Penry Crossing

8/6/2019 Penry Crossing

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

roject Description

oject Name: Penry Crossing

ddress: 402-404 Penry Rd.

ty: Greensboro County: Guilford Zip:

ensus Tract: 128.03 Block Group: 1

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: City of Greensboro

risdiction CEO Name:First:Yvonne Last:Johnson

Title: Mayor

risdiction Address: P.O. Box 3136

risdiction City: Greensboro 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(0dlk4cmbiz...4A3B800F83E&SNID=C5C7E32077D6442B87F088463DC31845 (1 of 25)4/8/2009 1:59:49 PM

27405

27402-3136

(336)373-2396

36.092820

-79.725190


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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? No

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



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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: Affordable Housing Management, Inc.

ddress: 330 S. Greene St., Suite B-11

ty: Greensboro State: NC Zip:

ontact: First: David Last:Levy Title:Executive Director

elephone:

t Phone:

ax:

mail Address:

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


27401

(336)273-0568

(336)456-4808

(336)273-3975

[email protected]


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te Description

tal Site Acreage: Total Buildable Acreage:

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

Due to Right of Way

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? No

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


6.33 6.26


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



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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:


11/17/2008 280,000


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oning

esent zoning classification of the site:CD-RM-12

multifamily use permitted?Yes

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?Yes

If yes, describe below:

There are some areas at the site that have been designated wetlands. Engineering/survey has been doneto define the wetland areas by ECS Carolinas, LLP and the U.S. Corps of Engineers has evaluated andconfirmed those areas. Additionally, the City of Greensboro determined one wetland area as an intermittentstream. The site plan was designed to avoid disturbing the wetlands. There are two areas the wetlands willbe disturbed, however, those areas are less then one tenth of an acre, therefore, no mitigation or specialpermits are required. The one area under the parking lot will require piping and some fill. Wetlandengineering reports are available upon request.



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wnership Entity

wner Name: Penry Crossing LLC

dress: 330 S. Greene St., Suite B-11

y: Greensboro 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: Already 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: Affordable Housing Management, Inc.

rst Name: David Last Name: Levy Function: Managing Member

ddress: 330 S. Greene St., Suite B-11

ty: Greensboro State: NC Zip: 27401

hone: Fax:

Mail: Nonprofit: Yes


27401

(336)273-0568 (336)273-3975

[email protected]


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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(0dlk4cmbi...A3B800F83E&SNID=C5C7E32077D6442B87F088463DC31845 (10 of 25)4/8/2009 1:59:49 PM

98,428

75,383

9

8

8
http://www.nchfa.com/Rental/Mincomelimits.aspxhttp://www.nchfa.com/Rental/Mincomelimits.aspx


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ee attached letter from City of Greensboro for approval of City loan. See letters of intent fromarolina Bank, CICCAR and CAHEC evidencing their review of the project and their intent to providenancing.

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

PP Loan

ear:mt:

1 2 3 4 5 6 7 8 9 10

ear:mt:

11 12 13 14 15 16 17 18 19 20

ocal Gov. Loan - City of Greensboro

ear:mt:

1 2 3 4 5 6 7 8 9 10

ear:mt:

11 12 13 14 15 16 17 18 19 20


12982 12805 12587 12323 12013 11654 11244 10781 10262 9684

9046 8344 7575 6737 5827 4841 3777 2630 1398 77

13060 12882 12662 12397 12085 11724 11312 10846 10324 9743

9100 8394 7621 6778 5862 4870 3800 2646 1407 78


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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


782,900 782,900

4,319,280 4,319,280

301,324 301,324

106,468 106,468

425,872 425,872

296,792 296,792

36,000 36,000

10,000 10,000

29,000 29,000

6,307,636

250 250

35,000 35,000

100,000 100,000

19,520 19,520

2,500 2,500

5,800 5,800

2,000 2,000

4,300 4,300

21,750


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29 Title and Recording


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


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


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)


8,000

199,120

55,000 55,000

2,300

45,620

12,350 12,350

5,500

50,400

171,170

128,000 128,000

550,000 550,000

36,000 36,000

Energy Star-Green Bldg 23,000 23,000

Rezoning fee 3,000 3,000

26,000

Other Non-basis Expen 50,000

Other Non-basis Expen

816,000

21,600

206,300

Other Reserve (specify)

Other Reserve (specify)

7,721,826 0 7,284,356

0

7,284,356 0 7,284,356

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 unit59,990


7,284,356 0 7,284,356

100.00% 101.004%

7,357,491 0 7,357,491

3.50 9.00

662,174 0 662,174

662,174 662,174

280,000

8,001,826

662,174


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arket Study Information

ease provide a detailed description of the proposed project:

e proposed development is located in east Greensboro which is experiencing a period of significantowth, particularly with the new Guilford Technical Community College (GTCC) campus and the addition ofo large subdivisions. This area has been designated as an activity center in the Greensboro

omprehensive Plan which encourages mixed use in the area. The site is close to the existing and plannedctions of the Urban Loop connection with Wendover Avenue, the completion of which will spur additional

vate development in the area. Additionally, the East Wendover Avenue/Burlington Road corridor hasen designated a revitalization corridor. In addition to having easy access to major roads in all directionsere is a GTA bus stop located within one hundred feet of the site on Penry Road. Due to its proximity toe regular GTA bus stop, Penry Crossing will be served by the City of Greensboros Specializedommunity Area Transportation Service (SCAT) bus service, which will benefit disabled residents.

fordable Housing Management, Inc. (AHM) is pleased and extremely excited to incorporate Energy Stard Green Building components into the development. The development design has been upgraded toalify for the National Association of Homebuilders (NAHB) Silver Level and possibly Gold Level, subjectcertification.

e development will be a collaborative effort between AHM as sponsor, developer and property manager,uilford Technology Community College (GTCC), Training and Employment Services/Guilford CountybLink Center (JobLink), HandyCapable Network and Greensboro Housing Coalition (GHC). Community

fordable Housing Equity Corporation (CAHEC) is the proposed Investor Member to purchase tax creditsd would make available their Community Programs for residents of the development. AHM hasmmitted and is in the process of establishing a fifty thousand dollar ($50,000) fund at the Community

oundation of Greater Greensboro, to provide scholarships for AHM residents who participate with theTCC, JobLink and CAHEC Community Programs. Details of the scholarship fund are to be determined.

orth Carolina Housing Finance Agency (NCHFA) will be requested to provide State Tax Credit and Rentaloduction Program loans along with a 2009 tax credit award. In addition to the City of Greensboros76,000 loan, Carolina Bank is interested in providing a construction loan and Community Investment

orporation of the Carolinas (CICCAR) a permanent loan (see Exhibit 1).

e apartments will be affordable to households earning between thirty percent (30%) and sixty percent0%) of area median income (AMI). One half or thirty six (36) of the units will be designated HOME units

ordable to families with incomes of forty percent (40%) AMI and the other half, or thirty six (36) units, tomilies with incomes up to sixty percent of AMI. The thirty-six HOME units will be occupied by householdsrning up to fifty percent of the AMI. AHM has committed four of the HOME units to be affordable to andcupied by households earning thirty percent (30%) or below AMI utilizing the states Key Rents. The Key

ents may be assigned to any size bedroom unit.

e development will include nine (9) units or twelve and one-half percent (12.5%) of all units, to meet theeds of handicap accessibility. These units will have special roll-in showers, specially equipped kitchensd other accessible features. Additionally, the remaining twenty-seven lower level units will have additionalgrades to assist with accessibility.

e planned units are attractive in design and will have many amenities that are not usually found in thisnt range as well as being spacious with ample storage space. An attractive park area will be providedcluding a fenced-in playground/tot lot, 10 x 15 gazebo, eight picnic areas with picnic tables and grills,

ven benches with backs, eight bike racks, and a permanent flag pole.

arge community building will include a management office, large community room with kitchen area, amputer technology learning center, fitness center, private counseling room, laundry center and a coveredthering/picnic area. There will be a free-standing nine-hundred square foot maintenance building.

nstruction (check all that apply):

Brick Vinyl Wood HardiPlank Balconies/Patios Sunrooms Front Porches

Front Gables or Dormers Wide Banding or Vertical/Horizontal Siding



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Other:

1. Brick veneer installed up to the beginning of the second story floor on all sides. The fronts will haveadditional brick around the entire two-story entranceway2. The development design has been upgraded to qualify for the National Association of Homebuilders(NAHB) Silver Level and possibly Gold Level, subject to certification3. Community Building will have solar powered hot water and possibly participate in Duke Powersproposed solar power rebate program4. Cement Fiber siding and aluminum railings will be used in the breezeways for fire retardation and long-term durability

5. Maintenance free vinyl siding used elsewhere will be .046 thick6. Vinyl windows with insulated low-E glass7. Titanium-UDL synthetic roofing underlayment8. Roofing will be anti-fungal fiberglass 25-year shingles9. Vinyl rails and pickets on covered balconies and patios10. A Tyvek type film will be used over the exterior wall sheathing to prevent air infiltration while permittingmoisture in the exterior walls to evaporate11. Ample interior closet space and outside storage rooms12. Second story flooring underlayment will have poured Gyp-crete to provide better soundproofing13. Countertop Surface Savers (installed in countertop for cutting and placing hot pots on)14. Self cleaning ovens15. Formica splashbacks behind ranges16. Closed circuit security camera system to monitor the exterior common areas and the interior of

community building rooms17. Electronic keypad system for laundry and fitness centers, community room, computer technologycenter, etc.

Attached (Exhibit 2) is the NAHB National Green Building Designers Report listing the requirements/specifications that will be met for the Silver level designation.

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

If yes, please provide name and address:

The proposed design is based on Windhill Court located at 117 Windhill Court in Greensboro. Using thesame building design with the following improvements:

1. Brick veneer installed up to the beginning of the second story floor on all four sides. The fronts will have

additional brick around the entire two-story entranceway2. The development design has been upgraded to qualify for the National Association of Homebuilders(NAHB) Silver Level and possibly Gold Level, subject to certification3. Community Building will have solar powered hot water and possibly participate in Duke Powersproposed solar power rebate program4. Increased unit interior square footage includes larger kitchens

e Amenities:

rge Community Building will include management offices, large community room with kitchen area,mputer technology learning center, fitness center, private counseling room and laundry center and anached covered gathering place/picnic area

sphalt in driving lane of parking lot to have 8 stone and 2 asphalt

xtensive outside lighting

nyl dumpster blinds

n attractive park area will be provided including a fenced-in playground/tot lot

x 15 gazebo

ght picnic areas with picnic tables and grills

even benches with backs

ght bike racks



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ermanent flag pole

ee-standing nine-hundred square foot maintenance building

osed circuit security camera system

site Activities:

e development will include a wide range of support services for the residents. In addition, as a federalw-income housing tax credit project, this development will also meet the NCHFAs requirements for aargeted Plan in the 2009 QAP (IV.F.4).

is supportive service plan has been designed to enhance the lives of all resident families, and will createportunities for residents to maintain or obtain additional education, life skills, job skills and the financialility to enable them to transition to market rate apartments or homeownership, if they desire. The plan will

so provide opportunities for various activities to engage youth, elderly, as well as all residents.

upport services will be a collaborative effort between Affordable Housing Management, Inc. (AHM) asonsor, developer and property manager, Guilford Technical Community College (GTCC), Training and

mployment Services and Guilford County JobLink Center (JobLink) , HandyCapable Network andeensboro Housing Coalition (GHC). Community Affordable Housing Equity Corporation (CAHEC) is theoposed Investor Member to purchase the tax credits and would make available their Communityograms for residents of the development. AHM is committing fifty thousand dollars ($50,000) to set up and to provide scholarships for AHM residents who participate with the GTCC, JobLink and CAHECsommunity programs to fill any gap in funds required for resident participants to be successful. The

sidents financial gap/need will include the purchase of low-cost computers from HandyCapable, if thesident does not already own an adequate computer. The mechanics of such a fund are being determinedd AHM will seek additional matching funds. GHC has agreed to be the lead agency for the Targeted Plan.

ee Exhibit 3 for letters from the above organizations.

dult Education/Job Training:

HM has received commitments from GTCC and JobLink/Training & Employment Services to provide anciting array of adult education and job training opportunities for residents.

bLink, a program implemented by the Greensboro-High Point-Guilford County Workforce Developmentl provide on-site career planning, training and placement services for residents. JobLink will perform/

ovide the following:

On-site needs assessment/surveyBased on results of needs determine priority of servicesBased on need, conduct workshopsCombine workshops with other resourcesConduct on-site JobLink servicesConduct orientation on-going as new residents move in

TCCs services will focus on skill training to strengthen residents abilities to successfully meet the needsthe changing workplace. Based on residents interests and needs, the training may include any or all ofe following components:

Basic Skills math, reading, locating information and observations skillsEmployable skills e.g. communications, adaptability, teamwork, information technology, problem-

lving, critical thinking, change managementBasic computer skills and how technology is integrated into the workplaceEconomic literacy skills personal finance, budgets, etc.Life skills consumer buying, parenting skills, understand community resources, legal rights

e programs of GTCC and JobLink will be a partnership effort and will serve as a gateway for economic,cial and educational success for the residents.

AHEC Community Programs:

ommunity Affordable Housing Equity Corporation (CAHEC), the proposed nonprofit syndicator, inordination with the property site manager and AHM corporate staff will offer their Community Programs tothe residents.



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e Community Programs include several unique programs as follows:

dult Scholarship Program up to $2,000 annual scholarships will be awarded to pay tuition and otherucational expenses for each adult furthering their education.

ommunity Grants Program a one-time grant of up to $5,000 in funding for tangible items, determined bysidents that directly benefit residents.

rst-time Home Buyer Program - will award $750-3,000 each to qualified residents to assist with the downyment and closing costs associated with the first-time purchase of a home.

esident Wellness Center is an on-site resource designed to enhance the overall physical and emotionalell being of residents. A variety of indoor exercise equipment, instructional posters, mats and variousditional furnishings will be provided.

echnology Learning Center one computer, printer and workstation will be provided to the on-site learningnter with Internet access.

outh Recognition Program this program encourages academic achievement and positive behaviorsmong student residents in grades three through twelve. Participating students are eligible to receiveollars for As as well as attend an expense-paid trip to a local amusement park or attraction uponccessful completion of the program requirements.

AHEC has been in existence since 1992 and has a successful track record in providing these programs

r affordable housing developments across its area of operations. CAHEC has offered most of theoposed plan components successfully at other AHM properties at no additional cost to the residents.

andyCapable Network:

andyCapable Network, through helping create the Computer Learning Center, will allow residents tocess the Internet, give children the opportunity to work on homework assignments and provideportunities for computer literacy training. HandyCapable, through their low-cost computer program will

stall refurbished computers in residents homes.

eneral Support Services:

HM will coordinate the general support services to all residents of Penry Crossing through its on-site andrporate staff. AHM has successfully implemented similar support services at its most recent tax credit

operties Southwoods, Windhill and Windhill Court, as well as other properties it manages.

rough the property management site staff, additional general support services will be provided to allsidents such as Crime Watch, fire prevention, National Night Out activities, Salvation Army Boys & Girlsub, Big Brothers Big Sisters, credit counseling, alcohol and drug awareness, computer training, cookoutsd other social events, etc. The formation of a Residents Association will be encouraged and assisted by

HM staff. The property site manager will work to assist in coordination of resident services and activitiesd to encourage active resident participation.

HM has developed a community room that will have space and amenities necessary to attract andomote resident involvement. It will be fully accessible and meets all ADA and fair housing requirements.e community building will be approximately 2,400 square feet and designed for multipurpose use. It will large enough to accommodate resident meetings with adequate seating, and will include a kitchenette,

throoms, computer technology learning center, fitness center and laundry center. It also has a privateice for service providers to meet with resident families in confidence. The community room will beailable to residents and service providers as requested. The community building will also include propertyanagement offices for on-site management operations.

proposed services and programs will be offered to residents free of charge. A schedule of services/ograms will be posted on a community bulletin board and newsletters and/or flyers will be distributed toep residents informed.

HM and its staff have extensive experience coordinating, supporting and working with residentsociations at other properties it has managed since 1981.

ndscaping Plans:



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xtensive landscaping is planned that will exceed the minimum requirements. In addition to the southundary line having a minimum five foot planting buffer there is an easement to the south that includesproximately 150 of wooded area. The buildings at the back (east) of the property were located towards

e front (west) as far as possible to allow for a large buffer and to avoid disturbing the wetland area in thatcinity. The remaining wetland areas will be left mostly undisturbed providing green areas in thosecations.

erior Apartment Amenities:

Two full bathrooms and coat closets in the two and three bedroom unitsAmple interior closet space and outside storage roomsPrivate covered patios/balconiesPantry closetsWasher/Dryer hook-upsCountertop Surface SaversSelf cleaning ovensEnergy Star refrigerators and dishwashersGarbage Disposals. Ceiling fans in each bedroom and living room. Formica splashbacks behind ranges. Second story flooring underlayment will have poured Gyp-crete to provide better soundproofing. Nine (9) units or twelve and one-half percent (12.5%) of all units, will meet the needs of handicapcessibility. These units will have special roll-in showers, specially equipped kitchens and other accessibleatures.

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.

he proposed development is located in east Greensboro which is experiencing a period of significant

rowth, particularly with the new Guilford Technical Community College (GTCC) campus and the addition ofwo large subdivisions. The site meets the Citys geographic preference A: CBD (buffer), Corridors andarget Area and has been designated as an activity center in the Greensboro Comprehensive Plan whichncourages mixed use in the area (see Exhibit 4). The site is close to the existing and planned sections ofe Urban Loop connection with Wendover Avenue, the completion of which will spur additional private

evelopment in the area. Additionally, the East Wendover Avenue/Burlington Road corridor has beenesignated a revitalization corridor.

he City of Greensboro Planning Department Zoning Staff Report and Plan Amendment Evaluationrepared for the Zoning Commission for the rezoning process, incorporated comments from the Housingnd Community Development Department. The following is an excerpt from those comments:

The site is located within a defined Activity Center as shown on the General Future Land Map, and

rectly abuts a major employment center (K-Mart distribution facility). For the very reason that the nearestxisting multifamily dwellings are located approximately 0.5 miles away, a multifamily development in thisrea would help to expand the range of available housing choices and price levels and promote diversity,oth stated goals of Connections 2025 (Housing Goal, Policies 6A.2, and 6C). This proposal would alsoupport the Connections 2025 goal of promoting desirable infill development of vacant land within built upreas, where infrastructure is already in place (Reinvestment Goal, Policy 4C.1). The site is also located inose proximity to a post-secondary educational facility (GTCC campus), and a major planned mixed-use

esidential development (on Elsielee Road east of K-Mart facility), suggesting that this proposal presents arime opportunity for further synergy of uses in the area.

dditionally, the following information is from a memo written by the City of Greensboros Department ofousing and Community Development (see Exhibit 4):

) Site is adequate in size for multi-family units and adequate utilities and streets are present.

2) Site will comply with Title VI of Civil Rights Act of 1964 and Title VIII of Civil Rights Act of 1968 and HUDegulations.3) Site is in an area of moderate minority concentration minority population rate for the census tract isgher than citywide average. The planned apartments will not significantly impact the minority

oncentration ratio. The City through its Affordable Housing Development Request for Proposals processncourages the development of housing in underserved areas and most City-sponsored projects arecated in revitalization areas or underserved areas.

4) Site is not in an area of low income concentration median householdcomes are higher than citywide average for the census tract and poverty rate is lower than the citywideverage.5) Site is not located in an area with substandard buildings or undesirable conditions. There is a largestribution facility directly adjacent, however there is adequate land available to buffer the potential noisend light intrusions.

6) Site has good accessibility to services along nearby Wendover Avenue and great accessibility toducational and job training services at the nearby community college campus.7) Site has good accessibility to transportation and jobs.

he property was rezoned on September 16, 2008 for CD-RM-12 (see Exhibit 4).

dditionally, for the rezoning an investigation into the surrounding properties ownership was conducted.his concluded that those owners addresses differed from the property address of all the single-familyouses, except one, indicating these homes are investment properties. The GTCC property extends all theay north on Penry ending approximately at the midway point of the frontage of the subject property (seexhibit 4).



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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. Since the announcement of building the Urban Loop there has beenultiple parcels of land purchased and zoned for commercial development along Wendover Avenuepecially close to where it intersects with the Loop. It is anticipated when the Eastern section of the loop is

mpleted these parcels will be developed. Additionally, there are two large subdivisions being developedar Flemingfield Road and Elsielee Road east of Penry Crossing and north of Wendover Avenue. One ofese is Eagle Trace, a subdivision that has the infrastructure in place and is marketing single-family homesthe $150-200,000 range and it has been reported there may be townhomes planned at this subdivision as

ell. The other subdivision is planned to be a mixed-use development. Both subdivision sites are currentlyned CD-RM-18. The City of Greensboro Planning Department Zoning Staff Report and Plan Amendment

valuation prepared for the Zoning Commission for the rezoning process, incorporated comments from theousing and Community Development Department. The following is an excerpt from those comments: Thee is located within a defined Activity Center as shown on the General Future Land Map, and directly abutsmajor employment center (K-Mart distribution facility). For the very reason that the nearest existingultifamily dwellings are located approximately 0.5 miles away, a multifamily development in this area wouldlp to expand the range of available housing choices and price levels and promote diversity, both statedals of Connections 2025 (Housing Goal, Policies 6A.2, and 6C). This proposal would also support the

onnections 2025 goal of promoting desirable infill development of vacant land within built up areas, whererastructure is already in place (Reinvestment Goal, Policy 4C.1). The site is also located in close proximitya post-secondary educational facility (GTCC campus), and a major planned mixed-use residentialvelopment (on Elsielee Road east of K-Mart facility), suggesting that this proposal presents a primeportunity for further synergy of uses in the area

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. The site is close to the existing and planned future eastern section of theban Loop connection with Wendover Avenue, a major east-west road. Currently, the Urban Loop (futureerstate 840) is approximately 75% completed with the remaining sections to be completed in the nearure. The loop provides easy access to all major east-west and north-south interstates and state/local

ghways. Wendover Avenue and Penry Road provide more then adequate access to the proposed site.uring the rezoning process the Citys Department of Transportation indicated that Penry Road wouldequately serve the proposed development. As part of the development process the Penry Road property

ontage will be required to be widened to increase the accessibility to the site. With available land for newvelopments in urban areas typically located at the fringe areas it is now common that most residents of tax

edit properties have automobiles for transportation. This was found to be the case at AHMs Windhill andndhill Court developments which only had a few households out of one-hundred twenty four that did notve an automobile. Although that is typical, special attention should be given to the close proximity of theeensboro Transit Authority bus stop (Route 10, E. Market Street) located within approximately onendred feet from the site. Due to its proximity to the regular GTA bus stop, Penry Crossing will be served by

e City of Greensboros Specialized Community Area Transportation Service (SCAT) bus service, which willnefit disabled residents. Primary roads and mass transit provide easy access to services and amenities for

e residents. The applicable driving distances to services and neighborhood features are provided in thext section of the application.



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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).

here are no negative features or physical barriers that will impede project construction or adversely affectture residents. The site is wooded with trees native to the region and no rock outcrops are evident. There

re no gullies and the property gently slopes from the north and to the south.

tlantic Coast Engineering and Testing, Inc. conducted a subsurface investigation and geotechnical

ngineering evaluation that concluded the soils were adequate for developing the site as proposed. Thiseport is available upon request.

here are some areas at the site that have been designated wetlands. Engineering/survey has been done define the wetland areas by ECS Carolinas, LLP and the U.S. Corps of Engineers has evaluated and

onfirmed those areas. Additionally, the City of Greensboro determined one wetland area as an intermittentream. The site plan was designed to avoid disturbing the wetlands. There are two areas the wetlands wille disturbed, however, those areas are less then one tenth of an acre, therefore, no mitigation or specialermits are required. The one area under the parking lot will require piping and some fill. Wetlandngineering reports are available upon request.

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

he development will be an excellent transition from the single family homes to the north and the large K-art property to the south and east and the large GTCC property to the west and south (see Exhibit 4).

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:

addition to the facilities and services outlined above having the new GTCC campus across the streetom the development will provide ample opportunities for residents to participate in events and further theirucation and/or job skills.


.21 1.2

78 3.28

.241.2

292.6

77.1

38 .75

38 1.1


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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)

Documents

Penry Crossing