Alfred St. App

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Application
Tax Credits, RPP Loans, and/or Tax Exempt Bond Loans
Project Description
Project Name: Alfred St. Senior
Address: Intersection of Alfred St. and Vanstory St.
City: Fayetteville County: Cumberland Zip: 28301
Census Tract: 2 Block Group: 2
Is project in Qualified Census Tract or Difficult to Develop Area? Yes
Political Jurisdiction: City of Fayetteville

First:Dale Last:
Jurisdiction CEO Name: Title: City Manager
Iman
Jurisdiction Address: 433 Hay St.
Jurisdiction City: Fayetteville Zip: 28301
Jurisdiction Phone: (910)433-1990
Site Latitude: 35.043929
Site Longitude: -78.876343
Project Type: New Construction

Is this project a previously awarded tax credit development? No
If yes, what is the project number: Is this a request for supplemental
credits?
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?
No
If yes, please describe:
Target Population:Elderly (62)

Will the project be receiving project based federal rental assistance? Yes
If yes, provide the subsidy source: HUD and number of units: 30
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: 4
Persons with disabilities or homeless populations: 10% of the total units.
Number of Units: 4
Remarks: If feasible, the project will inlcude up to 8 mobility impaired units for people with disabilities. All common areas will meet ADA
standards and all units will be visitable.

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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: TCG United, LLC (TCG Development Services/United Developers)
Address: 2939 Breezewood Ave. Ste. 201
City: Fayetteville State: NC Zip: 28303

Contact: First: Peter Last:Behringer Title:Exec. V.P.
Telephone: (301)563-5562
Alt Phone: (301)563-5560
Fax: (301)563-6160
Email Address: behringer@tcgdevelopment.com

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

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Site Description
Total Site Acreage: 3.77 Total Buildable Acreage: 3

If buildable acreage is less than total acreage, please explain:
A portion of the site is within a 100 year floodplain. No part of the buidling footprint will be positioned in the floodplain and all floor
levels will be above the floodplain.
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? Yes
If yes:
(a) Describe placement of project buildings in relation to this area:

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No buidlings are located in the 100 year floodplain. A portion of driveway and the parking area will be in the floodplain.
(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: 10/9/2009
(D) Enter Purchase Price: 1

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Zoning
Present zoning classification of the site:R5
Is multifamily use permitted?Yes
Are variances, special or conditional use permits or any other item requiring a public hearing needed to develop this proposal?No
If yes, have the hearings been completed and permits been obtained?
If yes, specify permit or variance required and date obtained. If no, describe permits/variances required and schedule for obtaining them:
Are there any existing conditions of historical significance located on the project site that will require State Historic Preservation office review?No
If yes, describe below:
Are there any existing conditions of environmental significance located on the project site?No
If yes, describe below:

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Ownership Entity
Owner Name: Curtis Lane Associates, LP

City: Fayetteville State:NC Zip: 28303
Federal Tax ID Number of Ownership Entity: (If assigned)

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

First Name: Murray Last Name: Duggins Function: Managing General Partner
Address: 2939 Breezewood Ave. ste. 201
Phone: (910)485-6600 Fax: (910)483-4274
EMail: mod@murrayduggins.com Nonprofit: No
Org: TCG United, LLC

First Name: Murray Last Name: Duggins Function: Limited Partner
Address: 2939 Breezewood Ave. ste. 201
Phone: (910)485-6600 Fax: (910)483-4274
Org: TCG Development Services, LLC

First Name: Peter Last Name: Behringer Function: Principal
Address: 8484 Georgia Ave. Ste. 620
City: Silver Spring State: MD Zip: 20910
Phone: (301)563-5562 Fax: (301)563-5560
EMail: behringer@tcgdevelopment.com Nonprofit: No
Org: United Developers, Inc

First Name: Murray Last Name: Duggins Function: Principal

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Phone: (910)485-6600 Fax: (910)483-4274
Org: Fayetteville Metropolitan Housing Authority

First Name: Dawn Last Name: Driggers Function: Limited Partner
Address: 1000 Ramsey St.
Phone: (901)483-3648 Fax: (901)483-4274
EMail: ddriggers@embarqmail.com Nonprofit: Yes

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Unit Mix
The Median Income for Cumberland county is $49,300.
Low Income Units
Total # Monthly Utility Mandatory **Total

Type # BRs Net Sq.Ft. # Units Units Rent Allowance Serv. Fees Housing Exp.
Gdn Apt 1 800 8 1 225 98 0 323
Gdn Apt 1 800 12 1 363 98 461
Gdn Apt 1 800 4 0 456 98 0 554
Gdn Apt 2 985 4 1 267 121 0 388
Gdn Apt 2 985 6 1 434 121 0 555
Gdn Apt 2 985 2 0 545 121 0 666
Utilities included in rents: Water/Sewer Electric Gas Other Trash
Employee Units (will add to Low Income Unit total)

Utilities included in rents: Water/Sewer Electric Gas Other
Market Rate Units

Utilities included in rents: Water/Sewer Electric Gas Other
Statistics
All Gross Monthly

Units Units Rental Income
Low Income....... 36 4 12742
Market Rate.......
Totals............... 36 4 12742
Proposed number of residential buildings: 1 Maximum number of stories in buildings: 2
Project Includes:
Separate community building - Sq. Ft. (Floor Area):
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Community space within residential bulding(s) - Sq. Ft. (Floor Area):

800
Elevators - Number of Elevators: 1
Square Footage Information
Gross Floor Square Footage: 31,020
Total Net Sq. Ft. (All Heated Areas): 29,469
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 8 targeted at 40 percent of median income affordable to
Total Low Income Units: 36
Note: This number should match the total number of low income units in the Unit Mix section.

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Funding Sources
Amort. Annual
Non- Rate Term Period Debt
Source Amount Amortizing* (%) (Years) (Years) Service
Bank Loan
RPP Loan
Local Gov. Loan - Specify:

350,000 ✔ 2.00 20 20
HOME City Funds
RD 515 Loan
RD 538 Loan - Specify:
AHP Loan
Other Loan 1 - Specify:

2,298,167 ✔ 0.00 40 40
FMHA HOPE VI
Tax Exempt Bonds 125,000 7.00 18 30 9,980
State Tax Credit(Loan) 0 30 30 0
State Tax Credit(Direct Refund)
Equity: Federal LIHTC 1,420,736
Non-Repayable Grant
Equity: Historic Tax Credits
Deferred Developer Fees 142,751
Owner Investment
Other - Specify:
Total Sources** 4,336,654
* "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. 80
Remarks concerning project funding sources:

(Please be sure to include the name of the funding source(s))
The HOPE VI loanwill be soft debt at AFR for a term of 40 years. Interest accruing will be payable to

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the Lender from available Cash Flow until the Maturity date. All accrued interest and principal shall
be payable in full at the Maturity date. The City of Fayetteville HOME loan will be soft debt for a term
of 20 years with an interest rate of 2%.
Loans with Variable Amortization

Please fill in the annual debt service as applicable for the first 20 years of the project life.
Local Gov. Loan - HOME City Funds
Year: 1 2 3 4 5 6 7 8 9 10
Amt:
11 12 13 14 15 16 17 18 19 20
Year:
Amt:
Other Loan 1 - FMHA HOPE VI
Year: 1 2 3 4 5 6 7 8 9 10
Amt:
11 12 13 14 15 16 17 18 19 20
Year:
Amt:

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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) 0
2 Demolition (Rehab / Adaptive Reuse only) 0
3 On-site Improvements 360,000 360,000
4 Rehabilitation 0
5 Construction of New Building(s) 2,202,856 2,202,856
6 Accessory Building(s) 160,000 160,000
7 General Requirements (max 6% lines 2-6) 159,264 159,264
8 Contractor Overhead (max 2% lines 2-7) 56,273 56,273
9 Contractor Profit (max 8% lines 2-7; 6% if Identity of Interest) 168,819 168,819
10 Construction Contingency (max 3% lines 2-9, Rehabs 6%) 91,162 91,162
11 Architect's Fee - Design (11 + 12 = max 3% lines 2-10) 66,278 66,278
12 Architect's Fee - Inspection 16,569 16,569
13 Engineering Costs 20,000 20,000
SUBTOTAL (lines 1 through 13) 3,301,221
14 Construction Insurance (prorate) 22,000 22,000
15 Construction Loan Orig. Fee (prorate) 0
16 Construction Loan Interest (prorate) 100,000 100,000
17 Construction Loan Credit Enhancement (prorate) 0
18 Construction Period Taxes (prorate) 0
19 Water, Sewer and Impact Fees 28,000 28,000
20 Survey 6,500 6,500
21 Property Appraisal 10,000 10,000
22 Environmental Report 7,500 7,500
23 Market Study 4,300 4,300
24 Bond Costs 30,000
25 Bond Issuance Costs 30,000
26 Placement Fee 40,000
27 Permanent Loan Origination Fee 20,000
28 Permanent Loan Credit Enhancement 6,055

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29 Title and Recording 22,000
SUBTOTAL (lines 14 through 29) 326,355
30 Real Estate Attorney 10,000 10,000
31 Other Attorney's Fees 85,000 85,000
32 Tax Credit Application Fees (Preliminary and Full) 2,200
33 Tax Credit Allocation Fee (0.60% of line 59, minimum $7,500) 7,500
34 Cost Certification / Accounting Fees 5,000 5,000
35 Tax Opinion
36 Organizational (Partnership) 0
37 Tax Credit Monitoring Fee 25,200
38 Furnishings and Equipment 25,000 25,000
39 Relocation Expense 0
40 Developer's Fee 378,000 378,000
41 Other Basis Expense (specify) Soft Cost Contingency 17,260 17,260
42 Other Basis Expense (specify) Const. Monitoring 7,501 7,501
43 Rent-up Expense 5,000
44 Other Non-basis Expense (specify) Syndication 15,000
45 Other Non-basis Expense (specify)Bond Trustee & Printing 7,395
46 Rent up Reserve 10,800
47 Operating Reserve 55,568
48 Other Reserve (specify) ACC Affordability Reserve 52,654
49 Other Reserve (specify) 0
50 DEVELOPMENT COST (lines 1-49) 4,336,654 4,007,282 0
51 Less Federal Financing
52 Less Disproportionate Standard
53 Less Nonqualified Nonrecourse Financing
54 Less Historic Tax Credit 0
55 TOTAL ELIGIBLE BASIS 4,007,282 4,007,282 0
56 Applicable Fraction (percentage of LI Units) 100.00% 100% 100%
57 Basis Before Boost 4,007,282 4,007,282 0

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58 Boost for QCT/DDA (if applicable, enter 130%) 130.00% 130.00%
59 TOTAL QUALIFIED BASIS 5,209,467 5,209,467 0
60 Tax Credit Rate 3.40 8.50
61 Federal Tax Credits at Estimated Rate 177,122 177,122 0
62 Federal Tax Credits at 9.00% or 3.75% (maximum $1,000,000) 195,355 195,355 0
63 Federal Tax Credits Requested 0
64 Land Cost
65 TOTAL REPLACEMENT COST 4,336,654
FEDERAL TAX CREDITS IF AWARDED 195,355
Comments:
Total Replacement Cost per unit: 88,844

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Market Study Information

Please provide a detailed description of the proposed project:
Alfred Street Elderly Apartments will be located on 3.77 acres in the City of Fayetteville, Cumberland County, approximately one-
half mile east of the downtown area. The project is part of the Old Wilmington Road (OWR) Community Revitalization Plan – a $20
million 2007 HOPE VI award to the Fayetteville Metropolitan Housing Authority.
The project will consist of 36 elderly units located in one building with an office/community building. The project will be constructed
to meet Energy Star Certification. The rent structure is very affordable. The units are targeted to a range of incomes from 30% to
60% of area median income: 30% for households earning 30% AMI or less and 50% for households earning 50% AMI or less. Thus
a total 80% of the units serving 62+ elderly will be targeted to households below 50% AMI.
The site is served by many services including shopping, walk-in medical clinic, adult education programs, food and pharmacy
shopping, and public transportation located within 250 feet. The site is located in a residential area, and surrounded by a mix of
existing housing and vacant land to be redeveloped into community gardens.
The Alfred Street Elderly will be part of the 220 unit multi-family tax exempt bond development, including Curtis Lane, also in the
OWR neighborhood and community. Alfred Street Apartments will provide (elderly) replacement housing for the demolition of
Campbell Terrace and Delona Gardens which is the focus of the OWR Hope VI Revitilization.
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:
None
Have you built other tax credit developments that use the same building design as this project?Yes
If yes, please provide name and address:
Haymount Manor
2040 Elvira Street
Fayetteville, NC 28303
Legion Manor
651 Seth Way
Hope Mills, NC 28348
Bunce Manor
3450 Denise Place
Fayetteville, NC 28304
Site Amenities:
The site will include a common meeting room with pantry, a computer/library room, covered sitting area and gazebo.
Onsite Activities:

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The managment will incoporate weekly on-site Bingo events and other activities. In collaboration with the FMHA the residents will
also have a Support Service Coordinator.
Landscaping Plans:
Landscaping will incorporate existing topography and drainage patterns; use landscaped storm water mangament measures;
organize and economize use of paved surfaces; protect exiting trees; and create planted open spaces; utiizing native vegetation
and irrigation where necessary.
Interior Apartment Amenities:

Apartment amenities to include range with hood, garbage disposal, dishwahser, frost free refrigerator, mini-blinds, cieling fans,
carpet, vinyl, VCT, storage/pantry, and HVAC. At a minimum the living room and one bedroom will be equipped with data
connection ports and cable.
All appliances will meet Energy Star requirements. And all units will be sprinkler fit.
Do you plan to submit additional market data (market study, etc.) that you want considered? No
If yes, please make sure to include the additional information in your pre-application packet.

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Applicant's Site Evaluation

Briefly describe your site in each of the following categories:
NEIGHBORHOOD CHARACTERISTICS
Trend and direction of real estate development and area economic health. Physical condition of buildings and improvements in the
immediate vicinity. Concentration of affordable housing.
Alfred St. elderly development, 36 units is part of the Old Wilmington Road HOPE VI Community Revitalization Plan (CRP) adjacent
to downtown Fayetteville. CRP addresses the distressed housing conditions by proposing to demolish 249 dilapidated units on 21
acres which will be replaced with new construction family rental, senior housing, and for-sale single-family homes utilizng the $20
million award. In addition, the CRP will include enhancing and adding coomunity services such as a new school, medical clinic, day
care, and a community resource center in partnership with the city and neighborhood organizations. The CRP will impact in a
trageted manner 50+ acres of the Old Wilimngton Neighborhood as part of the HOPE VI.
SURROUNDING LAND USES AND AMENITIES
Land use pattern is residential in character (single and multifamily housing). Extent that the location is isolated. Effect of industrial,
large-scale institutional or other incompatible uses, including but not limited to: wastewater treatment facilities, high traffic corridors,
junkyards, prisons, landfills, large swamps, distribution facilities, frequently used railroad tracks, power transmission lines and towers,
factories or similar operations, sources of excessive noise, and sites with environmental concerns (such as odors or pollution).
Amount and character of vacant, undeveloped land. The site is located in a residential area, and surrounded by a mix of existing
housing and vacant land to be redeveloped into community gardens. The site is served by many services including shopping, walk-in
medical clinic, adult education programs, food and pharmacy shopping, and public transportation located within 250 feet.
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. There are adequate
stop signs and Speed limits for the roads within the neighborhood. Alfred Street is off of Campbell Avenue which has direct access to
Old Wilmington Road. Old Wilminton Road is a main traffic corridor through the downtown area and leads to US 301.
Degree of on-site negative features and physical barriers that will impede project construction or adversely affect future tenants; for
example: power transmission lines and towers, flood hazards, steep slopes, large boulders, ravines, year-round streams, wetlands,
and other similar features (for adaptive re-use projects- suitability for residential use and difficulties posed by the building(s), such as
limited parking, environmental problems or the need for excessive demolition).
There are no negative onsite features that would impede the project construction.
Similarity of scale and aesthetics/architecture between project and surroundings.

The Alfred Street senior living facility is designed to both complement and integrate with the major new community garden that is
the green center of the revitalized Old Wilmington Road neighborhood. The scale of the building is reduced by the three-part
massing to reflect the context of small churches and homes, and design features such as patios and porches further tie the building
to the landscape and its surroundings. The building style looks to traditional Fayetteville prototypes, particularly the Georgian
Revival architecture of the old City Hall (now the Fascinate U Children’s Museum), and elements of historic landmarks such as the
Orange Street School and the colonial Market House.
For each applicable neighborhood feature, enter distance from project in miles.
1.5 Grocery Store 0.9 Community/Senior Center
1.5 Mall/Strip Center 1.6 Hospital

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0.4 Outdoor Athletic 1.7 Pharmacy

Fields
0.1 Day Care/After 1.6 Basic Health Care

School
0.2 Public Transportation

0.4 Schools
Stop
0.4 Convenience Store 0.4 Public Parks
0.4 Gas Station 1.3 Library
Other facilities or services:

Fire Satation - 0.4 miles
Restaurants (Traditional and Fast Food) - 1.2 miles

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Development Team
Provide contact information for development team members below:
Management Agent
Company: United Management II
Address: P.O. Box 87770
City: Fayettville State: NC Zip: 28304
Phone (910)221-6600 Email: tamibelanger@unitedmgtii.com
Contact Name: First: Tami Last: Belanger
Architect
Company: Moore Riley Architects, P.A.
City: Raleigh State: NC Zip: 27619
Phone (919)782-6472 Email: mrarch@intrex.net
Contact Name: First: Matt Last: Riley
Attorney
Company: Tuggle, Duggins, and Meschan, PA
Address: P. O. Box 2888
City: Greensboro State: NC Zip: 27402
Phone (336)271-5216 Email: bburgin@tuggleduggins.com
Contact Name: First: Bill Last: Burgin
Investor
Company: RBC Capital Markets
Address: 2101 Rexford Road, Suite 375W
City: Charlotte State: NC Zip: 28211
Phone (980)233-6462 Email: brian.flanagan@rbc.com
Contact Name: First: Brian Last: Flanagan
Consultant/Application Preparer (if different from developer)

Company: N/A
Address:
City: State: Zip:
Phone Email:
Contact Name: First: Last:

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General Contractor Identity of Interest?

Company: United Developers
Phone (910)485-6600 Email: dlljd@aol.com
Contact Name: First: Jim Last: Smith

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Projected Operating Costs

Project Operations (Year One)
Administrative Expenses
Advertising 1,332
Office Salaries 10,800
Office Supplies 2,160
Office or Model Apartment Rent
Management Fee 11,007
Manager or Superintendent Salaries 11,880
Manager or Superintendent Rent Free Unit
Legal Expenses (Project) 1,800
Auditing Expenses (Project)
Bookkeeping Fees/Accounting Services 2,880
Telephone and Answering Service 720
Bad Debts
Other Administrative Expenses (specify):
SUBTOTAL 42,579
Utilities Expense
Fuel Oil
Electricity (Light and Misc. Power) 5,400
Water 5,040
Gas
Sewer 4,320
SUBTOTAL 14,760
Operating and Maintenance Expenses
Janitor and Cleaning Payroll
Janitor and Cleaning Supplies
Janitor and Cleaning Contract 3,600
Exterminating Payroll/Contract 1,440
Exterminating Supplies
Garbage and Trash Removal 5,112
Security Payroll/Contract 2,160

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Grounds Payroll
Grounds Supplies
Grounds Contract 3,960
Repairs Payroll
Repairs Material
Repairs Contract 5,220
Elevator Maintenance/Contract 1,080
Heating/Cooling Repairs and Maintenance
Swimming Pool Maintenance/Contract
Snow Removal
Decorating Payroll/Contract 4,032
Decorating Supplies
Other (specify):
736
Cable & Contingency
Miscellaneous Operating & Maintenance Expenses
SUBTOTAL 27,340
Taxes and Insurance
Real Estate Taxes 15,300
Payroll Taxes (FICA) 2,160
Miscellaneous Taxes, Licenses and Permits
Property and Liability Insurance (Hazard) 8,280
Fidelity Bond Insurance 2,160
Workmen's Compensation 1,440
Health Insurance and Other Employee Benefits 2,160

Other Insurance:
SUBTOTAL 31,500
Supportive Service Expenses
Service Coordinator 900
Service Supplies
Tenant Association Funds

Other Expenses (specify):
SUBTOTAL 900
Reserves

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Replacement Reserves 9,000
SUBTOTAL 9,000
TOTAL OPERATING EXPENSES 126,079

ADJUSTED TOTAL OPERATING EXPENSES
100,879
(Does not include taxes, reserves and resident support services) *
TOTAL UNITS
36
(from total units in the Unit Mix section)
PER UNIT PER YEAR 2,802

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Projected Cash Flow
Year One
OPERATING INCOME
Gross rental income
152,904
(from Unit Mix - Total Monthly Rent)
Stores and Commercial
Laundry and Vending 4,140

Other (specify):
4,892
FMHA Utility Allowance ACC/HTC units
Total Gross Income Potential at 100% Occupancy 161,936
Seven Percent Vacancy Allowance 11,336
NET RENTAL/OTHER INCOME 150,600

TOTAL OPERATING EXPENSES
(from Projected Operating Costs) 126,079
NET OPERATING INCOME 24,521

DEBT SERVICE
(from Funding Sources Loans) 9,978
NET CASH FLOW 14,543

DEBT COVERAGE RATIO
2.458
(Must not be less than 1.15)
20-Year Cash Flow
Year 1 2 3 4 5 6 7 8 9 10
Net Rental/Other Income* 150,600 155,118 159,772 164,565 169,502 174,587 179,825 185,220 190,777 196,500
Total Operating Expenses* 126,079 131,122 136,367 141,822 147,495 153,395 159,531 165,912 172,548 179,450
Debt Service 9,978 9,978 9,978 9,978 9,978 9,978 9,978 9,978 9,978 9,978
Net Cash Flow 14,543 14,018 13,427 12,765 12,029 11,214 10,316 9,330 8,251 7,072
Debt Coverage Ratio 2.458 2.405 2.346 2.279 2.206 2.124 2.034 1.935 1.827 1.709
Year 11 12 13 14 15 16 17 18 19 20
Net Rental/Other Income* 202,395 208,467 214,721 221,163 227,798 234,632 241,671 248,921 256,389 264,081
Total Operating Expenses* 186,628 194,093 201,857 209,931 218,328 227,061 236,143 245,589 255,413 265,630
Debt Service 9,978 9,978 9,978 9,978 9,978 9,978 9,978 9,978 9,978 9,978
Net Cash Flow 5,789 4,396 2,886 1,254 -508 -2,407 -4,450 -6,646 -9,002 -11,527
Debt Coverage Ratio 1.58 1.441 1.289 1.126 0.949 0.759 0.554 0.334 0.098 -0.155
* Net Rental Income escalated at annual rate of 3% and expenses escalated at a rate of 4% after the first year.
Calculations:

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1. "Net Rental/Other Income" comes from 1st-year cash flow, then it is escalated by 3% per year.
2. "Total Operating Expenses" comes from 1st-year cash flow, then it is escalated by 4% per year.
3. "Debt Service" is the sum of "regular/amortized loan debt service + non-amortizing annual service" as entered by user from Funding Sources section.
4. "Net Cash Flow" is "Net Rental/Other Income" minus "Total Operating Expenses" minus "Debt Service".
5. "Debt Coverage Ratio" is ("Net Rental/Other Income" minus "Total Operating Expenses") divided by "Debt Service".

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Minimum Set-Asides
MINIMUM REQUIRED SET ASIDES (No Points Awarded):
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: No Tax 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: No Tax Credit Eligible Units in
the the project can exceed 60% of median income)
If requesting RPP funds:

40% of the units are occupied by households with incomes at or below 50% of median income.
State Tax Credit and QAP Targeting Points:

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 forty percent (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.
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 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.

Print - APP08-B0188
Full Application Checklist
PLEASE indicate which of the following exhibits are attached to your application. Others may be required as noted.
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 Local Government Letter or Letter from Certified Engineer or Land Surveyor Confirming Floodplain Designation with Map showing all flood zones
(original on letterhead, no fax or photocopies)
G Local Government Letter Confirming Zoning including any pending notices or hearings (original on letterhead, no fax or photocopies)
H Letters from Local Utility Providers regarding availability and capacity (original on letterhead, no fax or photocopies)
I Documentation from utility company or local PHA to support estimated utility costs
J Appraisal (required for land costs greater than $15,000 and for all Adaptive Re-use and Rehab projects)
K Site plan, floor plans and elevations for all projects. Scope of work for Adaptive Re-use and Rehab projects. (Full Size, 24 x 36 inches)
L Hazard and structural inspection and termite reports (Adaptive Re-use and Rehab projects only)
M Copy of certificate of occupancy or proof of placed-in-service date (Rehabs Only)
N Proposed Relocation Plan including relocation budget and copies of notices. Required for all Rehabs and any projects involving existing occupants of
any dwellings to be rehabbed or demolished.
O Evidence of Permanent Loan Commitment and other sources of funds ( i.e. Equity letter, AHP, RD and local government funds). For Rehabs with
existing loans provide 1) copies of loan documents, 2) current loan balances from existing lenders with reserve balances, 3) letter from lender that
outlines assumption requirements.
P Local Housing Authority Agreement and Project Based Rental Assistance Letter, if applicable (Sample letters provided in Appendix I). For projects with
existing PBRA contracts, provide a copy of the current contract and bank statement or other documentation verifying reserve balances and annual
reserve contribution requirements.
Q Statement regarding terms of Deferred Developer Fee. If a nonprofit is involved, a resolution from their board approving deferral of fee is required.
R Inducement Resolution (Tax-Exempt Bond Financed Projects only)

Alfred St. App

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City: Fayetteville County: Cumberland Zip: 28301

Census Tract: 2 Block Group: 2

Is project in Qualified Census Tract or Difficult to Develop Area? Yes

Political Jurisdiction: City of Fayetteville

Jurisdiction City: Fayetteville Zip: 28301

Jurisdiction Phone: (910)433-1990

Site Latitude: 35.043929

Site Longitude: -78.876343

Project Type: New Construction

New Construction/Adaptive Reuse:

Does a community revitalization plan exist? Yes

https://www.nchfa.org/Rental/RTCApp/(S(lpfe3bran...BDA689226E&SNID=82033A81F9E9439D9D01363C069157B6 (1 of 30)10/16/2009 8:49:35 AM

Target Population:Elderly (62)

If yes, provide the subsidy source: HUD and number of units: 30

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City: Fayetteville State: NC Zip: 28303

Alt Phone: (301)563-5560

Email Address: behringer@tcgdevelopment.com

https://www.nchfa.org/Rental/RTCApp/(S(lpfe3bran...BDA689226E&SNID=82033A81F9E9439D9D01363C069157B6 (3 of 30)10/16/2009 8:49:35 AM

Total Site Acreage: 3.77 Total Buildable Acreage: 3

Storm Sewer Water Sanitary Sewer Electric

Is the demolition of any buildings required or planned? No

Are existing buildings on the site currently occupied? No

(b) Will tenant displacement be temporary?

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Purchase Date: Purchase Price:

(D) Enter Purchase Price: 1

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Is multifamily use permitted?Yes

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Owner Name: Curtis Lane Associates, LP

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

Org: Curtis Lane/TCG United, LLC

Phone: (910)485-6600 Fax: (910)483-4274

EMail: mod@murrayduggins.com Nonprofit: No

Org: TCG United, LLC

Phone: (910)485-6600 Fax: (910)483-4274

EMail: mod@murrayduggins.com Nonprofit: No

Org: TCG Development Services, LLC

Phone: (301)563-5562 Fax: (301)563-5560

EMail: behringer@tcgdevelopment.com Nonprofit: No

Org: United Developers, Inc

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Phone: (910)485-6600 Fax: (910)483-4274

EMail: mod@murrayduggins.com Nonprofit: No

Org: Fayetteville Metropolitan Housing Authority

Phone: (901)483-3648 Fax: (901)483-4274

EMail: ddriggers@embarqmail.com Nonprofit: Yes

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Low Income Units

Total # Monthly Utility Mandatory **Total

Gdn Apt 1 800 8 1 225 98 0 323

Gdn Apt 1 800 12 1 363 98 461

Gdn Apt 1 800 4 0 456 98 0 554

Gdn Apt 2 985 4 1 267 121 0 388

Gdn Apt 2 985 6 1 434 121 0 555

Gdn Apt 2 985 2 0 545 121 0 666

Utilities included in rents: Water/Sewer Electric Gas Other Trash

Employee Units (will add to Low Income Unit total)

Total # Monthly Utility Mandatory **Total