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Application
Tax Credits, RPP Loans, and/or Tax Exempt Bond Loans

Project Description
Project Name: Jackson's Ridge
Address: 109 Frissell Drive

City: Whitsett County: Guilford Zip: 27377

Census Tract: 0152.00 Block Group: 3002

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: Town of Gibsonville

First:Leonard Last:
Jurisdiction CEO Name: Title: Mayor
Williams
Jurisdiction Address: 129 West Main Street

Jurisdiction City: Gibsonville Zip: 27249

Jurisdiction Phone: (336)449-4144

Site Latitude: 36.0754

Site Longitude: -79.5546

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: Southland Partners LLC
Address: 131 Matthews Station St., Suite 2-F

City: Matthews State: NC Zip: 28105

Contact: First: Tom Last:Honeycutt Title:Member Manager

Telephone: (704)321-1526

Alt Phone:

Fax: (704)321-1562

Email Address: southllc@[Link]

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

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Site Description

Total Site Acreage: 10.36 Total Buildable Acreage: 10.36

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? No

If no, please explain:
The site is accessed by a public asphalt drive which will have to be improved to Gibsonville standards to the
developers property line by the developer. The improvements will include an estimated 900 linear ft. of
sanitary and storm sewer, and widened street with curb and gutter in the same length. A shorter run is
allowed for to run the water line from a nearby culdesac per the instruction of the town manager.

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: 10/31/2009

(D) Enter Purchase Price: 595,000

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Zoning
Present zoning classification of the site:Agricultural

Is multifamily use permitted?No

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:
The site will be rezoned to that classification designated by the town to allow the proposed development.
Talks have taken place with the mayor and town manager and the rezoning process will begin mid January,
and with the current schedule should take no more than 90 to to 120 days days for completion which is
within the timeline for a full application at this point.

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: Jackson's Ridge Housing LLC

Address: 131 Matthews Station St., Suite 2-F
City: Matthews State:NC Zip: 28105

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: Southland Partners LLC

First Name: Tom Last Name: Honeycutt Function: Managing Member
Address: 131 Matthews Station St., Suite 2-F
City: Matthews State: NC Zip: 28105

Phone: (704)321-1526 Fax: (704)321-1562

EMail: southllc@[Link] Nonprofit: No

Org: Thomas W. Honeycutt

First Name: Tom Last Name: Honeycutt Function: Principal
Address: 131 Matthews Station St., Suite 2-F
City: Matthews State: NC Zip: 28105

Phone: (704)321-1526 Fax: (704)321-1562

EMail: southllc@[Link] Nonprofit: No

Org: Gary D. Ellis

First Name: Danny Last Name: Ellis Function: Principal
Address: 2021 Cross Beam Drive
City: Charlotte State: NC Zip: 28217

Phone: (704)357-6000 Fax: (704)357-1881

EMail: dellis@[Link] Nonprofit: No

Org: Melvin B. Melton

First Name: Mel Last Name: Melton Function: Principal
Address: 2021 Cross Beam Drive
City: Charlotte State: NC Zip: 28217

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Phone: (704)321-1526 Fax: (704)321-1562

EMail: mmelton@[Link] Nonprofit: No

Org: Timothy L. Gunderman

First Name: Tim Last Name: Gunderman Function: Principal
Address: 2021 Cross Beam Drive
City: Charlotte State: NC Zip: 28217

Phone: (704)321-1526 Fax: (704)321-1562

EMail: tgunderman@[Link] Nonprofit: No

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Unit Mix
The Median Income for Guilford county is $58,500.

Low Income Units

Total # Monthly Utility Mandatory **Total

Type # BRs Net [Link]. # Units Units Rent Allowance Serv. Fees Housing Exp.

Gdn Apt 1 610 17 2 243 74 0 317

Gdn Apt 1 610 43 1 560 74 0 634

Gdn Apt 2 950 5 1 293 88 0 381

Gdn Apt 2 950 23 1 674 88 0 762

Utilities included in rents: Water/Sewer Electric Gas Other

Employee Units (will add to Low Income Unit total)

Total # Monthly Utility Mandatory **Total

Type # BRs Net [Link]. # Units Units Rent Allowance Serv. Fees Housing Exp.

Utilities included in rents: Water/Sewer Electric Gas Other

Market Rate Units

Total # Monthly Utility Mandatory **Total

Type # BRs Net [Link]. # Units Units Rent Allowance Serv. Fees Housing Exp.

Utilities included in rents: Water/Sewer Electric Gas Other

Statistics

All Gross Monthly

Units Units Rental Income

Low Income....... 88 5 45178

Market Rate.......

Totals............... 88 5 45178

Proposed number of residential buildings: 1 Maximum number of stories in buildings: 2

Project Includes:
Separate community building - Sq. Ft. (Floor Area):

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

2,400

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Elevators - Number of Elevators: 1

Square Footage Information

Gross Floor Square Footage: 82,740

Total Net Sq. Ft. (All Heated Areas): 78,800

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: 10

Number of Units Required: 10

Persons with disabilities or homeless populations.

Number of Units: 0

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 17 targeted at 30 percent of median income affordable to/occupied by

1 43 targeted at 60 percent of median income affordable to/occupied by

2 5 targeted at 30 percent of median income affordable to/occupied by

2 23 targeted at 60 percent of median income affordable to/occupied by

Total Low Income Units: 88

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 0

RPP Loan 700,000 2.00 20 20 42,494

Local Gov. Loan - Specify: 0

RD 515 Loan 0

RD 538 Loan - Specify: 0

AHP Loan 0

Other Loan 1 - Specify:

221d4 anticipated at this time 1,000,000 7.75 40 40 81,194

Other Loan 2 - Specify: 0

Other Loan 3 - Specify: 0

Tax Exempt Bonds 0

State Tax Credit(Loan) 1,219,210 0 30 30 0

State Tax Credit(Direct Refund) 0

Equity: Federal LIHTC 7,680,257

Non-Repayable Grant 0

Equity: Historic Tax Credits 0

Deferred Developer Fees 113,018

Owner Investment 0

Other - Specify: 0

Total Sources** 10,712,485

* "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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We anticipate at this time selling these credits through CAHEC to BB&T. The d4 loan would be
underwritten and processed by the staff at Capmark in Raleigh.

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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 1,142,880 880,000

4 Rehabilitation 0 0

5 Construction of New Building(s) 5,148,000 5,148,000

6 Accessory Building(s) 0 0

7 General Requirements (max 6% lines 2-6) 377,453 377,453

8 Contractor Overhead (max 2% lines 2-7) 133,367 133,367

9 Contractor Profit (max 8% lines 2-7; 6% if Identity of Interest) 544,136 544,136

10 Construction Contingency (max 5% lines 2-9, Rehabs 10%) 204,050 204,050

11 Architect's Fee - Design (11 + 12 = max 3% lines 2-10) 102,200 102,200

12 Architect's Fee - Inspection 16,000 16,000

13 Engineering Costs 44,000 44,000

SUBTOTAL (lines 1 through 13) 7,712,086

14 Construction Insurance (prorate) 77,913 77,913

15 Construction Loan Orig. Fee (prorate) 74,464 74,464

16 Construction Loan Interest (prorate) 595,708 595,708

17 Construction Loan Credit Enhancement (prorate) 0 0

18 Construction Period Taxes (prorate) 3,000 3,000

19 Water, Sewer and Impact Fees 176,000 176,000

20 Survey 20,000 20,000

21 Property Appraisal 8,500 8,500

22 Environmental Report 3,500 3,500

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 65,000

28 Permanent Loan Credit Enhancement 0

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29 Title and Recording 0

SUBTOTAL (lines 14 through 29) 1,028,385

30 Real Estate Attorney 23,000 23,000

31 Other Attorney's Fees 20,000 20,000

32 Tax Credit Application Fees (Preliminary and Full) 2,300

33 Tax Credit Allocation Fee (0.62% of line 60, minimum $7,500) 58,147

34 Cost Certification / Accounting Fees 4,950 4,950

35 Tax Opinion 2,000

36 Organizational (Partnership) 0

37 Tax Credit Monitoring Fee 61,600

SUBTOTAL (lines 30 through 37) 171,997

38 Furnishings and Equipment 88,000 88,000

39 Relocation Expense 0 0

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) 0 0

43 Other Basis Expense (specify) 0 0

44 Rent-up Expense 20,000

45 Other Non-basis Expense (specify) 0

46 Other Non-basis Expense (specify) 0

SUBTOTAL (lines 38 through 45) 938,000

47 Rent up Reserve 26,400

48 Operating Reserve 240,617

49 Other Reserve (specify) 0

50 Other Reserve (specify) 0

51 DEVELOPMENT COST (lines 1-49) 10,117,485 0 9,378,541

52 Less Federally Funded Grant 0 0

53 Less Disproportionate Standard 0 0

54 Less Nonqualified Nonrecourse Financing 0 0

55 Less Historic Tax Credit 0 0

56 TOTAL ELIGIBLE BASIS 9,378,541 0 9,378,541

57 Applicable Fraction (percentage of LI Units) 100.00% 100% 100%

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58 Basis Before Boost 9,378,541 0 9,378,541

59 Basis Boost of up to 130% 100.00% 130.00%

60 TOTAL QUALIFIED BASIS 12,192,103 0 12,192,103

61 Tax Credit Rate 3.50 9.00

62 Federal Tax Credits (maximum $1,300,000) 1,097,289 0 1,097,289

63 Federal Tax Credits Requested (if less than line 62) 1,097,289 1,097,289

64 Land Cost 595,000

65 TOTAL REPLACEMENT COST 10,712,485

FEDERAL TAX CREDITS IF AWARDED 1,097,289

Comments:
Offsite utilities, not basis eligible, justify the boost. See an estimate of these costs in the attachments.

Project Development Cost per unit 58,500

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Market Study Information

Please provide a detailed description of the proposed project:
This development will consist of 88 units of housing for the elderly, 55 and older, with a Whitsett address,
but located in the Gibsonville ETJ and using Gibsonville zoning and utilities, etc. The site is located on a
ridge overlooking the adjoining single family houses, a public park and nearby pasture land.

Construction (check all that apply):

Brick Vinyl Wood HardiPlank Balconies/Patios Sunrooms Front Porches

Front Gables or Dormers Wide Banding or Vertical/Horizontal Siding

Other:

Have you built other tax credit developments that use the same building design as this project?Yes
If yes, please provide name and address:
Willow Ridge, Morganton, NC

Site Amenities:
Community space which is multipurpose including TV viewing, reading area and computer center. Central
laundry facilities are available for those without W/D for their units. Also, onsite leasing office, maintenance
and walking trail.

Onsite Activities:
Services will be arranged by Management based on resident needs. Other social activities will be
scheduled as dictated by the residents needs and useage.

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Landscaping Plans:
Landscaping will be heavy with at least $400 per unit budget for plantings.

Interior Apartment Amenities:

Range, hood, dishwasher, frost free refrigerator with ice makers, storage, mini blinds, carpet and vinyl floor
coverings, heat pumps.

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.
This is a stable and growing area of Guilford County historically used as a farm. Other buidlings in the area
are in new to like new condition with some of the remaining farms having buildings and dwellings in fair
condition. Little affordable housing is available in the area. The closest is at least 2 miles away in
Gibsonville.

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. Single and multifamily uses, a park, farms surround the site. The
location is just off a major roadway connecting Guilford and Alamance counties and the towns and cities
between. No incompatible uses exist.
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. Once the offsite street is improved all needed controls will be in place. The
site will present an elevation which will be viewable from all sides with the site sign at the site entry and a
smaller identification sign located on the new improved road which intersects HW 70.
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).
No negative features of barriers. The offsite cost could be considered negative but does justify the boost in
credits if approved by the agency. These costs would have prohibited the use of such a fine site in the past.

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

Proposed structure will be similar in scale and architecture for the surroundings.

For each applicable neighborhood feature, enter distance from project in miles.

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2 Grocery Store 5 Community/Senior Center

2 Mall/Strip Center 3 Hospital

.5 Outdoor Athletic 2 Pharmacy

Fields

2 Day Care/After 3 Basic Health Care

School

5 Public Transportation
Schools
Stop

.5 Convenience Store .65 Public Parks

.5 Gas Station 2.6 Library

Other facilities or services:

Multiple shopping, parks, libraries and others services are located nearby and within a 5 mile radius of the
location.

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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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