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Is project in Qualified Census Tract & Difficult to Develop area:
Project Name and Location
Project Name: Arbor Glen III
Address: 2305 Farmer Street
City: Charlotte County: MECKLENBURG Zip: 28208
Census Tract: 39.02 Block Group: 2
Yes
Political Jurisdiction: The City of Charlotte
Jurisdiction CEO Name: First: Last:Pat McCrory Title: Mayor
Jurisdiction Address: Charlotte-Mecklenburg Government Center
Jurisdiction City: Charlotte Zip: 28202-2839
Jurisdiction Phone: (704)336-2241
Site Latitude: 35.12438
Site Longitude: -80.53737
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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):If yes, list names of previous phase(s):
Will the project be receiving federal rental assistance?
If yes, provide the subsidy source:If yes, provide the subsidy source: HUD and number of units:and number of units:
Target Population: Family
Indicate below any additional targeting for special populations proposed for this project:
Square Footage Information
Project Description
Project Type:* New Construction Rehab Adaptive Reuse
Yes
Arbor Glen Phase I (TC#1541) and Arbor Glen Phase II (TC#1645)
Yes
88
Mobility impaired handicapped: 5% of units comply with QAP Section IV(F)(3) (in addition to other federal and staterequirements)
Persons with disabilities or homeless populations: the greater of 5 units or 10% of the total units
Remarks:
Proposed number of residential buildings: 3 Maximum number of stories in buildings: 2
Types of Units:* Townhouse Duplex Garden Apartment Detached Single-Family
Project Includes:Separate community building -- Sq. Ft. (Floor Area):Sq. Ft. (Floor Area):
Community space within residential bulding(s) -- Sq. Ft. (Floor Area):Sq. Ft. (Floor Area):
Elevators -- Number of Elevators:Number of Elevators:
Gross Floor Square Footage: 30,996
Total Net Sq. Ft. (All Heated Areas): 24,949
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Applicant Information
Applicant Name: Crosland, Inc.
Address: 135 Scaleybark Road
City: State: NC Zip:Charlotte 28209
Contact: First: Last: Title:Roger Lewis VP Development
Telephone: (704)561-5260
Alt Phone: (704)529-6098
Fax: (704)525-3562
Email Address: [email protected]
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Total Site Acreage: Total Buildable Acreage:
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?
If yes, please describe:
Are existing buildings on the site currently occupied?
If yes:(a) Briefly describe the situation:
(b) Will tenant displacement be temporary?
(c) Will tenant displacement be permanent?
Is the site in a distressed neighborhood?
If yes, does a community revitalization plan exist?
Is the site directly accessed by an existing, paved, publicly maintained road?
If no, please explain:
Is any portion of the site located inside the 100 year floodplain?
If yes:(a) Describe placement of project buildings in relation to this area:
Site Description
1.5 1.5
No
No
Yes
Yes
Yes
No
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(b) Describe flood mitigation if the project is in the East Region and will have improvements within the 100 year floodplain:
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Does the owner have fee simple ownership of the property (site/buildings)?
If yes provide:
Purchase Date: Purchase Price:
If no:
Site Control
No
(a) Does the owner/principal or ownership entity have vaild option/contract to purchase the property? No
(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:
Yes
The Housing Authority of the City of Charlotte has owned the property since about 1970. They haveagreed to lease the property for a term of 40 years to the Arbor Glen III project. The option was partof the application submitted to the NCHFA on January 17, 2003. The property will be leased for$1,000/year. The adjacent sites for Arbor Glen I and Arbor Glen II were similarly leased from theHousing Authority.
(c) Enter the current expiration date of the option/contract to purchase: 12/31/2003
(D) Enter Purchase Price: 0
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Present zoning classification of the site:
Is mutifamily use permitted?
Are variances, special or conditional use permits or any other item requiring a public hearing needed to develop this proposal?
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 obtainingthem:
Is a public hearing of any kind required in the future for you to fully develop this property?
If yes, describe the nature of the hearing and when you expect the hearing will be held:
Are there any existing conditions of historical significance located on the project site that will require State Historic Preservation office review?
If yes, describe below:
Are there any existing conditions of environmental significance located on the project site?
If yes, describe below:
Zoning
R-17MF and R-22MF
Yes
Yes
Yes
See comments in the box below.
Yes
The City of Charlotte reviews all proposals for affordable housing with a public hearing and CityCouncil approval prior to endorsing those proposals. Council endorsement is expected on May 12,
2003 and will be communicated directly to the NCHFA subsequent to that date, per agreementbetween Charlotte City staff and the NCHFA, per letters attached. No other public hearing orcomparable public action or approval is needed for this project to proceed.
No
No
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Ownership Entity
Owner Name: Arbor Glen III, LLC
Address: c/o Crosland, Inc., 135 Scaleybark Road
City: State: NC Zip:Charlotte 28209
Federal Tax ID Number of Ownership Entity: (If assigned)
Federal Tax ID Number of Managing GP or Member: (If Not Assigned)56-0192763
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? No
List all general partners, members,and principals. Specify nonprofit corporate general partners ormembers. Click [Add] to add additional partners, members, and principals.
Org: Crosland, Inc.
First Name: Roger Last Name: Lewis Function: Managing Member
Address: 135 Scaleybark Road
City: Charlotte State: NC Zip: 28209
Phone: (704)561-5260 Fax: (704)525-3562
EMail: [email protected] Nonprofit: No TaxID 56-0192763
Org: The Housing Authority of the City of Charlotte-Non-Profit
First Name: Charles Last Name: Woodyard Function: Member
Address: 1301 South Boulevard
City: Charlotte State: NC Zip: 28203
Phone: (704)336-8349 Fax: (704)353-1232
EMail: [email protected] Nonprofit: Yes TaxID 56-6000560
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Specify Low Income Unit Targeting in table below. List each applicable targeting combination in a separate row below. Click [Add] to createanother row. Click "X" (at the left of each row) to delete a row. Add as many rows as needed.
Total Low Income Units:
Note: This number should match the total number of low income units in the Unit Mix section.
Targeting
# BRs Units %
2 6 targeted at 30 percent of median income.
3 2 targeted at 30 percent of median income.
2 5 targeted at 50 percent of median income.
3 2 targeted at 50 percent of median income.
2 5 targeted at 60 percent of median income.
3 3 targeted at 60 percent of median income.
23
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Estimated pricing on sale of Federal Tax Credits: $0.
Remarks concerning project funding sources:(Please be sure to include the name of the funding source(s))
Loans with Variable AmortizationPlease fill in the annual debt service as applicable for the first 20 years of the project life.
Funding Sources
Source AmountNon-
Amortizing*Rate(%)
Term(Years)
Amort.Period(Years)
AnnualDebt
Service
Bank Loan
RPP LoanLocal Gov. Loan - Specify:Charlotte Loan
230,000 2.00 20 20 13,962
RD Loan
AHP Loan
Other Loan 1 - Specify:CHA Loan (HOPE IV)
464,085 0.00 0 0
Other Loan 2 - Specify:
Other Loan 3 - Specify:
Tax Exempt Bonds
State Tax Credit(Loan) 187,821 0 30 30 0
State Tax Credit(Direct Refund)
Equity: Federal LIHTC 1,107,506
Non-Repayable Grant
Equity: Historic Tax Credits
Deferred Developer Fees
Owner Investment
Other - Specify:
Total Sources** 1,989,412
* "Non-amortizing" indicates that the loan does not have a fixed annual debt service. For these items, you must fill in 20-year debt servicebelow.
** Total Sources must equal total replacement cost in Project Development Cost (PDC) section.
75
Commitment for City of Charlotte funds will be communicated by the City to the NCHFA.
Regarding the Housing Authority loan of HOPE VI funds, interest to accrue at the AFR.
Principal and accrued interest payable at the end of the loan's term which will be in excess of40 years.
Other Loan 1 - CHA Loan (HOPE IV)
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Year:Amt:
1
0
2
0
3
0
4
0
5
0
6
0
7
0
8
0
9
0
10
0
Year:Amt:
11
0
12
0
13
0
14
0
15
0
16
0
17
0
18
0
19
0
20
0
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Development Costs
Item Cost Element TOTAL COSTEligible Basis
30% PV 70% PV
1 Purchase of Buildings (Rehab) 0
2 Demoli tion
3 On-site Improvements 275,200 275,200
4 Rehabilitation
5 Construction of New Building(s) 975,568 975,568
6 Accessory Building(s)
7 General Requirements 75,046 75,046
8 Contractor Overhead 26,516 26,516
9 Contractor Profit 79,549 79,549
10 Construction Contingency 42,956 42,956
11 Architect's Fee - Design 49,305 49,305
12 Architect's Fee - Inspection 21,131 21,131
SUBTOTAL (lines 1 through 12) 1,545,271
13 Construction Insurance (prorate) 4,500 3,600
14 Construction Loan Orig. Fee (prorate) 7,500 6,000
15 Construction Loan Interest (prorate) 45,375 36,300
16 Construction Loan Credit Enhancement (prorate)
17 Construction Period Taxes (prorate) 4,500 3,600
18 Water, Sewer and Impact Fees 7,774 7,774
19 Survey 5,500 5,500
20 Property Appraisal 15,000 15,000
21 Environmental Report 1,500 1,500
22 Market Study 8,530 8,530
23 Bond Costs (specify)
24 Cost of Issuance
25 Placement Fee
26 Permanent Loan Origination Fee
27 Permanent Loan Credit Enhancement
28 Title and Recording 12,000
SUBTOTAL (lines 13 through 28) 112,179
29 Real Estate Attorney 1,000 1,000
30 Other Attorney's Fees 56,000 56,000
31 Tax Credit App Fees 11,337 11,337
32 Cost Certification/Accounting Fees (specify) 16,000 16,000
33 Tax Opinion 1,000
34 Organizational (Partnership)
35 Tax Credit Monitoring Fee 12,075
SUBTOTAL (lines 29 through 35) 97,412
36 Furnishings and Equipment 0 0
37 Relocation Expenses
38 Developer's Fee (max 15% lines 2-36, less 8 & 9) 148,000 148,000
39 Other Basis Expense (specify) MWBE Cert. 2,500 2,500
40 Other Basis Expense (specify) Surety/Completion Bond (HUD req'd.) 10,300 10,300
41 Rent-up Expenses 14,950
42 Other Non-basis Expense (specify)
43 Other Non-basis Expense (specify)
SUBTOTAL (lines 36 through 43) 175,750
44 Rent up Reserve 6,900
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Comments:
45 Operating Reserve 50,900
46 Other Reserve (specify)
47 Other Reserve (specify)
48 DEVELOPMENT COST (lines 1-47) 1,988,412 0 1,878,212
49 Less Federal Financing
50 Less Disproportionate Standard
51 Less Nonqualified Nonrecourse Financing
52 Less Historic Tax Credit (residential) 0
53 TOTAL ELIGIBLE BASIS 1,878,212 0 1,878,212
54 Times Applicable Fraction 100.00% 100% 100%
55 TOTAL QUALIFIED BASIS 1,878,212 0 1,878,212
56 Tax Credit Rate 0.00% 7.87%
57 FEDERAL TAX CREDITS at Estimated Rate 147,815 0 147,815
57a FEDERAL TAX CREDITS at 8.5% or 3.75% 159,648 0 159,648
58 FEDERAL TAX CREDITS REQUESTED 0
59 STATE TAX CREDITS 187,821
60 Land Cost 1,000
61 TOTAL REPLACEMENT COST 1,989,412
HOPE VI funds, from a larger pool for all of the Dalton Village revitalization of which this proposal isa part, are already committed to the Charlotte Housing Authority for qualifying projects or phases.City of Charlotte Infrastructure funds have previously been made available for Arbor Glen I, ArborGlen II, and the Park at Oaklawn tax credit and HOPE VI revitalizations, so we expect them for thisproject as well.
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Please provide a detailed description of the proposed project:
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?
If yes, please provide name and address:
Site Amenities (check all that apply):
Market Study Information
This 23-unit project is the third and final multi-family phase of Arbor Glen located on the site ownedby the Housing Authority of the City of Charlotte since 1970 and the former site of Dalton Village, aformer public housing project being replaced using HOPE VI, tax credit and City of Charlotte funds.The opportunity for this phase was created only recently as a consequence of discussions with ourland planners who pointed out that there were three small areas on the Arbor Glen site which had,
until that time, been overlooked as potential development parcels.
We made a careful assessment of the potential use of these three sites, which indicated that thesethree small areas were not needed for other functions, to support the prior phases (such asrecreation spaces), that there was sufficient area for shared parking with the existing phases, thatthe extensive community amenities produced in conjunction with Phase I had ample capacity toserve this phase as well as Phases I and II, and that the property zoning was sufficient for theaddition of these units. Therefore, it became clear that it was logical and appropriate to proceed withthis development.
The proposed 23 units will be of two styles: 15 townhouses similar to those in Arbor Glen II, and 8garden apartments. In size, layouts, fits and finishes, they will be comparable to the standards setfor market rate apartments in our area, and compatible with the standards already set with theexisting, in-service Arbor Glen I and Arbor Glen II, which is now starting construction. Arbor Glen IIIwill have access to all of the existing Arbor Glen amenities (2 clubhouses, pool with grills,playground, car wash, garden spots, laundries, etc.) which were described previously in applicationsfor prior phases and are listed on a site plan which accompanies this application.
Wall to wall carpeting; ceiling fans; dishwashers; high efficiency heat pumps; careful attention tosealing around openings to control air leaks; 6 panel entry doors; architectural shingles; extensivelandscaping; intrusion alarms; smoke detectors; carbon monoxide detectors; Range Queencannister fire extinguishers at range hoods; washer/dryer hookups; microwave oven. See alsofeature buttons in a following section. A site amenity not represented by any of the feature buttons isArbor Glen's entry fountain, a handsome and distinctive feature of benefit for all phases.
Yes
Arbor Glen II has similar designs. Arbor Glen III's fits and finishes will be similar to those which canbe observed in Arbor Glen I.
Arbor I's lease-up went extremely well and is indicative of a robust and deeper effective demandthan was described in the project's market study. We suggest that the Arbor Glen I leasingexperience was so strong as to eliminate any doubts regarding Arbor Glen III's ability to lease upvery quickly and operate at or near full occupancy for the foreseeable future. Here are some ArborGlen I leasing highlights.
1. Over 300 call ins in response to a sign with a phone number at our construction site without othermarketing support.
2. Over 2,000 applications requested and handed out from February through August 2002.
3. Lease-up of the 144 units from April 2002 (first occupancy) to August (93% occupancy) or 36units/month.
4. Hundreds of still-viable applications which constitute our waiting list.
5. Several dozen new walk-in prospects per week, even though was are effectively fully occupiedwith a substantial waiting list.
6. Occupancy since August 2002 of 96-99%, well above our sustaining occupancy of 93%.
Community Bldg - Sq Ft: 4,702 Community Room - Sq Ft: 1,796 Garages - Number:
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Onsite Activities:
Landscaping Plans:
Interior Apartment Amenities (check all that apply):
Flooring: Carpet Vinyl Wood Wood Parquet Ceramic Tile Other
Heating/Cooling: Central Air Gas Heat Heat Pump Electric Pump
Do you plan to submit additional market data (market study, etc.) that you want considered?
If yes, please make sure to include the additional information in your pre-application packet.
Laundry Rm Screened Porch Resident Computer Center Exam Rm Reading Rm/Library
Game/Craft Rm Exercise Rm TV Rm Beauty Salon Vending Rm
Chapel/Prayer Rm Picnic Area Onsite Leasing Office Onsite Mgr Onsite Maint. Person
Irrigated Lawns Security Gate Car Care Area Storage Units Gazebos
Walking Trails Garden Spots Basketball/Tennis Court Playground Ball Field
Pool Fitness Stations Horseshoe Pit Shuffleboard Covered Drive Thru
Extensive resident support programs by co-owner, Housing Authority of the City of Charlotte. YMCAservice support for seniors. The YMCA also provides swim lessons at the Arbor Glen pool. A visitinghealth nurse utilizes the health exam room in one of Arbor Glen's two clubhouses and also consultswith residents, provides basic screenings such as blood pressure measurement and arranges forvisists by other health professionals.
Landscaping will be substantial with a $1,200 per unit landscaping allowance. Note the largenumber of planted, large maturing trees (oaks and maples) at Arbor Glen I. Arbor Glen III will be
landscaped in a similar manner to produce a shaded, park-like character to the site as thelandscaping matures.
Range Hood Dishwasher Disposal Refrigerator (frost free) Storage interior/exterior
W/D Hookups Mini-blinds Pantry Ceiling fans Walk-in closets
Intrusionalarms,RangeQueen
Cannisterfireextinguishersat rangehoods,carbonmonoxidedetectors,microwaveovens,firesafetysprinklers,6 paneldoorsthroughout,knockdown
(textured)ceilings
No
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Briefly describe your site in each of the following categories:
Applicant's Site Evaluation
NEIGHBORHOOD CHARACTERISTICS
Physical condition of buildings and improvements. Trend and direction of real estate developmentrelative to the project. Area economic health (degree of decline or investment).
The neighborhood surrounding Arbor Glen a decade or so ago was accurately described as fragile.Today the neighborhood is stronger. Here are some of the initiatives which have contributed to thatpositive change.
1. A city of Charlotte committment to improving the city-owned infrastructure. Beginning in the1990's, the City began a systematic infrastructure improvement program throughout the area. Roadsthroughout neighborhoods, such as Reid Park, adjacent to Arbor Glen, have all been repaved.Curbs and sidewalks were added. Storm sewers were upgraded or added. At key road intersectionsthroughout the neighborhood, such as the corner of West Boulevard and Clanton Road (at the edgeof the Arbor Glen project), the City installed decorative landscape and signage. This programcontinues.
2. The City has designated this area as an "Action Plan Neighborhood", one of only eight within thecity. This designation means that city resources will be concentrated in this area, and privatehousing and economic activities here will be encouraged by the City.
3. The rebuilding of Westover Neighborhood Shopping Center about .75 mile from the Arbor Glen
site at the corner of West Boulevard and Remount Road. This is the first new retailing in the area indecades. Included will be several variety and soft goods stores, restaurants, and a new westsidesubstation of the Charlotte-Mecklenburg Police Department.
4. Private and public investment in Rehabilitated Housing in Reid Park. Since the late 1990's, theReid Park Neighborhood Association has built several new and attractive houses. Also, theCharlotte Mecklenburg Housing Partnership, under contract to the City, has rehabilitated at least tenformerly unoccupied duplexes.
5. Construction of the Westside Regional Public Library in the 1990's on land adjacent to Arbor Glenwith frontage on West Boulevard. This major facility, with clear visibility from West Boulevard is adramatic indicator of neighborhood progress.
6. Purchase by the YMCA of a 20-acre site on Donald Ross Road (the continuation of Clanton Roadjust north of West Boulevard) in 2002 for its new full service West Boulevard facility. This site is onlyabout .1 mile north of Arbor Glen.
7. The demolition of Dalton Village Public Housing project and its HOPE VI Revitalization as ArborGlen. The earlier phases of Arbor Glen are well-designed, well managed, and heavily amenitized.Their presence indicates a dramatic, positive, and highly visible improvement to the neighborhood.Taken together, these initiatives clearly indicate that the trend in real estate development is positiveand the degree of investment here is high. The area's economic health has substantially improved.
8. The construction and operation of the Neighborhood Outreach Center in Clanton Park, the publicpark across Clanton Road from Arbor Glen. This facility includes a gymnasium and several supportspaces for classes and seminars. It was built using HOPE VI funds as part of the Arbor Glenrevitalization. The Charlotte Parks Department operates this facility.
Suitability of surrounding development. Land use pattern is primarily residential with a balance ofother uses, including non-competing multifamily and single family units, relevant amenities, shoppingand services.The land use pattern in this neighborhood is primarily residential. The public park, its OutreachCenter, public library, and a church directly across Clanton Road from Arbor Glen are the immediatearea's non-residential uses, all of which are supportive of Arbor Glen and its residential use.
SITE SUITABILITY
Adequacy of street(s) and/or access road(s) serving the proposed project and traffic controls (lights,stop signs, turning lanes). Access to mass transit (if applicable).Streets serving Arbor glen and its neighborhood are more than adequate. None of our developmentteam members have ever observed traffic backups in this area. Thie site is only 1 mile from I-77 viaClanton Road and 4 to 5 miles to Uptown Charlotte to the east via West Boulevard. The airport andits 7,000 to 8,000 job opportunities is 4 to 5 miles to the west via West Boulevard and the Billy
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For each applicable neighborhood feature, enter distance from project in miles.
Graham Parkway. Three Charlotte city bus routes have bus stops on the Arbor Glen site.
Amount and character of vacant, undeveloped land. Effect of industrial, large-scale institutional orother incompatible uses: wastewater treatment facilities, high traffic corridors, junkyards, prisons,landfills, large swamps, distribution facilities, frequently used railroad tracks, power transmission linesand towers, factories or similar operations, sources of excessive noise, and sites with environmentalconcerns (such as odors or pollution).
There are no nearby adverse land uses such as high power transmission lines, or any of the otherfacilities or conditions listed above and considered as negatives for a development of this kind.
Degree of on-site negative features and physical barriers that will impede project construction oradversely 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. Foradaptive re-use projects- suitability for residential use and difficulties posed by the building(s), suchas limited parking, environmental problems or the need for excessive demolition.There are no site negative features or physical barriers such as the examples listed above that willimpede the construction or adversely affect the use of the proposed project.
Similarity of scale and aesthetics/architecture between project and surroundings.The proposed designs are similar to Arbor Glen II's designs and will fit compatibly with the rest ofArbor Glen.
Concentration of affordable housing (housing credit, project-based rental assistance, public housing).
Arbor Glen at completion of all its phases will be be typical of the scale of HOPE VI revitalizations.The proposed Arbor Glen III is a 23 unit addition to a revitalization that includes the 144 unit ArborGlen I and the 91 unit Arbor Glen II as well as 50 rehabilitated former Dalton Village units. However,the first phase of Arbor Glen was so well received and has already generated such a substantialwaiting list, that we do not perceive any marketing or leasing negatives for Arbor Glen III. Scale inthe case of Arbor Glen is actually an advantage because the combined project is able to afford anunusually broad array of amenities, and operate with a deep, professional management staff. Thetiming for Arbor Glen III is excellent, coming a year behind Arbor Glen II, which is just now startingits construction activity (see the structural fill recently moved onto the Arbor Glen site). Given ArborGlen I's four month lease-up of 144 units (36 per month), we expect the Arbor Glen II lease-up of its91 units to take only about 2.5 months and be completed about 9.5 months before Arbor Glen III isready for lease-up.
Availability of Supportive Services (if applicable):Many of the on premises and immediately adjacent supportive services have been described inearlier sections. To recap, on premises or adjacent to the site are:
1. Three bus routes2. City Park3. Outreach Center (gym)4. Church5. Charlotte Housing Authority Case Workers managing the Family Self-Sufficiency Program6. Public Health Nurse operating the health suite in the senior clubhouse7. YMCA enrichment program for seniors and swimming lessons in the Arbor Glen pool
Grocery Store.75 Community/Senior Center.01
Mall/Strip Center6 Hospital4.8
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Other facilities or services:
Outdoor Athletic Fields.01 Pharmacy1
Day Care/After School.75 Basic Health Care.01
Schools.8 Medical Offices4
Public Transportation Stop.01 Bank/Credit Union1.5
Convenience Store.2 Restaurants1
Basketball/Tennis Courts.01 Professional Services.75
Public Parks.01 Movie Theater6
Gas Station.8 Video Rental.75
Library.01 Public Safety (Fire/Police)1.5
Fitness/Nature Trails.01 Post Office1.5
Public Swimming Pools.01
The Charlotte-Douglas Internationl Airport with its thousand of jobs is approximately 4 miles from thesite. (Arbor Glen is not in any flight path.) The Charlotte Center City with about 85,000 jobs is onlyabout 4 miles to the east and north. There is bus service to the center city with a bus stop and busshelter at the library. CPCC Community College is about 2.5 miles from the site on Morris FieldRoad. I-77's Clanton Road interchange is .9 mile from the site.
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DevelopmentList number low-income/tax credit housing projects and units developed, operated, and maintained in compliance by the principal(s) betweenDecember 1, 1996 and January 1, 2003:
ManagementList number of low-income housing tax credit units managed in the past 10 years:
Has any owner, principal, or management agent been debarred or received a limited denial participation in the past 10 years by any federal or
state agency?
Has any owner, principal, or management agent been involved in a bankruptcy, an adverse fair housing settlement, an adverse civil rights
settlement, or an adverse federal or state government proceeding and settlement in the past 10 years?
Has any owner or principal been in a mortgage default or delinquency of three months or more within the last 5 years on a FHA-insuredproject, a Rural Development funded rental project, a tax-exempt funded mortgage, a tax credit project, or any other publicly subsidized
project?
Has any owner or principal been involved within the last 10 years in a project which previously received an allocation of tax credits but failed tomeet compliance standards of the tax credit allocation, including return of a reservation of tax credits to the Agency after the carryover
agreement has been signed?
Has any owner or principal had a Form 8823 filed with the IRS for noncompliance on a project using low-income housing tax credits or
received a letter of non-compliance from the Agency?
Project Team Experience
North Carolina Other States
Projects: 3 0
Units: 377 0
North Carolina Other States
Projects: 7 0
Units: 582 0
No
No
No
No
No
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Financing Commitments
Does the project have a firm commitment for construction financing? Yes
Does the project have a letter of intent for private permenant financing? Yes
Does the project have a firm commitment for government financing? Yes
Does the project have a letter of intent from an investor? Yes
Is any portion of the eligible basis of new contruction or rehabilitation financed with federal subsidies other than CDBG funds or fundsfrom the HOME program? Yes
If yes, indicate the type and amount below:
Tax Exempt Financing: $
RD 515 Financing: $
Hope VI Financing: $ 464,085
Other: $ 0
If Other, specify the type of Federal subsidy:
Note: The funds referred to above as HOPE VI financing willbe a loan from the Charlotte Housing Authority, whose sourceof funds for that loan is the Housing Authority's HOPE VIcommitment from the federal government.
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Project Operations (Year One)
Projected Operating Costs
Administrative Expenses
Advertising
Other Administrative Expense (specify):1,150
Office SalariesOffice Supplies 4,418
Office or Model Apartment Rent
Management Fee 8,832
Manager or Superintendent Salaries 9,000
Manager or Superintendent Rent Free Unit
Legal Expenses (Project) 1,000
Auditing Expenses (Project) 6,800
Bookkeeping Fees/Accounting Services
Telephone and Answering Service 700
Bad Debts 350
Other Administrative Expenses (specify):
SUBTOTAL 32,250
Utilities Expense
Fuel Oil
Electricity (Light and Misc. Power) 3,563
Water 3,185
Gas
Sewer 3,185
SUBTOTAL 9,933
Operating and Maintenance Expenses
Janitor and Cleaning Payroll
Janitor and Cleaning Supplies
Janitor and Cleaning Contract
Exterminating Payroll/Contract 1,000
Exterminating Supplies
Garbage and Trash Removal 1,200
Security Payroll/Contract
Grounds Payroll
Grounds Supplies
Grounds Contract 3,000
Repairs Payroll 4,000
Repairs Material 4,000
Repairs Contract
Elevator Maintenance/Contract
Heating/Cooling Repairs and Maintenance
Swimming Pool Maintenance/Contract
Snow Removal 300
Decorating Payroll/Contract
Decorating Supplies
Other (specify):
Miscellaneous Operating & Maintenance Expenses
SUBTOTAL 13,500
Taxes and Insurance
Real Estate Taxes 11,500
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Payroll Taxes (FICA) 805
Miscellaneous Taxes, Licenses and Permits
Property and Liability Insurance (Hazard) 3,000
Fidelity Bond Insurance 1,000
Workmen's Compensation 300
Health Insurance and Other Employee Benefits 1,800
Other Insurance:
SUBTOTAL 18,405
Supportive Service Expenses
Service Coordinator 6,000
Service Supplies 1,500
Tenant Association Funds 500
Other Expenses (specify):
SUBTOTAL 8,000
Reserves
Replacement Reserves 5,750
SUBTOTAL 5,750
TOTAL OPERATING EXPENSES 87,838
ADJUSTED TOTAL OPERATING EXPENSES(Does not include taxes, reserves and resident support services) *
62,588
TOTAL UNITS(from total units in the Unit Mix section)
23
PER UNIT PER YEAR 2,721
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Design Features
ITEM DESCRIPTION
Foundation/Slab Components Post Tension, 3000 PSI Mix Code 3308
Primary Windows Make: Model:General Aluminum 2100 Series Type/Construction: Aluminum Vinyl Glass
Exterior Doors Type: Frames:24 GA 6-Panel Steel Wood
Siding Type: Grade/Thickness:Hardiplank 5/16
Warranty: 50 Year
Exterior Trim Koat #1 Pre-Primed P.T.
Shingles Type: Weight:GAS Timberline 225 lbs.
Warranty: 30 year
Sprinkler System NFPA 13R Residential
Cabinets Normac 800 Camelot White PVC
Heat Pump SEER: Make:12 Seer Goodman
Model: Varies to size of unit
Air Conditioner SEER: Make:12 Seer Goodman
Model: Varies to size of unit
Other Heat Systems SEER: Make:12 Seer Goodman
Model:
Varies to conditon-clubhouses, laundry andmaintenance facilities
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This is a detailed breakdown of rehabilitation or construction costs you summarized in the Development Costs table (Rehabilitation andConstruction of New Building(s)). The total should match those roll-up values.
Costs - Construction
ITEM LABOR MATERIAL TOTAL
Concrete Footings 0
Backfill-slab, Crawl 0
Slab-concrete/Rebar/Gravel 36,167 36,167 72,334
Waterproofing 0
Masonry Foundation 8,555 8,555 17,110
Brick Veneer 19,500 19,500 39,000
Steel/Structure/Rails 0
Framing/Lumber/Nails 99,278 99,278 198,556
Trusses 40,860 40,860 81,720
Crane Rental 0
Windows/Grilles/Screen 22,238 21,839 44,077Exterior Doors 1,150 3,450 4,600
Roofing 19,000 19,000 38,000
Fencing 0
Vinyl Siding/Trim/Box 0
Gutters/Shutters 6,200 6,200 12,400
Insulation 16,700 16,700 33,400
Drywall 37,200 37,200 74,400
Interior Doors 11,119 33,357 44,476
Int. & Final/Stair/Trim/Shelves 6,900 6,900 13,800
Cabinets & Tops 15,810 15,810 31,620
Painting 18,833 6,277 25,110
Marble - Tub/Shwr/Tops 0
Plumbing 30,210 30,210 60,420
Electrical 32,125 32,125 64,250
Heating/Air Conditioning 19,800 39,535 59,335
Floor Covering and Underlayment 0
Wall Paper 0
Mailboxes/Special Features/Signage 600 2,400 3,000
Gypcrete 0
Blinds/Shades/Art Work 0
Light Fixtures/Fans 1,550 3,100 4,650
Sprinkler System 12,050 12,050 24,100
Security Alarm 5,750 5,750
Hardwood Floors 0
Elevator 0
Ceramic Tiles 0
Acoustical Ceilings 0
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Remarks:
Mirror/Shower Door/Encls. 0
Hardware/Bath Access. 0
Appliances 4,692 18,768 23,460
Playground Equipment 0
Interior Clean 0
Exterior Clean/Dumpster 0
Other 1 (specify in Remarks) 0
Other 2 (specify in Remarks) 0
Total Cost 460,537 515,031 975,568
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This is a detailed breakdown of the General Requirements cost element you summarized in the Development Costs table (GeneralRequirements). The total should match that roll-up value.
Remarks:
Costs - General
ITEM TOTAL
Supervision 45,000
Job Site Office/Trailer Rental 7,440
Impact Fees
Office Supplies 3,200
Security/Watchman 4,906
Water and Sewer Connection Fees
Project Signage 2,000
Tools and Equipment 2,500
Gas, Oil, and Maintenance
Cleanup/Dumpster Rental 2,000
Temporary Water, Electric, and TelephoneStorage/Hauling
Driveway Access Permit
Porta-John Rental/Dumping 4,200
Builders Risk Insurance
Re-inspection Fees
Extra Plans and Specifications
Miscellaneous, Casual Labor
Equipment Rental 2,000
Other 1 (specify in Remarks) 1,800
Other 2 (specify in Remarks)
Total Cost 75,046
Other 1 is Building Permit Costs
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This is a detailed breakdown of the Site Improvements cost element you summarized in the Development Costs table (On-siteImprovements). The total should match that roll-up value.
Remarks:
Costs - Improvements
ITEM TOTAL
Subsurface Exploration/Perk Testing/Site Engineering 35,500
Clearing/Grading/Final Grading/Excess and Borrow 80,000
Demolition
Earthwork/Excavation/Aerating
Soil Treatment
Pile Foundations
Caissons
Shoring/Bracing
Site Drainage
Site Utilities/Site Lighting 57,000
Paving and Surfacing/Curb and Gutter 41,000Walkways 8,200
Site Signage 1,000
Parking Lot Painting 2,000
Dumpsite Pads/Fencing
Fencing/Gates 2,500
Landscaping/Topsoil 27,600
Waterproofing/De-Watering
Operation of Construction Equipment/Fuel/Oil
Crane Rental
Rock and Hardpan Excavation
Site Supervision Personnel 10,000
Other (specify in Remarks) 10,400
Total Cost 275,200
Other is survey (stakeout) and erosion control measures.
The toal costs above match Line 3 on the Development Cost table.
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This is a detailed breakdown of the Bond Costs cost element you summarized in the Development Costs table (Bond Costs). The totalshould match that roll-up value.
Remarks:
Costs - Bond Costs
ITEM TOTAL
Letter of Credit Fee
Credit Enhancement
Underwriter Discount
Capital Interest Fund
Other 1 (specify in Remarks)
Other 2 (specify in Remarks)
Total Cost 0
Not applicable
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This is a detailed breakdown of the Bond Issuance cost element you summarized in the Development Costs table (Cost of Issuance). Thetotal should match that roll-up value.
Remarks:
Costs - Bond Issuance
ITEM TOTAL
Bond Counsel
Issuer Counsel
Credit Enhancement/LOC Counsel
Underwriter Counsel
Developer's Counsel
Rating Agency Fee
Printing
Trustee Fee
Trustee Counsel
Other 1 (specify in Remarks)
Other 2 (specify in Remarks)Other 3 (specify in Remarks)
Total Cost 0
Not applicable
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MINIMUM REQUIRED SET ASIDES (No Points Awarded):
Minimum Set-Asides
Select one of the following two options:
20% of the qualified units are rent restricted and occupied by households with incomes at or below 50% of the median income (Note:No Tax Credit Eligble Units in the the project can exceed 50% of median income)
40% of the qualified units are rent restricted and occupied by households with incomes at or below 60% of the median income (Note:No Tax Credit Eligble Units in the the project can exceed 60% of median income)
If requesting RPP funds:
40% of the qualified unit are occupied by households with incomes at or below 50% of median income.
State Tax Credit and QAP Targeting Points:
High Income county:
At least twenty-five percent (25%) of qualified units will be affordable to households with incomes at or below thirty percent (30%) ofcounty median income.
At least twenty-five percent (25%) of qualified units will be affordable to and occupied by households with incomes at or below thirtypercent (30%) of county median income.
At least fifty percent (50%) of qualified units will be affordable to households with incomes at or below forty percent (40%) of countymedian income.
At least fifty percent (50%) of qualified units will be affordable to and occupied by households with incomes at or below forty percent(40%) of county median income.
Moderate Income County:
At least twenty-five percent (25%) of qualified units will be affordable to and occupied by households with incomes at or below fortypercent (40%) of county median income.
At least fifty percent (50%) of qualified units will be affordable to households with incomes at or below fifty percent (50%) of county
median income.At least fifty percent (50%) of qualified units will be affordable to and occupied by households with incomes at or below fifty percent(50%) of county median income.
Low Income County:
At least forty percent (40%) of qualified units will be affordable to households with incomes at or below fifty percent (50%) of countymedian income.
At least forty percent (40%) of qualified units will be affordable to and occupied by households with incomes at or below fifty percent(50%) of county median income.
Tax Exempt Bonds
Threshold requirement (select one):
At least ten percent (10%) of qualified units will be affordable to and occupied by households with incomes at or below fifty percent
(50%) of county median income.
At least five percent (5%) of qualified units will be affordable to and occupied by households with incomes at or below forty percent(40%) of county median income.
Eligible for mortgage subsidy points (select one):
At least twenty percent (20%) of qualified units will be affordable to and occupied by households with incomes at or below fifty percent(50%) of county median income.
At least ten percent(10%) of qualified units will be affordable to and occupied by households with incomes at or below forty percent(40%) of county median income.
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PLEASE indicate which of the following exhibits are attached to your application. Others may be required as noted.
Full Application Checklist
A Nonprofit Organization Documentation or For-profit Corporation Documentation
B Current Financial Statements/Principals and Owners
C Ownership Entity Agreement, Development Agreement or any other agreements governing development services
D Management Agent Agreement
E Development and manager multi-family experience & Management Questionnaire (Appendix C)
F Letters from State Housing Agencies or designated monitoring agent verifying Out of State Management Experience
G Completed IRS Form 8821 (Appendix I)
H Permitted zoning letter (including conditional and special use)
I Site plan, floor plans and elevations
J Hazard and structural inspection and termite reports (Renovation projects only)
K Description of any existing conditions of historical significance.
L Description of environmental significance.
M Anticipated budget demonstrating how the project would meet the 10% test by November 14th.
N Evidence of Architect's Errors and Omissions insurance (or equivalent).
O Description of acquisition for existing/occupied projects or for projects with occupied buildings to be demolished.
P Description of proposed Relocation Plan & Relocation Budget, Etc. If any relocation is anticipated, reference Appendix F.
Q Targeting Plan and supporting documentation (Required for projects targeted to Special Populations)
R Local Housing Authority Agreement (Reference Model in Appendix I)
S Appraisal (for land costs greater than $5,000 and for buildings in rehab projects)
T Evidence of Permanent Loan Commitment, other sources of funds, and project-based subsidies.
U Statement regarding terms of Deferred Developer Fee and, if nonprofit, resolution of Board approving fee.
V Inducement Resolution (Tax-Exempt Bond Financed Projects only)
W Documentation to support estimated utility costs.
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