Gateway Park

8/6/2019 Gateway Park

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

Project Name and Location

Project Name: Gateway Park

Address: Jamaica Drive

City: Raleigh County: Wake Zip: 27601

Census Tract: 509 Block Group:

Yes

Political Jurisdiction: City of Raleigh

Jurisdiction CEO Name: First: Last:Charles Meeker Title: Mayor

Jurisdiction Address: Government Complex 222 W. Hargett St., Room 209

Jurisdiction City: Raleigh Zip: 27602

Jurisdiction Phone: (919)890-3050

Site Latitude:

Site Longitude:

Page 2 of 36Print - APP03-0116

1/14/2005https://www.nchfa.org/Rental/RTCApp/(lb5l4d45p43xqoi0fl4atw55)/site/PrintApp.aspx?II...


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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 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:

Square Footage Information

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 other federal and staterequirements)

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

Remarks: We will partner with Triangle Family Services to target 10% of the units to working families who arehomeless.

We are NOT targeting to mobility impaired. We will however meet all requirements of the

accessibility code.

Proposed number of residential buildings: 4 Maximum number of stories in buildings: 3

Types of Units:* Townhouse Duplex Garden Apartment Detached Single-Family

Project Includes:Separate community building -- Sq. Ft. (Floor Area):Sq. Ft. (Floor Area):

Community space within residential bulding(s) -- Sq. Ft. (Floor Area):Sq. Ft. (Floor Area): 1,5471,547

Elevators -- Number of Elevators:Number of Elevators:

Gross Floor Square Footage: 123,453

Total Net Sq. Ft. (All Heated Areas): 95,668




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Applicant Information

Applicant Name: The NRP Group, LLC

Address: 4030 Wake Forest Road, Suite 300

City: State: NC Zip:Raleigh 27609

Contact: First: Last: Title:Jannice Ashley Project Manager

Telephone: (919)719-2730

Alt Phone: (919)719-2706

Fax: (919)719-2769

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 in a distressed neighborhood?

If yes, does a community revitalization plan exist?

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:

Site Description

5.67 3.4

Approximately 2.27 acres of the site are undevelopable due to the 100 year floodplain and requiredstream buffers.

No

No

Yes

Yes

Yes

Yes

While approximately 2 acres of the site is located within the 100 year floodplain, every effort hasbeen made to keep the buildings outside of this area. As the site plan shows, only .06 acres ofbuilding footprint and .45 acres of parking in the floodplain. This small impacted development areawill be mitigated by filling the site so the finished floor elevation is above the flood elevation.




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(b) Describe flood mitigation if the project is in the East Region and will have improvements within the 100 year floodplain:




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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: 12/30/2003

(D) Enter Purchase Price: 550,000




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[email protected] 56-2223008




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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 %

1 3 targeted at 40 percent of median income.






75




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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))

Funding Sources

Source AmountNon-

Amortizing*Rate(%)

Term(Years)

Amort.Period(Years)

AnnualDebt

Service

Bank Loan

RPP LoanLocal Gov. Loan - Specify:City of Raleigh

1,300,000 2.00 30 30 57,660

RD Loan

AHP Loan

Other Loan 1 - Specify:



Tax Exempt Bonds 4,400,000 5.90 30 30 313,176

State Tax Credit(Loan) 0 30 30 0

State Tax Credit(Direct Refund)

Equity: Federal LIHTC 2,266,123

Non-Repayable Grant

Equity: Historic Tax Credits

Deferred Developer Fees 167,115

Owner Investment 100 Other - Specify:

Total Sources** 8,133,338

* "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.

83




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Development Costs

Item Cost Element TOTAL COSTEligible Basis

30% PV 70% PV

1 Purchase of Buildings (Rehab) 0

2 Demoli tion

3 On-site Improvements 424,750 424,750

4 Rehabilitation

5 Construction of New Building(s) 4,254,500 4,254,500

6 Accessory Building(s) 24,270 24,270

7 General Requirements 235,176 235,176

8 Contractor Overhead 98,774 98,774

9 Contractor Profit 296,322 296,322

10 Construction Contingency 155,580 155,580

11 Architect's Fee - Design 184,305 184,305

12 Architect's Fee - Inspection 10,000 10,000

SUBTOTAL (lines 1 through 12) 5,683,677

13 Construction Insurance (prorate) 25,000 25,000

14 Construction Loan Orig. Fee (prorate) 24,000 24,000

15 Construction Loan Interest (prorate) 175,000 175,000

16 Construction Loan Credit Enhancement (prorate) 55,000 55,000

17 Construction Period Taxes (prorate) 5,000 5,000

18 Water, Sewer and Impact Fees 76,698 76,698

19 Survey 5,000 5,000

20 Property Appraisal 6,700 6,700

21 Environmental Report 2,000 2,000

22 Market Study 11,540 11,540

23 Bond Costs (specify) 36,000

24 Cost of Issuance 162,500

25 Placement Fee

26 Permanent Loan Origination Fee

27 Permanent Loan Credit Enhancement 48,000

28 Title and Recording 15,000

SUBTOTAL (lines 13 through 28) 647,438

29 Real Estate Attorney 90,000 90,000

30 Other Attorney's Fees

31 Tax Credit App Fees 15,240 15,240

32 Cost Certification/Accounting Fees (specify) 5,000 5,000

33 Tax Opinion 2,000

34 Organizational (Partnership) 3,500

35 Tax Credit Monitoring Fee 35,700


36 Furnishings and Equipment 50,000 50,000

37 Relocation Expenses

38 Developer's Fee (max 15% lines 2-36, less 8 & 9) 768,577 768,577

39 Other (Construction Lender Counsel, Review Fee) 37,000 37,000

40 Other Basis Expense (specify)

41 Rent-up Expenses

42 Other Non-basis Expense (specify)

43 Other Non-basis Expense (specify)


44 Rent up Reserve 36,350




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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:

Market Study Information

Gateway Park will be a newly constructed, 84 unit multi-family development located in downtownRaleigh. The development will consist of four, three story buildings and contain twenty-two 1bedroom/1 bath garden-style units, twenty-four 2 bedroom/2 bath garden-style units, eighteen 2bedroom/2.5 bath townhouse units, and thirteen 3 bedroom/2 bath garden-style units and seven 3bedroom/2.5 bath townhouse units. All units will have garden tubs. The building closest to the

entrance will contain some residential units and the community/clubhouse space. The communityspace will house the site manager's office and for use by residents, a large community room withkitchen facilities, a laundry room and a business office. This area will be secured in the eveninghours, but residents will be able to gain entry with electronic access cards--a useful safety feature.The development will also have 40 garages. Many of the units will have direct access to thesegarages providing a secure environment for parking and storage. The perimeter and front entranceof the development will be gated with attractive iron fencing and entry will be gained through anelectronic card issued to each resident.

The development will contain a mix of market rate (9 unit)and affordable units (75). The committedtargeting of the development is 10% of the units (9 units) affordable to and occupied by householdsat 40% of area median income or below. The remainder of affordable units are targeted tohouseholds at 60% of area median income and below. The market rate units could be occupied byhouseholds at any income level. However, it should be noted that the proposed market rate rentsare set below the maximum 60% tax credit rent levels. Additionally, we plan to partner with TriangleFamily Services to target 10% of the units to homeless families.

It is important to note that both the design of the development and the rent structure take intoconsideration the fact that the development is located in a community revitalization area. The City ofRaleigh published a request for proposals in the Fall of 2002 for the redevelopment of Jamaica Drive(a key component of the Jamaica Drive Redevelopment Plan) and our Gateway Park proposal wasselected from a number of strong proposals by experienced tax credit developers. Theredevelopment plan calls for major streetscape improvements (tree plantings and facadeimprovements) along S. Saunders Street where currently a number of auto body shops exist,improved access to S. Saunders Street from the major Dawson/McDowell thoroughfare, andcontinued acquisition and demolition of dilapidated residential properties south of the Jamaica Drivesite for future commercial/hotel development. A redevelopment plan is also being developed for thearea just north of the proposed development site which will focus on revitalization of the commercialarea, improvements to residences, and improved access to the downtown area. Finally, the site isless than 3/10 of a mile from downtown Raleigh (it has a great view of the skyline) where theDowntown Livability Plan for creating a more vibrant Raleigh is currently being implemented. Quite anumber of new development activities are underway in the area of the Gateway Park includingseveral condominium projects (Park Devereux on Hargett St., The Dawson on Morgan Common onMorgan St. and Caraleigh Mills (adaptive re-use) on Maywood Ave.) with sales prices ranging from

$120,000-$600,000; commercial development (the brand new BTI Arts and Entertainment(Wilmington St.), a major mixed use development by Progress Energy (Davie St.), theredevelopment of the Convention Center (Cabarrus St.), and adaptive reuse of the historic BainWater Plant (Fayetteville St. and Maywood Ave.); and a major new transit rail station (West St.).Additionally, Centennial Campus of North Carolina State University (a $2 billion dollaroffice/instituitional/housing development) is located approximately 1 mile from the site. More detailedinformation on the area revitalization and development activities has been included in your packet.

Gateway Park has been designed with strong architectural characteristics that are befitting of itsvisible location at the entryway to downtown Raleigh. This superior design will also be important in

attracting market rate and moderate income households to the development. The exterior facade ofthe buildings will be an attractive combination of brick and vinyl siding. The architectural design willincorporate Arts and Crafts style architectural elements such as brackets and hipped roofs as wellas other details such as arched doorways, bay windows, recessed breezeways, and cupolas. Theoverall development design creates the look of a townhouse community, making it stand apart fromthe more typical apartment complex.

No




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Site Amenities (check all that apply):

Onsite Activities:

Landscaping Plans:

Interior Apartment Amenities (check all that apply):

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.

Community Bldg - Sq Ft: 1,586 Community Room - Sq Ft: 1,100 Garages - Number: 40

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

The development will be professionally managed by an experienced company with a proven trackrecord of managing both market rate and affordable properties in urban settings. We have made acommitment to the City of Raleigh that the property manager will live on site. The property managerwill be expected to play a very active role in ensuring that a variety of social activities (such asholiday parties, movie nights, and other family events) and supportive services (such as on-siteeducational classes that cover such topics as homeownership training, continuing education, legalinformation, consumer credit counseling, and health and safety) are offered at Gateway Park.Additionally, we plan to work closely with the Raleigh Police Department to become part of thecommunity watch program and to partner with the Downtown Raleigh Alliance to access their safetypatrol program.

Landscaping will be extensively utilized to beautify the development's green areas and to blend thedevelopment into its environment. Measures will be taken to retain as many of the mature trees aspossible. Parking lots and drives will be lined with shade trees. While some of the site isundevelopable due to the 100 year floodplain, we see it as an opportunity to preserve a natural areaas a buffer around the development. As demonstrated by the site plan, these natural features willopen space for such amenities as a walking path that connects to the Capital Area Greenway (whichruns adjacent to the site), picnic areas garden plots, and a playground. As noted previously,attractive iron fencing will be placed along the Rocky Branch creek side of the property and will havea gate for access to the greenway. The entrance to the development will be gated with iron fencing

as well.

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

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).

The proposed development is part of the Jamaica Drive Area Redevelopment communityrevitalization plan (please see Tab D for detailed information). Many of the dilapidated residentialbuildings within the redevelopment area have been acquired and demolished. Further acquisitionand demolition of structures south of the Jamaica Drive site is planned. The auto body businessesalong S.Saunders street (which are thriving businesses) will not be demolished. However, a majorstreetscape improvement plan and building rehabilitation for S. Saunders Street is to beimplemented by the Spring of 2004. The plan calls for a general clean up effort with existingbuildings being rehabilitated to meet various City Code standards. Visual improvements to this areawill include the paving of gravel parking areas, screening of autos and storage areas, generallandscaping and the removal of dumped debris and overgrown weeds. Additionally, the street will belined with shade trees and sidewalk plantings and the front facades of the existing buildings will berehabilitated utilizing the City's facade renovation grant program. A redevelopment plan is currentlybeing written for the area to the north of the site (otherside of Western Blvd.). It will be known as theDowntown West Gateway Plan and is scheduled to be approved this Spring (2003). The plan callsfor the redevelopment of the business area along S. Saunders and South Street and rehabilitation ofhousing in the area. Another plan which effects the Jamaica Drive site is the Downtown LivableStreets Plan (the site is .3 miles from the heart of downtown)which is scheduled to be approved this

Spring. This is an exciting plan which has received much public attention and participation and isdesigned to encourage a greater level of investment in housing, commercial, public spacedevelopment.As you will see from the information provided in Tab D, the economic health of the area (within onemile of the Jamaica Drive site)is becoming increasingly strong with a high degree of public/privateinvestment and major development activity. Housing development activity within a half to one mile ofthe site includes several high-end ($100,000-$600,000)condominium projects (Park Devereux(Hargett and Dawson, completed 2001), The Dawson on Morgan (Morgan and Dawson, underconstruction), Martin Place (Martin St., completed 1997), Caraleigh Mills (Maywood Ave., underconstruction), and North Shore (Centennial Parkway, completed 2002). Commercial and officespace development activity within a mile of the site include Centennial Campus ($200 million alreadyinvested, $2 billion dollar project upon completion), the Bain Water Plant (Maywood and FayettevilleSt., $6.7 million dollar investment to be complete in 2003), the BTI Arts and Entertainment Centerand Parking Deck (a $45 million dollar public/private investment completed in 2001), the RaleighBusiness and Technology Center (a $1.7 million dollar investment, completed in 2000), ProgressEnergy mixed use one million square feet development(plans currently underway), and the TriangleTransit Regional Rail Station (total project cost $724 million). All of this development activity

indicates a high-quality, affordable development such as Gateway Park will be in demand.

Suitability of surrounding development. Land use pattern is primarily residential with a balance ofother uses, including non-competing multifamily and single family units, relevant amenities, shoppingand services.The area surrounding the Gateway Park site is primarily residential (see attached land use map),much residential development exists to the north of site including the historic Boylan Heightsneighborhood. Residences also include the Heritage Park public housing development whichrecently underwent a major renovation. A community police station is also present at thisdevelopment. The land use to the south of the site, along S. Saunders St. is light industrial with anumber of thriving auto service businesses. As mentioned, the redevelopment plan calls forstreetscape and facade improvements in this area. The area further south of the site is planned foroffice/hotel development. The Captal Area Greenway borders the proposed site on the south sideand therefore will serve as a buffer between it and this new office/hotel development. An elementarymagnet school (Washington) is on the eastern side of the site (within walking distance). Visible tothe west of the site is the Dorothea Dix campus which currently holds the offices of the Departmentof Health and Human Services but plans are underway for the redevelopment of this site into a

mixed use area with housing, commercial and medical office development. The site is less than ahalf a mile from downtown Raleigh where a number of shopping, services, and recreationalopportunities abound. Additional services and shopping are also easily accessible via WesternBoulevard and Martin Luther King Blvd.

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).S.Saunders St. is adequate to serve the proposed project. A light exists at the corner of LakeWheeler Road and S. Saunders St. Additionally, a new access ramp is planned as part of therevitalization plan which will connect the Dawson/McDowell Connector directly to S. Saunders St(currently you cannot turn right onto S. Saunders from Dawson/McDowell). The ramp has beenfunded and is expected to be complete by Spring 2003. The plan states that improving access to




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this area is important to the marketability of the redevelopment site. Plans also call for improvingaccess into downtown from S. Saunders Street. Finally, the site is within easy walking distance (.1mile) to a bus stop and will be .3 miles from the new Triangle Transit Authority Regional Rail Stationthat is planned in downtown (on the corner of West St. and Hargett St.)(see revitalization tab).

Amount and character of vacant, undeveloped land. Effect of industrial, large-scale institutional orother incompatible uses: wastewater treatment facilities, high traffic corridors, junkyards, prisons,landfills, large swamps, distribution facilities, frequently used railroad tracks, power transmission linesand towers, factories or similar operations, sources of excessive noise, and sites with environmentalconcerns (such as odors or pollution).There is little undeveloped land around the site. As previously noted, the Jamaica DriveRedevelopment Plan calls for the development of the northern portion of the area (the proposedsite) as high-density residential, the southern portion of the redevelopment area as office/hotel andhas major facade and streetscape improvements for the existing businesses along S. SaundersStreet by 2004. The improvements include screening of the autobiles at the service shops (movingthem off of the street and behind fence and plant screening). The proposed site is adjacent to twomajor transportation corridors (Western Blvd and the Dawson/McDowell Connector). However, noisedoes not seem to be as great a factor as might be imagined due to a landscaped birm that runsbetween the site and Western Blvd. and the fact that the site is at a lower level. The buildingplacement and site landscaping have been designed to mitigate the noise that might come fromthese roads.

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.

As noted previously, 2 acres of the site are undevelopable due to the 100 year floodplain. Only avery small portion of the building footprint (.06 acres) will be in this area and will be mitigated byfilling the finished floor elevation above the flood elevation. Rather than being viewed as a negative,this feature may be seen as an opportunity to preserve a natural area as a buffer around thedevelopment and to allow for open space amenities such as a walking path that connects to theCapital Area Greenway that borders the site, picnic areas, garden plots, and a large playground.

Similarity of scale and aesthetics/architecture between project and surroundings.In selecting Gateway Park for the Jamaica Drive redevelopment, the City of Raleigh placed a highemphasis on design criteria. They wanted a design that was fitting of the development's location asthe entryway to downtown. The three-story, townhouse-style design is very compatible with newhousing (condominium) developments that are being built in the neighborhood like Park Devereuxand The Dawson on Morgan. This type of superior design will be important in attracting market rateand moderate income households to the development. Additionally we plan to have a number ofsafety features in Gateway Park that are similar to what is offered at market rate properties. Theentrance will be gated and residents will have electronic access cards, an attractive iron fence willalso run along the perimeter of the site. There will be garages and many units will have directaccess to these.

Concentration of affordable housing (housing credit, project-based rental assistance, public housing).The proposed site is adjacent to the Heritage Park public housing development which has 122 unitsof housing. This development was built in 1975-1978 and although no major renovations haveoccurred, it is in relatively good condition. On the other side of the McDowell/Dawson Connector isthe Walnut Terrace public housing development which has 302 units. This is an older development(1959). Police substations exist at both of these properties. A property manager at Heritage Parkreported good occupancy and report that this is not a "problem property"(ie little problem with crime,bad tenants). It should also be noted that Walnut Terrace is adjacent to the Washington elementarymagnet school and also has a Child Development Center on site. Similar to a Hope VI project, theGateway Park development will be a positive addition to the area bringin households with moderateincomes (tax credit incomes are generally much higher than public housing incomes)and marketrate incomes. The various income levels that require "affordable" housing should be consideredwhen addressing the question of whether a "concentration" of affordable housing exists. I think thatwe can all agree that tax credit housing is very different from public housing in terms of design andtenant base. In terms of tax credit housing, only the Prairie Building, a mixed use development(commerical/housing) with 11 tax credit units can be considered to be in the same neighborhood asthe proposed development.

Availability of Supportive Services (if applicable):The develoment will have a live on-site property manager who will be expected to play an active rolein connecting residents with area supportive services. Ten percent (10%) of the units will be targetedto persons with disabilities. The main offices of the Department of Health and Human Services (withwhom we will be partnering for this targeting) are located on the Dorothea Dix campus .2 miles fromthe site. Additionally, the site is conveniently located to many services in downtown Raleigh and ison a bus route.




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

Other facilities or services:

Grocery Store2 Community/Senior Center0.3

Mall/Strip Center2 Hospital4.5

Outdoor Athletic Fields0.1 Pharmacy2

Day Care/After School0.3 Basic Health Care4.5

Schools0.1 Medical Offices0.3

Public Transportation Stop0.1 Bank/Credit Union0.3

Convenience Store0.6 Restaurants0.3

Basketball/Tennis Courts1 Professional Services0.3

Public Parks1 Movie Theater0.3

Gas Station0.6 Video Rental2

Library2 Public Safety (Fire/Police)0.1

Fitness/Nature Trails0.1 Post Office0.3

Public Swimming Pools1

The site is 0.3 miles from the heart of downtown Raleigh where many shopping, service andemployment opportunities. The main campus of North Carolina State University is 2 miles from thesite on Western Boulevard. The Shaw University campus is .8 miles from the site on Martin LutherKing Blvd. Mission Valley Shopping Center, which has restaurants, banks, movie theatres, and adrug store is 2 miles from the site on Western Boulevard. A new Kroger grocery store is 2 miles fromthe site on Martin Luther King Blvd. Pullen Park which has a public swimming pool, arts and craftscenter and many recreational opportunities is 1 mile from the site off of Western Blvd. The newRaleigh Business and Technology Center is .7 miles from the site on the corner of Wilmington andMartin Luther King. The C.T. Washington Elementary Magnet School is within walking distance tothe site through the tunnel. There will be another magnet school (Middle) located on CentennialCampus which is approximately 1 mile from the site on Centennial Parkway (see revitalization planTab). Additionally, there is a child development center within .3 miles of the site at Walnut Terraceand one at the YWCA on Hillsborough St. Centennial Campus will have a mix of uses includingresearch facilities, offices, a conference center, hotel, golf course, and upscale condominiumhousing. Finally, the Farmer's Market is .8 miles from the site on Lake Wheeler Road. We plan towork with the Downtown Raleigh Alliance safety patrol and the community police officer to ensure asafe environment for residents.




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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: 2 16

Units: 370 672

North Carolina Other States

Projects: 2 6

Units: 370 1,322

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? 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 5,460

Other Administrative Expense (specify):

Office SalariesOffice Supplies 6,300

Office or Model Apartment Rent

Management Fee 25,200

Manager or Superintendent Salaries 32,000

Manager or Superintendent Rent Free Unit

Legal Expenses (Project) 500

Auditing Expenses (Project) 2,000

Bookkeeping Fees/Accounting Services

Telephone and Answering Service 2,500

Bad Debts

Other Administrative Expenses (specify):

SUBTOTAL 73,960

Utilities Expense

Fuel Oil

Electricity (Light and Misc. Power) 11,500

Water 10,000

Gas

Sewer 10,000

SUBTOTAL 31,500

Operating and Maintenance Expenses

Janitor and Cleaning Payroll 27,000

Janitor and Cleaning Supplies

Janitor and Cleaning Contract 8,900

Exterminating Payroll/Contract 4,000

Exterminating Supplies

Garbage and Trash Removal 5,000

Security Payroll/Contract

Grounds Payroll

Grounds Supplies

Grounds Contract 12,000

Repairs Payroll

Repairs Material 2,000

Repairs Contract

Elevator Maintenance/Contract

Heating/Cooling Repairs and Maintenance 3,000

Swimming Pool Maintenance/Contract

Snow Removal

Decorating Payroll/Contract

Decorating Supplies

Other (specify):

Miscellaneous Operating & Maintenance Expenses

SUBTOTAL 61,900

Taxes and Insurance

Real Estate Taxes 49,000




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Payroll Taxes (FICA) 3,800

Miscellaneous Taxes, Licenses and Permits

Property and Liability Insurance (Hazard) 14,700

Fidelity Bond Insurance

Workmen's Compensation 6,300

Health Insurance and Other Employee Benefits 1,900

Other Insurance:

SUBTOTAL 75,700

Supportive Service Expenses

Service Coordinator 5,000

Service Supplies 1,000

Tenant Association Funds

Other Expenses (specify):

SUBTOTAL 6,000

Reserves

Replacement Reserves 21,000

SUBTOTAL 21,000

TOTAL OPERATING EXPENSES 270,060

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

194,060

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

84

PER UNIT PER YEAR 2,310




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Design Features

ITEM DESCRIPTION

Foundation/Slab Components 4" Monolithic Slab w/1" Perimeter Insulation

Primary Windows Make: Model:Alside Performance Series 0100 Type/Construction: Vinyl-Low E Double Pane Insulated

Exterior DoorsType: Frames:Fiberglass Six-Panel

Wood Jamb w/latch anddeadbolt

Siding Type: Grade/Thickness:Vinyl .044 or better

Warranty: Lifetime on Materials

Exterior Trim Brick, Vinyl Siding, and Aluminum

Shingles

Type: Weight:

Asphalt/Fiberglass

Composite 235 Warranty: 25 Year Material, 10 Year Antifungal

Sprinkler System As required by Code and NFPA 13R

Cabinets MDF, Thermofoil Coated, Raised Panel Door

Heat Pump SEER: Make:11.00 Lennox or Equivalent

Model:

HP-29 Series Sized forApt

Air Conditioner SEER: Make:11.00 Lennox or Equivalent

Model:

HP-29 Series Sized forApt

Other Heat Systems SEER: Make:

Model:




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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 91,500 91,500 183,000

Backfill-slab, Crawl 0

Slab-concrete/Rebar/Gravel 91,500 91,500 183,000

Waterproofing 915 915 1,830

Masonry Foundation 109,800 36,600 146,400

Brick Veneer 96,075 32,025 128,100

Steel/Structure/Rails 14,640 14,640 29,280

Framing/Lumber/Nails 193,248 289,872 483,120

Trusses 67,344 101,016 168,360

Crane Rental 0

Windows/Grilles/Screen 18,300 54,900 73,200Exterior Doors 8,235 24,705 32,940

Roofing 36,600 36,600 73,200

Fencing 0

Vinyl Siding/Trim/Box 73,200 73,200 146,400

Gutters/Shutters 4,392 10,248 14,640

Insulation 19,764 29,646 49,410

Drywall 235,704 101,016 336,720

Interior Doors 100,650 100,650

Int. & Final/Stair/Trim/Shelves 87,840 87,840

Cabinets & Tops 118,950 118,950

Painting 69,998 23,332 93,330

Marble - Tub/Shwr/Tops 0

Plumbing 182,268 121,512 303,780

Electrical 198,518 132,346 330,864

Heating/Air Conditioning 164,700 109,800 274,500

Floor Covering and Underlayment 43,920 65,880 109,800

Wall Paper 0

Mailboxes/Special Features/Signage 2,562 10,248 12,810

Gypcrete 0

Blinds/Shades/Art Work 1,830 7,320 9,150

Light Fixtures/Fans 20,130 20,130

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. 1,391 5,563 6,954

Hardware/Bath Access. 3,660 14,640 18,300

Appliances 4,575 86,925 91,500

Playground Equipment 73 659 732

Interior Clean 12,810 12,810

Exterior Clean/Dumpster 18,300 18,300

Other 1 (specify in Remarks) 297,250 297,250 594,500

Other 2 (specify in Remarks) 0

Total Cost 2,150,912 2,103,588 4,254,500

Other1: Last minute changes needed to be done. Break out of these items will be specified at laterdate.




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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 100,000

Job Site Office/Trailer Rental 12,459

Impact Fees

Office Supplies 808

Security/Watchman

Water and Sewer Connection Fees 46,966

Project Signage 495

Tools and Equipment 808

Gas, Oil, and Maintenance 808

Cleanup/Dumpster Rental 11,338

Temporary Water, Electric, and Telephone 22,294Storage/Hauling

Driveway Access Permit

Porta-John Rental/Dumping 2,919

Builders Risk Insurance

Re-inspection Fees

Extra Plans and Specifications

Miscellaneous, Casual Labor 9,722

Equipment Rental 3,883

Other 1 (specify in Remarks) 8,106


Total Cost 235,176

Other 1-Job TravelOther 2-Field Staking




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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

Clearing/Grading/Final Grading/Excess and Borrow 44,599

Demolition 1,444

Earthwork/Excavation/Aerating 47,402

Soil Treatment 4,630

Pile Foundations

Caissons

Shoring/Bracing

Site Drainage

Site Utilities/Site Lighting 119,482

Paving and Surfacing/Curb and Gutter 119,482Walkways 29,223

Site Signage 1,316

Parking Lot Painting 2,676

Dumpsite Pads/Fencing 680

Fencing/Gates 807

Landscaping/Topsoil 53,009

Waterproofing/De-Watering

Operation of Construction Equipment/Fuel/Oil

Crane Rental

Rock and Hardpan Excavation

Site Supervision Personnel

Other (specify in Remarks)

Total Cost 424,750




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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 36,000

Capital Interest Fund

Other 1 (specify in Remarks)

Other 2 (specify in Remarks)

Total Cost 36,000




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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 40,000

Issuer Counsel 7,000

Credit Enhancement/LOC Counsel 25,000

Underwriter Counsel 14,000

Developer's Counsel

Rating Agency Fee 10,500

Printing 5,000

Trustee Fee 7,500

Trustee Counsel 8,500


Other 2 (specify in Remarks)Other 3 (specify in Remarks)

Total Cost 162,500

Other 1: Issuer's Fee




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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.

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 county

median 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.

Low Income County:

At least forty percent (40%) of qualified units will be affordable to households with incomes at or below fifty percent (50%) of countymedian income.

At least forty percent (40%) 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 Permitted zoning letter (including conditional and special use)

I Site plan, floor plans and elevations

J Hazard and structural inspection and termite reports (Renovation projects only)

K Description of any existing conditions of historical significance.

L Description of environmental significance.

M Anticipated budget demonstrating how the project would meet the 10% test by November 14th.

N Evidence of Architect's Errors and Omissions insurance (or equivalent).

O Description of acquisition for existing/occupied projects or for projects with occupied buildings to be demolished.

P Description of proposed Relocation Plan & Relocation Budget, Etc. If any relocation is anticipated, reference Appendix F.

Q Targeting Plan and supporting documentation (Required for projects targeted to Special Populations)

R Local Housing Authority Agreement (Reference Model in Appendix I)

S Appraisal (for land costs greater than $5,000 and for buildings in rehab projects)

T Evidence of Permanent Loan Commitment, other sources of funds, and project-based subsidies.

U Statement regarding terms of Deferred Developer Fee and, if nonprofit, resolution of Board approving fee.

V Inducement Resolution (Tax-Exempt Bond Financed Projects only)

W Documentation to support estimated utility costs.


Gateway Park

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