Church View Place App

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Tax Credits, RPP Loans, and/or Tax Exempt Bond Loans
Project Description
Project Name: Churchview Place Phases I & II Address: City: 2302 Old Chapman Street Greensboro County: Guilford Zip: 27403 Block Group: 3011
Census Tract: 126.04
Is project in Qualified Census Tract or Difficult to Develop Area? No Political Jurisdiction: Jurisdiction CEO Name: Jurisdiction Address: Jurisdiction City: Jurisdiction Phone: City of Greensboro First:Yvonne Last: Johnson 300 W. Washington Street Greensboro Zip: 27401 Title: Mayor
(336)373-2396
Site Latitude: Site Longitude:
36.046409 -79.8222544
Project Type: New Construction Is this project a previously awarded tax credit development? No If yes, what is the project number: Is this a request for supplemental credits? 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 Will the project include a Community Service Facility under IRS Revenue Ruling 2003-77? No
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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: 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: 4 Persons with disabilities or homeless populations: 10% of the total units.
Number of Units: 8 Remarks: A. The 8 units designed for mobility impaired handicapped persons will include 1 unit which provides a bedroom to bath tracking system. All of these units will also provide roll-in showers and other special features. B. Owner will also agree to hold dwellings available for up to 7 disabled or homeless households.
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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: Address: City: Contact: Telephone: Alt Phone: Fax: Email Address: Beacon Management Corporation 408 Battleground Avenue Battleground State: NC Zip: 27401 First: George Last:Carr Title:President
(336)282-6000 (336)337-5001 (336)545-9004 sjones@beacon-nc.com
NOTE: Email Address above will be used for communication between NCHFA and Applicant.
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Site Description
Total Site Acreage: 7.2 Total Buildable Acreage: 7.2
If buildable acreage is less than total acreage, please explain:
Identify utilities and services currently available (and with adequate capacity) for this site: Storm Sewer Water Sanitary Sewer Electric
Is the demolition of any buildings required or planned? No If yes, please describe:
Are existing buildings on the site currently occupied? No If yes: (a) Briefly describe the situation:
(b) Will tenant displacement be temporary? (c) Will tenant displacement be permanent? Is the site directly accessed by an existing, paved, publicly maintained road? Yes If no, please explain:
Is any portion of the site located inside the 100 year floodplain? No If yes: (a) Describe placement of project buildings in relation to this area:
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(b) Describe flood mitigation if the project will have improvements within the 100 year floodplain:
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Site Control
Does the owner have fee simple ownership of the property (site/buildings)?Yes If yes provide: Purchase Date: 04/16/2008 Purchase Price: 460,533
If no: (a) Does the owner/principal or ownership entity have valid option/contract to purchase the property? (b) Does an identity of interest (direct or indirect) exist between the owner/principal or ownership entity with the option/contract for purchase of the property and the seller of the property? If yes, specify the relationship:
(c) Enter the current expiration date of the option/contract to purchase: (D) Enter Purchase Price:
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Zoning
Present zoning classification of the site:CD-RM-12 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: Address: City: Churchview Place Limited Partnership 408 Battleground Avenue Greensboro State:NC Zip: 27401-2104
Federal Tax ID Number of Ownership Entity:
26-2353861
(If assigned)
Note: Do not submit social security numbers for individuals. Entity Type: Limited Partnership Entity Status: Already Formed Is the applicant requesting that the Agency treat the application as Non-Profit sponsored? No Is the applicant requesting that the Agency treat the application as CHDO sponsored? No List all general partners, members,and principals. Specify nonprofit corporate general partners or members. Click [Add] to add additional partners, members, and principals.
Org: Address: City: Phone: EMail:
Beacon Management Corporation Last Name: Carr State: NC Function: Managing General Partner Zip: 27401-2104 408 Battleground Avenue Greensboro
First Name: George
(336)282-6000 sjones@beacon-nc.com
Fax: (336)545-9004 Nonprofit: No
Carr-Theismann, LLC Last Name: Carr State: NC Function: General Partner Zip: 27401-2104 408 Battleground Avenue Greensboro
First Name: George
Carr-Smith, LLC Last Name: Carr State: NC Function: General Partner Zip: 27401 408 Battleground Avenue Greensboro
First Name: George
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Unit Mix
The Median Income for Guilford county is $56,400. Low Income Units Type # BRs Net Sq.Ft. Total # Units # Units Monthly Rent Utility Allowance Mandatory Serv. Fees **Total Housing Exp.
Gdn Apt 1 Gdn Apt 1 Gdn Apt 2 Gdn Apt 2
664 664 901 901
30 30 4 4
2 2 2 2
383 594 448 658

Electric
40 40 60 60
Gas Other
0 0 0 0
423 634 508 718
Utilities included in rents:
Water/Sewer
Employee Units (will add to Low Income Unit total) Total # Monthly Utility Mandatory **Total Type # BRs Net Sq.Ft. # Units Units Rent Allowance Serv. Fees Housing Exp. Utilities included in rents: Water/Sewer Electric Gas Other
Market Rate Units Total # Monthly Utility Mandatory **Total Type # BRs Net Sq.Ft. # Units Units Rent Allowance Serv. Fees Housing Exp. Utilities included in rents: Water/Sewer Electric Gas Other
Statistics All Units Low Income....... Market Rate....... Totals............... Gross Monthly Rental Income
Units
68
33734
68
33734
Proposed number of residential buildings: 15 Project Includes:
Maximum number of stories in buildings: 1
Separate community building - Sq. Ft. (Floor Area): 1,887 Community space within residential bulding(s) - Sq. Ft. (Floor Area):
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Elevators - Number of Elevators: Square Footage Information Gross Floor Square Footage:
54,993
Total Net Sq. Ft. (All Heated Areas): 51,100
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 1 1 2 2
Units
% targeted at 40 targeted at 60 targeted at 40 targeted at 60 percent of median income affordable to/occupied by percent of median income affordable to/occupied by percent of median income affordable to/occupied by percent of median income affordable to/occupied by
30 30 4 4
Total Low Income Units:
68
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: City of Greensboro 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
719,200 800,000 888,284
7.61 2.00 0.50
18 20 30
30 20 30
60,996
362,076
30
30
4,797,194
7,566,754
* "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. 84 Remarks concerning project funding sources: (Please be sure to include the name of the funding source(s))
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Loans with Variable Amortization Please fill in the annual debt service as applicable for the first 20 years of the project life.
RPP Loan Year: Amt: Year: Amt: 1 2 3 4 5 6 7 8 9 10
54865
11
56245
12
57579
13
58863
14
60092
15
56260
16
57362
17
58391
18
59340
19
60204
20
58476
59146
59708
60154
60474
60658
8095
Local Gov. Loan - City of Greensboro Year: Amt: Year: Amt: 1 2 3 4 5 6 7 8 9 10
2500
11
2500
12
2500
13
2500
14
2500
15
7500
16
7500
17
7500
18
7500
19
7500
20
10000
10000
10000
10000
10000
10000
10000
10000
10000
10000
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Development Costs
Item Cost Element 1 Purchase of Building(s) (Rehab / Adaptive Reuse only) 2 Demolition (Rehab / Adaptive Reuse only) 3 On-site Improvements 4 Rehabilitation 5 Construction of New Building(s) 6 Accessory Building(s) 7 General Requirements (max 6% lines 2-6) 8 Contractor Overhead (max 2% lines 2-7) 9 Contractor Profit (max 8% lines 2-7; 6% if Identity of Interest) 10 Construction Contingency (max 3% lines 2-9, Rehabs 6%) 11 Architect's Fee - Design (11 + 12 = max 3% lines 2-10) 12 Architect's Fee - Inspection 13 Engineering Costs SUBTOTAL (lines 1 through 13) 14 Construction Insurance (prorate) 15 Construction Loan Orig. Fee (prorate) 16 Construction Loan Interest (prorate) 17 Construction Loan Credit Enhancement (prorate) 18 Construction Period Taxes (prorate) 19 Water, Sewer and Impact Fees 20 Survey 21 Property Appraisal 22 Environmental Report 23 Market Study 24 Bond Costs 25 Bond Issuance Costs 26 Placement Fee 27 Permanent Loan Origination Fee 28 Permanent Loan Credit Enhancement 29 Title and Recording TOTAL COST Eligible Basis 30% PV 70% PV
500,000
500,000
3,698,574 300,000 269,914 95,370 286,109 154,499 106,089 53,044 25,000 5,488,599 40,000 40,000 230,578 60,000 20,000 10,000 12,000 12,500 6,000 4,300
3,698,574 300,000 269,914 95,370 286,109 154,499 106,089 53,044 25,000
40,000 40,000 230,578 60,000 20,000 10,000 12,000 12,500 6,000 4,300
25,000
10,000
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SUBTOTAL (lines 14 through 29) 30 Real Estate Attorney 31 Other Attorney's Fees 32 Tax Credit Application Fees (Preliminary and Full) 33 Tax Credit Allocation Fee (0.60% of line 59, minimum $7,500) 34 Cost Certification / Accounting Fees 35 Tax Opinion 36 Organizational (Partnership) 37 Tax Credit Monitoring Fee SUBTOTAL (lines 30 through 37) 38 Furnishings and Equipment 39 Relocation Expense 40 Developer's Fee 41 42
470,378 30,000 13,000 2,200 40,434 8,000 8,000 30,000 13,000
7,000 47,600 148,234 50,000 50,000
714,000
714,000
Other Basis Expense (specify) Other Basis Expense (specify) 17,000
43 Rent-up Expense 44 45
Other Non-basis Expense (specify) Other Non-basis Expense (specify)

SUBTOTAL (lines 38 through 45)
781,000 34,001 184,009
46 Rent up Reserve 47 Operating Reserve 48 49
Other Reserve (specify) Other Reserve (specify) 7,106,221 0 6,738,977
50 DEVELOPMENT COST (lines 1-49) 51 Less Federal Financing 52 Less Disproportionate Standard 53 Less Nonqualified Nonrecourse Financing 54 Less Historic Tax Credit 55 TOTAL ELIGIBLE BASIS 56 Applicable Fraction (percentage of LI Units) 57 Basis Before Boost 58 Boost for QCT/DDA (if applicable, enter 130%) 59 TOTAL QUALIFIED BASIS
0 6,738,977 100.00% 6,738,977 0 100% 0 100.00% 6,738,977 0 6,738,977 100% 6,738,977 100.00% 6,738,977
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60 Tax Credit Rate 61 Federal Tax Credits at Estimated Rate 62 Federal Tax Credits at 9.00% or 3.75% (maximum $1,000,000) 63 Federal Tax Credits Requested 64 Land Cost 65 TOTAL REPLACEMENT COST FEDERAL TAX CREDITS IF AWARDED Comments:
3.40 572,813 606,508 0 460,533 7,566,754 606,508 0 0
8.50 572,813 606,508
Total Replacement Cost per unit: 78,007
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Market Study Information

Please provide a detailed description of the proposed project: Churchview Place Phases I & II will offer 68 (composed of 60-one bedroom and 8-two bedroom) single story residential units developed in 15 traditionally styled buildings in Craftsman bungalow architecture. Individual apartments will offer brick and/or vinyl-hardiplank exteriors and each unit will be provided with range, refrigerator, dishwasher, heating and air conditioning equipment and laundry hook-ups. A beautiful 2000 square foot office, laundry and community building will also be constructed.
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
Cupolas, broken roof lines, low maintenance materials, seamless gutters, antifungal shingles.
Have you built other tax credit developments that use the same building design as this project?Yes If yes, please provide name and address: Rankin King Farm 3216 Summit Avenue Greensboro, NC 27405 (now under construction)
Site Amenities: The property will have Community Building with on-site office, computer room and laundry facilities. The site will also feature sidewalks, picnic area, 10 garden boxes, garden benches and a gazebo.
Onsite Activities: A variety of resident service programs will be conducted by our staff. A multi-purpose community room will be able to house these resident programs. A computer room will be included.
Landscaping Plans:
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Extensive landscaping will be undertaken.
Interior Apartment Amenities: All apartment interiors will include range, hood, dishwasher, refrigerator, exterior storage, washer/dryer hook-ups, mini blinds, ceiling fans, carpeting, vinyl flooring and heat pump.
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 7.2 acre tract (Phases I & II) is located in a predominately residential neighborhood in the Glenwood area of SW Greensboro. The parcel features a number of beautiful trees and moderate terrain. The site is located just off Coliseum Blvd. on Old Chapman Street with very close proximenty to Four Seasons Towne Center and the coliseum area. The areas north, east and west are heavily residential with a variety of commercial activity lying west on High Point Road and to the north along Coliseum Boulevard.
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. Land use pattern is substantially residential in character, however, the property enjoys a very easy access to a variety of commercial activity and major highways. SITE SUITABILITY Adequate traffic safety controls (i.e. stop lights, speed limits, turn lanes). Burden on public facilities (particularly roads). Access to mass transit (if applicable). Visibility of buildings and/or location of project sign (s) in relation to traffic corridors. The property is extremely well located with no known adverse conditions. Most commercial and religious activity is easily accessible via sidewalks or automobile. The property enjoys easy ingress and egress to Old Chapman Street and Coliseum Blvd. 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 projectssuitability for residential use and difficulties posed by the building(s), such as limited parking, environmental problems or the need for excessive demolition). None known.
Similarity of scale and aesthetics/architecture between project and surroundings. Churchview Place is being developed with handsome Craftsman style architecture which can still be found throughout the neighborhood.
For each applicable neighborhood feature, enter distance from project in miles.
.4
Grocery Store
.29
Center
Community/Senior
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.4 .2 .1 .2 1
Stop
Mall/Strip Center Outdoor Athletic Fields Day Care/After School Schools Public Transportation
2.45 .41 .7
Hospital Pharmacy Basic Health Care
.23 .21 .42 .4
Convenience Store Public Parks Gas Station Library
Other facilities or services: .02 - Places of Worship 1 mile - Four Seasons Towne Center .67 - Bank .39 - Restaurant
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Development Team
Provide contact information for development team members below:
Management Agent Company: Address: City: Phone Contact Name: Beacon Management Corporation 408 Battleground Avenue Greensboro State: NC Zip: 27401-2104 Email: sjones@beacon-nc.com Last: Carr
(336)282-6000
First: George
Architect Company: Address: City: Phone Contact Name: Efird Sutphin Pearce & Associates, PA 310 E. Sycamore Street, Suite A Greensboro State: NC Zip: 27401 Email: charles@efirdsutphin.com Last: Pearce
(336)273-0083
First: Charles
Attorney Company: Address: City: Phone Contact Name: Brooks Pierce McLendon Humphrey & Leonard, LLP P.O. Box 26000 Greensboro State: NC Zip: 27420 Email: Last: Davidson
(336)271-3126
First: Mark
Investor Company: Address: City: Phone Contact Name: Richman Group or CAHEC 340 Pemberwick Road Greenwich State: CT Zip: 06831 Email: Last: McCauley
(203)869-0900
First: Richard
Consultant/Application Preparer (if different from developer) Company: Address: City: Phone Contact Name: First: State: Email: Last: Zip:
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General Contractor Company: Address: City: Phone Contact Name:
Identity of Interest?
John Kavanagh Company 1810 Pembroke Road Greensboro State: NC Zip: 27408 Email: robert.miles@kavanaghhomes.com Last: Miles
(336)272-9904
First: Robert
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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):
1,300 1,800 7,046 0 41,569 26,000 0 1,500 4,200 4,896 1,500 2,000
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
91,811
0 7,000 7,000 0 5,000 19,000
21,040 0 5,000 1,200 0 1,200 0 0
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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):
0 6,300 0 0 0 0 500 0 600 0 0 1,775 0 37,615
Miscellanous contracts
Miscellaneous Operating & Maintenance Expenses SUBTOTAL Taxes and Insurance Real Estate Taxes Payroll Taxes (FICA) Miscellaneous Taxes, Licenses and Permits Property and Liability Insurance (Hazard) Fidelity Bond Insurance Workmen's Compensation Health Insurance and Other Employee Benefits Other Insurance:
40,800 6,365 0 22,650 200 1,048 11,711
SUBTOTAL Supportive Service Expenses Service Coordinator Service Supplies Tenant Association Funds Other Expenses (specify):
82,774
750 706 0
SUBTOTAL Reserves Replacement Reserves SUBTOTAL
1,456
17,000 17,000
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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
249,656 190,400 68 2,800
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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):
404,808
10,000
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)
414,808 29,037 385,771 249,656 136,115 118,361 17,754 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 2 3 4 5 6 7 8 9 10
385,771 249,656 118,361 17,754 1.15

11
397,344 259,642 119,741 17,961 1.15

12
409,264 270,028 121,075 18,161 1.15

13
421,542 280,829 122,359 18,354 1.15

14
434,188 292,062 123,588 18,538 1.15

15
447,214 303,744 124,756 18,714 1.15

16
460,630 315,894 125,858 18,878 1.15

17
474,449 328,530 126,887 19,032 1.15

18
488,682 341,671 127,836 19,175 1.15

19
503,342 355,338 128,700 19,304 1.15

20
518,442 369,552 129,472 19,418 1.15
533,995 384,334 130,142 19,519 1.15
550,015 399,707 130,704 19,604 1.15
566,515 415,695 131,150 19,670 1.15
583,510 432,323 131,470 19,717 1.15
601,015 449,616 131,654 19,745 1.15
619,045 467,601 79,091 72,353 1.915
637,616 486,305 70,996 80,315 2.131
656,744 505,757 70,996 79,991 2.127
676,446 525,987 70,996 79,463 2.119
* 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.
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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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Minimum Set-Asides
MINIMUM REQUIRED SET ASIDES (No Points Awarded): Select one of the following two options: 20% of the units are rent restricted and occupied by households with incomes at or below 50% of the median income (Note: No Tax Credit Eligible Units in the the project can exceed 50% of median income) 40% of the units are rent restricted and occupied by households with incomes at or below 60% of the median income (Note: No Tax Credit Eligible Units in the the project can exceed 60% of median income) If requesting RPP funds: 40% of the units are occupied by households with incomes at or below 50% of median income. State Tax Credit and QAP Targeting Points: High Income county: At least twenty-five percent (25%) of qualified units will be affordable to households with incomes at or below thirty percent (30%) of county median income. At least twenty-five percent (25%) of qualified units will be affordable to and occupied by households with incomes at or below thirty percent (30%) of county median income. At least fifty percent (50%) of qualified units will be affordable to 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 and occupied by households with incomes at or below forty percent (40%) 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 targeting 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 (signed copies) C Ownership Entity Agreement, Development Agreement or any other agreements governing development services D Management Agent Agreement E Owner and Management Experience & Management Questionnaire (Appendix C) F Local Government Letter or Letter from Certified Engineer or Land Surveyor Confirming Floodplain Designation with Map showing all flood zones (original on letterhead, no fax or photocopies) G Local Government Letter Confirming Zoning including any pending notices or hearings (original on letterhead, no fax or photocopies) H Letters from Local Utility Providers regarding availability and capacity (original on letterhead, no fax or photocopies) I Documentation from utility company or local PHA to support estimated utility costs J Appraisal (required for land costs greater than $15,000 and for all Adaptive Re-use and Rehab projects) K Site plan, floor plans and elevations for all projects. Scope of work for Adaptive Re-use and Rehab projects. (Full Size, 24 x 36 inches) L Hazard and structural inspection and termite reports (Adaptive Re-use and Rehab projects only) M Copy of certificate of occupancy or proof of placed-in-service date (Rehabs Only) N Proposed Relocation Plan including relocation budget and copies of notices. Required for all Rehabs and any projects involving existing occupants of any dwellings to be rehabbed or demolished. O Evidence of Permanent Loan Commitment and other sources of funds ( i.e. Equity letter, AHP, RD and local government funds). For Rehabs with existing loans provide 1) copies of loan documents, 2) current loan balances from existing lenders with reserve balances, 3) letter from lender that outlines assumption requirements. P Local Housing Authority Agreement and Project Based Rental Assistance Letter, if applicable (Sample letters provided in Appendix I). For projects with existing PBRA contracts, provide a copy of the current contract and bank statement or other documentation verifying reserve balances and annual reserve contribution requirements. Q Statement regarding terms of Deferred Developer Fee. If a nonprofit is involved, a resolution from their board approving deferral of fee is required. R Inducement Resolution (Tax-Exempt Bond Financed Projects only)

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Census Tract: 126.04

Site Latitude: Site Longitude:

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If yes, please describe:

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(336)282-6000 (336)337-5001 (336)545-9004 sjones@beacon-nc.com

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If buildable acreage is less than total acreage, please explain:

Is the demolition of any buildings required or planned? No If yes, please describe:

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Federal Tax ID Number of Ownership Entity:

Org: Address: City: Phone: EMail:

First Name: George

Fax: (336)545-9004 Nonprofit: No

Org: Address: City: Phone: EMail:

First Name: George

Fax: (336)545-9004 Nonprofit: No

Org: Address: City: Phone: EMail:

First Name: George

Fax: (336)545-9004 Nonprofit: No

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Gdn Apt 1 Gdn Apt 1 Gdn Apt 2 Gdn Apt 2

664 664 901 901

383 594 448 658

423 634 508 718

Utilities included in rents:

Proposed number of residential buildings: 15 Project Includes:

Maximum number of stories in buildings: 1

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Total Net Sq. Ft. (All Heated Areas): 51,100

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Total Low Income Units:

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719,200 800,000 888,284

7.61 2.00 0.50

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RPP Loan Year: Amt: Year: Amt: 1 2 3 4 5 6 7 8 9 10

Local Gov. Loan - City of Greensboro Year: Amt: Year: Amt: 1 2 3 4 5 6 7 8 9 10

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3,698,574 300,000 269,914 95,370 286,109 154,499 106,089 53,044 25,000

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470,378 30,000 13,000 2,200 40,434 8,000 8,000 30,000 13,000

7,000 47,600 148,234 50,000 50,000

Other Basis Expense (specify) Other Basis Expense (specify) 17,000

Other Non-basis Expense (specify) Other Non-basis Expense (specify)

781,000 34,001 184,009

46 Rent up Reserve 47 Operating Reserve 48 49

Other Reserve (specify) Other Reserve (specify) 7,106,221 0 6,738,977

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3.40 572,813 606,508 0 460,533 7,566,754 606,508 0 0

8.50 572,813 606,508

Total Replacement Cost per unit: 78,007

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Market Study Information

Front Gables or Dormers Other:

Wide Banding or Vertical/Horizontal Siding

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Extensive landscaping will be undertaken.