orchard creek apartments
TRANSCRIPT
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Print Preview - PreliminaryApplicationTax Credits, RPP Loans, and/or Tax Exempt Bond Loans
roject Description
oject Name: Orchard Creek Apartments
ddress: Clemonsville Rd and Spach Dr.
ty: Winston-Salem County: Forsyth Zip:
ensus Tract: 20.02 Block Group: 2
project in Qualified Census Tract or Difficult to Develop Area? No
e you requesting the basis boost under section II(E)(4) of the QAP? Yes
olitical Jurisdiction: City of Winston-Salem, NC
risdiction CEO Name:First:Allen Last:Joines
Title: Mayor
risdiction Address: 101 North Main St., City Hall
risdiction City: Winston-Salem Zip:
risdiction Phone:
te Latitude:
te Longitude:
oject Type: New Construction
Is this project a previously awarded tax creditdevelopment?
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? Yes
es a community revitalization plan exist? No
ll the project use steel and concrete construction and have at least 4 stories? No
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27127
27102
(336)727-2058
36.0416
-80.2557
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ll the project include a Community Service Facility under IRS Revenue Ruling 2003-77?o
If yes, please describe:
rget Population:Family
ll the project be receiving project based federal rental assistance? No
If yes, provide the subsidy source: and number of units:
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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. UAP Section III(C)(5) only this individual or entity will be able to make decisions with regard to this application. If awarded the applica
st become part of the ownership entity. The applicant will execute the signature page for this application.
pplicant Name: Bradley NC 2008, LLC
ddress: 115 Red Wolf Trail
ty: Myrtle Beach State: SC Zip:
ontact: First: Brad Last:Queener Title:Managing Member
elephone:
t Phone:
ax:
mail Address:
OTE: Email Address above will be used for communication between NCHFA and Applicant.
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29579
(843)358-4886
(843)222-6483
(843)358-5085
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te Description
tal 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:
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8.5 8.5
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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)?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/contractpurchase of the property and the seller of the property?NoIf yes, specify the relationship:
(c) Enter the current expiration date of the option/contract to purchase:
(D) Enter Purchase Price:
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01/30/2010
625,000
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oning
esent zoning classification of the site:RS-9
multifamily use permitted?No
e 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 forobtaining them:
The propery will have to be re-zoned for multi-family and the first city meeting is Febuary 4th. The processwill be complete before the Tier 2 application deadline in May.
e there any existing conditions of historical significance located on the project site that will require State Historic Preservation officeiew?No
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: Orchard Creek, LLC (to be formed)
dress: 115 Red Wolf Trail
y: Myrtle Beach State:SC Zip:
deral Tax ID Number of Ownership Entity: (If assigned)
ote: Do not submit social security numbers for individuals.
ntity Type: Limited Liability Company
ntity Status: To Be 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.ick [Add] to add additional partners, members, and principals.
Org: Bradley NC 2008, LLC
rst Name: Brad Last Name: Queener Function: Managing Member
ddress: 115 Red Wolf Trail
ty: Myrtle Beach State: SC Zip: 29579
hone: Fax:
Mail: Nonprofit: No
ttps://www.nchfa.org/Rental/RTCApp/(S(3qqkerv4u...08B5B96861&SNID=D148E4BE2D244813B8B0C52B979D10B6 (8 of 21)4/14/2009 1:57:36 PM
29579
(843)358-4886 (843)358-5085
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Community space within residential bulding(s) - Sq. Ft. (Floor Area):
Elevators - Number of Elevators:
quare Footage Information
oss Floor Square Footage:
otal Net Sq. Ft. (All Heated Areas):
icate 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 state codes.)
Number of Units:
Number of Units Required:
Persons with disabilities or homeless populations.
Number of Units:
tes
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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82,643
78,260
8
8
8
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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] ate another 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
targeted at percent of median income affordable to/occupied by
targeted at percent of median income affordable to/occupied by
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.
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8 30
7 50
17 60
8 30
10 50
14 60
64
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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:
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**
"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.
stimated 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))
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1,017,574 8.00 20 30 89,599
960,000 2.00 20 20
714,828 0 30 30 0
5,853,859
8,546,261
70
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ank Loan-to be determinedHTC Equity Investor-to be determined
ans with Variable Amortizationease fill in the annual debt service as applicable for the first 20 years of the project life.
PP Loan
ear:mt:
1 2 3 4 5 6 7 8 9 10
ear:mt:
11 12 13 14 15 16 17 18 19 20
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37174 37576 37923 38211 38437 38597 38688 38707 38650 38514
38293 37985 37584 37087 36489 35784 34969 34038 32986 31807
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evelopment Costs
Item Cost Element TOTAL COSTEligible Basis
30% PV 70% PV
1 Purchase of Building(s) (Rehab / Adaptive Reuse only)
2 Demolition (Rehab / Adaptive Reuse only)
3 On-site Improvements
4 Rehabilitation
5 Construction of New Building(s)
6 Accessory Building(s)
7 General Requirements (max 6% lines 2-6)
8 Contractor Overhead (max 2% lines 2-7)
9 Contractor Profit (max 8% lines 2-7; 6% if Identity of Interest)
10 Construction Contingency (max 5% lines 2-9, Rehabs 10%)
11 Architect's Fee - Design (11 + 12 = max 3% lines 2-10)
12 Architect's Fee - Inspection
13 Engineering Costs
SUBTOTAL (lines 1 through 13)
14 Construction Insurance (prorate)
15 Construction Loan Orig. Fee (prorate)
16 Construction Loan Interest (prorate)
17 Construction Loan Credit Enhancement (prorate)
18 Construction Period Taxes (prorate)
19 Water, Sewer and Impact Fees
20 Survey
21 Property Appraisal
22 Environmental Report
23 Market Study
24 Bond Costs
25 Bond Issuance Costs
26 Placement Fee
27 Permanent Loan Origination Fee
28 Permanent Loan Credit Enhancement
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950,000 712,500
3,833,600 3,833,600
220,000 220,000
287,016 287,016
101,412 101,412
304,237 304,237
227,851 227,551
83,200 83,200
15,000 15,000
60,000 60,000
6,082,316
7,000 7,000
75,332 75,332
143,420 143,420
13,000 13,000
250,000 250,000
15,000 15,000
6,000 6,000
14,000 14,000
4,800 4,800
42,738
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29 Title and Recording
SUBTOTAL (lines 14 through 29)
30 Real Estate Attorney
31 Other Attorney's Fees
32 Tax Credit Application Fees (Preliminary and Full)
33 Tax Credit Allocation Fee (0.62% of line 60, minimum $7,500)
34 Cost Certification / Accounting Fees
35 Tax Opinion
36 Organizational (Partnership)
37 Tax Credit Monitoring Fee
SUBTOTAL (lines 30 through 37)
38 Furnishings and Equipment
39 Relocation Expense
40 Developer's Fee
41 Additional Contigency (greater of $500/unit or $30,000)
42
43
44 Rent-up Expense
45
46
SUBTOTAL (lines 38 through 45)
47 Rent up Reserve
48 Operating Reserve
49
50
51 DEVELOPMENT COST (lines 1-49)
52 Less Federally Funded Grant
53 Less Disproportionate Standard
54 Less Nonqualified Nonrecourse Financing
55 Less Historic Tax Credit
56 TOTAL ELIGIBLE BASIS
57 Applicable Fraction (percentage of LI Units)
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5,000
576,290
15,000
42,000 42,000
2,300
39,887
15,000 15,000
5,000
1,000
44,800
164,987
40,000 40,000
672,000 672,000
30,000 30,000
Other Basis Expense (s 15,000 15,000
Other Basis Expense (s
15,000
Other Non-basis Expen 15,000
Other Non-basis Expen 11,000
798,000
25,600
274,068
Other Reserve (specify)
Other Reserve (specify)
7,921,261 0 7,187,068
0
7,187,068 0 7,187,068
100.00% 100% 100%
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58 Basis Before Boost
59 Basis Boost of up to 130%
60 TOTAL QUALIFIED BASIS
61 Tax Credit Rate
62 Federal Tax Credits (maximum $1,300,000)
63 Federal Tax Credits Requested (if less than line 62)
64 Land Cost
65 TOTAL REPLACEMENT COST
FEDERAL TAX CREDITS IF AWARDED
Comments:
Project Development Cost per unit59,900
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7,187,068 0 7,187,068
130.00% 130.00%
9,343,188 0 9,343,188
3.50 9.00
840,887 0 840,887
0
625,000
8,546,261
840,887
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arket Study Information
ease provide a detailed description of the proposed project:
e are proposing to build a 64 unit family development in the City of Winston-Salem. The community willrve a growing population in the area that will benefit from well built, safe, affordable housing. Thevelopment will encompass our best efforts in order to provide the people of Winston-Salem affordableusing units that live up to high standards of the surrounding area.
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:
undry, community room, online computer stations, picnic and grill areas, playground and tot lot, outdoorting areas (minimum of 3 areas) and a gazebo.
site Activities:
ur management company will make its best efforts to work with local human service agencies to provideucational, social and health preservation programs for the families living at this community. Local serviceoviders will be invited to the site to help establish educational workshops for our residents that coveralth, safety and employment issues that will benefit our residents. Residents will also have full access to
gh-speed internet access in our community room. Management will also organize community activities inder to make sure the residents get to know their neighbors and feel as they are living in a close knitmmunity.
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ndscaping Plans:
ndscaping is an integral part of the success of a development and we will use our best efforts in orderake the site look as attractive as possible. Using natural buffers, evergreen trees and flowering plants, thendscaping plan will highlight the areas local vegetation. We will also be conscience of using droughtsistant plants where possible in order to conserve water.
erior Apartment Amenities:
anges, range hoods, dishwashers, refrigerators (frost-free), interior storage areas, mini-blinds, a pantry,iling fans, walk in closets, carpet and washer and dryer hook-ups.
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.
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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.
his area of Winston-Salem continues to grow and expand and with it the need for well built, safe and
fordable housing. The site is close to shopping, retail, commercial and medical services. The surroundingroperties are a mix of commercial and residential. The neighborhood as a whole is growing and there areany single-family neighborhoods close by. Fiddlers Glen, which is a very nice single-family neighborhoodadjacent to the site. As Winston-Salem continues to grow, so does the need for more affordable high
uality rental units.
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, distribution
cilities, 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. The surrounding land use pattern is commercial/residential with multi-mily and single family close by. The site is owned by a church and located near the church, a daycare, andar many public services and amenities that will benefit the tenants, and therefore, not isolated. There are negative effects of industrial or incompatible uses close to the site.
TE SUITABILITY
dequate 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 sign in relation to traffic corridors. Adequate traffic controls exist to handle increased traffic from thevelopment and capacity for water and sewer and other public facilities exist for this project. Mass transit isailable in Winston-Salem and a public bus station is located approximately 1 mile from the site. The
velopment and its main sign will be easily visible from the main throughofares.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, environmentaloblems or the need for excessive demolition).
o negative features on the site exist that will impede the construction of the project or adversely affect theture tenants.
milarity of scale and aesthetics/architecture between project and surroundings.
he proposed community will blend well with the scale and architectural design of the surrounding landses. We will be working closely with the City and invite comments during our site planning in order to makeure that our development fits well within the City's vision for the area as well as enhances the overallesthetics of the neighborhood. We are planning on designing a community that has the feel of a townhomeevelopment with private individual entrances rather than typical garden style apartment buildings withreezeways in order to better blend with the surrounding high quality residential neighborhoods. While morexpensive, we feel as though this will not only benefit our residents but provide a community in which
Winston-Salem is proud.
r each applicable neighborhood feature, enter distance from project in miles.
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Grocery Store Community/Senior Center
Mall/Strip Center Hospital
Outdoor Athletic
eldsPharmacy
Day Care/After
chool
Basic Health Care
SchoolsPublic Transportation
Stop
Convenience Store Public Parks
Gas Station Library
her facilities or services:
ee map located in the Map/Directions section of the Application to show proximity to services/amenities.e site is very close to Peters Creek Parkway/150 and Hwy 52, with easy access to everything. Also, while
e site is not close to a hospital, there are many urgent care centers and doctors offices close by.
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2 .2
2 5
3.2
2.8
3.3
4 .3
4 1.4
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reliminary App Checklist
e following enclosures must be submitted along with your signed preliminary application. Some enclosures are required only undetain conditions. Please check each applicable item to indicate that you understand the enclosure requirements and will enclose threct supporting documentation with your application.
Fee PaymentCheck in the amount of $5,450.00 made payable to North Carolina Housing Finance Agency.
Tab A - Preliminary ApplicationPrinted, signed copy of preliminary application generated from online system.
B - Map/Driving InstructionsA local map clearly identifying the location of the Site and detailed directions to the Site. Current City or County maps are prefe
internet maps and directions are not acceptable. Applicant must also provide a map identifying the amenities listed in section(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 sitshould 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 ControlProvide valid option/contract or warranty deed and plot plan.
E - Site Plans/Scope of WorkPreliminary site plan, floor plans and elevations for all projects, interior and exterior photographs and detailed scope of work foAdaptive Reuse and Rehab projects. Site and floor plans should be no larger than 11x17 and must be produced by a licensedarchitect or engineer.
F - Information Package for Market AnalystsThis section must include copies of items required in Tabs A, B, E and G (site and floor plans should be no larger than 11x17) can include any additional market information such as preliminary market studies the applicant would like to provide to theAnalysts.
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 BoostApplicant should provide an appraisal and/or standard geological survey to support a request for the basis boost (if applicable)