hhg i senior

8/6/2019 HHG I Senior

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Is project in Qualified Census Tract & Difficult to Develop area?

Does a community revitalization plan exist?

Print Preview - Final Application

Tax Credits, RPP Loans, and/or Tax Exempt Bond Loans

Project Name and Location

Project Name: HHG I Senior Apartments

Address: 920 Mock Street

City: Winston-Salem County: Forsyth Zip: 27127

Census Tract: 8.02 Block Group:

Yes

Yes

Political Jurisdiction: 12th Congrssional District

Jurisdiction CEO Name: First: Last:Allen Joines Title: Mayor

Jurisdiction Address: P. O. Box 2511

Jurisdiction City: Winston-Salem Zip: 27102

Jurisdiction Phone: (336)727-2058

Site Latitude: 36.100

Site Longitude: -80.244

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1/14/2005https://www.nchfa.org/Rental/RTCApp/(kethihf4xlxijo55ahl2o145)/site/PrintApp.aspx?II...



Is this project a follow-on (Phase II, etc) to a previously-awarded tax credit development project?

If yes, list names of previous phase(s):If yes, list names of previous phase(s):

Will the project be receiving project based federal rental assistance?

If yes, provide the subsidy source:If yes, provide the subsidy source: HUD and number of units:and number of units:

Target Population: Elderly (55)

Indicate below any additional targeting for special populations proposed for this project:

Project Description

Project Type:* New Construction Rehab Adaptive Reuse

No

Yes

100100

Mobility impaired handicapped: 5% of units comply with QAP Section IV(F)(3) (in addition to the units required by other federaland state codes.)

Persons with disabilities or homeless populations: the greater of 5 units or 10% of the total units

Remarks: The ownership entity has entered into an MOU with CenterPoint Human Services of Winston-Salemto act as "Lead Agency" in the provision of services to the disabled/homeless. CenterPoint currentlyhas an MOU with the Housing Authority of Winston-Salem to provide services for public housingresidents. A targeting plan has been completed and submitted to the North Carolina Dept. of Health

and Human Services for review and certification for 10 set-aside units. The owner entity has alsosecured a commitment for project-based Section 8 Housing Choice Vouchers and has agreed to setaside 10 of those vouchers for the targeted population.





Applicant Information

Applicant Name: Eagan Partners, LLC

Address: 1415 Old Mill Circle

City: State: NC Zip:Winston-Salem 27103

Contact: First: Last: Title:Gaye Morgan Member

Telephone: (336)765-0424

Alt Phone: (336)765-6551

Fax: (336)765-3831

Email Address: [email protected]





Total Site Acreage: Total Buildable Acreage:

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?

If yes, please describe:

Are existing buildings on the site currently occupied?

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?

If no, please explain:

Is any portion of the site located inside the 100 year floodplain?

If yes:(a) Describe placement of project buildings in relation to this area:

(b) Describe flood mitigation if the project will have improvements within the 100 year floodplain:

Site Description

2.708 2.708

Yes

The seller of the land, The Housing Authority of the City of Winston-Salem, has scheduleddemolition of the buildings on the tax credit site. Demolition will be completed prior to purchase ofthe property by the Ownership Entity (11-1-04).

No

Yes

No





Does the owner have fee simple ownership of the property (site/buildings)?

If yes provide:

Purchase Date: Purchase Price:

If no:

Site Control

No

(a) Does the owner/principal or ownership entity have vaild option/contract to purchase the property? Yes

(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:

Yes

Forsyth Economic Ventures, Inc, .a member of HHG I, LLC is a not-for-profit corporation establishedby the seller of the land, The Housing Authority of the City of Winston-Salem.

(c) Enter the current expiration date of the option/contract to purchase: 12/31/2004

(D) Enter Purchase Price: 124,800





Present zoning classification of the site:

Is mutifamily use permitted?

Are variances, special or conditional use permits or any other item requiring a public hearing needed to develop this proposal?

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 obtainingthem:

Are there any existing conditions of historical significance located on the project site that will require State Historic Preservation office review?

If yes, describe below:

Are there any existing conditions of environmental significance located on the project site?

If yes, describe below:

Zoning

RMU-S

Yes

Yes

Yes

Special Use Permit obtained March 1, 2004. Copy of approval and resolution attached to zoningletter.

No

No





[email protected] 52-2143055





The Median Income for Forsyth county is $56,100.

Low Income Units

Employee Units (will add to Low Income Unit total)

Market Rate Units

Statistics

Square Footage Information

Notes

Unit Mix

Type # BRs Net Sq.Ft.Total

# Units#Units

MonthlyRent

UtilityAllowance

MandatoryServ. Fees

**TotalHousing Exp.

Gdn Apt 1 676 25 4 252 63 0 315

Gdn Apt 1 676 25 2 358 63 0 421

Gdn Apt 1 676 50 4 435 63 0 498

Utilites included in rents: Water/Sewer Electric Gas Other Trash


# Units#Units

MonthlyRent

UtilityAllowance

MandatoryServ. Fees

**TotalHousing Exp.

Utilites included in rents: Water/Sewer Electric Gas Other


# Units#Units

MonthlyRent

UtilityAllowance

MandatoryServ. Fees

**TotalHousing Exp.

Utilites included in rents: Water/Sewer Electric Gas Other

AllUnits

Units

Gross MonthlyRental Income

Low Income....... 100 10 37000

Market Rate.......

Totals............... 100 10 37000

Proposed number of residential buildings: 1 Maximum number of stories in buildings: 3

Project Includes:Separate community building -- Sq. Ft. (Floor Area):Sq. Ft. (Floor Area):

Community space within residential bulding(s) -- Sq. Ft. (Floor Area):Sq. Ft. (Floor Area): 5,5535,553

Elevators -- Number of Elevators:Number of Elevators: 11

Gross Floor Square Footage: 100,689

Total Net Sq. Ft. (All Heated Areas): 92,597

** Please refer to the Income Limits and Maximum Housing Expense Table to ensure that Total Monthly Tenant Expenses for low incomeunits are within established thresholds.





Specify Low Income Unit Targeting in table below. List each applicable targeting combination in a separate row below. Click [Add] to createanother row. Click "X" (at the left of each row) to delete a row. Add as many rows as needed.

Total Low Income Units:

Note: This number should match the total number of low income units in the Unit Mix section.

Targeting

# BRs Units %

1 25 targeted at 30 percent of median income.

1 75 targeted at 60 percent of median income.

100





Estimated pricing on sale of Federal Tax Credits: $0.

Remarks concerning project funding sources:(Please be sure to include the name of the funding source(s))

Loans with Variable AmortizationPlease fill in the annual debt service as applicable for the first 20 years of the project life.

Funding Sources

Source AmountNon-

Amortizing*Rate(%)

Term(Years)

Amort.Period(Years)

AnnualDebt

Service

Bank Loan

RPP LoanLocal Gov. Loan - Specify:

RD 515 Loan

RD 538 Loan - Specify:

AHP Loan

Other Loan 1 - Specify:HAWS HOPE VI 1st Mortgage

1,350,000 5.20 50 50

Other Loan 2 - Specify:HAWS HOPE VI 2nd Mortgage

1,500,000 0.00 50 50

Other Loan 3 - Specify:

Tax Exempt Bonds

State Tax Credit(Loan) 908,163 0 30 30 0

State Tax Credit(Direct Refund)

Equity: Federal LIHTC 5,539,479

Non-Repayable Grant

Equity: Historic Tax Credits

Deferred Developer Fees

Owner Investment 2,330

Other - Specify:

Total Sources** 9,299,972

* "Non-amortizing" indicates that the loan does not have a fixed annual debt service. For these items, you must fill in 20-year debt servicebelow.

** Total Sources must equal total replacement cost in Project Development Cost (PDC) section.

77

HAWS - 1st mortgage loan is at AFR (estimated to be 5.2%) for fifty years with paymentsbased on 50% of remaining cash flow with balloon at end of term.HAWS - 2nd mortgage loan is at 0% for 50 years with balloon at the end of the 50 year term.





Other Loan 1 - HAWS HOPE VI 1st Mortgage

Year:Amt:

1

39964

2

39457

3

38866

4

38187

5

37413

6

36539

7

35559

8

34467

9

33256

10

31919

Year:Amt:

11

30448

12

28835

13

27074

14

25154

15

23068

16

20805

17

18356

18

15711

19

12859

20

9788

Other Loan 2 - HAWS HOPE VI 2nd Mortgage

Year:Amt:

1

0

2

0

3

0

4

0

5

0

6

0

7

0

8

0

9

0

10

0

Year:Amt:

11

0

12

0

13

0

14

0

15

0

16

0

17

0

18

0

19

0

20

0





Development Costs

Item Cost Element TOTAL COSTEligible Basis

30% PV 70% PV

1 Purchase of Buildings (Rehab) 0

2 Demoli tion

3 On-site Improvements 545,000 545,000

4 Rehabilitation

5 Construction of New Building(s) 5,200,000 5,200,000

6 Accessory Building(s)

7 General Requirements 344,700 344,700

8 Contractor Overhead 121,794 121,794

9 Contractor Profit 487,176 487,176

10 Construction Contingency 200,960 200,960

11 Architect's Fee - Design 99,000 99,000

12 Architect's Fee - Inspection 29,720 29,720

SUBTOTAL (lines 1 through 12) 7,028,350

13 Construction Insurance (prorate) 50,540 50,540

14 Construction Loan Orig. Fee (prorate) 35,000 35,000

15 Construction Loan Interest (prorate) 142,917 142,917

16 Construction Loan Credit Enhancement (prorate) 6,000 6,000

17 Construction Period Taxes (prorate) 3,000 3,000

18 Water, Sewer and Impact Fees 30,000 30,000

19 Survey 75,000 75,000

20 Property Appraisal 7,500 7,500

21 Environmental Report 12,000 12,000

22 Market Study 4,000 4,000

23 Bond Costs (specify)

24 Cost of Issuance

25 Placement Fee

26 Permanent Loan Origination Fee

27 Permanent Loan Credit Enhancement

28 Title and Recording 10,000

SUBTOTAL (lines 13 through 28) 375,957

29 Real Estate Attorney 35,000 35,000

30 Other Attorney's Fees 50,000 50,000

31 Tax Credit App Fees 49,379 49,379

32 Cost Certification & Accounting Fees 10,763 10,763

33 Tax Opinion 1,500

34 Organizational (Partnership) 600

35 Tax Credit Monitoring Fee 52,500

SUBTOTAL (lines 29 through 35) 199,742

36 Furnishings and Equipment 75,000 75,000

37 Relocation Expenses

38 Developer's Fee (max 15% lines 2-36, less 8 & 9) 882,388 882,388

39 Other Basis Expense (specify)

40 Other Basis Expense (specify)

41 Rent-up Expenses 103,728

42 Soft Cost Contingency 43,400

43 Other Non-basis Expense (specify)

SUBTOTAL (lines 36 through 43) 1,104,516

44 Rent up Reserve 30,000





Comments:

45 Operating Reserve 190,607

46 Owner ACC Subsidy Reserve 246,000

47 Other Reserve (specify)

48 DEVELOPMENT COST (lines 1-47) 9,175,172 0 8,496,837

49 Less Federal Financing 1,500,000

50 Less Disproportionate Standard

51 Less Nonqualified Nonrecourse Financing

52 Less Historic Tax Credit (residential) 0

53 TOTAL ELIGIBLE BASIS 6,996,837 0 6,996,837

54 Applicable Fraction (percentage of LI Units) 100.00% 100% 100%

55 Basis Before Boost 6,996,837 0 6,996,837

56 Boost for QCT/DDA (if applicable, enter 130%) 130.00% 130.00%

57 TOTAL QUALIFIED BASIS 9,095,888 0 9,095,888

58 Tax Credit Rate 0.00% 7.91%

59 Federal Tax Credits at Estimated Rate 719,484 0 719,484

60 Federal Tax Credits at 8.5% or 3.75% 773,150 0 773,150

61 Federal Tax Credits Requested 0

62 Land Cost 124,800

63 TOTAL REPLACEMENT COST 9,299,972

Line 16 represents construction lender's inspection fees.Line 19 includes civil engineering fees.





Have you built other tax credit developments that use the same building design as this project?

If yes, please provide name and address:

Site Amenities (check all that apply):

Onsite Activities:

Landscaping Plans:

Interior Apartment Amenities (check all that apply):

Flooring: Carpet Vinyl Wood Wood Parquet Ceramic Tile Other

Heating/Cooling: Central Air Gas Heat Heat Pump Electric Pump

Yes

Azalea Terrace100 Azalea Terrace Court

Winston-Salem, NC 27105Completed in 2001, this development is very similar in scope and construction to the proposedproject.

Community Bldg - Sq Ft: Community Room - Sq Ft: 832 Garages - Number:

Laundry Rm Screened Porch Resident Computer Center Exam Rm Reading Rm/Library

Game/Craft Rm Exercise Rm TV Rm Beauty Salon Vending Rm

Chapel/Prayer Rm Picnic Area Onsite Leasing Office Onsite Mgr Onsite Maint. Person

Irrigated Lawns Security Gate Car Care Area Storage Units Gazebos

Walking Trails Garden Spots Basketball/Tennis Court Playground Ball Field

Pool Fitness Stations Horseshoe Pit Shuffleboard Covered Drive Thru

The Housing Authority of the City of Winston-Salem through it's CSS program will be primarilyresponsible for the coordination of social services and recreational activities for the residents of thecommunity. They have entered into MOU's with a number of social service organizations that willprovide services directly to the residents. Some of the programs include educational seminars,computer classes, craft classes, health screenings, exercise classes, credit counseling and othersocial and recreational activities.

The Lounge/Library will contain books, board games, puzzles, and a TV area with VCR/DVD and

sitting area for leisure activities. The Activity/Dining room will have a full kitchen with all appliancesfor use by the residents for potluck dinners, holiday gatherings and resident council meetings. Othercommon spaces for resident activity include computer room with internet access, exercise room andbeauty shop.

In addition to the on-site activities, the Housing Authority of the City of Winston-Salem intends torenovate the existing Community Center (old Day Care Center) to provide a "One Stop Shop" forcommunity and resident services, social activities and educational programs that will be available forall residents of the proposed development.

Throughout the property 40+ year old Oak trees line and provide a canopy over the streets of theneighborhood. Every precaution will be taken to protect and maintain these trees. It is our intent tosupplement additional plantings on the site in addition to the already existing mature trees that canbe retained.

Range Hood Dishwasher Disposal Refrigerator (frost free) Storage interior/exterior

W/D Hookups Mini-blinds Pantry Ceiling fans Walk-in closets





Do you plan to submit additional market data (market study, etc.) that you want considered?

If yes, please make sure to include the additional information in your pre-application packet.

Yes





Briefly describe your site in each of the following categories:

Applicant's Site Evaluation

NEIGHBORHOOD CHARACTERISTICS

Physical condition of buildings and improvements. Trend and direction of real estate developmentrelative to the project. Area economic health (degree of decline or investment). Concentration of

affordable housing.The physical condition of many of the buildings and improvements adjacent to the project site ispoor. However, the public housing units to the north will be demolished in and replaced with mixedincome renter and owner-occupied single-family detached and townhouse units, starting in July2004 which will reduce density and low-income rental housing concentration.. In addition,improvements have been made to some of the commercial structures on Waughtown Street to thesouth of the project site. The significant public and private investment that is occurring and inprocess in the general area as discussed below, along with the HOPE VI transformation of HappyHill Gardens, will contribute to further improvement of the commercial structures on WaughtownStreet and to facilitate the growth potential of the Waughtown corridor.

The physical conditions in the general area surrounding the project site are mixed. The institutions inthe area, including Old Salem, Salem College and North Carolina School of the Arts are in verygood to excellent condition, while some of the commercial and residential areas have moderate topoor conditions. Physical conditions and the economic health of the area is in transition at this time.Dramatic improvements are occurring and will continue due to significant recent investments andnumerous planned projects including:

In the northern portion of the Happy Hill neighborhood north of the project site, the communityorganizations with assistance from the City of Winston-Salem are acquiring lots for new single-familyhome construction. Six new homes have been constructed and up to 50 additional homes areplanned for which $400,000 of a currently committed and contracted $600,000 has been disbursedand an additional $425,000 has been committed by the City of Winston-Salem.

Just south of the project site, the North Carolina School of the Arts is using more than $40 million instate university bond funds to acquire vacant sites and buildings for their campus expansion.

Northwest of the project site, Old Salem, one of North Carolina’s premier tourist attractions, hasinvested millions of dollars, building a new pedestrian bridge, a new visitors center, and a newMoravian Archives Building and restoring or recreating a number of historic buildings.

One of the most exciting redevelopment projects in the area is Southeast Gateway Village, a mixeduse project with retail, office and residential uses. The Village is being developed on Salem Avenueat the new Southeast Gateway traffic circle, less than ½ mile west of the project site, by a private

developer in cooperation with the City of Winston-Salem. The area universities, including Winston-Salem State University, North Carolina School of the Arts, and Salem College have committed tosupporting a joint bookstore on the site as an anchor. Construction should begin in the summer of2004, with opening to coincide with traffic circle opening in early fall of 2005. Current local publicinvestment of City funds in the area totals $1,428,750.

The Happy Hill neighborhood has a very high concentration of affordable housing in both the publichousing development, Happy Hill Gardens, and in the predominantly single-family area in thenorthern portion of the neighborhood. The HOPE VI redevelopment project will transform the publichousing development into a mixed income community, bringing higher incomes into the area andsubstantially reducing the both the low-income and low-income rental housing concentration in thearea. The City and non-profit redevelopment efforts in the northern portion of the Happy Hillneighborhood will also raise income levels, bringing in new homeowners and increasing residents’commitment to the neighborhood. The Southeast Gateway Village project will include upper middleincome housing.

Suitability of surrounding development. Land use pattern is primarily residential (single andmultifamily housing) with a balance of other uses (particularly retail and amenities). Amount andcharacter of vacant, undeveloped land. Effect of industrial, large-scale institutional or otherincompatible uses: wastewater treatment facilities, high traffic corridors, junkyards, prisions, landfills,large swamps, distribution facilities, frequently used railroad tracks, power transmission lines andtowers, factories or similar operations, sources of excessive noise, and sites with environmentalconcerns (such as odors or pollution).The land use pattern in the immediate project area, the Happy Hill neighborhood, is predominantlyresidential, with a commercial strip adjacent to the south along Waughtown Street.





Land use in the general project area, the Southeast Gateway area, is predominantly institutional andincludes Old Salem, Salem Academy & College, North Carolina School of the Arts, and two largepublic parks. Winston-Salem State University, the Piedmont Triad Research Park, and downtownWinston-Salem are located approximately 1 mile from the project site. The location of the project siteis ideal to provide high quality mixed income housing for staff, faculty and students of thesurrounding institutions, as well as downtown office and research park workers.

The area is well served by public and institutional services. Schools, parks, recreational amenitiesand community centers are located within ¼ mile, a comfortable walking distance, of the proposedsite. The site’s proximity to recreational amenities is particularly outstanding. Happy Hill Park islocated across the street from the project site. Along with its adjacent sister park, Central Park,Happy Hill Park offers athletic fields, tennis courts, a swimming pool and a playground. The 4.5 mileSalem Creek Greenway runs through the Parks, safely linking pedestrians and bicyclists to retailopportunities, Winston-Salem State University and 4 other City parks, including the 2,500 acreSalem Lake Park.

While there are some retail/commercial services, such as gas stations, convenience stores,restaurants and a credit union within ½ mile of the project site, the area is generally lacking in retail,medical and professional services. Fortunately, the road and mass transit systems provide fairlyeasy access to such uses, which are abundantly located within 2 miles of the project site. (SeeNeighborhood Features Map attached.) Construction of Southeast Gateway Village projected for2005 will increase the supply of good and services available in close proximity to the project site.

The incompatible uses in the project area include: power transmission lines immediately adjacent tothe site and unattractive commercial uses to the south on Waughtown Street. The project has beendesigned to orient to the north, away from these uses. Near the project site there is a stream with

steep overgrown slopes, and extensive floodplain area northwest of the project site in Happy HillPark. The power lines and the existing condition of the stream area have an indirect negative visualimpact on the site. The Happy Hill Gardens HOPE VI Master Plan shows the stream area to becleaned and restored to serve as a green space amenity for the area, as the floodplain in Happy HillPark currently does.

SITE SUITABILITY

Adequacy of street(s) and/or access road(s) serving the proposed project and traffic controls (lights,stop signs, turning lanes). Access to mass transit (if applicable).While the streets providing access to the site are currently adequate, improvements to roads in thegeneral area are underway.

The project site is on Mock Street which can be accessed from either the east or the west. Theaccess from the west via Alder and Waughtown is considered the primary access.

Construction of the Southeast Gateway Traffic Circle is now underway approximately ¼ mile west ofthe project site at the intersection of Waughtown Street, Main Street, and Salem Avenue. Thepurpose of the traffic circle is to improve traffic flow in the area and to provide as central focal pointfor area institutions, including Old Salem, Salem Academy & College, North Carolina School of theArts, and Winston-Salem State University, as well as a gateway into downtown Winston-Salem. The$8.6 million North Carolina Department of Transportation project includes a slight realignment ofAlder Street at its intersection with Waughtown Street, near the project site. The Traffic Circleproject, including the Alder Street intersection work, will be completed in the summer of 2005.

The site is well served by mass transit buses of Winston-Salem Transit Authority. Route #3 travelsimmediately adjacent to the project site on Mock Street, taking passengers to Winston-Salem StateUniversity, East Winston, downtown, and the Transit Center for transfers. Route #29 travels alongWaughtown Street with a stop less than ¼ mile from the project site, taking passengers to southeastWinston-Salem, Old Salem, and downtown. Both of these routes provide evening service.

The streets within the Happy Hill Gardens community are in good condition but some demolition isrequired to improve road land use patterns. The City of Winston-Salem has committed $1,000,000

to assist in the public infrastructure improvements needed for the overall revistalization.

Degree of on-site negative features and physical barriers that will impede project construction oradversely 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. Foradaptive re-use projects- suitability for residential use and difficulties posed by the building(s), suchas limited parking, environmental problems or the need for excessive demolition.Although there are some negative features adjacent to and in the general area of the project, thereare none on site. Existing residential buildings will be demolished to construct the proposed projectand no environmental problems are anticipated. The number of off-street parking spaces to beprovided is generous and significantly exceed local zoning requirements.





For each applicable neighborhood feature, enter distance from project in miles.

Other facilities or services:

Similarity of scale and aesthetics/architecture between project and surroundings.The proposed senior building will be a three story structure which is greater in scale and height thanthe residential buildings currently surrounding neighborhood. However, the site and building aredesigned to minimize negative impacts and be compatible with the surrounding area. Thearchitectural features of the building will reflect the history of the neighborhood and Old Salem,which is just across Salem Creek and can be seen from the project. An open space/recreation areahas been placed at the entrance to the project at Alder and Mock Streets, across the street fromHappy Hill Park. The open space will not only provide an attractive, inviting green area at the

entrance to the project, but will also soften and reduce the perception of the building’s scale. Otherrecreational areas include a walking trail, horseshoe pit, picnic area, gazebo and garden spacesprovided on site to enhance aesthetics and for the benefit of residents.

Grocery Store1.2 Community/Senior Center.01

Mall/Strip Center1.2 Hospital1.75

Outdoor Athletic Fields.2 Pharmacy1.25

Day Care/After School.01 Basic Health Care1.5

Schools.25 Medical Offices1.5

Public Transportation Stop.01 Bank/Credit Union.5

Convenience Store.01 Restaurants.5

Basketball/Tennis Courts.3 Professional Services.75

Public Parks.01 Movie Theater1.4

Gas Station.2 Video Rental1.25

Library.01 Public Safety (Fire/Police)1.2

Fitness/Nature Trails.3 Post Office1.4

Public Swimming Pools.25

City Hall is 1.1 miles, Piedmont Triad Reserach Park is 1.2 miles, Downtown Central is 1.3 miles,Courthouse & Social Service is 1.3 miles, NC School of the Arts is .2 miles, Old Salem is .2 miles,

Salem College is .4 miles and Winston-Salem State University is .9 miles.





Development List number low-income/tax credit housing projects and units developed, operated, and maintained in compliance by the principal(s) betweenDecember 1, 1996 and January 1, 2003:

Management List number of low-income housing tax credit units managed in the past 10 years:

Has any owner, principal, or management agent been debarred or received a limited denial participation in the past 10 years by any federal or

state agency?

Has any owner, principal, or management agent been involved in a bankruptcy, an adverse fair housing settlement, an adverse civil rights

settlement, or an adverse federal or state government proceeding and settlement in the past 10 years?

Has any owner or principal been in a mortgage default or delinquency of three months or more within the last 5 years on a FHA-insuredproject, a Rural Development funded rental project, a tax-exempt funded mortgage, a tax credit project, or any other publicly subsidized

project?

Has any owner or principal been involved within the last 10 years in a project which previously received an allocation of tax credits but failed tomeet compliance standards of the tax credit allocation, including return of a reservation of tax credits to the Agency after the carryover

agreement has been signed?

Has any owner or principal had a Form 8823 filed with the IRS for noncompliance on a project using low-income housing tax credits or

received a letter of non-compliance from the Agency?

Project Team Experience

North Carolina Other States

Projects: 6 3

Units: 483 164

North Carolina Other States

Projects: 63

Units: 3,497

No

No

No

No

Yes





Financing Commitments

Does the project have a firm commitment for construction financing? Yes

Does the project have a letter of intent for private permenant financing? No

Does the project have a firm commitment for government financing? Yes

Does the project have a letter of intent from an investor? Yes

Is any portion of the eligible basis of new contruction or rehabilitation financed with federal subsidies other than CDBG funds or fundsfrom the HOME program? Yes

If yes, indicate the type and amount below:

Tax Exempt Financing: $

RD 515 Financing: $

Hope VI Financing: $ 1,500,000

Other: $

If Other, specify the type of Federal subsidy:





Project Operations (Year One)

Projected Operating Costs

Administrative Expenses

Advertising 2,200

Office Salaries 14,000

Office Supplies 5,400

Office or Model Apartment Rent

Management Fee 42,000

Manager or Superintendent Salaries 28,000

Manager or Superintendent Rent Free Unit

Legal Expenses (Project) 600

Auditing Expenses (Project) 3,400

Bookkeeping Fees/Accounting Services 1,000

Telephone and Answering Service 3,600

Bad Debts

Other Administrative Expenses (specify):

Training, Mileage, Key Attendant, Credit & Criminal Checks3,600

SUBTOTAL 103,800

Utilities ExpenseFuel Oil

Electricity (Light and Misc. Power) 28,000

Water 2,500

Gas

Sewer 2,500

SUBTOTAL 33,000

Operating and Maintenance Expenses

Janitor and Cleaning Payroll 12,000

Janitor and Cleaning Supplies 1,800

Janitor and Cleaning Contract 1,200

Exterminating Payroll/Contract 1,600

Exterminating Supplies 50

Garbage and Trash Removal 3,200

Security Payroll/Contract 18,000

Grounds Payroll 600

Grounds Supplies 1,200

Grounds Contract 10,000

Repairs Payroll 28,000

Repairs Material 2,400

Repairs Contract 1,800

Elevator Maintenance/Contract 6,000

Heating/Cooling Repairs and Maintenance 1,800

Swimming Pool Maintenance/Contract

Snow Removal 750

Decorating Payroll/Contract 2,400

Decorating Supplies 800

Other (specify):

Miscellaneous Operating & Maintenance Expenses 2,400

SUBTOTAL 96,000

Taxes and Insurance

Real Estate Taxes 34,000

Payroll Taxes (FICA) 7,400

Miscellaneous Taxes, Licenses and Permits





Property and Liability Insurance (Hazard) 22,000

Fidelity Bond Insurance 250

Workmen's Compensation 1,200

Health Insurance and Other Employee Benefits 3,600

Other Insurance:

SUBTOTAL 68,450

Supportive Service Expenses

Service Coordinator 12,000

Service Supplies 1,500

Tenant Association Funds 1,500

Other Expenses (specify):

SUBTOTAL 15,000

Reserves

Replacement Reserves 25,000

SUBTOTAL 25,000

TOTAL OPERATING EXPENSES 341,250

ADJUSTED TOTAL OPERATING EXPENSES (Does not include taxes, reserves and resident support services) *

267,250

TOTAL UNITS(from total units in the Unit Mix section) 100

PER UNIT PER YEAR 2,672





Design Features

ITEM DESCRIPTION

Foundation/Slab Components 4" slab on grade

Primary Windows Make: Model:Moss 1738 Type/Construction: vinyl therman break

Exterior Doors Type: Frames:insulated steel metal

Siding Type: Grade/Thickness:Reynolds .44

Warranty: life time

Exterior Trim PVC & aluminum coil stock

Shingles Type: Weight:Owen Corning 225

Warranty: 25 year

Sprinkler System NFPA BR

Cabinets KCI 300 (NKCA) Certified Cabinet

Heat Pump SEER: Make:12 General Electric

Model: A2H150

Air Conditioner SEER: Make:12 General Electric

Model: A2H150

Other Heat Systems SEER: Make:12 Carrier

Model: 38BYC024





This is a detailed breakdown of rehabilitation or construction costs you summarized in the Development Costs table (Rehabilitation andConstruction of New Building(s)). The total should match those roll-up values.

Costs - Construction

ITEM LABOR MATERIAL TOTAL

Concrete Footings 9,468 23,180 32,648

Backfill-slab, Crawl 16,790 1,866 18,656

Slab-concrete/Rebar/Gravel 62,964 146,916 209,880

Waterproofing 8,862 8,862 17,724

Masonry Foundation 20,242 8,675 28,917

Brick Veneer 51,304 51,304 102,608

Steel/Structure/Rails 41,976 0 41,976

Framing/Lumber/Nails 398,306 739,710 1,138,016

Trusses 193,090 193,090

Crane Rental 9,328 9,328

Windows/Grilles/Screen 40,810 122,430 163,240Exterior Doors 3,265 29,383 32,648

Roofing 48,972 48,972 97,944

Fencing 0 0 0

Vinyl Siding/Trim/Box 60,399 112,169 172,568

Gutters/Shutters 3,265 20,055 23,320

Insulation 10,317 63,374 73,691

Drywall 186,560 186,560 373,120

Interior Doors 1,772 33,674 35,446

Int. & Final/Stair/Trim/Shelves 91,414 95,146 186,560

Cabinets & Tops 12,406 164,826 177,232

Painting 131,525 8,395 139,920

Marble - Tub/Shwr/Tops 1,119 26,865 27,984

Plumbing 80,463 343,028 423,491

Electrical 73,038 178,818 251,856

Heating/Air Conditioning 46,174 163,706 209,880

Floor Covering and Underlayment 34,887 123,689 158,576

Wall Paper 48,972 20,988 69,960

Mailboxes/Special Features/Signage 2,798 11,194 13,992

Gypcrete 15,111 35,260 50,371

Blinds/Shades/Art Work 3,265 29,383 32,648

Light Fixtures/Fans 0 55,968 55,968

Sprinkler System 58,300 58,300 116,600

Security Alarm 13,920 55,680 69,600

Hardwood Floors 4,664 4,664 9,328

Elevator 32,648 130,592 163,240

Ceramic Tiles 3,731 933 4,664

Acoustical Ceilings 0 0 0





Remarks:

Mirror/Shower Door/Encls. 2,705 24,346 27,051

Hardware/Bath Access. 1,772 15,951 17,723

Appliances 8,162 155,078 163,240

Playground Equipment 0 0 0

Interior Clean 20,988 2,332 23,320

Exterior Clean/Dumpster Rental 35,680 6,296 41,976

Other 1 (specify in Remarks) 0 0 0

Other 2 (specify in Remarks) 0 0 0

Total Cost 1,698,342 3,501,658 5,200,000





This is a detailed breakdown of the General Requirements cost element you summarized in the Development Costs table (GeneralRequirements). The total should match that roll-up value.

Remarks:

Costs - General

ITEM TOTAL

Supervision 150,000

Job Site Office/Trailer Rental 18,500

Office Supplies 2,650

Security/Watchman

Project Signage 7,000

Tools and Equipment 1,850

Gas, Oil, and Maintenance 3,025

Temporary Water, Electric, and Telephone 37,000

Storage/Hauling 6,800

Driveway Access Permit

Porta-John Rental/Dumping 55,545Builders Risk Insurance 18,000

Re-inspection Fees 550

Extra Plans and Specifications 1,780

Miscellaneous, Casual Labor 30,000

Equipment Rental 12,000

Other 1 (specify in Remarks)


Total Cost 344,700





This is a detailed breakdown of the Site Improvements cost element you summarized in the Development Costs table (On-siteImprovements). The total should match that roll-up value.

Remarks:

Costs - Improvements

ITEM TOTAL

Subsurface Exploration/Perk Testing/Site Engineering 25,000

Clearing/Grading/Final Grading/Excess and Borrow 78,000

Demolition

Earthwork/Excavation/Aerating

Soil Treatment 16,900

Pile Foundations

Caissons

Shoring/Bracing 101,000

Site Drainage 48,000

Site Utilities/Site Lighting 58,000

Paving and Surfacing/Curb and Gutter 89,000Walkways 24,000

Site Signage 18,000

Parking Lot Painting 2,650

Dumpster Pads/Fencing 8,900

Fencing/Gates

Landscaping/Topsoil 36,000

Rock and Hardpan Excavation

Site Supervision Personnel 39,550

Other (specify in Remarks)

Total Cost 545,000





This is a detailed breakdown of the Bond Costs cost element you summarized in the Development Costs table (Bond Costs). The totalshould match that roll-up value.

Remarks:

Costs - Bond Costs

ITEM TOTAL

Letter of Credit Fee

Credit Enhancement

Underwriter Discount

Capital Interest Fund



Total Cost 0





This is a detailed breakdown of the Bond Issuance cost element you summarized in the Development Costs table (Cost of Issuance). Thetotal should match that roll-up value.

Remarks:

Costs - Bond Issuance

ITEM TOTAL

Bond Counsel

Issuer Counsel

Credit Enhancement/LOC Counsel

Underwriter Counsel

Developer's Counsel

Rating Agency Fee

Printing

Trustee Fee

Trustee Counsel

Issuer's Fee

Other 1 (specify in Remarks)Other 2 (specify in Remarks)


Total Cost 0





MINIMUM REQUIRED SET ASIDES (No Points Awarded):

Minimum Set-Asides

Select one of the following two options:

20% of the qualified units are rent restricted and occupied by households with incomes at or below 50% of the median income (Note:No Tax Credit Eligble Units in the the project can exceed 50% of median income)

40% of the qualified units are rent restricted and occupied by households with incomes at or below 60% of the median income (Note:No Tax Credit Eligble Units in the the project can exceed 60% of median income)

If requesting RPP funds:

40% of the qualified unit are occupied by households with incomes at or below 50% of median income.

State Tax Credit and QAP Targeting Points:

High Income county:

At least twenty-five percent (25%) of qualified units will be affordable to households with incomes at or below thirty percent (30%) ofcounty median income.

At least twenty-five percent (25%) of qualified units will be affordable to and occupied by households with incomes at or below thirtypercent (30%) of county median income.

At least fifty percent (50%) of qualified units will be affordable to households with incomes at or below forty percent (40%) of countymedian income.

At least fifty percent (50%) of qualified units will be affordable to and occupied by households with incomes at or below forty percent(40%) 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 mortgage subsidy 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.





PLEASE indicate which of the following exhibits are attached to your application. Others may be required as noted.

Full Application Checklist

A Nonprofit Organization Documentation or For-profit Corporation Documentation

B Current Financial Statements/Principals and Owners

C Ownership Entity Agreement, Development Agreement or any other agreements governing development services

D Management Agent Agreement

E Development and manager multi-family experience & Management Questionnaire (Appendix C)

F Letters from State Housing Agencies or designated monitoring agent verifying Out of State Management Experience

G Completed IRS Form 8821 (Appendix I)

H Letters from Local Utility Providers (original on letterhead, no fax or photocopies)

I Local Government Letter or Letter from Certified Engineer or Land Surveyor Confirming Floodplain Designation with Mapshowing 100 year and 500 year floodplain (original on letterhead, no fax or photocopies)

J Local Government Letter Confirming Zoning (original on letterhead, no fax or photocopies)

K Copy of certificate of occupancy or proof of placed-in-service date (Rehabs Only)

L Site plan, floor plans and elevations

M Hazard and structural inspection and termite reports (Renovation projects only)

N Anticipated budget demonstrating how the project would meet the 10% test by November 14th.

O Evidence of Architect's Errors and Omissions insurance (or equivalent).

P Description of acquisition for existing/occupied projects or for projects with occupied buildings to be demolished.

Q Description of proposed Relocation Plan & Relocation Budget, Etc. If any relocation is anticipated, reference Appendix F.

R Targeting Plan and supporting documentation (Required for all projects)

S Local Housing Authority Agreement (Reference Model in Appendix I)

T Appraisal (for land costs greater than $5,000 and for buildings in rehab projects)

U Evidence of Permanent Loan Commitment, other sources of funds, and project-based subsidies.

V Statement regarding terms of Deferred Developer Fee and, if nonprofit, resolution of Board approving fee.

W Inducement Resolution (Tax-Exempt Bond Financed Projects only)

X Documentation to support estimated utility costs.


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