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Print Preview - PreliminaryApplicationTax Credits, RPP Loans, and/or Tax Exempt Bond Loans
roject Description
oject Name: Harris Ridge Apartments
ddress: 8105 Idlewild Road
ty: Charlotte County: Mecklenburg Zip:
ensus Tract: 0019.11 Block Group: 1004
project in Qualified Census Tract or Difficult to Develop Area? No
e you requesting the basis boost under section II(E)(4) of the QAP? Yes
olitical Jurisdiction: City of Charlotte
risdiction CEO Name:First:Curt Last:Walton
Title: City Manager
risdiction Address: 600 East Fourth Street
risdiction City: Charlotte Zip:
risdiction Phone:
te Latitude:
te Longitude:
oject Type: New Construction
Is this project a previously awarded tax creditdevelopment?
w Construction/Adaptive Reuse:his project a follow-on (Phase II, etc) to a previously-awarded tax credit development project? No
If yes, list names of previous phase(s):
ehab:
umber of residents holding Section 8uchers:
l the project meet Energy Star standards as defined in Appendix B? Yes
es a community revitalization plan exist? No
ll the project use steel and concrete construction and have at least 4 stories? No
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28227
28202
(704)336-2241
35.1840
-80.7281
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ll the project include a Community Service Facility under IRS Revenue Ruling 2003-77?o
If yes, please describe:
rget Population:Family
ll the project be receiving project based federal rental assistance? No
If yes, provide the subsidy source: and number of units:
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pplicant Information
icate below an individual or a validly existing entity (a corporation, nonprofit, limited partnership or LLC) as the official applicant. UAP Section III(C)(5) only this individual or entity will be able to make decisions with regard to this application. If awarded the applica
st become part of the ownership entity. The applicant will execute the signature page for this application.
pplicant Name: Greenway Development Company, LLC
ddress: 140 East Main Street, Suite 410
ty: Rock Hill State: SC Zip:
ontact: First: Bradley Last:Parker Title:Managing Member
elephone:
t Phone:
ax:
mail Address:
OTE: Email Address above will be used for communication between NCHFA and Applicant.
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29730
(803)366-1200
(803)322-1599
(803)366-1270
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te Description
tal Site Acreage: Total Buildable Acreage:
If buildable acreage is less than total acreage, please explain:
The buildable acreage is less than the site acreage due to standard set-back and buffer requirements.
ntify utilities and services currently available (and with adequate capacity) for this site:
Storm Sewer Water Sanitary Sewer Electric
he demolition of any buildings required or planned? No
If yes, please describe:
e 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?
he site directly accessed by an existing, paved, publicly maintained road? Yes
If no, please explain:
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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8.19 6.25
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(b) Describe flood mitigation if the project will have improvements within the 100 year floodplain:
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te Control
es 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/contractpurchase of the property and the seller of the property?NoIf yes, specify the relationship:
(c) Enter the current expiration date of the option/contract to purchase:
(D) Enter Purchase Price:
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12/31/2009
510,000
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oning
esent zoning classification of the site:R-4
multifamily use permitted?No
e 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 forobtaining them:
Zoning to be obtained by April, 2009.
e there any existing conditions of historical significance located on the project site that will require State Historic Preservation officeiew?No
If yes, describe below:
e there any existing conditions of environmental significance located on the project site?No
If yes, describe below:
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wnership Entity
wner Name: Greenway Development Company, LLC
dress: 140 East Main Street, Suite 410
y: Rock Hill State:SC Zip:
deral Tax ID Number of Ownership Entity: (If assigned)
ote: Do not submit social security numbers for individuals.
ntity Type: Limited Liability Company
ntity Status: Already Formed
the applicant requesting that the Agency treat the application as Non-Profit sponsored? No
the applicant requesting that the Agency treat the application as CHDO sponsored? No
st all general partners, members,and principals. Specify nonprofit corporate general partners or members.ick [Add] to add additional partners, members, and principals.
Org: Greenway Development Company, LLC
rst Name: Bradley Last Name: Parker Function: Managing Member
ddress: 140 East Main Street, Suite 410
ty: Rock Hill State: SC Zip: 29730
hone: Fax:
Mail: Nonprofit: No
Org: Greenway Development Company, LLC
rst Name: Ingram Last Name: Walters Function: Managing Member
ddress: 2500 West Roosevelt Boulevardty: Monroe State: NC Zip: 28110
hone: Fax:
Mail: Nonprofit: No
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29730
20-3949130
(803)366-1200 (803)366-1270
(704)292-7447 (704)292-7387
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nit Mix
e Median Income for Mecklenburg county is $66,500.
w Income Units
Type # BRs Net Sq.Ft.Total
# Units#Units
MonthlyRent
UtilityAllowance
MandatoryServ. Fees
**TotalHousing Exp.
Gdn Apt 2
Gdn Apt 2
Gdn Apt 3
Gdn Apt 3
Utilities included in rents: Water/Sewer Electric Gas Other
mployee Units (will add to Low Income Unit total)
ype # BRs Net Sq.Ft.Total
# Units#Units
MonthlyRent
UtilityAllowance
MandatoryServ. Fees
**TotalHousing Exp.
tilities included in rents: Water/Sewer Electric Gas Other
rket Rate Units
ype # BRs Net Sq.Ft.Total
# Units#Units
MonthlyRent
UtilityAllowance
MandatoryServ. Fees
**TotalHousing Exp.
tilities included in rents: Water/Sewer Electric Gas Other
atistics
AllUnits
Units
Gross MonthlyRental Income
Low Income.......
Market Rate.......
Totals...............
oposed number of residential buildings: Maximum number of stories in buildings:
oject Includes:Separate community building - Sq. Ft. (Floor Area):
Community space within residential bulding(s) - Sq. Ft. (Floor Area):
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1107 42 3 699 82 0 781
1107 18 3 349 82 0 431
1289 21 3 799 102 0 901
1289 3 1 399 102 0 501
84 10 53616
84 10 53616
5 3
1,734
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Elevators - Number of Elevators:
quare Footage Information
oss Floor Square Footage:
otal Net Sq. Ft. (All Heated Areas):
icate 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 state codes.)
Number of Units:
Number of Units Required:
Persons with disabilities or homeless populations.
Number of Units:
tes
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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108,675
93,356
5
10
5
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argeting
ecify Low Income Unit Targeting in table below. List each applicable targeting combination in a separate row below. Click [Add] ate another row. Click "X" (at the left of each row) to delete a row. Add as many rows as needed.
BRs Units %
targeted at percent of median income affordable to/occupied by
targeted at percent of median income affordable to/occupied by
targeted at percent of median income affordable to/occupied by
targeted at percent of median income affordable to/occupied by
tal Low Income Units:
te: This number should match the total number of low income units in the Unit Mix section.
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42 60
18 30
21 60
3 30
84
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unding Sources
Source AmountNon-
Amortizing*Rate(%)
Term(Years)
Amort.Period(Years)
AnnualDebt
Service
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**
"Non-amortizing" indicates that the loan does not have a fixed annual debt service. For these items, you must fill in 20-year debtservice below.
Total Sources must equal total replacement cost in Project Development Cost (PDC) section.
stimated pricing on sale of Federal Tax Credits: $0.
emarks concerning project funding sources:ease be sure to include the name of the funding source(s))
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2,800,000 7.50 30 30 234,936
923,910 0 30 30 0
6,485,196
125,187
100
10,334,393
60
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evelopment Costs
Item Cost Element TOTAL COSTEligible Basis
30% PV 70% PV
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 5% lines 2-9, Rehabs 10%)
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
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1,040,000 995,000
5,039,580 5,039,580
270,000 270,000
380,975 380,975
134,611 134,611
403,833 403,833
225,000 225,000
150,000 150,000
15,000 15,000
60,000 60,000
7,718,999
5,000 5,000
58,000 58,000
148,296 148,296
10,000 10,000
364,000 364,000
15,000 15,000
7,000 7,000
2,500 2,500
4,300 4,300
44,000
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29 Title and Recording
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 (0.62% of line 60, 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 Additional Contigency (greater of $500/unit or $30,000)
42
43
44 Rent-up Expense
45
46
SUBTOTAL (lines 38 through 45)
47 Rent up Reserve
48 Operating Reserve
49
50
51 DEVELOPMENT COST (lines 1-49)
52 Less Federally Funded Grant
53 Less Disproportionate Standard
54 Less Nonqualified Nonrecourse Financing
55 Less Historic Tax Credit
56 TOTAL ELIGIBLE BASIS
57 Applicable Fraction (percentage of LI Units)
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38,000
696,096
75,000 75,000
1,000 1,000
2,300
74,000
15,000 15,000
1,000
1,000
63,000
232,300
20,000 20,000
800,000 800,000
30,000 30,000
Other Basis Expense - 10,000 10,000
Other Basis Expense (s
Other Non-basis Expen
Other Non-basis Expen
860,000
29,400
287,598
Other Reserve (specify)
Other Reserve (specify)
9,824,393 0 9,239,095
0
9,239,095 0 9,239,095
100.00% 100% 100%
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58 Basis Before Boost
59 Basis Boost of up to 130%
60 TOTAL QUALIFIED BASIS
61 Tax Credit Rate
62 Federal Tax Credits (maximum $1,300,000)
63 Federal Tax Credits Requested (if less than line 62)
64 Land Cost
65 TOTAL REPLACEMENT COST
FEDERAL TAX CREDITS IF AWARDED
Comments:
The owner has to pay a 2% fee to the broker in addition to the $500,000 purchase price. Therefore, the landcost is $510,000. This is stipulated in the purchase agreement included in the application.
Project Development Cost per unit59,995
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9,239,095 0 9,239,095
100.00% 130.00%
12,010,824 0 12,010,824
3.50 9.00
1,080,974 0 1,080,974
0
510,000
10,334,393
1,080,974
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arket Study Information
ease provide a detailed description of the proposed project:
arris Ridge will be a 84 unit family development located in Charlotte, NC. The development will have 60, 2droom/ 2 bath units (1107 nsf) and 24, 3 bedroom/ 2 bath units (1289 nsf). There will be 5 residentialildings on the site. All buildings will be 3 stories. Two buildings will have 24 units, and the three otherildings will have 12 units each. The clubhouse community center will be designed specially for familiesd will feature a 24 hour computer center, fitness center, and laundry room via key card access.
e site is ideal for families as it is around a 0.5 mile to a mile from everyday services. The Food Lion,ubway restaurant, Cirle K gas station, and the pharmacy are all in walking distance. The local and expresss stops are adjacent to the subject site.
wenty-five percent(21 units) will be targeted to households at 30% of area median income and the rest ofe units will be targeted at 60% and below the AMI. All the proposed rents are well below the maximumowable rent levels. Additionaly,10% of the units will be targeted to persons with with disabilities.
nstruction (check all that apply):
Brick Vinyl Wood HardiPlank Balconies/Patios Sunrooms Front Porches
Front Gables or Dormers Wide Banding or Vertical/Horizontal Siding
Other:
ve you built other tax credit developments that use the same building design as this project?No
If yes, please provide name and address:
e Amenities:
e site will have a clubhouse with a community room, kitchen, 24 hour fitness center, 24 hour business
nter with high speed internet access and 24hour laundry room. On-site amentities will include, but will not limited to, playground, tot lot, and covered picnic area with table/grills.
site Activities:
e commuinty manger will be expected to play an active role to ensure that a variety of social activitiesd supportive services are offered on site. Additionally, the manager will work to link residents in need with
her commuinty service providers.
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ndscaping Plans:
ndscaping will be extensively utilized to beautify the developmet's green areas to blend the developmento the existing neighborhood. Parking lots and drives will be lined with shade trees and the plant materialsl compliment the natural fauna.
erior Apartment Amenities:
units will have built-in computer desks, range, hood, washer and dryer hook-ups, mini blinds,shwasher, pantry, disposal, high speed internet access, ceiling fans, refrigerator with ice-maker, largealk-in closets and plenty of interior and exterior storage. Each unit will have vinyl and carpet flooring.ating and cooling will be provided by a heat pump and central air conditioning.
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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pplicant's Site Evaluation
efly describe your site in each of the following categories:
EIGHBORHOOD CHARACTERISTICS
end and direction of real estate development and area economic health. Physical condition of buildings andprovements in the immediate vicinity. Concentration of affordable housing.
he surrounding area is an established neighborhood of detached single-family homes, which are primarily
wner occupied. There is a shortage of affordable rental housing in the vicinity. City of Charlotteeighborhood Development has identified income targeted housing as a priority for this area. The economicealth of the area is in great shape because of the close proximity of uptown Charlotte. There is not aoncentratration of affordable housing in the neighborhood.
URROUNDING LAND USES AND AMENITIES
nd use pattern is residential in character (single and multifamily housing). Extent that the location isolated. Effect of industrial, large-scale institutional or other incompatible uses, including but not limited to:astewater treatment facilities, high traffic corridors, junkyards, prisons, landfills, large swamps, distribution
cilities, frequently used railroad tracks, power transmission lines and towers, factories or similar operations,urces of excessive noise, and sites with environmental concerns (such as odors or pollution). Amount andaracter of vacant, undeveloped land. A neighborhood shopping center with grocery anchor is across theeet from the site. The two other corners include a convenience store / gas station and a drug store.
everal churches and child care centers are in easy walking distance. The site is within the service area of aighborhood park, a recreation center, a greenway that gives pedestrian accesses to a district park. Offices
r primary care physicians, dentists, a YMCA, county social service branch offices are near. The site isrved by two bus lines of Charlotte Area Transit, and is close the Eastland Mall Transit Center, which servesa bus route hub for East Charlotte. There are three elementary schools, a middle school, and a high
hool within close proximity. There is a nice mixture of single-family neighborhoods, multifamily housing,d retail in the area. The Food Lion, Subway restaurant, Circle K gas station, and the pharmacy are all in
alking distance to the site. There are no industrial or other incompatiable uses in the area.
TE SUITABILITY
dequate traffic safety controls (i.e. stop lights, speed limits, turn lanes). Burden on public facilitiesarticularly roads). Access to mass transit (if applicable). Visibility of buildings and/or location of project sign in relation to traffic corridors. The site is adequately served by NC Highway 24, W.T. Harris Blvd, and byewild Road. A lighted intersection of Idlewild Rd and Piney Grove Drive is on the corner of the property.te was previously considered for multifamily. Current infrastructure is adequate to serve the site and theoposed residents. The express bus stop and the local bus stop are adjacent to the property. There is a stopht at the intersection of Idlewild Road and WT Harris Boulevard.
egree of on-site negative features and physical barriers that will impede project construction or adverselyect future tenants; for example: power transmission lines and towers, flood hazards, steep slopes, largeulders, ravines, year-round streams, wetlands, and other similar features (for adaptive re-use projects-itability for residential use and difficulties posed by the building(s), such as limited parking, environmentaloblems or the need for excessive demolition).
he topo of the site is reasonable, and there is no indications of problems with wetlands, streams, andater quality buffers.
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milarity of scale and aesthetics/architecture between project and surroundings.
he proposed structure design will make a positive contribution and be very compatiable with theurrounding neighborhood.
r each applicable neighborhood feature, enter distance from project in miles.
Grocery Store Community/Senior Center
Mall/Strip Center Hospital
Outdoor Athletic
eldsPharmacy
Day Care/After
choolBasic Health Care
Schools Public Transportation
Stop
Convenience Store Public Parks
Gas Station Library
her facilities or services:
ublic Bus Stop is adjacent to the subject site.
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.12
.59 2.74
.60.18
221.2
.76 0.05
.18 0.6
.18 1.1
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reliminary App Checklist
e following enclosures must be submitted along with your signed preliminary application. Some enclosures are required only undetain conditions. Please check each applicable item to indicate that you understand the enclosure requirements and will enclose threct supporting documentation with your application.
Fee PaymentCheck in the amount of $5,450.00 made payable to North Carolina Housing Finance Agency.
Tab A - Preliminary ApplicationPrinted, signed copy of preliminary application generated from online system.
B - Map/Driving InstructionsA local map clearly identifying the location of the Site and detailed directions to the Site. Current City or County maps are prefe
internet maps and directions are not acceptable. Applicant must also provide a map identifying the amenities listed in section(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 sitshould 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 ControlProvide valid option/contract or warranty deed and plot plan.
E - Site Plans/Scope of WorkPreliminary site plan, floor plans and elevations for all projects, interior and exterior photographs and detailed scope of work foAdaptive Reuse and Rehab projects. Site and floor plans should be no larger than 11x17 and must be produced by a licensedarchitect or engineer.
F - Information Package for Market AnalystsThis section must include copies of items required in Tabs A, B, E and G (site and floor plans should be no larger than 11x17) can include any additional market information such as preliminary market studies the applicant would like to provide to theAnalysts.
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 BoostApplicant should provide an appraisal and/or standard geological survey to support a request for the basis boost (if applicable)