Grays On

Print - APP09-0063
Print Preview - Preliminary

Application
Tax Credits, RPP Loans, and/or Tax Exempt Bond Loans
Project Description
Project Name: Grayson
Address: 16th Street NE
City: Hickory County: Catawba Zip: 28601
Census Tract: 103.02 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 Hickory

First:Rudy Last:
Jurisdiction CEO Name: Title: Mayor
Wright
Jurisdiction Address: 76 North Center Street
Jurisdiction City: Hickory Zip: 28601
Jurisdiction Phone: (828)323-7400
Site Latitude: 36.46721
Site Longitude: -81.18175
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:Elderly (55)

Will the project be receiving project based federal rental assistance? Yes
If yes, provide the subsidy source: HUD and number of units: 20

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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: Pressly Development Company
Address: 1180 Free Nancy Avenue
City: Statesville State: NC Zip: 28677

Contact: First: David Last:Pressly Title:Partner
Telephone: (704)872-1000
Alt Phone:
Fax: (704)878-2217
Email Address: presslypdc@bellsouth.net

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

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Site Description
Total Site Acreage: 7 Total Buildable Acreage: 7

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? 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? 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: 12/31/1986 Purchase Price: 210,000
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:PD-H-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:

Print - APP09-0063
Ownership Entity
Owner Name: Argyle Place Associates

City: Statesville State:NC Zip: 28677
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: Already 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: Argyle Place Associates

First Name: David Last Name: Pressly, Jr. Function: Principal
Phone: (704)872-1000 Fax: (704)878-2217
EMail: presslypdc@bellsouth.net Nonprofit: No
Org: Argyle Place Associates

First Name: Edwin Last Name: Pressly Function: Managing Member
Phone: (704)872-1000 Fax: (704)878-2217
Org: Free Nancy Partnership

First Name: David Last Name: Pressly, Jr. Function: Principal
Phone: (704)872-1000 Fax: (704)878-2217

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Unit Mix
The Median Income for Catawba county is $52,500.
Low Income Units
Total # Monthly Utility Mandatory **Total

Type # BRs Net Sq.Ft. # Units Units Rent Allowance Serv. Fees Housing Exp.
Gdn Apt 1 664 13 13 225 64 0 289
Gdn Apt 1 664 18 18 419 64 0 483
Gdn Apt 1 664 11 11 515 64 0 579
Gdn Apt 2 925 8 8 271 76 0 347
Gdn Apt 2 925 18 18 504 76 0 580
Gdn Apt 2 925 16 16 620 76 0 696
Utilities included in rents: Water/Sewer Electric Gas Other
Employee Units (will add to Low Income Unit total)

Market Rate Units

Statistics
All Gross Monthly

Units Units Rental Income
Low Income....... 84 84 37292
Market Rate.......
Totals............... 84 84 37292
Proposed number of residential buildings: 1 Maximum number of stories in buildings: 3
Project Includes:
Separate community building - Sq. Ft. (Floor Area):

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

3,414
Elevators - Number of Elevators: 2
Square Footage Information
Gross Floor Square Footage: 96,962
Total Net Sq. Ft. (All Heated Areas): 94,230
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: 5
Number of Units Required: 10
Persons with disabilities or homeless populations.
Number of Units: 9
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 13 targeted at 30 percent of median income affordable to/occupied by
Total Low Income Units: 84
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 1,366,758 6.50 30 30 103,666
RPP Loan 1,260,000 ✔ 1.00 30 30
Local Gov. Loan - Specify:
RD 515 Loan
RD 538 Loan - Specify:
AHP Loan
Other Loan 1 - Specify:
Tax Exempt Bonds
State Tax Credit(Loan) 841,802 0 30 30 0
State Tax Credit(Direct Refund)
Equity: Federal LIHTC 5,681,601
Non-Repayable Grant
Equity: Historic Tax Credits
Deferred Developer Fees
Owner Investment
Other - Specify:
Total Sources** 9,150,161
* "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. 75
Remarks concerning project funding sources:

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

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Community Investment Corporation of North Carolina
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
Year:
Amt: 10960 10960 10960 10960 10960 10960 10960 10960 10960 10960
11 12 13 14 15 16 17 18 19 20
Year:
Amt: 10960 10960 10960 10960 10960 10960 10960 10960 10960 10960

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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)
2 Demolition (Rehab / Adaptive Reuse only)
3 On-site Improvements
4 Rehabilitation
5 Construction of New Building(s) 5,773,775 5,773,775
6 Accessory Building(s)
7 General Requirements (max 6% lines 2-6) 293,700 293,700
8 Contractor Overhead (max 2% lines 2-7) 99,000 99,000
9 Contractor Profit (max 8% lines 2-7; 6% if Identity of Interest) 325,000 325,000
10 Construction Contingency (max 5% lines 2-9, Rehabs 10%) 340,221 340,221
11 Architect's Fee - Design (11 + 12 = max 3% lines 2-10) 245,900 245,900
12 Architect's Fee - Inspection 60,500 60,500
13 Engineering Costs
SUBTOTAL (lines 1 through 13) 7,138,096
14 Construction Insurance (prorate) 10,000 10,000
15 Construction Loan Orig. Fee (prorate) 70,000 70,000
16 Construction Loan Interest (prorate) 210,000 210,000
17 Construction Loan Credit Enhancement (prorate)
18 Construction Period Taxes (prorate) 10,000 10,000
19 Water, Sewer and Impact Fees 15,100 15,100
20 Survey 10,000 10,000
21 Property Appraisal 5,000 5,000
22 Environmental Report 4,000 4,000
23 Market Study 5,200 5,200
24 Bond Costs
25 Bond Issuance Costs
26 Placement Fee
27 Permanent Loan Origination Fee 16,000
28 Permanent Loan Credit Enhancement

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29 Title and Recording 10,000
SUBTOTAL (lines 14 through 29) 365,300
30 Real Estate Attorney 15,000 15,000
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) 53,832
34 Cost Certification / Accounting Fees 36,850 36,850
35 Tax Opinion
36 Organizational (Partnership) 25,000
37 Tax Credit Monitoring Fee 58,800
38 Furnishings and Equipment 50,000 50,000
39 Relocation Expense
40 Developer's Fee 796,783 796,783
41 Additional Contigency (greater of $500/unit or $30,000) 42,000 42,000
42 Other Basis Expense (specify)
43 Other Basis Expense (specify)
44 Rent-up Expense 30,000
45 Other Non-basis Expense (specify)
46 Other Non-basis Expense (specify)
47 Rent up Reserve 25,200
48 Operating Reserve 126,000
49 Other Reserve (specify)
50 Other Reserve (specify)
51 DEVELOPMENT COST (lines 1-49) 8,765,161 0 8,418,029
52 Less Federally Funded Grant
53 Less Disproportionate Standard
54 Less Nonqualified Nonrecourse Financing
55 Less Historic Tax Credit 0
56 TOTAL ELIGIBLE BASIS 8,418,029 0 8,418,029
57 Applicable Fraction (percentage of LI Units) 100.00% 100% 100%

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58 Basis Before Boost 8,418,029 0 8,418,029
59 Basis Boost of up to 130% 100.00% 100.00%
60 TOTAL QUALIFIED BASIS 8,418,029 0 8,418,029
61 Tax Credit Rate 3.50 9.00
62 Federal Tax Credits (maximum $1,300,000) 757,623 0 757,623
63 Federal Tax Credits Requested (if less than line 62) 0
64 Land Cost 385,000
65 TOTAL REPLACEMENT COST 9,150,161
FEDERAL TAX CREDITS IF AWARDED 757,623
Comments:
Project Development Cost per unit 68,735

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Market Study Information

Please provide a detailed description of the proposed project:
Grayson is a three story elevatored building targeted toward the elderly and disabled residents in Catawba
County. It is located in a northeast Hickory residential neighborhood. The site is wooded with the exception
of clearing for building, parking, and storm drainage access, existing _____ tres will be preserved.
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:
The building elevation is designed to remind prospective local residents of the Moses Cone Home located
just north of Hickory outside of Blowing Rock.
Have you built other tax credit developments that use the same building design as this project?No
If yes, please provide name and address:
Site Amenities:
Site amenities include site entry monuments at the entrance from 16th Street NE, covered drop off entry,
exterior balconies and central deck on each level with seating and with view of woods and stream, garden
plots for residents, exercise room, walking paths through campus and adjoining woods, community multi-
purpose room for meetings or entertainment, library, computer room, card room, storage room for residents,
and broadband access for residents.
Onsite Activities:
Outside organized resident activities include exercise program, computer training and use program, card
tournaments, resident birthday and holiday gathering in community room. Community Watch program with
Hickory Police Department in community room, library activities, and agricultural extension service
gardening lecture.

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Landscaping Plans:
Landscaping plan includes utilization of existing wooded site of large hardwood tree. With the exception of
clearing for building and parking areas, existing hardwood trees will be manitained. A walking trail will
meander through the existing wooded area. An entry island and entrance plan will emphasize community
entry drama, and foundation shrub will reflect the entry landscaping theme.
Interior Apartment Amenities:

Interior amenties include a open kitchen with dining bar, dishwasher, disposer, refrigerator, washer dryer
hookup, large insulated window in the living room and bedrooms, and some homes with walk in showers.
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 subject neighborhood is located in northeast Hickory. About 1/4 mile south of the subject on 16th Street
is the intersection with 29th Avenue. Around the intersection are typical commercial uses such as offices
and retail.
Contiguous to the south of the site is Argyle Place Apartments, a market rental community. North of the
subject is continuous single family residential uses in the value range from $250K - $300K. West of the site
is a 30 acre undeveloped zoned residential.
There are no incompatible or inconsistent land uses in the subject neighborhood. There is neither rail nor
power transmission lines nor source of noise for a residential neighborhood.
SURROUNDING LAND USES AND AMENITIES
Land use pattern is residential in character (single and multifamily housing). Extent that the location is
isolated. Effect of industrial, large-scale institutional or other incompatible uses, including but not limited to:
wastewater treatment facilities, high traffic corridors, junkyards, prisons, landfills, large swamps, distribution
facilities, frequently used railroad tracks, power transmission lines and towers, factories or similar operations,
sources of excessive noise, and sites with environmental concerns (such as odors or pollution). Amount and
character of vacant, undeveloped land. The subject site is on the east side of 16th Street, about 1/4 mile
north of its intersection with 29th Avenue. 16th Street is a connector with highly desirable residential
neighborhoods in Hickory. Going north from the subject on 16th Street one finds fine single family residential
for several miles until the development in the neighborhood stops. South of the site is the Argyle Place
Apartments, market rate apartments. Farther south at the intersection of 16th Street and 29th Avenue one
finds nearby light commercial land uses including office use, nursing homes, elderly for sale housing, and
neighborhood retail uses including food and drug.
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. In front of the site is a two lane street with 35 mph speed limit. Site visibility
at the proposed entrance is 1/2 mile in both directions. Therefore, elderly residents will have clear views of
both directions when exiting the site. The site and all improvements will be visible from 16th Street.
Degree of on-site negative features and physical barriers that will impede project construction or adversely
affect future tenants; for example: power transmission lines and towers, flood hazards, steep slopes, large
boulders, ravines, year-round streams, wetlands, and other similar features (for adaptive re-use projects-
suitability for residential use and difficulties posed by the building(s), such as limited parking, environmental
problems or the need for excessive demolition).
There are no on-site features which will impede construction. The site slopes down from north to south.
There is a creek at the southern property line, and the required set back will be observed.
The development sign will be placed along the 16th Street frontage. See the attached Grayson brochure for
sign identification.
The Piedmont Wagon, the regional mass transit bus, is available to Grayson residents. The nearest stop is
1/2 mile south of the site at 16th Street and 21st. The Piedmont Wagon offers door-to-door service to
disable residents.

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

The proposed Grayson development is designed to emulate the regionally known Moses Cone estate
located in Blowing Rock, 30 miles north of Hickory. The elevation is a mix of brick siding, and shingle siding
on gable ends. The roof is decorated with copper top Cupola with a weathervane. Decorations and
functional dormers vent the attic space and add variety and interest to the building elevation.
For each applicable neighborhood feature, enter distance from project in miles.
0.1 Grocery Store 3 Community/Senior Center
0.1 Mall/Strip Center 3 Hospital
1 Outdoor Athletic 0.1 Pharmacy

Fields
Day Care/After 0.1 Basic Health Care

School
0.5 Public Transportation

1 Schools
Stop
0.1 Convenience Store 2 Public Parks
0.1 Gas Station 3 Library
Other facilities or services:

Print - APP09-0063
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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Print - APP09-0063

Print Preview - Preliminary

City: Hickory County: Catawba Zip: 28601

Census Tract: 103.02 Block Group: 2

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

Political Jurisdiction: City of Hickory

Jurisdiction City: Hickory Zip: 28601

Jurisdiction Phone: (828)323-7400

Site Latitude: 36.46721

Site Longitude: -81.18175

Project Type: New Construction

Is this project a previously awarded tax credit

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: 20

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City: Statesville State: NC Zip: 28677

Email Address: presslypdc@bellsouth.net

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Total Site Acreage: 7 Total Buildable Acreage: 7

Storm Sewer Water Sanitary Sewer Electric

Is the demolition of any buildings required or planned? No

Are existing buildings on the site currently occupied? No

(b) Will tenant displacement be temporary?

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Purchase Date: 12/31/1986 Purchase Price: 210,000

(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: Argyle Place Associates

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

Org: Argyle Place Associates

Phone: (704)872-1000 Fax: (704)878-2217

EMail: presslypdc@bellsouth.net Nonprofit: No

Org: Argyle Place Associates

Phone: (704)872-1000 Fax: (704)878-2217

EMail: presslypdc@bellsouth.net Nonprofit: No

Org: Free Nancy Partnership

Phone: (704)872-1000 Fax: (704)878-2217

EMail: presslypdc@bellsouth.net Nonprofit: No

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Low Income Units

Total # Monthly Utility Mandatory **Total

Gdn Apt 1 664 13 13 225 64 0 289

Gdn Apt 1 664 18 18 419 64 0 483

Gdn Apt 1 664 11 11 515 64 0 579

Gdn Apt 2 925 8 8 271 76 0 347

Gdn Apt 2 925 18 18 504 76 0 580

Gdn Apt 2 925 16 16 620 76 0 696

Utilities included in rents: Water/Sewer Electric Gas Other

Employee Units (will add to Low Income Unit total)

Total # Monthly Utility Mandatory **Total

Utilities included in rents: Water/Sewer Electric Gas Other

Market Rate Units

Total # Monthly Utility Mandatory **Total

Utilities included in rents: Water/Sewer Electric Gas Other

All Gross Monthly