Evergreen Terrace Apartments

Print - APP09-0014
Print Preview - Preliminary

Application
Tax Credits, RPP Loans, and/or Tax Exempt Bond Loans
Project Description
Project Name: Evergreen Terrace Apartments
Address: Sunnybrook Road and Carl Sandburg Court
City: Raleigh County: Wake Zip: 27610
Census Tract: 0520.01 Block Group: 276
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 Raleigh

First:Charles Last:
Jurisdiction CEO Name: Title: Mayor
Meeker
Jurisdiction Address: PO Box 590
Jurisdiction City: Raleigh Zip: 27502-0590
Jurisdiction Phone: (919)890-3050
Site Latitude: 35.4650
Site Longitude: -78.3442
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: MWF Properties
Address: 7645 Lyndale Avenue South, Suite 200
City: Minneapolis State: MN Zip: 55423

Contact: First: John Last:Weis Title:Development Manager
Telephone: (612)243-4637
Alt Phone:
Fax: (612)243-4660
Email Address: johnweis@mwfproperties.com

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

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Site Description
Total Site Acreage: 4.92 Total Buildable Acreage: 2.5

If buildable acreage is less than total acreage, please explain:
A portion of the site is located within the 100 year flood plain by virtue of the adjacent Crabtree Creek. The
proposed buildings will not impede on the regulated floodplain, the surface parking lot (165 spaces) will be
located in the 100 year floodplain, but will adhere to all NCHFA and the City of Raleigh's rules and
regulations.
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? Yes
If yes:
(a) Describe placement of project buildings in relation to this area:

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proposed buildings will not impede on the regulated floodplain, the surface parking lot (165 spaces) will be
located in the 100 year floodplain, but will adhere to all NCHFA and the City of Raleigh's rules and
regulations.
(b) Describe flood mitigation if the project will have improvements within the 100 year floodplain:
N/A

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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: 10/15/2009
(D) Enter Purchase Price: 750,000

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Zoning
Present zoning classification of the site:O & I-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?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:

Print - APP09-0014
Ownership Entity
Owner Name: Rensen Apartments, LP

Address: 7645 Lyndale Avenue South, Suite
City: Minneapolis State:MN Zip: 55423
Federal Tax ID Number of Ownership Entity: (If assigned)

Note: Do not submit social security numbers for individuals.
Entity Type: Limited Partnership
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: Danville Group, LLC the General Partner

First Name: John Last Name: Weis Function: Principal
Address: 7645 Lyndale Avenue South, Suite
City: Minneapolis State: MN Zip: 55423
Phone: (612)243-4637 Fax: (612)243-4660
EMail: johnweis@mwfproperties.com Nonprofit: No

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Unit Mix
The Median Income for Wake county is $76,900.
Low Income Units
Total # Monthly Utility Mandatory **Total

Type # BRs Net Sq.Ft. # Units Units Rent Allowance Serv. Fees Housing Exp.
Gdn Apt 2 892 37 0 650 133 0 783
Gdn Apt 2 911 3 0 650 133 0 783
Gdn Apt 3 1155 12 0 700 158 0 858
Gdn Apt 3 1150 20 0 700 158 0 858
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....... 72 0 48400
Market Rate.......
Totals............... 72 0 48400
Proposed number of residential buildings: 1 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):

Print - APP09-0014
Elevators - Number of Elevators:
Square Footage Information
Gross Floor Square Footage: 94,050
Total Net Sq. Ft. (All Heated Areas): 77,361
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: 8
Number of Units Required: 8

Persons with disabilities or homeless populations.
Number of Units: 8
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 40 targeted at 60 percent of median income affordable to/occupied by
3 32 targeted at 60 percent of median income affordable to/occupied by
Total Low Income Units: 72
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 2,625,000 7.50 30 30 220,253
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) 0 30 30 0
State Tax Credit(Direct Refund)
Equity: Federal LIHTC 7,117,665
Non-Repayable Grant
Equity: Historic Tax Credits
Deferred Developer Fees 100,568
Owner Investment
Other - Specify:
Total Sources** 9,843,233
* "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. 70
Remarks concerning project funding sources:

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

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Debt and Equity will be provided by US Bank.

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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) 750,000
2 Demolition (Rehab / Adaptive Reuse only)
3 On-site Improvements 1,986,884 1,986,884
4 Rehabilitation
5 Construction of New Building(s) 4,317,030 4,317,030
6 Accessory Building(s)
7 General Requirements (max 6% lines 2-6) 378,235 378,235
8 Contractor Overhead (max 2% lines 2-7) 133,643 133,643
9 Contractor Profit (max 8% lines 2-7; 6% if Identity of Interest) 400,929 400,929
10 Construction Contingency (max 5% lines 2-9, Rehabs 10%)
11 Architect's Fee - Design (11 + 12 = max 3% lines 2-10) 171,502 171,502
12 Architect's Fee - Inspection 45,000 45,000
13 Engineering Costs 108,000 108,000
SUBTOTAL (lines 1 through 13) 8,291,223
14 Construction Insurance (prorate)
15 Construction Loan Orig. Fee (prorate) 39,116 39,116
16 Construction Loan Interest (prorate) 172,508 172,508
17 Construction Loan Credit Enhancement (prorate)
18 Construction Period Taxes (prorate) 1,000 1,000
19 Water, Sewer and Impact Fees 100,000 100,000
20 Survey
21 Property Appraisal 5,000 5,000
22 Environmental Report 5,000 5,000
23 Market Study 5,000 5,000
24 Bond Costs
25 Bond Issuance Costs
26 Placement Fee
27 Permanent Loan Origination Fee 26,000
28 Permanent Loan Credit Enhancement

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29 Title and Recording
SUBTOTAL (lines 14 through 29) 353,624
30 Real Estate Attorney 12,500 7,500
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) 70,060
34 Cost Certification / Accounting Fees 5,000 5,000
35 Tax Opinion
36 Organizational (Partnership)
37 Tax Credit Monitoring Fee
38 Furnishings and Equipment 20,000 20,000
39 Relocation Expense
40 Developer's Fee 756,000 756,000
41 Additional Contigency (greater of $500/unit or $30,000) 15,000 5,000
42 Other Basis Expense (specify)
43 Other Basis Expense (specify)Lender & Legal Misc. 40,000 30,000
44 Rent-up Expense
45 Other Non-basis Expense (specify)
46 Other Non-basis Expense (specify)
47 Rent up Reserve 21,600
48 Operating Reserve 255,926
49 Other Reserve (specify)
50 Other Reserve (specify)
51 DEVELOPMENT COST (lines 1-49) 9,843,233 0 8,692,347
52 Less Federally Funded Grant
53 Less Disproportionate Standard
54 Less Nonqualified Nonrecourse Financing
55 Less Historic Tax Credit 0
56 TOTAL ELIGIBLE BASIS 8,692,347 0 8,692,347
57 Applicable Fraction (percentage of LI Units) 100.00% 100% 100%

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58 Basis Before Boost 8,692,347 0 8,692,347
59 Basis Boost of up to 130% 130.00% 130.00%
60 TOTAL QUALIFIED BASIS 11,300,051 0 11,300,051
61 Tax Credit Rate 3.50 9.00
62 Federal Tax Credits (maximum $1,300,000) 1,017,005 0 1,017,005
63 Federal Tax Credits Requested (if less than line 62) 0
64 Land Cost
65 TOTAL REPLACEMENT COST 9,843,233
FEDERAL TAX CREDITS IF AWARDED 1,017,005
Comments:
Project Development Cost per unit 59,959

Print - APP09-0014
Market Study Information

Please provide a detailed description of the proposed project:
The applicant, MWF Properties LLC, is proposing a 72-unit “work force housing” family apartment complex,
all units to be reserved to families with children, if applicable, in the city of Raleigh, North Carolina. MWF
Properties works to a provide safe and needed development that is economically viable, aesthetically
pleasing, and environmentally conscious. By striving to build using strong relationships as a foundation, it is
our goal to have all projects viewed as long-term assets to their respective neighborhoods and
communities. The purpose of this specific project is to provide an appealing, cost effective, suitable, secure,
and diverse living environment in one of North Carolina' major cities. We intend to work in cooperation with
the community of Raleigh with hopes of fulfilling the expectations of all parties involved with the
development.
Funding for this project will come from several sources. MWF Properties is requesting an allocation of tax
credits to be syndicated and used as equity for the project. In addition, we will utilize debt financing in the
form of a first mortgage. The final source of funding come from MWF Properties in the form of deferred fee.
Evergreen Terrace Apartments will occupy approximately 4.92 acres of land located off of Carl Sandburg
Court in Raleigh. The 72 apartments will be located within one three-story elevator building. The design is
an “L” shaped single building, which will provide spectacular views of the surrounding landscape. The
design and location of the building will allow for maximum security and privacy. Besides a children’s
playground, Evergreen Terrace Apartments will have an array of amenities including a community room,
kitchen area, computer workstations, office suite, laundry facilities, and adequtae in-unit tenant storage. The
unit mix will include two- and three-bedroom apartments to meet the demands for work force family
housing.
The site plan for Evergreen Terrace Apartments will follow the natural topography of the land to allow for
maximum green space areas; the site will have a substantial application of landscaping for family
enjoyment. MWF Properties strives to incorporate the use of “Smart Growth” principles which include
convenient entrances and sufficient surface parking. This technique helps to have minimal impact on the
areas surrounding the site. This site is located in a magnificent area of the City of Raleigh. MWF Properties
plan is to take advantage of this beautiful landscape for the enjoyment of the entire community.
The expansive local economy has recently, and will see significant growth and this will put undue pressure
on the availability of “work force housing”. The convenient location of this project, its proximity to downtown
Raleigh, creates linkage to a large number of jobs, recreation, education, and the arts for dependant
workforce tenants. The site is within one mile of schools, a library, hospitals, grocery stores, retail stores, a
drug store, banks, and public services. Traffic flow on the arterial streets has more than sufficient capacity
to serve the residents. Rent and income limits of the tax credit program work well with the targeted
demographic group served by this development. The local workforce needs to have affordable housing
within a reasonable distance to the areas in which they work and recreate.
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:

Print - APP09-0014
Site Amenities:
Pleasee See Attached Narrative
Onsite Activities:
Landscaping Plans:
Interior Apartment Amenities:

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.

Print - APP09-0014
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 development location is only ½ mile from New Bern Ave and 600 feet south of the main Wake Medical
Campus. Wake Medical is the owner of the property directly across from the site. The City of Raleigh has
purchased 19 acres behind the property for a city park and greenway connection. Wake Medical is a 50+
acre regional hospital with a “World Class Heart Center” that just completed a 30 million dollar renovation in
2006 of 93,000 square feet. This hospital also has Emergency Trauma services to include a Level 1
Trauma Center, Children’s Emergency room and a Level 4 Intensive Care Nursery. The adjacent buildings
are in excellent physical condition, primarily medical in use. The adjacent apartment communities (some
affordable) continue to maintain a high occupancy levels.
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. The existing neighborhoods and surrounding land uses are
compatible with the proposed development. The adjacent medical facilities offer the possibility of a live-work
atmosphere. New medical, office and apartments are adjacent to the site. The recently renovated exclusive
Raleigh Country Club is ¼ mile from the development location. For a complete list of surrounding site
amenities please refer to Tab B herein.
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 development will be served by Carl Sandburg Court, a moderately
traveled street off of Sunnybrook Road. Sunnybrook Road runs parallel to Interstate 440 and is the
easternmost thoroughfare (within the city limits) between New Bern Ave (north) and Poole Road (south).
Sunnybrook road is served by the Raleigh Capital Area Transit (CAT), route 15 & 15c. Signage will only be
visible from Carl Sandburg Court, however the proposed structure will be abundant from north and
southbound traffic along Sunnybrook Road.
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).
proposed development will not impede on the regulated floodplain nor lack the required parking to satisfy
the requirements.

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

The surrounding area consists of a mixture of masonry, vinyl and cedar shake from an exterior aesthetics
standpoint. The proposed development will be consistent with its current surroundings. The existing
architectural embellishments will also coincide with the surrounding area.
For each applicable neighborhood feature, enter distance from project in miles.
0.69 Grocery Store 2.44 Community/Senior Center
2.64 Mall/Strip Center 0.25 Hospital
1.14 Outdoor Athletic 0.68 Pharmacy

Fields
0.75 Day Care/After 0.66 Basic Health Care

School
0.25 Public Transportation

0.35 Schools
Stop
1.17 Convenience Store 1.38 Public Parks
0.66 Gas Station 1.02 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 - APP09-0014

Print Preview - Preliminary

City: Raleigh County: Wake Zip: 27610

Census Tract: 0520.01 Block Group: 276

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

Political Jurisdiction: City of Raleigh

Jurisdiction City: Raleigh Zip: 27502-0590

Jurisdiction Phone: (919)890-3050

Site Latitude: 35.4650

Site Longitude: -78.3442

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: Minneapolis State: MN Zip: 55423

Email Address: johnweis@mwfproperties.com

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Total Site Acreage: 4.92 Total Buildable Acreage: 2.5

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: 750,000

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Is multifamily use permitted?Yes

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Owner Name: Rensen Apartments, LP

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

Org: Danville Group, LLC the General Partner

Phone: (612)243-4637 Fax: (612)243-4660

EMail: johnweis@mwfproperties.com Nonprofit: No

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Low Income Units

Total # Monthly Utility Mandatory **Total

Gdn Apt 2 892 37 0 650 133 0 783

Gdn Apt 2 911 3 0 650 133 0 783

Gdn Apt 3 1155 12 0 700 158 0 858

Gdn Apt 3 1150 20 0 700 158 0 858

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....... 72 0 48400

Proposed number of residential buildings: 1 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: