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Is project in Qualified Census Tract or Difficult to Develop Area?
New Construction/Adaptive Reuse:
Is this project a follow-on (Phase II, etc) to a previously-awarded tax credit development project?
If yes, list names of previous phase(s):If yes, list names of previous phase(s):
Will the project meet Energy Star standards as defined in Appendix B?
Does a community revitalization plan exist?
Target Population: Family
Will the project be receiving project based federal rental assistance?
If yes, provide the subsidy source:If yes, provide the subsidy source: and number of units:and number of units:
Indicate below any additional targeting for special populations proposed for this project:
Print Preview - Full Application
Tax Credits, RPP Loans, and/or Tax Exempt Bond Loans
Project Description
Project Name: Cleveland Green Apartments
Address: Off Bratton Drive Extension
City: Garner County: Johnston Zip: 27529
Census Tract: 411 Block Group: 3
No
Political Jurisdiction: Johnston County
Jurisdiction CEO Name: First: Last:Rick Hester Title: County ManagerJurisdiction Address: 207 E. Johnston Street
Jurisdiction City: Smithfield Zip: 27577
Jurisdiction Phone: (919)989-5100
Site Latitude: 35.66
Site Longitude: -78.59
Project Type: New Construction
No
Rehab:
Is this project a previously awarded tax credit development?
If yes, what year were credits awarded?:
Number of residents holding Section 8 vouchers:
Yes
No
Will the project use steel and concrete construction and have at least 4 stories? No
Will the project include a Community Service Facility under IRS Revenue Ruling 2003-77? No
If yes, please describe:
No
Mobility impaired handicapped: 5% of units comply with QAP Section IV(F)(3) (in addition to the units required by other federal andstate codes.)
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Indicate below an individual or a validly existing entity (a corporation, nonprofit, limited partnership or LLC) as the official applicant. UnderQAP Section III(C)(5) only this individual or entity will be able to make decisions with regard to this application. If awarded the applicantmust become part of the ownership entity. The applicant will execute the signature page for this application.
Applicant Information
Applicant Name: United Developers, Inc.
Address: 3800 Raeford Road
City: State: NC Zip:Fayetteville 28304
Contact: First: Last: Title:Murray Duggins
Telephone: (910)485-6600
Alt Phone: (910)485-6600
Fax: (910)483-4274
Email Address: [email protected]
NOTE: Email Address above will be used for communication between NCHFA and Applicant.
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Total Site Acreage: Total Buildable Acreage:
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?
If yes, please describe:
Are existing buildings on the site currently occupied?
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?
If no, please explain:
Is any portion of the site located inside the 100 year floodplain?If yes:(a) Describe placement of project buildings in relation to this area:
(b) Describe flood mitigation if the project will have improvements within the 100 year floodplain:
Site Description
7.38 7.38
No
No
Yes
No
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Does the owner have fee simple ownership of the property (site/buildings)?
If yes provide:
Purchase Date: Purchase Price:
If no:
Site Control
No
(a) Does the owner/principal or ownership entity have valid option/contract to purchase the property? Yes
(b) Does an identity of interest (direct or indirect) exist between the owner/principal or ownership entity with the option/contract for
purchase of the property and the seller of the property?If yes, specify the relationship:
No
(c) Enter the current expiration date of the option/contract to purchase: 10/15/2007
(D) Enter Purchase Price: 811,800
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Present zoning classification of the site:
Is multifamily use permitted?
Are variances, special or conditional use permits or any other item requiring a public hearing needed to develop this proposal?
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 obtainingthem:
Are there any existing conditions of historical significance located on the project site that will require State Historic Preservation office
review?
If yes, describe below:
Are there any existing conditions of environmental significance located on the project site?
If yes, describe below:
Zoning
1H1
Yes
No
No
No
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EMail: [email protected] Nonprofit: No
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Notes
** Please refer to the Income Limits and Maximum Housing Expense Table to ensure that Total Monthly Tenant Expenses for lowincome units are within established thresholds.
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Specify Low Income Unit Targeting in table below. List each applicable targeting combination in a separate row below. Click [Add] tocreate another row. Click "X" (at the left of each row) to delete a row. Add as many rows as needed.
Total Low Income Units:
Note: This number should match the total number of low income units in the Unit Mix section.
Targeting
# BRs Units %
2 16 targeted at 30 percent of median income affordable to/occupied by
2 24 targeted at 50 percent of median income affordable to/occupied by
2 24 targeted at 60 percent of median income affordable to/occupied by
3 6 targeted at 30 percent of median income affordable to/occupied by
3 10 targeted at 50 percent of median income affordable to/occupied by
3 8 targeted at 60 percent of median income affordable to/occupied by
88
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Estimated pricing on sale of Federal Tax Credits: $0.
Remarks concerning project funding sources:(Please be sure to include the name of the funding source(s))
Funding Sources
Source AmountNon-
Amortizing*Rate(%)
Term(Years)
Amort.Period(Years)
AnnualDebt
Service
Bank Loan 2,410,820 7.25 20 30 197,352
RPP Loan
Local Gov. Loan - Specify:
RD 515 Loan
RD 538 Loan - Specify:
AHP Loan
Other Loan 1 - Specify:
Other Loan 2 - Specify:
Other Loan 3 - Specify:
Tax Exempt Bonds
State Tax Credit(Loan) 746,220 0 30 30 0
State Tax Credit(Direct Refund)
Equity: Federal LIHTC 5,422,760
Non-Repayable Grant
Equity: Historic Tax Credits
Deferred Developer Fees
Owner Investment
Other - Specify:
Total Sources** 8,579,800
* "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.
93
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Development 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 560,000 560,0004 Rehabilitation
5 Construction of New Building(s) 4,600,000 4,600,000
6 Accessory Building(s)
7 General Requirements 305,000 305,000
8 Contractor Overhead 105,000 105,000
9 Contractor Profit 325,000 325,000
10 Construction Contingency 175,000 175,000
11 Architect's Fee - Design (11 + 12 = max 3% lines 2-10) 75,000 75,000
12 Architect's Fee - Inspection
13 Engineering Costs
SUBTOTAL (lines 1 through 13) 6,145,000
14 Construction Insurance (prorate)15 Construction Loan Orig. Fee (prorate)
16 Construction Loan Interest (prorate) 75,000 75,000
17 Construction Loan Credit Enhancement (prorate)
18 Construction Period Taxes (prorate) 7,000 7,000
19 Water, Sewer and Impact Fees 200,000 200,000
20 Survey
21 Property Appraisal 4,500 4,500
22 Environmental Report 2,500 2,500
23 Market Study 4,200 4,200
24 Bond Costs
25 Bond Issuance Costs
26 Placement Fee27 Permanent Loan Origination Fee 24,100
28 Permanent Loan Credit Enhancement
29 Title and Recording 1,000
SUBTOTAL (lines 14 through 29) 318,300
30 Real Estate Attorney 45,000 45,000
31 Other Attorney's Fees
32 Tax Credit Application Fees (Preliminary and Full) 2,200
33 Tax Credit Allocation Fee (0.58% of line 59, minimum $7,500) 42,400
34 Cost Certification / Accounting Fees 8,700 8,700
35 Tax Opinion
36 Organizational (Partnership)
37 Tax Credit Monitoring Fee 48,400SUBTOTAL (lines 30 through 37) 146,700
38 Furnishings and Equipment 15,000 15,000
39 Relocation Expense
40 Developer's Fee 800,000 800,000
41 Other Basis Expense (specify)
42 Other Basis Expense (specify)
43 Rent-up Expense
44 Other Non-basis Expense (specify)
45 Other Non-basis Expense (specify)
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Please provide a detailed description of the proposed project:
Construction (check all that apply):
Brick Vinyl Wood HardiPlank Balconies/Patios Sunrooms Front Porches
Front Gables or Dormers Wide Banding or Vertical/Horizontal Siding
Other:
Have you built other tax credit developments that use the same building design as this project?
If yes, please provide name and address:
Market Study Information
Cleveland Green Apartments will be located on just over 7 acres of land in Johnston County. It willbe an 88 unit family project located in 9 buildings with a seperate office building/community room.The rent structure has been made very affordable 25% of the units targeting those at 30% of themedian income. The remaining units will target those at 50% and 60% of the median income.However, all of the units are affordable to those at 50% of the median income.Shopping, medical services, and restaurants are only a quarter mile from the site.
Yes
Golfview Apartments4131 Fescue CourtHope Mills, NC
Crosswinds Green I & II3415 Town StreetHope Mills, NC
Longview Apartments117 Longview Drive
Fayetteville, NC
Blanton Green I & II1024 Lauren McNeill LoopFayetteville, NC
Rosehill West Apartments1945 James Hamner WayFayetteville, NC
Raeford Green Apartments300 Southern AvenueRaeford, NC
Woodgreen I & II Apartments200 Bradford DriveAberdeen, NC
Southview Green Apartments3143 Round Grove PlaceHope Mills, NC
Palmer Green Apartments I380 West Palmer AvenueRaeford, NC
Bunce Green ApartmentsDistinct CircleFayetteville, NC
Riverview Green Apartments
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Site Amenities:
Onsite Activities:
Landscaping Plans:
Interior Apartment Amenities:
Do you plan to submit additional market data (market study, etc.) that you want considered?
If yes, please make sure to include the additional information in your pre-application packet.
Riverview CourtRoanoke Rapids, NC
Eastside Green Apartments715 Duggins WayFayetteville, NC
Legion Crossing ApartmentsIreland DriveHope Mills, NC
Tokay Green ApartmentsUnited DriveFayetteville, NC
Palmer Green II ApartmentsWest Palmer AvenueRaeford, NC
Blanton Green III Apartments1024 Lauren McNeill LoopFayetteville, NC(under construction)
The site will include a resident computer center, playground area, covered picnic area, sitting areas,tot lot, gazebo, and covered patio with seating.
Support Service Coordinator on-site.
Above average landscaping with irrigation system.
Apartments will be furnished with a range hood, disposal, refrigerator (frost free), dishwasher,storage, W/D hookups, mini-blinds, pantry, with ceiling fans, carpet, vinyl, VCT, and central heat andair. The living rooms will be equipped with data connection ports.
No
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Other facilities or services:
Schools1.8 Medical Offices.25
Public Transportation Stop0 Bank/Credit Union.25
Convenience Store.25 Restaurants.25
Basketball/Tennis Courts1.8 Professional Services.25
Public Parks10 Movie Theater10
Gas Station.25 Video Rental1
Library6.8 Public Safety (Fire/Police)4.4
Fitness/Nature Trails.25 Post Office.2
Public Swimming Pools
*The new Johnston Memorial Hospital will soon be built within 5 miles of the site.
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Project Operations (Year One)
Projected Operating Costs
Administrative Expenses
Advertising 2,000
Office Salaries 9,500
Office Supplies 4,000
Office or Model Apartment Rent
Management Fee 60,000
Manager or Superintendent Salaries 14,000
Manager or Superintendent Rent Free Unit
Legal Expenses (Project) 3,500
Auditing Expenses (Project) 4,000
Bookkeeping Fees/Accounting Services
Telephone and Answering Service 3,000
Bad Debts
Other Administrative Expenses (specify):
Vehicle expense and mileage1,000
SUBTOTAL 101,000
Utilities Expense
Fuel Oil
Electricity (Light and Misc. Power) 9,000
Water 4,000
Gas
Sewer 4,000
SUBTOTAL 17,000
Operating and Maintenance Expenses
Janitor and Cleaning Payroll 5,000
Janitor and Cleaning Supplies 5,000
Janitor and Cleaning Contract
Exterminating Payroll/Contract 8,000
Exterminating SuppliesGarbage and Trash Removal 8,000
Security Payroll/Contract 4,000
Grounds Payroll 14,000
Grounds Supplies 4,000
Grounds Contract
Repairs Payroll 8,000
Repairs Material 8,000
Repairs Contract
Elevator Maintenance/Contract
Heating/Cooling Repairs and Maintenance 7,000
Swimming Pool Maintenance/Contract
Snow RemovalDecorating Payroll/Contract
Decorating Supplies 1,200
Other (specify):
Miscellaneous Operating & Maintenance Expenses
SUBTOTAL 72,200
Taxes and Insurance
Real Estate Taxes 69,000
Payroll Taxes (FICA) 8,000
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Miscellaneous Taxes, Licenses and Permits 200
Property and Liability Insurance (Hazard) 27,000
Fidelity Bond Insurance
Workmen's Compensation 1,500
Health Insurance and Other Employee Benefits 1,900
Other Insurance:
SUBTOTAL 107,600Supportive Service Expenses
Service Coordinator 8,000
Service Supplies
Tenant Association Funds
Other Expenses (specify):
SUBTOTAL 8,000
Reserves
Replacement Reserves 22,000
SUBTOTAL 22,000
TOTAL OPERATING EXPENSES 327,800
ADJUSTED TOTAL OPERATING EXPENSES(Does not include taxes, reserves and resident support services) * 228,800
TOTAL UNITS(from total units in the Unit Mix section)
88
PER UNIT PER YEAR 2,600
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MINIMUM REQUIRED SET ASIDES (No Points Awarded):
Minimum Set-Asides
Select one of the following two options:
20% of the units are rent restricted and occupied by households with incomes at or below 50% of the median income (Note: NoTax Credit Eligible Units in the the project can exceed 50% of median income)
40% of the units are rent restricted and occupied by households with incomes at or below 60% of the median income (Note: NoTax Credit Eligible Units in the the project can exceed 60% of median income)
If requesting RPP funds:
40% of the units 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 belowthirty 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%) ofcounty median income.
At least fifty percent (50%) of qualified units will be affordable to and occupied by households with incomes at or below fortypercent (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 targeting points (select one):
At least twenty percent (20%) of qualified units will be affordable to and occupied by households with incomes at or below fiftypercent (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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PLEASE indicate which of the following exhibits are attached to your application. Others may be required as noted.
Full Application Checklist
A Nonprofit Organization Documentation or For-profit Corporation Documentation
B Current Financial Statements/Principals and Owners (signed copies)
C Ownership Entity Agreement, Development Agreement or any other agreements governing development services
D Management Agent Agreement
E Owner and Management Experience & Management Questionnaire (Appendix C)
F Letters from State Housing Agencies or designated monitoring agent verifying out of state experience
G Completed IRS Form 8821 (Appendix I)
H Local Government Letter or Letter from Certified Engineer or Land Surveyor Confirming Floodplain Designation with Mapshowing all flood zones (original on letterhead, no fax or photocopies)
I Local Government Letter Confirming Zoning including any pending notices or hearings (original on letterhead, no fax orphotocopies)
J Letters from Local Utility Providers regarding availability and capacity (original on letterhead, no fax or photocopies)
K Documentation from utility company or local PHA to support estimated utility costs
L Appraisal (required for land costs greater than $15,000 and for all Adaptive Re-use and Rehab projects)
M Site plan, floor plans and elevations for all projects. Scope of work for Adaptive Re-use and Rehab projects. (Full Size, 24 x36 inches)
N Hazard and structural inspection and termite reports (Adaptive Re-use and Rehab projects only)
O Copy of certificate of occupancy or proof of placed-in-service date (Rehabs Only)
P Proposed Relocation Plan including relocation budget and copies of notices. Required for all Rehabs and any projectsinvolving existing occupants of any dwellings to be rehabbed or demolished.
Q Evidence of Permanent Loan Commitment and other sources of funds ( i.e. Equity letter, AHP, RD and local governmentfunds). For Rehabs with existing loans provide 1) copies of loan documents, 2) current loan balances from existing lenderswith reserve balances, 3) letter from lender that outlines assumption requirements.
R Local Housing Authority Agreement and Project Based Rental Assistance Letter, if applicable (Sample letters provided inAppendix I). For projects with existing PBRA contracts, provide a copy of the current contract and bank statement or otherdocumentation verifying reserve balances and annual reserve contribution requirements.
S Statement regarding terms of Deferred Developer Fee. If a nonprofit is involved, a resolution from their board approvingdeferral of fee is required.
T Inducement Resolution (Tax-Exempt Bond Financed Projects only)