Tyvola Crossing

8/6/2019 Tyvola Crossing

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Check all that apply:

Federal Low Income Housing Tax Credit

State Low Income Housing Tax Credit

Tax Exempt Bonds

Rental Production Program (RPP) Loan

Requested RPP Loan Amount:RPP Loan Product Requested: CHDO

Print Preview - Final Application

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

Resources Requested

425,000

Page 1 of 37Print - APP03-0025

1/14/2005https://www.nchfa.org/Rental/RTCApp/(20mgbfah311ksvrb3kjtdc55)/site/PrintApp.aspx?I...


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

Project Name and Location

Project Name: Tyvola Crossing Apartments

Address: 4425 West Tyvola Road

City: Charlotte County: MECKLENBURG Zip: 28208

Census Tract: 39.02 Block Group: 39.02.4

Yes

Political Jurisdiction: City of Charlotte

Jurisdiction CEO Name: First: Last:Patrick McCrory Title: Mayor

Jurisdiction Address: 600 East Fourth Street

Jurisdiction City: Charlotte Zip: 28202

Jurisdiction Phone: (704)336-7600

Site Latitude:

Site Longitude:




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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 federal rental assistance?

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

Target Population: Family

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

Square Footage Information

Project Description

Project Type:* New Construction Rehab Adaptive Reuse

No

No

Mobility impaired handicapped: 5% of units comply with QAP Section IV(F)(3) (in addition to other federal and staterequirements)

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

Remarks: 1. Special Populations

a. Homeless Families: CMHP has entered into an agreement with Community Link to providehousing to homeless families. Community Link provides case management and rent subsidies to

individuals and families who are struggling to maintain their housing. Approximately 70% of thefamilies who complete the Community Link program remained housed and employed a year later.CMHP will join a list of more than 75 landlords across Mecklenburg County who have agreed tomake exceptions to rent and credit history requirements to give these families a second chance atsafe, decent, affordable housing. Many of the families who receive services from Community Linkare dealing with multiple problems, including domestic violence, substance abuse, poor life skillsand limited education. Community Link social workers help these families address all these issues,increase and stabilize their income while living in safe, attractive and affordable housing.

b. Mobility Impaired Residents: Tyvola Crossing will have four units designed for those individualswith mobility impairments and efforts will be made to market those units to such individuals.

2.CHDO

The City West CDC is certified by the City of Charlotte as a CHDO. It is anticipated that theresidents of Tyvola Crossing will have access to the supportive services now offered by the ReidPark CDC to their current target population. Such services could include rental referral,

homeownership training and community meetings as needed.

Proposed number of residential buildings: 4 Maximum number of stories in buildings: 3

Types of Units:* Townhouse Duplex Garden Apartment Detached Single-Family

Project Includes:Separate community building -- Sq. Ft. (Floor Area):Sq. Ft. (Floor Area): 1,7171,717

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: 101,258

Total Net Sq. Ft. (All Heated Areas): 82,765




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Applicant Information

Applicant Name: Charlotte-Mecklenburg Housing Partnership, Inc.

Address: 1201 Greenwood Cliff, Suite 300

City: State: NC Zip:Charlotte 28204

Contact: First: Last: Title:Patricia Garrett President

Telephone: (704)342-0933

Alt Phone: (704)343-4682

Fax: (704)342-2745

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 in a distressed neighborhood?

If yes, does a community revitalization plan exist?

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:

Site Description

6.059 6.059

No

No

Yes

Yes

Yes

No




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(b) Describe flood mitigation if the project is in the East Region and will have improvements within the 100 year floodplain:




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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

Yes

08/02/2001 298,889

(a) Does the owner/principal or ownership entity have vaild 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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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:

Is a public hearing of any kind required in the future for you to fully develop this property?

If yes, describe the nature of the hearing and when you expect the hearing will be held:

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

R-22MF and R-4

Yes

No

No

No

No




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Ownership Entity

Owner Name: Tyvola Crossing LLC

Address: 1201Greenwood Cliff , Suite 300

City: State: NC Zip:Charlotte 28204

Federal Tax ID Number of Ownership Entity: (If assigned)

Federal Tax ID Number of Managing GP or Member: (If Not Assigned)56-1620516

Entity Type: Limited Liability Company

Entity Status: Already Formed

Is the applicant requesting that the Agency treat the application as Non-Profit sponsored? Yes

Is the applicant requesting that the Agency treat the application as CHDO sponsored? Yes

List all general partners, members,and principals. Specify nonprofit corporate general partners ormembers. Click [Add] to add additional partners, members, and principals.

Org: Charlotte-Mecklenburg Housing Partnership, Inc.

First Name: Patricia Last Name: Garrett Function: Managing Member

Address: 1201 Greenwood Cliff, Suite 300

City: Charlotte State: NC Zip: 28204

Phone: (704)342-0933 Fax: (704)342-0933

EMail: [email protected] Nonprofit: Yes TaxID 56-1620516

Org: City West CDC

First Name: MonaLita Last Name: Carr Function: Member

Address: 2415 Lester Street

City: Charlotte State: NC Zip: 28208

Phone: (704)344-1862 Fax: (704)344-1808

EMail: [email protected] Nonprofit: Yes TaxID 56-1536043




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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 %

2 12 targeted at 30 percent of median income.






80




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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:City of Charlotte Loan

800,000 1.00 18 0

RD Loan

AHP Loan

Other Loan 1 - Specify:City of Charlotte/CMHP Loan

400,000 2.00 18 0

Other Loan 2 - Specify:

Other Loan 3 - Specify:

Tax Exempt Bonds

State Tax Credit(Loan) 739,795 0 30 30 0

State Tax Credit(Direct Refund)

Equity: Federal LIHTC 4,540,826

Non-Repayable Grant

Equity: Historic Tax Credits

Deferred Developer Fees

Owner Investment

Other - Specify:

Total Sources** 6,480,621

* "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.

78

The RRP loan is structured at the AFR (approximately 5%) because HOME Funds must bestructured at the AFR to remain in basis for a project in the 130% census tract.;

Local Gov. Loan - City of Charlotte Loan




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Year:Amt:

1

8000

2

8000

3

8000

4

8000

5

8000

6

8000

7

8000

8

8000

9

8000

10

8000

Year:Amt:

11

8000

12

8000

13

8000

14

8000

15

8000

16

8000

17

8000

18

8000

19

8000

20

8000

Other Loan 1 - City of Charlotte/CMHP Loan

Year:

Amt:

1

8000

2

8000

3

8000

4

8000

5

8000

6

8000

7

8000

8

8000

9

8000

10

8000

Year:Amt:

11

8000

12

8000

13

8000

14

8000

15

8000

16

8000

17

8000

18

8000

19

8000

20

8000




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Development Costs

Item Cost Element TOTAL COSTEligible Basis

30% PV 70% PV

1 Purchase of Buildings (Rehab) 0

2 Demolition 3,000 3,000

3 On-site Improvements 500,000 400,000

4 Rehabilitation

5 Construction of New Building(s) 3,669,580 3,669,580

6 Accessory Building(s) 0 0

7 General Requirements 212,188 212,188

8 Contractor Overhead 83,392 83,392

9 Contractor Profit 250,175 250,175

10 Construction Contingency 142,600 142,600

11 Architect's Fee - Design 90,000 90,000

12 Architect's Fee - Inspection 14,800 14,800

SUBTOTAL (lines 1 through 12) 4,965,735

13 Construction Insurance (prorate) 16,000 16,000

14 Construction Loan Orig. Fee (prorate) 18,350 18,350

15 Construction Loan Interest (prorate) 70,000 70,000

16 Construction Loan Credit Enhancement (prorate)

17 Construction Period Taxes (prorate)

18 Water, Sewer and Impact Fees 37,987 37,987

19 Survey 2,500 2,500

20 Property Appraisal 5,000 5,000

21 Environmental Report 3,500 3,500

22 Market Study 7,500 7,500

23 Bond Costs (specify)

24 Cost of Issuance

25 Placement Fee

26 Permanent Loan Origination Fee 4,000

27 Permanent Loan Credit Enhancement

28 Title and Recording 15,000

SUBTOTAL (lines 13 through 28) 179,837

29 Real Estate Attorney 10,000 10,000

30 Other Attorney's Fees 22,500 22,500

31 Tax Credit App Fees 38,660 38,660

32 Cost Certification/Accounting Fees (specify) 8,000 8,000

33 Tax Opinion 15,000

34 Organizational (Partnership) 22,500

35 Tax Credit Monitoring Fee 42,000


36 Furnishings and Equipment

37 Relocation Expenses

38 Developer's Fee (max 15% lines 2-36, less 8 & 9) 585,000 585,000

39 Other Basis Expense (specify)

40 Other Basis Expense (specify)

41 Rent-up Expenses 5,000

42 Other Non-basis Expense (specify)

43 Other Non-basis Expense (specify)


44 Rent up Reserve 24,000




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Please provide a detailed description of the proposed project:

Construction (check all that apply):

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:

Market Study Information

The proposed Tyvola Crossing Apartments will be 80 affordable multi-family units to include bothtwo and three bedroom apartment homes in the West Boulevard Corridor. The development is to bebuilt on a total of 6.59 acres, near the corner of West Tyvola Road and Richard Street and willinclude four (4) buildings with a mix of two and three bedroom units ranging from 886 to 1101 sf.The exterior sheels of the buildings will be a combination brick and vinyl siding. Additional features

include dishwashers, laundry rooms, two baths, energy efficient AC/heating, private decks/porches,storage rooms and walk-in closets in master suites. Residents will also have ample parking, acommunity room, a playground with benches, a community gathering and garden area and agazebo.There will be a total of eight accessible units in the complex. The additional four units are added formobility impaired special populations targeted for this development. All buildings will be designed tomet NCHFA standards for accessibility and habitability.The site plan also includes a pedestrian walkway to the campus of Reid Park Elementary School.Direct access to this property is now blocked by a fence, but when opened it will provide access tothe school, Reid Park Neighborhood Park and Reid Park Recreation Center. Charlotte MecklenburgSchools has agreed to provide access to their property.The site is flat with no apparent topographic issues. There are no flood plains or regulated wetlandareas. The property fronts on West Tyvola and the visibility of the buildigns from West Tyvola will bevery good.

Decorative trim, full glass patio/deck doors, cedar shake style vinyl siding

Yes

Villages at Rosedale3940 Glory StreetCharlotte, NC 28206

Community Bldg - Sq Ft: 1,718 Community Room - Sq Ft: 510 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

CMHP has a Vice President of Community Outreach who plans and implements supportive servicesat CMHP's seven existing multi-family sites. Supportive services are focused primarily on helping




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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

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.

our residents move toward homeownership. To that end, each site has a Homestead ResourceCenter, located in an on-site office with educational materials for first time homebuyersand budgetand financial planning publications. For 2003 CMHP has formed an innovative partnership with Bankof America. Bank volunteers come to the site and offer a three-part Financial Literacy class. CMHPalso praovides residents with information on homeownersip, budgeting and credit repair viaworkshops, on-site billboards, fliers and a periodic newsletter.

There will be extensive landscaping, similar to that at hte other CMHP developments and abundantresident parking.

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).

The proposed site is currently a vacant and wooded lot surrounded on the north and the south byresidential development to the east by vacant land and on the west by property owned by Charlotte-Mecklenburg Schools. Some of the surrounding single family residences are in substandardcondition and CMHP is currently in negotiations with neighboring property owners to gauge theirinterest in selling. At this time one home on Richard's street is under contract and another Richardsstreet home has an offer outstanding. CMHP's investment in this area will not end with thedevelopment of Tyvola Crossing and as has been the case in other CMHP revitalized areas, theinvestment of tax credit equity will invariably spark additional and complementary investment.

In addition to CMHP's investment in the area, other entities are contributing to the market as follows:

West Boulevard Corridor Development

[Retail Development]

The re-development of the 46,000 sq. ft. Westover Shopping Center is a mile and a half from Tyvola

Crossing. With construction set for completion by the summer of 2003, this shopping center hasalready leased space to several retailers. The City of Charlotte, the Charlotte-MecklenburgDevelopment Corporation, the Charlotte Chamber of Commerce, Reid Park Associates and theCharlotte Enterprise Community worked together on this project.

[Single Family New Construction]

More than 100 new single-family homes have been buil t and sold within two miles of this site.

[Multifamily Development]

The rehabilitation of two major apartment complexes and a number of existing rental properties

[Public Investment]

New streetscape improvements, including new side walks, roadside landscaping and brickwork. Apublic investment of several million dollars by the City resulted in special paving, wrought iron

fencing with brick columns, landscaping, lighting and signage to improve the overall look of WestBoulevard.

[Public Safety]

Enhanced public safety with increased police presence and greater community involvement. Thefederal Weed and Seed program was implemented in 1998 and now includes 12 neighborhoodsalong the West Boulevard corridor. Operation Weed and Seed is an innovative and comprehensivemulti-agency approach to law enforcement, crime prevention and community revitalization thatencourages law enforcement agencies to help weed out criminals who participate in violent crimean drugs abuse and then help seed a new environment in the community by bringing a variety ofhuman services to the area and its citizens. Violent crime is down significantly since 1998.

[YMCA]

The YMCA owns land on the corridor and plans to build an est. 40,000 sq ft, $4.2 million facility.YMCA staff currently offers a variety of athletic programming at different venues along the corridor.

[Hope VI Redevelopment]

An aging public housing site is now a beautiful, mixed income community thanks to theimplementation of a $24.7 million Hope VI grant and NCHFA tax credits. Arbor Glen has a recreationcenter and swimming pool and 142 apartments for families and the elderly. Construction on Phase IIhas just begun. The will include 100 more apartments, town homes and more than 50 homes forsale. Plans also include additional retail opportunities on West Blvd.

[Billy Graham Evangelistic Association]

In November 2002, the Billy Graham Evangelistic Association broke ground on its new InternationalHeadquarters, located within one half (.5) mile of Tyvola Crossing. Once completed, this 106-acresite will bring another 450 jobs to the market as well as much needed exposure for the surrounding




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area including Tyvola Crossing. The first phase will include the construction of a 100,000 sq. ft.building and will cost about $43 million. The new jobs will include management, clerical and mailcenter operations. This positions and other support roles are a perfect match for CMHPs typicalapartment rental resident.

Suitability of surrounding development. Land use pattern is primarily residential with a balance ofother uses, including non-competing multifamily and single family units, relevant amenities, shoppingand services.The surrounding development land use pattern is primarily residential. Amenities and services withina five mile radius of the site includes access to the following:

1. Banks2. Churches3. Department Stores4. Senior Centers5. Elementary, Middle and High Schools6. Grocers7. Libraries8. Restaurants9. Medical Centers/Pharmacies

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).The site upon which Tyvola Crossing will be built is six (6) acres and provides 210 feet of frontagealong the southeasterly side of West Tyvola Drive and 658 feet of frontage along northerly side ofRichard Street. The site is level with the street grades and all municipal utilities and services areavailable to the site.

The site is accessible from multiple directions and from several majors roads and highways. The siteis on the South side of West Tyvola Road and is immediately east of the intersection of West Tyvolaand Richard Street in west Charlotte. Tyvola Road intersects with West Boulevard approximately mile to the northeast. West Boulevard provides access to I-77 approximately 2 miles east of the siteand intersects with the Billy Graham Parkway approximately 1 mile southwest. Billy Graham is amajor north-south thoroughfare on the west side of the City.

West Boulevard has recently received substaintial appearance upgrades along major intersections.The upgrades include brick pavers, signage and decorative lamp posts. The site is also served byan EZ-Rider bus stop within walking distance.

Connectivity to the site will be greatly enhanced due to a proposal that CMHP has made toCharlotte-Mecklenburg Schools to allow a pedestrian walkway from the site to the campus of ReidPark Elementary School. This access is currently blocked by a chain link fence and when opened

will allow access to the school, Reid Park Neighborhood Park, Reid Park Neighborhood Center andReid Park Recreation Center. The location of the walk way is noted on the submitted site plan.

Amount and character of vacant, undeveloped land. Effect of industrial, large-scale institutional orother incompatible uses: wastewater treatment facilities, high traffic corridors, junkyards, prisons,landfills, large swamps, distribution facilities, frequently used railroad tracks, power transmission linesand towers, factories or similar operations, sources of excessive noise, and sites with environmentalconcerns (such as odors or pollution).Traffic on the access roads to the site is modest and should not detract from the site. Adequatesignage will be placed as needed and/or required.

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.No apparent negative and physical barriers. The site is flat with no topographic issues. There is norecognized flood plain or regulated wetland.




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

Similarity of scale and aesthetics/architecture between project and surroundings.The site plan makes good use of the available land and will significantly aid the aesthetic appeal ofthe area. CMHP's ungoing efforts to aquire surrounding properties will continue to increase theappeal of the area.

Concentration of affordable housing (housing credit, project-based rental assistance, public housing).The Arbor Glen Hope VI community is adjacent to the market in which Tyvola Crossing is to besited. The 120 units of Arbor Glen Phase I were 93% leased in four (4) months and now that theunits are fully leased and there is a waiting list that greatly exceeds the number of available units.Therefore, demand is substaintial enough to easily support both developments. The fact that all theunits are targeted toward low income residents (i.e., below 50% of median) will result in a lowcapture rate. Finally, the documented high demand and low vacancy in other CMHP developedincome-restricted units is instructive.

Availability of Supportive Services (if applicable):Social Service Reserve; because of income targeting, we have budgeted $40,000 per year for socialservices. $20,000 will be paid from the operating budget and $20,000 will be drawn from the socialservice reserve.

[Special Populations]

a. Homeless Families: CMHP has entered into an agreement with Community Link to providehousing to homeless families. Community Link provides case management and rent subsidies toindividuals and families who are struggling to maintain their housing. Approximately 70% of thefamilies who complete the Community Link program remained housed and employed a year later.CMHP will join a list of more than 75 landlords across Mecklenburg County who have agreed tomake exceptions to rent and credit history requirements to give these families a second chance atsafe, decent, affordable housing. Many of the families who receive services from Community Linkare dealing with multiple problems, including domestic violence, substance abuse, poor life skillsand limited education. Community Link social workers help these families address all these issues,increase and stabilize their income while living in safe, attractive and affordable housing.

b. Mobility Impaired Residents: Tyvola Crossing will have four units designed for those individualswho are mobility impaired and efforts will be made to market those units to individuals needing thistype of apartment.

[CHDO]

The Reid Park Community Development Corporation is certified by the City of Charlotte as a CHDO.It is anticipated that the residents of Tyvola Crossing will have access to the supportive services nowoffered by the Reid Park CDC to their current target population. Such services could include rentalreferral, homeownership training and community meetings as needed.

Grocery Store2.2 Community/Senior Center.10

Mall/Strip Center3 Hospital3.8

Outdoor Athletic Fields.02 Pharmacy1.4

Day Care/After School.03 Basic Health Care1.5

Schools.10 Medical Offices1.5

Public Transportation Stop.10 Bank/Credit Union1.7

Convenience Store.2 Restaurants1.5

Basketball/Tennis Courts.02 Professional Services8

Public Parks.02 Movie Theater5

Gas Station.2 Video Rental3

Library1 Public Safety (Fire/Police).5

Fitness/Nature Trails.02 Post Office2.5




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Other facilities or services:

Public Swimming Pools1.5




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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: 8 0

Units: 332 0

North Carolina Other States

Projects: 12 46

Units: 1,279 6,621

No

No

No

Yes

No




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Financing Commitments

Does the project have a firm commitment for construction financing? No

Does the project have a letter of intent for private permenant financing? Yes

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? No

If yes, indicate the type and amount below:

Tax Exempt Financing: $

RD 515 Financing: $

Hope VI Financing: $

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

Other Administrative Expense (specify):2,500

Office SalariesOffice Supplies 4,500

Office or Model Apartment Rent

Management Fee 38,400

Manager or Superintendent Salaries 36,000

Manager or Superintendent Rent Free Unit

Legal Expenses (Project) 1,500

Auditing Expenses (Project) 7,800

Bookkeeping Fees/Accounting Services

Telephone and Answering Service 15,000

Bad Debts 5,000

Other Administrative Expenses (specify):1,000

SUBTOTAL 112,900

Utilities Expense

Fuel Oil

Electricity (Light and Misc. Power) 7,600

Water 4,500

Gas

Sewer 15,000

SUBTOTAL 27,100

Operating and Maintenance Expenses

Janitor and Cleaning Payroll 5,000

Janitor and Cleaning Supplies 500

Janitor and Cleaning Contract

Exterminating Payroll/Contract 1,000

Exterminating Supplies

Garbage and Trash Removal 1,600

Security Payroll/Contract 500

Grounds Payroll

Grounds Supplies

Grounds Contract 21,000

Repairs Payroll 30,000

Repairs Material 7,000

Repairs Contract 750

Elevator Maintenance/Contract

Heating/Cooling Repairs and Maintenance 2,000

Swimming Pool Maintenance/Contract

Snow Removal 350

Decorating Payroll/Contract

Decorating Supplies 6,000

Other (specify):

Miscellaneous Operating & Maintenance Expenses

SUBTOTAL 75,700

Taxes and Insurance

Real Estate Taxes 38,000




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Payroll Taxes (FICA) 5,000

Miscellaneous Taxes, Licenses and Permits

Property and Liability Insurance (Hazard) 12,000

Fidelity Bond Insurance

Workmen's Compensation 1,300

Health Insurance and Other Employee Benefits 3,000

Other Insurance:

SUBTOTAL 59,300

Supportive Service Expenses

Service Coordinator 16,000

Service Supplies

Tenant Association Funds

Other Expenses (specify):

SUBTOTAL 16,000

Reserves

Replacement Reserves 20,000

SUBTOTAL 20,000

TOTAL OPERATING EXPENSES 311,000

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

237,000

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

80

PER UNIT PER YEAR 2,962




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Design Features

ITEM DESCRIPTION

Foundation/Slab Components Post-Tension Slab

Primary Windows Make: Model:Moss or Equal Varies Type/Construction: Double Pane Insulated Vinyl

Exterior Doors Type: Frames:Metal Clad Insulated Wood

Siding Type: Grade/Thickness:Vinyl & Brick .044 (vinyl)

Warranty: Limited Lifetime

Exterior Trim Maintenance Free Aluminum Wrap

Shingles Type: Weight:3 Tab Fiberglass 240

Warranty: 25 yr

Sprinkler System Wet System per code

Cabinets Marsh or Equal - Solid Frame, adjustable shelves

Heat Pump SEER: Make:N/A

Model:

Air Conditioner SEER: Make:11 or greater Trane or equal

Model: varies

Other Heat Systems SEER: Make:11 or greater Trane or equal

Model: varies




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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 27,733 41,600 69,333

Backfill-slab, Crawl 6,400 9,600 16,000

Slab-concrete/Rebar/Gravel 56,533 122,767 179,300

Waterproofing 4,800 3,200 8,000

Masonry Foundation 7,778 8,222 16,000

Brick Veneer 36,000 44,000 80,000

Steel/Structure/Rails 1,111 1,289 2,400

Framing/Lumber/Nails 201,600 374,400 576,000

Trusses 52,680 122,920 175,600

Crane Rental 0

Windows/Grilles/Screen 30,400 70,933 101,333Exterior Doors 19,800 24,200 44,000

Roofing 65,352 90,248 155,600

Fencing 8,000 12,000 20,000

Vinyl Siding/Trim/Box 116,400 142,267 258,667

Gutters/Shutters 7,222 8,778 16,000

Insulation 34,613 51,920 86,533

Drywall 171,360 114,240 285,600

Interior Doors 22,469 35,144 57,613

Int. & Final/Stair/Trim/Shelves 16,533 24,800 41,333

Cabinets & Tops 38,933 155,733 194,666

Painting 111,701 52,566 164,267

Marble - Tub/Shwr/Tops 2,280 9,720 12,000

Plumbing 102,160 143,873 246,033

Electrical 98,112 135,488 233,600

Heating/Air Conditioning 79,467 160,533 240,000

Floor Covering and Underlayment 44,000 89,333 133,333

Wall Paper 0

Mailboxes/Special Features/Signage 1,956 4,444 6,400

Gypcrete 0

Blinds/Shades/Art Work 7,680 11,520 19,200

Light Fixtures/Fans 15,867 29,467 45,334

Sprinkler System 0

Security Alarm 133 667 800

Hardwood Floors 0

Elevator 0

Ceramic Tiles 0

Acoustical Ceilings 0




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Remarks:

Mirror/Shower Door/Encls. 2,728 6,072 8,800

Hardware/Bath Access. 3,640 6,760 10,400

Appliances 8,320 74,880 83,200

Playground Equipment 3,889 20,111 24,000

Interior Clean 18,911 556 19,467

Exterior Clean/Dumpster 20,801 20,801

Other 1 (specify in Remarks) 17,967 17,967

Other 2 (specify in Remarks) 0

Total Cost 1,447,362 2,222,218 3,669,580

Other 1- Gazebo and other site amenities




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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 122,667

Job Site Office/Trailer Rental 5,000

Impact Fees

Office Supplies 2,000

Security/Watchman 16,000

Water and Sewer Connection Fees

Project Signage 1,224

Tools and Equipment 4,400

Gas, Oil, and Maintenance

Cleanup/Dumpster Rental

Temporary Water, Electric, and Telephone 12,433Storage/Hauling

Driveway Access Permit

Porta-John Rental/Dumping

Builders Risk Insurance 15,093

Re-inspection Fees

Extra Plans and Specifications 1,593

Miscellaneous, Casual Labor

Equipment Rental

Other 1 (specify in Remarks) 31,778

Other 2 (specify in Remarks)

Total Cost 212,188

Other 1- Miscellaneous




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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 15,467

Clearing/Grading/Final Grading/Excess and Borrow 56,000

Demolition

Earthwork/Excavation/Aerating 72,000

Soil Treatment 16,000

Pile Foundations

Caissons

Shoring/Bracing

Site Drainage 40,000

Site Utilities/Site Lighting 88,000

Paving and Surfacing/Curb and Gutter 92,000Walkways 25,333

Site Signage 0

Parking Lot Painting 3,200

Dumpsite Pads/Fencing 1,600

Fencing/Gates 2,000

Landscaping/Topsoil 84,000

Waterproofing/De-Watering

Operation of Construction Equipment/Fuel/Oil

Crane Rental

Rock and Hardpan Excavation

Site Supervision Personnel 4,400

Other (specify in Remarks)

Total Cost 500,000




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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

Not applicable




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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


Other 2 (specify in Remarks)Other 3 (specify in Remarks)

Total Cost 0

Not applicable




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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.

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 fortypercent (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.

Low Income County:

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

At least forty percent (40%) 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 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 Permitted zoning letter (including conditional and special use)

I Site plan, floor plans and elevations

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

K Description of any existing conditions of historical significance.

L Description of environmental significance.

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

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

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

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

Q Targeting Plan and supporting documentation (Required for projects targeted to Special Populations)

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

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

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

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

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

W Documentation to support estimated utility costs.


Documents

Tyvola Crossing