Pine Chase

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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: Castle Glen

Address: W. Chatham Street

City: Newport County: Carteret Zip: 28570

Census Tract: 9707.0 Block Group:

No

No

Political Jurisdiction: Town of Newport/ 3rd Congressional District

Jurisdiction CEO Name: First: Last:Derryl Garner Title: Mayor

Jurisdiction Address: 200 Howard Blvd

Jurisdiction City: Newport Zip: 28750

Jurisdiction Phone: (252)223-4749

Site Latitude: 34.786

Site Longitude: -76.859

Page 1 of 36Print - APP04-0047

1/14/2005https://www.nchfa.org/Rental/RTCApp/(afr01f55o5pqss45hagb2345)/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: 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

No

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: ECCDI will target a minimum of 4 units for mobility impaired handicapped. All units will be on theground floor conveniently located to access and handicapped parking spaces. ECCDI will also target4 units for persons with disabilities and the homeless. A complete targeting plan accompanies thisapplication.



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Applicant Information

Applicant Name: East Carolina Community Development Inc. (Managing Member)

Address: 315 Turner Street

City: State: NC Zip:Beaufort 28516

Contact: First: Last: Title:Keith Walker CEO & President

Telephone: (252)504-3996

Alt Phone: (252)504-2424

Fax: (252)504-2248

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

4.24 4.24

No

No

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:

No

(c) Enter the current expiration date of the option/contract to purchase: 12/15/2004

(D) Enter Purchase Price: 227,000



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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

Planned Unit Development (PUD)

No

Yes

No

The property is located in an area zoned (PUD) Planned Unit Development. The portion of the PUDunder consideration is approved for a "Neighborhood Business" and Storage. The property willrequire a Zoning Amendment to the PUD. ECCDI is currently working with Bob Chambers, theZoning Administrator for the Town of Newport to complete this process. An initial planning meetingtook place on April 26th to discuss re-zoning. A public hearing is scheduled for June 1st, 2004.

No

No



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Ownership Entity

Owner Name: Castle Glen LLC


City: State: NC Zip:Beaufort 28516

Federal Tax ID Number of Ownership Entity: (If assigned)

Federal Tax ID Number of Managing GP or Member: (If Not Assigned)56-1909969

Entity Type: Limited Liability Company

Entity Status: Already Formed

Is the applicant requesting that the Agency treat the application as Non-Profit sponsored? Yes

Is the applicant requesting that the Agency treat the application as CHDO sponsored? Yes

List all general partners, members,and principals. Specify nonprofit corporate general partners ormembers. Click [Add] to add additional partners, members, and principals.

Org: East Carolina Community Development Inc.

First Name: Walker Last Name: Keith Function: Managing Member


City: Beaufort State: NC Zip: 28516

Phone: (252)504-3996 Fax: (252)504-2248

EMail: [email protected] Nonprofit: Yes TaxID 56-1909969



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** 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 4 targeted at 40 percent of median income.






32



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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 0

RPP Loan 313,437 2.00 20 20Local Gov. Loan - Specify:

RD 515 Loan

RD 538 Loan - Specify:

AHP Loan 469,696 2.00 20 20 28,513

Other Loan 1 - Specify:



Tax Exempt Bonds

State Tax Credit(Loan) 460,639 0 30 30 0

State Tax Credit(Direct Refund)

Equity: Federal LIHTC 1,538,730

Non-Repayable Grant

Equity: Historic Tax Credits

Deferred Developer Fees

Owner Investment

Other - Specify:

Total Sources** 2,782,502

* "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.

793

ECCDI has received notice that Castle Glen is to be awarded a FHLBA Affordable HousingProgram subsidized loan in the amount of $469,696.00. The loan terms is 20 years and theinterest rate is 2%



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RPP Loan

Year:Amt:

1

20613

2

20776

3

20896

4

20971

5

20998

6

20972

7

20892

8

20751

9

20548

10

20277

Year:Amt:

11

19935

12

19516

13

19015

14

18429

15

17751

16

16975

17

16096

18

15108

19

14004

20

12800



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Development Costs

Item Cost Element TOTAL COSTEligible Basis

30% PV 70% PV

1 Purchase of Buildings (Rehab) 0 0

2 Demolition 0

3 On-site Improvements 150,000 150,000

4 Rehabilitation 0 0

5 Construction of New Building(s) 1,351,158 1,351,158

6 Accessory Building(s) 80,000 80,000

7 General Requirements 94,800 94,800

8 Contractor Overhead 33,323 33,323

9 Contractor Profit 99,969 99,969

10 Construction Contingency 54,277 54,277

11 Architect's Fee - Design 23,000 23,000

12 Architect's Fee - Inspection 8,000 8,000

SUBTOTAL (lines 1 through 12) 1,894,527

13 Construction Insurance (prorate) 5,000 5,000

14 Construction Loan Orig. Fee (prorate) 10,000 10,000

15 Construction Loan Interest (prorate) 65,000 65,000

16 Construction Loan Credit Enhancement (prorate) 0 0

17 Construction Period Taxes (prorate) 2,200 1,760

18 Water, Sewer and Impact Fees 85,500 85,500

19 Survey 4,000 4,000

20 Property Appraisal 5,000 5,000

21 Environmental Report 2,500 2,500

22 Market Study 4,000 4,000

23 Bond Costs (specify)

24 Cost of Issuance

25 Placement Fee

26 Permanent Loan Origination Fee

27 Permanent Loan Credit Enhancement

28 Title and Recording 4,000

SUBTOTAL (lines 13 through 28) 187,200

29 Real Estate Attorney 25,000 25,000

30 Other Attorney's Fees 9,000 9,000

31 Tax Credit App Fees 14,837 14,837

32 Cost Certification/Accounting 12,000 12,000

33 Tax Opinion 2,500

34 Organizational (Partnership) 2,000

35 Tax Credit Monitoring Fee 19,200


36 Furnishings and Equipment 14,000 14,000

37 Relocation Expenses 0 0

38 Developer's Fee (max 15% lines 2-36, less 8 & 9) 270,000 270,000

39 Bank Inspections/Permits/soft cost cont

40 Engineering/Boring/testing

41 Rent-up Expenses 8,000

42 Other Non-basis Expense (specify)

43 Other Non-basis Expense (specify)


44 Rent up Reserve 9,600



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Comments:

45 Operating Reserve 87,638

46 Other Reserve (specify)

47 Other Reserve (specify)

48 DEVELOPMENT COST (lines 1-47) 2,555,502 0 2,422,124

49 Less Federal Financing

50 Less Disproportionate Standard

51 Less Nonqualified Nonrecourse Financing

52 Less Historic Tax Credit (residential) 0

53 TOTAL ELIGIBLE BASIS 2,422,124 0 2,422,124

54 Applicable Fraction (percentage of LI Units) 100.00% 100% 100%

55 Basis Before Boost 2,422,124 0 2,422,124

56 Boost for QCT/DDA (if applicable, enter 130%) 100.00% 100.00%

57 TOTAL QUALIFIED BASIS 2,422,124 0 2,422,124

58 Tax Credit Rate 0.00% 7.91%

59 Federal Tax Credits at Estimated Rate 191,590 0 191,590

60 Federal Tax Credits at 8.5% or 3.75% 205,880 0 205,880

61 Federal Tax Credits Requested 195,190 195,190

62 Land Cost 227,000

63 TOTAL REPLACEMENT COST 2,782,502

disallowed line items 39 and 40 as the costs are part of the genereal requirements section. Raisedline item 7( Gen requirements) to 6%. lowered line item 32.



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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:

Market Study Information

Castle Glen involves the construction of a 32 unit family project in Newport, North Carolina, aneconomically diverse, hurricane impacted rural community. Newport is located approximately 6miles south of Havelock, 6 miles North of Morehead City and 40 miles east of Jacksonville. Unit mixwill include two and three bedroom apartments in two two-story residential buildings and be targetedto very low and low-income families. The project will adhere to North Carolina Housing Finance

Agency design guidelines.

The project will be similar to the successful ECCDI development Elm Green apartments, also inNewport and behind the Castle Glen site, however whereas Elm Green has 48 apartments, CastleGlen will have 32.

The chosen design is aesthetically pleasing, presents as a market rate project, and does not matchtraditional expectations of a housing development for very low-income clientele. Consisting of twotwo-story buildings with 16 units in each building, the wood framed buildings will feature brick andvinyl siding exteriors. Additional construction characteristics will include broken rooflines, frontgables, and wide band vertical/horizontal siding. Castle Glen will look appropriate in itsneighborhood and broader community.

Laundry hookups will be in every unit, especially important, as many resident households willinclude children. Other unit specific amenities will include patio or balcony, a fully equipped kitchenwith refrigerator, and oven/range with hood, a dishwasher, a garbage disposal, a pantry,washer/dryer hook ups, mini blinds, walk-in closets, ceiling fans, central heat and air, additional

storage, wall to wall carpeting in all living areas and vinyl flooring in the kitchen and bathrooms.

Castle Glen will have a 1900+ square foot community building. The community building will includetwo offices, one for the property manager and one for the supportive services manager. A cateringkitchen opens to the main multipurpose room. Food service capability in conjunction with meetingand activity space will make the Community Center become a focal point for Castle Glen residents,not just the location of offices for the developments staff.

The proposed Castle Glen development is part of a small planned unit development (PUD) locatedin Northeast Newport, off of Chatham Street. The development will compare with Elm Greenapartments, a family tax credit property developed by ECCDI, which is currently 100% occupied andmaintains a waiting list. The site offers good access to local services. The intersection of ChathamStreet and US Highway 70 is two miles north of the site. The Courtesy Town Square shoppingCenter is located at the intersection of US Hwy 70 and Howard Boulevard, within approximately 4miles of the site. The site is within approximately 1 mile of the Post Office, Town Hall, Library,Community Park and other services on Howard Boulevard.

With the exception of Elm Green, other affordable family rental stock in the area is fairly old and notwell maintained. More than 25% of rental units are mobile homes. A low vacancy rate for existingaffordable rental property indicates a real demand for quality affordable rental units. A 2000 HUDestimate of the number of very low income households in Carteret County living in rental units thatare overcrowded, lack total kitchens or plumbing facilities, or are unaffordable, was 1395households. Existing demand will increase further with the projected activities of the east coast airstations. Cherry Point MCAS, the nations largest Marine Corps air station is within 15 minutes driveof the site. It is likely that either two or four squadrons of F/A-18 E/F Super Hornets will be deployedto MCAS Cherry Point, impacting the military and civilian population needing affordable housing.

Castle Glen will be competitive with or exceed markets standards in kitchen amenities, unitamenities, dcor and location and will offer a community room with catering kitchen, a playground,gazebos, walking trails, picnic areas, ball fields and garden spots. The developer is proposing theinclusion of two tennis courts in the development. These courts will be available to residents ofCastle Glen and also other neighborhood residents according to demand. Castle Glen will offercompetitive rents, new construction, an attractive location and unmatched amenities.

The designs prepared by Arthur Cogswell exceed the North Carolina Housing Finance Agencyguidelines. The project design will be similar to that of Elm Green located to the rear of the CastleGlen site.

- The Elm Green project is aesthetically pleasing and looks like a market rate project, not a projectthat provides housing for very low income clientele;- The two story design is particularly suitable for use in a non-urban community such as Newport,



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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):

Onsite Activities:

Landscaping Plans:

Interior Apartment Amenities (check all that apply):

where citizens are not accustomed to vertical living in three or more stories;- The design is compatible with the use of horizontal siding, the type of trim and other designcharacteristics of the recent developments nearby. The design characteristics ensure Castle Glenfits in with the neighborhood;- The design has proven cost effective and the floor plans are livable.- Project amenities include washer/dryer connections, patios and balconies, abundant kitchencounter, kitchen cabinet and pantry cabinet space, good counter space in bathrooms for personalhygiene items, generous closet space throughout, including linen and coat closets in everyapartment- There will be a community building with a computer room, game and craft room, on site laundry

facility and leasing office.

Yes

1) Elm Green Apartments100 Elm Green Loop DriveNewport, NC 28570

2) Phoenix Park ApartmentsPhoenix Park DriveJacksonville, NC 28546

Community Bldg - Sq Ft: 2,402 Community Room - Sq Ft: 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

Walking Trails Garden Spots Basketball/Tennis Court Playground Ball Field

Pool Fitness Stations Horseshoe Pit Shuffleboard Covered Drive Thru

A comprehensive supportive services plan will be in place at Castle Glen for the benefit of residents.

A supportive services representative/community resource coordinator will work in conjunction withthe on-site manager to organize events and facilitate community focused functions and activities.These are likely to include: Parenting workshops geared towards forming stronger families and a stronger community Self-sufficiency and budgeting workshops. Homework hour and after school programs for school aged children with tutoring and drugprevention components. Art and craft classes providing alternative activities for individual expression. Homeownership education and financial literacy classes leading to goal oriented economic self-sufficiency and financial awareness Preventative health screening including blood pressure screenings Community events providing positive forums for families to interact and develop a sense ofcommunity Referrals to local agencies to provide special populations with assistance to live independently. Mediation and advocacy support and training to provide residents with skills to advocate for theneeds of their families.

A generous landscaping budget has been included in project development cost. Castle Glen willhave a well thought out layout with many tasteful landscaping features to complement thedevelopments design and neighboring properties. Features will include: -Generous amounts of foundation plantingsWalking trails around the property to be used for exercise or leisureThe project will have a landscaped and elegantly signed entrance to give all those who visit a goodfirst impressionLarge trees will be planted throughout the project and will offer residents shade and privacy as theproject matures.

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



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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.

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

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.Several distinct small towns blend together to form the community around Morehead City, commonlycalled the "Crystal Coast". Newport is one such town. The towns are surrounded by farmlands andthe Croatan National Forest, giving a wide diversity of lifestyles and recreation. The oceanfront isgeared toward family recreation and tourism with all types of water sports, fishing, and marineactivities. Further inland, there is a strong military influence with Camp LeJeune and Cherry Pointnearby.

Newport has seen a growth of more than 33% in its population base in the last decade. The town isexperiencing considerable growth in both its business and residential population, attributable largelyto its convenient location - centrally placed between Morehead City and Beaufort to the east orHavelock and MCAS Cherry Point to the West. Much new construction is taking place and many ofNewport's older homes are being renovated. Census data indicates that less than half of householdsown their own home. The extremely strong rental market that exists throughout the Newport areasupports this data.

Suitability of surrounding development. Land use pattern is primarily residential (single and

multifamily housing) with a balance of other uses (particularly retail and amenities). Amount 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 proposed Castle Glen apartments rental development is in the northern portion of the Town ofNewport. The site of the proposed development is in a predominantly residential area off ofChatham Street, less than two miles from US highway 70. The site is located in a quiet area with amix of single-family homes, senior housing, condominiums and a multi-family development, makingthe characteristics of the neighborhood ideal for a development such as this. Immediately east of thesite are the Kings Mill senior apartments and the Elm Green family apartments, to the south are NewBern Street and the Courtyard West Condominiums. Elm Green is a LIHTC family developmentconstructed in 1999, and Kings Mill is a LIHTC senior development constructed in 2002. CourtyardWest is a new condominium development located across New Bern Street to the south and a newsingle-family home subdivision is located further east along New Bern Street.

Less than one mile from the site, at the corner of Chatham and Market streets, are several localretailers, including Red and White Grocery, CM Hill Hardware and Video Show Place. Newports twoprimary retail areas are the downtown district along Howard Boulevard and the intersection of USHighway 70 and Howard Boulevard, and at the Courtesy Town Square retail center along USHighway 70. This has a Food Lion, dominos Pizza, Dry-cleaners, H&R Block, Video City, ClassicCuts and China Garden. Just South of Courtesy Town Square is the Ocean Way Plaza and NewportRiver Shoppes. Newport is only five miles from the commercial and retail hub of Carteret County,centered at the northern edge of Morehead City. There is easy access from the site to majorretailers, restaurants, financial institutions, health services and other facilities.

The nearest hospital to the site is The Naval Hospital at MCAS Cherry Point, located approximatelysix miles away in Havelock. The hospital offers comprehensive medical services to active andretired military personnel and their dependents, as well as critical emergency care to all localresidents. Carteret County General Hospital, located in Morehead City, about 6 miles south of thesite, is a 114 bed acute care facility that serves the county and surrounding area. Locally theNewport Family Practice and Pharmacy, as well as the Newport Dental Clinic are located in thedowntown Newport vicinity. A new VA clinic opened this month in Morehead City offering primary

care to vaterans and dependents.

The Carteret County Area Transportation System (CCATS) is a countywide transportation serviceserving the citizens and visitors of Carteret County. Currently CCATS offers two types of service: CCATS Paratransit Services. This service is available to agency-sponsored passengers forhuman-services related transportation. Agencies served by CCATS include Carteret CountyDepartment of Social Services, Coastal Community Action, Leon Mann Enrichment Center, StationClub Enterprises, Atlantic House, Carteret County Health Department, and others. CCATS Community Transit. This service is available to the general public and is a fare-basedservice operated on a space-available basis in cooperation with CCATS Paratransit service

Carteret Community College, located about 5 miles away in Morehead City, is one of 59 institutionscomprising the N.C. Community College System. The college offers a wide-range of educational,technical and vocational programs. High schools in Newport are Croatan High, the Gramercy



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

Christian School and the White Oak Church of God Academy. Primary and middle schools areNewport Elementary, Broad Creek Middle School, Newport Middle and Bogue Sound Elementary.

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).Several key transportation routes located near the site make the location convenient for manyhouseholds from both inside and outside of the immediate area. US Highway 70 is located withintwo miles of the site providing access north to Havelock and New Bern and south to Morehead Cityand other coastal areas. US Highway 70 is a four-lane highway that runs southeast through Raleigh,terminating in the Township of Atlantic in the easternmost part of the county. US Highway 70 is oneof the major traffic arteries through the Eastern North Carolina. The site also has easy access tostate Highway 24, located just south of the site, the main east west coastal route connectingNewport to Swansboro, Jacksonville and Wilmington.

The site offers accessible ingress and egress to the Town of Newport and surrounding areas withoutbeing negatively impacted by traffic volume and noise - only local traffic passes the site whileHighway 70 is within 2 miles.

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.This site is integrated into an existing residential area, which is likely to expand as the Town ofNewports growth continues. On the site there are no overhead power lines, no known flood hazardsor other land uses nearby that would degrade the quality of life for residents at the proposed project.

There are no known physical barriers to the proposed development on this site. There are no knownon-site negative features and physical barriers that will impede project construction or adverselyaffect future tenants.

There are no known industrial, large-scale institutional or other incompatible uses. The site does nothave, nor is it close to or in any way effected by wastewater treatment facilities, high traffic corridors,

junkyards, prisons, landfills, large swamps, distribution facilities, frequently used railroad tracks,power transmission lines and towers, factories or similar operations, sources of excessive noise, orenvironmental concerns (such as odors or pollution).

Similarity of scale and aesthetics/architecture between project and surroundings.The Castle Glen development will be the newest apartment complex of its size and scale in thisdevelopment corridor of the Town of Newport but it will mirror and complement the Elm GreenApartments, being a scaled down version of that development.

The chosen design is aesthetically pleasing and presents as a market rate project, and does notmatch traditional expectations of a housing development for very low-income clientele. The two-story design is particularly suitable for use in a non-urban community such as Newport, NorthCarolina where citizens are not accustomed to vertical living in three or more stories.

The proposed design is compatible with the use of horizontal siding, the type of trim and otherdesign characteristics of the recent developments throughout the Town of Newport. Castle Glen willlook appropriate in its neighborhood and within its broader surroundings.

The wood framed buildings will feature brick and vinyl siding exteriors. Additional constructioncharacteristics will include broken rooflines, front gables, and wide band or vertical/horizontal siding.The proposed buildings will be compatible with recently developed housing communities in Newportand will be more attractive than the majority of older existing rental stock.

As ECCDIs Elm Green development and Phoenix Park in Jacksonville have proven, the designcomplements attractive sites rather than detracts from them. Historically the design is perceived as

market rate and the attractiveness of the design has been very well received.

Furthermore, as more new residential construction is taking place in eastern North Carolina,conventional development controls such as setback and minimum lot size requirements are resultingin developers building up to make optimum use of a site and meet demand for increased floorarea. New construction is predominantly of two or more stories, or, depending on proximity to water,of pile construction. A two-story development at the proposed site will not appear incongruous withthe surroundings.

Grocery Store0.5 Community/Senior Center6.0



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Other facilities or services:

Mall/Strip Center0.5 Hospital6.0

Outdoor Athletic Fields0.5 Pharmacy2.0

Day Care/After School1.0 Basic Health Care1.0

Schools1.0 Medical Offices1.0

Public Transportation Stop4.0 Bank/Credit Union2.0

Convenience Store0.5 Restaurants0.5

Basketball/Tennis Courts1.0 Professional Services0.5

Public Parks1.0 Movie Theater5.0

Gas Station1.0 Video Rental0.5

Library5.0 Public Safety (Fire/Police)0.5

Fitness/Nature Trails1.0 Post Office1.0

Public Swimming Pools6

Supportive services will be provided to the estimated 32 families living at Castle Glen. Targetedpopulations will include those living with disabilities, victims of domestic violence and the homeless.A collaborative approach will be taken to the provision of supportive services, not only collaboratingwith a multitude of local community organizations and agencies to help provide services and meetthe changing needs of individuals and the community as a whole, but also with the residentsthemselves who are best able to discern their own needs. ECCDI already has the benefit of existingrelationships with many area service providers partnering to meet the needs of its Elm Greenresidents ( ECCDI's multi family development located in Newport). Lessons learned throughmatching resident requirements with services provided at Elm Green will allow Castle Glen to avoidmany of the start-up or teething problems a supportive services program at a new developmentmight otherwise encounter.

ECCDIs goals in providing supportive services to the residents of Castle Glen will include:1) To promote self-sufficiency and economic independence2) To build community, affording residents a sense of ownership and pride in their neighborhood3) To enhance the quality of life for the residents through such actions as providing educationalinformation and opportunities, health screenings, community building and cultural enrichmentactivities.

There will be a supportive services representative/community resource coordinator responsible forcarrying out the goals of the supportive services. The community resource coordinator will be

available at the Castle Glen Community Center with hours to suit the needs of the residents,including evening and weekend hours as needed. The community resource coordinator will work inconjunction with the on-site manager to ensure the activities of the managing agent and those ofsupportive services providers complement each other.



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DevelopmentList 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:

ManagementList 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 or

state agency?

Has any owner, principal, or management agent been involved in a bankruptcy, an adverse fair housing settlement, an adverse civil rights

settlement, or an adverse federal or state government proceeding and settlement in the past 10 years?

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 subsidized

project?

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 carryover

agreement 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 or

received a letter of non-compliance from the Agency?

Project Team Experience

North Carolina Other States

Projects: 6 0

Units: 272 0

North Carolina Other States

Projects: 49 0

Units: 2,614 0

No

No

No

No

No



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Financing Commitments

Does the project have a firm commitment for construction financing? No

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

Does the project have a firm commitment for government financing? No

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? No

If yes, indicate the type and amount below:

Tax Exempt Financing: $

RD 515 Financing: $

Hope VI Financing: $

Other: $

If Other, specify the type of Federal subsidy:



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Project Operations (Year One)

Projected Operating Costs

Administrative Expenses

Advertising 800

Office Salaries 3,000

Office Supplies 600

Office or Model Apartment Rent

Management Fee 13,824

Manager or Superintendent Salaries 15,000

Manager or Superintendent Rent Free Unit

Legal Expenses (Project)

Auditing Expenses (Project) 5,000

Bookkeeping Fees/Accounting Services

Telephone and Answering Service 1,200

Bad Debts

Other Administrative Expenses (specify):

Miscel admin, e.g. credit reports, computer supplies1,900

SUBTOTAL 41,324

Utilities ExpenseFuel Oil

Electricity (Light and Misc. Power) 7,500

Water 5,000

Gas

Sewer 5,000

SUBTOTAL 17,500

Operating and Maintenance Expenses

Janitor and Cleaning Payroll

Janitor and Cleaning Supplies 300

Janitor and Cleaning Contract 3,250

Exterminating Payroll/Contract 800

Exterminating Supplies 200

Garbage and Trash Removal 4,000

Security Payroll/Contract 600

Grounds Payroll 840

Grounds Supplies 960

Grounds Contract 6,750

Repairs Payroll 1,500

Repairs Material 100

Repairs Contract

Elevator Maintenance/Contract

Heating/Cooling Repairs and Maintenance 500

Swimming Pool Maintenance/Contract

Snow Removal

Decorating Payroll/Contract 2,200

Decorating Supplies 500

Other (specify):

Miscellaneous Operating & Maintenance Expenses

SUBTOTAL 22,500

Taxes and Insurance

Real Estate Taxes 13,231

Payroll Taxes (FICA) 1,594

Miscellaneous Taxes, Licenses and Permits



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Property and Liability Insurance (Hazard) 14,839

Fidelity Bond Insurance 48

Workmen's Compensation 860

Health Insurance and Other Employee Benefits

Other Insurance:

EUL, Earthquake, Computer2,253

SUBTOTAL 32,825

Supportive Service Expenses

Service Coordinator 3,500

Service Supplies 500

Tenant Association Funds

Other Expenses (specify):

SUBTOTAL 4,000

Reserves

Replacement Reserves 8,000

SUBTOTAL 8,000

TOTAL OPERATING EXPENSES 126,149

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

100,918

TOTAL UNITS(from total units in the Unit Mix section) 32

PER UNIT PER YEAR 3,153



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Design Features

ITEM DESCRIPTION

Foundation/Slab Components Post-tensioned slab, 3000 PSI MIX CODE 3308

Primary Windows Make: Model:GEN.ALUM 2100 Series Type/Construction: ALUMINUM VINYL GLASS

Exterior DoorsType: Frames:

6 PANEL STEEL24GA WOOD

Siding Type: Grade/Thickness:HARDI PLANK 5/16

Warranty: 50 YR

Exterior Trim KOAT #1 PRE PRIMED P.T.

Shingles Type: Weight:GAF TIMBERLINE 225 lbs

Warranty: 30 YR

Sprinkler System NFPA 13R RESIDENTIAL

Cabinets NORMAC 800 CAMELOT WHITE PVC

Heat Pump SEER: Make:12 SEER GOODMAN

Model:

VARIES TO SIZE OFUNIT

Air Conditioner SEER: Make:12 SEER GOODMAN

Model:

VARIES TO SIZE OF

UNIT

Other Heat Systems SEER: Make:12 SEER GOODMAN

Model:

VARIES TO SUITENVIRONMENT(Community Building,Laundry Facilities,Maintenance)



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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 0

Backfill-slab, Crawl 0

Slab-concrete/Rebar/Gravel 39,035 39,035 78,070

Waterproofing 24,696 24,695 49,391

Masonry Foundation 22,236 22,236 44,472

Brick Veneer 24,000 24,000 48,000

Steel/Structure/Rails 0

Framing/Lumber/Nails 179,651 179,651 359,302

Trusses 0

Crane Rental 0

Windows/Grilles/Screen 15,000 15,000 30,000Exterior Doors 14,341 14,342 28,683

Roofing 12,216 12,216 24,432

Fencing 0

Vinyl Siding/Trim/Box 58,526 58,527 117,053

Gutters/Shutters 0

Insulation 0

Drywall 50,241 50,242 100,483

Interior Doors 0

Int. & Final/Stair/Trim/Shelves 0

Cabinets & Tops 21,600 21,600 43,200

Painting 16,336 16,336 32,672

Marble - Tub/Shwr/Tops 0

Plumbing 45,250 45,250 90,500

Electrical 41,312 41,313 82,625

Heating/Air Conditioning 40,000 40,000 80,000

Floor Covering and Underlayment 20,137 20,138 40,275

Wall Paper 0

Mailboxes/Special Features/Signage 0

Gypcrete 0

Blinds/Shades/Art Work 0

Light Fixtures/Fans 0

Sprinkler System 0

Security Alarm 0

Hardwood Floors 0

Elevator 0

Ceramic Tiles 0

Acoustical Ceilings 0



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Remarks:

Mirror/Shower Door/Encls. 0

Hardware/Bath Access. 0

Appliances 14,400 14,400 28,800

Playground Equipment 3,000 11,000 14,000

Interior Clean 0

Exterior Clean/Dumpster Rental 0

Other 1 (specify in Remarks) 9,600 9,600 19,200

Other 2 (specify in Remarks) 20,000 20,000 40,000

Total Cost 671,577 679,581 1,351,158

Other 1: LandscapingOther 2: Tennis Courts (Two)



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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 40,422

Job Site Office/Trailer Rental 5,000

Office Supplies 500

Security/Watchman 8,090

Project Signage 1,000

Tools and Equipment 1,500

Gas, Oil, and Maintenance

Temporary Water, Electric, and Telephone 5,000

Storage/Hauling 8,058

Driveway Access Permit

Porta-John Rental/Dumping 2,400Builders Risk Insurance

Re-inspection Fees

Extra Plans and Specifications

Miscellaneous, Casual Labor 8,030

Equipment Rental 5,000

Other 1 (specify in Remarks) 9,800

Other 2 (specify in Remarks)

Total Cost 94,800

eng. fees/permits etc



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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 10,400

Clearing/Grading/Final Grading/Excess and Borrow 50,890

Demolition

Earthwork/Excavation/Aerating

Soil Treatment

Pile Foundations

Caissons

Shoring/Bracing

Site Drainage 11,000

Site Utilities/Site Lighting 18,200

Paving and Surfacing/Curb and Gutter 16,034Walkways

Site Signage 8,000

Parking Lot Painting 7,000

Dumpster Pads/Fencing

Fencing/Gates 10,476

Landscaping/Topsoil 18,000

Rock and Hardpan Excavation

Site Supervision Personnel

Other (specify in Remarks)

Total Cost 150,000



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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 0

Credit Enhancement 0

Underwriter Discount 0

Capital Interest Fund 0

Other 1 (specify in Remarks) 0

Other 2 (specify in Remarks) 0

Total Cost 0



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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 0

Issuer Counsel 0

Credit Enhancement/LOC Counsel 0

Underwriter Counsel 0

Developer's Counsel 0

Rating Agency Fee 0

Printing 0

Trustee Fee 0

Trustee Counsel 0

Issuer's Fee 0

Other 1 (specify in Remarks)Other 2 (specify in Remarks)

Other 3 (specify in Remarks)

Total Cost 0



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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:

Moderate Income County:

At least twenty-five percent (25%) of qualified units will be affordable to and occupied by households with incomes at or below fortypercent (40%) of county median income.

At least fifty percent (50%) of qualified units will be affordable to households with incomes at or below fifty percent (50%) of countymedian income.

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

Tax Exempt Bonds

Threshold requirement (select one):

At least ten percent (10%) of qualified units will be affordable to and occupied by households with incomes at or below fifty percent(50%) of county median income.

At least five percent (5%) of qualified units will be affordable to and occupied by households with incomes at or below forty percent(40%) of county median income.

Eligible for mortgage subsidy points (select one):

At least twenty percent (20%) of qualified units will be affordable to and occupied by households with incomes at or below fifty percent(50%) of county median income.

At least ten percent(10%) of qualified units will be affordable to and occupied by households with incomes at or below forty percent(40%) of county median income.



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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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Pine Chase

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