Powell Spring - A Senior Living Community

Print - APP09-0085
Print Preview - Preliminary

Application
Tax Credits, RPP Loans, and/or Tax Exempt Bond Loans
Project Description
Project Name: Powell Spring - A Senior Living Community
Address: Millbrook Drive
City: Pittsboro County: Chatham Zip: 27312
Census Tract: 0208.00 Block Group: 4006
Is project in Qualified Census Tract or Difficult to Develop Area? No

Are you requesting the basis boost under section II(E)(4) of the QAP? Yes
Political Jurisdiction: Town of Pittsboro

First:Randolph Last:
Jurisdiction CEO Name: Title: Mayor
Voller
Jurisdiction Address: P.O. Box 759
Jurisdiction City: Pittsboro Zip: 27312
Jurisdiction Phone: (919)542-4621
Site Latitude: 35.7206
Site Longitude: -79.1856
Project Type: New Construction
Is this project a previously awarded tax credit

development?
New Construction/Adaptive Reuse:

Is this project a follow-on (Phase II, etc) to a previously-awarded tax credit development project? No
If yes, list names of previous phase(s):

Rehab:
Number of residents holding Section 8
vouchers:
Will the project meet Energy Star standards as defined in Appendix B? Yes
Does a community revitalization plan exist? No

Will the project use steel and concrete construction and have at least 4 stories? No
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Will the project include a Community Service Facility under IRS Revenue Ruling 2003-77?
No
If yes, please describe:
Target Population:Elderly (55)

Will the project be receiving project based federal rental assistance? No
If yes, provide the subsidy source: and number of units:

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Applicant Information
Indicate below an individual or a validly existing entity (a corporation, nonprofit, limited partnership or LLC) as the official applicant. Under
QAP Section III(C)(5) only this individual or entity will be able to make decisions with regard to this application. If awarded the applicant
must become part of the ownership entity. The applicant will execute the signature page for this application.
Applicant Name: Evergreen Construction Company
Address: 7706 Six Forks Road
City: Raleigh State: NC Zip: 27615

Contact: First: Tim Last:Morgan Title:Vice President
Telephone: (919)848-2041
Alt Phone: (919)630-3383
Fax: (919)848-0455
Email Address: tim@spectrum-evergreen.com

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

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Site Description
Total Site Acreage: 3.29 Total Buildable Acreage: 3.18

If buildable acreage is less than total acreage, please explain:
The existing Wet Detention Pond sits on .11 acres of the site.
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? No

If yes, please describe:
Are existing buildings on the site currently occupied? No

If yes:
(a) Briefly describe the situation:
(b) Will tenant displacement be temporary?

(c) Will tenant displacement be permanent?
Is the site directly accessed by an existing, paved, publicly maintained road? Yes
If no, please explain:
Is any portion of the site located inside the 100 year floodplain? No
If yes:
(a) Describe placement of project buildings in relation to this area:

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(b) Describe flood mitigation if the project will have improvements within the 100 year floodplain:

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Site Control
Does the owner have fee simple ownership of the property (site/buildings)?No
If yes provide:
Purchase Date: Purchase Price:
If no:
(a) Does the owner/principal or ownership entity have valid option/contract to purchase the property?Yes
(b) Does an identity of interest (direct or indirect) exist between the owner/principal or ownership entity with the option/contract for
purchase of the property and the seller of the property?No
If yes, specify the relationship:
(c) Enter the current expiration date of the option/contract to purchase: 10/10/2009
(D) Enter Purchase Price: 460,600

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Zoning
Present zoning classification of the site:MU-PD Mixed Use Planned Development
Is multifamily use permitted?Yes
Are variances, special or conditional use permits or any other item requiring a public hearing needed to develop this proposal?No
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
obtaining them:
Are there any existing conditions of historical significance located on the project site that will require State Historic Preservation office
review?No
If yes, describe below:
Are there any existing conditions of environmental significance located on the project site?No
If yes, describe below:

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Ownership Entity
Owner Name: Powell Spring Housing Associates, LLC

City: Raleigh State:NC Zip: 27615
Federal Tax ID Number of Ownership Entity: (If assigned)

Note: Do not submit social security numbers for individuals.
Entity Type: Limited Liability Company
Entity Status: To Be Formed
Is the applicant requesting that the Agency treat the application as Non-Profit sponsored? No
Is the applicant requesting that the Agency treat the application as CHDO sponsored? No
List all general partners, members,and principals. Specify nonprofit corporate general partners or members.
Click [Add] to add additional partners, members, and principals.
Org: Powell Spring Housing Associates, LLC

First Name: Lyle Last Name: Gardner Function: Managing Member
Phone: (919)848-2041 Fax: (919)848-0455
EMail: lyledgardner@aol.com Nonprofit: No
Org: Powell Spring Housing Associates, LLC

First Name: Timothy Last Name: Morgan Function: Member
Phone: (919)848-2041 Fax: (919)848-0455
EMail: tim@spectrum-evergreen.com Nonprofit: No

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Unit Mix
The Median Income for Chatham county is $71,300.
Low Income Units
Total # Monthly Utility Mandatory **Total

Type # BRs Net Sq.Ft. # Units Units Rent Allowance Serv. Fees Housing Exp.
Gdn Apt 1 714 7 2 250 132 0 382
Gdn Apt 2 970 6 2 300 148 0 448
Gdn Apt 1 714 4 1 500 132 0 632
Gdn Apt 2 970 4 1 600 148 0 748
Gdn Apt 1 714 14 0 525 132 0 657
Gdn Apt 2 970 14 0 625 148 0 773
Utilities included in rents: Water/Sewer Electric Gas Other Trash
Employee Units (will add to Low Income Unit total)

Utilities included in rents: Water/Sewer Electric Gas Other
Market Rate Units

Utilities included in rents: Water/Sewer Electric Gas Other
Statistics
All Gross Monthly

Units Units Rental Income
Low Income....... 49 6 24050
Market Rate.......
Totals............... 49 6 24050
Proposed number of residential buildings: 1 Maximum number of stories in buildings: 3
Project Includes:
Separate community building - Sq. Ft. (Floor Area):

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Community space within residential bulding(s) - Sq. Ft. (Floor Area):

15,475
Elevators - Number of Elevators: 1
Square Footage Information
Gross Floor Square Footage: 60,417
Total Net Sq. Ft. (All Heated Areas): 57,255
Indicate below any additional targeting for special populations proposed for this project:
Mobility impaired handicapped: 5% of units comply with QAP Section IV(F)(3) (in addition to the units required by other federal and
state codes.)
Number of Units: 6
Number of Units Required: 6
Persons with disabilities or homeless populations.
Number of Units: 5
Notes
** Please refer to the Income Limits and Maximum Housing Expense Table to ensure that Total Monthly Tenant Expenses for low
income units are within established thresholds.
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Targeting
Specify Low Income Unit Targeting in table below. List each applicable targeting combination in a separate row below. Click [Add] to
create another row. Click "X" (at the left of each row) to delete a row. Add as many rows as needed.
# BRs Units %
1 7 targeted at 30 percent of median income affordable to/occupied by
1 14 targeted at 60 percent of median income affordable to
2 14 targeted at 60 percent of median income affordable to
Total Low Income Units: 49
Note: This number should match the total number of low income units in the Unit Mix section.

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Funding Sources
Amort. Annual
Non- Rate Term Period Debt
Source Amount Amortizing* (%) (Years) (Years) Service
Bank Loan 800,000 6.50 30 40 56,204
RPP Loan 720,000 ✔ 2.00 20 20
Local Gov. Loan - Specify:
RD 515 Loan
RD 538 Loan - Specify:
AHP Loan
Other Loan 1 - Specify:
Tax Exempt Bonds
State Tax Credit(Loan) 619,401 0 30 30 0
State Tax Credit(Direct Refund)
Equity: Federal LIHTC 4,069,060
Non-Repayable Grant
Equity: Historic Tax Credits
Deferred Developer Fees
Owner Investment 100
Other - Specify:
Total Sources** 6,208,561
* "Non-amortizing" indicates that the loan does not have a fixed annual debt service. For these items, you must fill in 20-year debt
service below.
** Total Sources must equal total replacement cost in Project Development Cost (PDC) section.
Estimated pricing on sale of Federal Tax Credits: $0. 73
Remarks concerning project funding sources:

(Please be sure to include the name of the funding source(s))

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CICCAR is the proposed lender for the bank loan.

CAHEC is the proposed syndicator for the credits.
Loans with Variable Amortization

Please fill in the annual debt service as applicable for the first 20 years of the project life.
RPP Loan
1 2 3 4 5 6 7 8 9 10
Year:
Amt: 18500 18500 18500 18500 17500 17500 17500 16500 16500 15500
11 12 13 14 15 16 17 18 19 20
Year:
Amt: 15000 14500 13500 12500 11500 10500 9500 8500 7000 5500

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Development Costs
Eligible Basis
Item Cost Element TOTAL COST
30% PV 70% PV
1 Purchase of Building(s) (Rehab / Adaptive Reuse only)
2 Demolition (Rehab / Adaptive Reuse only)
3 On-site Improvements 700,000 700,000
4 Rehabilitation
5 Construction of New Building(s) 2,935,000 2,935,000
6 Accessory Building(s)
7 General Requirements (max 6% lines 2-6) 218,100 218,100
8 Contractor Overhead (max 2% lines 2-7) 77,062 77,062
9 Contractor Profit (max 8% lines 2-7; 6% if Identity of Interest) 231,186 231,186
10 Construction Contingency (max 5% lines 2-9, Rehabs 10%) 208,067 208,067
11 Architect's Fee - Design (11 + 12 = max 3% lines 2-10) 77,500 77,500
12 Architect's Fee - Inspection 11,250 11,250
13 Engineering Costs 55,000 55,000
SUBTOTAL (lines 1 through 13) 4,513,165
14 Construction Insurance (prorate)
15 Construction Loan Orig. Fee (prorate) 21,020 21,020
16 Construction Loan Interest (prorate) 141,355 108,875
17 Construction Loan Credit Enhancement (prorate)
18 Construction Period Taxes (prorate) 2,000 2,000
19 Water, Sewer and Impact Fees 101,738 101,738
20 Survey 10,000 10,000
21 Property Appraisal 5,000 5,000
22 Environmental Report 2,500 2,500
23 Market Study 5,800 5,800
24 Bond Costs
25 Bond Issuance Costs
26 Placement Fee
27 Permanent Loan Origination Fee 16,500
28 Permanent Loan Credit Enhancement

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29 Title and Recording 4,500
SUBTOTAL (lines 14 through 29) 310,413
30 Real Estate Attorney 9,000 9,000
31 Other Attorney's Fees 7,500 7,500
32 Tax Credit Application Fees (Preliminary and Full) 2,300
33 Tax Credit Allocation Fee (0.62% of line 60, minimum $7,500) 33,394
34 Cost Certification / Accounting Fees 5,000 5,000
35 Tax Opinion
36 Organizational (Partnership) 3,500
37 Tax Credit Monitoring Fee 34,300
38 Furnishings and Equipment 50,000 50,000
39 Relocation Expense
40 Developer's Fee 544,500 544,500
41 Additional Contigency (greater of $500/unit or $30,000)
42 Other Basis Expense (specify)
43 Other Basis Expense (specify)
44 Rent-up Expense 37,000
45 Other costs associated with land 30,889
46 Other Non-basis Expense (specify)
47 Rent up Reserve 37,000
48 Operating Reserve 130,000
49 Other Reserve (specify)
50 Other Reserve (specify)
51 DEVELOPMENT COST (lines 1-49) 5,747,961 0 5,386,098
52 Less Federally Funded Grant
53 Less Disproportionate Standard
54 Less Nonqualified Nonrecourse Financing
55 Less Historic Tax Credit 0
56 TOTAL ELIGIBLE BASIS 5,386,098 0 5,386,098
57 Applicable Fraction (percentage of LI Units) 100.00% 100% 100%

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58 Basis Before Boost 5,386,098 0 5,386,098
59 Basis Boost of up to 130% 100.00% 115.00%
60 TOTAL QUALIFIED BASIS 6,194,013 0 6,194,013
61 Tax Credit Rate 3.50 9.00
62 Federal Tax Credits (maximum $1,300,000) 557,461 0 557,461
63 Federal Tax Credits Requested (if less than line 62) 557,461 557,461
64 Land Cost 460,600
65 TOTAL REPLACEMENT COST 6,208,561
FEDERAL TAX CREDITS IF AWARDED 557,461
Comments:
Project Development Cost per unit 59,898

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Market Study Information

Please provide a detailed description of the proposed project:
We are proposing to construct a forty-nine (49) unit senior, three story, rental community within the Powell
Place Planned Development. The project will consist of (25) one bedroom, one bath units and (24) two
bedroom, one bath units for persons 55 and older. The design of the building is such that all units are fully
accessible. The building is served by one elevator and the main entrance is secured with a call panel entry
system. All exterior doors are self locking with all residential units opening into and interior hallway. The
building design has numerous amenities/common area space for the resident's use (see Site Amenities).
We will have units set aside for persons at or below 30%, 50% and 60% of median income. In addition, 10%
of the units will be targeted to persons with disabilities. The proposed location is ideal because it is part of
the planned unit development, which offers walking trails, outdoor seating areas, water features,
playgrounds and commercial and retail facilities at the entrance. All within walking distance.
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:
30 Dimensional Shingles
Have you built other tax credit developments that use the same building design as this project?Yes
If yes, please provide name and address:
Terrace Spring (48 units)
4000 St. James Church Road
Raleigh, NC 27604
Berkeley Spring (36 units)

5521 Dixon Drive
Raleigh, NC 27609
Cedar Spring (20 units)

110 S. Hollybrook Road
Wendell, NC 27591
Auburn Spring (48 units)

2950 Crouse Lane
Burlington, NC 27215
Weatherstone Spring (72 units)

200 Weather Ridge Lance
Cary, NC 27513
Site Amenities:
Multi-purpose room with kitchen, lobby, TV lounge, resident computer center, exercise room with
equipment, tenant storage areas, laundry facilities, front and rear porches.

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Onsite Activities:
Onsite activities will consist of resident association sponsored bingo, Bible studies, monthly birthday
celebrations, holiday gatherings, access to computer and exercise equipment.
Landscaping Plans:
The building will have landscaped beds around the perimeter of the building. Trees will also be planted and
disbersed throughout the property.
Interior Apartment Amenities:

Range, range hood, frost free refrigerator, washer/dryer connections, mini-blinds, pantry, walk-in closets,
wall-to-wall carpet, VCT in kitchen and bath area, central air and heat pump, cable and phone ready.
Do you plan to submit additional market data (market study, etc.) that you want considered? No
If yes, please make sure to include the additional information in your pre-application packet.

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Applicant's Site Evaluation

Briefly describe your site in each of the following categories:
NEIGHBORHOOD CHARACTERISTICS
Trend and direction of real estate development and area economic health. Physical condition of buildings and
improvements in the immediate vicinity. Concentration of affordable housing.
Powell Place is a planned unit development that was started in 2005. It is situated on the growth side of
Pittsboro, near the new US 64 Bypass. A Lowes Home Improvement Center, McDonalds, and Taco Bell
recently opened across the street from the main entrance. A neighborhood feel is very evident within Powell
Place because as a planned unit development, it offers a wide variety of housing choices as well as a
village center that will offer commercial and retail outlets.
SURROUNDING LAND USES AND AMENITIES
Land use pattern is residential in character (single and multifamily housing). Extent that the location is
isolated. Effect of industrial, large-scale institutional or other incompatible uses, including but not limited to:
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, and sites with environmental concerns (such as odors or pollution). Amount and
character of vacant, undeveloped land. Powell Place offers a wide variety of housing options, from multi-
family to townhomes to single family homes. At the entrance to the PUD is the village center that will offer
both commercial and retail outlets. A three-acre lake and play parks are there to encourage outside
interaction and enjoyment. There are sidewalks throughout the community and a public park that is owned by
the Town of Pittsboro. They plan on starting construction of the park in mid 2009.
SITE SUITABILITY
Adequate traffic safety controls (i.e. stop lights, speed limits, turn lanes). Burden on public facilities
(particularly roads). Access to mass transit (if applicable). Visibility of buildings and/or location of project sign
(s) in relation to traffic corridors. The adequacy of streets providing access to and serving the site is
excellent. You have quick access to US 64 Bypass and the streets within the PUD are new, with curb and
gutter and sidewalks. Entry signage will be placed so it has high visibility from Millbrook Drive.
Degree of on-site negative features and physical barriers that will impede project construction or adversely
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 (for adaptive re-use projects-
suitability for residential use and difficulties posed by the building(s), such as limited parking, environmental
problems or the need for excessive demolition).
None known.
Similarity of scale and aesthetics/architecture between project and surroundings.

The proposed building is very similar in architectural design to the surrounding uses. The PUD has design
requirements to ensure that this is the case.
For each applicable neighborhood feature, enter distance from project in miles.

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2 Grocery Store 1.75 Community/Senior Center
2 Mall/Strip Center Hospital
2.5 Outdoor Athletic 1.7 Pharmacy

Fields
Day Care/After 1.7 Basic Health Care

School
2.1 Public Transportation

Schools
Stop
1.8 Convenience Store 1.75 Public Parks
1.8 Gas Station 1.4 Library
Other facilities or services:

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Preliminary App Checklist
The following enclosures must be submitted along with your signed preliminary application. Some enclosures are required only under
certain conditions. Please check each applicable item to indicate that you understand the enclosure requirements and will enclose the
correct supporting documentation with your application.
Fee Payment
Check in the amount of $5,450.00 made payable to North Carolina Housing Finance Agency.
Tab A - Preliminary Application
Printed, signed copy of preliminary application generated from online system.
B - Map/Driving Instructions
A local map clearly identifying the location of the Site and detailed directions to the Site. Current City or County maps are preferred
– internet maps and directions are not acceptable. Applicant must also provide a map identifying the amenities listed in section IV
(A)(1)(b)(ii) of the QAP and their proximity to the site.
Applicant must provide a sign and boundary markers to clearly identify the road frontage of the site. The sign identifying the site
should read “SITE” with a minimum size of 11x17.
C - Community Revitalization Plan
Applicant should provide a map identifying the subject site within the Plan area (if applicable).
D - Evidence of Site Control
Provide valid option/contract or warranty deed and plot plan.
E - Site Plans/Scope of Work
Preliminary site plan, floor plans and elevations for all projects, interior and exterior photographs and detailed scope of work for
Adaptive Reuse and Rehab projects. Site and floor plans should be no larger than 11x17 and must be produced by a licensed
architect or engineer.
F - Information Package for Market Analysts
This section must include copies of items required in Tabs A, B, E and G (site and floor plans should be no larger than 11x17) and
can include any additional market information such as preliminary market studies the applicant would like to provide to the
Analysts.
G - Rent Roll (Rehabs only)
Provide the current rent roll for the property and indicate which units (if any) are receiving rental assistance.
H - Documentation for Basis Boost
Applicant should provide an appraisal and/or standard geological survey to support a request for the basis boost (if applicable).

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Print - APP09-0085

Print Preview - Preliminary

City: Pittsboro County: Chatham Zip: 27312

Census Tract: 0208.00 Block Group: 4006

Is project in Qualified Census Tract or Difficult to Develop Area? No

Political Jurisdiction: Town of Pittsboro

Jurisdiction City: Pittsboro Zip: 27312

Jurisdiction Phone: (919)542-4621

Site Latitude: 35.7206

Site Longitude: -79.1856

Project Type: New Construction

Is this project a previously awarded tax credit

New Construction/Adaptive Reuse:

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

Does a community revitalization plan exist? No

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Target Population:Elderly (55)

If yes, provide the subsidy source: and number of units:

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City: Raleigh State: NC Zip: 27615

Alt Phone: (919)630-3383

Email Address: tim@spectrum-evergreen.com

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Total Site Acreage: 3.29 Total Buildable Acreage: 3.18

Storm Sewer Water Sanitary Sewer Electric

Is the demolition of any buildings required or planned? No

Are existing buildings on the site currently occupied? No

(b) Will tenant displacement be temporary?

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Purchase Date: Purchase Price:

(D) Enter Purchase Price: 460,600

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Is multifamily use permitted?Yes

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Owner Name: Powell Spring Housing Associates, LLC

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

Org: Powell Spring Housing Associates, LLC

Phone: (919)848-2041 Fax: (919)848-0455

EMail: lyledgardner@aol.com Nonprofit: No

Org: Powell Spring Housing Associates, LLC

Phone: (919)848-2041 Fax: (919)848-0455

EMail: tim@spectrum-evergreen.com Nonprofit: No

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Low Income Units

Total # Monthly Utility Mandatory **Total

Gdn Apt 1 714 7 2 250 132 0 382

Gdn Apt 2 970 6 2 300 148 0 448

Gdn Apt 1 714 4 1 500 132 0 632

Gdn Apt 2 970 4 1 600 148 0 748

Gdn Apt 1 714 14 0 525 132 0 657

Gdn Apt 2 970 14 0 625 148 0 773

Utilities included in rents: Water/Sewer Electric Gas Other Trash

Employee Units (will add to Low Income Unit total)

Total # Monthly Utility Mandatory **Total

Utilities included in rents: Water/Sewer Electric Gas Other

Market Rate Units

Total # Monthly Utility Mandatory **Total

Utilities included in rents: Water/Sewer Electric Gas Other

All Gross Monthly

Low Income....... 49 6 24050

Proposed number of residential buildings: 1 Maximum number of stories in buildings: 3

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