Strawn Tower

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Application
Tax Credits, RPP Loans, and/or Tax Exempt Bond Loans
Project Description
Project Name: Strawn Tower
Address: 1225 South Caldwell
City: Charlotte County: Mecklenburg Zip: 28203
Census Tract: 4 Block Group: 1
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? Yes
Political Jurisdiction: City of Charlotte

First:Patrick Last:
Jurisdiction CEO Name: Title: Mayor
McCrory
Jurisdiction Address: 600 E. Fourth Street
Jurisdiction City: Charlotte Zip: 28203
Jurisdiction Phone: (704)336-2241
Site Latitude: 35.21505
Site Longitude: -80.85236
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:Elderly (55)

Will the project be receiving project based federal rental assistance? Yes
If yes, provide the subsidy source: HUD and number of units: 170

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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: Charlotte Housing Authority
Address: 1301 South Boulevard
City: Charlotte State: NC Zip: 28203

Contact: First: J. Last:Daniels Title:Development Officer
Telephone: (704)336-5240
Alt Phone:
Fax: (704)336-7767
Email Address: jdaniels@cha-nc.org

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

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Site Description
Total Site Acreage: 2.5 Total Buildable Acreage: 2.5

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:
Strawn Tower was constructed in 1970 and has consistently maintained full occcupancy. The developer is
proposing mininal temporary, relocation by implementing a "tenant-in-place" rehab strategy to minimize the
impact of the redevelopment.
(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: 05/20/1970 Purchase Price: 96,137
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:R-22 MF
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?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:
The Strawn Tower is part of a 16.70 acre campus comprised of two, separate parcels. One parcel (2.17
acres) contains CHA's Corporate Office and the other (14.53 acres) contains the 196-unit, Strawn Tower
and 122-unit Cottages dwellings. This transaction requires a subdivision process which will consequently
trigger a rezoning process to address the density of Strawn and the reduced footprint. Given our past
endeavors, we anticipate receiving these approvals before the final application due date in May or shortly
thereafter.
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: To be determined

City: Charlotte State:NC Zip: 28203
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: Charlotte Housing Authority

First Name: Charles Last Name: Woodward Function: Principal
Phone: (704)336-5221 Fax: (704)336-7767
EMail: jdaniels@cha-nc.org Nonprofit: No
Org: Horizon Development Properties, Inc.

First Name: Charles Last Name: Woodyard Function: Principal
Phone: (704)336-5221 Fax: (704)336-7767
EMail: jdaniels@cha-nc.org Nonprofit: Yes

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Unit Mix
The Median Income for Mecklenburg 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.
Gdn Apt EFF 440 115 14 275 64 0 339
Gdn Apt 1 570 37 4 275 89 0 364
Gdn Apt EFF 440 14 0 611 64 0 675
Gdn Apt 1 570 4 0 635 89 0 724
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....... 170 18 52894
Market Rate.......
Totals............... 170 18 52894
Proposed number of residential buildings: 1 Maximum number of stories in buildings: 12
Project Includes:
Separate community building - Sq. Ft. (Floor Area):
Community space within residential bulding(s) - Sq. Ft. (Floor Area):

20,000

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Elevators - Number of Elevators: 2
Square Footage Information
Gross Floor Square Footage: 131,366
Total Net Sq. Ft. (All Heated Areas): 121,828
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: 18
Number of Units Required: 18

Persons with disabilities or homeless populations.
Number of Units: 18
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 %
EFF 129 targeted at 30 percent of median income affordable to/occupied by
1 41 targeted at 30 percent of median income affordable to/occupied by
Total Low Income Units: 170
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
Local Gov. Loan - Specify:

1,000,000 ✔ 2.00 30 30
Charlotte Housing Trust Fund
RD 515 Loan
RD 538 Loan - Specify:
AHP Loan
Other Loan 1 - Specify:

1,739,074 ✔ 2.00 30 30
CHA-MTW
EPC Lease Finance 1,000,000 6.00 12 12 117,102
Tax Exempt Bonds 5,200,000 7.00 20 20 483,787
State Tax Credit(Loan) 0 30 30 0
State Tax Credit(Direct Refund)
Equity: Federal LIHTC 3,247,209
Non-Repayable Grant
Equity: Historic Tax Credits
Deferred Developer Fees
Owner Investment
Other - Specify:
Total Sources** 12,186,283
* "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. 74
Remarks concerning project funding sources:

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

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Funding sources will include: City of Charlotte Housing Trust Fund, Charlotte Housing Authority
MTW Funds, Tax-Exempt Bonds, Federal LIHTC, Energy Performance Lease Financing (private
lender).
Furthermore, CHA will utilizing HUD's Capital Fund Financing Program (CFFP) which will allow CHA
to borrow private capital (i.e. bond proceeds) to make improvements and pledge a portion of its
future year annual Capital Funds to make debt service payments on the bonds.
CHA will also be utilizing HUD's Energy Performance Contracting (EPC) which is an innovative
financing technique that uses cost savings from reduced energy consumption to repay the cost of
installing energy conservation measures. Normally offered by Energy Service Companies (ESCOs),
this innovative financing technique allows building users to achieve energy savings without up
front capital expenses. The costs of the energy improvements are borne by the performance
contractor and paid back out of the energy savings. Other advantages include the ability to use a
single contractor to do necessary energy audits and retrofit and to guarantee the energy savings
from a selected series of conservation measures.
Loans with Variable Amortization

Please fill in the annual debt service as applicable for the first 20 years of the project life.
Local Gov. Loan - Charlotte Housing Trust Fund
Year: 1 2 3 4 5 6 7 8 9 10
Amt: 20000 20000 20000 20000 20000 20000 20000 20000 20000 20000
11 12 13 14 15 16 17 18 19 20
Year:
Amt: 20000 20000 20000 20000 20000 20000 20000 20000 20000 20000
Other Loan 1 - CHA-MTW
1 2 3 4 5 6 7 8 9 10
Year:
Amt: 34781 34781 34781 34781 34781 34781 34781 34781 34781 34781
11 12 13 14 15 16 17 18 19 20
Year:
Amt: 34781 34781 34781 34781 34781 34781 34781 34781 34781 34781

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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) 2,387,500 2,387,500
2 Demolition (Rehab / Adaptive Reuse only) 0 0
3 On-site Improvements 0 0
4 Rehabilitation 5,000,000 5,000,000 0
5 Construction of New Building(s) 0 0 0
6 Accessory Building(s) 0
7 General Requirements (max 6% lines 2-6) 300,000 300,000 0
8 Contractor Overhead (max 2% lines 2-7) 100,000 100,000 0
9 Contractor Profit (max 8% lines 2-7; 6% if Identity of Interest) 300,000 300,000 0
10 Construction Contingency (max 5% lines 2-9, Rehabs 10%) 292,683 292,683 0
11 Architect's Fee - Design (11 + 12 = max 3% lines 2-10) 140,000 140,000 0
12 Architect's Fee - Inspection 60,000 60,000 0
13 Engineering Costs 15,000 15,000 0
SUBTOTAL (lines 1 through 13) 8,595,183
14 Construction Insurance (prorate) 50,000 50,000 0
15 Construction Loan Orig. Fee (prorate) 0
16 Construction Loan Interest (prorate) 350,000 350,000 0
17 Construction Loan Credit Enhancement (prorate) 0
18 Construction Period Taxes (prorate) 25,000 25,000 0
19 Water, Sewer and Impact Fees 25,500 25,500 0
20 Survey 6,000 6,000 0
21 Property Appraisal 4,500 4,500 0
22 Environmental Report 5,000 5,000 0
23 Market Study 6,500 6,500 0
24 Bond Costs 200,000
25 Bond Issuance Costs 221,000
26 Placement Fee
27 Permanent Loan Origination Fee 50,000
28 Permanent Loan Credit Enhancement

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29 Title and Recording 29,000
SUBTOTAL (lines 14 through 29) 972,500
30 Real Estate Attorney 150,000 150,000 0
31 Other Attorney's Fees 50,000 50,000 0
32 Tax Credit Application Fees (Preliminary and Full) 2,300
33 Tax Credit Allocation Fee (0.62% of line 60, minimum $7,500) 23,100
34 Cost Certification / Accounting Fees 30,000 30,000 0
35 Tax Opinion 7,700
36 Organizational (Partnership) 50,000
37 Tax Credit Monitoring Fee 119,000
SUBTOTAL (lines 30 through 37) 432,100
38 Furnishings and Equipment 175,000 175,000 0
39 Relocation Expense 135,000 135,000 0
40 Developer's Fee 1,000,000 1,000,000 0
41 Additional Contigency (greater of $500/unit or $30,000) 50,000 50,000 0
42 Other Basis Expense (specify) Dev. Consult./CM Fees 37,500 37,500 0
43 Other Basis Expense (specify) 0
44 Rent-up Expense 30,000
45 Other Non-basis Expense (specify) Perm Financing Cost 85,000
46 Other Non-basis Expense (specify) 0
SUBTOTAL (lines 38 through 45) 1,512,500
47 Rent up Reserve 52,000
48 Operating Reserve 622,000
49 Other Reserve (specify)
50 Other Reserve (specify)
51 DEVELOPMENT COST (lines 1-49) 12,186,283 10,695,183 0
52 Less Federally Funded Grant
53 Less Disproportionate Standard
54 Less Nonqualified Nonrecourse Financing
55 Less Historic Tax Credit 0
56 TOTAL ELIGIBLE BASIS 10,695,183 10,695,183 0
57 Applicable Fraction (percentage of LI Units) 100.00% 100% 100%

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58 Basis Before Boost 10,695,183 10,695,183 0
59 Basis Boost of up to 130% 130.00% 100.00%
60 TOTAL QUALIFIED BASIS 13,903,738 13,903,738 0
61 Tax Credit Rate 3.50 9.00
62 Federal Tax Credits (maximum $1,300,000) 521,390 486,631 0
63 Federal Tax Credits Requested (if less than line 62) 0
64 Land Cost
65 TOTAL REPLACEMENT COST 12,186,283
FEDERAL TAX CREDITS IF AWARDED 521,390
Comments:
Total Replacement Cost per unit 71,684

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Market Study Information

Please provide a detailed description of the proposed project:
Strawn Tower will be a "senior", residential rental community located in the city of Charlotte. The community
will serve senior residents at or below 30% AMI. This 170-unit community comprised of efficiency and one-
bedroom units will be contained within one high-rise building.
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:
Exterior improvements will also include new pre-finished aluminum trellis/canopies and new lantern lighting
elements above both roof stairwells.
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:
This site is well-located in two commercial and residential areas: Historic South End and Historic Dilworth.
All required amenities are located within one mile (walking distance) of the site. Strawn Tower is located
within the Historic South End which is home to over 200 design-related businesses. The neighborhood has
a more than 150 year history of design, innovation and creativity. Today, the district is in the midst of a
surge of development activity, spurred by the Charlotte Trolley, the opening of the new South Corridor Light
Rail Line and a June 2008 vote by the Charlotte City Council to expand the district. From refurbished
buildings to new loft condominiums, the face of Historic South End is rapidly changing.
On-site, ground-floor amenities include new outdoor seating areas, multi-purpose room, resident computer
center, theater room, hair salon and additional leasing/management space. The 12th floor will be entirely
converted to additional amenity space. Amenities will include: Fitness center, community room, lounge,
library, medical offices and various offices for on-site, non-profit and government social service providers.
The 12th floor will also include a new, full commercial kitchen to service the dietary needs of the seniors.
Onsite Activities:
The Charlotte Housing Authority (CHA) will provide a variety of support services appropriate for the elderly
population through CHA's "Moving Forward" program. The Moving Forward program is a federal
demonstration program that focus on service provision to promote self-sufficiency and quality of life. These
services may include Nutrition Programs (Meals on Wheels or County On-site Food Program), organized

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health activities such as exercise classes, on-site healthcare and computer literacy. Other services will be
designed to address the specific, expressed needs of the senior residents.
Landscaping Plans:
This site contains mature shrubbery as well as open landscaped areas that will be improved and remain at
the site. The site will have irrigated lawns landscaped using indigenous plants and ground cover that are
low-maintenance and do not require constant watering. The landscaping maintenance plan will employ
water conservation techniques. Raised-bed community gardens are placed throughout.
Interior Apartment Amenities:

Interior apartment amenities will include:
Wall-to-wall carpeting in living and bedroom
Vinyl flooring in entry, kitchen and bathroom areas
Full kitchen with Energy Star appliances: refrigerators, oven/range, dishwasher and garbage disposal
Central air and heat
Mini-blinds
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 site abuts Dilworth/South Boulevard, a major commercial and residential corridor currently experiencing
huge growth and revitalization because of its proximity to downtown Charlotte and the recently-opened light
rail line, the "LYNX" system. Two LYNX stations are located within walking distance of the Strawn Tower.
The Dilworth neighborhood has an excellent school district, vibrant commercial activity and great access to
mass transit with makes it a very desirable area. Adaptive re-use and new construction developments
(residential, commercial and mixed-use) have reshaped the fabric of the area.
The 16-acre Strawn campus which contains CHA's Corporate Office, Strawn Tower and Strawn Cottages
was the focus of a recent Urban Land Institute (ULI) Advisory Services Program Report. This detailed,
published report confirmed the intense interest by the development community and the recommendation
that the 16-acre site become "a mixed-income community with a variety of uses and housing types that
accommodate economically, socially and environmentally sustainable development."
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. Considerable land use diversity exists in the historic Dilworth
neighborhood. In addition to the attractive residential areas, the area also has several concentrations of
commercial and office uses, generally along the main corridors. Carolinas Medical Center is a major
institution that dominates the block between East Boulevard and Morehead Street along the Scott/Kenilworth
corridor. Medical office buildings continue to be built in the immediate area and pressure to expand into
residential areas has been strong. Future office use is primarily recommended between Euclid Avenue and
Dilworth Road East and between Lombardy Circle and Little Sugar Creek, with commercial use, mixed-use
development and multi-family development recommended between Dilworth Road East and Lombardy
Circle. These land uses support the community vision of a mixture of land uses, which provide the pedestrian
accessibility to services, workplaces and residential choices within the neighborhood. The overall Strawn
campus contains 16.67 acres in the historic Dilworth community. The campus contains three basic land uses:
a 121-unit, single-story, cottage community, the corporate office for the Charlotte Housing Authority and the
186-unit, high-rise, elderly/disabled tower. Transitioning to a lower density, single-family dwellings border the
rear of the site. High-density, mixed-use developments line both sides of the South Boulevard corrider known
as the "South End".
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. A Charlotte Area Transit System (CATS) bus stop and shelter is located 100
feet from the Strawn entrance. Signalized, traffic lights are also located at this intersection of South
Boulevard and Bland Street. There are two LYNX stations located within walking distance of the Strawn. The
Bland Street Station is located only 1,000 linear feet from Strawn.

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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).
The applicant is unaware of any on-site, negative and physical barriers.
Similarity of scale and aesthetics/architecture between project and surroundings.

The proposed scale and design of the Strawn Tower blends well into the existing character of the
surrounding neighborhood as well as the and future aesthetics.
For each applicable neighborhood feature, enter distance from project in miles.
0.90 Grocery Store 0.18 Community/Senior Center
0.90 Mall/Strip Center 0.77 Hospital
0.20 Outdoor Athletic 0.17 Pharmacy

Fields
0.34 Day Care/After 0.24 Basic Health Care

School
0.03 Public Transportation

0.23 Schools
Stop
0.34 Convenience Store 0.20 Public Parks
0.34 Gas Station 1.16 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: Charlotte County: Mecklenburg Zip: 28203

Census Tract: 4 Block Group: 1

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

Political Jurisdiction: City of Charlotte

Jurisdiction City: Charlotte Zip: 28203

Jurisdiction Phone: (704)336-2241

Site Latitude: 35.21505

Site Longitude: -80.85236

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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Target Population:Elderly (55)

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City: Charlotte State: NC Zip: 28203

Email Address: jdaniels@cha-nc.org

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Total Site Acreage: 2.5 Total Buildable Acreage: 2.5

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: 05/20/1970 Purchase Price: 96,137

(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: To be determined

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

Org: Charlotte Housing Authority

Phone: (704)336-5221 Fax: (704)336-7767

EMail: jdaniels@cha-nc.org Nonprofit: No

Org: Horizon Development Properties, Inc.

Phone: (704)336-5221 Fax: (704)336-7767

EMail: jdaniels@cha-nc.org Nonprofit: Yes

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Low Income Units

Total # Monthly Utility Mandatory **Total

Gdn Apt EFF 440 115 14 275 64 0 339

Gdn Apt 1 570 37 4 275 89 0 364

Gdn Apt EFF 440 14 0 611 64 0 675

Gdn Apt 1 570 4 0 635 89 0 724

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....... 170 18 52894

Totals............... 170 18 52894

Proposed number of residential buildings: 1 Maximum number of stories in buildings: 12

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

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Elevators - Number of Elevators: 2