Pine Trace

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Print Preview - Preliminary

Application
Tax Credits, RPP Loans, and/or Tax Exempt Bond Loans
Project Description
Project Name: Pine Trace
Address: Columbus Drive
City: Aberdeen County: Moore Zip: 28315
Census Tract: 307D Block Group: 951100
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 Aberdeen

First:Elizabeth Last:
Jurisdiction CEO Name: Title: Mayor
Mofield
Jurisdiction Address: P.O. Box 785
Jurisdiction City: Aberdeen Zip: 28315
Jurisdiction Phone: (910)944-1115
Site Latitude: 35.154881
Site Longitude: -79.423137
Project Type: New Construction
Is this project a previously awarded tax credit

development?
New Construction/Adaptive Reuse:

Is this project a follow-on (Phase II, etc) to a previously-awarded tax credit development project? No
If yes, list names of previous phase(s):

Rehab:
Number of residents holding Section 8
vouchers:
Will the project meet Energy Star standards as defined in Appendix B? Yes
Does a community revitalization plan exist? No

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

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Applicant Information
Indicate below an individual or a validly existing entity (a corporation, nonprofit, limited partnership or LLC) as the official applicant. Under
QAP Section III(C)(5) only this individual or entity will be able to make decisions with regard to this application. If awarded the applicant
must become part of the ownership entity. The applicant will execute the signature page for this application.
Applicant Name: 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: 8 Total Buildable Acreage: 4

If buildable acreage is less than total acreage, please explain:
Thh property includes an active creek which contains jurisdictional wetland. Overall there is adqueate land
to comfortably accompdate the proposed units.
Identify utilities and services currently available (and with adequate capacity) for this site:
Storm Sewer Water Sanitary Sewer Electric
Is the demolition of any buildings required or planned? No

If yes, please describe:
Are existing buildings on the site currently occupied? No

If yes:
(a) Briefly describe the situation:
(b) Will tenant displacement be temporary?

(c) Will tenant displacement be permanent?
Is the site directly accessed by an existing, paved, publicly maintained road? No

If no, please explain:
Proposed development would include the extension of Columbus Drive to provide site access.
Is any portion of the site located inside the 100 year floodplain? No
If yes:
(a) Describe placement of project buildings in relation to this area:

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(b) Describe flood mitigation if the project will have improvements within the 100 year floodplain:

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Site Control
Does the owner have fee simple ownership of the property (site/buildings)?No
If yes provide:
Purchase Date: Purchase Price:
If no:
(a) Does the owner/principal or ownership entity have valid option/contract to purchase the property?Yes
(b) Does an identity of interest (direct or indirect) exist between the owner/principal or ownership entity with the option/contract for
purchase of the property and the seller of the property?No
If yes, specify the relationship:
(c) Enter the current expiration date of the option/contract to purchase: 8/31/2000
(D) Enter Purchase Price: 500,000

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Zoning
Present zoning classification of the site:R-20
Is multifamily use permitted?No
Are variances, special or conditional use permits or any other item requiring a public hearing needed to develop this proposal?Yes
If yes, have the hearings been completed and permits been obtained?No
If yes, specify permit or variance required and date obtained. If no, describe permits/variances required and schedule for
obtaining them:
Property to be rezoned to B-3. Zoning petition to be heard by the Planning Board on 2/19/09 and then
considered by the Town Council on 3/9/09.
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: Pine Trace 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: Pine Trace Manager, LLC

First Name: Norwood Last Name: STone Function: Managing Member
Address: PO Box 395
City: Jamestown State: NC Zip: 27282
Phone: (336)454-6134 Fax: (336)454-6190
EMail: Norcon1@aol.com Nonprofit: No

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Unit Mix
The Median Income for Moore county is $60,300.
Low Income Units
Total # Monthly Utility Mandatory **Total

Type # BRs Net Sq.Ft. # Units Units Rent Allowance Serv. Fees Housing Exp.
Gdn Apt 2 950 11 3 375 130 0 505
Gdn Apt 2 950 11 0 505 130 0 635
Gdn Apt 2 950 18 0 525 130 0 655
Gdn Apt 3 1125 3 2 440 157 0 597
Gdn Apt 3 1125 3 1 555 157 0 712
Gdn Apt 3 1125 10 0 595 157 0 752
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

Utilities included in rents: Water/Sewer Electric Gas Other
Statistics
All Gross Monthly

Units Units Rental Income
Low Income....... 56 6 28065
Market Rate.......
Totals............... 56 6 28065
Proposed number of residential buildings: 7 Maximum number of stories in buildings: 2
Project Includes:
Separate community building - Sq. Ft. (Floor Area): 1,336

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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: 63,642
Total Net Sq. Ft. (All Heated Areas): 57,336
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: 3
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 %
2 11 targeted at 40 percent of median income affordable to/occupied by
Total Low Income Units: 56
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 943,220 7.50 30 30 79,142
RPP Loan 800,000 ✔ 2.00 20 20
Local Gov. Loan - Specify:
RD 515 Loan
RD 538 Loan - Specify:
AHP Loan
Other Loan 1 - Specify:
Tax Exempt Bonds
State Tax Credit(Loan) 1,118,866 0 30 30 0
State Tax Credit(Direct Refund)
Equity: Federal LIHTC 3,524,075
Non-Repayable Grant
Equity: Historic Tax Credits
Deferred Developer Fees
Owner Investment
Other - Specify:
Total Sources** 6,386,161
* "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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At the end of 20 years there will be a RPP balloon payment of approximately 502,433.
Loans with Variable Amortization

Please fill in the annual debt service as applicable for the first 20 years of the project life.
RPP Loan
1 2 3 4 5 6 7 8 9 10
Year:
Amt: 25155 25380 25552 25667 25723 25716 25642 25499 25283 24990
11 12 13 14 15 16 17 18 19 20
Year:
Amt: 24616 24158 23611 22971 22233 21394 20447 19388 18212 17226

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Development Costs
Eligible Basis
Item Cost Element TOTAL COST
30% PV 70% PV
1 Purchase of Building(s) (Rehab / Adaptive Reuse only)
2 Demolition (Rehab / Adaptive Reuse only)
3 On-site Improvements 600,000 600,000
4 Rehabilitation
5 Construction of New Building(s) 2,912,000 2,912,000
6 Accessory Building(s) 150,000 150,000
7 General Requirements (max 6% lines 2-6) 219,720 219,720
8 Contractor Overhead (max 2% lines 2-7) 77,634 77,634
9 Contractor Profit (max 8% lines 2-7; 6% if Identity of Interest) 232,903 232,903
10 Construction Contingency (max 5% lines 2-9, Rehabs 10%) 125,768 125,768
11 Architect's Fee - Design (11 + 12 = max 3% lines 2-10) 117,541 117,541
12 Architect's Fee - Inspection 12,000 12,000
13 Engineering Costs 45,000 45,000
SUBTOTAL (lines 1 through 13) 4,492,566
14 Construction Insurance (prorate) 10,000 10,000
15 Construction Loan Orig. Fee (prorate) 20,766 20,766
16 Construction Loan Interest (prorate) 145,361 139,198
17 Construction Loan Credit Enhancement (prorate)
18 Construction Period Taxes (prorate) 5,000 5,000
19 Water, Sewer and Impact Fees 175,000 175,000
20 Survey 12,500 12,500
21 Property Appraisal 8,000 8,000
22 Environmental Report 5,500 5,500
23 Market Study 4,300 4,300
24 Bond Costs
25 Bond Issuance Costs
26 Placement Fee
27 Permanent Loan Origination Fee 18,864
28 Permanent Loan Credit Enhancement

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29 Title and Recording 5,000
SUBTOTAL (lines 14 through 29) 410,291
30 Real Estate Attorney 20,000 20,000
31 Other Attorney's Fees 25,000 25,000
32 Tax Credit Application Fees (Preliminary and Full) 2,300
33 Tax Credit Allocation Fee (0.62% of line 60, minimum $7,500) 34,685
34 Cost Certification / Accounting Fees 8,500 8,500
35 Tax Opinion 2,500
36 Organizational (Partnership) 1,000
37 Tax Credit Monitoring Fee 36,400
38 Furnishings and Equipment 50,000 50,000
39 Relocation Expense
40 Developer's Fee 588,000 588,000
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 22,800
48 Operating Reserve 152,119
49 Other Reserve (specify)
50 Other Reserve (specify)
51 DEVELOPMENT COST (lines 1-49) 5,886,161 0 5,594,330
52 Less Federally Funded Grant
53 Less Disproportionate Standard
54 Less Nonqualified Nonrecourse Financing
55 Less Historic Tax Credit 0
56 TOTAL ELIGIBLE BASIS 5,594,330 0 5,594,330
57 Applicable Fraction (percentage of LI Units) 100.00% 100% 100%

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58 Basis Before Boost 5,594,330 0 5,594,330
59 Basis Boost of up to 130% 100.00% 100.00%
60 TOTAL QUALIFIED BASIS 5,594,330 0 5,594,330
61 Tax Credit Rate 3.50 9.00
62 Federal Tax Credits (maximum $1,300,000) 503,490 0 503,490
63 Federal Tax Credits Requested (if less than line 62) 503,490 503,490
64 Land Cost 500,000
65 TOTAL REPLACEMENT COST 6,386,161
FEDERAL TAX CREDITS IF AWARDED 503,490
Comments:
Project Development Cost per unit 52,000

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Market Study Information

Please provide a detailed description of the proposed project:
Pine Trace Apartments will be located off of Madison Ave in Aberdeen. The proposed community will target
families with incomes between 40% and 60% of the median income limits. The community will consist of
seven two-story buildings which will included 42 two-bedroom units and 14 three-bedroom units. Each
apartment will include a kitchen with range, hood, dishwasher, refrigerator (frost free), W/D hookups, mini
blinds, pantry, walk-in closets, central air, heat pump and storage; floor will be carpet and VCT.
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:
Our design incorporates the use of maintenance free materials with an eye towards a dynamic curb appeal.
Our plan expands on an architectural approach that uses broken roof lines and various elevation materials
to give a market rate appearance.
Have you built other tax credit developments that use the same building design as this project?Yes
If yes, please provide name and address:
Sutton Place
2303 Sutton Place NW-Bldg #700
Wilson, NC
Wyndsor Park
600 Wyndsor Park Circle
New Bern, NC
Westridge Place
100 Donner Drive
Salisbury, NC
Henson Place
710 Henson Street
Albemarle, NC 28001
Site Amenities:
The following site amenities will be available to the residents at Pine Trace: garden plots, tot lot, bike rack,
flag pole, walking trails, large patio with seating area, playground, picnic areas with tables and grills, gazebo
and sitting areas.
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

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will be coordinated through our community building.
Landscaping Plans:
The property will provide trees and other landscape features where possible at select areas. The property
will be well landscaped with plant beds provided at various locations throughout the site. A detailed plan is
being prepared for final tax credit submission.
Interior Apartment Amenities:

Each apartment unit will be furnished with the following amenities: Range, hood, dishwasher, disposal,
refrigerator (frost free) storage interior/exterior, W/D hookups, heating/cooling systems, mini-blinds and
walk-in closets. The floor covering will consist of carpet and VCT.
Three of the handicap units will have ceramic tile roll-in showers.
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
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 proposed site for Pine Trace is located in a rapidly growing area that has seen large amounts of recent
commercial development. Additionally, the site is also bordered by existing, attractive single family homes
and a recently constructed middle school.
SURROUNDING LAND USES AND AMENITIES
Land use pattern is residential in character (single and multifamily housing). Extent that the location is
isolated. Effect of industrial, large-scale institutional or other incompatible uses, including but not limited to:
wastewater treatment facilities, high traffic corridors, junkyards, prisons, landfills, large swamps, distribution
facilities, frequently used railroad tracks, power transmission lines and towers, factories or similar operations,
sources of excessive noise, and sites with environmental concerns (such as odors or pollution). Amount and
character of vacant, undeveloped land. The site is situated in a well balanced neighborhood that contains a
mix of residential, commercial and educational uses. There are no nearby uses that would have a negative
impact on future tenants and only a limited amount of vacant land nearby. Numerous shopping and
entertainment amenities are located within easy walking distance and with even more choices available
within a 1 -2 mile radius.
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 will have easy access to major highways and will not present an
burden on public facilities. The proposed site will be easily visible once constructed.
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 physical barriers that will delay project construction or adversely affect
future tenants.
Similarity of scale and aesthetics/architecture between project and surroundings.

The proposed building design and site layout will belnd harmoniously with the surrounding structures and
neighborhood.
For each applicable neighborhood feature, enter distance from project in miles.

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.5 Grocery Store 3.2 Community/Senior Center
.5 Mall/Strip Center 3. Hospital
1.6 Outdoor Athletic .5 Pharmacy

Fields
.5 Day Care/After 3.5 Basic Health Care

School
.25 Public Transportation

Schools
Stop
.5 Convenience Store 1.6 Public Parks
.5 Gas Station 1.6 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: Aberdeen County: Moore Zip: 28315

Census Tract: 307D Block Group: 951100

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

Political Jurisdiction: Town of Aberdeen

Jurisdiction City: Aberdeen Zip: 28315

Jurisdiction Phone: (910)944-1115

Site Latitude: 35.154881

Site Longitude: -79.423137

Project Type: New Construction

Is this project a previously awarded tax credit

New Construction/Adaptive Reuse:

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

Does a community revitalization plan exist? No

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

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City: Jamestown State: NC Zip: 27282

Alt Phone: (336)906-1856

Email Address: patty.ray@wynnefieldproperties.com

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Total Site Acreage: 8 Total Buildable Acreage: 4

Storm Sewer Water Sanitary Sewer Electric

Is the demolition of any buildings required or planned? No

Are existing buildings on the site currently occupied? No

(b) Will tenant displacement be temporary?

Is the site directly accessed by an existing, paved, publicly maintained road? No

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Purchase Date: Purchase Price:

(D) Enter Purchase Price: 500,000

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Is multifamily use permitted?No

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Owner Name: Pine Trace LLC

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

Org: Pine Trace Manager, LLC

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

EMail: Norcon1@aol.com Nonprofit: No

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Low Income Units

Total # Monthly Utility Mandatory **Total

Gdn Apt 2 950 11 3 375 130 0 505

Gdn Apt 2 950 11 0 505 130 0 635

Gdn Apt 2 950 18 0 525 130 0 655

Gdn Apt 3 1125 3 2 440 157 0 597

Gdn Apt 3 1125 3 1 555 157 0 712

Gdn Apt 3 1125 10 0 595 157 0 752

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

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....... 56 6 28065

Proposed number of residential buildings: 7 Maximum number of stories in buildings: 2

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

Elevators - Number of Elevators:

Square Footage Information