Professional Documents
Culture Documents
Project Description
Project Name: HearthStone at Town Center
Address: Intersection of Fox Road and I-540
Will the project meet Energy Star standards as defined in Appendix B? Yes
Will the project include a Community Service Facility under IRS Revenue Ruling 2003-77?
No
If yes, please describe:
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: Miller-Valentine Apartments III LLC
Address: 9349 WaterStone Boulevard
Telephone: (513)588-1000
Alt Phone:
Fax: (937)913-5452
Site Description
Identify utilities and services currently available (and with adequate capacity) for this site:
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:
(b) Describe flood mitigation if the project will have improvements within the 100 year floodplain:
Site Control
Does the owner have fee simple ownership of the property (site/buildings)?No
If yes provide:
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: 11/30/2009
Zoning
Present zoning classification of the site:R-15
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
Unit Mix
The Median Income for Wake county is $76,900.
Statistics
Market Rate.......
Totals............... 78 8 41735
Project Includes:
Separate community building - Sq. Ft. (Floor Area):
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: 78
Number of Units: 8
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.
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 %
Note: This number should match the total number of low income units in the Unit Mix section.
Funding Sources
Amort. Annual
Non- Rate Term Period Debt
Source Amount Amortizing* (%) (Years) (Years) Service
RD 515 Loan
AHP Loan
Non-Repayable Grant
Owner Investment
Other - Specify:
* "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.
RPP Loan
Year: 1 2 3 4 5 6 7 8 9 10
Amt: 34803 34900 34912 34834 34663 34393 34019 33536 32939 32222
Year: 11 12 13 14 15 16 17 18 19 20
Amt: 31380 30405 29293 28036 26628 25061 14648 0 0 0
Development Costs
Eligible Basis
Item Cost Element TOTAL COST
30% PV 70% PV
1 Purchase of Building(s) (Rehab / Adaptive Reuse only) 0
4 Rehabilitation 0 0
6 Accessory Building(s) 0 0
24 Bond Costs 0
26 Placement Fee 0
33 Tax Credit Allocation Fee (0.62% of line 60, minimum $7,500) 75,386
35 Tax Opinion 0
39 Relocation Expense 0 0
44 Rent-up Expense 0
Comments:
The HearthStone building will be based on a proven design used in Gastonia, NC for our Madison Place
Seniors Apartments. While this property is 76 units, the modular nature of the building allows it to be
adapted to incorporate additional units, bringing the total to 78 for Hearthstone, to include (41) 1BR-1BA
and (37) 2Br-1BA units. Square footage of the units will be approximately 660' for a 1BR and 900' for a
2BR. Wide hallways, a large meeting area with full kitchen, activity rooms, laundry on each floor, and a
computer/reading room will provide excellent gathering areas for the residents.
Other:
Have you built other tax credit developments that use the same building design as this project?Yes
If yes, please provide name and address:
Madison Place Senior Apartments
4200 Forbes Rd
Gastonia, NC 28054
Site Amenities:
The X-shape of the building allows for creation of a private, shielded courtyard area to the rear, and a patio
will transition from the large meeting room inside to this space. In the building front, there will be a covered
walkway connecting a drive-through drop-off at the entry. In the rear of the building, there will be a gazebo
to allow for additional gathering space and congregation amongst tenants.
Onsite Activities:
Hearthstone will have multiple places where residents can meet and services can be provided. The large
community room with kitchen will allow for group meals and meetings. A computer room/reading with two
internet connected computers will allow residents to stay connected. Service providers will have a
consultation room available for private meetings and a beauty shoppe will have sink and wiring to
accommodate visiting professionals. Each floor will include a separate room for cards/crafts or socializing.
Landscaping Plans:
Planting beds will be arranged in front of the building and around and at the entry sign. The courtyard area
in the rear of the building will have substantial shade and specimen plantings to create a natural
environment surrounding the patio. Buffers will be planted along I-540 to shield noise.
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 in the immediate vicinity. Concentration of affordable housing.
Since opening in 2002, the one million plus square foot Triangle Town Center Mall has attracted
development around the intersection of Capital Blvd. and I-540. Completion of I-540 to Hwy. 64 has made
this intersection accessible from virtually anywhere in the Triangle, and it serves as a regional draw for
additional retail and services. Surrounding the site on Fox Road are older homes and town homes in good
condition and new development continues on Louisburg Rd. A variety of multi-family properties are in the
area but there is no concentration of affordable housing near the site.
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. Land use around the site is residential and the site is adjacent to
Christ Covenant Church. The location, at the edge of the Triangle Town Center retail, will be higher in density
than current surroundings, but is consistent with the development patterns.
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. Fox Road is primarily a residential street serving housing along the road and
Fox Road Elementary School. Bus Stops for Capital Area Transit are located along Fox Road. The site will
have visibility from I-540 and will have a connecting road for the planned Triangle Place Promenade running
through it, providing additional visibility and connectivity. This road will be a Boulevard design with gentle
curving shape to control traffic.
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).
The site will require extensive grading to incorporate connecting road and create aesthetic building
locations. Sewer is not currently to the site but has been planned and engineered by the seller of the
property. If seller does not complete the required extension of sewer, purchase contract requires escrow of
funds to complete.
For each applicable neighborhood feature, enter distance from project in miles.
.1 Public Transportation
.36 Schools
Stop
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).