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Project Description
Project Name: Creekside Crossing Apartments Address: City: West Street Spindale County: Rutherford Zip: 28160 Block Group: 1
Is project in Qualified Census Tract or Difficult to Develop Area? Yes Political Jurisdiction: Jurisdiction Address: Jurisdiction City: Jurisdiction Phone: Town of Spindale Last: Bland Title: Mayor 103 Reveley Street Spindale (828)286-3466 Zip: 28160
35.36934 -81.93018
Project Type: New Construction New Construction/Adaptive Reuse: Is this project a follow-on (Phase II, etc) to a previously-awarded tax credit development project? No If yes, list names of previous phase(s): Rehab: Is this project a previously awarded tax credit development? If yes, what year were credits awarded?: Number of residents holding Section 8 vouchers: Will the project meet Energy Star standards as defined in Appendix B? Yes 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 If yes, please describe:
Target Population: Elderly (55) Will the project be receiving project based federal rental assistance? No If yes, provide the subsidy source: and number of units:
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: 3 Persons with disabilities or homeless populations: the greater of 5 units or 10% of the total units. Number of Units: 5 Remarks:
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: Weaver-Kirkland Housing, LLC P.O. Box 26030 Greensboro First: Linda (336)478-2273 (336)686-7007 (336)378-6571 linda@weaver-kirkland.com State: NC Zip: 27420-6030 Last: Wall Title: Vice President
NOTE: Email Address above will be used for communication between NCHFA and Applicant.
Site Description
Total Site Acreage: 6.3 Total Buildable Acreage: 6.3 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
Are existing buildings on the site currently occupied? No If yes: (a) Briefly describe the situation:
(b) Will tenant displacement be temporary? (c) Will tenant displacement be permanent? 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? Yes If yes: (a) Describe placement of project buildings in relation to this area: Area along creek is shown on (new) floodplain map. Building and area of site disturbance is outside of floodplain area. Finished Floor elevation will be a minimum of 20 feet above the base flood elevation.
(b) Describe flood mitigation if the project will have improvements within the 100 year floodplain:
None required.
Site Control
Does the owner have fee simple ownership of the property (site/buildings)? No If yes provide: Purchase Date: 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:
Purchase Price:
(c) Enter the current expiration date of the option/contract to purchase: 12/31/2007 (D) Enter Purchase Price: 94,500
Zoning
Present zoning classification of the site: Multi-Family Residential (R-6) 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:
Ownership Entity
Owner Name: Spindale WK Limited Partnership Address: City: P.O. Box 26030 Greensboro State: NC Zip: 27420-6030 (If assigned)
Note: Do not submit social security numbers for individuals. Entity Type: Limited Partnership Entity Status: To Be Formed Is the applicant requesting that the Agency treat the application as Non-Profit sponsored? Is the applicant requesting that the Agency treat the application as CHDO sponsored?
No No
List all general partners, members,and principals. Specify nonprofit corporate general partners or members. Click [Add] to add additional partners, members, and principals.
Org:
Spindale WK GP, LLC Last Name: Wall Function: Managing General Partner
First Name: Linda Address: City: Phone: EMail: P.O. Box 26030 Greensboro (336)478-2273
State: NC
Zip: 27420-6030
linda@weaver-kirkland.com
Org:
First Name: Linda Address: City: Phone: EMail: P.O. Box 26030 Greensboro (336)478-2273 linda@weaver-kirkland.com
Zip: 27420-6030
Unit Mix
The Median Income for Rutherford county is $47,100. Low Income Units Type Gdn Apt Gdn Apt Gdn Apt Gdn Apt # BRs Net Sq.Ft. 1 1 2 2 687 687 905 905 Total # Units 15 21 5 7 # Units 2 1 2 1 Monthly Rent 303 391 389 419 Electric Utility Allowance 119 119 121 121 Gas Mandatory Serv. Fees 0 0 0 0 Other Trash Collection **Total Housing Exp. 422 510 510 540
Water/Sewer
Employee Units (will add to Low Income Unit total) Type # BRs Net Sq.Ft. Total # Units # Units Monthly Rent Electric Utility Allowance Gas Other Mandatory Serv. Fees **Total Housing Exp.
Water/Sewer
Market Rate Units Type # BRs Net Sq.Ft. Total # Units # Units Monthly Rent Utility Allowance Gas Other Mandatory Serv. Fees **Total Housing Exp.
Water/Sewer
Electric
Statistics All Units Low Income....... Market Rate....... Totals............... 48 6 17634 48 Gross Monthly Rental Income 17634
Units 6
Separate community building - Sq. Ft. (Floor Area): Community space within residential bulding(s) - Sq. Ft. (Floor Area): 3,262 Elevators - Number of Elevators: 1 Square Footage Information Gross Floor Square Footage: 56,055
Notes ** Please refer to the Income Limits and Maximum Housing Expense Table to ensure that Total Monthly Tenant Expenses for low
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 15 21 5 7
% 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
48
Note: This number should match the total number of low income units in the Unit Mix section.
Funding Sources
NonAmortizing* Rate (%) Term (Years) Amort. Period (Years) Annual Debt Service
Source Bank Loan RPP Loan Local Gov. Loan - Specify: 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
1,509,090
30
30
3,794,021
20,961 100
5,324,172
* "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. 93 Remarks concerning project funding sources: (Please be sure to include the name of the funding source(s))
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 8 Contractor Overhead 9 Contractor Profit 10 Construction Contingency 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 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 (0.58% 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 44 45 Other Basis Expense (specify)Soil Testing Other Basis Expense (specify)Fees, Permits Other Non-basis Expense (specify) Other Non-basis Expense (specify) 504,000 4,300 1,000 504,000 4,300 1,000 1,000 209,900 9,500 9,000 2,200 37,928 12,000 3,500 10,500 26,400 111,028 16,000 16,000 12,000 9,500 500 80,000 12,000 3,500 2,200 4,200 500 80,000 12,000 3,500 2,200 4,200 16,500 90,000 16,500 81,000 218,400 77,168 154,336 122,697 40,000 10,000 21,000 4,283,601 218,400 77,168 154,336 122,697 40,000 10,000 21,000 3,210,000 3,210,000 430,000 430,000 TOTAL COST Eligible Basis 30% PV 70% PV
43 Rent-up Expense
SUBTOTAL (lines 38 through 45) 46 Rent up Reserve 47 Operating Reserve 48 49 Other Reserve (specify) Other Reserve (specify)
50 DEVELOPMENT COST (lines 1-49) 51 Less Federal Financing 52 Less Disproportionate Standard 53 Less Nonqualified Nonrecourse Financing 54 Less Historic Tax Credit (residential) 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 60 Tax Credit Rate 61 Federal Tax Credits at Estimated Rate 62 Federal Tax Credits at 8.5% or 3.75% Max Federal Tax Credits (With Energy Star - Lesser of $8,500 per unit or 63 $800,000, w/o - Lesser of $8,000 per unit or $800,000) 64 Federal Tax Credits Requested 65 Land Cost 66 TOTAL REPLACEMENT COST FEDERAL TAX CREDITS IF AWARDED Comments:
5,229,672
5,030,301
0 5,030,301 100.00% 5,030,301 6,539,391 526,420 555,848 408,000 0 94,500 5,324,172 408,000 0 100% 0 130.00% 0 3.45 0 0 5,030,301 100% 5,030,301 130.00% 6,539,391 8.05 526,420 555,848
Total Replacement Cost per unit: Federal Tax Credits (line 62) per unit:
105,205 11,580
Curb and gutter throughout with turndowns at sidewalks. Internal pedestrian system linking structures and parking. Security lighting throughout all parking areas. Exterior brick, vinyl and accent shake siding. Totally accessible building with wide corridors and handrails. Gutter and downspout system. Courtyard with seating and landscaped slope.
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: Central covered drive-thru and drop-off area. Courtyard with seating. Screened-in porch overlooking courtyard. Wrap-around porch at covered drive-thru. Premium views of near-by mountains or landscaped courtyard from covered patio/deck.
Onsite Activities: Centrally located within the residential building, the community room, which will house kitchen facilities, craft area and multi-purpose room. This area will be the center for "social" activities and residential gatherings to host speakers from community agencies, participate in medical screenings and have regular resident's meetings. Outdoor recreational opportunities will also be made available to the residents by provision of a large screened-in front porch, a central courtyard, picnic areas with park benches and outdoor sitting areas.
Landscaping Plans: The site will be generously and attractively landscaped with street trees along the roadway, scattered shade and ornamental trees, low maintenance foundation plantings adjacent to the building and lawn areas, and perimeter plantings will be located in and around the building. Our site
plan maintains a large natural buffer of existing trees and shrubs around the site.
Interior Apartment Amenities: Range with hood, dishwashers, frost-free refrigerator, spacious walk-in closets, covered patios/decks, mini blinds, ceiling fans with light fixtures, carpet in living room and bedrooms, vinyl floors in kitchen/dining areas and at front entrance, central heat/air pump.
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.
NEIGHBORHOOD CHARACTERISTICS Trend and direction of real estate development and area economic health. Physical condition of buildings and improvements. Concentration of affordable housing. The site is located on the western edge of Spindale. Wooded, undeveloped property exists to the west of the site and residential neighborhoods to the south and east. A 12 unit multifamily development is located adjacent to the site to the southeast. A walking trail, which connects the Town of Ruth to downtown Spindale is located approximately 0.2 miles to the west. Numerous churches are scattered througout the adjacent neighborhoods. The area's major commercial/retail corridor is located approximately 0.5 miles to the southwest of the property. Sparks Crossing, an age-restrictive retirement community, is being developed to the northwest of the site. Prime commercial/retail land has recently become available at the intersection of West Street and HWY 74A to the west. SURROUNDING LAND USES AND AMENITIES Suitability of surrounding development. Land use pattern is residential in character (single and multifamily housing) with a balance of other uses (particularly retail and amenities). 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. The site is located adjacent to a single family neighborhood to the south and east. A 12 unit apartment complex is located to the southeast of the site. The site is zoned for multifamily. Keynolds Creek is located to the west, no wetlands were observed during the site assessment. An age restrictive community (Sparks Crossing) is being developed to the northwest of the site. A sewer main is located on the property along the Keynolds Creek. The site plan indicates that we are not going to impact the creek or adjacent sewer. No incompatible uses were observed during site assessment. SITE SUITABILITY Adequate traffic controls (stop lights, speed limits, turn lanes, etc.). 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. Our access is located directly across from Westwood Street, which intersects with West Street. West Street is a 24' wide, two lane road. Our elderly 48 unit development will not contribute greatly to the daily traffic count on West Street. West Street has no sharp curves or poor visibility sections with regards to our entrance. Our drive will be curved and rising to add to the visibility and visual appeal. Our drive will be looped throughout to allow easy access and circulation. The central entrance is a covered area for easy accessibility for cars and mass transit vehicles. Rutherford County Transit is available and depending on our usage and needs, the site would become a daily stop. 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). Keynolds Creek makes up the western property boundary. City and county maps indicate no adjacent floodplain. Our current site layout is leaving a minimum 50ft. buffer from the creek's edge. The slope of this site was considered in the design and budget of this development.
Similarity of scale and aesthetics/architecture between project and surroundings. The current site layout and single two-story structure, along with the exterior design of multiple rooflines with gables and varying heights of brick, will add to the visual appeal within the neighborhood.
For each applicable neighborhood feature, enter distance from project in miles. 0.5 Grocery Store 1.2 Community/Senior Center
0.5 0.5 0.1 0.5 0.0 0.5 0.5 1.2 0.5 1.2 1.0
Hospital Pharmacy Basic Health Care Medical Offices Bank/Credit Union Restaurants Professional Services Movie Theater Video Rental Public Safety (Fire/Police) Post Office
Public Transportation Stop 0.8 Convenience Store Basketball/Tennis Courts Public Parks Gas Station Library Fitness/Nature Trails Public Swimming Pools 0.5 0.8 5.0 0.5 0.8 0.7
Development Team
Provide contact information for development team members below: Management Agent Company: Harris Brown Management Company Address: City: Phone P.O. Box 26405 Greensboro (336)544-2300 State: NC Zip: 27404-6405 Email: mholoman@hbmc.com Last: Holoman
Moore Riley Architects 5630 Six Forks Road, Suite 102 Raleigh (919)782-6471 State: MT Zip: 27609 Email: mrarch@intrex.net Last: Moore
Schell Bray Aycock Abel &Livingston P.O. Box 21847 Greensboro (336)370-8843 State: NC Zip: 27420 Email: ggraham@sbaal.com Last: Graham
Raymond James Tax Credit Funds, Inc. 880 Carillon Parkway St. Petersburg (800)438-8088 State: FL Zip: 33716 Email: Last: Descalzi
Consultant/Application Preparer (if different from developer) Company: Address: City: Phone Contact Name: First: State: Email: Last: Zip:
Identity of Interest? General Contractor Company: Weaver Cooke Construction, LLC Address: City: Phone P.O. Box 26030 Greensboro (336)378-7900 State: NC Zip: 27420-6030 Email: lwall@weavercooke.com Last: George
2,660 58,266
7,200 540
Miscellaneous Taxes, Licenses and Permits Property and Liability Insurance (Hazard) Fidelity Bond Insurance Workmen's Compensation Health Insurance and Other Employee Benefits Other Insurance: SUBTOTAL Supportive Service Expenses Service Coordinator Service Supplies Tenant Association Funds Other Expenses (specify): SUBTOTAL Reserves Replacement Reserves SUBTOTAL 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 0 12,000 12,000 170,886 132,886 48 2,768 36,000 10,000
170,886 26,096
26,096
* 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. 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".
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: Low Income County: At least forty percent (40%) of qualified units will be affordable to households with incomes at or below fifty percent (50%) of county median income. At least forty percent (40%) 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.