Mayfield Terrace

8/6/2019 Mayfield Terrace

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Is project in Qualified Census Tract & Difficult to Develop area?

Does a community revitalization plan exist?

Print Preview - Final Application Tax Credits, RPP Loans, and/or Tax Exempt Bond Loans

Project Name and Location

Project Name: Mayfield Terrace

Address: 2501 Pitts Drive

City: Charlotte County: Mecklenburg Zip: 28216

Census Tract: 004600 Block Group:

Yes

Yes

Political Jurisdiction: The City of Charlotte

Jurisdiction CEO Name: First: Last:Pat McCrory Title: Mayor

Jurisdiction Address: Charlotte-Mecklenburg Government Center

Jurisdiction City: Charlotte Zip: 28202-2839

Jurisdiction Phone: (704)336-2241

Site Latitude:

Site Longitude:

Page 1 of 38Print - APP04-0100

1/14/2005https://www.nchfa.org/Rental/RTCApp/(2len0k45qjzya545xl5dzc55)/site/PrintApp.aspx?I...


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Is this project a follow-on (Phase II, etc) to a previously-awarded tax credit development project?

If yes, list names of previous phase(s):If yes, list names of previous phase(s):

Will the project be receiving project based federal rental assistance?If yes, provide the subsidy source:If yes, provide the subsidy source: HUD and number of units:and number of units:

Target Population: Family

Indicate below any additional targeting for special populations proposed for this project:

Project Description

Project Type: * New Construction Rehab Adaptive Reuse

No

Yes2929

Mobility impaired handicapped: 5% of units comply with QAP Section IV(F)(3) (in addition to the units required by other federaland state codes.)

Persons with disabilities or homeless populations: the greater of 5 units or 10% of the total units

Remarks: This project will include 5% Type A Accessible Units as required by building codes plus an additional5% so called "Super A" units with roll-in showers and other such features as described on Page 12of the QAP. See typical floor plans of "Super A" units in Exhibit L. See also Exhibit R of thissubmission for plans to provide services to the disabled.




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Applicant Information

Applicant Name: Crosland, Inc.

Address: 227 West Trade Street, Suite 800

City: State: NC Zip:Charlotte 28202

Contact: First: Last: Title:Roger Lewis VP Development

Telephone: (704)561-5260

Alt Phone: (704)529-1166

Fax: (704)525-3562

Email Address: [email protected]




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Total Site Acreage: Total Buildable Acreage:

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?If yes, please describe:

Are existing buildings on the site currently occupied?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?If no, please explain:

Is any portion of the site located inside the 100 year floodplain?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:

Site Description

7.37 6.47

The non-buildable area on the site is comprised of about 1.49 acres located in a Charlotte WaterDepartment Easement and a Charlotte Storm Drainage Easement. There is ample area on the siteout of the flood plain for the proposed seven buildings and associated parking. Remaining

greenspace will provide ample play spaces.

Yes

The existing, functionally obsolete buildings on the site will be demolished. The units are small, andstorage, bathrooms and kitchens are inadequate for 21st century living standards. The units are notair conditioned. There are no washer and dryer hookups. There are no on-site assembly oradministrative spaces. The site is under-utilized with only 46 units. The proposed redevelopment of

81 units is consistent with its zoning capacity of 88 units.

Yes

The 46 units to be demolished are about 90% occupied. No units are subsidized. The property wasacquired in 1976 by the Housing Authority of the City of Charlotte (CHA) as an investment. No publichousing tenants currently live on the property. Instead, the property operates and can only operateas a low rent property because of its old and functionally obsolete units. In recent years, CHA hasimproved the building exteriors with paint, new vinyl siding, and new roof shingles. A casualobserver might conclude that the property is in good shape and should continue to be operated in itscurrent condition without the benefit of this proposed redevelopment. However, as noted above, thepropertys interiors are not in good condition, and without this proposed redevelopment, the propertywill continue, at best, as an underutilized, functionally obsolete property in need of considerablecapital investment just to maintain it in its present position in the marketplace.

YesNo

Yes

No




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Does the owner have fee simple ownership of the property (site/buildings)?

If yes provide:Purchase Date: Purchase Price:

If no:

Site Control

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?If yes, specify the relationship:

Yes

The Housing Authority of the City of Charlotte has owned the property since 1976. They haveagreed to lease the property for the proposed Mayfield Terrace revitalization project for a term of 40years. The option for this long-term lease was submitted to the NCHFA with the Preliminary TaxCredit Application in January 2004. The lease will be in the amount of $1,000 per year. The HousingAuthority will be a member of the LLC entity that will own the revitalized Mayfield Terrace.

(c) Enter the current expiration date of the option/contract to purchase: 12/31/2004

(D) Enter Purchase Price: 0




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Present zoning classification of the site:

Is mutifamily use permitted?

Are variances, special or conditional use permits or any other item requiring a public hearing needed to develop this proposal?

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 obtainingthem:

Are there any existing conditions of historical significance located on the project site that will require State Historic Preservation office review? If yes, describe below:

Are there any existing conditions of environmental significance located on the project site?If yes, describe below:

Zoning

R-12-MF

Yes

Yes

No

The City of Charlotte reviews all proposals for affordable housing with a public hearing and CityCouncil approval prior to endorsing these projects. These practices by Charlotte have been in placefor the past several years. Charlotte's approval is expected about June 1, 2004, and will be directlyconveyed at that time by City Officials to the NCFHA per special arrangement between the Charlottestaff and the NCHFA. The present zoning for the property is suitable for its intended use.

No

No




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Square Footage Information

Notes

Elevators -- Number of Elevators:Number of Elevators:

Gross Floor Square Footage: 95,839

Total Net Sq. Ft. (All Heated Areas): 89,186

** Please refer to the Income Limits and Maximum Housing Expense Table to ensure that Total Monthly Tenant Expenses for low incomeunits are within established thresholds.




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Specify Low Income Unit Targeting in table below. List each applicable targeting combination in a separate row below. Click [Add] to createanother row. Click "X" (at the left of each row) to delete a row. Add as many rows as needed.

Total Low Income Units:

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

Targeting

# BRs Units %

2 16 targeted at 30 percent of median income.






81




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Estimated pricing on sale of Federal Tax Credits: $0.

Remarks concerning project funding sources:(Please be sure to include the name of the funding source(s))

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

Funding Sources

Source AmountNon-

Amortizing*Rate(%)

Term(Years)

Amort.Period(Years)

AnnualDebt

Service

Bank Loan

RPP LoanLocal Gov. Loan - Specify:City of Charlotte Funds 1,214,548 2.00 20 20 73,730

RD 515 Loan

RD 538 Loan - Specify:

AHP Loan

Other Loan 1 - Specify:HOPE VI Loans 1,209,181 5.34 0 0

Other Loan 2 - Specify:

Other Loan 3 - Specify:

Tax Exempt Bonds

State Tax Credit(Loan) 728,855 0 30 30 0

State Tax Credit(Direct Refund) 0 Equity: Federal LIHTC 4,496,441 Non-Repayable Grant

Equity: Historic Tax Credits

Deferred Developer Fees

Owner Investment

Other - Specify:

Total Sources** 7,649,025

* "Non-amortizing" indicates that the loan does not have a fixed annual debt service. For these items, you must fill in 20-year debt servicebelow.

** Total Sources must equal total replacement cost in Project Development Cost (PDC) section.

78

5.34 entered on Funding Sources as a placeholder for AFR (will not accept "AFR" in RPM)HOPE VI funds are available and committed to this project from previous HOPE VI awards tothe Housing Authority of the City of Charlotte for their Arbor Glen and Park at Oaklawnrevitalizations. HOPE VI Funds will be loaned to the project at the AFR, with interestaccruing, with no periodic debt service, and with a term of 40 years or longer. This project isone of several follow-on projects which will collectively bring the public housing inventoryback to its level prior to the demolition of Dalton Village and Fairview Homes, which weresucceeded by Arbor Glen and The Park at Oaklawn, respectively. This project is in an areaconsidered a priority area for affordable housing by the City of Charlotte.




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Other Loan 1 - HOPE VI Loans

Year:Amt:

10

20

30

40

50

60

70

80

90

100

Year:Amt:

110

120

130

140

150

160

170

180

190

200




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Development Costs

Item Cost Element TOTAL COST Eligible Basis30% PV 70% PV

1 Purchase of Buildings (Rehab) 0 02 Demolition 377,217 377,2173 On-site Improvements 992,250 992,2504 Rehabilitation 0 05 Construction of New Building(s) 3,770,314 3,770,3136 Accessory Building(s) 0 07 General Requirements 308,387 308,3878 Contractor Overhead 108,963 108,9639 Contractor Profit 326,890 326,890

10 Construction Contingency 176,521 176,52111 Architect's Fee - Design 128,000 128,00012 Architect's Fee - Inspection 32,000 32,000

SUBTOTAL (lines 1 through 12) 6,220,54213 Construction Insurance (prorate) 30,000 24,00014 Construction Loan Orig. Fee (prorate) 12,500 10,00015 Construction Loan Interest (prorate) 37,813 30,25016 Construction Loan Credit Enhancement (prorate) 0 017 Construction Period Taxes (prorate) 15,000 12,00018 Water, Sewer and Impact Fees 0 019 Survey 35,000 35,00020 Property Appraisal 10,000 10,00021 Environmental Report 1,250 1,25022 Market Study 8,530 8,530

23 Bond Costs (specify) 0

24 Cost of Issuance 025 Placement Fee 026 Permanent Loan Origination Fee 027 Permanent Loan Credit Enhancement 028 Title and Recording 12,000

SUBTOTAL (lines 13 through 28) 162,09329 Real Estate Attorney 1,000 1,00030 Other Attorney's Fees 73,000 61,00031 Tax Credit App Fees 39,980 39,980

32 Cost Certification Fees 14,000 14,000

33 Tax Opinion 1,00034 Organizational (Partnership) 035 Tax Credit Monitoring Fee 42,525

SUBTOTAL (lines 29 through 35) 171,50536 Furnishings and Equipment 0 037 Relocation Expenses 276,000 276,00038 Developer's Fee (max 15% lines 2-36, less 8 & 9) 545,000 545,000

39 Other Expense 0 0

40 Other Expense 0 0

41 Rent-up Expenses 52,650

42 Other Non-basis Expense (specify) 0

43 Other Non-basis Expense (specify) 0

SUBTOTAL (lines 36 through 43) 873,65044 Rent up Reserve 24,300




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Comments:

45 Operating Reserve 196,935

46 Other Reserve (specify) 0

47 Other Reserve (specify) 0

48 DEVELOPMENT COST (lines 1-47) 7,649,025 0 7,288,55149 Less Federal Financing50 Less Disproportionate Standard51 Less Nonqualified Nonrecourse Financing

52 Less Historic Tax Credit (residential) 053 TOTAL ELIGIBLE BASIS 7,288,551 0 7,288,55154 Applicable Fraction (percentage of LI Units) 100.00% 100% 100%55 Basis Before Boost 7,288,551 0 7,288,55156 Boost for QCT/DDA (if applicable, enter 130%) 100.00% 100.00%57 TOTAL QUALIFIED BASIS 7,288,551 0 7,288,55158 Tax Credit Rate 0.00% 7.91%59 Federal Tax Credits at Estimated Rate 576,524 0 576,52460 Federal Tax Credits at 8.5% or 3.75% 619,526 0 619,52661 Federal Tax Credits Requested 062 Land Cost 063 TOTAL REPLACEMENT COST 7,649,025

(Costs Comment) The architect fees, legal fees, interest expenses and other costs which are notexpected to be included in the project's construction contract are typical of our experience withcomparable costs for similar projects in our area. For comments on hard construction costs, see theRemarks Box which follows the Schedule of Costs-Construction on or about Page 29 of thisapplication.




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Please provide a detailed description of the proposed project:

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:

Have you built other tax credit developments that use the same building design as this project?If yes, please provide name and address:

Site Amenities (check all that apply):

Market Study Information

The proposed redeveloped Mayfield Terrace will involve the relocation of the present tenants, thedemolition of the current units on site and the rebuilding of an 81-unit, 9% tax credit project serving29 public housing households, 4 households earning up to 40% of median income, and 48households earning up to 60% of median income. The 2004 proposal represents an expansion andimprovement of the 2003 proposal, in that both the large and small parcels which currently make up

Mayfield Terrace, and which are separated by Pitts Drive, will both be included in theredevelopment. Limits contained in the 2003 QAP precluded the incorporation of the small site,which currently contains only 9 of Mayfields existing 46 units, but the 2004 QAP easilyaccommodates its inclusion. Making the small site a part of the 2004 proposal avoids the problem ofhaving 9 obsolete units directly across the street from the 74 proposed redeveloped units on thesmall site. Under the 2004 scenario, the redevelopment will utilize HOPE VI capital funds, loaned tothe project by the Housing Authority, City of Charlotte Housing Trust Fund funds, and US tax creditinvestment and a NC State loan.

Mayfield Terrace will include 74 two and three bedroom garden apartments and 7 three bedroomtownhouses.

The project consists of a large site with frontage on Pitts Drive, which will contain three 3-storybuildings of 20 units each, and one 2-story building containing 14 units and the administrative andactivity spaces, and a small site directly across Pitts Drive, which will consist of two 2-storybuildings, with one of the buildings containing 4 townhome units, and the other containing 3townhome units.

The large site will contain most of the site amenities, including a large playground area, and otheramenities listed below and in Exhibit L. The small site will contain a picnic and gathering area. Inorder to avoid the necessity of small children crossing the street to the large site to access aplayground, the small site will also have a small playground area.

Construction features include: factory framing panels and trusses for framing consistency;architectural roof shingles for attractiveness and longevity; attractive roof massing and variety; knockdown interior ceilings; gypcrete between floors for sound attenuation; heavy duty kitchen and bathcabinets; fire sprinklers throughout; and low maintenance PVC balcony railings. Exteriors will alsoinclude Hardi-plank siding, large windows, and brick at foundations and in select siding areas. Anyretaining walls will be split face block. See also the comprehensive list of building characteristics,unit features and amenities in Exhibit L.

Yes

The 20-unit buildings are improvements of the 20-unit buildings at Crosland's Arbor Glen (winner ofthe NCHFA's 2003 Housing the Carolinas Award). The 6- and 12-unit buildings are improvements ofthe similar buildings at The Park at Oaklawn, another Crosland tax credit project in Charlotte. Indesign, fits, finishes and specifications, these buildings will be equivalent to contemporary "A" grademarket-rate apartment properties. Arbor Glen is located near the intersection of Clanton Road andWest Boulevard at 2305 Farmer Street. The Park at Oaklawn is located near the intersection ofStatesville Road and Oaklawn Boulevard at 1215 Rising Oak Drive.

Community Bldg - Sq Ft: 2,464 Community Room - Sq Ft: 1,600 Garages - Number:

Laundry Rm Screened Porch Resident Computer Center Exam Rm Reading Rm/Library

Game/Craft Rm Exercise Rm TV Rm Beauty Salon Vending Rm

Chapel/Prayer Rm Picnic Area Onsite Leasing Office Onsite Mgr Onsite Maint. Person

Irrigated Lawns Security Gate Car Care Area Storage Units Gazebos




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Onsite Activities:

Landscaping Plans:

Interior Apartment Amenities (check all that apply):

Flooring: Carpet Vinyl Wood Wood Parquet Ceramic Tile Other

Walking Trails Garden Spots Basketball/Tennis Court Playground Ball Field

Pool Fitness Stations Horseshoe Pit Shuffleboard Covered Drive Thru

The Charlotte Housing Authority will operate a resident support program for the encouragement andsupport of residents' transition to full economic independence, called the Family Self SufficiencyProgram. The FSS Program includes classes in life management, mandatory savings program andsupport for continuing education. The goal is for residents to have the means to graduate fromassisted housing within five years and move to a condition of full economic independence, therebymaking their former dwelling at the project available for another household. This FSS Program bythe Charlotte Housing Authority has been in operation at all the Housing Authority projects financedwith HOPE VI funds. The program has been well-proven over several years of operation.

We have budgeted $1,250 per unit for landscaping, which provides the resources for many shadetrees as well as extensive shrubs and grassed areas. This is the same budget as at recent market-rate properties by Crosland and will result in a polished, well-landscaped appearance that willbecome increasingly shady and park-like over the years. Illustrations of the impact these budgetswill have in several years can be seen at two of Crosland's Charlotte-area market rate properties,which had similar landscaping budgets: Birkdale Apartments (1998) located off Sam Furr Road inHuntersville at 16501 Stonemason Drive and Crestmont Apartments (1999) located on BallantyneCommons Parkway in South Charlotte at 9200 Otter Creek. (Note-Arbor Glen and The Park atOaklawn had similar budgets also, but the plantings at these two projects are still too new to showthe long-term benefits of maturing landscaping with this commitment to long-term curb appeal.)

Range Hood Dishwasher Disposal Refrigerator (frost free) Storage interior/exterior

W/D Hookups Mini-blinds Pantry Ceiling fans Walk-in closets

Featuresin allunitsalsoinclude:wall towallcarpeting;ceilingfans withlights inLivingsRoomsandBedrooms;dishwashers;highefficiencyheatpumps; 6panelmetalentrydoorswith doorknockersandpeepholes;intrusionalarms;smokedetectors;carbonmonoxidedetectors;RangeQueencannisterfireextinguishersat range




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Flooring: Carpet Vinyl Wood Wood Parquet Ceramic Tile Other

Heating/Cooling: Central Air Gas Heat Heat Pump Electric Pump

Do you plan to submit additional market data (market study, etc.) that you want considered?If yes, please make sure to include the additional information in your pre-application packet.

hoods;washer/dryerhookups;microwaveovens;lockableoutdoorstorageclosets.Many

unitplansincludewalk-inclosetsin selectlocations,kitchenpantryclosetsorcabinets,and coatclosets.Multipleshelvesin select

closetlocationsmaximizestorage.See alsothecomprehensivelist ofbuildingcharacteristics,unitfeaturesandamenitiesin ExhibitL.

Yes




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Briefly describe your site in each of the following categories:

Applicant's Site Evaluation

NEIGHBORHOOD CHARACTERISTICS

Physical condition of buildings and improvements. Trend and direction of real estate developmentrelative to the project. Area economic health (degree of decline or investment). Concentration of

affordable housing.The 2004 application for the redevelopment of Mayfield Terrace Apartment represents a substantialimprovement over 2003s unsuccessful application by this applicant. The improvement resultsprimarily from improvements to the surrounding neighborhood of Washington Heights, which havemade it a significantly more desirable area for a tax credit project than in 2003. These improvementsinclude:

1) Completion of roadway and sidewalk infrastructure in the neighborhood.

2) City commitment to implement additional infrastructure improvements in and around L.C. OwensPark

3) Expansion of the Mayfield Terrace redevelopment to include both the larger portion of theapartment community, which was the only site included in 2003, and the smaller portion, which wasnot a part of the 2003 application

4) Renovations to the convenience store at the corner of Beatties Ford Road and Tate Street, which

was previously an eyesore5) Options held by the applicant on several single family houses in Washington Heights, which arecurrently in poor condition and mostly inhabited by tenants, and which will be renovated and resoldto owner-occupants

Further details about the improved circumstances follow, or are contained in other sections of thisapplication.

The Mayfield Terrace Apartments location is part of the Washington Heights neighborhood, whichwas a trolley car suburb community established in the early 1900s and populated by middle-classAfrican-American families. Through the middle and later decades of the last century, theneighborhood entered a long decline. However, it had several characteristics which made it worthyof the substantial revitalization efforts now underway here. First, the neighborhood is onlyapproximately 2 miles from the center of Charlotte and its 85,000 plus jobs. The land use patternhere is consistently residential on the side streets with retailing, public transportation and otherservices concentrated on Beatties Ford Road, a north-south artery readily accessible to the

neighborhood. The architecture of the houses is typical of modest-size early twentieth century framehouses in an urban context, which provides for interesting streetscapes and highly livableneighborhoods. There are no significant non-compatible land uses in the neighborhood. Insummary, Washington Heights has the characteristics of a neighborhood suitable for revitalization, aneighborhood that with the appropriate community effort can be made highly livable again.

That revitalization potential was recognized some years ago and is now being vigorously pursuedwith major commitments by a number of public and private institutions, including substantial publiccapital. Descriptions of these commitments follow.

Perhaps the most significant planned investment in Washington Heights for purposes of thisapplication is one that the applicant is in the process of making. Since applying for tax credits for theredevelopment of Mayfield Terrace in 2003, the applicant has secured binding options to purchaseseveral existing single family homes surrounding Mayfield Terrace, and is pursuing more. Most ofthese homes are currently rented out by absentee landlords, and many are in significant disrepair.Separate from the funds proposed to be involved in the redevelopment of Mayfield Terrace, theapplicant has identified resources that will allow for the production, through either rehabilitation or

demolition and new construction, of significantly upgraded single family homes that will be sold toqualifying homebuyers. This strategy, which is described in more detail behind Tab H of thisapplication, will provide even further support for an investment of tax credits in this rapidly improvingcommunity.

The efforts of one of the Washington Heights most valuable assets, its highly active NeighborhoodAssociation, have generated a reduction in crime and dramatically improved infrastructure for thecommunity, as reported in an article in The Charlotte Observers about this neighborhood and otherareas of Charlotte with rapidly increasing real estate values. The Association initiated theWashington Heights Neighborhood Plan, which brought neighborhood residents, local businessowners, and City of Charlotte and Mecklenburg County officials and staff together to create both anexciting neighborhood vision and a concrete implementation strategy. The applicant has workedclosely with the Neighborhood Association in its proposal to redevelop Mayfield Terrace, as isevidenced by several of the support letters contained in this application, particularly the letter from




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Mattie Marshall, the Neighborhood Associations President, which is located behind Tab I of thisapplication.

The Plan, adopted by Charlottes City Council in February, 2002, launched neighborhoodinfrastructure improvements by the City of Charlotte, including widened roadways, curb and gutterimprovements, new sidewalks, and new cross-streets. The City also designated Washington Heightsas one of only 8 Action Plan communities. This designation translates into a high concentration ofCity resources in the neighborhood, and City encouragement of private housing and other economicdevelopment activities.

Since the 2003 Mayfield Terrace tax credit application, the Washington Heights infrastructureimprovements, which, as described in a support letter from Charlotte City Councilman JamesMitchell, Jr. attached behind Tab J of this application, represent a $1.6 million investment by theCity, are substantially complete, including the following items:

3472 linear ft. of sidewalk 21,700 linear ft. of curb and gutter 7258 linear ft. of storm drainage 1240 sq. yards of driveway improvements 4195 tons of asphalt for road improvements $29,000 of new water and sewer lines $50,000 allocated for landscaping, pedestrian scale lighting and neighborhood signage Extending Redbud Street between Pitts Drive and Sanders Avenue

Only minor items from this original infrastructure improvement plan, such as streetlights,landscaping and signage, have yet to be finalized. All of these improvements are now easily visiblewhen driving through the neighborhood.

One of Charlottes oldest and most reputable community development corporations, the NorthwestCorridor Community Development Corporation, has completed the revitalization, through itsownership, upgrading and management, of Dundeen Courts, a 26-unit apartment complex, and itsrecent purchase of 10 neighborhood duplexes, which it has renovated and converted into 4-bedroom single family homes. Both of these NWCCDC projects are located on Dundeen Street, oneblock north of Mayfield Terrace. NWCCDC plans to continue investing in the Washington Heightscommunity and is actively pursuing other residential and commercial projects. NWCCDCsExecutive Director, Terrell Blackmon, has also provided a support letter for the Mayfield Terraceredevelopment, which is located behind Tab K of this application.

In addition, Habitat for Humanity has been highly active in Washington Heights. Habitat hasconstructed 10 homes over the past two years in the community, representing an overall investmentof more than $750,000. With heavy input from the Washington Heights Neighborhood Association,Habitat created special upgraded exterior designs for its homes that are in keeping with the historicnature of the neighborhood. Habitat is actively pursuing additional opportunities to build homes inWashington Heights, as described in the support letter from Bert Green, Habitats ExecutiveDirector, which is attached behind Tab L of this application.

Washington Heights also contains L.C. Owens Park, operated by the Charlotte-Mecklenburg Parkand Recreation Department, which consists of 13 acres and is the beneficiary of recent upgradesincluding new basketball goals and landscaping. The Park will be further upgraded in many aspectsthrough an additional $500,000 investment by the City to extend Onyx Street, through the Park, toconnect with Estelle Street, as follows:

Making use of existing City-owned right of way through LC Coleman Park Making the park more visible and accessible by allowing vehicles, bicyclesand pedestrians through the park. Creating a safer environment for the residents at the end of Onyx Streetand Estelle Street by eliminating a dead end road (the second suchintitiative when you count the Redbud extension) Creating better vehicular ingress and egress around the Northwest School of the Arts and withinthe community. The street design will include an 8' plantingstrip, 6' sidewalk, pedestrian scale and street level lighting, largematuring trees, speed tables to slow traffic and access to the park on bothsides.

Redevelopment efforts in Washington Heights will be reinforced by similar activities throughout theBeatties Ford Road/West Trade Street corridor, pursuant to the Historic West End Urban VisionPlan. This dynamic plan, which was completed in early 2003, first lays out an analysis andrecommendations for the portion of West Trade Street just outside uptown Charlotte just south of theWashington Heights neighborhood, and then does the same for all of the communities andneighborhoods along the corridor to the north, including Washington Heights, ending several milesoutside of uptown at the Beatties Ford Road interchange of Interstate 85. The West End Plan isexpected to catalyze many new residential and retail investments along the corridor.

All these programs and initiatives are clearly working. The physical condition of Washington Heights




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is obviously transitioning forward. A visit to the neighborhood shows a number of new and renovatedhouses here, many within a block or two of Mayfield Terrace. The public is responding to theseimprovements a clear and quantifiable way. Home prices have risen throughout Washington Heightsdramatically in the last several years, as has buyer interest. On January 5, 2003, The CharlotteObserver reported that Washington Heightss unique character, location and improvingneighborhood conditions have resulted in nearly a 20% increase in recent existing home purchasesin the neighborhood, in which the purchase prices exceeded the tax value of the homes by 50% ormore. This improvement is substantially greater than nearly all of Charlottes neighborhoods,including some of the most elegant.

To date, the Washington Heights community has not hosted a tax credit project. There is also nohousing credit or project-based capital or rental assistance or HUD-supported public housing in thecommunity. Mayfield Terrace is currently neither a public housing development, nor a tax credit orproject-based affordable housing development.

The applicant is confident that the redevelopment of Mayfield Terrace, which is the largest potentialmulti-family land use in Washington Heights, into a top-quality affordable apartment community,along with the applicants rehabilitation and construction of high-quality single family homes in thecommunity, will support and accelerate the revitalization of the Washington Heights neighborhoodand that the revitalized Mayfield Terrace will be supported by an attractive revitalized neighborhood.

Suitability of surrounding development. Land use pattern is primarily residential (single andmultifamily housing) with a balance of other uses (particularly retail and amenities). Amount andcharacter of vacant, undeveloped land. Effect of industrial, large-scale institutional or otherincompatible uses: wastewater treatment facilities, high traffic corridors, junkyards, prisions, landfills,large swamps, distribution facilities, frequently used railroad tracks, power transmission lines andtowers, factories or similar operations, sources of excessive noise, and sites with environmentalconcerns (such as odors or pollution).The Washington Heights neighborhood consists almost entirely of residential development, themajority of which is single-family. As mentioned elsewhere in this application, L.C. Owens Park sitson 13 acres in the neighborhood, and the only significant institutional land uses contained in thecommunity are a church which is directly adjacent to Mayfield Terrace to the east, and theNorthwest School of the Arts, a public magnet school within walking distance two blocks to the northof Mayfield Terrace along Beatties Ford Road. The developers of this project know the pastor of theadjacent church, who is supportive and enthusiastic of the development teams plans to revitalizethe Mayfield Terrace site into a modern, mixed income, affordable community, as evidenced in hissupport letter, which is attached behind Tab M of this application. Several neighborhood-friendlybusinesses, including a pharmacy, a hair salon and a restaurant are located to the east of MayfieldTerrace on Beatties Ford Road. Because of bus service along Beatties Ford Road, access is easyfor neighborhood residents who do not have cars to the City of Charlotte and such nearby amenitiesas a Food Lion grocery store, a public library, a substantial health care facility built and operated byCarolinas Healthcare System, a Mechanics & Farmers headquarters bank branch and a creditunion. All of these amenities except the Charlotte Center City are approximately a mile or less fromMayfield Terrace.

There are no vacant, undeveloped tracts in Washington Heights which consist of more than half ofan acre of land. Most undeveloped tracts in the neighborhood, because of their small size, will onlyaccommodate single family or very small multi-family improvements. Except for small lots directlyadjacent to Beatties Ford Road, which is the nearest major thoroughfare to Historic WashingtonHeights and runs directly adjacent to the community to the east, nearly all of the zoning in theneighborhood is residential, the overwhelming majority of which is single-family allowing a maximumof 5 units per acre, and the most intensive of which is multi-family allowing a maximum of 12 unitsper acre. There are no incompatible land uses affecting the neighborhood

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).Beatties Ford Road, the neighborhoods major thoroughfare, runs in a northerly and southerlydirection, and is located about two blocks directly to the east of the Mayfield Terrace site. BeattiesFord Road is a major mass transit venue, giving Mayfield Terrace residents easy access to transitlines throughout Mecklenburg County. Oaklawn Avenue runs directly into the neighborhood from theeast, intersects with Beatties Ford Road and becomes Booker Avenue as it enters the neighborhoodheading west, one block south and two blocks east of Mayfield Terrace. The intersection of thesemajor roads serves as the primary entrance into Historic Washington Heights. Booker Avenue is thelargest street in the Historic Washington Heights community.

In the past few years, Beatties Ford Road and Booker and Oaklawn Avenues have undergoneintensive infrastructure improvements at and near their intersection, the most prominent of which arethe widening of Beatties Ford from 2 lanes to 4 lanes as it passes by Historic Washington Heights tothe east, the aligning of Oaklawn and Booker where they intersect with Beatties Ford, and significantsidewalk and streetscape improvements. The improvements have helped smooth out traffic flowthrough the intersection, and increase pedestrian safety by aligning the crosswalks for the




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For each applicable neighborhood feature, enter distance from project in miles.

Other facilities or services:

intersection.

On the internal residential streets of Historic Washington Heights, substantial curb and gutter,widening and sidewalk improvements by the City have recently been completed, at a cost of $1.6million, as noted earlier in this application. Booker Avenue, which runs one block south of MayfieldTerrace, has been widened and has new sidewalks, curbs and gutters. Intra-neighborhood roadwayconnectivity has been greatly enhanced by the elimination of a gap in Redbud Street, between itsintersection with Booker Avenue and Tate Street. Redbud Street is the nearest street to the east ofMayfield Terrace, and intersects Booker Avenue just to the south of the apartments. Tate Streetruns parallel to Booker Avenue to the north, and intersects and terminates at Redbud Street justeast of Mayfield Terrace.

Pitts Drive, which runs directly adjacent to Mayfield Terrace and provides direct access to theapartments, already has sidewalks and curb and gutter, as does Redbud Street, which intersectsPitts Drive just to the north of the apartments, and just north of Redbuds intersection with TateStreet. However, a much more walkable Historic Washington Heights neighborhood has resultedfrom the elimination of the gap in Redbud Street between Booker Avenue and Tate Street, and thenew sidewalks on Booker Avenue, which as described above is the main entrance into thecommunity. This enhancement especially benefits Mayfield Terrace residents, to whom BookerAvenue was not previously easily accessible.

Degree of on-site negative features and physical barriers that will impede project construction oradversely 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. Foradaptive re-use projects- suitability for residential use and difficulties posed by the building(s), suchas limited parking, environmental problems or the need for excessive demolition.There are no incompatible land uses within the Historic Washington Heights community. Thenearest industrial land use is a Charlotte-Mecklenburg water treatment facility, which is outside ofthe neighborhood to the south and across Beatties Ford from Washington Heights. The treatmentfacility treats water only, does not process any sewage, and does not emit any pollutants or odorswhich impact Historic Washington Heights or Mayfield Terrace. There are no other nearby non-conforming, incompatible or obnoxious land uses.

Similarity of scale and aesthetics/architecture between project and surroundings.Mayfield Terrace is by far the largest multi-family site in Historic Washington Heights. Recentupgrades, which include new siding and roofing, allow Mayfield Terraces external appearance tomeet or exceed that of most of the surrounding houses. However, the apartments interior designsare functionally obsolete and the interiors have badly deteriorated. There are no washer dryerhookups, air conditioning, reasonably sized closets, kitchens or bathrooms.

The site plan plus design exterior and interiors of the proposed replacement multi-family of MayfieldTerrace will respect the unique and historic character of the Historic Washington Heightscommunity, and set a new standard of quality for all nearby residential buildings.

Grocery Store.5 Community/Senior Center.5

Mall/Strip Center.5 Hospital.3

Outdoor Athletic Fields.5 Pharmacy.5

Day Care/After School.3 Basic Health Care.5

Schools.2 Medical Offices.5

Public Transportation Stop.2 Bank/Credit Union.3

Convenience Store.2 Restaurants.3

Basketball/Tennis Courts.3 Professional Services.3

Public Parks.1 Movie Theater5

Gas Station.5 Video Rental.5

Library1 Public Safety (Fire/Police).5

Fitness/Nature Trails.5 Post Office.5

Public Swimming Pools2

After redevelopment, Mayfield Terrace will contain a mix of public housing apartments and tax credit




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apartments. As a result, public housing residents will participate in the Charlotte Housing AuthoritysFamily Self-Sufficiency program, which will link them to child care assistance, education and jobtraining programs, transportation services, medical services, job placement assistance, individualand family counseling services, budgeting and money management guidance services, life skillstraining programs (including parenting, housekeeping and home repair assistance), andhomeownership and mortgage lending guidance services. The Family Self-Sufficiency program alsorequires participants set up individual or family escrow accounts that may be later used to covereducation costs, job training costs, or start-up costs of a small business or the down payment forhome purchases. The goal for FSS participants is for them to have the enhanced life managementskills and personal capital available at the end of 5 years to move out of assisted housing and make

their former unit available to another household.




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Development List number low-income/tax credit housing projects and units developed, operated, and maintained in compliance by the principal(s) betweenDecember 1, 1996 and January 1, 2003:

Management List number of low-income housing tax credit units managed in the past 10 years:

Has any owner, principal, or management agent been debarred or received a limited denial participation in the past 10 years by any federal orstate agency?

Has any owner, principal, or management agent been involved in a bankruptcy, an adverse fair housing settlement, an adverse civil rightssettlement, or an adverse federal or state government proceeding and settlement in the past 10 years?

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-insuredproject, a Rural Development funded rental project, a tax-exempt funded mortgage, a tax credit project, or any other publicly subsidizedproject?

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 tomeet compliance standards of the tax credit allocation, including return of a reservation of tax credits to the Agency after the carryoveragreement has been signed?

Has any owner or principal had a Form 8823 filed with the IRS for noncompliance on a project using low-income housing tax credits orreceived a letter of non-compliance from the Agency?

Project Team Experience

North Carolina Other States

Projects: 3 0

Units: 413 0

North Carolina Other States

Projects: 7 0

Units: 634 0

No

No

No

No

No




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Financing Commitments

Does the project have a firm commitment for construction financing? Yes

Does the project have a letter of intent for private permenant financing? Yes

Does the project have a firm commitment for government financing? Yes

Does the project have a letter of intent from an investor? Yes

Is any portion of the eligible basis of new contruction or rehabilitation financed with federal subsidies other than CDBG funds or fundsfrom the HOME program? Yes

If yes, indicate the type and amount below:

Tax Exempt Financing: $

RD 515 Financing: $

Hope VI Financing: $ 1,209,181

Other: $ 0

If Other, specify the type of Federal subsidy:

The funds referred to above as HOPE VI financing will be aloan from the Charlotte Housing Authority, whose source offunds for that loan is the Housing Authority's HOPE VIcommitment from the federal government. Constructionfinancing and tax credit equity will be from PNC MultifamilyCapital, an experienced provider of construction loans and taxcredit investment capital with projects throughout the USA.PNC is the construction lender and tax credit investor forArbor Glen II and Arbor Glen III, two of Crosland's tax creditprojects in Charlotte. See PNC's commitment letter for equityinvestment, and a construction (bridge) loan plus the HousingAuthority's commitment for the use of HOPE VI funds for thisproject in Exhibit U.




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Project Operations (Year One)

Projected Operating Costs

Administrative ExpensesAdvertising 1,500Office Salaries 26,000Office Supplies 20,194

Office or Model Apartment Rent 0Management Fee 32,076Manager or Superintendent Salaries 2,800Manager or Superintendent Rent Free Unit 0Legal Expenses (Project) 0Auditing Expenses (Project) 8,800Bookkeeping Fees/Accounting Services 0Telephone and Answering Service 2,400Bad Debts 1,000Other Administrative Expenses (specify):

0

SUBTOTAL 94,770

Utilities ExpenseFuel Oil 0Electricity (Light and Misc. Power) 15,127Water 8,201Gas 1,276Sewer 11,846SUBTOTAL 36,450Operating and Maintenance ExpensesJanitor and Cleaning Payroll 0Janitor and Cleaning Supplies 0Janitor and Cleaning Contract 0Exterminating Payroll/Contract 1,300Exterminating Supplies 0Garbage and Trash Removal 1,000Security Payroll/Contract 0Grounds Payroll 0Grounds Supplies 0Grounds Contract 19,000Repairs Payroll 22,000Repairs Material 5,400Repairs Contract 0Elevator Maintenance/Contract 0Heating/Cooling Repairs and Maintenance 1,000Swimming Pool Maintenance/Contract 0Snow Removal 300Decorating Payroll/Contract 10,500Decorating Supplies 36,700Other (specify):Land Lease 1,000

Miscellaneous Operating & Maintenance Expenses 0SUBTOTAL 98,200Taxes and InsuranceReal Estate Taxes 40,500Payroll Taxes (FICA) 0Miscellaneous Taxes, Licenses and Permits 0




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Property and Liability Insurance (Hazard) 9,720Fidelity Bond Insurance 0Workmen's Compensation 0Health Insurance and Other Employee Benefits 0Other Insurance:

0

SUBTOTAL 50,220Supportive Service ExpensesService Coordinator 0Service Supplies 0Tenant Association Funds 0Other Expenses (specify):Services Contract with PHA 20,250

SUBTOTAL 20,250ReservesReplacement Reserves 20,250SUBTOTAL 20,250

TOTAL OPERATING EXPENSES 320,140

ADJUSTED TOTAL OPERATING EXPENSES (Does not include taxes, reserves and resident support services) * 239,140

TOTAL UNITS(from total units in the Unit Mix section) 81

PER UNIT PER YEAR 2,952




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Design Features

ITEM DESCRIPTION

Foundation/Slab Components Post Tension, 3000 PSI Mix Code 3308

Primary Windows Make: Model:General Aluminum 2100 Series Type/Construction: Aluminum Vinyl Glass

Exterior Doors Type: Frames:24 GA 6-Panel Wood

Siding Type: Grade/Thickness:Hardiplank 5/16

Warranty: 50 Year

Exterior Trim Koat #1 Pre-Primed P.T.

Shingles Type: Weight:GAF Timberline 225 lbs.

Warranty: 30 Year

Sprinkler System NFPA 13R Residential

Cabinets Normac 800 Camelot White PVC

Heat Pump SEER: Make:12 Seer Goodman

Model: Varies to size of unit

Air Conditioner SEER: Make:12 Seer Goodman

Model: Varies to size to unit

Other Heat Systems SEER: Make:12 Seer Goodman

Model:

Varies to condition-clubhouses, laundry andmaintenance facilities




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This is a detailed breakdown of rehabilitation or construction costs you summarized in the Development Costs table (Rehabilitation andConstruction of New Building(s)). The total should match those roll-up values.

Costs - Construction

ITEM LABOR MATERIAL TOTAL

Concrete Footings 22,622 22,622

Backfill-slab, Crawl 0 0

Slab-concrete/Rebar/Gravel 165,894 165,894

Waterproofing 22,622 22,622

Masonry Foundation 71,636 71,636

Brick Veneer 207,367 207,367

Steel/Structure/Rails 0 0

Framing/Lumber/Nails 178,200 178,200

Trusses 236,848 386,852 623,700

Crane Rental 0 0

Windows/Grilles/Screen 52,784 52,784Exterior Doors 56,555 56,555

Roofing 45,244 45,244

Fencing 37,703 37,703

Vinyl Siding/Trim/Box 178,200 178,200

Gutters/Shutters 60,325 60,325

Insulation 41,473 41,473

Drywall 251,100 251,100

Interior Doors 139,502 139,502

Int. & Final/Stair/Trim/Shelves 147,042 147,042

Cabinets & Tops 113,109 113,109Painting 98,028 98,028

Marble - Tub/Shwr/Tops 0 0

Plumbing 307,800 307,800

Electrical 218,700 218,700

Heating/Air Conditioning 214,650 214,650

Floor Covering and Underlayment 116,880 116,880

Wall Paper 0 0

Mailboxes/Special Features/Signage 22,622 22,622

Gypcrete 26,392 26,392

Blinds/Shades/Art Work 22,622 22,622

Light Fixtures/Fans 0 0

Sprinkler System 64,095 64,095

Security Alarm 40,518 40,518

Hardwood Floors 0 0

Elevator 0 0

Ceramic Tiles 37,703 37,703

Acoustical Ceilings 0 0




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Remarks:

Mirror/Shower Door/Encls. 0 0

Hardware/Bath Access. 18,852 18,852

Appliances 82,620 82,620

Playground Equipment 18,852 18,852

Interior Clean 30,163 30,163

Exterior Clean/Dumpster Rental 34,739 34,739

Other 1 (specify in Remarks) 0 0

Other 2 (specify in Remarks) 0 0

Total Cost 236,848 3,533,466 3,770,314

Construction costs and their distribution have been reviewed by the staff of Crosland Contracting,builders of Arbor Glen, the Park at Oaklawn, and many tax credit projects for third party owners.Collectively, the costs appear to be reasonable projections for this project based on CroslandContracting's recent experience. Please note that, except for the "trusses" account there is noseparation of labor and materials, because all trades, except for framing labor, are bid andsubcontracted on a combined labor plus materials basis by Crosland Contracting.




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This is a detailed breakdown of the General Requirements cost element you summarized in the Development Costs table (GeneralRequirements). The total should match that roll-up value.

Remarks:

Costs - General

ITEM TOTAL

Supervision 107,934

Job Site Office/Trailer Rental 15,419

Office Supplies 3,084

Security/Watchman 46,258

Project Signage 6,168

Tools and Equipment 0

Gas, Oil, and Maintenance 0

Temporary Water, Electric, and Telephone 6,168

Storage/Hauling 0

Driveway Access Permit 0

Porta-John Rental/Dumping 6,168Builders Risk Insurance 3,084

Re-inspection Fees 0

Extra Plans and Specifications 3,084

Miscellaneous, Casual Labor 0

Equipment Rental 9,252

Other 1 (specify in Remarks) 49,342

Other 2 (specify in Remarks) 52,426

Total Cost 308,387

Other 1 is Permits and Fees.Other 2 is Performance Bond Required by HUD for all HOPE VI projects.




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This is a detailed breakdown of the Site Improvements cost element you summarized in the Development Costs table (On-siteImprovements). The total should match that roll-up value.

Remarks:

Costs - Improvements

ITEM TOTAL

Subsurface Exploration/Perk Testing/Site Engineering 29,768

Clearing/Grading/Final Grading/Excess and Borrow 230,202

Demolition 0

Earthwork/Excavation/Aerating 0

Soil Treatment 2,977

Pile Foundations 0

Caissons 0

Shoring/Bracing 0

Site Drainage 39,690

Site Utilities/Site Lighting 247,783

Paving and Surfacing/Curb and Gutter 124,031Walkways 47,628

Site Signage 9,923

Parking Lot Painting 9,923

Dumpster Pads/Fencing 19,845

Fencing/Gates 39,690

Landscaping/Topsoil 101,487

Rock and Hardpan Excavation 0

Site Supervision Personnel 89,303

Other (specify in Remarks) 0

Total Cost 992,250




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This is a detailed breakdown of the Bond Costs cost element you summarized in the Development Costs table (Bond Costs). The totalshould match that roll-up value.

Remarks:

Costs - Bond Costs

ITEM TOTAL

Letter of Credit Fee

Credit Enhancement

Underwriter Discount

Capital Interest Fund

Other 1 (specify in Remarks)


Total Cost 0

Not Applicable




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This is a detailed breakdown of the Bond Issuance cost element you summarized in the Development Costs table (Cost of Issuance). Thetotal should match that roll-up value.

Remarks:

Costs - Bond Issuance

ITEM TOTAL

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)


Total Cost 0

Not Applicable




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MINIMUM REQUIRED SET ASIDES (No Points Awarded):

Minimum Set-Asides

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:

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%) ofcounty median income.

At least twenty-five percent (25%) of qualified units will be affordable to and occupied by households with incomes at or below thirtypercent (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 countymedian 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 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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PLEASE indicate which of the following exhibits are attached to your application. Others may be required as noted.

Full Application Checklist

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 Mapshowing 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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Mayfield Terrace

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