wind song apartments

8/6/2019 Wind Song Apartments

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

oject Description

oject Name: Wind Song Apartmentsddress: 4160 Lake Ave

ty: Wilmington County: New Hanover Zip:

nsus Tract: 106 Block Group: 1

roject 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

litical Jurisdiction: City of Wilmington

risdiction CEO Name: First:Sterling Last:Cheatham Title: City Manager

risdiction Address: P.O. Box 1810

risdiction City: Wilmington Zip:

risdiction Phone:

e Latitude:

e 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):

hab:

umber of residents holding Section 8uchers:

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

es a community revitalization plan exist? No

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

ttps://www.nchfa.org/Rental/RTCApp/(S(1pr4jn45is...D3E666C2090&SNID=86011B166D2A4B288C388A8A80E76CEF (1 of 21)4/8/2009 1:59:13 PM

28403

28402

(910)341-7810

33.85

-77.55


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

If yes, please describe:

get Population:Elderly (55)ill the project be receiving project based federal rental assistance? No

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



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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? NoIf yes, please describe:

e existing buildings on the site currently occupied? NoIf 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? YesIf no, please explain:

ny portion of the site located inside the 100 year floodplain? NoIf yes:(a) Describe placement of project buildings in relation to this area:


4.43 4.43


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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/contract for

purchase 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:


3/31/2009

1,200,000


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oning

sent zoning classification of the site:Multifamily Low Density Conditional District

multifamily use permitted?Yes

e variances, special or conditional use permits or any other item requiring a public hearing needed to develop this proposal?YesIf 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 property must be rezoned to Multifamily Medium Density Conditional District. Rezoning Applicationpresented in January 21, 2009 Planning Board Meeting on March 4,2009, City Council Approval April 7,2009

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?NoIf yes, describe below:



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wnership Entity

wner Name: Wind Song Apartments LLPdress: 3060 Peachtree Road NW Suite 900

y: Atlanta State:GA Zip:

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

te: Do not submit social security numbers for individuals.tity Type: Limited Partnershiptity Status: To Be Formedthe applicant requesting that the Agency treat the application as Non-Profit sponsored? Yesthe applicant requesting that the Agency treat the application as CHDO sponsored? Not all general partners, members,and principals. Specify nonprofit corporate general partners or members.ck [Add] to add additional partners, members, and principals.

Org: RHA Housing, Inc.rst Name: Chase Last Name: Northcutt Function: Principalddress: 3060 Peachtree Road NW Suite 900ty: Atlanta State: GA Zip: 30305

one: Fax:

Mail: Nonprofit: Yes


30305

(404)364-2937 (404)760-3443

[email protected]


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

Elevators - Number of Elevators:

uare Footage Information

oss Floor Square Footage:

tal 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 andstate 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 lowincome units are within established thresholds.

ttps://www.nchfa.org/Rental/RTCApp/(S(1pr4jn45i...3E666C2090&SNID=86011B166D2A4B288C388A8A80E76CEF (10 of 21)4/8/2009 1:59:13 PM

1,824

1

80,243

79,833

8

8

8
http://www.nchfa.com/Rental/Mincomelimits.aspxhttp://www.nchfa.com/Rental/Mincomelimits.aspx


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rgeting

ecify Low Income Unit Targeting in table below. List each applicable targeting combination in a separate row below. Click [Add] toate 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






al Low Income Units:

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


13 30

12 50

26 60

6 30

6 50

12 60

75


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unding Sources

Source AmountNon-

Amortizing*Rate(%)

Term(Years)

Amort.Period(Years)

AnnualDebt

Service

Bank Loan

RPP LoanLocal Gov. Loan - Specify:City of Wilmington

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.

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

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


581,099 7.25 18 30 47,569

1,125,000 2.00 20 20

700,000 2.00 30 30

781,416 0 30 30 0

6,399,154

9,586,669

70


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CCAR is the source of Bank Finncing and The City of Wilmingtonhe source of the local government financing.

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

PP Loan

ar:mt:

1 2 3 4 5 6 7 8 9 10

ar:mt:

11 12 13 14 15 16 17 18 19 20

cal Gov. Loan - City of Wilmington

ar:mt:

1 2 3 4 5 6 7 8 9 10

ar:mt:

11 12 13 14 15 16 17 18 19 20


23977 23450 22863 22216 21505 20727 19880 18960 17965 16891

15735 14493 13162 11738 10217 8595 6869 5033 3083 1016

12375 12103 11800 11466 11099 10698 10261 9786 9272 8718

8121 7480 6793 6058 5273 4436 3545 2598 1591 524


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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


872,600 772,600

4,570,094 4,570,094

326,562 326,562

115,385 115,385

346,155 346,155

311,540 311,540

160,000 160,000

36,270 36,270

30,000 30,000

6,768,606

5,000 5,000

20,000 20,000

100,000 80,000

10,000 10,000

91,000 91,000

10,000 10,000

7,500 7,500

10,000 10,000

5,800 5,800

20,000


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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

284,300

22,500 22,500

15,000 15,000

2,300

48,44810,000 10,000

1,500

1,000

52,500

153,248

70,000 70,000

787,500 762,500

Other Basis Expense (E 26,250 26,250

Other Basis Expense (s

10,000

Other Non-basis Expen 5,000

Other Non-basis Expen

898,750

93,921

187,844

Other Reserve (specify)

Other Reserve (specify)

8,386,669 0 7,814,156

0

7,814,156 0 7,814,156

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 60,935


7,814,156 0 7,814,156

100.00% 130.00%

10,158,403 0 10,158,403

3.50 9.00

914,256 0 914,256

01,200,000

9,586,669

914,256


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arket Study Information

ase provide a detailed description of the proposed project:onstruction of a 3 story, 75 unit apartment community for senior citizens with 1,824 sq ft of communityace. The one bedroom apartments are 680 sq ft and the two bedroom apartments are 904 sq ft.

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:

Screened in porch and porte-cochere,anti-fungal architectural shingles

ve you built other tax credit developments that use the same building design as this project?NoIf yes, please provide name and address:

e Amenities:ndscaped patio area with fountain, picnic area with grill, garden area, walking trail, gazebo, sitting areasth benches.

site Activities:e project includes the following amenities multiuse room with kitchen, parlor,craft room, library computer

om, exercise room, upstairs sitting area, screened in porch,management office, laundry areas, and tenantorage rooms.



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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.he Lake Ave neighborhood is a mixture of residential uses (single family homes, multifamily housing,wnhouses, condominiums and assisted living developments for seniors). The neighborhood was

eveloped in the 60's and 70's with single family homes. Many of these well maintained single family homesill exist. Because the neighborhood is located in the center of New Hanover County and convenient toajor shopping areas and the two hospitals, in recent years (since 1990's) developers have been acquiringoperty and building the variety of housing types found in the neighborhood. The quality of these housing

evelopments has helped the neighborhood sustain its long reputation in Wilmington as a desirableommunity to live in. There is no known other affordable housing within two miles of the site.

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. According to the city planners, this type of development fits nicelyth the land use plan and residential character of this area. The site is surrounded by a townhousevelopment to the west and single family homes to the north, south and east. Entering Lake Avenue from S.

ollege Road will take you past three new condomininium complexes ranging from small to medicumnsity. From the site, continuing on Lake Avenue, West, will take you to an established and well maintainedighborhood of brick ranches. Further down 41st Street, the crossroad of Lake Ave, you will come uponw construction independent and assisted living facilities. There are no known environmental concerns,lroad tracks, towers,factories or other incompatible land uses in the site vicinity.TE SUITABILITY

dequate traffic safety controls (i.e. stop lights, speed limits, turn lanes). Burden on public facilities

articularly roads). Access to mass transit (if applicable). Visibility of buildings and/or location of project signin relation to traffic corridors. The site is perfectly located for seniors in the Wilmington area. It is in almoste center of Wilmington and offers an easy choice to the children of Seniors who would like to see theirrent(s)in a safe, established neighborhood. Lake Avenue is a two lane road between South College Roadd 41st Street. The South College Road intersection is a lighted one and allows residents to go straight intough McRae Park, right towards the Senior Center and shopping or left towards the intersection of S.ollege Road and Oleander for additional shopping options. The intersection of 41st Street and Lake Avenuea stop sign, reflecting the modest traffic volume on 41st from Oleander. You have the option of goingaight on 41st Street towards Independence Mall, turning right towards Oleander, where there is a lightedersection to ease you onto Oleander in either direction, as well as a convenience store on the corner.

oing left onto 41st Street will lead you to a lighted intersection at Shipyard Blvd. You can go left and be atng Leaf Mall or go right for numerous medical offices and banks.

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).here are no negative features or physical barriers that will impede project construction or adversely affectture tenants as described above. The site has a slight topography and can easily be designed to meetDA standards withou steps or ramps.



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milarity of scale and aesthetics/architecture between project and surroundings.he proposed design of the project is styled to fit within the community and the natural beauty of the land.he project, although, 3 stories, will be nestled in the middle and rear of the tract, to minimize visual impact you drive by. The drieway will have a slight bend in it, to reduce the severity of a long drive and to

ccomodate the established hardwoods. The site allows for a number of walking paths and gathering areas,ereby complementing the friendly, cozy atmosphere already established in the neighborhood. The size

nd scale of the building is compatible with the neighborhood, esepcailly with the newer construction on thedjoining 41st Street.

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

Grocery Store Community/Senior Center

Mall/Strip Center Hospital

Outdoor Athleticelds

Pharmacy

Day Care/Afterhool

Basic Health Care

Schools Public TransportationStop

Convenience Store Public Parks

Gas Station Library

her facilities or services:cial Security Administration 2 miles west.

ngleaf Mall has a craft and home goods store, grocery store, salon, shoe repair, McDonald's and kidsdoor play station within one mile of the site.

ew Hanover Regional Medical Center is also conveniently located and about 3.0 miles from the site. Theree numerous doctors offices all along the route there and surround the facility.

addition to the Rite Aid at Longleaf Mall there is a CVS and Walgreens, as well as a Visionworks locatedthin a mileof the site at the intersection of College Road and Oleander.

NC-Wilmington is 1.5 miles from the site on College Road as well as another Lowe's Foods, Lowe's Homeprovement,Sam's and many other retailers and restaurants.

dependence/Westfield Mall (1.0 mile)and the Hanover Shopping Center are easily accessed through theighborhood backroads. From the site, cross 41st street and continue on Lake Ave till you get to Halifax.rn right and it will take you to Fordahm. Turn right and you are immediately upon the Lowe's Foods onur right and the mall on your left. Across the street is Hanover Shopping center which houses a K & W

feterain, Steinmart, shoe stores, Harris Teeter, Pier 1, Office Depot and at least 5 banks in the area. Tot across Oleander there is a stoplight and to enter into the mall, you will use that same stoplight whichs a green arrow for ease and safety. Another green arrow light from Oleander, takes you into the mall.


0 .6

0 2.4

6.6

1 .8

2 .1

3 .3

3 2.9


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eliminary App Checklist

e following enclosures must be submitted along with your signed preliminary application. Some enclosures are required only undertain conditions. Please check each applicable item to indicate that you understand the enclosure requirements and will enclose therect supporting documentation with your application.

Fee Payment Check in the amount of $5,450.00 made payable to North Carolina Housing Finance Agency.Tab A - Preliminary Application Printed, signed copy of preliminary application generated from online system.B - Map/Driving Instructions A local map clearly identifying the location of the Site and detailed directions to the Site. Current City or County maps are preferred

internet maps and directions are not acceptable. Applicant must also provide a map identifying the amenities listed in section IV(A)(1)(b)(ii) of the QAP and their proximity to the site.

Applicant must provide a sign and boundary markers to clearly identify the road frontage of the site. The sign identifying the siteshould 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 forAdaptive 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) andcan 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).

wind song apartments

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