Franklin Ridge

Print - APP09-0091
Print Preview - Preliminary

Application
Tax Credits, RPP Loans, and/or Tax Exempt Bond Loans
Project Description
Project Name: Franklin Ridge at Heritage
Address: Franklin Street
City: Wake Forest County: Wake Zip: 27587
Census Tract: 0542.01 Block Group: 5041
Is project in Qualified Census Tract or Difficult to Develop Area? No

Are you requesting the basis boost under section II(E)(4) of the QAP? Yes
Political Jurisdiction: Town of Wake Forest

First:Vivian A. Last:
Jurisdiction CEO Name: Title: Mayor
Jones
Jurisdiction Address: 141 S. White St.
Jurisdiction City: Wake Forest Zip: 27587
Jurisdiction Phone: (919)554-1243
Site Latitude: 35.953732720386625
Site Longitude: -78.50736737251282
Project Type: New Construction
Is this project a previously awarded tax credit

development?
New Construction/Adaptive Reuse:

Is this project a follow-on (Phase II, etc) to a previously-awarded tax credit development project? No
If yes, list names of previous phase(s):

Rehab:
Number of residents holding Section 8
vouchers:
Will the project meet Energy Star standards as defined in Appendix B? Yes
Does a community revitalization plan exist? No

Will the project use steel and concrete construction and have at least 4 stories? No
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Will the project include a Community Service Facility under IRS Revenue Ruling 2003-77?
No
If yes, please describe:
Target Population:Family
Will the project be receiving project based federal rental assistance? No
If yes, provide the subsidy source: and number of units:

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Applicant Information
Indicate below an individual or a validly existing entity (a corporation, nonprofit, limited partnership or LLC) as the official applicant. Under
QAP Section III(C)(5) only this individual or entity will be able to make decisions with regard to this application. If awarded the applicant
must become part of the ownership entity. The applicant will execute the signature page for this application.
Applicant Name: Integra Investment Holdings, LLC.
Address: 186 Wind Chime Ct. Suite 201
City: Raleigh State: NC Zip: 27615

Contact: First: Bill Last:Cramer Title:Manager
Telephone: (919)277-0255
Alt Phone: (919)801-6363
Fax: (919)277-0180
Email Address: bill.cramer@integradevelopment.com

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

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Site Description
Total Site Acreage: 6.8797 Total Buildable Acreage: 4.48

If buildable acreage is less than total acreage, please explain:
The reason for the difference is due to the Neuse buffer requirements, a small wetlands amount discovered
by S&EC (Engineers) and the required setbacks for utilities, DOT, DWQ and right of way. The total for all
items is 2.3997 acres. I will be attaching a copy of the survey showing this information.
Identify utilities and services currently available (and with adequate capacity) for this site:
Storm Sewer Water Sanitary Sewer Electric
Is the demolition of any buildings required or planned? No

If yes, please describe:
Are existing buildings on the site currently occupied? No

If yes:
(a) Briefly describe the situation:
(b) Will tenant displacement be temporary?

(c) Will tenant displacement be permanent?
Is the site directly accessed by an existing, paved, publicly maintained road? Yes
If no, please explain:
Is any portion of the site located inside the 100 year floodplain? No
If yes:
(a) Describe placement of project buildings in relation to this area:

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

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Site Control
Does the owner have fee simple ownership of the property (site/buildings)?No
If yes provide:
Purchase Date: Purchase Price:
If no:
(a) Does the owner/principal or ownership entity have valid option/contract to purchase the property?Yes
(b) Does an identity of interest (direct or indirect) exist between the owner/principal or ownership entity with the option/contract for
purchase of the property and the seller of the property?No
If yes, specify the relationship:
(c) Enter the current expiration date of the option/contract to purchase: 10/15/2009
(D) Enter Purchase Price: 816,000

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Zoning
Present zoning classification of the site:Multi-family
Is multifamily use permitted?Yes
Are variances, special or conditional use permits or any other item requiring a public hearing needed to develop this proposal?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 for
obtaining them:
The special use requirement from the Town of Wake Forest process requires a master plan approval. This
process is in progress. The preliminary construction plans have been accepted and the conceptual
construction plans will be submitted by the first of February. After a review process and comments recieved
from the architect/engineer we will submit final plans for the April meeting. After approval has been given,
we should have this by the end of April or at the latest in May, 2009.
Are there any existing conditions of historical significance located on the project site that will require State Historic Preservation office
review?No
If yes, describe below:
Are there any existing conditions of environmental significance located on the project site?No
If yes, describe below:

Print - APP09-0091
Ownership Entity
Owner Name: Franklin Ridge at Heritage, LLC.

City: Raleigh State:NC Zip: 27615
Federal Tax ID Number of Ownership Entity: (If assigned)

Note: Do not submit social security numbers for individuals.
Entity Type: Limited Liability Company
Entity Status: To Be Formed
Is the applicant requesting that the Agency treat the application as Non-Profit sponsored? No
Is the applicant requesting that the Agency treat the application as CHDO sponsored? No
List all general partners, members,and principals. Specify nonprofit corporate general partners or members.
Click [Add] to add additional partners, members, and principals.
Org: Integra Investment Holdings, LLC.

First Name: Judith M. Last Name: Core Function: Principal
City: Raleigh State: NC Zip: 27615
Phone: (919)277-0251 Fax: (919)277-0180
EMail: judy@integradevelopment.com Nonprofit: No

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Unit Mix
The Median Income for Wake county is $76,900.
Low Income Units
Total # Monthly Utility Mandatory **Total

Type # BRs Net Sq.Ft. # Units Units Rent Allowance Serv. Fees Housing Exp.
Gdn Apt 1 745 2 0 323 97 0 420
Gdn Apt 1 745 4 1 633 97 0 730
Gdn Apt 2 1027 5 0 386 119 0 505
Gdn Apt 2 1027 13 1 721 119 0 840
Gdn Apt 3 1277 8 0 446 138 0 584
Gdn Apt 3 1277 22 1 862 138 0 1000
Gdn Apt 4 1455 2 0 500 150 0 650
Gdn Apt 4 1455 4 1 925 150 0 1075
Utilities included in rents: Water/Sewer Electric Gas Other trash
Employee Units (will add to Low Income Unit total)

Utilities included in rents: Water/Sewer Electric Gas Other
Market Rate Units

Utilities included in rents: Water/Sewer Electric Gas Other
Statistics
All Gross Monthly

Units Units Rental Income
Low Income....... 60 4 41713
Market Rate.......
Totals............... 60 4 41713

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Proposed number of residential buildings: 3 Maximum number of stories in buildings: 3
Project Includes:
Separate community building - Sq. Ft. (Floor Area): 1,644
Community space within residential bulding(s) - Sq. Ft. (Floor Area):
Elevators - Number of Elevators:
Square Footage Information
Gross Floor Square Footage: 80,574
Total Net Sq. Ft. (All Heated Areas): 71,988
Indicate below any additional targeting for special populations proposed for this project:
Mobility impaired handicapped: 5% of units comply with QAP Section IV(F)(3) (in addition to the units required by other federal and
state codes.)
Number of Units: 4
Number of Units Required: 6

Persons with disabilities or homeless populations.
Number of Units: 6
Notes
** Please refer to the Income Limits and Maximum Housing Expense Table to ensure that Total Monthly Tenant Expenses for low
income units are within established thresholds.

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Targeting
Specify Low Income Unit Targeting in table below. List each applicable targeting combination in a separate row below. Click [Add] to
create another row. Click "X" (at the left of each row) to delete a row. Add as many rows as needed.
# BRs Units %
1 2 targeted at 30 percent of median income affordable to/occupied by
Total Low Income Units: 60
Note: This number should match the total number of low income units in the Unit Mix section.

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Funding Sources
Amort. Annual
Non- Rate Term Period Debt
Source Amount Amortizing* (%) (Years) (Years) Service
Bank Loan 2,750,000 7.00 20 30 219,550
RPP Loan
Local Gov. Loan - Specify:
RD 515 Loan
RD 538 Loan - Specify:
AHP Loan
Other Loan 1 - Specify:
Tax Exempt Bonds
State Tax Credit(Loan) 928,477 0 30 30 0
State Tax Credit(Direct Refund)
Equity: Federal LIHTC 5,333,868
Non-Repayable Grant
Equity: Historic Tax Credits
Deferred Developer Fees
Owner Investment
Other - Specify:
Total Sources** 9,012,345
* "Non-amortizing" indicates that the loan does not have a fixed annual debt service. For these items, you must fill in 20-year debt
service below.
** Total Sources must equal total replacement cost in Project Development Cost (PDC) section.
Estimated pricing on sale of Federal Tax Credits: $0. 64
Remarks concerning project funding sources:

(Please be sure to include the name of the funding source(s))

Print - APP09-0091
Federal Equity - we are requesting a basis boost due to high land and site costs affiliated with being
located in a highly desirable neighbood, Heritage Wake Forest. We have included the required land
appraisal. The amount of equity is based on a gap calculation based on a conservative estimate of
market pricing.

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Development Costs
Eligible Basis
Item Cost Element TOTAL COST
30% PV 70% PV
1 Purchase of Building(s) (Rehab / Adaptive Reuse only)
2 Demolition (Rehab / Adaptive Reuse only)
3 On-site Improvements 1,300,000 975,000
4 Rehabilitation
5 Construction of New Building(s) 3,600,000 3,600,000
6 Accessory Building(s)
7 General Requirements (max 6% lines 2-6) 294,000 294,000
8 Contractor Overhead (max 2% lines 2-7) 103,880 103,880
9 Contractor Profit (max 8% lines 2-7; 6% if Identity of Interest) 311,640 311,640
10 Construction Contingency (max 5% lines 2-9, Rehabs 10%) 280,476 280,476
11 Architect's Fee - Design (11 + 12 = max 3% lines 2-10) 80,000 80,000
12 Architect's Fee - Inspection 50,000 50,000
13 Engineering Costs 25,000 25,000
SUBTOTAL (lines 1 through 13) 6,044,996
14 Construction Insurance (prorate) 18,000 18,000
15 Construction Loan Orig. Fee (prorate) 53,250 53,250
16 Construction Loan Interest (prorate) 519,115 311,469
17 Construction Loan Credit Enhancement (prorate) 48,000 16,320
18 Construction Period Taxes (prorate) 10,000 10,000
19 Water, Sewer and Impact Fees 100,000 100,000
20 Survey 15,000 15,000
21 Property Appraisal 10,000 10,000
22 Environmental Report 25,000 25,000
23 Market Study 10,000 10,000
24 Bond Costs
25 Bond Issuance Costs
26 Placement Fee
27 Permanent Loan Origination Fee 20,625
28 Permanent Loan Credit Enhancement

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29 Title and Recording 23,200
SUBTOTAL (lines 14 through 29) 852,190
30 Real Estate Attorney 50,000 27,000
31 Other Attorney's Fees 60,000 15,000
32 Tax Credit Application Fees (Preliminary and Full) 2,300
33 Tax Credit Allocation Fee (0.62% of line 60, minimum $7,500) 57,000
34 Cost Certification / Accounting Fees 20,000 20,000
35 Tax Opinion 10,000
36 Organizational (Partnership) 3,000
37 Tax Credit Monitoring Fee 42,000
38 Furnishings and Equipment 20,000 20,000
39 Relocation Expense 0
40 Developer's Fee 630,000 630,000
41 Additional Contigency (greater of $500/unit or $30,000) 30,000 30,000
42 P&P Bond/Permits 106,095 106,095
43 Lender draw fees 5,000 5,000
44 Rent-up Expense 25,000
45 Other Non-basis Expense (specify)
46 Other Non-basis Expense (specify)
47 Rent up Reserve 18,000
48 Operating Reserve 205,764
49 replacement reserves 15,000
50 Other Reserve (specify)
51 DEVELOPMENT COST (lines 1-49) 8,196,345 0 7,142,130
52 Less Federally Funded Grant
53 Less Disproportionate Standard
54 Less Nonqualified Nonrecourse Financing
55 Less Historic Tax Credit 0
56 TOTAL ELIGIBLE BASIS 7,142,130 0 7,142,130
57 Applicable Fraction (percentage of LI Units) 100.00% 100% 100%

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58 Basis Before Boost 7,142,130 0 7,142,130
59 Basis Boost of up to 130% 100.00% 130.00%
60 TOTAL QUALIFIED BASIS 9,284,769 0 9,284,769
61 Tax Credit Rate 3.50 9.00
62 Federal Tax Credits (maximum $1,300,000) 835,629 0 835,629
63 Federal Tax Credits Requested (if less than line 62) 0
64 Land Cost 816,000
65 TOTAL REPLACEMENT COST 9,012,345
FEDERAL TAX CREDITS IF AWARDED 835,629
Comments:
Project Development Cost per unit 60,000

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Market Study Information

Please provide a detailed description of the proposed project:
Franklin Ridge at Heritage is a proposed 60-unit family development located on Franklin Street just past the
intersection of Rogers Road in Heritage. Heritage is located in Wake Forest. The proposed apartments will
serve family households earning no more than 60% of the area median income. In addition, 25% of the
units are set aside for families at or below 30% AMI. The project consists of 6 one bedrooms, 18 two
bedrooms, 30 three bedrooms and 6 four bedrooms.
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:
Franklin Ridge at Heritage will have 3 three-story buildings with a seperate community building. The exterior
design of the buildings will consist of a combination of hardiplank siding, wide hardibanding trim and stone.
All overhangs will have vinyl covered soffit and facia. All gables will include hardiplank/vinyl accents.
Seamless aluminum gutters with underground drainage will also be installed on all buildings. The overall
construction design will blend with existing materials used thru out other developments adjacent to this
proposed development.
Have you built other tax credit developments that use the same building design as this project?No
If yes, please provide name and address:
Site Amenities:
The site amenities will include a community building that will serve the tenants with a resident computer
center with high speed internet access, a community room for various on site events, an onsite laundry
facilty, vending machines, covered picnic area, outdoor sitting areas with benches, Gazebo, playground
area with a seperate tot lot and a multi purpose play area for the children.
Onsite Activities:
The property manager will be in charge of the onsite activities including arranging a resident committee that
will decide which onsite programs will best serve the tenant population. Onsite programs specifically
targeted to all households will be held monthly and will include activities such as healthcare seminars,
consumer protection clinics and other counseling services that will be hosted by local professionals from the
Wake County area. In addition, we will have resident education programs on conservation and recycling.

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Landscaping Plans:
The landscaping will be created to ensure an attractive curb appeal and for long-term sustainability of all
vegetation. It will include the use of plants that are indiginous to the area that can withstand local climatic
conditions. Sod will be used in all areas closest to the buildings that get little sunlight and will also be used
for high-traffic areas. The area around the community building will also include irrigation.
Interior Apartment Amenities:

The interior amenities will include a range with a microwave/hood combination, dishwasher, disposal, frost
free refrigerator, kitchen pantry, washer and dryer hook-ups, interior and exterior storage space, window
blinds, walk in closets in bedrooms, all units wired for high speed internet access in living room and
bedrooms, ceiling fans with light kits in all bedrooms, living room and dining rooms. the flooring will consist
of carpet, ceramic tile, vct and linoleum. All units will include energy star certification for all available
products.
Do you plan to submit additional market data (market study, etc.) that you want considered? Yes
If yes, please make sure to include the additional information in your pre-application packet.

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Applicant's Site Evaluation

Briefly describe your site in each of the following categories:
NEIGHBORHOOD CHARACTERISTICS
Trend and direction of real estate development and area economic health. Physical condition of buildings and
improvements in the immediate vicinity. Concentration of affordable housing.
The surrounding area has the most positive growth in northern Wake County. The surrouding buildings are
all relatively new and are in excellent condition. Within the immediate vicinity, there are few affordable
properties. In the Wake Forest market area, there are other affordable housing properties within a 6 mile
radius from the proposed Franklin Ridge at Heritage property.
SURROUNDING LAND USES AND AMENITIES
Land use pattern is residential in character (single and multifamily housing). Extent that the location is
isolated. Effect of industrial, large-scale institutional or other incompatible uses, including but not limited to:
wastewater treatment facilities, high traffic corridors, junkyards, prisons, landfills, large swamps, distribution
facilities, frequently used railroad tracks, power transmission lines and towers, factories or similar operations,
sources of excessive noise, and sites with environmental concerns (such as odors or pollution). Amount and
character of vacant, undeveloped land. There are several residential subdivisions as well as apartment
developments in close proximity to this proposed development. There are no negitive features listed above
that either will effect this development or that this propsed development would effect the existing location.
SITE SUITABILITY
Adequate traffic safety controls (i.e. stop lights, speed limits, turn lanes). Burden on public facilities
(particularly roads). Access to mass transit (if applicable). Visibility of buildings and/or location of project sign
(s) in relation to traffic corridors. It appears that this proposed development will have an insignificant
emcumbrance to the existing area. Access to the local transit is very close to the site. South Franklin Road
currently permits access to only one other subdivision adjoining this proposed development.
Degree of on-site negative features and physical barriers that will impede project construction or adversely
affect future tenants; for example: power transmission lines and towers, flood hazards, steep slopes, large
boulders, ravines, year-round streams, wetlands, and other similar features (for adaptive re-use projects-
suitability for residential use and difficulties posed by the building(s), such as limited parking, environmental
problems or the need for excessive demolition).
There are no negitive features that would pose a threat to the success of the proposed development or its
future residents.
Similarity of scale and aesthetics/architecture between project and surroundings.

The architecture and scale of the development will blend well with the surrounding neighborhood which is
comprised of residences and businesses built with similar and likewise materials all with brick, hardiplank
and stone.
For each applicable neighborhood feature, enter distance from project in miles.

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.7 Grocery Store .9 Community/Senior Center
.5 Mall/Strip Center 2.4 Hospital
1.2 Outdoor Athletic .7 Pharmacy

Fields
.4 Day Care/After 1.4 Basic Health Care

School
3.4 Public Transportation

.5 Schools
Stop
1.5 Convenience Store 1.6 Public Parks
1.5 Gas Station 3.4 Library
Other facilities or services:

Post Office- 3.3 Miles.

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Preliminary App Checklist
The following enclosures must be submitted along with your signed preliminary application. Some enclosures are required only under
certain conditions. Please check each applicable item to indicate that you understand the enclosure requirements and will enclose the
correct supporting documentation with your application.
Fee Payment
Check in the amount of $5,450.00 made payable to North Carolina Housing Finance Agency.
Tab A - Preliminary Application
Printed, signed copy of preliminary application generated from online system.
B - Map/Driving Instructions
A local map clearly identifying the location of the Site and detailed directions to the Site. Current City or County maps are preferred
– internet maps and directions are not acceptable. Applicant must also provide a map identifying the amenities listed in section IV
(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 site
should 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 Control
Provide valid option/contract or warranty deed and plot plan.
E - Site Plans/Scope of Work
Preliminary site plan, floor plans and elevations for all projects, interior and exterior photographs and detailed scope of work for
Adaptive Reuse and Rehab projects. Site and floor plans should be no larger than 11x17 and must be produced by a licensed
architect or engineer.
F - Information Package for Market Analysts
This section must include copies of items required in Tabs A, B, E and G (site and floor plans should be no larger than 11x17) and
can include any additional market information such as preliminary market studies the applicant would like to provide to the
Analysts.
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 Boost
Applicant should provide an appraisal and/or standard geological survey to support a request for the basis boost (if applicable).

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Print - APP09-0091

Print Preview - Preliminary

City: Wake Forest County: Wake Zip: 27587

Census Tract: 0542.01 Block Group: 5041

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

Political Jurisdiction: Town of Wake Forest

Jurisdiction City: Wake Forest Zip: 27587

Jurisdiction Phone: (919)554-1243

Site Latitude: 35.953732720386625

Site Longitude: -78.50736737251282

Project Type: New Construction

Is this project a previously awarded tax credit

New Construction/Adaptive Reuse:

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

Does a community revitalization plan exist? No

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

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City: Raleigh State: NC Zip: 27615

Alt Phone: (919)801-6363

Email Address: bill.cramer@integradevelopment.com

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Total Site Acreage: 6.8797 Total Buildable Acreage: 4.48

Storm Sewer Water Sanitary Sewer Electric

Is the demolition of any buildings required or planned? No

Are existing buildings on the site currently occupied? No

(b) Will tenant displacement be temporary?

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Purchase Date: Purchase Price:

(D) Enter Purchase Price: 816,000

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Is multifamily use permitted?Yes

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Owner Name: Franklin Ridge at Heritage, LLC.

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

Org: Integra Investment Holdings, LLC.

Phone: (919)277-0251 Fax: (919)277-0180

EMail: judy@integradevelopment.com Nonprofit: No

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Low Income Units

Total # Monthly Utility Mandatory **Total

Gdn Apt 1 745 2 0 323 97 0 420

Gdn Apt 1 745 4 1 633 97 0 730

Gdn Apt 2 1027 5 0 386 119 0 505

Gdn Apt 2 1027 13 1 721 119 0 840

Gdn Apt 3 1277 8 0 446 138 0 584

Gdn Apt 3 1277 22 1 862 138 0 1000

Gdn Apt 4 1455 2 0 500 150 0 650

Gdn Apt 4 1455 4 1 925 150 0 1075

Utilities included in rents: Water/Sewer Electric Gas Other trash

Employee Units (will add to Low Income Unit total)

Total # Monthly Utility Mandatory **Total

Utilities included in rents: Water/Sewer Electric Gas Other

Market Rate Units

Total # Monthly Utility Mandatory **Total

Utilities included in rents: Water/Sewer Electric Gas Other

All Gross Monthly

Low Income....... 60 4 41713

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

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

Elevators - Number of Elevators: