Fairview Pointe

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    Is project in Qualified Census Tract or Difficult to Develop Area?

    New Construction/Adaptive Reuse: 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 meet Energy Star standards as defined in Appendix B?

    Does a community revitalization plan exist?

    Target Population: Family

    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:

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

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

    Project Description

    Project Name: Fairview Pointe

    Address: West Old Road

    City: Lillington County: Harnett Zip: 27546

    Census Tract: 707 Block Group: 1

    No

    Political Jurisdiction: Town of Lillington

    Jurisdiction CEO Name: First: Last:Glenn McFadden Title: MayorJurisdiction Address: 106 West Front Street

    Jurisdiction City: Lillington Zip: 27546

    Jurisdiction Phone: (910)893-2654

    Site Latitude: 35.399

    Site Longitude: -78.816

    Project Type: New Construction

    No

    Rehab:

    Is this project a previously awarded tax credit development?

    If yes, what year were credits awarded?:

    Number of residents holding Section 8 vouchers:

    Yes

    No

    Will the project use steel and concrete construction and have at least 4 stories? No

    Will the project include a Community Service Facility under IRS Revenue Ruling 2003-77? NoIf yes, please describe:

    No

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

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    Number of Units: 3

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

    Number of Units: 5

    Remarks:

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    Indicate below an individual or a validly existing entity (a corporation, nonprofit, limited partnership or LLC) as the official applicant. UnderQAP Section III(C)(5) only this individual or entity will be able to make decisions with regard to this application. If awarded the applicantmust become part of the ownership entity. The applicant will execute the signature page for this application.

    Applicant Information

    Applicant Name: United Equities VI

    Address: Post Office Box 6171

    City: State: NC Zip:Raleigh 27628-6171

    Contact: First: Last: Title:Cathy Connors Dir. of Dev.

    Telephone: (919)755-9155

    Alt Phone: (919)621-9372

    Fax: (919)755-1618

    Email Address: cathy@millsconstructionco.com

    NOTE: Email Address above will be used for communication between NCHFA and Applicant.

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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

    5.0 5.0

    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 valid option/contract to purchase the property? Yes(b) Does an identity of interest (direct or indirect) exist between the owner/principal or ownership entity with the option/contract for

    purchase of the property and the seller of the property?If yes, specify the relationship:

    No

    (c) Enter the current expiration date of the option/contract to purchase: 10/31/2007

    (D) Enter Purchase Price: 200,000

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    Present zoning classification of the site:

    Is multifamily 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 officereview?

    If yes, describe below:

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

    Zoning

    MF

    Yes

    No

    No

    No

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    Ownership Entity

    Owner Name: Fairview Pointe Apartments, LLCAddress: Post Office Box 6171

    City: State: NC Zip:Raleigh 27628-6171

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

    Note: Do not submit social security numbers for individuals.Entity Type: Limited Liability CompanyEntity Status: To Be FormedIs the applicant requesting that the Agency treat the application as Non-Profit sponsored? NoIs the applicant requesting that the Agency treat the application as CHDO sponsored? NoList all general partners, members,and principals. Specify nonprofit corporate general partners ormembers. Click [Add] to add additional partners, members, and principals.

    Org: Fairview Pointe Apartments, LLC

    First Name: Fred Last Name: Mills Function: Managing Member

    Address: Post Office Box 6171City: Raleigh State: NC Zip: 27628-6171

    Phone: (919)755-9155 Fax: (919)755-1618

    EMail: FGM@millsconstructionco.com Nonprofit: No

    Org: Fairview Pointe Apartments, LLC

    First Name: Stuart Last Name: LeGrand Function: Member

    Address: Post Office Box 727

    City: Shelby State: NC Zip: 28151

    Phone: (704)418-0138 Fax: (704)482-4743

    EMail: slegrand@hughes.net Nonprofit: No

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    Notes

    ** Please refer to the Income Limits and Maximum Housing Expense Table to ensure that Total Monthly Tenant Expenses for lowincome units 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] tocreate another 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 8 targeted at 40 percent of median income affordable to/occupied by

    3 5 targeted at 40 percent of median income affordable to/occupied by

    2 8 targeted at 50 percent of median income affordable to/occupied by

    3 5 targeted at 50 percent of median income affordable to/occupied by

    2 18 targeted at 60 percent of median income affordable to/occupied by

    3 6 targeted at 60 percent of median income affordable to/occupied by

    50

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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 Loan 1,000,000 2.00 20 20

    Local Gov. Loan - Specify:

    RD 515 Loan

    RD 538 Loan - Specify:

    AHP Loan

    Other Loan 1 - Specify:

    Other Loan 2 - Specify:

    Other Loan 3 - Specify:

    Tax Exempt Bonds

    State Tax Credit(Loan) 962,378 0 30 30 0

    State Tax Credit(Direct Refund)

    Equity: Federal LIHTC 3,320,436 Non-Repayable Grant

    Equity: Historic Tax Credits

    Deferred Developer Fees

    Owner Investment

    Other - Specify:

    Total Sources** 5,282,814

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

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

    85

    NCHFA - RPP loanNCHFA - State Tax Credit LoanESIC - Equity

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    RPP Loan

    Year:Amt:

    143000

    243000

    342000

    442000

    541000

    640000

    739000

    838000

    937000

    1036000

    Year:Amt:

    1134000