Gateway Commons III

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Print Preview - Final Application

Tax Credits, RPP Loans, and/or Tax Exempt Bond Loans
Resources Requested
Check all that apply: Federal Low Income Housing Tax Credit State Low Income Housing Tax Credit Tax Exempt Bonds Rental Production Program (RPP) Loan Requested RPP Loan Amount: RPP Loan Product Requested:
https://www.nchfa.org/Rental/RTCApp/(cild5infehvn3xnbtsrlwx55)/site/PrintApp.aspx?II...
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Project Name and Location

Project Name: Gateway Commons - Phase III Address: City: 1600 North Trade Street Winston-Salem County: FORSYTH Zip: 27105 Block Group:
Census Tract: 4.0
Is project in Qualified Census Tract & Difficult to Develop area: Yes Political Jurisdiction: Jurisdiction Address: Jurisdiction City: Jurisdiction Phone: 5th Congressional District Last: Joines Title: Mayor P. O. Box 2511 Winston-Salem (336)727-2058 Zip: 27102
Jurisdiction CEO Name: First: Allen
Site Latitude: Site Longitude:
36.100 -80.244
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Project Description
Project Type:* New Construction Rehab Adaptive Reuse
Is this project a follow-on (Phase II, etc) to a previously-awarded tax credit development project? Yes If yes, list names of previous phase(s): Kimberly Park I (Azalea Terrace) and Kimberly Park II (Aster Park) Will the project be receiving federal rental assistance? Yes If yes, provide the subsidy source: HUD and number of units: 58
Target Population: Family 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 other federal and state requirements) Persons with disabilities or homeless populations: the greater of 5 units or 10% of the total units Remarks: The ownership entity has entered into an MOU with CenterPoint Human Services of Winston-Salem to act as "lead agency" in providing services to the disabled/homeless. A targeting plan has been completed and submitted to the North Carolina Dept. of Health and Human Services for review and certification for 8 set-aside units. The owner has also secured project-based Section 8 Housing Choice Vouchers and has agreed to set aside 8 of the vouchers for the targeted population.
Proposed number of residential buildings: 6 Types of Units:* Project Includes:
Maximum number of stories in buildings: 3
Townhouse
Duplex
Garden Apartment
Detached Single-Family
Separate community building - Sq. Ft. (Floor Area): Community space within residential bulding(s) - Sq. Ft. (Floor Area): Elevators - Number of Elevators: Square Footage Information Gross Floor Square Footage: 92,508
Total Net Sq. Ft. (All Heated Areas): 77,196
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Applicant Information
Applicant Name: Address: City: Contact: Telephone: Plaza West Development, LLC P. O. Box 25168 Winston-Salem First: John (336)765-0424 State: NC Zip: 27114-5168 Last: Eagan Title: Member
Alt Phone:
(336)765-6551
Fax:
(336)765-3831
Email Address:
jeagan@cmc-nc.com
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Site Description
Total Site Acreage: 5.371 Total Buildable Acreage: 5.371 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? Yes If yes, please describe: The seller of the property, The Housing Authority of the City of Winston-Salem, is currently demolishing all buildings on the site. It is anticipated that all existing buildings on the proposed tax credit site will be razed within the next 30 days.
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 in a distressed neighborhood? Yes If yes, does a community revitalization plan exist? Yes 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 is in the East Region and 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: If no: (a) Does the owner/principal or ownership entity have vaild 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? Yes If yes, specify the relationship: FEV, a member of Kimberly Park III, LLC is a not-for-profit corporation established by the seller, The Housing Authority of the City of Winston-Salem.
Purchase Price:
(c) Enter the current expiration date of the option/contract to purchase: 10/31/2003 (D) Enter Purchase Price: 145,000
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Zoning
Present zoning classification of the site: RM-18 Is mutifamily 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:
Is a public hearing of any kind required in the future for you to fully develop this property? No If yes, describe the nature of the hearing and when you expect the hearing will be held:
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: Kimberly Park III, LLC Address: City: 1415 Old Mill Circle Winston-Salem State: NC Zip: 27103 05-0539894 (If assigned) (If Not Assigned)
Federal Tax ID Number of Ownership Entity: Federal Tax ID Number of Managing GP or Member:
Entity Type: Limited Liability Company Entity Status: Already Formed Is the applicant requesting that the Agency treat the application as Non-Profit sponsored? Is the applicant requesting that the Agency treat the application as CHDO sponsored?
Yes 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:
KPT LLC (TCG Development Services, LLC, Managing Member) Last Name: Behringer Function: Managing Member
First Name: Peter Address: City: Phone: EMail: 1012 N Street, NW Washington (202)667-3002
State: DC
Zip: 20001
Fax: (202)667-3035 Nonprofit: No TaxID 52-2320667
behringer@thecommunitiesgroup.
Org:
KPT LLC (Plaza West Development, LLC, Member) Last Name: Eagan Function: Member
First Name: John Address: City: Phone: EMail: 1415 Old Mill Circle Winston-Salem (336)765-6551 jeagan@cmc-nc.com
State: NC
Zip: 27103
Fax: (336)765-3831 Nonprofit: No TaxID 52-2320667
Org:
Forsyth Economic Ventures, Inc. Last Name: Lawrence Function: Corp Member
First Name: Reid Address: City: Phone: EMail: 901 Cleveland Avenue Winston-Salem (336)727-8500 adevlin@haws.org
State: NC
Zip: 27101
Fax: (336)748-3325 Nonprofit: Yes TaxID 56-1831053
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Unit Mix
List each applicable unit mix combination in a separate row below. Click [Add] to create another row. Click "X" (at the left of each row) to delete a row. Low Income Units Type Gdn Apt Gdn Apt Gdn Apt Gdn Apt Gdn Apt Gdn Apt Gdn Apt Gdn Apt Gdn Apt # BRs Net Sq.Ft. 2 2 2 2 2 2 3 3 3 948 952 948 952 948 952 1143 1143 1143 Total # Units 5 5 1 1 13 14 5 2 12 # Units 1 1 0 1 0 0 1 0 0 Monthly Rent 297 297 424 424 512 512 338 484 630 Electric Utility Allowance 81 81 81 81 81 81 99 99 99 Gas Mandatory Serv. Fees 0 0 0 0 0 0 0 0 0 Other Trash **Total Housing Exp. 378 378 505 505 593 593 437 583 729
Utilites included in rents:
Water/Sewer
Market Rate Units Type Total # BRs Net Sq.Ft. # Units 948 952 1158 5 4 5 # Units 0 0 0 Monthly Rent 550 550 650 Electric Utility Allowance 81 81 99 Gas Mandatory Serv. Fees 0 0 0 Other Trash **Total Housing Exp. 631 631 749
Gdn Apt 2 Gdn Apt 2 Gdn Apt 3
Utilites included in rents:
Water/Sewer
Statistics All Units Low Income....... Market Rate....... Totals............... 58 14 72 Gross Monthly Rental Income 27860 8200 36060
Units 4 0 4
Notes * ** Paint-to-Paint Square Footage 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 2 2 2 3 3 3 10 26 3 5 13 1
Units targeted at 30 targeted at 50 targeted at 60 targeted at 30 targeted at 50 targeted at 60
% percent of median income. percent of median income. percent of median income. percent of median income. percent of median income. percent of median income.
Total Low Income Units:
58
Note: This number should match the total number of low income units in the Unit Mix section.
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Funding Sources
NonAmortizing* Rate (%) Term (Years) Amort. Period (Years) Annual Debt Service
Source Bank Loan RPP Loan Local Gov. Loan - Specify: HOME Loan - City of WS RD Loan AHP Loan Other Loan 1 - Specify: HOPE VI AFR - HAWS Other Loan 2 - Specify: Other Loan 3 - Specify: Tax Exempt Bonds State Tax Credit(Loan) State Tax Credit(Direct Refund) Equity: Federal LIHTC Non-Repayable Grant Equity: Historic Tax Credits Deferred Developer Fees Owner Investment Other - Specify: Total Sources**
Amount
2,100,000
1.00
30
30
1,290,000
4.85
30
30
81,686
513,301
30
30
3,005,217
480
6,908,998
* "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. 75 Remarks concerning project funding sources: (Please be sure to include the name of the funding source(s))
Loans with Variable Amortization Please fill in the annual debt service as applicable for the first 20 years of the project life.
Local Gov. Loan - HOME Loan - City of WS
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Year: Amt: Year: Amt:
1 34000 11 34000
2 34000 12 34000
3 34000 13 34000
4 34000 14 34000
5 34000 15 34000
6 34000 16 34000
7 34000 17 34000
8 34000 18 34000
9 34000 19 34000
10 34000 20 34000
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Development Costs
Item Cost Element 1 Purchase of Buildings (Rehab) 2 Demolition 3 On-site Improvements 4 Rehabilitation 5 Construction of New Building(s) 6 Accessory Building(s) 7 General Requirements 8 Contractor Overhead 9 Contractor Profit 10 Construction Contingency 11 Architect's Fee - Design 12 Architect's Fee - Inspection SUBTOTAL (lines 1 through 12) 13 Construction Insurance (prorate) 14 Construction Loan Orig. Fee (prorate) 15 Construction Loan Interest (prorate) 16 Construction Loan Credit Enhancement (prorate) 17 Construction Period Taxes (prorate) 18 Water, Sewer and Impact Fees 19 Survey 20 Property Appraisal 21 Environmental Report 22 Market Study 23 Bond Costs (specify) 24 Cost of Issuance 25 Placement Fee 26 Permanent Loan Origination Fee 27 Permanent Loan Credit Enhancement 28 Title and Recording SUBTOTAL (lines 13 through 28) 29 Real Estate Attorney 30 Other Attorney's Fees 31 Tax Credit App Fees 32 Cost Certification/Accounting Fees (specify) 33 Tax Opinion 34 Organizational (Partnership) 35 Tax Credit Monitoring Fee SUBTOTAL (lines 29 through 35) 36 Furnishings and Equipment 37 Relocation Expenses 38 Developer's Fee (max 15% lines 2-36, less 8 & 9) 39 40 42 43 Other Basis Expense (specify) Other Basis Expense (specify) 65,809 58,000 Other Non-basis Expense (specify) soft contingency Other Non-basis Expense (specify) SUBTOTAL (lines 36 through 43) 44 Rent up Reserve 787,500 21,600 663,691 663,691 8,000 405,767 35,000 50,000 27,448 18,000 2,495 2,495 37,800 173,238 35,000 50,000 27,448 18,000 254,280 89,846 359,382 148,245 72,000 18,000 5,179,753 60,000 45,000 157,500 6,000 10,000 27,267 70,000 7,500 10,000 4,500 60,000 45,000 157,500 6,000 10,000 27,267 70,000 7,500 10,000 4,500 254,280 89,846 359,382 148,245 72,000 18,000 3,664,000 3,664,000 574,000 574,000 TOTAL COST Eligible Basis 30% PV 70% PV 0
41 Rent-up Expenses
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45 Operating Reserve 46 47 Other Reserve (specify) Other Reserve (specify)
196,140
48 DEVELOPMENT COST (lines 1-47) 49 Less Federal Financing 50 Less Disproportionate Standard 51 Less Nonqualified Nonrecourse Financing 52 Less Historic Tax Credit (residential) 53 TOTAL ELIGIBLE BASIS 54 Times Applicable Fraction 55 TOTAL QUALIFIED BASIS 56 Tax Credit Rate 57 FEDERAL TAX CREDITS at Estimated Rate 57a FEDERAL TAX CREDITS at 8.5% or 3.75% 58 FEDERAL TAX CREDITS REQUESTED 59 STATE TAX CREDITS 60 Land Cost 61 TOTAL REPLACEMENT COST
6,763,998
6,371,659
0 6,371,659 80.56% 5,133,008 403,967 436,305 436,347 513,350 145,000 6,908,998 0 80.56% 0 0.00% 0 0 6,371,659 80.56% 5,133,008 7.87% 403,967 436,305 436,347
Comments: Line 16 represents construction lenders inspection fees and Line 19 is survey and engineering.
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Market Study Information

Please provide a detailed description of the proposed project: Gateway Commons - Phase III of the HOPE VI revitalization of Kimberly Park Terrace will include the construction of a 72 unit multi-family development (III - B) that will contain (6) three-story garden apartment buildings. 58 of the 72 units will be tax credit units and the remaining 14 will be market rate. All 58 tax credit units will have federal rental assistance; 29 units of project based Section 8 Housing Choice Vouchers and 29 units of public housing operating subsidy. Phase III also includes two single-family subdivisions, Section III-A with 28 single-family homes and Section III-C with 82 single-family homes. See master site plan for detail. The plans for the tax credit site call for (4) two bedroom buildings (2BR/2B) and (2) three bedroom buildings (3BR/2B), each building containing 12 units. All units are spacious with open/flowing floorplans. Each unit will have 2 full baths, a patio or balcony, exterior storage, washer/dryer connections in separate laundry room, pantry, dishwasher, disposal, stove/self cleaning oven and frost-free refrigerator with icemaker. The Community & Leasing Center for Gateway Commons - Phase III is located in Phase II - Aster Park directly across the street (Glenn Avenue). Amenities offered within the 5800 square foot community center include a computer learning lab, resident business center, homework/reading library, central laundry facility, and two large multi-purpose rooms to be utilized for an afterschool/summer program and other resident-related activities. In addition the Center provides offices for fulltime onsite management, leasing and maintenance personnel as well as office space for staff providing and coordinating services and recreational programs for the youth and adult residents of Gateway Commons. Other amenities include a planned greenway area with a stream and walking trails (currently under construction). Adjacent to the site is the Martin Luther King Park and Recreation Center. The Park includes lighted tennis courts, basketball court, volleyball court, picnic shelter with grill, Kimberly Park pool, a 6-lane, 25 meter swimming pool with waterplay area, and a Fitness Trail with 10 exercise stations. This is the last phase of multi-family in the revitalization program for Kimberly Park HOPE VI. Phase I - Azalea Terrace, the 100 Unit Elderly Building was completed in December, 2001 and was fully leased in 60 days. Phase II - Aster Park, the 170 Unit Family development is scheduled to have units available for occupancy in May, 2003 with a completion date of September, 2003. The 57 PHA set-aside units have been pre-assigned to temporarily relocated residents of the Kimberly Park neighborhood and the Section 8 department of the local public housing authority will be referring applicants from their 2400+ person waiting list. The current waiting list for Phase II, Aster Park is over 430. We anticipate achieving 100% occupancy by December, 2003. Construction (check all that apply): Brick Vinyl Wood HardiPlank Balconies/Patios Sunrooms Front Porches
Front Gables or Dormers Other:
Wide Banding or Vertical/Horizontal Siding
Vinyl-clad insulated windows, Metal exterior doors with peephole and deadbolt lock, Brick on 1st floor, 2nd and 3rd floors with vinyl siding of different sizes/shades. Units and common areas sprinklered. This design is very similar to an upscale luxury apartment community previously designed by our architect. The property (Brookberry Park) is located in the western part of the City on Country Club Road.
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 (check all that apply): Community Bldg - Sq Ft: 5,800 Community Room - Sq Ft: Garages - Number:
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Laundry Rm Game/Craft Rm Chapel/Prayer Rm Irrigated Lawns Walking Trails Pool
Screened Porch Exercise Rm Picnic Area Security Gate Garden Spots Fitness Stations
Resident Computer Center TV Rm Onsite Leasing Office Car Care Area Basketball/Tennis Court Horseshoe Pit
Exam Rm Beauty Salon Onsite Mgr Storage Units Playground Shuffleboard
Reading Rm/Library Vending Rm Onsite Maint. Person Gazebos Ball Field Covered Drive Thru
Onsite Activities: The Housing Authority of the City of Winston-Salem will be primarily responsible for the coordination of the social services and recreational activities for the residents of the community. An afterschool/summer program is planned for children 5 to 15 years of age who reside at Gateway Commons as well as other organized recreational and educational opportunities for the youth. Programs for adults, such as parenting workshops, educational seminars, employment and job skills counseling, and computer classes will be available in addition to social activities. The Community Center will be furnished with computers/printers with internet access for the computer lab & learning center, board games, puzzles and books for the homework/reading library, television/VCR, arts & crafts tables and games such as ping pong, air hockey, etc. for one of the multi-purpose rooms. There will be a kitchenette for pot luck dinners, holiday gatherings and resident council meetings. A business center is also available to the residents who need the use of a fax machine, copier or small office equipment such as mail scales, paper hole punchers, etc. Landscaping Plans: The site plan indicates the existing 50 year old oak trees that line and canopy the streets of the neighborhood. Every precaution is being taken to protect and maintain these trees. In addition, the site plan indicates additional trees, shrubs and foundation plantings proposed on the site.
Interior Apartment Amenities (check all that apply): Range W/D Hookups Flooring: Carpet Hood Mini-blinds Vinyl Central Air Dishwasher Pantry Wood Gas Heat Disposal Ceiling fans Wood Parquet Heat Pump Refrigerator (frost free) Walk-in closets Other Tile Storage interior/exterior
Ceramic Tile Electric Pump
Heating/Cooling:
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 Physical condition of buildings and improvements. Trend and direction of real estate development relative to the project. Area economic health (degree of decline or investment). The buildings and facilities in the surrounding community are in very good condition. Significant new construction has taken place which includes two prior housing development phases as part of the HOPE VI Project plus a new subdivision just east of the project site: Azalea Terrace is a 100 unit complex for the elderly completed in December, 2001. This development was constructed on an adjacent tract of land acquired from the City of Winston-Salem. The development was fully leased within 60 days of opening and is currently 100% occupied with a waiting list. Aster Park is a 170 unit multi-family development currently under construction just south of the subject site. It is anticipated that units will be available for occupancy in April, 2003 with construction completion in August, 2003. Providence Square is a new single-family residential development just east of the project site. In addition to the proposed 72 unit multi-family tax credit development, Phase III of the Kimberly Park Revitalization Plan also includes two single family subdivisions, Phase III - A, a 28 unit subdivision located just southwest of the site and Phase III - C, an 82-unit single family subdivision contiguous to the site to the west. Construction on Phase III - A is anticipated to begin in early summer of 2003. Just southwest of the site is the newly created greenway park and stream restoration of Peters Creek as part of the HOPE VI program which will provide an added amenity to the entire revitalization area. Through participation in the Family Self-Sufficiency Program and the introduction of higher income families, the project should result in a dramatic increase in incomes of the households living in the community. The average income is expected to approach 50% of median income. Such an increase could encourage new commercial facilities to locate around the newly redeveloped community and provide more shopping opportunities for the community residents. By creating this mixed income community on the edge of downtown, the project could provide customers who would be attracted to new commercial and entertainment activities that are being developed downtown. The newly designed Greenway & Park will become part of the expanded city greenway system envisioned by the city. The greenway and park is currently under construction and upon its completion in the Spring of 2003, it is estimated that the project could generate annual property tax revenues of approximately $250,000 which could be used to fund other community development projects. See Master Site Plan for the Kimberly Park HOPE VI Revitalization. Suitability of surrounding development. Land use pattern is primarily residential with a balance of other uses, including non-competing multifamily and single family units, relevant amenities, shopping and services. The land use pattern is primarily residential in character with a balance of other uses, including noncompeting multi-family and single family residential, retail, services, schools and relevant amenities such as parks and recreation. The new Kimberly Park (Gateway Commons) neighborhood will act as a catalyst for, and be supported by, the ongoing revitalization efforts in the broader community. Current initiatives in the adjacent neighborhood area include: creation of a new landscaped greenway along University Parkway; construction of affordable houses on vacant lots along University Parkway; expansion of Phillips Chapel and Beulah Baptist Churches'; addition of a walking trail and recreation courts adjacent to the MLK Community Center and new commercial development along Northwest Boulevard. These community-wide activities coupled with the redevelopment of Kimberly Park will create a synergistic effect, further decreasing the isolation and enriching the lives and future prospects of the low income residents of the neighborhood and surrounding areas. These impacts will include the advantages associated with high quality neighborhood-based education, increased homeownership and new job opportunities. Possibly the greatest benefit of these initiatives is the stability that they will bring by encouraging people with a mix of incomes and choice of where to live, to return to the community. SITE SUITABILITY Adequacy of street(s) and/or access road(s) serving the proposed project and traffic controls (lights,
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stop signs, turning lanes). Access to mass transit (if applicable). The streets directly and indirectly serving the proposed site will be in excellent condition. The Housing Authority of the City of Winston-Salem and The City of Winston-Salem have committed to funding the cost of upgraded streets, water/sewer, etc. Some of the improvements are currently under construction. The proposed site is directly accessed via North Trade Street to the east and Burton Street to the west. Glenn Avenue borders the site to the south. North Trade Street and Glenn Avenue are publicly-maintained two-lane streets with posted speed limits of 35 miles per hour. The City of Winston-Salem has temporarily closed Glenn Avenue between Lime Avenue and Trade Street while street improvements including water/sewer and stream relocation are under construction. It is anticipated that all public street improvements will be completed by the end of February, 2003. The site will be directly accessed to the west by the newly re-aligned Burton Street which is accessed off of Lime Avenue, a two-lane publicy maintained road. There will be a stop sign at the intersection of Lime and Burton as well as at the intersection of Burton and the west entrance to the property. There will be a traffic light installed at the corner of Glenn and Lime Avenues. Burton Street will provide access to both the 72 unit multifamily site (Phase III - B) as well as the new single-family subdivision (Phase III - C). It is anticipated that Burton Street will also be publicly maintained but that the posted speed limit will be 25 miles per hour or less due to its' residential character. The site will be directly accessed off North Trade Street with stop signs to each entrance off Trade. It is anticipated that a stoplight will be installed at the corner of Glenn Avenue and Trade. There is no mass transit however city bus service is available within the neighborhood at Trade and Glenn Avenue as well as Trade and Northwest Boulevard. Amount and character of vacant, undeveloped land. Effect of industrial, large-scale institutional or other incompatible uses: 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). There are 12 acres of vacant land adjacent to the project site. This land was aquired from the City of Winston-Salem for development purposes. The plan calls for 28 single family homes to be constructed on approximately 6 acres of land. Construction is scheduled to begin in the spring of 2003. The remaining acreage is being developed into a linear park, which will become a part of the City's greenway system. There are no industrial or larger scale incompatible land uses adjacent to the site. A local church group purchased a vacant tract of industrial property just to the east of the project area that will be developed into a new church with multi-purpose facilities. All other surrounding land uses are residential developments, neighborhood commercial activity and institutional facilities including churches, schools and recreational facilities. 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 on site nor physical barriers that will impede project construction or adversely affect future residents.
Similarity of scale and aesthetics/architecture between project and surroundings. The proposed development site is one of several completed and proposed developments in this revitalization area. The multifamily site is of similar scale and architecture as the two previous multifamily developments in the neighborhood. The design of the buildings is very attractive and will compliment and enhance the surrounding neighborhood.
Concentration of affordable housing (housing credit, project-based rental assistance, public housing). There are no other housing credit, project-based rental assisted or public housing in the neighborhood other than that included in the two previous phases of the Kimberly Park Revitalization area.
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Availability of Supportive Services (if applicable): The Housing Authority of the City of Winston-Salem will be primarily responsible for the coordination of resident services. Such services will include an after-school/summer youth program, family couseling, educational programs, job training and other social and recreational programs for both youth and adults. See "on-site activities" in the Marketing Section for more details. A Supportive Services Plan will be established to include MOU's with other local social service support agencies/groups including non-profits and educational institutions as well as with CenterPoint, a local service provider for disabled persons. CenterPoint will act as "lead agency" in providing support services to the special needs population residing in Gateway Commons - Phase III. In addition, The Housing Authority of the City of Winston-Salem will be providing rental assistance to 48 of the units, 8 of which will be set aside for the disabled. For each applicable neighborhood feature, enter distance from project in miles. .4 1. .01 1.1 .5 .01 .4 .01 .01 .4 1.2 .01 .01 Grocery Store Mall/Strip Center Outdoor Athletic Fields Day Care/After School Schools .01 2.3 1. .8 .8 Community/Senior Center Hospital Pharmacy Basic Health Care Medical Offices Bank/Credit Union Restaurants Professional Services Movie Theater Video Rental Public Safety (Fire/Police) Post Office
Public Transportation Stop 1.2 Convenience Store Basketball/Tennis Courts Public Parks Gas Station Library Fitness/Nature Trails Public Swimming Pools 1. 1. 2.8 1.6 .8 1.
Other facilities or services: 6 Churches in immediate neighborhood. Lawrence Joel Memorial Coliseum featuring sporting events & entertainment is 1.2 miles from the site. Wake Forest University is 1.4 miles from the site. Forsyth Technical Community College extension is 1.2 miles from the site and Downtown WinstonSalem is 1 mile.
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Development Team
Provide contact information for development team members below: Management Agent Company: Community Management Corporation Address: City: Phone P. O. Box 25168 Winston-Salem (336)765-0424 State: NC Zip: 27114-5168 Email: deagan@cmc-nc.com Last: Eagan
Contact Name: First: David
Architect Company: Address: City: Phone
JDavis Architects 510 Glenwood Avenue, Suite 201 Raleigh (919)835-1500 State: NC Zip: 27603 Email: jeffd@jdavisarchitects.com Last: Davis
Contact Name: First: Jeff
Attorney Company: Address: City: Phone
Blanco, Tackabery, Combs & Matamoros 110 S. Stratford Road, Suite 500 Winston-Salem (336)761-1250 State: NC Zip: 27104 Email: ram@btcmlaw.com Last: Matamoros
Contact Name: First: Ron
Investor Company: Address: City: Phone
Community Affordable Housing Equity Corporation 7700 Falls of Neuse Road, Suite 200 Raleigh (919)420-0063 State: NC Zip: 27615 Email: cnewcomer@cahec.com Last: Newcomer
Contact Name: First: Chuck
Consultant/Application Preparer (if different from developer) Company: Eagan Partners, LLC Address: City: Phone P. O. Box 25168 Winston-Salem (336)765-0424 State: NC Zip: 27114-5168 Email: gmorgan@cmc-nc.com Last: Morgan
Contact Name: First: Gaye
General Contractor Company: TBD Address: City: Phone UNK UNK
Identity of Interest?
State: NC Zip: 27103 Email: Last:
(336)765-0424
Contact Name: First:
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Project Team Experience

Development List number low-income/tax credit housing projects and units developed, operated, and maintained in compliance by the principal(s) between December 1, 1996 and January 1, 2003: North Carolina Other States Projects: Units: 2 150
Management List number of low-income housing tax credit units managed in the past 10 years: North Carolina Other States Projects: Units: 66 3,469
Has any owner, principal, or management agent been debarred or received a limited denial participation in the past 10 years by any federal or state agency? No Has any owner, principal, or management agent been involved in a bankruptcy, an adverse fair housing settlement, an adverse civil rights settlement, or an adverse federal or state government proceeding and settlement in the past 10 years? No Has any owner or principal been in a mortgage default or delinquency of three months or more within the last 5 years on a FHA-insured project, a Rural Development funded rental project, a tax-exempt funded mortgage, a tax credit project, or any other publicly subsidized project? No Has any owner or principal been involved within the last 10 years in a project which previously received an allocation of tax credits but failed to meet compliance standards of the tax credit allocation, including return of a reservation of tax credits to the Agency after the carryover agreement has been signed? No Has any owner or principal had a Form 8823 filed with the IRS for noncompliance on a project using low-income housing tax credits or received a letter of non-compliance from the Agency? No
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Financing Commitments
Does the project have a firm commitment for construction financing? Does the project have a letter of intent for private permenant financing? Does the project have a firm commitment for government financing? Does the project have a letter of intent from an investor? Is any portion of the eligible basis of new contruction or rehabilitation financed with federal subsidies other than CDBG funds or funds from the HOME program? If yes, indicate the type and amount below: Tax Exempt Financing: $ RD 515 Financing: Hope VI Financing: Other: $ $ 1,290,000 $ Yes No Yes Yes Yes
If Other, specify the type of Federal subsidy:
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Projected Operating Costs

Project Operations (Year One) Administrative Expenses Advertising Other Administrative Expense (specify): Office Salaries Office Supplies Office or Model Apartment Rent Management Fee Manager or Superintendent Salaries Manager or Superintendent Rent Free Unit Legal Expenses (Project) Auditing Expenses (Project) Bookkeeping Fees/Accounting Services Telephone and Answering Service Bad Debts Other Administrative Expenses (specify): SUBTOTAL Utilities Expense Fuel Oil Electricity (Light and Misc. Power) Water Gas Sewer SUBTOTAL Operating and Maintenance Expenses Janitor and Cleaning Payroll Janitor and Cleaning Supplies Janitor and Cleaning Contract Exterminating Payroll/Contract Exterminating Supplies Garbage and Trash Removal Security Payroll/Contract Grounds Payroll Grounds Supplies Grounds Contract Repairs Payroll Repairs Material Repairs Contract Elevator Maintenance/Contract Heating/Cooling Repairs and Maintenance Swimming Pool Maintenance/Contract Snow Removal Decorating Payroll/Contract Decorating Supplies Other (specify): Miscellaneous Operating & Maintenance Expenses SUBTOTAL Taxes and Insurance Real Estate Taxes 7,500 1,500 1,500 1,000 400 2,400 1,800 12,000 32,000 2,800 1,200 4,200 16,200 1,200 800 950 1,800 2,400 3,800 730 2,500 32,832 26,000
3,600 2,400 9,000 2,000
900 86,162
7,800 4,200
900 69,750 39,402
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Payroll Taxes (FICA) Miscellaneous Taxes, Licenses and Permits Property and Liability Insurance (Hazard) Fidelity Bond Insurance Workmen's Compensation Health Insurance and Other Employee Benefits Other Insurance: SUBTOTAL Supportive Service Expenses Service Coordinator Service Supplies Tenant Association Funds Other Expenses (specify): SUBTOTAL Reserves Replacement Reserves SUBTOTAL TOTAL OPERATING EXPENSES ADJUSTED TOTAL OPERATING EXPENSES (Does not include taxes, reserves and resident support services) * TOTAL UNITS (from total units in the Unit Mix section) PER UNIT PER YEAR
7,980 17,000 150 350 7,200
72,082 9,600 2,400 1,200 1,200 14,400 18,000 18,000 276,594 204,792 72 2,844
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Projected Cash Flow Year One

OPERATING INCOME Gross rental income (from Unit Mix - Total Monthly Rent) Stores and Commercial Laundry and Vending Other (specify): Application and Late Fees Total Gross Income Potential at 100% Occupancy Seven Percent Vacancy Allowance NET RENTAL/OTHER INCOME TOTAL OPERATING EXPENSES (from Projected Operating Costs) NET OPERATING INCOME DEBT SERVICE (from Funding Sources Loans) NET CASH FLOW DEBT COVERAGE RATIO (Must not be less than 1.15) 4,800 3,600 441,120 30,878 410,242 432,720
276,594 133,648
115,686
17,962 1.155
20-Year Cash Flow

Year Net Rental/Other Income* Total Operating Expenses* Debt Service Net Cash Flow Debt Coverage Ratio Year Net Rental/Other Income* Total Operating Expenses* Debt Service Net Cash Flow Debt Coverage Ratio 1 410,242 276,594 115,686 17,962 1.155 11 551,328 409,427 115,686 26,215 1.227 2 422,549 287,658 115,686 19,205 1.166 12 567,868 425,804 115,686 26,378 1.228 3 435,225 299,164 115,686 20,375 1.176 13 584,904 442,836 115,686 26,382 1.228 4 448,282 311,131 115,686 21,465 1.186 14 602,451 460,549 115,686 26,216 1.227 5 461,730 323,576 115,686 22,468 1.194 15 620,525 478,971 115,686 25,868 1.224 6 475,582 336,519 115,686 23,377 1.202 16 639,141 498,130 115,686 25,325 1.219 7 489,849 349,980 115,686 24,183 1.209 17 658,315 518,055 115,686 24,574 1.212 8 504,544 363,979 115,686 24,879 1.215 18 678,064 538,777 115,686 23,601 1.204 9 519,680 378,538 115,686 25,456 1.22 19 698,406 560,328 115,686 22,392 1.194 10 535,270 393,680 115,686 25,904 1.224 20 719,358 582,741 115,686 20,931 1.181
* Net Rental Income escalated at annual rate of 3% and expenses escalated at a rate of 4% after the first year.
Calculations:
1. "Net Rental/Other Income" comes from 1st-year cash flow, then it is escalated by 3% per year. 2. "Total Operating Expenses" comes from 1st-year cash flow, then it is escalated by 4% per year. 3. "Debt Service" is the sum of "regular/amortized loan debt service + non-amortizing annual service" as entered by user from Funding Sources section. 4. "Net Cash Flow" is "Net Rental/Other Income" minus "Total Operating Expenses" minus "Debt Service". 5. "Debt Coverage Ratio" is ("Net Rental/Other Income" minus "Total Operating Expenses") divided by "Debt Service".
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Design Features
ITEM Foundation/Slab Components Primary Windows DESCRIPTION Monolithic concrete slab/foundation Make: EQ to Silverline Model: Series 2900
Type/Construction: vinyl - single hung Exterior Doors Siding Type: insulated steel Type: vinyl Warranty: limited lifetime Exterior Trim Shingles vinyl or aluminum wrapped wood Type: 3 tab fiber glass Warranty: 25 or 30 yr. Sprinkler System Cabinets 13 R Grandview Products Corp or Equivalent EQ to Goodman Mfg. Make: Co. Weight: 240 lbs Frames: steel Grade/Thickness: .044
Heat Pump
SEER: 11 Model: GKL 18 ; 24 ; & 30
Air Conditioner
SEER: Model:
Make:
Other Heat Systems
SEER: Model:
Make:
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Costs - Construction
This is a detailed breakdown of rehabilitation or construction costs you summarized in the Development Costs table (Rehabilitation and Construction of New Building(s)). The total should match those roll-up values. ITEM Concrete Footings Backfill-slab, Crawl Slab-concrete/Rebar/Gravel Waterproofing Masonry Foundation Brick Veneer Steel/Structure/Rails Framing/Lumber/Nails Trusses Crane Rental Windows/Grilles/Screen Exterior Doors Roofing Fencing Vinyl Siding/Trim/Box Gutters/Shutters Insulation Drywall Interior Doors Int. & Final/Stair/Trim/Shelves Cabinets & Tops Painting Marble - Tub/Shwr/Tops Plumbing Electrical Heating/Air Conditioning Floor Covering and Underlayment Wall Paper Mailboxes/Special Features/Signage Gypcrete Blinds/Shades/Art Work Light Fixtures/Fans Sprinkler System Security Alarm Hardwood Floors Elevator Ceramic Tiles Acoustical Ceilings 420 3,781 60,000 67 465 10,072 6,046 29,035 6,303 102,890 16,355 25,211 73,542 4,202 20,169 18,619 25,211 1,955 112,273 88,239 63,028 51,180 2,521 2,231 7,435 3,362 LABOR 21,433 7,564 27,498 1,345 51,307 46,472 370 182,208 MATERIAL 21,433 840 82,493 5,379 23,051 19,917 2,992 407,652 133,243 8,403 90,647 34,274 28,919 14,706 154,335 65,419 100,844 171,598 37,817 30,254 167,575 100,844 17,405 168,410 58,826 147,066 119,419 10,083 5,205 29,739 30,254 29,413 50,000 588 1,084 TOTAL 42,866 8,404 109,991 6,724 74,358 66,389 3,362 589,860 133,243 8,403 100,719 40,320 57,954 21,009 257,225 81,774 126,055 245,140 42,019 50,423 186,194 126,055 19,360 280,683 147,065 210,094 170,599 12,604 7,436 37,174 33,616 29,413 110,000 655 1,549 0 4,201 0
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Mirror/Shower Door/Encls. Hardware/Bath Access. Appliances Playground Equipment Interior Clean Exterior Clean/Dumpster Other 1 (specify in Remarks) Other 2 (specify in Remarks) Total Cost Remarks:
3,193 2,122
12,773 18,885 136,183
15,966 21,007 136,183 14,293 12,606 21,009 0 0
2,873 11,471 16,828
11,420 1,135 4,181
1,105,515
2,558,485
3,664,000
framing lumber reduced by 17,500 to match up new const. cost in pdc.sk
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Costs - General
This is a detailed breakdown of the General Requirements cost element you summarized in the Development Costs table (General Requirements). The total should match that roll-up value. ITEM Supervision Job Site Office/Trailer Rental Impact Fees Office Supplies Security/Watchman Water and Sewer Connection Fees Project Signage Tools and Equipment Gas, Oil, and Maintenance Cleanup/Dumpster Rental Temporary Water, Electric, and Telephone Storage/Hauling Driveway Access Permit Porta-John Rental/Dumping Builders Risk Insurance Re-inspection Fees Extra Plans and Specifications Miscellaneous, Casual Labor Equipment Rental Other 1 (specify in Remarks) Other 2 (specify in Remarks) Total Cost Remarks: water sewer, impact fees removed from this section and moved to pdc line item 18.sk 254,280 753 10,146 5,707 523 713 29,328 16,645 26,217 3,329 1,070 2,776 17,914 4,439 2,021 TOTAL 118,749 13,950
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Costs - Improvements
This is a detailed breakdown of the Site Improvements cost element you summarized in the Development Costs table (On-site Improvements). The total should match that roll-up value. ITEM Subsurface Exploration/Perk Testing/Site Engineering Clearing/Grading/Final Grading/Excess and Borrow Demolition Earthwork/Excavation/Aerating Soil Treatment Pile Foundations Caissons Shoring/Bracing Site Drainage Site Utilities/Site Lighting Paving and Surfacing/Curb and Gutter Walkways Site Signage Parking Lot Painting Dumpsite Pads/Fencing Fencing/Gates Landscaping/Topsoil Waterproofing/De-Watering Operation of Construction Equipment/Fuel/Oil Crane Rental Rock and Hardpan Excavation Site Supervision Personnel Other (specify in Remarks) Total Cost Remarks: 574,000 18,785 5,590 3,914 46,591 58,239 35,875 91,691 57,773 22,364 8,945 TOTAL 48,455 175,778
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Costs - Bond Costs

This is a detailed breakdown of the Bond Costs cost element you summarized in the Development Costs table (Bond Costs). The total should match that roll-up value. ITEM Letter of Credit Fee Credit Enhancement Underwriter Discount Capital Interest Fund Other 1 (specify in Remarks) Other 2 (specify in Remarks) Total Cost Remarks: 0 TOTAL
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Costs - Bond Issuance

This is a detailed breakdown of the Bond Issuance cost element you summarized in the Development Costs table (Cost of Issuance). The total should match that roll-up value. ITEM Bond Counsel Issuer Counsel Credit Enhancement/LOC Counsel Underwriter Counsel Developer's Counsel Rating Agency Fee Printing Trustee Fee Trustee Counsel Other 1 (specify in Remarks) Other 2 (specify in Remarks) Other 3 (specify in Remarks) Total Cost Remarks: 0 TOTAL
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Minimum Set-Asides
MINIMUM REQUIRED SET ASIDES (No Points Awarded): Select one of the following two options: 20% of the qualified units are rent restricted and occupied by households with incomes at or below 50% of the median income (Note: No Tax Credit Eligble Units in the the project can exceed 50% of median income) 40% of the qualified units are rent restricted and occupied by households with incomes at or below 60% of the median income (Note: No Tax Credit Eligble Units in the the project can exceed 60% of median income) If requesting RPP funds: 40% of the qualified unit are occupied by households with incomes at or below 50% of median income.
State Tax Credit and QAP Targeting Points: High Income county: At least twenty-five percent (25%) of qualified units will be affordable to households with incomes at or below thirty percent (30%) of county median income. At least twenty-five percent (25%) of qualified units will be affordable to and occupied by households with incomes at or below thirty percent (30%) of county median income.
At least fifty percent (50%) of qualified units will be affordable to households with incomes at or below forty percent (40%) of county median income. At least fifty percent (50%) of qualified units will be affordable to and occupied by households with incomes at or below forty percent (40%) of county median income. Moderate Income County: At least twenty-five percent (25%) of qualified units will be affordable to and occupied by households with incomes at or below forty percent (40%) of county median income.
At least fifty percent (50%) of qualified units will be affordable to households with incomes at or below fifty percent (50%) of county median income. At least fifty percent (50%) of qualified units will be affordable to and occupied by households with incomes at or below fifty percent (50%) of county median income. Low Income County: At least forty percent (40%) of qualified units will be affordable to households with incomes at or below fifty percent (50%) of county median income. At least forty percent (40%) of qualified units will be affordable to and occupied by households with incomes at or below fifty percent (50%) of county median income.
Tax Exempt Bonds Threshold requirement (select one): At least ten percent (10%) of qualified units will be affordable to and occupied by households with incomes at or below fifty percent (50%) of county median income. At least five percent (5%) of qualified units will be affordable to and occupied by households with incomes at or below forty percent (40%) of county median income. Eligible for mortgage subsidy points (select one): At least twenty percent (20%) of qualified units will be affordable to and occupied by households with incomes at or below fifty percent (50%) of county median income. At least ten percent(10%) of qualified units will be affordable to and occupied by households with incomes at or below forty percent (40%) of county median income.
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Full Application Checklist

PLEASE indicate which of the following exhibits are attached to your application. Others may be required as noted. A Nonprofit Organization Documentation or For-profit Corporation Documentation B Current Financial Statements/Principals and Owners C Ownership Entity Agreement, Development Agreement or any other agreements governing development services D Management Agent Agreement E Development and manager multi-family experience & Management Questionnaire (Appendix C) F Letters from State Housing Agencies or designated monitoring agent verifying Out of State Management Experience G Completed IRS Form 8821 (Appendix I) H Permitted zoning letter (including conditional and special use) I Site plan, floor plans and elevations
J Hazard and structural inspection and termite reports (Renovation projects only) K Description of any existing conditions of historical significance. L Description of environmental significance. M Anticipated budget demonstrating how the project would meet the 10% test by November 14th. N Evidence of Architect's Errors and Omissions insurance (or equivalent). O Description of acquisition for existing/occupied projects or for projects with occupied buildings to be demolished. P Description of proposed Relocation Plan & Relocation Budget, Etc. If any relocation is anticipated, reference Appendix F. Q Targeting Plan and supporting documentation (Required for projects targeted to Special Populations) R Local Housing Authority Agreement (Reference Model in Appendix I) S Appraisal (for land costs greater than $5,000 and for buildings in rehab projects) T Evidence of Permanent Loan Commitment, other sources of funds, and project-based subsidies. U Statement regarding terms of Deferred Developer Fee and, if nonprofit, resolution of Board approving fee. V Inducement Resolution (Tax-Exempt Bond Financed Projects only) W Documentation to support estimated utility costs.
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Print Preview - Final Application

Project Name and Location

Census Tract: 4.0

Jurisdiction CEO Name: First: Allen

Site Latitude: Site Longitude:

Proposed number of residential buildings: 6 Types of Units:* Project Includes:

Maximum number of stories in buildings: 3

Total Net Sq. Ft. (All Heated Areas): 77,196

Fax: (202)667-3035 Nonprofit: No TaxID 52-2320667

Fax: (336)765-3831 Nonprofit: No TaxID 52-2320667

Fax: (336)748-3325 Nonprofit: Yes TaxID 56-1831053

Utilites included in rents:

Gdn Apt 2 Gdn Apt 2 Gdn Apt 3

Utilites included in rents:

Units targeted at 30 targeted at 50 targeted at 60 targeted at 30 targeted at 50 targeted at 60

Total Low Income Units:

Local Gov. Loan - HOME Loan - City of WS

Year: Amt: Year: Amt:

45 Operating Reserve 46 47 Other Reserve (specify) Other Reserve (specify)

Market Study Information

Front Gables or Dormers Other:

Wide Banding or Vertical/Horizontal Siding

Laundry Rm Game/Craft Rm Chapel/Prayer Rm Irrigated Lawns Walking Trails Pool

Exam Rm Beauty Salon Onsite Mgr Storage Units Playground Shuffleboard

Ceramic Tile Electric Pump

Applicant's Site Evaluation

Contact Name: First: David

Architect Company: Address: City: Phone

Contact Name: First: Jeff

Attorney Company: Address: City: Phone

Contact Name: First: Ron

Investor Company: Address: City: Phone

Contact Name: First: Chuck

Contact Name: First: Gaye

General Contractor Company: TBD Address: City: Phone UNK UNK

State: NC Zip: 27103 Email: Last:

Contact Name: First:

Project Team Experience

If Other, specify the type of Federal subsidy:

Projected Operating Costs

3,600 2,400 9,000 2,000

900 69,750 39,402

7,980 17,000 150 350 7,200

Projected Cash Flow Year One

20-Year Cash Flow

SEER: 11 Model: GKL 18 ; 24 ; & 30

Other Heat Systems

12,773 18,885 136,183

15,966 21,007 136,183 14,293 12,606 21,009 0 0

2,873 11,471 16,828

11,420 1,135 4,181

framing lumber reduced by 17,500 to match up new const. cost in pdc.sk

Costs - Bond Costs

Costs - Bond Issuance

Full Application Checklist

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