Moores Chapel

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Print Preview - Preliminary

Application
Tax Credits, RPP Loans, and/or Tax Exempt Bond Loans
Project Description
Project Name: Moores Chapel Apartments
Address: 9400 Kendall Dr.
City: Charlotte County: Mecklenburg Zip: 28214
Census Tract: 60.01 Block Group: 2
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 E. 4th St.
Jurisdiction City: Charlotte Zip: 28202
Jurisdiction Phone: (704)336-2244
Site Latitude: 35.328011
Site Longitude: -80.95962
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: VSL Construction, Inc.The Forest Group
Address: 30100 Telegraph Rd., Suite 316
City: Bingham Farms State: MI Zip: 48025

Contact: First: Doug Last:Stratton Title:President
Telephone: (248)723-9750
Alt Phone: (248)761-6834
Fax: (248)723-9751
Email Address: dstratton@frammich.com

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

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Site Description
Total Site Acreage: 10 Total Buildable Acreage: 7

If buildable acreage is less than total acreage, please explain:
A stream and flood plain area are located on the southeastern portion of the site. The buildings will not be
located within the stream area.
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: 10/31/2009
(D) Enter Purchase Price: 800,000

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Zoning
Present zoning classification of the site:MX-2
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?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:
Site Plan to be approved by Planning Commission and City Council. Expected to be approved in 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: Moores Chapel Family Charlotte, LLC

City: Bingham Farms State:MI Zip: 48025
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: VSL Construction, Inc.

First Name: Doug Last Name: Stratton Function: Managing Member
Phone: (248)723-9750 Fax: (248)723-9751
EMail: dstratton@frammich.com Nonprofit: No
Org: GBL Holding Company, Inc.

First Name: Grant Last Name: Lorimer Function: Member
Phone: (248)723-9750 Fax: (248)723-9751
EMail: dstratton@frammich.com Nonprofit: No
Org: The Forest Group, LLC

First Name: Tom Last Name: Kostosky Function: Member
Address: 2277 Science Parkway, Suite 6
City: Okemos State: MI Zip: 48864
Phone: (517)999-3300 Fax: (517)999-3301
EMail: tom@theforestgrp.com 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 1100 25 2 491 29 0 520
Gdn Apt 2 1100 25 3 612 29 0 641
Gdn Apt 3 1200 25 2 538 37 0 575
Gdn Apt 3 1200 25 3 899 37 0 936
Utilities included in rents: Water/Sewer Electric Gas Other Rubbish Removal
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....... 100 10 63500
Market Rate.......
Totals............... 100 10 63500
Proposed number of residential buildings: 6 Maximum number of stories in buildings: 3
Project Includes:
Separate community building - Sq. Ft. (Floor Area): 2,437
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: 12,875
Total Net Sq. Ft. (All Heated Areas): 10,238
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: 100
Number of Units Required: 10

Persons with disabilities or homeless populations.
Number of Units: 10
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 25 targeted at 40 percent of median income affordable to/occupied by
Total Low Income Units: 100
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 3,300,000 6.00 40 40 217,885
RPP Loan 400,000 3.00 30 30 20,237
Local Gov. Loan - Specify:
RD 515 Loan
RD 538 Loan - Specify:
AHP Loan
Other Loan 1 - Specify:
Tax Exempt Bonds
State Tax Credit(Loan) 995,532 0 30 30 0
State Tax Credit(Direct Refund)
Equity: Federal LIHTC 6,365,431
Non-Repayable Grant
Equity: Historic Tax Credits
Deferred Developer Fees 380,864
Owner Investment
Other - Specify:
Total Sources** 11,441,827
* "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. 72
Remarks concerning project funding sources:

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

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FHA Loan-St. James Capital

Equity-Alliant Capital

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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 1,000,000 1,000,000
4 Rehabilitation
5 Construction of New Building(s) 5,700,000 5,700,000
6 Accessory Building(s) 250,000 250,000
7 General Requirements (max 6% lines 2-6) 417,000 417,000
8 Contractor Overhead (max 2% lines 2-7) 147,340 147,340
9 Contractor Profit (max 8% lines 2-7; 6% if Identity of Interest) 442,020 442,020
10 Construction Contingency (max 5% lines 2-9, Rehabs 10%) 397,818 397,818
11 Architect's Fee - Design (11 + 12 = max 3% lines 2-10) 80,000 80,000
12 Architect's Fee - Inspection 20,000 20,000
13 Engineering Costs 80,000 80,000
SUBTOTAL (lines 1 through 13) 8,534,178
14 Construction Insurance (prorate) 9,920 9,920
15 Construction Loan Orig. Fee (prorate) 0 0
16 Construction Loan Interest (prorate) 192,500 192,500
17 Construction Loan Credit Enhancement (prorate) 0 0
18 Construction Period Taxes (prorate) 0 0
19 Water, Sewer and Impact Fees 200,000 200,000
20 Survey 5,000 5,000
21 Property Appraisal 5,000 5,000
22 Environmental Report 5,000 5,000
23 Market Study 5,000 5,000
24 Bond Costs 20,000
25 Bond Issuance Costs 24,640
26 Placement Fee 231,000
27 Permanent Loan Origination Fee 0
28 Permanent Loan Credit Enhancement 0

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29 Title and Recording 10,000
SUBTOTAL (lines 14 through 29) 708,060
30 Real Estate Attorney 30,000
31 Other Attorney's Fees
32 Tax Credit Application Fees (Preliminary and Full) 2,300
33 Tax Credit Allocation Fee (0.62% of line 60, minimum $7,500) 58,945
34 Cost Certification / Accounting Fees 7,500 7,500
35 Tax Opinion 10,000
36 Organizational (Partnership) 0
37 Tax Credit Monitoring Fee 70,000
38 Furnishings and Equipment 30,000 30,000
39 Relocation Expense 0 0
40 Developer's Fee 800,000 800,000
41 Additional Contigency (greater of $500/unit or $30,000)
42 Other Basis Expense (specify)
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 43,200
48 Operating Reserve 347,644
49 Other Reserve (specify)
50 Other Reserve (specify)
51 DEVELOPMENT COST (lines 1-49) 10,641,827 0 9,794,098
52 Less Federally Funded Grant
53 Less Disproportionate Standard
54 Less Nonqualified Nonrecourse Financing
55 Less Historic Tax Credit 0
56 TOTAL ELIGIBLE BASIS 9,794,098 0 9,794,098
57 Applicable Fraction (percentage of LI Units) 100.00% 100% 100%

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58 Basis Before Boost 9,794,098 0 9,794,098
59 Basis Boost of up to 130% 100.00% 100.00%
60 TOTAL QUALIFIED BASIS 9,794,098 0 9,794,098
61 Tax Credit Rate 3.50 9.00
62 Federal Tax Credits (maximum $1,300,000) 881,469 0 881,469
63 Federal Tax Credits Requested (if less than line 62) 0
64 Land Cost 800,000
65 TOTAL REPLACEMENT COST 11,441,827
FEDERAL TAX CREDITS IF AWARDED 881,469
Comments:
Project Development Cost per unit 57,000

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Market Study Information

Please provide a detailed description of the proposed project:
Amenities will include

In-Unit full-size washer and dryer;
Full kitchen, including frost-free refrigerator, oven/range, and dishwasher;
Central heat and air conditioning/heat pump;
Coat closet;
Walk-in closet;
Mini-blinds;
Separate community building, with on-site management;
24-hour emergency maintenance service;
Business Center with internet access;
Children's Computer and Recreation Room
Outdoor features, including:
Pool;
Picnic area;
Playground
Water, Sewer, and Rubbish Removal is included in rent. Tenant pays all other utilities.
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 is located off of Moores Chapel Road, at approximately 9400 Kendall Dr. Moores Chapel is a well-
traveled road that has access to the newly constructed section of I-485. This will give the development
excellent visibility. The site is part of a Lifestyle Planned Unit Development composed of residential rental
apartments, condos, single family homes, and neighborhood service commercial. This Planned Unit
Development (PUD) will create a sense of community and a "new town" feeling for residents.
Moores Chapel Road provides convenient access to shopping areas at the intersection of Freedom Drive,
Little Rock Road and Moores Chapel Road.

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Onsite Activities:
The clubhouse will be the area where onsite activities will be concentrated. Leasing activities and tax credit
certification will occur in the on-site management offices within the clubhouse during business hours.
Community activities such as potluck dinners or holiday parties will be an opportunity for residents to
socialize with each other, and will take place in the community room at the clubhouse.
The clubhouse will also feature a children's activity room that will appeal to children of the residents. The
children's room will feature computer workstations with access to educational games and homework
stations. There will also be a TV with DVD player for children's entertainment with age-appropriate viewing
materials provided.
Additionally, there will be a business center area in the clubhouse that will provide internet access and
access to a computer printer for use by the adult residents of Moores Chapel Apartments.
A swimming pool for resident use will be located near the clubhouse.
A separate playground area will be available for outdoor recreation. Benches for adult supervision will be
provided adjacent to the play area, as well as an outdoor barbeque grill and picnic table.
Landscaping Plans:
The site is approximately 10 acres in size and contains areas of mature trees as well as clear areas. A
stream is located on the southeastern portion of the site, and contains flood plain area. Building will not take
place in the flood area, and it will be used as storm water mitigation. The site plan will take advantage of the
existing trees by incorporating them into the greenspace requirements. The site will be landscaped using
native plants and the landscaping plan will employ water conservation techniques.
Interior Apartment Amenities:

The spacious apartment units will have an open floor plan and will contain amenities such as:
In-Unit full-size Washer and Dryer;
Wall-to-wall carpeting in living and bedrooms;
Vinyl flooring in entry, kitchen and bathroom areas;
Full kitchen, including frost-free refrigerator, oven/range, garbage disposal and dishwasher;
Central heat and air conditioning/heat pump;
Coat closet;
Walk-in closet;
Mini-blinds
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 neighborhood is primarily residential in nature, with single family subdivisions surrounding the PUD.
Residential and commercial uses will surround the Moores Chapel Apartments. A Food Lion grocery, CVS
Pharmacy and Auto Zone are currently under construction in the neighborhood service commercial space.
A mix of townhouses and single family residences will make up the balance of the residental portion of the
PUD. The PUD will be landscaped and will have one main entrance off of Moores Chapel Road. This will
help to calm traffic and will add to the new town feel of the development. There will be streetscapes and
public sidewalk within the PUD. There are no existing affordable housing developments in the area. Moores
Chapel Apartments will fill the need for affordable housing outside the cental city.
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. Land use in the area immediately adjacent to the site include single
family residential to the north and south. When construction is completed, neighborhood service commercial,
will be located to the north of the site. To the west of the site is the newly opened I-485. When construction of
the PUD is completed, for-sale residential will be located to the east of the site.
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. A project identification sign will be located along Moores Chapel Road, an
existing two lane road. Two project identificatiaon signs are planned, which will be of brick and wood, with
attractive landscaping and low level lighting. The second sign will be located on Kendall Drive. Visibility from
the main traffic corridor will be enhanced by the combination of the signs and the visibility of buildings from I-
485. Public sidewalk will be built within the PUD and will be located along the entire frontage of the site. The
sidewalk will connect to shopping and other conveniences.
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 stream and associated flood plain are negative features to this site. These negative features are easily
overcome during the site plan phase and will not negatively impact the development.
Similarity of scale and aesthetics/architecture between project and surroundings.

Moores Chapel Apartments will be composed of 3-story buildings with a textural and color variety of siding
and shingles, and variety of roofline. The PUD will be designed and built in an architecturally consistent
manner. The PUD and the apartment buildings will be visually complementary to the existing development
near the site.

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For each applicable neighborhood feature, enter distance from project in miles.
0.1 Grocery Store 4.7 Community/Senior Center
1.3 Mall/Strip Center 8.4 Hospital
2.8 Outdoor Athletic 0.1 Pharmacy

Fields
3.9 Day Care/After 5 Basic Health Care

School
2 Public Transportation
0.9 Schools
Stop
1 Convenience Store 2.8 Public Parks
1 Gas Station 5.8 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).

Moores Chapel

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Print - APP09-0118

Print Preview - Preliminary

City: Charlotte County: Mecklenburg Zip: 28214

Census Tract: 60.01 Block Group: 2

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)336-2244

Site Latitude: 35.328011

Site Longitude: -80.95962

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: Bingham Farms State: MI Zip: 48025

Alt Phone: (248)761-6834

Email Address: dstratton@frammich.com

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Total Site Acreage: 10 Total Buildable Acreage: 7

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: 800,000

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Is multifamily use permitted?Yes

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Owner Name: Moores Chapel Family Charlotte, LLC

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

Org: VSL Construction, Inc.

Phone: (248)723-9750 Fax: (248)723-9751

EMail: dstratton@frammich.com Nonprofit: No

Org: GBL Holding Company, Inc.

Phone: (248)723-9750 Fax: (248)723-9751

EMail: dstratton@frammich.com Nonprofit: No

Org: The Forest Group, LLC

Phone: (517)999-3300 Fax: (517)999-3301

EMail: tom@theforestgrp.com Nonprofit: No

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Low Income Units

Total # Monthly Utility Mandatory **Total

Gdn Apt 2 1100 25 2 491 29 0 520

Gdn Apt 2 1100 25 3 612 29 0 641

Gdn Apt 3 1200 25 2 538 37 0 575

Gdn Apt 3 1200 25 3 899 37 0 936

Utilities included in rents: Water/Sewer Electric Gas Other Rubbish Removal

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....... 100 10 63500

Totals............... 100 10 63500

Proposed number of residential buildings: 6 Maximum number of stories in buildings: 3