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Print Preview - PreliminaryApplicationTax Credits, RPP Loans, and/or Tax Exempt Bond Loans
roject Description
oject Name: Berewick Multi-family
ddress: 5832 Dixie River Road
ty: Charlotte, NC County: Mecklenburg Zip:
ensus Tract: 59.01 Block Group: 3
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? No
olitical Jurisdiction: City of Charlotte
risdiction CEO Name:First:Patrick Last:McCrory
Title: Mayor
risdiction Address: 600 East Fourth 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
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28278
28202
(704)336-7600
35.172523
-80.984086
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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: Charlotte-Mecklenburg Housing Partnership, Inc.
ddress: 4601 Charlotte Park Dr., Suite 350
ty: Charlotte, State: NC Zip:
ontact: First: Patricia Last:Garrett Title:President
elephone:
t Phone:
ax:
mail Address:
OTE: Email Address above will be used for communication between NCHFA and Applicant.
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28217
(704)342-0933
(704)285-6010
(704)342-2745
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te Description
tal Site Acreage: Total Buildable Acreage:
If buildable acreage is less than total acreage, please explain:
The building acreage in this project is less than the site acreage because it substracts the local zoningsetback ordinace. (Final survey yet to be done once CMHP has property ownership).
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:
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8.39 5.69
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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)?No
If yes provide:
Purchase Date: Purchase Price:
If no:
(a) Does the owner/principal or ownership entity have valid option/contract to purchase the property?Yes
(b) Does an identity of interest (direct or indirect) exist between the owner/principal or ownership entity with the option/contractpurchase of the property and the seller of the property?NoIf yes, specify the relationship:
(c) Enter the current expiration date of the option/contract to purchase:
(D) Enter Purchase Price:
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03/30/2000
780,000
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oning
esent zoning classification of the site:CC & MX-1
multifamily use permitted?Yes
e variances, special or conditional use permits or any other item requiring a public hearing needed to develop this proposal?Yes
If yes, have the hearings been completed and permits been obtained?No
If yes, specify permit or variance required and date obtained. If no, describe permits/variances required and schedule forobtaining them:
Current zoning allows for multi-family construction. There is an existing buffer condition due to previouszoning. We will rezone to MF-22 to eliminate the previous buffer condition.
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:
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wnership Entity
wner Name: Berewick Apartments, LLC
dress: 4601 Charlotte Park Dr. Ste 350
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-Mecklenburg Housing Partnership, Inc.
rst Name: Patricia Last Name: Garrett Function: Managing Member
ddress: 4601 Charlotte Park Dr., Suite 350
ty: Charlotte State: NC Zip: 28217
hone: Fax:
Mail: Nonprofit: Yes
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28217
(704)342-0933 (704)342-2745
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nit Mix
e Median Income for Mecklenburg county is $66,500.
w Income Units
Type # BRs Net Sq.Ft.Total
# Units#Units
MonthlyRent
UtilityAllowance
MandatoryServ. Fees
**TotalHousing Exp.
Gdn Apt 2
Gdn Apt 3
Gdn Apt 2
Gdn Apt 3
Utilities included in rents: Water/Sewer Electric Gas Other Trash collection
mployee Units (will add to Low Income Unit total)
ype # BRs Net Sq.Ft.Total
# Units#Units
MonthlyRent
UtilityAllowance
MandatoryServ. Fees
**TotalHousing Exp.
tilities included in rents: Water/Sewer Electric Gas Other
rket Rate Units
ype # BRs Net Sq.Ft.Total
# Units#Units
MonthlyRent
UtilityAllowance
MandatoryServ. Fees
**TotalHousing Exp.
tilities included in rents: Water/Sewer Electric Gas Other
atistics
AllUnits
Units
Gross MonthlyRental Income
Low Income.......
Market Rate.......
Totals...............
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):
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900 17 4 320 105 0 425
1100 10 2 370 125 0 495
900 43 4 615 105 0 720
1100 38 2 700 125 0 825
108 12 62185
108 12 62185
3 3
2,150
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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.
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126,718
118,428
6
12
11
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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
tal Low Income Units:
te: This number should match the total number of low income units in the Unit Mix section.
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17 30
10 30
43 60
38 60
108
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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:City of Charlotte Loan
RD 515 Loan
RD 538 Loan - Specify:
AHP Loan
Other Loan 1 - Specify:
Other Loan 2 - Specify:
Other Loan 3 - Specify:
Tax Exempt Bonds
State Tax Credit(Loan)
State Tax Credit(Direct Refund)
Equity: Federal LIHTC
Non-Repayable Grant
Equity: Historic Tax Credits
Deferred Developer Fees
Owner Investment
Other - Specify:
Total Sources**
"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))
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1,960,213 7.00 35 35 150,275
2,500,000 1.00 40 40
1,091,129 0 30 30 0
6,874,112
12,425,454
70
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ans with Variable Amortizationease fill in the annual debt service as applicable for the first 20 years of the project life.
ocal Gov. Loan - City of Charlotte 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
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0 0 0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0 0 0
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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
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1,200,000 1,080,000
6,475,000 6,475,000
460,500 460,500
162,710 162,710
663,856 663,856
387,750 387,750
280,273 280,273
30,000 30,000
120,000 120,000
9,780,089
60,000 54,000
20,000 18,000
120,000 108,000
20,000 18,000
120,000 120,000
12,000 12,000
12,000 12,000
9,000 9,000
10,200 10,200
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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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10,000
393,200
20,000
20,000 20,000
2,300
67,650
20,000 20,000
5,000
10,000
75,600
220,550
50,000 50,000
800,000 800,000
Other Basis Expense (s
Other Basis Expense (s
32,400
Other Non-basis Expen
Other Non-basis Expen
882,400
32,400
336,815
Other Reserve (specify)
Other Reserve (specify)
11,645,454 0 10,911,289
0
10,911,289 0 10,911,289
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 unit59,954
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10,911,289 0 10,911,289
100.00% 100.00%
10,911,289 0 10,911,289
3.50 9.00
982,016 0 982,016
0
780,000
12,425,454
982,016
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arket Study Information
ease provide a detailed description of the proposed project:
erewick Apartments is a proposed 108 unit family apartment community fronting Dixie River Road. Ifnded, Berewick Apartments will be constructed on an 8.5 acre parcel in the new Berewick master-plannedmmunity. The site is now composed of three parcels. Charlotte-Mecklenburg Housing Partnership, Inc.
CMHP) has negotiated a purchase and sale agreement for all three parcels with Pappas Properties, LLCanticipation of submitting a preliminary application for Federal Low Income Housing Tax Credits.
erewick is sure to be one of the most desirable communities in southwest Charlotte. It is a 1,070 acremmunity that will feature Business Park - office space, town centers with retail space and several large
ngle family neighborhoods developed by some of the regions finest homebuilders. Home prices rangeom $180,000 to $500,000. The community will also feature one of the largest district parks in the county.
MHPs multi-family development on the Berewick site is in the design development phase. It is anticipatedat the development will include multiple three-story buildings housing (60) two-bedroom apartments, (48)ree-bedroom apartments, a club house, a community room with sunroom, a resident computer center and exercise room. The facility will also feature some outdoor amenities including a playground area, bikecks, a covered picnic area with grills and outdoor seating areas with benches.
djacent to the site will be a new Berewick Elementary school now under construction by Charlotte
ecklenburg Schools (CMS). The school will incorporate a 30,000 square foot recreation center that will beared with the park containing a gym, meeting rooms and facilities for seniors. The School is scheduled to in service by the 2009 school year. Towards the north or behind the site Mecklenburg County - Park and
ecreation will develop a large district park with 195 acres of soccer fields, ball fields, tennis courts,aygrounds, spray grounds, nature trails and open spaces among other sporting amenities. South of thee across from Dixie River Road will be a new single family subdivision and a Church. Residents choosingreside in the proposed multi-family apartment community will enjoy a park-like setting with easy access toneighborhood conveniences.
nding sources for the proposed development include Federal Low Income Housing Tax Credits, Cityousing Trust Funds and a State Tax Credit Loan. Total development cost for the 108 unit development isojected to be $13,000,000.
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:
Substituting brick on building exterior base with stone cladding as allowed by revised 2009 QAP.
ve you built other tax credit developments that use the same building design as this project?No
If yes, please provide name and address:
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e Amenities:
erewick Multi-family site amenities will include a clubhouse, a community room, a resident computer roomth a min. of (2) computers and an exercise room.
site Activities:
nsite amenities will include a resident playground, covered picnic area with (2) tables and one grill,tdoor sitting area with benches on (3) locations
ndscaping Plans:e facility's exterior will have attractive landscaping in a similar fashion as the developer's prior tax creditmmunities.
erior Apartment Amenities:
ur interior apartment amenities will include range with hood, dishwasher, disposal, refrigerator with ice-aker, washer and dryer hook-ups, mini blinds, carpet, vinyl flooring and central air conditioning.
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 Berewick Multi-family site is a part of a much larger master planned development. This development is
rgely rsidential in nature and is located in the fast-growing Lake Wylie/ Steel Creek section ofecklenburg County. The area has a great deal of appeal do to its proximity to uptown Charlotte, the airport
nd nearby office districts. The County is also investing in the area to accommodate the growing need forchools, libraries and parks. The median home price for the area is $233,000 and there is presently nofordable housing available. (Please see additional information provided for the Market Analyst.)
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, distribution
cilities, 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. In addition to the largely residential developmet within and near the
erewick District a significant number of commercial retail space and office space is also being planned ino nearby towncenters. The new Berewick Towncenter will be located within walking of the proposedartments. This towncenter will have a variety of retail stores totaling 113,600 sf. In addition it will include ank, a daycare center, live/work space, a grocery store and a pharmacy that is expected to startnstruction in fall of 2009. Another proposed center within a mile is Shopton Square which will be located ate intersection of Steel Creek Rd. and Dixie River Rd. This center will be anchored by Bloom and CVSharmacy. More information is provided in the Market Study Information Package.
TE SUITABILITY
dequate traffic safety controls (i.e. stop lights, speed limits, turn lanes). Burden on public facilities
articularly roads). Access to mass transit (if applicable). Visibility of buildings and/or location of project sign in relation to traffic corridors. The site has been determined to be suitable for the proposed use. There areme planned street realignments currently underway in the area that will improve the quality of life for theure tenants. Notably, the residents will benefit from the realignment of the primary access to the site. Thisl occur when Dixie River Road's intersection with Steele Creek Road is realigned with the present Steeleeek Road and Shopton Road. This Signalized intersection alignment will help improve and organize the
affic flow.
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).
ven though the site presents a challenging steep slope towards the north side, we are pleased to propose
building plan that addresses the slope issue favorably and allows the buildings to have a presence at thereet level. No other on-site negative features are present on our selected site.
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milarity of scale and aesthetics/architecture between project and surroundings.
ince Berewick Multi-family will be part of a master planned community the site will have to comply withesign criteria developed and administered by a homeowners association. We are confident that theseesign criteria can be met within the proposed development budget and will not harm the affordability of thenits to our future tenants. In fact we believe that the aesthetic requirements of the design criteria will allowe proposed development to maintain cohesive development integration in architectural language and
esthetics features to be in harmony with the rest of the community.
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
Schools Public Transportation
Stop
Convenience Store Public Parks
Gas Station Library
her facilities or services:
rport - 2.0 milesank - 2.06 mileshurch - 1.08 milesotels - 3.0 miles
estaurants - 2.2 miles
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.2 7.7
.3 2.9
.41.7
.32.7
.2 3.4
.7 0.5
.9 2.4
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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)