Sara Place

Print - APP09-0070
Print Preview - Preliminary

Application
Tax Credits, RPP Loans, and/or Tax Exempt Bond Loans
Project Description
Project Name: Sara Place
Address: 1909 Vance Street
City: Reidsville County: Rockingham Zip: 27320
Census Tract: 415 Block Group: 1
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 Reidsville

First:James Last:
Jurisdiction CEO Name: Title: Mayor
Festerman
Jurisdiction Address: 230 W. Morehead Street
Jurisdiction City: Reidsville Zip: 27320
Jurisdiction Phone: (336)349-1090
Site Latitude: 36.352834
Site Longitude: -79.689841
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: Beacon Management Corporation
Address: 408 Battleground Avenue
City: Greensboro State: NC Zip: 27401

Contact: First: George Last:Carr Title:President
Telephone: (336)282-6000
Alt Phone: (336)337-5001
Fax: (336)545-9004
Email Address: sjones@beacon-nc.com

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

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Site Description
Total Site Acreage: 7.42 Total Buildable Acreage: 7.42

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?No
If yes, specify the relationship:
(c) Enter the current expiration date of the option/contract to purchase: 09/30/2009
(D) Enter Purchase Price: 202,300

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Zoning
Present zoning classification of the site:R-12
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: Sara Place Limited Partnership

City: Greensboro State:NC Zip: 27401
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: Beacon Management Corporation

First Name: George Last Name: Carr Function: Managing General Partner
Phone: (336)282-6000 Fax: (336)545-9004
EMail: sjones@beacon-nc.com Nonprofit: No
Org: Carr-Theismann, LLC

First Name: George Last Name: Carr Function: General Partner
Phone: (336)282-6000 Fax: (336)545-9004
Org: Carr-Smith, LLC

First Name: George Last Name: Carr Function: General Partner
Phone: (336)282-6000 Fax: (336)545-9004

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Unit Mix
The Median Income for Rockingham 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 1 700 20 2 389 55 0 444
Gdn Apt 1 700 20 2 478 55 0 533
Gdn Apt 2 900 8 1 464 70 0 534
Gdn Apt 2 900 8 1 571 70 0 641
Utilities included in rents: Water/Sewer Electric Gas Other
Employee Units (will add to Low Income Unit total)

Market Rate Units

Statistics
All Gross Monthly

Units Units Rental Income
Low Income....... 56 6 25620
Market Rate.......
Totals............... 56 6 25620
Proposed number of residential buildings: 10 Maximum number of stories in buildings: 1
Project Includes:
Separate community building - Sq. Ft. (Floor Area): 2,696
Community space within residential bulding(s) - Sq. Ft. (Floor Area):

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Elevators - Number of Elevators:
Square Footage Information
Gross Floor Square Footage: 49,899
Total Net Sq. Ft. (All Heated Areas): 46,232
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: 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 22 targeted at 50 percent of median income affordable to/occupied by
Total Low Income Units: 56
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 553,320 7.00 25 30 44,175
RPP Loan 558,264 ✔ 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) 1,379,414 0 30 30 0
State Tax Credit(Direct Refund)
Equity: Federal LIHTC 4,394,003
Non-Repayable Grant
Equity: Historic Tax Credits
Deferred Developer Fees
Owner Investment
Other - Specify:
Total Sources** 6,885,001
* "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. 71
Remarks concerning project funding sources:

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

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Carolina Bank, Branch Banking & Trust, CICCAR or Richmac

RPP Loan
NCHFA State Tax Credit Loan
Syndicator will be The Richman Group or equivalent
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: 15755 15066 14308 13475 12567 11578 10505 9346 8095 6750
11 12 13 14 15 16 17 18 19 20
Year:
Amt: 5307 3761 2107 12263 10382 8380 6253 3995 4457 1921

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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 1,070,289 922,069
4 Rehabilitation 0 0
5 Construction of New Building(s) 3,080,000 3,080,000
6 Accessory Building(s) 185,000 185,000
7 General Requirements (max 6% lines 2-6) 260,117 251,224
8 Contractor Overhead (max 2% lines 2-7) 91,908 88,766
9 Contractor Profit (max 8% lines 2-7; 6% if Identity of Interest) 275,725 266,298
10 Construction Contingency (max 5% lines 2-9, Rehabs 10%) 136,192 131,102
11 Architect's Fee - Design (11 + 12 = max 3% lines 2-10) 99,303 99,303
12 Architect's Fee - Inspection 49,652 49,652
13 Engineering Costs 49,652 49,652
SUBTOTAL (lines 1 through 13) 5,297,838
14 Construction Insurance (prorate) 33,000 33,000
15 Construction Loan Orig. Fee (prorate) 35,000 35,000
16 Construction Loan Interest (prorate) 200,000 200,000
17 Construction Loan Credit Enhancement (prorate) 50,000 50,000
18 Construction Period Taxes (prorate) 16,500 16,500
19 Water, Sewer and Impact Fees 5,000 5,000
20 Survey 8,500 85,000
21 Property Appraisal 10,000 10,000
22 Environmental Report 6,000 6,000
23 Market Study 5,500 5,500
24 Bond Costs 0
25 Bond Issuance Costs 0
26 Placement Fee 0
27 Permanent Loan Origination Fee 15,000
28 Permanent Loan Credit Enhancement 0

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29 Title and Recording 8,000
SUBTOTAL (lines 14 through 29) 392,500
30 Real Estate Attorney 30,000 30,000
31 Other Attorney's Fees 15,000 15,000
32 Tax Credit Application Fees (Preliminary and Full) 2,300
33 Tax Credit Allocation Fee (0.62% of line 60, minimum $7,500) 44,705
34 Cost Certification / Accounting Fees 8,000 8,000
35 Tax Opinion 0
36 Organizational (Partnership) 1,000
37 Tax Credit Monitoring Fee 32,900
38 Furnishings and Equipment 50,000 50,000
39 Relocation Expense 0 0
40 Developer's Fee 588,000 588,000
41 Additional Contigency (greater of $500/unit or $30,000) 0 0
42 Other Basis Expense (specify) 0 0
43 Other Basis Expense (specify) 10,000 10,000
44 Rent-up Expense 17,000
45 Other Non-basis Expense (specify) 35,754
46 0 0
47 Rent up Reserve 28,000
48 Operating Reserve 129,704
49 Other Reserve (specify) 0
50 Other Reserve (specify) 0
51 DEVELOPMENT COST (lines 1-49) 6,682,701 0 6,270,066
52 Less Federally Funded Grant
53 Less Disproportionate Standard
54 Less Nonqualified Nonrecourse Financing
55 Less Historic Tax Credit 0
56 TOTAL ELIGIBLE BASIS 6,270,066 0 6,270,066
57 Applicable Fraction (percentage of LI Units) 100.00% 100% 100%

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58 Basis Before Boost 6,270,066 0 6,270,066
59 Basis Boost of up to 130% 100.00% 110.00%
60 TOTAL QUALIFIED BASIS 6,897,073 0 6,897,073
61 Tax Credit Rate 3.50 9.00
62 Federal Tax Credits (maximum $1,300,000) 620,737 0 620,737
63 Federal Tax Credits Requested (if less than line 62) 0
64 Land Cost 202,300
65 TOTAL REPLACEMENT COST 6,885,001
FEDERAL TAX CREDITS IF AWARDED 620,737
Comments:
Project Development Cost per unit 55,000

Print - APP09-0070
Market Study Information

Please provide a detailed description of the proposed project:
Sara Place will offer 56 single story residential units developed in 10 traditionally styled buildings in
Craftsman style architecture. There will be a substantial amount of brick used on each apartment while also
utilizing vinyl or hardiplank for the exteriors. Each unit will be provided with range, refrigerator, dishwasher,
heating and air conditioning equipment and laundry hook-ups. A beautiful, well designed 2600 square foot
community building will be near the entrance of the property which will house the manager's office and offer
indoor/ outdoor sitting areas, multi-purpose room, resident computer center and laundry facilities.
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:
Churchview Place
2302 Old Chapman Street
Greensboro, NC 27403
(just starting construction)
Rankin King Farm

3216 Summit Avenue
Greensboro, NC 27405
(85% completion of construction)
Site Amenities:
As cited above, Sara Place will have an attractive Community Building with onsite manager's office, indoor/
outdoor sitting areas, a multi-purpose recreational room, computer center and coin operated laundry
facilities.
Onsite Activities:
A variety of resident service programs will be conducted by our staff at Sara Place. The multi-purpose
recreational room will be an ideal area for these activities which would include, Holiday parties, socials,
educational programs and many other events that our residents might want to take part in. Beacon employs
a full-time resident service coordinator who is dedicated to providing these services at our properties.

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Landscaping Plans:
Extensive landscaping will be done and kept up on the property to allow our residents full enjoyment of their
surroundings.
Interior Apartment Amenities:

Apartment interiors will include range, hood, dishwasher, refrigerator, exterior storage, washer/dryer hook-
ups, ceiling fans, carpeting, vinyl flooring and heat pump.
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 7.42 acre tract is located in a predominately residential neighborhood in Reidsville, NC with close
proximity to commerce. The site is located just off of Vance Street, allowing for easy access to a variety of
services and major thruways. The town of Reidsville offers a quiet residential atmosphere.
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. Land use pattern is substantially residential in character with
apartments and single family homes surrounding the subject property. However Sara Place will enjoy the
convenience of a variety of commercial activity and highways in close propinquity.
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 property is well located with no known adverse conditions. Commercial
and other services are accessible via pedestrian traffic and automobiles. Sara Place enjoys convenient
ingress and egress from Vance Street.
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).
Rear of the property falls slightly below grade and therefore a pump station would be required. Please see
topographical information enclosed in application.
Similarity of scale and aesthetics/architecture between project and surroundings.

Sara Place is being developed with a handsome Craftsman style architecture which is compatible with the
surrounding residential areas and fits well with the town itself.
For each applicable neighborhood feature, enter distance from project in miles.

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.3 Grocery Store 2. Community/Senior Center
1.7 Mall/Strip Center 1.3 Hospital
2 Outdoor Athletic .2 Pharmacy

Fields
.1 Day Care/After .4 Basic Health Care

School
1.4 Public Transportation

Schools
Stop
.3 Convenience Store 1.1 Public Parks
.3 Gas Station 1.5 Library
Other facilities or services:

Bank - .3
Public Golf Course - 2.6
Churches - .2
Restaurants - .2
Dentist - 1.0
Storage Facilities - .4
Department Store - .7

Print - APP09-0070
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 - APP09-0070

Print Preview - Preliminary

City: Reidsville County: Rockingham Zip: 27320

Census Tract: 415 Block Group: 1

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

Political Jurisdiction: City of Reidsville

Jurisdiction City: Reidsville Zip: 27320

Jurisdiction Phone: (336)349-1090

Site Latitude: 36.352834

Site Longitude: -79.689841

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: 27401

Alt Phone: (336)337-5001

Email Address: sjones@beacon-nc.com

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Total Site Acreage: 7.42 Total Buildable Acreage: 7.42

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: 202,300

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Is multifamily use permitted?Yes

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Owner Name: Sara Place Limited Partnership

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

Org: Beacon Management Corporation

Phone: (336)282-6000 Fax: (336)545-9004

EMail: sjones@beacon-nc.com Nonprofit: No

Org: Carr-Theismann, LLC

Phone: (336)282-6000 Fax: (336)545-9004

EMail: sjones@beacon-nc.com Nonprofit: No

Org: Carr-Smith, LLC

Phone: (336)282-6000 Fax: (336)545-9004

EMail: sjones@beacon-nc.com Nonprofit: No

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Low Income Units

Total # Monthly Utility Mandatory **Total

Gdn Apt 1 700 20 2 389 55 0 444

Gdn Apt 1 700 20 2 478 55 0 533

Gdn Apt 2 900 8 1 464 70 0 534

Gdn Apt 2 900 8 1 571 70 0 641

Utilities included in rents: Water/Sewer Electric Gas Other

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....... 56 6 25620

Proposed number of residential buildings: 10 Maximum number of stories in buildings: 1