Print - APP09-0134

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

Project Description
Project Name: Church Meadows
Address: tbd Corporation Street

City: Wilkesboro County: Wilkes Zip: 28697

Census Tract: 9611 Block Group: 74020

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

Are you requesting the basis boost under section II(E)(4) of the QAP? No

Political Jurisdiction: Wilkesboro

First:Mike Last:
Jurisdiction CEO Name: Title: Mayor
Inscore
Jurisdiction Address: 203 West Main Street

Jurisdiction City: Wilkesboro Zip: 28697

Jurisdiction Phone: (336)838-3951

Site Latitude: 36.138867

Site Longitude: -81.162434

Project Type: New Construction

Is this project a previously awarded tax credit

development?

New Construction/Adaptive Reuse:

Is this project a follow-on (Phase II, etc) to a previously-awarded tax credit development project? No

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

Rehab:
Number of residents holding Section 8
vouchers:

Will the project meet Energy Star standards as defined in Appendix B? Yes

Does a community revitalization plan exist? Yes

Will the project use steel and concrete construction and have at least 4 stories? No

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Will the project include a Community Service Facility under IRS Revenue Ruling 2003-77? Yes
If yes, please describe: A small free standing facility with administration, community and maintenance staging
space.

Target Population:Elderly (55)

Will the project be receiving project based federal rental assistance? No

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

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Applicant Information
Indicate below an individual or a validly existing entity (a corporation, nonprofit, limited partnership or LLC) as the official applicant. Under
QAP Section III(C)(5) only this individual or entity will be able to make decisions with regard to this application. If awarded the applicant
must become part of the ownership entity. The applicant will execute the signature page for this application.
Applicant Name: Northwestern Housing Enterprises,Incorporated
Address: P. O. Box 1673

City: Boone State: NC Zip: 28607

Contact: First: Edward Last:Fowler Title:Vice President

Telephone: (828)264-6683

Alt Phone: (828)964-2744

Fax: (828)264-0160

Email Address: [email protected]

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

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Site Description

Total Site Acreage: 6.00 Total Buildable Acreage: 6.00

If buildable acreage is less than total acreage, please explain:

Identify utilities and services currently available (and with adequate capacity) for this site:

Storm Sewer Water Sanitary Sewer Electric

Is the demolition of any buildings required or planned? No

If yes, please describe:

Are existing buildings on the site currently occupied? No

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? Yes
If no, please explain:

Is any portion of the site located inside the 100 year floodplain? No
If yes:
(a) Describe placement of project buildings in relation to this area:

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

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Site Control
Does the owner have fee simple ownership of the property (site/buildings)?No

If yes provide:

Purchase Date: Purchase Price:

If no:
(a) Does the owner/principal or ownership entity have valid option/contract to purchase the property?Yes
(b) Does an identity of interest (direct or indirect) exist between the owner/principal or ownership entity with the option/contract for
purchase of the property and the seller of the property?No
If yes, specify the relationship:

(c) Enter the current expiration date of the option/contract to purchase: 11/19/2009

(D) Enter Purchase Price: 325,000

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Zoning
Present zoning classification of the site:B-2

Is multifamily use permitted?No

Are variances, special or conditional use permits or any other item requiring a public hearing needed to develop this proposal?Yes
If yes, have the hearings been completed and permits been obtained?No
If yes, specify permit or variance required and date obtained. If no, describe permits/variances required and schedule for
obtaining them:
1/20/09 rezoning request to Town of Wilkesboro
1/27/09 rezoning request & recommendation by Planning Board
2/10/09 rezoning request hearing by Town Board
3/10/09 rezoning request approval by Town Board

Are there any existing conditions of historical significance located on the project site that will require State Historic Preservation office
review?No
If yes, describe below:

Are there any existing conditions of environmental significance located on the project site?No
If yes, describe below:

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Ownership Entity

Owner Name: Blue Ridge Housing of Wilkesboro, LLC

Address: P. O. Box 2510
City: Boone State:NC Zip: 28607

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

Note: Do not submit social security numbers for individuals.
Entity Type: Limited Liability Company
Entity Status: To Be Formed
Is the applicant requesting that the Agency treat the application as Non-Profit sponsored? Yes
Is the applicant requesting that the Agency treat the application as CHDO sponsored? Yes
List all general partners, members,and principals. Specify nonprofit corporate general partners or members.
Click [Add] to add additional partners, members, and principals.

Org: Northwestern Housing Enterprises, Incorporated

First Name: Edward Last Name: Fowler Function: Managing Member
Address: P. O. Box 1673
City: Boone State: NC Zip: 28607

Phone: (828)264-6683 Fax: (828)264-0160

EMail: [email protected] Nonprofit: Yes

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Unit Mix
The Median Income for Wilkes county is $51,300.

Low Income Units

Total # Monthly Utility Mandatory **Total

Type # BRs Net Sq.Ft. # Units Units Rent Allowance Serv. Fees Housing Exp.

Duplex 1 684 30 6 383 82 0 465

Duplex 2 962 18 4 452 103 0 555

Utilities included in rents: Water/Sewer Electric Gas Other trash collection

Employee Units (will add to Low Income Unit total)

Total # Monthly Utility Mandatory **Total

Type # BRs Net Sq.Ft. # Units Units Rent Allowance Serv. Fees Housing Exp.

Utilities included in rents: Water/Sewer Electric Gas Other

Market Rate Units

Total # Monthly Utility Mandatory **Total

Type # BRs Net Sq.Ft. # Units Units Rent Allowance Serv. Fees Housing Exp.

Utilities included in rents: Water/Sewer Electric Gas Other

Statistics

All Gross Monthly

Units Units Rental Income

Low Income....... 48 10 19626

Market Rate.......

Totals............... 48 10 19626

Proposed number of residential buildings: 24 Maximum number of stories in buildings: 1

Project Includes:
Separate community building - Sq. Ft. (Floor Area): 1,576

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

Elevators - Number of Elevators:

Square Footage Information

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Gross Floor Square Footage: 48,759

Total Net Sq. Ft. (All Heated Areas): 40,493

Indicate below any additional targeting for special populations proposed for this project:
Mobility impaired handicapped: 5% of units comply with QAP Section IV(F)(3) (in addition to the units required by other federal and
state codes.)

Number of Units: 10

Number of Units Required: 6

Persons with disabilities or homeless populations.

Number of Units: 5

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

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Targeting

Specify Low Income Unit Targeting in table below. List each applicable targeting combination in a separate row below. Click [Add] to
create another row. Click "X" (at the left of each row) to delete a row. Add as many rows as needed.

# BRs Units %

1 30 targeted at 50 percent of median income affordable to/occupied by

2 18 targeted at 50 percent of median income affordable to/occupied by

Total Low Income Units: 48

Note: This number should match the total number of low income units in the Unit Mix section.

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Funding Sources

Amort. Annual
Non- Rate Term Period Debt
Source Amount Amortizing* (%) (Years) (Years) Service

Bank Loan

RPP Loan 1,200,000 0.00 20 30 40,000

Local Gov. Loan - Specify:

RD 515 Loan

RD 538 Loan - Specify:

AHP Loan

Other Loan 1 - Specify:

Other Loan 2 - Specify:

Other Loan 3 - Specify:

Tax Exempt Bonds

State Tax Credit(Loan) 1,289,118 0 30 30 0

State Tax Credit(Direct Refund)

Equity: Federal LIHTC 3,392,417

Non-Repayable Grant

Equity: Historic Tax Credits

Deferred Developer Fees 38,165

Owner Investment

Other - Specify:

Total Sources** 5,919,700

* "Non-amortizing" indicates that the loan does not have a fixed annual debt service. For these items, you must fill in 20-year debt
service below.
** Total Sources must equal total replacement cost in Project Development Cost (PDC) section.

Estimated pricing on sale of Federal Tax Credits: $0. 70

Remarks concerning project funding sources:

(Please be sure to include the name of the funding source(s))

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self explanatory

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Development Costs
Eligible Basis
Item Cost Element TOTAL COST
30% PV 70% PV
1 Purchase of Building(s) (Rehab / Adaptive Reuse only)

2 Demolition (Rehab / Adaptive Reuse only)

3 On-site Improvements 410,000 410,000

4 Rehabilitation

5 Construction of New Building(s) 3,216,000 3,216,000

6 Accessory Building(s) 120,000 120,000

7 General Requirements (max 6% lines 2-6) 187,300 187,300

8 Contractor Overhead (max 2% lines 2-7) 74,920 74,920

9 Contractor Profit (max 8% lines 2-7; 6% if Identity of Interest) 262,220 262,220

10 Construction Contingency (max 5% lines 2-9, Rehabs 10%) 175,000 175,000

11 Architect's Fee - Design (11 + 12 = max 3% lines 2-10) 85,400 85,400

12 Architect's Fee - Inspection 20,000 20,000

13 Engineering Costs 16,000 16,000

SUBTOTAL (lines 1 through 13) 4,566,840

14 Construction Insurance (prorate) 14,500 14,500

15 Construction Loan Orig. Fee (prorate) 19,600 19,600

16 Construction Loan Interest (prorate) 160,000 160,000

17 Construction Loan Credit Enhancement (prorate)

18 Construction Period Taxes (prorate) 4,000 4,000

19 Water, Sewer and Impact Fees 57,600 57,600

20 Survey 10,000 10,000

21 Property Appraisal 8,500 8,500

22 Environmental Report 5,850 5,850

23 Market Study 5,000 5,000

24 Bond Costs

25 Bond Issuance Costs

26 Placement Fee

27 Permanent Loan Origination Fee 10,000

28 Permanent Loan Credit Enhancement

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29 Title and Recording 12,000

SUBTOTAL (lines 14 through 29) 307,050

30 Real Estate Attorney 30,000 30,000

31 Other Attorney's Fees 22,000 22,000

32 Tax Credit Application Fees (Preliminary and Full) 2,300

33 Tax Credit Allocation Fee (0.62% of line 60, minimum $7,500) 34,410

34 Cost Certification / Accounting Fees 19,500 19,500

35 Tax Opinion

36 Organizational (Partnership) 2,500

37 Tax Credit Monitoring Fee 33,600

SUBTOTAL (lines 30 through 37) 144,310

38 Furnishings and Equipment 26,000 26,000

39 Relocation Expense

40 Developer's Fee 420,000 420,000

41 Additional Contigency (greater of $500/unit or $30,000) 30,000 30,000

42 Other Basis Expense (specify)

43 Other Basis Expense (specify)

44 Rent-up Expense 12,000

45 Other Non-basis Expense (specify)

46 Other Non-basis Expense (specify)

SUBTOTAL (lines 38 through 45) 488,000

47 Rent up Reserve 16,500

48 Operating Reserve 72,000

49 Other Reserve (specify)

50 Other Reserve (specify)

51 DEVELOPMENT COST (lines 1-49) 5,594,700 0 5,399,390

52 Less Federally Funded Grant

53 Less Disproportionate Standard

54 Less Nonqualified Nonrecourse Financing

55 Less Historic Tax Credit 0

56 TOTAL ELIGIBLE BASIS 5,399,390 0 5,399,390

57 Applicable Fraction (percentage of LI Units) 100.00% 100% 100%

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58 Basis Before Boost 5,399,390 0 5,399,390

59 Basis Boost of up to 130% 100.00% 100.00%

60 TOTAL QUALIFIED BASIS 5,399,390 0 5,399,390

61 Tax Credit Rate 3.50 9.00

62 Federal Tax Credits (maximum $1,300,000) 485,945 0 485,945

63 Federal Tax Credits Requested (if less than line 62) 0

64 Land Cost 325,000

65 TOTAL REPLACEMENT COST 5,919,700

FEDERAL TAX CREDITS IF AWARDED 485,945

Comments:

Project Development Cost per unit 67,000

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Market Study Information

Please provide a detailed description of the proposed project:
A clustered enclave of 48 dwelling units in single story duplex new construction with craftsman style
detailing and meeting Energy Star efficiency standards to be built directly adjoining a stable residential
neighborhood. 100% of the dwelling units will be made affordable to individuals and households at or below
50% AMI.

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:
Property exteriors will be a combination of simulated stone, vinyl and other low maintenance materials.
Staggered placement of buildings addressing the street and varied roof scapes will increase desirability.

Have you built other tax credit developments that use the same building design as this project?Yes
If yes, please provide name and address:
Similar to FOREST HILLS - Burnsville, NC - but subject is lower density - duplex as opposed to quad.
Applicant has also developed and occupied predominantly duplex LIHTC campuses at: OAK GROVE
VILLAGE, Jefferson, NC; HIGHLAND VILLAGE, Sparta, NC; and WHITE LAUREL, Boone, NC. Subject
property site improvements costs will be for more economically accomplished than at these other low
density developments.

Site Amenities:
The development will include paved streets, concrete curbs and sidewalks and decorative area lighting.
Residents will enjoy a picnic area, raised bed vegetable and flower gardens and a walking trail through the
woods with direct access to the town center business district.

Onsite Activities:
Resident association members will self determine regular on-site activities for recreation, health and safety.
The Wilkes County Transportation Authority will provide regular van service for personal needs and for a full
range of human services.

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Landscaping Plans:
Foundation plantings with mulched pods of trees and shrubs accented with placed large stones will grace
the grounds. Concrete sidewalks and decorative area lighting will contribute to accessibility, safety and
attractiveness.

Interior Apartment Amenities:

Each home will feature 1 or 2 bedrooms and 1 bath with wide hallways, ceiling fans, front covered porches
& back screened sunrooms. Standard size washer/dryer hookups and Energy Star kitchen appliances will
contribute to liveability.

Do you plan to submit additional market data (market study, etc.) that you want considered? Yes
If yes, please make sure to include the additional information in your pre-application packet.

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Applicant's Site Evaluation

Briefly describe your site in each of the following categories:

NEIGHBORHOOD CHARACTERISTICS

Trend and direction of real estate development and area economic health. Physical condition of buildings and
improvements in the immediate vicinity. Concentration of affordable housing.
A strong and stable single family homeownership neighborhood borders subject property and provides
paved public street access from the west. The homes are modest but attractive and well kept. A new fire
station has been built within 1/4 mile of subject property by the Town of Wilkesboro in preparation for
revitilization of the downtown and continuing growth of these surrounding neighborhoods.

SURROUNDING LAND USES AND AMENITIES

Land use pattern is residential in character (single and multifamily housing). Extent that the location is
isolated. Effect of industrial, large-scale institutional or other incompatible uses, including but not limited to:
wastewater treatment facilities, high traffic corridors, junkyards, prisons, landfills, large swamps, distribution
facilities, frequently used railroad tracks, power transmission lines and towers, factories or similar operations,
sources of excessive noise, and sites with environmental concerns (such as odors or pollution). Amount and
character of vacant, undeveloped land. The surrounding land use is residential, some retail and commercial
along with wooded vacant land. The site is walking distance northeasterly to downtown Wilkesboro and a
pedestrian trail for resident access is proposed. There are no industrial nor incompatable uses in the vicinty.
The vacant land surrounding subject property is a 115.9 acre tract purchased by Wilkes County in the 1990's
for future expansion of government and human services facilities.
SITE SUITABILITY

Adequate traffic safety controls (i.e. stop lights, speed limits, turn lanes). Burden on public facilities
(particularly roads). Access to mass transit (if applicable). Visibility of buildings and/or location of project sign
(s) in relation to traffic corridors. The site is accessed directly by Corporation Street, a residential tertiary
feeder street from South Cherry Street, a major secondary corridor to the west which connects primary
highways to downtown Wilkesboro. Corporation and Cherry Streets are adequate for proposed use, however,
Corporation Street is proposed for widening and for the installation of concrete sidewalks and curb and gutter
in the near future by the Town of Wilkesboro.
Degree of on-site negative features and physical barriers that will impede project construction or adversely
affect future tenants; for example: power transmission lines and towers, flood hazards, steep slopes, large
boulders, ravines, year-round streams, wetlands, and other similar features (for adaptive re-use projects-
suitability for residential use and difficulties posed by the building(s), such as limited parking, environmental
problems or the need for excessive demolition).
The site is entirely a cleared open pasture with a broad level crown down its center. The building sites all
slope away at the rear toward existing utilities and toward the property boundaries. Controlled crawl space
construction of the buildings will significantly minimize site grading expenses. Perimeter storm water control
features will eliminate any and all off-site erosion.

Similarity of scale and aesthetics/architecture between project and surroundings.

Craftsman cottage features and single story construction will provide a compliment to and will have a
positive effect on values for surrounding residential properties. Low density duplex designs are compatable
with and will appear similar in size to surrounding single family homes.

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

1.10 Grocery Store 0.60 Community/Senior Center

1.5 Mall/Strip Center 2.00 Hospital

0.40 Outdoor Athletic 1.50 Pharmacy

Fields

0.50 Day Care/After 0.60 Basic Health Care

School

0.25 Public Transportation

0.50 Schools
Stop

0.30 Convenience Store 0.40 Public Parks

0.30 Gas Station 1.80 Library

Other facilities or services:

Family Life Center for human services 0.50
Wilkes County Courthouse 0.50
US Post Office 0.30

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Preliminary App Checklist

The following enclosures must be submitted along with your signed preliminary application. Some enclosures are required only under
certain conditions. Please check each applicable item to indicate that you understand the enclosure requirements and will enclose the
correct supporting documentation with your application.

Fee Payment
Check in the amount of $5,450.00 made payable to North Carolina Housing Finance Agency.
Tab A - Preliminary Application
Printed, signed copy of preliminary application generated from online system.
B - Map/Driving Instructions
A local map clearly identifying the location of the Site and detailed directions to the Site. Current City or County maps are preferred
– internet maps and directions are not acceptable. Applicant must also provide a map identifying the amenities listed in section IV
(A)(1)(b)(ii) of the QAP and their proximity to the site.

Applicant must provide a sign and boundary markers to clearly identify the road frontage of the site. The sign identifying the site
should read “SITE” with a minimum size of 11x17.
C - Community Revitalization Plan
Applicant should provide a map identifying the subject site within the Plan area (if applicable).
D - Evidence of Site Control
Provide valid option/contract or warranty deed and plot plan.
E - Site Plans/Scope of Work
Preliminary site plan, floor plans and elevations for all projects, interior and exterior photographs and detailed scope of work for
Adaptive Reuse and Rehab projects. Site and floor plans should be no larger than 11x17 and must be produced by a licensed
architect or engineer.
F - Information Package for Market Analysts
This section must include copies of items required in Tabs A, B, E and G (site and floor plans should be no larger than 11x17) and
can include any additional market information such as preliminary market studies the applicant would like to provide to the
Analysts.
G - Rent Roll (Rehabs only)
Provide the current rent roll for the property and indicate which units (if any) are receiving rental assistance.
H - Documentation for Basis Boost
Applicant should provide an appraisal and/or standard geological survey to support a request for the basis boost (if applicable).

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