gracen's ridge app

8/6/2019 Gracen's Ridge App

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Print Preview - FinalApplicationTax Credits, RPP Loans, and/or Tax Exempt Bond Loans

roject Description

oject Name: Gracen's Ridge

dress: # TBD College Avenue

ty: Boiling Springs County: Cleveland Zip:

ensus Tract: 9515 Block Group: 0001

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

olitical Jurisdiction: Town of Boiling Springs

risdiction CEO Name:First:Max Last:Hamrick

Title: Mayor

risdiction Address: PL Box 1014

risdiction City: Boiling Springs Zip:

risdiction Phone:

e Latitude:

e Longitude:

oject Type: New Construction

this project a previously awarded tax credit development? Yes

If yes, what is the project number: 2167 Is this a request for supplemental credits?Yes

w Construction/Adaptive Reuse:his project a follow-on (Phase II, etc) to a previously-awarded tax credit development project? No

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

ehab:

umber of residents holding Section 8uchers:

l the project meet Energy Star standards as defined in Appendix B? No

es a community revitalization plan exist? No

ll the project use steel and concrete construction and have at least 4 stories? No

ll the project include a Community Service Facility under IRS Revenue Ruling 2003-77?o

ttps://www.nchfa.org/Rental/RTCApp/(S(ph5pnd45p...E2977B02E3&SNID=B34B4DBD342E4F7AB47D54345C852326 (1 of 30)9/15/2008 3:31:38 PM

28017

28017-1014

(704)434-2357

35.25

-81.66


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pplicant Information

icate below an individual or a validly existing entity (a corporation, nonprofit, limited partnership or LLC) as the official applicant. UndeP Section III(C)(5) only this individual or entity will be able to make decisions with regard to this application. If awarded the applicant

come part of the ownership entity. The applicant will execute the signature page for this application.

pplicant Name: Southland Partners LLC

dress: 131 Matthews Station St., suite 2-F

ty: Matthews State: NC Zip:

ontact: First: Tom Last:Honeycutt Title:Member Manager

lephone:

Phone:

x:

mail Address:

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


28105

(704)321-1526

(704)321-1562

[email protected]


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te Description

al Site Acreage: Total Buildable Acreage:

If buildable acreage is less than total acreage, please explain:

ntify utilities and services currently available (and with adequate capacity) for this site:

Storm Sewer Water Sanitary Sewer Electric

he demolition of any buildings required or planned? No

If yes, please describe:

e 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?

he site directly accessed by an existing, paved, publicly maintained road? Yes

If no, please explain:

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:


2.323 2.323


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(b) Describe flood mitigation if the project will have improvements within the 100 year floodplain:



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te Control

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

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?

(b) Does an identity of interest (direct or indirect) exist between the owner/principal or ownership entity with the option/contract fopurchase of the property and the seller of the property?If yes, specify the relationship:

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

(D) Enter Purchase Price:


5/22/2007 71,000


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oning

esent zoning classification of the site:R10-CU

multifamily use permitted?Yes

e 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 obta

them:

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

If yes, describe below:

e there any existing conditions of environmental significance located on the project site?No

If yes, describe below:



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wnership Entity

wner Name: Gracen's Ridge Housing LLC

dress: 131 Matthews Station St., Suite 2-F

y: Matthews State:NC Zip:

deral Tax ID Number of Ownership Entity: (If assigned)

ote: Do not submit social security numbers for individuals.

tity Type: Limited Liability Company

tity Status: Already Formed

the applicant requesting that the Agency treat the application as Non-Profit sponsored? No

the applicant requesting that the Agency treat the application as CHDO sponsored? No

st all general partners, members,and principals. Specify nonprofit corporate general partners or members.ck [Add] to add additional partners, members, and principals.

Org: Southland Partners LLC

st Name: Tom Last Name: Honeycutt Function: Managing Memberddress: 131 Matthews Station St., Suite 2-F

ty: Matthews State: NC Zip: 28105

one: Fax:

Mail: Nonprofit: No

Org: Thomas W. Honeycutt

st Name: Tom Last Name: Honeycutt Function: Principal

ddress: 131 Matthews Station St., Suite 2-F

ty: Matthews State: NC Zip: 28105

one: Fax:

Mail: Nonprofit: No

Org: Gary D. Ellis

st Name: Danny Last Name: Ellis Function: Principal

ddress: 2021 Cross Beam Drive

ty: Charlotte State: NC Zip: 28217

one: Fax:

Mail: Nonprofit: No

Org: Melvin B. Melton

st Name: Mel Last Name: Melton Function: Principal



one: Fax:


28105

20-5200234

(704)321-1526 (704)321-1562

[email protected]

(704)321-1526 (704)321-1562

[email protected]

(704)357-6000 (704)571-1881

[email protected]

(704)357-6000 (704)357-1881


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Mail: Nonprofit: No

Org: Timothy L. Gunderman

st Name: Tim Last Name: Gunderman Function: Principal



one: Fax:

Mail: Nonprofit: No


[email protected]

(704)357-6000 (704)357-1881

[email protected]


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nit Mix

e Median Income for Cleveland county is $49,000.

w Income Units

Type # BRs Net Sq.Ft.Total

# Units#Units

MonthlyRent

UtilityAllowance

MandatoryServ. Fees

**TotalHousing Exp.

Duplex 1

Duplex 1

Utilities included in rents: Water/Sewer Electric Gas Other Trash

mployee Units (will add to Low Income Unit total)

ype # BRs Net Sq.Ft.Total

# Units#Units

MonthlyRent

UtilityAllowance

MandatoryServ. Fees

**TotalHousing Exp.

tilities included in rents: Water/Sewer Electric Gas Other

rket Rate Units

ype # BRs Net Sq.Ft.Total

# Units#Units

MonthlyRent

UtilityAllowance

MandatoryServ. Fees

**TotalHousing Exp.

ti li ties included in rents: Water/Sewer Electric Gas Other

atistics

AllUnits

Units

Gross MonthlyRental Income

Low Income.......

Market Rate.......

Totals...............

oposed number of residential buildings: Maximum number of stories in buildings:

oject Includes:Separate community building - Sq. Ft. (Floor Area):

Community space within residential bulding(s) - Sq. Ft. (Floor Area):

Elevators - Number of Elevators:

uare Footage Information

ttps://www.nchfa.org/Rental/RTCApp/(S(ph5pnd45...2977B02E3&SNID=B34B4DBD342E4F7AB47D54345C852326 (10 of 30)9/15/2008 3:31:38 PM

694 7 6 382 77 0 459

715 6 0 474 77 0 551

13 6 5518

13 6 5518

8 1

1,201


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oss Floor Square Footage:

tal Net Sq. Ft. (All Heated Areas):

tes

Please refer to the Income Limits and Maximum Housing Expense Table to ensure that Total Monthly Tenant Expenses for low inc

units are within established thresholds.


10,828

10,349
http://www.nchfa.com/lib/html/rental/Median%20Income%20Charts/income_limits.htmhttp://www.nchfa.com/lib/html/rental/Median%20Income%20Charts/income_limits.htm


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argeting

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

BRs Units %

targeted at percent of median income affordable to/occupied by

targeted at percent of median income affordable to/occupied by

tal Low Income Units:

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


7 50

6 60

13


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unding Sources

Source AmountNon-

Amortizing*Rate(%)

Term(Years)

Amort.Period(Years)

AnnualDebt

Service

Bank Loan

RPP Loan

Local Gov. Loan - Specify:

RD 515 Loan

RD 538 Loan - Specify:

AHP Loan

Other Loan 1 - 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**

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

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

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

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

e RD loan is a 1st mortgage only and is without Rental Assistance. This amount is currently


0

0

0

150,000 1.00 30 50 3,813

0

0

0

0

0

0

333,875 0 30 30 0

0

1,256,081

0

0

861

0

0

1,740,817

823


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bligated and ready to fund on construction completion. Construction is underway and site work isout complete at this time. Construction will be completed by December 2008.



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60 Tax Credit Rate

61 Federal Tax Credits at Estimated Rate

62 Federal Tax Credits at 9.00% or 3.75% (maximum $1,000,000)

63 Federal Tax Credits Requested

64 Land Cost

65 TOTAL REPLACEMENT COST

FEDERAL TAX CREDITS IF AWARDED

Comments:

$55885 in additional credits to be added to the credits reserved in 2006 in the amount of $110500, for atotal credits of $166385. RD Loan is to be reduced to $150,000 so as not to oversource. Additionalallocation fee of $12,531 must be paid per 2008 QAP.

Total Replacement Cost per unit:100,392


3.40 8.50

177,518 0 177,518

187,960 0 187,960

166,385 166,385

71,000

1,740,817

166,385


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arket Study Information

ase provide a detailed description of the proposed project:

is is a 2006 tax credit site applying for additional tax credits based on increased costs per the QAP. Thee is a 13 unit elderly development made up of duplexes and singles with all one bedroom units and aperate community services facility.

nstruction (check all that apply):

Brick Vinyl Wood HardiPlank Balconies/Patios Sunrooms Front Porches

Front Gables or Dormers Wide Banding or Vertical/Horizontal Siding

Other:

ve you built other tax credit developments that use the same building design as this project?No

If yes, please provide name and address:

e Amenities:

ommunity services facility, laundry room, game craft room, walking trails, exercise room, picnic area,rden spots, computer center, TV room, onsite leasing office, gazebo, sitting areas, flag pole and fitness

ations.

site Activities:

pace for resident activities, a laundry room, onsite office, warming kitchen, tv viewing, covered andcovered patio back of Community facility.

ndscaping Plans:



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tensive landscaping to compliment the units costing in excess of $1,000 per dwelling unit.

erior Apartment Amenities:

utside vented range hood, frost free refrigerator, interior storage, miniblinds, pantry, walkin closets,

asher and dryer hookups, carpet and vinyl floors, central heat and air using 13 seer units.

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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pplicant's Site Evaluation

efly describe your site in each of the following categories:

EIGHBORHOOD CHARACTERISTICS

end and direction of real estate development and area economic health. Physical condition of buildings andprovements in the immediate vicinity. Concentration of affordable housing.

xisting conditions are mixed from fair to new with the trend for continued growth in the area.

URROUNDING LAND USES AND AMENITIES

nd use pattern is residential in character (single and multifamily housing). Extent that the location isolated. Effect of industrial, large-scale institutional or other incompatible uses, including but not limited to:astewater treatment facilities, high traffic corridors, junkyards, prisons, landfills, large swamps, distributioncilities, frequently used railroad tracks, power transmission lines and towers, factories or similar operations,

urces of excessive noise, and sites with environmental concerns (such as odors or pollution). Amount andaracter of vacant, undeveloped land. Surrounding development is primarily residential, medical andmmercial/institutional uses. No imcompatible uses are present.

TE SUITABILITY

equate traffic safety controls (i.e. stop lights, speed limits, turn lanes). Burden on public facilitiesarticularly roads). Access to mass transit (if applicable). Visibility of buildings and/or location of project signin relation to traffic corridors. Streets are adequate as is and the site presents little impact to existingffic patterns. No mass transit available.

egree of on-site negative features and physical barriers that will impede project construction or adverselyect future tenants; for example: power transmission lines and towers, flood hazards, steep slopes, largeulders, ravines, year-round streams, wetlands, and other similar features (for adaptive re-use projects-itability for residential use and difficulties posed by the building(s), such as limited parking, environmental

oblems or the need for excessive demolition).one

milarity of scale and aesthetics/architecture between project and surroundings.

ur buildings are designed to blend with the existing architecture.

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

Grocery StoreCommunity/Senior

Center


5


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Mall/Strip Center Hospital

Outdoor Athletic Fields Pharmacy

Day Care/After School Basic Health Care

Schools

Public Transportation

op

Convenience Store

Public Parks

Gas Station

Library

her facilities or services:

nks and restaurants are with a mile of the site.


.2

1.6

.2

5

5


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evelopment Team

ovide contact information for development team members below:

nagement Agent

ompany: GEM Management Inc.

dress: 2021 Cross Beam Drive

ty: Charlotte State: NC Zip:

one Email:

ontact Name: First: Danny Last: Ellis

chitect

ompany: Martin Riley and Associates

dress: 215 Church St., Suite 200

ty: Decatur State: GA Zip:

one Email:

ontact Name: First: Jackie Last: Martin

orney

ompany: The Pryzwansky Law Firm

dress: PO Box 2475

ty: Raleigh State: NC Zip:

one Email:

ontact Name: First: David Last: Pryzwansky

estor

ompany: WNC and Associates

dress: 17782 Sky Park Circle

ty: Irvine State: CA Zip:

one Email:

ontact Name: First: David Last: Shafer

nsultant/Application Preparer (if different from developer)

ompany:

dress:

ty: State: Zip:

one Email:

ontact Name: First: Last:


28217

(704)357-6000

30030

(404)373-2800

27602

(919)828-8668

92614-6404

(800)286-1135


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neral Contractor Identity of Interest?

ompany: SH Efird Construction

dress: 29265 Sweet Home Church Road

ty: Albemarle State: NC Zip:

one Email:

ontact Name: First: Heath Last: Efird


28001

(704)983-5656


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rojected 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


1,248

0

850

0

4,992

2,502

0

55

2,000

0

1,200

0

0

12,847

0

2,033

450

0

325

2,808

0

150

500

390

0

1,872

0

0


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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):

Miscellaneous Operating & Maintenance Expenses

SUBTOTAL

Taxes and Insurance

Real Estate Taxes

Payroll Taxes (FICA)

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


0

4,368

3,224

700

0

0

900

0

0

250

750

0

0

13,104

9,290

1,080

200

3,200

200

0

0

0

13,970

0

0

0

0

0

3,510

3,510


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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


46,239

33,439

13

2,572


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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".



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inimum Set-Asides

NIMUM 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: NCredit 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: NCredit 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 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 comedian income.

At least fifty percent (50%) of qualified units will be affordable to and occupied by households with incomes at or below fifty per(50%) of county median income.

Tax Exempt BondsThreshold 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 per(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 per(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 per(40%) of county median income.



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ull 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 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)

G Local Government Letter Confirming Zoning including any pending notices or hearings (original on letterhead, no fax orphotocopies)

H Letters from Local Utility Providers regarding availability and capacity (original on letterhead, no fax or photocopies)

I Documentation from utility company or local PHA to support estimated utility costs

J Appraisal (required for land costs greater than $15,000 and for all Adaptive Re-use and Rehab projects)

K Site plan, floor plans and elevations for all projects. Scope of work for Adaptive Re-use and Rehab projects. (Full Size, 24inches)

L Hazard and structural inspection and termite reports (Adaptive Re-use and Rehab projects only)

M Copy of certificate of occupancy or proof of placed-in-service date (Rehabs Only)

N Proposed Relocation Plan including relocation budget and copies of notices. Required for all Rehabs and any projectsinvolving existing occupants of any dwell ings to be rehabbed or demolished.

O 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 lenderreserve balances, 3) letter from lender that outlines assumption requirements.

P 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.

Q Statement regarding terms of Deferred Developer Fee. If a nonprofit is involved, a resolution from their board approvingdeferral of fee is required.

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

gracen's ridge app

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