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

Project Description
Project Name: Wind Song Apartments
Address: 4160 Lake Ave

City: Wilmington County: New Hanover Zip: 28403

Census Tract: 106 Block Group: 1

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 Wilmington


First:Sterling Last:
Jurisdiction CEO Name: Title: City Manager
Cheatham
Jurisdiction Address: P.O. Box 1810

Jurisdiction City: Wilmington Zip: 28402

Jurisdiction Phone: (910)341-7810

Site Latitude: 33.85

Site Longitude: -77.55

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: RHA Housing Inc
Address: 3060 Peachtree RD NW Suite 900

City: Atlanta State: GA Zip: 30305


Contact: First: Chase Last:Northcutt Title:Vice President

Telephone: (404)364-2937

Alt Phone: (404)364-2900

Fax: (404)760-3443

Email Address: chase@rhanet.org


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

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Site Description

Total Site Acreage: 4.43 Total Buildable Acreage: 4.43


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

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: 3/31/2009

(D) Enter Purchase Price: 1,200,000

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Zoning
Present zoning classification of the site:Multifamily Low Density Conditional District

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 property must be rezoned to Multifamily Medium Density Conditional District. Rezoning Application
presented in January 21, 2009 Planning Board Meeting on March 4,2009, City Council Approval April 7,
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:

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Ownership Entity

Owner Name: Wind Song Apartments LLP


Address: 3060 Peachtree Road NW Suite 900
City: Atlanta State:GA Zip: 30305

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


Note: Do not submit social security numbers for individuals.
Entity Type: Limited Partnership
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 or members.
Click [Add] to add additional partners, members, and principals.

Org: RHA Housing, Inc.


First Name: Chase Last Name: Northcutt Function: Principal
Address: 3060 Peachtree Road NW Suite 900
City: Atlanta State: GA Zip: 30305

Phone: (404)364-2937 Fax: (404)760-3443

EMail: Chase@RHAnet.org Nonprofit: Yes

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Unit Mix
The Median Income for New Hanover county is $57,600.

Low Income Units

Total # Monthly Utility Mandatory **Total


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

Gdn Apt 1 680 13 2 243 75 0 318

Gdn Apt 1 680 12 1 455 75 0 530

Gdn Apt 1 680 26 2 550 75 0 625

Gdn Apt 2 904 6 1 292 90 0 382

Gdn Apt 2 904 6 1 545 90 0 635

Gdn Apt 2 904 12 1 600 90 0 690

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

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....... 75 8 35141

Market Rate.......

Totals............... 75 8 35141

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):


1,824

Elevators - Number of Elevators: 1

Square Footage Information

Gross Floor Square Footage: 80,243

Total Net Sq. Ft. (All Heated Areas): 79,833

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: 8

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

1 12 targeted at 50 percent of median income affordable to/occupied by

1 26 targeted at 60 percent of median income affordable to/occupied by

2 6 targeted at 30 percent of median income affordable to/occupied by

2 6 targeted at 50 percent of median income affordable to/occupied by

2 12 targeted at 60 percent of median income affordable to/occupied by

Total Low Income Units: 75

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 581,099 7.25 18 30 47,569

RPP Loan 1,125,000 ✔ 2.00 20 20

Local Gov. Loan - Specify:


700,000 ✔ 2.00 30 30
City of Wilmington

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) 781,416 0 30 30 0

State Tax Credit(Direct Refund)

Equity: Federal LIHTC 6,399,154

Non-Repayable Grant

Equity: Historic Tax Credits

Deferred Developer Fees

Owner Investment

Other - Specify:

Total Sources** 9,586,669

* "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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CICCAR is the source of Bank Finncing and The City of Wilmington


is the source of the local government financing.

Loans with Variable Amortization


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

RPP Loan

1 2 3 4 5 6 7 8 9 10
Year:
Amt: 23977 23450 22863 22216 21505 20727 19880 18960 17965 16891
11 12 13 14 15 16 17 18 19 20
Year:
Amt: 15735 14493 13162 11738 10217 8595 6869 5033 3083 1016

Local Gov. Loan - City of Wilmington

Year: 1 2 3 4 5 6 7 8 9 10
Amt: 12375 12103 11800 11466 11099 10698 10261 9786 9272 8718

Year: 11 12 13 14 15 16 17 18 19 20
Amt: 8121 7480 6793 6058 5273 4436 3545 2598 1591 524

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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 872,600 772,600

4 Rehabilitation

5 Construction of New Building(s) 4,570,094 4,570,094

6 Accessory Building(s)

7 General Requirements (max 6% lines 2-6) 326,562 326,562

8 Contractor Overhead (max 2% lines 2-7) 115,385 115,385

9 Contractor Profit (max 8% lines 2-7; 6% if Identity of Interest) 346,155 346,155

10 Construction Contingency (max 5% lines 2-9, Rehabs 10%) 311,540 311,540

11 Architect's Fee - Design (11 + 12 = max 3% lines 2-10) 160,000 160,000

12 Architect's Fee - Inspection 36,270 36,270

13 Engineering Costs 30,000 30,000

SUBTOTAL (lines 1 through 13) 6,768,606

14 Construction Insurance (prorate) 5,000 5,000

15 Construction Loan Orig. Fee (prorate) 20,000 20,000

16 Construction Loan Interest (prorate) 100,000 80,000

17 Construction Loan Credit Enhancement (prorate)

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

19 Water, Sewer and Impact Fees 91,000 91,000

20 Survey 10,000 10,000

21 Property Appraisal 7,500 7,500

22 Environmental Report 10,000 10,000

23 Market Study 5,800 5,800

24 Bond Costs

25 Bond Issuance Costs

26 Placement Fee

27 Permanent Loan Origination Fee 20,000

28 Permanent Loan Credit Enhancement

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29 Title and Recording 5,000

SUBTOTAL (lines 14 through 29) 284,300

30 Real Estate Attorney 22,500 22,500

31 Other Attorney's Fees 15,000 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) 48,448

34 Cost Certification / Accounting Fees 10,000 10,000

35 Tax Opinion 1,500

36 Organizational (Partnership) 1,000

37 Tax Credit Monitoring Fee 52,500

SUBTOTAL (lines 30 through 37) 153,248

38 Furnishings and Equipment 70,000 70,000

39 Relocation Expense

40 Developer's Fee 787,500 762,500

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

42 Other Basis Expense (Energy Analysis) 26,250 26,250

43 Other Basis Expense (specify)

44 Rent-up Expense 10,000

45 Other Non-basis Expense (Permits 5,000

46 Other Non-basis Expense (specify)

SUBTOTAL (lines 38 through 45) 898,750

47 Rent up Reserve 93,921

48 Operating Reserve 187,844

49 Other Reserve (specify)

50 Other Reserve (specify)

51 DEVELOPMENT COST (lines 1-49) 8,386,669 0 7,814,156

52 Less Federally Funded Grant

53 Less Disproportionate Standard

54 Less Nonqualified Nonrecourse Financing

55 Less Historic Tax Credit 0

56 TOTAL ELIGIBLE BASIS 7,814,156 0 7,814,156

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

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58 Basis Before Boost 7,814,156 0 7,814,156

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

60 TOTAL QUALIFIED BASIS 10,158,403 0 10,158,403

61 Tax Credit Rate 3.50 9.00

62 Federal Tax Credits (maximum $1,300,000) 914,256 0 914,256

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

64 Land Cost 1,200,000

65 TOTAL REPLACEMENT COST 9,586,669

FEDERAL TAX CREDITS IF AWARDED 914,256

Comments:

Project Development Cost per unit 60,935

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Market Study Information


Please provide a detailed description of the proposed project:
Construction of a 3 story, 75 unit apartment community for senior citizens with 1,824 sq ft of community
space. The one bedroom apartments are 680 sq ft and the two bedroom apartments are 904 sq ft.

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:
Screened in porch and porte-cochere,anti-fungal architectural shingles

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:
Landscaped patio area with fountain, picnic area with grill, garden area, walking trail, gazebo, sitting areas
with benches.

Onsite Activities:
The project includes the following amenities multiuse room with kitchen, parlor,craft room, library computer
room, exercise room, upstairs sitting area, screened in porch,management office, laundry areas, and tenant
storage rooms.

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Landscaping Plans:
The site is a naturally wooded and the developer is going to make every effort to save as many existing
trees as possible to add to the project's landscaping. The perimeter of the building will be landscaped with
evergreen shrubs, the main entrance to the building will have combination of shrubbery, perrenial and
annual flower beds and the project sign will be landscaped with shrubs and seasonal flower beds. The site
will also include a picnic area and gazedo which will have appropriate shade trees and landscaping. The
site will include a landscaped patio area with a fountain and patio tables with unbrellas.

Interior Apartment Amenities:


The apartments are spacious and open and include the following amenities: handicap accessible kitchen
with pantry and generous cabinet space, handicap accessible bathroom with linen closet, bedrooms with
walk in closets, ceiling fans located in living room and bedrooms,and storage closets. Ten percent (8) of the
units are Type A fully handicap units and 4 of those units will have roll in showers, the remaining 67 units
will be fully handicap accessible to help residents age in place with one exception, the height of the kitchen
wall cabinets, instead of being handicap accessible height, will be two inches lower than the standard height
for wall cabinets.

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 Lake Ave neighborhood is a mixture of residential uses (single family homes, multifamily housing,
townhouses, condominiums and assisted living developments for seniors). The neighborhood was
developed in the 60's and 70's with single family homes. Many of these well maintained single family homes
still exist. Because the neighborhood is located in the center of New Hanover County and convenient to
major shopping areas and the two hospitals, in recent years (since 1990's) developers have been acquiring
property and building the variety of housing types found in the neighborhood. The quality of these housing
developments has helped the neighborhood sustain its long reputation in Wilmington as a desirable
community to live in. There is no known other affordable housing within two miles of 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. According to the city planners, this type of development fits nicely
with the land use plan and residential character of this area. The site is surrounded by a townhouse
development to the west and single family homes to the north, south and east. Entering Lake Avenue from S.
College Road will take you past three new condomininium complexes ranging from small to medicum
density. From the site, continuing on Lake Avenue, West, will take you to an established and well maintained
neighborhood of brick ranches. Further down 41st Street, the crossroad of Lake Ave, you will come upon
new construction independent and assisted living facilities. There are no known environmental concerns,
railroad tracks, towers,factories or other incompatible land uses in the site vicinity.
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. The site is perfectly located for seniors in the Wilmington area. It is in almost
the center of Wilmington and offers an easy choice to the children of Seniors who would like to see their
parent(s)in a safe, established neighborhood. Lake Avenue is a two lane road between South College Road
and 41st Street. The South College Road intersection is a lighted one and allows residents to go straight into
Hugh McRae Park, right towards the Senior Center and shopping or left towards the intersection of S.
College Road and Oleander for additional shopping options. The intersection of 41st Street and Lake Avenue
is a stop sign, reflecting the modest traffic volume on 41st from Oleander. You have the option of going
straight on 41st Street towards Independence Mall, turning right towards Oleander, where there is a lighted
intersection to ease you onto Oleander in either direction, as well as a convenience store on the corner.
Going left onto 41st Street will lead you to a lighted intersection at Shipyard Blvd. You can go left and be at
Long Leaf Mall or go right for numerous medical offices and banks.
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 negative features or physical barriers that will impede project construction or adversely affect
future tenants as described above. The site has a slight topography and can easily be designed to meet
ADA standards withou steps or ramps.

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


The proposed design of the project is styled to fit within the community and the natural beauty of the land.
The project, although, 3 stories, will be nestled in the middle and rear of the tract, to minimize visual impact
as you drive by. The drieway will have a slight bend in it, to reduce the severity of a long drive and to
accomodate the established hardwoods. The site allows for a number of walking paths and gathering areas,
thereby complementing the friendly, cozy atmosphere already established in the neighborhood. The size
and scale of the building is compatible with the neighborhood, esepcailly with the newer construction on the
adjoining 41st Street.

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

1.0 Grocery Store .6 Community/Senior Center

1.0 Mall/Strip Center 2.4 Hospital

.6 Outdoor Athletic .6 Pharmacy


Fields

.1 Day Care/After .8 Basic Health Care


School

.1 Public Transportation
.2 Schools
Stop

.3 Convenience Store .3 Public Parks

.3 Gas Station 2.9 Library

Other facilities or services:


Social Security Administration 2 miles west.

Longleaf Mall has a craft and home goods store, grocery store, salon, shoe repair, McDonald's and kids
indoor play station within one mile of the site.

New Hanover Regional Medical Center is also conveniently located and about 3.0 miles from the site. There
are numerous doctors offices all along the route there and surround the facility.

In addition to the Rite Aid at Longleaf Mall there is a CVS and Walgreens, as well as a Visionworks located
within a mileof the site at the intersection of College Road and Oleander.

UNC-Wilmington is 1.5 miles from the site on College Road as well as another Lowe's Foods, Lowe's Home
Improvement,Sam's and many other retailers and restaurants.

Independence/Westfield Mall (1.0 mile)and the Hanover Shopping Center are easily accessed through the
neighborhood backroads. From the site, cross 41st street and continue on Lake Ave till you get to Halifax.
Turn right and it will take you to Fordahm. Turn right and you are immediately upon the Lowe's Foods on
your right and the mall on your left. Across the street is Hanover Shopping center which houses a K & W
cafeterain, Steinmart, shoe stores, Harris Teeter, Pier 1, Office Depot and at least 5 banks in the area. To
get across Oleander there is a stoplight and to enter into the mall, you will use that same stoplight which
has a green arrow for ease and safety. Another green arrow light from Oleander, takes you into the mall.

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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).

https://www.nchfa.org/Rental/RTCApp/(S(1pr4jn45i...3E666C2090&SNID=86011B166D2A4B288C388A8A80E76CEF (21 of 21)4/8/2009 1:59:13 PM

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