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Application
Tax Credits, RPP Loans, and/or Tax Exempt Bond Loans
Project Description
Project Name: Wexford Pointe Apartments
Address: Fairington Drive NW
City: Concord County: Cabarrus Zip: 28027-7852
Census Tract: 424 Block Group: 1024
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 Concord

First:J. Scott Last:
Jurisdiction CEO Name: Title: Mayor
Padgett
Jurisdiction Address: 693 Union Street
Jurisdiction City: Concord Zip: 28026-0252
Jurisdiction Phone: (704)920-5215
Site Latitude: 35.4352
Site Longitude: -80.6313
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: Solstice Partners, LLC
Address: 106 Muir Woods Drive
City: Cary State: NC Zip: 27513

Contact: First: Catherine Last:Connors Title:Manager
Telephone: (919)610-7883
Alt Phone: (919)380-0446
Fax: (919)467-5341
Email Address: cconnors@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: 8.73 Total Buildable Acreage: 8.73

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? Yes

If yes:
(a) Briefly describe the situation:
The site is currently a mobile home park. The leases on the mobile homes are all month-to-month leases.
The land will be conveyed as vacant land at the time of purchase.
(b) Will tenant displacement be temporary? No

(c) Will tenant displacement be permanent? No
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:
Seller is a consultant.
(c) Enter the current expiration date of the option/contract to purchase: 12/31/2009
(D) Enter Purchase Price: 1,128,876

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Zoning
Present zoning classification of the site:RC
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: Wexford Pointe Apartments, LLC

City: Cary State:NC Zip: 27513
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: Solstice Partners, LLC

First Name: Catherine Last Name: Connors Function: Managing Member
City: Cary State: NC Zip: 27513
Phone: (919)610-7883 Fax: (919)467-5341
EMail: cconnors@nc.rr.com Nonprofit: No

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Unit Mix
The Median Income for Cabarrus 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 1006 15 2 340 90 0 430
Gdn Apt 3 1218 10 1 400 100 0 500
Gdn Apt 4 1390 2 1 445 110 0 555
Gdn Apt 2 1006 15 2 625 90 0 715
Gdn Apt 3 1218 10 1 730 100 0 830
Gdn Apt 4 1390 2 0 800 110 0 910
Gdn Apt 2 1006 32 2 655 90 0 745
Gdn Apt 3 1218 16 2 750 100 0 850
Gdn Apt 4 1390 4 1 800 110 0 910
Utilities included in rents: Water/Sewer Electric Gas Other Garbarge 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....... 106 12 64425
Market Rate.......
Totals............... 106 12 64425

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Proposed number of residential buildings: 9 Maximum number of stories in buildings: 3
Project Includes:
Separate community building - Sq. Ft. (Floor Area): 2,111
Community space within residential bulding(s) - Sq. Ft. (Floor Area):
Elevators - Number of Elevators:
Square Footage Information
Gross Floor Square Footage: 128,546
Total Net Sq. Ft. (All Heated Areas): 119,214
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: 12
Number of Units Required: 12

Persons with disabilities or homeless populations.
Number of Units: 11
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 15 targeted at 30 percent of median income affordable to/occupied by
Total Low Income Units: 106
Note: This number should match the total number of low income units in the Unit Mix section.

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Funding Sources
Amort. Annual
Non- Rate Term Period Debt
Source Amount Amortizing* (%) (Years) (Years) Service
Bank Loan 3,456,242 7.00 30 30 275,934
RPP Loan 800,000 ✔ 2.00 20 20
Local Gov. Loan - Specify:
RD 515 Loan
RD 538 Loan - Specify:
AHP Loan
Other Loan 1 - Specify:
Tax Exempt Bonds
State Tax Credit(Loan) 1,046,723 0 30 30 0
State Tax Credit(Direct Refund)
Equity: Federal LIHTC 7,273,785
Non-Repayable Grant
Equity: Historic Tax Credits
Deferred Developer Fees
Owner Investment
Other - Specify:
Total Sources** 12,576,750
* "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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1st Mortgage - CICCAR

2nd Mortgage - NCHFA - RPP loan
3rd Mortgage - NCHFA - State Tax Credit Loan
Equity - Raymond James
Loans with Variable Amortization

Please fill in the annual debt service as applicable for the first 20 years of the project life.
RPP Loan
1 2 3 4 5 6 7 8 9 10
Year:
Amt: 4000 6000 8000 10000 11500 13000 14000 15000 16000 17000
11 12 13 14 15 16 17 18 19 20
Year:
Amt: 17500 18000 19000 19000 20000 20000 20000 20000 20000 20000

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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 911,000 911,000
4 Rehabilitation
5 Construction of New Building(s) 6,015,500 6,015,500
6 Accessory Building(s)
7 General Requirements (max 6% lines 2-6) 415,590 415,590
8 Contractor Overhead (max 2% lines 2-7) 146,842 146,842
9 Contractor Profit (max 8% lines 2-7; 6% if Identity of Interest) 587,367 587,367
10 Construction Contingency (max 5% lines 2-9, Rehabs 10%) 403,815 403,815
11 Architect's Fee - Design (11 + 12 = max 3% lines 2-10) 102,850 102,850
12 Architect's Fee - Inspection 22,962 22,962
13 Engineering Costs 35,000 35,000
SUBTOTAL (lines 1 through 13) 8,640,926
14 Construction Insurance (prorate) 40,000 40,000
15 Construction Loan Orig. Fee (prorate) 109,000 109,000
16 Construction Loan Interest (prorate) 620,102 311,000
17 Construction Loan Credit Enhancement (prorate)
18 Construction Period Taxes (prorate) 15,000 15,000
19 Water, Sewer and Impact Fees 350,000 350,000
20 Survey 20,000 20,000
21 Property Appraisal 6,000 6,000
22 Environmental Report 93,500 93,500
23 Market Study 4,300 4,300
24 Bond Costs
25 Bond Issuance Costs
26 Placement Fee
27 Permanent Loan Origination Fee 70,000
28 Permanent Loan Credit Enhancement

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29 Title and Recording 5,000
SUBTOTAL (lines 14 through 29) 1,332,902
30 Real Estate Attorney 13,500 13,500
31 Other Attorney's Fees 5,000 5,000
32 Tax Credit Application Fees (Preliminary and Full) 2,300
33 Tax Credit Allocation Fee (0.62% of line 60, minimum $7,500) 75,929
34 Cost Certification / Accounting Fees 9,000 9,000
35 Tax Opinion 5,000
36 Organizational (Partnership) 10,000
37 Tax Credit Monitoring Fee 74,200
SUBTOTAL (lines 30 through 37) 194,929
38 Furnishings and Equipment 20,000 20,000
39 Relocation Expense
40 Developer's Fee 800,000 800,000
41 Additional Contigency (greater of $500/unit or $30,000) 30,000 30,000
42 Other Basis Expense (specify)
43 Other Basis Expense (specify)
44 Rent-up Expense 8,000
45 Off-site improvements 50,000
46 Other Non-basis Expense (specify)
SUBTOTAL (lines 38 through 45) 908,000
47 Rent up Reserve 31,800
48 Operating Reserve 339,317
49 Other Reserve (specify)
50 Other Reserve (specify)
51 DEVELOPMENT COST (lines 1-49) 11,447,874 0 10,467,226
52 Less Federally Funded Grant
53 Less Disproportionate Standard
54 Less Nonqualified Nonrecourse Financing
55 Less Historic Tax Credit 0
56 TOTAL ELIGIBLE BASIS 10,467,226 0 10,467,226
57 Applicable Fraction (percentage of LI Units) 100.00% 100% 100%

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58 Basis Before Boost 10,467,226 0 10,467,226
59 Basis Boost of up to 130% 117.00% 117.00%
60 TOTAL QUALIFIED BASIS 12,246,654 0 12,246,654
61 Tax Credit Rate 3.50 9.00
62 Federal Tax Credits (maximum $1,300,000) 1,102,199 0 1,102,199
63 Federal Tax Credits Requested (if less than line 62) 0
64 Land Cost 1,128,876
65 TOTAL REPLACEMENT COST 12,576,750
FEDERAL TAX CREDITS IF AWARDED 1,102,199
Comments:
Project Development Cost per unit 56,750

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Market Study Information

Please provide a detailed description of the proposed project:
The proposed project is 106 unit family project comprised of a mixture of 62 2-BR units, 36 3-BR units and 8
4-BR units spread throughout nine (9) two and three-story residential buildings with a single story
community/office building. The project will provide twelve (12) fully accessible units, including six (6) that will
contain roll-in showers. The location of the site will be very appealing to new residents as the site is in close
proximity to essential amenities. Concord Parkway North which provides shopping, grocery stores,
restaurants, gas stations, child care, banking institutions, doctors’ offices, a library and the hospital are all
within 1 and 2 miles of the site! In addition, we believe the strength of this site location is evidenced by a
letter of interest to purchase the land by an upscale, market rate, multi-family developer dated August 20,
2008. A copy of that letter is located in the Site Control portion of the application, as well as the market
analyst packet for your review.
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 buildings will be accented with shingle siding, window trim and architectural brackets.
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:
Site amenities will include a playground, resident computer center, two (2) covered picnic areas with tables
and grills, seven (7) outdoor sitting areas, four (4) trellises with bench seating, a gazebo and a tot lot.
Onsite Activities:
Residents will have access to a community room to host meetings, classes, birthday parties, etc. The
residents will also be able to enjoy a computer center for research, homework or just surfing the World Wide
Web.

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Landscaping Plans:
Wexford Pointe Apartments will be attractively landscaped with plants and trees native to the area, such as
maple, holly, magnolia, oak, dogwood and crepe myrtle. We may also use some trees (ex. Paulownia,
Thuja Green Giants) to act as screening between properties. The detention pond at the entrance will also
be attractively landscaped with a fountain in the middle for lighting and decoration.
Interior Apartment Amenities:

Interior amenities will include a range, hood, dishwasher, disposal, frost-free refrigerator, storage, washer/
dryer hookups, and mini-blinds and ceiling fans in each bedroom.
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 trend and direction of real estate development and the area economic health is on the upward trend.
The site we are proposing is currently a mobile home park. If we are successful in our bid for tax credits, the
owner will convey the property as vacant land at the time of closing. The site is located off of Davidson
Highway in Concord which is an area that is rapidly growing and off of a main thoroughfare in Concord. If
you travel down Davidson Highway, you will see many market rate apartment complexes along with several
upscale single family subdivisions that are very appealing and maintained in excellent condition. This
mobile home park has been in Concord since 1979, which means the surrounding housing literally
developed around the mobile home site. Apartments will fit into the landscaping of the area much better
than the existing mobile home park and we believe the adjacent property owners and the City of Concord
would emphatically agree. In addition, we believe the strength of this site location is evidenced by a letter of
interest to purchase the land by an upscale, market rate, multi-family developer dated August 20, 2008. A
copy of that letter is located in the Site Control portion of the application, as well as the market analyst
packet for your review.
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 site is adjacent to existing multi-family developments with a small
buffer of vacant land and a single family subdivision at the rear of the property. One of the adjacent multi-
family developments is a well-kept 48 unit Rural Development project. All along Davidson Highway are
market rate multi-family apartments, along with several very appealing single family subdivisions.
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 site suitability is excellent on this site. The signage for the project will be
visible from Davidson Highway. In 2003, the City of Concord completed a Land Use Plan that estimated a
traffic count on that part of Davidson Highway to be as much as 21,000 per day. That same Land Use Plan
also designates Davidson Highway as one of Concord’s “major thoroughfares” which will give the project
great visibility. The Concord Kannapolis Transit System (RIDER) has a bus stop directly in front of the
existing RD multi-family development adjacent to our property. The bus stop for our residents is measured to
be only .05 miles from the site to the bus stop!
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 on-site negative features.

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

The proposed project will seamlessly fit into the existing neighborhood. The adjacent properties consist of
multi-family residential units which will allow our units to blend into the existing landscape.
For each applicable neighborhood feature, enter distance from project in miles.
1.33 Grocery Store 3.51 Community/Senior Center
1.49 Mall/Strip Center 1.56 Hospital
1.01 Outdoor Athletic 1.63 Pharmacy

Fields
1.31 Day Care/After 1.56 Basic Health Care

School
.05 Public Transportation

1.01 Schools
Stop
1.40 Convenience Store 2.08 Public Parks
.94 Gas Station 1.56 Library
Other facilities or services:

This is an excellent site that provides all the amenities tenants are looking for when searching for a new
home. The site is located in close proximity Concord Parkway North which contains all of the businesses
listed below and are within 2 miles of the site:
Carolina Mall (contains 68 total stores)
Anchor tenants include:
Belk
Sears
JC Penney
Staples
Pier I
Dollar Stores
Walgreens
Kerr Drug
Rite-Aid
Harris Teeter
Starbucks
Captain D’s
O’Charley’s
Chilis
Applebees
McDonald’s
Chick-Fil-A
Tai Pan Chinese
Hokkaido Japanese
Moe’s Southwest
Taco Bell
Whattaburger
Suntrust
1st Citizens
Wachovia

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La Petite Academy
In addition, Cabbarus Memorial Hospital is located on Concord Parkway North and is within 1.56 miles 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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City: Concord County: Cabarrus Zip: 28027-7852

Census Tract: 424 Block Group: 1024

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

Political Jurisdiction: City of Concord

Jurisdiction City: Concord Zip: 28026-0252

Jurisdiction Phone: (704)920-5215

Site Latitude: 35.4352

Site Longitude: -80.6313

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: Cary State: NC Zip: 27513

Alt Phone: (919)380-0446

Email Address: cconnors@nc.rr.com

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Total Site Acreage: 8.73 Total Buildable Acreage: 8.73

Storm Sewer Water Sanitary Sewer Electric

Is the demolition of any buildings required or planned? No

Are existing buildings on the site currently occupied? Yes

(b) Will tenant displacement be temporary? No

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Purchase Date: Purchase Price:

(D) Enter Purchase Price: 1,128,876

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Is multifamily use permitted?Yes

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Owner Name: Wexford Pointe Apartments, LLC

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

Org: Solstice Partners, LLC

Phone: (919)610-7883 Fax: (919)467-5341

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

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Low Income Units

Total # Monthly Utility Mandatory **Total

Gdn Apt 2 1006 15 2 340 90 0 430

Gdn Apt 3 1218 10 1 400 100 0 500

Gdn Apt 4 1390 2 1 445 110 0 555

Gdn Apt 2 1006 15 2 625 90 0 715

Gdn Apt 3 1218 10 1 730 100 0 830

Gdn Apt 4 1390 2 0 800 110 0 910

Gdn Apt 2 1006 32 2 655 90 0 745

Gdn Apt 3 1218 16 2 750 100 0 850

Gdn Apt 4 1390 4 1 800 110 0 910

Utilities included in rents: Water/Sewer Electric Gas Other Garbarge 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....... 106 12 64425

Totals............... 106 12 64425

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