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Application
Tax Credits, RPP Loans, and/or Tax Exempt Bond Loans
Project Description
Project Name: Douglas Square
Address: 244-270 Albemarle Ave and 278-296 Goldleaf St
City: Rocky Mount County: Edgecombe Zip: 27801
Census Tract: 0201 Block Group: 0000
Is project in Qualified Census Tract or Difficult to Develop Area? Yes

Are you requesting the basis boost under section II(E)(4) of the QAP?
Political Jurisdiction: City of Rocky Mount

First:Stephen Last:
Jurisdiction CEO Name: Title: City Manager
Raper
Jurisdiction Address: P O Drawer 1180
Jurisdiction City: Rocky Mount Zip: 27802-1180
Jurisdiction Phone: (252)972-1325
Site Latitude: 35.9449
Site Longitude: -77.7926
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? Yes

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: Henley and Associates, LLC
Address: 5945 Sentinel Drive
City: Raleigh State: NC Zip: 27609

Contact: First: Robert Last:Henley Title:Mgr
Telephone: (919)876-6703
Alt Phone: (919)608-4403
Fax: (919)876-6732
Email Address: RAHenley@earthlink.net

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

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Site Description
Total Site Acreage: 2 Total Buildable Acreage: 1.5

If buildable acreage is less than total acreage, please explain:
The City of Rocky Mount will build a new street across the site.
Please see the site plan for details.
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: 9/30/2009
(D) Enter Purchase Price: 1,000

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Zoning
Present zoning classification of the site:Business with multi-family overlay
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: Douglas Square LP

City: Raleigh State:NC Zip: 27609
Federal Tax ID Number of Ownership Entity: (If assigned)

Note: Do not submit social security numbers for individuals.
Entity Type: Limited Partnership
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: Douglas Square LP

First Name: Henley and Last Name: Associates LLC Function: Managing General Partner
City: Raleigh State: NC Zip: 27609
Phone: (919)876-6703 Fax: (919)876-6732
EMail: RAHenley@earthlink.net Nonprofit: No

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Unit Mix
The Median Income for Rocky Mount city is $49,900.
Low Income Units
Total # Monthly Utility Mandatory **Total

Type # BRs Net Sq.Ft. # Units Units Rent Allowance Serv. Fees Housing Exp.
Gdn Apt 1 764 6 1 325 64 0 389
Gdn Apt 2 1013 30 2 375 74 0 449
Gdn Apt 3 1190 16 1 450 88 0 538
Utilities included in rents: Water/Sewer Electric Gas Other Trash collection
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....... 52 4 20400
Market Rate.......
Totals............... 52 4 20400
Proposed number of residential buildings: 3 Maximum number of stories in buildings: 3
Project Includes:
Separate community building - Sq. Ft. (Floor Area):
Community space within residential bulding(s) - Sq. Ft. (Floor Area):

2,380
Elevators - Number of Elevators:

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Square Footage Information
Gross Floor Square Footage: 65,826
Total Net Sq. Ft. (All Heated Areas): 56,390
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: 6
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 3 targeted at 50 percent of median income affordable to/occupied by
Total Low Income Units: 52
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
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) 2,247,970 0 30 30 0
State Tax Credit(Direct Refund)
Equity: Federal LIHTC 3,768,587
Non-Repayable Grant
Equity: Historic Tax Credits
Deferred Developer Fees
Owner Investment
Other - Specify:
Total Sources** 6,016,557
* "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. 650
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 740,000 740,000
4 Rehabilitation
5 Construction of New Building(s) 3,114,020 3,114,020
6 Accessory Building(s) 118,700 118,700
7 General Requirements (max 6% lines 2-6) 226,722 226,722
8 Contractor Overhead (max 2% lines 2-7) 80,106 80,106
9 Contractor Profit (max 8% lines 2-7; 6% if Identity of Interest) 320,434 320,434
10 Construction Contingency (max 5% lines 2-9, Rehabs 10%) 230,000 230,000
11 Architect's Fee - Design (11 + 12 = max 3% lines 2-10) 127,000 127,000
12 Architect's Fee - Inspection 18,000 18,000
13 Engineering Costs 34,000 34,000
SUBTOTAL (lines 1 through 13) 5,008,982
14 Construction Insurance (prorate)
15 Construction Loan Orig. Fee (prorate) 9,750 9,750
16 Construction Loan Interest (prorate) 46,000 46,000
17 Construction Loan Credit Enhancement (prorate)
18 Construction Period Taxes (prorate) 5,000 5,000
19 Water, Sewer and Impact Fees
20 Survey 6,000 6,000
21 Property Appraisal 6,000 6,000
22 Environmental Report 4,500 4,500
23 Market Study 4,400 4,400
24 Bond Costs
25 Bond Issuance Costs
26 Placement Fee
27 Permanent Loan Origination Fee
28 Permanent Loan Credit Enhancement

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29 Title and Recording 3,200
SUBTOTAL (lines 14 through 29) 84,850
30 Real Estate Attorney 20,000 20,000
31 Other Attorney's Fees 35,000 35,000
32 Tax Credit Application Fees (Preliminary and Full) 2,300
33 Tax Credit Allocation Fee (0.62% of line 60, minimum $7,500) 46,570
34 Cost Certification / Accounting Fees 18,000 18,000
35 Tax Opinion
36 Organizational (Partnership) 1,000
37 Tax Credit Monitoring Fee 51,800
38 Furnishings and Equipment 8,895 8,895
39 Relocation Expense
40 Developer's Fee 546,000 546,000
41 Additional Contigency (greater of $500/unit or $30,000) 30,000 30,000
42 Other Basis Expense (specify)Flagpole and Benches 3,500 3,500
43 Other Basis Expense (specify)Playground Equip 12,000 12,000
44 Rent-up Expense 32,460
45 Other Non-basis Expense (specify)
46 Other Non-basis Expense (specify)
47 Rent up Reserve 15,600
48 Operating Reserve 98,600
49 Other Reserve (specify)
50 Other Reserve (specify)
51 DEVELOPMENT COST (lines 1-49) 6,015,557 0 5,764,027
52 Less Federally Funded Grant
53 Less Disproportionate Standard
54 Less Nonqualified Nonrecourse Financing
55 Less Historic Tax Credit 0
56 TOTAL ELIGIBLE BASIS 5,764,027 0 5,764,027
57 Applicable Fraction (percentage of LI Units) 100.00% 100% 100%

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58 Basis Before Boost 5,764,027 0 5,764,027
59 Basis Boost of up to 130% 130.00% 130.00%
60 TOTAL QUALIFIED BASIS 7,493,235 0 7,493,235
61 Tax Credit Rate 3.50 9.00
62 Federal Tax Credits (maximum $1,300,000) 674,391 0 674,391
63 Federal Tax Credits Requested (if less than line 62) 579,783 579,783
64 Land Cost 1,000
65 TOTAL REPLACEMENT COST 6,016,557
FEDERAL TAX CREDITS IF AWARDED 674,391
Comments:
Project Development Cost per unit 59,885

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Market Study Information

Please provide a detailed description of the proposed project:
Douglas Square will be a development of 52 units plus an office and community center all located in three
wood framed buildings of three stories each and with extensive brick veneer. It will .be in a central city
location affording very convenient access to virtually all urban amenities. The block is part of a revitalization
program of the city of Rocky Mount.
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 include a gazebo with covered Picnic Area, Outdoor sitting areas with benches, tot lot,
playground, flagpole, Also in the Community Center will be a computer center with high speed internet
access, television and a small library
Onsite Activities:
To be determined

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Landscaping Plans:
Will exceed the minimum required by the City of Rocky Mount which requires parking lot and street planting
of trees and shrubs. There will also be foundation and accent planting at common entrances. Planter beds
and islands will use shredded hard wood mulch.
Interior Apartment Amenities:

Apartments will have carpet in bedrooms and living rooms. Kitchens will have dishwashers,refrigerator/
freezers and ranges with ovens. Bathrooms,kitchens and dining rooms to have vinyl flooring. All units
heated and cooled by high seer heat pumps.
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.
This area was the location of the main Black business district during the days of segregation. When that era
ended it went into decline but is now experiencing a renaissance thanks largely to efforts of the City of
Rocky Mount. Examples of this are the new Imperial Center for Arts and Sciences and the new Braswell
(municipal) Library, both nearby,and the new Church of God of Diliverence directly across Gold Leaf St. The
City has already scheduled the beginning of a combination of rebuilding and renovating the section of the
block fronting on East Thomas St. It will feature shops on the first floor and market rate residential units on
the upper floors. There is no concentration of affordable housing.
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. There are none of the incompatable uses except the rail line which
separates the two sides of Main St. Residents do not seem to mind the trains which are required to reduce
their speed to very slow as they pass through. Most realize the railroad is the main reason the town is here
and they appreciate the large marshalling and switching yard just to the north and the jobs it provides.
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. Being adjacent to downtown, the area has excellent roads, traffic controls
and visibility. The location also affords excellent access to all amenities including mass transit.
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 of the on site impediments to project development and continuing liveability are present.The
developer will provide required parking spaces and on street parking will also be available. Necessary
demolition has been completed on our section and the City has scheduled commencement of the
renovation on the Thomas St frontage.
Similarity of scale and aesthetics/architecture between project and surroundings.

We will fit right in and be a pleasing addition to the area.
For each applicable neighborhood feature, enter distance from project in miles.

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0.4 Grocery Store 0.7 Community/Senior Center
0.4 Mall/Strip Center 2.8 Hospital
0.9 Outdoor Athletic 0.3 Pharmacy

Fields
0.2 Day Care/After 0.6 Basic Health Care

School
0.1 Public Transportation

0.6 Schools
Stop
0.4 Convenience Store 0.4 Public Parks
0.4 Gas Station 0.5 Library
Other facilities or services:

Fitness/Nature trails, Basketball/Tennis Courts, Public Swim Pool,Community Center, Basic Health Care,
Medical Offices, Restaurants,Professional Services, Public Safety Facilities and Post Office are all within
one mile.

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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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City: Rocky Mount County: Edgecombe Zip: 27801

Census Tract: 0201 Block Group: 0000

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

Political Jurisdiction: City of Rocky Mount

Jurisdiction City: Rocky Mount Zip: 27802-1180

Jurisdiction Phone: (252)972-1325

Site Latitude: 35.9449

Site Longitude: -77.7926

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? Yes

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

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City: Raleigh State: NC Zip: 27609

Alt Phone: (919)608-4403

Email Address: RAHenley@earthlink.net

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Total Site Acreage: 2 Total Buildable Acreage: 1.5

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: 1,000

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Is multifamily use permitted?Yes

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Owner Name: Douglas Square LP

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

Org: Douglas Square LP

Phone: (919)876-6703 Fax: (919)876-6732

EMail: RAHenley@earthlink.net Nonprofit: No

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Low Income Units

Total # Monthly Utility Mandatory **Total

Gdn Apt 1 764 6 1 325 64 0 389

Gdn Apt 2 1013 30 2 375 74 0 449

Gdn Apt 3 1190 16 1 450 88 0 538

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

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....... 52 4 20400

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

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

Elevators - Number of Elevators:

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Square Footage Information

Gross Floor Square Footage: 65,826

Total Net Sq. Ft. (All Heated Areas): 56,390

Number of Units Required: 6