CICCAR NEWSLETTER. Housing Works. Loans Available for Member Participation. Inside this issue

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1 Volume 22, Issue 2 CICCAR NEWSLETTER Inside this issue The NC Affordable Housing Conference...1 Loans Available for Participation...1 FHLBA Affordable Housing Products...2 Loan Closings Report...2 Spotlight on a Developer - Connelly Development, LLC...3 Development Update Report...4 Loans Approved and for sale to Members...5 Housing Works April 12, 2012 Join us for the 2012 North Carolina Affordable Housing Conference at the Raleigh Convention Center, September 27-28, This conference is hosted by Community Investment Corporation of the Carolinas, the North Carolina Housing Finance Agency and the North Carolina Housing Coalition. Visit for updated information. A big thank you to all of the companies who have already committed to sponsor: Alliant Capital, Bank of America, BB&T, Bernard Robinson & Company, LLP, Blanco Tackabery, CAHEC, Carolina Bank, Dixon Hughes Goodman, Enterprise, First Bank, First Citizens Bank, KMW Builders, North State Bank, Novogradac & Company LLP, Parker General Contractors, LLC, PNC Bank, The Pendergraph Companies, Progress Energy, Raymond James, RBC Capital Markets, Red Stone Equity Partners, Southern Bank & Trust, SunTrust Bank, TD Bank, Tightlines Designs/Maurer Architecture, VantageSouth Bank, Weaver Cooke Construction LLC, Weaver-Kirkland Housing LLC and Wells Fargo. We still welcome your sponsorship to help fund the conference. Exhibitor booths are going fast! Please contact Shellie Lempert at shellie@ncbankers.org for more information, or if you d like to sponsor or exhibit. Loans Available for Member Participation The CICCAR Board of Directors reviewed and approved for sale to our member banks: Pool #287, Hampton Pointe Apartments, which will be located in Hillsborough, NC, and Pool #288, Westgate Senior Apartments, which will be located in Leland, NC. Please consider participating in these CRA loan pool opportunities. Go to page 5 for further details.

2 Federal Home Loan Bank of Atlanta Affordable Housing Products As North Carolina banks continue to face lingering effects from the financial crisis, it is critical that bankers make the most of resources at their disposal. One important resource comes in the form of affordable housing products and services that are available through financial partnerships with Federal Home Loan Bank of Atlanta (FHLBank Atlanta). The Bank s Affordable Housing products provide real estate equity which supports the funding of rental and ownership housing development, acquisition and rehabilitation. The products, which focus on community stability, foreclosure recovery and weatherization/accessibility rehabilitation, will assist North Carolina financial institutions in growing loan production, managing transactional credit risk, and building new business relationships. For more about FHLBank Atlanta s Affordable Housing products, click here or call , option 3, option 3. To learn how you can put these products to work in your community, join FHLBank Atlanta on May 2, 2012 for a luncheon with North Carolina Bank CEOs and Chief Lending Officers at the Grandover Resort & Conference Center in Greensboro, North Carolina. For details please contact Scott Biehle at sbiehle@fhlbatl.com. Loan Closings Report We anticipate the following loans will close in the next three months: Pool 231, Glenwood Hills Apartments, Morganton, NC Pool 233, Martinsville Lofts, Martinsville, VA Pool 253, The Villas at Horizon Village Apartments, N. Charleston, SC Pool 257, Scottish Glen II Apartments, Laurinburg, NC Pool 282, Heatherwood Apartments, Anderson, SC Recent loan closings: Loan #240230, Pebble Creek Apartments, Lexington, SC, closed on February 21, 2012 for $800,000 Loan #284231, Rowan Pointe Apartments, Mocksville, NC, closed on March 15, 2012 for $1,508,374 Loan #247232, Pinecrest Greene Apartments, Charleston, SC, closed on March 15, 2012 for $967,000 Loan #226233, Rivers Retreat Apartments, Elizabeth City, NC, closed on April 4, 2012 for $272,682 2

3 Spotlight on a Developer Kevin Connelly, Connelly Development, LLC Kevin Connelly is the owner of Connelly Builders, Inc. and Connelly Development, LLC, and is currently developing tax credit projects in North Carolina, South Carolina and Georgia. Since becoming involved in the residential construction and development industry in 1987, Mr. Connelly has been instrumental in producing over 4,000 units of multi-family housing as well as several hundred single family homes. Kevin Connelly has built affordable single family homes, upper income single family homes, and a variety of apartment communities, utilizing HUD, FHA, VA, USDA, LI- HTC and HOME financing. CICCAR has either provided or committed to provide the permanent first mortgage for Springhollow Apartments, Brookhollow Apartments and Chestnut Pointe Apartments in Sumter, SC, Cotton Mill Village Apartments in Rock Hill, SC, and Cypress Place Apartments in Columbia, SC. InterMark Management Corporation, based in Columbia, SC, manages these developments. Springhollow Apartments, Sumter, SC Brookhollow Apartments, Sumter, SC Cotton Mill Village, Rock Hill, SC Cypress Place Apartments, Columbia, SC 3

4 Development Update Report Pool # Project Name Location Eno Haven Hillsborough, NC Glenwood Hills Morganton, NC Mebane Mill Lofts Mebane, NC Martinsville Lofts Martinsville, VA Powell Spring Pittsboro, NC Villas at Horizon Village N. Charleston, SC Wessley Landing Wilson, NC (previously Ashebrooke Park) Scottish Glen II Laurinburg,NC Chapel Ridge Roanoke Rapids, NC Mingo Village Knightdale, NC Willow Oak Run Charlotte, NC May River Village Bluffton, SC Autumn Oaks Sanford, NC Rock Pointe Rock Hill, SC Madison Station II Columbia, SC Bay Pointe II Myrtle Beach, SC Forest Park Crossing Kannapolis, NC Lanier Pointe II Shelby, NC Port Royal Beaufort, SC Colony Place Fayetteville, NC Woods at Avent Ferry Holly Springs, NC Parker at Cone Village Greenville, SC Carriage Hills Lumberton, NC Auburn Trace II Burlington, NC Jobbers Overall Apts. Lynchburg, VA Ellsworth Commons Greenville, NC Summerville Summerville, SC Heatherwood Anderson, SC Chestnut Place Sumter, SC The Cottages at Azalea Lancaster, SC The Highlands Goldsboro, NC Stage of Completion - anticipate closing in June Construction complete - anticipate closing April Renovation complete - leasing the units Renovation complete - anticipate closing in April Construction complete - 100% occupied - anticipate closing in April Construction complete - anticipate closing in April Construction 70% complete Construction 30% complete Construction 75% complete Construction 30% complete Construction 95% complete Construction 45% complete Renovation 65% complete Renovation underway Anticipate closing in June Wessley Landing Apartments (Ashebrook Park), Wilson, NC - Construction Complete and Currently Leasing. 4

5 The CICCAR Board of Directors reviewed and approved for sale to our members the following loan requests: Pool #287, Hampton Pointe Apartments, a 48-unit family development to be located in Hillsborough, NC, is being developed by The Banks Law Firm, LLC. This development will provide 24 two-bedroom units and 24 three-bedroom units to families earning 30%/50%/60% of the area median income. The property will receive RPP Funds, a state tax credit loan and federal low income tax credits. The first mortgage request is for $837,929. Pool #288, Westgate Senior Apartments, a 72-unit senior development to be located in Leland, NC, is being developed by Connelly Development, LLC. This development will provide 36 one-bedroom units and 36 two-bedroom units to seniors earning 40%/50%/60% of the area median income. The property will receive CDBG Funds, a state tax credit loan and federal low income tax credits. The first mortgage request is for $678,254. Construction Complete and Currently Leasing: Rock Pointe Apartments, Rock Hill, SC Chapel Ridge Apartments, Roanoke Rapids, NC Community Investment Corporation of the Carolinas 3601 Haworth Drive. Raleigh, NC (P.O. Box Raleigh, NC ) Phone: Fax: Shellie Lempert shellie@ncbankers.org