New Brookhil Q&A

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Q&A about New Brookhill www.NewBrookhill.com What is the Current Status of Brookhill Village? 1. How many units are currently occupied? 2. Approx. how many residents live there now in total? 3. Approx. how many residents are children? 4. How big is Brookhill Village? 5. Where is Brookhill Village? 6. How long is the new Ground Lease? 7. Deadline for action with current financing 8. Deadline in US Attorney Settlement Agreement 9. Can the current buildings remain on the site?

142 279 86 37 acres South End (S. Tryon & Remount Rd.) October 31, 2049 Summer 2020 ASAP No

What is the plan for New Brookhill? New Brookhill is planned as 324 apartment units in 3-story flats and townhomes developed with market rate amenities on roughly 16 acres of the current Brookhill Village site. Of these, half (162) will be affordable, including 65 units at 30% AMI, 40 at 60% AMI and 57 at 80% AMI. How long will these units be “affordable�? These units will be affordable for a minimum of 27 years, until the ground lease expires Oct 31, 2049. The HTF RFP calls for a minimum of 20 years of affordability. What about the current tenants at Brookhill? Current Brookhill Village tenants will have first priority to apply. There will be units available for all current tenants who qualify and who wish to live in New Brookhill. What are the requests for public investment from the City and LISC in New Brookhill? New Brookhill, LLC is requesting a $2,999,268 loan from the City of Charlotte. The requested terms are: 17 years, deferred at a 1% interest rate and repaid based upon available cash flow. New Brookhill, LLC is also requesting $10,000,000 in preferred equity/mezzanine debt from CHOIF. The funding will be used to pay for the development and construction costs of 324 units of mixedincome housing in New Brookhill, located on a portion of the existing Brookhill Village site. The HTF and CHOIF funds will be utilized in combination with a construction loan, a traditional first mortgage via a CRE-Finance Commitment, a deferred development fee, and a developer contribution. New Brookhill has partnered with Inlivian (local housing authority) to provide (65) Project Based Vouchers which will assist low income families who are at or below 30% AMI. A financing summary chart is below.

New Brookhill Q&A

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New Brookhil Q&A by tracy-solid - Issuu