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

Project Description
Project Name: HearthStone at Town Center
Address: Intersection of Fox Road and I-540

City: Raleigh County: Wake Zip: 27616

Census Tract: 540.09 Block Group: 2112

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: City of Raleigh


First:Russell Last:
Jurisdiction CEO Name: Title: City Manager
Allen
Jurisdiction Address: 222 West Hargett St

Jurisdiction City: Raleigh Zip: 27602

Jurisdiction Phone: (919)996-3070

Site Latitude: 35.8692

Site Longitude: -78.5597

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:Elderly (55)


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: Miller-Valentine Apartments III LLC
Address: 9349 WaterStone Boulevard

City: Cincinnati State: OH Zip: 45249


Contact: First: Brian Last:McGeady Title:Director of Multifamily Development

Telephone: (513)588-1000

Alt Phone:

Fax: (937)913-5452

Email Address: sean.beismann@mvg.com


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

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Site Description

Total Site Acreage: 10.2 Total Buildable Acreage: 5.303


If buildable acreage is less than total acreage, please explain:
This site, targeted to seniors, is being purchased as part of a total tract of 10.2 acres, to be developed with
separate elderly and family components. The acreage and price have been allocated between the two
components.

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: 11/30/2009

(D) Enter Purchase Price: 897,000

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Zoning
Present zoning classification of the site:R-15

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?No
If yes, have the hearings been completed and permits been obtained?
If yes, specify permit or variance required and date obtained. If no, describe permits/variances required and schedule for
obtaining them:

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:

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Ownership Entity

Owner Name: HearthStone at Town Center, LLC


Address: 9349 WaterStone Boulevard
City: Cincinnati State:OH Zip: 45249

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: Miller-Valentine Apartments III LLC


First Name: Brian Last Name: McGeady Function: Managing Member
Address: 9349 WaterStone Boulevard
City: Cincinnati State: OH Zip: 45249

Phone: (513)588-1000 Fax: (937)913-5452

EMail: brian.mcgeady@mvg.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 1 660 10 2 319 102 0 421

Gdn Apt 1 660 7 1 500 102 0 602

Gdn Apt 1 660 24 1 530 102 0 632

Gdn Apt 2 900 10 2 370 135 0 505

Gdn Apt 2 900 5 1 645 135 0 780

Gdn Apt 2 900 22 1 700 135 0 835

Utilities included in rents: Water/Sewer Electric Gas Other Waste Removal

Employee Units (will add to Low Income Unit total)

Total # Monthly Utility Mandatory **Total


Type # BRs Net Sq.Ft. # Units Units Rent Allowance Serv. Fees Housing Exp.

Utilities included in rents: Water/Sewer Electric Gas Other

Market Rate Units

Total # Monthly Utility Mandatory **Total


Type # BRs Net Sq.Ft. # Units Units Rent Allowance Serv. Fees Housing Exp.

Utilities included in rents: Water/Sewer Electric Gas Other

Statistics

All Gross Monthly


Units Units Rental Income

Low Income....... 78 8 41735

Market Rate.......

Totals............... 78 8 41735

Proposed number of residential buildings: 1 Maximum number of stories in buildings: 3

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

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


22,795

Elevators - Number of Elevators: 2

Square Footage Information

Gross Floor Square Footage: 86,239

Total Net Sq. Ft. (All Heated Areas): 83,698

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: 78

Number of Units Required: 8

Persons with disabilities or homeless populations.

Number of Units: 8

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 10 targeted at 30 percent of median income affordable to/occupied by

1 7 targeted at 50 percent of median income affordable to/occupied by

1 24 targeted at 60 percent of median income affordable to/occupied by

2 10 targeted at 30 percent of median income affordable to/occupied by

2 5 targeted at 50 percent of median income affordable to/occupied by

2 22 targeted at 60 percent of median income affordable to/occupied by

Total Low Income Units: 78

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 1,300,000 7.50 18 30 109,077

RPP Loan 550,000 ✔ 0.00 20 30

Local Gov. Loan - Specify:

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) 1,215,904 0 30 30 0

State Tax Credit(Direct Refund)

Equity: Federal LIHTC 7,652,534

Non-Repayable Grant

Equity: Historic Tax Credits

Deferred Developer Fees 34,516

Owner Investment

Other - Specify:

Total Sources** 10,752,954

* "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. 70

Remarks concerning project funding sources:


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

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Loans with Variable Amortization


Please fill in the annual debt service as applicable for the first 20 years of the project life.

RPP Loan

Year: 1 2 3 4 5 6 7 8 9 10
Amt: 34803 34900 34912 34834 34663 34393 34019 33536 32939 32222

Year: 11 12 13 14 15 16 17 18 19 20
Amt: 31380 30405 29293 28036 26628 25061 14648 0 0 0

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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) 0

2 Demolition (Rehab / Adaptive Reuse only) 0 0

3 On-site Improvements 1,326,000 1,326,000

4 Rehabilitation 0 0

5 Construction of New Building(s) 4,679,922 4,679,922

6 Accessory Building(s) 0 0

7 General Requirements (max 6% lines 2-6) 360,355 360,355

8 Contractor Overhead (max 2% lines 2-7) 127,325 127,325

9 Contractor Profit (max 8% lines 2-7; 6% if Identity of Interest) 381,976 381,976

10 Construction Contingency (max 5% lines 2-9, Rehabs 10%) 343,778 343,778

11 Architect's Fee - Design (11 + 12 = max 3% lines 2-10) 144,387 144,387

12 Architect's Fee - Inspection 72,193 72,193

13 Engineering Costs 80,000 80,000

SUBTOTAL (lines 1 through 13) 7,515,936

14 Construction Insurance (prorate) 39,000 39,000

15 Construction Loan Orig. Fee (prorate) 85,408 85,408

16 Construction Loan Interest (prorate) 409,962 409,962

17 Construction Loan Credit Enhancement (prorate) 0 0

18 Construction Period Taxes (prorate) 10,000 10,000

19 Water, Sewer and Impact Fees 273,000 273,000

20 Survey 7,500 7,500

21 Property Appraisal 10,000 10,000

22 Environmental Report 11,000 11,000

23 Market Study 4,300 4,300

24 Bond Costs 0

25 Bond Issuance Costs 0

26 Placement Fee 0

27 Permanent Loan Origination Fee 26,000

28 Permanent Loan Credit Enhancement 0

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29 Title and Recording 41,873

SUBTOTAL (lines 14 through 29) 918,043

30 Real Estate Attorney 0 0

31 Other Attorney's Fees 50,000 50,000

32 Tax Credit Application Fees (Preliminary and Full) 2,300

33 Tax Credit Allocation Fee (0.62% of line 60, minimum $7,500) 75,386

34 Cost Certification / Accounting Fees 20,000 20,000

35 Tax Opinion 0

36 Organizational (Partnership) 20,000

37 Tax Credit Monitoring Fee 54,600

SUBTOTAL (lines 30 through 37) 222,286

38 Furnishings and Equipment 78,000 78,000

39 Relocation Expense 0 0

40 Developer's Fee 800,000 800,000

41 Additional Contigency (greater of $500/unit or $30,000) 39,000 39,000

42 Other Basis Expense (specify) 0 0

43 Other Basis Expense (specify) 0 0

44 Rent-up Expense 0

45 Other Non-basis Expense (specify) 0

46 Other Non-basis Expense (specify) 0

SUBTOTAL (lines 38 through 45) 917,000

47 Rent up Reserve 78,000

48 Operating Reserve 204,689

49 Other Reserve (specify) 0

50 Other Reserve (specify) 0

51 DEVELOPMENT COST (lines 1-49) 9,855,954 0 9,353,106

52 Less Federally Funded Grant 0 0

53 Less Disproportionate Standard 0 0

54 Less Nonqualified Nonrecourse Financing 0 0

55 Less Historic Tax Credit 0 0

56 TOTAL ELIGIBLE BASIS 9,353,106 0 9,353,106

57 Applicable Fraction (percentage of LI Units) 100.00% 100% 100%

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58 Basis Before Boost 9,353,106 0 9,353,106

59 Basis Boost of up to 130% 100.00% 130.00%

60 TOTAL QUALIFIED BASIS 12,159,038 0 12,159,038

61 Tax Credit Rate 3.50 9.00

62 Federal Tax Credits (maximum $1,300,000) 1,094,313 0 1,094,313

63 Federal Tax Credits Requested (if less than line 62) 0

64 Land Cost 897,000

65 TOTAL REPLACEMENT COST 10,752,954

FEDERAL TAX CREDITS IF AWARDED 1,094,313

Comments:

Project Development Cost per unit 59,999

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Market Study Information


Please provide a detailed description of the proposed project:
HearthStone at Town Center will be an elderly 55+ community includng (41) 1BR units and (37)2BR units.
The location is at the intersection of Fox Road and I-540, a short distance from the Triangle Town Center
Mall. Located in one of six growth areas identified in the Raleigh 2030 Comprehensive Plan, the area is
designated for continued integrated growth of residential, retail and services. The Northern Campus of
Wake Technical Community College is at the intersection of Fox Road and Louisburg Road, less than a
mile from the site. A Super Target is approximately one-half mile from site with grocery and pharmacy.
Adjacent to the site is Triangle Place Promenade, a planned Walmart center that will provide additional
shopping and services.

The HearthStone building will be based on a proven design used in Gastonia, NC for our Madison Place
Seniors Apartments. While this property is 76 units, the modular nature of the building allows it to be
adapted to incorporate additional units, bringing the total to 78 for Hearthstone, to include (41) 1BR-1BA
and (37) 2Br-1BA units. Square footage of the units will be approximately 660' for a 1BR and 900' for a
2BR. Wide hallways, a large meeting area with full kitchen, activity rooms, laundry on each floor, and a
computer/reading room will provide excellent gathering areas for the residents.

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?Yes
If yes, please provide name and address:
Madison Place Senior Apartments
4200 Forbes Rd
Gastonia, NC 28054

Site Amenities:
The X-shape of the building allows for creation of a private, shielded courtyard area to the rear, and a patio
will transition from the large meeting room inside to this space. In the building front, there will be a covered
walkway connecting a drive-through drop-off at the entry. In the rear of the building, there will be a gazebo
to allow for additional gathering space and congregation amongst tenants.

Onsite Activities:
Hearthstone will have multiple places where residents can meet and services can be provided. The large

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community room with kitchen will allow for group meals and meetings. A computer room/reading with two
internet connected computers will allow residents to stay connected. Service providers will have a
consultation room available for private meetings and a beauty shoppe will have sink and wiring to
accommodate visiting professionals. Each floor will include a separate room for cards/crafts or socializing.

Landscaping Plans:
Planting beds will be arranged in front of the building and around and at the entry sign. The courtyard area
in the rear of the building will have substantial shade and specimen plantings to create a natural
environment surrounding the patio. Buffers will be planted along I-540 to shield noise.

Interior Apartment Amenities:


Amenities in units include: dishwasher, ceiling fans, mini-blinds, walk-in closets in main bedrooms and
pantry cabinet. Units will be equipped with visible/audible alarm systems with pull-chains located in the
master bedroom and bath. Storage units will be available on each floor. Units will be constructed to meet
Energy Star standards providing residents added comfort and utility savings.

Do you plan to submit additional market data (market study, etc.) that you want considered? No
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.
Since opening in 2002, the one million plus square foot Triangle Town Center Mall has attracted
development around the intersection of Capital Blvd. and I-540. Completion of I-540 to Hwy. 64 has made
this intersection accessible from virtually anywhere in the Triangle, and it serves as a regional draw for
additional retail and services. Surrounding the site on Fox Road are older homes and town homes in good
condition and new development continues on Louisburg Rd. A variety of multi-family properties are in the
area but there is no concentration of affordable housing near the site.

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. Land use around the site is residential and the site is adjacent to
Christ Covenant Church. The location, at the edge of the Triangle Town Center retail, will be higher in density
than current surroundings, but is consistent with the development patterns.
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. Fox Road is primarily a residential street serving housing along the road and
Fox Road Elementary School. Bus Stops for Capital Area Transit are located along Fox Road. The site will
have visibility from I-540 and will have a connecting road for the planned Triangle Place Promenade running
through it, providing additional visibility and connectivity. This road will be a Boulevard design with gentle
curving shape to control traffic.
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).
The site will require extensive grading to incorporate connecting road and create aesthetic building
locations. Sewer is not currently to the site but has been planned and engineered by the seller of the
property. If seller does not complete the required extension of sewer, purchase contract requires escrow of
funds to complete.

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


The building will be consistent with the residential nature of surrounding development.

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

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.51 Grocery Store 3.03 Community/Senior Center

.75 Mall/Strip Center 5.35 Hospital

1.4 Outdoor Athletic .51 Pharmacy


Fields

1.2 Day Care/After 3.92 Basic Health Care


School

.1 Public Transportation
.36 Schools
Stop

.88 Convenience Store 1.4 Public Parks

.88 Gas Station 3.27 Library

Other facilities or services:

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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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