Hhg II Family

8/6/2019 Hhg II Family

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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 II Family Apartments

Address: 920 Mock Street

City: Winston-Salem County: Forsyth Zip: 27127

Census Tract: 8.02 Block Group:

Yes

Yes

Political Jurisdiction: 12th Congressional 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

Page 1 of 37Print - APP04-0103

1/14/2005https://www.nchfa.org/Rental/RTCApp/(oepx3v552xjrlo24fc2sao55)/site/PrintApp.aspx?II...


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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: Family

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

Project Description

Project Type:* New Construction Rehab Adaptive Reuse

No

Yes

5656

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 the City of Winston-Salem to provide services for publichousing residents. A targeting plan has been completed and has been submitted to the North

Carolina Department of Health and Human Services for review and certification for 6 set-aside units.The owner entity has also secured a commitment for project-based Section 8 Housing ChoiceVouchers and has agreed to set aside 6 of those vouchers for the targeted population.




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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]




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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

4.746 4.746

Yes

The seller of the land, The Housing Authority of the City of Winston-Salem will demolish all buildingson the tax credit site prior to purchase of the property (estimated to be 10-31-04) and anticipatesdemolition of the entire Happy Hill Gardens public housing project to be completed by December 31,2004.

No

Yes

No




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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 II, LLC is a non-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: 140,000




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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

RM-18

Yes

No

No

No




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[email protected] 52-2143055




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Square Footage Information

Notes

Low Income....... 56 3 26195

Market Rate.......

Totals............... 56 3 26195

Proposed number of residential buildings: 9 Maximum number of stories in buildings: 2

Project Includes:Separate community building -- Sq. Ft. (Floor Area):Sq. Ft. (Floor Area): 2,2562,256

Community space within residential bulding(s) -- Sq. Ft. (Floor Area):Sq. Ft. (Floor Area):

Elevators -- Number of Elevators:Number of Elevators:

Gross Floor Square Footage: 70,490

Total Net Sq. Ft. (All Heated Areas): 62,422

** 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.




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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 2 targeted at 30 percent of median income.






56




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Other Loan 1 - 1st Mortgage - HAWS

Year:Amt:

1

32999

2

32841

3

32631

4

32368

5

32048

6

31665

7

31218

8

30702

9

30111

10

29443

Year:Amt:

11

28692

12

27853

13

26920

14

25889

15

24754

16

23507

17

22144

18

20658

19

19040

20

17285

Other Loan 2 - 2nd Mortgage - HAWS

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




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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 450,000 450,000

4 Rehabilitation

5 Construction of New Building(s) 3,010,590 3,010,590

6 Accessory Building(s)

7 General Requirements 207,635 207,635

8 Contractor Overhead 73,365 73,365

9 Contractor Profit 293,458 293,458

10 Construction Contingency 121,051 121,051

11 Architect's Fee - Design 93,350 93,350

12 Architect's Fee - Inspection 28,920 28,920

SUBTOTAL (lines 1 through 12) 4,278,369

13 Construction Insurance (prorate) 15,000 15,000

14 Construction Loan Orig. Fee (prorate) 23,000 23,000

15 Construction Loan Interest (prorate) 93,917 93,917

16 Construction Loan Credit Enhancement (prorate) 3,600 3,600

17 Construction Period Taxes (prorate) 5,600 5,600

18 Water, Sewer and Impact Fees 14,000 14,000

19 Survey 60,000 60,000

20 Property Appraisal 7,500 7,500

21 Environmental Report 5,600 5,600

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 5,600

SUBTOTAL (lines 13 through 28) 237,817

29 Real Estate Attorney 25,000 25,000

30 Other Attorney's Fees 40,000 40,000

31 Tax Credit App Fees 32,247 32,247

32 Cost Certification and Accounting Fees 11,989 11,989

33 Tax Opinion 1,500

34 Organizational (Partnership) 600

35 Tax Credit Monitoring Fee 29,400


36 Furnishings and Equipment 35,000 35,000

37 Relocation Expenses

38 Developer's Fee (max 15% lines 2-36, less 8 & 9) 647,715 647,715

39 Other Basis Expense (specify)

40 Other Basis Expense (specify)

41 Rent-up Expenses 56,455

42 Soft Cost Contingency 35,000

43 Other Non-basis Expense (specify)


44 Rent up Reserve 16,800




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Comments:

45 Operating Reserve 131,345

46 ACC Subsidy Reserve 137,760

47 Other Reserve (specify)

48 DEVELOPMENT COST (lines 1-47) 5,716,997 0 5,302,537

49 Less Federal Financing 840,000

50 Less Disproportionate Standard

51 Less Nonqualified Nonrecourse Financing

52 Less Historic Tax Credit (residential) 0

53 TOTAL ELIGIBLE BASIS 4,462,537 0 4,462,537

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

55 Basis Before Boost 4,462,537 0 4,462,537

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

57 TOTAL QUALIFIED BASIS 5,801,298 0 5,801,298

58 Tax Credit Rate 0.00% 7.91%

59 Federal Tax Credits at Estimated Rate 458,882 0 458,882

60 Federal Tax Credits at 8.5% or 3.75% 493,110 0 493,110

61 Federal Tax Credits Requested 0

62 Land Cost 140,000

63 TOTAL REPLACEMENT COST 5,856,997

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




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Please provide a detailed description of the proposed project:

Construction (check all that apply):

Market Study Information

HHG II - Family Apartments is part of the first phase of the HOPE VI Revitalization of the 40 acreHappy Hill Gardens public housing community. The projected cost of this revitalization is estimatedto over $70,000,000. Also included in Phase I is a proposed 100 unit senior tax credit developmentto be built adjacent to the family tax credit site as well as a single family subdivision of 20 newhomes. The neighborhood is an established working class and primarily residential area.

Neighborhood assets include a large public park, a recreation center (Sims Recreation Center), anelementary school (Diggs Elementary) and numerous churches. The existing Happy Hill Gardensincludes a community resource center on site that houses community and supportive services,neighborhood network/after-school programs and adult educational programs such as GED classesprovided by the Housing Authority of the City of Winston-Salem. It is anticipated that the resourcecenter will be renovated and maintained as a neighborhood community center which is located inclose proximity to the proposed family site. There is also a small convenience store owned by theHousing Authority that is located in the middle of the public housing development.

The Revitalization Plan calls for the razing of 488 severely distressed public housing units andreplacing with 445 new single-family detached homes, townhouses, apartments and senior units thatblend with the City's adjacent Old Salem Historic District.

Happy Hill Gardens was the first public housing development built in Forsyth County in 1951 and islocated within the greater Happy Hill neighborhood, the oldest African-American neighborhood in theCity of Winston-Salem. Formerly called New Liberia, the Happy Hill neighborhood grew out of acommunity of African-American former slaves who bought land from the Moravian Church after the

Civil War. This redevelopment effort, which has the strong support of the city, county, private sector,residents and the neighboring community, will complement major on-going revitalization of the"Southeast Gateway" and downtown areas of the City.

The property is located just south of Winston-Salem's downtown business district and is in closeproximity to Old Salem, a nationally known tourist attraction; Salem Academy and Salem College,two prestigious private schools; North Carolina School of the Arts, Winston-Salem State University,and Triad Research Park, a biotechnical research park expected to expand to 180 acres within thenext 10 to 15 years. The property also is in close proximity to several established single-familyneighborhoods with strong neighborhood associations such as West Salem, Washington Park andSunnyside.

HHG II - Family Apartments will include the construction of 56 one, two and three bedroom gardenapartment units in 9 two-story buildings on 4.746 acres. All 56 units will be tax credit qualified with28 being set-aside and reserved for former PHA residents of Happy Hill Gardens. These 28 units willreceive operating rental subsidies from The Housing Authority of Winston-Salem ("HAWS"). Theremaining 28 units will also have access to rental subsidy through a commitment for project-based

Section 8 housing choice vouchers.

Relocation of existing residents is currently underway and it is anticipated that all residents currentlyliving on the site will be relocated by August, 2004. Upon completion of the relocation plan,demolition of the existing buildings, roads and utilities on the site will commence. It is anticipatedthat demolition will be completed on the site by November, 2004.

All the units planned for the tax credit site are spacious with open/flowing floorplans. Each unit willhave a patio or balcony, exterior storage, walk-in closets, carpet, washer/dryer connections, pantry,dishwasher, disposal, stove with self-cleaning oven, frost-free refrigerator with icemaker and 12 seerheat pump. The units have been designed to exceed the minimum square footage requirements ofthe tax credit program and to enhance energy efficiency. The square footage for the 8 onebedroom/1 bath garden units range from 782 to 837 square feet; the 8 two bedroom/1 bath gardenunit from 966 to 1056 square feet; the 20 two bedroom/1.5 bath townhouse units are 1033 squarefeet; and the 20 three bedroom/2 bath units from 1206 to 1291 square feet.

The 2,256 square foot Community & Leasing Center planned for the tax credit site includes acomputer learning lab, a resident business center, conference room/library, central laundry, vendingarea, kitchenette, public restrooms, covered porches and large multi-purpose activity room with TV,craft and game areas to be utilized for after-school and summer youth programs and other resident-related activities. In addition the Center provides offices for fulltime onsite management, leasing andmaintenance personnel. Other amenities include a playground, tot lot, volleyball court, horseshoepit, and picnic area with grill.

The property is on the city bus line and is in close proximity to schools and services. With regard tomarketing, the 28 PHA units have already been pre-assigned to the temporarily relocated formerresidents of Happy Hill Gardens. In that the Housing Authority currently has over 2400 persons ontheir waiting list awaiting housing, we anticipate pre-leasing all remaining units prior to completion.




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Brick Vinyl Wood HardiPlank Balconies/Patios Sunrooms Front Porches

Front Gables or Dormers Wide Banding or Vertical/Horizontal Siding

Other:

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):

Vinyl clad windows, vinyl shake siding, metal insulated doors with viewfinder and deadbolt locks.

No

Community Bldg - Sq Ft: 2,256 Community Room - Sq Ft: 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 will be primarily responsible for the coordinationof the social services and recreational activities for the residents of the community. After school andsummer activities are planned for the children ages 5 to 15 years old who reside in the property aswell as other organized recreational and educational opportunities for the youth of the community.Programs for adults, such as parenting workshops, educational seminars, employment and job skillscounseling, credit counseling and computer classes will be available in addition to social activities.

The Community Center will be furnished with computers/printers with internet access for thecomputer lab and learning center, board games, puzzles and books for the library/conference room,and television/vcr/dvd, arts & crafts tables and games for the multi-purpose activity room. There willbe a kitchenette for pot luck dinners, holiday gatherings and resident council meetings. A businesscenter is also available to residents who need the use of a fax machine, copier or small officeequipment such as mail scales, paper hole punchers, etc. Within close proximity to the proposedsite and within the Happy Hill neighborhood is a Day Care Center and on the Happy Hill Gardenssite is a Community Center (old Daycare Center) that HAWS intends to renovate to provide a "One-

Stop Shop" for community and supportive services, recreational and educational programs for theresidents of the entire community.

The developer's landscape architect will provide a detailed planting schedule for the building/sitewith the full application. Throughout the property 40+ year old oak trees line and provide a canopyover the streets of the neighborhood. Every precaution will be taken to protect and maintain thesetrees. It is our intent to supplement additional plantings on the site to the already existing maturetrees that can hopefully be retained.




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Flooring: Carpet Vinyl Wood Wood Parquet Ceramic Tile Other

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

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.

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

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

Yes




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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 Carolinas 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 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 both the low-income and low-income rental housing concentration in the area.The City and non-profit redevelopment efforts in the northern portion of the Happy Hill neighborhoodwill also raise income levels, bringing in new homeowners and increasing residents commitment tothe neighborhood. The Southeast Gateway Village project will include upper middle income 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 site




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is 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 mile, a comfortable walking distance, of the proposedsite. The sites 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 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 adjacent to the site andunattractive commercial uses to the south on Waughtown Street. The project has been designed toorient to the north, away from these uses. Near the project site there is a stream with steepovergrown slopes, and extensive floodplain area northwest of the project site in Happy Hill Park. Thepower lines and the existing condition of the stream area have an indirect negative visual impact onthe site. The Happy Hill Gardens HOPE VI Master Plan shows the stream area to be cleaned andrestored to serve as a green space amenity for the area, as the floodplain in Happy Hill Parkcurrently 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 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 of

Alder 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 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 and land use patterns. The City of Winston-Salem has committed$1,000,000 to assist in the public infrastructure improvements needed for the overall revitalization.

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), such

as 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 project,but demolition is not excessive and no environmental problems are anticipated. The number of off-street parking spaces to be provided is generous and significantly exceed local zoning requirements.

Similarity of scale and aesthetics/architecture between project and surroundings.The scale and design of the multifamily project will be residential in character and be compatiblewith surrounding residential uses. The development will include 56 garden and townhouse styleapartments in a neo-traditional neighborhood style. Buildings will front on the street and include




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

Other facilities or services:

porches/decks. Parking will be located to the rear, behind the buildings. Sidewalks and recreationareas will be provided throughout the development to encourage interaction and enhancewalkability. The architectural features of the buildings will reflect the history of the neighborhood andof Old Salem, which is less than a quarter mile northwest of the project site, across Salem Creek.

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 Research Park is 1.2 miles, Central Downtown, Courthouseand Social Services is 1.3 miles, NC School of the Arts is .2 miles, Old Salem is .2 miles, SalemCollege and Salem Academy are .4 miles and Winston-Salem State University is .9 miles from thesite.




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DevelopmentList 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:

ManagementList 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




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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: $ 840,000

Other: $

If Other, specify the type of Federal subsidy:




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Project Operations (Year One)

Projected Operating Costs

Administrative Expenses

Advertising 1,200

Office Salaries 5,645

Office Supplies 2,300

Office or Model Apartment Rent

Management Fee 25,536

Manager or Superintendent Salaries 24,000

Manager or Superintendent Rent Free Unit

Legal Expenses (Project) 600

Auditing Expenses (Project) 3,500

Bookkeeping Fees/Accounting Services 550

Telephone and Answering Service 3,000

Bad Debts

Other Administrative Expenses (specify):

Training, Mileage, Key Holder, Credit & Criminal Checks3,200

SUBTOTAL 69,531

Utilities ExpenseFuel Oil

Electricity (Light and Misc. Power) 7,200

Water 3,800

Gas

Sewer 3,800

SUBTOTAL 14,800

Operating and Maintenance Expenses

Janitor and Cleaning Payroll 2,400

Janitor and Cleaning Supplies 750

Janitor and Cleaning Contract 1,000

Exterminating Payroll/Contract 900

Exterminating Supplies

Garbage and Trash Removal 1,600

Security Payroll/Contract 10,000

Grounds Payroll 1,200

Grounds Supplies 2,400

Grounds Contract 8,400

Repairs Payroll 24,000

Repairs Material 1,200

Repairs Contract 1,800

Elevator Maintenance/Contract

Heating/Cooling Repairs and Maintenance 1,500

Swimming Pool Maintenance/Contract

Snow Removal

Decorating Payroll/Contract 4,200

Decorating Supplies 1,200

Other (specify):

Miscellaneous Operating & Maintenance Expenses 1,200

SUBTOTAL 63,750

Taxes and Insurance

Real Estate Taxes 24,755

Payroll Taxes (FICA) 4,800

Miscellaneous Taxes, Licenses and Permits




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Property and Liability Insurance (Hazard) 16,800

Fidelity Bond Insurance 250

Workmen's Compensation 600

Health Insurance and Other Employee Benefits 6,000

Other Insurance:

SUBTOTAL 53,205

Supportive Service Expenses

Service Coordinator 12,000

Service Supplies 1,200

Tenant Association Funds 1,200

Other Expenses (specify):

SUBTOTAL 14,400

Reserves

Replacement Reserves 14,000

SUBTOTAL 14,000

TOTAL OPERATING EXPENSES 229,686

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

176,531

TOTAL UNITS(from total units in the Unit Mix section) 56

PER UNIT PER YEAR 3,152




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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 Carrier

Model: 38BYC024

Air Conditioner SEER: Make:12 Carrier

Model: 38BYC024

Other Heat Systems SEER: Make:

Model:




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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 6,323 15,480 21,803

Backfill-slab, Crawl 11,213 1,246 12,459

Slab-concrete/Rebar/Gravel 42,048 98,113 140,161

Waterproofing 5,918 5,917 11,835

Masonry Foundation 13,518 5,793 19,311

Brick Veneer 34,262 34,261 68,523

Steel/Structure/Rails 6,229 0 6,229

Framing/Lumber/Nails 261,635 485,893 747,528

Trusses 0 128,949 128,949

Crane Rental 6,229 0 6,229

Windows/Grilles/Screen 27,254 81,760 109,014Exterior Doors 2,180 19,623 21,803

Roofing 32,704 32,705 65,409

Fencing 0 0 0

Vinyl Siding/Trim/Box 32,704 60,737 93,441

Gutters/Shutters 2,180 13,393 15,573

Insulation 6,890 42,323 49,213

Drywall 109,015 109,014 218,029

Interior Doors 1,180 22,413 23,593

Int. & Final/Stair/Trim/Shelves 45,786 47,655 93,441

Cabinets & Tops 8,285 110,074 118,359

Painting 73,195 4,672 77,867

Marble - Tub/Shwr/Tops 748 17,941 18,689

Plumbing 47,343 201,833 249,176

Electrical 41,550 101,726 143,276

Heating/Air Conditioning 33,639 106,523 140,162

Floor Covering and Underlayment 25,416 80,484 105,900

Wall Paper 0 0 0

Mailboxes/Special Features/Signage 1,869 7,475 9,344

Gypcrete 10,092 23,547 33,639

Blinds/Shades/Art Work 2,180 19,623 21,803

Light Fixtures/Fans 0 37,376 37,376

Sprinkler System 0 0 0

Security Alarm 0 0 0

Hardwood Floors 3,115 3,114 6,229

Elevator 0 0 0

Ceramic Tiles 2,492 623 3,115

Acoustical Ceilings 0 0 0




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Remarks:

Mirror/Shower Door/Encls. 1,807 16,259 18,066

Hardware/Bath Access. 1,184 10,652 11,836

Appliances 5,451 103,564 109,015

Playground Equipment 0 10,590 10,590

Interior Clean 14,016 1,557 15,573

Exterior Clean/Dumpster Rental 23,827 4,205 28,032

Other 1 (specify in Remarks) 0 0 0

Other 2 (specify in Remarks) 0 0 0

Total Cost 943,477 2,067,113 3,010,590




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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 93,935

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 6,000

Storage/Hauling 6,800

Driveway Access Permit

Porta-John Rental/Dumping 25,545Builders Risk Insurance 9,000

Re-inspection Fees 550

Extra Plans and Specifications 1,780

Miscellaneous, Casual Labor 19,000

Equipment Rental 12,000

Other 1 (specify in Remarks)


Total Cost 207,635




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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 22,000

Clearing/Grading/Final Grading/Excess and Borrow 98,000

Demolition

Earthwork/Excavation/Aerating

Soil Treatment 12,900

Pile Foundations

Caissons

Shoring/Bracing 59,000

Site Drainage 38,500

Site Utilities/Site Lighting 48,500

Paving and Surfacing/Curb and Gutter 89,000Walkways 21,000

Site Signage 12,000

Parking Lot Painting 2,650

Dumpster Pads/Fencing 8,900

Fencing/Gates

Landscaping/Topsoil 18,000

Rock and Hardpan Excavation

Site Supervision Personnel 19,550

Other (specify in Remarks)

Total Cost 450,000




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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




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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




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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.




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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.


Documents

Hhg II Family