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Tax Credits, RPP Loans, and/or Tax Exempt Bond Loans

Project Name and Location


Project Name: Longbourne Apartments Address: City: Alden Drive Jacksonville County: Onslow Zip: 28546 Block Group: 1009

Census Tract: 0022.0

Is project in Qualified Census Tract & Difficult to Develop area? No Does a community revitalization plan exist? No Political Jurisdiction: Jurisdiction Address: Jurisdiction City: Jurisdiction Phone: 3rd Congressional District Last: Slagle Title: Mayor PO Box 128 Jacksonville (910)938-5224 Zip: 28541

Jurisdiction CEO Name: First: Jan

Site Latitude: Site Longitude:

34.7624 -77.3926

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Project Description
Project Type:* New Construction Rehab 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): Will the project be receiving project based federal rental assistance? No If yes, provide the subsidy source: and number of units:

Target Population: Elderly (55) 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.) Persons with disabilities or homeless populations: the greater of 5 units or 10% of the total units Remarks: ECCDI will target a minimum of 4 units for mobility impaired handicapped. All units will be easily accessible and close to parking spaces. ECCDI will target a minimum of 5 units for persons with disabilities and/or the homeless. A complete targeting plan is submitted with this application.

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Applicant Information
Applicant Name: Address: City: Contact: Telephone: East Carolina Community Development Inc. - (Managing Member) 315 Turner Street Beaufort First: Keith (252)504-3996 State: NC Zip: 28516 Last: Walker Title: CEO & President

Alt Phone:

(252)504-2424

Fax:

(252)504-2248

Email Address:

eccdi@bizec.rr.com

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Site Description
Total Site Acreage: 11.072 Total Buildable Acreage: 10.3 If buildable acreage is less than total acreage, please explain: The existence of a stormwater pond/wetland area reduces the buildable acreage from the total site acreage of 11 acres to 10.3 acres. ECCDI proposes using 8.43 acres for the Longbourne development and the balance of the site will be used for future development. ECCDI has an option on the entire 11 acre site but intends to use only 8 acres of the total site acreage in the development of Longbourne Apartments. For this reason the total purchase price has not been carried as a use of funds in the project proforma.

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:

(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: If no: (a) Does the owner/principal or ownership entity have vaild 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:

Purchase Price:

(c) Enter the current expiration date of the option/contract to purchase: 07/18/2004 (D) Enter Purchase Price: 500,000

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Zoning
Townhouse, Condominium, Apartments (TCA) Zoning Present zoning classification of the site: District Is mutifamily use permitted? Yes Are variances, special or conditional use permits or any other item requiring a public hearing needed to develop this proposal? Yes If yes, have the hearings been completed and permits been obtained? No If yes, specify permit or variance required and date obtained. If no, describe permits/variances required and schedule for obtaining them: Apartments are a permitted use in this zoning district. Any use or combination of uses, which involves a building or combination of buildings that equals or exceeds 25,000 square feet on any lot or combination of lots under single ownership, use or management will require a Special Use Permit. ECCDI will apply to the City of Jacksonville Planning department for such a permit.

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: Longbourne Apartments LLC Address: City: 315 Turner Street Beaufort State: NC Zip: 28516 (If assigned) 56-1909969 (If Not Assigned)

Federal Tax ID Number of Ownership Entity: Federal Tax ID Number of Managing GP or Member:

Entity Type: Limited Liability Company Entity Status: Already Formed Is the applicant requesting that the Agency treat the application as Non-Profit sponsored? Is the applicant requesting that the Agency treat the application as CHDO sponsored?

Yes 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:

East Carolina Community Development Inc. Last Name: Walker Function: Managing Member

First Name: Keith Address: City: Phone: EMail: 315 Turner Street Beaufort (252)504-3996 eccdi@bizec.rr.com

State: NC

Zip: 28516

Fax: (252)504-2248 Nonprofit: Yes TaxID 56-1909969

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Unit Mix
The Median Income for Onslow county is $45,200. Low Income Units Type Gdn Apt Gdn Apt Gdn Apt Gdn Apt Gdn Apt Gdn Apt # BRs Net Sq.Ft. 1 2 1 2 1 2 776 973 776 973 776 973 Total # Units 9 2 9 7 10 7 # Units 0 0 1 1 1 1 Monthly Rent 279 338 363 431 439 532 Electric Utility Allowance 60 69 60 69 60 69 Gas Mandatory Serv. Fees 0 0 0 0 0 0 Other Trash Collection **Total Housing Exp. 339 407 423 500 499 601

Utilites included in rents:

Water/Sewer

Employee Units (will add to Low Income Unit total) Type # BRs Net Sq.Ft. Total # Units # Units Monthly Rent Electric Utility Allowance Gas Other Mandatory Serv. Fees **Total Housing Exp.

Utilites included in rents:

Water/Sewer

Market Rate Units Type # BRs Net Sq.Ft. Total # Units # Units Monthly Rent Utility Allowance Gas Other Mandatory Serv. Fees **Total Housing Exp.

Utilites included in rents:

Water/Sewer

Electric

Statistics All Units Low Income....... Market Rate....... Totals............... 44 4 17585 44 Gross Monthly Rental Income 17585

Units 4

Proposed number of residential buildings: 11 Project Includes:

Maximum number of stories in buildings: 1

Separate community building - Sq. Ft. (Floor Area): 2,402 Community space within residential bulding(s) - Sq. Ft. (Floor Area): Elevators - Number of Elevators: Square Footage Information Gross Floor Square Footage: 44,889

Total Net Sq. Ft. (All Heated Areas): 39,428

Notes

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**

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 1 2 1 2 1 2 9 2 9 7 10 7

Units targeted at 40 targeted at 40 targeted at 50 targeted at 50 targeted at 60 targeted at 60

% percent of median income. percent of median income. percent of median income. percent of median income. percent of median income. percent of median income.

Total Low Income Units:

44

Note: This number should match the total number of low income units in the Unit Mix section.

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Funding Sources
NonAmortizing* Rate (%) Term (Years) Amort. Period (Years) Annual Debt Service

Source Bank Loan RPP Loan Local Gov. Loan - Specify: RD 515 Loan RD 538 Loan - Specify: AHP Loan Other Loan 1 - Specify: Other Loan 2 - Specify: Other Loan 3 - Specify: Tax Exempt Bonds State Tax Credit(Loan) State Tax Credit(Direct Refund) Equity: Federal LIHTC Non-Repayable Grant Equity: Historic Tax Credits Deferred Developer Fees Owner Investment Other - Specify: Total Sources**

Amount

515,817

2.00

20

20

408,687

2.00

20

20

24,809

499,755

30

30

1,691,690

3,115,949

* "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. 793 Remarks concerning project funding sources: (Please be sure to include the name of the funding source(s)) ECCDI has been awarded a subsidized loan in the amount of $408,687.00 from the Federal Home Loan Bank of Atlanta under the Affordable Housing program.

Loans with Variable Amortization Please fill in the annual debt service as applicable for the first 20 years of the project life.

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RPP Loan Year: Amt: Year: Amt: 1 26106 11 26963 2 26412 12 26708 3 26678 13 26373 4 26902 14 25953 5 27079 15 25442 6 27027 16 24834 7 27281 17 24123 8 27298 18 23303 9 27253 19 22367 10 27144 20 21307

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Development Costs
Item Cost Element 1 Purchase of Buildings (Rehab) 2 Demolition 3 On-site Improvements 4 Rehabilitation 5 Construction of New Building(s) 6 Accessory Building(s) 7 General Requirements 8 Contractor Overhead 9 Contractor Profit 10 Construction Contingency 11 Architect's Fee - Design 12 Architect's Fee - Inspection SUBTOTAL (lines 1 through 12) 13 Construction Insurance (prorate) 14 Construction Loan Orig. Fee (prorate) 15 Construction Loan Interest (prorate) 16 Construction Loan Credit Enhancement (prorate) 17 Construction Period Taxes (prorate) 18 Water, Sewer and Impact Fees 19 Survey 20 Property Appraisal 21 Environmental Report 22 Market Study 23 Bond Costs (specify) 24 Cost of Issuance 25 Placement Fee 26 Permanent Loan Origination Fee 27 Permanent Loan Credit Enhancement 28 Title and Recording SUBTOTAL (lines 13 through 28) 29 Real Estate Attorney 30 Other Attorney's Fees 31 Tax Credit App Fees 32 Coast Certification/Accounting Fees 33 Tax Opinion 34 Organizational (Partnership) 35 Tax Credit Monitoring Fee SUBTOTAL (lines 29 through 35) 36 Furnishings and Equipment 37 Relocation Expenses 38 Developer's Fee (max 15% lines 2-36, less 8 & 9) 39 40 42 43 Engineering/Boring/Testing Bank Inspection/Permits 11,000 Other Non-basis Expense (specify) Other Non-basis Expense (specify) SUBTOTAL (lines 36 through 43) 44 Rent up Reserve 326,000 13,200 TOTAL COST 0 0 272,400 0 1,410,165 80,000 105,700 37,365 112,286 60,537 39,000 12,000 2,129,453 7,000 10,000 67,500 0 2,200 48,390 6,000 5,500 2,500 4,000 0 0 0 0 0 4,000 157,090 22,500 12,000 16,105 12,000 3,000 2,500 26,400 94,505 15,000 0 300,000 15,000 0 300,000 22,500 12,000 16,105 12,000 7,000 10,000 67,500 0 1,760 48,390 6,000 5,500 2,500 4,000 272,400 0 1,410,165 80,000 105,700 37,365 112,286 60,537 39,000 12,000 Eligible Basis 30% PV 70% PV 0

41 Rent-up Expenses

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45 Operating Reserve 46 47 Other Reserve (specify) Other Reserve (specify)

95,701

48 DEVELOPMENT COST (lines 1-47) 49 Less Federal Financing 50 Less Disproportionate Standard 51 Less Nonqualified Nonrecourse Financing 52 Less Historic Tax Credit (residential) 53 TOTAL ELIGIBLE BASIS 54 Applicable Fraction (percentage of LI Units) 55 Basis Before Boost 56 Boost for QCT/DDA (if applicable, enter 130%) 57 TOTAL QUALIFIED BASIS 58 Tax Credit Rate 59 Federal Tax Credits at Estimated Rate 60 Federal Tax Credits at 8.5% or 3.75% 61 Federal Tax Credits Requested 62 Land Cost 63 TOTAL REPLACEMENT COST

2,815,949

2,659,708

0 2,659,708 100.00% 2,659,708 2,659,708 210,382 226,075 0 300,000 3,115,949 0 100% 0 100.00% 0 0.00% 0 0 2,659,708 100% 2,659,708 100.00% 2,659,708 7.91% 210,382 226,075

Comments: disallowed line items 39 and 40, since these costs must fall under the general requiremements section.

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Market Study Information


Please provide a detailed description of the proposed project: Longbourne, to be located in Jacksonville, Onslow County, NC involves the construction of a 44 unit elderly development in an economically diverse, and hurricane impacted community. Unit mix will include one and two bedroom apartments in single story residential buildings, targeted to the very low and low-income over 55 years of age. The project will adhere to North Carolina Housing Finance Agency design guidelines. The development will be of similar design to ECCDIs Camellia Court development in Morehead City, NC. Camellia Courts award winning design was created with the specific purpose of offering affordable, safe and attractive garden apartments to low-income seniors. Longbourne will have 44 units - 28 one bedroom and 16 two bedroom units. There will be eleven residential buildings, each consisting of four units arranged in a wheel pattern so that each side has a separate entry for one of the four units. The scale and design of the buildings appear to be single-family homes, giving the development a community feel. The apartments are designed with livability in mind. Features include floor plans that allow for superior mobility with excellent furniture placement, multiple interior closets, exterior storage, separate dining area, pantry, ceiling fans, washer/dryer connections and private entry with covered porch/patio. All units will be handicap accessible. Residents can socialize on their own porch or visit the centrally located community building. The community building will include group activity space, laundry facilities, computer facilities, community kitchen and offices for the site manager and supportive services coordinator. Extensive walkways encourage social connections between residents, however each resident has their own front door, which maintains a sense of ownership and privacy. Ample parking spaces are provided for both residents and guests. The prime location of the project, close to the heart of Jacksonvilles retail and service center, is an advantage to the residents who have the comfort of a short drive to doctors offices, the hospital, banks and shopping. The Onslow United Transit Service (OUTS) operates throughout the town offering a low fare metro transit system. ECCDI believes that providing safe, attractive and affordable housing for low- income seniors creates a feeling of well being and security among the target population. Here seniors can live in comfort and be self-sufficient without having the added burden of property and landscaping management. The on site manger and proximity of neighbors ensures a resident can always find assistance and care when necessary. Easy accessibility to the Community Center and all its planned activities promotes a sense of belonging among the residents. The quality and availability of affordable senior rental housing in Jacksonville is inadequate. This has been endorsed by the City of Jacksonville and the Department of Social Services. In 2000 a HUD estimate for Onslow County of the total number of very low income elderly households living in rental units or single family homeownership units that are overcrowded, lack total kitchens or plumbing facilities, or are unaffordable, showed an elderly housing need of 1059. It is our belief Longbourne would begin to alleviate the shortage of affordable senior housing.

Construction (check all that apply): Brick Vinyl Wood HardiPlank Balconies/Patios Sunrooms Front Porches

Front Gables or Dormers Other:

Wide Banding or Vertical/Horizontal Siding

Existing elderly housing facilities are overstretched and have aged and need modernization and/or retrofitting and refinancing in order to accommodate supportive services to aging residents, assure a good quality of life, accessibility and marketability. The Longbourne design has been proven and tested as a comfortable and safe environment for seniors. As the design has actually been constructed and inhabited, developer and architect have been able to apply real life experience and resident and property manager feedback to improve and enhance the developments functionality and livability. A market study prepared by Community Research Group bears testimony that a demand for affordable elderly units exists in the market area. Have you built other tax credit developments that use the same building design as this project? Yes If yes, please provide name and address: 1) Camellia Court, 4609 Country Club Road Morehead City, NC 28557 2) Troon Apartments

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300 Troon Way Beaufort,NC 28557 3) Weatherstone 3800 Weatherstone Park Road New Bern, NC 28561 4) Kings Mill 1200 Daughter's Drive Newport, NC 28570 Site Amenities (check all that apply): Community Bldg - Sq Ft: 2,402 Laundry Rm Game/Craft Rm Chapel/Prayer Rm Irrigated Lawns Walking Trails Pool Screened Porch Exercise Rm Picnic Area Security Gate Garden Spots Fitness Stations Community Room - Sq Ft: Resident Computer Center TV Rm Onsite Leasing Office Car Care Area Basketball/Tennis Court Horseshoe Pit Garages - Number: Exam Rm Beauty Salon Onsite Mgr Storage Units Playground Shuffleboard Reading Rm/Library Vending Rm Onsite Maint. Person Gazebos Ball Field Covered Drive Thru

Onsite Activities: A comprehensive supportive services plan will be in place at Longbourne for the benefit of the senior residents. A supportive services representative/community resource coordinator will work in conjunction with the on-site manager to organize events and facilitate community focused functions and activities. These are likely to include: - Arts-n-Crafts classes. - Monthly guest speakers on such topics as fire safety, nutrition, elder abuse, health screening and awareness. - Preventative health screening including blood pressure screenings - Pot Luck dinners. - Self-sufficiency and budgeting workshops. - Homeownership education and financial literacy classes leading to goal oriented economic selfsufficiency and financial awareness - Community events providing positive forums for residents to interact and develop a sense of community - Referrals to local agencies to provide special populations with assistance to live independently. - Mediation and advocacy support and training to provide residents with skills to advocate for the needs of their families. The developer proposes to include a swimming pool at the development which will offer tenants opportunities for on-site exercise, physical therapy and therapeutic benefits. Landscaping Plans: A generous landscaping budget has been included in project development costs. The Longbourne Apartments will have an exceptional layout with many tasteful landscaping features and green space areas to complement the developments design. Features will include: - Generous amounts of foundation plantings - A picturesque walking trail will surround the property to be used for exercise or leisure - The project will have a landscaped entrance to give all those who visit a good first impression - Large trees will be planted throughout the project and will offer residents shade and privacy as the project matures. Interior Apartment Amenities (check all that apply): Range W/D Hookups Flooring: Carpet Hood Mini-blinds Vinyl Central Air Dishwasher Pantry Wood Gas Heat Disposal Ceiling fans Wood Parquet Heat Pump Refrigerator (frost free) Walk-in closets Other Storage interior/exterior

Ceramic Tile Electric Pump

Heating/Cooling:

Do you plan to submit additional market data (market study, etc.) that you want considered? Yes

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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 Physical condition of buildings and improvements. Trend and direction of real estate development relative to the project. Area economic health (degree of decline or investment). Concentration of affordable housing. The site is located within the Jacksonville city limits in a desirable and centrally located area locally known as the Bryn Marr region. The site, being part of an 11 acre parcel optioned by ECCDI, represents the last undeveloped acreage in this part of Jacksonville. Jacksonville is the commercial hub of Onslow County and home to Marine Corps Base Camp Lejeune and Marine Corps Air Station New River. The Jacksonville economy is primarily based on Marine Corp bases: With over 40,000 active duty forces, the Marine Corp Base Camp Lejeune and Marine Corp Air Station New River contribute more than $2 billion to the local economy. Expansion plans potentially will bring an additional 40,000 military members and civilian contractors to the bases. The fastest growing sector of the local economy is the service sector. The number of service and retail sector jobs is increasing but these jobs are traditionally low paying and offer minimal benefits. Some 75,000 people make the city their home. The once quiet farming community has grown into the business, retail, medical, banking and cultural center for Onslow County. Many military personnel remain in or return to Jacksonville to enjoy their retirement. There are two other affordable housing developments for low and low to moderate income seniors in the metropolitan area but both maintain waiting lists of a minimum of 6 months. Longbourne will expand the supply of suitable and affordable housing for low income older persons in a neighborhood and development that can accommodate supportive services to aging residents, assure quality of life, and guarantee accessibility to amenities and services. Suitability of surrounding development. Land use pattern is primarily residential (single and multifamily housing) with a balance of other uses (particularly retail and amenities). Amount and character of vacant, undeveloped land. Effect of industrial, large-scale institutional or other incompatible uses: wastewater treatment facilities, high traffic corridors, junkyards, prisions, 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). The site is located in a residential neighborhood commonly known as Bryn Marr close to recreational areas and with easy access to the countys best shopping. The area is a mixed-use development with single-family homes, apartments, parks and adjacent retail development. The residential neighborhood adjoins and is within walking distance of the Jacksonville Mall where there are more than 100 retailers and service providers. Anchor tenants are Sears, JC Penny and Belk Department store. In addition to the Jacksonville mall, both Western Boulevard and US Hwy 17 are within 1 mile of the site, where additional shopping and services are located. Major retailers include Wal-Mart, Target and Lowes. The area is expanding with much new construction currently taking place. New construction is both single and multi family housing. Other developments in the area are relatively new and in good condition. Jacksonville is served by two major hospitals, Onslow Memorial Hospital on Western Boulevard and the US Naval Hospital, Camp Lejeune. The development is less than a mile from Onslow Memorial Hospital and Jacksonvilles medical district. The proximity of the hospital will give tenants access to services at the nursing facility and the reassurance of medical services being close to hand. Within the hospitals medical service area, there are over 95 private physicians representing more than 25 specialties. On-site is a full-service laboratory, x-ray facilities, pharmacy, and rehabilitation services. The Minor Emergency Care (M.E.C) Center is located within the hospital's Emergency Department. Additionally SurgiCare of Jacksonville is located conveniently close to the site for elective outpatient surgery. The site is within a mile of the Coastal Carolina Community College a college that plays an active role in the continuing education of the citizens of Onslow County. The Continuing Education Division provides courses that upgrade the occupational skills and knowledge of individuals at all levels of labor and management, offers services to small businesses, and provides programs to meet the training needs of new and expanding industries. Programs are also provided to meet literacy needs, basic skill improvement, and high school equivalency certification. Additionally, a broad range of courses is offered enabling individuals to improve home and community life and develop or improve leisure time activities. The site represents the last vacant land in the area and is bordered by residential development.

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On the site there are no overhead power lines, no known flood hazards or other land uses nearby that would degrade the quality of life for residents at the proposed project. There are no known industrial, large-scale institutional or other incompatible uses. The site does not have, nor is it close to or in any way effected by 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, or environmental concerns (such as odors or pollution). SITE SUITABILITY Adequacy of street(s) and/or access road(s) serving the proposed project and traffic controls (lights, stop signs, turning lanes). Access to mass transit (if applicable). The site has easy and convenient access to two key arterial highways, US Route 17 (Marine Boulevard) and Western Boulevard. US 17 provides access to New Bern, 36 lies to the North and Wilmington, 50 miles to the South. The site is approximately two miles north of State Hwy 24, which is the primary route between Jacksonville and the nearby cities of Swansboro, Morehead City and Beaufort. Situated close to Western Boulevard, but tucked sufficiently back in a residential neighborhood, the site offers accessible ingress and egress to the city and surrounding neighborhoods without being negatively impacted by traffic volume or noise. Many improvements to the road systems in and around Jacksonville are in the works to accommodate the areas continuing growth in population and commerce. Currently, construction is underway on Route 17 between Jacksonville and Wilmington to make the two-lane highway into a four-lane highway. Completion is set for early in the year 2005. The "Kenansville bypass" provides a direct four-lane highway from Jacksonville to I-40. This bypass increases traffic safety and decreases travel time within coastal North Carolina. A Route 17 by-pass is planned to divert heavy interstate traffic from the existing U.S. Route 17 in Jacksonville. The bypass will stretch from Camp Geiger to North Jacksonville. This bypass will tie in to Route 258/NC 24 by 2004. The Onslow United Transit System, Inc. (OUTS), a private nonprofit, provides low cost transportation in Onslow County and is the community transportation provider for Onslow County. Primary services include transportation services for elderly and disabled clients as well as some employment transportation. The City of Jacksonville has a fixed-route system that currently runs Monday through Friday 6.00am to 6.00pm and Saturday 10.00am to 6.00pm for the citizens of Jacksonville. There is already an established bus stop/pick up point on Huff Drive, which is close to the site. If demand is sufficient, the Longbourne Apartments may be included in the fixed-route. 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 known on-site negative features and physical barriers that will impede project construction or adversely affect future tenants.

Similarity of scale and aesthetics/architecture between project and surroundings. The developments award winning design was created with the specific purpose of offering affordable, safe and attractive garden apartments to low to moderate-income seniors. The 44-unit one story project consists of 11 blocks of 4 units, each unit with a separate entrance and storage facilities. All units are handicap accessible. Each building presents as a single family home and is entirely compatible with other structures in the Bryn Marr area. Centrally located will be the Community Building which will house the tenants mail boxes and the office of the on site manager. The placement of the residential buildings and the community building will be such that green space is created. Carefully thought out landscaping, parking close to each unit entrance and the erection of a strategically placed privacy fences around the property, will create the ambience of a market rate subdivision. The proposed development will look appropriate in its neighborhood and will complement the existing housing structures. The development will be similar in scale and aesthetics to the surrounding neighborhood, more attractive than the majority of existing senior rental stock. For each applicable neighborhood feature, enter distance from project in miles. 1.0 Grocery Store 2.0 Community/Senior Center

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0.5 1.5 1.5 1.5 0.5 0.5 1.5 1.5 1.0 3 1.0 3

Mall/Strip Center Outdoor Athletic Fields Day Care/After School Schools

0.5 0.5 0.5 0.5

Hospital Pharmacy Basic Health Care Medical Offices Bank/Credit Union Restaurants Professional Services Movie Theater Video Rental Public Safety (Fire/Police) Post Office

Public Transportation Stop 0.5 Convenience Store Basketball/Tennis Courts Public Parks Gas Station Library Fitness/Nature Trails Public Swimming Pools 0.5 0.5 1.0 0.5 1.0 1.0

Other facilities or services: Supportive services will be provided to all residents living at Longbourne. Targeted populations will include those living with disabilities and the homeless. A collaborative approach will be taken to the provision of supportive services, not only collaborating with a multitude of local community organizations and agencies to help provide services and meet the changing needs of individuals and the community as a whole, but also with the residents themselves who are best able to discern their own needs. ECCDIs goals in providing supportive services to the residents of Longbourne will include: 1) To promote self-sufficiency and economic independence 2) To build community, affording residents a sense of ownership and pride in their neighborhood 3) To enhance the quality of life for the residents through such actions as providing educational information and opportunities, health screenings, community building and cultural enrichment activities. There will be a supportive services representative/community resource coordinator responsible for carrying out the goals of the supportive services. The community resource coordinator will be available at the Longbourne Community Center with hours to suit the needs of the residents, including evening and weekend hours as needed. The community resource coordinator will work in conjunction with the on-site manager to ensure the activities of the managing agent and those of supportive services providers complement each other. In addition, Onslow County operates a very proactive senior services center with services including caregiver support, adult day care, congregate meals, medication management, disease prevention/health promotion, home delivered meals, in-home aide services, legal services, and general and medical transportation. The community resource coordinator and on-site manager will work closely with senior services to ensure all residents are familiar with and have access to those programs for which they are eligible. The City of Jacksonville has also recently opened a Senior Citizen/Community Center located in the Jacksonville Commons Recreation Complex at 100 Recreation Lane. Adult citizens ages 50 and older may participate in a wide variety of programs, classes, activities, social events and trips. The center is supervised and staffed exclusively for recreational purposes. This facility offers a wide range of amenities including state of the art Fitness Center, social hall for meetings, parties and dinners, fully equipped kitchen facility, parlor room containing regulation pool table and electronic darts, community room for classes and activities, 12 passenger luxury vans for exciting day trips, line dancing classes, arts and crafts classes, bridge, dominos, cards and other games, pool tournaments and darts tournaments, table tennis, bingo, crochet group, outdoor shuffleboard courts, dinners and dances, horseshoe pits, computer with internet access, Golden Age Club, AARP Meetings, Services for the Visually Impaired meetings, and senior games.

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Development Team
Provide contact information for development team members below: Management Agent Company: Community Management Corporation Address: City: Phone 1415 Old Mill Circle Winston Salem (336)765-0424 State: NC Zip: 27114-5168 Email: gmorgan@cmc-nc.com Last: Morgan

Contact Name: First: Gaye

Architect Company: Address: City: Phone

Arthur Cogswell, Architect & Planner 619 Greenwood Road Chapel Hill (919)942-5196 State: NC Zip: 27514 Email: acogswell@mindspring.com Last: Cogswell

Contact Name: First: Arthur

Attorney Company: Address: City: Phone

Nelson, Mullins Riley & Scarborough 4140 Parklake Avenue, Suite 200 Raleigh (919)877-3800 State: NC Zip: 27612 Email: susan.ellinger@nmrs.com Last: Ellinger

Contact Name: First: Susan

Investor Company: Address: City: Phone

MMA Financial LLC 101 Arch Street Boston (617)439-3911 State: MA Zip: 02110-1106 Email: tdiciero@mmafin.com Last: DiCiero

Contact Name: First: Anthony

Consultant/Application Preparer (if different from developer) Company: Address: City: Phone Contact Name: First: State: Email: Last: Zip:

Identity of Interest? General Contractor Company: Harold K. Jordan & Co. Inc Address: City: Phone 1086 Classic Road, Suite 201 Apex (919)303-3652 State: NC Zip: 27502 Email: hjordan@hkjconstruction.com Last: Jordan

Contact Name: First: Harold

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Project Team Experience


Development List number low-income/tax credit housing projects and units developed, operated, and maintained in compliance by the principal(s) between December 1, 1996 and January 1, 2003: North Carolina Other States Projects: Units: 6 272 0 0

Management List number of low-income housing tax credit units managed in the past 10 years: North Carolina Other States Projects: Units: 49 2,614 0 0

Has any owner, principal, or management agent been debarred or received a limited denial participation in the past 10 years by any federal or state agency? No Has any owner, principal, or management agent been involved in a bankruptcy, an adverse fair housing settlement, an adverse civil rights settlement, or an adverse federal or state government proceeding and settlement in the past 10 years? No Has any owner or principal been in a mortgage default or delinquency of three months or more within the last 5 years on a FHA-insured project, a Rural Development funded rental project, a tax-exempt funded mortgage, a tax credit project, or any other publicly subsidized project? No Has any owner or principal been involved within the last 10 years in a project which previously received an allocation of tax credits but failed to meet compliance standards of the tax credit allocation, including return of a reservation of tax credits to the Agency after the carryover agreement has been signed? No Has any owner or principal had a Form 8823 filed with the IRS for noncompliance on a project using low-income housing tax credits or received a letter of non-compliance from the Agency? No

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Financing Commitments
Does the project have a firm commitment for construction financing? Does the project have a letter of intent for private permenant financing? Does the project have a firm commitment for government financing? Does the project have a letter of intent from an investor? Is any portion of the eligible basis of new contruction or rehabilitation financed with federal subsidies other than CDBG funds or funds from the HOME program? If yes, indicate the type and amount below: Tax Exempt Financing: $ RD 515 Financing: Hope VI Financing: Other: $ $ $ No Yes No Yes No

If Other, specify the type of Federal subsidy:

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Projected Operating Costs


Project Operations (Year One) Administrative Expenses Advertising Office Salaries Office Supplies Office or Model Apartment Rent Management Fee Manager or Superintendent Salaries Manager or Superintendent Rent Free Unit Legal Expenses (Project) Auditing Expenses (Project) Bookkeeping Fees/Accounting Services Telephone and Answering Service Bad Debts Other Administrative Expenses (specify): Miscel admin (e.g. supplies, credit reports etc.) SUBTOTAL Utilities Expense Fuel Oil Electricity (Light and Misc. Power) Water Gas Sewer SUBTOTAL Operating and Maintenance Expenses Janitor and Cleaning Payroll Janitor and Cleaning Supplies Janitor and Cleaning Contract Exterminating Payroll/Contract Exterminating Supplies Garbage and Trash Removal Security Payroll/Contract Grounds Payroll Grounds Supplies Grounds Contract Repairs Payroll Repairs Material Repairs Contract Elevator Maintenance/Contract Heating/Cooling Repairs and Maintenance Swimming Pool Maintenance/Contract Snow Removal Decorating Payroll/Contract Decorating Supplies Other (specify): Termite Treatment Miscellaneous Operating & Maintenance Expenses SUBTOTAL Taxes and Insurance Real Estate Taxes Payroll Taxes (FICA) Miscellaneous Taxes, Licenses and Permits 1,218 107 2,189 300 8,763 790 3,061 4,900 16,000 1,400 4,000 18,480 17,000

600 4,000 500

1,500 47,480

5,800 5,300

244 2,200 385

2,030 88 21,375 15,325 2,662 0

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Property and Liability Insurance (Hazard) Fidelity Bond Insurance Workmen's Compensation Health Insurance and Other Employee Benefits Other Insurance: Flood, EUL, SUBTOTAL Supportive Service Expenses Service Coordinator Service Supplies Tenant Association Funds Other Expenses (specify): SUBTOTAL Reserves Replacement Reserves SUBTOTAL TOTAL OPERATING EXPENSES ADJUSTED TOTAL OPERATING EXPENSES (Does not include taxes, reserves and resident support services) * TOTAL UNITS (from total units in the Unit Mix section) PER UNIT PER YEAR

16,132 65 645

5,501 40,330 4,300

4,300 11,000 11,000 140,485 109,860 44 2,496

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Projected Cash Flow Year One


OPERATING INCOME Gross rental income (from Unit Mix - Total Monthly Rent) Stores and Commercial Laundry and Vending Other (specify): 3,000 211,020

Total Gross Income Potential at 100% Occupancy Seven Percent Vacancy Allowance NET RENTAL/OTHER INCOME TOTAL OPERATING EXPENSES (from Projected Operating Costs) NET OPERATING INCOME DEBT SERVICE (from Funding Sources Loans) NET CASH FLOW DEBT COVERAGE RATIO (Must not be less than 1.15)

214,020 14,981 199,039

140,485 58,554

50,915

7,639 1.15

20-Year Cash Flow


Year Net Rental/Other Income* Total Operating Expenses* Debt Service Net Cash Flow Debt Coverage Ratio Year Net Rental/Other Income* Total Operating Expenses* Debt Service Net Cash Flow Debt Coverage Ratio 1 199,039 140,485 50,915 7,639 1.15 11 267,492 207,952 51,772 7,768 1.15 2 205,010 146,104 51,221 7,685 1.15 12 275,517 216,270 51,517 7,730 1.15 3 211,160 151,948 51,487 7,725 1.15 13 283,783 224,921 51,182 7,680 1.15 4 217,495 158,026 51,711 7,758 1.15 14 292,296 233,918 50,762 7,616 1.15 5 224,020 164,347 51,888 7,785 1.15 15 301,065 243,275 50,251 7,539 1.15 6 230,741 170,921 51,836 7,984 1.154 16 310,097 253,006 49,643 7,448 1.15 7 237,663 177,758 52,090 7,815 1.15 17 319,400 263,126 48,932 7,342 1.15 8 244,793 184,868 52,107 7,818 1.15 18 328,982 273,651 48,112 7,219 1.15 9 252,137 192,263 52,062 7,812 1.15 19 338,851 284,597 47,176 7,078 1.15 10 259,701 199,954 51,953 7,794 1.15 20 349,017 295,981 46,116 6,920 1.15

* Net Rental Income escalated at annual rate of 3% and expenses escalated at a rate of 4% after the first year.

Calculations:
1. "Net Rental/Other Income" comes from 1st-year cash flow, then it is escalated by 3% per year. 2. "Total Operating Expenses" comes from 1st-year cash flow, then it is escalated by 4% per year. 3. "Debt Service" is the sum of "regular/amortized loan debt service + non-amortizing annual service" as entered by user from Funding Sources section. 4. "Net Cash Flow" is "Net Rental/Other Income" minus "Total Operating Expenses" minus "Debt Service". 5. "Debt Coverage Ratio" is ("Net Rental/Other Income" minus "Total Operating Expenses") divided by "Debt Service".

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Design Features
ITEM Foundation/Slab Components Primary Windows DESCRIPTION Post-tensioned slab, 3000 PSI MIX CODE 3308 Make: Gen ALUM Model: 2100 Series

Type/Construction: ALUMINUM VINYL GLASS 6 PANEL STEEL 24 Type: GA Type: HARDI PLANK Warranty: 50 YR Exterior Trim Shingles KOAT 31 PRE PRIMED P.T. Type: GAF TIMBERLINE Warranty: 30 yr Sprinkler System Cabinets Heat Pump NFPA 13R RESIDENTIAL NORMAC 800 CAMELOT WHITE PVC SEER: 12 SEER VARIES TO SIZE OF Model: UNIT Air Conditioner SEER: 12 SEER VARIES TO SIZE OF Model: UNIT Other Heat Systems SEER: 12 SEER VARIES TO SUIT ENVIRONMENT (Community Building, Laindry Facilities, Model: Maintenance) Make: GOODMAN Make: GOODMAN Make: GOODMAN Weight: 225 lbs

Exterior Doors

Frames: WOOD Grade/Thickness: 5/16

Siding

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Costs - Construction
This is a detailed breakdown of rehabilitation or construction costs you summarized in the Development Costs table (Rehabilitation and Construction of New Building(s)). The total should match those roll-up values. ITEM Concrete Footings Backfill-slab, Crawl Slab-concrete/Rebar/Gravel Waterproofing Masonry Foundation Brick Veneer Steel/Structure/Rails Framing/Lumber/Nails Trusses Crane Rental Windows/Grilles/Screen Exterior Doors Roofing Fencing Vinyl Siding/Trim/Box Gutters/Shutters Insulation Drywall Interior Doors Int. & Final/Stair/Trim/Shelves Cabinets & Tops Painting Marble - Tub/Shwr/Tops Plumbing Electrical Heating/Air Conditioning Floor Covering and Underlayment Wall Paper Mailboxes/Special Features/Signage Gypcrete Blinds/Shades/Art Work Light Fixtures/Fans Sprinkler System Security Alarm Hardwood Floors Elevator Ceramic Tiles Acoustical Ceilings 42,967 36,705 57,200 26,698 42,967 36,706 57,200 26,698 30,800 24,090 30,800 24,090 49,068 49,068 52,862 52,863 29,385 24,469 29,385 24,469 171,243 171,244 39,948 27,807 21,388 33,000 39,949 27,808 21,388 33,000 LABOR MATERIAL TOTAL 0 0 79,897 55,615 42,776 66,000 0 342,487 0 0 0 58,770 48,938 0 105,725 0 0 98,136 0 0 61,600 48,180 0 85,934 73,411 114,400 53,396 0 0 0 0 0 0 0 0 0 0 0

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Mirror/Shower Door/Encls. Hardware/Bath Access. Appliances Playground Equipment Interior Clean Exterior Clean/Dumpster Rental Other 1 (specify in Remarks) Other 2 (specify in Remarks) Total Cost Remarks: Other 1: Community Gardens/Amentities Other 2: Landscaping Allowance 4,000 13,200 705,080 4,000 13,200 705,085 20,250 20,250

0 0 40,500 0 0 0 8,000 26,400 1,410,165

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Costs - General
This is a detailed breakdown of the General Requirements cost element you summarized in the Development Costs table (General Requirements). The total should match that roll-up value. ITEM Supervision Job Site Office/Trailer Rental Office Supplies Security/Watchman Project Signage Tools and Equipment Gas, Oil, and Maintenance Temporary Water, Electric, and Telephone Storage/Hauling Driveway Access Permit Porta-John Rental/Dumping Builders Risk Insurance Re-inspection Fees Extra Plans and Specifications Miscellaneous, Casual Labor Equipment Rental Other 1 (specify in Remarks) Other 2 (specify in Remarks) Total Cost Remarks: 105,700 8,814 7,500 2,400 6,000 10,000 TOTAL 51,823 5,000 500 11,163 1,000 1,500

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Costs - Improvements
This is a detailed breakdown of the Site Improvements cost element you summarized in the Development Costs table (On-site Improvements). The total should match that roll-up value. ITEM Subsurface Exploration/Perk Testing/Site Engineering Clearing/Grading/Final Grading/Excess and Borrow Demolition Earthwork/Excavation/Aerating Soil Treatment Pile Foundations Caissons Shoring/Bracing Site Drainage Site Utilities/Site Lighting Paving and Surfacing/Curb and Gutter Walkways Site Signage Parking Lot Painting Dumpster Pads/Fencing Fencing/Gates Landscaping/Topsoil Rock and Hardpan Excavation Site Supervision Personnel Other (specify in Remarks) Total Cost Remarks: 272,400 8,500 10,000 5,000 18,000 35,000 15,000 35,000 28,034 TOTAL 20,000 97,866

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Costs - Bond Costs


This is a detailed breakdown of the Bond Costs cost element you summarized in the Development Costs table (Bond Costs). The total should match that roll-up value. ITEM Letter of Credit Fee Credit Enhancement Underwriter Discount Capital Interest Fund Other 1 (specify in Remarks) Other 2 (specify in Remarks) Total Cost Remarks: TOTAL 0 0 0 0 0 0 0

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Costs - Bond Issuance


This is a detailed breakdown of the Bond Issuance cost element you summarized in the Development Costs table (Cost of Issuance). The total should match that roll-up value. ITEM Bond Counsel Issuer Counsel Credit Enhancement/LOC Counsel Underwriter Counsel Developer's Counsel Rating Agency Fee Printing Trustee Fee Trustee Counsel Issuer's Fee Other 1 (specify in Remarks) Other 2 (specify in Remarks) Other 3 (specify in Remarks) Total Cost Remarks: TOTAL 0 0 0 0 0 0 0 0 0 0 0 0 0 0

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Minimum Set-Asides
MINIMUM REQUIRED SET ASIDES (No Points Awarded): Select one of the following two options: 20% of the qualified units are rent restricted and occupied by households with incomes at or below 50% of the median income (Note: No Tax Credit Eligble Units in the the project can exceed 50% of median income) 40% of the qualified units are rent restricted and occupied by households with incomes at or below 60% of the median income (Note: No Tax Credit Eligble Units in the the project can exceed 60% of median income) If requesting RPP funds: 40% of the qualified unit are occupied by households with incomes at or below 50% of median income.

State Tax Credit and QAP Targeting Points: Moderate Income County: At least twenty-five percent (25%) of qualified units will be affordable to and occupied by households with incomes at or below forty percent (40%) of county median income.

At least fifty percent (50%) of qualified units will be affordable to households with incomes at or below fifty percent (50%) of county median income. At least fifty percent (50%) of qualified units will be affordable to and occupied by households with incomes at or below fifty percent (50%) of county median income.

Tax Exempt Bonds Threshold requirement (select one): At least ten percent (10%) of qualified units will be affordable to and occupied by households with incomes at or below fifty percent (50%) of county median income. At least five percent (5%) of qualified units will be affordable to and occupied by households with incomes at or below forty percent (40%) of county median income. Eligible for mortgage subsidy points (select one): At least twenty percent (20%) of qualified units will be affordable to and occupied by households with incomes at or below fifty percent (50%) of county median income. At least ten percent(10%) of qualified units will be affordable to and occupied by households with incomes at or below forty percent (40%) of county median income.

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Full Application Checklist


PLEASE indicate which of the following exhibits are attached to your application. Others may be required as noted. A Nonprofit Organization Documentation or For-profit Corporation Documentation B Current Financial Statements/Principals and Owners C Ownership Entity Agreement, Development Agreement or any other agreements governing development services D Management Agent Agreement E Development and manager multi-family experience & Management Questionnaire (Appendix C) F Letters from State Housing Agencies or designated monitoring agent verifying Out of State Management Experience G Completed IRS Form 8821 (Appendix I) H Letters from Local Utility Providers (original on letterhead, no fax or photocopies) I Local Government Letter or Letter from Certified Engineer or Land Surveyor Confirming Floodplain Designation with Map showing 100 year and 500 year floodplain (original on letterhead, no fax or photocopies)

J Local Government Letter Confirming Zoning (original on letterhead, no fax or photocopies) K Copy of certificate of occupancy or proof of placed-in-service date (Rehabs Only) L Site plan, floor plans and elevations M Hazard and structural inspection and termite reports (Renovation projects only) N Anticipated budget demonstrating how the project would meet the 10% test by November 14th. O Evidence of Architect's Errors and Omissions insurance (or equivalent). P Description of acquisition for existing/occupied projects or for projects with occupied buildings to be demolished. Q Description of proposed Relocation Plan & Relocation Budget, Etc. If any relocation is anticipated, reference Appendix F. R Targeting Plan and supporting documentation (Required for all projects) S Local Housing Authority Agreement (Reference Model in Appendix I) T Appraisal (for land costs greater than $5,000 and for buildings in rehab projects) U Evidence of Permanent Loan Commitment, other sources of funds, and project-based subsidies. V Statement regarding terms of Deferred Developer Fee and, if nonprofit, resolution of Board approving fee. W Inducement Resolution (Tax-Exempt Bond Financed Projects only) X Documentation to support estimated utility costs.

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