rosewood townes

8/6/2019 Rosewood Townes

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

roject Description

oject Name: Rosewood Townes

ddress: 2469 US Hwy 70 W

ty: Rosewood County: Wayne Zip:

ensus Tract: 11 Block Group: 4

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: County of Wayne

risdiction CEO Name:First:Roland Last:Gray

Title: County Commissioner Chair

risdiction Address: PO Box 227

risdiction City: Goldsboro 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

ttps://www.nchfa.org/Rental/RTCApp/(S(ftvvqdrb...9119EBE3E&SNID=EB541AD032984587A0DE27B807E840DB (1 of 21)4/14/2009 12:57:17 PM

27530

27530

(919)731-1435

35.416089

-78.053441



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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: John T. Bell

ddress: 1204 E. Ash St,

ty: Goldsboro State: NC Zip:

ontact: First: Jim Last:Yamin Title:Consultant

elephone:

t Phone:

ax:

mail Address:

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


27530

(919)810-0371

[email protected]



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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? No

If no, please explain:

The existing road leading back to the site is not paved but will be paved as part of the project development.In adition, a right turn lane will very likely be required by DOT.

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:


12.89 12.89



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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:


1/8/2010

220,000



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oning

esent zoning classification of the site:No zoning regs in County

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 forobtaining them:

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: TBD

dress: 1204 E. Ash St.

y: Goldsboro State:NC 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: NA

rst Name: John Last Name: Bell Function: Managing Member

ddress: 1204 E. Ash St.

ty: Goldsboro State: NC Zip: 27530

hone: Fax:

Mail: Nonprofit: No


27530

(919)734-4321 (919)734-1840

[email protected]



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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:

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.


44 6 19190

44 6 19190

11 2

1,640

52,436

49,296

6

6

6

http://www.nchfa.com/Rental/Mincomelimits.aspx

http://www.nchfa.com/Rental/Mincomelimits.aspx



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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








tal Low Income Units:

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


1 40

7 40

3 40

2 50

1 50

4 50

1 50

1 50

2 50

4 60

10 60

8 60

44



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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:Wayne County CDBG

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 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))


246,547 2.00 20 20

225,000 2.00 20 20

1,220,403 0 30 30 0

3,624,235

5,316,185

66



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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

ocal Gov. Loan - Wayne County CDBG

ear:mt:

1 2 3 4 5 6 7 8 9 10

ear:mt:

11 12 13 14 15 16 17 18 19 20


17154 16700 16213 15692 15134 14540 13906 13232 12517 11757

10952 10100 9198 8245 7239 6178 5060 3882 2641 1337

16394 15960 15494 14996 14463 13895 13290 12646 11961 11236

10466 9652 8790 7880 6918 5904 4835 3709 2524 1278



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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


505,000 400,000

2,639,000 2,639,000

251,520 251,520

67,910 67,910

203,731 203,731

183,358 183,358

50,000 50,000

14,540 14,540

35,000 35,000

3,950,059

50,000 50,000

200,000 200,000

2,000 2,000

1,000 1,000

15,000 15,000

9,000 9,000

6,000 6,000

4,300 4,300



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29 Title and Recording


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


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


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)


5,000

292,300

25,000 25,000

10,000 10,000

2,300

29,102

15,000 4,500

20,000

30,800

132,202

30,000 30,000

462,000 462,000

30,000 30,000

Other Basis Expense (s

Other Basis Expense (s

20,000

Right-turn lane 60,000

Other Non-basis Expen

602,000

13,200

106,424

Other Reserve (specify)

Other Reserve (specify)

5,096,185 0 4,693,859

0

4,693,859 0 4,693,859

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 unit 59,977


4,693,859 0 4,693,859

100.00% 130.00%

6,102,017 0 6,102,017

3.50 9.00

549,182 0 549,182

0

220,000

5,316,185

549,182



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arket Study Information

ease provide a detailed description of the proposed project:

e proposed project is a forty-four (44) unit family rental community off US HWY 70 in the community ofosewood, immediately outside Goldsboro. Rosewood Townes will consist of 1, 2, and 3 bedroomartments. There will be a separate office/community/laundry building, and a playground for the residentse. The development will incorporate both garden and townhouse style apartments. The site’s closeoximity to schools and a new super Walmart make it a desirable location. The proposed development is

so located in the area immediately outside of Goldsboro that is experiencing growth. The units will bergeted to households at 40-60% AMI. In addition, 10% of the units will be targeted to the mobility impaired.

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:

30 year dimensional roof shingles

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

If yes, please provide name and address:

Ashebrooke Apartments, GoldsboroRandall Place, Goldsboro

e Amenities:

aygroundesident computer centerovered picnic areautdoor sitting area with benchesazeboot lot

site Activities:

esidents will have full use of the computer center located in the community building. Periodic trainingurses will be conducted on computer hardware and software. Periodic homeownership counselingurses will also be conducted for those interested in pursuing homeownership.




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ndscaping Plans:

ach building will have landscaped plantings in front of each apartment in mulch beds. Trees will also beanted in front of and around the building and common areas.

erior Apartment Amenities:

ange with hoodost-free Refrigerator

ome interior/exterior storage spaceasher/Dryer hook-upsni Blinds

arpetingnyl kitchen and bathroomsentral Air Conditioning and Heat Pump

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.

s Goldsboro has continued to grow, the Hwy 70 W corridor has been an area of particular activity.

nchored by a brand new super Walmart, the Rosewood community is on the cusp of a surge of newevelopment. The project’s location will also allow future residents to take maximum advantage of theroposed super 70 corridor (http://www.super70corridor.com/). This is a joint effort among local, regionalnd state government agencies to transform US 70 into a freeway from Interstate 40 to the coast. Some ofe transformation would take place along the existing roadway, while other sections would be built on newcation. Local governments are actively involved to ensure compatibility with established communities anddopted plans. Rosewood Townes is located 1 mile east of NC 581, which will be an interchange on theew freeway. It is expected to behefit from the stimulus to development activity in the immediate vicinity ofe new 70/581 interchange, as if often observed in other locations where new hoghway interchanges are

reated. Additional maps are enclosed in Exhibit B that locate the project site relative to this majorfrastructure upgrade project.

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. The community already includes many desirable characteristics. It isedominantly residential, especially south of Hwy 70. Immediately northwest of the site is the Camden Parkbdivision and immediately south of the site is another single family subdivision. Within an arc 0.5 to 1 milesuthwest of the site (Oberry Center Rd – Perkins Mill Rd – Rosewood Rd – NC Hwy 581) the land uses areactically all residential. This radius also includes Rosewood Middle and High Schools at the intersection ofwy 581 and Rosewood Rd; Rosewood Elementary School is just west of the high school on Charlieaswell Rd just north of Rosewood Rd. All the housing stock is well maintained and includes some verycent construction, including for example the Highwoods subdivision on Perkins Mill Rd. There are also

bdivisions on the north side of Hwy 70 in the immediate vicinity.

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. The site is well suited to the planned use. It is set back from Hwy 70 but willll enjoy good visibility from the road. Construction will take place at the back of the site, in the presentcation of the cotton field and stand of trees. The project development plan will include installation of a septicwer system and the portion of the site that is closer to the road will be used for the septic field. Landscapeffers will be installed between the entry drive and the Second Fling consignment shop, as well as between

e residential buildings and the small storage building toward the rear of the site.

egree of on-site negative features and physical barriers that will impede project construction or adversely

ect 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).

he site presents no negative features and physical barriers that will impede project construction ordversely affect future tenants.




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

he small 4-unit scale of each building as well as the attractive design that includes townhouse and gardennits in each building will fit in very well with the surrounding community.

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

Grocery Store Community/Senior Center

Mall/Strip Center Hospital

Outdoor Athletic

eldsPharmacy

Day Care/After

choolBasic Health Care

Schools Public Transportation

Stop

Convenience Store Public Parks

Gas Station Library

her facilities or services:


1

2

1

1

.5 1

.4 1



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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 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 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 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 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 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) 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 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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