the crossings at seigle point

8/6/2019 The Crossings at Seigle Point

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Is project in Qualified Census Tract or Difficult to Develop area?

Does a community revitalization plan exist?

Print Preview - Full Application

Tax Credits, RPP Loans, and/or Tax Exempt Bond Loans

Project Name and Location

Project Name: The Crossings at Seigle Point

Address: 10th Street and Seigle Avenue

City: Charlotte County: Mecklenburg Zip: 28204

Census Tract: 8 Block Group:

Yes

Yes

Political Jurisdiction: The City of CharlotteJurisdiction 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: 35.2242

Site Longitude: -80.8268



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 project based 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:

Project Description

Project Type:* New Construction Rehab Adaptive Reuse

No

Yes

154154

Mobility impaired handicapped: 5% of units comply with QAP Section IV(F)(3) (in addition to the units required by other federaland state codes.)

Number of Units: 1111

Persons with disabilities or homeless populations: the greater of 5 units or 10% of the total units.

Number of Units: 2222Remarks:

Will the project use steel and concrete construction and have at least 4 stories?

Will the project include a Community Service Facility under Section 42(d)(4)(c)(iii) of the code?

No

No

If yes, please describe: [ProjSteelRemarks]



Applicant Information

Applicant Name: Seigle Point Development, LLC

Address: 8484 Georgia Avenue, Suite 620

City: State: MD Zip:Silver Spring 20910

Contact: First: Last: Title:Peter Behringer Executive VP

Telephone: (301)563-5560

Alt Phone: (301)563-5577

Fax: (301)563-6160

Email Address: [email protected]

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



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 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:

(b) Describe flood mitigation if the project will have improvements within the 100 year floodplain:

Site Description

13.55 11.08

Total site acreage includes greenspaces throughout the site, right of ways, and a small portion ofland included in the floodplain. This land currently in the floodplain is developable. It will be raisedout of the floodplain to comply with floodplain elevation standards during grading of the site. Total

buildable acreage includes the portion of land where rental buildings and parking lots will bedeveloped.

Yes

Planning for the abatement and demolition of all 242 existing residential buildings including non-residential structures has been completed for the Seigle Point site. Sediment and erosion controlimplementation is currently underway. Demolition of thirty-one (31) multi-family buildings and 3 non-residential structures is underway. Site grading will occur concurrently with demolition in 2006 as its

own phase. The demolition phase is anticipated to take 10 months with completion in November2006.

No

Yes

Yes

The 12 unit apartment building in the northwest corner of the site currently touches the 100 yearfloodplain and the majority of the area where the community building will be placed is also within the100 year floodplain. However, all buildings included in this project will be have finished floorelevations that are outside of the 100 year floodplain. Initial site grading will occur during thedemolition phase of the project.



No additional flood mitigation will be necessary to develop the subject project other than the abovestated plan.



Does the owner have fee simple ownership of the property (site/buildings)?

If yes provide:

Purchase Date: Purchase Price:

If no:

Site Control

Yes

06/09/1939 1,200

(a) Does the owner/principal or ownership entity have valid option/contract to purchase the property?

(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:

(c) Enter the current expiration date of the option/contract to purchase:

(D) Enter Purchase Price:



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:

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

UR-2

Yes

Yes

No

As part of the City Locational Policy, the City of Charlotte reviews all affordable housing proposalswith a public hearing and City Council approval. The City's approval is expected at about the timethe full Full Tax Credit Application deadline in early May 2006. In is anticipated that the project willhave the City's full support as the City has already committed over $40 million to the PiedmontCourts HOPE VI re-development. The City of Charlotte has confirmed that the current zoning for theproperty is suitable for its intended use.

No

No



Ownership Entity

Owner Name: Seigle Point, LLC


City: State: MD Zip:Silver Spring 20910

Federal Tax ID Number of Ownership Entity: (If assigned)20-4021340

Entity Type: Limited Liability Company

Entity Status: Already 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

Is the applicant requesting that the Agency treat the application as a Hope VI project? Yes

Does the ownership entity include a public housing authority (PHA) or a related entity of thePHA as a partner, member, or principal?

Yes

List all general partners, members,and principals. Specify nonprofit corporate general partners ormembers. Click [Add] to add additional partners, members, and principals.

Org: Charlotte Revitalization One, LLC, - Managing Member of Seigle Point LLC

First Name: Peter Last Name: Behringer Function: Managing Member


City: Silver Spring State: MD Zip: 20910

Phone: (301)563-5560 Fax: (301)563-6160

EMail: [email protected] Nonprofit: No

Org:The Housing Authority of the City of Charlotte, Member of Seigle Point LLC, Service SupportProvider, HOPE VI Lender

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

Org: GP Community Housing LLC, Co-Manager

First Name: Clay Last Name: Grubb Function: Member

Address: 1523 Elizabeth Avenue, Suite 220

City: Charlotte State: NC Zip: 28204

Phone: (704)405-5146 Fax: (704)372-9882

EMail: [email protected] Nonprofit: No



Square Footage Information

Notes

Proposed number of residential buildings: 10 Maximum number of stories in buildings: 3

Project Includes:Separate community building -- Sq. Ft. (Floor Area):Sq. Ft. (Floor Area): 3,1843,184

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: 280,690

Total Net Sq. Ft. (All Heated Areas): 227,978

** Please refer to the Income Limits and Maximum Housing Expense Table to ensure that Total Monthly Tenant Expenses for lowincome units are within established thresholds.



Specify Low Income Unit Targeting in table below. List each applicable targeting combination in a separate row below. Click [Add] tocreate another 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 %

1 6 targeted at 30 percent of median income affordable to/occupied by






204



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))

Funding Sources

Source AmountNon-

Amortizing*Rate(%)

Term(Years)

Amort.Period(Years)

AnnualDebt

Service

Bank Loan

RPP Loan

Local Gov. Loan - Specify:

RD 515 Loan

RD 538 Loan - Specify:

AHP Loan

Other Loan 1 - Specify:HUD HOPE VI

6,820,471 2.80 40 40

Other Loan 2 - Specify:Charlotte Housing Trust Funds

1,819,579 0.00 30 30

Other Loan 3 - Specify:Replacement Housing FactorFunds

843,000 2.80 40 40

Tax Exempt Bonds

State Tax Credit(Loan) 2,529,431 0 30 30 0

State Tax Credit(Direct Refund)

Equity: Federal LIHTC 9,350,000

Non-Repayable Grant

Equity: Historic Tax Credits

Deferred Developer Fees

Owner Investment

Other - Specify:

Total Sources** 21,362,481

* "Non-amortizing" indicates that the loan does not have a fixed annual debt service. For these items, you must fill in 20-year debtservice below.

** Total Sources must equal total replacement cost in Project Development Cost (PDC) section.

85

HUD HOPE VI funding is part of a $20 million grant awarded to the Housing Authority of theCity of Charlotte by the Department of Housing and Urban Development in fiscal year 2003.The grant is to replace Piedmont Courts - the aged and obsolete public housing project, torevitalize the surrounding Belmont neighobrhoood, and otherwise strengthen and expandthe affordable housing inventory in Charlotte. The HOPE VI loan will be underwritten using a40 year term with interest only payments at a rate no greater than 2.8% based on availablecash flow.

Replacement Housing Factor Funds is a capital contribution to the project by the HousingAuthority of the City of Charlotte. The loan will be underwritten using a 40 year term withinterest only payments no greater than 2.8% based on available cash flow.

The Charlotte Housing Trust Fund is part of a $5 million funding commitment by the City of



Development Costs

Item Cost Element TOTAL COSTEligible Basis

30% PV 70% PV

1 Purchase of Building(s) (Rehab / Adaptive Reuse only)

2 Demolition (Rehab / Adaptive Reuse only)

3 On-site Improvements 320,000 320,0004 Rehabilitation

5 Construction of New Building(s) 13,133,580 13,133,580

6 Accessory Building(s) 250,000 250,000

7 General Requirements 822,215 822,215

8 Contractor Overhead 290,516 290,516

9 Contractor Profit 822,215 822,215

10 Construction Contingency 469,156 469,156

11 Architect's Fee - Design (11 + 12 = max 3% lines 2-10) 437,500 437,500

12 Architect's Fee - Inspection 116,400 116,400

13 Engineering Costs 274,050 274,050

SUBTOTAL (lines 1 through 12) 16,935,630

14 Construction Insurance (prorate) 152,000 121,60015 Construction Loan Orig. Fee (prorate) 40,000 32,000

16 Construction Loan Interest (prorate) 428,924 343,139

17 Construction Loan Credit Enhancement (prorate)

18 Construction Period Taxes (prorate) 80,787 64,630

19 Water, Sewer and Impact Fees 0 0

20 Survey 22,170 22,170

21 Property Appraisal 7,600 7,600

22 Environmental Report 5,900 5,900

23 Market Study 4,200 4,200

24 Bond Costs

25 Bond Issuance Costs

26 Placement Fee27 Permanent Loan Origination Fee 0

28 Permanent Loan Credit Enhancement

29 Title and Recording 54,130

SUBTOTAL (lines 13 through 28) 795,711

30 Real Estate Attorney 109,140 65,484

31 Other Attorney's Fees 52,000 31,200

32 Tax Credit Application Fees (Preliminary and Full) 2,160

33 Tax Credit Allocation Fee (0.55% of line 59, minimum $7,500) 139,119

34 Cost Certification / Accounting Fees 18,000 12,000

35 Tax Opinion

36 Organizational (Partnership)

37 Tax Credit Monitoring Fee 107,100SUBTOTAL (lines 29 through 36) 427,519

38 Furnishings and Equipment 107,000 107,000

39 Relocation Expense

40 Developer's Fee 1,704,613 1,704,613

41 Other Basis Expense (specify) Inspection & Construction Oversight 0 0

42 Other Basis Expense (specify)

43 Rent-up Expense 137,000

44 Other Non-basis Expense (specify)

45 Other Non-basis Expense (specify)



Comments:

SUBTOTAL (lines 37 through 44) 1,948,613

46 Rent up Reserve 61,200

47 Operating Reserve 483,651

48 Other Reserve (specify) ACC Reserve 210,154

49 Other Reserve (specify) Community Supportive Services Reserve 500,000

50 DEVELOPMENT COST (lines 1-48) 21,362,480 0 19,457,170

51 Less Federal Financing 052 Less Disproportionate Standard

53 Less Nonqualified Nonrecourse Financing

54 Less Historic Tax Credit (residential) 0

55 TOTAL ELIGIBLE BASIS 19,457,170 0 19,457,170

56 Applicable Fraction (percentage of LI Units) 100.00% 100.00% 100.00%

57 Basis Before Boost 19,457,170 0 19,457,170

58 Boost for QCT/DDA (if applicable, enter 130%) 130.00% 130.00%

59 TOTAL QUALIFIED BASIS 25,294,320 0 25,294,320

60 Tax Credit Rate 3.43 8.00

61 Federal Tax Credits at Estimated Rate 2,023,545 0 2,023,545

62 Federal Tax Credits at 8.5% or 3.75% 2,150,017 0 2,150,017

63 Max Federal Tax Credits (Lesser of $8,500 per unit or $850,000) 850,00064 Federal Tax Credits Requested 1,100,000 1,100,000

65 Land Cost 1

66 TOTAL REPLACEMENT COST 21,362,480

Total Replacement Cost per unit (maximum of $87,000 or $100,000): 98,566

Federal Tax Credits (line 62) per unit (maximum $8,500): 10,539



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:

Onsite Activities:

Landscaping Plans:

Market Study Information

The Crossings at Seigle Point is a two hundred and four (204) unit garden-style apartmentcommunity targeted to low and very low income families. The buildings will be three-story walkupswith 12- 1 bedroom units, 84- 2 bedrooms, and 108- 3 bedroom units with a high quality design andmarket rate amenities. Units are spacious and are designed to have ample storage. The buildings'appearance as shown in Tab E, will be a high quality, urban mid-rise development which isconsistent with other developments in the adjacent uptown Charlotte neighborhoods. A communitybuilding of approximately 2400 square feet will be centrally located on site with several amenitiesincluded but not limited to those listed below and shown on the attached graphic. The communitybuilding will include a leasing office, a maintenance office accessible both from the exterior andinterior of the building, a computer lab with high speed internet access, a multi-purpose room, andlaundry facilities.

The buildings will be constructed with a mixture of flat roofing and single pitch roofing, doublebrackets at the cornices, and some horizontal brick detailing.

Yes

First Ward Place550 East 8th StreetCharlotte, NC 28202

Site amenities include resident garden plots, tot lots with sitting areas, flag pole, gazebo/arbor, bikeracks, horseshoe pit, picnic area with tables and grills, and a bus shelter conveniently located at theentrance of the subject site. In addition, the site will offer fitness stations along the walking trails andpassive/ active greenspace. An illustration of amenities offered on site is included in Tab A.

The CHA plans to offer support services for residents that will include, but not be limited to safetyprograms/ seminars for crime prevention, self-sufficiency & life skills training, homeownercounseling/education, and computer training.

The community facility will accommodate physical activities occuring in the exercise room; a residentcomputer lab with high-speed Internet access will be made available, as well as a dining room forsocial functions/ meetings. A playground and tot lots will be sited in a non-traffic area adjacent to theleasing office.

Landscaping features will allow for attractive recreational spaces adjacent to the community buildingand throughout the site. Planned walkways and trails will provide pedestrian circulation throughoutthe open space, as well as connectivity to the building entryways. The streetscape treatment andlandscape plan make every effort to preserve existing mature trees while incorporating smaller treesin a complementary fashion along primary throughfares at Seigle Avenue and 10th Street.Additionally, approximately 2.5 acres of the overall site perimeters will be dedicated toimprovements to the greenway.



Interior Apartment Amenities:

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.

Interior apartment amenities include washer/dryer hook-ups, fully equipped kitchen, pre-wiring forcable/internet services and large windows to allow for the ease of natural light. The master bedroomis spacious with at least 145 square feet. Secondary bedrooms are at least 125 sq. ft. All bathroomswill have 4ft. vanities and all units will have balconies/ patios entered from the living area; kitchenand living spaces will have an open floor plan; kitchen islands will also be installed.

Yes



Briefly describe your site in each of the following categories:

Applicant's Site Evaluation

NEIGHBORHOOD CHARACTERISTICS

Trend and direction of real estate development and area economic health. Physical condition ofbuildings and improvements. Concentration of affordable housing.Trend and direction of real estate development:The Crossings at Seigle Point is located in the Belmont neighborhood. This neighborhood is ripe forre-development. It is immediately adjacent to the thriving First Ward neighborhood and the GardenDistrict, which have undergone substantial revitalization over the past 10 years, and is located lessthan a mile from Uptown Charlotte where over 300,000 people are employed. Over 50 developmentprojects announced in Uptown have broken ground, are undergoing renovation, or reachingcompletion representing an investment of over $2.25 billion of development activity encompassingoffice, residential, retail, entertainment and institutional space. Specifically, within just over a halfmile of the subject site, there is currently over $1.1 billion in development activity that has beenrecently completed or is set to start construction within the next 1-2 years. An area developmentmap with descriptions is attached in Tab A to illustrate these activites.

Belmont is in a metropolis that is experiencing a major real estate and economic boom, where urbanliving is now the trend for young professionals, empty nesters, and families wishing to locate closerto downtown area amenities. Renter-occupied housing in the Charlotte primary market areacomprises approximately 61% of the occupied housing units. Renter-occupied housing increasedfrom approximately 10,150 households in 2000 to 12,790 in 2004. This represents significantincreased demand for rental housing. While many new market rate ownership and rentaldevelopments are available, the overall occupancy rate of subsidized projects in the market area is98.3% indicating a relatively high level of demand for quality affordable housing.

Several planning efforts have been completed recently, all focused on building on the momentum ofUptown revitalization and leading to the turning around of Belmont. These planning efforts to includethe creation of the Belmont Area Revitaliztion Plan (attached in Tab C); a community revitalizationplan adopted on May 12, 2003 by the Charlotte City Council and the Charlotte MecklenburghPlanning Commission which targets the neighborhood for streetscape improvements, physical repairto roads and sidewalks; zoning changes that are leading to appropriate density requirements;improvements to the Little Sugar Creek Greenway for safer nature trails and useable greenspace;as well as other major development activities.

Area Economic Health:Of the many key stakeholders involved in revitalizing Belmont is the Housing Authority of the City ofCharlotte (CHA) that will initiate key development activities to be completed over the next four years.Through the 2004 award of a $20 million HOPE VI grant that is being leveraged to over $120 millionin physical and economic investment, the CHA has developed a comprehensive plan to redevelopthe aged, dilapidated and severely distressed public housing project known as Piedmont Courts,most recently renamed “Seigle Point”. In addition, several off-site parcels located within the Belmontcommunity will be developed to achieve critical mass and bolster the impact of revitalization efforts.

The HOPE VI revitalization plan calls for the demolition of the 242 distressed public housing units onsite and for replacing them with 398 new units on site, as well as 395 new units off-site, in theBelmont neighborhood and adjoining neighborhood of Optimist Park. The development of SeiglePoint includes 204 multifamily rental units, 54 affordable and market town homes, and 140 market-rate condominiums. Demolition of all existing structures is scheduled for completion by November2006. Most recently, the CHA has been heavily involved in refining the master plan for Seigle Point.An illustration of existing site conditions and the new master plan for Seigle Point is attached in TabA. The Crossings at Seigle Point, with 204-rental units, is the first on-site phase to be developed atSeigle Point. Phase II will include the construction of town homes, available to market-rate and low-moderate income buyers. The final phase planned on-site is the development of the market ratecondominium units. This phasing plan is shown on an attached map in Tab A.

The off-site component of the revitalization plan includes several important residential projects, newcommunity facilities, infrastructure improvements and supportive efforts, such as streetscapeimprovements by the City. The first new development, McAden Park, is within 4 block of Seigle Point(formerly Piedmont Courts). McAden Park consists of 60 multi-family rental units to be developed ontwo parcels at the intersections of 15th Street and Seigle Avenue and 16th Street and SeigleAvenue. The development will be affordable to households at 60% and below Charlotte-Mecklenburg area median income. CHA and its lead developer TCG Charlotte, LLC, have securedfinancing on this first phase of the overall HOPE VI project. Construction will begin February 2006.

On the heels of developing McAden Park, will come 940 Brevard, another off-site component of theHOPE VI project located on the Bilbro site between Brevard and Caldwell Streets at the westernedge of the Belmont neighborhood. The 940 Brevard development consists of 100 one-bedroomunits for the elderly. This development was recently awarded forward commitments of 2006 tax



credits by the North Carolina Housing Finance Agency. An additional 225 moderately pricedcondominium units will be developed on this site at a later phase. A commercial component of10,000 square feet of ground floor retail space is also planned on-site. The physical relationships ofthe HOPE VI developments are illustrated in the attachment “Adjacent Revitalization Projects” inTab A.

The overall HOPE VI plan will introduce substantial homeownership into the Belmont neighborhood.In addition to the 415 condominium and town home for sale units to be built under the HOPE VIprogram, scattered neighborhood properties currently vacant or severely blighted will also be

returned to single-family residency through a partnership with the Belmont Community DevelopmentCorporation. More than half of the new units introduced through HOPE VI will be targeted toaffordable and market-rate households.

Physical Conditions of Buildings and Improvements:Belmont is generally considered a residential neighborhood with varying land use patterns. Overall,34% of the land area is single-family, 12% is multifamily, 6% is commercial, 5% open space, 14% isvacant, along with a mixture of other uses as indicated further in the attached Belmont RevitalizationPlan. Approximately 74% of existing physical building conditions appear to be good or to needgeneral repair such as façade improvements and maintenance. The remaining buildings requiremajor repair or present a safety hazard to the general public. In its opening pages, the Belmont AreaRevitalization Plan highlights three housing development objectives to begin to address the issue ofblight in the neighborhood that are supported by trends in demographics and market conditions. Allthree are primary components of the HOPE VI Revitalization Plan and will improve physicalconditions in the neighborhood: to replace the blight of Piedmont Courts public housing with newmixed income housing, to provide retail nearby, and to provide a greater density of housing with newmulti-family rental and homeownership. Many of the commercial uses that constitute blight have

been acquired or targeted for acquisition and removal, to be replaced with high quality housing, andeconomic development projects; several have been rezoned. The vacant lot acquisition plan, fundedwith $1.2 million in City funds and implemented by the CHA and TCG, will eliminate significantblight.

The City of Charlotte is a major participant in planning, leading and implementing improvements tothe Belmont area; it has also contributed land and substantial capital to the effort. The followingoutlines the key City contribution and commitment to restoring the area’s economic vitality:

§ Provided $156,000 for the community revitalization planning study – Belmont Area RevitalizationPlan. The document is included in this submission and is the official community revitalization plan forBelmont. Many of the activities outlined below are also underscored in this plan.

§ Appropriated $23.75 million to renovate, change certain uses, and beautify the City Central Yardsproperty across the street from Seigle Point. Approximately $6.4 million has been spent to date. Therenovation will soon include the redevelopment of the Seigle Avenue Street frontage with new officebuildings that are compatible in design with the architecture of new development in the area. Phase I

of the project, which involves construction of a new Street Maintenance facility is scheduled to becompleted in Spring 2006 followed by demolition of the current facility at Central Yards. InFall/Winter 2006, the city will begin construction of a new Light Equipment facility, followed bydemolition of the existing facility along the railroad track.

§ The Seigle Avenue Streetscape project, recommended in the Belmont Plan is funded with $5.02million for the infrastructure and streetscape improvements emphasized on Seigle Avenue, 10thStreet, and Pegram Avenue. The planning phase of the project is scheduled to end March 2006 andthe entire project is slated for completion by May 2009.

§ Budgeted $1,000,000 for improvements to a one-mile portion of the Little Sugar Creek Greenwaythat includes the floodplain area that runs along the Seigle Point site. Approximately 2.5 acres of thesite adjacent to the creek will be donated by CHA to the City as part of the Little Sugar CreekReclamation Project. This significant project includes the creation of an 18-mile long greenway ofparks and paths adjacent to Piedmont Courts and is an added amenity to the site. The County’sschedule coordinates concurrently with the Seigle Point development schedule.

§ Budgeted $823,000 in water main and sewer line improvements.

§ Spent $797,000 to relocate an asphalt plant that was in close proximity to one of CHA’s proposedHOPE VI sites.

§ Spent $181,235 to assist the Belmont CDC, in homeownership related activities to revitalize theBelmont neighborhood. CHA and TCG will partner with the Belmont CDC to develop ten single-family scattered site homeownership units in the community.

Concentration of Affordable Housing:The HOPE VI project, coupled with local government support and economic investment, is provingto be a catalyst for private sector intervention in the area. Crosland, a private Charlotte-baseddevelopment firm, will renovate the Alpha Cotton Mill, a late 19th century textile mill into an upscalerental community with 161 new units. The “adaptive-reuse” of the Alpha Mill will consist of 73



renovated apartment units featuring exposed brick interiors, high ceilings with exposed beams, andoversized windows, lofted bedrooms, and a modern open floor plan. The project will also include 88newly constructed apartment homes in five buildings. The new buildings will complement thearchitectural exterior of the historic mill buildings and the units will attempt to recreate the loft style ofthe renovated units. With over $16 million worth of economic investment, this project will contributeto growing the area into a diverse, mixed-income environment, while opportunities for qualityaffordable residency will still remain. The Alpha Mill is located adjacent the 940 Brevard project.Demolition of the mill is currently taking place. To support the Alpha Mill site of Crosland as well asthe 940 Brevard project and the new condominiums on the Bilbro site, the City and CHA are jointly

funding the realignment of Caldwell Street that transects the Bilbro site. Construction will begin onthis $1.2 million infrastructure project in 2006.

To underscore the City’s commitment to the revitalization of Belmont, significant commitments weremade and approved by City Council in support of the Piedmont Courts HOPE VI project to conductthe following:

§ $5 million for a capital contribution to the cost of providing replacement housing. To date, $3.1million is being utilized to develop the McAden Park project scheduled for construction on January2006.

§ $3.8 million for the creation of new infrastructure on the site.

§ $1.2 million has been appropriated and committed for acquisition of privately owned, vacantparcels for in-fill single-family development.

§ The City has donated six parcels of land, a total of 1.85 acres with a value of $604,632 to the CHA

for off-site development. These include four parcels of land adjacent to the Bilbro parcels andincluded in the land assemblage for 940 Brevard; the Police car lot on the edge of the PiedmontCourts site; and a parcel at Pegram and Parkwood Streets in Belmont.

The CHA has a substantial track record of leveraging HOPE VI grants to transform neighborhoodsof decay and blight into healthy vibrant communities. It has won four HOPE VI grants with one ofthem being for the immediately adjacent First Ward area. First Ward Place – a 1993 grant to rehabEarle Village public housing is located within close proximity to The Crossings at Seigle Point. Thisdevelopment has been the stimulus for renewed interest in urban living and has spawned economicresurgence into Charlotte’s uptown, so much that population growth has increased from about 5,500in the mid 1990s to 8,500 in 2003 and is projected to increase to 15,000 by 2010.

A $30 million KROC Community Center initiative sponsored by the Salvation Army, the CHA, GrubbProperties and other stakeholders, has selected a site at 10th and Seigle Avenue, directly acrossfrom the subject site to compete in a regional selection process. The proposal is in its final round ofreview by the KROC Foundation. If successful, an extra-ordinary state of the art Community Centerwill be located within the neighborhood, serving as a destination for both visitors and residents and

providing a myriad of community arts, recreation, and learning activities. The facility will include agymnasium, swimming pool, day care, performing arts, classrooms and offices. This facility will alsohelp to create employment opportunities and attract new users to the neighborhood.

One might contemplate the vision to revitalize Belmont only to see the physical evidence of largescale construction occurring all throughout adjacent neighborhoods and even inside theneighborhood's boundary. The attached aerial graphic illustrates the numerous developmentsoccurring within and around the Belmont area.

The capability of the development team assembled by the CHA, their formidable success in thismarketplace and other communities, the commitment and investment of funds through public privatepartnerships clearly demonstrate that Belmont is poised for revitalization. The proposed tax creditproject will be integral to its success.

SURROUNDING LAND USES AND AMENITIES

Suitability of surrounding development. Land use pattern is residential in character (single andmultifamily housing) with a balance of other uses (particularly retail and amenities). Effect ofindustrial, large-scale institutional or other incompatible uses, including but not limited to: wastewatertreatment facilities, high traffic corridors, junkyards, prisons, landfills, large swamps, distributionfacilities, frequently used railroad tracks, power transmission lines and towers, factories or similaroperations, sources of excessive noise, and sites with environmental concerns (such as odors orpollution). Amount and character of vacant, undeveloped land.



pollution). Amount and character of vacant, undeveloped land.development team, Crosland's Alpha Mill will be of great complement to the neighborhood. To theeast of the site, in the Elizabeth neighborhood approximately 1 mile away, is the redevelopment ofthe Elizabeth Avenue Corridor where Presbyterian Hospital is located. This five-block area iscurrently being totally revamped by Grubb Properties. Amenities: Most desirable is the significantinvestment made by local government in improving the Little Sugar Creek Greenway that runs alongthe southern edge of the Seigle Point site, within walking distance to the subject project and throughthe Belmont neighborhood on the banks of the creek. Upon final reconstruction that is currentlyunderway, it will connect to 18 miles of greenway trails running all the way to the South Carolina

state line. The Greenway is a beautiful natural resource and will serve as an added amenity forfuture residents at Seigle Point. Within less than 0.1 mile is the Piedmont Open Middle School thatnow has outdoor athletic fields for sporting games and activities. Basketball courts and tennis courtsare within walking distance at the HOPE Building almost directly across the street from the site, andat the Carole Hoefener Center located within 1/2 mile. An abundance of childcare services is alsoavailable within immediate proximity to the site at the HOPE Building and the Carole HoefenerCenter offering quality, licensed, day care facilities. Adequate nearby grocers, pharmacy andconvenient stores are available. Immediately across the street from the site is the Seigle AvenuePresbyterian Church and within a mile of the site are at least a half dozen churches throughout theneighborhood that can be of interest to families with children. The Salvation Army CommunityCenter is located within very close proximity, southwest of the site. It is also host to the Boys andGirls Club and is well patronized. An aerial map is attached in Tab A, which shows area amenitieswithin a ½ mile and 1 mile radius from the subject site.

SITE SUITABILITY

Adequate traffic controls (stop lights, speed limits, turn lanes, etc.). Burden on public facilities

(particularly roads). Access to mass transit (if applicable). Visibility of buildings and/or location ofproject sign(s) in relation to traffic corridors.The Charlotte Area Transit System (CATS) is a public transportation service that servesMecklenburg County. The site is served by a bus stop located at the entrance of the site. The busruns along Seigle Avenue into Uptown. There is also immediate access to Interstate 277, whichprovides direct connections to Interstate 77 and Interstate 85. The site is also within close proximityto Central Avenue and U.S. Highway 74/ State Route 27. The infrastructure of the neighborhood isadequate with a well-defined road system, and maintained roads serving the proposed site andsurrounding areas. There are adequate traffic controls throughout the neighborhood including theareas adjacent to the site. There is a stop light at the corner of Seigle Ave. and 10th Street that willallow residents safe ingress and egress from the site. In addition, the forthcoming extension of thetrolley/ light rail system, and the pedestrian promenade along the railroad tracks adjacent to BrevardStreet will be a significant lifestyle benefit.

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 (for

adaptive 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 is existing gradual sloping on the site beginning at Seigle Avenue and falling about 20’-0” tothe greenway. Once existing structures that are currently sited in the Little Sugar Creek swim buffersare demolished, the site will need significant re-grading in order to obtain the minimum finished floorelevation that is required by the future flood fringe area for residential buildings to be built on thesite. As a result, there may be some retaining walls required within the site that separates thegreenway from the proposed building area.

A lightly used CSX railway also runs just a few blocks from the site. However, new buildings broughton-line in a future phase will be sited at the farthest possible distance away from the railway, and willbe designed for proper insulation to mitigate noise inside the buildings. Traffic calming mechanismsare also planned for the area. The Seigle Avenue Streetscape Improvement project calls for buildingand repairing sidewalks, adding curbs and gutters, and will allow a tree-planting strip for smallermaturing trees. A 9-foot wide on-street parking lane will be installed to the west of the street. Theseimprovements will introduce traffic calming for the length of the street from the proposed site alongSeigle Avenue. Planning and design for these improvements is expected to be complete 9/1/06.

Construction is anticipated to commence Spring/Summer 2007, approximately the same timeframewhen the subject project will be under construction.

Similarity of scale and aesthetics/architecture between project and surroundings.The new multi-family buildings will be urban in character and complementary to the CHA’s FirstWard, McAden Park and 940 Brevard developments. The buildings will be no more than threestories and will be constructed of cement fiber, wood, and brick accents, in a style compatible withother structures in the neighborhood. The design will help to restore connections to theneighborhood and will be a good fit by way of scale, architectural design, and character.



For each applicable neighborhood feature, enter distance from project in miles.

Other facilities or services:

Grocery Store0.6 Community/Senior Center0.1

Mall/Strip Center0.7 Hospital0.8

Outdoor Athletic Fields0.1 Pharmacy0.6

Day Care/After School0.1 Basic Health Care0.8

Schools0.1 Medical Offices0.8

Public Transportation Stop0.1 Bank/Credit Union0.3

Convenience Store0.1 Restaurants0.7

Basketball/Tennis Courts0.1 Professional Services0.3

Public Parks0.1 Movie Theater1.1

Gas Station0.1 Video Rental0.8

Library0.6 Public Safety (Fire/Police)0.5

Fitness/Nature Trails0.1 Post Office0.4

Public Swimming Pools0.7



Development List number low-income/tax credit housing projects and units developed, operated, and maintained in compliance by the principal(s)between December 1, 1998 and January 1, 2005 :

Management List 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 butfailed to meet 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?

Does any owner, principal or management agent have any outstanding flags in HUD’s national 2530 National Participation system?

If yes, please specify

Has any owner, principal or management agent been involved in any project awarded tax credits in 2002 or earlier for which either the

permanent financing or equity investment has not closed?


Has any owner, principal or management agent been involved in any project awarded tax credits in 2002 or earlier for which the final cost

certification requirements have not been met by December 22, 2005?


Has any owner, principal or management agent been involved in any project awarded tax credits after 2000 where there has been a

change in general partners or managing members during the last five years that the Agency did not approve in writing beforehand?If yes, please specify

Project Team Experience

North Carolina Other States

Projects: 3 10

Units: 390 752

North Carolina Other States

Projects: 44 0

Units: 2,404 0

No

No

No

No

No

No

No

No

No



Project Operations (Year One)

Projected Operating Costs

Administrative Expenses

Advertising 3,570

Office Salaries 93,636

Office Supplies 12,036

Office or Model Apartment Rent

Management Fee 84,048

Manager or Superintendent Salaries 71,400

Manager or Superintendent Rent Free Unit

Legal Expenses (Project) 4,080

Auditing Expenses (Project) 8,160

Bookkeeping Fees/Accounting Services 3,060

Telephone and Answering Service 10,200

Bad Debts

Other Administrative Expenses (specify):

SUBTOTAL 290,190

Utilities Expense

Fuel Oil 0

Electricity (Light and Misc. Power) 40,800

Water 25,500

Gas

Sewer 25,500

SUBTOTAL 91,800

Operating and Maintenance Expenses

Janitor and Cleaning Payroll

Janitor and Cleaning Supplies

Janitor and Cleaning Contract 12,240

Exterminating Payroll/Contract

Exterminating Supplies 7,140Garbage and Trash Removal 11,832

Security Payroll/Contract 10,200

Grounds Payroll

Grounds Supplies

Grounds Contract 38,760

Repairs Payroll

Repairs Material 15,504

Repairs Contract

Elevator Maintenance/Contract

Heating/Cooling Repairs and Maintenance

Swimming Pool Maintenance/Contract

Snow RemovalDecorating Payroll/Contract

Decorating Supplies 9,180

Other (specify):

Miscellaneous Operating & Maintenance Expenses

SUBTOTAL 104,856

Taxes and Insurance

Real Estate Taxes 161,574

Payroll Taxes (FICA) 11,220



Miscellaneous Taxes, Licenses and Permits

Property and Liability Insurance (Hazard) 61,200

Fidelity Bond Insurance

Workmen's Compensation 6,120

Health Insurance and Other Employee Benefits 20,400

Other Insurance:

SUBTOTAL 260,514Supportive Service Expenses

Service Coordinator

Service Supplies

Tenant Association Funds

Other Expenses (specify):

SUBTOTAL 0

Reserves

Replacement Reserves 51,500

SUBTOTAL 51,500

TOTAL OPERATING EXPENSES 798,860

ADJUSTED TOTAL OPERATING EXPENSES (Does not include taxes, reserves and resident support services) * 585,786

TOTAL UNITS(from total units in the Unit Mix section)

204

PER UNIT PER YEAR 2,871



MINIMUM REQUIRED SET ASIDES (No Points Awarded):

Minimum Set-Asides

Select one of the following two options:

20% of the units are rent restricted and occupied by households with incomes at or below 50% of the median income (Note: NoTax Credit Eligible Units in the the project can exceed 50% of median income)

40% of the units are rent restricted and occupied by households with incomes at or below 60% of the median income (Note: NoTax Credit Eligible Units in the the project can exceed 60% of median income)

If requesting RPP funds:

40% of the qualified units 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%)of county median income.

At least twenty-five percent (25%) of qualified units will be affordable to and occupied by households with incomes at or belowthirty percent (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%) ofcounty median income.

At least fifty percent (50%) of qualified units will be affordable to and occupied by households with incomes at or below fortypercent (40%) 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 targeting points (select one):

At least twenty percent (20%) of qualified units will be affordable to and occupied by households with incomes at or below fiftypercent (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.



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 (signed copies)

C Ownership Entity Agreement, Development Agreement or any other agreements governing development services

D Management Agent Agreement

E Owner and Management Experience & Management Questionnaire (Appendix C)

F Letters from State Housing Agencies or designated monitoring agent verifying out of state experience

G Completed IRS Form 8821 (Appendix I)

H Local Government Letter or Letter from Certified Engineer or Land Surveyor Confirming Floodplain Designation with Mapshowing all flood zones (original on letterhead, no fax or photocopies)

I Local Government Letter Confirming Zoning including any pending notices or hearings (original on letterhead, no fax orphotocopies)

J Letters from Local Utility Providers regarding availability and capacity (original on letterhead, no fax or photocopies)

K Documentation to support estimated utility costs

L Appraisal (required for land costs greater than $15,000 and for all Adaptive Re-use and Rehab projects)

M Site plan, floor plans and elevations for all projects. Scope of work for Adaptive Re-use and Rehab projects. (Full Size, 24 x36 inches)

N Hazard and structural inspection and termite reports (Adaptive Re-use and Rehab projects only)

O Copy of certificate of occupancy or proof of placed-in-service date (Rehabs Only)

P Proposed Relocation Plan including relocation budget and copies of notices. Required for all Rehabs and any projectsinvolving existing occupants of any dwellings to be rehabbed or demolished.

Q Evidence of Permanent Loan Commitment and other sources of funds ( i.e. AHP, RD and local government funds). ForRehabs with existing loans provide 1) copies of loan documents, 2) current loan balances from existing lenders with reservebalances, 3) letter from lender that outlines assumption requirements.

R Local Housing Authority Agreement and Project Based Rental Assistance Letter, if applicable (Sample letters provided inAppendix I). For projects with existing PBRA contracts, provide a copy of the current contract and bank statement or otherdocumentation verifying reserve balances and annual reserve contribution requirements.

S Statement regarding terms of Deferred Developer Fee. If a nonprofit is involved, a resolution from their board approvingdeferral of fee is required.

T Inducement Resolution (Tax-Exempt Bond Financed Projects only)

U Anticipated budget demonstrating how the project will meet the 10% test

the crossings at seigle point

Documents