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Print Preview - Preliminary Application Tax Credits, RPP Loans, and/or Tax Exempt Bond Loans
Project Description Project Name: Pine Ridge Apartments Address:
Hoke Loop Road
City:
Fayetteville
Census Tract: 3306
County: Cumberland Zip: 28314 Block Group: 3306
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:
City of Fayetteville
Jurisdiction CEO Name:
First:Anthony Last: Chavonne
Jurisdiction Address:
433 Hay Street
Jurisdiction City:
Fayetteville
Jurisdiction Phone:
(910)433-1992
Site Latitude:
35.0376
Site Longitude:
-79.08365
Title: Mayor
Zip: 28301
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:Family 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:
SNW, LLP
Address:
972 Trinity Road
City:
Raleigh State: NC Zip: 27607
Contact:
First: Stephanie Last:Norris Title:Partner
Telephone:
(919)854-7990
Alt Phone:
(919)669-1079
Fax:
(919)854-7925
Email Address:
[email protected]
NOTE: Email Address above will be used for communication between NCHFA and Applicant.
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Site Description Total Site Acreage: 6.01
Total Buildable Acreage: 5.50
If buildable acreage is less than total acreage, please explain: The western side of the property contains 100-Year Floodplain and a Sanitary Sewer Easement. Therefore, the buildings and parking area will be located uphill from the floodplain and easement.
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? No If no, please explain: Hoke Loop Road is an NCDOT maintained street. However, a private drive approximately 350 LF in length will be constructed from Hoke Loop Road to the main portion of the site where the buildings will be located.
Is any portion of the site located inside the 100 year floodplain? Yes If yes: (a) Describe placement of project buildings in relation to this area: https://www.nchfa.org/Rental/RTCApp/(S(klwagr55z...B493BA2204&SNID=0D95D153B19E4872BC2BC52EAB533514 (4 of 21)4/8/2009 1:52:24 PM
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The floodplain is at the back of the site on the western side of the property. All of the buildings and parking area will be approximately 10 LF above the 100-Year Floodplain elevation.
(b) Describe flood mitigation if the project will have improvements within the 100 year floodplain: There are no buildings or parking areas planned in the 100-Year Floodplain. Therefore, no flood mitigation will be necessary. The only impact to the floodplain will be a sanitary sewer connection to the existing sewer trunk line along Rockfish Creek.
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Site Control Does the owner have fee simple ownership of the property (site/buildings)?No If yes provide: Purchase Date:
Purchase Price:
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:
(c) Enter the current expiration date of the option/contract to purchase: 11/19/2009 (D) Enter Purchase Price: 420,000
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Zoning Present zoning classification of the site:AR - Agriculture Is multifamily use permitted?No 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 current property owner filed the Rezoning Petition with the City of Fayetteville Planning Department on January 5, 2009. The public hearing for the Rezoning is scheduled for February 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:
Pine Ridge Apartments, LLC
Address:
972 Trinity Road
City:
Raleigh State:NC Zip: 27607
Federal Tax ID Number of Ownership Entity:
(If assigned)
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? No Is the applicant requesting that the Agency treat the application as CHDO sponsored? 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:
SNW, LLP
First Name: Oscar Address:
P.O. Box 1249
City:
Carolina Beach
Phone:
(910)791-3354
EMail:
[email protected]
Org:
State: NC
Function: Managing Member Zip: 28428
Fax: (910)791-3294 Nonprofit: No
SNW, LLP
First Name: Joan Address:
P.O. Box 1249
City:
Carolina Beach
Phone:
(910)791-3354
EMail:
[email protected]
Org:
Last Name: Norris
Last Name: Norris
Function: Member
State: NC
Zip: 28428
Fax: (910)791-3294 Nonprofit: No
SNW, LLP
First Name: Stephanie Address:
972 Trinity Road
City:
Raleigh
Last Name: Norris
Phone:
(919)854-7990
EMail:
[email protected]
Function: Member
State: NC
Zip: 27607
Fax: (919)854-7925 Nonprofit: No
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Unit Mix The Median Income for Cumberland county is $51,600. Low Income Units Type
# BRs Net Sq.Ft.
Total # Units
# Units
Monthly Rent
Utility Allowance
Mandatory Serv. Fees
**Total Housing Exp.
Gdn Apt 1
733
4
1
283
85
0
368
Gdn Apt 2
980
10
2
343
100
0
443
Gdn Apt 1
733
4
1
375
85
0
460
Gdn Apt 2
980
10
1
454
100
0
554
Gdn Apt 1
733
8
1
468
85
0
553
Gdn Apt 2
980
20
0
564
100
0
664
Utilities included in rents:
Water/Sewer
Electric
Gas
Other Trash
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
Low Income.......
All Units
Units
Gross Monthly Rental Income
56
6
25626
56
6
25626
Market Rate....... Totals...............
Proposed number of residential buildings: 7 Project Includes:
Maximum number of stories in buildings: 2
Separate community building - Sq. Ft. (Floor Area): 1,383
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Community space within residential bulding(s) - Sq. Ft. (Floor Area):
Elevators - Number of Elevators: Square Footage Information Gross Floor Square Footage:
62,642
Total Net Sq. Ft. (All Heated Areas): 52,390
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 Number of Units Required:
6
Persons with disabilities or homeless populations.
Number of Units: 6
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
Units
%
1
4
targeted at 40
percent of median income affordable to/occupied by
2
10
targeted at 40
percent of median income affordable to/occupied by
1
4
targeted at 50
percent of median income affordable to
2
10
targeted at 50
percent of median income affordable to
1
8
targeted at 60
percent of median income affordable to/occupied by
2
20
targeted at 60
percent of median income affordable to/occupied by
Total Low Income Units:
56
Note: This number should match the total number of low income units in the Unit Mix section.
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Funding Sources
Source
Amount
NonAmortizing*
Rate (%)
Term (Years)
Amort. Period (Years)
Annual Debt Service
Bank Loan RPP Loan
214,528
✔
2.00
20
20
0
30
30
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)
1,476,246
0
State Tax Credit(Direct Refund) Equity: Federal LIHTC
4,649,711
Non-Repayable Grant Equity: Historic Tax Credits Deferred Developer Fees Owner Investment Other - Specify: Total Sources**
6,340,485
* "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. 70 Remarks concerning project funding sources: (Please be sure to include the name of the funding source(s))
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State Tax Loan amount is based on a 30% Boost to the Total Qualified Basis. Equity amount is also based on the 30% Boost. Tax Credit pricing is based on information provided by CAHEC on 12/4/08. Please check the RPP Loan payment amounts, as I am not confident that the payments accurately reflect a minimum 1.15 debt coverage ratio for the entire loan term.
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
2
3
4
5
6
7
8
9
10
20000
20000
20000
20000
18000
18000
15000
15000
15000
10000
11
12
13
14
15
16
17
18
19
20
10000
10000
10000
5000
5000
5000
5000
3000
2500
2250
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Development Costs Item Cost Element
TOTAL COST
Eligible Basis 30% PV 70% PV
1 Purchase of Building(s) (Rehab / Adaptive Reuse only)
0
2 Demolition (Rehab / Adaptive Reuse only)
0
0
560,000
560,000
0
0
3,348,800
3,348,800
0
0
234,528
234,528
82,866
82,866
9 Contractor Profit (max 8% lines 2-7; 6% if Identity of Interest)
248,599
248,599
10 Construction Contingency (max 5% lines 2-9, Rehabs 10%)
223,739
223,739
11 Architect's Fee - Design (11 + 12 = max 3% lines 2-10)
51,000
51,000
12 Architect's Fee - Inspection
13,000
13,000
13 Engineering Costs
35,000
35,000
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)
0
SUBTOTAL (lines 1 through 13)
4,797,532
14 Construction Insurance (prorate)
500
500
17,500
17,500
130,000
130,000
0
0
750
740
19 Water, Sewer and Impact Fees
14,000
14,000
20 Survey
25,000
25,000
21 Property Appraisal
8,000
8,000
22 Environmental Report
7,500
7,500
23 Market Study
5,100
5,100
15 Construction Loan Orig. Fee (prorate) 16 Construction Loan Interest (prorate) 17 Construction Loan Credit Enhancement (prorate) 18 Construction Period Taxes (prorate)
24 Bond Costs
0
25 Bond Issuance Costs
0
26 Placement Fee
0
27 Permanent Loan Origination Fee
0
28 Permanent Loan Credit Enhancement
0
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29 Title and Recording SUBTOTAL (lines 14 through 29)
10,000 218,350
30 Real Estate Attorney
10,000
10,000
31 Other Attorney's Fees
20,000
20,000
32 Tax Credit Application Fees (Preliminary and Full)
2,300
33 Tax Credit Allocation Fee (0.62% of line 60, minimum $7,500)
35,203
34 Cost Certification / Accounting Fees
15,000
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)
15,000
2,500 500 39,200 124,703 9,000
9,000
0
0
588,000
588,000
30,000
30,000
42
Other Basis Expense (specify)
0
0
43
Other Basis Expense (specify)
0
0
44 Rent-up Expense
24,100
45
Other Non-basis Expense (specify)
0
46
Other Non-basis Expense (specify)
0
SUBTOTAL (lines 38 through 45) 47 Rent up Reserve 48 Operating Reserve
651,100 16,800 112,000
49
Other Reserve (specify)
0
50
Other Reserve (specify)
0
51 DEVELOPMENT COST (lines 1-49)
5,920,485
0
5,677,872
52 Less Federally Funded Grant
0
0
53 Less Disproportionate Standard
0
0
54 Less Nonqualified Nonrecourse Financing
0
0
55 Less Historic Tax Credit
0
0
56 TOTAL ELIGIBLE BASIS 57 Applicable Fraction (percentage of LI Units)
5,677,872
0
5,677,872
100.00%
100%
100%
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58 Basis Before Boost
5,677,872
59 Basis Boost of up to 130% 60 TOTAL QUALIFIED BASIS
5,677,872
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
511,008
0
5,677,872
100.00%
100.00%
0
5,677,872
3.50
9.00
0
511,008
0 420,000 6,340,485 511,008
Comments: Based on Preliminary Appraisal provided by Swayne Hamlet (see Tab G of the Application Package), we are requesting a 30% Boost to Item 60 (Total Qualified Basis). The Federal Tax Credits requested (664,311) reflect the 30% Boost and were used in the Equity calculation.
Project Development Cost per unit 59,800
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Market Study Information Please provide a detailed description of the proposed project: Pine Ridge involves the construction of 56 apartments for Families and consists of 16 one-bedroom and 40 two-bedroom units. 14 units will be affordable to Families earning incomes equal or less than 40% AMI. A copy of the Preliminary Market Assessment prepared by John Wall & Associates is provided. The site is located on a beautiful, heavily forested property which has sewer and water service currently available to it. This area of Cumberland County has undergone significant growth over the past several years and is continuing due to the Base Realignment at Fort Bragg.
Construction (check all that apply): Brick
Vinyl
Wood
Front Gables or Dormers
HardiPlank
Balconies/Patios
Sunrooms
Front Porches
Wide Banding or Vertical/Horizontal Siding
Other: The exterior and interior design and colors will be coordinated to compliment the current architectural style and neighborhood.
Have you built other tax credit developments that use the same building design as this project?Yes If yes, please provide name and address: Maple Ridge Ph 1 & 3 - Fayetteville Covey Run - Whiteville
Site Amenities: Playground, Picnic Areas with Grills, Sitting Areas with Benches, Bike Racks, Gazebo, Reading Area and Library, Game and Craft Area, Resident Computer Center, Screened Porch, Flag Pole, Community Laundry
Onsite Activities:
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Landscaping Plans: The existing vegetation will be preserved as much as possible during the construction of the project. Foundation plantings (shrubs and bushes) will be provided at each building. Various new trees will be planted around the buildings and parking areas. The area around the project sign will also contain various shrubs and bushes. A Landscape Plan is included with the enclosed Preliminary Plans for the project.
Interior Apartment Amenities: Range with Hood, Refrigerator, Dishwasher, Interior and Exterior Storage, Washer and Dryer hookups, MiniBlinds, Ceiling Fans, Padded Carpet and Vinyl Flooring, Central Heat and Air. (All appliances shall be Energy Star Certified)
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 market area in Fayetteville continues to remain very stable, as compared to other areas of the state, which is due in large part to the increased personnel at the Fort Bragg Military Base. The longterm trends anticipate continued growth and economic viability for the area. The general area surrounding the property, in both Cumberland and Hoke counties, has been central to the growth in this region.
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 current land uses adjacent to the property are vacant, wooded to the south and west; agricultural to the east; and single-family residences to the north. There are no incompatible or offensive land uses near the site. Since the larger parcel that includes the Pine Ridge site currently has water and sewer service, additional development in the area adjacent to the proposed project is anticipated within the next 3 to 5 years. Aerial maps of the existing development in the surrounding area have been provided in Tab B (Driving Instructions) for your reference. 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 Pine Ridge project is located off of Hoke Loop Road, an NCDOT maintained arterial. A 350 LF private drive will connect the site to Hoke Loop Road. NCDOT may require the construction of a turnlane for the project with the Driveway Permit. The access to Hoke Loop Road will be approximately 1200 LF north of US 401/Raeford Road, which is a major connector to the surrounding area and services. 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 negative features that will impact the development or the longterm viability of the project. The existing grade of the property where the buildings and parking are proposed has a moderate slope. The floodplain area is on the western side of the property, downhill from the proposed improvements. The floodplain will provide a vegetative buffer from the surrounding development.
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Similarity of scale and aesthetics/architecture between project and surroundings. The two-story design of the buildings will be consistent with the single-family homes in the nearby subdivisions. The proposed design, style and materials of the buildings, in conjunction with the proposed landcsaping, will enhance the appeal of the neighborhood.
For each applicable neighborhood feature, enter distance from project in miles. 1.8
Grocery Store
6.5
Community/Senior Center
9.0
Mall/Strip Center
11.0
Hospital
5.0
Outdoor Athletic
1.5
Pharmacy
Day Care/After
0.2
Basic Health Care
Fields 3.5
School 6.0
Schools
Public Transportation Stop
1.2
Convenience Store
5.0
Public Parks
1.2
Gas Station
5.8
Library
Other facilities or services: Enclosed in Tab B are aerial photos that provide a birds-eye-view from the Pine Ridge site to the surrounding area, neighborhoods, and services. The close proximity of US 401, Cliffdale Road, and Skibo Road puts Pine Ridge within minutes of a variety of medical, service, and employment hubs.
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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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