Print Preview - Preliminary Application: Project Description

Print - APP09-0081
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Application
Tax Credits, RPP Loans, and/or Tax Exempt Bond Loans
Project Description
Project Name: Oak Hill Apartments
Address: 835 Beaty Street
City: Davidson County: Mecklenburg Zip: 28036
Census Tract: 64.01 Block Group: 1002
Is project in Qualified Census Tract or Difficult to Develop Area? No

Are you requesting the basis boost under section II(E)(4) of the QAP? No
Political Jurisdiction: Town of Davidson

First:Leamon Last:
Jurisdiction CEO Name: Title: Town Manager
Brice
Jurisdiction Address: 216 S Main Street
Jurisdiction City: Davidson Zip: 28036
Jurisdiction Phone: (704)892-7591
Site Latitude: 35.509468
Site Longitude: -80.844810
Project Type: Rehab
Is this project a previously awarded tax credit development?

No
New Construction/Adaptive Reuse:

Is this project a follow-on (Phase II, etc) to a previously-awarded tax credit development project?
If yes, list names of previous phase(s):

Rehab:
Number of residents holding Section 8 vouchers: 0
Will the project meet Energy Star standards as defined in Appendix B? Yes
Does a community revitalization plan exist? Yes

Will the project use steel and concrete construction and have at least 4 stories? No
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Will the project include a Community Service Facility under IRS Revenue Ruling 2003-77?
No
If yes, please describe:
Target Population:Family
Will the project be receiving project based federal rental assistance? No
If yes, provide the subsidy source: and number of units:

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Applicant Information
Indicate below an individual or a validly existing entity (a corporation, nonprofit, limited partnership or LLC) as the official applicant. Under
QAP Section III(C)(5) only this individual or entity will be able to make decisions with regard to this application. If awarded the applicant
must become part of the ownership entity. The applicant will execute the signature page for this application.
Applicant Name: Community Housing Partners
Address: 100 W Franklin Street Suite 300
City: Richmond State: VA Zip: 23220

Contact: First: Samantha Last:Brown Title:Housing Development Officer
Telephone: (804)343-7201
Alt Phone: (804)614-2682
Fax: (804)343-7208
Email Address: sbrown@chpc2.org

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

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Site Description
Total Site Acreage: 3.973 Total Buildable Acreage: 3.973

If buildable acreage is less than total acreage, please explain:
Identify utilities and services currently available (and with adequate capacity) for this site:
Storm Sewer Water Sanitary Sewer Electric
Is the demolition of any buildings required or planned? No

If yes, please describe:
Are existing buildings on the site currently occupied? Yes

If yes:
(a) Briefly describe the situation:
Oak Hill is currently a market rate apartment complex in great need of substantial rehabilitation. Becuase of
the condition of the property, rents are relatively low at this time. Without an award of tax credits to
rehabilitate and preserve these units as affordable it is likely that this property would be converted to market
rate upscale housing.
(b) Will tenant displacement be temporary? Yes

(c) Will tenant displacement be permanent? Yes
Is the site directly accessed by an existing, paved, publicly maintained road? Yes
If no, please explain:
Is 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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(b) Describe flood mitigation if the project will have improvements within the 100 year floodplain:

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Site Control
Does 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?Yes
If yes, specify the relationship:
Oak Hill-Davidson, LLC is a single asset entity wholly owned by CHPC
(c) Enter the current expiration date of the option/contract to purchase: 12/31/2000
(D) Enter Purchase Price: 2,521,292

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Zoning
Present zoning classification of the site:LPA - Lakeshore Planning Area
Is multifamily use permitted?Yes
Are 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
obtaining them:
Are there any existing conditions of historical significance located on the project site that will require State Historic Preservation office
review?No
If yes, describe below:
Are there any existing conditions of environmental significance located on the project site?Yes
If yes, describe below:
Because this property was built in 1974 there are several areas of asbestos containing materials including
ceiling tiles (friable), paper under the floor tiles (friable), flooring materials and roof caulking materials (both
non friable). All materials were observed during the Phase I to be in good to fair condition. Asbestos
containing materials to be impacted during renovation will be repaired or removed by a licensed State of
North Carolina asbestos abatement contractor. The remainder of identified asbestos containing materials
will be managed under a site specific O&M Program.

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Ownership Entity
Owner Name: Oakhill-Davidson, LLC

Address: 930 Cambria Street NE
City: Christiansburg State:VA Zip: 24073
Federal Tax ID Number of Ownership Entity: 26-3973468 (If assigned)

Note: Do not submit social security numbers for individuals.
Entity Type: Limited Liability Company
Entity Status: Already Formed
Is the applicant requesting that the Agency treat the application as Non-Profit sponsored? No
Is the applicant requesting that the Agency treat the application as CHDO sponsored? Yes
List all general partners, members,and principals. Specify nonprofit corporate general partners or members.
Click [Add] to add additional partners, members, and principals.
Org: Oak Hill of Davidson, Inc.

First Name: Orlando Last Name: Artze Function: Managing Member
Address: 930 N Cambria Street NE
City: Christiansburg State: VA Zip: 24073
Phone: (804)343-7201 Fax: (804)343-7208
EMail: oartze@chpc2.org Nonprofit: Yes

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Unit Mix
The Median Income for Mecklenburg county is $66,500.
Low Income Units
Total # Monthly Utility Mandatory **Total

Type # BRs Net Sq.Ft. # Units Units Rent Allowance Serv. Fees Housing Exp.
Gdn Apt 1 517 9 0 540 64 0 604
Gdn Apt 1 517 19 1 595 64 0 659
Gdn Apt 1 514 2 2 540 64 0 604
Gdn Apt 2 666 12 0 648 77 0 725
Gdn Apt 2 666 12 0 714 77 0 791
Gdn Apt 2 1043 1 0 714 77 0 791
Gdn Apt 2 1045 2 2 714 77 0 791
Gdn Apt 3 1034 3 0 745 92 0 837
Gdn Apt 3 1034 2 0 822 92 0 914
Gdn Apt 3 1037 1 1 822 92 0 914
Utilities included in rents: Water/Sewer Electric Gas Other Trash
Employee Units (will add to Low Income Unit total)

Utilities included in rents: Water/Sewer Electric Gas Other
Market Rate Units

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

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All Gross Monthly

Units Units Rental Income
Low Income....... 63 6 40432
Market Rate.......
Totals............... 63 6 40432
Proposed number of residential buildings: 3 Maximum number of stories in buildings: 2
Project Includes:
Separate community building - Sq. Ft. (Floor Area): 1,500
Community space within residential bulding(s) - Sq. Ft. (Floor Area):
Elevators - Number of Elevators:
Square Footage Information
Gross Floor Square Footage: 47,006
Total Net Sq. Ft. (All Heated Areas): 42,173
Indicate 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 and
state codes.)
Number of Units: 6
Number of Units Required: 8

Persons with disabilities or homeless populations.
Number of Units: 7
Notes
** 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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Targeting
Specify Low Income Unit Targeting in table below. List each applicable targeting combination in a separate row below. Click [Add] to
create another row. Click "X" (at the left of each row) to delete a row. Add as many rows as needed.
# BRs Units %
1 11 targeted at 50 percent of median income affordable to/occupied by
Total Low Income Units: 63
Note: This number should match the total number of low income units in the Unit Mix section.

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Funding Sources
Amort. Annual
Non- Rate Term Period Debt
Source Amount Amortizing* (%) (Years) (Years) Service
Bank Loan 2,353,959 6.50 18 30 178,543
RPP Loan 800,000 ✔ 2.00 20 20
Local Gov. Loan - Specify:

315,000 ✔ 5.00 30 30
Town of Davidson
RD 515 Loan
RD 538 Loan - Specify:
AHP Loan
Other Loan 1 - Specify:

783,646 ✔ 5.00 20 20
CHPC
Tax Exempt Bonds
State Tax Credit(Loan) 0 30 30 0
State Tax Credit(Direct Refund)
Equity: Federal LIHTC 2,045,026
Non-Repayable Grant
Equity: Historic Tax Credits
Deferred Developer Fees
Owner Investment
Other - Specify:
Total Sources** 6,297,631
* "Non-amortizing" indicates that the loan does not have a fixed annual debt service. For these items, you must fill in 20-year debt
service below.
** Total Sources must equal total replacement cost in Project Development Cost (PDC) section.
Estimated pricing on sale of Federal Tax Credits: $0. 72
Remarks concerning project funding sources:

(Please be sure to include the name of the funding source(s))

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Loans with Variable Amortization

Please fill in the annual debt service as applicable for the first 20 years of the project life.
RPP Loan
Year: 1 2 3 4 5 6 7 8 9 10
Amt: 100 100 4215 24179 25400 26571 27690 28753 29756 30697
Year: 11 12 13 14 15 16 17 18 19 20
Amt: 31571 32374 33102 33752 34318 34796 35182 35471 35656 35734
Local Gov. Loan - Town of Davidson
Year: 1 2 3 4 5 6 7 8 9 10
Amt:
Year: 11 12 13 14 15 16 17 18 19 20
Amt:
Other Loan 1 - CHPC
Year: 1 2 3 4 5 6 7 8 9 10
Amt:
Year: 11 12 13 14 15 16 17 18 19 20
Amt:

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Development Costs
Eligible Basis
Item Cost Element TOTAL COST
30% PV 70% PV
1 Purchase of Building(s) (Rehab / Adaptive Reuse only) 1,788,582
2 Demolition (Rehab / Adaptive Reuse only)
3 On-site Improvements 28,535 28,535
4 Rehabilitation 1,685,147 1,685,147
5 Construction of New Building(s)
6 Accessory Building(s)
7 General Requirements (max 6% lines 2-6) 102,821 102,821
8 Contractor Overhead (max 2% lines 2-7) 34,274 34,274
9 Contractor Profit (max 8% lines 2-7; 6% if Identity of Interest) 102,821 102,821
10 Construction Contingency (max 5% lines 2-9, Rehabs 10%) 100,000 100,000
11 Architect's Fee - Design (11 + 12 = max 3% lines 2-10) 40,624 40,624
12 Architect's Fee - Inspection 20,312 20,312
13 Engineering Costs 0 0
SUBTOTAL (lines 1 through 13) 3,903,116
14 Construction Insurance (prorate) 3,296 3,296
15 Construction Loan Orig. Fee (prorate) 21,704 21,704
16 Construction Loan Interest (prorate) 130,545 45,691
17 Construction Loan Credit Enhancement (prorate)
18 Construction Period Taxes (prorate) 3,000 3,000
19 Water, Sewer and Impact Fees
20 Survey 15,000 15,000
21 Property Appraisal 4,000 4,000
22 Environmental Report 8,500 8,500
23 Market Study 2,250 2,250
24 Bond Costs 6,160
25 Bond Issuance Costs
26 Placement Fee
27 Permanent Loan Origination Fee 40,500
28 Permanent Loan Credit Enhancement

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29 Title and Recording 7,500
SUBTOTAL (lines 14 through 29) 242,455
30 Real Estate Attorney 20,000 10,000
31 Other Attorney's Fees 28,000 6,160
32 Tax Credit Application Fees (Preliminary and Full) 2,300
33 Tax Credit Allocation Fee (0.62% of line 60, minimum $7,500) 30,417
34 Cost Certification / Accounting Fees 5,000 5,000
35 Tax Opinion
36 Organizational (Partnership)
37 Tax Credit Monitoring Fee 44,100
SUBTOTAL (lines 30 through 37) 129,817
38 Furnishings and Equipment 5,000 5,000
39 Relocation Expense 177,000 45,000
40 Developer's Fee 800,000 800,000
41 Additional Contigency (greater of $500/unit or $30,000) 30,000 30,000
42 Construction Title and Recording, building permits, TC Consultant 17,598 17,598
43 Labor Compliance, structural study, termite, physical needs 20,035 20,035
44 Rent-up Expense
45 Other Non-basis Expense (specify)
46 Other Non-basis Expense (specify)
SUBTOTAL (lines 38 through 45) 1,049,633
47 Rent up Reserve 18,900
48 Operating Reserve 221,000
49 Other Reserve (specify)
50 Other Reserve (specify)
51 DEVELOPMENT COST (lines 1-49) 5,564,921 0 3,156,768
52 Less Federally Funded Grant
53 Less Disproportionate Standard
54 Less Nonqualified Nonrecourse Financing
55 Less Historic Tax Credit 0
56 TOTAL ELIGIBLE BASIS 3,156,768 0 3,156,768
57 Applicable Fraction (percentage of LI Units) 100.00% 100% 100%

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58 Basis Before Boost 3,156,768 0 3,156,768
59 Basis Boost of up to 130% 100.00% 100.00%
60 TOTAL QUALIFIED BASIS 3,156,768 0 3,156,768
61 Tax Credit Rate 3.50 9.00
62 Federal Tax Credits (maximum $1,300,000) 284,109 0 284,109
63 Federal Tax Credits Requested (if less than line 62) 0
64 Land Cost 732,710
65 TOTAL REPLACEMENT COST 6,297,631
FEDERAL TAX CREDITS IF AWARDED 284,109
Comments:
Total Replacement Cost per unit 99,962

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Market Study Information

Please provide a detailed description of the proposed project:
The subject property consists of three (3) two-story multi-family apartment structures constrtucted in 1974.
The site structures currently contain a total of 73 residential units including 1 efficiency, 48- one bedroom
and 24- two bedroom units. Currently there are no handicapped accessible units on the property. The rehab
will combine several existing units to establish a new unit mix of 30-one bedroom units, 27 - two bedroom
units, and 6 - three bedroom units for a total of 63 rehabbed units. The rehab will create 6 handicapped
units including 4 units for mobility impaired and 2 units for the site and hearing impaired.
The physical rehab will include, but is not limited to; repair and replacemnt of all broken and deteriorated
sidewalks and landings, replacement of windows, replacement of doors and hardware, new VCT flooring,
new carpeting in units, new bathrooms, new kitchens, new water heaters, new HVAC units, and parking lot
upgrades.
Construction (check all that apply):
Brick Vinyl Wood HardiPlank Balconies/Patios Sunrooms Front Porches
Front Gables or Dormers Wide Banding or Vertical/Horizontal Siding
Other:
Have you built other tax credit developments that use the same building design as this project?No
If yes, please provide name and address:
Site Amenities:
Site amenities following rehab will include a basket ball court, inground swimming pool, laundry room,
leasing office, and community room.
Onsite Activities:
Resident Services activities to be performed at Oak Hill will include but may not be limited to:
Resource Referral Manual
Neighborhood watch
Resident Council
Semi-annual community events
Computer lab with at least 1 computer per 50 units
Workforce Development Program

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Home Buyer Education

The property mangement staff is responsible for assisting resident services staff with putting together the
referral manual. Property management will also be responsible for scheduling the Neighborhood Watch and
semi-annual community events. Resident Services staff will provide orientation to residents on how to start
a resident council. Minutes from each resident council meeting will be turned in to the property manager.
Property managers will be responsible to ensure that councils are meeting at least quarterly, although some
chose to meet monthly or bi-monthly.
Examples of community events include: Thanksgiving or Christmas Pot Luck dinner, community day, Fourth
of July picnic, etc.
Resident Services Staff will be responsible for partnering with government, civic or faith based
organizations to provide Workforce Development and Homebuyer Education.
Landscaping Plans:
Provide and install new site landscaping to include, but not limited to: tree pruning, plant beds, new trees
and shrubs. Test soil at plant beds and amend as required. New plant selection shall be native to the
climate and area and be drought tolerant. Contractor shall provide documentation. All plants must be
mulched within two days after planting by covering entire planting area with a 4 inch layer of mulch.
Interior Apartment Amenities:

Blinds, carpeting, VCT flooring, energy star lighting and appliances, stove, refrigerator.
Do 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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Applicant's Site Evaluation

Briefly describe your site in each of the following categories:
NEIGHBORHOOD CHARACTERISTICS
Trend and direction of real estate development and area economic health. Physical condition of buildings and
improvements in the immediate vicinity. Concentration of affordable housing.
The Town of Davidson (pop. 9000) is growing quickly with many market rate units recently built and under
construction. The immediate area is in transition with new office condos to the west of the subject site, two
older homes, rental duplexes and new residential condominiums to the east. Behind these condos is a
small new single family subdivision in good condition. Further southwest of the property along Beaty Street
(beyond the office condos), is a new subdivision being built including new town homes starting at $180,000.
Furhter east is the back of Davidson COllege which is heavily wooded, but includes their facilities plant and
several athletic playing fields. To the south of the site is wooded vacant land owned by the Town.
Immediately north of the subject property is a heavily wooded parcel to be subdivided from the subject
parcel. To summarize, there is evidence of new development to both the east and the west of the site. The
trend of real estate development and the area economy are both healthy and growing. The Bungalows is a
34 unit award winning tax credit property in excellent condition recently developed approximately 1 mile
from the subject site. This is the only other affordable housing found in Davidson. Additionally, Oak Hill
Apartments is located within the area encompassed in the Potts-Sloan-Beaty Land Use Plan which
comprises the CRP for Davidson, NC.
SURROUNDING LAND USES AND AMENITIES
Land use pattern is residential in character (single and multifamily housing). Extent that the location is
isolated. Effect of industrial, large-scale institutional or other incompatible uses, including but not limited to:
wastewater treatment facilities, high traffic corridors, junkyards, prisons, landfills, large swamps, distribution
facilities, frequently used railroad tracks, power transmission lines and towers, factories or similar operations,
sources of excessive noise, and sites with environmental concerns (such as odors or pollution). Amount and
character of vacant, undeveloped land. There is vacant land to the north and the south of the property. Land
to the south is owned by the Town of Davidson, it is across Beaty Street from the site. The Town is interested
in seeing this 18 acre parcel developed as residential housing with an affordable component.
SITE SUITABILITY
Adequate traffic safety controls (i.e. stop lights, speed limits, turn lanes). Burden on public facilities
(particularly roads). Access to mass transit (if applicable). Visibility of buildings and/or location of project sign
(s) in relation to traffic corridors. These are existing apartments with no undue burden on public facilities of
any kind. Mass transit can be accessed a mile from the site at a park and ride lot in downtown Davidson
which provides regular direct transportation to Charlotte commuters. The property has good visibility from
Beaty Street.
Degree of on-site negative features and physical barriers that will impede project construction or adversely
affect future tenants; for example: power transmission lines and towers, flood hazards, steep slopes, large
boulders, ravines, year-round streams, wetlands, and other similar features (for adaptive re-use projects-
suitability for residential use and difficulties posed by the building(s), such as limited parking, environmental
problems or the need for excessive demolition).
None

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

The property is two story in keeping with the scale of adjacent residential and office condominiums. The site
is generous in size allowing for variety of site amenities for residents.
For each applicable neighborhood feature, enter distance from project in miles.
1 Grocery Store 1 Community/Senior Center
1 Mall/Strip Center 2.7 Hospital
1 Outdoor Athletic 1 Pharmacy

Fields
1 Day Care/After 1.2 Basic Health Care

School
1.2 Public Transportation

1.7 Schools
Stop
1 Convenience Store 1 Public Parks
1 Gas Station 1.2 Library
Other facilities or services:

Davidson College and Ingersol-Rand, the two largest employers in Davidson are less than .5 miles from the
site.

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Preliminary App Checklist
The following enclosures must be submitted along with your signed preliminary application. Some enclosures are required only under
certain conditions. Please check each applicable item to indicate that you understand the enclosure requirements and will enclose the
correct 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 site
should 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 for
Adaptive Reuse and Rehab projects. Site and floor plans should be no larger than 11x17 and must be produced by a licensed
architect 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) and
can include any additional market information such as preliminary market studies the applicant would like to provide to the
Analysts.
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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City: Davidson County: Mecklenburg Zip: 28036

Census Tract: 64.01 Block Group: 1002

Is project in Qualified Census Tract or Difficult to Develop Area? No

Political Jurisdiction: Town of Davidson

Jurisdiction City: Davidson Zip: 28036

Jurisdiction Phone: (704)892-7591

Site Latitude: 35.509468

Site Longitude: -80.844810

Project Type: Rehab

Is this project a previously awarded tax credit development?

New Construction/Adaptive Reuse:

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

Does a community revitalization plan exist? Yes

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

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City: Richmond State: VA Zip: 23220

Alt Phone: (804)614-2682

Email Address: sbrown@chpc2.org

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Total Site Acreage: 3.973 Total Buildable Acreage: 3.973

Storm Sewer Water Sanitary Sewer Electric

Is the demolition of any buildings required or planned? No

Are existing buildings on the site currently occupied? Yes

(b) Will tenant displacement be temporary? Yes

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Purchase Date: Purchase Price:

(D) Enter Purchase Price: 2,521,292

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Is multifamily use permitted?Yes

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Owner Name: Oakhill-Davidson, LLC

Federal Tax ID Number of Ownership Entity: 26-3973468 (If assigned)

Org: Oak Hill of Davidson, Inc.

Phone: (804)343-7201 Fax: (804)343-7208

EMail: oartze@chpc2.org Nonprofit: Yes

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Low Income Units

Total # Monthly Utility Mandatory **Total

Gdn Apt 1 517 9 0 540 64 0 604

Gdn Apt 1 517 19 1 595 64 0 659

Gdn Apt 1 514 2 2 540 64 0 604

Gdn Apt 2 666 12 0 648 77 0 725

Gdn Apt 2 666 12 0 714 77 0 791

Gdn Apt 2 1043 1 0 714 77 0 791

Gdn Apt 2 1045 2 2 714 77 0 791

Gdn Apt 3 1034 3 0 745 92 0 837

Gdn Apt 3 1034 2 0 822 92 0 914

Gdn Apt 3 1037 1 1 822 92 0 914

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

Employee Units (will add to Low Income Unit total)

Total # Monthly Utility Mandatory **Total

Utilities included in rents: Water/Sewer Electric Gas Other

Market Rate Units

Total # Monthly Utility Mandatory **Total

Utilities included in rents: Water/Sewer Electric Gas Other

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All Gross Monthly

Low Income....... 63 6 40432