Greylin Manor

Print - APP09-0034
Print Preview - Preliminary

Application
Tax Credits, RPP Loans, and/or Tax Exempt Bond Loans
Project Description
Project Name: Greylin Manor
Address: North Pointe Boulevard
City: Statesville County: Iredell Zip: 28625
Census Tract: 610 Block Group: 4000
Is project in Qualified Census Tract or Difficult to Develop Area? No

Are you requesting the basis boost under section II(E)(4) of the QAP? Yes
Political Jurisdiction: City of Statesville

First:Costi Last:
Jurisdiction CEO Name: Title: Mayor
Kutteh
Jurisdiction Address: Post Office Box 1111
Jurisdiction City: Statesville Zip: 28687-1111
Jurisdiction Phone: (704)873-2131
Site Latitude: 35.8194
Site Longitude: -80.8825
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? No
If yes, provide the subsidy source: and number of units:

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Applicant Information
Indicate below an individual or a validly existing entity (a corporation, nonprofit, limited partnership or LLC) as the official applicant. Under
QAP Section III(C)(5) only this individual or entity will be able to make decisions with regard to this application. If awarded the applicant
must become part of the ownership entity. The applicant will execute the signature page for this application.
Applicant Name: Solstice Partners, LLC
Address: 106 Muir Woods Drive
City: Cary State: NC Zip: 27513

Contact: First: Cathy Last:Connors Title:Manager
Telephone: (919)610-7883
Alt Phone: (919)380-0446
Fax: (919)467-5341
Email Address: cconnors@nc.rr.com

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

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Site Description
Total Site Acreage: 5.213 Total Buildable Acreage: 5.213

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? No

If no, please explain:
This site is adjacent to the family site of Greylin Ridge Apartments, a 2008 tax credit project that is planned
to begin construction in March, 2009. Greylin Ridge Apartments is constructing a road that will provide
access to the Greylin Manor site. If Greylin Manor receives a tax credit award in 2009, the road will be
extended to provide full road frontage for Greylin Manor and connect to Wolf Creek Lane.
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)?No
If yes provide:
Purchase Date: Purchase Price:
If no:
(a) Does the owner/principal or ownership entity have valid option/contract to purchase the property?Yes
(b) Does an identity of interest (direct or indirect) exist between the owner/principal or ownership entity with the option/contract for
purchase of the property and the seller of the property?No
If yes, specify the relationship:
(c) Enter the current expiration date of the option/contract to purchase: 10/31/2009
(D) Enter Purchase Price: 479,996

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Zoning
Present zoning classification of the site:R-5MF
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: Greylin Manor, LLC

City: Cary State:NC Zip: 27513
Federal Tax ID Number of Ownership Entity: (If assigned)

Note: Do not submit social security numbers for individuals.
Entity Type: Limited Liability Company
Entity Status: To Be Formed
Is the applicant requesting that the Agency treat the application as Non-Profit sponsored? No
Is the applicant requesting that the Agency treat the application as CHDO sponsored? No
List all general partners, members,and principals. Specify nonprofit corporate general partners or members.
Click [Add] to add additional partners, members, and principals.
Org: Solstice Partners, LLC

First Name: Catherine Last Name: Connors Function: Managing Member
City: Cary State: NC Zip: 27513
Phone: (919)610-7883 Fax: (919)467-5341
EMail: cconnors@nc.rr.com Nonprofit: No

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Unit Mix
The Median Income for Iredell county is $59,900.
Low Income Units
Total # Monthly Utility Mandatory **Total

Type # BRs Net Sq.Ft. # Units Units Rent Allowance Serv. Fees Housing Exp.
Gdn Apt 1 727 9 1 240 80 0 320
Gdn Apt 2 966 8 1 295 90 0 385
Gdn Apt 1 727 9 1 450 80 0 530
Gdn Apt 2 966 8 1 550 90 0 640
Gdn Apt 1 727 18 2 550 80 0 630
Gdn Apt 2 966 14 2 620 90 0 710
Utilities included in rents: Water/Sewer Electric Gas Other Garbage collection
Employee Units (will add to Low Income Unit total)

Utilities included in rents: Water/Sewer Electric Gas Other
Market Rate Units

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

Units Units Rental Income
Low Income....... 66 8 31550
Market Rate.......
Totals............... 66 8 31550
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):

2,139
Elevators - Number of Elevators: 1
Square Footage Information
Gross Floor Square Footage: 73,443
Total Net Sq. Ft. (All Heated Areas): 72,070
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: 8
Number of Units Required: 8
Persons with disabilities or homeless populations.
Number of Units: 7
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 9 targeted at 30 percent of median income affordable to/occupied by
Total Low Income Units: 66
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 743,849 7.00 30 30 59,386
RPP Loan 1,200,000 ✔ 2.00 20 20
Local Gov. Loan - Specify:
RD 515 Loan
RD 538 Loan - Specify:
AHP Loan
Other Loan 1 - Specify:
Tax Exempt Bonds
State Tax Credit(Loan) 662,703 0 30 30 0
State Tax Credit(Direct Refund)
Equity: Federal LIHTC 5,116,881
Non-Repayable Grant
Equity: Historic Tax Credits
Deferred Developer Fees
Owner Investment
Other - Specify:
Total Sources** 7,723,433
* "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. 66
Remarks concerning project funding sources:

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

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1st Mortgage - CICCAR

2nd Mortgage - NCHFA - RPP loan
3rd Mortgage - NCHFA - State Tax Credit
Equity - Raymond James
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: 29000 29000 28500 27500 26500 25500 24500 23500 22500 21000
11 12 13 14 15 16 17 18 19 20
Year:
Amt: 20000 18000 16500 14500 12500 10500 8000 6000 3000 500

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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 675,000 675,000
4 Rehabilitation
5 Construction of New Building(s) 3,597,914 3,597,915
6 Accessory Building(s)
7 General Requirements (max 6% lines 2-6) 256,375 256,375
8 Contractor Overhead (max 2% lines 2-7) 90,586 90,586
9 Contractor Profit (max 8% lines 2-7; 6% if Identity of Interest) 362,343 362,343
10 Construction Contingency (max 5% lines 2-9, Rehabs 10%) 249,111 249,111
11 Architect's Fee - Design (11 + 12 = max 3% lines 2-10) 73,920 73,920
12 Architect's Fee - Inspection 18,480 18,480
13 Engineering Costs 25,000 25,000
SUBTOTAL (lines 1 through 13) 5,348,729
14 Construction Insurance (prorate) 25,000 25,000
15 Construction Loan Orig. Fee (prorate) 66,000 66,000
16 Construction Loan Interest (prorate) 247,000 187,000
17 Construction Loan Credit Enhancement (prorate)
18 Construction Period Taxes (prorate) 20,000 20,000
19 Water, Sewer and Impact Fees 120,000 120,000
20 Survey 15,000 15,000
21 Property Appraisal 6,000 6,000
22 Environmental Report 64,500 64,500
23 Market Study 4,300 4,300
24 Bond Costs
25 Bond Issuance Costs
26 Placement Fee
27 Permanent Loan Origination Fee 15,000
28 Permanent Loan Credit Enhancement

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29 Title and Recording 5,000
SUBTOTAL (lines 14 through 29) 587,800
30 Real Estate Attorney 13,500 13,500
31 Other Attorney's Fees 5,000 5,000
32 Tax Credit Application Fees (Preliminary and Full) 2,300
33 Tax Credit Allocation Fee (0.62% of line 60, minimum $7,500) 53,414
34 Cost Certification / Accounting Fees 9,000 9,000
35 Tax Opinion 5,000
36 Organizational (Partnership) 10,000
37 Tax Credit Monitoring Fee 46,200
38 Furnishings and Equipment 20,000 20,000
39 Relocation Expense
40 Developer's Fee 693,000 693,000
41 Additional Contigency (greater of $500/unit or $30,000) 30,000 30,000
42 Other Basis Expense (specify)
43 Other Basis Expense (specify)
44 Rent-up Expense 30,000
45 Off-site Improvements 200,000
46 Other Non-basis Expense (specify)
47 Rent up Reserve 19,800
48 Operating Reserve 169,694
49 Other Reserve (specify)
50 Other Reserve (specify)
51 DEVELOPMENT COST (lines 1-49) 7,243,437 0 6,627,030
52 Less Federally Funded Grant
53 Less Disproportionate Standard
54 Less Nonqualified Nonrecourse Financing
55 Less Historic Tax Credit 0
56 TOTAL ELIGIBLE BASIS 6,627,030 0 6,627,030
57 Applicable Fraction (percentage of LI Units) 100.00% 100% 100%

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58 Basis Before Boost 6,627,030 0 6,627,030
59 Basis Boost of up to 130% 130.00% 130.00%
60 TOTAL QUALIFIED BASIS 8,615,139 0 8,615,139
61 Tax Credit Rate 3.50 9.00
62 Federal Tax Credits (maximum $1,300,000) 775,363 0 775,363
63 Federal Tax Credits Requested (if less than line 62) 0
64 Land Cost 479,996
65 TOTAL REPLACEMENT COST 7,723,433
FEDERAL TAX CREDITS IF AWARDED 775,363
Comments:
Project Development Cost per unit 54,514

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Market Study Information

Please provide a detailed description of the proposed project:
The proposed project is 66 unit elderly project for persons over the age of 55. The attractive residential
project will be comprised of a mixture of 36 1-BR units, 30 2-BR units located in one three-story building.
The project will provide eight (8) fully accessible units, including four (4) that will contain roll-in showers. The
location of the site will be very appealing to new residents as the site is in close proximity to essential
amenities. Shopping, grocery stores, restaurants, gas stations, banking institutions, schools and the
hospital are all within 1.3 miles of the site!
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 buildings will be accented with shingle siding, window trim and architectural brackets.
Have you built other tax credit developments that use the same building design as this project?Yes
If yes, please provide name and address:
I have not built this particular product before, but the developer I worked with for 12 years has in Rocky
Mount, North Carolina. The name of the project is Rollinwood Manor, 144 Rollinwood Manor, Rocky Mount,
North Carolina 27801.
Site Amenities:
Site amenities will include nine(9) outdoor seating areas, two (2) gazebos, a walking trail, and eight (8)
raised bed garden plots.
Onsite Activities:
Residents will have access to a community room with a full kitchen to host social functions such as
meetings, classes, or dinner parties. The residents will also be able to enjoy a resident computer center that
will include a library, a multi-purpose room with a television, and a community room.

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Landscaping Plans:
This apartment project will be attractively landscaped with plants and trees native to the area such as crepe
myrtle, willow oak, dogwoood, holly, magnolia and maple. Trees will be planted in order to create a
pleasant, shaded natural area. Garden spots will allow the residents to plant vegetables and flowers.
Interior Apartment Amenities:

Interior amenities will include a range, hood, dishwasher, disposal, frost-free refrigerator, storage, washer/
dryer hookups, mini-blinds and ceiling fans in each bedroom and the living room.
Do you plan to submit additional market data (market study, etc.) that you want considered? Yes
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 trend and direction of real estate development and the area economic health is definitely on the upward
trend. The site is located adjacent to a new 80 unit family tax credit property, Greylin Ridge Apartments that
is due to begin construction in March, 2009. The site is also located behind a thriving shopping center that
contains a Lowe’s Home Improvement Center. The other adjoining parcel to this land is a single family
subdivision named Stonebridge that has many finished homes, with a few still under construction. The price
range for Stonebridge is from the $110’s to the $190’s with houses ranging from 1,200 square feet to 4,300
square feet.
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 site is adjacent and to a new construction 80 unit tax credit family
project, Greylin Ridge Apartments. The project is also located behind a shopping center that contains a
Lowe’s Home Improvement Center. Across the street from the Greylin Ridge Apartments site is an existing
market rate multi-family development. The project is also adjacent to a single family subdivision. The single
family subdivision is fairly new mostly two-story homes. Given the mix of uses in the area, we believe that
apartments will blend well into the existing landscape.
SITE SUITABILITY
Adequate traffic safety controls (i.e. stop lights, speed limits, turn lanes). Burden on public facilities
(particularly roads). Access to mass transit (if applicable). Visibility of buildings and/or location of project sign
(s) in relation to traffic corridors. The site suitability is excellent on this site. North Pointe Boulevard is located
off of Turnersburg Road (US-21) which is a major thoroughfare through Statesville. North Pointe Boulevard
leads to another multi-family complex and a single family subdivision. We do not believe our proposed project
will require any additional safety controls or improvements to North Pointe Boulevard. Our site plan shows a
road turning off of North Pointe Boulevard and then an entrance into the site. We believe that will be
beneficial for the residents as they enter and exit the property. Iredell County provides an area transportation
system (ICATS) that will be available to our tenants.
Degree of on-site negative features and physical barriers that will impede project construction or adversely
affect future tenants; for example: power transmission lines and towers, flood hazards, steep slopes, large
boulders, ravines, year-round streams, wetlands, and other similar features (for adaptive re-use projects-
suitability for residential use and difficulties posed by the building(s), such as limited parking, environmental
problems or the need for excessive demolition).
The only negative on-site feature to this site is a steep embankment located behind the building. The
incredible location of this site, because of the close proximity to all of the amenities, validates us having to
deal with the embankment. Our engineer and construction team have studied the topography during the
development of the site plan and have provided us with an estimate which is included in our development
budget.

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

The proposed project will seamlessly fit into the existing neighborhood. The adjacent properties consist of
two and three-story market rate and tax credit multi-family residential units, commercial property and a
single family subdivision that contains mostly two-story houses. The varying structures will allow our units to
blend into the existing surroundings.
For each applicable neighborhood feature, enter distance from project in miles.
.27 Grocery Store 2.7 Community/Senior Center
.17 Mall/Strip Center 1.4 Hospital
2.0 Outdoor Athletic .46 Pharmacy

Fields
1.6 Day Care/After 1.86 Basic Health Care

School
1.6 Public Transportation

Schools
Stop
1.0 Convenience Store 2.0 Public Parks
.7 Gas Station 2.3 Library
Other facilities or services:

This is an excellent site that provides all the amenities tenants are looking for when searching for a new
home. The site is located in close proximity Turnersburg Road (US-21) which contains all of the businesses
listed below and are within one (1) mile of the site (though some are even closer):
Within .3 miles:
Lowe’s Home Improvement Center
ALDI Foods
Mi Pueblo Mexican Restaurant
Staples
Baskin-Robbins/Dunkin Donuts
Home Depot
Within 1 mile:
Goody’s
Super Wal-Mart
Bi-Lo
Lowe’s Foods
Dollar General
Quik Mart
Jack in the Box
Chick-Fil-A
Ruby Tuesday
CVS Pharmacy
Zaxby’s
Bojangles
Wendy’s
Jersey Mike’s Subs
Quiznos Subs
Chinese Buffet
Kentucky Fried Chicken
Texaco

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Hess/Wilco
Cracker Barrel
K&W Cafeteria
Golden Corral
Wachovia Bank
Hollywood Video
Quik Mart
In addition, a U.S. Post Office is located .3 miles from the site and Iredell Memorial Hospital is located only
1.4 miles from the site.

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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).

Greylin Manor

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City: Statesville County: Iredell Zip: 28625

Census Tract: 610 Block Group: 4000

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

Political Jurisdiction: City of Statesville

Jurisdiction City: Statesville Zip: 28687-1111

Jurisdiction Phone: (704)873-2131

Site Latitude: 35.8194

Site Longitude: -80.8825

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: and number of units:

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City: Cary State: NC Zip: 27513

Alt Phone: (919)380-0446

Email Address: cconnors@nc.rr.com

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Total Site Acreage: 5.213 Total Buildable Acreage: 5.213

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?

Is the site directly accessed by an existing, paved, publicly maintained road? No

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Purchase Date: Purchase Price:

(D) Enter Purchase Price: 479,996

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Is multifamily use permitted?Yes

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Owner Name: Greylin Manor, LLC

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

Org: Solstice Partners, LLC

Phone: (919)610-7883 Fax: (919)467-5341

EMail: cconnors@nc.rr.com Nonprofit: No

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Low Income Units

Total # Monthly Utility Mandatory **Total

Gdn Apt 1 727 9 1 240 80 0 320

Gdn Apt 2 966 8 1 295 90 0 385

Gdn Apt 1 727 9 1 450 80 0 530

Gdn Apt 2 966 8 1 550 90 0 640

Gdn Apt 1 727 18 2 550 80 0 630

Gdn Apt 2 966 14 2 620 90 0 710

Utilities included in rents: Water/Sewer Electric Gas Other Garbage collection

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

Low Income....... 66 8 31550

Proposed number of residential buildings: 1 Maximum number of stories in buildings: 3

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

Elevators - Number of Elevators: 1