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Tax Credits, RPP Loans, and/or Tax Exempt Bond Loans

Project Description
Project Name: Skyland Apartments Address: City: 138 Spingside Road Asheville County: Buncombe Zip: 28803 Block Group: 1

Census Tract: 2201

Is project in Qualified Census Tract or Difficult to Develop Area? No Political Jurisdiction: Jurisdiction Address: Jurisdiction City: Jurisdiction Phone: City of Asheville Last: Bellamy Title: Mayor P.O. Box 728 Asheville (828)259-5600 Zip: 28802

Jurisdiction CEO Name: First: Terry

Site Latitude: Site Longitude:

35.4895 -82.5331

Project Type: New Construction 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: Is this project a previously awarded tax credit development? If yes, what year were credits awarded?: 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 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:

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: 9 Persons with disabilities or homeless populations: the greater of 5 units or 10% of the total units. Number of Units: 7 Remarks: All 63 units are Type A Fully Handicapp Acessible units, 13 units are being designed with roll in showers to accommodate the needs of persons in wheel chairs. 7 units will be set aside for persons who are homeless or persons with disabilities.

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: Address: City: Contact: Telephone: Alt Phone: Fax: Email Address: Volunteers of America of the Carolinas P. O. Box 1447 (246 Stoneridge Drive Suite 103) Columbia First: Pepper (803)753-0220 (803)331-4012 (803)779-1657 pselkins@voacarolinas.org State: NC Zip: 29202-1447 Last: Schales-Elkins Title: President/CEO

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

Site Description
Total Site Acreage: 3.01 Total Buildable Acreage: 3.01 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? Yes If yes, please describe: There are two old houses and a barn on the site that will have to be demolished. VOA National Services has contracted with Froehling & Robinson Inc, to do a Phase 1 and inspection of the houses for asbestos. VOANS has budgeted $50,000 to address any abestos that may be found in the housing. Based on a visual inspection of the houses by Scott Redinger they appear to have been built in the 70's and no outward evidence of asbestos containg material was observed by Mr. Redinger with the possible exception of the sprayed ceilings

Are existing buildings on the site currently occupied? Yes If yes: (a) Briefly describe the situation: There are two houses on the site leased on a month to month basis. The seller has notified the tenants of the option on the property and the houses will be vacated prior to closing on the purchase of the land. VOAC and VOANS have provided the occupants of the houses the HUD notices for tenants that may be displaced. If the project receives an allocation of credits VOAC will assist the tenants in accordance with the rules of the Uniform Relocation Act.

(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:

(b) Describe flood mitigation if the project will have improvements within the 100 year floodplain:

Site Control
Does the owner have fee simple ownership of the property (site/buildings)? No If yes provide: Purchase Date: 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:

Purchase Price:

(c) Enter the current expiration date of the option/contract to purchase: 9/30/2007 (D) Enter Purchase Price: 925,000

Zoning
Present zoning classification of the site: RM-16 Conditional Use Is multifamily use permitted? Yes Are variances, special or conditional use permits or any other item requiring a public hearing needed to develop this proposal? No If yes, have the hearings been completed and permits been obtained? If yes, specify permit or variance required and date obtained. If no, describe permits/variances required and schedule for obtaining them:

Are there any existing conditions of historical significance located on the project site that will require State Historic Preservation office review? No If yes, describe below:

Are there any existing conditions of environmental significance located on the project site? No If yes, describe below:

Ownership Entity
Owner Name: Skyland Apartments Asheville, LLC Address: City: 1660 Duke Street Alexandria State: VA Zip: 22314-3427 (If assigned)

Federal Tax ID Number of Ownership Entity:

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? Is the applicant requesting that the Agency treat the application as CHDO sponsored?

Yes 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:

VOA Skyland Apartments Asheville, Inc. Last Name: Sheridan Function: Managing Member

First Name: Patrick Address: City: Phone: EMail: 1660 Duke Street Alexandria (703)341-5000 psheridan@voa.org

State: VA Fax: (703)997-0702 Nonprofit: Yes

Zip: 22314-3427

Org:

Volunteers of America of the Carolinas, Inc. Last Name: Schales-Elkins Function: Member

First Name: Pepper Address: City: Phone: EMail: P.O. Box 1447 Columbia (803)779-6465 pselkins@voacarolinas.org

State: SC Fax: (910)779-1657 Nonprofit: Yes

Zip: 29202-1447

Unit Mix
The Median Income for Buncombe county is $50,800. Low Income Units Type Gdn Apt Gdn Apt Gdn Apt Gdn Apt Gdn Apt Gdn Apt # BRs Net Sq.Ft. 1 1 1 2 2 2 731 731 731 972 972 972 Total # Units 12 10 15 4 6 16 # Units 2 2 2 2 3 2 Monthly Rent 304 398 481 355 450 550 Electric Utility Allowance 74 74 74 99 99 99 Gas Mandatory Serv. Fees 0 0 0 0 0 0 Other Trash **Total Housing Exp. 378 472 555 454 549 649

Utilities included in rents:

Water/Sewer

Employee Units (will add to Low Income Unit total) Type # BRs Net Sq.Ft. Total # Units # Units Monthly Rent Electric Utility Allowance Gas Other Mandatory Serv. Fees **Total Housing Exp.

Utilities included in rents:

Water/Sewer

Market Rate Units Type # BRs Net Sq.Ft. Total # Units # Units Monthly Rent Utility Allowance Gas Other Mandatory Serv. Fees **Total Housing Exp.

Utilities included in rents:

Water/Sewer

Electric

Statistics All Units Low Income....... Market Rate....... Totals............... 63 13 27763 63 Gross Monthly Rental Income 27763

Units 13

Proposed number of residential buildings: 1 Project Includes:

Maximum number of stories in buildings: 3

Separate community building - Sq. Ft. (Floor Area): Community space within residential bulding(s) - Sq. Ft. (Floor Area): 4,852 Elevators - Number of Elevators: 1 Square Footage Information Gross Floor Square Footage: 72,704

Total Net Sq. Ft. (All Heated Areas): 49,794

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.

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 1 1 1 2 2 2 12 10 15 4 6 16

Units targeted at 40 targeted at 50 targeted at 60 targeted at 40 targeted at 50 targeted at 60

% percent of median income affordable to/occupied by percent of median income affordable to/occupied by percent of median income affordable to/occupied by percent of median income affordable to/occupied by percent of median income affordable to/occupied by percent of median income affordable to/occupied by

Total Low Income Units:

63

Note: This number should match the total number of low income units in the Unit Mix section.

Funding Sources
NonAmortizing* Rate (%) 7.25 2.00 2.00 Term (Years) 18 20 20 Amort. Period (Years) 30 20 20 Annual Debt Service 37,812

Source Bank Loan RPP Loan Local Gov. Loan - Specify: City of Asheville RD 515 Loan RD 538 Loan - Specify: AHP Loan Other Loan 1 - Specify: City of Asheville Other Loan 2 - Specify: Other Loan 3 - Specify: Tax Exempt Bonds State Tax Credit(Loan) State Tax Credit(Direct Refund) Equity: Federal LIHTC Non-Repayable Grant Equity: Historic Tax Credits Deferred Developer Fees Owner Investment Other - Specify: Total Sources**

Amount 461,905 1,000,000 445,269

164,077

0.00

15

15

1,344,472

30

30

4,835,081

8,250,804

* "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. 903 Remarks concerning project funding sources: (Please be sure to include the name of the funding source(s)) VOAC has received approval from the City of Asheville for a $445,269 Housing Trust Fund Loan which is an interest only payment based on 2% simple interest. The $164,077 HOME LOna which is a principal only payment paid back over 15 years.

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: Amt: Year: Amt: 1 11020 11 6885 2 11044 12 5808 3 10988 13 4578 4 10845 14 3185 5 10611 15 1621 6 10277 16 10812 7 9838 17 8871 8 9287 18 6726 9 8616 19 4364 10 7818 20 1772

Local Gov. Loan - City of Asheville Year: Amt: Year: Amt: 1 8905 11 8905 2 8905 12 8905 3 8905 13 8905 4 8905 14 8905 5 8905 15 8905 6 8905 16 8905 7 8905 17 8905 8 8905 18 8905 9 8905 19 8905 10 8905 20 8905

Other Loan 1 - City of Asheville Year: Amt: Year: Amt: 1 10938 11 10938 2 10938 12 10938 3 10938 13 10938 4 10938 14 10938 5 10938 15 10938 6 10938 16 0 7 10938 17 0 8 10938 18 0 9 10938 19 0 10 10938 20 0

Development Costs
Item Cost Element 1 Purchase of Building(s) (Rehab / Adaptive Reuse only) 2 Demolition (Rehab / Adaptive Reuse only) 3 On-site Improvements 4 Rehabilitation 5 Construction of New Building(s) 6 Accessory Building(s) 7 General Requirements 8 Contractor Overhead 9 Contractor Profit 10 Construction Contingency 11 Architect's Fee - Design (11 + 12 = max 3% lines 2-10) 12 Architect's Fee - Inspection 13 Engineering Costs SUBTOTAL (lines 1 through 13) 14 Construction Insurance (prorate) 15 Construction Loan Orig. Fee (prorate) 16 Construction Loan Interest (prorate) 17 Construction Loan Credit Enhancement (prorate) 18 Construction Period Taxes (prorate) 19 Water, Sewer and Impact Fees 20 Survey 21 Property Appraisal 22 Environmental Report 23 Market Study 24 Bond Costs 25 Bond Issuance Costs 26 Placement Fee 27 Permanent Loan Origination Fee 28 Permanent Loan Credit Enhancement 29 Title and Recording SUBTOTAL (lines 14 through 29) 30 Real Estate Attorney 31 Other Attorney's Fees 32 Tax Credit Application Fees (Preliminary and Full) 33 Tax Credit Allocation Fee (0.58% of line 59, minimum $7,500) 34 Cost Certification / Accounting Fees 35 Tax Opinion 36 Organizational (Partnership) 37 Tax Credit Monitoring Fee SUBTOTAL (lines 30 through 37) 38 Furnishings and Equipment 39 Relocation Expense 40 Developer's Fee 41 42 44 45 Other Basis Expense Demo two houses and asbestos abatement Other Basis Expense (Energy Analysis) Other Non-basis Expense (Other Syndication Costs) Other Non-basis Expense (specify) 3,000 382,338 22,500 16,500 2,200 38,990 17,500 2,500 1,500 40,950 142,640 70,000 60,826 661,500 50,000 18,900 10,000 15,000 18,900 646,500 70,000 17,500 22,500 16,500 10,000 15,000 98,336 10,500 5,000 15,000 4,200 15,000 98,336 10,500 5,000 15,000 4,200 278,691 98,471 295,412 159,523 160,308 14,000 35,700 5,686,954 8,500 22,802 190,000 8,500 22,802 95,000 278,691 98,471 295,412 159,523 160,308 14,000 35,700 4,114,016 4,114,016 530,833 500,000 TOTAL COST Eligible Basis 30% PV 70% PV

43 Rent-up Expense

SUBTOTAL (lines 38 through 45) 46 Rent up Reserve 47 Operating Reserve 48 49 Other Reserve (specify) Other Reserve (specify)

886,226 75,882 151,764

50 DEVELOPMENT COST (lines 1-49) 51 Less Federal Financing 52 Less Disproportionate Standard 53 Less Nonqualified Nonrecourse Financing 54 Less Historic Tax Credit (residential) 55 TOTAL ELIGIBLE BASIS 56 Applicable Fraction (percentage of LI Units) 57 Basis Before Boost 58 Boost for QCT/DDA (if applicable, enter 130%) 59 TOTAL QUALIFIED BASIS 60 Tax Credit Rate 61 Federal Tax Credits at Estimated Rate 62 Federal Tax Credits at 8.5% or 3.75% Max Federal Tax Credits (With Energy Star - Lesser of $8,500 per unit or 63 $800,000, w/o - Lesser of $8,000 per unit or $800,000) 64 Federal Tax Credits Requested 65 Land Cost 66 TOTAL REPLACEMENT COST FEDERAL TAX CREDITS IF AWARDED Comments:

7,325,804

6,722,359

0 6,722,359 100.00% 6,722,359 6,722,359 541,149 571,400 535,500 0 925,000 8,250,804 535,500 0 100% 0 100.00% 0 3.45 0 0 6,722,359 100% 6,722,359 100.00% 6,722,359 8.05 541,149 571,400

Total Replacement Cost per unit: Federal Tax Credits (line 62) per unit:

111,108 9,070

Market Study Information

Please provide a detailed description of the proposed project: APARTMENT UNITS There are two basic apartment types contained within this residence. The one-bedroom units contain approximately 690 SF of living space. The two bedroom units contain approximately 921 SF of living space. Each unit has a private entrance alcove. All the apartment units contain a complete kitchen with the following full size appliances and other features: -Frost-free Refrigerator, and electric range -Re-circulating range (exhaust) hood with wall switch for operation -A large stainless sink with single lever faucet -Plastic laminate countertop with backsplash -Base cabinets with drawers and doors -Wire pulls on all doors and drawers -Wall cabinets installed at a convenient height Each apartment unit also contains a full bath with the following fixtures and features: -Full size bath tub (or shower in the case of roll-in showers) with a single lever faucet and a vertical grab bar to assist with getting in and out of the tub -A 36" or larger vanity base with cultured marble lavatory and single lever faucet -A large mirror above the lavatory -A recessed medicine cabinet -One 24" side grab bar at the toilet A large dining/living area is adjacnet to the kitchen and visible through a wide pass-through opening. Large double windows in the living area allows for natural light and ventilation through to the kitchen. All units have a walk-in closet for greater storage. Linen closets are located near or inside each bathroom for convenient use. Each unit has an individual heating and air conditioning system, including a wall-mounted thermostat with large, easy-to-read numbers. ROAD The curb for the driveway is located on Springside Road, making it a safe ingress and egress point for the residents. Parking spaces for 70 cars will be accomodated in one parking lot, with convenient access to the main entrance. Large islands and a dividing strip will introduce green space, with landscaping and shade trees, into the parking lot. Around the perimeter of the building will be a landscaped area with foundation plantings. Two large open-air porches provides seating for residents near the main entrance and outside the large Community Room in the front of the building. There is a service driveway to the side of the building. Trash removal, resident move-in and maintenance access will occur at this location, to help maintain separation between resident circulation and moving vans, trash and building services. COMMON AREAS AND RESIDENT AMENITIES -Lobby/Mail Area. The Lobby, with comfortable seating, is centrally located and overlooks the main entrance. This area will be used for conversation, as a waiting area for transportation services and as a reception area for visitors. Near the Lobby is the mail area, where each resident will have their own locked mailbox. Resident mail cubbies are located along one wall in the Community Room, in an area that will be the information center for residents, where they can sign-up for activities and group outings. -Library/Computer/TV Lounge: The Multi-Media Center Lounge is located on the first floor and is accessible directly from the Lobby. This space is designed for the residents to use for smaller group or individual activities, such as quiet reading, book gatherings, group movies, computer use, visits with grandchildren, and a variety of other activities. Guests who visit and participate in these activities will find the location convenient to the main entrance. -Community Room: Centrally located on the first floor near the Lobby is a large Community Room for use by the residents. The space is desinged for use by the residents for a variety of group activities, such as holiday and birthday parties, dances, TV viewing, group exercise, educational seminars, etc. A small, residential-style warming kitchen is located within the Community Room. A storage room for games puzzles,and decorations are located within the Community Room. There are public restrooms for men and women across from the Community Room for convenient access. -Beauty Room: A small beauty room is located on the first floor, near the Community Room. -Laundry Room: A common resident laundry room is centrally located on the first floor -Exercise Room: An exercise room is located on the 1st floor. In this room, we will provide a treadmill, exercise bikes, etc. to help promote exercise and wellness. -Wellness Room: Adjacent to the exercise room is a small room designed for use by visiting physicians and other healthcare professionals. On occasion or on a regularly scheduled basis, a physician, podiatist, dietician, etc. may come to meet with the residents to provide health screenings, flu shots, check-ups and general health information for the residents.

HANDICAPPED ACCESSIBILITY PROVISIONS In accordance with both state and federal accesibility requirements, all of the units will be provided with limited handicapped-accesible features, and will have the ability to be easily adapted for full accessibilty compliance, when the need arises. Ten (10%) or eight (8) of these units will be constructed as fully accessible for persons with mobility impairments. Of the 8 units, two (2) of the units will be equipped with devices that will enable a resident, with visual or hearing impairments, to live independently. When a resident becomes in need of the extra features that an accessible unit contains, these can easily be provided for them within their current unit. Residents will not have to leave their unit and move to another when they need these added features. Two of the eight units will have roll in showers. All eight units for persons with mobilitiy impairments include the following features: -A kitchen sink installed at 34" in height with clear knee-space below -A 30" wide work surface installed at 34" in height with clear knee-space below -The pipes below the sink are insulated to prevent injury to the resident's knees -Fully compliant grab bars installed in the bathroom at the toilet -Fully compliant grab bars installed at the bathtub(blocking is being provided during construction at all grab bar and accessory locations to facilitate adaption) -An adjustable, hand-held shower faucet and shower head -A wall mounted lavatory at 34" in height, with clear knee space and insulated pipes -A medicine cabinet and "peephole" int he front door, installed at lower heights to accomodate a resident in a wheel chair Construction (check all that apply): Brick Vinyl Wood HardiPlank Balconies/Patios Sunrooms Front Porches

Front Gables or Dormers Other:

Wide Banding or Vertical/Horizontal Siding

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: Walking Trails/Loop Gazebo/Arbor Flag Pole Patio w/seating area Covered Drop off at Entry Bike racks Exercise room Reading room/ Library Game/Craft room Resident Computer Center TV Room Beauty Salon Dining Room w/tables Storage for residents Onsite Activities: Health and related programs such as visiting nurses/professionals for blood pressure testing, diabetes screening, hearing testing, etc. Exercise classes. Health care education programs. Socialization activities such as bingo, holiday parties, card clubs, dancing, coffee hours, arts and crafts, music programs, etc. Spiritual growth activities such as ecumenical worship services, Bible study. General education programs such as financial planning, medicare updates, fire safety,

renter's insurance, elder law issues.

Landscaping Plans: Extensive landscaping is planned including efforts to save any specimen trees, integrating the lanscaping with a walking trail and gazebo and providing annuals for color and variety.

Interior Apartment Amenities: Emergency Pull cords Lever handles rather than door knobs Hand rails in the halls Front controls on stove for safety Larger U-shaped hardware that is easier to grab Range Hood Dishwasher Refrigerator (frost free) Storage interior/exterior Ceiling fans Walk-in closets Carpet/ Vinyl flooring Central Air Heat Pump Do you plan to submit additional market data (market study, etc.) that you want considered? No If yes, please make sure to include the additional information in your pre-application packet.

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. Concentration of affordable housing. Our site is located in one of the most vibrant retail and residential corridors in Asheville. It is located approximately 1/2 mile from the Hendersonville Rd. corridor which has been a focal point for thriving retail and residential development. This corridor leads into Asheville from the south and includes the Biltmore mansion and the residential neighborhoods developed by its owner and the hospital complex on the southside of downtown. The immediate neighbors are a high school, an apartment community and a condominium townhouse community with the remainder being single family homes. In all cases, the condition of the physical structures vary from good to excellent. There is no other affordable housing in the immediate neighborhood. SURROUNDING LAND USES AND AMENITIES Suitability of surrounding development. Land use pattern is residential in character (single and multifamily housing) with a balance of other uses (particularly retail and amenities). 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 immediately adjacent to a school, an apartment community and single family homes. Our site is dense and will be developed in a "new urbanist" manner encouraged by the City with the building in front and parking behind. There are no undeveloped parcels adjacent to our site, which makes it truely an infill location. It is extremely convenient to amenities of almost every type. There are numerous restaurants, grocery stores, pharmacies, doctors offices, professional offices, banks, dry cleaners, video stores and numerous other specialty shops within 1.7 miles of the site. A major movie theatre is less than a 5 minute drive approxiamately 2 miles away. There are no incompatible uses or environmental concerns with or near the site. The closest regional hospital is approximately 7 miles away, which is just over a 10-minute drive. The City of Asheville has its two major hospitals in one location. therefore, unless you live in the hospital district, a 10+ minute drive to the hospital is very reasonable for the City of Asheville. The hospital complex is located within the Hendersonville Road corridor just outside downtown. SITE SUITABILITY Adequate traffic controls (stop lights, speed limits, turn lanes, etc.). 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 project's entrance will be along Springside Rd. which is a road that has a relativlely low volume of traffic. The low volume of traffic on this street along with a stop sign at the property's exit will be sufficient to provide safe ingress and egress to our property. The City's traffic engineer has preliminary evaluated the site and its access and determined that no traffic study will be required and no special access improvements will be needed. The signage for the project will be at the entrance along Springside Rd. It will be visible from both directions on Springside as well as from Overlook Drive which carries a high volume of traffic and is just to the norhtwest of the site. The builidng itself will be directly on Springside with parking in the rear and will be 3 stories high, which will also provide outstanding visibility for all traffic along Springside Rd. 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 negative or physical barriers that will impede construction or adversly affect furture tenants. In fact, the site is remarkerdbly flat compared to most sites in this region of the state.

Similarity of scale and aesthetics/architecture between project and surroundings. Our project will be a single 3-story building surrounded by a 2-story apartment project, a "2-story" school, condominium townhouses and single family homes that are 1- and 2- stories. The brick/siding architecture with a pitched roof will blend in well with this community. Our proposed

elderly development is an ideal transition use between the single family homes across the street and the school that is located behind and next to our site.

For each applicable neighborhood feature, enter distance from project in miles. 1.5 .8 Grocery Store Mall/Strip Center Outdoor Athletic Fields Day Care/After School .1 1.5 .7 .7 .7 .7 .2 .7 Schools 7 1.5 .8 .8 Community/Senior Center Hospital Pharmacy Basic Health Care Medical Offices Bank/Credit Union Restaurants Professional Services Movie Theater Video Rental Public Safety (Fire/Police) Post Office

Public Transportation Stop .8 Convenience Store Basketball/Tennis Courts Public Parks Gas Station Library Fitness/Nature Trails Public Swimming Pools .8 .8 2.3 1.5 .5 .7

Other facilities or services: Volunteers of America has an existing housing presence in Asheville, including two apartment complexes off Hendersonville Hwy and within 3 to 5 miles of this proposed site. One of those is a senior community of 49 units that was built in 1997. We work together with the local senior providers to offer services on site at the existing property, Laurel Wood, and will expand that relationship to include Park View at Skyland.

Development Team
Provide contact information for development team members below: Management Agent Company: Volunteers of America of the Carolinas Address: City: Phone 246 Stoneridge Drive Columbia (803)779-6465 State: SC Zip: 29202-1447 Email: pselkins@voacarolinas.org Last: Schales-Elkins

Contact Name: First: Pepper

Architect Company: Address: City: Phone

Reinhardt Architecture 1125 E. Morehead Street, Suite 108 Charlotte (704)376-9473 State: NC Zip: 28204 Email: rick@reinhardtarchitecture.com Last: Reinhardt

Contact Name: First: Rick

Attorney Company: Address: City: Phone

Blanco Tackaberry Combs & Matamoros PO Box 25008 Winston-Salem (336)761-1250 State: NC Zip: 27114-5008 Email: dlm@btmclaw.com Last: McKenney

Contact Name: First: Debbie

Investor Company: Address: City: Phone

National Affordable Housing Trust 301 1/2 N. First Street Sandpoint (208)265-4988 State: ID Zip: 83864 Email: dpaskoff@naht.org Last: Paskoff

Contact Name: First: David

Consultant/Application Preparer (if different from developer) Company: Scott A. Redinger Inc. Address: City: Phone 4553 Technology Drive, Suite 3, Box5 Wilmington (910)793-2850 State: NC Zip: 28405 Email: saredinger@aol.com Last: Redinger

Contact Name: First: Scott

Identity of Interest? General Contractor Company: Weaver Cooke Construction Address: City: Phone 7900 McCloud Road Greensboro (336)378-7900 State: NC Zip: 27409 Email: dgeorge@weavercooke.com Last: George

Contact Name: First: Doug

Projected Operating Costs

Project Operations (Year One) Administrative Expenses Advertising Office Salaries Office Supplies Office or Model Apartment Rent Management Fee Manager or Superintendent Salaries Manager or Superintendent Rent Free Unit Legal Expenses (Project) Auditing Expenses (Project) Bookkeeping Fees/Accounting Services Telephone and Answering Service Bad Debts Other Administrative Expenses (specify): Training Software License Mileage SUBTOTAL Utilities Expense Fuel Oil Electricity (Light and Misc. Power) Water Gas Sewer SUBTOTAL Operating and Maintenance Expenses Janitor and Cleaning Payroll Janitor and Cleaning Supplies Janitor and Cleaning Contract Exterminating Payroll/Contract Exterminating Supplies Garbage and Trash Removal Security Payroll/Contract Grounds Payroll Grounds Supplies Grounds Contract Repairs Payroll Repairs Material Repairs Contract Elevator Maintenance/Contract Heating/Cooling Repairs and Maintenance Swimming Pool Maintenance/Contract Snow Removal Decorating Payroll/Contract Decorating Supplies Other (specify): Miscellaneous Operating & Maintenance Expenses SUBTOTAL Taxes and Insurance Real Estate Taxes Payroll Taxes (FICA) 46,600 33,229 4,800 2,600 750 2,100 500 3,600 10,200 15,600 4,500 1,800 25,100 500 9,000 3,968 5,400 600 2,250 78,815 25,047 29,000 1,800

1,250

16,600 8,500

1,750 2,000 1,200

Miscellaneous Taxes, Licenses and Permits Property and Liability Insurance (Hazard) Fidelity Bond Insurance Workmen's Compensation Health Insurance and Other Employee Benefits Other Insurance: SUBTOTAL Supportive Service Expenses Service Coordinator Service Supplies Tenant Association Funds Other Expenses (specify): SUBTOTAL Reserves Replacement Reserves SUBTOTAL TOTAL OPERATING EXPENSES ADJUSTED TOTAL OPERATING EXPENSES (Does not include taxes, reserves and resident support services) * TOTAL UNITS (from total units in the Unit Mix section) PER UNIT PER YEAR 1,000 18,900 18,900 234,114 180,985 63 2,872 1,100 3,420 150 63,699 21,000

1,000

Projected Cash Flow Year One

OPERATING INCOME Gross rental income (from Unit Mix - Total Monthly Rent) Stores and Commercial Laundry and Vending Other (specify): Investments Total Gross Income Potential at 100% Occupancy Seven Percent Vacancy Allowance NET RENTAL/OTHER INCOME TOTAL OPERATING EXPENSES (from Projected Operating Costs) NET OPERATING INCOME DEBT SERVICE (from Funding Sources Loans) NET CASH FLOW DEBT COVERAGE RATIO (Must not be less than 1.15) 1,500 2,000 336,656 23,565 313,091 333,156

234,114 78,977

68,675

10,302 1.15

20-Year Cash Flow

Year Net Rental/Other Income* Total Operating Expenses* Debt Service Net Cash Flow Debt Coverage Ratio Year Net Rental/Other Income* Total Operating Expenses* Debt Service Net Cash Flow Debt Coverage Ratio 1 313,091 234,114 68,675 10,302 1.15 11 420,769 346,546 64,540 9,683 1.15 2 322,484 243,479 68,699 10,306 1.15 12 433,392 360,408 63,463 9,521 1.15 3 332,159 253,218 68,643 10,298 1.15 13 446,394 374,824 62,233 9,337 1.15 4 342,124 263,347 68,500 10,277 1.15 14 459,786 389,817 60,840 9,129 1.15 5 352,388 273,881 68,266 10,241 1.15 15 473,580 405,410 59,276 8,894 1.15 6 362,960 284,836 67,932 10,192 1.15 16 487,787 421,626 57,529 8,632 1.15 7 373,849 296,229 67,493 10,127 1.15 17 502,421 438,491 55,588 8,342 1.15 8 385,064 308,078 66,942 10,044 1.15 18 517,494 456,031 53,443 8,020 1.15 9 396,616 320,401 66,271 9,944 1.15 19 533,019 474,272 51,081 7,666 1.15 10 408,514 333,217 65,473 9,824 1.15 20 549,010 493,243 48,489 7,278 1.15

* Net Rental Income escalated at annual rate of 3% and expenses escalated at a rate of 4% after the first year.

Calculations:
1. "Net Rental/Other Income" comes from 1st-year cash flow, then it is escalated by 3% per year. 2. "Total Operating Expenses" comes from 1st-year cash flow, then it is escalated by 4% per year. 3. "Debt Service" is the sum of "regular/amortized loan debt service + non-amortizing annual service" as entered by user from Funding Sources section. 4. "Net Cash Flow" is "Net Rental/Other Income" minus "Total Operating Expenses" minus "Debt Service". 5. "Debt Coverage Ratio" is ("Net Rental/Other Income" minus "Total Operating Expenses") divided by "Debt Service".

Minimum Set-Asides
MINIMUM REQUIRED SET ASIDES (No Points Awarded): Select one of the following two options: 20% of the units are rent restricted and occupied by households with incomes at or below 50% of the median income (Note: No Tax Credit Eligible Units in the the project can exceed 50% of median income) 40% of the units are rent restricted and occupied by households with incomes at or below 60% of the median income (Note: No Tax Credit Eligible Units in the the project can exceed 60% of median income) If requesting RPP funds: 40% of the units are occupied by households with incomes at or below 50% of median income.

State Tax Credit and QAP Targeting Points: Moderate Income County: At least twenty-five percent (25%) of qualified units will be affordable to and occupied by households with incomes at or below forty percent (40%) of county median income.

At least fifty percent (50%) of qualified units will be affordable to households with incomes at or below fifty percent (50%) of county median income. At least fifty percent (50%) of qualified units will be affordable to and occupied by households with incomes at or below fifty percent (50%) of county median income.

Tax Exempt Bonds Threshold requirement (select one): At least ten percent (10%) of qualified units will be affordable to and occupied by households with incomes at or below fifty percent (50%) of county median income. At least five percent (5%) of qualified units will be affordable to and occupied by households with incomes at or below forty percent (40%) of county median income. Eligible for targeting points (select one): At least twenty percent (20%) of qualified units will be affordable to and occupied by households with incomes at or below fifty percent (50%) of county median income. At least ten percent(10%) of qualified units will be affordable to and occupied by households with incomes at or below forty percent (40%) of county median income.

Full Application Checklist

PLEASE indicate which of the following exhibits are attached to your application. Others may be required as noted. A Nonprofit Organization Documentation or For-profit Corporation Documentation B Current Financial Statements/Principals and Owners (signed copies) C Ownership Entity Agreement, Development Agreement or any other agreements governing development services D Management Agent Agreement E Owner and Management Experience & Management Questionnaire (Appendix C) F Letters from State Housing Agencies or designated monitoring agent verifying out of state experience G Completed IRS Form 8821 (Appendix I) H Local Government Letter or Letter from Certified Engineer or Land Surveyor Confirming Floodplain Designation with Map showing all flood zones (original on letterhead, no fax or photocopies) I Local Government Letter Confirming Zoning including any pending notices or hearings (original on letterhead, no fax or photocopies) J Letters from Local Utility Providers regarding availability and capacity (original on letterhead, no fax or photocopies) K Documentation from utility company or local PHA to support estimated utility costs L Appraisal (required for land costs greater than $15,000 and for all Adaptive Re-use and Rehab projects) M Site plan, floor plans and elevations for all projects. Scope of work for Adaptive Re-use and Rehab projects. (Full Size, 24 x 36 inches) N Hazard and structural inspection and termite reports (Adaptive Re-use and Rehab projects only) O Copy of certificate of occupancy or proof of placed-in-service date (Rehabs Only) P Proposed Relocation Plan including relocation budget and copies of notices. Required for all Rehabs and any projects involving existing occupants of any dwellings to be rehabbed or demolished. Q Evidence of Permanent Loan Commitment and other sources of funds ( i.e. Equity letter, AHP, RD and local government funds). For Rehabs with existing loans provide 1) copies of loan documents, 2) current loan balances from existing lenders with reserve balances, 3) letter from lender that outlines assumption requirements. R Local Housing Authority Agreement and Project Based Rental Assistance Letter, if applicable (Sample letters provided in Appendix I). For projects with existing PBRA contracts, provide a copy of the current contract and bank statement or other documentation verifying reserve balances and annual reserve contribution requirements. S Statement regarding terms of Deferred Developer Fee. If a nonprofit is involved, a resolution from their board approving deferral of fee is required. T Inducement Resolution (Tax-Exempt Bond Financed Projects only)