Asheboro Summit

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Application
Tax Credits, RPP Loans, and/or Tax Exempt Bond Loans
Project Description
Project Name: Asheboro Summit
Address: 156 E. Academy Street
City: Asheboro County: Randolph Zip: 27203
Census Tract: 302.01 Block Group: 2
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 Asheboro

First:David Last:
Jurisdiction CEO Name: Title: Mayor
Jarrell
Jurisdiction Address: 146 N. Church Street
Jurisdiction City: Asheboro Zip: 27203
Jurisdiction Phone: (336)626-1201
Site Latitude: 35.42
Site Longitude: -79.49
Project Type: Rehab
Is this project a previously awarded tax credit development?

No
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):

Rehab:
Number of residents holding Section 8 vouchers: 99
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? Yes
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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 (55)

Will the project be receiving project based federal rental assistance? Yes
If yes, provide the subsidy source: HUD and number of units: 99

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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: Ambling Development Partners, LLC
Address: 7000 Central Parkway, Suite 1100
City: Atlanta State: GA Zip: 30328

Contact: First: Eddy Last:Benoit Title:
Telephone: (678)320-3827
Alt Phone: (678)320-3781
Fax: (770)804-0209
Email Address: ebenoit@ambling.com

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

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Site Description
Total Site Acreage: 2 Total Buildable Acreage: 2

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:
The current occupancy level at Asheboro Summit is 95%. The property is used strictly for affordable
housing for elderly. During the proposed preservation and renovation, we will not displace any residents
which gives the residents the least amount of inconvenience. The residents will also be informed of what
scope and schedule of renovations are taking place in their units. A Resident Service Coordinator (RSC) is
on staff who handles all questions, concerns, and notifications. Before construction starts, we send out
brochures, conduct town hall meetings on-site, and disburse notices to all residents. These tools help the
residents get familiar with the process and manage their expectations.
(b) Will tenant displacement be temporary? Yes

(c) Will tenant displacement be permanent? No
Is the site directly accessed by an existing, paved, publicly maintained road? Yes
If no, please explain:
Is any portion of the site located inside the 100 year floodplain? No
If yes:
(a) Describe placement of project buildings in relation to this area:

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

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Site Control
Does the owner have fee simple ownership of the property (site/buildings)?Yes
If yes provide:
Purchase Date: 11/30/2004 Purchase Price: 3,315,000
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:

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Zoning
Present zoning classification of the site:B2
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: Asheboro Affordable Housing, L.L.C.

Address: 3060 Peachtree Road, Suite 900
City: Atlanta State:GA Zip: 30305
Federal Tax ID Number of Ownership Entity: 75-3141041 (If assigned)

Note: Do not submit social security numbers for individuals.
Entity Type: Limited Liability Company
Entity Status: Already 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? 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: RHA/Affordable Housing II, Inc.

First Name: Chase Last Name: Northcutt Function: Managing Member
Address: 3060 Peachtree Road, Suite 900
City: Atlanta State: GA Zip: 30305
Phone: (404)364-2900 Fax: (404)364-2901
EMail: chase@rhanet.org Nonprofit: Yes

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Unit Mix
The Median Income for Randolph county is $58,500.
Low Income Units
Total # Monthly Utility Mandatory **Total

Type # BRs Net Sq.Ft. # Units Units Rent Allowance Serv. Fees Housing Exp.
Gdn Apt 1 530 71 3 594 53 0 647
Gdn Apt 1 530 10 0 609 53 0 662
Gdn Apt 2 750 16 2 692 70 0 762
Gdn Apt 2 750 2 0 711 70 0 781
Utilities included in rents: Water/Sewer Electric Gas Other Waste Removal
Employee Units (will add to Low Income Unit total)

Gdn Apt 2 750 2 0 0 0 0 0
Utilities included in rents: Water/Sewer Electric Gas Other Waste Removal
Market Rate Units

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

Units Units Rental Income
Low Income....... 101 5 60758
Market Rate.......
Totals............... 101 5 60758
Proposed number of residential buildings: 1 Maximum number of stories in buildings: 6
Project Includes:
Separate community building - Sq. Ft. (Floor Area):

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

2,500
Elevators - Number of Elevators: 2
Square Footage Information
Gross Floor Square Footage: 57,180
Total Net Sq. Ft. (All Heated Areas): 59,680
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: 6
Number of Units Required: 12
Persons with disabilities or homeless populations.
Number of Units: 11
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 10 targeted at 60 percent of median income affordable to
Total Low Income Units: 99
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 3,380,405 7.35 18 30 279,481
RPP Loan
Local Gov. Loan - Specify:
RD 515 Loan
RD 538 Loan - Specify:
AHP Loan
Other Loan 1 - Specify:
Tax Exempt Bonds
State Tax Credit(Loan) 2,061,361 0 30 30 0
State Tax Credit(Direct Refund)
Equity: Federal LIHTC 4,492,859
Non-Repayable Grant
Equity: Historic Tax Credits
Deferred Developer Fees 372,179
Owner Investment
Other - Specify:
Total Sources** 10,306,804
* "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. 74
Remarks concerning project funding sources:

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

Print - APP09-0060

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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) 3,758,688 3,758,688
2 Demolition (Rehab / Adaptive Reuse only)
3 On-site Improvements 50,000 30,000
4 Rehabilitation 3,008,990 3,008,990
5 Construction of New Building(s)
6 Accessory Building(s)
7 General Requirements (max 6% lines 2-6) 183,539 183,539
8 Contractor Overhead (max 2% lines 2-7) 61,180 61,180
9 Contractor Profit (max 8% lines 2-7; 6% if Identity of Interest) 183,539 183,539
10 Construction Contingency (max 5% lines 2-9, Rehabs 10%) 206,235 206,235
11 Architect's Fee - Design (11 + 12 = max 3% lines 2-10) 120,000 120,000
12 Architect's Fee - Inspection 30,000 30,000
13 Engineering Costs 84,670 84,670
SUBTOTAL (lines 1 through 13) 7,686,841
14 Construction Insurance (prorate)
15 Construction Loan Orig. Fee (prorate) 42,255 42,255
16 Construction Loan Interest (prorate) 269,561 168,148
17 Construction Loan Credit Enhancement (prorate)
18 Construction Period Taxes (prorate)
19 Water, Sewer and Impact Fees 3,990 3,990
20 Survey 25,000 25,000
21 Property Appraisal 7,500 7,500
22 Environmental Report 6,500 6,500
23 Market Study 7,500 7,500
24 Bond Costs
25 Bond Issuance Costs
26 Placement Fee
27 Permanent Loan Origination Fee 42,255
28 Permanent Loan Credit Enhancement

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29 Title and Recording 36,074
SUBTOTAL (lines 14 through 29) 440,635
30 Real Estate Attorney 60,000 45,000
31 Other Attorney's Fees 30,000
32 Tax Credit Application Fees (Preliminary and Full) 2,300
33 Tax Credit Allocation Fee (0.62% of line 60, minimum $7,500) 56,433
34 Cost Certification / Accounting Fees 25,000 25,000
35 Tax Opinion 6,500
36 Organizational (Partnership)
37 Tax Credit Monitoring Fee 69,300
SUBTOTAL (lines 30 through 37) 249,533
38 Furnishings and Equipment 75,000 75,000
39 Relocation Expense 150,000 150,000
40 Developer's Fee 800,000 800,000
41 Additional Contigency (greater of $500/unit or $30,000)
42 Bridge Loan Interest & Origination 102,225 59,438
43 Bank Inspector & Building Permits 19,981 19,981
44 Rent-up Expense 15,000
45 Permanent Closing Fees 10,000
46 Other Non-basis Expense (specify)
SUBTOTAL (lines 38 through 45) 1,172,206
47 Rent up Reserve 23,480
48 Operating Reserve 309,924
49 Tax & Insurance Reserve 22,108
50 Other Reserve (specify)
51 DEVELOPMENT COST (lines 1-49) 9,904,727 3,758,688 5,343,465
52 Less Federally Funded Grant
53 Less Disproportionate Standard
54 Less Nonqualified Nonrecourse Financing
55 Less Historic Tax Credit 0
56 TOTAL ELIGIBLE BASIS 9,102,153 3,758,688 5,343,465
57 Applicable Fraction (percentage of LI Units) 100.00% 100% 100%

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58 Basis Before Boost 9,102,153 3,758,688 5,343,465
59 Basis Boost of up to 130% 100.00% 100.00%
60 TOTAL QUALIFIED BASIS 9,102,153 3,758,688 5,343,465
61 Tax Credit Rate 3.50 9.00
62 Federal Tax Credits (maximum $1,300,000) 621,863 131,554 480,912
63 Federal Tax Credits Requested (if less than line 62) 0
64 Land Cost 402,077
65 TOTAL REPLACEMENT COST 10,306,804
FEDERAL TAX CREDITS IF AWARDED 621,863
Comments:
Total Replacement Cost per unit 102,048

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Market Study Information

Please provide a detailed description of the proposed project:
Asheboro Summit is a proposed rehabilitation of an existing elderly (55 and older) apartment complex built
in1979 located on 2 acres at 156 E. Academy Street Asheboro, NC 27203. The project is located in
downtown Asheboro.
This existing project, Asheboro Summit, consists of one (1) 6 story high-rise apartment building containing
one hundred and one 101 residential units comprised of eighty-one (81) one-bedroom elderly units that are
530 square feet, twenty (20) two-bedroom units that are 750 square feet. The property has two 2 bedroom
non-revenue employee units. It has a leasing office plus a laundry room available to all residents. The
building foundation is reinforced concrete on spread footings. The exterior walls are structural concrete. The
roof is flat with a rubber membrane. Unit interiors are a mixture of wood frame and sheetrock and concrete.
Floors are covered with padded carpeting except the vinyl kitchen and the bathrooms floors. Each unit is
equipped with a refrigerator, range and air conditioning. There is a trash shoot located on each floor for
convenient trash disposal. All appliances use electric power.
The proposed renovations include concrete and sidewalk repair, seal coat and re-stripe the parking lot and
drives, replace the roof with a new flat rubber membrane and 1 inch insulation, replace all windows,
upgrade both elevators, install a new security system, upgrade kitchen, replace cabinets, and replace all
existing packaged terminal heat pump units. The units with unsatisfactory appliances, interior paint, carpet,
vinyl, and plumbing will be replaced. The renovations will also modify six units for handicapped accessibility
and four units for hearing and sight impaired. The units will be modified according to code.
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:
Structural Concrete
Have you built other tax credit developments that use the same building design as this project?Yes
If yes, please provide name and address:
Huntsville Summit
111 Walker Avenue
Huntsville, AL 35801
Savannah Summit
135 Hampstead Avenue
Savannah, GA 31405
Greenville Summit
201 W. Washington Street
Greenville, SC 29601
Bon Air
2101 Walton Way
Augusta, GA 30904
Richmond Summit
744 Broad Street

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Augusta, GA 30901
Site Amenities:
Community Room, Resident Computer Center with High Speed Internet Access, Fitness Center, Exercise
Room, Vending Area
Onsite Activities:
Management staff host a number of different activities for the residents. There are pot luck dinners on
Holidays, church groups, and bingo.
Landscaping Plans:
A professional landscape architect will be engaged. Improvements will be made to enhance the existing
landscape, including reseeding erosion areas, strengthening existing retaining walls, and installing an
irrigation system.
Interior Apartment Amenities:

Range, Hood, Refrigerator, Storage Interior/Exterior, Washer Dryer Hookup, Mini Blinds, Ceiling Fans,
Carpet, Vinyl, Ceramic Tile, Central Air/Heat Pump
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.
The town of Asheboro received its original charter from the State Legislature on Christmas Day 1796. As of
2009, Asheboro has a population of 23,046 and a land area of 15.4 square miles. The median household
income is $28,927 and the average price of a single family home is around $102,500. 49.2 percent of the
population in Asheboro rent, so there is a need for rental properties. This property was built in 1979 and is
in need of rehabilitation.
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. Asheboro Summit is located a couple of blocks from Salisbury Street,
which is the main thoroughfare in Asheboro. This location offers a wide variety of developments, from single
family homes to retail and commercial, as well as a wide variety of services to the residents. Grocery stores,
Banks, Gas Stations, Pharmacies, Post Office, Restaurants, etc. are all located less than a mile away from
the property.
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. Asheboro Summit is accessible two blocks off Salisbury Street. There is
adequate signage to direct patrons to the property.
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).
No negative on-site features or physical barriers such as power lines, flood hazards, boulders, ravines, etc.
exist on or near the property.
Similarity of scale and aesthetics/architecture between project and surroundings.

There are similarities between Asheboro Summit and the surrounding area, whether it be residential,
commercial or industrial. The area is growing and we are proposing to improve and preserve the affordable
housing in this area.
For each applicable neighborhood feature, enter distance from project in miles.

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0.7 Grocery Store 0.2 Community/Senior Center
0.7 Mall/Strip Center 1 Hospital
1.4 Outdoor Athletic 0.5 Pharmacy

Fields
Day Care/After 0.1 Basic Health Care

School
3 Public Transportation
Schools
Stop
0.1 Convenience Store Public Parks
0.1 Gas Station 0.3 Library
Other facilities or services:

Post Office - 0.7, Video Rental - 0.7, Public Safety - 0.1, Restaurants - 1, Medical Offices - 0.1, Bank/Credit
Union - 0.2

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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).

Asheboro Summit

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City: Asheboro County: Randolph Zip: 27203

Census Tract: 302.01 Block Group: 2

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

Political Jurisdiction: City of Asheboro

Jurisdiction City: Asheboro Zip: 27203

Jurisdiction Phone: (336)626-1201

Site Latitude: 35.42

Site Longitude: -79.49

Project Type: Rehab

Is this project a previously awarded tax credit development?

New Construction/Adaptive Reuse:

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

Does a community revitalization plan exist? No

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Target Population:Elderly (55)

If yes, provide the subsidy source: HUD and number of units: 99

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City: Atlanta State: GA Zip: 30328

Alt Phone: (678)320-3781

Email Address: ebenoit@ambling.com

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Total Site Acreage: 2 Total Buildable Acreage: 2

Storm Sewer Water Sanitary Sewer Electric

Is the demolition of any buildings required or planned? No

Are existing buildings on the site currently occupied? Yes

(b) Will tenant displacement be temporary? Yes

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Purchase Date: 11/30/2004 Purchase Price: 3,315,000

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

(D) Enter Purchase Price:

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Is multifamily use permitted?Yes

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Owner Name: Asheboro Affordable Housing, L.L.C.

Federal Tax ID Number of Ownership Entity: 75-3141041 (If assigned)

Org: RHA/Affordable Housing II, Inc.

Phone: (404)364-2900 Fax: (404)364-2901

EMail: chase@rhanet.org Nonprofit: Yes

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Low Income Units

Total # Monthly Utility Mandatory **Total

Gdn Apt 1 530 71 3 594 53 0 647

Gdn Apt 1 530 10 0 609 53 0 662

Gdn Apt 2 750 16 2 692 70 0 762

Gdn Apt 2 750 2 0 711 70 0 781

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

Gdn Apt 2 750 2 0 0 0 0 0

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

Market Rate Units

Total # Monthly Utility Mandatory **Total

Utilities included in rents: Water/Sewer Electric Gas Other

All Gross Monthly

Low Income....... 101 5 60758

Totals............... 101 5 60758

Proposed number of residential buildings: 1 Maximum number of stories in buildings: 6

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

Elevators - Number of Elevators: 2