Scottish Glen II

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Print Preview - Preliminary

Application
Tax Credits, RPP Loans, and/or Tax Exempt Bond Loans
Project Description
Project Name: Scottish Glenn II Apartments
Address: Corner of Turnpike Road and West Blvd.
City: Laurinburg County: Scotland Zip: 28353
Census Tract: 101 Block Group: 6
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? No
Political Jurisdiction: City of Laurinburg

First:Matthew Last:
Jurisdiction CEO Name: Title: Mayor
Block
Jurisdiction Address: 615 S. Main Street
Jurisdiction City: Laurinburg Zip: 28352
Jurisdiction Phone: (910)276-8324
Site Latitude: 34.4536
Site Longitude: -79.2935
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? Yes
If yes, list names of previous phase(s): Scottish Glen Apartments

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: Opportunity Inc
Address: PO Box 1437
City: Laurinburg State: NC Zip: 28353

Contact: First: Nancy Last:Walker Title:Executive Director
Telephone: (910)276-2582
Alt Phone: (910)793-2850
Fax: (910)276-0100
Email Address: nwalker@lburgha.org

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

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Site Description
Total Site Acreage: 4.65 Total Buildable Acreage: 4.65

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?Yes
If yes, specify the relationship:
Seller is also the Principal
(c) Enter the current expiration date of the option/contract to purchase: 11/21/2009
(D) Enter Purchase Price: 139,200

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Zoning
Present zoning classification of the site:Office-Institutional
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:
A Conditional Use Permit was applied for on 12/3/08 and will go before the Planning Board on 1/13/09.
Once the planning board approves it will go to City Council on 1/20/09 to refer for a public hearing. Public
hearing vote will be 2/17/09. It is expected that a conditional use permit will be approved. Please see the
attached documentation asking for the conditional use permit under the Zoning Tab.
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: Scottish Glen II Apartments, LLC

City: Laurinburg State:NC Zip: 28353
Federal Tax ID Number of Ownership Entity: 00-0000000 (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? 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: Opportunity Incorporated

First Name: Nancy Last Name: Walker Function: Managing Member
City: Laurinburg State: NC Zip: 28353
Phone: (910)276-2582 Fax: (910)276-0100
EMail: nwalker@lburgha.org Nonprofit: Yes

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Unit Mix
The Median Income for Scotland 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 1 781 4 1 360 90 0 450
Gdn Apt 1 781 4 1 390 90 0 480
Gdn Apt 2 1021 8 1 430 110 0 540
Gdn Apt 2 1021 12 1 460 110 0 570
Gdn Apt 3 1180 4 1 495 130 0 625
Gdn Apt 3 1180 8 1 530 130 0 660
Utilities included in rents: Water/Sewer Electric Gas Other Trash Collection
Employee Units (will add to Low Income Unit total)

Utilities included in rents: Water/Sewer Electric Gas Other
Market Rate Units

Utilities included in rents: Water/Sewer Electric Gas Other
Statistics
All Gross Monthly

Units Units Rental Income
Low Income....... 40 6 18180
Market Rate.......
Totals............... 40 6 18180
Proposed number of residential buildings: 5 Maximum number of stories in buildings: 2
Project Includes:
Separate community building - Sq. Ft. (Floor Area): 1,149

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Community space within residential bulding(s) - Sq. Ft. (Floor Area):
Elevators - Number of Elevators:
Square Footage Information
Gross Floor Square Footage: 44,588
Total Net Sq. Ft. (All Heated Areas): 40,828
Indicate below any additional targeting for special populations proposed for this project:
Mobility impaired handicapped: 5% of units comply with QAP Section IV(F)(3) (in addition to the units required by other federal and
state codes.)
Number of Units: 4
Number of Units Required: 4
Persons with disabilities or homeless populations.
Number of Units: 4
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 4 targeted at 50 percent of median income affordable to/occupied by
Total Low Income Units: 40
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 437,567 ✔ 2.00 20 20
Local Gov. Loan - Specify:
RD 515 Loan
RD 538 Loan - Specify:
AHP Loan 350,000 2.00 30 30 15,524
Other Loan 1 - Specify:
Tax Exempt Bonds
State Tax Credit(Loan) 1,491,069 0 30 30 0
State Tax Credit(Direct Refund)
Equity: Federal LIHTC 3,130,932
Non-Repayable Grant
Equity: Historic Tax Credits
Deferred Developer Fees
Owner Investment
Other - Specify:
Total Sources** 5,409,568
* "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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FHLB AHP for $300,000
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: 27045 26545 25995 25393 24735 24020 23245 22408 21505 20535
11 12 13 14 15 16 17 18 19 20
Year:
Amt: 19494 18379 17187 15916 14561 13119 11588 9963 8240 6416

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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 717,400
4 Rehabilitation
5 Construction of New Building(s) 2,749,815
6 Accessory Building(s)
7 General Requirements (max 6% lines 2-6) 208,033
8 Contractor Overhead (max 2% lines 2-7) 73,505
9 Contractor Profit (max 8% lines 2-7; 6% if Identity of Interest) 220,515
10 Construction Contingency (max 5% lines 2-9, Rehabs 10%) 198,463
11 Architect's Fee - Design (11 + 12 = max 3% lines 2-10) 100,000
12 Architect's Fee - Inspection 25,032
13 Engineering Costs 25,000
SUBTOTAL (lines 1 through 13) 4,317,763
14 Construction Insurance (prorate) 5,000
15 Construction Loan Orig. Fee (prorate) 15,068
16 Construction Loan Interest (prorate) 85,000
17 Construction Loan Credit Enhancement (prorate)
18 Construction Period Taxes (prorate) 10,000
19 Water, Sewer and Impact Fees 50,000
20 Survey 8,500
21 Property Appraisal 5,000
22 Environmental Report 10,000
23 Market Study 5,400
24 Bond Costs
25 Bond Issuance Costs
26 Placement Fee
27 Permanent Loan Origination Fee 20,000
28 Permanent Loan Credit Enhancement

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29 Title and Recording 3,000
SUBTOTAL (lines 14 through 29) 216,968
30 Real Estate Attorney 22,500
31 Other Attorney's Fees 12,000
32 Tax Credit Application Fees (Preliminary and Full) 2,300
33 Tax Credit Allocation Fee (0.62% of line 60, minimum $7,500) 30,815
34 Cost Certification / Accounting Fees 10,000
35 Tax Opinion 1,500
36 Organizational (Partnership) 1,500
37 Tax Credit Monitoring Fee 28,000
38 Furnishings and Equipment 35,000
39 Relocation Expense
40 Developer's Fee 420,000
41 Additional Contigency (greater of $500/unit or $30,000)
42 Other Basis Expense: Energy Analysis 14,000
43 Other Basis Expense (specify)
44 Rent-up Expense 10,000
45 Other Non-basis Expense: permits 2,500
46 Other Non-basis Expense (specify)
47 Rent up Reserve 48,507
48 Operating Reserve 97,015
49 Other Reserve (specify)
50 Other Reserve (specify)
51 DEVELOPMENT COST (lines 1-49) 5,270,368 0 0
52 Less Federally Funded Grant
53 Less Disproportionate Standard
54 Less Nonqualified Nonrecourse Financing
55 Less Historic Tax Credit 0
56 TOTAL ELIGIBLE BASIS 0 0 0
57 Applicable Fraction (percentage of LI Units) 100.00% 100% 100%

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58 Basis Before Boost 0 0 0
59 Basis Boost of up to 130% 100.00% 100.00%
60 TOTAL QUALIFIED BASIS 0 0 0
61 Tax Credit Rate 3.50 9.00
62 Federal Tax Credits (maximum $1,300,000) 0 0 0
63 Federal Tax Credits Requested (if less than line 62) 0
64 Land Cost 139,200
65 TOTAL REPLACEMENT COST 5,409,568
FEDERAL TAX CREDITS IF AWARDED 0
Comments:
Project Development Cost per unit 68,745

Print - APP09-0006
Market Study Information

Please provide a detailed description of the proposed project:
Scottish Glen II Apartments will be a 40 unit family complex with a separate and spacious Community
Building. The Community Building will include an office/meeting room, laundry facilities, computer room,
large community room with kitchen and public restroom. The development will be a family self-sufficiency
model which will provide comprehensive support services. The units will be in 5 residential, 2-story
buildings. There will be 8 one-bedroom units with one bath, 20 two-bedroom with two baths and 12 three-
bedroom units with two baths. Each unit will have a kitchen with separate dining area, a living room and a
patio/balcony. The one bedrooms are 781 square feet, the two bedrooms are 1021 square feet and the
three bedrooms are 1180 square feet. The exterior will have two different colors of vinyl siding and brick
accents on a slab foundation. There will be 2 parking spaces per unit. There will be an on-site playground
area, a covered picnic shelter and grill, accessible raised bed garden area and sidewalks to connect each
buiding.
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:
Private Patio/Balconies included at each unit.
Have you built other tax credit developments that use the same building design as this project?Yes
If yes, please provide name and address:
Scottish Glen Apartments is located just north of the proposed Scottish Glen II Apartments and was funded
with Tax Credits in 2003.
Site Amenities:
On-site Playground, Picnic Area with Grill, On-site Leasing Office, Laundry Facilities, Accessible/Raised
Garden Beds, On-site Manager and Maintenance Person will be shared with Scottish Glen Apartments
(phase I) located next to proposed Scottish Glen II.
Onsite Activities:
Residents will be able to participate in a variety of activities at the community building. Residents will also
participate in the Family Self Sufficiency Program which offers an on-site case management worker, credit
and money management, assistance with job placement and supportive services and a 5 year plan to go
from assistance to independence.

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Landscaping Plans:
There will be extensive landscaping with shrubs along the foundations of all buildings and at various sitting
areas throughout the site. In addition to shrubs, there will be perennial flowers planted in front of the
community building. There will also be a raised flower/garden bed for handicap accessibility.
Interior Apartment Amenities:

All units will meet Energy Star requirements and will be handicap accessible. Four of the units will be fully
handicap accessible and 3 units will have roll in showers. Each unit will have a kitchen with separate dining
area, a living room, w/d hookups, storage and a patio/balcony. Flooring will be carpet and vinyl.
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 surrounding neighborhoods including Scottish Glenn and Greenfield Apartments are stable and
attractive. New subdivisions on Turnpike and X-Way Road add character to the neighborhood with their
neatly maintained exteriors. The Government Complex across the road on West Blvd. houses the Scotland
Co. Health Department, the Department of Social Services and Emergency Management Services. The
County offices on Turnpike Road offer a senior center and recreational activities for all ages through the
Parks and Recreation Facility. Included in the Parks and Recreation activities are organize sports programs,
water park, and organized community events such as bingo, exercise programs and festivals. The
government buildings, churches and other commercial buildings in the area are well-maintained and in good
condition. There is also a newly expanded Super Walmart 1/2 mile from site.
There are three affordable housing developments on Turnpike Road within 1/2 mile of the site. Spring
Chase Apartments, USDA, Greenfield Apartments,LIHTC and Scottish Glen LIHTC.
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. Existing neighborhood and surrounding land uses are very
compatible with the proposed Scottish Glenn II. There are residential neighborhoods to the west and north of
the site and recreational facilities, shopping and services south and east of the site. The site is centrally
located to all the schools in the area including St. Andrews College - all are less than 2 miles from the site.
The area offers job opportunity, planned recreational activities, daycare, transportation and home-ownership
within the neighborhood when the time is right. There are no incompatible land uses that would adversely
affect the value of the proposed development.
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 site will have 2 parking spaces per unit and a large enough area for an
easy entrance and exit to the development. The site is located at the intersection of Turnpike Rd and X-Way
Road, therefore a four way stop sign is next to the site. This helps keep traffic at a slower speed in front of
the site. Scotland Area Transit (SCAT) will stop at the proposed development and for $1.00 per person, one
can ride all day with stops at shopping areas, hospital, medical complexes and government offices that are
located nearby.
Degree of on-site negative features and physical barriers that will impede project construction or adversely
affect future tenants; for example: power transmission lines and towers, flood hazards, steep slopes, large
boulders, ravines, year-round streams, wetlands, and other similar features (for adaptive re-use projects-
suitability for residential use and difficulties posed by the building(s), such as limited parking, environmental
problems or the need for excessive demolition).
The site is relatively flat with little vegetation. The buildings will be scattered on the site with easy access to
the community building and residential buildings. Playground equipment will be placed in a central location
and there will be lots of open space for outdoor activities. Each unit will have a private porch/balcony area.
The development will provide a sense of security while also giving the residents privacy, yet access to the
amenities located on the site. There are no negative or physical barriers the will impede construction or
have an adverse affect on future tenants. There are no environmental problems at this site.

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

With several 2 story apartment complexes in the surrounding area, including Scottish Glenn and Greenfield
Apts., the proposed 2 story development will fit nicely in the neighborhood.
For each applicable neighborhood feature, enter distance from project in miles.
.4 Grocery Store .2 Community/Senior Center
.5 Mall/Strip Center 1.54 Hospital
.1 Outdoor Athletic .5 Pharmacy

Fields
.2 Day Care/After 1.54 Basic Health Care

School
.01 Public Transportation

1.5 Schools
Stop
.3 Convenience Store .2 Public Parks
.3 Gas Station 2.0 Library
Other facilities or services:

The site is centrally located to the Elementary, Middle and High Schools (all within 1.6 miles) and the local
college (1.83 miles). Please refer to the amenities map for these locations. There is a hospital, medical and
dental offices, urgent care and drug store all located 1.54 miles from the site. Shopping includes Super
Walmart, Big Lots, Harris Teeter, Lowes, and various other clothing and shopping facilities - all within 1 mile
of the site and is also on the area transit route from the site. The Scotland County Library is 2 miles from the
site.

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Preliminary App Checklist
The following enclosures must be submitted along with your signed preliminary application. Some enclosures are required only under
certain conditions. Please check each applicable item to indicate that you understand the enclosure requirements and will enclose the
correct supporting documentation with your application.
Fee Payment
Check in the amount of $5,450.00 made payable to North Carolina Housing Finance Agency.
Tab A - Preliminary Application
Printed, signed copy of preliminary application generated from online system.
B - Map/Driving Instructions
A local map clearly identifying the location of the Site and detailed directions to the Site. Current City or County maps are preferred
– internet maps and directions are not acceptable. Applicant must also provide a map identifying the amenities listed in section IV
(A)(1)(b)(ii) of the QAP and their proximity to the site.
Applicant must provide a sign and boundary markers to clearly identify the road frontage of the site. The sign identifying the site
should read “SITE” with a minimum size of 11x17.
C - Community Revitalization Plan
Applicant should provide a map identifying the subject site within the Plan area (if applicable).
D - Evidence of Site Control
Provide valid option/contract or warranty deed and plot plan.
E - Site Plans/Scope of Work
Preliminary site plan, floor plans and elevations for all projects, interior and exterior photographs and detailed scope of work for
Adaptive Reuse and Rehab projects. Site and floor plans should be no larger than 11x17 and must be produced by a licensed
architect or engineer.
F - Information Package for Market Analysts
This section must include copies of items required in Tabs A, B, E and G (site and floor plans should be no larger than 11x17) and
can include any additional market information such as preliminary market studies the applicant would like to provide to the
Analysts.
G - Rent Roll (Rehabs only)
Provide the current rent roll for the property and indicate which units (if any) are receiving rental assistance.
H - Documentation for Basis Boost
Applicant should provide an appraisal and/or standard geological survey to support a request for the basis boost (if applicable).

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Print - APP09-0006

Print Preview - Preliminary

City: Laurinburg County: Scotland Zip: 28353

Census Tract: 101 Block Group: 6

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

Political Jurisdiction: City of Laurinburg

Jurisdiction City: Laurinburg Zip: 28352

Jurisdiction Phone: (910)276-8324

Site Latitude: 34.4536

Site Longitude: -79.2935

Project Type: New Construction

Is this project a previously awarded tax credit

New Construction/Adaptive Reuse:

If yes, list names of previous phase(s): Scottish Glen Apartments

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: Laurinburg State: NC Zip: 28353

Alt Phone: (910)793-2850

Email Address: nwalker@lburgha.org

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Total Site Acreage: 4.65 Total Buildable Acreage: 4.65

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: 139,200

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Is multifamily use permitted?Yes

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Owner Name: Scottish Glen II Apartments, LLC

Federal Tax ID Number of Ownership Entity: 00-0000000 (If assigned)

Org: Opportunity Incorporated

Phone: (910)276-2582 Fax: (910)276-0100

EMail: nwalker@lburgha.org Nonprofit: Yes

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Low Income Units

Total # Monthly Utility Mandatory **Total

Gdn Apt 1 781 4 1 360 90 0 450

Gdn Apt 1 781 4 1 390 90 0 480

Gdn Apt 2 1021 8 1 430 110 0 540

Gdn Apt 2 1021 12 1 460 110 0 570

Gdn Apt 3 1180 4 1 495 130 0 625

Gdn Apt 3 1180 8 1 530 130 0 660

Utilities included in rents: Water/Sewer Electric Gas Other Trash Collection

Employee Units (will add to Low Income Unit total)

Total # Monthly Utility Mandatory **Total

Utilities included in rents: Water/Sewer Electric Gas Other

Market Rate Units

Total # Monthly Utility Mandatory **Total

Utilities included in rents: Water/Sewer Electric Gas Other

All Gross Monthly

Low Income....... 40 6 18180

Proposed number of residential buildings: 5 Maximum number of stories in buildings: 2

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