rental/RTCApp/(S(ph5pnd45...2977B02E3&SNID=B34B4DBD342E4F7AB47D54345C852326 (16 of 30)9/15/2008 3:31:38 PM

3.40 177,518 187,960 166,385 71,000 1,740,817 166,385 0 0

8.50 177,518 187,960 166,385

Total Replacement Cost per unit: 100,392

https://www.nchfa.org/Rental/RTCApp/(S(ph5pnd45...2977B02E3&SNID=B34B4DBD342E4F7AB47D54345C852326 (17 of 30)9/15/2008 3:31:38 PM

Market Study Information

Front Gables or Dormers Other:

Wide Banding or Vertical/Horizontal Siding

https://www.nchfa.org/Rental/RTCApp/(S(ph5pnd45...2977B02E3&SNID=B34B4DBD342E4F7AB47D54345C852326 (18 of 30)9/15/2008 3:31:38 PM

https://www.nchfa.org/Rental/RTCApp/(S(ph5pnd45...2977B02E3&SNID=B34B4DBD342E4F7AB47D54345C852326 (19 of 30)9/15/2008 3:31:38 PM

Applicant's Site Evaluation

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Hospital Pharmacy Basic Health Care

Convenience Store Public Parks

Gas Station Library

https://www.nchfa.org/Rental/RTCApp/(S(ph5pnd45...2977B02E3&SNID=B34B4DBD342E4F7AB47D54345C852326 (21 of 30)9/15/2008 3:31:38 PM

Gracen's Ridge App

Gracen's Ridge App