Hilltop Terrace

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Print Preview - Preliminary

Application
Tax Credits, RPP Loans, and/or Tax Exempt Bond Loans
Project Description
Project Name: Hilltop Terrace
Address: 111 N. Carolina Avenue
City: Lexington County: Davidson Zip: 27292
Census Tract: 615 Block Group: 2013
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 Lexington

First:John Last:
Jurisdiction CEO Name: Title: City Manager
Gray
Jurisdiction Address: 28 West Center Street
Jurisdiction City: Lexington Zip: 27292
Jurisdiction Phone: (336)248-3910
Site Latitude: 35.811241
Site Longitude: -80.252644
Project Type: Rehab
Is this project a previously awarded tax credit development?

Yes
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: 12
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 (62)

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: Community Housing Partners Corporation
Address: 100 W. Franklin St., Suite 300
City: Richmond State: VA Zip: 23220

Contact: First: Kathryn Last:Talley Title:Rev.
Telephone: (804)343-7201
Alt Phone: (804)240-3754
Fax: (804)343-7208
Email Address: ktalley@chpc2.org

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

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Site Description
Total Site Acreage: 4.66 Total Buildable Acreage: 4.66

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:
Existing tenants should all qualify to live in a LIHTC project, and they will be moved around the building
temporarily to allow for the renovation of the building.
(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)?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?Yes
If yes, specify the relationship:
CHPC is the Sole and Managing Member of each
(c) Enter the current expiration date of the option/contract to purchase: 12/31/2009
(D) Enter Purchase Price: 653,105

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Zoning
Present zoning classification of the site:Residential TN
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?Yes
If yes, describe below:
The building was originally the Lexington Memorial Hospital and has been on the NC Dept. of Historic
Resources list for placement on the National and State Register of Historic Resources. We are pursuing
that designation in order to secure historic tax credits for the project.
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: Lexington - Hilltop Terrace Apartments, LLC

Address: 930 Cambria St., NE
City: Christiansburg State:VA Zip: 24073
Federal Tax ID Number of Ownership Entity: (If assigned)

Note: Do not submit social security numbers for individuals.
Entity Type: Limited Liability Company
Entity Status: To Be Formed
Is the applicant requesting that the Agency treat the application as Non-Profit sponsored? Yes
Is the applicant requesting that the Agency treat the application as CHDO sponsored? Yes
List all general partners, members,and principals. Specify nonprofit corporate general partners or members.
Click [Add] to add additional partners, members, and principals.
Org: Community Housing Partners Corporation

First Name: Jeff Last Name: Reed Function: Managing Member
Address: 930 Cambria St., NE
City: Christiansburg State: VA Zip: 24073
Phone: (540)352-2002 Fax: (540)382-1935
EMail: jreed@chpc2.org Nonprofit: Yes

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Unit Mix
The Median Income for Davidson county is $56,100.
Low Income Units
Total # Monthly Utility Mandatory **Total

Type # BRs Net Sq.Ft. # Units Units Rent Allowance Serv. Fees Housing Exp.
Gdn Apt EFF 347 13 0 338 55 0 393
Gdn Apt EFF 347 4 0 534 55 0 589
Gdn Apt EFF 398 9 0 338 55 0 393
Gdn Apt EFF 398 4 0 534 55 0 589
Gdn Apt 1 445 7 1 356 65 0 421
Gdn Apt 1 445 2 0 566 65 0 631
Gdn Apt 1 526 10 5 356 65 0 421
Gdn Apt 1 526 5 0 566 65 0 631
Gdn Apt 2 502 1 0 660 97 0 757
Gdn Apt 2 582 2 0 408 97 0 505
Gdn Apt 2 582 2 0 660 97 0 757
Utilities included in rents: Water/Sewer Electric Gas Other
Employee Units (will add to Low Income Unit total)

Market Rate Units

Statistics

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All Gross Monthly

Units Units Rental Income
Low Income....... 59 6 24518
Market Rate.......
Totals............... 59 6 24518
Proposed number of residential buildings: 1 Maximum number of stories in buildings: 4
Project Includes:
Separate community building - Sq. Ft. (Floor Area):
Community space within residential bulding(s) - Sq. Ft. (Floor Area):

959
Elevators - Number of Elevators: 1
Square Footage Information
Gross Floor Square Footage: 44,748
Total Net Sq. Ft. (All Heated Areas): 42,927
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: 6

Persons with disabilities or homeless populations.
Number of Units: 6
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 %
EFF 13 targeted at 40 percent of median income affordable to
EFF 4 targeted at 60 percent of median income affordable to/occupied by
EFF 9 targeted at 40 percent of median income affordable to
EFF 4 targeted at 60 percent of median income affordable to/occupied by
1 7 targeted at 40 percent of median income affordable to
1 2 targeted at 60 percent of median income affordable to/occupied by
Total Low Income Units: 59
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 0
RPP Loan 800,000 ✔ 1.00 20 20
Local Gov. Loan - Specify:

295,000 ✔ 1.00 20 20
City of Lexington
RD 515 Loan 0
RD 538 Loan - Specify: 0
AHP Loan 0
Other Loan 1 - Specify:

571,491 ✔ 3.00 20 20
CHPC
Other Loan 2 - Specify: 0
Other Loan 3 - Specify: 0
Tax Exempt Bonds 0
State Tax Credit(Loan) 855,727 0 30 30 0
State Tax Credit(Direct Refund) 0
Equity: Federal LIHTC 2,537,687
Non-Repayable Grant 0
Equity: Historic Tax Credits 1,203,676
Deferred Developer Fees 0
Owner Investment 100
Other - Specify: 0
Total Sources** 6,263,681
* "Non-amortizing" indicates that the loan does not have a fixed annual debt service. For these items, you must fill in 20-year debt
service below.
** Total Sources must equal total replacement cost in Project Development Cost (PDC) section.
Estimated pricing on sale of Federal Tax Credits: $0. 72
Remarks concerning project funding sources:

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

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CHPC LOAN is soft debt and is paid out of cash flow as it is available.
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: 73 73 73 73 73 73 73 73 73 73
11 12 13 14 15 16 17 18 19 20
Year:
Amt: 73 73 73 73 73 73 73 73 73 73
Local Gov. Loan - City of Lexington
Year: 1 2 3 4 5 6 7 8 9 10
Amt:
11 12 13 14 15 16 17 18 19 20
Year:
Amt:
Other Loan 1 - CHPC
1 2 3 4 5 6 7 8 9 10
Year:
Amt: 0 0 0 0 0 0 0 0 0 0
11 12 13 14 15 16 17 18 19 20
Year:
Amt: 0 0 0 0 0 0 0 0 0 0

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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) 593,105 593,105
2 Demolition (Rehab / Adaptive Reuse only) 104,701 104,701
3 On-site Improvements 189,213 178,588
4 Rehabilitation 2,548,244 2,548,244
5 Construction of New Building(s) 0
6 Accessory Building(s) 0
7 General Requirements (max 6% lines 2-6) 174,860 174,860
8 Contractor Overhead (max 2% lines 2-7) 58,287 58,287
9 Contractor Profit (max 8% lines 2-7; 6% if Identity of Interest) 174,860 174,860
10 Construction Contingency (max 5% lines 2-9, Rehabs 10%) 100,000 100,000
11 Architect's Fee - Design (11 + 12 = max 3% lines 2-10) 85,821 85,821
12 Architect's Fee - Inspection 17,164 17,164
13 Engineering Costs 30,000 30,000
SUBTOTAL (lines 1 through 13) 4,076,255
14 Construction Insurance (prorate) 3,000 3,000
15 Construction Loan Orig. Fee (prorate) 8,500 8,500
16 Construction Loan Interest (prorate) 100,000 25,000
17 Construction Loan Credit Enhancement (prorate) 0
18 Construction Period Taxes (prorate) 1,513 1,513
19 Water, Sewer and Impact Fees 0
20 Survey 14,390 14,390
21 Property Appraisal 3,500 3,500
22 Environmental Report 13,000 13,000
23 Market Study 9,300 9,300
24 Bond Costs 0
25 Bond Issuance Costs 0
26 Placement Fee 0
27 Permanent Loan Origination Fee 0
28 Permanent Loan Credit Enhancement 0

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29 Title and Recording 20,000
SUBTOTAL (lines 14 through 29) 173,203
30 Real Estate Attorney 20,000 0
31 Other Attorney's Fees 10,000 0
32 Tax Credit Application Fees (Preliminary and Full) 2,300
33 Tax Credit Allocation Fee (0.62% of line 60, minimum $7,500) 22,850
34 Cost Certification / Accounting Fees 5,000 0
35 Tax Opinion 10,000
36 Organizational (Partnership) 10,000
37 Tax Credit Monitoring Fee 41,300
SUBTOTAL (lines 30 through 37) 121,450
38 Furnishings and Equipment 72,168 72,168
39 Relocation Expense 65,000 65,000
40 Developer's Fee 800,000 800,000
41 Additional Contigency (greater of $500/unit or $30,000) 29,500 29,500
42 Other Basis Expense (specify)Building Permits&LOC&MBE-WBE 23,108 23,108
43 Other Basis Expense (specify)Capital Needs & Wood Infes Rep 8,097 8,097
44 Rent-up Expense 0
45 Other Non-basis Expense (specify)Addtl Plan Copies&Misc 2,200
46 Other Non-basis Expense (specify) 0
SUBTOTAL (lines 38 through 45) 1,000,073
47 Rent up Reserve 17,700
48 Operating Reserve 145,000
49 Other Reserve (specify) Rental Assistance Fund 670,000
50 Other Reserve (specify) 0
51 DEVELOPMENT COST (lines 1-49) 6,203,681 593,105 4,548,601
52 Less Federally Funded Grant 0
53 Less Disproportionate Standard 0
54 Less Nonqualified Nonrecourse Financing 0
55 Less Historic Tax Credit 859,769 859,769
56 TOTAL ELIGIBLE BASIS 4,281,937 593,105 3,688,832
57 Applicable Fraction (percentage of LI Units) 100.00% 100% 100%

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58 Basis Before Boost 4,281,937 593,105 3,688,832
59 Basis Boost of up to 130% 100.00% 100.00%
60 TOTAL QUALIFIED BASIS 4,281,937 593,105 3,688,832
61 Tax Credit Rate 3.50 9.00
62 Federal Tax Credits (maximum $1,300,000) 354,236 20,759 331,995
63 Federal Tax Credits Requested (if less than line 62) 0
64 Land Cost 60,000
65 TOTAL REPLACEMENT COST 6,263,681
FEDERAL TAX CREDITS IF AWARDED 354,236
Comments:
Rental Assistance Fund is needed because over 80% of existing residents are at or below 30% AMI. For
the 40% rents we will be offering assistance per resident per month such that residents will only incur a $20
increase in rent that they pay and for the 60% units residents in efficiencies will incur a $75 increase in what
they pay each month and for those in 1BR and 2BR 60% units residents will incur a $125 increase in what
they pay each month(unless the residents have housing choice or other vouchers - which in fact should be
the case in those units.) Fund has been sized assuming that an average of 10 residents will have vouchers
(as has historically been the case.)
Total Replacement Cost per unit 106,164

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Market Study Information

Please provide a detailed description of the proposed project:
Hilltop Terrace was an early LIHTC project that completed its compliance period in 2008. The building was
originally the community hospital. It is now in need of substantial rehabilitation. Already the chiller and
smoke detectors have been replaced, and bids are out now to replace the entire roof. Then mold will be
remediated. Once we actually begin the LIHTC rehab, we will replace all the HVAC units inside as well as
replacing all the Qwest plumbing throughout. A sprinkler system and new annunciator panel will be
installed. Sheetrock ceilings will be installed throughout. All kitchen and bath cabinets, sinks, and faucets
will be replaced. Tubs/showers will be replaced as needed. Low-flow toilets and shower heads will be
installed throughout. New ranges and Energy Star refrigerators will be installed. All physically handicapped
units will have roll-in showers. There will be two units designed especially for sight and hearing impaired
residents. The number of units will be reduced from 64 to 59 so as to allow for a community room with
computer corner and library corner, a TV room because most residents don't have sets, lobby seating
areas, to provide five instead of two 2BR units, and to provide six instead of three physically handicapped
units.
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:
This project is a rehab of an existing building which was originally a hospital and most recently was a LIHTC
project. Orignal construction was steel, concrete, block, and brick. New construction on the interior is
primarily wood.
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:
Walking trail; benches; covered patio; uncovered patio; raised gardening beds; bird feeding and watering
station outside. Community Room, computer corner, library corner, TV Room, Exercise Room, laundry, and
office.
Onsite Activities:
Montly potluck dinner and weekly Bible study

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Landscaping Plans:
Remove as much asphalt as possible and replace with grass and trees and flower beds. Install exterior
amenities as described above.
Interior Apartment Amenities:

New HVAC and plumbing; sheetrock ceiling; sprinkler system; new kitchen and bath cabinets and sinks and
faucets; new low flow toilets and shower heads; new tubs/showers as needed; new carpet and vct.
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.
Neighborhood is stable area with a mix of modest and middle income homes and offices in good condition.
Across Carolina Ave. is some undeveloped woodland. City has been hard hit by plant closings over the last
5-7 years, making this property's ability to serve very low income residents critical.
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. Hilltop Terrace is surrounded by single family residences and some
office buildings, all in good condition. Across Carolina Ave. is a stand of undeveloped woodland. The
property is in the City of Lexington. No industrial, large-scale institutional or other incompatible uses nearby.
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. Will be putting stop signs at the property's drives as they approach the public
street. Existing access to the property is fine. New sign was installed roughly one year ago, with excellent
leasing results, thus indicating the project's good location.
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 on-site negatives.
Similarity of scale and aesthetics/architecture between project and surroundings.

Property was originally the hospital for Lexington and surrounding areas and the building has been a fixture
in the community for over 50 years.
For each applicable neighborhood feature, enter distance from project in miles.

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1 Grocery Store 4 Community/Senior Center
4 Mall/Strip Center 3 Hospital
.3 Outdoor Athletic 1 Pharmacy

Fields
2 Day Care/After 3 Basic Health Care

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

None

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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).

Hilltop Terrace

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City: Lexington County: Davidson Zip: 27292

Census Tract: 615 Block Group: 2013

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

Political Jurisdiction: City of Lexington

Jurisdiction City: Lexington Zip: 27292

Jurisdiction Phone: (336)248-3910

Site Latitude: 35.811241

Site Longitude: -80.252644

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 (62)

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

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City: Richmond State: VA Zip: 23220

Alt Phone: (804)240-3754

Email Address: ktalley@chpc2.org

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Total Site Acreage: 4.66 Total Buildable Acreage: 4.66

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: Purchase Price:

(D) Enter Purchase Price: 653,105

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Is multifamily use permitted?Yes

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Owner Name: Lexington - Hilltop Terrace Apartments, LLC

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

Org: Community Housing Partners Corporation

Phone: (540)352-2002 Fax: (540)382-1935

EMail: jreed@chpc2.org Nonprofit: Yes

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Low Income Units

Total # Monthly Utility Mandatory **Total

Gdn Apt EFF 347 13 0 338 55 0 393

Gdn Apt EFF 347 4 0 534 55 0 589

Gdn Apt EFF 398 9 0 338 55 0 393

Gdn Apt EFF 398 4 0 534 55 0 589

Gdn Apt 1 445 7 1 356 65 0 421

Gdn Apt 1 445 2 0 566 65 0 631

Gdn Apt 1 526 10 5 356 65 0 421

Gdn Apt 1 526 5 0 566 65 0 631

Gdn Apt 2 502 1 0 660 97 0 757

Gdn Apt 2 582 2 0 408 97 0 505

Gdn Apt 2 582 2 0 660 97 0 757

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

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All Gross Monthly