Clayton Green

8/6/2019 Clayton Green

1/23

rint - APP09-0068

Print Preview - PreliminaryApplicationTax Credits, RPP Loans, and/or Tax Exempt Bond Loans

roject Description

oject Name: Clayton Green Apartments

ddress: East Wilson Street

ty: Clayton County: Johnston Zip:

ensus Tract: 410 Block Group: 4

project in Qualified Census Tract or Difficult to Develop Area? No

e you requesting the basis boost under section II(E)(4) of the QAP? No

olitical Jurisdiction: Johnston County

risdiction CEO Name:First:Steve Last:Biggs

Title: Town Manager

risdiction Address: Post Office Box 879

risdiction City: Clayton Zip:

risdiction Phone:

te Latitude:

te Longitude:

oject Type: New Construction

Is this project a previously awarded tax creditdevelopment?

w Construction/Adaptive Reuse:his project a follow-on (Phase II, etc) to a previously-awarded tax credit development project? No

If yes, list names of previous phase(s):

ehab:

umber of residents holding Section 8uchers:

l the project meet Energy Star standards as defined in Appendix B? Yes

es a community revitalization plan exist? No

ll the project use steel and concrete construction and have at least 4 stories? No

ttps://www.nchfa.org/Rental/RTCApp/(S(3sc0j4vtu...C2763A5568&SNID=1F4B700AFECF4B58B92AD792D852811B (1 of 23)4/14/2009 12:44:51 PM

27520

27520

(919)553-1530

35.657411

-78.454763


2/23

rint - APP09-0068

ll the project include a Community Service Facility under IRS Revenue Ruling 2003-77?o

If yes, please describe:

rget Population:Family

ll the project be receiving project based federal rental assistance? No

If yes, provide the subsidy source: and number of units:



3/23

rint - APP09-0068

pplicant Information

icate below an individual or a validly existing entity (a corporation, nonprofit, limited partnership or LLC) as the official applicant. UAP Section III(C)(5) only this individual or entity will be able to make decisions with regard to this application. If awarded the applica

st become part of the ownership entity. The applicant will execute the signature page for this application.

pplicant Name: United Developers, Inc.

ddress: 2939 Breezewood Avenue Suite 201

ty: Fayetteville State: NC Zip:

ontact: First: Murray Last:Duggins Title:Chairman

elephone:

t Phone:

ax:

mail Address:

OTE: Email Address above will be used for communication between NCHFA and Applicant.


28303

(910)485-6600

(910)485-6600

(910)483-4274

[email protected]


4/23

rint - APP09-0068

te Description

tal Site Acreage: Total Buildable Acreage:

If buildable acreage is less than total acreage, please explain:

A pond is located on the site.

ntify utilities and services currently available (and with adequate capacity) for this site:

Storm Sewer Water Sanitary Sewer Electric

he demolition of any buildings required or planned? No

If yes, please describe:

e 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?

he site directly accessed by an existing, paved, publicly maintained road? Yes

If no, please explain:

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:


10.87 9.76


5/23

rint - APP09-0068

(b) Describe flood mitigation if the project will have improvements within the 100 year floodplain:



6/23

rint - APP09-0068

te Control

es the owner have fee simple ownership of the property (site/buildings)?No

If yes provide:

Purchase Date: Purchase Price:

If no:

(a) Does the owner/principal or ownership entity have valid option/contract to purchase the property?Yes

(b) Does an identity of interest (direct or indirect) exist between the owner/principal or ownership entity with the option/contractpurchase of the property and the seller of the property?NoIf yes, specify the relationship:

(c) Enter the current expiration date of the option/contract to purchase:

(D) Enter Purchase Price:


10/31/2009

375,000


7/23

rint - APP09-0068

oning

esent zoning classification of the site:R-8 Residential

multifamily use permitted?Yes

e variances, special or conditional use permits or any other item requiring a public hearing needed to develop this proposal?Yes

If yes, have the hearings been completed and permits been obtained?No

If yes, specify permit or variance required and date obtained. If no, describe permits/variances required and schedule forobtaining them:

A Special Use Permit will be requried. Planning Board and Town Council approval will be complete by May2009.

e there any existing conditions of historical significance located on the project site that will require State Historic Preservation officeiew?No

If yes, describe below:

e there any existing conditions of environmental significance located on the project site?No

If yes, describe below:



8/23

rint - APP09-0068

wnership Entity

wner Name: Clayton Green Associates Limited Partnership

dress: 2939 Breezewood Avenue, Suite 201

y: Fayetteville State:NC Zip:

deral Tax ID Number of Ownership Entity: (If assigned)

ote: Do not submit social security numbers for individuals.

ntity Type: Limited Partnership

ntity Status: To Be Formed

the applicant requesting that the Agency treat the application as Non-Profit sponsored? No

the applicant requesting that the Agency treat the application as CHDO sponsored? No

st all general partners, members,and principals. Specify nonprofit corporate general partners or members.ick [Add] to add additional partners, members, and principals.

Org: Clayton Green/Duggins LLC

rst Name: Murray Last Name: Duggins Function: Principal


ty: Fayetteville State: NC Zip: 28303

hone: Fax:

Mail: Nonprofit: No


rst Name: James Last Name: Smith Function: Principal

ddress: 2939 Breezewood Avenue Suite 201ty: Fayetteville State: NC Zip: 28303

hone: Fax:

Mail: Nonprofit: No


rst Name: Wade Last Name: Duggins Function: Principal



hone: Fax:

Mail: Nonprofit: No

Org: Duggins Family Limited Partnership

rst Name: Murray Last Name: Duggins Function: General Partner




28303

(910)485-6600 (910)483-4274

[email protected]

(910)485-6600 (910)483-4274

[email protected]

(910)485-6600 (910)483-4274

[email protected]


9/23

rint - APP09-0068

hone: Fax:

Mail: Nonprofit: No


(910)485-6600 (910)483-4274

[email protected]


10/23


11/23

rint - APP09-0068

Community space within residential bulding(s) - Sq. Ft. (Floor Area):

Elevators - Number of Elevators:

quare Footage Information

oss Floor Square Footage:

otal Net Sq. Ft. (All Heated Areas):

icate 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 state codes.)

Number of Units:

Number of Units Required:

Persons with disabilities or homeless populations.

Number of Units:

tes

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.

ttps://www.nchfa.org/Rental/RTCApp/(S(3sc0j4vt...2763A5568&SNID=1F4B700AFECF4B58B92AD792D852811B (11 of 23)4/14/2009 12:44:51 PM

90,060

84,080

8

8

8
http://www.nchfa.com/Rental/Mincomelimits.aspxhttp://www.nchfa.com/Rental/Mincomelimits.aspx


12/23

rint - APP09-0068

argeting

ecify Low Income Unit Targeting in table below. List each applicable targeting combination in a separate row below. Click [Add] ate another row. Click "X" (at the left of each row) to delete a row. Add as many rows as needed.

BRs Units %

targeted at percent of median income affordable to/occupied by






tal Low Income Units:

te: This number should match the total number of low income units in the Unit Mix section.


15 30

23 50

22 60

5 30

8 50

7 60

80


13/23

rint - APP09-0068

unding Sources

Source AmountNon-

Amortizing*Rate(%)

Term(Years)

Amort.Period(Years)

AnnualDebt

Service

Bank Loan

RPP Loan

Local Gov. Loan - Specify:

RD 515 Loan

RD 538 Loan - Specify:

AHP Loan

Other Loan 1 - 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**

"Non-amortizing" indicates that the loan does not have a fixed annual debt service. For these items, you must fill in 20-year debtservice below.

Total Sources must equal total replacement cost in Project Development Cost (PDC) section.

stimated pricing on sale of Federal Tax Credits: $0.

emarks concerning project funding sources:ease be sure to include the name of the funding source(s))


2,089,120 6.75 30 30 162,600

559,625 2.00 20 20

730,500 0 30 30 0

4,730,000

8,109,245

72


14/23

rint - APP09-0068

ans with Variable Amortizationease fill in the annual debt service as applicable for the first 20 years of the project life.

PP Loan

ear:mt:

1 2 3 4 5 6 7 8 9 10

ear:mt:

11 12 13 14 15 16 17 18 19 20


14000 14000 14000 15000 15000 15000 15000 15000 15000 14000

14000 13000 12000 12000 10000 9000 8000 6000 4000 2000


15/23

rint - APP09-0068

evelopment Costs

Item Cost Element TOTAL COSTEligible Basis

30% PV 70% PV

1 Purchase of Building(s) (Rehab / Adaptive Reuse only)

2 Demolition (Rehab / Adaptive Reuse only)

3 On-site Improvements

4 Rehabilitation

5 Construction of New Building(s)

6 Accessory Building(s)

7 General Requirements (max 6% lines 2-6)

8 Contractor Overhead (max 2% lines 2-7)

9 Contractor Profit (max 8% lines 2-7; 6% if Identity of Interest)

10 Construction Contingency (max 5% lines 2-9, Rehabs 10%)

11 Architect's Fee - Design (11 + 12 = max 3% lines 2-10)

12 Architect's Fee - Inspection

13 Engineering Costs

SUBTOTAL (lines 1 through 13)

14 Construction Insurance (prorate)

15 Construction Loan Orig. Fee (prorate)

16 Construction Loan Interest (prorate)

17 Construction Loan Credit Enhancement (prorate)

18 Construction Period Taxes (prorate)

19 Water, Sewer and Impact Fees

20 Survey

21 Property Appraisal

22 Environmental Report

23 Market Study

24 Bond Costs

25 Bond Issuance Costs

26 Placement Fee

27 Permanent Loan Origination Fee

28 Permanent Loan Credit Enhancement


674,372 674,372

4,327,000 4,327,000

300,082 300,082

106,029 106,029

318,087 318,087

171,767 171,767

110,000 110,000

6,007,337

33,501 33,501

120,000 120,000

31,000 31,000

225,000 225,000

4,500 4,500

2,500 2,500

4,300 4,300

21,900


16/23

rint - APP09-0068

29 Title and Recording


30 Real Estate Attorney

31 Other Attorney's Fees

32 Tax Credit Application Fees (Preliminary and Full)

33 Tax Credit Allocation Fee (0.62% of line 60, minimum $7,500)

34 Cost Certification / Accounting Fees

35 Tax Opinion

36 Organizational (Partnership)

37 Tax Credit Monitoring Fee


38 Furnishings and Equipment

39 Relocation Expense

40 Developer's Fee

41 Additional Contigency (greater of $500/unit or $30,000)

42

43

44 Rent-up Expense

45

46


47 Rent up Reserve

48 Operating Reserve

49

50

51 DEVELOPMENT COST (lines 1-49)

52 Less Federally Funded Grant

53 Less Disproportionate Standard

54 Less Nonqualified Nonrecourse Financing

55 Less Historic Tax Credit

56 TOTAL ELIGIBLE BASIS

57 Applicable Fraction (percentage of LI Units)


1,000

443,701

65,000 65,000

2,300

45,407

10,500 10,500

56,000

179,207

20,000 20,000

800,000 800,000

Other Basis Expense (s

Other Basis Expense (s

Other Non-basis Expen

Other Non-basis Expen

820,000

30,000

254,000

Other Reserve (specify) 0

Other Reserve (specify)

7,734,245 0 7,323,638

0

7,323,638 0 7,323,638

100.00% 100% 100%


17/23

rint - APP09-0068

58 Basis Before Boost

59 Basis Boost of up to 130%

60 TOTAL QUALIFIED BASIS

61 Tax Credit Rate

62 Federal Tax Credits (maximum $1,300,000)

63 Federal Tax Credits Requested (if less than line 62)

64 Land Cost

65 TOTAL REPLACEMENT COST

FEDERAL TAX CREDITS IF AWARDED

Comments:

Project Development Cost per unit54,088


7,323,638 0 7,323,638

100.00% 100.00%

7,323,638 0 7,323,638

3.50 9.00

659,127 0 659,127

0

375,000

8,109,245

659,127


18/23

rint - APP09-0068

arket Study Information

ease provide a detailed description of the proposed project:

ayton Green Apartments will be located on 10.86 acres in Johnston County. The development will be an unit multi-family complex consisting of 7 buildings. There will be 60 two bedroom apartments and 20

ree bedroom apartments. The rent structure has been made very affordable and will target those at 30%,% and 60% of the median income. All 60% units are affordable to those at 50% of the median income.

e surrounding area is mostly single family homes and a school is located across the street.

nstruction (check all that apply):

Brick Vinyl Wood HardiPlank Balconies/Patios Sunrooms Front Porches

Front Gables or Dormers Wide Banding or Vertical/Horizontal Siding

Other:

ve you built other tax credit developments that use the same building design as this project?Yes

If yes, please provide name and address:

Blanton Green I, II, III1024 Lauren McNeill LoopFayetteville, North Carolina 28303

Bunce Green Apartments1430 Distinct CircleFayetteville, North Carolina 28314

Crosswinds Green Apartments I, II3514 Town StreetHope Mills, North Carolina 28348

Eastside Green Apartments I, II708 Duggins WayFayetteville, North Carolina 28312

Golfview Apartments

4131 Fescue CourtHope Mills, North Carolilna 28348

Legion Crossing3600 Ireland DriveHope Mills, North Carolina 28348

Longview Apartments117 Longview DriveFayetteville, North Carolina 28311

Newberry Green Apartments-under construction411 Monroe Street



19/23

rint - APP09-0068

Newberry, South Carolina 29108

Palmer Green Aparments I, II380 W Palmer AvenueRaeford, North Carolina 28376

Raeford Green Apartments300 W Southern AvenueRaeford, North Carolina 28870

Riverview Green Apartments

507 Riverview CourtRoanoke Rapids,North Carolina 27870

Rosehill West Apartments1945 James Hamner WayFayetteville, North Carolina 28311

Southview Green Apartments3143 Round Grove PlaceHope Mills, North Carolina 28348

Southview Villas Apartments3315 Gibbon DriveHope Mills, North Carolina 28348

Tokay Green Apartments1928 United DriveFayetteville, North Carolina 28301

Wallstreet Green Apartment970 Wolfpack CourtSumter, South Carolina 29150-2685

Woodgreen Apartment I, II200 Bradford AvenueAberdeen, North Carolina 28315

e Amenities:

e site will include a playground, covered pinic area, sitting areas, tot-lot, gazebo and covered patio withating.

community building is also located on the site. It will include a resident computer center, equipped with 2mputer stations. A laundry room is also included in the community building, which is equipped with coinerated washer and dryers. Covered postal facilities are located in breezeway of each building.

te layout designed to promote a slow and controlled traffic flow.

site Activities:

upport Services Coordinator on site.

ndscaping Plans:

ndscaping will be above average with irrigation system. New tree and shrub plantings will be added toeate shaded spaces.



20/23

rint - APP09-0068

erior Apartment Amenities:

partments will include a range with hood, dishwasher, garbage disposal, frost free refrigerator, storage, W/hookups, mini-blinds, pantry, ceiling fans, carpet, vinyl, VCT, and HVAC. All bedrooms and living rooml be equipped with telephone jack and a cable connection. All appliances will meet Energy Star

quirements. All units will be fit with sprinklers.

you plan to submit additional market data (market study, etc.) that you want considered? No

If yes, please make sure to include the additional information in your pre-application packet.



21/23

rint - APP09-0068

pplicant's Site Evaluation

efly describe your site in each of the following categories:

EIGHBORHOOD CHARACTERISTICS

end and direction of real estate development and area economic health. Physical condition of buildings andprovements in the immediate vicinity. Concentration of affordable housing.

he neighborhood is well established and consists of nicely maintained single family homes. Within a few

ocks of the site is a newly developed middle income single family development. Across the street from theevelopment are well maintained family affordable housing units. An elementary school is across the streetso. Main Street is located approximately 0.5 miles away and offers greater shoppping opportunities.layton is experiencing rapid growth based on the expanding job market in Raleigh.

URROUNDING LAND USES AND AMENITIES

nd use pattern is residential in character (single and multifamily housing). Extent that the location isolated. Effect of industrial, large-scale institutional or other incompatible uses, including but not limited to:astewater treatment facilities, high traffic corridors, junkyards, prisons, landfills, large swamps, distribution

cilities, frequently used railroad tracks, power transmission lines and towers, factories or similar operations,urces of excessive noise, and sites with environmental concerns (such as odors or pollution). Amount andaracter of vacant, undeveloped land. The neighborhood is primarily residential. Retail and amenities are

cated on Main St. less than a mile away from the site. There is limited vacant land near the site and whenld would be residential.

TE SUITABILITY

dequate traffic safety controls (i.e. stop lights, speed limits, turn lanes). Burden on public facilitiesarticularly roads). Access to mass transit (if applicable). Visibility of buildings and/or location of project sign in relation to traffic corridors. The site is boarded by E. Wilson and Rosemary Streets. Both streets arede and well maintained. The site is easily accessible. Public transportation is not available in Clayton.

egree of on-site negative features and physical barriers that will impede project construction or adverselyect future tenants; for example: power transmission lines and towers, flood hazards, steep slopes, large

ulders, ravines, year-round streams, wetlands, and other similar features (for adaptive re-use projects-itability for residential use and difficulties posed by the building(s), such as limited parking, environmentaloblems or the need for excessive demolition).

here are no on site negative features to impede construction or adversley affect future tenants.

high fence will surround the pond that is located on the property.

milarity of scale and aesthetics/architecture between project and surroundings.

he design and layout of the project will compliment and enhance the existing area.

r each applicable neighborhood feature, enter distance from project in miles.

Grocery Store Community/Senior Center


8 2.1


22/23

rint - APP09-0068

Mall/Strip Center Hospital

Outdoor Athletic

eldsPharmacy

Day Care/After

choolBasic Health Care

SchoolsPublic Transportation

Stop

Convenience Store Public Parks

Gas Station Library

her facilities or services:

new Community Center is currently under construction and scheduled to open May, 2009.


.3 2.6

9.8

4.6

7 .7

7 .7


23/23

rint - APP09-0068

reliminary App Checklist

e following enclosures must be submitted along with your signed preliminary application. Some enclosures are required only undetain conditions. Please check each applicable item to indicate that you understand the enclosure requirements and will enclose threct supporting documentation with your application.

Fee PaymentCheck in the amount of $5,450.00 made payable to North Carolina Housing Finance Agency.

Tab A - Preliminary ApplicationPrinted, signed copy of preliminary application generated from online system.

B - Map/Driving InstructionsA local map clearly identifying the location of the Site and detailed directions to the Site. Current City or County maps are prefe

internet maps and directions are not acceptable. Applicant must also provide a map identifying the amenities listed in section(A)(1)(b)(ii) of the QAP and their proximity to the site.

Applicant must provide a sign and boundary markers to clearly identify the road frontage of the site. The sign identifying the sitshould read SITE with a minimum size of 11x17.

C - Community Revitalization Plan

Applicant should provide a map identifying the subject site within the Plan area (if applicable).D - Evidence of Site ControlProvide valid option/contract or warranty deed and plot plan.

E - Site Plans/Scope of WorkPreliminary site plan, floor plans and elevations for all projects, interior and exterior photographs and detailed scope of work foAdaptive Reuse and Rehab projects. Site and floor plans should be no larger than 11x17 and must be produced by a licensedarchitect or engineer.

F - Information Package for Market AnalystsThis section must include copies of items required in Tabs A, B, E and G (site and floor plans should be no larger than 11x17) can include any additional market information such as preliminary market studies the applicant would like to provide to theAnalysts.

G - Rent Roll (Rehabs only)

Provide the current rent roll for the property and indicate which units (if any) are receiving rental assistance.H - Documentation for Basis BoostApplicant should provide an appraisal and/or standard geological survey to support a request for the basis boost (if applicable)

Documents

Clayton Green