Brentwood Village

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Print Preview - Preliminary

Application
Tax Credits, RPP Loans, and/or Tax Exempt Bond Loans
Project Description
Project Name: Brentwood Village
Address: 208 Bretnwood Drive
City: Beaufort County: Carteret Zip: 28516
Census Tract: 9703.00 Block Group: 4011
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? No
Political Jurisdiction: Town of Beaufort

First:RIchard Last:
Jurisdiction CEO Name: Title: Mayor
Stanley
Jurisdiction Address: PO Box 390
Jurisdiction City: Beaufort Zip: 28516
Jurisdiction Phone: (252)728-2141
Site Latitude: 34.7267
Site Longitude: -76.6488
Project Type: Rehab
Is this project a previously awarded tax credit development?

No
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? Yes
Does a community revitalization plan exist? No

Will the project use steel and concrete construction and have at least 4 stories? Yes
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Will the project include a Community Service Facility under IRS Revenue Ruling 2003-77?
No
If yes, please describe:
Target Population:Family
Will the project be receiving project based federal rental assistance? Yes
If yes, provide the subsidy source: RD and number of units: 46

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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: Wynnefield Properties, Inc.
Address: PO Box 395
City: Jamestown State: NC Zip: 27282

Contact: First: Patty Last:Reeder Title:Asst. VP
Telephone: (336)454-6134
Alt Phone: (336)906-1856
Fax: (336)454-6190
Email Address: patty.ray@wynnefieldproperties.com

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

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Site Description
Total Site Acreage: 5.83 Total Buildable Acreage: 5.83

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:
Brentwood is an existing USDA project that we are proposing to rehab. The rehab would address items
indicated as needs in CNA conducted by USDA. Additionally, we proposed adding new architectural
features to the buildings and constructing a new office facility.
(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)?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?Yes
If yes, specify the relationship:
General Partner/ Managing Member
(c) Enter the current expiration date of the option/contract to purchase: 8/31/2009
(D) Enter Purchase Price: 2,290,000

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Zoning
Present zoning classification of the site:R-8
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?No
If yes, describe below:

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Ownership Entity
Owner Name: Brentwood Village LLC

Address: PO Box 395
City: Jamestown State:NC Zip: 27282
Federal Tax ID Number of Ownership Entity: (If assigned)

Note: Do not submit social security numbers for individuals.
Entity Type: Limited Liability Company
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: Brentwood Village Manager, LLC

First Name: Norwood Last Name: Stone Function: Managing Member
Address: PO Box 395
Phone: (336)454-6134 Fax: (336)454-6190
EMail: norcon1@aol.com Nonprofit: No
Org: Brentwood Village Manager LLC

First Name: Craig Last Name: Stone Function: Member
Address: PO Box 395
Phone: (336)454-6134 Fax: (336)454-6190
EMail: craig@wynnefieldproperties.com Nonprofit: No

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Unit Mix
The Median Income for Carteret county is $57,000.
Low Income Units
Total # Monthly Utility Mandatory **Total

Type # BRs Net Sq.Ft. # Units Units Rent Allowance Serv. Fees Housing Exp.
Gdn Apt 1 675 12 1 462 100 0 562
Gdn Apt 2 850 34 1 622 108 0 730
Utilities included in rents: Water/Sewer Electric Gas Other
Employee Units (will add to Low Income Unit total)

Market Rate Units

Statistics
All Gross Monthly

Units Units Rental Income
Low Income....... 46 2 26692
Market Rate.......
Totals............... 46 2 26692
Proposed number of residential buildings: 9 Maximum number of stories in buildings: 1
Project Includes:
Separate community building - Sq. Ft. (Floor Area): 1,272
Community space within residential bulding(s) - Sq. Ft. (Floor Area):
Elevators - Number of Elevators:
Square Footage Information

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Gross Floor Square Footage: 39,397
Total Net Sq. Ft. (All Heated Areas): 38,250
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: 6
Number of Units Required: 6

Persons with disabilities or homeless populations.
Number of Units: 0
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 12 targeted at 60 percent of median income affordable to/occupied by
2 34 targeted at 60 percent of median income affordable to/occupied by
Total Low Income Units: 46
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 580,447 ✔ 2.00 20 20
Local Gov. Loan - Specify:
RD 515 Loan
RD 538 Loan - Specify:
AHP Loan
Other Loan 1 - Specify:

1,425,000 ✔ 1.00 40 40
USDA Assumable Loan
Tax Exempt Bonds
State Tax Credit(Loan) 921,588 0 30 30 0
State Tax Credit(Direct Refund)
Equity: Federal LIHTC 2,098,144
Non-Repayable Grant
Equity: Historic Tax Credits
Deferred Developer Fees
Owner Investment
Other - Specify:
Total Sources** 5,025,179
* "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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Loans with Variable Amortization

Please fill in the annual debt service as applicable for the first 20 years of the project life.
RPP Loan
Year: 1 2 3 4 5 6 7 8 9 10
Amt: 14725 15287 15806 16279 16702 17074 17392 17651 17849 17982
11 12 13 14 15 16 17 18 19 20
Year:
Amt: 18047 18040 17957 17795 17548 17213 16785 16259 15631 282
Other Loan 1 - USDA Assumable Loan
Year: 1 2 3 4 5 6 7 8 9 10
Amt: 46547 46547 46547 46547 46547 46547 46547 46547 46547 46547
Year: 11 12 13 14 15 16 17 18 19 20
Amt: 46547 46547 46547 46547 46547 46547 46547 46547 46547 46547

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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) 2,090,000 2,090,000
2 Demolition (Rehab / Adaptive Reuse only)
3 On-site Improvements 61,000 61,000
4 Rehabilitation 1,340,000 1,340,000
5 Construction of New Building(s)
6 Accessory Building(s)
7 General Requirements (max 6% lines 2-6) 84,060 84,060
8 Contractor Overhead (max 2% lines 2-7) 29,701 29,701
9 Contractor Profit (max 8% lines 2-7; 6% if Identity of Interest) 90,886 90,886
10 Construction Contingency (max 5% lines 2-9, Rehabs 10%) 96,339 96,339
11 Architect's Fee - Design (11 + 12 = max 3% lines 2-10) 30,000 30,000
12 Architect's Fee - Inspection 3,960 3,960
13 Engineering Costs
SUBTOTAL (lines 1 through 13) 3,825,946
14 Construction Insurance (prorate) 12,000 12,000
15 Construction Loan Orig. Fee (prorate) 17,889 17,889
16 Construction Loan Interest (prorate) 147,587 140,207
17 Construction Loan Credit Enhancement (prorate)
18 Construction Period Taxes (prorate)
19 Water, Sewer and Impact Fees
20 Survey 7,500 7,500
21 Property Appraisal 8,000 8,000
22 Environmental Report 8,100 8,100
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 2,000
SUBTOTAL (lines 14 through 29) 207,376
30 Real Estate Attorney 20,000 20,000
31 Other Attorney's Fees 22,500 22,500
32 Tax Credit Application Fees (Preliminary and Full) 2,300
33 Tax Credit Allocation Fee (0.62% of line 60, minimum $7,500) 18,585
34 Cost Certification / Accounting Fees 8,500 8,500
35 Tax Opinion 2,000
36 Organizational (Partnership) 2,000
37 Tax Credit Monitoring Fee 32,200
38 Furnishings and Equipment 20,000 20,000
39 Relocation Expense
40 Developer's Fee 483,000 483,000
41 Additional Contigency (greater of $500/unit or $30,000) 30,000 30,000
42 Other Basis Expense (specify)
43 Other Basis Expense (specify)
44 Rent-up Expense 10,000
45 Other Non-basis Expense (specify)
46 Other Non-basis Expense (specify)
47 Rent up Reserve 13,800
48 Operating Reserve 126,972
49 Other Reserve (specify)
50 Other Reserve (specify)
51 DEVELOPMENT COST (lines 1-49) 4,825,179 2,090,000 2,517,942
52 Less Federally Funded Grant
53 Less Disproportionate Standard
54 Less Nonqualified Nonrecourse Financing
55 Less Historic Tax Credit 0
56 TOTAL ELIGIBLE BASIS 4,607,942 2,090,000 2,517,942
57 Applicable Fraction (percentage of LI Units) 100.00% 100% 100%

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58 Basis Before Boost 4,607,942 2,090,000 2,517,942
59 Basis Boost of up to 130% 100.00% 100.00%
60 TOTAL QUALIFIED BASIS 4,607,942 2,090,000 2,517,942
61 Tax Credit Rate 3.50 9.00
62 Federal Tax Credits (maximum $1,300,000) 304,990 73,150 226,615
63 Federal Tax Credits Requested (if less than line 62) 299,765 73,150 226,615
64 Land Cost 200,000
65 TOTAL REPLACEMENT COST 5,025,179
FEDERAL TAX CREDITS IF AWARDED 304,990
Comments:
Total Replacement Cost per unit 109,243

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Market Study Information

Please provide a detailed description of the proposed project:
Brentwood is an existing USDA project that we are proposing to rehab. The rehab would address items
indicated as needs in CNA conducted by USDA. Additionally, we proposed adding new architectural
features to the buildings and constructing a new office facility.
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:
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:
A new Community Building will be built iwth a playground, covered picnic
Onsite Activities:
Additional community activities, such as holiday parties, National Night Out annual cookout and
educational /informative meetings will be scheduled in the community room. All community space activities
will be coordinated through our community building.

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Landscaping Plans:
The existing mature landscaping is well maintained and attractive. During the rehab, we will selectively
prune shrubs and trees and make selective additions to the landscaping.
Interior Apartment Amenities:
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.
Brentwood Village is located near residentail and commercial land uses which are all trending in a positive
manner. Surrounding uses are well maintained. Directly adjacent to the site is the wall maintained elderly
faciliity . Highway 70 and the surrouding are have healthy economic outlook with moderate managed
growth.
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 surrounding land use is suitable to the subject property with a
mix of commercial and residential use which further compliments the site. The surrounding land use pattern
is in balance and looks to continue to grow positively.
SITE SUITABILITY
Adequate traffic safety controls (i.e. stop lights, speed limits, turn lanes). Burden on public facilities
(particularly roads). Access to mass transit (if applicable). Visibility of buildings and/or location of project sign
(s) in relation to traffic corridors. The site is currently being used with adequate traffic safety controls in place.
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 and phpysical barriers that will delay project construction or adversly affect
the tenants.
Similarity of scale and aesthetics/architecture between project and surroundings.

Surrounding projects are a mix of uses which compliment our existing community.
For each applicable neighborhood feature, enter distance from project in miles.
.16 Grocery Store 16 Community/Senior Center

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5. Mall/Strip Center 6 Hospital
.68 Outdoor Athletic .16 Pharmacy

Fields
1 Day Care/After 6 Basic Health Care

School
.23 Public Transportation

Schools
Stop
.16 Convenience Store .68 Public Parks
.16 Gas Station 1.08 Library
Other facilities or services:

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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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City: Beaufort County: Carteret Zip: 28516

Census Tract: 9703.00 Block Group: 4011

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

Political Jurisdiction: Town of Beaufort

Jurisdiction City: Beaufort Zip: 28516

Jurisdiction Phone: (252)728-2141

Site Latitude: 34.7267

Site Longitude: -76.6488

Project Type: Rehab

Is this project a previously awarded tax credit development?

New Construction/Adaptive Reuse:

If yes, list names of previous phase(s):

Does a community revitalization plan exist? No

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If yes, provide the subsidy source: RD and number of units: 46

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City: Jamestown State: NC Zip: 27282

Alt Phone: (336)906-1856

Email Address: patty.ray@wynnefieldproperties.com

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Total Site Acreage: 5.83 Total Buildable Acreage: 5.83

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: Purchase Price:

(D) Enter Purchase Price: 2,290,000

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Is multifamily use permitted?Yes

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Owner Name: Brentwood Village LLC

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

Org: Brentwood Village Manager, LLC

Phone: (336)454-6134 Fax: (336)454-6190

EMail: norcon1@aol.com Nonprofit: No

Org: Brentwood Village Manager LLC

Phone: (336)454-6134 Fax: (336)454-6190

EMail: craig@wynnefieldproperties.com Nonprofit: No

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Low Income Units

Total # Monthly Utility Mandatory **Total

Gdn Apt 1 675 12 1 462 100 0 562

Gdn Apt 2 850 34 1 622 108 0 730

Utilities included in rents: Water/Sewer Electric Gas Other

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....... 46 2 26692

Proposed number of residential buildings: 9 Maximum number of stories in buildings: 1

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

Elevators - Number of Elevators:

Square Footage Information

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Gross Floor Square Footage: 39,397

Total Net Sq. Ft. (All Heated Areas): 38,250