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Application
Tax Credits, RPP Loans, and/or Tax Exempt Bond Loans
Project Description
Project Name: Forsyth Court
Address: 6145 Shallowford Road
City: Lewisville County: Forsyth Zip: 27023
Census Tract: 40.08 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? No
Political Jurisdiction: Town of Lewisville

First:Dan Last:
Jurisdiction CEO Name: Title: Mayor
Pugh
Jurisdiction Address: 6550 Shallowford Road
Jurisdiction City: Lewisville Zip: 27023
Jurisdiction Phone: (336)945-5558
Site Latitude: 36.100198
Site Longitude: -80.410034
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: Blue 22 Development LLC
Address: 812 Berkeley Street
City: Durham State: NC Zip: 27705

Contact: First: Andy Last:Rosen Title:Managing Member
Telephone: (919)622-2293
Alt Phone:
Fax: (919)286-6070
Email Address: rosen@tcgdevelopment.com

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

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Site Description
Total Site Acreage: 10.67 Total Buildable Acreage: 4.71

If buildable acreage is less than total acreage, please explain:
The site does not have ample sewer capacity and per Winston-Salem Utility Dept. we must attain gravity
flow sewer and therefore cannot build at the bottom of the site. This leaves us with less acreage as a result.
Since the site is in an infill neighborhood using less land and a denser development fits in better with the
overall area.
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? Yes

If yes, please describe:
There is a single family home, small shed and separate studio building on site which will be demolished.
Are existing buildings on the site currently occupied? Yes

If yes:
(a) Briefly describe the situation:
There is a resident who sporadically lives in the home (it currently is vacant). The resident is related to the
owner and does not have a lease. The purchase option clearly states that the owner will have tenant moved
no later than 45 days prior to full closing. NCHFA has been notified of this and have confirmed (via email C.
Austin 12.2.08) that based on described scenario no URA requirements are triggered.
(b) Will tenant displacement be temporary? No

(c) Will tenant displacement be permanent? Yes
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: 12/31/2009
(D) Enter Purchase Price: 487,000

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Zoning
Present zoning classification of the site:C-1
Is multifamily use permitted?No
Are variances, special or conditional use permits or any other item requiring a public hearing needed to develop this proposal?Yes
If yes, have the hearings been completed and permits been obtained?No
If yes, specify permit or variance required and date obtained. If no, describe permits/variances required and schedule for
obtaining them:
Rezoning is required - numerous hearings are required including four town council briefings (full schedule
sent to NCHFA seeking extension - subsequently approved). Key dates include:
Technical Review - Feb 26
Planning Board Public Hearing - March 11
Town Council Consideration - May 14
Final Town Council Meeting - June 11
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: Forsyth Court LP

City: Durham State:NC Zip: 27705
Federal Tax ID Number of Ownership Entity: (If assigned)

Note: Do not submit social security numbers for individuals.
Entity Type: Limited Liability Company
Entity Status: To Be Formed
Is the applicant requesting that the Agency treat the application as Non-Profit sponsored? No
Is the applicant requesting that the Agency treat the application as CHDO sponsored? No
List all general partners, members,and principals. Specify nonprofit corporate general partners or members.
Click [Add] to add additional partners, members, and principals.
Org: TCG Lewisville LLC (c/o TCG Development Services LLC)

First Name: Peter Last Name: Behringer Function: Principal
Address: 8484 Georgia Avenue, Suite 620
City: Silver Spring State: MD Zip: 20910
Phone: (301)563-5562 Fax: (301)563-5560
EMail: behringer@tcgdevelopment.com Nonprofit: No
Org: Blue 22 Lewisville LLC (c/o Blue 22 Development LLC)

First Name: Andy Last Name: Rosen Function: Managing Member
City: Durham State: NC Zip: 27705
Phone: (919)622-2293 Fax: (919)286-6070
EMail: rosen@tcgdevelopment.com Nonprofit: No

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Unit Mix
The Median Income for Forsyth county is $59,700.
Low Income Units
Total # Monthly Utility Mandatory **Total

Type # BRs Net Sq.Ft. # Units Units Rent Allowance Serv. Fees Housing Exp.
Gdn Apt 2 969 14 3 272 120 0 392
Gdn Apt 2 969 10 3 530 120 0 650
Gdn Apt 2 969 32 2 660 120 0 780
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 8 30228
Market Rate.......
Totals............... 56 8 30228
Proposed number of residential buildings: 3 Maximum number of stories in buildings: 3
Project Includes:
Separate community building - Sq. Ft. (Floor Area): 1,235
Community space within residential bulding(s) - Sq. Ft. (Floor Area):
Elevators - Number of Elevators:

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Square Footage Information
Gross Floor Square Footage: 66,128
Total Net Sq. Ft. (All Heated Areas): 57,008
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: 0
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 %
2 14 targeted at 30 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 1,503,524 7.00 18 30 120,036
RPP Loan 840,000 ✔ 2.00 20 30
Local Gov. Loan - Specify:
RD 515 Loan
RD 538 Loan - Specify:
AHP Loan
Other Loan 1 - Specify:
Tax Exempt Bonds
State Tax Credit(Loan) 643,044 0 30 30 0
State Tax Credit(Direct Refund)
Equity: Federal LIHTC 4,224,374
Non-Repayable Grant
Equity: Historic Tax Credits
Deferred Developer Fees 68,745
Owner Investment
Other - Specify:
Total Sources** 7,279,687
* "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. 73
Remarks concerning project funding sources:

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

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Debt/equity provider has not been confirmed as yet but proforma has been sent to RBC, CAHEC and
others for review.
Development located in high income county and eligible for 10% state credit. RPP loan in the
allowable amount of $15,000/unit are also requested.
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: 500 1000 1500 2000 2500 3000 3500 4000 5000 5500
11 12 13 14 15 16 17 18 19 20
Year:
Amt: 6000 6000 6400 6500 6500 6400 6300 6100 5800 5400

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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 815,000 780,000
4 Rehabilitation
5 Construction of New Building(s) 3,304,000 3,304,000
6 Accessory Building(s) 250,000 250,000
7 General Requirements (max 6% lines 2-6) 262,140 262,140
8 Contractor Overhead (max 2% lines 2-7) 92,623 92,623
9 Contractor Profit (max 8% lines 2-7; 6% if Identity of Interest) 370,491 370,491
10 Construction Contingency (max 5% lines 2-9, Rehabs 10%) 254,713 254,713
11 Architect's Fee - Design (11 + 12 = max 3% lines 2-10) 85,000 85,000
12 Architect's Fee - Inspection 75,469 75,469
13 Engineering Costs
SUBTOTAL (lines 1 through 13) 5,509,436
14 Construction Insurance (prorate) 50,000 50,000
15 Construction Loan Orig. Fee (prorate) 14,600
16 Construction Loan Interest (prorate) 175,000 175,000
17 Construction Loan Credit Enhancement (prorate)
18 Construction Period Taxes (prorate)
19 Water, Sewer and Impact Fees 45,000 45,000
20 Survey 4,500 4,500
21 Property Appraisal 3,500 3,500
22 Environmental Report 6,000 6,000
23 Market Study 5,000 5,000
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 12,000
SUBTOTAL (lines 14 through 29) 315,600
30 Real Estate Attorney 35,000 35,000
31 Other Attorney's Fees 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) 39,869
34 Cost Certification / Accounting Fees 6,500 6,500
35 Tax Opinion 6,000
36 Organizational (Partnership) 5,000
37 Tax Credit Monitoring Fee 39,200
38 Furnishings and Equipment 7,500 7,500
39 Relocation Expense
40 Developer's Fee 588,000 588,000
41 Additional Contigency (greater of $500/unit or $30,000) 30,000 30,000
42 Other Basis Expense (specify)
43 Other Basis Expense (specify)
44 Rent-up Expense 15,000
45 Other Non-basis Expense (specify)
46 Other Non-basis Expense (specify)
47 Rent up Reserve 16,800
48 Operating Reserve 161,482
49 Other Reserve (specify)
50 Other Reserve (specify)
51 DEVELOPMENT COST (lines 1-49) 6,792,687 0 6,430,436
52 Less Federally Funded Grant
53 Less Disproportionate Standard
54 Less Nonqualified Nonrecourse Financing
55 Less Historic Tax Credit 0
56 TOTAL ELIGIBLE BASIS 6,430,436 0 6,430,436
57 Applicable Fraction (percentage of LI Units) 100.00% 100% 100%

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58 Basis Before Boost 6,430,436 0 6,430,436
59 Basis Boost of up to 130% 100.00% 100.00%
60 TOTAL QUALIFIED BASIS 6,430,436 0 6,430,436
61 Tax Credit Rate 3.50 9.00
62 Federal Tax Credits (maximum $1,300,000) 578,739 0 578,739
63 Federal Tax Credits Requested (if less than line 62) 0
64 Land Cost 487,000
65 TOTAL REPLACEMENT COST 7,279,687
FEDERAL TAX CREDITS IF AWARDED 578,739
Comments:
Project Development Cost per unit 59,000

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Market Study Information

Please provide a detailed description of the proposed project:
Forsyth Court is a 56-unit, all 2-br development targeting residents at 30%, 50% and 60% of the area
median income. The property will consist of three buildings - one three-story with 24 units and two 2-story
buildings one with 24 units and the other with eight.. The development will have a unique feel with different
building sizes and a creative site layout. A community building will also provide amenities for the residents.
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?No
If yes, please provide name and address:
Site Amenities:
Due to the site's location and proximity to downtown and numerous amenities; encouraging walking and
socializing among residents is important. There will be a nature walk on site which will inspire residents to
take advantage of the outdoors. There will also be the "Forsyth Court Village Green" - a centrally located
green space. Within the "Green" a gazebo which will also act as a gathering outdoor amenity - additionally a
tot lot for children will be built. The site will also have a high-end, very attractive entrance w/brick pavers
and wrought iron which will act as a gateway into the development.
Onsite Activities:
A separate community building will house a multi-purpose room for residents. There will also be an office,
laundry facilities and computer lab.

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Landscaping Plans:
The relatively small number of buildings will place a premium on maintaining open space in a very attractive
manner. The sites close proximity to both commercial, multifamily and single family homes places an
emphasis on both complementing the landscape design with the surrounding properties while maintaining
privacy by clearly delineating boundaries. This will be done via plantings of both shrubs and trees which will
provide different height variations over the years. With some demolition required it is our intention to also
recycle some of the remaining building materials.
Interior Apartment Amenities:

Wall to walll carpeting, walk-in closets, new Energy Star appliances, disposal, range w/exhaust fan, ceiling
fans, washer/dryer hookups and microwave ovens.
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 Lewisville market is strong - the average median income is $70,000 and the average home price is
over $200,000. There has never been a tax credit development in Lewisville and no tax credit developments
in Forsyth County since 2005. The surrounding homes are well-kept and owner occupied; there is an older
market-rate townhome development (Brier Creek) adjacent to site which is in fair condition. Within one mile
of the site are homes/townhomes in the $300,000 and up price range as well as the private Forsyth Country
Day School.
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 site is primarily residential in character surrounded by single and
multi family homes on three sides and the Lewisville Commons shopping center on the other. There is very
little undeveloped land near the property and no industrial or incompatible uses.
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. With its proximity to downtown, traffic controls are satisfactory. The site
offers good accessibility and linkages to area services. Once minor demolition is completed the project
signage and entryway will be directly in front of the property and visibility will not pose any problem.
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 always development challenges when building adjacent to a central business district. There is
some steep sloping at the rear of the property; however that portion will not be developed (nor can it be due
to gravity flow sewer requirement) and will remain primarily as is. The buildings and parking will be situated
on the highest portion of the tract, closest to Shallowford Road and the entrance into the site. The slope will
not adversely affect future tenants due to the building locations. The budget also reflects increased site
preparation costs. The site design in fact takes advantage of a smaller, more dense tract.
Similarity of scale and aesthetics/architecture between project and surroundings.

Due to the infill location the development will only consist of three buildings. This will serve to maximize the
buildable portion of the site and maintain the neighborhood aesthetic. The one larger building (3-story) will
be set adjacent to a townhome development and a shopping center and relates strongly to a larger more
urban scale. The design will blend seamlessly with the existing architecture and scale of the neighborhood.
For each applicable neighborhood feature, enter distance from project in miles.

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0.1 Grocery Store 0.7 Community/Senior Center
0.1 Mall/Strip Center 9.6 Hospital
1.4 Outdoor Athletic 0.1 Pharmacy

Fields
0.2 Day Care/After 0.8 Basic Health Care

School
0.7 Public Transportation

Schools
Stop
0.4 Convenience Store 0.7 Public Parks
0.4 Gas Station 0.6 Library
Other facilities or services:

Post office 0.7
Fire dept 0.7

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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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City: Lewisville County: Forsyth Zip: 27023

Census Tract: 40.08 Block Group: 1

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

Political Jurisdiction: Town of Lewisville

Jurisdiction City: Lewisville Zip: 27023

Jurisdiction Phone: (336)945-5558

Site Latitude: 36.100198

Site Longitude: -80.410034

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: Durham State: NC Zip: 27705

Email Address: rosen@tcgdevelopment.com

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Total Site Acreage: 10.67 Total Buildable Acreage: 4.71

Storm Sewer Water Sanitary Sewer Electric

Is the demolition of any buildings required or planned? Yes

Are existing buildings on the site currently occupied? Yes

(b) Will tenant displacement be temporary? No

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Purchase Date: Purchase Price:

(D) Enter Purchase Price: 487,000

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Is multifamily use permitted?No

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Owner Name: Forsyth Court LP

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

Org: TCG Lewisville LLC (c/o TCG Development Services LLC)

Phone: (301)563-5562 Fax: (301)563-5560

EMail: behringer@tcgdevelopment.com Nonprofit: No

Org: Blue 22 Lewisville LLC (c/o Blue 22 Development LLC)

Phone: (919)622-2293 Fax: (919)286-6070

EMail: rosen@tcgdevelopment.com Nonprofit: No

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Low Income Units

Total # Monthly Utility Mandatory **Total

Gdn Apt 2 969 14 3 272 120 0 392

Gdn Apt 2 969 10 3 530 120 0 650

Gdn Apt 2 969 32 2 660 120 0 780

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 8 30228

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

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

Elevators - Number of Elevators:

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Square Footage Information

Gross Floor Square Footage: 66,128