Woodland Village

Print - APP09-0052
Print Preview - Preliminary

Application
Tax Credits, RPP Loans, and/or Tax Exempt Bond Loans
Project Description
Project Name: Woodland Village
Address: Pine Mountain Road (SR 1809)
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: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: Weaver-Kirkland Housing, LLC
Address: P.O. Box 26030
City: Greensboro State: NC Zip: 27420-6030

Contact: First: Linda Last:Wall Title:VP
Telephone: (336)378-7900
Alt Phone: (336)478-2273
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: 6.5 Total Buildable Acreage: 6.5

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: 12/04/2009
(D) Enter Purchase Price: 104,000

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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 a required submittal for this development. If all conditions in the PUD
are met, approval is granted. We plan to submit PUD in February for approval in February or March of 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: Woodland Village 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 Village 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 1 661 8 1 390 80 0 470
Gdn Apt 1 661 12 1 405 80 0 485
Gdn Apt 2 901 8 1 455 95 0 550
Gdn Apt 2 901 12 1 475 95 0 570
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 17320
Market Rate.......
Totals............... 40 4 17320
Proposed number of residential buildings: 10 Maximum number of stories in buildings: 1
Project Includes:
Separate community building - Sq. Ft. (Floor Area): 1,475
Community space within residential bulding(s) - Sq. Ft. (Floor Area):

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Elevators - Number of Elevators:
Square Footage Information
Gross Floor Square Footage: 40,720
Total Net Sq. Ft. (All Heated Areas): 34,255
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 8 targeted at 50 percent of median income affordable to/occupied by
1 12 targeted at 60 percent of median income affordable to
2 8 targeted at 50 percent of median income affordable to/occupied by
2 12 targeted at 60 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) 1,365,124 0 30 30 0
State Tax Credit(Direct Refund)
Equity: Federal LIHTC 3,489,935
Non-Repayable Grant
Equity: Historic Tax Credits
Deferred Developer Fees 1,491
Owner Investment
Other - Specify:
Total Sources** 4,856,550
* "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 767,000 767,000
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) 190,018 190,018
8 Contractor Overhead (max 2% lines 2-7) 67,140 67,140
9 Contractor Profit (max 8% lines 2-7; 6% if Identity of Interest) 201,419 201,419
10 Construction Contingency (max 5% lines 2-9, Rehabs 10%) 181,277 181,277
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) 3,896,814
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 5,000
SUBTOTAL (lines 14 through 29) 182,300
30 Real Estate Attorney 10,500 10,500
31 Other Attorney's Fees 18,100
32 Tax Credit Application Fees (Preliminary and Full) 2,300
33 Tax Credit Allocation Fee (0.62% of line 60, minimum $7,500) 34,419
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 - Permits, Fees 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 62,817
49 Other Reserve (specify)
50 Other Reserve (specify)
51 DEVELOPMENT COST (lines 1-49) 4,756,550 0 4,550,414
52 Less Federally Funded Grant
53 Less Disproportionate Standard
54 Less Nonqualified Nonrecourse Financing
55 Less Historic Tax Credit 0
56 TOTAL ELIGIBLE BASIS 4,550,414 0 4,550,414
57 Applicable Fraction (percentage of LI Units) 100.00% 100% 100%

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58 Basis Before Boost 4,550,414 0 4,550,414
59 Basis Boost of up to 130% 100.00% 121.75%
60 TOTAL QUALIFIED BASIS 5,540,129 0 5,540,129
61 Tax Credit Rate 3.50 9.00
62 Federal Tax Credits (maximum $1,300,000) 498,612 0 498,612
63 Federal Tax Credits Requested (if less than line 62) 0
64 Land Cost 100,000
65 TOTAL REPLACEMENT COST 4,856,550
FEDERAL TAX CREDITS IF AWARDED 498,612
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 VILLAGE - The proposed Elderly development is located on a gently sloping 6.5 acre site.
The project consists of 10 one-story quadraplex buildings for a total of 40 units plus a clubhouse. There will
be 20 1BR/1BA units and 20 2BR/1BA units. Four handicapped/mobility impaired units will be provided with
one of those being a sight/hearing impaired unit. Eight of the units will be targeted to persons with
disabilities or homeless populations as part of the NCHFA Key Program. The units will be targeted 40% to
tenants 50%of the AMI (16 units)and 60% to tenants 60% of the AMI (24 units). Centrally located on the
site, a community building will be provided, which will house the leasing office, laundry room, maintenance
and community room.
Each unit will meet the Energy Star Certifcation criteria which will reduce the tenants utilities cost.
The site is ideal for elderly with everyday services, including a doctor's office, shopping center, grocery,
pharmacy and restaurants within .5 miles from the site.
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 site with turndowns at sidewalks.
Internal pedestrian sidewalk system linking all structures and parking.
Security lighting throughout, including all parking areas.
Exterior brick, vinyl and accent shake siding.
Aluminum/steel rails on stairs and patio/decks.
Gutter and downspout system on all buildings.
Lighted sign at main entrance.
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:
The neighborhood friendly cul-de-sac design, neighborhood-style lighting, pedestrian friendly sidewalks with
scattered sitting benches are all part of the design and will create a true neighborhood feel throughout the
property. Centrally located on the site, a community building will be provided which will house the leasing
office, laundry room, maintenance and community room. The community room will provide a resident
computer center and high speed internet access, dining room with table and chairs, reading room/library,
TV Room and Game/Craft room. The post office facility will be housed in one wall of the community building
under a covered porch. The community building will also offer a picnic shelter.
Onsite Activities:
Centrally located within the property is the Community Building, which will house kitchen facilities, computer
room and multi-purpose room. This area will be the center for "social" activities and residential gatherings,
such as to host speakers from community agencies and regular resident meetings. Outdoor recreational
opportunities are to be made available to the residents by provision of a large picnic area with two tables
with benches and grills. Bench seating areas are scattered along the pedestrian friendly sidewalks which

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connect all residential buildings to the main entrance and the community building.
Landscaping Plans:
The site will be generously and attractively landscaped with streets trees along the main entrance, scattered
shade and ornamental trees, low maintenance foundation plantings adjacent to the buildings and on the
lawn areas and perimeter plantings for enclosure and privacy. Landscaping will be installed between
buildings to enhance privacy and the residential character. Parking lots and drives will be lined with shade
trees and plant materials that will compliment the existing natural buffering that is including in our site
design.
Interior Apartment Amenities:

Energy Star appliances and low flow fixtures, range with hood, dishwasher, frost-free refrigerator, spacious
walk-in closets, washer/dryer hook-ups, miniblinds, pantry, ceiling fans with light fixtures, carpet in living
room/bedrooms, vinyl floors in kitchen/dining area and high efficiency central air/heat pump. Each unit will
have a covered porch or patio, with a front and a back door leading to the covered patio. All units will have
over 16SF of individual storage space accessed from the covered patio.
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 Village - 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. This portion of Pine Mountain Road has
seen tremendous growth over the past four years. There is a new Food Lion, Rite Aid, Wendys' Restaurant,
Walgreens (under construction) and the new Deercreek 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. The area is mostly residential in character. Major growth is 1/4 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 zoned and subdivided
for single family residential. Pine Mountain Road is a residential road with mostly morning and afternoon
traffic. A small woodworking shop, exists southwest of the site and directly behind the shopping center. This
facility is open 8am-5pm and employs ten 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. Pine Mountain Road provides excellent access to amenities as well as being a major commuter
corridor. We are planning a single entrance to correspond with our proposed family development located to
the southwest of the site. The speed limit is 35 mph along this section of Pine Mountain Road. 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. Deercreek, 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 southwest 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 - 1.0 mile from 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 - APP09-0052

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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Target Population:Elderly (55)

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

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City: Greensboro State: NC Zip: 27420-6030

Alt Phone: (336)478-2273

Email Address: Linda@Weaver-Kirkland.com

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Total Site Acreage: 6.5 Total Buildable Acreage: 6.5

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: 104,000

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Is multifamily use permitted?Yes

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Owner Name: Woodland Village Limited Partnership

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

Org: Woodland Village 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 1 661 8 1 390 80 0 470

Gdn Apt 1 661 12 1 405 80 0 485

Gdn Apt 2 901 8 1 455 95 0 550

Gdn Apt 2 901 12 1 475 95 0 570

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 17320

Proposed number of residential buildings: 10 Maximum number of stories in buildings: 1

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

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Elevators - Number of Elevators: