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Project Description
Project Name: Caldwell Gardens Address: City: 1302 Piedmont Drive Lenoir County: Caldwell Zip: 28645 Block Group: 2
Is project in Qualified Census Tract or Difficult to Develop Area? No Political Jurisdiction: Jurisdiction CEO Name: Jurisdiction Address: Jurisdiction City: Jurisdiction Phone: City of Lenoir First:David Last: Barlow 801 West Ave. Lenoir Zip: 28645 Title: Mayor
(828)757-2177
35.9249 -81.5528
Project Type: Rehab Is this project a previously awarded tax credit development? No If yes, what is the project number: Is this a request for supplemental credits? 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: 97
Will the project meet Energy Star standards as defined in Appendix B? No Does a community revitalization plan exist? No Will the project use steel and concrete construction and have at least 4 stories? No Will the project include a Community Service Facility under IRS Revenue Ruling 2003-77? No
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Target Population:Family Will the project be receiving project based federal rental assistance? Yes If yes, provide the subsidy source: HUD and number of units: 97 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: 0 Persons with disabilities or homeless populations: 10% of the total units.
Number of Units: 10 Remarks: We will target 10% or 10 of the units for persons with disabilities as required in the 2008 QAP, Section IV(F) (4). We will comply with the 2008 QAP with regard to Section IV(F)(3) or mobility targeting as applicable for a property being rehabilitated.
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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: Address: City: Contact: Telephone: Alt Phone: Fax: Email Address: Bradley NC 2008, LLC P.O. Box 526 (709 N. Main Street, Suite 200) Aynor State: SC Zip: 29511 First: Brad Last:Queener Title:Member
NOTE: Email Address above will be used for communication between NCHFA and Applicant.
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Site Description
Total Site Acreage: 14.4 Total Buildable Acreage: 14.4
Identify utilities and services currently available (and with adequate capacity) for this site: Storm Sewer Water Sanitary Sewer Electric
Are existing buildings on the site currently occupied? Yes If yes: (a) Briefly describe the situation: There are 97 units located on four different sites that are currently occupied. Piedmont Terrace, 1302 Piedmont Drive (42 units); Berkley Court, 1520 Berkley Court (36 units); German Gardens, 924 German Street (14 units); and Sunset Lane, 398 Sunset Lane (5 units). We will implement a Relocation Plan and try to temporarily displace the residents. This is a scattered site application and HUD is strongly in support of these units being renovated. There are some health and safety issues of concern for the residents. Please see the Scope of work and pictures provided in the preliminary application for more details.
(b) Will tenant displacement be temporary? Yes (c) Will tenant displacement be permanent? No 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?No If yes, specify the relationship:
(c) Enter the current expiration date of the option/contract to purchase: 9/30/2008 (D) Enter Purchase Price: 2,150,000
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Zoning
Present zoning classification of the site:MF 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?No If yes, describe below:
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Ownership Entity
Owner Name: Address: City: Bradley Lenoir, LLC P.O. Box 526 (709 N. Main Street, Suite 200) Aynor State:SC Zip: 29511
26-2404544
(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? No List all general partners, members,and principals. Specify nonprofit corporate general partners or members. Click [Add] to add additional partners, members, and principals.
Bradley Lenoir Managing Member, LLC Last Name: Queener State: SC Function: Managing Member Zip: 29511 P.O. Box 526 (709 N. Main Street, Suite 200) Aynor
(843)358-4886 bqueener@sccoast.net
Bradley NC 2008, LLC Last Name: Queener State: SC Fax: (843)358-5085 Nonprofit: No Function: Principal Zip: 29511 P.O. Box 526 (709 N. Main Street, Suite 200) Aynor
(843)358-4886 bqueener@sccoast.net
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Unit Mix
The Median Income for Caldwell county is $51,500. Low Income Units Type # BRs Net Sq.Ft. Total # Units # Units Monthly Rent Utility Allowance Mandatory Serv. Fees **Total Housing Exp.
Gdn Apt 1 Gdn Apt 1 Gdn Apt 1 Gdn Apt 1 Gdn Apt 2 Gdn Apt 2 Twn Hse 3 Twn Hse 3 Twn Hse 4 Twn Hse 4
648 648 671 671 812 812 1126 1126 1354 1354
7 4 4 3 25 24 11 11 4 4
0 0 3 3 0 0 0 0 0 0
365 371 371 365 437 478 503 598 554 601
Electric
0 0 0 0 0 0 0 0 0 0
Other trash pick-up
435 441 441 435 520 561 613 708 674 721
Water/Sewer
Employee Units (will add to Low Income Unit total) Total # Monthly Utility Mandatory **Total Type # BRs Net Sq.Ft. # Units Units Rent Allowance Serv. Fees Housing Exp. Utilities included in rents: Water/Sewer Electric Gas Other
Market Rate Units Total # Monthly Utility Mandatory **Total Type # BRs Net Sq.Ft. # Units Units Rent Allowance Serv. Fees Housing Exp. Utilities included in rents: Water/Sewer Electric Gas Other
Statistics All Units Low Income....... Market Rate....... Totals............... Gross Monthly Rental Income
Units
97
45746
97
45746
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Separate community building - Sq. Ft. (Floor Area): 1,273 Community space within residential bulding(s) - Sq. Ft. (Floor Area):
Elevators - Number of Elevators: Square Footage Information Gross Floor Square Footage:
100,309
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 1 1 2 2 3 3 4 4
Units
% targeted at 50 targeted at 60 targeted at 50 targeted at 60 targeted at 50 targeted at 60 targeted at 50 targeted at 60 percent of median income affordable to/occupied by percent of median income affordable to/occupied by percent of median income affordable to/occupied by percent of median income affordable to/occupied by percent of median income affordable to/occupied by percent of median income affordable to/occupied by percent of median income affordable to/occupied by percent of median income affordable to/occupied by
10 8 25 24 11 11 4 4
97
Note: This number should match the total number of low income units in the Unit Mix section.
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Funding Sources
NonAmortizing* Rate (%) Term (Years) Amort. Period (Years) Annual Debt Service
Source Bank Loan RPP Loan Local Gov. Loan - Specify: Unifour Consortium RD 515 Loan RD 538 Loan - Specify: AHP Loan Other Loan 1 - Specify: Other Loan 2 - Specify: Other Loan 3 - Specify: Tax Exempt Bonds State Tax Credit(Loan) State Tax Credit(Direct Refund) Equity: Federal LIHTC Non-Repayable Grant Equity: Historic Tax Credits Deferred Developer Fees Owner Investment Other - Specify: Total Sources**
Amount
30 20 30
30 20 30
111,199
1,453,580
30
30
4,382,708
60,000
8,304,623
* "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. 82 Remarks concerning project funding sources: (Please be sure to include the name of the funding source(s)) Permanent Commitment Letter provided by Alliant Capital, LTD.
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Local Government loan is approved through the Unifour Housing Consortium,through the Western Piedmont Council of Governments. These will be HOME funds loaned at 2% for 20 years and in compliance with the 2008 QAP for properties with RPP loans. Equity commitment letter provided by Alliant Capital, LTD.
Loans with Variable Amortization Please fill in the annual debt service as applicable for the first 20 years of the project life.
21545
11
22347
12
23079
13
23733
14
24303
15
24783
16
25166
17
25444
18
25610
19
25656
20
25572
25349
24979
24451
23754
22878
21810
20538
19049
17329
6731
11
6982
12
7211
13
7415
14
7593
15
7743
16
7863
17
7950
18
8002
19
8016
20
7990
7920
7804
7639
7422
7148
6814
6417
5953
5414
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Development Costs
Item Cost Element 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 3% lines 2-9, Rehabs 6%) 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 29 Title and Recording TOTAL COST Eligible Basis 30% PV 70% PV
1,617,200
1,617,200
485,000 2,956,000
436,500 2,956,000
154,300 215,040 76,206 228,620 246,909 100,862 30,000 20,000 6,130,137 10,000 28,242 168,923
25,000
25,000
16,000
6,000
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SUBTOTAL (lines 14 through 29) 30 Real Estate Attorney 31 Other Attorney's Fees 32 Tax Credit Application Fees (Preliminary and Full) 33 Tax Credit Allocation Fee (0.60% of line 59, minimum $7,500) 34 Cost Certification / Accounting Fees 35 Tax Opinion 36 Organizational (Partnership) 37 Tax Credit Monitoring Fee SUBTOTAL (lines 30 through 37) 38 Furnishings and Equipment 39 Relocation Expense 40 Developer's Fee 41 42
295,465 15,000 34,000 2,200 43,607 10,000 5,000 1,000 67,900 178,707 50,000 91,300 727,500 50,000 91,300 727,500 10,000 15,000 34,000
Other Basis Expense (specify) Aquisition Fee Other Basis Expense (specify)Lender's Inspect/Attny 15,000
43 Rent-up Expense 44 45
Other Non-basis Expense (specify)title/survey conversion Other Non-basis Expense (specify)perm loan processing
SUBTOTAL (lines 38 through 45)
50 DEVELOPMENT COST (lines 1-49) 51 Less Federal Financing 52 Less Disproportionate Standard 53 Less Nonqualified Nonrecourse Financing 54 Less Historic Tax Credit 55 TOTAL ELIGIBLE BASIS 56 Applicable Fraction (percentage of LI Units) 57 Basis Before Boost 58 Boost for QCT/DDA (if applicable, enter 130%) 59 TOTAL QUALIFIED BASIS
0 7,267,902 100.00% 7,267,902 1,632,200 100% 1,632,200 100.00% 7,267,902 1,632,200 5,635,702 100% 5,635,702 100.00% 5,635,702
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60 Tax Credit Rate 61 Federal Tax Credits at Estimated Rate 62 Federal Tax Credits at 9.00% or 3.75% (maximum $1,000,000) 63 Federal Tax Credits Requested 64 Land Cost 65 TOTAL REPLACEMENT COST FEDERAL TAX CREDITS IF AWARDED
Comments: 4. Rehabilitation line item includes $480,000 for asbestos abatement per our ECS study. 6. Includes cost for new community building and laundry we plan to add. 31. Attorney fee includes costs for our counsel ($40,000) and a special counsel ($75,000)experienced in working with HUD to coordinate the HUD approvals/assignments/closing transaction. 38. Includes costs to furnish and equip the new community building, computer center, and management offices.
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Construction (check all that apply): Brick Vinyl Wood HardiPlank Balconies/Patios Sunrooms Front Porches
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: Laundry room, new community room with online computer stations, picnic and grill areas, new playground areas and benches on property.
Onsite Activities: We will work closely with local human service agencies to provide educational, social and health preservation programs for the families living at Caldwell Gardens. We plan to invite local service providers and case managers to come on site and provide educational workshops for our residents. Residents will have access to the internet and computers in our computer center. Management will help coordinate these functions and help coordinate services with the residents.
Landscaping Plans:
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Our landscaping plan will be creative as we hope to incorporate many different kinds of evergreens and deciduous species trees and shrubbery around the buildings. Specific flowering type trees will also be utilized to accent color beauty, and texture, as will colorful perennials and accent flower beds. Overall the landscaping plan will facilitate picnicking and leisurely strolls around the development.
Interior Apartment Amenities: Ranges, range hoods/microwaves, dishwashers (if possible), refrigerators (frost-free), mini-blinds, pantry, ceiling fans, and washer and dryer hook-ups, if possible, (will be determined based on capacity of sewer lines/system and space).
Do you plan to submit additional market data (market study, etc.) that you want considered? Yes If yes, please make sure to include the additional information in your pre-application packet.
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Similarity of scale and aesthetics/architecture between project and surroundings. The existing apartments fit well within the surrounding neighborhoods and the renovations of these units will add to the aesthetic value of the area.
For each applicable neighborhood feature, enter distance from project in miles.
1.2
Grocery Store
2
Center
Community/Senior
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1.6 .2 1.7 .2 .1
Stop
Mall/Strip Center Outdoor Athletic Fields Day Care/After School Schools Public Transportation
2.1 1.9 2
1 2 1 1.5
Other facilities or services: Since the properties are scattered the distances vary for each complex. The above distances are averaged. Van service is available for doctors appointments with pick up at resident's apartment community. We have included a map in the Map/Directions section to show proximity to services.
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Development Team
Provide contact information for development team members below:
Management Agent Company: Address: City: Phone Contact Name: Vista Capital Management Group, Inc. 201 E. McBee Ave., Third Floor, Suite 300-B Greenville State: SC Zip: 29601 Email: wredding@vistacm.com Last: Redding
(864)404-3500
First: Wayne
Architect Company: Address: City: Phone Contact Name: Ross Deckard Architects 3200 Atlantic Avenue, Suite 110 Raleigh State: NC Zip: 27604 Email: jr@rossdeckardarchitects.com Last: Ross
(919)875-0001
First: James
Attorney Company: Address: City: Phone Contact Name: Blanco Tackabery 110 S. Stratford Rd., Suite 500 Winston Salem State: NC Zip: 27104 Email: cws@blancolaw.com Last: Scogin
(336)293-9000
First: Carolyn
Investor Company: Address: City: Phone Contact Name: Alliant Capital, LTD. 340 Royal Poinciana Way, Suite 305 Palm Beach State: FL Zip: 33480 Email: bbass@q10churchill.com Last: Bass
(727)461-2200
First: Becker
Consultant/Application Preparer (if different from developer) Company: Address: City: Phone Contact Name: Halcon Properties & Consulting, LLC 1403-305 Pitching Wedge Drive Raleigh State: NC Zip: 27603 Email: tddouglasco@nc.rr.com Last: Dusenbury
(919)662-0122
First: Traci
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Identity of Interest?
Progress Builders, LLC PO BOX 160 / 709 N. Main Street Aynor State: SC Zip: 29511 Email: mallard@progressbuildersllc.com Last: Allard
(843)358-1052
First: Michael
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43,000 62,000
2,400 128,950
12,000 25,000
23,000 60,000
8,000
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Grounds Supplies Grounds Contract Repairs Payroll Repairs Material Repairs Contract Elevator Maintenance/Contract Heating/Cooling Repairs and Maintenance Swimming Pool Maintenance/Contract Snow Removal Decorating Payroll/Contract Decorating Supplies Other (specify):
2,000 10,000
1,500 5,000
3,400
500
500 6,500
cleaning/turnover
Miscellaneous Operating & Maintenance Expenses SUBTOTAL Taxes and Insurance Real Estate Taxes Payroll Taxes (FICA) Miscellaneous Taxes, Licenses and Permits Property and Liability Insurance (Hazard) Fidelity Bond Insurance Workmen's Compensation Health Insurance and Other Employee Benefits Other Insurance:
50,400
32,627 8,700
35,000
8,000
SUBTOTAL Supportive Service Expenses Service Coordinator Service Supplies Tenant Association Funds Other Expenses (specify):
84,327
2,000 425
2,425
33,950 33,950
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TOTAL OPERATING EXPENSES ADJUSTED TOTAL OPERATING EXPENSES (Does not include taxes, reserves and resident support services) * TOTAL UNITS (from total units in the Unit Mix section) PER UNIT PER YEAR
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548,952
10,670
Total Gross Income Potential at 100% Occupancy Seven Percent Vacancy Allowance NET RENTAL/OTHER INCOME TOTAL OPERATING EXPENSES (from Projected Operating Costs) NET OPERATING INCOME DEBT SERVICE (from Funding Sources Loans) NET CASH FLOW DEBT COVERAGE RATIO (Must not be less than 1.15)
* Net Rental Income escalated at annual rate of 3% and expenses escalated at a rate of 4% after the first year.
Calculations:
1. "Net Rental/Other Income" comes from 1st-year cash flow, then it is escalated by 3% per year.
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2. "Total Operating Expenses" comes from 1st-year cash flow, then it is escalated by 4% per year. 3. "Debt Service" is the sum of "regular/amortized loan debt service + non-amortizing annual service" as entered by user from Funding Sources section. 4. "Net Cash Flow" is "Net Rental/Other Income" minus "Total Operating Expenses" minus "Debt Service". 5. "Debt Coverage Ratio" is ("Net Rental/Other Income" minus "Total Operating Expenses") divided by "Debt Service".
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Minimum Set-Asides
MINIMUM REQUIRED SET ASIDES (No Points Awarded): Select one of the following two options: 20% of the units are rent restricted and occupied by households with incomes at or below 50% of the median income (Note: No Tax Credit Eligible Units in the the project can exceed 50% of median income) 40% of the units are rent restricted and occupied by households with incomes at or below 60% of the median income (Note: No Tax Credit Eligible Units in the the project can exceed 60% of median income) If requesting RPP funds: 40% of the units are occupied by households with incomes at or below 50% of median income. State Tax Credit and QAP Targeting Points: Moderate Income County: At least twenty-five percent (25%) of qualified units will be affordable to and occupied by households with incomes at or below forty percent (40%) of county median income. At least fifty percent (50%) of qualified units will be affordable to households with incomes at or below fifty percent (50%) of county median income. At least fifty percent (50%) of qualified units will be affordable to and occupied by households with incomes at or below fifty percent (50%) of county median income. Tax Exempt Bonds Threshold requirement (select one): At least ten percent (10%) of qualified units will be affordable to and occupied by households with incomes at or below fifty percent (50%) of county median income. At least five percent (5%) of qualified units will be affordable to and occupied by households with incomes at or below forty percent (40%) of county median income. Eligible for targeting points (select one): At least twenty percent (20%) of qualified units will be affordable to and occupied by households with incomes at or below fifty percent (50%) of county median income. At least ten percent(10%) of qualified units will be affordable to and occupied by households with incomes at or below forty percent (40%) of county median income.
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A Nonprofit Organization Documentation or For-profit Corporation Documentation B Current Financial Statements/Principals and Owners (signed copies) C Ownership Entity Agreement, Development Agreement or any other agreements governing development services D Management Agent Agreement E Owner and Management Experience & Management Questionnaire (Appendix C) F Local Government Letter or Letter from Certified Engineer or Land Surveyor Confirming Floodplain Designation with Map showing all flood zones (original on letterhead, no fax or photocopies) G Local Government Letter Confirming Zoning including any pending notices or hearings (original on letterhead, no fax or photocopies) H Letters from Local Utility Providers regarding availability and capacity (original on letterhead, no fax or photocopies) I Documentation from utility company or local PHA to support estimated utility costs J Appraisal (required for land costs greater than $15,000 and for all Adaptive Re-use and Rehab projects) K Site plan, floor plans and elevations for all projects. Scope of work for Adaptive Re-use and Rehab projects. (Full Size, 24 x 36 inches) L Hazard and structural inspection and termite reports (Adaptive Re-use and Rehab projects only) M Copy of certificate of occupancy or proof of placed-in-service date (Rehabs Only) N Proposed Relocation Plan including relocation budget and copies of notices. Required for all Rehabs and any projects involving existing occupants of any dwellings to be rehabbed or demolished. O Evidence of Permanent Loan Commitment and other sources of funds ( i.e. Equity letter, AHP, RD and local government funds). For Rehabs with existing loans provide 1) copies of loan documents, 2) current loan balances from existing lenders with reserve balances, 3) letter from lender that outlines assumption requirements. P Local Housing Authority Agreement and Project Based Rental Assistance Letter, if applicable (Sample letters provided in Appendix I). For projects with existing PBRA contracts, provide a copy of the current contract and bank statement or other documentation verifying reserve balances and annual reserve contribution requirements. Q Statement regarding terms of Deferred Developer Fee. If a nonprofit is involved, a resolution from their board approving deferral of fee is required. R Inducement Resolution (Tax-Exempt Bond Financed Projects only)