arbor glen iii

8/6/2019 Arbor Glen III

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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

Page 2 of 36Print - APP03-0115

1/14/2005https://www.nchfa.org/Rental/RTCApp/(e54rjbuzgwxw1b45azno3t45)/site/PrintApp.aspx?...


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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.






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


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)


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



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 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.


arbor glen iii

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