Professional Documents
Culture Documents
Project Description
Project Name: Henson Ridge
Address: 710 Henson Place
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:
Target Population:Family
Will the project be receiving project based federal rental assistance? No
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: Wynnefield Properties, Inc.
Address: P.O. Box 395
Telephone: (336)454-6134
Fax: (336)454-6190
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: 8/31/2009
Zoning
Present zoning classification of the site:N BHD- Neighborhood business district
Are variances, special or conditional use permits or any other item requiring a public hearing needed to develop this proposal?Yes
If yes, have the hearings been completed and permits been obtained?No
If yes, specify permit or variance required and date obtained. If no, describe permits/variances required and schedule for
obtaining them:
The application to obtain the required zoning (R-8A) will be submitted to the City of Albemarle by the middle
of January. It will take approximately 60 days to complete with a final answer. The City of Albemarle has
provided strong support for development of the previous adjacent Henson Place property and they indicate
their strong support for this new Henson Ridge development.
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 Stanly county is $53,600.
Statistics
Market Rate.......
Totals............... 48 6 19400
Project Includes:
Separate community building - Sq. Ft. (Floor Area): 1,336
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: 6
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
Bank Loan
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: 48558 47972 47324 46614 45837 44991 44072 43078 42006 40851
Year: 11 12 13 14 15 16 17 18 19 20
Amt: 39611 38280 26854 25000 23000 21000 20000 18000 16000 13767
Development Costs
Eligible Basis
Item Cost Element TOTAL COST
30% PV 70% PV
1 Purchase of Building(s) (Rehab / Adaptive Reuse only)
4 Rehabilitation
24 Bond Costs
26 Placement Fee
33 Tax Credit Allocation Fee (0.62% of line 60, minimum $7,500) 38,184
39 Relocation Expense
63 Federal Tax Credits Requested (if less than line 62) 554,277 554,277
Comments:
Other:
Our design incorporates the use of maintenance free materials with an eye towards a dynamic curb appeal.
Our plan expands on an architectural approach that uses broken roof lines and various elevation materials
to give a market rate appearance.
Have you built other tax credit developments that use the same building design as this project?Yes
If yes, please provide name and address:
Sutton Place
2303 Sutton Place NW-Bldg #700
Wilson, NC
Wyndsor Park
600 Wyndsor Park Circle
New Bern, NC
Westridge Place
100 Donner Drive
Salisbury, NC
Henson Place
710 Henson Place
Albemarle, NC 28001
Site Amenities:
The following site amenities will be available to the residents at Henson Ridge: tot lot, playground, covered
picnic areas with 2 tables and grills, covered patio on community building, resident computer center,
outdoor sitting with bench (3).
Onsite Activities:
Additional community activities, such as holiday parties, National Night Out annual cookout and
educational /informative meetings will be scheduled in the community room. All community space activities
Landscaping Plans:
The property will provide trees and other landscape features where possible at select areas. The property
will be well landscaped with plant beds provided at various locations throughout the site. A detailed plan is
being prepared for final tax credit submission.
Three of the handicap units will have ceramic tile roll-in showers.
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.
The proposed Henson Ridge site is located directly beside the newly constructed “Henson Place” apartment
community and behind the Albemarle Shopping Center. The strip center consists of various stores such as
hair salon, grocery store, clothing stores, etc. Across the street from the site is a mobile home
manufacturing plant. Various single family homes exist just beyond the site on Henson. Albemarle has
grown substantially in the last 3 years including its’ newest addition of the Super Wal-mart center which is
located within a ½ mile from our site. Various other businesses have been added in the last 3 years along
with various hotels and restaurants. The development in this area is anticipated to grow even more with the
construction of the new Interstate 74 Corridor.
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. The surrounding land use is retail and new growth large box retail.
Directly adjacent to the site is NC Vocational Rehab with a stable manufactured home commercial business
across the street. Directly down the street from the site are single family residential homes.
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. The site is relatively flat and does not appear to have any negative features.
It is directly accessed by the main artery to 24/27 which gives access to the surrounding community and
county.
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).
There are no negative features and physical barriers that will delay project construction or adversely affect
future tenants.
For each applicable neighborhood feature, enter distance from project in miles.
1. Public Transportation
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).