Ballantyne Elementary Homes

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    Print Preview - PreliminaryApplicationTax Credits, RPP Loans, and/or Tax Exempt Bond Loans

    roject Description

    oject Name: Ballantyne Elementary Homes

    ddress: 15619 Lancaster Highway

    ty: Charlotte County: Mecklenburg Zip:

    ensus Tract: 58.18 Block Group: 2

    project in Qualified Census Tract or Difficult to Develop Area? No

    e you requesting the basis boost under section II(E)(4) of the QAP? Yes

    olitical Jurisdiction: Charlotte, North Carolina

    risdiction CEO Name:First:Patrick Last:McCrory

    Title: Mayor

    risdiction Address: 600 E. 4th Street

    risdiction City: Charlotte Zip:

    risdiction Phone:

    te Latitude:

    te Longitude:

    oject Type: New Construction

    Is this project a previously awarded tax creditdevelopment?

    w Construction/Adaptive Reuse:his project a follow-on (Phase II, etc) to a previously-awarded tax credit development project? No

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

    ehab:

    umber of residents holding Section 8uchers:

    l the project meet Energy Star standards as defined in Appendix B? Yes

    es a community revitalization plan exist? No

    ll the project use steel and concrete construction and have at least 4 stories? No

    ttps://www.nchfa.org/Rental/RTCApp/(S(y3v2ttecw0...5F6227B60FF&SNID=CB633571981B41DC8076EEAD937CF795 (1 of 22)4/8/2009 1:18:17 PM

    28277

    28202

    (704)336-2214

    35.0354

    -80.8568

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    ll the project include a Community Service Facility under IRS Revenue Ruling 2003-77?o

    If yes, please describe:

    rget Population:Family

    ll the project be receiving project based federal rental assistance? Yes

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

    ttps://www.nchfa.org/Rental/RTCApp/(S(y3v2ttecw0...5F6227B60FF&SNID=CB633571981B41DC8076EEAD937CF795 (2 of 22)4/8/2009 1:18:17 PM

    21

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    pplicant Information

    icate below an individual or a validly existing entity (a corporation, nonprofit, limited partnership or LLC) as the official applicant. UAP Section III(C)(5) only this individual or entity will be able to make decisions with regard to this application. If awarded the applica

    st become part of the ownership entity. The applicant will execute the signature page for this application.

    pplicant Name: Charlotte Housing Authority

    ddress: 1301 South Boulevard

    ty: Charlotte State: NC Zip:

    ontact: First: Frank Last:Narron Title:Director

    elephone:

    t Phone:

    ax:

    mail Address:

    OTE: Email Address above will be used for communication between NCHFA and Applicant.

    ttps://www.nchfa.org/Rental/RTCApp/(S(y3v2ttecw0...5F6227B60FF&SNID=CB633571981B41DC8076EEAD937CF795 (3 of 22)4/8/2009 1:18:17 PM

    28203

    (704)336-4227

    (704)907-8165

    (704)336-7767

    [email protected]

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    te Description

    tal Site Acreage: Total Buildable Acreage:

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

    Charlotte Mecklenburg Schools (CMS) purchased the 38+ acre site. Approximately 7 acres was subdividedfor the School. The remaining 31+ acres is comprised of streets and right of way that have been dedicatedto the City, common parcels (primarily along the floodway), and 88 single family parcels. This Phase of the

    project addresses 61 of those parcels and it is extimated that, in the aggregate, those parcels total 5.6acres.

    ntify utilities and services currently available (and with adequate capacity) for this site:

    Storm Sewer Water Sanitary Sewer Electric

    he demolition of any buildings required or planned? No

    If yes, please describe:

    e 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?

    he site directly accessed by an existing, paved, publicly maintained road? Yes

    If no, please explain:

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

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

    ttps://www.nchfa.org/Rental/RTCApp/(S(y3v2ttecw0...5F6227B60FF&SNID=CB633571981B41DC8076EEAD937CF795 (4 of 22)4/8/2009 1:18:17 PM

    10 5.6

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    The FEMA floodplain is located at the edge of the property and is behind lots on which the rental homes willbe built. Attached is a site plan that shows the FEMA Fringe Line and the more conservative 35' SwimBuffer in relationship to the lots.

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

    ttps://www.nchfa.org/Rental/RTCApp/(S(y3v2ttecw0...5F6227B60FF&SNID=CB633571981B41DC8076EEAD937CF795 (5 of 22)4/8/2009 1:18:17 PM

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    te Control

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

    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?

    (b) Does an identity of interest (direct or indirect) exist between the owner/principal or ownership entity with the option/contractpurchase 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:

    ttps://www.nchfa.org/Rental/RTCApp/(S(y3v2ttecw0...5F6227B60FF&SNID=CB633571981B41DC8076EEAD937CF795 (6 of 22)4/8/2009 1:18:17 PM

    8/25/2005 4,126,500

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    oning

    esent zoning classification of the site:MX-2 (Innov.) SPA (approved with school and single family

    multifamily use permitted?No

    e 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 forobtaining them:

    e there any existing conditions of historical significance located on the project site that will require State Historic Preservation officeiew?No

    If yes, describe below:

    e there any existing conditions of environmental significance located on the project site?No

    If yes, describe below:

    ttps://www.nchfa.org/Rental/RTCApp/(S(y3v2ttecw0...5F6227B60FF&SNID=CB633571981B41DC8076EEAD937CF795 (7 of 22)4/8/2009 1:18:17 PM

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    wnership Entity

    wner Name: Ballantyne Elem. Homes LLC

    dress: 1301 South Boulevard

    y: Charlotte State:NC Zip:

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

    ote: Do not submit social security numbers for individuals.

    ntity Type: Limited Liability Company

    ntity Status: To Be Formed

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

    the applicant requesting that the Agency treat the application as CHDO sponsored? No

    st all general partners, members,and principals. Specify nonprofit corporate general partners or members.ick [Add] to add additional partners, members, and principals.

    Org: Charlotte Housing Authority

    rst Name: Charles Last Name: Woodyard Function: Principal

    ddress: 1301 South Boulevard

    ty: Charlotte State: NC Zip: 28203

    hone: Fax:

    Mail: Nonprofit: No

    Org: Horizon Development Properties, Inc.

    rst Name: Charles Last Name: Woodyard Function: Principal

    ddress: 1301 South Boulevardty: Charlotte State: NC Zip: 28203

    hone: Fax:

    Mail: Nonprofit: Yes

    Org: Charlotte-Mecklenburg Schools

    rst Name: Mike Last Name: Raible Function: Principal

    ddress: 3301 Stafford Drive

    ty: Charlotte State: NC Zip: 28208

    hone: Fax:

    Mail: Nonprofit: No

    ttps://www.nchfa.org/Rental/RTCApp/(S(y3v2ttecw0...5F6227B60FF&SNID=CB633571981B41DC8076EEAD937CF795 (8 of 22)4/8/2009 1:18:17 PM

    28203

    (704)336-5221 (704)336-7767

    [email protected]

    (704)336-5221 (704)336-7767

    [email protected]

    (980)343-6856 (980)343-5200

    [email protected]

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    oposed number of residential buildings: Maximum number of stories in buildings:

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

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

    Elevators - Number of Elevators:

    quare Footage Information

    oss Floor Square Footage:

    otal Net Sq. Ft. (All Heated Areas):

    icate 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

    state codes.)

    Number of Units:

    Number of Units Required:

    Persons with disabilities or homeless populations.

    Number of Units:

    tes

    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.

    ttps://www.nchfa.org/Rental/RTCApp/(S(y3v2ttecw...F6227B60FF&SNID=CB633571981B41DC8076EEAD937CF795 (10 of 22)4/8/2009 1:18:17 PM

    61 2

    1,345

    39,380

    38,593

    6

    6

    6

    http://www.nchfa.com/Rental/Mincomelimits.aspxhttp://www.nchfa.com/Rental/Mincomelimits.aspx
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    argeting

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

    BRs Units %

    targeted at percent of median income affordable to/occupied by

    targeted at percent of median income affordable to/occupied by

    targeted at percent of median income affordable to/occupied by

    targeted at percent of median income affordable to/occupied by

    targeted at percent of median income affordable to/occupied by

    targeted at percent of median income affordable to/occupied by

    targeted at percent of median income affordable to/occupied by

    targeted at percent of median income affordable to/occupied by

    targeted at percent of median income affordable to/occupied by

    tal Low Income Units:

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

    ttps://www.nchfa.org/Rental/RTCApp/(S(y3v2ttecw...F6227B60FF&SNID=CB633571981B41DC8076EEAD937CF795 (11 of 22)4/8/2009 1:18:17 PM

    12 50

    12 50

    11 50

    5 30

    5 30

    5 30

    3 60

    4 60

    3 60

    60

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    unding Sources

    Source AmountNon-

    Amortizing*Rate(%)

    Term(Years)

    Amort.Period(Years)

    AnnualDebt

    Service

    Bank Loan

    RPP Loan

    Local Gov. Loan - Specify:Charlotte Housing Trust Fund

    RD 515 Loan

    RD 538 Loan - Specify:

    AHP Loan

    Other Loan 1 - Specify:Charlotte Housing Authority

    Other Loan 2 - Specify:Charlotte Housing Authority

    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**

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

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

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

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

    ttps://www.nchfa.org/Rental/RTCApp/(S(y3v2ttecw...F6227B60FF&SNID=CB633571981B41DC8076EEAD937CF795 (12 of 22)4/8/2009 1:18:17 PM

    1,000,000 2.00 30 30

    750,000 5.00 30 30 48,314

    1,207,720 2.00 30 30

    934,778 0 30 30 0

    6,225,620

    10,118,118

    74

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    he Charlotte Housing Trust Fund and Charlotte Housing Authority loans are both interest onlyans at 2% interest. The CHA loan interest payments are subject to available cash flow.

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

    ocal Gov. Loan - Charlotte Housing Trust Fund

    ear:mt:

    1 2 3 4 5 6 7 8 9 10

    ear:mt:

    11 12 13 14 15 16 17 18 19 20

    her Loan 2 - Charlotte Housing Authority

    ear:mt:

    1 2 3 4 5 6 7 8 9 10

    ear:mt:

    11 12 13 14 15 16 17 18 19 20

    ttps://www.nchfa.org/Rental/RTCApp/(S(y3v2ttecw...F6227B60FF&SNID=CB633571981B41DC8076EEAD937CF795 (13 of 22)4/8/2009 1:18:17 PM

    5000 20000 20000 20000 20000 20000 20000 20000 20000 20000

    20000 20000 20000 20000 20000 20000 20000 20000 20000 20000

    6232 24930 24930 24930 24930 24930 24930 24930 24930 24930

    24930 24930 24930 24930 24930 24930 24930 24930 24930 24930

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    evelopment Costs

    Item Cost Element TOTAL COSTEligible Basis

    30% PV 70% PV

    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 5% lines 2-9, Rehabs 10%)

    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

    ttps://www.nchfa.org/Rental/RTCApp/(S(y3v2ttecw...F6227B60FF&SNID=CB633571981B41DC8076EEAD937CF795 (14 of 22)4/8/2009 1:18:17 PM

    75,420 75,420

    4,990,481 4,990,481

    282,800 282,800

    97,600 97,600

    282,800 282,800

    275,000 300,000

    150,000 150,000

    50,000 50,000

    58,500 58,500

    6,262,601

    10,000 7,500

    19,500 12,000

    100,000 65,000

    11,000 3,500

    5,000 5,000

    4,000 4,000

    3,500 3,500

    5,000 5,000

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    29 Title and Recording

    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 (0.62% of line 60, 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 Additional Contigency (greater of $500/unit or $30,000)

    42

    43

    44 Rent-up Expense

    45

    46

    SUBTOTAL (lines 38 through 45)

    47 Rent up Reserve

    48 Operating Reserve

    49

    50

    51 DEVELOPMENT COST (lines 1-49)

    52 Less Federally Funded Grant

    53 Less Disproportionate Standard

    54 Less Nonqualified Nonrecourse Financing

    55 Less Historic Tax Credit

    56 TOTAL ELIGIBLE BASIS

    57 Applicable Fraction (percentage of LI Units)

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    35,000

    193,000

    55,000 55,000

    50,000 50,000

    2,300

    58,000

    7,500 7,500

    36,717

    33,000

    242,517

    25,000 25,000

    630,000 630,000

    30,000 30,000

    Other Basis Expense (s

    Other Basis Expense (s

    20,000

    Other Non-basis Expen

    Other Non-basis Expen

    705,000

    50,000

    225,000

    Other Reserve (specify)

    Other Reserve (specify)

    7,678,118 0 7,190,601

    0

    7,190,601 0 7,190,601

    100.00% 100% 100%

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    58 Basis Before Boost

    59 Basis Boost of up to 130%

    60 TOTAL QUALIFIED BASIS

    61 Tax Credit Rate

    62 Federal Tax Credits (maximum $1,300,000)

    63 Federal Tax Credits Requested (if less than line 62)

    64 Land Cost

    65 TOTAL REPLACEMENT COST

    FEDERAL TAX CREDITS IF AWARDED

    Comments:

    Project Development Cost per unit83,175

    ttps://www.nchfa.org/Rental/RTCApp/(S(y3v2ttecw...F6227B60FF&SNID=CB633571981B41DC8076EEAD937CF795 (16 of 22)4/8/2009 1:18:17 PM

    7,190,601 0 7,190,601

    100.00% 130.00%

    9,347,781 0 9,347,781

    3.50 9.00

    841,300 0 841,300

    0

    2,440,000

    10,118,118

    841,300

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    arket Study Information

    ease provide a detailed description of the proposed project:

    is is an innovative project that would allow the entrance of affordable housing in a market where it wouldherwise not exist. Land costs in the area typically prevent the development of affordable housing. Theharlotte-Mecklenburg Schoool System developed the site that has an elementary school in the center and single- family lots surrounding the school. The planned developer abandoned the project when the

    arket for single family for-sale product evaporated. Working together, CMS and CHA have developed a

    ncept whereby 61 of the contiguous parcels (Phase I) would be developed into a rental community. Themaining parcels would become a 27 home for-sale community with the market for that product returns.ne of the 3 bedroom houses would serve as the office and community building - leaving 60 rental units.

    nstruction (check all that apply):

    Brick Vinyl Wood HardiPlank Balconies/Patios Sunrooms Front Porches

    Front Gables or Dormers Wide Banding or Vertical/Horizontal Siding

    Other:

    STEPS, STOOPS AND PORCHES: Concrete front steps. Concrete stoop with a concrete floor or optional

    porch with columns and railings. Formed concrete or treated wood steps on rear.

    WINDOWS: Single hung, tilt vinyl windows. Window grills are between the glass; grill patterns per plan.Screens provided for the side and rear of house; screens are not provided on the front of the house.

    EXTERIOR DOORS: The front and rear doors are insulated fiberglass with insulated glass panes andtransoms per plan.

    FIREPLACE: No fireplace.

    ROOFING: GAF Fiberglass Sentinel three tab 20-year shingles or equivalent. (Color: determined byBuilder)

    SIDING: Horizontal lapped cement fiber siding, wood grain texture. Siding and trim colors are pre-selected

    by the builder.

    HEATING: Electric heat pump and electric air conditioning. The heating and air conditioning system is sizedfor the heated square footage, not sized for unfinished areas. Builder determines size and location of allreturn air registers, return grills, thermostats, furnace, and compressor.

    PLUMBING: 40-gallon electric water heater, pedestal sink in powder room, front and rear outside hose bibs,white cultured marble vanity tops in baths, stainless steel double bowl kitchen sink with Delta chrome pullfaucet and ice maker connection. Tubs/showers will be fiberglass units with chrome drain plugs andoverflows. All faucets are chrome by Delta, builders selections. Builder determines all plumbing and meterlocations

    ELECTRICAL: Pre-wired for telephone in all bedrooms, kitchen and living room with category 5E wiring. Pre-wired for cable TV in all bedrooms and living room. Block and prewire for ceiling fan/light in masterbedroom. Exterior waterproof outlets on front & rear of house. Smoke detectors and carbon monoxidedetectors per code. Builder determines all electrical and meter locations.

    FOUNDATION: Houses will be built on concrete foundation.

    LOCKSETS: Satin Chrome locksets by Schlage Dexter Barcelona or equivalent. Single cylinder deadboltwith decorative handset on front door. Single cylinder deadbolt installed on rear and storage doors.

    GUTTERS: Aluminum gutters and downspouts with splash blocks per plan.

    WALKS: Concrete walks. Site location to be determined by builder.

    PATIO: A concrete patio sized per plan. Location and layout determined by builder.

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    ve you built other tax credit developments that use the same building design as this project?No

    If yes, please provide name and address:

    e Amenities:

    e site wraps around Ballantyne Elementary School, a beautiful brand new school. Ballantyne is a highlysirable area. Lots of good jobs are to be found in its gigantic (and growing) office parks. This is a high

    come area and affordable housing is very difficult to find in the Ballantyne area. The Ballantyne schoolmpus contains a ball field / play area. The concept includes the community use of these facilities. Asentioned before, one of the houses will serve as the office and community building. There may be a tot lot-located with the office.

    site Activities:

    ndscaping Plans:

    ndscaping is planned to accomodate the mower as opposed to what would otherwise be property line.is planning should significantly reduce the inefficiencies associated with the lawn maintenance of single

    mily residences. The landscaping budget is higher to accomodate a more robust plan. Every house/unit

    l back up to or face tree save areas and or common open space down to Clems Creek. To the maximumtent possible the natural areas will be left natural to reduce maintenance cost and preserve the naturalauty. The house will be built in a dense configuration which will further reduce maintenance costs.

    erior Apartment Amenities:

    EILING HEIGHTS: 86 on 1st floor and 8 on 2nd floor except in dropped or clipped ceiling areas as peran. Smooth finish on ceilings.

    TTIC ACCESS: Pull down stairs per plan. Mechanical and other equipment takes up considerable spacethe attic. Attic space is not represented as finishable space.

    OULDINGS AND INTERIOR DOORS: 1x 4 eased edged door casing, wood window sills, and 3 1/2

    se moulding. Interior doors are 2 panel moulded with satin chrome hardware. Stained wood hand rails.o chair rail.

    TERIOR PAINT: Sherwin Williams; walls and ceilings are painted flat latex clam chowder and interior trimpainted semi-gloss latex special white.

    ABINETS: 36 wall cabinets with flat panel oak or maple finish doors. Laminate kitchen counter tops andlaminate back splash.

    PPLIANCES: Appliances are GE or equivalent and will include a 30" free standing self-cleaning range,frigerator, range hood, dishwasher with pot scrubber cycle, and h.p. garbage disposal or equivalent. Allpliances will be Energy Star rated.

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    LOOR COVERINGS: Vinly flooring standard in dining room and hallway. Vinyl flooring in bathrooms,wder room and laundry area. Living room and Second floor; tongue and groove plywood or OSB withrpet. Standard carpet areas will have Mohawk Tapdance III with 3/8 6 lb. rebond pad.

    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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    pplicant's Site Evaluation

    efly describe your site in each of the following categories:

    EIGHBORHOOD CHARACTERISTICS

    end and direction of real estate development and area economic health. Physical condition of buildings andprovements in the immediate vicinity. Concentration of affordable housing.

    his is a stable neighborhood according to the City's Quality of Life Study (considered upper income per

    ensus data). The average house is valued at $347,000+ and there is a homeownership rate of greater that6%. The school dropout rate is 1.6% vs. 5.1% for the City as a whole. There is very little affordableousing in the area.

    here is a lot of new development in the area with the addition of shopping centers, including two groceryores; newly constucted townhomes, single-family homes, and rentals.

    here are four I-485 interchanges within the area providing unlimited access to the community. Theallantyne community (located in the area) has seen tremendous growth over the last six years, fueled inrge part by the opening of I-485.

    here are nine golf courses within a 4-mile radius and the subject neighborhood is situated betweenharlotte's established neighborhoods and premiere emerging neighborhoods.

    here are over 2,500,000 square feet of existing retail stores and restaurants within five minutes of theubject, including the regional Carolina Place Mall at the I-485 and Hwy. 51 exchange.

    URROUNDING LAND USES AND AMENITIES

    nd use pattern is residential in character (single and multifamily housing). Extent that the location isolated. Effect of industrial, large-scale institutional or other incompatible uses, including but not limited to:astewater treatment facilities, high traffic corridors, junkyards, prisons, landfills, large swamps, distributioncilities, frequently used railroad tracks, power transmission lines and towers, factories or similar operations,urces of excessive noise, and sites with environmental concerns (such as odors or pollution). Amount andaracter of vacant, undeveloped land. This is an upper income and desirable area within Charlotte. It is aatively newly developed area in southern Charlotte just outside of the I-485 beltway. The land for thisoject was developed in conjunction with the development of a new elementary school that is now complete

    d in operation. Most of the development in the general area has been residential, however, there areultiple nearby commercial districts that offer shopping, restaurants, and services. There are no negativees adjacent to or near the subject site. Most of the land in the immediate has been developed.

    ndeveloped land becomes somewhat more plentiful as you move further south and is very plentiful as youok west to South Carolina.

    TE SUITABILITY

    dequate traffic safety controls (i.e. stop lights, speed limits, turn lanes). Burden on public facilitiesarticularly roads). Access to mass transit (if applicable). Visibility of buildings and/or location of project sign in relation to traffic corridors. There are two entrances into the development. The main entrance, sharedth the school entrance, has a right hand turn lane for a safe turn into the development. The visibilitytering and exiting via this entrance is desirable. The second entrance, via Marvin Rd, there is a turning

    ne coming Southbound. Visibility entering and exiting is desireable. Both entrances are located within a

    mph, school zone. There are signs visible from both entrances for the school. Signage would be added ase project is built.

    ttps://www.nchfa.org/Rental/RTCApp/(S(y3v2ttecw...F6227B60FF&SNID=CB633571981B41DC8076EEAD937CF795 (20 of 22)4/8/2009 1:18:17 PM

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    egree of on-site negative features and physical barriers that will impede project construction or adverselyect future tenants; for example: power transmission lines and towers, flood hazards, steep slopes, largeulders, ravines, year-round streams, wetlands, and other similar features (for adaptive re-use projects-itability for residential use and difficulties posed by the building(s), such as limited parking, environmentaloblems or the need for excessive demolition).

    he home sites have already been developed (so all of the grading has been completed). There is aoodway along the rear of many of the home sites, however, the pads and rear yards are clear of theoodway.

    milarity of scale and aesthetics/architecture between project and surroundings.

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

    Grocery Store Community/Senior Center

    Mall/Strip Center Hospital

    Outdoor Athletic

    eldsPharmacy

    Day Care/After

    choolBasic Health Care

    SchoolsPublic Transportation

    Stop

    Convenience Store Public Parks

    Gas Station Library

    her facilities or services:

    ttps://www.nchfa.org/Rental/RTCApp/(S(y3v2ttecw...F6227B60FF&SNID=CB633571981B41DC8076EEAD937CF795 (21 of 22)4/8/2009 1:18:17 PM

    43 3.62

    25 3.95

    .47

    421.63

    2.83

    .54 4.81

    .54 3.79

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    reliminary App Checklist

    e following enclosures must be submitted along with your signed preliminary application. Some enclosures are required only undetain conditions. Please check each applicable item to indicate that you understand the enclosure requirements and will enclose threct supporting documentation with your application.

    Fee PaymentCheck in the amount of $5,450.00 made payable to North Carolina Housing Finance Agency.

    Tab A - Preliminary ApplicationPrinted, signed copy of preliminary application generated from online system.

    B - Map/Driving InstructionsA local map clearly identifying the location of the Site and detailed directions to the Site. Current City or County maps are prefe

    internet maps and directions are not acceptable. Applicant must also provide a map identifying the amenities listed in section(A)(1)(b)(ii) of the QAP and their proximity to the site.

    Applicant must provide a sign and boundary markers to clearly identify the road frontage of the site. The sign identifying the sitshould read SITE with a minimum size of 11x17.

    C - Community Revitalization Plan

    Applicant should provide a map identifying the subject site within the Plan area (if applicable).D - Evidence of Site ControlProvide valid option/contract or warranty deed and plot plan.

    E - Site Plans/Scope of WorkPreliminary site plan, floor plans and elevations for all projects, interior and exterior photographs and detailed scope of work foAdaptive Reuse and Rehab projects. Site and floor plans should be no larger than 11x17 and must be produced by a licensedarchitect or engineer.

    F - Information Package for Market AnalystsThis section must include copies of items required in Tabs A, B, E and G (site and floor plans should be no larger than 11x17) can include any additional market information such as preliminary market studies the applicant would like to provide to theAnalysts.

    G - Rent Roll (Rehabs only)

    Provide the current rent roll for the property and indicate which units (if any) are receiving rental assistance.H - Documentation for Basis BoostApplicant should provide an appraisal and/or standard geological survey to support a request for the basis boost (if applicable)