Richland Hills

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Print Preview - Preliminary

Application
Tax Credits, RPP Loans, and/or Tax Exempt Bond Loans
Project Description
Project Name: Richland Hills of Waynesville
Address: Assembly Street
City: Waynesville County: Haywood Zip: 28786
Census Tract: 9810 Block Group: 2
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 Waynesville

First:Gavin Last:
Jurisdiction CEO Name: Title: Mayor
Brown
Jurisdiction Address: PO Box 100
Jurisdiction City: Waynesville Zip: 28786
Jurisdiction Phone: (828)452-2491
Site Latitude: 35.4932
Site Longitude: -82.9813
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
https://www.nchfa.org/Rental/RTCApp/(S(vsc05hbmb...FFFF0C751E&SNID=458DD4009DF44F618919C6E642B8533B (1 of 22)4/8/2009 1:22:22 PM

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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: VIA Community Network, Inc./Mountain Housing Opportunities, Inc.
Address: 64 Clingman Avenue, Suite 101
City: Asheville State: NC Zip: 28801

Contact: First: James Last:Dennis Title:Rental Development Officer
Telephone: (828)254-4030
Alt Phone:
Fax: (828)254-0120
Email Address: james@mtnhousing.org

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

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Site Description
Total Site Acreage: 4.1 Total Buildable Acreage: 4.1

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: 07/06/2009
(D) Enter Purchase Price: 950,000

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Zoning
Present zoning classification of the site:East Waynesville Neighborhood District (EW-ND)
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:
The site is located in the Town of Waynesville. It is zoned East Waynesville Neighborhood District (EW-ND)
which permits a residential density of 16 units per acre. Town of Waynesville land use development
guidelines require a conditional use permit for developments of 20 dwelling units or more. The conditional
use permit application will be submitted in January 2009 and the permit will be issued no later than April 30,
2009.
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: Richland Hills of Waynesville, 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: VIA Community Network, Inc.

First Name: John Last Name: Jonas Function: Managing Member
Address: 101 Challedon Drive
City: Candler State: NC Zip: 28715
Phone: (828)667-4400 Fax: (828)665-1645
EMail: john_jonas@msn.com Nonprofit: Yes
Org: Mountain Housing Opportunities, Inc.

First Name: Scott Last Name: Dedman Function: 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 Haywood 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 1 660 10 1 286 75 0 361
Gdn Apt 1 660 14 2 376 75 0 451
Gdn Apt 1 660 16 2 419 75 0 494
Gdn Apt 2 900 6 1 331 102 0 433
Gdn Apt 2 900 10 1 439 102 0 541
Gdn Apt 2 900 8 1 515 102 0 617
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....... 64 8 25324
Market Rate.......
Totals............... 64 8 25324
Proposed number of residential buildings: 1 Maximum number of stories in buildings: 3
Project Includes:
Separate community building - Sq. Ft. (Floor Area):

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

6,182
Elevators - Number of Elevators: 2
Square Footage Information
Gross Floor Square Footage: 71,177
Total Net Sq. Ft. (All Heated Areas): 67,908
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: 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 10 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 840,716 ✔ 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) 1,836,329 0 30 30 0
State Tax Credit(Direct Refund)
Equity: Federal LIHTC 5,618,605
Non-Repayable Grant
Equity: Historic Tax Credits
Deferred Developer Fees
Owner Investment
Other - Specify:
Total Sources** 8,295,650
* "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. 68
Remarks concerning project funding sources:

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

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RPP Loan: Payments for the RPP loan calculated to allow a debt coverage ratio of 1.15 for each year
of operation.
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: 51840 50798 49671 48454 47143 45734 44224 42607 40879 39036
11 12 13 14 15 16 17 18 19 20
Year:
Amt: 37072 34982 32762 30405 27907 25260 22460 19500 16372 13072

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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 250,000 250,000
4 Rehabilitation
5 Construction of New Building(s) 4,540,000 4,540,000
6 Accessory Building(s)
7 General Requirements (max 6% lines 2-6) 287,400 287,400
8 Contractor Overhead (max 2% lines 2-7) 101,548 101,548
9 Contractor Profit (max 8% lines 2-7; 6% if Identity of Interest) 304,644 304,644
10 Construction Contingency (max 5% lines 2-9, Rehabs 10%) 274,180 274,180
11 Architect's Fee - Design (11 + 12 = max 3% lines 2-10) 144,000 144,000
12 Architect's Fee - Inspection 28,732 28,732
13 Engineering Costs 26,000 26,000
SUBTOTAL (lines 1 through 13) 5,956,504
14 Construction Insurance (prorate) 1,200 1,200
15 Construction Loan Orig. Fee (prorate) 30,000 30,000
16 Construction Loan Interest (prorate) 125,000 125,000
17 Construction Loan Credit Enhancement (prorate)
18 Construction Period Taxes (prorate) 3,500 3,500
19 Water, Sewer and Impact Fees 38,600 38,600
20 Survey 9,500 9,500
21 Property Appraisal 4,500 4,500
22 Environmental Report 2,000 2,000
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
SUBTOTAL (lines 14 through 29) 218,600
30 Real Estate Attorney 15,000 15,000
31 Other Attorney's Fees 12,500 12,500
32 Tax Credit Application Fees (Preliminary and Full) 2,300
33 Tax Credit Allocation Fee (0.62% of line 60, minimum $7,500) 56,926
34 Cost Certification / Accounting Fees 6,200 6,200
35 Tax Opinion 2,500
36 Organizational (Partnership) 500
37 Tax Credit Monitoring Fee 44,800
38 Furnishings and Equipment 150,000 150,000
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 (specify)
43 Other Basis Expense (specify)
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 137,420
49 Other Reserve (specify)
50 Other Reserve (specify)
51 DEVELOPMENT COST (lines 1-49) 7,345,650 0 7,062,804
52 Less Federally Funded Grant
53 Less Disproportionate Standard
54 Less Nonqualified Nonrecourse Financing
55 Less Historic Tax Credit 0
56 TOTAL ELIGIBLE BASIS 7,062,804 0 7,062,804
57 Applicable Fraction (percentage of LI Units) 100.00% 100% 100%

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58 Basis Before Boost 7,062,804 0 7,062,804
59 Basis Boost of up to 130% 100.00% 130.00%
60 TOTAL QUALIFIED BASIS 9,181,645 0 9,181,645
61 Tax Credit Rate 3.50 9.00
62 Federal Tax Credits (maximum $1,300,000) 826,348 0 826,348
63 Federal Tax Credits Requested (if less than line 62) 0
64 Land Cost 950,000
65 TOTAL REPLACEMENT COST 8,295,650
FEDERAL TAX CREDITS IF AWARDED 826,348
Comments:
Project Development Cost per unit 70,938

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Market Study Information

Please provide a detailed description of the proposed project:
Richland Hills of Waynesville will be a 64-unit senior apartment community located in the Town of
Waynesville. The primary goals of the development are to provide attractive, well-managed apartment
homes for low-income seniors and to provide the supportive services that enhance their ability to live
independently.
The site is located on the eastern edge of downtown Waynesville. It is 4.1 acres of relatively flat land in an
otherwise mountainous area. Assembly Street, the road on which the proposed site sits, is connected
directly to Main Street. Within a half mile drive, residents can access businesses and services in the
downtown and Russ Avenue corridors. Numerous restaurants, grocery stores, shopping centers, gas
stations, health care providers, and other professional services are available.
The development will consist of one- and two-bedroom units in a single L-shaped structure. The building will
have three stories with residential units designed around a central entry. The apartments will be accessed
by double-loaded corridors along each arm of the building. All common spaces will be “visitable” by persons
with a mobility impairment. The building will meet Energy Star standards as defined by NCHFA.
The individual units will be furnished with a dishwasher, electric range and hood, refrigerators, washer and
dryer, and ceiling fans. A large pantry and cabinetry with mid-grade wood veneer will contain sufficient
space for storage. The bathrooms in each unit will contain a walk-in shower and blocking for the addition of
grab bars. Eight units will be fully handicap accessible. All other units will be convertible to complete
handicap accessibility with a minimum of man-hours. Each unit will have cable pre-wired in the living room
and bedrooms.
The common areas will include a multi-purpose room with a kitchen and appliances, a traditional living room
with big-screen television, a computer center with high-speed internet, and a fitness center containing
aerobic and anaerobic exercise equipment. Finally, a game area will be provided with tables, chairs, board
games and a pool table.
Supportive services will be established to promote independent living and wellness. This goal will be
primarily accomplished by connecting residents to community services and resources. In addition to referral
services, plans include regularly scheduled health clinics, community socials and topic-oriented programs.
Meeting and office spaces will be available to service providers in order to bring programs to the site.
Assuming the development is funded, construction should begin late in 2009. Construction completion is
expected by December 2010 with 100% lease up to follow in mid-2011.
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:
While the partners associated with this development have not built the same building being proposed, it will
be similar in design and construction to the Laurels of Lake Junaluska. The same architect, Martin Riley
Associates, will design Richland Hills of Waynesville.
Have you built other tax credit developments that use the same building design as this project?No
If yes, please provide name and address:

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Site Amenities:
The development will include all mandatory amenities as well as two additional amenities. These include 1)
indoor/outdoor sitting areas, 2) a multi-purpose room, 3) a resident computer center, 4) tenant storage
areas, 5) a covered drive-thru/drop-off, and 6) a fitness center. The multi-purpose room will include a variety
of activity centers such as a movie screen and projector, game tables, general sitting, and meeting space. A
kitchen in the multi-purpose room will promote covered-dish dinners and banquets. In addition, the
development will provide a gazebo in the garden area.
Onsite Activities:
Onsite activities will include community events such as movie nights, seasonal parties, and topic-oriented
discussions. Area agencies will be invited to provide referral and information sessions. The site manager
will be well-versed in community resources that can enhance residents lives. Plans include regularly
scheduled health clinics to promote safety and wellness through screenings, education and awareness, and
physical activity.
Landscaping Plans:
The landscape plan will include plants and trees native to the mountains of North Carolina. It will include a
mix of deciduous shade trees and evergreens. Appropriate foundation plantings and trees will soften the
general surroundings of the new structure. Where permitted, parking lot areas will include shade trees.
Finally, perimeter landscaping will be installed to create a natural buffer between the development and
surrounding land uses.
Interior Apartment Amenities:

Individual units will include the following appliances: ceiling fans, dishwashers, ranges and rangehoods,
washers and dryers, and refrigerators. Other features will include walk-in closets, walk-in showers, and
durable attractive finishes equal to most market rate apartment communities.
Do you plan to submit additional market data (market study, etc.) that you want considered? Yes
If yes, please make sure to include the additional information in your pre-application packet.

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Applicant's Site Evaluation

Briefly describe your site in each of the following categories:
NEIGHBORHOOD CHARACTERISTICS
Trend and direction of real estate development and area economic health. Physical condition of buildings and
improvements in the immediate vicinity. Concentration of affordable housing.
The trend and direction of real estate development in Waynesville is very positive. Construction and
development continues even with changes in the economy. Waynesville, being a tourist destination, has a
very well maintained appearance throughout the downtown and surrounding neighborhoods.
According to Waynesville Planning Director Mr. Paul Benson, building permits in 2008 continued to increase
over the previous 12 months. Also in 2008, a new super Walmart has completed construction at the old
Dayco Manufacturing site. A Best Buy and an adjacent strip mall with four tenants are currently under
construction and scheduled to be completed in 2009. The new Walmart and shopping center is located
approximately two miles from the site.
The Town of Waynesville completed construction on a new fire station in 2008 and a new City Hall is
currently under construction.
The areas bordering the site are stable and the surrounding land use makes it an excellent site for
affordable senior housing. North of the site is a senior care facility, the Brian Center, which offers a good
buffer between the main downtown business area and the development site. The site is wrapped to the
east, west, and south by single family neighborhoods. With an existing multifamily zoning, Richland Hills is
well positioned and the pattern of development around it follows the traditional planning pattern of
commercial phasing into multifamily and then phasing into single family. Homes in the immediate
neighborhood are well maintained and stable. There is no other affordable housing in the neighborhood or
immediate surrounding area.
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 land use pattern surrounding Richland Hills is primarily single
family residential. The site is not isolated. In fact, it is within walking distance of downtown Waynesville and
within one-half mile of the major shopping district, the Russ Avenue corridor. Numerous restaurants, grocery
stores, shopping centers, gas stations, health care providers, and other professional services are available.
There are no large scale negative features in the vicinity of Richland Hills – no vacant undeveloped land,
power lines, railroad tracks, factories or any other type of incompatible use. The only institutional use nearby
is the Brian Center, which is considered a positive factor in that it is focused on senior citizens which is the
focus also of Richland Hills. In effect, residents of Richland Hills may be able to take advantage of the Brian
Center when they need additional care or rehabilitation services that cannot be provided in an independent
living environment.

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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 main entry street, Assembly Street, meets North Main Street to enter
the commercial areas of Waynesville. There is a traffic light at this location so it will be a safe exit and entry
to Richland Hills. Assembly Street itself is a wide and well marked street with plenty of room for vehicles to
maneuver. Richland Hills is zoned for multifamily use, has good street access, and will not pose a burden for
public facilities in the area. There is no mass transit in Waynesville but there is senior transportation available
through “Haywood Transit”, which is a public service that provides reduced fee and no fee transit for senior
citizens. Being rural western NC, we anticipate that most residents will own vehicles or will have access to
private transportation through nearby family members as this is the norm in our region. However, residents of
Richland Hills that do not own vehicles will be able to both walk to downtown Waynesville and/or use
Haywood Transit to shop, get to services, and access medical care. Regarding walk-ability, there is a section
of sidewalk already in place along Assembly Street leading to the intersection at North Main Street that could
easily be extended to the Richland Hills location and make walking to downtown even more convenient.
Richland Hills will be quite visible from downtown Waynesville and good signage locations are available for
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).
There are no on-site negative features. The site itself is level and graded and ready to be developed. We
will have adequate and safe parking. There are wonderful views from the Richland Hills site of both
downtown Waynesville as well as of nearby mountain ranges.
Similarity of scale and aesthetics/architecture between project and surroundings.

Neighboring properties to the east, west and south are single family so the scale of Richland Hills will be of
a larger scale than these neighborhoods. However, the Town of Waynesville has already designated the
Richland Hills site as multifamily zoning. Therefore this change in scale is to be expected as the
neighborhood transitions from commercial to single family. This type of transition is very normal and
acceptable in zoning areas where multifamily zoned sites are buffering commercial and single family
neighborhoods.
The architecture of Richland Hills will address the aesthetics of the surrounding neighborhood by including
architectural details and building materials that either mimic or reflect details in the surrounding architecture
of single family homes.
For each applicable neighborhood feature, enter distance from project in miles.
0.8 Grocery Store 3.5 Community/Senior Center
0.6 Mall/Strip Center 4.8 Hospital
0.8 Outdoor Athletic 1.1 Pharmacy

Fields
Day Care/After 2.1 Basic Health Care

School
0.0 Public Transportation

0.8 Schools
Stop
0.8 Convenience Store 0.2 Public Parks

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0.8 Gas Station 0.9 Library
Other facilities or services:

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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 - APP09-0099

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City: Waynesville County: Haywood Zip: 28786

Census Tract: 9810 Block Group: 2

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

Political Jurisdiction: Town of Waynesville

Jurisdiction City: Waynesville Zip: 28786

Jurisdiction Phone: (828)452-2491

Site Latitude: 35.4932

Site Longitude: -82.9813

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: Asheville State: NC Zip: 28801

Email Address: james@mtnhousing.org

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Total Site Acreage: 4.1 Total Buildable Acreage: 4.1

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: 950,000

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Is multifamily use permitted?Yes

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Owner Name: Richland Hills of Waynesville, LLC

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

Org: VIA Community Network, Inc.

Phone: (828)667-4400 Fax: (828)665-1645

EMail: john_jonas@msn.com Nonprofit: Yes

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 10 1 286 75 0 361

Gdn Apt 1 660 14 2 376 75 0 451

Gdn Apt 1 660 16 2 419 75 0 494

Gdn Apt 2 900 6 1 331 102 0 433

Gdn Apt 2 900 10 1 439 102 0 541

Gdn Apt 2 900 8 1 515 102 0 617

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....... 64 8 25324

Proposed number of residential buildings: 1 Maximum number of stories in buildings: 3

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