Richland Hills
Content
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Tax Credits, RPP Loans, and/or Tax Exempt Bond Loans
Project Description
Project Name: Richland Hills of Waynesville Address: City: Assembly Street Waynesville County: Haywood Zip: 28786 Block Group: 2
Census Tract: 9810
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? Yes Political Jurisdiction: Jurisdiction CEO Name: Jurisdiction Address: Jurisdiction City: Jurisdiction Phone: Town of Waynesville First:Gavin Last: Brown PO Box 100 Waynesville
(828)452-2491
Title: Mayor
Zip: 28786
Site Latitude: Site Longitude:
35.4932 -82.9813
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:Elderly (55) 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: Address: City: Contact: Telephone: Alt Phone: Fax: Email Address:
(828)254-0120 [email protected]
VIA Community Network, Inc./Mountain Housing Opportunities, Inc. 64 Clingman Avenue, Suite 101 Asheville State: NC Zip: 28801 First: James Last:Dennis Title:Rental Development Officer
(828)254-4030
NOTE: Email Address above will be used for communication between NCHFA and Applicant.
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Site Description
Total Site Acreage: 4.1 Total Buildable Acreage: 4.1
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: 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: 07/06/2009 (D) Enter Purchase Price: 950,000
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Zoning
Present zoning classification of the site:East Waynesville Neighborhood District (EW-ND) 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: The site is located in the Town of Waynesville. It is zoned East Waynesville Neighborhood District (EW-ND) which permits a residential density of 16 units per acre. Town of Waynesville land use development guidelines require a conditional use permit for developments of 20 dwelling units or more. The conditional use permit application will be submitted in January 2009 and the permit will be issued no later than April 30, 2009.
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: Address: City: Richland Hills of Waynesville, LLC 64 Clingman Avenue, Suite 101 Asheville State:NC Zip: 28801 (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? Yes Is the applicant requesting that the Agency treat the application as CHDO sponsored? Yes List all general partners, members,and principals. Specify nonprofit corporate general partners or members. Click [Add] to add additional partners, members, and principals.
Org: Address: City: Phone: EMail:
VIA Community Network, Inc. Last Name: Jonas State: NC Function: Managing Member Zip: 28715 101 Challedon Drive Candler
(828)667-4400 [email protected]
First Name: John
Fax: (828)665-1645 Nonprofit: Yes
Org: Address: City: Phone: EMail:
Mountain Housing Opportunities, Inc. Last Name: Dedman State: NC Fax: (828)254-0120 Nonprofit: Yes Function: Member Zip: 28801 64 Clingman Avenue, Suite 101 Asheville
(828)254-4030 [email protected]
First Name: Scott
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Unit Mix
The Median Income for Haywood county is $51,300. Low Income Units Type # BRs Net Sq.Ft.
660 660 660 900 900 900
Total # Units
10 14 16 6 10 8
# Units
1 2 2 1 1 1
Monthly Rent
286 376 419 331 439 515
Utility Allowance
75 75 75 102 102 102
Mandatory Serv. Fees
0 0 0 0 0 0
**Total Housing Exp.
361 451 494 433 541 617
Gdn Apt 1 Gdn Apt 1 Gdn Apt 1 Gdn Apt 2 Gdn Apt 2 Gdn Apt 2
Utilities included in rents:
Water/Sewer
Electric
Gas
Other
Employee Units (will add to Low Income Unit total) Total # Monthly Utility Mandatory **Total Type # BRs Net Sq.Ft. # Units Units Rent Allowance Serv. Fees Housing Exp. Utilities included in rents: Water/Sewer Electric Gas Other
Market Rate Units Total # Monthly Utility Mandatory **Total Type # BRs Net Sq.Ft. # Units Units Rent Allowance Serv. Fees Housing Exp. Utilities included in rents: Water/Sewer Electric Gas Other
Statistics All Units Low Income....... Market Rate....... Totals...............
64 8 25324 64
Units
8
Gross Monthly Rental Income
25324
Proposed number of residential buildings: 1 Project Includes:
Maximum number of stories in buildings: 3
Separate community building - Sq. Ft. (Floor Area):
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Community space within residential bulding(s) - Sq. Ft. (Floor Area):
6,182
Elevators - Number of Elevators: 2 Square Footage Information Gross Floor Square Footage:
71,177
Total Net Sq. Ft. (All Heated Areas): 67,908
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: 8 Number of Units Required:
8
Persons with disabilities or homeless populations.
Number of Units: 7
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 1 1 1 2 2 2
10 14 16 6 10 8
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:
64
Note: This number should match the total number of low income units in the Unit Mix section.
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Funding Sources
NonAmortizing* Rate (%) Term (Years) Amort. Period (Years) Annual Debt Service
Source Bank Loan RPP Loan Local Gov. Loan - Specify: RD 515 Loan RD 538 Loan - Specify: AHP Loan Other Loan 1 - Specify: 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
840,716
2.00
20
20
1,836,329
0
30
30
0
5,618,605
8,295,650
* "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. 68 Remarks concerning project funding sources: (Please be sure to include the name of the funding source(s))
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RPP Loan: Payments for the RPP loan calculated to allow a debt coverage ratio of 1.15 for each year of operation.
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
51840
2
50798
3
49671
4
48454
5
47143
6
45734
7
44224
8
42607
9
40879
10
39036
11
37072
12
34982
13
32762
14
30405
15
27907
16
25260
17
22460
18
19500
19
16372
20
13072
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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 (max 6% lines 2-6) 8 Contractor Overhead (max 2% lines 2-7) 9 Contractor Profit (max 8% lines 2-7; 6% if Identity of Interest) 10 Construction Contingency (max 5% lines 2-9, Rehabs 10%) 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
3,500 38,600 9,500 4,500 2,000 4,300 3,500 38,600 9,500 4,500 2,000 4,300 287,400 101,548 304,644 274,180 144,000 28,732 26,000 5,956,504 1,200 30,000 125,000 1,200 30,000 125,000 287,400 101,548 304,644 274,180 144,000 28,732 26,000 4,540,000 4,540,000 250,000 250,000
TOTAL COST
Eligible Basis 30% PV 70% PV
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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 (0.62% of line 60, 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 Additional Contigency (greater of $500/unit or $30,000) 42 43
Other Basis Expense (specify) Other Basis Expense (specify) 19,200 672,000 32,000 672,000 32,000 218,600 15,000 12,500 2,300 56,926 6,200 2,500 500 44,800 140,726 150,000 150,000 6,200 15,000 12,500
44 Rent-up Expense 45 46
Other Non-basis Expense (specify) Other Non-basis Expense (specify)
SUBTOTAL (lines 38 through 45) 47 Rent up Reserve 48 Operating Reserve 49 50
Other Reserve (specify) Other Reserve (specify)
873,200 19,200 137,420
51 DEVELOPMENT COST (lines 1-49) 52 Less Federally Funded Grant 53 Less Disproportionate Standard 54 Less Nonqualified Nonrecourse Financing 55 Less Historic Tax Credit 56 TOTAL ELIGIBLE BASIS 57 Applicable Fraction (percentage of LI Units)
7,345,650
0
7,062,804
0 7,062,804 100.00% 0 100% 7,062,804 100%
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58 Basis Before Boost 59 Basis Boost of up to 130% 60 TOTAL QUALIFIED BASIS 61 Tax Credit Rate 62 Federal Tax Credits (maximum $1,300,000) 63 Federal Tax Credits Requested (if less than line 62) 64 Land Cost 65 TOTAL REPLACEMENT COST FEDERAL TAX CREDITS IF AWARDED Comments:
7,062,804
0 100.00%
7,062,804 130.00% 9,181,645 9.00 826,348
9,181,645
0 3.50
826,348 0 950,000 8,295,650 826,348
0
Project Development Cost per unit 70,938
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Market Study Information
Please provide a detailed description of the proposed project: Richland Hills of Waynesville will be a 64-unit senior apartment community located in the Town of Waynesville. The primary goals of the development are to provide attractive, well-managed apartment homes for low-income seniors and to provide the supportive services that enhance their ability to live independently. The site is located on the eastern edge of downtown Waynesville. It is 4.1 acres of relatively flat land in an otherwise mountainous area. Assembly Street, the road on which the proposed site sits, is connected directly to Main Street. Within a half mile drive, residents can access businesses and services in the downtown and Russ Avenue corridors. Numerous restaurants, grocery stores, shopping centers, gas stations, health care providers, and other professional services are available. The development will consist of one- and two-bedroom units in a single L-shaped structure. The building will have three stories with residential units designed around a central entry. The apartments will be accessed by double-loaded corridors along each arm of the building. All common spaces will be “visitable” by persons with a mobility impairment. The building will meet Energy Star standards as defined by NCHFA. The individual units will be furnished with a dishwasher, electric range and hood, refrigerators, washer and dryer, and ceiling fans. A large pantry and cabinetry with mid-grade wood veneer will contain sufficient space for storage. The bathrooms in each unit will contain a walk-in shower and blocking for the addition of grab bars. Eight units will be fully handicap accessible. All other units will be convertible to complete handicap accessibility with a minimum of man-hours. Each unit will have cable pre-wired in the living room and bedrooms. The common areas will include a multi-purpose room with a kitchen and appliances, a traditional living room with big-screen television, a computer center with high-speed internet, and a fitness center containing aerobic and anaerobic exercise equipment. Finally, a game area will be provided with tables, chairs, board games and a pool table. Supportive services will be established to promote independent living and wellness. This goal will be primarily accomplished by connecting residents to community services and resources. In addition to referral services, plans include regularly scheduled health clinics, community socials and topic-oriented programs. Meeting and office spaces will be available to service providers in order to bring programs to the site. Assuming the development is funded, construction should begin late in 2009. Construction completion is expected by December 2010 with 100% lease up to follow in mid-2011. 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
While the partners associated with this development have not built the same building being proposed, it will be similar in design and construction to the Laurels of Lake Junaluska. The same architect, Martin Riley Associates, will design Richland Hills of Waynesville.
Have you built other tax credit developments that use the same building design as this project?No If yes, please provide name and address:
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Site Amenities: The development will include all mandatory amenities as well as two additional amenities. These include 1) indoor/outdoor sitting areas, 2) a multi-purpose room, 3) a resident computer center, 4) tenant storage areas, 5) a covered drive-thru/drop-off, and 6) a fitness center. The multi-purpose room will include a variety of activity centers such as a movie screen and projector, game tables, general sitting, and meeting space. A kitchen in the multi-purpose room will promote covered-dish dinners and banquets. In addition, the development will provide a gazebo in the garden area.
Onsite Activities: Onsite activities will include community events such as movie nights, seasonal parties, and topic-oriented discussions. Area agencies will be invited to provide referral and information sessions. The site manager will be well-versed in community resources that can enhance residents lives. Plans include regularly scheduled health clinics to promote safety and wellness through screenings, education and awareness, and physical activity.
Landscaping Plans: The landscape plan will include plants and trees native to the mountains of North Carolina. It will include a mix of deciduous shade trees and evergreens. Appropriate foundation plantings and trees will soften the general surroundings of the new structure. Where permitted, parking lot areas will include shade trees. Finally, perimeter landscaping will be installed to create a natural buffer between the development and surrounding land uses.
Interior Apartment Amenities: Individual units will include the following appliances: ceiling fans, dishwashers, ranges and rangehoods, washers and dryers, and refrigerators. Other features will include walk-in closets, walk-in showers, and durable attractive finishes equal to most market rate apartment communities.
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 trend and direction of real estate development in Waynesville is very positive. Construction and development continues even with changes in the economy. Waynesville, being a tourist destination, has a very well maintained appearance throughout the downtown and surrounding neighborhoods. According to Waynesville Planning Director Mr. Paul Benson, building permits in 2008 continued to increase over the previous 12 months. Also in 2008, a new super Walmart has completed construction at the old Dayco Manufacturing site. A Best Buy and an adjacent strip mall with four tenants are currently under construction and scheduled to be completed in 2009. The new Walmart and shopping center is located approximately two miles from the site. The Town of Waynesville completed construction on a new fire station in 2008 and a new City Hall is currently under construction. The areas bordering the site are stable and the surrounding land use makes it an excellent site for affordable senior housing. North of the site is a senior care facility, the Brian Center, which offers a good buffer between the main downtown business area and the development site. The site is wrapped to the east, west, and south by single family neighborhoods. With an existing multifamily zoning, Richland Hills is well positioned and the pattern of development around it follows the traditional planning pattern of commercial phasing into multifamily and then phasing into single family. Homes in the immediate neighborhood are well maintained and stable. There is no other affordable housing in the neighborhood or immediate surrounding area. 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 land use pattern surrounding Richland Hills is primarily single family residential. The site is not isolated. In fact, it is within walking distance of downtown Waynesville and within one-half mile of the major shopping district, the Russ Avenue corridor. Numerous restaurants, grocery stores, shopping centers, gas stations, health care providers, and other professional services are available. There are no large scale negative features in the vicinity of Richland Hills – no vacant undeveloped land, power lines, railroad tracks, factories or any other type of incompatible use. The only institutional use nearby is the Brian Center, which is considered a positive factor in that it is focused on senior citizens which is the focus also of Richland Hills. In effect, residents of Richland Hills may be able to take advantage of the Brian Center when they need additional care or rehabilitation services that cannot be provided in an independent living environment.
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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 main entry street, Assembly Street, meets North Main Street to enter the commercial areas of Waynesville. There is a traffic light at this location so it will be a safe exit and entry to Richland Hills. Assembly Street itself is a wide and well marked street with plenty of room for vehicles to maneuver. Richland Hills is zoned for multifamily use, has good street access, and will not pose a burden for public facilities in the area. There is no mass transit in Waynesville but there is senior transportation available through “Haywood Transit”, which is a public service that provides reduced fee and no fee transit for senior citizens. Being rural western NC, we anticipate that most residents will own vehicles or will have access to private transportation through nearby family members as this is the norm in our region. However, residents of Richland Hills that do not own vehicles will be able to both walk to downtown Waynesville and/or use Haywood Transit to shop, get to services, and access medical care. Regarding walk-ability, there is a section of sidewalk already in place along Assembly Street leading to the intersection at North Main Street that could easily be extended to the Richland Hills location and make walking to downtown even more convenient. Richland Hills will be quite visible from downtown Waynesville and good signage locations are available for the site. 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 projectssuitability 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 on-site negative features. The site itself is level and graded and ready to be developed. We will have adequate and safe parking. There are wonderful views from the Richland Hills site of both downtown Waynesville as well as of nearby mountain ranges.
Similarity of scale and aesthetics/architecture between project and surroundings. Neighboring properties to the east, west and south are single family so the scale of Richland Hills will be of a larger scale than these neighborhoods. However, the Town of Waynesville has already designated the Richland Hills site as multifamily zoning. Therefore this change in scale is to be expected as the neighborhood transitions from commercial to single family. This type of transition is very normal and acceptable in zoning areas where multifamily zoned sites are buffering commercial and single family neighborhoods. The architecture of Richland Hills will address the aesthetics of the surrounding neighborhood by including architectural details and building materials that either mimic or reflect details in the surrounding architecture of single family homes. For each applicable neighborhood feature, enter distance from project in miles.
0.8 0.6 0.8
Grocery Store Mall/Strip Center Outdoor Athletic
3.5 4.8 1.1
Community/Senior Center Hospital Pharmacy
Fields Day Care/After School
0.8 0.8 2.1 0.0
Basic Health Care Public Transportation
Schools Convenience Store
Stop
0.2
Public Parks
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0.8
Gas Station
0.9
Library
Other facilities or services:
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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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Tax Credits, RPP Loans, and/or Tax Exempt Bond Loans
Project Description
Project Name: Richland Hills of Waynesville Address: City: Assembly Street Waynesville County: Haywood Zip: 28786 Block Group: 2
Census Tract: 9810
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? Yes Political Jurisdiction: Jurisdiction CEO Name: Jurisdiction Address: Jurisdiction City: Jurisdiction Phone: Town of Waynesville First:Gavin Last: Brown PO Box 100 Waynesville
(828)452-2491
Title: Mayor
Zip: 28786
Site Latitude: Site Longitude:
35.4932 -82.9813
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:Elderly (55) 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: Address: City: Contact: Telephone: Alt Phone: Fax: Email Address:
(828)254-0120 [email protected]
VIA Community Network, Inc./Mountain Housing Opportunities, Inc. 64 Clingman Avenue, Suite 101 Asheville State: NC Zip: 28801 First: James Last:Dennis Title:Rental Development Officer
(828)254-4030
NOTE: Email Address above will be used for communication between NCHFA and Applicant.
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Site Description
Total Site Acreage: 4.1 Total Buildable Acreage: 4.1
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: 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: 07/06/2009 (D) Enter Purchase Price: 950,000
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Zoning
Present zoning classification of the site:East Waynesville Neighborhood District (EW-ND) 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: The site is located in the Town of Waynesville. It is zoned East Waynesville Neighborhood District (EW-ND) which permits a residential density of 16 units per acre. Town of Waynesville land use development guidelines require a conditional use permit for developments of 20 dwelling units or more. The conditional use permit application will be submitted in January 2009 and the permit will be issued no later than April 30, 2009.
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: Address: City: Richland Hills of Waynesville, LLC 64 Clingman Avenue, Suite 101 Asheville State:NC Zip: 28801 (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? Yes Is the applicant requesting that the Agency treat the application as CHDO sponsored? Yes List all general partners, members,and principals. Specify nonprofit corporate general partners or members. Click [Add] to add additional partners, members, and principals.
Org: Address: City: Phone: EMail:
VIA Community Network, Inc. Last Name: Jonas State: NC Function: Managing Member Zip: 28715 101 Challedon Drive Candler
(828)667-4400 [email protected]
First Name: John
Fax: (828)665-1645 Nonprofit: Yes
Org: Address: City: Phone: EMail:
Mountain Housing Opportunities, Inc. Last Name: Dedman State: NC Fax: (828)254-0120 Nonprofit: Yes Function: Member Zip: 28801 64 Clingman Avenue, Suite 101 Asheville
(828)254-4030 [email protected]
First Name: Scott
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Unit Mix
The Median Income for Haywood county is $51,300. Low Income Units Type # BRs Net Sq.Ft.
660 660 660 900 900 900
Total # Units
10 14 16 6 10 8
# Units
1 2 2 1 1 1
Monthly Rent
286 376 419 331 439 515
Utility Allowance
75 75 75 102 102 102
Mandatory Serv. Fees
0 0 0 0 0 0
**Total Housing Exp.
361 451 494 433 541 617
Gdn Apt 1 Gdn Apt 1 Gdn Apt 1 Gdn Apt 2 Gdn Apt 2 Gdn Apt 2
Utilities included in rents:
Water/Sewer
Electric
Gas
Other
Employee Units (will add to Low Income Unit total) Total # Monthly Utility Mandatory **Total Type # BRs Net Sq.Ft. # Units Units Rent Allowance Serv. Fees Housing Exp. Utilities included in rents: Water/Sewer Electric Gas Other
Market Rate Units Total # Monthly Utility Mandatory **Total Type # BRs Net Sq.Ft. # Units Units Rent Allowance Serv. Fees Housing Exp. Utilities included in rents: Water/Sewer Electric Gas Other
Statistics All Units Low Income....... Market Rate....... Totals...............
64 8 25324 64
Units
8
Gross Monthly Rental Income
25324
Proposed number of residential buildings: 1 Project Includes:
Maximum number of stories in buildings: 3
Separate community building - Sq. Ft. (Floor Area):
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Community space within residential bulding(s) - Sq. Ft. (Floor Area):
6,182
Elevators - Number of Elevators: 2 Square Footage Information Gross Floor Square Footage:
71,177
Total Net Sq. Ft. (All Heated Areas): 67,908
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: 8 Number of Units Required:
8
Persons with disabilities or homeless populations.
Number of Units: 7
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 1 1 1 2 2 2
10 14 16 6 10 8
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:
64
Note: This number should match the total number of low income units in the Unit Mix section.
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Funding Sources
NonAmortizing* Rate (%) Term (Years) Amort. Period (Years) Annual Debt Service
Source Bank Loan RPP Loan Local Gov. Loan - Specify: RD 515 Loan RD 538 Loan - Specify: AHP Loan Other Loan 1 - Specify: 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
840,716
2.00
20
20
1,836,329
0
30
30
0
5,618,605
8,295,650
* "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. 68 Remarks concerning project funding sources: (Please be sure to include the name of the funding source(s))
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RPP Loan: Payments for the RPP loan calculated to allow a debt coverage ratio of 1.15 for each year of operation.
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
51840
2
50798
3
49671
4
48454
5
47143
6
45734
7
44224
8
42607
9
40879
10
39036
11
37072
12
34982
13
32762
14
30405
15
27907
16
25260
17
22460
18
19500
19
16372
20
13072
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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 (max 6% lines 2-6) 8 Contractor Overhead (max 2% lines 2-7) 9 Contractor Profit (max 8% lines 2-7; 6% if Identity of Interest) 10 Construction Contingency (max 5% lines 2-9, Rehabs 10%) 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
3,500 38,600 9,500 4,500 2,000 4,300 3,500 38,600 9,500 4,500 2,000 4,300 287,400 101,548 304,644 274,180 144,000 28,732 26,000 5,956,504 1,200 30,000 125,000 1,200 30,000 125,000 287,400 101,548 304,644 274,180 144,000 28,732 26,000 4,540,000 4,540,000 250,000 250,000
TOTAL COST
Eligible Basis 30% PV 70% PV
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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 (0.62% of line 60, 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 Additional Contigency (greater of $500/unit or $30,000) 42 43
Other Basis Expense (specify) Other Basis Expense (specify) 19,200 672,000 32,000 672,000 32,000 218,600 15,000 12,500 2,300 56,926 6,200 2,500 500 44,800 140,726 150,000 150,000 6,200 15,000 12,500
44 Rent-up Expense 45 46
Other Non-basis Expense (specify) Other Non-basis Expense (specify)
SUBTOTAL (lines 38 through 45) 47 Rent up Reserve 48 Operating Reserve 49 50
Other Reserve (specify) Other Reserve (specify)
873,200 19,200 137,420
51 DEVELOPMENT COST (lines 1-49) 52 Less Federally Funded Grant 53 Less Disproportionate Standard 54 Less Nonqualified Nonrecourse Financing 55 Less Historic Tax Credit 56 TOTAL ELIGIBLE BASIS 57 Applicable Fraction (percentage of LI Units)
7,345,650
0
7,062,804
0 7,062,804 100.00% 0 100% 7,062,804 100%
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58 Basis Before Boost 59 Basis Boost of up to 130% 60 TOTAL QUALIFIED BASIS 61 Tax Credit Rate 62 Federal Tax Credits (maximum $1,300,000) 63 Federal Tax Credits Requested (if less than line 62) 64 Land Cost 65 TOTAL REPLACEMENT COST FEDERAL TAX CREDITS IF AWARDED Comments:
7,062,804
0 100.00%
7,062,804 130.00% 9,181,645 9.00 826,348
9,181,645
0 3.50
826,348 0 950,000 8,295,650 826,348
0
Project Development Cost per unit 70,938
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Market Study Information
Please provide a detailed description of the proposed project: Richland Hills of Waynesville will be a 64-unit senior apartment community located in the Town of Waynesville. The primary goals of the development are to provide attractive, well-managed apartment homes for low-income seniors and to provide the supportive services that enhance their ability to live independently. The site is located on the eastern edge of downtown Waynesville. It is 4.1 acres of relatively flat land in an otherwise mountainous area. Assembly Street, the road on which the proposed site sits, is connected directly to Main Street. Within a half mile drive, residents can access businesses and services in the downtown and Russ Avenue corridors. Numerous restaurants, grocery stores, shopping centers, gas stations, health care providers, and other professional services are available. The development will consist of one- and two-bedroom units in a single L-shaped structure. The building will have three stories with residential units designed around a central entry. The apartments will be accessed by double-loaded corridors along each arm of the building. All common spaces will be “visitable” by persons with a mobility impairment. The building will meet Energy Star standards as defined by NCHFA. The individual units will be furnished with a dishwasher, electric range and hood, refrigerators, washer and dryer, and ceiling fans. A large pantry and cabinetry with mid-grade wood veneer will contain sufficient space for storage. The bathrooms in each unit will contain a walk-in shower and blocking for the addition of grab bars. Eight units will be fully handicap accessible. All other units will be convertible to complete handicap accessibility with a minimum of man-hours. Each unit will have cable pre-wired in the living room and bedrooms. The common areas will include a multi-purpose room with a kitchen and appliances, a traditional living room with big-screen television, a computer center with high-speed internet, and a fitness center containing aerobic and anaerobic exercise equipment. Finally, a game area will be provided with tables, chairs, board games and a pool table. Supportive services will be established to promote independent living and wellness. This goal will be primarily accomplished by connecting residents to community services and resources. In addition to referral services, plans include regularly scheduled health clinics, community socials and topic-oriented programs. Meeting and office spaces will be available to service providers in order to bring programs to the site. Assuming the development is funded, construction should begin late in 2009. Construction completion is expected by December 2010 with 100% lease up to follow in mid-2011. 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
While the partners associated with this development have not built the same building being proposed, it will be similar in design and construction to the Laurels of Lake Junaluska. The same architect, Martin Riley Associates, will design Richland Hills of Waynesville.
Have you built other tax credit developments that use the same building design as this project?No If yes, please provide name and address:
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Site Amenities: The development will include all mandatory amenities as well as two additional amenities. These include 1) indoor/outdoor sitting areas, 2) a multi-purpose room, 3) a resident computer center, 4) tenant storage areas, 5) a covered drive-thru/drop-off, and 6) a fitness center. The multi-purpose room will include a variety of activity centers such as a movie screen and projector, game tables, general sitting, and meeting space. A kitchen in the multi-purpose room will promote covered-dish dinners and banquets. In addition, the development will provide a gazebo in the garden area.
Onsite Activities: Onsite activities will include community events such as movie nights, seasonal parties, and topic-oriented discussions. Area agencies will be invited to provide referral and information sessions. The site manager will be well-versed in community resources that can enhance residents lives. Plans include regularly scheduled health clinics to promote safety and wellness through screenings, education and awareness, and physical activity.
Landscaping Plans: The landscape plan will include plants and trees native to the mountains of North Carolina. It will include a mix of deciduous shade trees and evergreens. Appropriate foundation plantings and trees will soften the general surroundings of the new structure. Where permitted, parking lot areas will include shade trees. Finally, perimeter landscaping will be installed to create a natural buffer between the development and surrounding land uses.
Interior Apartment Amenities: Individual units will include the following appliances: ceiling fans, dishwashers, ranges and rangehoods, washers and dryers, and refrigerators. Other features will include walk-in closets, walk-in showers, and durable attractive finishes equal to most market rate apartment communities.
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 trend and direction of real estate development in Waynesville is very positive. Construction and development continues even with changes in the economy. Waynesville, being a tourist destination, has a very well maintained appearance throughout the downtown and surrounding neighborhoods. According to Waynesville Planning Director Mr. Paul Benson, building permits in 2008 continued to increase over the previous 12 months. Also in 2008, a new super Walmart has completed construction at the old Dayco Manufacturing site. A Best Buy and an adjacent strip mall with four tenants are currently under construction and scheduled to be completed in 2009. The new Walmart and shopping center is located approximately two miles from the site. The Town of Waynesville completed construction on a new fire station in 2008 and a new City Hall is currently under construction. The areas bordering the site are stable and the surrounding land use makes it an excellent site for affordable senior housing. North of the site is a senior care facility, the Brian Center, which offers a good buffer between the main downtown business area and the development site. The site is wrapped to the east, west, and south by single family neighborhoods. With an existing multifamily zoning, Richland Hills is well positioned and the pattern of development around it follows the traditional planning pattern of commercial phasing into multifamily and then phasing into single family. Homes in the immediate neighborhood are well maintained and stable. There is no other affordable housing in the neighborhood or immediate surrounding area. 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 land use pattern surrounding Richland Hills is primarily single family residential. The site is not isolated. In fact, it is within walking distance of downtown Waynesville and within one-half mile of the major shopping district, the Russ Avenue corridor. Numerous restaurants, grocery stores, shopping centers, gas stations, health care providers, and other professional services are available. There are no large scale negative features in the vicinity of Richland Hills – no vacant undeveloped land, power lines, railroad tracks, factories or any other type of incompatible use. The only institutional use nearby is the Brian Center, which is considered a positive factor in that it is focused on senior citizens which is the focus also of Richland Hills. In effect, residents of Richland Hills may be able to take advantage of the Brian Center when they need additional care or rehabilitation services that cannot be provided in an independent living environment.
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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 main entry street, Assembly Street, meets North Main Street to enter the commercial areas of Waynesville. There is a traffic light at this location so it will be a safe exit and entry to Richland Hills. Assembly Street itself is a wide and well marked street with plenty of room for vehicles to maneuver. Richland Hills is zoned for multifamily use, has good street access, and will not pose a burden for public facilities in the area. There is no mass transit in Waynesville but there is senior transportation available through “Haywood Transit”, which is a public service that provides reduced fee and no fee transit for senior citizens. Being rural western NC, we anticipate that most residents will own vehicles or will have access to private transportation through nearby family members as this is the norm in our region. However, residents of Richland Hills that do not own vehicles will be able to both walk to downtown Waynesville and/or use Haywood Transit to shop, get to services, and access medical care. Regarding walk-ability, there is a section of sidewalk already in place along Assembly Street leading to the intersection at North Main Street that could easily be extended to the Richland Hills location and make walking to downtown even more convenient. Richland Hills will be quite visible from downtown Waynesville and good signage locations are available for the site. 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 projectssuitability 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 on-site negative features. The site itself is level and graded and ready to be developed. We will have adequate and safe parking. There are wonderful views from the Richland Hills site of both downtown Waynesville as well as of nearby mountain ranges.
Similarity of scale and aesthetics/architecture between project and surroundings. Neighboring properties to the east, west and south are single family so the scale of Richland Hills will be of a larger scale than these neighborhoods. However, the Town of Waynesville has already designated the Richland Hills site as multifamily zoning. Therefore this change in scale is to be expected as the neighborhood transitions from commercial to single family. This type of transition is very normal and acceptable in zoning areas where multifamily zoned sites are buffering commercial and single family neighborhoods. The architecture of Richland Hills will address the aesthetics of the surrounding neighborhood by including architectural details and building materials that either mimic or reflect details in the surrounding architecture of single family homes. For each applicable neighborhood feature, enter distance from project in miles.
0.8 0.6 0.8
Grocery Store Mall/Strip Center Outdoor Athletic
3.5 4.8 1.1
Community/Senior Center Hospital Pharmacy
Fields Day Care/After School
0.8 0.8 2.1 0.0
Basic Health Care Public Transportation
Schools Convenience Store
Stop
0.2
Public Parks
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0.8
Gas Station
0.9
Library
Other facilities or services:
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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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