Wood Bridge Apartments

Print - APP09-0021
Print Preview - Preliminary

Application
Tax Credits, RPP Loans, and/or Tax Exempt Bond Loans
Project Description
Project Name: Woodbridge Apartments
Address: 2101 S. Scales Street Apt. 21-A
City: Reidsville County: Rockingham Zip: 27320
Census Tract: 0414 Block Group: 2010
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 Reidsville

First:James Last:
Jurisdiction CEO Name: Title: Mayor
Festerman
Jurisdiction Address: 230 W. Morehead Street
Jurisdiction City: Reidsville Zip: 27320
Jurisdiction Phone: (336)349-1030
Site Latitude: 36.3310
Site Longitude: -79.6654
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: 1
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: RD and number of units: 35

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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: Housing Opportunities Inc.
Address: P.O. Box 10248
City: Greensboro State: NC Zip: 27404

Contact: First: Sandy Last:Lucas Title:consultant
Telephone: (336)544-2300
Alt Phone:
Fax: (336)544-2306
Email Address: slucas@partnershippm.com

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

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Site Description
Total Site Acreage: 6.6 Total Buildable Acreage: 6.6

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:
This is a rehab of an existing apartment complex with 50 units. There will be minimal disruption for the
tenants. It is anticipated that each unit will need to be vacated for one day while unit is painted, flooring is
replaced, and the kitchen and bathroom are updated.
(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? Yes
If yes:
(a) Describe placement of project buildings in relation to this area:

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A creek runs behind the left sections of buildings.
(b) Describe flood mitigation if the project will have improvements within the 100 year floodplain:
The site has flood insurance on building within the flood plain.

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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: 1,542,745

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Zoning
Present zoning classification of the site:R-12 (residential 12, low density)
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: Woodbridge HOI Limited Partnership

City: Greensboro State:NC Zip: 27404
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.
Woodbridge HOI GP, Inc. (A qualified corporation that is a wholly-owned subsidiary of Housing Opportunities, Inc, a 501(c)
Org:
(3) organization
First Name: Terri Last Name: Gunn Function: Principal
Phone: (336)552-3658 Fax: (336)691-9806
EMail: terrijmb@aol.com Nonprofit: Yes
Org: Housing Opportunities, Inc.

First Name: Terri Last Name: Gunn Function: Principal
Phone: (336)552-3658 Fax: (336)691-9806
EMail: terrijmb@aol.com Nonprofit: Yes

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Unit Mix
The Median Income for Rockingham county is $51,300.
Low Income Units
Total # Monthly Utility Mandatory **Total

Type # BRs Net Sq.Ft. # Units Units Rent Allowance Serv. Fees Housing Exp.
Gdn Apt 1 625 14 4 431 101 0 532
Gdn Apt 2 825 30 0 505 121 0 626
Gdn Apt 3 925 6 0 515 142 0 657
Utilities included in rents: Water/Sewer Electric Gas Other
Employee Units (will add to Low Income Unit total)

Market Rate Units

Statistics
All Gross Monthly

Units Units Rental Income
Low Income....... 50 4 24274
Market Rate.......
Totals............... 50 4 24274
Proposed number of residential buildings: 9 Maximum number of stories in buildings: 1
Project Includes:
Separate community building - Sq. Ft. (Floor Area): 900
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: 35,950
Total Net Sq. Ft. (All Heated Areas): 35,950
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: 6

Persons with disabilities or homeless populations.
Number of Units: 5
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 14 targeted at 60 percent of median income affordable to/occupied by
Total Low Income Units: 50
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:
RD 515 Loan 1,057,745 3.90 30 50 48,120
RD 538 Loan - Specify:
AHP Loan
Other Loan 1 - Specify:
Tax Exempt Bonds
State Tax Credit(Loan) 949,505 0 30 30 0
State Tax Credit(Direct Refund)
Equity: Federal LIHTC 2,320,940
Non-Repayable Grant
Equity: Historic Tax Credits
Deferred Developer Fees
Owner Investment 185
Other - Specify:
Total Sources** 4,328,375
* "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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Print - APP09-0021
Development Costs
Eligible Basis
Item Cost Element TOTAL COST
30% PV 70% PV
1 Purchase of Building(s) (Rehab / Adaptive Reuse only) 1,417,745 1,417,745
2 Demolition (Rehab / Adaptive Reuse only)
3 On-site Improvements 75,000 75,000
4 Rehabilitation 1,365,000 1,365,000
5 Construction of New Building(s) 135,000 135,000
6 Accessory Building(s)
7 General Requirements (max 6% lines 2-6) 94,500 94,500
8 Contractor Overhead (max 2% lines 2-7) 33,390 33,390
9 Contractor Profit (max 8% lines 2-7; 6% if Identity of Interest) 133,560 133,560
10 Construction Contingency (max 5% lines 2-9, Rehabs 10%) 183,645 183,645
11 Architect's Fee - Design (11 + 12 = max 3% lines 2-10) 28,000 28,000
12 Architect's Fee - Inspection 7,000 7,000
13 Engineering Costs 3,000 3,000
SUBTOTAL (lines 1 through 13) 3,475,840
14 Construction Insurance (prorate)
15 Construction Loan Orig. Fee (prorate) 13,000 13,000
16 Construction Loan Interest (prorate) 105,000 89,250
17 Construction Loan Credit Enhancement (prorate)
18 Construction Period Taxes (prorate)
19 Water, Sewer and Impact Fees
20 Survey 10,000 10,000
21 Property Appraisal 4,000 4,000
22 Environmental Report 3,000 3,000
23 Market Study 4,300 4,300
24 Bond Costs
25 Bond Issuance Costs
26 Placement Fee
27 Permanent Loan Origination Fee
28 Permanent Loan Credit Enhancement

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29 Title and Recording 3,500
SUBTOTAL (lines 14 through 29) 142,800
30 Real Estate Attorney 17,500 17,500
31 Other Attorney's Fees 27,000
32 Tax Credit Application Fees (Preliminary and Full) 2,300
33 Tax Credit Allocation Fee (0.62% of line 60, minimum $7,500) 29,435
34 Cost Certification / Accounting Fees 12,000 12,000
35 Tax Opinion 3,500
36 Organizational (Partnership) 3,000
37 Tax Credit Monitoring Fee 35,000
38 Furnishings and Equipment 50,000 50,000
39 Relocation Expense
40 Developer's Fee 375,000 150,000 225,000
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
45 Other Non-basis Expense (specify)
46 Other Non-basis Expense (specify)
47 Rent up Reserve
48 Operating Reserve
49 Other Reserve (specify)
50 Other Reserve (specify)
51 DEVELOPMENT COST (lines 1-49) 4,203,375 1,567,745 2,516,145
52 Less Federally Funded Grant
53 Less Disproportionate Standard
54 Less Nonqualified Nonrecourse Financing
55 Less Historic Tax Credit 0
56 TOTAL ELIGIBLE BASIS 4,083,890 1,567,745 2,516,145
57 Applicable Fraction (percentage of LI Units) 100.00% 100% 100%

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58 Basis Before Boost 4,083,890 1,567,745 2,516,145
59 Basis Boost of up to 130% 117.00% 117.00%
60 TOTAL QUALIFIED BASIS 4,778,151 1,834,262 2,943,890
61 Tax Credit Rate 3.50 9.00
62 Federal Tax Credits (maximum $1,300,000) 333,735 64,199 264,950
63 Federal Tax Credits Requested (if less than line 62) 0
64 Land Cost 125,000
65 TOTAL REPLACEMENT COST 4,328,375
FEDERAL TAX CREDITS IF AWARDED 333,735
Comments:
Total Replacement Cost per unit 86,568

Print - APP09-0021
Market Study Information

Please provide a detailed description of the proposed project:
The project is a 50 unit family project, constructed in 1978, in Reidsville, NC. There are one, two, and three
bedroom units. A community building will be added as part of the rehab.
Construction (check all that apply):
Brick Vinyl Wood HardiPlank Balconies/Patios Sunrooms Front Porches
Front Gables or Dormers Wide Banding or Vertical/Horizontal Siding
Other:
Have you built other tax credit developments that use the same building design as this project?No
If yes, please provide name and address:
Site Amenities:
The new community building will contain a room for tenant activities, the site office, a computer center, a
kitchen and a laundry room. Additional playground equipment will be added along with a new picnic area
with tables and grills.
Onsite Activities:
The community room will provide a comfortable meeting place for tenant related activities. The computer
center will be available for tenant use and will be equipped with printers and internet access.

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Landscaping Plans:
All overgrown shrubs will be removed and new foundation and perimeter plantings will be installed. All plant
beds will be well defined and heavily mulched. A new site sign will be installed at the entrance to the
complex. The perimeter fence will be replaced with a six foot green vinyl coated chain link fence. The
current split rail fencing will be replaced with 2 rail white vinyl fencing.
Interior Apartment Amenities:

The apartments will have Energy Star refrigerators and gas hot water heaters, ranges and range hoods,
washer/dryer hookups, mini-blinds, storm doors, and VCT in all rooms except the bedrooms. The bedrooms
will be carpeted.
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.
Woodbridge Apartments is located in a mixed use area consisting of residential homes, light commercial,
and a public park. South Scales Street is the main road in town and leads directly into the downtown section
of Reidsville (approximately 1.5 miles from the complex). Attached is a site map showing businesses,
amenities, and municipal buildings within a two mile radius of the complex.
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 fits in nicely with the surrounding neighborhood. An
ambulance/rescue service is located across the street as well as a public park with basketball courts. A
residential neighborhood of single family homes border one side of the complex. A small stream separates
the complex from the wholesale distribution warehouse on the other sitde. There are no large tracts of
undeveloped land surrounding the complex.
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. Although South Scales Street is a main street in town, traffic in the area of
the complex is not excessive. No road improvements are anticipated. The town of Reidsville does not have a
mass transit system.
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 physical barriers that would impede the rehabilitation of the
development. The small stream has not affected the property in its 30 years of operation.
Similarity of scale and aesthetics/architecture between project and surroundings.

The development is located in a mixed use area and is compatible in scale and architecture.
For each applicable neighborhood feature, enter distance from project in miles.

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1 Grocery Store 1.8 Community/Senior Center
.7 Mall/Strip Center 1.5 Hospital
.01 Outdoor Athletic 1.2 Pharmacy

Fields
1.9 Day Care/After 1.3 Basic Health Care

School
1 Public Transportation
Schools
Stop
1 Convenience Store .01 Public Parks
1.1 Gas Station 2.1 Library
Other facilities or services:

The site is approximately 1.5 miles from downtown Reidsville. The attached map shows the items listed
above s well as additonal facilities and 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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Print Preview - Preliminary

City: Reidsville County: Rockingham Zip: 27320

Census Tract: 0414 Block Group: 2010

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

Political Jurisdiction: City of Reidsville

Jurisdiction City: Reidsville Zip: 27320

Jurisdiction Phone: (336)349-1030

Site Latitude: 36.3310

Site Longitude: -79.6654

Project Type: Rehab

Is this project a previously awarded tax credit development?

New Construction/Adaptive Reuse:

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

Does a community revitalization plan exist? No

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If yes, provide the subsidy source: RD and number of units: 35

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City: Greensboro State: NC Zip: 27404

Email Address: slucas@partnershippm.com

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Total Site Acreage: 6.6 Total Buildable Acreage: 6.6

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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A creek runs behind the left sections of buildings.

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Purchase Date: Purchase Price:

(D) Enter Purchase Price: 1,542,745

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Is multifamily use permitted?Yes

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Owner Name: Woodbridge HOI Limited Partnership

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

Phone: (336)552-3658 Fax: (336)691-9806

EMail: terrijmb@aol.com Nonprofit: Yes

Org: Housing Opportunities, Inc.

Phone: (336)552-3658 Fax: (336)691-9806

EMail: terrijmb@aol.com Nonprofit: Yes

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Low Income Units

Total # Monthly Utility Mandatory **Total

Gdn Apt 1 625 14 4 431 101 0 532

Gdn Apt 2 825 30 0 505 121 0 626

Gdn Apt 3 925 6 0 515 142 0 657

Utilities included in rents: Water/Sewer Electric Gas Other

Employee Units (will add to Low Income Unit total)

Total # Monthly Utility Mandatory **Total

Utilities included in rents: Water/Sewer Electric Gas Other

Market Rate Units

Total # Monthly Utility Mandatory **Total

Utilities included in rents: Water/Sewer Electric Gas Other

All Gross Monthly

Low Income....... 50 4 24274

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

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

Elevators - Number of Elevators:

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Square Footage Information

Gross Floor Square Footage: 35,950

Total Net Sq. Ft. (All Heated Areas): 35,950