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Application
Tax Credits, RPP Loans, and/or Tax Exempt Bond Loans
Project Description
Project Name: Johnson Ridge Apartment Homes
Address: 0 Claremont Dr.
City: Elkin County: Surry Zip: 28621
Census Tract: 990900 Block Group: 4044
Is project in Qualified Census Tract or Difficult to Develop Area? No
Are you requesting the basis boost under section II(E)(4) of the QAP? No
Political Jurisdiction: Town of Surry
First:Lestine Last:
Jurisdiction CEO Name: Title: Mayor
Hutchens
Jurisdiction Address: PO Box 857
Jurisdiction City: Elkin Zip: 28621
Jurisdiction Phone: (336)835-9800
Site Latitude: 36.264639
Site Longitude: -80.850261
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:Family
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: United Equities VI
Address: PO Box 6171
City: Raleigh State: NC Zip: 27628
Contact: First: Julie Last:Graw Title:developer
Telephone: (919)755-9155
Alt Phone: (919)621-9356
Fax: (919)755-2245
Email Address: julieg@millsconstructionco.com
NOTE: Email Address above will be used for communication between NCHFA and Applicant.
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Site Description
Total Site Acreage: 5.0 Total Buildable Acreage: 5.0
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)?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: 11/30/2009
(D) Enter Purchase Price: 300,000
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Zoning
Present zoning classification of the site:R-20 and MA
Is multifamily use permitted?No
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:
rezoning necessary, public hearing, planning commission review/reccommendation and town council must
approve. Process takes 60 days. Planning staff and elected officials have indicated their support for
rezoning request.
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: Johnson Ridge Apartment Homes, LLC
Address: PO Box 6171
City: Raleigh State:NC Zip: 27628
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: Johnson Ridge Apartment Homes, LLC
First Name: Fred Last Name: Mills Function: Managing Member
Address: PO Box 6171
City: Raleigh State: NC Zip: 27628
Phone: (919)755-9155 Fax: (919)755-2245
EMail: julieg@millsconstructionco.com Nonprofit: No
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Unit Mix
The Median Income for Surry county is $51,300.
Low Income Units
Total # Monthly Utility Mandatory **Total
Type # BRs Net Sq.Ft. # Units Units Rent Allowance Serv. Fees Housing Exp.
Gdn Apt 2 982 12 3 450 68 0 518
Gdn Apt 3 1201 8 1 519 76 0 595
Gdn Apt 2 982 20 1 479 68 0 547
Gdn Apt 3 1201 10 0 529 76 0 605
Utilities included in rents: Water/Sewer Electric Gas Other trash collection
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 Gross Monthly
Units Units Rental Income
Low Income....... 50 5 24422
Market Rate.......
Totals............... 50 5 24422
Proposed number of residential buildings: 6 Maximum number of stories in buildings: 2
Project Includes:
Separate community building - Sq. Ft. (Floor Area): 1,874
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: 60,911
Total Net Sq. Ft. (All Heated Areas): 55,990
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: 5
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 %
2 12 targeted at 50 percent of median income affordable to/occupied by
3 8 targeted at 50 percent of median income affordable to/occupied by
2 20 targeted at 60 percent of median income affordable to
3 10 targeted at 60 percent of median income affordable to
Total Low Income Units: 50
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 251,083 6.50 30 30 19,044
RPP Loan 586,576 2.00 20 20 35,609
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) 1,490,169 0 30 30 0
State Tax Credit(Direct Refund)
Equity: Federal LIHTC 2,950,240
Non-Repayable Grant 250,000
Equity: Historic Tax Credits
Deferred Developer Fees
Owner Investment
Other - Specify:
Total Sources** 5,528,068
* "Non-amortizing" indicates that the loan does not have a fixed annual debt service. For these items, you must fill in 20-year debt
service below.
** Total Sources must equal total replacement cost in Project Development Cost (PDC) section.
Estimated pricing on sale of Federal Tax Credits: $0. 66
Remarks concerning project funding sources:
(Please be sure to include the name of the funding source(s))
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CDBG - Town of Elkin - grant not loan.
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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) 0
2 Demolition (Rehab / Adaptive Reuse only) 0 0
3 On-site Improvements 300,000 300,000
4 Rehabilitation 0 0
5 Construction of New Building(s) 3,000,000 3,000,000
6 Accessory Building(s) 0 0
7 General Requirements (max 6% lines 2-6) 198,000 198,000
8 Contractor Overhead (max 2% lines 2-7) 69,960 69,960
9 Contractor Profit (max 8% lines 2-7; 6% if Identity of Interest) 209,880 209,880
10 Construction Contingency (max 5% lines 2-9, Rehabs 10%) 165,406 165,406
11 Architect's Fee - Design (11 + 12 = max 3% lines 2-10) 61,785 61,785
12 Architect's Fee - Inspection 6,865 6,865
13 Engineering Costs 21,250 21,250
SUBTOTAL (lines 1 through 13) 4,033,146
14 Construction Insurance (prorate) 15,000 15,000
15 Construction Loan Orig. Fee (prorate) 21,000 21,000
16 Construction Loan Interest (prorate) 193,484 193,484
17 Construction Loan Credit Enhancement (prorate) 0 0
18 Construction Period Taxes (prorate) 12,000 12,000
19 Water, Sewer and Impact Fees 52,500 52,500
20 Survey 18,000 18,000
21 Property Appraisal 6,000 6,000
22 Environmental Report 8,000 8,000
23 Market Study 4,300 4,300
24 Bond Costs 0
25 Bond Issuance Costs 0
26 Placement Fee 0
27 Permanent Loan Origination Fee 5,521
28 Permanent Loan Credit Enhancement 0
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29 Title and Recording 4,000
SUBTOTAL (lines 14 through 29) 339,805
30 Real Estate Attorney 18,000 18,000
31 Other Attorney's Fees 10,000 10,000
32 Tax Credit Application Fees (Preliminary and Full) 2,300
33 Tax Credit Allocation Fee (0.62% of line 60, minimum $7,500) 30,377
34 Cost Certification / Accounting Fees 10,800 10,800
35 Tax Opinion 5,000
36 Organizational (Partnership) 8,500
37 Tax Credit Monitoring Fee 35,000
SUBTOTAL (lines 30 through 37) 119,977
38 Furnishings and Equipment 10,000 10,000
39 Relocation Expense 0 0
40 Developer's Fee 525,000 525,000
41 Additional Contigency (greater of $500/unit or $30,000) 30,000 30,000
42 Other Basis Expense (specify) 0 0
43 Other Basis Expense (specify) 0 0
44 Rent-up Expense 16,828
45 CDBG Consultant 5,250
46 Other Non-basis Expense (specify) 0
SUBTOTAL (lines 38 through 45) 587,078
47 Rent up Reserve 15,000
48 Operating Reserve 133,062
49 Other Reserve (specify) 0
50 Other Reserve (specify) 0
51 DEVELOPMENT COST (lines 1-49) 5,228,068 0 4,967,230
52 Less Federally Funded Grant 0 0 0
53 Less Disproportionate Standard 0 0 0
54 Less Nonqualified Nonrecourse Financing 0 0 0
55 Less Historic Tax Credit 0
56 TOTAL ELIGIBLE BASIS 4,967,230 0 4,967,230
57 Applicable Fraction (percentage of LI Units) 100.00% 100% 100%
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58 Basis Before Boost 4,967,230 0 4,967,230
59 Basis Boost of up to 130% 100.00% 100.00%
60 TOTAL QUALIFIED BASIS 4,967,230 0 4,967,230
61 Tax Credit Rate 3.50 9.00
62 Federal Tax Credits (maximum $1,300,000) 447,051 0 447,051
63 Federal Tax Credits Requested (if less than line 62) 0
64 Land Cost 300,000
65 TOTAL REPLACEMENT COST 5,528,068
FEDERAL TAX CREDITS IF AWARDED 447,051
Comments:
Project Development Cost per unit 60,000
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Market Study Information
Please provide a detailed description of the proposed project:
The project is located in Elkin, in Surry Co. (a low income foothills community) 50 units are proposed: 12;2
bedrm.and 8;3 bedrm. units will be leased by residents earning 50%AMI or less. 20;2 bedrm. and 10;3
bedrm. units will lease to residents earning 60%AMI or less. 6 units will be fully accessible units.
Immediately to the North is a single family residence and a church. Across the street to the East is an
elderly project, a residence and a daycare facility. To the south is a vacant lot with two medical offices and a
single family residence. To the west is a single family residence.
The site is located within 1.3 miles of two shopping centers, three drug stores, a daycare, a Lowe's Home
Improvement, numerous restaurants and retail shops including a 2008 WalMart, three gas stations, a
hospital (undergoing a 48 million dollar expansion) and many, many doctors offices. These facilities provide
convenience and, most importantly, many employment opportunities. Elkin schools are located in downtown
Elkin. Elkin is always one of the top performing schools and in 2008 achieved the rank of #1 in graduation
rate.
The Elkin recreation facility is a model for small towns. The walking tracks, baseball fields, tennis courts,
playground equipment, in-door basketball courts, swimming pool and fitness center are all in fantastic
condition.
The area around this project is one of the few areas in nortwest North Carolina that continues to prosper in
our current economic condition. Elkin is successful because it is the hub of business and healthcare for
southern Surry County, Alleghany County, southern Wilkes County, and northern Yadkin County.
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:
Vinyl shakes
Have you built other tax credit developments that use the same building design as this project?Yes
If yes, please provide name and address:
(completed in the Fall of 2008)
Fairview Pointe
West Old St.
Lillington, NC
Site Amenities:
Outdoor sitting areas w benches, multi-purpose room, residential computer center, covered picnic area w
tables and grill, playground, tot lot and gazebo.
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Onsite Activities:
Residents may utilize the multi-purpose room for classes, homework/tutoring and special events. The
covered picnic area, playground, tot lot and outdoor sitting areas offer the opportunity to play and socialize
for kids and adults alike.
Landscaping Plans:
An effort will be made to preserve larger specimen trees outside the building footprint and paved parking
areas. trees and plantings will be drought-resistant and native to western NC. a variety of plantings will be
clustered together for maximum appeal and will be used to screen HVAC units, soften building lines and
naturalize parking areas.
Interior Apartment Amenities:
Each resident's apartment will have a range, dishwasher, frost-free refigerator, washer/dryer connections,
large closets, storage, carpet, vinyl, central air and heat pump. All units will be Energy Star compliant.
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 site is situated in the center of the fastest growing area in the region. Within 1 mile, new retail and
restaurants have been constructed in the past year. The new buildings include McDonalds (.4), Murphy
Express (.4), Walgreens (.6), Lowe's Home Improvement (.3), WalMart (.9), Shoe Show (.9), and Dollar
Tree (.9). Many others were constructed within the past 5 years. There are also several sites that are
currently being graded for other commercial needs.
There is much medical activity within a mile going in the opposite direction. There are three new medical
parks and the hospital recently began a 48 million dollar expansion. These new facilities are providing many
new jobs for eligible families.
There are two multi-family facilities in the immediate area. One project is Maple Ridge Apartments (.1). It is
a subsidized elderly facility. The other is Parkwood Place (.3). It is the areas most affluent retirement facility.
Mayberry Learning Center (.1) is a new daycare business that opened two years ago. They recently
acquired more land and rezoned the property to expand the daycare facility.
All but two of the residential properties are in great condition. Of the two remaining, one would be
demolished on the site that we are proposing and the other is on a tract of land that is currently being
marketed. That tract is situated between the site that we are proposing and a church facility. We spoke with
the Town and feel secure that the next use of the tract will be complimentary to the existing residential and
medical arts community.
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 land use pattern is residential and medical arts. There are no
incompatable land uses in the immediate vicinity. There are several tracts of land currently being marketed.
We believe that the future development will be residential and medical arts. This conclusion is drawn based
on the goals of the Town as well as the traffic flow. Most traffic is routed around this site by the Elkin by-pass.
The vast majority of the remaining traffic is for the purpose of residential, medical or daycare. It is therefore
likely to remain residential and medical arts in character.
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. Adequate safety controls and speed limits exist on Johnson Ridge Rd. Some
of the apartment buildings will be visible from Johnson Ridge Rd. The lighted project sign will border on
Johnson Ridge Rd.
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 on-site negative features that will impede project construction or adversely affect tenants.
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Similarity of scale and aesthetics/architecture between project and surroundings.
Building will be two stories with vinyl siding and brick. The buildings are in scale and of similar materials as
the buildings in the surrounding area.
For each applicable neighborhood feature, enter distance from project in miles.
1.0 Grocery Store 1.7 Community/Senior Center
.9 Mall/Strip Center .5 Hospital
1.7 Outdoor Athletic .6 Pharmacy
Fields
.1 Day Care/After .3 Basic Health Care
School
0 Public Transportation
2.2 Schools
Stop
.3 Convenience Store 1.7 Public Parks
Gas Station 2.2 Library
Other facilities or services:
Within 1.3 miles of the facility - Three pharmacy chains, a shopping center anchored by a grocery store and
Big Lots, a shopping center anchored by WalMart, Lowe's Home Improvement, 3 gas station/convenience
stores, several fast food restaurants, and a local restaurant.
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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).
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