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

Project Description
Project Name: Townhomes of Ashbrook
Address: 1921 Eastway Drive

City: Charlotte County: Mecklenburg Zip: 28205

Census Tract: 0016.03 Block Group: 1011

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: City of Charlotte

First:Curt Last:
Jurisdiction CEO Name: Title: City Manager
Jurisdiction Address: 600 East Fourth Street

Jurisdiction City: Charlotte Zip: 28202

Jurisdiction Phone: (704)336-2244

Site Latitude: 35.23004

Site Longitude: -80.77449

Project Type: Rehab

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?

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

Number of residents holding Section 8 vouchers: 0

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 (1 of 21)4/14/2009 2:02:41 PM

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Will the project include a Community Service Facility under IRS Revenue Ruling 2003-77?
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: (2 of 21)4/14/2009 2:02:41 PM

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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: Community Housing Partners Corporation
Address: 930 Cambria Street N.E.

City: Christiansburg State: VA Zip: 24073

Contact: First: Jacquetta Last:Craig Title:Housing Development Officer

Telephone: (804)343-7201

Alt Phone: (804)381-2069

Fax: (804)343-7208

Email Address:

NOTE: Email Address above will be used for communication between NCHFA and Applicant. (3 of 21)4/14/2009 2:02:41 PM

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Site Description

Total Site Acreage: 11.51 Total Buildable Acreage: 11.51

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? Yes

If yes:
(a) Briefly describe the situation:
Townhomes of Ashebrook is an existing property constructed in 1969 in significant need of renovation.
CHPC has preformed some basic renovation since purchasing the property such as replacing roofs, but
other significant problems remain. Many of the HVAC and hot water heaters units are original to the building
and badly in need of replacement due to energy inefficiency and disrepair. Original windows are single pane
aluminum framed with little insulation value. Many patios and enclosures are cracked and in disrepair
creating hazards for children and adults. The community pool is in disrepair and closed. The management
office currently occupies a housing unit as there is no separate community building. Many kitchen
appliances are original, in disrepair and in need of replacement. The parking lot is significantly cracked and
stained with oil.

(b) Will tenant displacement be temporary? Yes

(c) Will tenant displacement be permanent? Yes

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: (4 of 21)4/14/2009 2:02:41 PM

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(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: (5 of 21)4/14/2009 2:02:41 PM

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

If yes provide:

Purchase Date: 12/15/2006 Purchase Price: 5,100,000

If no:
(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: (6 of 21)4/14/2009 2:02:41 PM

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Present zoning classification of the site:R17MF

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
If yes, describe below:

Are there any existing conditions of environmental significance located on the project site?Yes
If yes, describe below:
The property was built in 1969, therefore asbestos materials have been identified in the Phase I Site
Assessment Report. The identified materials will be removed in accordance with OSHA, state, and local
guidelines. (7 of 21)4/14/2009 2:02:41 PM

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Ownership Entity

Owner Name: Charlotte-Ashbrook Townhomes, LLC

Address: 930 Cambria Street, NE
City: Christiansburg State:VA Zip: 24073

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: Community Housing Partners Corporation

First Name: Orlando Last Name: Artze Function: Managing Member
Address: 100 West Franklin Street, Suite 300
City: Richmond State: VA Zip: 23220

Phone: (804)343-7201 Fax: (804)343-7208

EMail: Nonprofit: Yes (8 of 21)4/14/2009 2:02:41 PM

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Unit Mix
The Median Income for Mecklenburg county is $66,500.

Low Income Units

Total # Monthly Utility Mandatory **Total

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

Twn Hse 1 738 9 0 540 64 0 604

Twn Hse 2 932 42 0 648 77 0 725

Twn Hse 3 1109 9 0 745 92 0 837

Twn Hse 1 738 13 0 616 64 0 680

Twn Hse 2 932 64 0 695 77 0 772

Twn Hse 3 1109 13 0 798 92 0 890

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

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


All Gross Monthly

Units Units Rental Income

Low Income....... 150 0 101643

Market Rate.......

Totals............... 150 0 101643

Proposed number of residential buildings: 22 Maximum number of stories in buildings: 2

Project Includes:
Separate community building - Sq. Ft. (Floor Area): 1,050 (9 of 21)4/14/2009 2:02:41 PM

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

Elevators - Number of Elevators:

Square Footage Information

Gross Floor Square Footage: 157,078

Total Net Sq. Ft. (All Heated Areas): 142,985

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: 0

Number of Units Required: 16

Persons with disabilities or homeless populations.

Number of Units: 15

** 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. (10 of 21)4/14/2009 2:02:41 PM

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

# BRs Units %

1 9 targeted at 50 percent of median income affordable to/occupied by

2 42 targeted at 50 percent of median income affordable to/occupied by

3 9 targeted at 50 percent of median income affordable to/occupied by

1 13 targeted at 60 percent of median income affordable to/occupied by

2 64 targeted at 60 percent of median income affordable to/occupied by

3 13 targeted at 60 percent of median income affordable to/occupied by

Total Low Income Units: 150

Note: This number should match the total number of low income units in the Unit Mix section. (11 of 21)4/14/2009 2:02:41 PM

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Funding Sources

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

Bank Loan 5,769,100 6.50 18 30 437,576

RPP Loan 800,000 ✔ 2.00 20 20

Local Gov. Loan - Specify:

1,500,000 ✔ 2.00 20 20
City of Charlotte Housing Trust Fund

RD 515 Loan

RD 538 Loan - Specify:

AHP Loan

Other Loan 1 - Specify:

413,094 ✔ 5.00 20 20
CHPC Sponsor Loan

Other Loan 2 - Specify:

Other Loan 3 - Specify:

Tax Exempt Bonds

State Tax Credit(Loan) 0 30 30 0

State Tax Credit(Direct Refund)

Equity: Federal LIHTC 3,869,203

Non-Repayable Grant

Equity: Historic Tax Credits

Deferred Developer Fees

Owner Investment

Other - Specify:

Total Sources** 12,351,397

* "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. 72

Remarks concerning project funding sources:

(Please be sure to include the name of the funding source(s)) (12 of 21)4/14/2009 2:02:41 PM

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Submitting 2009 City of Charlotte- Housing Trust Fund application.

Loans with Variable Amortization

Please fill in the annual debt service as applicable for the first 20 years of the project life.

RPP Loan

1 2 3 4 5 6 7 8 9 10
Amt: 100 100 100 100 100 100 100 100 100 100
11 12 13 14 15 16 17 18 19 20
Amt: 100 100 100 100 100 100 100 100 100 100

Local Gov. Loan - City of Charlotte Housing Trust Fund

Year: 1 2 3 4 5 6 7 8 9 10

11 12 13 14 15 16 17 18 19 20

Other Loan 1 - CHPC Sponsor Loan

1 2 3 4 5 6 7 8 9 10

11 12 13 14 15 16 17 18 19 20
Amt: (13 of 21)4/14/2009 2:02:41 PM

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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) 4,100,818

2 Demolition (Rehab / Adaptive Reuse only)

3 On-site Improvements 214,684 214,684

4 Rehabilitation 3,407,704 3,407,704

5 Construction of New Building(s) 279,900 279,900

6 Accessory Building(s)

7 General Requirements (max 6% lines 2-6) 237,358 237,358

8 Contractor Overhead (max 2% lines 2-7) 79,119 79,119

9 Contractor Profit (max 8% lines 2-7; 6% if Identity of Interest) 237,358 237,358

10 Construction Contingency (max 5% lines 2-9, Rehabs 10%) 260,066 260,066

11 Architect's Fee - Design (11 + 12 = max 3% lines 2-10) 106,036 106,036

12 Architect's Fee - Inspection 21,207 21,207

13 Engineering Costs

SUBTOTAL (lines 1 through 13) 8,944,250

14 Construction Insurance (prorate) 10,560 10,560

15 Construction Loan Orig. Fee (prorate) 25,600 25,600

16 Construction Loan Interest (prorate) 290,143 58,029

17 Construction Loan Credit Enhancement (prorate)

18 Construction Period Taxes (prorate)

19 Water, Sewer and Impact Fees

20 Survey 15,000 15,000

21 Property Appraisal 11,250 11,250

22 Environmental Report 39,035 39,035

23 Market Study 5,800 5,800

24 Bond Costs 13,515

25 Bond Issuance Costs

26 Placement Fee

27 Permanent Loan Origination Fee 115,882

28 Permanent Loan Credit Enhancement (14 of 21)4/14/2009 2:02:41 PM

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29 Title and Recording 20,000

SUBTOTAL (lines 14 through 29) 546,785

30 Real Estate Attorney 57,000 57,000

31 Other Attorney's Fees

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

33 Tax Credit Allocation Fee (0.62% of line 60, minimum $7,500) 37,020

34 Cost Certification / Accounting Fees 5,000 5,000

35 Tax Opinion

36 Organizational (Partnership)

37 Tax Credit Monitoring Fee 105,000

SUBTOTAL (lines 30 through 37) 206,320

38 Furnishings and Equipment

39 Relocation Expense 100,000 70,000

40 Developer's Fee 800,000 800,000

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

42 Other Basis Expense-acquisition fee, acquistion cost 52,360 46,649

43 Other Basis Expense cna, misc, bldg permits 22,835 21,572

44 Rent-up Expense

45 Other Non-basis Expense - Off-site improvements 53,671

46 Other Non-basis Expense (specify)

SUBTOTAL (lines 38 through 45) 1,058,866

47 Rent up Reserve 45,000

48 Operating Reserve 550,994

49 Other Reserve (specify)

50 Other Reserve (specify)

51 DEVELOPMENT COST (lines 1-49) 11,352,215 0 6,008,927

52 Less Federally Funded Grant

53 Less Disproportionate Standard

54 Less Nonqualified Nonrecourse Financing

55 Less Historic Tax Credit 0

56 TOTAL ELIGIBLE BASIS 6,008,927 0 6,008,927

57 Applicable Fraction (percentage of LI Units) 100.00% 100% 100% (15 of 21)4/14/2009 2:02:41 PM

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58 Basis Before Boost 6,008,927 0 6,008,927

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

60 TOTAL QUALIFIED BASIS 6,008,927 0 6,008,927

61 Tax Credit Rate 3.50 9.00

62 Federal Tax Credits (maximum $1,300,000) 540,803 0 540,803

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

64 Land Cost 999,182




Total Replacement Cost per unit 82,343 (16 of 21)4/14/2009 2:02:41 PM

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Market Study Information

Please provide a detailed description of the proposed project:
Townhomes of Ashbrook is an existing market rate property consisting of 150-unit complex consisting of 22
buildings. The physical rehab will include a new Community Building and leasing office, new Energy Star
windows, new flooring, mini-blinds, water heater, heat pump system, Energy Star kitchen light fixture, new
appliances and removal of all asbestos.

Construction (check all that apply):

Brick Vinyl Wood HardiPlank Balconies/Patios Sunrooms Front Porches

Front Gables or Dormers Wide Banding or Vertical/Horizontal Siding


Have you built other tax credit developments that use the same building design as this project?Yes
If yes, please provide name and address:
Yorktown Square I
100 Rivermeade Court
Yorktown, VA 23690

Site Amenities:
Playground, Community Building, leasing office and laundry room

Onsite Activities: (17 of 21)4/14/2009 2:02:41 PM

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Landscaping Plans:
Provide and install new site landscaping to include, but not limited to existing tree pruning, plant beds, new
trees and shrubs. Test soil at plant beds and amend as required. New plant selection shall be native to the
climate and area, and be drought tolerant. Contractor Shall provide documentation. All plants must be
mulched within two days after planting by covering entire planting area with a 4 inch layer of mulch.

Interior Apartment Amenities:

vinyl mini-blinds, VCT flooring, energy star lighting, new appliances; dishwasher, stove and refrigerator

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. (18 of 21)4/14/2009 2:02:41 PM

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Applicant's Site Evaluation

Briefly describe your site in each of the following categories:


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.
Charlotte is the center of the nation's fifth largest urban region with a population of 695,995. It is a major
financial, distribution and transportation center in the Southeast with 7.1 million people living within a 100-
mile radius. Charlotte is a major wholesale center with the highest per capita sales in the United States,
ranking 6th nationally in total wholesale sales. Charlotte serves as the subsidiary headquarters for many
major national and international companies. During the past ten years, 8,662 new firms have invested $12.8
billion in new Charlotte facilities. Charlotte is the second largest financial center in the nation, behind only
New York with more than $2 trillion in assets.
Real estate in the immediate area is stable and in good condition. Rents occupancy rates have increased in
the immediate neighborhood since 2006. A church in good condition and new modern recreation center and
Methodist Home Park lie to the north. A market rate multi-family development lies to the south in good
condition. To the east and west are single family homes in good condition. There are no affordable housing
properties immediately surrounding the site.

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 pattern is residential in nature, or
complements residential uses (a park). The site is not isolated and there are no large scale industrial or
incompatible uses close by. There is no undeveloped land in close proximity.

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. These are existing apartments with no undue burden on public facilities. In
city bus service is available on Eastway Drive, with a stop very close to the site. The site has good visibility
from Eastway Drive.
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).

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

The property is made up of two story townhouse units, in keeping with the adjacent multi-family, as well as
other developments in the immediate neighborhood. The site is generouse in size allowing for a variety of
site amenities for residents. (19 of 21)4/14/2009 2:02:41 PM

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

1.2 Grocery Store .2 Community/Senior Center

1.0 Mall/Strip Center 3.0 Hospital

0 Outdoor Athletic 1.5 Pharmacy


2.0 Day Care/After 2.0 Basic Health Care


.2 Public Transportation
2.0 Schools

.5 Convenience Store .1 Public Parks

1.0 Gas Station 2.7 Library

Other facilities or services:

Downtown Charlotte is less than a 15 minute drive from the site. (20 of 21)4/14/2009 2:02:41 PM

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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
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). (21 of 21)4/14/2009 2:02:41 PM