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  • 8/6/2019 Townhomes of Ashbrook

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    Print Preview - PreliminaryApplicationTax Credits, RPP Loans, and/or Tax Exempt Bond Loans

    roject Description

    oject Name: Townhomes of Ashbrook

    ddress: 1921 Eastway Drive

    ty: Charlotte County: Mecklenburg Zip:

    ensus Tract: 0016.03 Block Group: 1011

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

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

    olitical Jurisdiction: City of Charlotte

    risdiction CEO Name:First:Curt Last:Walston

    Title: City Manager

    risdiction Address: 600 East Fourth Street

    risdiction City: Charlotte Zip:

    risdiction Phone:

    te Latitude:

    te Longitude:

    oject Type: Rehab

    Is this project a previously awarded tax credit development?No

    w Construction/Adaptive Reuse:his project a follow-on (Phase II, etc) to a previously-awarded tax credit development project?

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

    ehab:

    umber of residents holding Section 8 vouchers: 0

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

    es a community revitalization plan exist? No

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

    ttps://www.nchfa.org/Rental/RTCApp/(S(nwct3m45z...F991429F53&SNID=2690EF98072F4BA1AC7C2417A6DD13FB (1 of 21)4/14/2009 2:02:41 PM

    28205

    28202

    (704)336-2244

    35.23004

    -80.77449

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    ll the project include a Community Service Facility under IRS Revenue Ruling 2003-77?o

    If yes, please describe:

    rget Population:Family

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

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

    ttps://www.nchfa.org/Rental/RTCApp/(S(nwct3m45z...F991429F53&SNID=2690EF98072F4BA1AC7C2417A6DD13FB (2 of 21)4/14/2009 2:02:41 PM

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    pplicant Information

    icate below an individual or a validly existing entity (a corporation, nonprofit, limited partnership or LLC) as the official applicant. UAP Section III(C)(5) only this individual or entity will be able to make decisions with regard to this application. If awarded the applica

    st become part of the ownership entity. The applicant will execute the signature page for this application.

    pplicant Name: Community Housing Partners Corporation

    ddress: 930 Cambria Street N.E.

    ty: Christiansburg State: VA Zip:

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

    elephone:

    t Phone:

    ax:

    mail Address:

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

    ttps://www.nchfa.org/Rental/RTCApp/(S(nwct3m45z...F991429F53&SNID=2690EF98072F4BA1AC7C2417A6DD13FB (3 of 21)4/14/2009 2:02:41 PM

    24073

    (804)343-7201

    (804)381-2069

    (804)343-7208

    [email protected]

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    te Description

    tal Site Acreage: Total Buildable Acreage:

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

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

    Storm Sewer Water Sanitary Sewer Electric

    he demolition of any buildings required or planned? No

    If yes, please describe:

    e 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, butother significant problems remain. Many of the HVAC and hot water heaters units are original to the buildingand badly in need of replacement due to energy inefficiency and disrepair. Original windows are single panealuminum framed with little insulation value. Many patios and enclosures are cracked and in disrepaircreating hazards for children and adults. The community pool is in disrepair and closed. The managementoffice currently occupies a housing unit as there is no separate community building. Many kitchenappliances are original, in disrepair and in need of replacement. The parking lot is significantly cracked andstained with oil.

    (b) Will tenant displacement be temporary? Yes(c) Will tenant displacement be permanent? Yes

    he site directly accessed by an existing, paved, publicly maintained road? Yes

    If no, please explain:

    any portion of the site located inside the 100 year floodplain? No

    If yes:

    ttps://www.nchfa.org/Rental/RTCApp/(S(nwct3m45z...F991429F53&SNID=2690EF98072F4BA1AC7C2417A6DD13FB (4 of 21)4/14/2009 2:02:41 PM

    11.51 11.51

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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:

    ttps://www.nchfa.org/Rental/RTCApp/(S(nwct3m45z...F991429F53&SNID=2690EF98072F4BA1AC7C2417A6DD13FB (5 of 21)4/14/2009 2:02:41 PM

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    te Control

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

    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?

    (b) Does an identity of interest (direct or indirect) exist between the owner/principal or ownership entity with the option/contractpurchase 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:

    ttps://www.nchfa.org/Rental/RTCApp/(S(nwct3m45z...F991429F53&SNID=2690EF98072F4BA1AC7C2417A6DD13FB (6 of 21)4/14/2009 2:02:41 PM

    12/15/2006 5,100,000

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    oning

    esent zoning classification of the site:R17MF

    multifamily use permitted?Yes

    e 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 forobtaining them:

    e there any existing conditions of historical significance located on the project site that will require State Historic Preservation officeiew?No

    If yes, describe below:

    e 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 SiteAssessment Report. The identified materials will be removed in accordance with OSHA, state, and localguidelines.

    ttps://www.nchfa.org/Rental/RTCApp/(S(nwct3m45z...F991429F53&SNID=2690EF98072F4BA1AC7C2417A6DD13FB (7 of 21)4/14/2009 2:02:41 PM

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    wnership Entity

    wner Name: Charlotte-Ashbrook Townhomes, LLC

    dress: 930 Cambria Street, NE

    y: Christiansburg State:VA Zip:

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

    ote: Do not submit social security numbers for individuals.

    ntity Type: Limited Liability Company

    ntity Status: To Be Formed

    the applicant requesting that the Agency treat the application as Non-Profit sponsored? Yes

    the applicant requesting that the Agency treat the application as CHDO sponsored? Yes

    st all general partners, members,and principals. Specify nonprofit corporate general partners or members.ick [Add] to add additional partners, members, and principals.

    Org: Community Housing Partners Corporation

    rst Name: Orlando Last Name: Artze Function: Managing Member

    ddress: 100 West Franklin Street, Suite 300

    ty: Richmond State: VA Zip: 23220

    hone: Fax:

    Mail: Nonprofit: Yes

    ttps://www.nchfa.org/Rental/RTCApp/(S(nwct3m45z...F991429F53&SNID=2690EF98072F4BA1AC7C2417A6DD13FB (8 of 21)4/14/2009 2:02:41 PM

    24073

    (804)343-7201 (804)343-7208

    [email protected]

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

    Elevators - Number of Elevators:

    quare Footage Information

    oss Floor Square Footage:

    otal Net Sq. Ft. (All Heated Areas):

    icate 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 state codes.)

    Number of Units:

    Number of Units Required:

    Persons with disabilities or homeless populations.

    Number of Units:

    tes

    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.

    ttps://www.nchfa.org/Rental/RTCApp/(S(nwct3m45...991429F53&SNID=2690EF98072F4BA1AC7C2417A6DD13FB (10 of 21)4/14/2009 2:02:41 PM

    157,078

    142,985

    0

    16

    15

    http://www.nchfa.com/Rental/Mincomelimits.aspxhttp://www.nchfa.com/Rental/Mincomelimits.aspx
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    argeting

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

    BRs Units %

    targeted at percent of median income affordable to/occupied by

    targeted at percent of median income affordable to/occupied by

    targeted at percent of median income affordable to/occupied by

    targeted at percent of median income affordable to/occupied by

    targeted at percent of median income affordable to/occupied by

    targeted at percent of median income affordable to/occupied by

    tal Low Income Units:

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

    ttps://www.nchfa.org/Rental/RTCApp/(S(nwct3m45...991429F53&SNID=2690EF98072F4BA1AC7C2417A6DD13FB (11 of 21)4/14/2009 2:02:41 PM

    9 50

    42 50

    9 50

    13 60

    64 60

    13 60

    150

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    unding Sources

    Source AmountNon-

    Amortizing*Rate(%)

    Term(Years)

    Amort.Period(Years)

    AnnualDebt

    Service

    Bank Loan

    RPP Loan

    Local Gov. Loan - Specify:City of Charlotte Housing Trust Fund

    RD 515 Loan

    RD 538 Loan - Specify:

    AHP Loan

    Other Loan 1 - Specify:CHPC Sponsor Loan

    Other Loan 2 - Specify:

    Other Loan 3 - Specify:

    Tax Exempt Bonds

    State Tax Credit(Loan)

    State Tax Credit(Direct Refund)

    Equity: Federal LIHTC

    Non-Repayable Grant

    Equity: Historic Tax Credits

    Deferred Developer Fees

    Owner Investment

    Other - Specify:

    Total Sources**

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

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

    stimated pricing on sale of Federal Tax Credits: $0.

    emarks concerning project funding sources:ease be sure to include the name of the funding source(s))

    ttps://www.nchfa.org/Rental/RTCApp/(S(nwct3m45...991429F53&SNID=2690EF98072F4BA1AC7C2417A6DD13FB (12 of 21)4/14/2009 2:02:41 PM

    5,769,100 6.50 18 30 437,576

    800,000 2.00 20 20

    1,500,000 2.00 20 20

    413,094 5.00 20 20

    0 30 30 0

    3,869,203

    12,351,397

    72

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    ubmitting 2009 City of Charlotte- Housing Trust Fund application.

    ans with Variable Amortizationease fill in the annual debt service as applicable for the first 20 years of the project life.

    PP Loan

    ear:mt:

    1 2 3 4 5 6 7 8 9 10

    ear:mt:

    11 12 13 14 15 16 17 18 19 20

    ocal Gov. Loan - City of Charlotte Housing Trust Fund

    ear:mt:

    1 2 3 4 5 6 7 8 9 10

    ear:mt:

    11 12 13 14 15 16 17 18 19 20

    her Loan 1 - CHPC Sponsor Loan

    ear:mt:

    1 2 3 4 5 6 7 8 9 10

    ear:mt:

    11 12 13 14 15 16 17 18 19 20

    ttps://www.nchfa.org/Rental/RTCApp/(S(nwct3m45...991429F53&SNID=2690EF98072F4BA1AC7C2417A6DD13FB (13 of 21)4/14/2009 2:02:41 PM

    100 100 100 100 100 100 100 100 100 100

    100 100 100 100 100 100 100 100 100 100

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    evelopment Costs

    Item Cost Element TOTAL COSTEligible Basis

    30% PV 70% PV

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

    2 Demolition (Rehab / Adaptive Reuse only)

    3 On-site Improvements

    4 Rehabilitation

    5 Construction of New Building(s)

    6 Accessory Building(s)

    7 General Requirements (max 6% lines 2-6)

    8 Contractor Overhead (max 2% lines 2-7)

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

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

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

    12 Architect's Fee - Inspection

    13 Engineering Costs

    SUBTOTAL (lines 1 through 13)

    14 Construction Insurance (prorate)

    15 Construction Loan Orig. Fee (prorate)

    16 Construction Loan Interest (prorate)

    17 Construction Loan Credit Enhancement (prorate)

    18 Construction Period Taxes (prorate)

    19 Water, Sewer and Impact Fees

    20 Survey

    21 Property Appraisal

    22 Environmental Report

    23 Market Study

    24 Bond Costs

    25 Bond Issuance Costs

    26 Placement Fee

    27 Permanent Loan Origination Fee

    28 Permanent Loan Credit Enhancement

    ttps://www.nchfa.org/Rental/RTCApp/(S(nwct3m45...991429F53&SNID=2690EF98072F4BA1AC7C2417A6DD13FB (14 of 21)4/14/2009 2:02:41 PM

    4,100,818

    214,684 214,684

    3,407,704 3,407,704

    279,900 279,900

    237,358 237,358

    79,119 79,119

    237,358 237,358

    260,066 260,066

    106,036 106,036

    21,207 21,207

    8,944,250

    10,560 10,560

    25,600 25,600

    290,143 58,029

    15,000 15,000

    11,250 11,250

    39,035 39,035

    5,800 5,800

    13,515

    115,882

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    29 Title and Recording

    SUBTOTAL (lines 14 through 29)

    30 Real Estate Attorney

    31 Other Attorney's Fees

    32 Tax Credit Application Fees (Preliminary and Full)

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

    34 Cost Certification / Accounting Fees

    35 Tax Opinion

    36 Organizational (Partnership)

    37 Tax Credit Monitoring Fee

    SUBTOTAL (lines 30 through 37)

    38 Furnishings and Equipment

    39 Relocation Expense

    40 Developer's Fee

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

    42

    43

    44 Rent-up Expense

    45

    46

    SUBTOTAL (lines 38 through 45)

    47 Rent up Reserve

    48 Operating Reserve

    49

    50

    51 DEVELOPMENT COST (lines 1-49)

    52 Less Federally Funded Grant

    53 Less Disproportionate Standard

    54 Less Nonqualified Nonrecourse Financing

    55 Less Historic Tax Credit

    56 TOTAL ELIGIBLE BASIS

    57 Applicable Fraction (percentage of LI Units)

    ttps://www.nchfa.org/Rental/RTCApp/(S(nwct3m45...991429F53&SNID=2690EF98072F4BA1AC7C2417A6DD13FB (15 of 21)4/14/2009 2:02:41 PM

    20,000

    546,785

    57,000 57,000

    2,300

    37,020

    5,000 5,000

    105,000

    206,320

    100,000 70,000

    800,000 800,000

    30,000

    Other Basis Expense-a 52,360 46,649

    Other Basis Expense c 22,835 21,572

    Other Non-basis Expen 53,671

    Other Non-basis Expen

    1,058,866

    45,000

    550,994

    Other Reserve (specify)

    Other Reserve (specify)

    11,352,215 0 6,008,927

    0

    6,008,927 0 6,008,927

    100.00% 100% 100%

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    58 Basis Before Boost

    59 Basis Boost of up to 130%

    60 TOTAL QUALIFIED BASIS

    61 Tax Credit Rate

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

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

    64 Land Cost

    65 TOTAL REPLACEMENT COST

    FEDERAL TAX CREDITS IF AWARDED

    Comments:

    Total Replacement Cost per unit82,343

    ttps://www.nchfa.org/Rental/RTCApp/(S(nwct3m45...991429F53&SNID=2690EF98072F4BA1AC7C2417A6DD13FB (16 of 21)4/14/2009 2:02:41 PM

    6,008,927 0 6,008,927

    100.00% 100.00%

    6,008,927 0 6,008,927

    3.50 9.00

    540,803 0 540,803

    0

    999,182

    12,351,397

    540,803

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    arket Study Information

    ease provide a detailed description of the proposed project:

    ownhomes of Ashbrook is an existing market rate property consisting of 150-unit complex consisting of 22ildings. The physical rehab will include a new Community Building and leasing office, new Energy Starndows, new flooring, mini-blinds, water heater, heat pump system, Energy Star kitchen light fixture, newpliances and removal of all asbestos.

    nstruction (check all that apply):

    Brick Vinyl Wood HardiPlank Balconies/Patios Sunrooms Front Porches

    Front Gables or Dormers Wide Banding or Vertical/Horizontal Siding

    Other:

    ve 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 I100 Rivermeade CourtYorktown, VA 23690

    e Amenities:

    ayground, Community Building, leasing office and laundry room

    site Activities:

    ttps://www.nchfa.org/Rental/RTCApp/(S(nwct3m45...991429F53&SNID=2690EF98072F4BA1AC7C2417A6DD13FB (17 of 21)4/14/2009 2:02:41 PM

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    ndscaping Plans:

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

    erior Apartment Amenities:

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

    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.

    ttps://www.nchfa.org/Rental/RTCApp/(S(nwct3m45...991429F53&SNID=2690EF98072F4BA1AC7C2417A6DD13FB (18 of 21)4/14/2009 2:02:41 PM

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    pplicant's Site Evaluation

    efly describe your site in each of the following categories:

    EIGHBORHOOD CHARACTERISTICS

    end and direction of real estate development and area economic health. Physical condition of buildings andprovements in the immediate vicinity. Concentration of affordable housing.

    harlotte is the center of the nation's fifth largest urban region with a population of 695,995. It is a major

    nancial, distribution and transportation center in the Southeast with 7.1 million people living within a 100-ile radius. Charlotte is a major wholesale center with the highest per capita sales in the United States,

    anking 6th nationally in total wholesale sales. Charlotte serves as the subsidiary headquarters for manyajor national and international companies. During the past ten years, 8,662 new firms have invested $12.8llion in new Charlotte facilities. Charlotte is the second largest financial center in the nation, behind onlyew York with more than $2 trillion in assets.eal estate in the immediate area is stable and in good condition. Rents occupancy rates have increased ine immediate neighborhood since 2006. A church in good condition and new modern recreation center andethodist Home Park lie to the north. A market rate multi-family development lies to the south in good

    ondition. To the east and west are single family homes in good condition. There are no affordable housingroperties immediately surrounding the site.

    URROUNDING LAND USES AND AMENITIES

    nd use pattern is residential in character (single and multifamily housing). Extent that the location isolated. Effect of industrial, large-scale institutional or other incompatible uses, including but not limited to:astewater treatment facilities, high traffic corridors, junkyards, prisons, landfills, large swamps, distributioncilities, frequently used railroad tracks, power transmission lines and towers, factories or similar operations,urces of excessive noise, and sites with environmental concerns (such as odors or pollution). Amount andaracter of vacant, undeveloped land. The surrounding land use pattern is residential in nature, ormplements residential uses (a park). The site is not isolated and there are no large scale industrial or

    compatible uses close by. There is no undeveloped land in close proximity.

    TE SUITABILITY

    dequate traffic safety controls (i.e. stop lights, speed limits, turn lanes). Burden on public facilitiesarticularly roads). Access to mass transit (if applicable). Visibility of buildings and/or location of project sign in relation to traffic corridors. These are existing apartments with no undue burden on public facilities. Iny bus service is available on Eastway Drive, with a stop very close to the site. The site has good visibility

    om Eastway Drive.

    egree of on-site negative features and physical barriers that will impede project construction or adverselyect future tenants; for example: power transmission lines and towers, flood hazards, steep slopes, largeulders, ravines, year-round streams, wetlands, and other similar features (for adaptive re-use projects-itability for residential use and difficulties posed by the building(s), such as limited parking, environmentaloblems or the need for excessive demolition).

    one

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

    he property is made up of two story townhouse units, in keeping with the adjacent multi-family, as well asher developments in the immediate neighborhood. The site is generouse in size allowing for a variety ofte amenities for residents.

    ttps://www.nchfa.org/Rental/RTCApp/(S(nwct3m45...991429F53&SNID=2690EF98072F4BA1AC7C2417A6DD13FB (19 of 21)4/14/2009 2:02:41 PM

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

    Grocery Store Community/Senior Center

    Mall/Strip Center Hospital

    Outdoor Athletic

    eldsPharmacy

    Day Care/After

    choolBasic Health Care

    SchoolsPublic Transportation

    Stop

    Convenience Store Public Parks

    Gas Station Library

    her facilities or services:

    owntown Charlotte is less than a 15 minute drive from the site.

    ttps://www.nchfa.org/Rental/RTCApp/(S(nwct3m45...991429F53&SNID=2690EF98072F4BA1AC7C2417A6DD13FB (20 of 21)4/14/2009 2:02:41 PM

    .2 .2

    .0 3.0

    1.5

    .0 2.0

    .0.2

    5 .1

    .0 2.7

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    reliminary App Checklist

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

    Fee PaymentCheck in the amount of $5,450.00 made payable to North Carolina Housing Finance Agency.

    Tab A - Preliminary ApplicationPrinted, signed copy of preliminary application generated from online system.

    B - Map/Driving InstructionsA local map clearly identifying the location of the Site and detailed directions to the Site. Current City or County maps are prefe

    internet maps and directions are not acceptable. Applicant must also provide a map identifying the amenities listed in section(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 sitshould 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 ControlProvide valid option/contract or warranty deed and plot plan.

    E - Site Plans/Scope of WorkPreliminary site plan, floor plans and elevations for all projects, interior and exterior photographs and detailed scope of work foAdaptive Reuse and Rehab projects. Site and floor plans should be no larger than 11x17 and must be produced by a licensedarchitect or engineer.

    F - Information Package for Market AnalystsThis section must include copies of items required in Tabs A, B, E and G (site and floor plans should be no larger than 11x17) can include any additional market information such as preliminary market studies the applicant would like to provide to theAnalysts.

    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 BoostApplicant should provide an appraisal and/or standard geological survey to support a request for the basis boost (if applicable)