Harris Ridge Apartments

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Print Preview - Preliminary

Application
Tax Credits, RPP Loans, and/or Tax Exempt Bond Loans
Project Description
Project Name: Harris Ridge Apartments
Address: 8105 Idlewild Road
City: Charlotte County: Mecklenburg Zip: 28227
Census Tract: 0019.11 Block Group: 1004
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: City of Charlotte

First:Curt Last:
Jurisdiction CEO Name: Title: City Manager
Walton
Jurisdiction Address: 600 East Fourth Street
Jurisdiction City: Charlotte Zip: 28202
Jurisdiction Phone: (704)336-2241
Site Latitude: 35.1840
Site Longitude: -80.7281
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:Family
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: Greenway Development Company, LLC
Address: 140 East Main Street, Suite 410
City: Rock Hill State: SC Zip: 29730

Contact: First: Bradley Last:Parker Title:Managing Member
Telephone: (803)366-1200
Alt Phone: (803)322-1599
Fax: (803)366-1270
Email Address: bparker@greenwayllc.net

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

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Site Description
Total Site Acreage: 8.19 Total Buildable Acreage: 6.25

If buildable acreage is less than total acreage, please explain:
The buildable acreage is less than the site acreage due to standard set-back and buffer requirements.
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: 12/31/2009
(D) Enter Purchase Price: 510,000

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Zoning
Present zoning classification of the site:R-4
Is multifamily use permitted?No
Are variances, special or conditional use permits or any other item requiring a public hearing needed to develop this proposal?Yes
If yes, have the hearings been completed and permits been obtained?No
If yes, specify permit or variance required and date obtained. If no, describe permits/variances required and schedule for
obtaining them:
Zoning to be obtained by April, 2009.
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: Greenway Development Company, LLC

City: Rock Hill State:SC Zip: 29730
Federal Tax ID Number of Ownership Entity: 20-3949130 (If assigned)

Note: Do not submit social security numbers for individuals.
Entity Type: Limited Liability Company
Entity Status: Already 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: Greenway Development Company, LLC

First Name: Bradley Last Name: Parker Function: Managing Member
City: Rock Hill State: SC Zip: 29730
Phone: (803)366-1200 Fax: (803)366-1270
EMail: bparker@greewayllc.net Nonprofit: No
Org: Greenway Development Company, LLC

First Name: Ingram Last Name: Walters Function: Managing Member
Address: 2500 West Roosevelt Boulevard
City: Monroe State: NC Zip: 28110
Phone: (704)292-7447 Fax: (704)292-7387
EMail: iwalters@greenwayllc.net Nonprofit: No

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Unit Mix
The Median Income for Mecklenburg county is $66,500.
Low Income Units
Total # Monthly Utility Mandatory **Total

Type # BRs Net Sq.Ft. # Units Units Rent Allowance Serv. Fees Housing Exp.
Gdn Apt 2 1107 42 3 699 82 0 781
Gdn Apt 2 1107 18 3 349 82 0 431
Gdn Apt 3 1289 21 3 799 102 0 901
Gdn Apt 3 1289 3 1 399 102 0 501
Utilities included in rents: Water/Sewer Electric Gas Other
Employee Units (will add to Low Income Unit total)

Market Rate Units

Statistics
All Gross Monthly

Units Units Rental Income
Low Income....... 84 10 53616
Market Rate.......
Totals............... 84 10 53616
Proposed number of residential buildings: 5 Maximum number of stories in buildings: 3
Project Includes:
Separate community building - Sq. Ft. (Floor Area): 1,734
Community space within residential bulding(s) - Sq. Ft. (Floor Area):

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Elevators - Number of Elevators:
Square Footage Information
Gross Floor Square Footage: 108,675
Total Net Sq. Ft. (All Heated Areas): 93,356
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: 5
Number of Units Required: 10

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 %
2 42 targeted at 60 percent of median income affordable to/occupied by
Total Low Income Units: 84
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 2,800,000 7.50 30 30 234,936
RPP Loan
Local Gov. Loan - Specify:
RD 515 Loan
RD 538 Loan - Specify:
AHP Loan
Other Loan 1 - Specify:
Tax Exempt Bonds
State Tax Credit(Loan) 923,910 0 30 30 0
State Tax Credit(Direct Refund)
Equity: Federal LIHTC 6,485,196
Non-Repayable Grant
Equity: Historic Tax Credits
Deferred Developer Fees 125,187
Owner Investment 100
Other - Specify:
Total Sources** 10,334,393
* "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. 60
Remarks concerning project funding sources:

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

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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 1,040,000 995,000
4 Rehabilitation
5 Construction of New Building(s) 5,039,580 5,039,580
6 Accessory Building(s) 270,000 270,000
7 General Requirements (max 6% lines 2-6) 380,975 380,975
8 Contractor Overhead (max 2% lines 2-7) 134,611 134,611
9 Contractor Profit (max 8% lines 2-7; 6% if Identity of Interest) 403,833 403,833
10 Construction Contingency (max 5% lines 2-9, Rehabs 10%) 225,000 225,000
11 Architect's Fee - Design (11 + 12 = max 3% lines 2-10) 150,000 150,000
12 Architect's Fee - Inspection 15,000 15,000
13 Engineering Costs 60,000 60,000
SUBTOTAL (lines 1 through 13) 7,718,999
14 Construction Insurance (prorate) 5,000 5,000
15 Construction Loan Orig. Fee (prorate) 58,000 58,000
16 Construction Loan Interest (prorate) 148,296 148,296
17 Construction Loan Credit Enhancement (prorate)
18 Construction Period Taxes (prorate) 10,000 10,000
19 Water, Sewer and Impact Fees 364,000 364,000
20 Survey 15,000 15,000
21 Property Appraisal 7,000 7,000
22 Environmental Report 2,500 2,500
23 Market Study 4,300 4,300
24 Bond Costs
25 Bond Issuance Costs
26 Placement Fee
27 Permanent Loan Origination Fee 44,000
28 Permanent Loan Credit Enhancement

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29 Title and Recording 38,000
SUBTOTAL (lines 14 through 29) 696,096
30 Real Estate Attorney 75,000 75,000
31 Other Attorney's Fees 1,000 1,000
32 Tax Credit Application Fees (Preliminary and Full) 2,300
33 Tax Credit Allocation Fee (0.62% of line 60, minimum $7,500) 74,000
34 Cost Certification / Accounting Fees 15,000 15,000
35 Tax Opinion 1,000
36 Organizational (Partnership) 1,000
37 Tax Credit Monitoring Fee 63,000
38 Furnishings and Equipment 20,000 20,000
39 Relocation Expense
40 Developer's Fee 800,000 800,000
41 Additional Contigency (greater of $500/unit or $30,000) 30,000 30,000
42 Other Basis Expense - Lender Inspection 10,000 10,000
43 Other Basis Expense (specify)
44 Rent-up Expense
45 Other Non-basis Expense (specify)
46 Other Non-basis Expense (specify)
47 Rent up Reserve 29,400
48 Operating Reserve 287,598
49 Other Reserve (specify)
50 Other Reserve (specify)
51 DEVELOPMENT COST (lines 1-49) 9,824,393 0 9,239,095
52 Less Federally Funded Grant
53 Less Disproportionate Standard
54 Less Nonqualified Nonrecourse Financing
55 Less Historic Tax Credit 0
56 TOTAL ELIGIBLE BASIS 9,239,095 0 9,239,095
57 Applicable Fraction (percentage of LI Units) 100.00% 100% 100%

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58 Basis Before Boost 9,239,095 0 9,239,095
59 Basis Boost of up to 130% 100.00% 130.00%
60 TOTAL QUALIFIED BASIS 12,010,824 0 12,010,824
61 Tax Credit Rate 3.50 9.00
62 Federal Tax Credits (maximum $1,300,000) 1,080,974 0 1,080,974
63 Federal Tax Credits Requested (if less than line 62) 0
64 Land Cost 510,000
65 TOTAL REPLACEMENT COST 10,334,393
FEDERAL TAX CREDITS IF AWARDED 1,080,974
Comments:
The owner has to pay a 2% fee to the broker in addition to the $500,000 purchase price. Therefore, the land
cost is $510,000. This is stipulated in the purchase agreement included in the application.
Project Development Cost per unit 59,995

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Market Study Information

Please provide a detailed description of the proposed project:
Harris Ridge will be a 84 unit family development located in Charlotte, NC. The development will have 60, 2
bedroom/ 2 bath units (1107 nsf) and 24, 3 bedroom/ 2 bath units (1289 nsf). There will be 5 residential
buildings on the site. All buildings will be 3 stories. Two buildings will have 24 units, and the three other
buildings will have 12 units each. The clubhouse community center will be designed specially for families
and will feature a 24 hour computer center, fitness center, and laundry room via key card access.
The site is ideal for families as it is around a 0.5 mile to a mile from everyday services. The Food Lion,
Subway restaurant, Cirle K gas station, and the pharmacy are all in walking distance. The local and express
bus stops are adjacent to the subject site.
Twenty-five percent(21 units) will be targeted to households at 30% of area median income and the rest of
the units will be targeted at 60% and below the AMI. All the proposed rents are well below the maximum
allowable rent levels. Additionaly,10% of the units will be targeted to persons with with disabilities.
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?No
If yes, please provide name and address:
Site Amenities:
The site will have a clubhouse with a community room, kitchen, 24 hour fitness center, 24 hour business
center with high speed internet access and 24hour laundry room. On-site amentities will include, but will not
be limited to, playground, tot lot, and covered picnic area with table/grills.
Onsite Activities:
The commuinty manger will be expected to play an active role to ensure that a variety of social activities
and supportive services are offered on site. Additionally, the manager will work to link residents in need with
other commuinty service providers.

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Landscaping Plans:
Landscaping will be extensively utilized to beautify the developmet's green areas to blend the development
into the existing neighborhood. Parking lots and drives will be lined with shade trees and the plant materials
will compliment the natural fauna.
Interior Apartment Amenities:

All units will have built-in computer desks, range, hood, washer and dryer hook-ups, mini blinds,
dishwasher, pantry, disposal, high speed internet access, ceiling fans, refrigerator with ice-maker, large
walk-in closets and plenty of interior and exterior storage. Each unit will have vinyl and carpet flooring.
heating and cooling will be provided by a heat pump and central air conditioning.
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.
The surrounding area is an established neighborhood of detached single-family homes, which are primarily
owner occupied. There is a shortage of affordable rental housing in the vicinity. City of Charlotte
Neighborhood Development has identified income targeted housing as a priority for this area. The economic
health of the area is in great shape because of the close proximity of uptown Charlotte. There is not a
concentratration of affordable housing in the neighborhood.
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. A neighborhood shopping center with grocery anchor is across the
street from the site. The two other corners include a convenience store / gas station and a drug store.
Several churches and child care centers are in easy walking distance. The site is within the service area of a
neighborhood park, a recreation center, a greenway that gives pedestrian accesses to a district park. Offices
for primary care physicians, dentists, a YMCA, county social service branch offices are near. The site is
served by two bus lines of Charlotte Area Transit, and is close the Eastland Mall Transit Center, which serves
as a bus route hub for East Charlotte. There are three elementary schools, a middle school, and a high
school within close proximity. There is a nice mixture of single-family neighborhoods, multifamily housing,
and retail in the area. The Food Lion, Subway restaurant, Circle K gas station, and the pharmacy are all in
walking distance to the site. There are no industrial or other incompatiable uses in the area.
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 site is adequately served by NC Highway 24, W.T. Harris Blvd, and by
Idlewild Road. A lighted intersection of Idlewild Rd and Piney Grove Drive is on the corner of the property.
Site was previously considered for multifamily. Current infrastructure is adequate to serve the site and the
proposed residents. The express bus stop and the local bus stop are adjacent to the property. There is a stop
light at the intersection of Idlewild Road and WT Harris Boulevard.
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).
The topo of the site is reasonable, and there is no indications of problems with wetlands, streams, and
water quality buffers.

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Similarity of scale and aesthetics/architecture between project and surroundings.

The proposed structure design will make a positive contribution and be very compatiable with the
surrounding neighborhood.
For each applicable neighborhood feature, enter distance from project in miles.
0.12 Grocery Store Community/Senior Center
1.59 Mall/Strip Center 2.74 Hospital
0.6 Outdoor Athletic 0.18 Pharmacy

Fields
.22 Day Care/After 1.2 Basic Health Care

School
0.05 Public Transportation

0.76 Schools
Stop
0.18 Convenience Store 0.6 Public Parks
0.18 Gas Station 1.1 Library
Other facilities or services:

Public Bus Stop is adjacent to the subject site.

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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 - APP09-0106

Print Preview - Preliminary

City: Charlotte County: Mecklenburg Zip: 28227

Census Tract: 0019.11 Block Group: 1004

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

Political Jurisdiction: City of Charlotte

Jurisdiction City: Charlotte Zip: 28202

Jurisdiction Phone: (704)336-2241

Site Latitude: 35.1840

Site Longitude: -80.7281

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

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City: Rock Hill State: SC Zip: 29730

Alt Phone: (803)322-1599

Email Address: bparker@greenwayllc.net

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Total Site Acreage: 8.19 Total Buildable Acreage: 6.25

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: 510,000

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Is multifamily use permitted?No

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Owner Name: Greenway Development Company, LLC

Federal Tax ID Number of Ownership Entity: 20-3949130 (If assigned)

Org: Greenway Development Company, LLC

Phone: (803)366-1200 Fax: (803)366-1270

EMail: bparker@greewayllc.net Nonprofit: No

Org: Greenway Development Company, LLC

Phone: (704)292-7447 Fax: (704)292-7387

EMail: iwalters@greenwayllc.net Nonprofit: No

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Low Income Units

Total # Monthly Utility Mandatory **Total

Gdn Apt 2 1107 42 3 699 82 0 781

Gdn Apt 2 1107 18 3 349 82 0 431

Gdn Apt 3 1289 21 3 799 102 0 901

Gdn Apt 3 1289 3 1 399 102 0 501

Utilities included in rents: Water/Sewer Electric Gas Other

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....... 84 10 53616

Proposed number of residential buildings: 5 Maximum number of stories in buildings: 3

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

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Elevators - Number of Elevators:

Square Footage Information