wood bridge apartments

8/6/2019 Wood Bridge Apartments

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

roject Description

oject Name: Woodbridge Apartments

ddress: 2101 S. Scales Street Apt. 21-A

ty: Reidsville County: Rockingham Zip:

ensus Tract: 0414 Block Group: 2010

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 Reidsville

risdiction CEO Name:First:James Last:Festerman

Title: Mayor

risdiction Address: 230 W. Morehead Street

risdiction City: Reidsville Zip:

risdiction Phone:

te Latitude:

te Longitude:

oject Type: Rehab

Is this project a previously awarded tax credit development?No

w Construction/Adaptive Reuse:his project a follow-on (Phase II, etc) to a previously-awarded tax credit development project?

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

ehab:

umber of residents holding Section 8 vouchers: 1

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(vvk1xz45f...8D1852E76B&SNID=654AE472895D43928401EDDE4F9F5E73 (1 of 21)4/14/2009 1:59:42 PM

27320

27320

(336)349-1030

36.3310

-79.6654


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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? Yes

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


35


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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: Housing Opportunities Inc.

ddress: P.O. Box 10248

ty: Greensboro State: NC Zip:

ontact: First: Sandy Last:Lucas Title:consultant

elephone:

t Phone:

ax:

mail Address:

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


27404

(336)544-2300

(336)544-2306

[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? Yes

If yes:(a) Briefly describe the situation:

This is a rehab of an existing apartment complex with 50 units. There will be minimal disruption for the

tenants. It is anticipated that each unit will need to be vacated for one day while unit is painted, flooring isreplaced, and the kitchen and bathroom are updated.

(b) Will tenant displacement be temporary? Yes(c) Will tenant displacement be permanent? No

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? Yes

If yes:(a) Describe placement of project buildings in relation to this area:


6.6 6.6


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A creek runs behind the left sections of buildings.

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

The site has flood insurance on building within the flood plain.



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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:


12/31/2009

1,542,745


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oning

esent zoning classification of the site:R-12 (residential 12, low density)

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: Woodbridge HOI Limited Partnership

dress: P.O. Box 10248

y: Greensboro State:NC Zip:

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

ote: Do not submit social security numbers for individuals.

ntity Type: Limited Partnership

ntity Status: To Be Formed

the applicant requesting that the Agency treat the application as Non-Profit sponsored? Yes

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:

Woodbridge HOI GP, Inc. (A qualified corporation that is a wholly-owned subsidiary of Housing Opportunities, Inc, a 50

(3) organization

rst Name: Terri Last Name: Gunn Function: Principal


ty: Greensboro State: NC Zip: 27404

hone: Fax:

Mail: Nonprofit: Yes

Org: Housing Opportunities, Inc.

rst Name: Terri Last Name: Gunn Function: Principal


ty: Greensboro State: NC Zip: 27404

hone: Fax:

Mail: Nonprofit: Yes


27404

(336)552-3658 (336)691-9806

[email protected]

(336)552-3658 (336)691-9806

[email protected]


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nit Mix

e Median Income for Rockingham county is $51,300.

w Income Units

Type # BRs Net Sq.Ft.Total

# Units#Units

MonthlyRent

UtilityAllowance

MandatoryServ. Fees

**TotalHousing Exp.

Gdn Apt 1

Gdn Apt 2

Gdn Apt 3

Utilities included in rents: Water/Sewer Electric Gas Other

mployee Units (will add to Low Income Unit total)

ype # BRs Net Sq.Ft.

Total

# Units

#

Units

Monthly

Rent

Utility

Allowance

Mandatory

Serv. Fees

**Total

Housing 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.

tilities 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:


625 14 4 431 101 0 532

825 30 0 505 121 0 626

925 6 0 515 142 0 657

50 4 24274

50 4 24274

9 1

900


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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.


35,950

35,950

4

6

5
http://www.nchfa.com/Rental/Mincomelimits.aspxhttp://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



tal Low Income Units:

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


14 60

30 60

6 60

50


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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 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))


1,057,745 3.90 30 50 48,120

949,505 0 30 30 0

2,320,940

185

4,328,375

70


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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


1,417,745 1,417,745

75,000 75,000

1,365,000 1,365,000

135,000 135,000

94,500 94,500

33,390 33,390

133,560 133,560

183,645 183,645

28,000 28,000

7,000 7,000

3,000 3,000

3,475,840

13,000 13,000

105,000 89,250

10,000 10,000

4,000 4,000

3,000 3,000

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)


3,500

142,800

17,500 17,500

27,000

2,300

29,435

12,000 12,000

3,500

3,000

35,000

129,735

50,000 50,000

375,000 150,000 225,000

30,000 30,000

Other Basis Expense (s

Other Basis Expense (s

Other Non-basis Expen

Other Non-basis Expen

455,000

Other Reserve (specify)

Other Reserve (specify)

4,203,375 1,567,745 2,516,145

0

4,083,890 1,567,745 2,516,145

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:

Total Replacement Cost per unit86,568


4,083,890 1,567,745 2,516,145

117.00% 117.00%

4,778,151 1,834,262 2,943,890

3.50 9.00

333,735 64,199 264,950

0

125,000

4,328,375

333,735


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arket Study Information

ease provide a detailed description of the proposed project:

e project is a 50 unit family project, constructed in 1978, in Reidsville, NC. There are one, two, and threedroom units. A community building will be added as part of the rehab.

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:

e new community building will contain a room for tenant activities, the site office, a computer center, achen and a laundry room. Additional playground equipment will be added along with a new picnic areath tables and grills.

site Activities:

e community room will provide a comfortable meeting place for tenant related activities. The computernter will be available for tenant use and will be equipped with printers and internet access.



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ndscaping Plans:

overgrown shrubs will be removed and new foundation and perimeter plantings will be installed. All plantds will be well defined and heavily mulched. A new site sign will be installed at the entrance to themplex. The perimeter fence will be replaced with a six foot green vinyl coated chain link fence. Therrent split rail fencing will be replaced with 2 rail white vinyl fencing.

erior Apartment Amenities:

e apartments will have Energy Star refrigerators and gas hot water heaters, ranges and range hoods,asher/dryer hookups, mini-blinds, storm doors, and VCT in all rooms except the bedrooms. The bedroomsl be carpeted.

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.

Woodbridge Apartments is located in a mixed use area consisting of residential homes, light commercial,

nd a public park. South Scales Street is the main road in town and leads directly into the downtown section Reidsville (approximately 1.5 miles from the complex). Attached is a site map showing businesses,

menities, and municipal buildings within a two mile radius of the complex.

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 site fits in nicely with the surrounding neighborhood. An

mbulance/rescue service is located across the street as well as a public park with basketball courts. Asidential neighborhood of single family homes border one side of the complex. A small stream separatese complex from the wholesale distribution warehouse on the other sitde. There are no large tracts ofdeveloped land surrounding the complex.

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. Although South Scales Street is a main street in town, traffic in the area of

e complex is not excessive. No road improvements are anticipated. The town of Reidsville does not have a

ass transit system.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).

here are no on-site negative features or physical barriers that would impede the rehabilitation of theevelopment. The small stream has not affected the property in its 30 years of operation.

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

he development is located in a mixed use area and is compatible in scale and architecture.

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:

e site is approximately 1.5 miles from downtown Reidsville. The attached map shows the items listedove s well as additonal facilities and services.


1.8

7 1.5

011.2

.91.3

.01

.1 2.1


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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 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)

wood bridge apartments

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