Professional Documents
Culture Documents
Page 1 of 36
Is project in Qualified Census Tract & Difficult to Develop area? Yes Does a community revitalization plan exist? Yes Political Jurisdiction: Jurisdiction Address: Jurisdiction City: Jurisdiction Phone: 12th Congrssional District Last: Joines Title: Mayor P. O. Box 2511 Winston-Salem (336)727-2058 Zip: 27102
36.100 -80.244
https://www.nchfa.org/Rental/RTCApp/(kethihf4xlxijo55ahl2o145)/site/PrintApp.aspx?II...
1/14/2005
Print - APP04-0102
Page 2 of 36
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 project based federal rental assistance? Yes If yes, provide the subsidy source: HUD and number of units: 100
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 the units required by other federal and state codes.) Persons with disabilities or homeless populations: the greater of 5 units or 10% of the total units Remarks: The ownership entity has entered into an MOU with CenterPoint Human Services of Winston-Salem to act as "Lead Agency" in the provision of services to the disabled/homeless. CenterPoint currently has an MOU with the Housing Authority of Winston-Salem to provide services for public housing residents. A targeting plan has been completed and submitted to the North Carolina Dept. of Health and Human Services for review and certification for 10 set-aside units. The owner entity has also secured a commitment for project-based Section 8 Housing Choice Vouchers and has agreed to set aside 10 of those vouchers for the targeted population.
https://www.nchfa.org/Rental/RTCApp/(kethihf4xlxijo55ahl2o145)/site/PrintApp.aspx?II...
1/14/2005
Print - APP04-0102
Page 3 of 36
Applicant Information
Applicant Name: Address: City: Contact: Telephone: Eagan Partners, LLC 1415 Old Mill Circle Winston-Salem First: Gaye (336)765-0424 State: NC Zip: 27103 Last: Morgan Title: Member
Alt Phone:
(336)765-6551
Fax:
(336)765-3831
Email Address:
gmorgan@cmc-nc.com
https://www.nchfa.org/Rental/RTCApp/(kethihf4xlxijo55ahl2o145)/site/PrintApp.aspx?II...
1/14/2005
Print - APP04-0102
Page 4 of 36
Site Description
Total Site Acreage: 2.708 Total Buildable Acreage: 2.708 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
Is the demolition of any buildings required or planned? Yes If yes, please describe: The seller of the land, The Housing Authority of the City of Winston-Salem, has scheduled demolition of the buildings on the tax credit site. Demolition will be completed prior to purchase of the property by the Ownership Entity (11-1-04).
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? 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:
https://www.nchfa.org/Rental/RTCApp/(kethihf4xlxijo55ahl2o145)/site/PrintApp.aspx?II...
1/14/2005
Print - APP04-0102
Page 5 of 36
https://www.nchfa.org/Rental/RTCApp/(kethihf4xlxijo55ahl2o145)/site/PrintApp.aspx?II...
1/14/2005
Print - APP04-0102
Page 6 of 36
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? Yes If yes, specify the relationship: Forsyth Economic Ventures, Inc, .a member of HHG I, LLC is a not-for-profit corporation established by the seller of the land, The Housing Authority of the City of Winston-Salem.
Purchase Price:
(c) Enter the current expiration date of the option/contract to purchase: 12/31/2004 (D) Enter Purchase Price: 124,800
https://www.nchfa.org/Rental/RTCApp/(kethihf4xlxijo55ahl2o145)/site/PrintApp.aspx?II...
1/14/2005
Print - APP04-0102
Page 7 of 36
Zoning
Present zoning classification of the site: RMU-S 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? Yes If yes, have the hearings been completed and permits been obtained? Yes If yes, specify permit or variance required and date obtained. If no, describe permits/variances required and schedule for obtaining them: Special Use Permit obtained March 1, 2004. Copy of approval and resolution attached to zoning letter.
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:
https://www.nchfa.org/Rental/RTCApp/(kethihf4xlxijo55ahl2o145)/site/PrintApp.aspx?II...
1/14/2005
Print - APP04-0102
Page 8 of 36
Ownership Entity
Owner Name: HHG I, LLC Address: City: P. O. Box 25168 Winston-Salem State: NC Zip: 27114-5168 56-2422996 (If assigned) (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:
South Salem Development, LLC (Managing Member of HHG I, LLC) Last Name: Behringer Function: Managing Member
First Name: Peter Address: City: Phone: EMail: 1012 N Street, NW Washington (202)216-2918
State: DC
Zip: 20001
behringer@tcgdevelopment.com
Org:
Forsyth Economic Ventures, Inc. (Special Managing Member of HHG I, LLC) Last Name: Lawrence Function: Corp Member
First Name: Reid Address: City: Phone: EMail: 901 Cleveland Avenue Winston-Salem (336)727-8500 adevlin@haws.org
State: NC
Zip: 27101
Org:
Plaza West Development, LLC (Member of South Salem Development, LLC) Last Name: Eagan, Jr. Function: Member
First Name: John Address: City: Phone: EMail: 1415 Old Mill Circle Winston-Salem (336)765-6551 jeagan@cmc-nc.com
State: NC
Zip: 27103
Org:
TCG Development Services, LLC (Managing Member of South Salem Development, LLC) Last Name: Behringer Function: Member
First Name: Peter Address: City: Phone: EMail: 1012 N Street, NW Washington (202)216-2918
State: DC
Zip: 20001
https://www.nchfa.org/Rental/RTCApp/(kethihf4xlxijo55ahl2o145)/site/PrintApp.aspx?II...
1/14/2005
Print - APP04-0102
Page 9 of 36
behringer@tcgdevelopment.com
52-2143055
https://www.nchfa.org/Rental/RTCApp/(kethihf4xlxijo55ahl2o145)/site/PrintApp.aspx?II...
1/14/2005
Print - APP04-0102
Page 10 of 36
Unit Mix
The Median Income for Forsyth county is $56,100. Low Income Units Type Gdn Apt Gdn Apt Gdn Apt # BRs Net Sq.Ft. 1 1 1 676 676 676 Total # Units 25 25 50 # Units 4 2 4 Monthly Rent 252 358 435 Electric Utility Allowance 63 63 63 Gas Mandatory Serv. Fees 0 0 0 Other Trash **Total Housing Exp. 315 421 498
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............... 100 10 37000 100 Gross Monthly Rental Income 37000
Units 10
Separate community building - Sq. Ft. (Floor Area): Community space within residential bulding(s) - Sq. Ft. (Floor Area): 5,553 Elevators - Number of Elevators: 1 Square Footage Information Gross Floor Square Footage: 100,689
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.
https://www.nchfa.org/Rental/RTCApp/(kethihf4xlxijo55ahl2o145)/site/PrintApp.aspx?II...
1/14/2005
Print - APP04-0102
Page 11 of 36
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 25 75
100
Note: This number should match the total number of low income units in the Unit Mix section.
https://www.nchfa.org/Rental/RTCApp/(kethihf4xlxijo55ahl2o145)/site/PrintApp.aspx?II...
1/14/2005
Print - APP04-0102
Page 12 of 36
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: HAWS HOPE VI 1st Mortgage Other Loan 2 - Specify: HAWS HOPE VI 2nd Mortgage 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
1,350,000 1,500,000
5.20 0.00
50 50
50 50
908,163
30
30
5,539,479
2,330
9,299,972
* "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. 77 Remarks concerning project funding sources: (Please be sure to include the name of the funding source(s)) HAWS - 1st mortgage loan is at AFR (estimated to be 5.2%) for fifty years with payments based on 50% of remaining cash flow with balloon at end of term. HAWS - 2nd mortgage loan is at 0% for 50 years with balloon at the end of the 50 year term.
Loans with Variable Amortization Please fill in the annual debt service as applicable for the first 20 years of the project life.
https://www.nchfa.org/Rental/RTCApp/(kethihf4xlxijo55ahl2o145)/site/PrintApp.aspx?II...
1/14/2005
Print - APP04-0102
Page 13 of 36
Other Loan 1 - HAWS HOPE VI 1st Mortgage Year: Amt: Year: Amt: 1 39964 11 30448 2 39457 12 28835 3 38866 13 27074 4 38187 14 25154 5 37413 15 23068 6 36539 16 20805 7 35559 17 18356 8 34467 18 15711 9 33256 19 12859 10 31919 20 9788
Other Loan 2 - HAWS HOPE VI 2nd Mortgage 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
https://www.nchfa.org/Rental/RTCApp/(kethihf4xlxijo55ahl2o145)/site/PrintApp.aspx?II...
1/14/2005
Print - APP04-0102
Page 14 of 36
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 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) 103,728 43,400 Soft Cost Contingency Other Non-basis Expense (specify) SUBTOTAL (lines 36 through 43) 44 Rent up Reserve 1,104,516 30,000 882,388 882,388 10,000 375,957 35,000 50,000 49,379 10,763 1,500 600 52,500 199,742 75,000 75,000 35,000 50,000 49,379 10,763 344,700 121,794 487,176 200,960 99,000 29,720 7,028,350 50,540 35,000 142,917 6,000 3,000 30,000 75,000 7,500 12,000 4,000 50,540 35,000 142,917 6,000 3,000 30,000 75,000 7,500 12,000 4,000 344,700 121,794 487,176 200,960 99,000 29,720 5,200,000 5,200,000 545,000 545,000 TOTAL COST Eligible Basis 30% PV 70% PV 0
41 Rent-up Expenses
https://www.nchfa.org/Rental/RTCApp/(kethihf4xlxijo55ahl2o145)/site/PrintApp.aspx?II...
1/14/2005
Print - APP04-0102
Page 15 of 36
190,607 246,000
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 Applicable Fraction (percentage of LI Units) 55 Basis Before Boost 56 Boost for QCT/DDA (if applicable, enter 130%) 57 TOTAL QUALIFIED BASIS 58 Tax Credit Rate 59 Federal Tax Credits at Estimated Rate 60 Federal Tax Credits at 8.5% or 3.75% 61 Federal Tax Credits Requested 62 Land Cost 63 TOTAL REPLACEMENT COST Comments: Line 16 represents construction lender's inspection fees. Line 19 includes civil engineering fees.
9,175,172
8,496,837 1,500,000
0 6,996,837 100.00% 6,996,837 9,095,888 719,484 773,150 0 124,800 9,299,972 0 100% 0 130.00% 0 0.00% 0 0 6,996,837 100% 6,996,837 130.00% 9,095,888 7.91% 719,484 773,150
https://www.nchfa.org/Rental/RTCApp/(kethihf4xlxijo55ahl2o145)/site/PrintApp.aspx?II...
1/14/2005
Print - APP04-0102
Page 16 of 36
https://www.nchfa.org/Rental/RTCApp/(kethihf4xlxijo55ahl2o145)/site/PrintApp.aspx?II...
1/14/2005
Print - APP04-0102
Page 17 of 36
Have you built other tax credit developments that use the same building design as this project? Yes If yes, please provide name and address: Azalea Terrace 100 Azalea Terrace Court Winston-Salem, NC 27105 Completed in 2001, this development is very similar in scope and construction to the proposed project.
Site Amenities (check all that apply): Community Bldg - Sq Ft: 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: 832 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: The Housing Authority of the City of Winston-Salem through it's CSS program will be primarily responsible for the coordination of social services and recreational activities for the residents of the community. They have entered into MOU's with a number of social service organizations that will provide services directly to the residents. Some of the programs include educational seminars, computer classes, craft classes, health screenings, exercise classes, credit counseling and other social and recreational activities. The Lounge/Library will contain books, board games, puzzles, and a TV area with VCR/DVD and sitting area for leisure activities. The Activity/Dining room will have a full kitchen with all appliances for use by the residents for potluck dinners, holiday gatherings and resident council meetings. Other common spaces for resident activity include computer room with internet access, exercise room and beauty shop. In addition to the on-site activities, the Housing Authority of the City of Winston-Salem intends to renovate the existing Community Center (old Day Care Center) to provide a "One Stop Shop" for community and resident services, social activities and educational programs that will be available for all residents of the proposed development. Landscaping Plans: Throughout the property 40+ year old Oak trees line and provide a canopy over the streets of the neighborhood. Every precaution will be taken to protect and maintain these trees. It is our intent to supplement additional plantings on the site in addition to the already existing mature trees that can be retained.
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
Heating/Cooling:
Do you plan to submit additional market data (market study etc ) that you want considered?
https://www.nchfa.org/Rental/RTCApp/(kethihf4xlxijo55ahl2o145)/site/PrintApp.aspx?II...
1/14/2005
Print - APP04-0102
Page 18 of 36
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.
https://www.nchfa.org/Rental/RTCApp/(kethihf4xlxijo55ahl2o145)/site/PrintApp.aspx?II...
1/14/2005
Print - APP04-0102
Page 19 of 36
Suitability of surrounding development. Land use pattern is primarily residential (single and multifamily housing) with a balance of other uses (particularly retail and amenities). Amount and character of vacant, undeveloped land. Effect of industrial, large-scale institutional or other incompatible uses: wastewater treatment facilities, high traffic corridors, junkyards, prisions, 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 land use pattern in the immediate project area, the Happy Hill neighborhood, is predominantly residential, with a commercial strip adjacent to the south along Waughtown Street.
https://www.nchfa.org/Rental/RTCApp/(kethihf4xlxijo55ahl2o145)/site/PrintApp.aspx?II...
1/14/2005
Print - APP04-0102
Page 20 of 36
Land use in the general project area, the Southeast Gateway area, is predominantly institutional and includes Old Salem, Salem Academy & College, North Carolina School of the Arts, and two large public parks. Winston-Salem State University, the Piedmont Triad Research Park, and downtown Winston-Salem are located approximately 1 mile from the project site. The location of the project site is ideal to provide high quality mixed income housing for staff, faculty and students of the surrounding institutions, as well as downtown office and research park workers. The area is well served by public and institutional services. Schools, parks, recreational amenities and community centers are located within mile, a comfortable walking distance, of the proposed site. The sites proximity to recreational amenities is particularly outstanding. Happy Hill Park is located across the street from the project site. Along with its adjacent sister park, Central Park, Happy Hill Park offers athletic fields, tennis courts, a swimming pool and a playground. The 4.5 mile Salem Creek Greenway runs through the Parks, safely linking pedestrians and bicyclists to retail opportunities, Winston-Salem State University and 4 other City parks, including the 2,500 acre Salem Lake Park. While there are some retail/commercial services, such as gas stations, convenience stores, restaurants and a credit union within mile of the project site, the area is generally lacking in retail, medical and professional services. Fortunately, the road and mass transit systems provide fairly easy access to such uses, which are abundantly located within 2 miles of the project site. (See Neighborhood Features Map attached.) Construction of Southeast Gateway Village projected for 2005 will increase the supply of good and services available in close proximity to the project site. The incompatible uses in the project area include: power transmission lines immediately adjacent to the site and unattractive commercial uses to the south on Waughtown Street. The project has been designed to orient to the north, away from these uses. Near the project site there is a stream with steep overgrown slopes, and extensive floodplain area northwest of the project site in Happy Hill Park. The power lines and the existing condition of the stream area have an indirect negative visual impact on the site. The Happy Hill Gardens HOPE VI Master Plan shows the stream area to be cleaned and restored to serve as a green space amenity for the area, as the floodplain in Happy Hill Park currently does. 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). While the streets providing access to the site are currently adequate, improvements to roads in the general area are underway. The project site is on Mock Street which can be accessed from either the east or the west. The access from the west via Alder and Waughtown is considered the primary access. Construction of the Southeast Gateway Traffic Circle is now underway approximately mile west of the project site at the intersection of Waughtown Street, Main Street, and Salem Avenue. The purpose of the traffic circle is to improve traffic flow in the area and to provide as central focal point for area institutions, including Old Salem, Salem Academy & College, North Carolina School of the Arts, and Winston-Salem State University, as well as a gateway into downtown Winston-Salem. The $8.6 million North Carolina Department of Transportation project includes a slight realignment of Alder Street at its intersection with Waughtown Street, near the project site. The Traffic Circle project, including the Alder Street intersection work, will be completed in the summer of 2005. The site is well served by mass transit buses of Winston-Salem Transit Authority. Route #3 travels immediately adjacent to the project site on Mock Street, taking passengers to Winston-Salem State University, East Winston, downtown, and the Transit Center for transfers. Route #29 travels along Waughtown Street with a stop less than mile from the project site, taking passengers to southeast Winston-Salem, Old Salem, and downtown. Both of these routes provide evening service. The streets within the Happy Hill Gardens community are in good condition but some demolition is required to improve road land use patterns. The City of Winston-Salem has committed $1,000,000 to assist in the public infrastructure improvements needed for the overall revistalization. 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. Although there are some negative features adjacent to and in the general area of the project, there are none on site. Existing residential buildings will be demolished to construct the proposed project and no environmental problems are anticipated. The number of off-street parking spaces to be provided is generous and significantly exceed local zoning requirements.
https://www.nchfa.org/Rental/RTCApp/(kethihf4xlxijo55ahl2o145)/site/PrintApp.aspx?II...
1/14/2005
Print - APP04-0102
Page 21 of 36
Similarity of scale and aesthetics/architecture between project and surroundings. The proposed senior building will be a three story structure which is greater in scale and height than the residential buildings currently surrounding neighborhood. However, the site and building are designed to minimize negative impacts and be compatible with the surrounding area. The architectural features of the building will reflect the history of the neighborhood and Old Salem, which is just across Salem Creek and can be seen from the project. An open space/recreation area has been placed at the entrance to the project at Alder and Mock Streets, across the street from Happy Hill Park. The open space will not only provide an attractive, inviting green area at the entrance to the project, but will also soften and reduce the perception of the buildings scale. Other recreational areas include a walking trail, horseshoe pit, picnic area, gazebo and garden spaces provided on site to enhance aesthetics and for the benefit of residents. For each applicable neighborhood feature, enter distance from project in miles. 1.2 1.2 .2 .01 .25 .01 .01 .3 .01 .2 .01 .3 .25 Grocery Store Mall/Strip Center Outdoor Athletic Fields Day Care/After School Schools .01 1.75 1.25 1.5 1.5 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 .5 Convenience Store Basketball/Tennis Courts Public Parks Gas Station Library Fitness/Nature Trails Public Swimming Pools .5 .75 1.4 1.25 1.2 1.4
Other facilities or services: City Hall is 1.1 miles, Piedmont Triad Reserach Park is 1.2 miles, Downtown Central is 1.3 miles, Courthouse & Social Service is 1.3 miles, NC School of the Arts is .2 miles, Old Salem is .2 miles, Salem College is .4 miles and Winston-Salem State University is .9 miles.
https://www.nchfa.org/Rental/RTCApp/(kethihf4xlxijo55ahl2o145)/site/PrintApp.aspx?II...
1/14/2005
Print - APP04-0102
Page 22 of 36
Development Team
Provide contact information for development team members below: Management Agent Company: Community Management Corporation Address: City: Phone P. O. Box 25168 Winston-Salem (336)765-0424 State: NC Zip: 27114-5168 Email: gmorgan@cmc-nc.com Last: Morgan
JDavis Architects 510 Glenwood Avenue, Suite 201 Raleigh (919)835-1500 State: NC Zip: 27603 Email: jeffd@jdavisarchitects.com Last: Davis
Blanco, Tackabery, Combs and Matamoros 110 South Stratford Road, Suite 500 Winston-Salem (336)293-9013 State: NC Zip: 27103 Email: ram@btcmlaw.com Last: Matamoros
Enterprise Social Investment Corporation 10227 Wincopin Circle, Suite 800 Columbia (703)237-4190 State: MD Zip: 21044-3400 Email: cirving@esic.org Last: Irving
Consultant/Application Preparer (if different from developer) Company: Address: City: Phone Contact Name: First: State: Email: Last: Zip:
Identity of Interest?
(336)765-0424
https://www.nchfa.org/Rental/RTCApp/(kethihf4xlxijo55ahl2o145)/site/PrintApp.aspx?II...
1/14/2005
Print - APP04-0102
Page 23 of 36
Management List number of low-income housing tax credit units managed in the past 10 years: North Carolina Other States Projects: Units: 63 3,497
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? Yes
https://www.nchfa.org/Rental/RTCApp/(kethihf4xlxijo55ahl2o145)/site/PrintApp.aspx?II...
1/14/2005
Print - APP04-0102
Page 24 of 36
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: $ $ 1,500,000 $ Yes No Yes Yes Yes
https://www.nchfa.org/Rental/RTCApp/(kethihf4xlxijo55ahl2o145)/site/PrintApp.aspx?II...
1/14/2005
Print - APP04-0102
Page 25 of 36
3,600 103,800
28,000 2,500
https://www.nchfa.org/Rental/RTCApp/(kethihf4xlxijo55ahl2o145)/site/PrintApp.aspx?II...
1/14/2005
Print - APP04-0102
Page 26 of 36
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
https://www.nchfa.org/Rental/RTCApp/(kethihf4xlxijo55ahl2o145)/site/PrintApp.aspx?II...
1/14/2005
Print - APP04-0102
Page 27 of 36
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)
341,250 79,929
39,964
39,965 2
* 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".
https://www.nchfa.org/Rental/RTCApp/(kethihf4xlxijo55ahl2o145)/site/PrintApp.aspx?II...
1/14/2005
Print - APP04-0102
Page 28 of 36
Design Features
ITEM Foundation/Slab Components Primary Windows DESCRIPTION 4" slab on grade Make: Moss Model: 1738
Type/Construction: vinyl therman break Exterior Doors Siding Type: insulated steel Type: Reynolds Warranty: life time Exterior Trim Shingles PVC & aluminum coil stock Type: Owen Corning Warranty: 25 year Sprinkler System Cabinets Heat Pump NFPA BR KCI 300 (NKCA) Certified Cabinet SEER: 12 Model: A2H150 Air Conditioner SEER: 12 Model: A2H150 Other Heat Systems SEER: 12 Model: 38BYC024 Make: Carrier Make: General Electric Make: General Electric Weight: 225 Frames: metal Grade/Thickness: .44
https://www.nchfa.org/Rental/RTCApp/(kethihf4xlxijo55ahl2o145)/site/PrintApp.aspx?II...
1/14/2005
Print - APP04-0102
Page 29 of 36
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 9,328 40,810 3,265 48,972 0 60,399 3,265 10,317 186,560 1,772 91,414 12,406 131,525 1,119 80,463 73,038 46,174 34,887 48,972 2,798 15,111 3,265 0 58,300 13,920 4,664 32,648 3,731 0 122,430 29,383 48,972 0 112,169 20,055 63,374 186,560 33,674 95,146 164,826 8,395 26,865 343,028 178,818 163,706 123,689 20,988 11,194 35,260 29,383 55,968 58,300 55,680 4,664 130,592 933 0 LABOR 9,468 16,790 62,964 8,862 20,242 51,304 41,976 398,306 MATERIAL 23,180 1,866 146,916 8,862 8,675 51,304 0 739,710 193,090 TOTAL 32,648 18,656 209,880 17,724 28,917 102,608 41,976 1,138,016 193,090 9,328 163,240 32,648 97,944 0 172,568 23,320 73,691 373,120 35,446 186,560 177,232 139,920 27,984 423,491 251,856 209,880 158,576 69,960 13,992 50,371 32,648 55,968 116,600 69,600 9,328 163,240 4,664 0
https://www.nchfa.org/Rental/RTCApp/(kethihf4xlxijo55ahl2o145)/site/PrintApp.aspx?II...
1/14/2005
Print - APP04-0102
Page 30 of 36
Mirror/Shower Door/Encls. Hardware/Bath Access. Appliances Playground Equipment Interior Clean Exterior Clean/Dumpster Rental Other 1 (specify in Remarks) Other 2 (specify in Remarks) Total Cost Remarks:
https://www.nchfa.org/Rental/RTCApp/(kethihf4xlxijo55ahl2o145)/site/PrintApp.aspx?II...
1/14/2005
Print - APP04-0102
Page 31 of 36
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 Office Supplies Security/Watchman Project Signage Tools and Equipment Gas, Oil, and Maintenance 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: 344,700 55,545 18,000 550 1,780 30,000 12,000 7,000 1,850 3,025 37,000 6,800 TOTAL 150,000 18,500 2,650
https://www.nchfa.org/Rental/RTCApp/(kethihf4xlxijo55ahl2o145)/site/PrintApp.aspx?II...
1/14/2005
Print - APP04-0102
Page 32 of 36
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 Dumpster Pads/Fencing Fencing/Gates Landscaping/Topsoil Rock and Hardpan Excavation Site Supervision Personnel Other (specify in Remarks) Total Cost Remarks: 545,000 39,550 36,000 101,000 48,000 58,000 89,000 24,000 18,000 2,650 8,900 16,900 TOTAL 25,000 78,000
https://www.nchfa.org/Rental/RTCApp/(kethihf4xlxijo55ahl2o145)/site/PrintApp.aspx?II...
1/14/2005
Print - APP04-0102
Page 33 of 36
https://www.nchfa.org/Rental/RTCApp/(kethihf4xlxijo55ahl2o145)/site/PrintApp.aspx?II...
1/14/2005
Print - APP04-0102
Page 34 of 36
https://www.nchfa.org/Rental/RTCApp/(kethihf4xlxijo55ahl2o145)/site/PrintApp.aspx?II...
1/14/2005
Print - APP04-0102
Page 35 of 36
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.
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.
https://www.nchfa.org/Rental/RTCApp/(kethihf4xlxijo55ahl2o145)/site/PrintApp.aspx?II...
1/14/2005
Print - APP04-0102
Page 36 of 36
J Local Government Letter Confirming Zoning (original on letterhead, no fax or photocopies) K Copy of certificate of occupancy or proof of placed-in-service date (Rehabs Only) L Site plan, floor plans and elevations M Hazard and structural inspection and termite reports (Renovation projects only) N Anticipated budget demonstrating how the project would meet the 10% test by November 14th. O Evidence of Architect's Errors and Omissions insurance (or equivalent). P Description of acquisition for existing/occupied projects or for projects with occupied buildings to be demolished. Q Description of proposed Relocation Plan & Relocation Budget, Etc. If any relocation is anticipated, reference Appendix F. R Targeting Plan and supporting documentation (Required for all projects) S Local Housing Authority Agreement (Reference Model in Appendix I) T Appraisal (for land costs greater than $5,000 and for buildings in rehab projects) U Evidence of Permanent Loan Commitment, other sources of funds, and project-based subsidies. V Statement regarding terms of Deferred Developer Fee and, if nonprofit, resolution of Board approving fee. W Inducement Resolution (Tax-Exempt Bond Financed Projects only) X Documentation to support estimated utility costs.
https://www.nchfa.org/Rental/RTCApp/(kethihf4xlxijo55ahl2o145)/site/PrintApp.aspx?II...
1/14/2005