Woods II

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Application
Tax Credits, RPP Loans, and/or Tax Exempt Bond Loans
Project Description
Project Name: Woods II Apartments
Address: 300 South Cooper Drive
City: Henderson County: Vance Zip: 27536
Census Tract: 9604 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? No
Political Jurisdiction: City of Henderson

First:James D. Last:
Jurisdiction CEO Name: Title: Mayor
O'Grady
Jurisdiction Address: P O Box 1434
Jurisdiction City: Henderson Zip: 27536
Jurisdiction Phone: (252)430-5708
Site Latitude: 36.3324
Site Longitude: -78.4364
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: 11
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: 44

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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: Northstar/Carolinas, LLC
Address: 5019 Tall Pines Court
City: Raleigh State: NC Zip: 27609

Contact: First: Bruce Last:Whitten Title:
Telephone: (919)391-4240
Alt Phone:
Fax:
Email Address: bmwnstarnc@bellsouth.net

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

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Site Description
Total Site Acreage: 3.845 Total Buildable Acreage: 3.845

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:
Due to the scope of work being completed, we do not anticipate having to displace any residents, except for
maybe one night. We will offer residents a night in the hotel if necessary and cover their meals for the time
they will be away from their home. The general contractor will be made aware of the possible overnight
displacement and this will be handled within their contract.
(b) Will tenant displacement be temporary? No

(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)?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: 1,920,000

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Zoning
Present zoning classification of the site:R8
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: Woods II Apartments, LLC

Address: PO Box 19691
City: Raleigh State:NC Zip: 27619
Federal Tax ID Number of Ownership Entity: (If assigned)

Note: Do not submit social security numbers for individuals.
Entity Type: Limited Liability Company
Entity Status: To Be Formed
Is the applicant requesting that the Agency treat the application as Non-Profit sponsored? No
Is the applicant requesting that the Agency treat the application as CHDO sponsored? No
List all general partners, members,and principals. Specify nonprofit corporate general partners or members.
Click [Add] to add additional partners, members, and principals.
Org: FWP Woods II, LLC

First Name: Bruce Last Name: Whitten Function: Managing Member
Address: 5019 Tall Pines Court
City: Raleigh State: NC Zip: 27609
Phone: (919)390-4240 Fax: (919)781-3986
EMail: bmwnstarnc@bellsouth.net Nonprofit: No

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Unit Mix
The Median Income for Vance 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 1 657 24 2 444 89 0 533
Twn Hse 2 950 20 0 464 121 0 585
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....... 44 2 19936
Market Rate.......
Totals............... 44 2 19936
Proposed number of residential buildings: 7 Maximum number of stories in buildings: 2
Project Includes:
Separate community building - Sq. Ft. (Floor Area): 576
Community space within residential bulding(s) - Sq. Ft. (Floor Area):
Elevators - Number of Elevators:
Square Footage Information

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Gross Floor Square Footage: 42,008
Total Net Sq. Ft. (All Heated Areas): 35,335
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: 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 10 targeted at 50 percent of median income affordable to/occupied by
Total Low Income Units: 44
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 1,392,398 1.00 50 50 35,399
RD 538 Loan - Specify:
AHP Loan
Other Loan 1 - Specify:
Tax Exempt Bonds
State Tax Credit(Loan) 1,116,210 0 30 30 0
State Tax Credit(Direct Refund)
Equity: Federal LIHTC 1,611,853
Non-Repayable Grant
Equity: Historic Tax Credits
Deferred Developer Fees 72,736
Owner Investment 161
Other - Specify:
Total Sources** 4,193,358
* "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. 66
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) 1,620,000 1,606,710
2 Demolition (Rehab / Adaptive Reuse only)
3 On-site Improvements 25,000 25,000
4 Rehabilitation 1,100,000 1,100,000
5 Construction of New Building(s)
6 Accessory Building(s)
7 General Requirements (max 6% lines 2-6) 67,500 67,500
8 Contractor Overhead (max 2% lines 2-7) 23,850 23,850
9 Contractor Profit (max 8% lines 2-7; 6% if Identity of Interest) 71,550 71,550
10 Construction Contingency (max 5% lines 2-9, Rehabs 10%) 128,790 128,790
11 Architect's Fee - Design (11 + 12 = max 3% lines 2-10) 30,000 30,000
12 Architect's Fee - Inspection 15,000 15,000
13 Engineering Costs
SUBTOTAL (lines 1 through 13) 3,081,690
14 Construction Insurance (prorate)
15 Construction Loan Orig. Fee (prorate) 30,000 30,000
16 Construction Loan Interest (prorate) 216,000 162,000
17 Construction Loan Credit Enhancement (prorate)
18 Construction Period Taxes (prorate)
19 Water, Sewer and Impact Fees
20 Survey 15,000 15,000
21 Property Appraisal 6,500 6,500
22 Environmental Report 8,000 8,000
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 10,000
SUBTOTAL (lines 14 through 29) 289,800
30 Real Estate Attorney 35,000 25,000
31 Other Attorney's Fees 7,500 7,500
32 Tax Credit Application Fees (Preliminary and Full) 2,300
33 Tax Credit Allocation Fee (0.62% of line 60, minimum $7,500) 23,068
34 Cost Certification / Accounting Fees 10,000 10,000
35 Tax Opinion
36 Organizational (Partnership) 5,000
37 Tax Credit Monitoring Fee 30,800
38 Furnishings and Equipment 15,000 15,000
39 Relocation Expense
40 Developer's Fee 330,000 330,000
41 Additional Contigency (greater of $500/unit or $30,000) 30,000 30,000
42 Lender Inspection Fees 6,000 6,000
43 CNA 3,000 3,000
44 Rent-up Expense
45 Other Non-basis Expense (specify)
46 Other Non-basis Expense (specify)
47 Rent up Reserve 13,200
48 Operating Reserve
49 Lease Up Reserve
50 Mgmt Lease Up and Tenant Coordinator Fee 11,000
51 DEVELOPMENT COST (lines 1-49) 3,893,358 1,606,710 2,113,990
52 Less Federally Funded Grant
53 Less Disproportionate Standard
54 Less Nonqualified Nonrecourse Financing
55 Less Historic Tax Credit 0
56 TOTAL ELIGIBLE BASIS 3,720,700 1,606,710 2,113,990
57 Applicable Fraction (percentage of LI Units) 100.00% 100% 100%

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58 Basis Before Boost 3,720,700 1,606,710 2,113,990
59 Basis Boost of up to 130% 100.00% 100.00%
60 TOTAL QUALIFIED BASIS 3,720,700 1,606,710 2,113,990
61 Tax Credit Rate 3.50 9.00
62 Federal Tax Credits (maximum $1,300,000) 250,511 56,235 190,259
63 Federal Tax Credits Requested (if less than line 62) 244,244 53,985 190,259
64 Land Cost 300,000
65 TOTAL REPLACEMENT COST 4,193,358
FEDERAL TAX CREDITS IF AWARDED 250,511
Comments:
Total Replacement Cost per unit 95,304

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Market Study Information

Please provide a detailed description of the proposed project:
Woods II is a 44 unit family property located in Henderson, North Carolina. The current development is
financed with loan funds from Rural Development and has 44 units with project based rental assistance
provided by RD.
It is our desire to improve the overall physical and financial condition of this property, and improve the
quality of life of the current and future residents. A few of the much needed improvements are as follows:
improve the connectivity of sidewalks for handicap accessible routes to all buildings and amenities, repair
sidewalks and parking lots, repair damaged roofs, replace old and damaged appliances, replace old and
inefficient HVAC units and air handlers, install new water heaters where needed, replace cabinets and
countertops where needed, replace carpet and vinyl flooring where needed, repair plumbing and electrical
problems, repaint walls and ceilings where needed, repair damaged gypsum wallboard, etc.
You will note a more descriptive work write-up attached to this application.
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:
A new playground/tot lot will be installed that will be handicap accessible, have benches and will have
equipment for older children and tots.
Onsite Activities:
A newsletter and various service related activities will be provided by the Property Management Company.
Unfortunately service and on site activities are not an allowable budget item for Rural Development which
will limit some activities.

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Landscaping Plans:
The current landscaping is original to the property. All overgrown shrubs will be properly pruned, dead
shrubs or missing shrubs will be replaced. All plant beds will be well defined and heavily mulched. Present
areas that lack positive water flow will be re-graded to eliminate standing water. The plant bed at the project
sign will be re-worked and landscaped.
Interior Apartment Amenities:

The existing apartment amenities will not change, however the majority of units will receive new ranges,
refrigerators, carpet, vinyl, cabinets, etc.
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.
Woods II Apartments blends with the surrounding uses. The surrounding neighborhood is not declining and
is well suited for this type of development. Within a two mile radius of the site there are residential homes,
other multi-family developments, retail and some light commercial.
SURROUNDING LAND USES AND AMENITIES
Land use pattern is residential in character (single and multifamily housing). Extent that the location is
isolated. Effect of industrial, large-scale institutional or other incompatible uses, including but not limited to:
wastewater treatment facilities, high traffic corridors, junkyards, prisons, landfills, large swamps, distribution
facilities, frequently used railroad tracks, power transmission lines and towers, factories or similar operations,
sources of excessive noise, and sites with environmental concerns (such as odors or pollution). Amount and
character of vacant, undeveloped land. The site is suitable for the current development. The current
development has been in this location for over 20 years. There are no physical barriers from the surrounding
areas. The area surrounding the development is primarily residential in nature with no large tracts of vacant
undeveloped land surrounding the development.
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 development is located on a secondary road which is adequate to
accommodate the traffic generated by the development. No improvements will be necessary to the current
road 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 is no degree of on-site negative features or physical barriers that would impede the rehabilitation of
this development. The current parking is adequate for the development size.
Similarity of scale and aesthetics/architecture between project and surroundings.

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

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.5 Grocery Store 1 Community/Senior Center
.5 Mall/Strip Center 1 Hospital
.5 Outdoor Athletic .3 Pharmacy

Fields
1 Day Care/After 1 Basic Health Care

School
.1 Public Transportation
1 Schools
Stop
.2 Convenience Store .5 Public Parks
.2 Gas Station 1.5 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: Henderson County: Vance Zip: 27536

Census Tract: 9604 Block Group: 1

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

Political Jurisdiction: City of Henderson

Jurisdiction City: Henderson Zip: 27536

Jurisdiction Phone: (252)430-5708

Site Latitude: 36.3324

Site Longitude: -78.4364

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: 44

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City: Raleigh State: NC Zip: 27609

Email Address: bmwnstarnc@bellsouth.net

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Total Site Acreage: 3.845 Total Buildable Acreage: 3.845

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? No

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Purchase Date: Purchase Price:

(D) Enter Purchase Price: 1,920,000

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Is multifamily use permitted?Yes

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Owner Name: Woods II Apartments, LLC

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

Org: FWP Woods II, LLC

Phone: (919)390-4240 Fax: (919)781-3986

EMail: bmwnstarnc@bellsouth.net Nonprofit: No

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Low Income Units

Total # Monthly Utility Mandatory **Total

Gdn Apt 1 657 24 2 444 89 0 533

Twn Hse 2 950 20 0 464 121 0 585

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....... 44 2 19936

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

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

Elevators - Number of Elevators:

Square Footage Information

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Gross Floor Square Footage: 42,008

Total Net Sq. Ft. (All Heated Areas): 35,335

Number of Units Required: 6

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1 10 targeted at 50 percent of median income affordable to/occupied by

2 8 targeted at 50 percent of median income affordable to/occupied by