West More

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Print Preview - Preliminary

Application
Tax Credits, RPP Loans, and/or Tax Exempt Bond Loans
Project Description
Project Name: Westmore
Address: Westmore Drive
City: Asheville County: Buncombe Zip: 28806
Census Tract: 13 Block Group: 1019
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 Asheville

First:Terry Last:
Jurisdiction CEO Name: Title: Mayor
Bellamy
Jurisdiction Address: P.O. Box 7148
Jurisdiction City: Asheville Zip: 28802
Jurisdiction Phone: (828)259-5600
Site Latitude: 35.580818
Site Longitude: -82.622704
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: Mountain Housing Opportunities, Inc.
Address: 64 Clingman Avenue, Suite 101
City: Asheville State: NC Zip: 28801

Contact: First: Rich Last:Olejniczak Title:Rental Dev. Officer
Telephone: (828)254-4030
Alt Phone:
Fax: (828)254-0120
Email Address: rich@mtnhousing.com

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

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Site Description
Total Site Acreage: 5 Total Buildable Acreage: 5

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 access road is existing and paved, but has not officially been turned over to the City yet. The road was
designed to City standards and we expect it to be turned over by construction completion.
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: 9/17/2009
(D) Enter Purchase Price: 425,000

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Zoning
Present zoning classification of the site:RM-16 and CI
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:
We plan on combining the two zoning classifications under one, RM-16, so the site will not be split zoned.
This will require a conditional zoning process. This should be accomplished by April.
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: Westmore Apartments, LLC

City: Asheville State:NC Zip: 28801
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? Yes
Is the applicant requesting that the Agency treat the application as CHDO sponsored? Yes
List all general partners, members,and principals. Specify nonprofit corporate general partners or members.
Click [Add] to add additional partners, members, and principals.
Org: Mountain Housing Opportunities, Inc.

First Name: Scott Last Name: Dedman Function: Managing Member
City: Asheville State: NC Zip: 28801
Phone: (828)254-4030 Fax: (828)254-0120
EMail: scott@mtnhousing.org Nonprofit: Yes

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Unit Mix
The Median Income for Buncombe county is $55,700.
Low Income Units
Total # Monthly Utility Mandatory **Total

Type # BRs Net Sq.Ft. # Units Units Rent Allowance Serv. Fees Housing Exp.
Gdn Apt 1 660 3 1 227 68 0 295
Gdn Apt 1 660 3 0 326 68 0 394
Gdn Apt 1 660 7 1 497 68 0 565
Gdn Apt 2 900 9 2 264 91 0 355
Gdn Apt 2 900 9 2 382 91 0 473
Gdn Apt 2 900 19 0 527 91 0 618
Gdn Apt 3 1100 5 1 306 103 0 409
Gdn Apt 3 1100 5 0 443 103 0 546
Gdn Apt 3 1100 10 0 615 103 0 718
Gdn Apt 4 1250 1 1 342 114 0 456
Gdn Apt 4 1250 1 0 495 114 0 609
Utilities included in rents: Water/Sewer Electric Gas Other
Employee Units (will add to Low Income Unit total)

Market Rate Units

Statistics

Print - APP09-0077
All Gross Monthly

Units Units Rental Income
Low Income....... 72 8 31697
Market Rate.......
Totals............... 72 8 31697
Proposed number of residential buildings: 7 Maximum number of stories in buildings: 3
Project Includes:
Separate community building - Sq. Ft. (Floor Area):
Community space within residential bulding(s) - Sq. Ft. (Floor Area):

1,100
Elevators - Number of Elevators:
Square Footage Information
Gross Floor Square Footage: 74,000
Total Net Sq. Ft. (All Heated Areas): 67,480
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: 8
Number of Units Required: 8

Persons with disabilities or homeless populations.
Number of Units: 8
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 3 targeted at 30 percent of median income affordable to/occupied by
Total Low Income Units: 72
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 916,067 ✔ 2.00 20 20
Local Gov. Loan - Specify:
RD 515 Loan
RD 538 Loan - Specify:
AHP Loan
Other Loan 1 - Specify:

250,000 ✔ 2.00 20 20
MHO Loan
470,000 ✔ 2.00 30 30
City Housing Trust Fund
Tax Exempt Bonds
State Tax Credit(Loan) 709,768 0 30 30 0
State Tax Credit(Direct Refund)
Equity: Federal LIHTC 5,812,422
Non-Repayable Grant
Equity: Historic Tax Credits
Deferred Developer Fees
Owner Investment 100
Other - Specify:
Total Sources** 8,158,357
* "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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Loans with Variable Amortization

Please fill in the annual debt service as applicable for the first 20 years of the project life.
RPP Loan
Year: 1 2 3 4 5 6 7 8 9 10
Amt: 35418 34671 33863 32991 32055 31049 29972 28821 27591 26281
Year: 11 12 13 14 15 16 17 18 19 20
Amt: 24886 23403 21828 20158 18389 16516 14535 12442 10233 7902
Other Loan 1 - MHO Loan
Year: 1 2 3 4 5 6 7 8 9 10
Amt: 9487 9287 9070 8837 8586 8317 8028 7720 7390 7039
Year: 11 12 13 14 15 16 17 18 19 20
Amt: 6666 6269 5847 5399 4926 4424 3893 3333 2741 2117
Other Loan 2 - City Housing Trust Fund
Year: 1 2 3 4 5 6 7 8 9 10
Amt: 18342 17954 17536 17085 16600 16079 15521 14925 14288 13610
Year: 11 12 13 14 15 16 17 18 19 20
Amt: 12887 12119 11304 10439 9523 8553 7527 6443 5299 4092

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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 700,000 400,000
4 Rehabilitation
5 Construction of New Building(s) 4,317,984 4,317,984
6 Accessory Building(s)
7 General Requirements (max 6% lines 2-6) 301,079 301,079
8 Contractor Overhead (max 2% lines 2-7) 106,381 106,381
9 Contractor Profit (max 8% lines 2-7; 6% if Identity of Interest) 425,525 425,525
10 Construction Contingency (max 5% lines 2-9, Rehabs 10%) 292,548 292,548
11 Architect's Fee - Design (11 + 12 = max 3% lines 2-10) 140,000 140,000
12 Architect's Fee - Inspection 35,000 35,000
13 Engineering Costs 30,000 30,000
SUBTOTAL (lines 1 through 13) 6,348,517
14 Construction Insurance (prorate) 1,065 1,065
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 50,000 50,000
20 Survey 12,000 12,000
21 Property Appraisal 4,500 4,500
22 Environmental Report 3,000 3,000
23 Market Study 4,300 4,300
24 Bond Costs
25 Bond Issuance Costs
26 Placement Fee
27 Permanent Loan Origination Fee
28 Permanent Loan Credit Enhancement

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29 Title and Recording 5,000
SUBTOTAL (lines 14 through 29) 207,365
30 Real Estate Attorney 11,000 11,000
31 Other Attorney's Fees 24,000 24,000
32 Tax Credit Application Fees (Preliminary and Full) 2,300
33 Tax Credit Allocation Fee (0.62% of line 60, minimum $7,500) 56,844
34 Cost Certification / Accounting Fees 6,500 6,500
35 Tax Opinion
36 Organizational (Partnership) 10,000
37 Tax Credit Monitoring Fee 50,400
38 Furnishings and Equipment 16,000 16,000
39 Relocation Expense
40 Developer's Fee 756,000 756,000
41 Additional Contigency (greater of $500/unit or $30,000) 36,000 36,000
42 Other Basis Expense (specify) Soil Testing 7,300 7,300
43 Other Basis Expense (specify) Fees Permits 1,000 1,000
44 Rent-up Expense 21,600
45 Other Non-basis Expense (specify)
46 Other Non-basis Expense (specify)
47 Rent up Reserve 21,600
48 Operating Reserve 156,931
49 Other Reserve (specify)
50 Other Reserve (specify)
51 DEVELOPMENT COST (lines 1-49) 7,733,357 0 7,097,682
52 Less Federally Funded Grant
53 Less Disproportionate Standard
54 Less Nonqualified Nonrecourse Financing
55 Less Historic Tax Credit 0
56 TOTAL ELIGIBLE BASIS 7,097,682 0 7,097,682
57 Applicable Fraction (percentage of LI Units) 100.00% 100% 100%

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58 Basis Before Boost 7,097,682 0 7,097,682
59 Basis Boost of up to 130% 100.00% 130.00%
60 TOTAL QUALIFIED BASIS 9,226,987 0 9,226,987
61 Tax Credit Rate 3.50 9.00
62 Federal Tax Credits (maximum $1,300,000) 830,429 0 830,429
63 Federal Tax Credits Requested (if less than line 62) 0
64 Land Cost 425,000
65 TOTAL REPLACEMENT COST 8,158,357
FEDERAL TAX CREDITS IF AWARDED 830,429
Comments:
Project Development Cost per unit 59,972

Print - APP09-0077
Market Study Information

Please provide a detailed description of the proposed project:
Westmore will be built as a 72 unit apartment complex in seven buildings over five acres. Office and
community space will be reserved in one of the buildings. The development will have a mix of 1,2,3, and 4
bedroom units. The site is less than a mile from Patton Avenue which is one of the busiest local roads in
Asheville, and has access to employment, shopping and services. Landscaping will be comprised of native
trees and shrubs and will be generously budgeted. The buildings will be attractively designed to resemble
higher end apartment home communities. The apartments will offer a similar layout, design, and amentities
of market rate units.
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:
Instead of brick veneer, we would like to use attractive stone veneer which will resemble classic stone
construction, which fits very well with the Asheville area character. We would also like to add Juliet
balconies to the current plans.
Have you built other tax credit developments that use the same building design as this project?Yes
If yes, please provide name and address:
Northpoint Commons I and II
44 Reynolds Mountain Boulevard
Asheville, NC 28804
Site Amenities:
The site will have the four required amentities including a playground, resident computer center, covered
picnic area, and three outdoor sitting areas. In addition we will include a tot lot, gazebo, and some raised
garden plots.
Onsite Activities:
Various on-site activities will occur at Westmore including a computer learning center, holiday celebrations,
community service referrals, library, and informational speakers.

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Landscaping Plans:
Landscaping will be comprised of native trees and shrubs and will be generously budgeted. Asheville has
very hearty landscaping and screening requirements in its zoning ordinances.
Interior Apartment Amenities:

Typical interior amentities will include a refrigerator, range with a hood, stove, diswasher (most will be
energy star appliances), ceiling fans, storage, pantries, washer/dryer hook-ups, miniblinds, and central heat.
The amentities will be comensurate with most market rate units.
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 west side of Asheville has been under heavy development for the past 5 years. There are new single
family and multifamily developments recently completed or in progress throughout the whole area.
However, most of the developments are unaffordable for our target median incomes. The development will
be located adjacent to a modest single family development. There is other affordable rental housing in the
area, but it has income targeting lower than most tax credit units. MB Haynes Corporation, one of
Asheville’s largest employers, is located less than one mile from Westmore and employs almost 500 skilled
people in eight companies beneath one roof. MB Haynes has been in operation since 1921 and provides
excellent benefits for its employees who work in their general contracting, utility installation, electrical, and
plumbing companies, all located on Deaverview Road.
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 surrounding area is a good mix of single family, multifamily,
commerical, and industrial enterprises. Businesses and services such as groceries, churches, pharmacies,
restaurants, are close by on Patton Avenue and Haywood Road. There should be very little undesirable
effects from the surrounding properties because most of the land is being developed as residential or
commercial, regardless of its zoning. There are great employment opportunities close to the site.
SITE SUITABILITY
Adequate traffic safety controls (i.e. stop lights, speed limits, turn lanes). Burden on public facilities
(particularly roads). Access to mass transit (if applicable). Visibility of buildings and/or location of project sign
(s) in relation to traffic corridors. The bus stop is just 1000 feet from our site at the corner of Deaverview and
Westmore Drive. The volume of traffic on Deaverview is pretty low and should be able to handle the capacity
of 72 additional units. There should be no need for additional traffic controls.
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).
As with most sites in Asheville, the site has some topographical challenges which will be overcome with site
grading and good site planning. The commerical industrial property adjacent to the site currently has single
family units occupying the land, and it is anticipated that it will remain residential and/or commerical for
future uses. We are optioning our current piece of land from this adjacent property owner, and it is likely if
this development is successful, we will be purchasing additional acreage from this property owner.
Similarity of scale and aesthetics/architecture between project and surroundings.

Westmore is compatible in use, scale and aesthetics of the area. Our excellent design features (rock
veneer, broken roof lines, gables, etc.) should please our single family neighbors. Our extensive
landscaping should provide some natural buffers to give our tenants a sense of privacy.

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For each applicable neighborhood feature, enter distance from project in miles.
1 Grocery Store 1 Community/Senior Center
1 Mall/Strip Center 5 Hospital
3.5 Outdoor Athletic 1 Pharmacy

Fields
.75 Day Care/After 1 Basic Health Care

School
0.1 Public Transportation

.75 Schools
Stop
1 Convenience Store .25 Public Parks
1 Gas Station 1 Library
Other facilities or services:

Just about any commercial service you need on the westside of Asheville is within one mile, along Patton
Avenue or Haywood Road.

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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 - APP09-0077

Print Preview - Preliminary

City: Asheville County: Buncombe Zip: 28806

Census Tract: 13 Block Group: 1019

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

Political Jurisdiction: City of Asheville

Jurisdiction City: Asheville Zip: 28802

Jurisdiction Phone: (828)259-5600

Site Latitude: 35.580818

Site Longitude: -82.622704

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: Asheville State: NC Zip: 28801

Email Address: rich@mtnhousing.com

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Total Site Acreage: 5 Total Buildable Acreage: 5

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?

Is the site directly accessed by an existing, paved, publicly maintained road? No

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Purchase Date: Purchase Price:

(D) Enter Purchase Price: 425,000

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Is multifamily use permitted?Yes

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Owner Name: Westmore Apartments, LLC

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

Org: Mountain Housing Opportunities, Inc.

Phone: (828)254-4030 Fax: (828)254-0120

EMail: scott@mtnhousing.org Nonprofit: Yes

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Low Income Units

Total # Monthly Utility Mandatory **Total

Gdn Apt 1 660 3 1 227 68 0 295

Gdn Apt 1 660 3 0 326 68 0 394

Gdn Apt 1 660 7 1 497 68 0 565

Gdn Apt 2 900 9 2 264 91 0 355

Gdn Apt 2 900 9 2 382 91 0 473

Gdn Apt 2 900 19 0 527 91 0 618

Gdn Apt 3 1100 5 1 306 103 0 409

Gdn Apt 3 1100 5 0 443 103 0 546

Gdn Apt 3 1100 10 0 615 103 0 718

Gdn Apt 4 1250 1 1 342 114 0 456

Gdn Apt 4 1250 1 0 495 114 0 609

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

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All Gross Monthly

Low Income....... 72 8 31697