Wedgewood App

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Application
Tax Credits, RPP Loans, and/or Tax Exempt Bond Loans
Project Description
Project Name: Wedgewood Apartments (fka Chowan Court II Apartments)
Address: 101Davis Place
City: Edenton County: Chowan Zip: 27932
Census Tract: 9901 Block Group: 6
Is project in Qualified Census Tract or Difficult to Develop Area? Yes
Political Jurisdiction: 1st Congressional District

First:Roland Last:
Jurisdiction CEO Name: Title: Mayor
Vaughn
Jurisdiction Address: 500 South Broad Street
Jurisdiction City: Edenton Zip: 27932
Jurisdiction Phone: (252)482-2155
Site Latitude: 36.061996
Site Longitude: -76.61996
Project Type: Rehab

Is this project a previously awarded tax credit development? No
If yes, what is the project number: Is this a request for supplemental

credits?
New Construction/Adaptive Reuse:

Is this project a follow-on (Phase II, etc) to a previously-awarded tax credit development project?
If yes, list names of previous phase(s):
Rehab:
Number of residents holding Section 8 vouchers: 0
Will the project meet Energy Star standards as defined in Appendix B? No
Does a community revitalization plan exist? No

Will the project use steel and concrete construction and have at least 4 stories? No
Will the project include a Community Service Facility under IRS Revenue Ruling 2003-77?
No
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If yes, please describe:
Target Population:Family
Will the project be receiving project based federal rental assistance? Yes
If yes, provide the subsidy source: HUD and number of units: 50
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: 0
Persons with disabilities or homeless populations: 10% of the total units.
Number of Units: 5
Remarks: This is an existing project with very little turnover nor is permanent displacement of existing residents
anticipated. The Owner will make a good faith effort to give priority to the disabled for 5 units once existing
residents have had the opportunity to re-occupy the property after completion of the renovation.

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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: Chowan Court II, LLC
Address: P.O. Box 25168
City: Winston-Salem State: NC Zip: 27114-5168

Contact: First: Gaye Last:Morgan Title:Member
Telephone: (336)231-8125
Alt Phone: (336)765-0424
Fax: (336)765-3831
Email Address: gmorgan@cmc-nc.com

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

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Site Description
Total Site Acreage: 4.41 Total Buildable Acreage: 4.41

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? Yes

If yes:
(a) Briefly describe the situation:
Annualized occupancy for 2007 was 98%. Initially, some residents will be moved teporarily to locations off-
site but within the community in order to allow for the first group of units to be rehabilitated. Thereafter, it is
anticipated that displacement will be limited to temporary moves to other units within the project as units are
rehabilitated. This will serve to limit the inconvenience and disruption of the residents and increases the
likelihood that the residents will remain in the property, thus reducing vacancy loss. Temporary relocation is
necessitated due to the abatement and/or encapsulation of asbestos tile flooring.
(b) Will tenant displacement be temporary? Yes

(c) Will tenant displacement be permanent? No
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)?Yes
If yes provide:
Purchase Date: 10/19/2005 Purchase Price: 665,000
If no:
(a) Does the owner/principal or ownership entity have valid option/contract to purchase the property?
(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?
If yes, specify the relationship:
(c) Enter the current expiration date of the option/contract to purchase:
(D) Enter Purchase Price:

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Zoning
Present zoning classification of the site:R5 Residential
Is multifamily use permitted?Yes
Are variances, special or conditional use permits or any other item requiring a public hearing needed to develop this proposal?No
If yes, have the hearings been completed and permits been obtained?
If yes, specify permit or variance required and date obtained. If no, describe permits/variances required and schedule for obtaining
them:
Are there any existing conditions of historical significance located on the project site that will require State Historic Preservation office review?
No
If yes, describe below:
Are there any existing conditions of environmental significance located on the project site?Yes
If yes, describe below:
Asbestos Tile Flooring

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Ownership Entity
Owner Name: Chowan Court II, LLC

City: Winston-Salem State:NC Zip: 27114-5168
Federal Tax ID Number of Ownership Entity: 20-2943310 (If assigned)

Note: Do not submit social security numbers for individuals.
Entity Type: Limited Liability Company
Entity Status: Already 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: Chowan Court II, LLC

First Name: John Last Name: Eagan, Jr. Function: Managing Member
Phone: (336)765-6551 Fax: (336)765-3831
EMail: jeagan@cmc-nc.com Nonprofit: No

First Name: Gaye Last Name: Morgan Function: Member
Phone: (336)231-8125 Fax: (336)765-3831
EMail: gmorgan@cmc-nc.com Nonprofit: No

First Name: David Last Name: Eagan Function: Member
Phone: (336)231-8146 Fax: (336)765-3831
EMail: deagan@cmc-nc.com Nonprofit: No

First Name: John Last Name: Eagan, III Function: Member
Address: 218 North Main Street
City: Mooresville State: NC Zip: 28115
Phone: (704)663-6392 Fax: (704)663-4035

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EMail: jeagan@alltel.net Nonprofit: No

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Unit Mix
The Median Income for Chowan county is $48,100.
Low Income Units
Total # Monthly Utility Mandatory **Total

Type # BRs Net Sq.Ft. # Units Units Rent Allowance Serv. Fees Housing Exp.
Gdn Apt 1 582 3 2 392 111 0 503
Twn Hse 2 806 10 0 382 145 0 527
Twn Hse 2 806 16 0 444 145 0 589
Twn Hse 3 1079 10 0 424 179 0 603
Twn Hse 3 1079 10 0 516 179 0 695
Utilities included in rents: Water/Sewer Electric Gas Other Trash
Employee Units (will add to Low Income Unit total)

Utilities included in rents: Water/Sewer Electric Gas Other
Market Rate Units

Twn Hse 2 806 1 0 444 145 0 589
Utilities included in rents: Water/Sewer Electric Gas Other Trash
Statistics
All Gross Monthly

Units Units Rental Income
Low Income....... 49 2 21500
Market Rate....... 1 0 444
Totals............... 50 2 21944
Proposed number of residential buildings: 9 Maximum number of stories in buildings: 2
Project Includes:
Separate community building - Sq. Ft. (Floor Area): 1,371
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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: 54,589
Total Net Sq. Ft. (All Heated Areas): 53,876
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 3 targeted at 60 percent of median income affordable to
Total Low Income Units: 49
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 265,000 7.00 18 30 21,157
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) 1,237,881 0 30 30 0
State Tax Credit(Direct Refund)
Equity: Federal LIHTC 3,196,998
Non-Repayable Grant
Equity: Historic Tax Credits
Deferred Developer Fees
Owner Investment 121
Other - Specify:
Total Sources** 4,700,000
* "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. 82
Remarks concerning project funding sources:

(Please be sure to include the name of the funding source(s))
It is anticipated that either Apollo Capital Partners, Raymond James Tax Credit Fund or Enterprise

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will provide equity for this proposed rehab. All parties have expressed an interest and have
participated on prior tax credit developments with the developer and sponsors.

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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) 520,000
2 Demolition (Rehab / Adaptive Reuse only) 85,000 85,000
3 On-site Improvements 184,000 184,000
4 Rehabilitation 1,898,000 1,898,000
5 Construction of New Building(s)
6 Accessory Building(s) 145,000 145,000
7 General Requirements (max 6% lines 2-6) 138,720 138,720
8 Contractor Overhead (max 2% lines 2-7) 49,014 49,014
9 Contractor Profit (max 8% lines 2-7; 6% if Identity of Interest) 196,058 196,058
10 Construction Contingency (max 3% lines 2-9, Rehabs 6%) 161,748 161,748
11 Architect's Fee - Design (11 + 12 = max 3% lines 2-10) 40,000 40,000
12 Architect's Fee - Inspection 20,000 20,000
13 Engineering Costs 48,000 48,000
SUBTOTAL (lines 1 through 13) 3,485,540
14 Construction Insurance (prorate) 15,000 15,000
15 Construction Loan Orig. Fee (prorate) 20,000 20,000
16 Construction Loan Interest (prorate) 80,000 80,000
17 Construction Loan Credit Enhancement (prorate)
18 Construction Period Taxes (prorate) 18,500 18,500
19 Water, Sewer and Impact Fees 5,000 5,000
20 Survey 6,500 6,500
21 Property Appraisal 5,500 5,500
22 Environmental Report 8,000 8,000
23 Market Study 4,300 4,300
24 Bond Costs
25 Bond Issuance Costs
26 Placement Fee
27 Permanent Loan Origination Fee 2,650
28 Permanent Loan Credit Enhancement
29 Title and Recording 10,375

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SUBTOTAL (lines 14 through 29) 175,825
30 Real Estate Attorney 30,000 30,000
31 Other Attorney's Fees 10,000 10,000
32 Tax Credit Application Fees (Preliminary and Full) 2,200
33 Tax Credit Allocation Fee (0.60% of line 59, minimum $7,500) 28,970
34 Cost Certification / Accounting Fees 12,000 12,000
35 Tax Opinion
36 Organizational (Partnership) 1,200
37 Tax Credit Monitoring Fee 35,000
38 Furnishings and Equipment 35,000 35,000
39 Relocation Expense 100,000 100,000
40 Developer's Fee 474,500 474,500
41 Other Basis Expense (specify)
42 Other Basis Expense (specify)
43 Rent-up Expense 35,751
44 Other Non-basis Expense (specify) Relocation Expense
45 Other Non-basis Expense (specify)
46 Rent up Reserve 15,000
47 Operating Reserve 114,014
48 Other Reserve (specify)
49 Other Reserve (specify)
50 DEVELOPMENT COST (lines 1-49) 4,555,000 0 3,789,840
51 Less Federal Financing
52 Less Disproportionate Standard
53 Less Nonqualified Nonrecourse Financing
54 Less Historic Tax Credit 0
55 TOTAL ELIGIBLE BASIS 3,789,840 0 3,789,840
56 Applicable Fraction (percentage of LI Units) 98.00% 98% 98%
57 Basis Before Boost 3,714,043 0 3,714,043
58 Boost for QCT/DDA (if applicable, enter 130%) 100.00% 130.00%
59 TOTAL QUALIFIED BASIS 4,828,256 0 4,828,256

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60 Tax Credit Rate 3.40 8.50
61 Federal Tax Credits at Estimated Rate 410,402 0 410,402
62 Federal Tax Credits at 9.00% or 3.75% (maximum $1,000,000) 434,543 0 434,543
63 Federal Tax Credits Requested 0
64 Land Cost 145,000
65 TOTAL REPLACEMENT COST 4,700,000
FEDERAL TAX CREDITS IF AWARDED 434,543
Comments:
Total Replacement Cost per unit: 57,151

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Market Study Information

Please provide a detailed description of the proposed project:
The proposed project will include the substantial rehabilitation of a 50-unit townhouse/garden apartment
complex developed in 1979 and financed with 515 Rural Development Housing Program loan funds through
the USDA's Farmers Home Administration. There are nine (9) residential buildings containing 3 - 1BR/1
Bath units, 27 - 2BR/1.5 Bath units and 20 - 3BR/1.5 Bath units. There is a small space attached to one of
the residential buildings which currently houses a small rental office and maintenance shop. The plan is to
renovate the space to utilize for maintenance and storage. There is no laundry, community space or
common amenities currently.
The buildings are structurally sound but suffer from age, obsolescence and lack of modern amenities. The
plans for the project include replacing out-dated and inefficient heating/air conditioning systems with high
energy-efficient heat pumps, replacing all windows with vinyl low-E glass insulated windows, replacing
exterior doors, installing new storm doors, new patios with enclosed fencing and new exterior lighting. Other
significant repairs/replacements that must be addressed include electrical breaker panels, and GFI outlets
in the kitchens and bathrooms. To improve the appearance of the buildings, gable-covered entrances will
be added to each unit, round columns at front porches, additional building accents and new gutters/
downspouts installed.
The interiors of the units require substantial renovation and modernization. While there have been sporadic
upgrades in some units over the years, all of the units require upgrading. As a result of a Phase I
Environmental Assessment performed in 2004, asbestos was observed in some flooring which will require
abatement and/or encapsulation during the rehabilitation of the units. Bathroom wall-hung sinks, toilets,
plumbing fixtures and cabinets will be replaced in existing baths. The refrigerators and stoves will be
replaced with frost-free refrigerators with icemakers and stoves with self-cleaning ovens. New appliances
will include a dishwasher and disposal. Appliances will be energy star-compliant. Most cabinetry and
countertops will require replacement due to age, appearance and condition. The floors in all units will be
replaced with carpet in living areas and new vinyl in kitchens and baths. Interior walls will undergo
sheetrock repairs and painting and all interior doors, frames and hardware will be replaced. Units will have
new updated light fixtures and mini-blinds.
In addition, the developer plans to construct a Community Center of approximately 1371 net heated square
feet, which will not only include a rental office and laundry facility; but will include space for resident
activities including a computer lab, business center, activity/game room with TV and resource center. The
community center will also have a public restroom and kitchenette. The property will employ an onsite
manager and maintenance supervisor and as needed, part-time leasing and janitorial staff.
Site improvements will include restoration of the existing parking areas, a new mail kiosk, new playground
equipment, outdoor seating areas, a picnic area with grill and covered picnic shelter. Existing landscaping
will be augmented with new plantings. Existing clotheslines will also be removed from the property.
For specific detail of planned rehabilitation of the physical aspects, see attached Scope of Work.
The goal of the rehabilitation of Chowan Court II is to improve the quality of life of the residents not only
through the physical improvement of their living environment but also in the provision of community
services. The Town of Edenton shares this vision by their support of this application.
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:
Vinyl shutters, Vinyl insulated Low-E glass windows and full view tempered glass storm doors.

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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:
Furnished Community Center/Building with Kitchenette, Computer Lab, Business Center, and Management
Offices. Other amenities planned include a fenced Playground/Tot Lot, Picnic Area with grill, Picnic Shelter,
Mail Kiosk, Outdoor Seating Areas and other recreational amenities.
Onsite Activities:
A Computer Lab and Business Center will be located within the Community Center to allow residents
access to the internet and to provide the necessary tools for computer-related training and adult educational
courses. Service coordination will be provided to link programs and services available in the community to
the residents. Particular emphasis will be placed on programs for children; including, but not limited to after-
school and summer activities.
Landscaping Plans:
Existing lawns are mature but landscaping at the site is overgrown and unmanageable. Plans include
extensive re-landscaping.
Interior Apartment Amenities:

13 seer energy efficient heat pumps to provide central heating and air conditioning, stove with self-cleaning
oven, frost-free refrigerator with ice-maker, dishwasher, disposal, carpet/vinyl flooring and storm doors.
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.
The property is located within a well established residential neighborhood that has remained relatively
stable over the last 10 to 15 years. Most of the economic growth has been in other areas within Edenton.
The physical condition of the buildings and improvements are functionally sound but suffer from age and
lack of modernization. There is no concentration of affordable housing in the immediate area with the other
affordable housing in Edenton being located outside of the immediate neighborhood throughout the town.
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 property is located within a well established residential
neighborhood. The areas to the immediate south and west of the property are comprised of vacant land and
low density residential development. The areas north and east of the property are primarily comprised of
single family homes. There are no large scale industrial, institutional or incompatible uses within the
surrounding neighborhood.
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. Access to the property is by way of Martin Luther King Boulevard (formerly
West Albemarle), a public road running east and west to the north of the site. MLK is a widely traveled road
and is a connector to more major thoroughfares in Edenton. The surrounding roads that service the area
contain adequate traffic controls, namely stop signs and pose no additional burdens on public facilities. The
Town of Edenton has a very limited mass transit system that consists of a few trolleys through the more
historical parts of town. The closest trolley stop is approximately 3/4 mile from the property. The buildings
and project sign are clearly visible from the access points.
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 major negative features or physical barriers that will impede rehabilitation of this property. The
existence of asbestos in the floor tile mastic that will need to be encapsulated will make the rehabilitation
more difficult but does not present an obstacle to the successful completion of the proposed rehabilitation.

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

The project is similar in construction to much of the surrounding residential housing.
For each applicable neighborhood feature, enter distance from project in miles.
3 Community/Senior
2 Grocery Store
Center
2 Mall/Strip Center 2 Hospital
3 Outdoor Athletic Fields 4 Pharmacy
10 Day Care/After School 2 Basic Health Care
3 Schools
Public Transportation
Stop
1 Convenience Store
2 Public Parks
2 Gas Station
2 Library
Other facilities or services:

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Development Team
Provide contact information for development team members below:
Management Agent
Company: Community Managment Corporation
Phone (336)231-8146 Email: deagan@cmc-nc.com
Contact Name: First: David Last: Eagan
Architect
Company: Ross/Deckard ARchitects, PA
Address: 3200Atlantic Avenue, Suite 110
City: Raleigh State: NC Zip: 27604
Phone (919)875-0001 Email: jr@rossdeckardarchitects.com
Contact Name: First: JR Last: Ross
Attorney
Company: Blanco Tackabery
Address: 110 South Stratford Road
City: Winston-Salem State: NC Zip: 27104
Phone (336)293-9013 Email:
Contact Name: First: Carrie Last: Scogin
Investor
Company: Apollo Equity Partners
Address: 2101 Rexford Road, Suite 375W
City: Charlotte State: NC Zip: 27211
Phone (980)233-6462 Email: brian.flanagan@rbc.com
Contact Name: First: Brian Last: Flanagan
Consultant/Application Preparer (if different from developer)

Company:
Address:
City: State: Zip:
Phone Email:
Contact Name: First: Last:

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General Contractor Identity of Interest?

Company: Mutual Builders, Inc.
City: Smithfield State: NC Zip: 27577
Phone (919)934-0882 Email: millard.stallings@mutualbuildersinc.com
Contact Name: First: Millard Last: Stallings

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Projected Operating Costs

Project Operations (Year One)
Administrative Expenses
Advertising 1,200
Office Salaries 2,600
Office Supplies 7,200
Office or Model Apartment Rent 2,400
Management Fee
Manager or Superintendent Salaries 21,600
Manager or Superintendent Rent Free Unit 18,000
Legal Expenses (Project)
Auditing Expenses (Project) 1,500
Bookkeeping Fees/Accounting Services 3,500
Telephone and Answering Service 600
Bad Debts 3,200

Other Administrative Expenses (specify):
1,000
Training/Seminars/Mileage
SUBTOTAL 62,800
Utilities Expense
Fuel Oil
Electricity (Light and Misc. Power) 10,600
Water 10,000
Gas
Sewer 10,000
SUBTOTAL 30,600
Operating and Maintenance Expenses
Janitor and Cleaning Payroll 1,200
Janitor and Cleaning Supplies 600
Janitor and Cleaning Contract 2,600
Exterminating Payroll/Contract 900
Exterminating Supplies 120
Garbage and Trash Removal 2,400
Security Payroll/Contract
Grounds Payroll 1,200

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Grounds Supplies 1,800
Grounds Contract 12,000
Repairs Payroll 18,000
Repairs Material 2,000
Repairs Contract 1,800
Elevator Maintenance/Contract
Heating/Cooling Repairs and Maintenance 2,400
Swimming Pool Maintenance/Contract
Snow Removal
Decorating Payroll/Contract 6,000
Decorating Supplies 1,500

Other (specify):
1,000
Gas, Oil and Mileage
Miscellaneous Operating & Maintenance Expenses
SUBTOTAL 55,520
Taxes and Insurance
Real Estate Taxes 18,000
Payroll Taxes (FICA) 4,800
Miscellaneous Taxes, Licenses and Permits
Property and Liability Insurance (Hazard) 9,000
Fidelity Bond Insurance 250
Workmen's Compensation 1,200
Health Insurance and Other Employee Benefits 5,200

Other Insurance:
SUBTOTAL 38,450
Supportive Service Expenses
Service Coordinator
Service Supplies 800
Tenant Association Funds 600

Other Expenses (specify):
600
Training & Mileage
SUBTOTAL 2,000
Reserves
Replacement Reserves 17,500
SUBTOTAL 17,500

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TOTAL OPERATING EXPENSES 206,870

ADJUSTED TOTAL OPERATING EXPENSES
(Does not include taxes, reserves and resident support services) * 169,370
TOTAL UNITS
50
(from total units in the Unit Mix section)
PER UNIT PER YEAR 3,387

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Projected Cash Flow
Year One
OPERATING INCOME
Gross rental income
(from Unit Mix - Total Monthly Rent) 263,328
Stores and Commercial
Laundry and Vending 7,500

Other (specify):
10,500
Interest Income/Late Charges/Damages/RR Withdrawals
Total Gross Income Potential at 100% Occupancy 281,328
Seven Percent Vacancy Allowance 19,693
NET RENTAL/OTHER INCOME 261,635

TOTAL OPERATING EXPENSES
206,870
(from Projected Operating Costs)
NET OPERATING INCOME 54,765
DEBT SERVICE
(from Funding Sources Loans) 21,157
NET CASH FLOW 33,608

DEBT COVERAGE RATIO
(Must not be less than 1.15) 2.589
20-Year Cash Flow
Year 1 2 3 4 5 6 7 8 9 10
Net Rental/Other Income* 261,635 269,484 277,569 285,896 294,473 303,307 312,406 321,778 331,431 341,374
Total Operating Expenses* 206,870 215,145 223,751 232,701 242,009 251,689 261,757 272,227 283,116 294,441
Debt Service 21,157 21,157 21,157 21,157 21,157 21,157 21,157 21,157 21,157 21,157
Net Cash Flow 33,608 33,182 32,661 32,038 31,307 30,461 29,492 28,394 27,158 25,776
Debt Coverage Ratio 2.589 2.568 2.544 2.514 2.48 2.44 2.394 2.342 2.284 2.218
Year 11 12 13 14 15 16 17 18 19 20
Net Rental/Other Income* 351,615 362,163 373,028 384,219 395,746 407,618 419,847 432,442 445,415 458,777
Total Operating Expenses* 306,219 318,468 331,207 344,455 358,233 372,562 387,464 402,963 419,082 435,845
Debt Service 21,157 21,157 21,157 21,157 21,157 21,157 21,157 21,157 21,157 21,157
Net Cash Flow 24,239 22,538 20,664 18,607 16,356 13,899 11,226 8,322 5,176 1,775
Debt Coverage Ratio 2.146 2.065 1.977 1.879 1.773 1.657 1.531 1.393 1.245 1.084
* 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.

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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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Minimum Set-Asides
MINIMUM REQUIRED SET ASIDES (No Points Awarded):
Select one of the following two options:
20% of the units are rent restricted and occupied by households with incomes at or below 50% of the median income (Note: No Tax
Credit Eligible Units in the the project can exceed 50% of median income)
40% of the units are rent restricted and occupied by households with incomes at or below 60% of the median income (Note: No Tax
Credit Eligible Units in the the project can exceed 60% of median income)
If requesting RPP funds:

40% of the units are occupied by households with incomes at or below 50% of median income.
State Tax Credit and QAP Targeting Points:

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
At least five percent (5%) of qualified units will be affordable to and occupied by households with incomes at or below forty percent
Eligible for targeting 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

Print - APP08-0143
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 (signed copies)
C Ownership Entity Agreement, Development Agreement or any other agreements governing development services
D Management Agent Agreement
E Owner and Management Experience & Management Questionnaire (Appendix C)
F Local Government Letter or Letter from Certified Engineer or Land Surveyor Confirming Floodplain Designation with Map
showing all flood zones (original on letterhead, no fax or photocopies)
G Local Government Letter Confirming Zoning including any pending notices or hearings (original on letterhead, no fax or
photocopies)
H Letters from Local Utility Providers regarding availability and capacity (original on letterhead, no fax or photocopies)
I Documentation from utility company or local PHA to support estimated utility costs
J Appraisal (required for land costs greater than $15,000 and for all Adaptive Re-use and Rehab projects)
K Site plan, floor plans and elevations for all projects. Scope of work for Adaptive Re-use and Rehab projects. (Full Size, 24 x 36
inches)
L Hazard and structural inspection and termite reports (Adaptive Re-use and Rehab projects only)
M Copy of certificate of occupancy or proof of placed-in-service date (Rehabs Only)
N Proposed Relocation Plan including relocation budget and copies of notices. Required for all Rehabs and any projects
involving existing occupants of any dwellings to be rehabbed or demolished.
O Evidence of Permanent Loan Commitment and other sources of funds ( i.e. Equity letter, AHP, RD and local government
funds). For Rehabs with existing loans provide 1) copies of loan documents, 2) current loan balances from existing lenders with
reserve balances, 3) letter from lender that outlines assumption requirements.
P Local Housing Authority Agreement and Project Based Rental Assistance Letter, if applicable (Sample letters provided in
Appendix I). For projects with existing PBRA contracts, provide a copy of the current contract and bank statement or other
documentation verifying reserve balances and annual reserve contribution requirements.
Q Statement regarding terms of Deferred Developer Fee. If a nonprofit is involved, a resolution from their board approving
deferral of fee is required.
R Inducement Resolution (Tax-Exempt Bond Financed Projects only)

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City: Edenton County: Chowan Zip: 27932

Census Tract: 9901 Block Group: 6

Is project in Qualified Census Tract or Difficult to Develop Area? Yes

Political Jurisdiction: 1st Congressional District

Jurisdiction City: Edenton Zip: 27932

Jurisdiction Phone: (252)482-2155

Site Latitude: 36.061996

Site Longitude: -76.61996

Project Type: Rehab

If yes, what is the project number: Is this a request for supplemental

New Construction/Adaptive Reuse:

Will the project meet Energy Star standards as defined in Appendix B? No

Does a community revitalization plan exist? No

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If yes, please describe:

If yes, provide the subsidy source: HUD and number of units: 50

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City: Winston-Salem State: NC Zip: 27114-5168

Alt Phone: (336)765-0424

Email Address: gmorgan@cmc-nc.com

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Total Site Acreage: 4.41 Total Buildable Acreage: 4.41

Storm Sewer Water Sanitary Sewer Electric

Is the demolition of any buildings required or planned? No

Are existing buildings on the site currently occupied? Yes

(b) Will tenant displacement be temporary? Yes

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Purchase Date: 10/19/2005 Purchase Price: 665,000

(c) Enter the current expiration date of the option/contract to purchase:

(D) Enter Purchase Price:

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Is multifamily use permitted?Yes

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Owner Name: Chowan Court II, LLC

City: Winston-Salem State:NC Zip: 27114-5168

Federal Tax ID Number of Ownership Entity: 20-2943310 (If assigned)

Org: Chowan Court II, LLC

Phone: (336)765-6551 Fax: (336)765-3831

EMail: jeagan@cmc-nc.com Nonprofit: No

Org: Chowan Court II, LLC

Phone: (336)231-8125 Fax: (336)765-3831

EMail: gmorgan@cmc-nc.com Nonprofit: No

Org: Chowan Court II, LLC

Phone: (336)231-8146 Fax: (336)765-3831

EMail: deagan@cmc-nc.com Nonprofit: No

Org: Chowan Court II, LLC

Phone: (704)663-6392 Fax: (704)663-4035

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EMail: jeagan@alltel.net Nonprofit: No

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Low Income Units

Total # Monthly Utility Mandatory **Total

Gdn Apt 1 582 3 2 392 111 0 503

Twn Hse 2 806 10 0 382 145 0 527

Twn Hse 2 806 16 0 444 145 0 589

Twn Hse 3 1079 10 0 424 179 0 603

Twn Hse 3 1079 10 0 516 179 0 695

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

Employee Units (will add to Low Income Unit total)

Total # Monthly Utility Mandatory **Total