Willow Oak Run

Print - APP09-0036
Print Preview - Preliminary

Application
Tax Credits, RPP Loans, and/or Tax Exempt Bond Loans
Project Description
Project Name: Willow Oak Run
Address: 6007 Tuckaseegee Rd.
City: Charlotte County: Mecklenburg Zip: 28208
Census Tract: 43.01 Block Group: 3
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:Patrick Last:
Jurisdiction CEO Name: Title: Mayor
McCrory
Jurisdiction Address: 600 East Fourth St., 9th Floor
Jurisdiction City: Charlotte Zip: 28202-2853
Jurisdiction Phone: (704)336-2241
Site Latitude: 35.2445
Site Longitude: -80.9243
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
https://www.nchfa.org/Rental/RTCApp/(S(2oqteq55...0F498AB9D&SNID=FDA4DB7A79754B5B9EC7C9C8A0F34612 (1 of 21)4/14/2009 1:01:48 PM

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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: United Equities VI
Address: PO Box 6171
City: Raleigh State: NC Zip: 27628

Contact: First: Julie Last:Graw Title:developer
Telephone: (919)755-9155
Alt Phone: (919)621-9356
Fax: (919)755-2245
Email Address: julieg@millsconstructionco.com

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

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Site Description
Total Site Acreage: 4.0 Total Buildable Acreage: 4.0

If buildable acreage is less than total acreage, please explain:
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? Yes

If yes, please describe:
A one story brick-faced, 1609 sf house and two garage/workshops will be demolished or moved prior to the
start of sitework.
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: 11/30/2009
(D) Enter Purchase Price: 325,000

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Zoning
Present zoning classification of the site:R-17MF
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: Willow Oak Run, LLC

City: Raleigh State:NC Zip: 27628
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: Willow Oak Run, LLC

First Name: Fred Last Name: Mills Function: Managing Member
City: Raleigh State: NC Zip: 27628-6171
Phone: (919)755-9155 Fax: (919)755-2245
EMail: julieg@millsconstructionco.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 2 982 3 2 269 68 0 337
Gdn Apt 3 1201 2 1 309 76 0 385
Gdn Apt 2 982 5 2 355 68 0 423
Gdn Apt 3 1201 3 0 410 76 0 486
Gdn Apt 2 982 28 1 749 68 0 817
Gdn Apt 3 1201 10 0 829 76 0 905
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....... 51 6 33692
Market Rate.......
Totals............... 51 6 33692
Proposed number of residential buildings: 4 Maximum number of stories in buildings: 3
Project Includes:
Separate community building - Sq. Ft. (Floor Area): 1,732

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Community space within residential bulding(s) - Sq. Ft. (Floor Area):
Elevators - Number of Elevators:
Square Footage Information
Gross Floor Square Footage: 56,218
Total Net Sq. Ft. (All Heated Areas): 61,241
Indicate below any additional targeting for special populations proposed for this project:
Mobility impaired handicapped: 5% of units comply with QAP Section IV(F)(3) (in addition to the units required by other federal and
state codes.)
Number of Units: 6
Number of Units Required: 6
Persons with disabilities or homeless populations.
Number of Units: 5
Notes
** Please refer to the Income Limits and Maximum Housing Expense Table to ensure that Total Monthly Tenant Expenses for low
income units are within established thresholds.

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Targeting
Specify Low Income Unit Targeting in table below. List each applicable targeting combination in a separate row below. Click [Add] to
create another row. Click "X" (at the left of each row) to delete a row. Add as many rows as needed.
# BRs Units %
2 3 targeted at 24 percent of median income affordable to/occupied by
2 28 targeted at 60 percent of median income affordable to
3 10 targeted at 60 percent of median income affordable to
Total Low Income Units: 51
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 897,282 6.50 30 30 68,057
RPP Loan 747,225 2.00 20 20 45,361
Local Gov. Loan - Specify:

City of Charlotte Housing Trust Fund 585,855 2.00 20 20 35,565
RD 515 Loan 0
RD 538 Loan - Specify: 0
AHP Loan 0
Other Loan 1 - Specify: 0
Tax Exempt Bonds 0
State Tax Credit(Loan) 518,755 0 30 30 0
State Tax Credit(Direct Refund) 0
Equity: Federal LIHTC 3,081,094
Non-Repayable Grant 0
Equity: Historic Tax Credits
Deferred Developer Fees
Owner Investment
Other - Specify:
Total Sources** 5,830,211
* "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. 66
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) 0
2 Demolition (Rehab / Adaptive Reuse only) 0 0
3 On-site Improvements 350,000 350,000
4 Rehabilitation 0 0
5 Construction of New Building(s) 3,060,000 3,060,000
6 Accessory Building(s) 0 0
7 General Requirements (max 6% lines 2-6) 204,600 204,600
8 Contractor Overhead (max 2% lines 2-7) 72,292 72,292
9 Contractor Profit (max 8% lines 2-7; 6% if Identity of Interest) 216,876 216,876
10 Construction Contingency (max 5% lines 2-9, Rehabs 10%) 195,188 195,188
11 Architect's Fee - Design (11 + 12 = max 3% lines 2-10) 61,785 61,785
12 Architect's Fee - Inspection 6,865 6,865
13 Engineering Costs 21,250 21,250
SUBTOTAL (lines 1 through 13) 4,188,856
14 Construction Insurance (prorate) 15,000 15,000
15 Construction Loan Orig. Fee (prorate) 21,000 21,000
16 Construction Loan Interest (prorate) 193,484 193,484
17 Construction Loan Credit Enhancement (prorate) 0 0
18 Construction Period Taxes (prorate) 12,000 12,000
19 Water, Sewer and Impact Fees 106,605 106,605
20 Survey 18,000 18,000
21 Property Appraisal 6,000 6,000
22 Environmental Report 8,000 8,000
23 Market Study 4,300 4,300
24 Bond Costs 0
25 Bond Issuance Costs 0
26 Placement Fee 0
27 Permanent Loan Origination Fee 18,445
28 Permanent Loan Credit Enhancement 0

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29 Title and Recording 4,000
SUBTOTAL (lines 14 through 29) 406,834
30 Real Estate Attorney 18,000 18,000
31 Other Attorney's Fees 10,000 10,000
32 Tax Credit Application Fees (Preliminary and Full) 2,300
33 Tax Credit Allocation Fee (0.62% of line 60, minimum $7,500) 31,743
34 Cost Certification / Accounting Fees 10,800 10,800
35 Tax Opinion 5,000
36 Organizational (Partnership) 8,500
37 Tax Credit Monitoring Fee 35,700
38 Furnishings and Equipment 10,000 10,000
39 Relocation Expense 0 0
40 Developer's Fee 535,500 535,500
41 Additional Contigency (greater of $500/unit or $30,000) 30,000 30,000
42 Other Basis Expense (specify) 0 0
43 Other Basis Expense (specify) 0 0
44 Rent-up Expense 19,000
45 Other Non-basis Expense (specify) 0
46 Other Non-basis Expense (specify) 0
47 Rent up Reserve 15,300
48 Operating Reserve 177,678
49 Other Reserve (specify)
50 Other Reserve (specify)
51 DEVELOPMENT COST (lines 1-49) 5,505,211 0 5,187,545
52 Less Federally Funded Grant 0
53 Less Disproportionate Standard 0
54 Less Nonqualified Nonrecourse Financing 0
55 Less Historic Tax Credit 0
56 TOTAL ELIGIBLE BASIS 5,187,545 0 5,187,545
57 Applicable Fraction (percentage of LI Units) 100.00% 100% 100%

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58 Basis Before Boost 5,187,545 0 5,187,545
59 Basis Boost of up to 130% 100.00% 100.00%
60 TOTAL QUALIFIED BASIS 5,187,545 0 5,187,545
61 Tax Credit Rate 3.50 9.00
62 Federal Tax Credits (maximum $1,300,000) 466,879 0 466,879
63 Federal Tax Credits Requested (if less than line 62) 0
64 Land Cost 325,000
65 TOTAL REPLACEMENT COST 5,830,211
FEDERAL TAX CREDITS IF AWARDED 466,879
Comments:
Project Development Cost per unit 60,000

Print - APP09-0036
Market Study Information

Please provide a detailed description of the proposed project:
Willow Oak Run is located north of I-85 in Charlotte, NC in a scattered site prority 1 area. The 51 unit,
energy-star compliant development will be composed of 3 story residential buildings housing a total of 36
two-bedroom units and 15 three-bedroom units. It is located on a 4 acre site in an established older
residential section of Tuckaseegee Rd. with convenient access to I-85 and is a direct route to uptown
Charlotte. Tuckaseegee Rd. along this section is two lane with a center turn lane and there are sidewalks
on both sides, but there is not a continuous connection of sidewalks. For connectivity, Tuckaseegee
Apartments will be required to construct sidewalks along the sites' frontage on Tuckaseegee Rd. The
proposal has excellent visibility along this residential corridor.
5 (10%) of units will be offered at 24% AMI; 8 units at 30% AMI and 38 units at 60% AMI. 10% of units will
be fully accessible units. The City of Charlotte has slated this section and side of Tuckaseegee Rd. for high
density residential development. The City's major redevelopment investment at the former Freedom Mall
1.7 miles away will afford residents convenient access to Mecklenburg Co. Dept. of Social Services, City,
DMV, Duke Power and BellSouth payment offices.
The older neighborhood immediately across the street is to remain single family. Three Mecklenburg Co.
schools are less than and within 1.25 miles: Tuckaseegee Elementary, Wilson Middle and West
Mecklenburg High. Mecklenburg Community College is 1.3 miles away.
Neighborhood supportive commercial and institutional uses within walking distance abound and there are
Charlotte city bus stops within 1/2 mile of the site. Tuckaseegee Park is 1 mile away. Teen and family
programs are offered there. There is a public activity center, gym and playing fields. Two day cares are a
short distance from the site.
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:
decorative vinyl shakes
Have you built other tax credit developments that use the same building design as this project?Yes
If yes, please provide name and address:
Mills Construction will be building Greylin Ridge Apartments, an'08 tax credit, 80 unit development with 3
story buildings for Solstice Partners, LLC. The buildings will be similar in design to the proposed
Tuckaseegee Apartment Homes.
Site Amenities:
Connecting broad, sidewalks, outdoor sitting areas w benches, multi-purpose room, residential computer
center, covered picnic area with tables and grill, gazebo, playground and tot lot.

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Onsite Activities:
Residents may utilize the multi-purpose room for classes, homework/tutoring and special events. The
covered picnic area, playground, gazebo, tot lot and outdoor sitting areas offer the opportunity to play and
socialize.
Landscaping Plans:
An effort will be made to preserve larger specimen trees outside the building footprint and paved parking
areas. Trees and plantings will be drought-resistant and native to central NC.
A variety of plantings will be clustered together for maximum appeal and will be used to screen HVAC units,
soften building lines and naturalize parking areas.
Interior Apartment Amenities:

Each resident's apartment will feature energy star appliances and will have a range, dishwasher, frost-free
refigerator, washer/dryer connections, large closets, storage, carpet, vinyl, central air and heat pump.
Do you plan to submit additional market data (market study, etc.) that you want considered? Yes
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 south side of Tuckaseegee Rd. along this section is slated for high density residential. The tract is
surrounded on 2 sides by R-17MF zoned tracts (allowing 17 units per acre). Across the street is a modest,
older well-maintained neighborhood of brick homes zoned R-3, allowing only single family uses. Thus
insuring the preservation of the residential character of the immediate area.
There is no tax credit or subsidized housing in the immediate vicinity of the site.
Less than one mile west is a new commercial center with grocery, pharmacy, restaurants, cleaners,
discount and convenient store. Just over one mile is Tuckaseegee Center and Park offering programs for
teenagers and families, a gym, community ctr. There are 4 churches within one mile, 2 daycares and 3
schools: Tuckaseegee elementary, Wilson Middle and west Mecklenburg HS are from 1 mile to 1.5 miles
from the site. The community college is 1.3 miles and the airport is 2 miles from the site.
The City of Charlotte and Mecklenburg Co. have invested millions in the redevelopment/infill of Freedom
Mall, 1.7 miles from the site. It now houses DMV, Meck. Co. Dept. of Social Services, City Offices,
BellSouth and Duke Power Payment offices, Walgreens, Peebles and my personal favorite, Dollar Tree.
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 no incompatible land uses. The land use pattern in the
immediate vicinity of the site is residential in character. Homes are older, modest, brick ranches and
bungalows. Tuckaseegee Rd. is a direct route to uptown Charlotte and also has easy access to I-85. The
available land zoned for multifamily is mostly level, large 4 acre lots that are wooded w some mature trees
and small homes with accessory buildings built in the 40's and 60's.
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. This portion of Tuckaseegee is two lanes with a center turn lane and non-
contiguous sidewalks on both sides of the road. Mecklenburg Co. GIS lists 11 CATS bus stop locations within
1/2 mile of the site. The property sign and community ctr. will be highly visible on Tuckaseegee Rd.
Pedestrian and vehicular traffic will also be able to see the apartment buildings from the 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).
There are no onsite negative features that will impeed project construction. A small brick house and two
garages will be removed or demolished prior to construction.

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

Strategic placement of brick will maximize the attractiveness of the buildings as seen from the street. The
larger apartment buildings will be largely viewed from the side. This orientation, and the preserved, mature
trees will visually scale down the apartment buildings.
The 1 story community ctr./office will front Tuckaseegee Rd. as the single family homes are. The building is
designed to look like the single family homes in the neighborhood.
For each applicable neighborhood feature, enter distance from project in miles.
.3 Grocery Store .9 Community/Senior Center
.3 Mall/Strip Center 8.26 Hospital
.9 Outdoor Athletic .3 Pharmacy

Fields
.2 Day Care/After 2.4 Basic Health Care

School
.5 Public Transportation
1.0 Schools
Stop
.3 Convenience Store .9 Public Parks
.3 Gas Station 1.8 Library
Other facilities or services:

Tuckaseegee Elementary is 1 mile from the site. Wilson Middle School is 1.2 miles away and West
Mecklenburg HS is 1.5. The Community College is 1.6 miles from the site.
The airport 2 miles away and the redeveloped Freedom Mall is 1.7 miles from the site. It has BellSouth and
Duke Power payment offices, DMV, Mecklenburg Co. Dept. of Social Services and City of Charlotte offices
as well as a Walgreens, Peebles and Dollar Tree. There are 4 churches less than 1 mile from the 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 - APP09-0036

Print Preview - Preliminary

City: Charlotte County: Mecklenburg Zip: 28208

Census Tract: 43.01 Block Group: 3

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

Political Jurisdiction: City of Charlotte

Jurisdiction City: Charlotte Zip: 28202-2853

Jurisdiction Phone: (704)336-2241

Site Latitude: 35.2445

Site Longitude: -80.9243

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: Raleigh State: NC Zip: 27628

Alt Phone: (919)621-9356

Email Address: julieg@millsconstructionco.com

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Total Site Acreage: 4.0 Total Buildable Acreage: 4.0

Storm Sewer Water Sanitary Sewer Electric

Is the demolition of any buildings required or planned? Yes

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: 325,000

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Is multifamily use permitted?Yes

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Owner Name: Willow Oak Run, LLC

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

Org: Willow Oak Run, LLC

Phone: (919)755-9155 Fax: (919)755-2245

EMail: julieg@millsconstructionco.com Nonprofit: No

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Low Income Units

Total # Monthly Utility Mandatory **Total

Gdn Apt 2 982 3 2 269 68 0 337

Gdn Apt 3 1201 2 1 309 76 0 385

Gdn Apt 2 982 5 2 355 68 0 423

Gdn Apt 3 1201 3 0 410 76 0 486

Gdn Apt 2 982 28 1 749 68 0 817

Gdn Apt 3 1201 10 0 829 76 0 905

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....... 51 6 33692

Proposed number of residential buildings: 4 Maximum number of stories in buildings: 3