The Villas at Twin Cedars

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Print Preview - Final Application

Tax Credits, RPP Loans, and/or Tax Exempt Bond Loans
Resources Requested
Check all that apply: Federal Low Income Housing Tax Credit State Low Income Housing Tax Credit Tax Exempt Bonds Rental Production Program (RPP) Loan Requested RPP Loan Amount: RPP Loan Product Requested:
https://www.nchfa.org/Rental/RTCApp/(yygdlz45js4lkfbqp20fuazt)/site/PrintApp.aspx?II...
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Project Name and Location

Project Name: The Villas at Twin Cedars Address: City: 20th Avenue Drive NE Hickory County: CATAWBA Zip: 28601 Block Group: 3006
Census Tract: 104
Is project in Qualified Census Tract & Difficult to Develop area: No Political Jurisdiction: Jurisdiction Address: Jurisdiction City: Jurisdiction Phone: City of Hickory Last: Wright, Jr. Title: Mayor 76 N. Center Street Hickory (828)323-7400 Zip: 28601
Jurisdiction CEO Name: First: G. Rudy
Site Latitude: Site Longitude:
35.7580 -81.3001
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Project Description
Project Type:* New Construction Rehab 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): Will the project be receiving federal rental assistance? Yes If yes, provide the subsidy source: HUD and number of units: 8
Target Population: Elderly (55) 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 other federal and state requirements) Persons with disabilities or homeless populations: the greater of 5 units or 10% of the total units Remarks:
Proposed number of residential buildings: 8 Types of Units:* Project Includes:
Maximum number of stories in buildings: 1
Townhouse
Duplex
Garden Apartment
Detached Single-Family
Separate community building - Sq. Ft. (Floor Area): 1,265 Community space within residential bulding(s) - Sq. Ft. (Floor Area): Elevators - Number of Elevators: Square Footage Information Gross Floor Square Footage: 33,584
Total Net Sq. Ft. (All Heated Areas): 31,861
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Applicant Information
Applicant Name: Address: City: Contact: Telephone: MV Communities, Ltd. 4334 Glendale-Milford Road Cincinnati First: Rory (513)588-1625 State: OH Zip: 45242 Last: Neubrander Title:
Alt Phone:
Fax:
Email Address:
rneubrander@mvcommunities.com
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Site Description
Total Site Acreage: 3.96 Total Buildable Acreage: 3.46 If buildable acreage is less than total acreage, please explain: Utility easement covers approximately 0.5 acres.
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? No If yes: (a) Briefly describe the situation:
(b) Will tenant displacement be temporary? (c) Will tenant displacement be permanent? Is the site in a distressed neighborhood? No If yes, does a community revitalization plan exist? 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 is in the East Region and 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: If no: (a) Does the owner/principal or ownership entity have vaild 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: 09/27/2003 (D) Enter Purchase Price: 160,000
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Zoning
Present zoning classification of the site: R5 - Residential Is mutifamily 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:
Is a public hearing of any kind required in the future for you to fully develop this property? No If yes, describe the nature of the hearing and when you expect the hearing will be held:
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: Villas at Twin Cedars, LLC Address: City: Two Centerview Drive, Ste. 37 Greensboro State: NC Zip: 27407 (If assigned) 56-2168123 (If Not Assigned)
Federal Tax ID Number of Ownership Entity: Federal Tax ID Number of Managing GP or Member:
Entity Type: Limited Liability Company Entity Status: Already 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?
Yes 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:
NCHF Affordable Housing, Inc. Last Name: Compton Function: Managing Member
First Name: Kenneth Address: City: Phone: EMail:
8 West Third St, Suite 565 Winston-Salem (336)725-3568 NCHFInc@aol.com State: NC Zip: 27101
Fax: (336)725-0460 Nonprofit: Yes TaxID 56-2168123
Org:
Associated Land Group, Inc. Last Name: Fusaro Function: Member
First Name: Gregg Address: City: Phone: EMail:
4334 Glendale-Milford Road Cincinnati (513)588-1000 gfusaro@mvcommunities.com State: OH Zip: 45242
Fax: (513)588-1615 Nonprofit: No TaxID 31-1217485
Org:
Miller-Valentine Apartments II, Ltd. Last Name: Liette Function: Member
First Name: Dave Address: City: Phone: EMail:
4000 Miller-Valentine Court Dayton (937)293-0900 dliette@mvg.com State: OH Zip: 45439
Fax: (937)299-1564 Nonprofit: No TaxID 31-1476491
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Unit Mix
List each applicable unit mix combination in a separate row below. Click [Add] to create another row. Click "X" (at the left of each row) to delete a row. Low Income Units Type Twn Hse Twn Hse Twn Hse Twn Hse Twn Hse Twn Hse Total # BRs Net Sq.Ft. # Units 1 1 1 2 2 2 673 673 673 856 856 856 3 5 5 7 9 11 # Units 0 1 1 0 1 1 Monthly Rent 332 429 470 396 512 530 Electric Utility Allowance 54 54 54 68 68 68 Gas Mandatory Serv. Fees 0 0 0 0 0 0 Other Trash Collection **Total Housing Exp. 386 483 524 464 580 598
Utilites included in rents:
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.
Utilites included in rents:
Water/Sewer
Electric
Statistics All Units Low Income....... Market Rate....... Totals............... 40 4 18701 40 Gross Monthly Rental Income 18701
Units 4
Notes * ** Paint-to-Paint Square Footage 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 1 2 2 2 3 5 5 7 9 11
Units targeted at 40 targeted at 50 targeted at 60 targeted at 40 targeted at 50 targeted at 60
% percent of median income. percent of median income. percent of median income. percent of median income. percent of median income. percent of median income.
Total Low Income Units:
40
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 (%) 8.00 Term (Years) 18 Amort. Period (Years) 30 Annual Debt Service 59,494
Source Bank Loan RPP Loan Local Gov. Loan - Specify: RD Loan 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 675,677 0 0 0 280,000 0 0 0 0 646,113 0 1,981,132 0 0 224 0 0 3,583,146
2.00
20
30
30
30
* "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. 78 Remarks concerning project funding sources: (Please be sure to include the name of the funding source(s)) Upon notification of award by the Federal Home Loan Bank (FHLB) of Atlanta, the LLC will notify the FHLB of our intention to enter into a 4-party agreement between the FHLB, our lender, North Carolina Housing Foundation (the Non-Profit), and the Limited Liability Company. The awarded funds would be forwarded to our lender, who will, in turn, grant the funds to the Non-Profit. A promissory note will be placed on the funds (at the long-term applicable federal rate) between the Non-Profit and the Limited Liability Company. The payment on the promissory note will be from available cash flow only. The balance of the loan is projected to be paid off with a balloon payment at the end of the loans term or upon refinancing.
Loans with Variable Amortization Please fill in the annual debt service as applicable for the first 20 years of the project life.
AHP Loan
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Year: Amt: Year: Amt:
1 0 11 0
2 0 12 0
3 0 13 0
4 0 14 0
5 0 15 0
6 0 16 0
7 0 17 0
8 0 18 0
9 0 19 0
10 0 20 0
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Development Costs
Item Cost Element 1 Purchase of Buildings (Rehab) 2 Demolition 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 12 Architect's Fee - Inspection SUBTOTAL (lines 1 through 12) 13 Construction Insurance (prorate) 14 Construction Loan Orig. Fee (prorate) 15 Construction Loan Interest (prorate) 16 Construction Loan Credit Enhancement (prorate) 17 Construction Period Taxes (prorate) 18 Water, Sewer and Impact Fees 19 Survey 20 Property Appraisal 21 Environmental Report 22 Market Study 23 Bond Costs (specify) 24 Cost of Issuance 25 Placement Fee 26 Permanent Loan Origination Fee 27 Permanent Loan Credit Enhancement 28 Title and Recording SUBTOTAL (lines 13 through 28) 29 Real Estate Attorney 30 Other Attorney's Fees 31 Tax Credit App Fees 32 Cost Certification/Accounting Fees (See Notes) 33 Tax Opinion 34 Organizational (Partnership) 35 Tax Credit Monitoring Fee SUBTOTAL (lines 29 through 35) 36 Furnishings and Equipment 37 Relocation Expenses 38 Developer's Fee (max 15% lines 2-36, less 8 & 9) 39 40 42 43 Other Basis Expense (specify) Other Basis Expense (specify) Other Non-basis Expense (Supp. Services Start Up) Other Non-basis Expense (Specify) SUBTOTAL (lines 36 through 43) 44 Rent up Reserve 0 398,600 12,000 124,412 45,000 133,100 73,000 63,583 27,250 2,598,451 6,000 47,300 125,600 0 3,000 21,784 2,000 5,000 2,000 4,000 0 0 0 13,800 0 4,980 235,464 0 15,000 18,031 5,800 0 20,000 21,000 79,831 0 0 398,600 0 0 0 0 0 398,600 0 0 0 15,000 18,031 5,800 6,000 47,300 125,600 0 3,000 21,784 2,000 5,000 2,000 4,000 124,412 45,000 133,100 73,000 63,583 27,250 TOTAL COST 0 0 407,290 0 1,724,816 1,724,816 385,290 Eligible Basis 30% PV 70% PV 0
41 Rent-up Expenses
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45 Operating Reserve 46 47 Other Reserve (Specify) Other Reserve (specify)
98,800 0 0 3,423,146 0 0 0 0 3,230,566 100.00% 3,230,566 254,245 274,598 0 160,000 3,583,146 0 100% 0 0.00% 0 0 0 3,230,566 0 0 0 0 3,230,566 100% 3,230,566 7.87% 254,245 274,598
48 DEVELOPMENT COST (lines 1-47) 49 Less Federal Financing 50 Less Disproportionate Standard 51 Less Nonqualified Nonrecourse Financing 52 Less Historic Tax Credit (residential) 53 TOTAL ELIGIBLE BASIS 54 Times Applicable Fraction 55 TOTAL QUALIFIED BASIS 56 Tax Credit Rate 57 FEDERAL TAX CREDITS at Estimated Rate 57a FEDERAL TAX CREDITS at 8.5% or 3.75% 58 FEDERAL TAX CREDITS REQUESTED 59 STATE TAX CREDITS 60 Land Cost 61 TOTAL REPLACEMENT COST Comments: Cost Certification and Audit: $200 for Cost Certification $1500 for 8609 $3300 for audit $800 for tax return Furnishings & Equipment is included in construction costs.
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Market Study Information

Please provide a detailed description of the proposed project: Project Vision: The Villas at Twin Cedars will consist of a 40-unit older adult housing community located on approximately four acres on 20th Avenue Drive NE in Hickory. The development will consist of three 4-unit, two 5-unit and three 6-unit single-story attached 'villas', a community building plus various onsite amenities described below. The villas will be arranged in a square formation providing residents with a secure environment. In addition, there will be a centrally located freestanding community building/office, plus on-site amenities such as a gazebo, horseshoe pit, picnic area, and resident gardens, all with connecting sidewalks. The property will be part of an existing multi-family subdivision Catawba Ridge, which consists primarily of market rate apartments and townhomes, plus the adjacent Twin Cedars Apartments, which contain tax-credit and market-rate family units and is owned/operated by the same development team. A significant benefit of being in the Catawba Ridge subdivision is that infrastructure to support the property is already in place. This not only includes the attractively landscaped boulevard, but also a community clubhouse and recreation center with swimming pool, tennis courts, sand volleyball, and playground. All residents will have full access to these amenities. Of the 40 units, 13 will be one-bedroom and 27 will be two-bedroom. Rents/incomes will be restricted with 25% of the units having rents affordable to households at or below 40% AMI, 35% affordable to 50% AMI and 40% affordable to 60% AMI residents. As such, the property will target very-low and low-moderate income older adults and will serve a very important affordable housing need. The demand for high quality affordable housing for older adults has increased greatly in the area. Hickory is home to a large population of seniors, many of whom are retirees from furniture, textiles, and other traditional industries, with limited incomes for housing. In addition, there is a large number of elderly households in the outlying areas of Catawba County and the nearby towns of Conover and Newton. Many of these households no longer wish to maintain a house, and now seek smaller living quarters with management to care for common areas and provide social/recreational services. While several senior-oriented and assisted living communities have been built in the area, these properties have monthly rents starting at $1,500. Clearly this is beyond the reach of most seniors. Therefore, the concept behind The Villas at Twin Cedars is to provide low-income seniors (both younger and older) a high quality, affordable, independent living option, with their own front porch, and in a secure and supportive environment. In addition to the attractiveness of being part of a planned residential subdivision that includes ready access to the aforementioned recreation facilities, the proposed development site also benefits from being in close proximity to a wide range of community services. At the entrance to the subdivision, on 16th Street NE (approximately mile), is a convenience store, dentist office, hair salon, and child care center. The Piedmont Wagon bus service also stops on 16th Street, providing access to all parts of Hickory. Further north at the 29th Avenue Drive and 16th Street intersection is a larger neighborhood shopping center with a Lowes Foods grocery store; while on 8th Street a new large city park is under construction, which will include a recreation center and ball fields. Finally, the Springs Road corridor from 16th Street north has multiple commercial and service outlets. Therefore, it can be seen that this is an ideal location for seniors seeking affordable housing in an attractive residential neighborhood, with all the necessary services in easy reach. Building/Unit Description: To enhance the quality of life at The Villas at Twin Cedars, units and on-site amenities are proposed to the highest level of quality. Each building will consist of between three and six villas (i.e., single story attached). 13 units will be 710 square foot one-bedroom units and 27 will be 902 square foot two bedroom units. Access to each villa will be via its own porch-covered entry. Parking will be in front of the units with walkways to each front door. Hence, residents will have quick and easy access to their vehicles. All units will be on a handicapped accessible route. Moreover, at least 5% of the villas will be fully handicapped accessible per State code. The buildings will be of frame construction and offer a diversity of exterior finishes, including brick, various width siding, banding, accented trim, gable features, and pitched roofs with breaks (please see elevations). The grounds of the property will be well landscaped to create an inviting setting for residents to relax and socialize. Each unit will include a full list of features and amenities including fully equipped kitchens, wall-to-wall carpeting, mini-blinds, and ceiling fans. Hookups for washer/dryers, telephone, and cable TV will also be provided in each unit. In addition to the amenities, the units are designed to accommodate energy-efficiency, handicapped accessibility, and Universal Design Options standards. Energy efficiencies include external/party wall and ceiling insulation, HVAC units with a SEER rating of 11, and water-saving plumbing fixtures. The fully handicapped accessible units will incorporate design features such as widened halls and doorways, special easy-to-use hardware for doors, cabinets, etc., reachable outlets and switches, blocking for grab bars, plus a range of additional modifications. Construction (check all that apply):
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Brick
Vinyl
Wood
HardiPlank
Balconies/Patios
Sunrooms
Front Porches
Front Gables or Dormers Other:
Wide Banding or Vertical/Horizontal Siding
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 (check all that apply): Community Bldg - Sq Ft: 1,265 Laundry Rm Game/Craft Rm Chapel/Prayer Rm Irrigated Lawns Walking Trails Pool Screened Porch Exercise Rm Picnic Area Security Gate Garden Spots Fitness Stations Community Room - Sq Ft: Resident Computer Center TV Rm Onsite Leasing Office Car Care Area Basketball/Tennis Court Horseshoe Pit Garages - Number: Exam Rm Beauty Salon Onsite Mgr Storage Units Playground Shuffleboard Reading Rm/Library Vending Rm Onsite Maint. Person Gazebos Ball Field Covered Drive Thru
Onsite Activities: Please note: residents will have access to a subdivision recreation center across the street from the site. This includes a pool, tennis courts, volleyball, play area, and clubhouse. A community recreation area with gardens, gazebo, and picnic area will provide residents with onsite recreation opportunities. As indicated on the site plan in Tab I, all amenities will be centrally located, in view of the management offices and most apartment units, and away from vehicular traffic. Additionally a variety of on-site activities will be implemented through a support services coordinator. The coordinator will be an employee of North Carolina Housing Services & Management (NCHSM), an affiliate of NCHF Affordable Housing, and will be experienced in working with low-income seniors. The community building will have sufficient space to accommodate these activities and services both for large and small groups. The activities offered will be both recreational and welfare in nature. Recreation activities will include a program of regular events such as bingo, card games, holiday parties, gardening, bible study groups, etc. Welfare activities will utilize the existing programs offered by local service agencies with most being provided on-site at the community building. This will likely include transportation, health screenings, educational, tax assistance, computer training, employment/job training, nutritional/health information, neighborhood watch, etc. A resident council will also be formed to address resident concerns and to ensure that ideas for new activities can be implemented. Landscaping Plans: As shown in the preliminary site plan in Tab I, extensive landscaping will be used throughout the property. Quality landscaping materials, indigenous to the area, and the expertise of local professional landscapers will be utilized to ensure a successful end product. Items of note include
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the following: 1. Decorative plantings around the entrance to the property and property sign. Sign will also be lighted at night. 2. Foundation plantings around each building and walkways. 3. Shade trees and ornamental shrubs around the parking lot and in islands between spaces. 4. The existing vegetation will be preserved in as many areas as possible along all property lines. Screening (evergreen) shrubs/trees will be used along exposed property lines and dumpsters, etc. 5. Shade trees strategically located in recreation areas, i.e., covering picnic/walking areas, etc. 6. A community garden area will be established where residents can plant their own vegetation. 7. Seed/sod used in all remaining cleared areas. Interior Apartment Amenities (check all that apply): Range W/D Hookups Flooring: Carpet Hood Mini-blinds Vinyl Central Air Dishwasher Pantry Wood Gas Heat Disposal Ceiling fans Wood Parquet Heat Pump Refrigerator (frost free) Walk-in closets Other Storage interior/exterior
Ceramic Tile Electric Pump
Heating/Cooling:
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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Applicant's Site Evaluation

Briefly describe your site in each of the following categories: NEIGHBORHOOD CHARACTERISTICS Physical condition of buildings and improvements. Trend and direction of real estate development relative to the project. Area economic health (degree of decline or investment). The condition of the surrounding property, and neighborhood in general, is very good. The site is part of a planned community known as the Catawba Ridge subdivision. The various multi-family communities that comprise Catawba Ridge are well-maintained market rate properties, attractively laid out around a central, landscaped boulevard (20th Avenue Drive). The land uses adjacent to the site include the Twin Cedars Apartments, developed by MV Communities in 2001, plus other apartments built by the master developer (Shook & Tarlton Co), as well as the community clubhouse and recreation facilities (of which residents will have access). As such, in combination, these uses provide a very attractive environment and represent the growth trend of the area. Beyond the immediate area is a mix of single-family homes, assisted living, and some commercial uses. A new shopping center, offices and residential construction can also be found at the intersection of 29th Avenue Drive and 16th Street, and extending north of 16th, further signaling the continued growth and economic vitality of the Northeast Hickory area. Suitability of surrounding development. Land use pattern is primarily residential with a balance of other uses, including non-competing multifamily and single family units, relevant amenities, shopping and services. As indicated above, the adjoining land uses consist of a mix of residential uses, primarily multi-family apartments and townhouses. Clearly these are highly compatible uses to the proposed seniors apartments. As further indicated above, the Catawba Ridge subdivision does include an extensive recreation area. Residents will have the benefit of being in a residential neighborhood while having a full range of shops and services in very close proximity to the site. A full listing of these amenities is shown on the attached maps at the end of Tab A. SITE SUITABILITY Adequacy of street(s) and/or access road(s) serving the proposed project and traffic controls (lights, stop signs, turning lanes). Access to mass transit (if applicable). The development will be located on 20th Avenue Drive NE, an existing paved boulevard-style City street with curb/gutter and sidewalks. The road has been designed as a residential neighborhood street with curves to decrease traffic speed, and as such, this road is highly suitable for the proposed development. The boulevard was designed to accommodate future development, and as such, three breaks in the median already exist and will permit easy turning in and out of the property. Consideration will also be given to the design of the site entry to further assist the elderly residents with ingress/egress. This will include the incorporation of a flared entrance for easy turning, and appropriate positioning of signage/landscaping, etc. so as not to obstruct views of the on-coming vehicles. The Piedmont Wagon bus service stops at the end of 20th Avenue Drive NE on 16th Street NE providing residents with access to all parts of Hickory via public transport. Amount and character of vacant, undeveloped land. Effect of industrial, large-scale institutional or other incompatible uses: 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). The development site is one of the last remaining tracts in the Catawba Ridge subdivision. There is some undeveloped wooded land across from the site, but the overall feel of the area is much more one of a mature residential community. There are no industrial, institutional, or other incompatible uses impacting the site. Power lines do cross a portion of the property, but the towers are not located on the site. Based on the experience of the adjoining Twin Cedars property, we do not view this as a negative site condition.
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 is gently sloped allowing for good natural drainage. Power lines do cross a portion of the property, but the towers are not located on the site. Based on the experience of the adjoining Twin Cedars property, we do not view this as a negative site condition. There are no other features that
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will impede development or use of the site.
Similarity of scale and aesthetics/architecture between project and surroundings. The proposed development will be very similar in use and scale to its surroundings. The Twin Cedars Apartments, which surround the site, were again, developed by MV Communities and hence are of a similar design, with a mixed vinyl and brick exterior. Naturally, the single story structures will have no impact on the existing apartments and townhomes and will blend into the neighborhood.
Concentration of affordable housing (housing credit, project-based rental assistance, public housing). The only other subsidized units in the immediate locality are the 72 tax credit family apartments at Twin Cedars. All other properties (including 36 units at Twin Cedars) are market rate family. Since the proposed units will be restricted to elderly, the development will not add to a concentration of assisted or subsidized elderly targeted units.
Availability of Supportive Services (if applicable): A community building will be constructed as part of the development and will offer space where a number of on-site support services can take place. Many of the agencies that will be utilized to help provide these support services to residents are located in the downtown Hickory area (10 minutes drive). This includes the Area Agency on Aging - Western Piedmont Council of Governments. The Piedmont Wagon bus service is also available at the end of 20th Avenue Drive NE on 16th Street NE providing access to all parts of Hickory via public transport.
For each applicable neighborhood feature, enter distance from project in miles. 0.6 1 1.25 0.25 0.8 0.4 0.25 0.1 1.25 0.25 1.75 1.25 0.1 Grocery Store Mall/Strip Center Outdoor Athletic Fields Day Care/After School Schools 0.1 2.5 1 2.5 0.6 Community/Senior Center 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 1 Convenience Store Basketball/Tennis Courts Public Parks Gas Station Library Fitness/Nature Trails Public Swimming Pools 0.6 1 3.75 1 1.75 1
Other facilities or services: Please see the attached map/key at the end of Tab A for a full listing of community amenities and services. Please note, above distances are direct, not necessarily driving distances.
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Development Team
Provide contact information for development team members below: Management Agent Company: Associated Land Management, Inc. Address: City: Phone 4334 Glendale-Milford Road Cincinnati (513)588-1000 State: OH Zip: 45242 Email: jrosenberg@algi.com Last: Rosenberg
Contact Name: First: John
Architect Company: Address: City: Phone
ESD Architects, Inc. 5968 Shallow Creek Drive Milford (513)831-7237 State: OH Zip: 45150 Email: ESD@fuse.net Last: Soellner
Contact Name: First: John
Attorney Company: Address: City: Phone
Blanco Tackabery Combs & Matamoros 110 S. Stratford Street, 5th Floor Winston-Salem (336)761-1250 State: NC Zip: 27104 Email: ram@btcmlaw.com Last: Matamoros
Contact Name: First: Ron
Investor Company: Address: City: Phone
Community Affordable Housing Equity Corp. 7700 Falls of the Neuse Road, Suite 200 Raleigh (919)420-0063 State: NC Zip: 27615 Email: cnewcomer@cahec.com Last: Newcomer
Contact Name: First: Chuck
Consultant/Application Preparer (if different from developer) Company: Address: City: Phone Contact Name: First: State: Email: Last: Zip:
Identity of Interest? General Contractor Company: Associated Land Development, Inc. Address: City: Phone Two Centerview Drive, Suite 37 Greensboro (336)854-0300 State: NC Zip: 27407 Email: bhubbert@algi.com Last: Hubbert
Contact Name: First: Bill
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Project Team Experience

Development List number low-income/tax credit housing projects and units developed, operated, and maintained in compliance by the principal(s) between December 1, 1996 and January 1, 2003: North Carolina Other States Projects: Units: 22 1,311 30 2,693
Management List number of low-income housing tax credit units managed in the past 10 years: North Carolina Other States Projects: Units: 3 168 32 2,813
Has any owner, principal, or management agent been debarred or received a limited denial participation in the past 10 years by any federal or state agency? No Has any owner, principal, or management agent been involved in a bankruptcy, an adverse fair housing settlement, an adverse civil rights settlement, or an adverse federal or state government proceeding and settlement in the past 10 years? No Has any owner or principal been in a mortgage default or delinquency of three months or more within the last 5 years on a FHA-insured project, a Rural Development funded rental project, a tax-exempt funded mortgage, a tax credit project, or any other publicly subsidized project? No Has any owner or principal been involved within the last 10 years in a project which previously received an allocation of tax credits but failed to meet compliance standards of the tax credit allocation, including return of a reservation of tax credits to the Agency after the carryover agreement has been signed? No Has any owner or principal had a Form 8823 filed with the IRS for noncompliance on a project using low-income housing tax credits or received a letter of non-compliance from the Agency? No
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Financing Commitments
Does the project have a firm commitment for construction financing? Does the project have a letter of intent for private permenant financing? Does the project have a firm commitment for government financing? Does the project have a letter of intent from an investor? Is any portion of the eligible basis of new contruction or rehabilitation financed with federal subsidies other than CDBG funds or funds from the HOME program? If yes, indicate the type and amount below: Tax Exempt Financing: $ RD 515 Financing: Hope VI Financing: Other: $ $ $ Yes Yes No Yes No
If Other, specify the type of Federal subsidy:
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Projected Operating Costs

Project Operations (Year One) Administrative Expenses Advertising Other Administrative Expense (specify): Office Salaries Office Supplies Office or Model Apartment Rent Management Fee Manager or Superintendent Salaries Manager or Superintendent Rent Free Unit Legal Expenses (Project) Auditing Expenses (Project) Bookkeeping Fees/Accounting Services Telephone and Answering Service Bad Debts Other Administrative Expenses (specify): SUBTOTAL Utilities Expense Fuel Oil Electricity (Light and Misc. Power) Water Gas Sewer SUBTOTAL Operating and Maintenance Expenses Janitor and Cleaning Payroll Janitor and Cleaning Supplies Janitor and Cleaning Contract Exterminating Payroll/Contract Exterminating Supplies Garbage and Trash Removal Security Payroll/Contract Grounds Payroll 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): Miscellaneous Operating & Maintenance Expenses SUBTOTAL Taxes and Insurance Real Estate Taxes 26,300 15,125 200 1,500 750 1,500 3,000 9,500 1,500 5,500 1,250 3,000 12,250 2,000 4,000 2,000 1,500 15,000 16,000 2,750
2,000
4,063 49,313
5,250 4,000
250 750 600
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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: 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
1,750 250 7,500 750 750 250
26,375 10,000 2,000
12,000 10,000 10,000 136,238 99,113 40 2,477
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Projected Cash Flow Year One

OPERATING INCOME Gross rental income (from Unit Mix - Total Monthly Rent) Stores and Commercial Laundry and Vending Other (specify): 775 224,412
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)
225,187 15,763 209,424
136,238 73,186
59,494
13,692 1.23
20-Year Cash Flow

Year Net Rental/Other Income* Total Operating Expenses* Debt Service Net Cash Flow Debt Coverage Ratio Year Net Rental/Other Income* Total Operating Expenses* Debt Service Net Cash Flow Debt Coverage Ratio 1 209,424 136,238 59,494 13,692 1.23 11 281,448 201,665 59,494 20,289 1.341 2 215,707 141,688 59,494 14,525 1.244 12 289,891 209,732 59,494 20,665 1.347 3 222,178 147,356 59,494 15,328 1.258 13 298,588 218,121 59,494 20,973 1.353 4 228,843 153,250 59,494 16,099 1.271 14 307,546 226,846 59,494 21,206 1.356 5 235,708 159,380 59,494 16,834 1.283 15 316,772 235,920 59,494 21,358 1.359 6 242,779 165,755 59,494 17,530 1.295 16 326,275 245,357 59,494 21,424 1.36 7 250,062 172,385 59,494 18,183 1.306 17 336,063 255,171 59,494 21,398 1.36 8 257,564 179,280 59,494 18,790 1.316 18 346,145 265,378 59,494 21,273 1.358 9 265,291 186,451 59,494 19,346 1.325 19 356,529 275,993 59,494 21,042 1.354 10 273,250 193,909 59,494 19,847 1.334 20 367,225 287,033 59,494 20,698 1.348
* 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".
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Design Features
ITEM Foundation/Slab Components Primary Windows DESCRIPTION Concrete slab on grade. 3000psi Concrete with #4 rebar Make: Silverline Model: 2800
Type/Construction: Vinyl horizontal slider Exterior Doors Siding Type: Durable Steel Type: Vinyl Dutchlap/Brick Warranty: Lifetime limited Exterior Trim Shingles Aluminum wrapped 1x8 fascia, aluminum soffit, vinyl corners Type: Fiberglass asphalt Warranty: 25 years limited Sprinkler System Cabinets Heat Pump Not Applicable Wood cabinets with laminent front. Marsh cabinets Frames: Wood Grade/Thickness: .044 Nominal
Weight:
SEER: Model:
Make:
Air Conditioner
SEER: 11 Model: TTN018D100A
Make: Trane
Other Heat Systems
SEER: 11 Model: VL24-282T+D+8KW+DS
Make: Trane
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Costs - Construction
This is a detailed breakdown of rehabilitation or construction costs you summarized in the Development Costs table (Rehabilitation and Construction of New Building(s)). The total should match those roll-up values. ITEM Concrete Footings Backfill-slab, Crawl Slab-concrete/Rebar/Gravel Waterproofing Masonry Foundation Brick Veneer Steel/Structure/Rails Framing/Lumber/Nails Trusses Crane Rental Windows/Grilles/Screen Exterior Doors Roofing Fencing Vinyl Siding/Trim/Box Gutters/Shutters Insulation Drywall Interior Doors Int. & Final/Stair/Trim/Shelves Cabinets & Tops Painting Marble - Tub/Shwr/Tops Plumbing Electrical Heating/Air Conditioning Floor Covering and Underlayment Wall Paper Mailboxes/Special Features/Signage Gypcrete Blinds/Shades/Art Work Light Fixtures/Fans Sprinkler System Security Alarm Hardwood Floors Elevator Ceramic Tiles Acoustical Ceilings LABOR 18,200 2,000 54,840 2,000 0 21,730 0 144,000 0 0 6,000 0 21,590 0 35,000 5,050 0 25,000 15,000 14,432 0 63,200 0 151,033 130,000 121,180 11,900 0 0 0 1,000 1,000 0 4,480 0 0 21,780 MATERIAL 45,000 8,000 37,140 8,000 0 56,500 10,000 110,727 41,115 5,000 31,000 10,600 24,400 0 59,500 22,030 20,000 125,000 21,795 0 36,160 2,900 2,520 0 0 0 33,338 0 10,000 0 7,080 7,916 0 0 0 0 0 TOTAL 63,200 10,000 91,980 10,000 0 78,230 10,000 254,727 41,115 5,000 37,000 10,600 45,990 0 94,500 27,080 20,000 150,000 36,795 14,432 36,160 66,100 2,520 151,033 130,000 121,180 45,238 0 10,000 0 8,080 8,916 0 4,480 0 0 21,780 0
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Mirror/Shower Door/Encls. Hardware/Bath Access. Appliances Playground Equipment Interior Clean Exterior Clean/Dumpster Other 1 (specify in Remarks) Other 2 (specify in Remarks) Total Cost Remarks: Other 1 = Call for aid
0 0 2,120 0 14,000 29,000
2,040 16,540 32,480 0 0 0 22,500
2,040 16,540 34,600 0 14,000 29,000 22,500 0
915,535
809,281
1,724,816
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Costs - General
This is a detailed breakdown of the General Requirements cost element you summarized in the Development Costs table (General Requirements). The total should match that roll-up value. ITEM Supervision Job Site Office/Trailer Rental Impact Fees Office Supplies Security/Watchman Water and Sewer Connection Fees Project Signage Tools and Equipment Gas, Oil, and Maintenance Cleanup/Dumpster Rental Temporary Water, Electric, and Telephone Storage/Hauling Driveway Access Permit Porta-John Rental/Dumping Builders Risk Insurance Re-inspection Fees Extra Plans and Specifications Miscellaneous, Casual Labor Equipment Rental Other 1 (specify in Remarks) Other 2 (specify in Remarks) Total Cost Remarks: Water and Sewer Connection fees are shown under line item 18 of the Development Costs - Water, Sewer & Impact Fees 124,412 TOTAL 45,000 7,400 0 2,000 0 0 112 8,000 4,000 21,000 6,000 4,300 100 2,000 4,000 500 1,000 12,000 7,000
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Costs - Improvements
This is a detailed breakdown of the Site Improvements cost element you summarized in the Development Costs table (On-site Improvements). The total should match that roll-up value. ITEM Subsurface Exploration/Perk Testing/Site Engineering Clearing/Grading/Final Grading/Excess and Borrow Demolition Earthwork/Excavation/Aerating Soil Treatment Pile Foundations Caissons Shoring/Bracing Site Drainage Site Utilities/Site Lighting Paving and Surfacing/Curb and Gutter Walkways Site Signage Parking Lot Painting Dumpsite Pads/Fencing Fencing/Gates Landscaping/Topsoil Waterproofing/De-Watering Operation of Construction Equipment/Fuel/Oil Crane Rental Rock and Hardpan Excavation Site Supervision Personnel Other (specify in Remarks) Total Cost Remarks: Site Supervision is included in Project Supervision under General Requirements 407,290 TOTAL 50,000 72,000 0 65,650 5,000 0 0 0 18,350 44,000 68,900 25,350 5,000 1,000 7,800 0 43,240 0 1,000 0 0 0
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Costs - Bond Costs

This is a detailed breakdown of the Bond Costs cost element you summarized in the Development Costs table (Bond Costs). The total should match that roll-up value. ITEM Letter of Credit Fee Credit Enhancement Underwriter Discount Capital Interest Fund Other 1 (specify in Remarks) Other 2 (specify in Remarks) Total Cost Remarks: No bond costs associated with this application. 0 TOTAL
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Costs - Bond Issuance

This is a detailed breakdown of the Bond Issuance cost element you summarized in the Development Costs table (Cost of Issuance). The total should match that roll-up value. ITEM Bond Counsel Issuer Counsel Credit Enhancement/LOC Counsel Underwriter Counsel Developer's Counsel Rating Agency Fee Printing Trustee Fee Trustee Counsel Other 1 (specify in Remarks) Other 2 (specify in Remarks) Other 3 (specify in Remarks) Total Cost Remarks: No bond issuance costs associated with this application. 0 TOTAL
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Minimum Set-Asides
MINIMUM REQUIRED SET ASIDES (No Points Awarded): Select one of the following two options: 20% of the qualified units are rent restricted and occupied by households with incomes at or below 50% of the median income (Note: No Tax Credit Eligble Units in the the project can exceed 50% of median income) 40% of the qualified units are rent restricted and occupied by households with incomes at or below 60% of the median income (Note: No Tax Credit Eligble Units in the the project can exceed 60% of median income) If requesting RPP funds: 40% of the qualified unit are occupied by households with incomes at or below 50% of median income.
State Tax Credit and QAP Targeting Points: High Income county: At least twenty-five percent (25%) of qualified units will be affordable to households with incomes at or below thirty percent (30%) of county median income. At least twenty-five percent (25%) of qualified units will be affordable to and occupied by households with incomes at or below thirty percent (30%) of county median income.
At least fifty percent (50%) of qualified units will be affordable to 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 and occupied by households with incomes at or below forty percent (40%) of county median income. 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. 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 mortgage subsidy 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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Full Application Checklist

PLEASE indicate which of the following exhibits are attached to your application. Others may be required as noted. A Nonprofit Organization Documentation or For-profit Corporation Documentation B Current Financial Statements/Principals and Owners C Ownership Entity Agreement, Development Agreement or any other agreements governing development services D Management Agent Agreement E Development and manager multi-family experience & Management Questionnaire (Appendix C) F Letters from State Housing Agencies or designated monitoring agent verifying Out of State Management Experience G Completed IRS Form 8821 (Appendix I) H Permitted zoning letter (including conditional and special use) I Site plan, floor plans and elevations
J Hazard and structural inspection and termite reports (Renovation projects only) K Description of any existing conditions of historical significance. L Description of environmental significance. M Anticipated budget demonstrating how the project would meet the 10% test by November 14th. N Evidence of Architect's Errors and Omissions insurance (or equivalent). O Description of acquisition for existing/occupied projects or for projects with occupied buildings to be demolished. P Description of proposed Relocation Plan & Relocation Budget, Etc. If any relocation is anticipated, reference Appendix F. Q Targeting Plan and supporting documentation (Required for projects targeted to Special Populations) R Local Housing Authority Agreement (Reference Model in Appendix I) S Appraisal (for land costs greater than $5,000 and for buildings in rehab projects) T Evidence of Permanent Loan Commitment, other sources of funds, and project-based subsidies. U Statement regarding terms of Deferred Developer Fee and, if nonprofit, resolution of Board approving fee. V Inducement Resolution (Tax-Exempt Bond Financed Projects only) W Documentation to support estimated utility costs.
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The Villas at Twin Cedars

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Print Preview - Final Application

Project Name and Location

Census Tract: 104

Jurisdiction CEO Name: First: G. Rudy

Site Latitude: Site Longitude:

Proposed number of residential buildings: 8 Types of Units:* Project Includes:

Maximum number of stories in buildings: 1

Total Net Sq. Ft. (All Heated Areas): 31,861

Is the demolition of any buildings required or planned? No If yes, please describe:

First Name: Kenneth Address: City: Phone: EMail:

Fax: (336)725-0460 Nonprofit: Yes TaxID 56-2168123

Associated Land Group, Inc. Last Name: Fusaro Function: Member

First Name: Gregg Address: City: Phone: EMail:

4334 Glendale-Milford Road Cincinnati (513)588-1000 gfusaro@mvcommunities.com State: OH Zip: 45242

Fax: (513)588-1615 Nonprofit: No TaxID 31-1217485

Miller-Valentine Apartments II, Ltd. Last Name: Liette Function: Member

First Name: Dave Address: City: Phone: EMail:

4000 Miller-Valentine Court Dayton (937)293-0900 dliette@mvg.com State: OH Zip: 45439

Fax: (937)299-1564 Nonprofit: No TaxID 31-1476491

Utilites included in rents:

Utilites included in rents:

Units targeted at 40 targeted at 50 targeted at 60 targeted at 40 targeted at 50 targeted at 60

Total Low Income Units:

Amount 675,677 0 0 0 280,000 0 0 0 0 646,113 0 1,981,132 0 0 224 0 0 3,583,146

Year: Amt: Year: Amt:

45 Operating Reserve 46 47 Other Reserve (Specify) Other Reserve (specify)

Market Study Information

Front Gables or Dormers Other:

Wide Banding or Vertical/Horizontal Siding

Ceramic Tile Electric Pump

Applicant's Site Evaluation

will impede development or use of the site.

Contact Name: First: John

Architect Company: Address: City: Phone

Contact Name: First: John

Attorney Company: Address: City: Phone

Contact Name: First: Ron

Investor Company: Address: City: Phone

Contact Name: First: Chuck

Contact Name: First: Bill

Project Team Experience

If Other, specify the type of Federal subsidy:

Projected Operating Costs

250 750 600

1,750 250 7,500 750 750 250

26,375 10,000 2,000

12,000 10,000 10,000 136,238 99,113 40 2,477

Projected Cash Flow Year One

225,187 15,763 209,424

20-Year Cash Flow

SEER: 11 Model: TTN018D100A

Other Heat Systems

SEER: 11 Model: VL24-282T+D+8KW+DS

0 0 2,120 0 14,000 29,000

2,040 16,540 32,480 0 0 0 22,500

2,040 16,540 34,600 0 14,000 29,000 22,500 0

Costs - Bond Costs

Costs - Bond Issuance

Full Application Checklist

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