Woodland Trace

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Print Preview - Preliminary

Application
Tax Credits, RPP Loans, and/or Tax Exempt Bond Loans
Project Description
Project Name: Woodland Trace
Address: Pine Mountain Road
City: Hudson County: Caldwell Zip: 28638
Census Tract: 306 Block Group: 2010
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 Hudson

First:Billy Last:
Jurisdiction CEO Name: Title: Mayor
Beane
Jurisdiction Address: 550 Central Street
Jurisdiction City: Hudson Zip: 28638
Jurisdiction Phone: (828)728-8272
Site Latitude: 35.85529
Site Longitude: -81.46848
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: Weaver-Kirkland Housing, LLC
Address: P.O. Box 26030
City: Greensboro State: NC Zip: 27420-6030

Contact: First: Linda Last:Wall Title:Vice President
Telephone: (336)478-2273
Alt Phone: (336)378-7900
Fax: (336)378-6571
Email Address: Linda@Weaver-Kirkland.com

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

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Site Description
Total Site Acreage: 5.0 Total Buildable Acreage: 5.0

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: 12/4/2009
(D) Enter Purchase Price: 80,000

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Zoning
Present zoning classification of the site:R-12 Medium Residential Density 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:
A Planned Unit Development (PUD)is required. We plan to submit the PUD in February, 2009 with
approvals in February or March.
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: Woodland Trace Limited Partnership

City: Greensboro State:NC Zip: 27420-6030
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? 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: Woodland Trace WK GP, LLC

First Name: Linda Last Name: Wall Function: Managing General Partner
Phone: (336)378-7900 Fax: (336)378-6571
EMail: Linda@Weaver-Kirkland.com Nonprofit: No
Org: Weaver-Kirkland Housing, LLC

First Name: Linda Last Name: Wall Function: Principal
Phone: (336)378-7900 Fax: (336)378-6571
EMail: Linda@Weaver-Kirkland.com Nonprofit: No

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Unit Mix
The Median Income for Caldwell county is $52,500.
Low Income Units
Total # Monthly Utility Mandatory **Total

Type # BRs Net Sq.Ft. # Units Units Rent Allowance Serv. Fees Housing Exp.
Gdn Apt 1 687 2 1 350 80 0 430
Gdn Apt 2 905 15 1 405 85 0 490
Gdn Apt 2 905 15 1 405 85 0 490
Gdn Apt 3 1146 4 1 430 110 0 540
Gdn Apt 3 1146 4 0 430 110 0 540
Utilities included in rents: Water/Sewer Electric Gas Other Garbage Collection
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....... 40 4 16290
Market Rate.......
Totals............... 40 4 16290
Proposed number of residential buildings: 5 Maximum number of stories in buildings: 2
Project Includes:
Separate community building - Sq. Ft. (Floor Area): 1,475

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Community space within residential bulding(s) - Sq. Ft. (Floor Area):
Elevators - Number of Elevators:
Square Footage Information
Gross Floor Square Footage: 48,416
Total Net Sq. Ft. (All Heated Areas): 42,251
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: 2
Number of Units Required: 4
Persons with disabilities or homeless populations.
Number of Units: 4
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 1 targeted at 50 percent of median income affordable to/occupied by
1 1 targeted at 50 percent of median income affordable to
Total Low Income Units: 40
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
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) 1,328,038 0 30 30 0
State Tax Credit(Direct Refund)
Equity: Federal LIHTC 3,428,306
Non-Repayable Grant
Equity: Historic Tax Credits
Deferred Developer Fees
Owner Investment 73
Other - Specify:
Total Sources** 4,756,417
* "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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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 660,000 660,000
4 Rehabilitation
5 Construction of New Building(s) 2,399,960 2,399,960
6 Accessory Building(s)
7 General Requirements (max 6% lines 2-6) 183,598 183,598
8 Contractor Overhead (max 2% lines 2-7) 64,871 64,871
9 Contractor Profit (max 8% lines 2-7; 6% if Identity of Interest) 194,613 194,613
10 Construction Contingency (max 5% lines 2-9, Rehabs 10%) 175,152 175,152
11 Architect's Fee - Design (11 + 12 = max 3% lines 2-10) 48,000 48,000
12 Architect's Fee - Inspection 12,000 12,000
13 Engineering Costs 30,000 30,000
SUBTOTAL (lines 1 through 13) 3,768,194
14 Construction Insurance (prorate)
15 Construction Loan Orig. Fee (prorate) 16,500 16,500
16 Construction Loan Interest (prorate) 125,000 112,500
17 Construction Loan Credit Enhancement (prorate)
18 Construction Period Taxes (prorate) 1,000 1,000
19 Water, Sewer and Impact Fees 7,500 7,500
20 Survey 12,000 12,000
21 Property Appraisal 3,500 3,500
22 Environmental Report 7,500 7,500
23 Market Study 4,300 4,300
24 Bond Costs
25 Bond Issuance Costs
26 Placement Fee
27 Permanent Loan Origination Fee
28 Permanent Loan Credit Enhancement

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29 Title and Recording 1,000
SUBTOTAL (lines 14 through 29) 178,300
30 Real Estate Attorney 15,500 15,500
31 Other Attorney's Fees 27,600
32 Tax Credit Application Fees (Preliminary and Full) 2,300
33 Tax Credit Allocation Fee (0.62% of line 60, minimum $7,500) 32,656
34 Cost Certification / Accounting Fees 12,000 12,000
35 Tax Opinion 3,500
36 Organizational (Partnership) 15,500
37 Tax Credit Monitoring Fee 28,000
38 Furnishings and Equipment 11,000 11,000
39 Relocation Expense
40 Developer's Fee 420,000 420,000
41 Additional Contigency (greater of $500/unit or $30,000) 30,000 30,000
42 Other Basis Expense - Soil Testing 4,300 4,300
43 Other Basis Expense- Fees, Permits 1,000 1,000
44 Rent-up Expense 12,000
45 Other Non-basis Expense (specify)
46 Other Non-basis Expense (specify)
47 Rent up Reserve 12,000
48 Operating Reserve 62,567
49 Other Reserve (specify)
50 Other Reserve (specify)
51 DEVELOPMENT COST (lines 1-49) 4,636,417 0 4,426,794
52 Less Federally Funded Grant
53 Less Disproportionate Standard
54 Less Nonqualified Nonrecourse Financing
55 Less Historic Tax Credit 0
56 TOTAL ELIGIBLE BASIS 4,426,794 0 4,426,794
57 Applicable Fraction (percentage of LI Units) 100.00% 100% 100%

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58 Basis Before Boost 4,426,794 0 4,426,794
59 Basis Boost of up to 130% 100.00% 122.94%
60 TOTAL QUALIFIED BASIS 5,442,301 0 5,442,301
61 Tax Credit Rate 3.50 9.00
62 Federal Tax Credits (maximum $1,300,000) 489,807 0 489,807
63 Federal Tax Credits Requested (if less than line 62) 0
64 Land Cost 120,000
65 TOTAL REPLACEMENT COST 4,756,417
FEDERAL TAX CREDITS IF AWARDED 489,807
Comments:
Project Development Cost per unit 59,999

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Market Study Information

Please provide a detailed description of the proposed project:
Woodland Trace - The project will consist of 40 units located within 5 two-story buildings spread over a 5.0
acre site. There will be 8 one-bedroom/one bath units, 24 two-bedroom/one bath units and 16 three-
bedroom/two bath units. This will include a total of 4 handicapped/mobility impaired units. (5% as required
by Federal and State codes and 5% as required by QAP Section IV(F)(3), with one of these units for each
class.) Four units will be targeted to persons with disabilities or homeless populations. The units will be
targeted to 40% at 50% AMI and 60% to 60% AMI. The site's main entrance will have a drive with a lighted
property sign at the entrance. Our site plan shows a centrally located community building which will house
the office, coin operated laundry room, maintenance and community room. The community building will
provide a resident computer center with two built-in computer desks and high speed internet access, dining
room with table and chairs and TV/Reading Room. The post office facility will be housed in a covered porch
at the front entrance to the community building.Each unit will meet the Energy Star Certification Criteria,
which will reduce the tenants' utility costs.
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:
Energy Star appliances/Low flow fixtures.
Curb and gutter throughout with turndowns at sidewalks.
Internal pedestrian system linking structures and parking.
Security lighting throughout all parking areas.
Exterior brick, vinyl and accent shake siding.
Gutter and downspout system.
Have you built other tax credit developments that use the same building design as this project?Yes
If yes, please provide name and address:
Sugar Hill Apartments
66 Ladies Mantle Court
Hendersonville, NC 28792
Site Amenities:
Tot Lot
Covered Picnic Shelter
Internal pedestrian system
Open play area adjacent to community building
Benches scattered throughout the site
Onsite Activities:
Located within the community building, the community room will house kitchen facilities, a craft area and a
multi-purpose room. This area will be the center for "social" activities and residential gatherings, medical
screenings and regular residents' meetings.

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Landscaping Plans:
The site will be generously and attractively landscaped with street trees along the entrance, scattered
shade and ornamental trees, low maintenance foundation plantings adjacent to the building and lawn areas,
and perimeter plantings will be located in and around the buildings. Our site plan maintains a large buffer of
existing trees and shrubs around the site.
Interior Apartment Amenities:

Range with hood, frost-free refrigerator, dishwasher, spacious walk-in closets, covered patio/deck, mini
blinds, ceiling fans with light fixtures, carpet in living room and bedrooms, vinyl floors in kitchen/dining areas
and at front entrance, central heat/air pump.
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.
Woodland Trace - The proposed site is located 2.7 miles southeast of downtown Hudson. A new single
family residential neighborhood is located to the south of the site. The intersection of Pine Mountain Road
and Hwy 321 has seen tremendous growth over the past four years. There is a new Food Lion, Rite Aid,
Wendys' Restaurant, Walgreens (under construction) and Deer Creek, a new residential development.
Hudson is quickly becoming a bedroom community for both Lenior and Hickory. Over 16,000 cars pass by
the intersection of HWY 321 and Pine Mountain Road every day. Downtown Lenoir is less than 4 miles to
the north and Hickory is less than 8 miles to the south.
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. The site is part of the Deer Creek residential community located to
the south of the site. A small environmental lab is located to the north of the site. The area is mostly
residential in character. Major growth is 1/2 mile to the west and the intersection of HWY 321 and Pine
Mountain Road. Hospice is building a new facility to the south of our proposed development. The vacant land
that surrounds our proposed development is subdivided for single family residential. Pine Mountain Road is a
residential road with mostly morning and afternoon traffic. A small woodworking shop exists southwest
behind the shopping center. This facility is open 8am-5pm and employs 10 people. No excessive noise or
odors were observed during multiple site visits.
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. Lights and turn lane exist at the intersection of Pine Mountain Road and
HWY 321. We are planning a single entrance and a turn lane to correspond with the proposed elderly
development located to the south of the site. (See site plan) Site visibility will be excellent along Pine
Mountain Road.
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).
No negative features were observed during our visit to the site.

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

Older single family residential exists northwest of the site along Pine Mountain Road. Deer Creek, a new
single family development, is located to the south of the site. The new Hospice facility for Caldwell County
will be located to the east of the site. The existing undeveloped land surrounding the development is zoned
and subdivided for single and multifamily development.
For each applicable neighborhood feature, enter distance from project in miles.
0.5 Grocery Store 1.5 Community/Senior Center
0.5 Mall/Strip Center 6.9 Hospital
0.9 Outdoor Athletic 0.5 Pharmacy

Fields
0.1 Day Care/After 0.5 Basic Health Care

School
0.9 Public Transportation

Schools
Stop
1.1 Convenience Store 2.0 Public Parks
1.1 Gas Station 1.9 Library
Other facilities or services:

Caldwell County Community College is located 1.0 miles from the site. Dollar General is 0.6 miles from the
site.

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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 - APP09-0051

Print Preview - Preliminary

City: Hudson County: Caldwell Zip: 28638

Census Tract: 306 Block Group: 2010

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

Political Jurisdiction: Town of Hudson

Jurisdiction City: Hudson Zip: 28638

Jurisdiction Phone: (828)728-8272

Site Latitude: 35.85529

Site Longitude: -81.46848

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: Greensboro State: NC Zip: 27420-6030

Alt Phone: (336)378-7900

Email Address: Linda@Weaver-Kirkland.com

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Total Site Acreage: 5.0 Total Buildable Acreage: 5.0

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: 80,000

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Is multifamily use permitted?Yes

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Owner Name: Woodland Trace Limited Partnership

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

Org: Woodland Trace WK GP, LLC

Phone: (336)378-7900 Fax: (336)378-6571

EMail: Linda@Weaver-Kirkland.com Nonprofit: No

Org: Weaver-Kirkland Housing, LLC

Phone: (336)378-7900 Fax: (336)378-6571

EMail: Linda@Weaver-Kirkland.com Nonprofit: No

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Low Income Units

Total # Monthly Utility Mandatory **Total

Gdn Apt 1 687 2 1 350 80 0 430

Gdn Apt 2 905 15 1 405 85 0 490

Gdn Apt 2 905 15 1 405 85 0 490

Gdn Apt 3 1146 4 1 430 110 0 540

Gdn Apt 3 1146 4 0 430 110 0 540

Utilities included in rents: Water/Sewer Electric Gas Other Garbage Collection

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....... 40 4 16290

Proposed number of residential buildings: 5 Maximum number of stories in buildings: 2

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

Elevators - Number of Elevators: