garden park villas

8/6/2019 Garden Park Villas

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Is project in Qualified Census Tract or Difficult to Develop Area?

New Construction/Adaptive Reuse:

Is this project a follow-on (Phase II, etc) to a previously-awarded tax credit development project?

If yes, list names of previous phase(s):If yes, list names of previous phase(s):

Will the project meet Energy Star standards as defined in Appendix B?

Does a community revitalization plan exist?

Target Population: Elderly (55)

Will the project be receiving project based federal rental assistance?

If yes, provide the subsidy source:If yes, provide the subsidy source: and number of units:and number of units:

Indicate below any additional targeting for special populations proposed for this project:

Print Preview - Full Application

Tax Credits, RPP Loans, and/or Tax Exempt Bond Loans

Project Description

Project Name: Garden Park Villas

Address: Webb School Road

City: Oxford County: Granville Zip: 27565

Census Tract: 9702 Block Group: 0

No

Political Jurisdiction: City of Oxford

Jurisdiction CEO Name: First: Last:Alvin Woodlief, Jr. Title: MayorJurisdiction Address: PO Box 1307

Jurisdiction City: Oxford Zip: 27565-1307

Jurisdiction Phone: (919)603-1100

Site Latitude: 36.311

Site Longitude: -78.591

Project Type: New Construction

No

Rehab:

Is this project a previously awarded tax credit development?

If yes, what year were credits awarded?:

Number of residents holding Section 8 vouchers:

No

No

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:

No

Mobility impaired handicapped: 5% of units comply with QAP Section IV(F)(3) (in addition to the units required by other federal andstate codes.)


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Number of Units: 4

Persons with disabilities or homeless populations: the greater of 5 units or 10% of the total units.

Number of Units: 5

Remarks: We will have 1 1-BR regular ADA/H/C unit and 1 Mobility Impaired unit with a roll-in shower tocomply with 2007 QAP Design Standards. We will have 1 2-BR regular unit plus 1 2-BR MobilityImpaired unit with a roll-in shower to comply with the 2007 QAP.


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Indicate below an individual or a validly existing entity (a corporation, nonprofit, limited partnership or LLC) as the official applicant. UnderQAP Section III(C)(5) only this individual or entity will be able to make decisions with regard to this application. If awarded the applicantmust become part of the ownership entity. The applicant will execute the signature page for this application.

Applicant Information

Applicant Name: Creative Development Group LLC

Address: 8304 Meadow Ridge Court

City: State: NC Zip:Raleigh 27615

Contact: First: Last: Title:Kenneth Boisseau Managing Member

Telephone: (919)847-5860

Alt Phone: (919)306-0391

Fax: (919)847-6123

Email Address: [email protected]

NOTE: Email Address above will be used for communication between NCHFA and Applicant.


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Total Site Acreage: Total Buildable Acreage:

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?

If yes, please describe:

Are existing buildings on the site currently occupied?

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?

If no, please explain:

Is any portion of the site located inside the 100 year floodplain?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 Description

4.2 4.2

No

No

Yes

No


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Does the owner have fee simple ownership of the property (site/buildings)?

If yes provide:

Purchase Date: Purchase Price:

If no:

Site Control

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?If yes, specify the relationship:

No

(c) Enter the current expiration date of the option/contract to purchase: 10/31/2007

(D) Enter Purchase Price: 172,000


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Present zoning classification of the site:

Is multifamily use permitted?

Are variances, special or conditional use permits or any other item requiring a public hearing needed to develop this proposal?

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 obtainingthem:

Are there any existing conditions of historical significance located on the project site that will require State Historic Preservation office

review?

If yes, describe below:

Are there any existing conditions of environmental significance located on the project site?

If yes, describe below:

Zoning

R-A

Yes

Yes

Yes

Oxford Appearance Commission unanimously approved Special Use Permit Application on January22, 2004. Special Use Permit received final approval on February 22, 2004.

No

No


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Ownership Entity

Owner Name: Garden Park Villas LLC


City: State: NC Zip:Raleigh 27615

Federal Tax ID Number of Ownership Entity: (If assigned)20-1062228

Note: Do not submit social security numbers for individuals.

Entity Type: Limited Liability Company

Entity Status: Already 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 ormembers. Click [Add] to add additional partners, members, and principals.

Org: Creative Development Group, LLC

First Name: Kenneth Last Name: Boisseau Function: Managing Member


City: Raleigh State: NC Zip: 27615

Phone: (919)847-5860 Fax: (919)847-6123

EMail: [email protected] Nonprofit: No

Org: WDT Development, LLC

First Name: W. Dennis Last Name: Tharrington Function: Managing Member

Address: 430 Woodland Road

City: Henderson State: NC Zip: 27536

Phone: (252)436-9126 Fax: (252)436-9126

EMail: [email protected] Nonprofit: No


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Notes

** Please refer to the Income Limits and Maximum Housing Expense Table to ensure that Total Monthly Tenant Expenses for lowincome units are within established thresholds.


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Specify Low Income Unit Targeting in table below. List each applicable targeting combination in a separate row below. Click [Add] tocreate another row. Click "X" (at the left of each row) to delete a row. Add as many rows as needed.

Total Low Income Units:

Note: This number should match the total number of low income units in the Unit Mix section.

Targeting

# BRs Units %

1 8 targeted at 40 percent of median income affordable to/occupied by






40


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Estimated pricing on sale of Federal Tax Credits: $0.

Remarks concerning project funding sources:(Please be sure to include the name of the funding source(s))

Loans with Variable AmortizationPlease fill in the annual debt service as applicable for the first 20 years of the project life.

Funding Sources

Source AmountNon-

Amortizing*Rate(%)

Term(Years)

Amort.Period(Years)

AnnualDebt

Service

Bank Loan

RPP Loan 570,205 2.00 20 20

Local Gov. Loan - Specify:

RD 515 Loan

RD 538 Loan - Specify:

AHP Loan

Other Loan 1 - Specify:



Tax Exempt Bonds

State Tax Credit(Loan) 706,920 0 30 30 0

State Tax Credit(Direct Refund)

Equity: Federal LIHTC 2,633,719

Non-Repayable Grant

Equity: Historic Tax Credits

Deferred Developer Fees

Owner Investment

Other - Specify:CDBG Grant

240,000

Total Sources** 4,150,844

* "Non-amortizing" indicates that the loan does not have a fixed annual debt service. For these items, you must fill in 20-year debtservice below.

** Total Sources must equal total replacement cost in Project Development Cost (PDC) section.

92

Equity Provider-CAHECCity of Oxford-CDBG Grant (DCA-Small Cities program)-Applied for/Pending


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RPP Loan

Year:Amt:

1

21210

2

20390

3

18495

4

17411

5

16228

6

14942

7

13547

8

12036

9

10403

10

8641

Year:Amt:

11

6744

12

4703

13

2512

14

161

15

0

16

0

17

0

18

0

19

0

20

0


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Development Costs

Item Cost Element TOTAL COSTEligible B

30% PV

1 Purchase of Building(s) (Rehab / Adaptive Reuse only)

2 Demolition (Rehab / Adaptive Reuse only)

3 On-site Improvements 160,0004 Rehabilitation

5 Construction of New Building(s) 2,136,000

6 Accessory Building(s)

7 General Requirements 150,510

8 Contractor Overhead 53,180

9 Contractor Profit 212,721

10 Construction Contingency 87,987

11 Architect's Fee - Design (11 + 12 = max 3% lines 2-10) 80,000

12 Architect's Fee - Inspection 12,000

13 Engineering Costs

SUBTOTAL (lines 1 through 13) 2,892,398

14 Construction Insurance (prorate) 3,20015 Construction Loan Orig. Fee (prorate) 19,266

16 Construction Loan Interest (prorate) 68,034

17 Construction Loan Credit Enhancement (prorate)

18 Construction Period Taxes (prorate) 2,500

19 Water, Sewer and Impact Fees 8,000

20 Survey 5,000

21 Property Appraisal 4,500

22 Environmental Report 6,500

23 Market Study 4,200

24 Bond Costs

25 Bond Issuance Costs

26 Placement Fee27 Permanent Loan Origination Fee

28 Permanent Loan Credit Enhancement

29 Title and Recording 5,000

SUBTOTAL (lines 14 through 29) 126,200

30 Real Estate Attorney 25,000

31 Other Attorney's Fees 14,000

32 Tax Credit Application Fees (Preliminary and Full) 2,200

33 Tax Credit Allocation Fee (0.58% of line 59, minimum $7,500) 18,451

34 Cost Certification / Accounting Fees 6,000

35 Tax Opinion

36 Organizational (Partnership) 1,000

37 Tax Credit Monitoring Fee 26,000SUBTOTAL (lines 30 through 37) 92,651

38 Furnishings and Equipment 15,000

39 Relocation Expense

40 Developer's Fee 420,000

41 Other Basis Expense (specify) Building Permits 8,500

42 Other Basis Expense (specify) Lender-related fees/inspections/monitoring/compliance 27,500

43 Rent-up Expense

44 Other Non-basis Expense (specify) Title and Survey Conversion 11,000

45 Other Non-basis Expense (specify) Required off-site improvements for safety of residents 212,500


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Comments:

SUBTOTAL (lines 38 through 45) 694,500

46 Rent up Reserve 12,000

47 Operating Reserve 161,095

48 Other Reserve (specify)

49 Other Reserve (specify)

50 DEVELOPMENT COST (lines 1-49) 3,978,844 0

51 Less Federal Financing52 Less Disproportionate Standard

53 Less Nonqualified Nonrecourse Financing

54 Less Historic Tax Credit (residential)

55 TOTAL ELIGIBLE BASIS 3,529,598 0

56 Applicable Fraction (percentage of LI Units) 100.00% 100%

57 Basis Before Boost 3,529,598 0

58 Boost for QCT/DDA (if applicable, enter 130%) 100.00%

59 TOTAL QUALIFIED BASIS 3,529,598 0

60 Tax Credit Rate 3.47

61 Federal Tax Credits at Estimated Rate 285,897 0

62 Federal Tax Credits at 8.5% or 3.75% 300,015 0

63 Max Federal Tax Credits (With Energy Star - Lesser of $8,500 per unit or $800,000, w/o -Lesser of $8,000 per unit or $800,000) 320,000

64 Federal Tax Credits Requested 0

65 Land Cost 172,000

66 TOTAL REPLACEMENT COST 4,150,844

FEDERAL TAX CREDITS IF AWARDED 300,015

Line item 45-includes sewer extension to the site and a required Acceleration/De-acceleration laneby NCDOT for the safety of the residents at the complex.

Total Replacement Cost per unit: 94,944

Federal Tax Credits (line 62) per unit: 7,500


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Please provide a detailed description of the proposed project:

Construction (check all that apply):

Brick Vinyl Wood HardiPlank Balconies/Patios Sunrooms Front Porches

Front Gables or Dormers Wide Banding or Vertical/Horizontal Siding

Other:

Have you built other tax credit developments that use the same building design as this project?

If yes, please provide name and address:

Site Amenities:

Onsite Activities:

Landscaping Plans:

Interior Apartment Amenities:

Market Study Information

This complex will feature a beautiful two-story, one building 40-unit complex for seniors. Thewooded scenic site is located in the strong economic growth direction of Oxford and is located verynear to the hospital and many medical offices and senior-related services. Additionally, localtransportation systems are available to serve the site. There is very strong public and private localsupport for this development and it was approved by unanimous vote by the City. It certainly willhelp to answer a much-needed demand for affordable senior housing in Oxford and the surroundingmarket area.

The building has a covered drop-off walkway to the central entry foyer of the building. The buildinghas a full-building fire alarm/security system and controlled entry telephone access system. It is alsofire-protected by a full building fire sprinkler system.

Yes

We built Garden Walk Villas for seniors in Henderson, NC. This complex won the "Best SeniorDevelopment of the Year" award in 2005 from CAHEC.

Resident garden plots, walking trails, irrigated lawn, screened porch, gazebo, covered drop off atCentral building entry, Country-style covered open-air Porch area with chairs , horseshoe pit andbeautiful landscaping.

Sitting areas, sunroom with chairs, tv room, Resient Computer Room exercise room, exam room,vending area, game/craft room, reading room/library, and laundry room and storage. Also, there willbe an on-site leasing/management office, a f-t manager, a f-t maintenance manager and 24 hr.maintenance on call for emergencies. We will also work with local human service agencies and thenearby neighborhood hospital to provide educational and social programs for the residents. Wealready have commitments from many local human service agencies who are willing to partner withus in this effort.

There will be extensive quality landscaping and garden spots. The City of Oxford is very strict aboutlandscaping and visual aesthetics and the development has been approved by the City of Oxford'sAppearance Commission. The landscaping will incorporate both evergreen and decidious speciestrees and shrubbery. Specific flowering-type trees will be utilized to accent color, beauty, fragranceand texture. Perennials and accent flower beds will also be incorporated. Both grass and naturalareas will provide scenic vistas for the leisure areas around the development and will complimentand enhance the landscaping and overall beauty of this complex.


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Do you plan to submit additional market data (market study, etc.) that you want considered?

If yes, please make sure to include the additional information in your pre-application packet.

Ranges, hoods, dishwashers, washer/dryer hook-ups, mini-blinds, pantries, frost free refrigerators,walk-in closets, storage areas, carpet, non-slip vinyl, energy-efficient central air and heat pump, .

Yes


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Briefly describe your site in each of the following categories:

For each applicable neighborhood feature, enter distance from project in miles.

Applicant's Site Evaluation

NEIGHBORHOOD CHARACTERISTICS

Trend and direction of real estate development and area economic health. Physical condition ofbuildings and improvements. Concentration of affordable housing.The site is located on the new economic growth side of Oxford. Just up from the project site is a newup-scale housing development called Jordan Creek Estates. Also, the new 500-acre, 1300-homeand mixed-use commercial PUD development called Oxford Park by celebrated Chapel Hilldeveloper Roger Perry is located just up the road from our site (please see attached newspaperarticles). There is no concentration of affordable housing in this area of Oxford.

SURROUNDING LAND USES AND AMENITIES

Suitability of surrounding development. Land use pattern is residential in character (single andmultifamily housing) with a balance of other uses (particularly retail and amenities). Effect ofindustrial, large-scale institutional or other incompatible uses, including but not limited to: wastewatertreatment facilities, high traffic corridors, junkyards, prisons, landfills, large swamps, distributionfacilities, 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 orpollution). Amount and character of vacant, undeveloped land.The railroad track in the distant neighborhood area is dormant. The local buildings do not contributeany sources of excessive noise or environmental concerns. The close location to the local hospitaland medical services will be of great value for the residents at Garden Park.

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 ofproject sign(s) in relation to traffic corridors.The site is located on a publicly-maintained road and affords good visibility and access to the site. Atraffic light is located at the nearest road intersection from the site. Local public transportation isavailable to serve the site.

Degree of on-site negative features and physical barriers that will impede project construction oradversely 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 (foradaptive re-use projects- suitability for residential use and difficulties posed by the building(s), suchas limited parking, environmental problems or the need for excessive demolition).The site does not have any adverse physical features to impede a successful, economicallyconstructed development. The site development will not be intrusive and will leave many of thebeautiful trees and will be well-situated above the lower areas of the adajent land (which is not partof the site and will remain as natural scenic tree lines.)

Similarity of scale and aesthetics/architecture between project and surroundings.The building will be a single, two-story building and will have many similiar architectural designfeatures of the houses in the adjacent neighborhood, with gabled roofs, front and rear porches,windows with wide accent trim, brick and horizontal siding, and the high-quality dimensional roofshingles. Extensive landscaping and site amenities will compliment the adjacent neighborhood.

Grocery Store.8 Community/Senior Center2.0

Mall/Strip Center.8 Hospital.7

Outdoor Athletic Fields.1 Pharmacy.7


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Other facilities or services:

Day Care/After School0 Basic Health Care.4

Schools.1 Medical Offices.3

Public Transportation Stop.1 Bank/Credit Union.8

Convenience Store.2 Restaurants.8

Basketball/Tennis Courts.1 Professional Services.5

Public Parks0 Movie Theater0

Gas Station.2 Video Rental.8

Library.1 Public Safety (Fire/Police)1.6

Fitness/Nature Trails1.6 Post Office1.8

Public Swimming Pools3.5

Churches .4Dentist and Podiatry .7Dry Cleaners .5Optician .8


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Project Operations (Year One)

Projected Operating Costs

Administrative Expenses

Advertising 750

Office Salaries

Office Supplies 1,000

Office or Model Apartment Rent

Management Fee 12,500

Manager or Superintendent Salaries 35,000

Manager or Superintendent Rent Free Unit

Legal Expenses (Project) 1,800

Auditing Expenses (Project) 1,800

Bookkeeping Fees/Accounting Services

Telephone and Answering Service 1,500

Bad Debts

Other Administrative Expenses (specify):

computer networking/high speed data/cable1,200

SUBTOTAL 55,550

Utilities Expense

Fuel Oil

Electricity (Light and Misc. Power) 7,000

Water 9,000

Gas

Sewer 10,500

SUBTOTAL 26,500

Operating and Maintenance Expenses

Janitor and Cleaning Payroll 8,000

Janitor and Cleaning Supplies

Janitor and Cleaning Contract

Exterminating Payroll/Contract 2,000

Exterminating SuppliesGarbage and Trash Removal 900

Security Payroll/Contract

Grounds Payroll

Grounds Supplies 500

Grounds Contract 5,000

Repairs Payroll

Repairs Material 3,000

Repairs Contract

Elevator Maintenance/Contract 2,100

Heating/Cooling Repairs and Maintenance

Swimming Pool Maintenance/Contract

Snow Removal 500Decorating Payroll/Contract

Decorating Supplies 250

Other (specify):

Miscellaneous Operating & Maintenance Expenses

SUBTOTAL 22,250

Taxes and Insurance

Real Estate Taxes 23,560

Payroll Taxes (FICA) 4,500


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Miscellaneous Taxes, Licenses and Permits

Property and Liability Insurance (Hazard) 20,000

Fidelity Bond Insurance

Workmen's Compensation

Health Insurance and Other Employee Benefits 3,200

Other Insurance:

SUBTOTAL 51,260Supportive Service Expenses

Service Coordinator 1,800

Service Supplies 200

Tenant Association Funds

Other Expenses (specify):

SUBTOTAL 2,000

Reserves

Replacement Reserves 10,000

SUBTOTAL 10,000

TOTAL OPERATING EXPENSES 167,560

ADJUSTED TOTAL OPERATING EXPENSES(Does not include taxes, reserves and resident support services) * 132,000

TOTAL UNITS(from total units in the Unit Mix section)

40

PER UNIT PER YEAR 3,300


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MINIMUM REQUIRED SET ASIDES (No Points Awarded):

Minimum Set-Asides

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: NoTax 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: NoTax 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 fortypercent (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 countymedian 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 fiftypercent (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.


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PLEASE indicate which of the following exhibits are attached to your application. Others may be required as noted.

Full Application Checklist

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 Mapshowing 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 orphotocopies)

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 x36 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 projectsinvolving 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 governmentfunds). For Rehabs with existing loans provide 1) copies of loan documents, 2) current loan balances from existing lenderswith 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 inAppendix I). For projects with existing PBRA contracts, provide a copy of the current contract and bank statement or otherdocumentation 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 approvingdeferral of fee is required.

T Inducement Resolution (Tax-Exempt Bond Financed Projects only)

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