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Application
Tax Credits, RPP Loans, and/or Tax Exempt Bond Loans

Project Description
Project Name: Royal Oak Gardens
Address: 1760 Citadel Court

City: Kannapolis County: Cabarrus Zip: 28083

Census Tract: 407 Block Group: 6

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


Are you requesting the basis boost under section II(E)(4) of the QAP?

Political Jurisdiction: City of Kannapolis


First:Robert Last:
Jurisdiction CEO Name: Title: Mayor
Misenheimer
Jurisdiction Address: 408 Walker Street

Jurisdiction City: Kannapolis Zip: 28081

Jurisdiction Phone: (704)920-4300

Site Latitude: 35.465045

Site Longitude: -80.601876

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? 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? Yes

If yes, provide the subsidy source: HUD and number of units: 100

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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: National Housing Trust - Enterprise Preservation Corporation
Address: 1101 30th Street NW, Suite 400

City: Washington State: DC Zip: 20007


Contact: First: Regina Last:Celestin Title:Multifamily Housing Developer

Telephone: (202)333-8931

Alt Phone:

Fax: (202)833-1031

Email Address: rcelestin@nhtinc.org


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

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Site Description

Total Site Acreage: 11.095 Total Buildable Acreage: 11.095


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:
All units are currently occupied by very low-income families that will remain in the development after the
rehabilitation of the property. A temporary relocation plan will be developed for the renovations.

(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: 3/30/2001 Purchase Price: 1,800,000

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:Residential Compact

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:
A phase I environmental study conducted in June 2008 and a phase II asbestos survey conducted in
December 2008 show the existence of asbestos, friable and nonfriable, in the drywall joint compound,
ceiling texture, linoleum, and floor tile and mastic. The renovation scope of work proposed and bugeted
herein assumes the presence of such materials and the necessary actions associated with working around
and with such materials.

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Ownership Entity

Owner Name: NHTE Royal Oak Gardens Preservation, LP


Address: 1101 30th Street NW, Suite 400
City: Washington State:DC Zip: 20007

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


Note: Do not submit social security numbers for individuals.
Entity Type: Limited Partnership
Entity Status: To Be Formed
Is the applicant requesting that the Agency treat the application as Non-Profit sponsored? Yes
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: NHTE Royal Oak Gardens GP, LLC


First Name: Michael Last Name: Bodaken Function: Managing General Partner
Address: 1101 30th Street NW, Suite 400
City: Washington State: DC Zip: 20007

Phone: (202)333-8931 Fax: (202)833-1031

EMail: mbodaken@nhtinc.org Nonprofit: Yes

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Unit Mix
The Median Income for Cabarrus county is $66,500.

Low Income Units

Total # Monthly Utility Mandatory **Total


Type # BRs Net Sq.Ft. # Units Units Rent Allowance Serv. Fees Housing Exp.

Twn Hse 2 697 30 0 618 99 0 717

Twn Hse 3 877 40 0 703 127 0 830

Twn Hse 4 997 30 0 783 110 0 893

Utilities included in rents: Water/Sewer Electric Gas Other

Employee Units (will add to Low Income Unit total)

Total # Monthly Utility Mandatory **Total


Type # BRs Net Sq.Ft. # Units Units Rent Allowance Serv. Fees Housing Exp.

Utilities included in rents: Water/Sewer Electric Gas Other

Market Rate Units

Total # Monthly Utility Mandatory **Total


Type # BRs Net Sq.Ft. # Units Units Rent Allowance Serv. Fees Housing Exp.

Utilities included in rents: Water/Sewer Electric Gas Other

Statistics

All Gross Monthly


Units Units Rental Income

Low Income....... 100 0 70150

Market Rate.......

Totals............... 100 0 70150

Proposed number of residential buildings: 16 Maximum number of stories in buildings: 2

Project Includes:
Separate community building - Sq. Ft. (Floor Area): 2,733

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

Elevators - Number of Elevators:

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Square Footage Information

Gross Floor Square Footage: 107,488

Total Net Sq. Ft. (All Heated Areas): 98,278

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

Number of Units Required: 10


Persons with disabilities or homeless populations.

Number of Units: 10

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 23 targeted at 60 percent of median income affordable to/occupied by

2 7 targeted at 30 percent of median income affordable to/occupied by

3 30 targeted at 60 percent of median income affordable to/occupied by

3 10 targeted at 30 percent of median income affordable to/occupied by

4 22 targeted at 60 percent of median income affordable to/occupied by

4 8 targeted at 30 percent of median income affordable to/occupied by

Total Low Income Units: 100

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 1,485,038 7.50 30 30 124,603

RPP Loan 1,160,147 2.00 20 20 70,428

Local Gov. Loan - Specify:

RD 515 Loan

RD 538 Loan - Specify:

AHP Loan

Other Loan 1 - Specify:

Other Loan 2 - Specify:

Other Loan 3 - Specify:

Tax Exempt Bonds

State Tax Credit(Loan) 995,439 0 30 30 0

State Tax Credit(Direct Refund)

Equity: Federal LIHTC 7,267,027

Non-Repayable Grant

Equity: Historic Tax Credits

Deferred Developer Fees 0

Owner Investment

Other - Specify:
Interim Income 72,720

Total Sources** 10,980,371

* "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. 72

Remarks concerning project funding sources:


(Please be sure to include the name of the funding source(s))

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Development Costs
Eligible Basis
Item Cost Element TOTAL COST
30% PV 70% PV
1 Purchase of Building(s) (Rehab / Adaptive Reuse only) 1,894,572 1,894,572

2 Demolition (Rehab / Adaptive Reuse only)

3 On-site Improvements 324,044 324,044

4 Rehabilitation 5,158,156 5,158,156

5 Construction of New Building(s) 260,000 260,000

6 Accessory Building(s)

7 General Requirements (max 6% lines 2-6) 344,531 344,531

8 Contractor Overhead (max 2% lines 2-7) 121,734 121,734

9 Contractor Profit (max 8% lines 2-7; 6% if Identity of Interest) 365,204 365,204

10 Construction Contingency (max 5% lines 2-9, Rehabs 10%) 328,684 328,684

11 Architect's Fee - Design (11 + 12 = max 3% lines 2-10) 207,071 207,071

12 Architect's Fee - Inspection

13 Engineering Costs

SUBTOTAL (lines 1 through 13) 9,003,996

14 Construction Insurance (prorate) 13,805 13,805

15 Construction Loan Orig. Fee (prorate)

16 Construction Loan Interest (prorate) 112,615 22,523

17 Construction Loan Credit Enhancement (prorate)

18 Construction Period Taxes (prorate)

19 Water, Sewer and Impact Fees 5,522 5,522

20 Survey

21 Property Appraisal 5,000

22 Environmental Report 10,000 10,000

23 Market Study 4,300

24 Bond Costs

25 Bond Issuance Costs

26 Placement Fee

27 Permanent Loan Origination Fee 29,701

28 Permanent Loan Credit Enhancement 22,276

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29 Title and Recording 17,226

SUBTOTAL (lines 14 through 29) 220,445

30 Real Estate Attorney 15,000 7,500

31 Other Attorney's Fees 110,000 50,000

32 Tax Credit Application Fees (Preliminary and Full) 2,300

33 Tax Credit Allocation Fee (0.62% of line 60, minimum $7,500) 61,717

34 Cost Certification / Accounting Fees

35 Tax Opinion

36 Organizational (Partnership)

37 Tax Credit Monitoring Fee 70,000

SUBTOTAL (lines 30 through 37) 259,017

38 Furnishings and Equipment

39 Relocation Expense 50,000 50,000

40 Developer's Fee 463,529 463,529

41 Additional Contigency (greater of $500/unit or $30,000) 50,000 50,000

42 Owner's Representative 80,000 80,000

43 Audit 15,000 15,000

44 Rent-up Expense

45 Other Non-basis Expense (specify)

46 Other Non-basis Expense (specify)

SUBTOTAL (lines 38 through 45) 658,529

47 Rent up Reserve 214,741

48 Operating Reserve 150,000

49 Other Reserve (specify)

50 Other Reserve (specify)

51 DEVELOPMENT COST (lines 1-49) 10,506,728 1,894,572 7,877,303

52 Less Federally Funded Grant

53 Less Disproportionate Standard

54 Less Nonqualified Nonrecourse Financing

55 Less Historic Tax Credit 0

56 TOTAL ELIGIBLE BASIS 9,771,875 1,894,572 7,877,303

57 Applicable Fraction (percentage of LI Units) 100.00% 100% 100%

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58 Basis Before Boost 9,771,875 1,894,572 7,877,303

59 Basis Boost of up to 130% 130.00% 130.00%

60 TOTAL QUALIFIED BASIS 12,703,438 2,462,944 10,240,494

61 Tax Credit Rate 3.50 9.00

62 Federal Tax Credits (maximum $1,300,000) 1,014,005 86,203 921,644

63 Federal Tax Credits Requested (if less than line 62) 0

64 Land Cost 473,643

65 TOTAL REPLACEMENT COST 10,980,371

FEDERAL TAX CREDITS IF AWARDED 1,014,005

Comments:

Total Replacement Cost per unit 109,804

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Market Study Information


Please provide a detailed description of the proposed project:
The National Housing Trust-Enterprise Preservation Corporation (“NHT/Enterprise”), a DC nonprofit
corporation, is pursuing the revitalization and preservation of Royal Oak Gardens in Kannapolis, North
Carolina. Royal Oak is a 35-year old federally subsidized, Section 8 apartment complex with 100
apartments reserved for very low-income families. The property is in severe need of renovation. The 9%
Low Income Housing Tax Credits, Rental Production Program loan, and state tax credits from the North
Carolina Housing Finance Agency requested would be used to improve and preserve this imporatant
housing source.

By purchasing Royal Oak Gardens, a 100% Section 8 property, and extending its HUD Section 8 contract in
2001, NHT/Enterprise preserved this scarce affordable housing asset that serves an underserved
population. The residents at Royal Oak reflect the targeted HUD Section 8 population, extremely low-
income families. The resident population contains approximately 200 children and about 70% of those
children are 12 years of age or below. Of the households at Royal Oak, 98% have female heads of
households and 99% are single-parent households. The income break down at move-in for the past year
shows 86% were extremely low-income, 7% were very low-income, and 7% were low-income. The
extremely low-income category is at 30% area median income with a maximum household income of
$19,300 for a family of four.

Built in 1974, this development, which houses large families, now requires a substantial rehabilitation. The
renovation plan for Royal Oak will address basic capital needs and modernization in order to extend the
development’s useful life for 30 years and preserve an important affordable housing asset in Kannapolis. In
order to provide a healthy living environment for the residents, NHT/Enterprise is working with LEED
certified contractors to redevelop the property under a scope of improvements that will meet the standards
of Enterprise Green Communities program and/or EarthCraft. The renovated townhome community will
include a new 3,000 square foot Community Center to serve residents.

NHT/Enterprise believes it is essential to work “beyond housing” to create neighborhood transformation and
is therefore committed to providing critical residential services to those it houses. The Royal Oak
Community Center will provide space for resident programs, increasing the capacity of the current services
and allowing new social services to be added. Edgewood Community Services, a subsidiary of Edgewood
Management Company, has over 25 years of experience coordinating and managing housing based
resident services and will be responsible for the Community Center’s programs. The programs hosted at the
Community Center will focus on the needs of low-income families with children to stabilize their tenancy and
increase household incomes and education levels.

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?Yes
If yes, please provide name and address:
Hazel Hill Apartments
100 Princess Anne Street
Fredericksburg, VA 22401

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Site Amenities:
There will be a laundry room with six washers and dryers, an urban garden, and a centralized school bus
stop. The Community Center will have management offices, a computer lab, restrooms, a large meeting
space, and a tot lot for small children. Also, there will be an area with play equipment for older children and
a flexible play court that accommodates children, teens, and adults.

Onsite Activities:
The Royal Oak Community Center will provide space for resident programming, increasing the capacity of
the current services and allowing new social services to be added. The programs hosted at the Community
Center will include educational classes, after-school tutoring, job placement assistance, financial and
computer literacy resources, and on-site health programs.

Landscaping Plans:
The rehabilitation of Royal Oak will provide environmentally conscious landscaping improvements such as
installation of rain barrels, planting of new trees around existing parking lots and buildings to increase site
shading and to reduce the heat island effect, and planting of indigenous plants. Rain gardens will be
introduced to the site as bioremediation, addressing site drainage issues.

Interior Apartment Amenities:


This green renovation will include replacement of existing fixtures and appliances (i.e. refrigerators, stoves,
etc.) with Energy Star fixtures and appliances, replacement of existing windows and doors with energy
efficient windows and doors, addition of water saving devices and plumbing fixtures, use of materials that
increase indoor air quality such as low-VOC carpet, paint, adhesives and sealants, replacement of all light
bulbs with fluorescent fixtures, and improvement of indoor air circulation and building insulation.

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.
Kannapolis is on the edge of the booming Charlotte, North Carolina housing market and commercial retail
continues to see opportunity in the local market. There is a large demand for Section 8 properties in the
area, as Royal Oak Gardens currently is 100% occupied with more than 30 families on the waiting list.

The city is in a steady growth pattern with a YMCA facility, a senior center, a public library, a Class A
baseball stadium, and a business park all developed within the past decade. The recently developed
shopping center near the property includes a Walmart Supercenter and some well known restaurant chains.

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. With a population of approximately 38,000, Kannapolis primarily
consists of single-family residential development. The property is surrounded by vacant, underdeveloped
land characterized by trees and open fields, all of which are well-maintained. There are no industrial,
institutional, or other incompatible uses in the vicinity of the property.
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. Royal Oak is located just off highway 3 and has easy access to all areas of
Kannapolis and the neighboring city of Concord. The private street of University Drive provides access to the
property from Concord Lake Road/HWY 3, including an existing stop light at the interesection. University
Drive includes wide lanes, a planted median, and a large turnaround for the school buses that serve the
property. Also, the Kannapolis/Concord Transit Bus stops at the intersection of University Drive and Concord
Lake Road. The property sign is prominently located off of this intersection at its entrance.
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).
None.

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


Royal Oak Gardens is nesteld in an area of well maintained fields and trees. The property provides a
tranquil atmosphere adjacent to covenient shopping amenities and public transportation routes.

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For each applicable neighborhood feature, enter distance from project in miles.

1 Grocery Store 3 Community/Senior Center

1 Mall/Strip Center 2 Hospital

2 Outdoor Athletic 1 Pharmacy


Fields

2 Day Care/After 2 Basic Health Care


School

1 Public Transportation
2 Schools
Stop

1 Convenience Store 1 Public Parks

1 Gas Station 3 Library

Other facilities or services:


Within a half mile distance is a major retail center that includes Walmart, Sam's Club, Kohl's, Ruby
Tuesday, and a Holiday Inn Express.

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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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