Rocky Branch

8/6/2019 Rocky Branch

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Check all that apply:

Federal Low Income Housing Tax Credit

State Low Income Housing Tax Credit

Tax Exempt Bonds

Rental Production Program (RPP) Loan

Requested RPP Loan Amount:RPP Loan Product Requested:

Print Preview - Final Application

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

Resources Requested

Page 1 of 36Print - APP03-0119

1/14/2005https://www.nchfa.org/Rental/RTCApp/(1mmf3ea51gephgn2fcsyuk55)/site/PrintApp.aspx...


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

Project Name and Location

Project Name: Rocky Branch II Apartments

Address: 10412 Rozzelles Ferry Road

City: Charlotte County: MECKLENBURG Zip: 28216

Census Tract: 61 Block Group:

No

Political Jurisdiction: City of Charlotte Extra Territorial Jurisdiction

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

Jurisdiction Address: 600 East Fourth Street

Jurisdiction City: Charlotte Zip: 28202

Jurisdiction Phone: (704)336-7600

Site Latitude:

Site Longitude:




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Is this project a follow-on (Phase II, etc) to a previously-awarded tax credit development project?

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

Will the project be receiving federal rental assistance?

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

Target Population: Family

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

Square Footage Information

Project Description

Project Type:* New Construction Rehab Adaptive Reuse

No

Yes

2020

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

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

Remarks: Note that 20 of the units (10%) will be affordable to families earning less than 30% of medianincome, who will only be required to pay 30% of their income for rent. The balance of the rent will besubsidized by the Charlotte Housing Authority under its ACC contract, with development fundsprovided as part of the Fairview Homes HOPE VI grant.

Proposed number of residential buildings: 6 Maximum number of stories in buildings: 3

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

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

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

Elevators -- Number of Elevators:Number of Elevators:

Gross Floor Square Footage: 248,291

Total Net Sq. Ft. (All Heated Areas): 202,427




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




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

If yes provide:

Purchase Date: Purchase Price:

If no:

Site Control

No

(a) Does the owner/principal or ownership entity have vaild option/contract to purchase the property? Yes

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

purchase of the property and the seller of the property?If yes, specify the relationship:

No

(c) Enter the current expiration date of the option/contract to purchase: 8/30/2003

(D) Enter Purchase Price: 1,050,000




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Present zoning classification of the site:

Is mutifamily use permitted?

Are variances, special or conditional use permits or any other item requiring a public hearing needed to develop this proposal?

If yes, have the hearings been completed and permits been obtained?

If yes, specify permit or variance required and date obtained. If no, describe permits/variances required and schedule for obtainingthem:

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

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

Are there any existing conditions of historical significance located on the project site that will require State Historic Preservation office review?

If yes, describe below:

Are there any existing conditions of environmental significance located on the project site?

If yes, describe below:

Zoning

MF-12 and B-1

Yes

No

Yes

Approval of the requested funding from the Housing Trust Fund will likely be at a City Councilmeeting scheduled for April. While not a public hearing per se, it is an open forum in which

attendees may comment.It is also our understanding that a TEFRA hearing will be required at some later point in the tax-exempt bond issuance process.

No

Yes

The site is within the local lake watershed and the site plan has been designed to meet thewatershed requirements.




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Ownership Entity

Owner Name: Rocky Branch II LLC

Address: 1201 Greenwood Clif f, Suite 300

City: State: NC Zip:Charlotte 28204

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

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

Entity Type: Limited Liability Company

Entity Status: To Be Formed

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

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

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

Org: Charlotte-Mecklenburg Housing Partnership, Inc.

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

Address: 1201 Greenwood Cliff, Suite 300

City: Charlotte State: NC Zip: 28204

Phone: (704)342-0933 Fax: (704)342-2745

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




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

Total Low Income Units:

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

Targeting

# BRs Units %

2 12 targeted at 30 percent of median income.




100




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

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

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

Funding Sources

Source AmountNon-

Amortizing*Rate(%)

Term(Years)

Amort.Period(Years)

AnnualDebt

Service

Bank Loan

RPP LoanLocal Gov. Loan - Specify:City Housing Trust Fund

2,800,000 0.50 30 0

RD Loan

AHP Loan

Other Loan 1 - Specify:HOPE VI

1,320,000 0.50 30 0

Other Loan 2 - Specify:City: CMHP

1,400,000 0.50 30 0

Other Loan 3 - Specify:

Tax Exempt Bonds 8,500,000 6.35 30 30 634,680

State Tax Credit(Loan) 0 30 30 0

State Tax Credit(Direct Refund)

Equity: Federal LIHTC 1,979,843

Non-Repayable Grant

Equity: Historic Tax Credits

Deferred Developer Fees 349,695

Owner Investment

Other - Specify:

Total Sources** 16,349,538

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

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

82

Note that this bond project is a critical part of the Fairview (Park at Oaklawn) HOPE VIdevelopment in that it provides 20 of the required off-site replacement units in a financingpackage that does not require 9% credits and provides residents with very high quality

housing in a mixed income community in a desirable growth area of Charlotte. These HOPEVI grant funds are already in place and CMHP is the master developer for the grant.City Housing Trust Fund loan were applied for in early 2003. Rocky Branch II wasrecommended by City staff for approval and approved by the Housing Trust Fund Board. Theproposals will be presented for City Council action on May 12, 2003 and letters of supportwill be sent the following day. It is our understanding that City staff have discussed thisapproval schedule with NCHFA.The $1.4 million in City/CMHP funding is from the City's annual allocation to CMHP as well asother CMHP funding sources.




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Development Costs

Item Cost Element TOTAL COSTEligible Basis

30% PV 70% PV

1 Purchase of Buildings (Rehab) 0 0

2 Demolition 0 0

3 On-site Improvements 1,386,000 1,366,400

4 Rehabilitation 0 0

5 Construction of New Building(s) 8,663,520 8,663,520

6 Accessory Building(s) 0 0

7 General Requirements 474,011 474,011

8 Contractor Overhead 200,990 200,990

9 Contractor Profit 602,971 602,971

10 Construction Contingency 343,694 343,694

11 Architect's Fee - Design 215,000 215,000

12 Architect's Fee - Inspection 12,000 12,000

SUBTOTAL (lines 1 through 12) 11,898,186

13 Construction Insurance (prorate) 30,000 30,000

14 Construction Loan Orig. Fee (prorate) 127,500 127,500

15 Construction Loan Interest (prorate) 637,500 637,500

16 Construction Loan Credit Enhancement (prorate) 85,000 85,000

17 Construction Period Taxes (prorate) 45,000 45,000

18 Water, Sewer and Impact Fees 128,960 128,960

19 Survey 5,000 5,000

20 Property Appraisal 7,500 7,500

21 Environmental Report 6,000 6,000

22 Market Study 5,000 5,000

23 Bond Costs (specify) 181,125

24 Cost of Issuance 247,750

25 Placement Fee 0

26 Permanent Loan Origination Fee 0

27 Permanent Loan Credit Enhancement 0

28 Title and Recording 15,000


29 Real Estate Attorney 5,000 5,000

30 Other Attorney's Fees 20,000 20,000

31 Tax Credit App Fees 27,540 27,540

32 Cost Certification/Accounting Fees (specify) 10,000 10,000

33 Tax Opinion 0

34 Organizational (Partnership) 10,000

35 Tax Credit Monitoring Fee 84,150

SUBTOTAL (lines 29 through 35) 156,690

36 Furnishings and Equipment

37 Relocation Expenses 0 0

38 Developer's Fee (max 15% lines 2-36, less 8 & 9) 1,170,000 1,170,000

39 Other Basis Expense (specify)

40 Other Basis Expense (specify)

41 Rent-up Expenses 40,000

42 Other Non-basis Expense (specify)

43 Other Non-basis Expense (specify)


44 Rent up Reserve 59,400




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Comments:

45 Operating Reserve 453,927

46 Other Reserve (specify)

47 Other Reserve (specify)

48 DEVELOPMENT COST (lines 1-47) 15,299,538 14,188,586 0

49 Less Federal Financing 0

50 Less Disproportionate Standard 0

51 Less Nonqualified Nonrecourse Financing 0

52 Less Historic Tax Credit (residential) 0 0

53 TOTAL ELIGIBLE BASIS 14,188,586 14,188,586 0

54 Times Applicable Fraction 50.50% 50.5% 50.5%

55 TOTAL QUALIFIED BASIS 7,165,235 7,165,235 0

56 Tax Credit Rate 3.37% 0.00%

57 FEDERAL TAX CREDITS at Estimated Rate 241,468 241,468 0

57a FEDERAL TAX CREDITS at 8.5% or 3.75% 268,696 268,696 0

58 FEDERAL TAX CREDITS REQUESTED 271,486 271,486

59 STATE TAX CREDITS

60 Land Cost 1,050,000

61 TOTAL REPLACEMENT COST 16,349,538




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Please provide a detailed description of the proposed project:

Construction (check all that apply):

Brick Vinyl Wood HardiPlank Balconies/Patios Sunrooms Front Porches

Front Gables or Dormers Wide Banding or Vertical/Horizontal Siding

Other:

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

If yes, please provide name and address:

Site Amenities (check all that apply):

Market Study Information

Rocky Branch II Apartments will provide 198 upscale apartment residences consisting of 126 twobedroom and 72 three bedroom apartments. The exterior shells of the buildings will be acombination brick and vinyl siding. Additional features for the units will include dishwashers,disposals, generous kitchen cabinets and counterspace, laundry rooms, two baths, energy efficientAC/heating, private decks/porches, outside storage rooms and walk-in closets in master suites.

Interior design will feature spacious, open floor plans (886 sf for two bedrooms; 1101 sf for threebedrooms). Site amenities will include a pool, clubhouse, community room, leasing office, tot lot,nature center, exercise trail and playing fields. Parking will be 1.8 spaces per unit, includingstreetside parking. Strong retail is within easy walking distance (1/8 of a mile), including a HarrisTeeter, Eckerd Drug, Blockbuster Video and various restaurants and services. The adjacent newsingle family townhome development features sales prices ranging from $90,000 to $150,000. Thedevelopment is within 1.3 miles of a new exit to I-485 that is currently under construction.The purpose of the development is to provide a mixed income community with a top quality amenitypackage. The community will feature 20 units (10%) that are affordable to families earning less than30% of median income and who will pay only 30% of their income for rent. The balance of the rentalpayment will be paid through the Charlotte Housing Authority's Annual Contributions Contract(ACC). Development funds for those units will be provided through CHA's HOPE VI grant. 80 unitswill be affordable to families earning less than 60% of the area median income. The remainder of thecommunity (98 units) will be affordable at rents slightly below market (currently projected atapproximately 70% of median income). Thus this community will provide excellent and affordablehousing in a prime location in this major growth area of Charlotte.The development will compete well with other apartment complexes in the area. When it is

completed in 2005, Rocky Branch will have market rents just below the 2002 rents for Alta Grove, aneighboring 240 unit complex as well as a better amenity package.

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

Yes

A similar design was used for Villages of Rosedale

Community Bldg - Sq Ft: 1,717 Community Room - Sq Ft: 510 Garages - Number:

Laundry Rm Screened Porch Resident Computer Center Exam Rm Reading Rm/Library

Game/Craft Rm Exercise Rm TV Rm Beauty Salon Vending Rm

Chapel/Prayer Rm Picnic Area Onsite Leasing Office Onsite Mgr Onsite Maint. Person

Irrigated Lawns Security Gate Car Care Area Storage Units Gazebos

Walking Trails Garden Spots Basketball/Tennis Court Playground Ball Field




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Onsite Activities:

Landscaping Plans:

Interior Apartment Amenities (check all that apply):

Flooring: Carpet Vinyl Wood Wood Parquet Ceramic Tile Other

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

Do you plan to submit additional market data (market study, etc.) that you want considered?

If yes, please make sure to include the additional information in your pre-application packet.

Pool Fitness Stations Horseshoe Pit Shuffleboard Covered Drive Thru

Activities will focus on the clubhouse, pool and tot lot complex. The clubhouse will include anexercise room, computer space and community meeting room. In addition to being available forresident functions, CMHP plans to offer its budgeting and financing workshops to encourage familiesto become homeowners. The community room will also have a Homestead Resource Center withinformation on various topics related to homeownership so residents can have access to informationin their free time. Site plans also feature a pool, sunning area, fully-equipped tot lot, exercise trail

and playing fields.

There will be extensive landscaping including trees at regular intervals along the main street thatintersects the development; garden spots, gazebo, an exercise and walking trail and ballfields.

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

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

Yes




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Briefly describe your site in each of the following categories:

Applicant's Site Evaluation

NEIGHBORHOOD CHARACTERISTICS

Physical condition of buildings and improvements. Trend and direction of real estate developmentrelative to the project. Area economic health (degree of decline or investment).

This area in the northern section of Charlotte, near Mountain Island Lake and the west side of LakeNorman, has experienced exponential growth over the past 3-5 years. There are currentlyapproximately 11,375 single family homes in 80 developments within a 3 mile radius--all of whichhave been developed in the past 15 years. There are an additional 1301 multi-family units of whichapproximately 1,000 are for sale communities, rather than rental. The Rocky Branch developmentwill be a new construction, top quality community with all the amenities necessary to attract marketresidents. It is adjacent to a new townhome community developed by Beazer Homes, for whichprices range from $90,000 to $150,000.

Suitability of surrounding development. Land use pattern is primarily residential with a balance ofother uses, including non-competing multifamily and single family units, relevant amenities, shoppingand services.The land use pattern is primarily residential. The Rocky Branch Apartments will be balanced by twonew townhome communities -Beazer's Devonwood (which is adjacent) and Portrait Home'sRozelle's Landing (within 2 miles of site). Across from the Rozelle's Ferry entrance to Rocky Branchis River Bend a successful 780 new home complex with prices ranging from $115,000 to $250,000.The only major apartment community within a 2 mile radius is a 240 unit complex, Alta Grove, which

was constructed in 1999. We are projecting Rocky Branch's 2005 rents to be comparable to AltaGrove's 2002 rents. Rocky Branch should compare favorably to Alta Grove because it will be anewer product with an enhanced amenity package.There are excellent retail facilities within 1/8 mile of the site which will enhance its marketability.Harris Teeter grocery store, Eckerd Drug, Blockbuster Video and a wide range of restaurants andservice businesses are key amenities. Additional retail is under construction at Mountain IslandVillage a 14-acre mixed-use center being developed by Crosland at the south west corner ofHighway 16 and Rozzelles Ferry Road, approximately 2 miles from the site. The nearest industrialuses are 5 miles to the south, close to I-85. The Chamber of Commerce reports the 28216 zip codeas having 1,094 business establishments and 14,287 jobs. This information was from a 2002 reportbased on the 1997 economic census, so the figures are definitely low. Many of the businesseswithin walking distance of the property provide excellent entry-level job opportunities for the familiesand their teenagers needing the affordable apartments.

SITE SUITABILITY

Adequacy of street(s) and/or access road(s) serving the proposed project and traffic controls (lights,

stop signs, turning lanes). Access to mass transit (if applicable).The site will have access from Rozelle's Ferry Road and from Mt. Holly-Huntersville Road. The latteraccess will be via an extension of an existing road that serves the Devonwood townhomecommunity.Given the history of low density housing in this area, Charlotte Area Transit (CATS) has focused onproviding rapid bus service directly from this area to Uptown jobs. There is a Park & RIde with linksto several routes at the Food Lion, (.5 miles from the site). Bus service runs during morning andafternoon rush hours.Note that the site is within 1.3 miles of the new I-485 exit currently under construction. Whencompleted, residents would be able to get on I-485, travel one exit to the intersection of I-77 and geton the new light rail mass transit system planned to go from Charlotte to Huntersville, roughlyparallel to I-77. A light rail stop is planned for the intersection of I-77 and I-485, which would providegood access to the system for the Rocky Branch II residents.

Amount and character of vacant, undeveloped land. Effect of industrial, large-scale institutional orother incompatible uses: wastewater treatment facilities, high traffic corridors, junkyards, prisons,landfills, large swamps, distribution facilities, frequently used railroad tracks, power transmission lines

and towers, factories or similar operations, sources of excessive noise, and sites with environmentalconcerns (such as odors or pollution).Most all land in this area has development plans. The multifamily use allowed for the Rocky Branchdevelopment was grandfathered, but land in the watershed in the future will be limited to low density.The closest industrial uses are 5 miles to the south, close to I-85. A phase one environmental reportwas completed by the seller and there are no wetland or environmental hazard issues.

Degree of on-site negative features and physical barriers that will impede project construction oradversely affect future tenants; for example: power transmission lines and towers, flood hazards,steep slopes, large boulders, ravines, year-round streams, wetlands, and other similar features. For




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

Other facilities or services:

adaptive re-use projects- suitability for residential use and difficulties posed by the building(s), suchas limited parking, environmental problems or the need for excessive demolition.The site is in the Lake Wylie Critical Watershed. This watershed protection restricts development tolow density residential. The only reason that the proposed Rocky Branch is possible is because thecurrent zoning provided a grandfathering of a multi-family use. Therefore, this site provides a uniqueopportunity to provide affordable multi-family housing in this area, as other sites would not benefitfrom the grandfathered multifamily zoning.The site does present some challenges due to the slope of the land. Methods to address that arereflected on the site plan. Moreover, we are required to complete a public road through the property.However, this can act as an amenity as it will promote traditional neighborhood design and allow on-street parking. The road will also be maintained by CDOT, lessening the project's operatingexpense. There are also utility lines running along the site's northern edge.

Similarity of scale and aesthetics/architecture between project and surroundings.The scale of the development will fit well with the neighborhood as it will be 3 story in nature. Theadjacent townhomes are primarily 2 story, but the other apartment complex in the area is threestory. Both are compatible with the newly-constructed retail in the area.

Concentration of affordable housing (housing credit, project-based rental assistance, public housing).To bhe best of our knowledge, there are no housing tax credit, public housing or developmentsbenefitting from project-based rental assistance within a three mile radius of the development.

Because Rocky Branch itself will be a mixed income community, it will not cause a concentration ofaffordable housing. Approximately 40% of the development will be affordable, with the balance atmarket rates.

Availability of Supportive Services (if applicable):CMHP has a Vice President of Community Outreach who plans and implements supportive servicesat CMHP's seven existing multi-family sites. Supportive services are focused primarily on helpingour residents move towards homeownership. To that end, each site has a Homestead ResourceCenter, located in an on-site office with educational materials for first time homebuyers and budgetand financial planning publications. For 2003 CMHP has formed an innovative partnerhsip with Bankof America. Bank volunteers come to the site and offcr a three-part Financial Literacy class. Othervolunteers offer tax preparation services. CMHP also provides residents with information on homeownership, budgeting and credit repair via workshops, on-site billboards, fliers and a periodicnewsletter. Residents also receive information about events in their community the same way. We

have established community watch programs where the residents request this. With themanagement company, we host two community parties a year so the residents can get to knoweach other and we provide information on area services and transportation.

Grocery Store.25 Community/Senior Center10

Mall/Strip Center.25 Hospital10

Outdoor Athletic Fields3 Pharmacy.5

Day Care/After School.5 Basic Health Care.25

Schools2 Medical Offices2

Public Transportation Stop.25 Bank/Credit Union.2

Convenience Store1 Restaurants.5

Basketball/Tennis Courts3 Professional Services.5

Public Parks3 Movie Theater8

Gas Station.25 Video Rental.5

Library1 Public Safety (Fire/Police).5

Fitness/Nature Trails3 Post Office5

Public Swimming Pools10




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Day care is provided at 4 of 7 area churches and the retail center under construction at MountainIsland Village has a child care center planned; library is planned; community/senior center isplanned within 2 miles from the site. While the closest post office is 5 miles, there is a MailboxesEtc.within .5 mile. The closest movie theatre would be Birkdale in Huntersville--approximately 7-8miles -- where there are two multi-screen theaters nearby.Latta Plantation provides an excellent park amenity with its horseriding trails, ballfields, extensivetrail system, access to Mountain Island Lake, historic plantation house and the Raptor Center. It isonly 2 miles from the site (as the crow flies), but approximately 10 miles by car as the only access tothe park is from the eastern side. Mountain Island Lake has a public boat launch within 3 miles ofsite; Duke Power Science Center on the southern edge of Lake Norman is about 8 miles from the

site.




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DevelopmentList number low-income/tax credit housing projects and units developed, operated, and maintained in compliance by the principal(s) betweenDecember 1, 1996 and January 1, 2003:

ManagementList number of low-income housing tax credit units managed in the past 10 years:

Has any owner, principal, or management agent been debarred or received a limited denial participation in the past 10 years by any federal or

state agency?

Has any owner, principal, or management agent been involved in a bankruptcy, an adverse fair housing settlement, an adverse civil rights

settlement, or an adverse federal or state government proceeding and settlement in the past 10 years?

Has any owner or principal been in a mortgage default or delinquency of three months or more within the last 5 years on a FHA-insuredproject, a Rural Development funded rental project, a tax-exempt funded mortgage, a tax credit project, or any other publicly subsidized

project?

Has any owner or principal been involved within the last 10 years in a project which previously received an allocation of tax credits but failed tomeet compliance standards of the tax credit allocation, including return of a reservation of tax credits to the Agency after the carryover

agreement has been signed?

Has any owner or principal had a Form 8823 filed with the IRS for noncompliance on a project using low-income housing tax credits or

received a letter of non-compliance from the Agency?

Project Team Experience

North Carolina Other States

Projects: 8 0

Units: 332 0

North Carolina Other States

Projects: 12 46

Units: 1,279 6,621

No

No

No

Yes

No




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Financing Commitments

Does the project have a firm commitment for construction financing? Yes

Does the project have a letter of intent for private permenant financing? No

Does the project have a firm commitment for government financing? Yes

Does the project have a letter of intent from an investor? Yes

Is any portion of the eligible basis of new contruction or rehabilitation financed with federal subsidies other than CDBG funds or fundsfrom the HOME program? Yes

If yes, indicate the type and amount below:

Tax Exempt Financing: $

RD 515 Financing: $

Hope VI Financing: $ 1,320,000

Other: $ 2,800,000

If Other, specify the type of Federal subsidy:Tax-exempt bond issue from City of CHarlotte for HousingTrust Fund




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Project Operations (Year One)

Projected Operating Costs

Administrative Expenses

Advertising 4,000

Other Administrative Expense (specify):5,000

Office Salaries 30,000Office Supplies 20,000

Office or Model Apartment Rent 0

Management Fee 90,300

Manager or Superintendent Salaries 40,000

Manager or Superintendent Rent Free Unit 0

Legal Expenses (Project) 2,000

Auditing Expenses (Project) 9,000

Bookkeeping Fees/Accounting Services 0

Telephone and Answering Service 25,000

Bad Debts 20,000

Other Administrative Expenses (specify):3,000

SUBTOTAL 248,300

Utilities Expense

Fuel Oil 0

Electricity (Light and Misc. Power) 15,000

Water 11,000

Gas 10,000

Sewer 34,000

SUBTOTAL 70,000

Operating and Maintenance Expenses

Janitor and Cleaning Payroll 24,000

Janitor and Cleaning Supplies 6,000

Janitor and Cleaning Contract 0

Exterminating Payroll/Contract 3,600

Exterminating Supplies 0

Garbage and Trash Removal 4,200

Security Payroll/Contract 12,000

Grounds Payroll 0

Grounds Supplies 0

Grounds Contract 40,000

Repairs Payroll 38,000

Repairs Material 43,000

Repairs Contract 2,000

Elevator Maintenance/Contract 0

Heating/Cooling Repairs and Maintenance 10,000

Swimming Pool Maintenance/Contract 5,000

Snow Removal 400

Decorating Payroll/Contract 0

Decorating Supplies 35,000

Other (specify):0

Miscellaneous Operating & Maintenance Expenses 0

SUBTOTAL 223,200

Taxes and Insurance

Real Estate Taxes 50,000




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Payroll Taxes (FICA) 10,000

Miscellaneous Taxes, Licenses and Permits 0

Property and Liability Insurance (Hazard) 40,000

Fidelity Bond Insurance 0

Workmen's Compensation 2,500

Health Insurance and Other Employee Benefits 6,000

Other Insurance:0

SUBTOTAL 108,500

Supportive Service Expenses

Service Coordinator 0

Service Supplies 0

Tenant Association Funds 0

Other Expenses (specify):0

SUBTOTAL 0

Reserves

Replacement Reserves 49,500

SUBTOTAL 49,500

TOTAL OPERATING EXPENSES 699,500

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

600,000

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

198

PER UNIT PER YEAR 3,030




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Design Features

ITEM DESCRIPTION

Foundation/Slab Components Post-Tension Slab

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

Exterior Doors Type: Frames:Metal Clad Insulated Wood

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

Warranty: Limited Lifetime

Exterior Trim Maintenance Free Aluminum Wrap

Shingles Type: Weight:3 Tab Fiberglass 240

Warranty: 25 yr

Sprinkler System Wet system per code

Cabinets Marsh or Equal - Solid Frame, adjustable shelves

Heat Pump SEER: Make:NA

Model:

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

Model: varies

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

Model: Varies




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This is a detailed breakdown of rehabilitation or construction costs you summarized in the Development Costs table (Rehabilitation andConstruction of New Building(s)). The total should match those roll-up values.

Costs - Construction

ITEM LABOR MATERIAL TOTAL

Concrete Footings 0

Backfill-slab, Crawl 3,500 100 3,600

Slab-concrete/Rebar/Gravel 139,920 209,880 349,800

Waterproofing 11,880 7,920 19,800

Masonry Foundation 2,200 3,350 5,550

Brick Veneer 31,350 28,050 59,400

Steel/Structure/Rails 2,750 3,190 5,940

Framing/Lumber/Nails 498,960 926,640 1,425,600

Trusses 130,383 304,227 434,610

Crane Rental 0

Windows/Grilles/Screen 75,240 175,560 250,800Exterior Doors 49,005 59,895 108,900

Roofing 161,747 223,363 385,110

Fencing 2,100 4,200 6,300

Vinyl Siding/Trim/Box 268,090 339,097 607,187

Gutters/Shutters 17,875 21,725 39,600

Insulation 85,668 128,502 214,170

Drywall 424,116 282,744 706,860

Interior Doors 55,610 86,983 142,593

Int. & Final/Stair/Trim/Shelves 40,920 61,380 102,300

Cabinets & Tops 96,360 385,440 481,800

Painting 256,780 102,450 359,230

Marble - Tub/Shwr/Tops 5,643 24,057 29,700

Plumbing 450,846 202,554 653,400

Electrical 242,828 335,332 578,160

Heating/Air Conditioning 196,680 397,320 594,000

Floor Covering and Underlayment 108,900 221,100 330,000

Wall Paper 0

Mailboxes/Special Features/Signage 4,840 11,000 15,840

Gypcrete 34,765 55,325 90,090

Blinds/Shades/Art Work 19,008 28,512 47,520

Light Fixtures/Fans 39,270 72,930 112,200

Sprinkler System 29,845 59,135 88,980

Security Alarm 330 1,650 1,980

Hardwood Floors 0

Elevator 0

Ceramic Tiles 0

Acoustical Ceilings 0




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Remarks:

Mirror/Shower Door/Encls. 6,751 15,029 21,780

Hardware/Bath Access. 9,009 16,731 25,740

Appliances 20,592 185,328 205,920

Playground Equipment 9,625 49,775 59,400

Interior Clean 46,805 1,375 48,180

Exterior Clean/Dumpster 51,480 51,480

Other 1 (specify in Remarks) 0

Other 2 (specify in Remarks) 0

Total Cost 3,631,671 5,031,849 8,663,520




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This is a detailed breakdown of the General Requirements cost element you summarized in the Development Costs table (GeneralRequirements). The total should match that roll-up value.

Remarks:

Costs - General

ITEM TOTAL

Supervision 284,690

Job Site Office/Trailer Rental 23,760

Impact Fees 3,960

Office Supplies 9,900

Security/Watchman 21,400

Water and Sewer Connection Fees 125,000

Project Signage 3,031

Tools and Equipment 8,750

Gas, Oil, and Maintenance

Cleanup/Dumpster Rental

Temporary Water, Electric, and Telephone 26,014Storage/Hauling

Driveway Access Permit

Porta-John Rental/Dumping

Builders Risk Insurance 37,356

Re-inspection Fees

Extra Plans and Specifications 3,943

Miscellaneous, Casual Labor

Equipment Rental

Other 1 (specify in Remarks) 55,167

Other 2 (specify in Remarks)

Total Cost 602,971

Other costs: Miscellaneous




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This is a detailed breakdown of the Site Improvements cost element you summarized in the Development Costs table (On-siteImprovements). The total should match that roll-up value.

Remarks:

Costs - Improvements

ITEM TOTAL

Subsurface Exploration/Perk Testing/Site Engineering 38,280

Clearing/Grading/Final Grading/Excess and Borrow 110,455

Demolition

Earthwork/Excavation/Aerating 106,000

Soil Treatment 21,430

Pile Foundations

Caissons

Shoring/Bracing

Site Drainage 74,300

Site Utilities/Site Lighting 217,800

Paving and Surfacing/Curb and Gutter 227,700Walkways 112,200

Site Signage

Parking Lot Painting 7,920

Dumpsite Pads/Fencing 3,960

Fencing/Gates 4,950

Landscaping/Topsoil 450,115

Waterproofing/De-Watering

Operation of Construction Equipment/Fuel/Oil

Crane Rental

Rock and Hardpan Excavation

Site Supervision Personnel 10,890

Other (specify in Remarks)

Total Cost 1,386,000




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This is a detailed breakdown of the Bond Costs cost element you summarized in the Development Costs table (Bond Costs). The totalshould match that roll-up value.

Remarks:

Costs - Bond Costs

ITEM TOTAL

Letter of Credit Fee

Credit Enhancement 100,625

Underwriter Discount 80,500

Capital Interest Fund



Total Cost 181,125

Note that the amount of the Letter of Credit Fee is included in the construction period letter of creditcost line item in the Development Costs Section and the Capital Interest Fund is included in the

construction interest cost line item in the Development Costs Section.




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This is a detailed breakdown of the Bond Issuance cost element you summarized in the Development Costs table (Cost of Issuance). Thetotal should match that roll-up value.

Remarks:

Costs - Bond Issuance

ITEM TOTAL

Bond Counsel 40,000

Issuer Counsel 5,000

Credit Enhancement/LOC Counsel 62,250

Underwriter Counsel 25,000

Developer's Counsel 10,000

Rating Agency Fee 10,000

Printing 5,000

Trustee Fee 5,000

Trustee Counsel 5,000

Other 1 (specify in Remarks) 80,500

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

Total Cost 247,750

Other 1 is the fee charged by the Charlotte Housing Authority as bond issuer.




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MINIMUM REQUIRED SET ASIDES (No Points Awarded):

Minimum Set-Asides

Select one of the following two options:

20% of the qualified units are rent restricted and occupied by households with incomes at or below 50% of the median income (Note:No Tax Credit Eligble Units in the the project can exceed 50% of median income)

40% of the qualified units are rent restricted and occupied by households with incomes at or below 60% of the median income (Note:No Tax Credit Eligble Units in the the project can exceed 60% of median income)

If requesting RPP funds:

40% of the qualified unit are occupied by households with incomes at or below 50% of median income.

State Tax Credit and QAP Targeting Points:

High Income county:

At least twenty-five percent (25%) of qualified units will be affordable to households with incomes at or below thirty percent (30%) ofcounty median income.

At least twenty-five percent (25%) of qualified units will be affordable to and occupied by households with incomes at or below thirtypercent (30%) of county median income.

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

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

Moderate Income County:

At least twenty-five percent (25%) of qualified units will be affordable to and occupied by households with incomes at or below fortypercent (40%) of county median income.

At least fifty percent (50%) of qualified units will be affordable to households with incomes at or below fifty percent (50%) of county

median income.At least fifty percent (50%) of qualified units will be affordable to and occupied by households with incomes at or below fifty percent(50%) of county median income.

Low Income County:

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

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

Tax Exempt Bonds

Threshold requirement (select one):

At least ten percent (10%) of qualified units will be affordable to and occupied by households with incomes at or below fifty percent

(50%) of county median income.

At least five percent (5%) of qualified units will be affordable to and occupied by households with incomes at or below forty percent(40%) of county median income.

Eligible for mortgage subsidy points (select one):

At least twenty percent (20%) of qualified units will be affordable to and occupied by households with incomes at or below fifty percent(50%) of county median income.

At least ten percent(10%) of qualified units will be affordable to and occupied by households with incomes at or below forty percent(40%) of county median income.




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PLEASE indicate which of the following exhibits are attached to your application. Others may be required as noted.

Full Application Checklist

A Nonprofit Organization Documentation or For-profit Corporation Documentation

B Current Financial Statements/Principals and Owners

C Ownership Entity Agreement, Development Agreement or any other agreements governing development services

D Management Agent Agreement

E Development and manager multi-family experience & Management Questionnaire (Appendix C)

F Letters from State Housing Agencies or designated monitoring agent verifying Out of State Management Experience

G Completed IRS Form 8821 (Appendix I)

H Permitted zoning letter (including conditional and special use)

I Site plan, floor plans and elevations

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

K Description of any existing conditions of historical significance.

L Description of environmental significance.

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

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

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

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

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

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

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

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

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

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

W Documentation to support estimated utility costs.


Documents

Rocky Branch