Laurel Spring - A Congregate Care Community

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Print Preview - Preliminary

Application
Tax Credits, RPP Loans, and/or Tax Exempt Bond Loans
Project Description
Project Name: Laurel Spring - A Congregate Care Community
Address: 3814 Blue Ridge Road
City: Raleigh County: Wake Zip: 27612
Census Tract: 525.04 Block Group: 2024
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 Raleigh

First:Charles Last:
Jurisdiction CEO Name: Title: Mayor
Meeker
Jurisdiction Address: 222 W. Hargett Street Suite 209
Jurisdiction City: Raleigh Zip: 27601
Jurisdiction Phone: (919)890-3050
Site Latitude: 35.8312
Site Longitude: -78.6845
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: Evergreen Construction Company
Address: 7706 Six Forks Road
City: Raleigh State: NC Zip: 27615

Contact: First: Tim Last:Morgan Title:Vice President
Telephone: (919)848-2041
Alt Phone: (919)630-3383
Fax: (919)848-0455
Email Address: tim@spectrum-evergreen.com

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

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Site Description
Total Site Acreage: 4.27 Total Buildable Acreage: 4.27

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? Yes

If yes, please describe:
There is a single family home on the site that will need to be removed.
Are existing buildings on the site currently occupied? Yes

If yes:
(a) Briefly describe the situation:
The home is occupied by a renter on a month to month lease.
(b) Will tenant displacement be temporary? No

(c) Will tenant displacement be permanent? Yes
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?No
If yes, specify the relationship:
(c) Enter the current expiration date of the option/contract to purchase: 08/30/2009
(D) Enter Purchase Price: 1,295,000

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Zoning
Present zoning classification of the site:R-6
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: Laurel Spring Housing Associates, LLC

City: Raleigh State:NC Zip: 27615
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: Laurel Spring Housing Associates, LLC

First Name: Lyle Last Name: Gardner Function: Managing Member
Phone: (919)848-2041 Fax: (919)848-0455
EMail: lyledgardner@aol.com Nonprofit: No
Org: Laurel Spring Housing Associates, LLC

First Name: Timothy Last Name: Morgan Function: Member
Phone: (919)848-2041 Fax: (919)848-0455
EMail: tim@spectrum-evergreen.com Nonprofit: No

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Unit Mix
The Median Income for Wake county is $76,900.
Low Income Units
Total # Monthly Utility Mandatory **Total

Type # BRs Net Sq.Ft. # Units Units Rent Allowance Serv. Fees Housing Exp.
Gdn Apt 1 714 6 1 300 92 0 392
Gdn Apt 2 970 6 1 375 122 0 497
Gdn Apt 1 714 4 1 500 92 0 592
Gdn Apt 2 970 4 1 575 122 0 697
Gdn Apt 1 714 14 1 500 92 0 592
Gdn Apt 2 970 14 1 575 122 0 697
Utilities included in rents: Water/Sewer Electric Gas Other Trash
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....... 48 6 23400
Market Rate.......
Totals............... 48 6 23400
Proposed number of residential buildings: 1 Maximum number of stories in buildings: 4
Project Includes:
Separate community building - Sq. Ft. (Floor Area):

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

17,597
Elevators - Number of Elevators: 1
Square Footage Information
Gross Floor Square Footage: 61,283
Total Net Sq. Ft. (All Heated Areas): 59,223
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: 5
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 6 targeted at 30 percent of median income affordable to/occupied by
1 14 targeted at 60 percent of median income affordable to
2 14 targeted at 60 percent of median income affordable to
Total Low Income Units: 48
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 510,000 6.50 30 40 35,830
RPP Loan 435,000 ✔ 2.00 20 20
Local Gov. Loan - Specify:

160,000 ✔ 2.00 30 30
WCHS
RD 515 Loan
RD 538 Loan - Specify:
AHP Loan
Other Loan 1 - Specify:

800,000 ✔ 2.00 30 30
City of Raleigh
Tax Exempt Bonds
State Tax Credit(Loan) 543,910 0 30 30 0
State Tax Credit(Direct Refund)
Equity: Federal LIHTC 4,645,071
Non-Repayable Grant
Equity: Historic Tax Credits
Deferred Developer Fees
Owner Investment 100
Other - Specify:
Total Sources** 7,094,081
* "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. 73
Remarks concerning project funding sources:

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

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CICCAR is the proposed lender for the bank loan.

CAHEC is the proposed syndicator for the credits.
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: 12898 12905 12899 12877 12840 12786 12716 12628 12521 12394
11 12 13 14 15 16 17 18 19 20
Year:
Amt: 12247 12079 11888 11674 11435 11170 10879 10560 10211 9833
Local Gov. Loan - WCHS
Year: 1 2 3 4 5 6 7 8 9 10
Amt: 4993 4996 4993 4985 4970 4950 4922 4888 4847 4798
11 12 13 14 15 16 17 18 19 20
Year:
Amt: 4741 4676 4602 4519 4426 4324 4211 4088 3953 3806
Other Loan 1 - City of Raleigh
1 2 3 4 5 6 7 8 9 10
Year:
Amt: 23716 23729 23717 23677 23609 23511 23381 23219 23022 22790
11 12 13 14 15 16 17 18 19 20
Year:
Amt: 22519 22210 21859 21464 21025 20539 20003 19416 18776 18080

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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 700,000 700,000
4 Rehabilitation
5 Construction of New Building(s) 3,050,000 3,050,000
6 Accessory Building(s)
7 General Requirements (max 6% lines 2-6) 225,000 225,000
8 Contractor Overhead (max 2% lines 2-7) 79,500 79,500
9 Contractor Profit (max 8% lines 2-7; 6% if Identity of Interest) 238,500 238,500
10 Construction Contingency (max 5% lines 2-9, Rehabs 10%) 214,650 214,650
11 Architect's Fee - Design (11 + 12 = max 3% lines 2-10) 77,500 77,500
12 Architect's Fee - Inspection 11,250 11,250
13 Engineering Costs 62,000 62,000
SUBTOTAL (lines 1 through 13) 4,658,400
14 Construction Insurance (prorate)
15 Construction Loan Orig. Fee (prorate) 8,900 8,900
16 Construction Loan Interest (prorate) 145,000 95,000
17 Construction Loan Credit Enhancement (prorate)
18 Construction Period Taxes (prorate) 3,500 3,500
19 Water, Sewer and Impact Fees 48,000 48,000
20 Survey 10,000 10,000
21 Property Appraisal 5,000 5,000
22 Environmental Report 3,000 3,000
23 Market Study 4,300 4,300
24 Bond Costs
25 Bond Issuance Costs
26 Placement Fee
27 Permanent Loan Origination Fee 18,900
28 Permanent Loan Credit Enhancement

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29 Title and Recording 6,000
SUBTOTAL (lines 14 through 29) 252,600
30 Real Estate Attorney 9,000 9,000
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) 43,839
34 Cost Certification / Accounting Fees 5,000 5,000
35 Tax Opinion
36 Organizational (Partnership) 5,000
37 Tax Credit Monitoring Fee 33,600
38 Furnishings and Equipment 50,000 50,000
39 Relocation Expense
40 Developer's Fee 534,000 534,000
41 Additional Contigency (greater of $500/unit or $30,000)
42 Other Basis Expense (specify)
43 Other Basis Expense (specify)
44 Rent-up Expense 20,942
45 Costs associated with land 20,000
46 Other Non-basis Expense (specify)
47 Rent up Reserve 14,400
48 Operating Reserve 145,000
49 Other Reserve (specify)
50 Other Reserve (specify)
51 DEVELOPMENT COST (lines 1-49) 5,799,081 0 5,439,100
52 Less Federally Funded Grant
53 Less Disproportionate Standard
54 Less Nonqualified Nonrecourse Financing
55 Less Historic Tax Credit 0
56 TOTAL ELIGIBLE BASIS 5,439,100 0 5,439,100
57 Applicable Fraction (percentage of LI Units) 100.00% 100% 100%

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58 Basis Before Boost 5,439,100 0 5,439,100
59 Basis Boost of up to 130% 100.00% 130.00%
60 TOTAL QUALIFIED BASIS 7,070,830 0 7,070,830
61 Tax Credit Rate 3.50 9.00
62 Federal Tax Credits (maximum $1,300,000) 636,375 0 636,375
63 Federal Tax Credits Requested (if less than line 62) 636,375 636,375
64 Land Cost 1,295,000
65 TOTAL REPLACEMENT COST 7,094,081
FEDERAL TAX CREDITS IF AWARDED 636,375
Comments:
Project Development Cost per unit 63,542

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Market Study Information

Please provide a detailed description of the proposed project:
We are proposing to construct a forty-eight (48) unit rental community on Blue Ridge Road. The project will
consist of (24) one bedroom, one bath units and (24) two bedroom, one bath units for persons 55 years of
age and older. The design of the building is such that all units are fully accessible. The building is served by
one elevator and the entrances are secured with a call panel entry system. All exterior doors are self locking
with all residential units opening into an interior hallway. There will be multiple common areas for the
residents use including a computer center, exercise room and more. We will have units set aside for
persons at 30%, 50% and 60% of the area median income. In addition, 10% of the units will be targeted to
disabled persons.
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:
30 Year Dimensional Shingles
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:
Resident computer center, covered drive thru, lobby and sitting areas, community room with full kitchen, TV/
lounge, exercise room and additional storage for each unit.
Onsite Activities:
Onsite activities will consist of resident association sponsored bingo, Bible studies, monthly birthday
celebrations and holiday gatherings. Residents will have access to computer and exercise equipment.

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Landscaping Plans:
The building will have landscaped beds around the perimeter. Trees will also be planted and dispersed
around the property.
Interior Apartment Amenities:

Range, range hood, frost free refrigerator, washer/dryer connections, pantry, walk-in closets, wall to wall
carpet, VCT in kitchen and bath areas, central air and heat pump, mini-blinds, cable and phone ready.
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 trend for real estate development along Blue Ridge Road is positive. It has experienced alot of new
development to include all types of residential use, office/commerical use, medical use and retail. There are
no affordable housing developments in the area.
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 surrounding land uses include all types of residential use, from
single family to townhouse to multi-family. Other uses include medical, office and retail. There are no
offensive uses in the area.
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. Blue Ridge Road has several stop lights, a speed limit of 35 miles per hour
and access to mass transit with a bus stop very close to the site. NCDOT will require us to widen our portion
of Blue Ridge Road along our property to allow for greater ingress and egress.
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 existing topographic conditions of this site are an 11% slope down from west (Blue Ridge Road) to the
east, or front to back of site. To accommodate the steep topography, a building was designed to minimize
grading. The building will be a 2/4 floor split providing a 21 foot drop from the ground floor entry on the front
of the building to the ground floor entry on the rear of the building. This building design will allow for
required parking to be distributed in the front and rear of the building with slopes to meet accessibility
requirements.
Similarity of scale and aesthetics/architecture between project and surroundings.

There are a variety of architectural designs along Blue Ridge Road due to the varied residential and
commercial uses so I feel our design will fit fine with the surroundings.
For each applicable neighborhood feature, enter distance from project in miles.

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1.5 Grocery Store 1.0 Community/Senior Center
1.0 Mall/Strip Center 1.5 Hospital
1.0 Outdoor Athletic 1.5 Pharmacy

Fields
Day Care/After 1.5 Basic Health Care

School
.5 Public Transportation
1.0 Schools
Stop
1.0 Convenience Store .1 Public Parks
1.0 Gas Station 2.5 Library
Other facilities or services:

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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).

Laurel Spring - A Congregate Care Community

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City: Raleigh County: Wake Zip: 27612

Census Tract: 525.04 Block Group: 2024

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

Political Jurisdiction: City of Raleigh

Jurisdiction City: Raleigh Zip: 27601

Jurisdiction Phone: (919)890-3050

Site Latitude: 35.8312

Site Longitude: -78.6845

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: Raleigh State: NC Zip: 27615

Alt Phone: (919)630-3383

Email Address: tim@spectrum-evergreen.com

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Total Site Acreage: 4.27 Total Buildable Acreage: 4.27

Storm Sewer Water Sanitary Sewer Electric

Is the demolition of any buildings required or planned? Yes

Are existing buildings on the site currently occupied? Yes

(b) Will tenant displacement be temporary? No

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Purchase Date: Purchase Price:

(D) Enter Purchase Price: 1,295,000

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Is multifamily use permitted?Yes

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Owner Name: Laurel Spring Housing Associates, LLC

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

Org: Laurel Spring Housing Associates, LLC

Phone: (919)848-2041 Fax: (919)848-0455

EMail: lyledgardner@aol.com Nonprofit: No

Org: Laurel Spring Housing Associates, LLC

Phone: (919)848-2041 Fax: (919)848-0455

EMail: tim@spectrum-evergreen.com Nonprofit: No

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Low Income Units

Total # Monthly Utility Mandatory **Total

Gdn Apt 1 714 6 1 300 92 0 392

Gdn Apt 2 970 6 1 375 122 0 497

Gdn Apt 1 714 4 1 500 92 0 592

Gdn Apt 2 970 4 1 575 122 0 697

Gdn Apt 1 714 14 1 500 92 0 592

Gdn Apt 2 970 14 1 575 122 0 697

Utilities included in rents: Water/Sewer Electric Gas Other Trash

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....... 48 6 23400

Proposed number of residential buildings: 1 Maximum number of stories in buildings: 4

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