Nathaniel Village
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Tax Credits, RPP Loans, and/or Tax Exempt Bond Loans
Project Description
Project Name: Nathaniel Village Address: City: 415 Martin Luther King Jr. Drive Greenville County: Pitt Block Group: 3 Zip: 27858
Census Tract: 1.00
Is project in Qualified Census Tract or Difficult to Develop Area? Yes Political Jurisdiction: Jurisdiction Address: Jurisdiction City: Jurisdiction Phone: City of Greenville Last: Bowers Title: City Manager P.O. Box 7207 Greenville (252)329-4436 Zip: 27835-7207
Jurisdiction CEO Name: First: Wayne
Site Latitude: Site Longitude:
35.6116 -77.3763
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? No Does a community revitalization plan exist? Yes 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: Family 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: 3 Persons with disabilities or homeless populations: the greater of 5 units or 10% of the total units. Number of Units: 5 Remarks:
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: Landmark Asset Services, Inc. 406 East Fourth Street Winston-Salem First: Bill (336)714-8920 (336)722-9871 (336)722-3603 [email protected] State: NC Zip: 27101 Last: Scantland Title: VP & Managing Member
NOTE: Email Address above will be used for communication between NCHFA and Applicant.
Site Description
Total Site Acreage: 3.3 Total Buildable Acreage: 3.3 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:
(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? Yes If yes, specify the relationship: IOI does not exist. Using this box for clarification. This is a $1/yr land lease from the City of Greenville. There is a parcel being purchased (submitted in Pre-app) by Landmark Asset Services, Inc. outside of the development cost in order to preserve the 5 point scoring bonus for which all other parameters have been met. Expiration date below is for the parcel purchase and the purchase price of $1 below is the lease amount/year.
Purchase Price:
(c) Enter the current expiration date of the option/contract to purchase: 09/01/2007 (D) Enter Purchase Price: 1
Zoning
Present zoning classification of the site: CDF 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: Nathaniel Village, LLC Address: City: 406 East Fourth Street Winston-Salem State: NC Zip: 27101 (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?
No 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:
Landmark Asset Services, Inc. Last Name: Scantland Function: Managing Member
First Name: Bill Address: City: Phone: EMail: 406 East Fourth Street Winston-Salem (336)714-8920
State: NC
Zip: 27101
Fax: (336)722-3603 Nonprofit: No
devadmin@landmarkdevelopment
Org:
Sari and Company Last Name: Sari Function: Member
First Name: Jim Address: City: Phone: EMail: 406 East Fourth Street Winston-Salem (336)714-8911
State: NC Fax: (336)722-3603 Nonprofit: No
Zip: 27101
[email protected]
Org:
Fitch Development Group, Inc. Last Name: Fitch Function: Member
First Name: Hollis Address: City: Phone: EMail: 426 East Fourth Street Winston-Salem (336)714-8929
State: NC Fax: (336)722-3603 Nonprofit: No
Zip: 27101
[email protected]
Unit Mix
The Median Income for Pitt county is $49,800. Low Income Units Type Gdn Apt Gdn Apt Gdn Apt Gdn Apt Gdn Apt Gdn Apt Gdn Apt Gdn Apt Gdn Apt # BRs Net Sq.Ft. 1 1 1 2 2 2 3 3 3 683 683 683 1013 1013 1013 1161 1161 1161 Total # Units 2 2 4 6 6 12 4 4 8 # Units 1 1 0 1 1 0 1 1 0 Monthly Rent 276 360 370 322 430 435 373 500 505 Electric Utility Allowance 98 98 98 126 126 126 145 145 145 Gas Mandatory Serv. Fees 0 0 0 0 0 0 0 0 0 Other Trash **Total Housing Exp. 374 458 468 448 556 561 518 645 650
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............... 48 6 20016 48 Gross Monthly Rental Income 20016
Units 6
Proposed number of residential buildings: 6 Project Includes:
Maximum number of stories in buildings: 2
Separate community building - Sq. Ft. (Floor Area): 1,787 Community space within residential bulding(s) - Sq. Ft. (Floor Area): Elevators - Number of Elevators:
Square Footage Information Gross Floor Square Footage: 54,406
Total Net Sq. Ft. (All Heated Areas): 50,139
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 3 3 3 2 2 4 6 6 12 4 4 8
Units targeted at 40 targeted at 50 targeted at 60 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 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:
48
Note: This number should match the total number of low income units in the Unit Mix section.
Funding Sources
NonAmortizing* Rate (%) 7.75 Term (Years) 20 Amort. Period (Years) 20 Annual Debt Service 21,412
Source Bank Loan RPP Loan Local Gov. Loan - Specify: City of Greenville 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 217,356
525,000
2.00
20
20
31,870
1,320,789
0
30
30
0
3,455,654
5,518,799
* "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. 90 Remarks concerning project funding sources: (Please be sure to include the name of the funding source(s)) Local government housing development funds - City of Greenville
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 (specify) Other Basis Expense (specify) 21,466 Other Non-basis Expense (specify) Other Non-basis Expense (specify) 504,000 504,000 15,000 461,100 30,000 6,000 2,200 38,303 8,000 6,000 7,000 26,400 123,903 75,000 75,000 8,000 30,000 6,000 202,300 71,400 214,400 115,800 100,000 20,000 27,500 4,205,858 35,000 70,000 250,000 30,000 15,000 17,900 12,000 8,000 4,000 4,200 35,000 70,000 160,000 30,000 15,000 17,900 12,000 8,000 4,000 4,200 202,300 71,400 214,400 115,800 100,000 20,000 27,500 2,754,458 2,754,458 100,000 600,000 100,000 600,000 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)
600,466 24,000 103,472
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
5,518,799
0
5,184,958
0 5,184,958 100.00% 5,184,958 6,740,445 542,605 572,937 384,000 384,000 0 5,518,799 384,000 384,000 0 100% 0 130.00% 0 3.45 0 0 5,184,958 100% 5,184,958 130.00% 6,740,445 8.05 542,605 572,937
Comments: Replacement costs exceed $95,000 per unit maximum as defined in the 2007 QAP IV.C.1.(a). However, the property is within a central business district as defined in Section (iii) of the referenced QAP.
Total Replacement Cost per unit: Federal Tax Credits (line 62) per unit:
111,946 11,936
Market Study Information
Please provide a detailed description of the proposed project: Nathaniel Village is an urban infill redevelopment effort of the City of Greenville and the Greenville Redevelopment Commission on 3.3 acres in the central business district of Greenville. Under a competitive RFQ with design guidelines, “Nathaniel Village” is new construction and will feature six (6) “big houses” of eight (8) family units each. Each building will be two stories in height to blend well with the existing neighborhood. Over 25% will be three bedroom.
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? Yes If yes, please provide name and address: Not in North Carolina. However, though adapted for Nathaniel Village, Humphreys & Partner Architects developed the “Big House” concept and has built it in over 200 communities. Its affordable products include the Hillcrest & McCallum 4-unit building resembling a single family home as public housing in north Dallas, Texas, and the 6-unit Lakewest Townhomes for the Dallas Housing Authority. The Waterford developments in York and Swatara Township are three separate tax credit developments in Pennsylvania. The “E-House” style for the Waco Housing Authority in Waco, Texas produced 15 units per acre, roughly that proposed for Nathaniel Village in Greenville. Contact Scott Mitchell at Humphreys and Partners Architects, L.P. at 704 510-1357 x11 for details. Site Amenities: Consistent with Appendix B, Nathaniel Village will have an equipped playground, a resident computer center (min. 2 computers), a covered picnic area (150 sf w/ 2 tables and grill) and an outdoor sitting area with benches (min. of 3 locations). The two optional amenities are the exercise room with equipment in the separate Community Building and high-speed Internet access in the living area of each unit and support for a project-wide network or functional equivalent.
Onsite Activities: Onsite activities will eminate from the centrally located Community Building. The computer and exercise room, the kitchenette and meeting space and the coin-operated laundry will support the activities of everyday life at Nathaniel Village. The equipped playground and lawn, plus the sitting benches in three locations will provide active as well as passive recreational opportunites for residents.
Landscaping Plans: Site work and landscaping will be installed according to NCHFA standards in Appendix B.III.E. and City of Greenville ordinances. As shown on the Site Concept Map, a screening fence with landscape buffer will be provided along the western property line as per City of Greenville request to provide security and privacy for the Women’s Shelter adjacent west on MLK Drive. Plant material will be native to the climate and area, and trees and shrubs will be of adequate sizes.
Interior Apartment Amenities:
A major asset at Nathaniel Village will be large apartment sizs. Other amenities will be consistent with Appendix B design standards for units, bedrooms, and kitchens.
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. The trend and direction of real estate development and area economic health is positive. Greenville is growing and has the planning and redevelopment social and political leadership to direct it. East Carolina University is nearby Nathaniel Village with private land holdings and plans for expansion that will bode well for this development. The physical condition of buildings and improvements that will front Nathaniel Village on MLK Drive, all east of the CSX railroad track from which this site is removed and buffetted by the tracks being at a much lower elevation than the project site, are good. Any concentration of affordable housing is found west of the aforementioned railroad track, farther from the central city. 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. Suitability of surrounding development is good for the proposed development and vice versa. The land use pattern is predominantly residential in the west and north, with a balance of other uses (retail and amenities) on the east. Redevelopment plans by the City of Greenville call for residential and mixed use to the south. The existing land use pattern is bolstered by like zoning (CDF) to the north and south of the site, with high density residential (R6) to the west and CD (Commercial District (downtown)) to the east. Several acres of vacant land lie south of the site across Bonner’s Lane, with the vacant historic Imperial Warehouse to the southwest. There are no adverse land use impacts affecting this site. 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. Martin Luther King, Jr. Dr. is a major connector from Memorial Drive (on the west) to the central business district (of which this development is a part) in downtown Greenville. Stop lights, speed limits, and other urban traffic controls are in place and operating properly. Access to the bus system in Greenville is available along MLK Drive. Four (4) of the big houses of Nathaniel Village will front on MLK Drive as will the main entrance and its sign. They will be visible from this highly traveled corridor. 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 on-site negative features or physical barriers that will impede project construction or adversely affect future tenants. None of the hazards listed in this section of the application apply to this gently rolling site that will be perfect for the proposed development.
Similarity of scale and aesthetics/architecture between project and surroundings. The “Big House” architectural design chosen for this development is the product of an RFQ by the City Redevelopment Commission to ensure compatibility of scale and aesthetics/architecture between the project and surroundings. Two story height, bungalow detailing, building spacing, open space and site amenities will all contribute to a high compatibility rating in this neighborhood.
For each applicable neighborhood feature, enter distance from project in miles. .64 .77 .67 .1 .43 .01 .36 .67 .35 .27 .22 .35 .99 Grocery Store Mall/Strip Center Outdoor Athletic Fields Day Care/After School Schools .43 1.1 .85 1.25 .6 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 .2 Convenience Store Basketball/Tennis Courts Public Parks Gas Station Library Fitness/Nature Trails Public Swimming Pools .28 .2 2.5 .71 .13 .28
Other facilities or services:
Development Team
Provide contact information for development team members below: Management Agent Company: Landmark Property Management Company Address: City: Phone 406 East Fourth Street Winston-Salem (336)714-8939 State: NC Zip: 27101-4112 Email: devadmin@landmarkdevelopme Last: Maas
Contact Name: First: Blair
Architect Company: Address: City: Phone
Humpreys & Partners Architects, NC, PLLC 8929 J.M. Keynes, Suite 355 Charlotte (704)510-1357 State: NC Zip: 28262 Email: [email protected] Last: Curry, Jr.
Contact Name: First: Bill
Attorney Company: Address: City: Phone
Blanco Tackabery Combs & Matamoros, P.A. PO Drawer 25008 Winston-Salem (336)293-9045 State: NC Zip: 27104-5008 Email: [email protected] Last: McKenney
Contact Name: First: Deborah
Investor Company: Address: City: Phone
Community Affordable Housing Equity Corporation (CAHEC) 7700 Falls of Neuse Road, Suite 200 Raleigh (919)788-1810 State: NC Zip: 27615 Email: [email protected] Last: Mayo
Contact Name: First: Greg
Consultant/Application Preparer (if different from developer) Company: Landmark Asset Services, Inc. Address: City: Phone 406 East Fourth Street Winston-Salem (336)714-8920 State: NC Zip: 27101-4112 Email: devadmin@landmarkdevelopme Last: Scantland
Contact Name: First: Bill
Identity of Interest? General Contractor Company: Rehab Builders, Inc. Address: City: Phone 401 East Fourth Street, Suitre 201 Winston-Salem (336)722-6132 State: NC Zip: 27101-4112 Email: [email protected] Last: Lipsky
Contact Name: First: Ed
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): 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): Fire Alarm/Sprinkler Maintenance Miscellaneous Operating & Maintenance Expenses SUBTOTAL Taxes and Insurance Real Estate Taxes Payroll Taxes (FICA) 49,940 4,500 1,100 1,000 980 1,500 3,600 14,820 4,200 6,228 4,800 1,152 12,338 31,584 5,460 600 200 3,600 3,600 3,600 2,402 23,040 16,380 2,400
1,000
56,222
12,000 7,246
4,198
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 0 12,000 12,000 165,660 153,660 48 3,201 15,914 10,543 50 1,123
Projected Cash Flow Year One
OPERATING INCOME Gross rental income (from Unit Mix - Total Monthly Rent) Stores and Commercial Laundry and Vending Other (specify): Late Fee, Other Tenant Charges, etc. 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) 5,760 5,760 251,712 17,619 234,093 240,192
165,660 68,433
53,282
15,151 1.284
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 1 234,093 165,660 53,282 15,151 1.284 11 314,600 245,216 53,282 16,102 1.302 2 241,116 172,286 53,282 15,548 1.292 12 324,038 255,025 53,282 15,731 1.295 3 248,349 179,177 53,282 15,890 1.298 13 333,759 265,226 53,282 15,251 1.286 4 255,799 186,344 53,282 16,173 1.304 14 343,772 275,835 53,282 14,655 1.275 5 263,473 193,798 53,282 16,393 1.308 15 354,085 286,868 53,282 13,935 1.262 6 271,377 201,550 53,282 16,545 1.311 16 364,708 298,343 53,282 13,083 1.246 7 279,518 209,612 53,282 16,624 1.312 17 375,649 310,277 53,282 12,090 1.227 8 287,904 217,996 53,282 16,626 1.312 18 386,918 322,688 53,282 10,948 1.205 9 296,541 226,716 53,282 16,543 1.31 19 398,526 335,596 53,282 9,648 1.181 10 305,437 235,785 53,282 16,370 1.307 20 410,482 349,020 53,282 8,180 1.154
* 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)
Tax Credits, RPP Loans, and/or Tax Exempt Bond Loans
Project Description
Project Name: Nathaniel Village Address: City: 415 Martin Luther King Jr. Drive Greenville County: Pitt Block Group: 3 Zip: 27858
Census Tract: 1.00
Is project in Qualified Census Tract or Difficult to Develop Area? Yes Political Jurisdiction: Jurisdiction Address: Jurisdiction City: Jurisdiction Phone: City of Greenville Last: Bowers Title: City Manager P.O. Box 7207 Greenville (252)329-4436 Zip: 27835-7207
Jurisdiction CEO Name: First: Wayne
Site Latitude: Site Longitude:
35.6116 -77.3763
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? No Does a community revitalization plan exist? Yes 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: Family 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: 3 Persons with disabilities or homeless populations: the greater of 5 units or 10% of the total units. Number of Units: 5 Remarks:
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: Landmark Asset Services, Inc. 406 East Fourth Street Winston-Salem First: Bill (336)714-8920 (336)722-9871 (336)722-3603 [email protected] State: NC Zip: 27101 Last: Scantland Title: VP & Managing Member
NOTE: Email Address above will be used for communication between NCHFA and Applicant.
Site Description
Total Site Acreage: 3.3 Total Buildable Acreage: 3.3 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:
(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? Yes If yes, specify the relationship: IOI does not exist. Using this box for clarification. This is a $1/yr land lease from the City of Greenville. There is a parcel being purchased (submitted in Pre-app) by Landmark Asset Services, Inc. outside of the development cost in order to preserve the 5 point scoring bonus for which all other parameters have been met. Expiration date below is for the parcel purchase and the purchase price of $1 below is the lease amount/year.
Purchase Price:
(c) Enter the current expiration date of the option/contract to purchase: 09/01/2007 (D) Enter Purchase Price: 1
Zoning
Present zoning classification of the site: CDF 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: Nathaniel Village, LLC Address: City: 406 East Fourth Street Winston-Salem State: NC Zip: 27101 (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?
No 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:
Landmark Asset Services, Inc. Last Name: Scantland Function: Managing Member
First Name: Bill Address: City: Phone: EMail: 406 East Fourth Street Winston-Salem (336)714-8920
State: NC
Zip: 27101
Fax: (336)722-3603 Nonprofit: No
devadmin@landmarkdevelopment
Org:
Sari and Company Last Name: Sari Function: Member
First Name: Jim Address: City: Phone: EMail: 406 East Fourth Street Winston-Salem (336)714-8911
State: NC Fax: (336)722-3603 Nonprofit: No
Zip: 27101
[email protected]
Org:
Fitch Development Group, Inc. Last Name: Fitch Function: Member
First Name: Hollis Address: City: Phone: EMail: 426 East Fourth Street Winston-Salem (336)714-8929
State: NC Fax: (336)722-3603 Nonprofit: No
Zip: 27101
[email protected]
Unit Mix
The Median Income for Pitt county is $49,800. Low Income Units Type Gdn Apt Gdn Apt Gdn Apt Gdn Apt Gdn Apt Gdn Apt Gdn Apt Gdn Apt Gdn Apt # BRs Net Sq.Ft. 1 1 1 2 2 2 3 3 3 683 683 683 1013 1013 1013 1161 1161 1161 Total # Units 2 2 4 6 6 12 4 4 8 # Units 1 1 0 1 1 0 1 1 0 Monthly Rent 276 360 370 322 430 435 373 500 505 Electric Utility Allowance 98 98 98 126 126 126 145 145 145 Gas Mandatory Serv. Fees 0 0 0 0 0 0 0 0 0 Other Trash **Total Housing Exp. 374 458 468 448 556 561 518 645 650
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............... 48 6 20016 48 Gross Monthly Rental Income 20016
Units 6
Proposed number of residential buildings: 6 Project Includes:
Maximum number of stories in buildings: 2
Separate community building - Sq. Ft. (Floor Area): 1,787 Community space within residential bulding(s) - Sq. Ft. (Floor Area): Elevators - Number of Elevators:
Square Footage Information Gross Floor Square Footage: 54,406
Total Net Sq. Ft. (All Heated Areas): 50,139
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 3 3 3 2 2 4 6 6 12 4 4 8
Units targeted at 40 targeted at 50 targeted at 60 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 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:
48
Note: This number should match the total number of low income units in the Unit Mix section.
Funding Sources
NonAmortizing* Rate (%) 7.75 Term (Years) 20 Amort. Period (Years) 20 Annual Debt Service 21,412
Source Bank Loan RPP Loan Local Gov. Loan - Specify: City of Greenville 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 217,356
525,000
2.00
20
20
31,870
1,320,789
0
30
30
0
3,455,654
5,518,799
* "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. 90 Remarks concerning project funding sources: (Please be sure to include the name of the funding source(s)) Local government housing development funds - City of Greenville
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 (specify) Other Basis Expense (specify) 21,466 Other Non-basis Expense (specify) Other Non-basis Expense (specify) 504,000 504,000 15,000 461,100 30,000 6,000 2,200 38,303 8,000 6,000 7,000 26,400 123,903 75,000 75,000 8,000 30,000 6,000 202,300 71,400 214,400 115,800 100,000 20,000 27,500 4,205,858 35,000 70,000 250,000 30,000 15,000 17,900 12,000 8,000 4,000 4,200 35,000 70,000 160,000 30,000 15,000 17,900 12,000 8,000 4,000 4,200 202,300 71,400 214,400 115,800 100,000 20,000 27,500 2,754,458 2,754,458 100,000 600,000 100,000 600,000 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)
600,466 24,000 103,472
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
5,518,799
0
5,184,958
0 5,184,958 100.00% 5,184,958 6,740,445 542,605 572,937 384,000 384,000 0 5,518,799 384,000 384,000 0 100% 0 130.00% 0 3.45 0 0 5,184,958 100% 5,184,958 130.00% 6,740,445 8.05 542,605 572,937
Comments: Replacement costs exceed $95,000 per unit maximum as defined in the 2007 QAP IV.C.1.(a). However, the property is within a central business district as defined in Section (iii) of the referenced QAP.
Total Replacement Cost per unit: Federal Tax Credits (line 62) per unit:
111,946 11,936
Market Study Information
Please provide a detailed description of the proposed project: Nathaniel Village is an urban infill redevelopment effort of the City of Greenville and the Greenville Redevelopment Commission on 3.3 acres in the central business district of Greenville. Under a competitive RFQ with design guidelines, “Nathaniel Village” is new construction and will feature six (6) “big houses” of eight (8) family units each. Each building will be two stories in height to blend well with the existing neighborhood. Over 25% will be three bedroom.
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? Yes If yes, please provide name and address: Not in North Carolina. However, though adapted for Nathaniel Village, Humphreys & Partner Architects developed the “Big House” concept and has built it in over 200 communities. Its affordable products include the Hillcrest & McCallum 4-unit building resembling a single family home as public housing in north Dallas, Texas, and the 6-unit Lakewest Townhomes for the Dallas Housing Authority. The Waterford developments in York and Swatara Township are three separate tax credit developments in Pennsylvania. The “E-House” style for the Waco Housing Authority in Waco, Texas produced 15 units per acre, roughly that proposed for Nathaniel Village in Greenville. Contact Scott Mitchell at Humphreys and Partners Architects, L.P. at 704 510-1357 x11 for details. Site Amenities: Consistent with Appendix B, Nathaniel Village will have an equipped playground, a resident computer center (min. 2 computers), a covered picnic area (150 sf w/ 2 tables and grill) and an outdoor sitting area with benches (min. of 3 locations). The two optional amenities are the exercise room with equipment in the separate Community Building and high-speed Internet access in the living area of each unit and support for a project-wide network or functional equivalent.
Onsite Activities: Onsite activities will eminate from the centrally located Community Building. The computer and exercise room, the kitchenette and meeting space and the coin-operated laundry will support the activities of everyday life at Nathaniel Village. The equipped playground and lawn, plus the sitting benches in three locations will provide active as well as passive recreational opportunites for residents.
Landscaping Plans: Site work and landscaping will be installed according to NCHFA standards in Appendix B.III.E. and City of Greenville ordinances. As shown on the Site Concept Map, a screening fence with landscape buffer will be provided along the western property line as per City of Greenville request to provide security and privacy for the Women’s Shelter adjacent west on MLK Drive. Plant material will be native to the climate and area, and trees and shrubs will be of adequate sizes.
Interior Apartment Amenities:
A major asset at Nathaniel Village will be large apartment sizs. Other amenities will be consistent with Appendix B design standards for units, bedrooms, and kitchens.
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. The trend and direction of real estate development and area economic health is positive. Greenville is growing and has the planning and redevelopment social and political leadership to direct it. East Carolina University is nearby Nathaniel Village with private land holdings and plans for expansion that will bode well for this development. The physical condition of buildings and improvements that will front Nathaniel Village on MLK Drive, all east of the CSX railroad track from which this site is removed and buffetted by the tracks being at a much lower elevation than the project site, are good. Any concentration of affordable housing is found west of the aforementioned railroad track, farther from the central city. 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. Suitability of surrounding development is good for the proposed development and vice versa. The land use pattern is predominantly residential in the west and north, with a balance of other uses (retail and amenities) on the east. Redevelopment plans by the City of Greenville call for residential and mixed use to the south. The existing land use pattern is bolstered by like zoning (CDF) to the north and south of the site, with high density residential (R6) to the west and CD (Commercial District (downtown)) to the east. Several acres of vacant land lie south of the site across Bonner’s Lane, with the vacant historic Imperial Warehouse to the southwest. There are no adverse land use impacts affecting this site. 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. Martin Luther King, Jr. Dr. is a major connector from Memorial Drive (on the west) to the central business district (of which this development is a part) in downtown Greenville. Stop lights, speed limits, and other urban traffic controls are in place and operating properly. Access to the bus system in Greenville is available along MLK Drive. Four (4) of the big houses of Nathaniel Village will front on MLK Drive as will the main entrance and its sign. They will be visible from this highly traveled corridor. 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 on-site negative features or physical barriers that will impede project construction or adversely affect future tenants. None of the hazards listed in this section of the application apply to this gently rolling site that will be perfect for the proposed development.
Similarity of scale and aesthetics/architecture between project and surroundings. The “Big House” architectural design chosen for this development is the product of an RFQ by the City Redevelopment Commission to ensure compatibility of scale and aesthetics/architecture between the project and surroundings. Two story height, bungalow detailing, building spacing, open space and site amenities will all contribute to a high compatibility rating in this neighborhood.
For each applicable neighborhood feature, enter distance from project in miles. .64 .77 .67 .1 .43 .01 .36 .67 .35 .27 .22 .35 .99 Grocery Store Mall/Strip Center Outdoor Athletic Fields Day Care/After School Schools .43 1.1 .85 1.25 .6 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 .2 Convenience Store Basketball/Tennis Courts Public Parks Gas Station Library Fitness/Nature Trails Public Swimming Pools .28 .2 2.5 .71 .13 .28
Other facilities or services:
Development Team
Provide contact information for development team members below: Management Agent Company: Landmark Property Management Company Address: City: Phone 406 East Fourth Street Winston-Salem (336)714-8939 State: NC Zip: 27101-4112 Email: devadmin@landmarkdevelopme Last: Maas
Contact Name: First: Blair
Architect Company: Address: City: Phone
Humpreys & Partners Architects, NC, PLLC 8929 J.M. Keynes, Suite 355 Charlotte (704)510-1357 State: NC Zip: 28262 Email: [email protected] Last: Curry, Jr.
Contact Name: First: Bill
Attorney Company: Address: City: Phone
Blanco Tackabery Combs & Matamoros, P.A. PO Drawer 25008 Winston-Salem (336)293-9045 State: NC Zip: 27104-5008 Email: [email protected] Last: McKenney
Contact Name: First: Deborah
Investor Company: Address: City: Phone
Community Affordable Housing Equity Corporation (CAHEC) 7700 Falls of Neuse Road, Suite 200 Raleigh (919)788-1810 State: NC Zip: 27615 Email: [email protected] Last: Mayo
Contact Name: First: Greg
Consultant/Application Preparer (if different from developer) Company: Landmark Asset Services, Inc. Address: City: Phone 406 East Fourth Street Winston-Salem (336)714-8920 State: NC Zip: 27101-4112 Email: devadmin@landmarkdevelopme Last: Scantland
Contact Name: First: Bill
Identity of Interest? General Contractor Company: Rehab Builders, Inc. Address: City: Phone 401 East Fourth Street, Suitre 201 Winston-Salem (336)722-6132 State: NC Zip: 27101-4112 Email: [email protected] Last: Lipsky
Contact Name: First: Ed
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): 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): Fire Alarm/Sprinkler Maintenance Miscellaneous Operating & Maintenance Expenses SUBTOTAL Taxes and Insurance Real Estate Taxes Payroll Taxes (FICA) 49,940 4,500 1,100 1,000 980 1,500 3,600 14,820 4,200 6,228 4,800 1,152 12,338 31,584 5,460 600 200 3,600 3,600 3,600 2,402 23,040 16,380 2,400
1,000
56,222
12,000 7,246
4,198
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 0 12,000 12,000 165,660 153,660 48 3,201 15,914 10,543 50 1,123
Projected Cash Flow Year One
OPERATING INCOME Gross rental income (from Unit Mix - Total Monthly Rent) Stores and Commercial Laundry and Vending Other (specify): Late Fee, Other Tenant Charges, etc. 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) 5,760 5,760 251,712 17,619 234,093 240,192
165,660 68,433
53,282
15,151 1.284
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 1 234,093 165,660 53,282 15,151 1.284 11 314,600 245,216 53,282 16,102 1.302 2 241,116 172,286 53,282 15,548 1.292 12 324,038 255,025 53,282 15,731 1.295 3 248,349 179,177 53,282 15,890 1.298 13 333,759 265,226 53,282 15,251 1.286 4 255,799 186,344 53,282 16,173 1.304 14 343,772 275,835 53,282 14,655 1.275 5 263,473 193,798 53,282 16,393 1.308 15 354,085 286,868 53,282 13,935 1.262 6 271,377 201,550 53,282 16,545 1.311 16 364,708 298,343 53,282 13,083 1.246 7 279,518 209,612 53,282 16,624 1.312 17 375,649 310,277 53,282 12,090 1.227 8 287,904 217,996 53,282 16,626 1.312 18 386,918 322,688 53,282 10,948 1.205 9 296,541 226,716 53,282 16,543 1.31 19 398,526 335,596 53,282 9,648 1.181 10 305,437 235,785 53,282 16,370 1.307 20 410,482 349,020 53,282 8,180 1.154
* 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)
