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

Project Description
Project Name: GreenStone at Lightwater
Address: 4821 Wade Nash Road

City: Town of Fuquay-Varina County: Wake Zip: 27540

Census Tract: 532 Block Group: 3

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? Yes

Political Jurisdiction: Town of Fuquay-Varina


First:Andy Last:
Jurisdiction CEO Name: Title: Town Manager
Hedrick
Jurisdiction Address: 128 South Main Street

Jurisdiction City: Town of Fuquay-Varina Zip: 27540

Jurisdiction Phone: (919)552-6221

Site Latitude: 35.618076

Site Longitude: -78.836511

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? No


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:Family
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: Miller-Valentine Apartments III LLC
Address: 9349 WaterStone Boulevard

City: Cincinnati State: OH Zip: 45249


Contact: First: Brian Last:McGeady Title:Director of Multi-Familty Development

Telephone: (513)588-1000

Alt Phone:

Fax: (937)913-5452

Email Address: sean.beismann@mvg.com


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

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Site Description

Total Site Acreage: 6.7 Total Buildable Acreage: 4.5


If buildable acreage is less than total acreage, please explain:
The site has a wetland area on the west side, as well as sewer easements that will impact buildable area.

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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A wetland area that contains land within the 100 year floodplain has been delineated and occurs west of a
40' sewer easement. The buildings are placed approximately 60' from this easement for a total separation
of 100' from the wetlands.

(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: 12/1/2009

(D) Enter Purchase Price: 485,750

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Zoning
Present zoning classification of the site:R-4

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: GreenStone at Lightwater, LLC


Address: 9349 WaterStone Boulevard
City: Cincinnati State:OH Zip: 45249

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? 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: Miller-Valentine Apartments III LLC (to-be-formed subsidiary of)


First Name: Brian Last Name: McGeady Function: Managing Member
Address: 9349 WaterStone Boulevard
City: Cincinnati State: OH Zip: 45249

Phone: (513)588-1000 Fax: (937)913-5452

EMail: brian.mcgeady@mvg.com Nonprofit: No

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Unit Mix
The Median Income for Wake county is $76,900.

Low Income Units

Total # Monthly Utility Mandatory **Total


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

Gdn Apt 2 943 8 2 350 155 0 505

Gdn Apt 2 943 24 2 600 155 0 755

Gdn Apt 3 1153 6 1 396 188 0 584

Gdn Apt 3 1153 16 1 710 188 0 898

Utilities included in rents: Water/Sewer Electric Gas Other Waste Removal

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....... 54 6 30936

Market Rate.......

Totals............... 54 6 30936

Proposed number of residential buildings: 6 Maximum number of stories in buildings: 3

Project Includes:
Separate community building - Sq. Ft. (Floor Area): 1,611

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

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Elevators - Number of Elevators:

Square Footage Information

Gross Floor Square Footage: 70,102

Total Net Sq. Ft. (All Heated Areas): 55,542

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: 54

Number of Units Required: 6


Persons with disabilities or homeless populations.

Number of Units: 6

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 %

2 8 targeted at 30 percent of median income affordable to/occupied by

2 24 targeted at 60 percent of median income affordable to/occupied by

3 6 targeted at 30 percent of median income affordable to/occupied by

3 16 targeted at 60 percent of median income affordable to/occupied by

Total Low Income Units: 54

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 1,200,000 7.50 18 30 100,687

RPP Loan

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) 957,124 0 30 30 0

State Tax Credit(Direct Refund)

Equity: Federal LIHTC 6,023,849

Non-Repayable Grant

Equity: Historic Tax Credits

Deferred Developer Fees 53,900

Owner Investment

Other - Specify:

Total Sources** 8,234,873

* "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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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 0

3 On-site Improvements 1,404,000 1,404,000

4 Rehabilitation 0 0

5 Construction of New Building(s) 3,239,946 3,239,946

6 Accessory Building(s) 100,000 100,000

7 General Requirements (max 6% lines 2-6) 284,636 284,636

8 Contractor Overhead (max 2% lines 2-7) 100,571 100,571

9 Contractor Profit (max 8% lines 2-7; 6% if Identity of Interest) 301,714 301,714

10 Construction Contingency (max 5% lines 2-9, Rehabs 10%) 271,543 271,543

11 Architect's Fee - Design (11 + 12 = max 3% lines 2-10) 114,048 114,048

12 Architect's Fee - Inspection 57,024 57,024

13 Engineering Costs 80,000 80,000

SUBTOTAL (lines 1 through 13) 5,953,482

14 Construction Insurance (prorate) 27,000 27,000

15 Construction Loan Orig. Fee (prorate) 65,863 65,863

16 Construction Loan Interest (prorate) 316,145 316,145

17 Construction Loan Credit Enhancement (prorate) 0 0

18 Construction Period Taxes (prorate) 10,000 10,000

19 Water, Sewer and Impact Fees 229,500 229,500

20 Survey 7,500 7,500

21 Property Appraisal 10,000 10,000

22 Environmental Report 11,700 11,700

23 Market Study 4,300 4,300

24 Bond Costs 0

25 Bond Issuance Costs 0

26 Placement Fee 0

27 Permanent Loan Origination Fee 24,000

28 Permanent Loan Credit Enhancement 0

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29 Title and Recording 34,898

SUBTOTAL (lines 14 through 29) 740,906

30 Real Estate Attorney 0 0

31 Other Attorney's Fees 50,000 50,000

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

33 Tax Credit Allocation Fee (0.62% of line 60, minimum $7,500) 59,342

34 Cost Certification / Accounting Fees 20,000 20,000

35 Tax Opinion 0

36 Organizational (Partnership) 20,000

37 Tax Credit Monitoring Fee 37,800

SUBTOTAL (lines 30 through 37) 189,442

38 Furnishings and Equipment 60,000 60,000

39 Relocation Expense 0 0

40 Developer's Fee 567,000 567,000

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

42 Other Basis Expense (specify) 0 0

43 Other Basis Expense (specify) 0 0

44 Rent-up Expense 0

45 Other Non-basis Expense (specify) 0

46 Other Non-basis Expense (specify) 0

SUBTOTAL (lines 38 through 45) 657,000

47 Rent up Reserve 54,000

48 Operating Reserve 154,293

49 Other Reserve (specify) 0

50 Other Reserve (specify) 0

51 DEVELOPMENT COST (lines 1-49) 7,749,123 0 7,362,490

52 Less Federally Funded Grant 0 0

53 Less Disproportionate Standard 0 0

54 Less Nonqualified Nonrecourse Financing 0 0

55 Less Historic Tax Credit 0 0

56 TOTAL ELIGIBLE BASIS 7,362,490 0 7,362,490

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

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58 Basis Before Boost 7,362,490 0 7,362,490

59 Basis Boost of up to 130% 100.00% 130.00%

60 TOTAL QUALIFIED BASIS 9,571,237 0 9,571,237

61 Tax Credit Rate 3.50 9.00

62 Federal Tax Credits (maximum $1,300,000) 861,411 0 861,411

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

64 Land Cost 485,750

65 TOTAL REPLACEMENT COST 8,234,873

FEDERAL TAX CREDITS IF AWARDED 861,411

Comments:

Project Development Cost per unit 59,999

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Market Study Information


Please provide a detailed description of the proposed project:
Detailed Description

GreenStone at Lightwater will be a 54 unit garden apartment community serving the community of Fuquay-
Varina, NC. Holly Springs and Fuquay-Varina have seen explosive population growth in the past decade.
Notable development less than two miles from the site includes a Walmart, a Harris Teeter Grocery (under
construction) and a proposed medical complex. In addition, Novartis is under construction of a vaccine
production plant bringing 350 new jobs to the area. This growth has led to expansion of retail and service
industries, driving the need for affordable rental opportunities.

The site is located just off NC Hwy. 55 and is at the entrance to the Spring Hill subdivision. This location is
convenient to both Holly Springs and Fuquay-Varina and is in close proximity to grocery, schools and parks.
While not fronting on Hwy. 55, there will be visibility to the site, looking down Lightwater Drive, and the site
will have a directional sign located at Hwy. 55.

Building/Unit Designs

In order to incorporate the sloping conditions of the site, three of the buildings will use a split foundation,
providing a two story appearance from the front and three story on the rear. Each unit provides a porch/
balcony and outside storage. Contrasting siding in gable areas and colors will provide contrast and
architectural interest in addition to brick accents. Units are designed to create flow between kitchen, dining
and living areas. All units will include a washer-dryer hook-up. Other amenities in units include: dishwasher,
disposal, ceiling fans, mini-blinds, walk-in closets and pantry cabinet. Units will be constructed to meet
Energy Star requirements, providing additional comfort and utility savings to residents.

Site amenities include a playground, tot lot, covered picnic area, seating areas with benches and a gazebo.
The community building will have an open area for meetings and TV watching, an equipped kitchen and
computer room as well as an attached laundry area. Landscaping will include planting beds at the entrance
sign and at building foundations.

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?Yes
If yes, please provide name and address:
Pinecrest Apartments-3605 Martins Trail Circle, Walkertown, NC
Sherwood Glen-2006 Oakbrook Court, Reidsville, NC

Site Amenities:

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Site amenities include a playground, tot lot, 10x15 covered picnic area with two tables and a grill, seating
areas with benches and a gazebo. The community building will have an open area for meetings and TV
watching, an equipped kitchen and computer room, as well as an attached laundry room.

Onsite Activities:
The community building will have a large open room for resident meetings and TV Watching. This room will
serve as the location for support services programs coordinated with local agencies. Outdoor activities will
include the playground and tot lot at the rear of the clubhouse where activities can be supervised from the
nearby bench with surrounding shade plantings. The picnic shelter and gazebo will be located away from
the clubhouse offering an alternative area for gathering.

Landscaping Plans:
Landscaping will include planting areas at the entrance sign and at building foundations. Plant speces that
require minimum watering will be selected. Shade trees and ornamental plantings will be located around the
parking areas and near playground and picnic shelter.

Interior Apartment Amenities:


All units will include a washer-dryer hook-up. Other amenities in units include: dishwasher, disposal, ceiling
fans, mini-blinds, walk-in closets and pantry. Units will be constructed to meet Energy Star requirements,
providing additional comfort and utility savings to residents.

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.
This site lies at the Northern edge of Fuquay-Varina and only 1.5 miles South of a newly developed
shopping area for Holly Springs. The site will offer easy access to both communities, which have been
some of the fastest growing in NC. Being between the two provides increased shopping and employment
opportunities. The adjacent Spring Hill subdivision has attractive homes priced in the $200,000 range.
There is no concentration of affordable housing.

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. Land use is very consistent with multi-family. The site is between low
intensity commercial along Hwy 55 and the single family homes to the rear.
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 entrance to the property will be off of Lightwater Road which serves only
the subdivision to the rear. Access to Hwy. 55 can be accomplished from Lightwater Road or the signaled
intersection with Wade Nash Road. Buildings will have good visibility, but be set far enough away from the
main road to provide adequate buffer.
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 has an electric easement separating it from the single family homes. There is also a pump station
located on Wade Nash Road, adjacent to the site but building elevations will be above this and landscaping
and screening will be provided to buffer this. Wetlands have been delineated to the rear of the site and all
buildings are held approximately 100' away from this.

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


Garden apartments with attractive architectural details will fit well as a higher intensity use at the entrance
to the Spring Hill property. All residential building fronts will be two- story, consistent with the single family
homes nearby.

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

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1.25 Grocery Store 3.8 Community/Senior Center

1.66 Mall/Strip Center 9.8 Hospital

2.12 Outdoor Athletic 1.66 Pharmacy


Fields

.56 Day Care/After 3.51 Basic Health Care


School

1.84 Public Transportation


Schools
Stop

.37 Convenience Store 2.12 Public Parks

.37 Gas Station 2.75 Library

Other facilities or services:

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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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