The Reserve at Macon Pointe

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Print Preview - Preliminary

Application
Tax Credits, RPP Loans, and/or Tax Exempt Bond Loans
Project Description
Project Name: The Reserve at Macon Pointe
Address: adjacent & behind 806 E. Washington Street
City: Nashville County: Nash Zip: 27856
Census Tract: 111 Block Group: 5
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? No
Political Jurisdiction: Town of Nashville

First:Donald Last:
Jurisdiction CEO Name: Title: Mayor
Street
Jurisdiction Address: P.O. Box 987
Jurisdiction City: Nashville Zip: 27856
Jurisdiction Phone: (252)459-4511
Site Latitude: 35.7810
Site Longitude: -78.6366
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: Ilex Properties, LLC
Address: 1049 Sunset Meadows Drive
City: Apex State: NC Zip: 27523

Contact: First: Holly Last:Smith Title:Managing Member
Telephone: (919)363-1677
Alt Phone: (919)673-5547
Fax: (919)363-1727
Email Address: hollylsmith@nc.rr.com

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

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Site Description
Total Site Acreage: 5.14 Total Buildable Acreage: 5.14

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? 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?Yes
If yes, specify the relationship:
The subject acreage is part of a larger tract Ilex Properties, LLC optioned.
(c) Enter the current expiration date of the option/contract to purchase: 12/13/2009
(D) Enter Purchase Price: 100,000

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Zoning
Present zoning classification of the site:MULTIFAMILY
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?Yes
If yes, specify permit or variance required and date obtained. If no, describe permits/variances required and schedule for
obtaining them:
The Town of Nashville's Planning Board approved a Special Use Permit, to allow for more than one
multifamily building on the tract, on 12/30/08. Unanimous approval, by the Town Council, followed on 1/6/09.
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: Nashville Apts, LLC

City: Apex State:NC Zip: 27523
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: 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: Ilex Nashville, LLC

First Name: Holly Last Name: Smith Function: Managing Member
City: Apex State: NC Zip: 27523
Phone: (919)363-1677 Fax: (919)363-1727
EMail: hollylsmith@nc.rr.com Nonprofit: No

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Unit Mix
The Median Income for Nash county is $51,300.
Low Income Units
Total # Monthly Utility Mandatory **Total

Type # BRs Net Sq.Ft. # Units Units Rent Allowance Serv. Fees Housing Exp.
Gdn Apt 1 770 4 1 280 85 0 365
Gdn Apt 2 989 5 1 340 95 435
Gdn Apt 3 1185 3 1 390 114 0 504
Gdn Apt 1 770 4 1 335 85 0 420
Gdn Apt 2 989 5 1 405 95 0 500
Gdn Apt 3 1185 3 1 465 114 0 579
Gdn Apt 1 770 4 0 409 85 494
Gdn Apt 2 989 14 0 499 95 0 594
Gdn Apt 3 1185 6 0 579 114 0 693
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....... 48 6 20846
Market Rate.......
Totals............... 48 6 20846

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Proposed number of residential buildings: 6 Maximum number of stories in buildings: 2
Project Includes:
Separate community building - Sq. Ft. (Floor Area): 1,795
Community space within residential bulding(s) - Sq. Ft. (Floor Area):
Elevators - Number of Elevators:
Square Footage Information
Gross Floor Square Footage: 59,697
Total Net Sq. Ft. (All Heated Areas): 49,906
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 %
1 4 targeted at 40 percent of median income affordable to/occupied by
Total Low Income Units: 48
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 455,000 6.00 30 30 32,735
RPP Loan 750,000 1.00 30 60 16,628
Local Gov. Loan - Specify:
RD 515 Loan
RD 538 Loan - Specify:
AHP Loan
Other Loan 1 - Specify:
Tax Exempt Bonds
State Tax Credit(Loan) 1,023,751 0 30 30 0
State Tax Credit(Direct Refund)
Equity: Federal LIHTC 3,362,687
Non-Repayable Grant 250,000
Equity: Historic Tax Credits
Deferred Developer Fees 3,535
Owner Investment
Other - Specify:
Total Sources** 5,844,973
* "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. 73
Remarks concerning project funding sources:

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

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CICCAR will provide the permanent mortgage. The RPP loan repayment will be based upon
maintaining a 1.15x DSCR throughout its term; the amortization indicated above not representative
of what the actual repayment will be. The Non-repayable grant is a CDBG, for public road and sewer
extensions.

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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 528,000 528,000
4 Rehabilitation
5 Construction of New Building(s) 2,784,000 2,784,000
6 Accessory Building(s) 100,000 100,000
7 General Requirements (max 6% lines 2-6) 204,720 204,720
8 Contractor Overhead (max 2% lines 2-7) 72,334 72,334
9 Contractor Profit (max 8% lines 2-7; 6% if Identity of Interest) 217,003 217,003
10 Construction Contingency (max 5% lines 2-9, Rehabs 10%) 195,303 195,303
11 Architect's Fee - Design (11 + 12 = max 3% lines 2-10) 65,000 65,000
12 Architect's Fee - Inspection 14,400 14,400
13 Engineering Costs 34,000 34,000
SUBTOTAL (lines 1 through 13) 4,214,760
14 Construction Insurance (prorate) 4,600 4,600
15 Construction Loan Orig. Fee (prorate) 44,713 44,713
16 Construction Loan Interest (prorate) 123,041 109,684
17 Construction Loan Credit Enhancement (prorate)
18 Construction Period Taxes (prorate) 12,000 12,000
19 Water, Sewer and Impact Fees 72,000 72,000
20 Survey 10,000 10,000
21 Property Appraisal 8,500 8,500
22 Environmental Report 10,000 10,000
23 Market Study 5,500 5,500
24 Bond Costs
25 Bond Issuance Costs
26 Placement Fee
27 Permanent Loan Origination Fee 9,100
28 Permanent Loan Credit Enhancement

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29 Title and Recording 8,350
SUBTOTAL (lines 14 through 29) 307,804
30 Real Estate Attorney 32,000 26,500
31 Other Attorney's Fees 17,500 8,500
32 Tax Credit Application Fees (Preliminary and Full) 2,300
33 Tax Credit Allocation Fee (0.62% of line 60, minimum $7,500) 31,736
34 Cost Certification / Accounting Fees 12,000 12,000
35 Tax Opinion
36 Organizational (Partnership)
37 Tax Credit Monitoring Fee 33,600
38 Furnishings and Equipment 30,000 30,000
39 Relocation Expense
40 Developer's Fee 504,000 504,000
41 Additional Contigency (greater of $500/unit or $30,000) 30,000 30,000
42 Other Basis Expense Soil Boring & Geotechnical 16,000 16,000
43 Other Basis Expense (specify)
44 Rent-up Expense 34,400
45 Other Non-basis Expense- OFFSITE IMPROVEMENTS 350,000
46 Other Non-basis Expense (specify)
47 Rent up Reserve 14,400
48 Operating Reserve 114,473
49 Other Reserve (specify)
50 Other Reserve (specify)
51 DEVELOPMENT COST (lines 1-49) 5,744,973 0 5,118,757
52 Less Federally Funded Grant
53 Less Disproportionate Standard
54 Less Nonqualified Nonrecourse Financing
55 Less Historic Tax Credit 0
56 TOTAL ELIGIBLE BASIS 5,118,757 0 5,118,757
57 Applicable Fraction (percentage of LI Units) 100.00% 100% 100%

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58 Basis Before Boost 5,118,757 0 5,118,757
59 Basis Boost of up to 130% 100.00% 100.00%
60 TOTAL QUALIFIED BASIS 5,118,757 0 5,118,757
61 Tax Credit Rate 3.50 9.00
62 Federal Tax Credits (maximum $1,300,000) 460,688 0 460,688
63 Federal Tax Credits Requested (if less than line 62) 0
64 Land Cost 100,000
65 TOTAL REPLACEMENT COST 5,844,973
FEDERAL TAX CREDITS IF AWARDED 460,688
Comments:
Project Development Cost per unit 58,000

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Market Study Information

Please provide a detailed description of the proposed project:
The subject complex will include 48 multifamily apartments in 6, 2 story residential buildings, with a one-
story clubhouse. The ageless, "craftsman" type design will include earthtones with accents, and include
liberal use of exterior elements--brick veneer in varying heights, high quality vinyl siding and vertical and
horizontal banding, vinyl shakes & wrapped columns, and vinyl accents for a visually pleasing facade, which
blends in well with the existing wooded areas surrounding the complex. Roof lines will have different
pitches, accented with gables of varying sizes, gable vents, and corbels.
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:
The site plan includes a circular, internal driveway, with speed humps, providing slow vehicular speeds
within the complex. Sidewalks connect the residential buildings with clubhouse, mail kiosk, and recreational
areas. The clubhouse and recreational areas are located within the centrally-located island, and accessible
by sidewalk, inside and outside the island.
Have you built other tax credit developments that use the same building design as this project?Yes
If yes, please provide name and address:
The floorplans are similar to other Grant, Inc-constructed tax credit developments, however, Macon Pointe's
2 bedroom units will include 2 baths, and the washer/dryer closets will be larger to provide more interior
storage.
Site Amenities:
The clubhouse and recreational amenities are located within the center island, and include: seating around
the playground & tot lot, picnic shelter with tables and grills, grassy area for play, and gazebo, all of which
are visible from the clubhouse and the site manager. Perimeter trees will be saved for shade and privacy,
and parking areas will include tree islands.
Onsite Activities:
The clubhouse will include an exercise room with machines and free weights; a kitchen area with
refridgerator, sink, and microwave for residents' use; a computer and media room with high speed, internet
access; a laundry room with 24/7 access; seperate lavatories for men & women, and the manager's office,
which is accessible from both inside, and outside, the clubhouse. The large meeting area/lounge, centrally
located, will accomodate seminars, resident parties, games, crafts, and activities relating to the supportive
services program. Outside seating will be provided to the rear of the clubhouse via a covered patio.

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Landscaping Plans:
Foundation plantings, consisting of slow-growing evergreen shrubs, flowering perennials, and annual
flowers, will be planted at all building fronts. Deciduous trees will be planted in the center island to provide
shade for outside recreation, and on the tree islands. Macon Pointe's entrance, and lighted sign, will be
accented with evergreen shrubs and azaleas, which grow well in this region.
Interior Apartment Amenities:

A typical apartment will include VCT filing at the ingress/egress points, kitchen, and bathrooms, with plush-
style carpeting elsewhere. The kitchen will include oak cabinetry, integral backsplashes with counters, and
GE appliances. The living room and bedrooms will have ceiling fans and mini-blinds on all windows. THIS
PROJECT WILL BE BUILT IN COMPLIANCE WITH ENERGY STAR REQUIREMENTS FOR
INSULATION, HIGH PERFORMANCE WINDOWS, TIGHT CONSTRUCTION AND DUCTS, EFFICIENT
HEATING AND COOLING EQUIPMENT, AND EFFICIENT LIGHTING AND APPLIANCES.
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 site is located within the Town limits, & considered an "infill project." The neighborhood has
experienced stable growth, is built-out (except for the subject site), with existing, conventional apartments,
known as Hampton Village, adjacent to the west, Nash County Dept of Education land to the east, with
some retail (including Dominoe's pizza) and service businesses located in front of Macon Pointe's site,
facing E. Washington Street. Directly across E. Washington Street is "Nash Plaza" shopping center, which
includes Lowe's Foods, Family Dollar, Pizza Village, Movie Gallery, and other stores, located .4 miles from
Macon Pointe. An existing single family subdivision is located behind Nash Plaza.
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. Macon Pointe will be situated on a 5.14 + - acre tract, with a potential
second phase planned for 2+ acres situated behind it. The entire tract is zoned multifamily, with land
contiguous and to the rear, zoned for single-family housing. Hampton Village,along the subject site's western
boundary, consists of 130 apartments located in two and three story buildings. It was built in '99 on Wheeless
Drive, which runs parallel & to the west of Macon Drive. Hampton Village contains 1, 2 and 3 m/f units, has
no site amenities, oesn't accept housing vouchers,and rents from $425 to $690. Occupancy purportedly
remains at 95%+. There are no negative land uses, such as those stated above, within miles of this 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. Macon Pointe's location on multifamily-zoned property, beside and in front of
multifamily and single-family-zoned land, but within walking distance of retail and service businesses, makes
it a perfect location for rental apartments. Because the site sits back from E. Washington Street, the primary
thoroughfare through Nashville, our land option includes the requirement for permanent signage at the corner
of Macon Drive and E. Washington Street. Consequently, the site has the best of both worlds--a quiet, safe
location off the main traffic artery, prominent signage along a busy route, and convenient access for our
residents to quickly reach places of employment, schools,stores, and healthcare facilities. E. Washington
Street is 3 laned, the middle turn lane providing left hand access onto Macon Drive.
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 none.

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

As mentioned, Macon Pointe will sit back from the main thoroughfare, but be adjacent to two- and three-
story, existing apartment buildings. The architecture and site design will be aesthetically pleasing and blend
in, and compliment, the surrounding uses.
For each applicable neighborhood feature, enter distance from project in miles.
.4 Grocery Store .9 Community/Senior Center
.4 Mall/Strip Center 3.0 Hospital
1.0 Outdoor Athletic .3 Pharmacy

Fields
.4 Day Care/After 1.0 Basic Health Care

School
0 Public Transportation
1.0 Schools
Stop
.2 Convenience Store 1.0 Public Parks
.2 Gas Station .9 Library
Other facilities or services:

Since Nashville is the County Seat, many government-related services are available to residents. For
example, although there is no bus transit systeme in Nashville, the Nash Senior Center offers transportation
to older adults, with or without medicaid, to the new Super Walmart (.7 miles from Macon Pointe) doctor's
offices, grocery & pharmacy, among other destinations. The Nash County EMS also provides non-
emergency transportation for residents. Nashville also has a Community Center, with activities available for
all ages, located 1.2 miles from Macon Pointe.

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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 - APP09-0130

Print Preview - Preliminary

City: Nashville County: Nash Zip: 27856

Census Tract: 111 Block Group: 5

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

Political Jurisdiction: Town of Nashville

Jurisdiction City: Nashville Zip: 27856

Jurisdiction Phone: (252)459-4511

Site Latitude: 35.7810

Site Longitude: -78.6366

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: Apex State: NC Zip: 27523

Alt Phone: (919)673-5547

Email Address: hollylsmith@nc.rr.com

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Total Site Acreage: 5.14 Total Buildable Acreage: 5.14

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: 100,000

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Is multifamily use permitted?Yes

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Owner Name: Nashville Apts, LLC

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

Org: Ilex Nashville, LLC

Phone: (919)363-1677 Fax: (919)363-1727

EMail: hollylsmith@nc.rr.com Nonprofit: No

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Low Income Units

Total # Monthly Utility Mandatory **Total

Gdn Apt 1 770 4 1 280 85 0 365

Gdn Apt 2 989 5 1 340 95 435

Gdn Apt 3 1185 3 1 390 114 0 504

Gdn Apt 1 770 4 1 335 85 0 420

Gdn Apt 2 989 5 1 405 95 0 500

Gdn Apt 3 1185 3 1 465 114 0 579

Gdn Apt 1 770 4 0 409 85 494

Gdn Apt 2 989 14 0 499 95 0 594

Gdn Apt 3 1185 6 0 579 114 0 693

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....... 48 6 20846

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Proposed number of residential buildings: 6 Maximum number of stories in buildings: 2

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