Print Preview - Preliminary Application: Project Description

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Application
Tax Credits, RPP Loans, and/or Tax Exempt Bond Loans
Project Description
Project Name: Kirkwood Gardens
Address: Old Raleigh Road
City: Thomasville County: Davidson Zip: 27360
Census Tract: 611 Block Group: 2000
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 Thomasville

First:Kelly Last:
Jurisdiction CEO Name: Title: City Manager
Craver
Jurisdiction Address: 10 Salem Street
Jurisdiction City: Thomasville Zip: 27361
Jurisdiction Phone: (336)475-4222
Site Latitude: 35.86694
Site Longitude: -80.05739
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:Elderly (55)

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: Weaver-Kirkland Housing, LLC
Address: P.O. Box 26030
City: Greensboro State: NC Zip: 27420-6030

Contact: First: Mark Last:Morgan Title:VP
Telephone: (336)378-7900
Alt Phone: (336)686-7767
Fax: (336)378-6571
Email Address: Mark@Weaver-Kirkland.com

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

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Site Description
Total Site Acreage: 4.7 Total Buildable Acreage: 4.4

If buildable acreage is less than total acreage, please explain:
Small stream located along the extreme southern boundary of the site. Our development will not impact the
area along the steam
Identify utilities and services currently available (and with adequate capacity) for this site:
Storm Sewer Water Sanitary Sewer Electric
Is the demolition of any buildings required or planned? No

If yes, please describe:
Are existing buildings on the site currently occupied? No

If yes:
(a) Briefly describe the situation:
(b) Will tenant displacement be temporary?

(c) Will tenant displacement be permanent?
Is the site directly accessed by an existing, paved, publicly maintained road? Yes
If no, please explain:
Is any portion of the site located inside the 100 year floodplain? No
If yes:
(a) Describe placement of project buildings in relation to this area:

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(b) Describe flood mitigation if the project will have improvements within the 100 year floodplain:

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Site Control
Does the owner have fee simple ownership of the property (site/buildings)?No
If yes provide:
Purchase Date: Purchase Price:
If no:
(a) Does the owner/principal or ownership entity have valid option/contract to purchase the property?Yes
(b) Does an identity of interest (direct or indirect) exist between the owner/principal or ownership entity with the option/contract for
purchase of the property and the seller of the property?No
If yes, specify the relationship:
(c) Enter the current expiration date of the option/contract to purchase: 08/31/2009
(D) Enter Purchase Price: 250,000

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Zoning
Present zoning classification of the site:R-6 High Density Residential District
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?No
If yes, specify permit or variance required and date obtained. If no, describe permits/variances required and schedule for
obtaining them:
Current zoning requires two parking spaces per unit. We will be requesting a variance to .75 spaces per unit
and we will be asking for a variance for a total length of one building being over 250 ft. This is a Planning
and Zoning Board approval meeting that is scheduled for March 2009. We should have approvals at that
time.
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: Kirkwood Gardens WK Limited Partnership

City: Greensboro State:NC Zip: 27420-6030
Federal Tax ID Number of Ownership Entity: (If assigned)

Note: Do not submit social security numbers for individuals.
Entity Type: Limited Partnership
Entity Status: To Be Formed
Is the applicant requesting that the Agency treat the application as Non-Profit sponsored? No
Is the applicant requesting that the Agency treat the application as CHDO sponsored? No
List all general partners, members,and principals. Specify nonprofit corporate general partners or members.
Click [Add] to add additional partners, members, and principals.
Org: Kirkwood Gardens WK GP, LLC

First Name: Mark Last Name: Morgan Function: Managing General Partner
Phone: (336)378-7900 Fax: (336)378-6571
EMail: Mark@Weaver-Kirkland.com Nonprofit: No
Org: Weaver-Kirkland Housing, LLC

First Name: Mark Last Name: Morgan Function: Principal
Phone: (336)378-7900 Fax: (336)378-6571
EMail: Mark@Weaver-Kirkland.com Nonprofit: No

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Unit Mix
The Median Income for Davidson county is $56,100.
Low Income Units
Total # Monthly Utility Mandatory **Total

Type # BRs Net Sq.Ft. # Units Units Rent Allowance Serv. Fees Housing Exp.
Gdn Apt 1 667 9 1 356 59 0 415
Gdn Apt 1 667 8 1 406 59 0 465
Gdn Apt 1 667 18 2 421 59 0 480
Gdn Apt 2 901 7 1 406 89 0 495
Gdn Apt 2 901 8 1 456 89 0 545
Gdn Apt 2 901 14 2 476 89 0 565
Utilities included in rents: Water/Sewer Electric Gas Other Garbage 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....... 64 8 27184
Market Rate.......
Totals............... 64 8 27184
Proposed number of residential buildings: 1 Maximum number of stories in buildings: 2
Project Includes:
Separate community building - Sq. Ft. (Floor Area):

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

5,053
Elevators - Number of Elevators: 1
Square Footage Information
Gross Floor Square Footage: 73,510
Total Net Sq. Ft. (All Heated Areas): 69,116
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: 4
Number of Units Required: 8
Persons with disabilities or homeless populations.
Number of Units: 7
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 9 targeted at 40 percent of median income affordable to/occupied by
1 8 targeted at 50 percent of median income affordable to
2 7 targeted at 40 percent of median income affordable to/occupied by
Total Low Income Units: 64
Note: This number should match the total number of low income units in the Unit Mix section.

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Funding Sources
Amort. Annual
Non- Rate Term Period Debt
Source Amount Amortizing* (%) (Years) (Years) Service
Bank Loan
RPP Loan
Local Gov. Loan - Specify:
RD 515 Loan
RD 538 Loan - Specify:
AHP Loan
Other Loan 1 - Specify:

CICCAR 446,945 7.00 30 30 35,682
Tax Exempt Bonds
State Tax Credit(Loan) 1,369,481 0 30 30 0
State Tax Credit(Direct Refund)
Equity: Federal LIHTC 5,607,461
Non-Repayable Grant
Equity: Historic Tax Credits
Deferred Developer Fees
Owner Investment 100
Other - Specify:
Total Sources** 7,423,987
* "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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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 1,020,100 1,020,100
4 Rehabilitation
5 Construction of New Building(s) 3,839,936 3,839,936
6 Accessory Building(s)
7 General Requirements (max 6% lines 2-6) 291,602 291,602
8 Contractor Overhead (max 2% lines 2-7) 103,033 103,033
9 Contractor Profit (max 8% lines 2-7; 6% if Identity of Interest) 309,098 309,098
10 Construction Contingency (max 5% lines 2-9, Rehabs 10%) 278,188 278,188
11 Architect's Fee - Design (11 + 12 = max 3% lines 2-10) 48,000 48,000
12 Architect's Fee - Inspection 12,000 12,000
13 Engineering Costs 30,000 30,000
SUBTOTAL (lines 1 through 13) 5,931,957
14 Construction Insurance (prorate)
15 Construction Loan Orig. Fee (prorate) 16,500 16,500
16 Construction Loan Interest (prorate) 110,000 99,000
17 Construction Loan Credit Enhancement (prorate)
18 Construction Period Taxes (prorate) 1,000 1,000
19 Water, Sewer and Impact Fees 20,000 20,000
20 Survey 12,000 12,000
21 Property Appraisal 3,500 3,500
22 Environmental Report 4,348 4,348
23 Market Study 4,300 4,300
24 Bond Costs
25 Bond Issuance Costs
26 Placement Fee
27 Permanent Loan Origination Fee 9,439
28 Permanent Loan Credit Enhancement

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29 Title and Recording 5,000
SUBTOTAL (lines 14 through 29) 186,087
30 Real Estate Attorney 17,500 17,500
31 Other Attorney's Fees 27,600
32 Tax Credit Application Fees (Preliminary and Full) 2,300
33 Tax Credit Allocation Fee (0.62% of line 60, minimum $7,500) 55,190
34 Cost Certification / Accounting Fees 12,000 12,000
35 Tax Opinion 3,500
36 Organizational (Partnership) 15,500
37 Tax Credit Monitoring Fee 44,800
38 Furnishings and Equipment 16,000 16,000
39 Relocation Expense
40 Developer's Fee 672,000 672,000
41 Additional Contigency (greater of $500/unit or $30,000) 32,000 32,000
42 Other Basis Expense - Soil Testing 4,300 4,300
43 Other Basis Expense - Fees, Permits 1,000 1,000
44 Rent-up Expense 19,200
45 Other Non-basis Expense (specify)
46 Other Non-basis Expense (specify)
47 Rent up Reserve 19,200
48 Operating Reserve 113,853
49 Other Reserve (specify)
50 Other Reserve (specify)
51 DEVELOPMENT COST (lines 1-49) 7,173,987 0 6,847,405
52 Less Federally Funded Grant
53 Less Disproportionate Standard
54 Less Nonqualified Nonrecourse Financing
55 Less Historic Tax Credit 0
56 TOTAL ELIGIBLE BASIS 6,847,405 0 6,847,405
57 Applicable Fraction (percentage of LI Units) 100.00% 100% 100%

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58 Basis Before Boost 6,847,405 0 6,847,405
59 Basis Boost of up to 130% 100.00% 130.00%
60 TOTAL QUALIFIED BASIS 8,901,627 0 8,901,627
61 Tax Credit Rate 3.50 9.00
62 Federal Tax Credits (maximum $1,300,000) 801,146 0 801,146
63 Federal Tax Credits Requested (if less than line 62) 0
64 Land Cost 250,000
65 TOTAL REPLACEMENT COST 7,423,987
FEDERAL TAX CREDITS IF AWARDED 801,146
Comments:
Project Development Cost per unit 59,999

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Market Study Information

Please provide a detailed description of the proposed project:
KIRKWOOD GARDENS - The proposed site is located approximately .9 miles from the heart of
Thomasville's commercial and retail district located along Hwy 109. The development will consist of 64 units
for Seniors, aged 55+, and will be located within one all-inclusive two-story building with elevator. There will
be 35 one-bedroom/one bath units and 29 two bedroom/one bath units. This will include 8 handicapped/
mobility impaired units, two of which will be sensory units. The rent structure has been made affordable,
with units targeted at 40%, 50%, and 60% of AMI. In addition, 7 units will be targeted to Disabled and/or
Homeless individuals under NCHFA's Key Program.
The development will meet Energy Star Certification Criteria with Energy Star appliances and low flow
fixtures helping to reduce the utilities for the tenants. The surrounding area is mostly a mixture of single and
multi-family housing with easy access to regional employers, retail centers and services. All of the tenants'
everyday services are within 1 mile of 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:
Energy Star appliances throughout/Low flow fixtures.
Curb and gutter throughout with turndowns at sidewalks.
Internal pedestrian system linking the structures and parking.
Security lighting throughout all parking areas.
Exterior brick, vinyl and accent shake siding.
Gutter and downspout system.
Courtyard with seating overlooking stream and wooded parcel.
Have you built other tax credit developments that use the same building design as this project?Yes
If yes, please provide name and address:
Creekside Crossing - 450 West Street, Spindale, NC 28160
Site Amenities:
Central covered drive-thru and drop-off area.
Courtyard with seating.
Wrap-around porch at covered drive-thru.
Premium views of stream and adjacent woods and landscaped courtyard.
Picnic Shelter
Patio off of Community Room
Conference Room/Library
Second Floor separate TV Room
Exercise Room with New Equipment
Second Floor Sunroom
Onsite Activities:
Centrally located within the residential building, the community room, will house kitchen facilities, craft area
and a multi-purpose room. This area will be the center for "social" activities and residential gatherings such
as host speakers from community agencies, medical screenings and regular residents' meetings. Outdoor
recreational opportunities will also be made available to the residents by provision of a large screened-in

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porch, a central courtyard, picnic areas with park benches and barbeque grill and outdoor sitting areas.
Landscaping Plans:
The site will be generously and attractively landscaped with street trees along the roadway, scattered shade
and ornamental trees, low maintenance foundation plantings adjacent to the building and lawn areas, and
perimeter plantings will be located in and around the building. A retaining wall will separate the site from the
proposed family site to the east. The border will have optimal landscaping to enhance privacy.
Interior Apartment Amenities:

Range with hood, dishwasher, frost-free refrigerator, spacious walk-in closets, covered patio or deck, mini
blinds, ceiling fans with light fixtures, carpet in the living room and bedrooms, vinyl flooring in kitchen/dining
area and at front entrance, central heat/air pump. The unit will feature open plans with spacious rooms.
There will be ample windows for bright spaces and easy access kitchen with good workspace. Each unit will
contain a washer-dryer area with hook-ups and large closets. The universal accessibility design ensures
tenants the ability to "age in place".
Units will meet Energy Star certifications criteria.
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.
Kirkwood Gardens - The proposed site is located .9 miles southeast of major retail corridior for Thomasville
and surrounding Davidson county. The site is located in an area that is quickly transitioning to a residential/
retail corridor. An undeveloped tract is located north of the site across Old Raleigh Road, the owner has
future plans for a strip retail center (see area site plan). Three multifamily developments are located to the
southeast along Old Raleigh Road.
A new Super Walmart Shopping Center is located approximately 9/10 of a mile to the south. Major
amenities are located within one mile of the site location.
This area is ideal for a live and work neighborhood with everyday amenities, and easy road access to major
employers throughout the region.
There is no senior affordable housing in this market at this time.
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. This site was rezoned as High Density Residential (R-6) in May 2007
by the City of Thomasville and is located within an area quickly becoming residential and retail. Plans exist
for a retail strip center across Old Raleigh Road and the property to the north at the corner of Old Raleigh
Road and Cloninger Road has been sold to a local Day Care Center, with plans to begin construction in
2009. There is a new patio home development located to the east of the site.A commercial flex office
development exists to the east of the site. No excessive noise or odors were observed during our multiple
site visits.
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. Interstate 85 and HWY 62(Cloninger Road) is a regional commuter corridor
for Davidson County and points beyond into High Point and Trinity's employment and service districts. The
speed limit is 45MPH along this section of Old Raleigh Road. Access and visibility from our proposed
entrance is excellent and exceeds DOT current visibility requirements. A double-sided project sign will be
located along Old Raleigh Road. Old Raleigh Road is mostly commuter traffic from 6:00am to 9:00am and
from 4:00pm to 7:00pm. Piedmont Authority for Regional Transportation (PART) has a regional stop
approximately 1 mile from the site at the Southgate Plaza Shopping Center that services the entire Triad
area. Davidson County has local van services and the elderly ride for free to most locations. We will work
with Davidson County to include our development as part of their daily routes. Sewer and water are both
available to the site.
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).
The only "year round stream" on the site is in the extreme southern corner of the property. This area will
remain undeveloped as shown on the site plan. The trees along the stream bed will be maintained and will
add to the neighborhood character of the design. No on-site barriers exist that will impede the
constructability of the project or adversely affect it's completion.

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

The proposed development will be very compatiable with the existing neighborhood and trend of growth in
the area. New patio homes adjacent to the site to the east and the proposed retail and day care to the north
and east is in character with our proposed development.
Multiple market rate multi-family developments already exist south of the site on Old Raleigh Road.
For each applicable neighborhood feature, enter distance from project in miles.
0.9 Grocery Store 2.4 Community/Senior Center
0.9 Mall/Strip Center 3.9 Hospital
1.1 Outdoor Athletic 0.8 Pharmacy

Fields
1.1 Day Care/After 0.7 Basic Health Care

School
0.9 Public Transportation

1.1 Schools
Stop
1.0 Convenience Store 1.3 Public Parks
1.2 Gas Station 2.2 Library
Other facilities or services:

Walmart Supercenter - 1.1 miles from 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 - APP09-0009

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City: Thomasville County: Davidson Zip: 27360

Census Tract: 611 Block Group: 2000

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

Political Jurisdiction: City of Thomasville

Jurisdiction City: Thomasville Zip: 27361

Jurisdiction Phone: (336)475-4222

Site Latitude: 35.86694

Site Longitude: -80.05739

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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Target Population:Elderly (55)

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

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City: Greensboro State: NC Zip: 27420-6030

Alt Phone: (336)686-7767

Email Address: Mark@Weaver-Kirkland.com

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Total Site Acreage: 4.7 Total Buildable Acreage: 4.4

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: 250,000

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Is multifamily use permitted?Yes

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Owner Name: Kirkwood Gardens WK Limited Partnership

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

Org: Kirkwood Gardens WK GP, LLC

Phone: (336)378-7900 Fax: (336)378-6571

EMail: Mark@Weaver-Kirkland.com Nonprofit: No

Org: Weaver-Kirkland Housing, LLC

Phone: (336)378-7900 Fax: (336)378-6571

EMail: Mark@Weaver-Kirkland.com Nonprofit: No

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Low Income Units

Total # Monthly Utility Mandatory **Total

Gdn Apt 1 667 9 1 356 59 0 415

Gdn Apt 1 667 8 1 406 59 0 465

Gdn Apt 1 667 18 2 421 59 0 480

Gdn Apt 2 901 7 1 406 89 0 495

Gdn Apt 2 901 8 1 456 89 0 545

Gdn Apt 2 901 14 2 476 89 0 565

Utilities included in rents: Water/Sewer Electric Gas Other Garbage 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