Water Garden Manor

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Application
Tax Credits, RPP Loans, and/or Tax Exempt Bond Loans
Project Description
Project Name: Water Garden Manor
Address: 8408 Glenwood Avenue
City: Raleigh County: Wake Zip: 27612
Census Tract: 537.10 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 Raleigh

First:Charles Last:
Jurisdiction CEO Name: Title: Mayor
Meeker
Jurisdiction Address: PO Box 590
Jurisdiction City: Raleigh Zip: 27602
Jurisdiction Phone: (919)890-4168
Site Latitude: 35.881364
Site Longitude: -78.73680
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
https://www.nchfa.org/Rental/RTCApp/(S(nb2cp2a3s...27F9046EF7&SNID=781BFF9DC29C4869A4E605B52F24B68A (1 of 22)4/14/2009 1:15:25 PM

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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? 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: DHIC, Inc.
Address: 113 S. Wilmington Street
City: Raleigh State: NC Zip: 27601

Contact: First: Natalie Last:Connell Title:Vice President
Telephone: (919)832-4345
Alt Phone:
Fax: (919)832-2206
Email Address: natalie@dhic.org

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

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Site Description
Total Site Acreage: 3.5 Total Buildable Acreage: 3.5

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? 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? 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?No
If yes, specify the relationship:
(c) Enter the current expiration date of the option/contract to purchase: 12/31/2009
(D) Enter Purchase Price: 990,000

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Zoning
Present zoning classification of the site:Thoroughfare District
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: Water Garden Manor, LLC

City: Raleigh State:NC Zip: 27601
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? Yes
Is the applicant requesting that the Agency treat the application as CHDO sponsored? Yes
List all general partners, members,and principals. Specify nonprofit corporate general partners or members.
Click [Add] to add additional partners, members, and principals.
Org: Water Garden Senior Housing, Inc.

First Name: Gregory Last Name: Warren Function: Managing Member
Phone: (919)832-4345 Fax: (919)832-2206
EMail: gregg@dhic.org Nonprofit: No
Org: DHIC, Inc.

First Name: Gregory Last Name: Warren Function: Member
Phone: (919)832-4345 Fax: (919)832-2206
EMail: gregg@dhic.org Nonprofit: Yes

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Unit Mix
The Median Income for Wake county is $76,900.
Low Income Units
Total # Monthly Utility Mandatory **Total

Type # BRs Net Sq.Ft. # Units Units Rent Allowance Serv. Fees Housing Exp.
Gdn Apt 1 709 35 2 600 80 0 680
Gdn Apt 1 709 9 1 481 80 0 561
Gdn Apt 1 709 9 2 340 80 0 420
Gdn Apt 1 709 6 1 340 80 0 420
Gdn Apt 2 962 13 1 695 103 0 798
Gdn Apt 2 962 3 0 571 103 0 674
Gdn Apt 2 962 3 0 402 103 0 505
Gdn Apt 2 962 2 1 402 103 0 505
Utilities included in rents: Water/Sewer Electric Gas Other trash removal
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....... 80 8 43187
Market Rate.......
Totals............... 80 8 43187

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Proposed number of residential buildings: 1 Maximum number of stories in buildings: 3
Project Includes:
Separate community building - Sq. Ft. (Floor Area):
Community space within residential bulding(s) - Sq. Ft. (Floor Area):

4,434
Elevators - Number of Elevators: 2
Square Footage Information
Gross Floor Square Footage: 81,755
Total Net Sq. Ft. (All Heated Areas): 80,922
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: 4
Number of Units Required: 8

Persons with disabilities or homeless populations.
Number of Units: 8
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 35 targeted at 60 percent of median income affordable to/occupied by
Total Low Income Units: 80
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 1,175,000 7.25 30 30 96,187
RPP Loan
Local Gov. Loan - Specify:

1,200,000 ✔ 1.00 30 30
CIty of Raleigh
RD 515 Loan
RD 538 Loan - Specify:
AHP Loan
Other Loan 1 - Specify:

800,000 ✔ 1.00 30 30
Wake County
Tax Exempt Bonds
State Tax Credit(Loan) 1,108,244 0 30 30 0
State Tax Credit(Direct Refund)
Equity: Federal LIHTC 6,332,982
Non-Repayable Grant
Equity: Historic Tax Credits
Deferred Developer Fees
Owner Investment
Other - Specify:
Total Sources** 10,616,226
* "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. 635
Remarks concerning project funding sources:

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

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The City of Raleigh and Wake County loans are proposed to be repaid on a pro-rata split of available
cash flow while maintaining a 1.15 debt coverage ratio.
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 - CIty of Raleigh
1 2 3 4 5 6 7 8 9 10
Year:
Amt: 23189 23098 22953 22753 22494 22174 21790 21339 20818 20223
11 12 13 14 15 16 17 18 19 20
Year:
Amt: 19551 18799 17963 17039 16024 14913 13702 12387 10963 9427
Other Loan 1 - Wake County
Year: 1 2 3 4 5 6 7 8 9 10
Amt: 15459 15399 15302 15169 14996 14783 14527 14226 13878 13482
11 12 13 14 15 16 17 18 19 20
Year:
Amt: 13034 12533 11975 11359 10682 9942 9135 8258 7309 6284

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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 1,032,000 1,032,000
4 Rehabilitation
5 Construction of New Building(s) 4,663,595 4,663,595
6 Accessory Building(s)
7 General Requirements (max 6% lines 2-6) 341,736 341,736
8 Contractor Overhead (max 2% lines 2-7) 120,747 120,747
9 Contractor Profit (max 8% lines 2-7; 6% if Identity of Interest) 482,986 482,986
10 Construction Contingency (max 5% lines 2-9, Rehabs 10%) 332,053 332,053
11 Architect's Fee - Design (11 + 12 = max 3% lines 2-10) 174,328 174,328
12 Architect's Fee - Inspection 34,866 34,866
13 Engineering Costs 35,000 35,000
SUBTOTAL (lines 1 through 13) 7,217,311
14 Construction Insurance (prorate) 24,000 24,000
15 Construction Loan Orig. Fee (prorate) 74,000 74,000
16 Construction Loan Interest (prorate) 325,000 325,000
17 Construction Loan Credit Enhancement (prorate)
18 Construction Period Taxes (prorate) 7,500 7,500
19 Water, Sewer and Impact Fees 284,206 284,206
20 Survey 15,000 15,000
21 Property Appraisal 5,600 5,600
22 Environmental Report 25,000 25,000
23 Market Study 4,300 4,300
24 Bond Costs
25 Bond Issuance Costs
26 Placement Fee
27 Permanent Loan Origination Fee 35,500
28 Permanent Loan Credit Enhancement

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29 Title and Recording 21,503
SUBTOTAL (lines 14 through 29) 821,609
30 Real Estate Attorney 42,000 42,000
31 Other Attorney's Fees 15,000 15,000
32 Tax Credit Application Fees (Preliminary and Full) 2,300
33 Tax Credit Allocation Fee (0.62% of line 60, minimum $7,500) 68,711
34 Cost Certification / Accounting Fees 12,000 12,000
35 Tax Opinion
36 Organizational (Partnership) 12,000
37 Tax Credit Monitoring Fee 56,000
SUBTOTAL (lines 30 through 37) 208,011
38 Furnishings and Equipment 120,000 120,000
39 Relocation Expense
40 Developer's Fee 800,000 800,000
41 Additional Contigency (greater of $500/unit or $30,000) 40,000 40,000
42 Other Basis Expense (payment and performance bond) 73,052 73,052
43 Other Basis Expense (specify)
44 Rent-up Expense 40,000
45 Other Non-basis Expense (specify)
46 Other Non-basis Expense (specify)
SUBTOTAL (lines 38 through 45) 1,073,052
47 Rent up Reserve 75,000
48 Operating Reserve 231,243
49 Other Reserve (specify)
50 Other Reserve (specify)
51 DEVELOPMENT COST (lines 1-49) 9,626,226 0 9,083,969
52 Less Federally Funded Grant
53 Less Disproportionate Standard
54 Less Nonqualified Nonrecourse Financing
55 Less Historic Tax Credit 0
56 TOTAL ELIGIBLE BASIS 9,083,969 0 9,083,969
57 Applicable Fraction (percentage of LI Units) 100.00% 100% 100%

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58 Basis Before Boost 9,083,969 0 9,083,969
59 Basis Boost of up to 130% 100.00% 122.00%
60 TOTAL QUALIFIED BASIS 11,082,442 0 11,082,442
61 Tax Credit Rate 3.50 9.00
62 Federal Tax Credits (maximum $1,300,000) 997,420 0 997,420
63 Federal Tax Credits Requested (if less than line 62) 0
64 Land Cost 990,000
65 TOTAL REPLACEMENT COST 10,616,226
FEDERAL TAX CREDITS IF AWARDED 997,420
Comments:
Project Development Cost per unit 58,295

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Market Study Information

Please provide a detailed description of the proposed project:
Water Garden Manor will consist of 80 apartments (59 one bedroom and 21 two bedroom) for seniors aged
55 and over. The three story building will feature secure entrances with card entry, a covered drop off area,
two elevators, on-site management, support services provided by Resources for Seniors and gracious
common areas that will encourage active social interactions between the residents. There will be a laundry
rooms on each floor, a fitness center, a computer room/library with high speed internet access, game room,
small sitting areas, outdoor patio, and a spacious main gathering area with a kitchen.
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:
The exterior design will emphasize variety. A mix of materials, projections of facades, broken roof lines,
gables and brackets will be employed.
Have you built other tax credit developments that use the same building design as this project?Yes
If yes, please provide name and address:
While not yet built, this design is based on the Highland Terrace project that DHIC will be building in Cary,
NC. This project was awarded tax credits in 2008.
Site Amenities:
The design features a covered entry and seating area for residents coming and going. An outdoor covered
patio as well as outdoor seating areas for residents to enjoy are provided in an interior corridor. While the
site is only a portion of the former "Water Garden" tract fronting Glenwood Avenue, the main entrance to
this complex will be from Marvino Lane. A sidewalk will connect residents to the Cornerstone Commons
Shopping Center which includes a Lowe Foods Grocery Store, 3 restaurants, a dentist, fitness center, nail
salon and hair salon. The shopping center is less than 1/4 mile away from Water Garden Manor.
The balance of the site is likely to be developed as multifamily housing; either more seniors housing or
conventional apartments. DHIC has a right of first refusal to purchase the balance of the property.
Onsite Activities:
DHIC will contract with Resources for Seniors (RFS) to provide on-site service coordination for residents.
There will also be social and educational events organized by RFS and property management staff. RFS
organizes regular health screenings and other programs to advise residents of resources available to the
residents to maintain independent living.

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Landscaping Plans:
Landscaping will meet or exceed Raleigh and NCHFA requirements. Colorful, native plant species will be
used as much as possible. There will be sod installed in high visibility open areas. All air handlers will be
screened.
Interior Apartment Amenities:

The apartments will include emergency pull cords in bathrooms and master bedrooms, frost-free refrigerator
with ice maker, self-cleaning ovens and other energy efficient appliances, emergency fire sprinkler system,
mini-blinds, spacious closets.
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.
Water Garden Manor is located in the rapidly growing quadrant of NW Raleigh and offers easy access to
Research Triangle, RDU and the Briar Creek area. As part of a larger 11-acre site, the property will
eventually have access to Glenwood Avenue/US 70 with the extension of Marvino Lane to Glenwood.
It is adjacent to the Long Lake PUD that was developed over the past 5 years. A mixture of townhouses and
single- family homes characterizes the area. Access to the property will be from Marvino Lane in line with
the intersection of Sommerwell Street into Marvino. Later, it is expected that property will also have direct
access to the private road of Mount Valley Lane and the Cornerstone Commons Shopping Center.
The fundamentals of this area are very strong with a vibrant and growing retail base and new homes being
built on the few remaining undeveloped areas of NW Raleigh. Homes on Sommerwell Street are valued at
upwards of $400,000.
There is little, if any, affordable or subsidized housing found in the area. Because of this, the City of Raleigh
ranks this area as its top priority for affordable housing per its scattered site affordable housing policy.
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. As noted above, the surrounding land uses are residential with a mix
of attached townhomes and single-family detached homes. There is no rental housing in the immediate area.
Almost adjacent to the site is shopping center anchored by a Lowes Foods grocery store. There are no
incompatible uses in the area. Towards Glenwood Avenue, a stream is located south of the property but will
not impact the development of Water Garden site. The balance of the property, yet to be developed, fronts on
Glenwood Avenue; a highly traveled traffic corridor. Water Garden Manor is set back significantly from noise
generated by the highway. It is anticipated that the balance of the property will be developed for multifamily
housing and the developer of Water Garden Manor, DHIC, has a right of first refusal to purchase the balance
of the property. The property is well known in Raleigh design circles as it served as the office and creative
“palate” for one of Raleigh’s best-known landscape architects, Richard Bell. The remains of the Water
Garden complex are still standing (but not on the portion of the site slated for Water Garden Manor). DHIC
hopes to honor this legacy of quality design at Water Garden Manor.
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 be accessed from Marvino Lane that currently comes of off
Country Trail Road and dead ends prior to a stream that parallels Glenwood Avenue. The traffic counts on
this road are very low. Eventually, the developer of the balance of the Water Garden tract will be expected to
connect Marvino to Glenwood and the City of Raleigh is on record as being prepared to share half the costs
of this connection. However, no traffic improvements will be required to access Water Garden Manor for
Marvino. Later, it is expected that the Water Garden Manor will also connect to Mill Valley Lane. DHIC has
the rights to place signage for Water Garden Manor on the adjacent property that fronts Glenwood Avenue
offering very high visibility to the many travelers along Glenwood Avenue.

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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).
There are no on-site negative features or barriers on the Water Garden Manor site.
Similarity of scale and aesthetics/architecture between project and surroundings.

The site is relatively flat with limited grading required. Wetlands are located south of the site but they will not
affect plans to develop this portion of the property. A soils survey of the property has been completed
indicating that some soils may be unsuitable. This has been factored into the construction budget and DHIC
is seeking a basis boost to help offset these costs and the high land costs that this site commands. There
are no buildings that will need to be demolished to proceed with this development.
The Water Garden Manor design calls for a 3-story building. The building will back up to an existing 2-story
townhouse development but roof elevations will remain about the same given the grade differences
between the two properties.
For each applicable neighborhood feature, enter distance from project in miles.
.2 Grocery Store 2 Community/Senior Center
.2 Mall/Strip Center 5 Hospital
1 Outdoor Athletic 1.3 Pharmacy

Fields
Day Care/After
Basic Health Care
School
.8 Public Transportation
1 Schools
Stop
.6 Convenience Store .8 Public Parks
.6 Gas Station 2.1 Library
Other facilities or services:

The property is on a transit corridor served by Triangle Transit Authority and the Raleigh CAT bus system;
however, currently the closest bus stop is almost a mile away. DHIC will seek to secure a bus stop in the
area to serve Water Garden Manor. The draft City of Raleigh Comprehensive Plan identifies Glenwood
Avenue as a transit corridor and we are confident that bus service will come soon to this development.
Perhaps the most important facility within walking distance is found at the Cornerstone Commons Shopping
Center which is less than a ¼ mile from the apartment community. It contains a Lowes Grocery Store, 3
restaurants, a dentist and other services.
A Google Map that shows more facilities and services can be accessed at the following link:
<http://maps.google.com/maps/ms?
hl=en&gl=us&ie=UTF8&view=map&msa=0&msid=104026709699365129509.00045ffbbe2a3f8c36b2f&z=14>

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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: Raleigh County: Wake Zip: 27612

Census Tract: 537.10 Block Group: 1

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

Political Jurisdiction: City of Raleigh

Jurisdiction City: Raleigh Zip: 27602

Jurisdiction Phone: (919)890-4168

Site Latitude: 35.881364

Site Longitude: -78.73680

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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Target Population:Elderly (55)

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

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City: Raleigh State: NC Zip: 27601

Email Address: natalie@dhic.org

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Total Site Acreage: 3.5 Total Buildable Acreage: 3.5

Storm Sewer Water Sanitary Sewer Electric

Is the demolition of any buildings required or planned? No

Are existing buildings on the site currently occupied? No

(b) Will tenant displacement be temporary?

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Purchase Date: Purchase Price:

(D) Enter Purchase Price: 990,000

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Is multifamily use permitted?Yes

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Owner Name: Water Garden Manor, LLC

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

Org: Water Garden Senior Housing, Inc.

Phone: (919)832-4345 Fax: (919)832-2206

EMail: gregg@dhic.org Nonprofit: No

Org: DHIC, Inc.

Phone: (919)832-4345 Fax: (919)832-2206

EMail: gregg@dhic.org Nonprofit: Yes

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Low Income Units

Total # Monthly Utility Mandatory **Total

Gdn Apt 1 709 35 2 600 80 0 680

Gdn Apt 1 709 9 1 481 80 0 561

Gdn Apt 1 709 9 2 340 80 0 420

Gdn Apt 1 709 6 1 340 80 0 420

Gdn Apt 2 962 13 1 695 103 0 798

Gdn Apt 2 962 3 0 571 103 0 674

Gdn Apt 2 962 3 0 402 103 0 505

Gdn Apt 2 962 2 1 402 103 0 505

Utilities included in rents: Water/Sewer Electric Gas Other trash removal

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....... 80 8 43187

https://www.nchfa.org/Rental/RTCApp/(S(nb2cp2a3s...27F9046EF7&SNID=781BFF9DC29C4869A4E605B52F24B68A (9 of 22)4/14/2009 1:15:25 PM