Greylin Ridge App

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Tax Credits, RPP Loans, and/or Tax Exempt Bond Loans
Project Description
Project Name: Greylin Ridge Apartments Address: City: North Pointe Boulevard Statesville County: Iredell Zip: 28625 Block Group: 4000
Census Tract: 610
Is project in Qualified Census Tract or Difficult to Develop Area? No Political Jurisdiction: Jurisdiction CEO Name: Jurisdiction Address: Jurisdiction City: Jurisdiction Phone: City of Statesville First:Costi Last: Kutteh Post Office Box 1111 Statesville Zip: 28687-1111 Title: Mayor
(704)873-2131
Site Latitude: Site Longitude:
35.8194 -80.8825
Project Type: New Construction Is this project a previously awarded tax credit development? No If yes, what is the project number: Is this a request for supplemental credits? New Construction/Adaptive Reuse: Is this project a follow-on (Phase II, etc) to a previously-awarded tax credit development project? No If yes, list names of previous phase(s): Rehab: Number of residents holding Section 8 vouchers:
Will the project meet Energy Star standards as defined in Appendix B? Yes Does a community revitalization plan exist? No Will the project use steel and concrete construction and have at least 4 stories? No Will the project include a Community Service Facility under IRS Revenue Ruling 2003-77? No
https://www.nchfa.org/Rental/RTCApp/(S(zekcmguvx...032D8780DB&SNID=628040D91CD640218B64E1919538319C (1 of 30)9/16/2008 1:53:09 PM
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If yes, please describe:
Target Population:Family Will the project be receiving project based federal rental assistance? No If yes, provide the subsidy source: and number of units: Indicate below any additional targeting for special populations proposed for this project: Mobility impaired handicapped: 5% of units comply with QAP Section IV(F)(3) (in addition to the units required by other federal and state codes.) Number of Units: 4 Persons with disabilities or homeless populations: 10% of the total units.
Number of Units: 8 Remarks:
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Applicant Information
Indicate below an individual or a validly existing entity (a corporation, nonprofit, limited partnership or LLC) as the official applicant. Under QAP Section III(C)(5) only this individual or entity will be able to make decisions with regard to this application. If awarded the applicant must become part of the ownership entity. The applicant will execute the signature page for this application. Applicant Name: Address: City: Contact: Telephone: Alt Phone: Fax: Email Address: Solstice Partners, LLC 106 Muir Woods Drive Cary State: NC Zip: 27513 First: Cathy Last:Connors Title:Manager
(919)610-7883 (919)380-0446 (919)467-5341 cconnors@nc.rr.com
NOTE: Email Address above will be used for communication between NCHFA and Applicant.
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Site Description
Total Site Acreage: 6.2 Total Buildable Acreage: 6.2
If buildable acreage is less than total acreage, please explain:
Identify utilities and services currently available (and with adequate capacity) for this site: Storm Sewer Water Sanitary Sewer Electric
Is the demolition of any buildings required or planned? No If yes, please describe:
Are existing buildings on the site currently occupied? No If yes: (a) Briefly describe the situation:
(b) Will tenant displacement be temporary? (c) Will tenant displacement be permanent? Is the site directly accessed by an existing, paved, publicly maintained road? Yes If no, please explain:
Is any portion of the site located inside the 100 year floodplain? No If yes: (a) Describe placement of project buildings in relation to this area:
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(b) Describe flood mitigation if the project will have improvements within the 100 year floodplain:
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Site Control
Does the owner have fee simple ownership of the property (site/buildings)?No If yes provide: Purchase Date: Purchase Price:
If no: (a) Does the owner/principal or ownership entity have valid 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?No If yes, specify the relationship:
(c) Enter the current expiration date of the option/contract to purchase: 10/31/2008 (D) Enter Purchase Price: 776,000
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Zoning
Present zoning classification of the site:R-5MF Is multifamily use permitted?Yes Are variances, special or conditional use permits or any other item requiring a public hearing needed to develop this proposal?No If yes, have the hearings been completed and permits been obtained? If yes, specify permit or variance required and date obtained. If no, describe permits/variances required and schedule for obtaining them:
Are there any existing conditions of historical significance located on the project site that will require State Historic Preservation office review? No If yes, describe below:
Are there any existing conditions of environmental significance located on the project site?No If yes, describe below:
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Ownership Entity
Owner Name: Address: City: Greylin Ridge Apartments, LLC North Pointe Boulevard Statesville State:NC Zip: 28625 (If assigned)
Federal Tax ID Number of Ownership Entity: Note: Do not submit social security numbers for individuals.
Entity Type: Limited Liability Company Entity Status: To Be Formed Is the applicant requesting that the Agency treat the application as Non-Profit sponsored? No Is the applicant requesting that the Agency treat the application as CHDO sponsored? No List all general partners, members,and principals. Specify nonprofit corporate general partners or members. Click [Add] to add additional partners, members, and principals.
Org: Address: City: Phone: EMail:
Solstice Partners, LLC Last Name: Connors State: NC Function: Managing Member Zip: 27513 106 Muir Woods Drive Cary
First Name: Catherine
(919)610-7883 cconnors@nc.rr.com
Fax: (919)467-5341 Nonprofit: No
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Unit Mix
The Median Income for Iredell county is $59,800. Low Income Units Type # BRs Net Sq.Ft. Total # Units # Units Monthly Rent Utility Allowance Mandatory Serv. Fees **Total Housing Exp.
Gdn Apt 2 Gdn Apt 3 Gdn Apt 4 Gdn Apt 2 Gdn Apt 3 Gdn Apt 4 Gdn Apt 2 Gdn Apt 3 Gdn Apt 4
982 1201 1369 982 1201 1369 982 1201 1369
13 6 1 13 6 1 26 12 2
1 1 1 1 0 0 2 1 1
300 350 400 570 660 735 675 775 800

Electric
75 85 95 75 85 95 75 85 95
Gas
0 0 0 0 0 0 0 0 0
Other Garbarge collection
375 435 495 645 745 830 750 860 895
Utilities included in rents:
Water/Sewer
Employee Units (will add to Low Income Unit total) Total # Monthly Utility Mandatory **Total Type # BRs Net Sq.Ft. # Units Units Rent Allowance Serv. Fees Housing Exp. Utilities included in rents: Water/Sewer Electric Gas Other
Market Rate Units Total # Monthly Utility Mandatory **Total Type # BRs Net Sq.Ft. # Units Units Rent Allowance Serv. Fees Housing Exp. Utilities included in rents: Water/Sewer Electric Gas Other
Statistics All Units Low Income....... Market Rate....... Totals............... Gross Monthly Rental Income
Units
80
46955
80
46955
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Proposed number of residential buildings: 7 Project Includes:
Maximum number of stories in buildings: 3
Separate community building - Sq. Ft. (Floor Area): 1,819 Community space within residential bulding(s) - Sq. Ft. (Floor Area):
Elevators - Number of Elevators: Square Footage Information Gross Floor Square Footage:
94,777
Total Net Sq. Ft. (All Heated Areas): 87,183
Notes ** Please refer to the Income Limits and Maximum Housing Expense Table to ensure that Total Monthly Tenant Expenses for low income units are within established thresholds.
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Targeting
Specify Low Income Unit Targeting in table below. List each applicable targeting combination in a separate row below. Click [Add] to create another row. Click "X" (at the left of each row) to delete a row. Add as many rows as needed.
# BRs 2 3 4 2 3 4 2 3 4
Units
% targeted at 30 targeted at 30 targeted at 30 targeted at 50 targeted at 50 targeted at 50 targeted at 60 targeted at 60 targeted at 60 percent of median income affordable to/occupied by percent of median income affordable to/occupied by percent of median income affordable to/occupied by percent of median income affordable to/occupied by percent of median income affordable to/occupied by percent of median income affordable to/occupied by percent of median income affordable to/occupied by percent of median income affordable to/occupied by percent of median income affordable to/occupied by
13 6 1 13 6 1 26 12 2
Total Low Income Units:
80
Note: This number should match the total number of low income units in the Unit Mix section.
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Funding Sources
NonAmortizing* Rate (%) Term (Years) Amort. Period (Years) Annual Debt Service
Source Bank Loan RPP Loan Local Gov. Loan - Specify: RD 515 Loan RD 538 Loan - Specify: AHP Loan Other Loan 1 - Specify: Other Loan 2 - Specify: Other Loan 3 - Specify: Tax Exempt Bonds State Tax Credit(Loan) State Tax Credit(Direct Refund) Equity: Federal LIHTC Non-Repayable Grant Equity: Historic Tax Credits Deferred Developer Fees Owner Investment Other - Specify: Total Sources**
Amount
2,500,000 800,000
6.00 2.00
30 19
30 19
179,865
651,587
30
30
5,504,679
9,456,266
* "Non-amortizing" indicates that the loan does not have a fixed annual debt service. For these items, you must fill in 20-year debt service below. ** Total Sources must equal total replacement cost in Project Development Cost (PDC) section.
Estimated pricing on sale of Federal Tax Credits: $0. 81 Remarks concerning project funding sources: (Please be sure to include the name of the funding source(s)) 1st Mortgage - CICCAR
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2nd Mortgage - NCHFA - RPP Loan 3rd Mortgage - NCHFA - State Tax Credit Loan Equity - ESIC or Raymond James
Loans with Variable Amortization Please fill in the annual debt service as applicable for the first 20 years of the project life.
RPP Loan Year: Amt: Year: Amt: 1 2 3 4 5 6 7 8 9 10
22542
11
26081
12
29626
13
33171
14
36713
15
40248
16
43770
17
47275
18
50756
19
54209
20
57626
61002
64329
67600
70807
73942
76995
79957
68522
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Development Costs
Item Cost Element 1 Purchase of Building(s) (Rehab / Adaptive Reuse only) 2 Demolition (Rehab / Adaptive Reuse only) 3 On-site Improvements 4 Rehabilitation 5 Construction of New Building(s) 6 Accessory Building(s) 7 General Requirements (max 6% lines 2-6) 8 Contractor Overhead (max 2% lines 2-7) 9 Contractor Profit (max 8% lines 2-7; 6% if Identity of Interest) 10 Construction Contingency (max 3% lines 2-9, Rehabs 6%) 11 Architect's Fee - Design (11 + 12 = max 3% lines 2-10) 12 Architect's Fee - Inspection 13 Engineering Costs SUBTOTAL (lines 1 through 13) 14 Construction Insurance (prorate) 15 Construction Loan Orig. Fee (prorate) 16 Construction Loan Interest (prorate) 17 Construction Loan Credit Enhancement (prorate) 18 Construction Period Taxes (prorate) 19 Water, Sewer and Impact Fees 20 Survey 21 Property Appraisal 22 Environmental Report 23 Market Study 24 Bond Costs 25 Bond Issuance Costs 26 Placement Fee 27 Permanent Loan Origination Fee 28 Permanent Loan Credit Enhancement 29 Title and Recording TOTAL COST Eligible Basis 30% PV 70% PV
480,000
480,000
4,979,000
4,979,000
327,540 115,731 462,923 190,956 88,665 22,962 32,000 6,699,777 29,400 16,000 293,285
327,540 115,731 462,923 190,956 88,665 22,962 32,000
29,400 16,000 230,000
10,000 145,000 10,000 6,000 8,000 4,300
10,000 145,000 10,000 6,000 8,000 4,300
49,000
5,000
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SUBTOTAL (lines 14 through 29) 30 Real Estate Attorney 31 Other Attorney's Fees 32 Tax Credit Application Fees (Preliminary and Full) 33 Tax Credit Allocation Fee (0.60% of line 59, minimum $7,500) 34 Cost Certification / Accounting Fees 35 Tax Opinion 36 Organizational (Partnership) 37 Tax Credit Monitoring Fee SUBTOTAL (lines 30 through 37) 38 Furnishings and Equipment 39 Relocation Expense 40 Developer's Fee 41 42
575,985 13,500 5,000 2,200 47,976 9,000 5,000 10,000 56,000 148,676 10,000 10,000 9,000 13,500 5,000
800,000
800,000
Other Basis Expense (specify) Other Basis Expense (specify) 25,000 150,000
43 Rent-up Expense 44 45
Off-site Improvements Other Non-basis Expense (specify)

SUBTOTAL (lines 38 through 45)
985,000 24,000 246,828
46 Rent up Reserve 47 Operating Reserve 48 49
Other Reserve (specify) Other Reserve (specify) 8,680,266 0 7,995,977
50 DEVELOPMENT COST (lines 1-49) 51 Less Federal Financing 52 Less Disproportionate Standard 53 Less Nonqualified Nonrecourse Financing 54 Less Historic Tax Credit 55 TOTAL ELIGIBLE BASIS 56 Applicable Fraction (percentage of LI Units) 57 Basis Before Boost 58 Boost for QCT/DDA (if applicable, enter 130%) 59 TOTAL QUALIFIED BASIS
0 7,995,977 100.00% 7,995,977 0 100% 0 100.00% 7,995,977 0 7,995,977 100% 7,995,977 100.00% 7,995,977
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60 Tax Credit Rate 61 Federal Tax Credits at Estimated Rate 62 Federal Tax Credits at 9.00% or 3.75% (maximum $1,000,000) 63 Federal Tax Credits Requested 64 Land Cost 65 TOTAL REPLACEMENT COST FEDERAL TAX CREDITS IF AWARDED Comments:
3.40 679,658 719,638 0 776,000 9,456,266 719,638 0 0
8.50 679,658 719,638
Total Replacement Cost per unit: 81,952
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Market Study Information

Please provide a detailed description of the proposed project: The proposed project is 80 unit family project comprised of a mixture of 52 2-BR units, 24 3-BR units and 4 4-BR units spread throughout seven (7) two and three-story residential buildings with a single story community/office building. The project will provide eight (8) fully accessible units, including four (4) that will contain roll-in showers. The location of the site will be very appealing to new residents as the site is in close proximity to essential amenities. Shopping, grocery stores, restaurants, gas stations, banking institutions, schools and the hospital are all within 1.3 miles of the site!
Construction (check all that apply): Brick Vinyl Wood HardiPlank Balconies/Patios Sunrooms Front Porches
Front Gables or Dormers Other:
Wide Banding or Vertical/Horizontal Siding
The buildings will be accented with shingle siding, window trim and architectural brackets.
Have you built other tax credit developments that use the same building design as this project?No If yes, please provide name and address:
Site Amenities: Site amenities will include four (4) outdoor seating areas; two (2) covered areas that include two picnic tables and a grill; a playground; a tot lot; and a resident computer center. Most outside social areas will be dressed with a trellis over the sidewalk leading to the site amenities.
Onsite Activities: Residents will have access to a community room with a full kitchen to host social functions such as meetings, classes, or birthday parties. The residents will also be able to enjoy a resident computer center for research, homework or just surfing the World Wide Web.
Landscaping Plans:
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Greylin Ridge Apartments will be attactively landscaped with plants and trees native to the area,such as maple, holly, and crape myrtle. We may also use some trees (ex. Paulownia, Thuja Green Giants) to act as buffering between the site and adjacent properties.
Interior Apartment Amenities: Interior amenities will include a range, hood, dishwasher, disposal, frost-free refrigerator, storage, washer/ dryer hookups, linen closet in bathroom, mini-blinds and ceiling fans in each bedroom and the living room.
Do you plan to submit additional market data (market study, etc.) that you want considered? Yes If yes, please make sure to include the additional information in your pre-application packet.
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Applicant's Site Evaluation

Briefly describe your site in each of the following categories: NEIGHBORHOOD CHARACTERISTICS Trend and direction of real estate development and area economic health. Physical condition of buildings and improvements in the immediate vicinity. Concentration of affordable housing. The trend and direction of real estate development and the area economic health is definitely on the upward trend. The site is located adjacent to and at the rear of a Lowes Home Improvement Center. Across the street from the site is an existing market rate multi-family apartment complex, North Pointe Apartments. The other adjoining parcel to this land is a single family subdivision named Stonebridge that has many finished homes, with a few still under construction. The price range for Stonebridge is from the $110s to the $190s with houses ranging from 1,200 square feet to 4,300 square feet.
SURROUNDING LAND USES AND AMENITIES Land use pattern is residential in character (single and multifamily housing). Extent that the location is isolated. Effect of industrial, large-scale institutional or other incompatible uses, including but not limited to: wastewater treatment facilities, high traffic corridors, junkyards, prisons, landfills, large swamps, distribution facilities, frequently used railroad tracks, power transmission lines and towers, factories or similar operations, sources of excessive noise, and sites with environmental concerns (such as odors or pollution). Amount and character of vacant, undeveloped land. The site is adjacent and to the rear of a Lowes Home Improvement Center. Across the street from the site is an existing market rate multi-family development. There is also a parcel of vacant land in between the site and a single family subdivision. Solstice Partners, LLC plans to submit an elderly tax credit application in the near future on a portion of the vacant land. The single family subdivision is fairly new mostly two-story homes. Given the mix of uses in the area, we believe that apartments will blend well into the existing landscape. SITE SUITABILITY Adequate traffic safety controls (i.e. stop lights, speed limits, turn lanes). Burden on public facilities (particularly roads). Access to mass transit (if applicable). Visibility of buildings and/or location of project sign (s) in relation to traffic corridors. The site suitability is excellent on this site. North Pointe Boulevard is located off of Turnersburg Road (US-21) which is a major thoroughfare through Statesville. North Pointe Boulevard leads to another multi-family complex and a single family subdivision. We do not believe our proposed project will require any additional safety controls or improvements to North Pointe Boulevard. Our site plan shows a road turning off of North Pointe Boulevard and then an entrance into the site. We believe that will be beneficial for the residents as they enter and exit the property. Iredell County provides an area transportation system (ICATS) that will be available to our tenants. Degree of on-site negative features and physical barriers that will impede project construction or adversely affect future tenants; for example: power transmission lines and towers, flood hazards, steep slopes, large boulders, ravines, year-round streams, wetlands, and other similar features (for adaptive re-use projectssuitability for residential use and difficulties posed by the building(s), such as limited parking, environmental problems or the need for excessive demolition). There are no on-site negative features.
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Similarity of scale and aesthetics/architecture between project and surroundings. The proposed project will seamlessly fit into the existing neighborhood. The adjacent properties consist of two and three-story market rate multi-family residential units, commercial property and a single family subdivision that contains mostly two-story houses. The varying mixed uses will allow our units to blend into the existing surroundings.
For each applicable neighborhood feature, enter distance from project in miles.
.10 .62 1.9 1.5 1.5
Grocery Store Mall/Strip Center Outdoor Athletic Fields Day Care/After School Schools Public Transportation
2.8
Center
Community/Senior
1.3 .36 1.76
Hospital Pharmacy Basic Health Care
Stop
.93 1.9 .60 2.2
Convenience Store Public Parks Gas Station Library
Other facilities or services: This is an excellent site that provides all the amenities tenants are looking for when searching for a new home. The site is located in close proximity Turnersburg Road (US-21) which contains all of the businesses listed below and are within one (1) mile of the site (though some are even closer): Within .2 miles: Lowes Home Improvement Center ALDI Foods Mi Pueblo Mexican Restaurant Staples Baskin-Robbins/Dunkin Donuts Home Depot Within 1 mile: Goodys Super Wal-Mart Bi-Lo Lowes Foods Dollar General Quik Mart Jack in the Box Chick-Fil-A Ruby Tuesday CVS Pharmacy Zaxbys Bojangles Wendys Jersey Mikes Subs
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Quiznos Subs Chinese Buffet Kentucky Fried Chicken Texaco Hess/Wilco Cracker Barrel K&W Cafeteria Golden Corral Wachovia Bank Hollywood Video Quik Mart In addition, a U.S. Post Office is located .2 miles from the site and Iredell Memorial Hospital is located only 1.3 miles from the site.
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Development Team
Provide contact information for development team members below:
Management Agent Company: Address: City: Phone Contact Name: GEM Management, Inc. 2021 Cross Beam Drive Charlotte State: NC Zip: 28217 Email: dellisgem@bellsouth.net Last: Ellis
(704)357-6000
First: Gary D.
Architect Company: Address: City: Phone Contact Name: Jones Architecture, PLLC 5306 Six Forks Road, Suite 221 Raleigh State: NC Zip: 27609 Email: wayne@wjonesarchitecture.com Last: Jones
(919)510-8186
First: Wayne
Attorney Company: Address: City: Phone Contact Name: Pryzwansky Law Firm 5 West Hargett Street, Suite 910 Raleigh State: NC Zip: 27601 Email: david@pryzlaw.com Last: Pryzwansky
(919)828-8668
First: David
Investor Company: Address: City: Phone Contact Name: Raymond James 880 Carillon Parkway St. Petersburg State: FL Zip: 33716 Email: craig.descalzi@raymondjames.com Last: Descalzi
(800)438-8088
First: Craig
Consultant/Application Preparer (if different from developer) Company: Address: City: Phone Contact Name: First: State: Email: Last: Zip:
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General Contractor Company: Address: City: Phone Contact Name:
Identity of Interest?
Mills Construction Co., Inc. 1048 Washington Street Raleigh State: NC Zip: 27605 Email: fmillsjr@millsconstructionco.com Last: Mills, Jr.
(919)755-9155
First: Fred
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Projected Operating Costs

Project Operations (Year One) Administrative Expenses Advertising Office Salaries Office Supplies Office or Model Apartment Rent Management Fee Manager or Superintendent Salaries Manager or Superintendent Rent Free Unit Legal Expenses (Project) Auditing Expenses (Project) Bookkeeping Fees/Accounting Services Telephone and Answering Service Bad Debts Other Administrative Expenses (specify):
3,500 0 2,500 0 36,000 30,000 0 2,500 4,000 4,000 3,000 0 0
SUBTOTAL Utilities Expense Fuel Oil Electricity (Light and Misc. Power) Water Gas Sewer SUBTOTAL Operating and Maintenance Expenses Janitor and Cleaning Payroll Janitor and Cleaning Supplies Janitor and Cleaning Contract Exterminating Payroll/Contract Exterminating Supplies Garbage and Trash Removal Security Payroll/Contract Grounds Payroll
85,500
0 16,000 16,000 0 16,000 48,000
3,000 3,000 0 4,500 0 5,000 0 0
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Grounds Supplies Grounds Contract Repairs Payroll Repairs Material Repairs Contract Elevator Maintenance/Contract Heating/Cooling Repairs and Maintenance Swimming Pool Maintenance/Contract Snow Removal Decorating Payroll/Contract Decorating Supplies Other (specify):
4,000 6,000 7,000 7,000 7,000 0 0 0 0 0 8,000 0
Miscellaneous Operating & Maintenance Expenses SUBTOTAL Taxes and Insurance Real Estate Taxes Payroll Taxes (FICA) Miscellaneous Taxes, Licenses and Permits Property and Liability Insurance (Hazard) Fidelity Bond Insurance Workmen's Compensation Health Insurance and Other Employee Benefits Other Insurance:
0 54,500
47,000 5,000 0 25,000 0 750 4,500 1,000 83,250
Unemployment - State and Federal

SUBTOTAL Supportive Service Expenses Service Coordinator Service Supplies Tenant Association Funds Other Expenses (specify):
0 0 0 0
SUBTOTAL Reserves Replacement Reserves SUBTOTAL
20,000 20,000
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TOTAL OPERATING EXPENSES ADJUSTED TOTAL OPERATING EXPENSES (Does not include taxes, reserves and resident support services) * TOTAL UNITS (from total units in the Unit Mix section) PER UNIT PER YEAR
291,250 224,250 80 2,803
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Projected Cash Flow Year One

OPERATING INCOME Gross rental income (from Unit Mix - Total Monthly Rent) Stores and Commercial Laundry and Vending Other (specify):
563,460
Total Gross Income Potential at 100% Occupancy Seven Percent Vacancy Allowance NET RENTAL/OTHER INCOME TOTAL OPERATING EXPENSES (from Projected Operating Costs) NET OPERATING INCOME DEBT SERVICE (from Funding Sources Loans) NET CASH FLOW DEBT COVERAGE RATIO (Must not be less than 1.15)
563,460 39,442 524,018 291,250 232,768 202,407 30,361 1.15
20-Year Cash Flow

Year Net Rental/Other Income* Total Operating Expenses* Debt Service Net Cash Flow Debt Coverage Ratio Year Net Rental/Other Income* Total Operating Expenses* Debt Service Net Cash Flow Debt Coverage Ratio 1 2 3 4 5 6 7 8 9 10
524,018 291,250 202,407 30,361 1.15

11
539,739 302,900 205,946 30,893 1.15

12
555,931 315,016 209,491 31,424 1.15

13
572,609 327,617 213,036 31,956 1.15

14
589,787 340,722 216,578 32,487 1.15

15
607,481 354,351 220,113 33,017 1.15

16
625,705 368,525 223,635 33,545 1.15

17
644,476 383,266 227,140 34,070 1.15

18
663,810 398,597 230,621 34,592 1.15

19
683,724 414,541 234,074 35,109 1.15

20
704,236 431,123 237,491 35,622 1.15
725,363 448,368 240,867 36,128 1.15
747,124 466,303 244,194 36,627 1.15
769,538 484,955 247,465 37,118 1.15
792,624 504,353 250,672 37,599 1.15
816,403 524,527 253,807 38,069 1.15
840,895 545,508 256,860 38,527 1.15
866,122 567,328 259,822 38,972 1.15
892,106 590,021 248,387 53,698 1.216
918,869 613,622 179,865 125,382 1.697
* Net Rental Income escalated at annual rate of 3% and expenses escalated at a rate of 4% after the first year.
Calculations:
1. "Net Rental/Other Income" comes from 1st-year cash flow, then it is escalated by 3% per year.
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2. "Total Operating Expenses" comes from 1st-year cash flow, then it is escalated by 4% per year. 3. "Debt Service" is the sum of "regular/amortized loan debt service + non-amortizing annual service" as entered by user from Funding Sources section. 4. "Net Cash Flow" is "Net Rental/Other Income" minus "Total Operating Expenses" minus "Debt Service". 5. "Debt Coverage Ratio" is ("Net Rental/Other Income" minus "Total Operating Expenses") divided by "Debt Service".
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Minimum Set-Asides
MINIMUM REQUIRED SET ASIDES (No Points Awarded): Select one of the following two options: 20% of the units are rent restricted and occupied by households with incomes at or below 50% of the median income (Note: No Tax Credit Eligible Units in the the project can exceed 50% of median income) 40% of the units are rent restricted and occupied by households with incomes at or below 60% of the median income (Note: No Tax Credit Eligible Units in the the project can exceed 60% of median income) If requesting RPP funds: 40% of the units are occupied by households with incomes at or below 50% of median income. State Tax Credit and QAP Targeting Points: 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%) of county median income. At least twenty-five percent (25%) of qualified units will be affordable to and occupied by households with incomes at or below thirty percent (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 county median 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 targeting points (select one): At least twenty percent (20%) of qualified units will be affordable to and occupied by households with incomes at or below fifty percent (50%) of county median income. At least ten percent(10%) of qualified units will be affordable to and occupied by households with incomes at or below forty percent (40%) of county median income.
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Full Application Checklist

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

Greylin Ridge App

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Greylin Ridge App

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Print - APP08-0060

Print Preview - Final Application

Census Tract: 610

Site Latitude: Site Longitude:

https://www.nchfa.org/Rental/RTCApp/(S(zekcmguvx...032D8780DB&SNID=628040D91CD640218B64E1919538319C (1 of 30)9/16/2008 1:53:09 PM

If yes, please describe:

Number of Units: 8 Remarks:

https://www.nchfa.org/Rental/RTCApp/(S(zekcmguvx...032D8780DB&SNID=628040D91CD640218B64E1919538319C (2 of 30)9/16/2008 1:53:09 PM

(919)610-7883 (919)380-0446 (919)467-5341 cconnors@nc.rr.com

https://www.nchfa.org/Rental/RTCApp/(S(zekcmguvx...032D8780DB&SNID=628040D91CD640218B64E1919538319C (3 of 30)9/16/2008 1:53:09 PM

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

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

https://www.nchfa.org/Rental/RTCApp/(S(zekcmguvx...032D8780DB&SNID=628040D91CD640218B64E1919538319C (4 of 30)9/16/2008 1:53:10 PM

https://www.nchfa.org/Rental/RTCApp/(S(zekcmguvx...032D8780DB&SNID=628040D91CD640218B64E1919538319C (5 of 30)9/16/2008 1:53:10 PM

https://www.nchfa.org/Rental/RTCApp/(S(zekcmguvx...032D8780DB&SNID=628040D91CD640218B64E1919538319C (6 of 30)9/16/2008 1:53:10 PM

https://www.nchfa.org/Rental/RTCApp/(S(zekcmguvx...032D8780DB&SNID=628040D91CD640218B64E1919538319C (7 of 30)9/16/2008 1:53:10 PM

Org: Address: City: Phone: EMail:

First Name: Catherine

Fax: (919)467-5341 Nonprofit: No

https://www.nchfa.org/Rental/RTCApp/(S(zekcmguvx...032D8780DB&SNID=628040D91CD640218B64E1919538319C (8 of 30)9/16/2008 1:53:10 PM

982 1201 1369 982 1201 1369 982 1201 1369

300 350 400 570 660 735 675 775 800

375 435 495 645 745 830 750 860 895

Utilities included in rents:

https://www.nchfa.org/Rental/RTCApp/(S(zekcmguvx...032D8780DB&SNID=628040D91CD640218B64E1919538319C (9 of 30)9/16/2008 1:53:10 PM

Proposed number of residential buildings: 7 Project Includes:

Maximum number of stories in buildings: 3

Total Net Sq. Ft. (All Heated Areas): 87,183

https://www.nchfa.org/Rental/RTCApp/(S(zekcmguvx...032D8780DB&SNID=628040D91CD640218B64E1919538319C (10 of 30)9/16/2008 1:53:10 PM

Total Low Income Units:

https://www.nchfa.org/Rental/RTCApp/(S(zekcmguvx...032D8780DB&SNID=628040D91CD640218B64E1919538319C (11 of 30)9/16/2008 1:53:10 PM

https://www.nchfa.org/Rental/RTCApp/(S(zekcmguvx...032D8780DB&SNID=628040D91CD640218B64E1919538319C (12 of 30)9/16/2008 1:53:10 PM

RPP Loan Year: Amt: Year: Amt: 1 2 3 4 5 6 7 8 9 10

https://www.nchfa.org/Rental/RTCApp/(S(zekcmguvx...032D8780DB&SNID=628040D91CD640218B64E1919538319C (13 of 30)9/16/2008 1:53:10 PM

327,540 115,731 462,923 190,956 88,665 22,962 32,000

29,400 16,000 230,000

10,000 145,000 10,000 6,000 8,000 4,300

10,000 145,000 10,000 6,000 8,000 4,300

https://www.nchfa.org/Rental/RTCApp/(S(zekcmguvx...032D8780DB&SNID=628040D91CD640218B64E1919538319C (14 of 30)9/16/2008 1:53:10 PM

Off-site Improvements Other Non-basis Expense (specify)

985,000 24,000 246,828

46 Rent up Reserve 47 Operating Reserve 48 49

Other Reserve (specify) Other Reserve (specify) 8,680,266 0 7,995,977

https://www.nchfa.org/Rental/RTCApp/(S(zekcmguvx...032D8780DB&SNID=628040D91CD640218B64E1919538319C (15 of 30)9/16/2008 1:53:10 PM

3.40 679,658 719,638 0 776,000 9,456,266 719,638 0 0

8.50 679,658 719,638

Total Replacement Cost per unit: 81,952

https://www.nchfa.org/Rental/RTCApp/(S(zekcmguvx...032D8780DB&SNID=628040D91CD640218B64E1919538319C (16 of 30)9/16/2008 1:53:10 PM

Market Study Information

Front Gables or Dormers Other:

Wide Banding or Vertical/Horizontal Siding

https://www.nchfa.org/Rental/RTCApp/(S(zekcmguvx...032D8780DB&SNID=628040D91CD640218B64E1919538319C (17 of 30)9/16/2008 1:53:10 PM

https://www.nchfa.org/Rental/RTCApp/(S(zekcmguvx...032D8780DB&SNID=628040D91CD640218B64E1919538319C (18 of 30)9/16/2008 1:53:10 PM

Applicant's Site Evaluation

https://www.nchfa.org/Rental/RTCApp/(S(zekcmguvx...032D8780DB&SNID=628040D91CD640218B64E1919538319C (19 of 30)9/16/2008 1:53:10 PM

.10 .62 1.9 1.5 1.5

1.3 .36 1.76

Hospital Pharmacy Basic Health Care

.93 1.9 .60 2.2

Convenience Store Public Parks Gas Station Library

https://www.nchfa.org/Rental/RTCApp/(S(zekcmguvx...032D8780DB&SNID=628040D91CD640218B64E1919538319C (21 of 30)9/16/2008 1:53:10 PM

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General Contractor Company: Address: City: Phone Contact Name: