Green Stone at Light Water

8/6/2019 Green Stone at Light Water

1/21

rint - APP09-0046

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

roject Description

oject Name: GreenStone at Lightwater

ddress: 4821 Wade Nash Road

ty: Town of Fuquay-Varina County: Wake Zip:

ensus Tract: 532 Block Group: 3

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? Yes

olitical Jurisdiction: Town of Fuquay-Varina

risdiction CEO Name:First:Andy Last:Hedrick

Title: Town Manager

risdiction Address: 128 South Main Street

risdiction City: Town of Fuquay-Varina 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(uc2hgb45b...E14712A068&SNID=44C2EE99896A4DE8B1C9609E816B3230 (1 of 21)4/14/2009 1:55:54 PM

27540

27540

(919)552-6221

35.618076

-78.836511


2/21

rint - APP09-0046

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:



3/21

rint - APP09-0046

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: Miller-Valentine Apartments III LLC

ddress: 9349 WaterStone Boulevard

ty: Cincinnati State: OH Zip:

ontact: First: Brian Last:McGeady Title:Director of Multi-Familty Development

elephone:

t Phone:

ax:

mail Address:

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


45249

(513)588-1000

(937)913-5452

[email protected]


4/21

rint - APP09-0046

te Description

tal Site Acreage: Total Buildable Acreage:

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

The site has a wetland area on the west side, as well as sewer easements that will impact buildable area.

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? Yes

If yes:(a) Describe placement of project buildings in relation to this area:


6.7 4.5


5/21

rint - APP09-0046

A wetland area that contains land within the 100 year floodplain has been delineated and occurs west of a40' sewer easement. The buildings are placed approximately 60' from this easement for a total separationof 100' from the wetlands.

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



6/21

rint - APP09-0046

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:


12/1/2009

485,750


7/21

rint - APP09-0046

oning

esent zoning classification of the site:R-4

multifamily use permitted?Yes

e 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 forobtaining them:

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:



8/21

rint - APP09-0046

wnership Entity

wner Name: GreenStone at Lightwater, LLC

dress: 9349 WaterStone Boulevard

y: Cincinnati State:OH Zip:

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

ote: Do not submit social security numbers for individuals.

ntity Type: Limited Liability Company

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: Miller-Valentine Apartments III LLC (to-be-formed subsidiary of)

rst Name: Brian Last Name: McGeady Function: Managing Member

ddress: 9349 WaterStone Boulevard

ty: Cincinnati State: OH Zip: 45249

hone: Fax:

Mail: Nonprofit: No


45249

(513)588-1000 (937)913-5452

[email protected]


9/21

rint - APP09-0046

nit Mix

e Median Income for Wake county is $76,900.

w Income Units

Type # BRs Net Sq.Ft.Total

# Units#Units

MonthlyRent

UtilityAllowance

MandatoryServ. Fees

**TotalHousing Exp.

Gdn Apt 2

Gdn Apt 2

Gdn Apt 3

Gdn Apt 3

Utilities included in rents: Water/Sewer Electric Gas Other Waste Removal

mployee Units (will add to Low Income Unit total)

ype # BRs Net Sq.Ft.Total

# Units#Units

MonthlyRent

UtilityAllowance

MandatoryServ. Fees

**TotalHousing Exp.

tilities included in rents: Water/Sewer Electric Gas Other

rket Rate Units

ype # BRs Net Sq.Ft.Total

# Units#Units

MonthlyRent

UtilityAllowance

MandatoryServ. Fees

**TotalHousing Exp.

tilities included in rents: Water/Sewer Electric Gas Other

atistics

AllUnits

Units

Gross MonthlyRental Income

Low Income.......

Market Rate.......

Totals...............

oposed number of residential buildings: Maximum number of stories in buildings:

oject Includes:Separate community building - Sq. Ft. (Floor Area):

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


943 8 2 350 155 0 505

943 24 2 600 155 0 755

1153 6 1 396 188 0 584

1153 16 1 710 188 0 898

54 6 30936

54 6 30936

6 3

1,611


10/21

rint - APP09-0046

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.


70,102

55,542

54

6

6
http://www.nchfa.com/Rental/Mincomelimits.aspxhttp://www.nchfa.com/Rental/Mincomelimits.aspx


11/21

rint - APP09-0046

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.


8 30

24 60

6 30

16 60

54


12/21

rint - APP09-0046

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))


1,200,000 7.50 18 30 100,687

957,124 0 30 30 0

6,023,849

53,900

8,234,873

70


13/21

rint - APP09-0046



14/21


15/21


16/21

rint - APP09-0046

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 unit59,999


7,362,490 0 7,362,490

100.00% 130.00%

9,571,237 0 9,571,237

3.50 9.00

861,411 0 861,411

0

485,750

8,234,873

861,411


17/21

rint - APP09-0046

arket Study Information

ease provide a detailed description of the proposed project:

etailed Description

eenStone at Lightwater will be a 54 unit garden apartment community serving the community of Fuquay-arina, NC. Holly Springs and Fuquay-Varina have seen explosive population growth in the past decade.otable development less than two miles from the site includes a Walmart, a Harris Teeter Grocery (undernstruction) and a proposed medical complex. In addition, Novartis is under construction of a vaccineoduction plant bringing 350 new jobs to the area. This growth has led to expansion of retail and servicedustries, driving the need for affordable rental opportunities.

e site is located just off NC Hwy. 55 and is at the entrance to the Spring Hill subdivision. This location isnvenient to both Holly Springs and Fuquay-Varina and is in close proximity to grocery, schools and parks.hile not fronting on Hwy. 55, there will be visibility to the site, looking down Lightwater Drive, and the sitel have a directional sign located at Hwy. 55.

uilding/Unit Designs

order to incorporate the sloping conditions of the site, three of the buildings will use a split foundation,oviding a two story appearance from the front and three story on the rear. Each unit provides a porch/lcony and outside storage. Contrasting siding in gable areas and colors will provide contrast and

chitectural interest in addition to brick accents. Units are designed to create flow between kitchen, diningd living areas. All units will include a washer-dryer hook-up. Other amenities in units include: dishwasher,sposal, ceiling fans, mini-blinds, walk-in closets and pantry cabinet. Units will be constructed to meetnergy Star requirements, providing additional comfort and utility savings to residents.

te amenities include a playground, tot lot, covered picnic area, seating areas with benches and a gazebo.e community building will have an open area for meetings and TV watching, an equipped kitchen andmputer room as well as an attached laundry area. Landscaping will include planting beds at the entrance

gn and at building foundations.

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:

Pinecrest Apartments-3605 Martins Trail Circle, Walkertown, NCSherwood Glen-2006 Oakbrook Court, Reidsville, NC

e Amenities:



18/21

rint - APP09-0046

te amenities include a playground, tot lot, 10x15 covered picnic area with two tables and a grill, seatingeas with benches and a gazebo. The community building will have an open area for meetings and TVatching, an equipped kitchen and computer room, as well as an attached laundry room.

site Activities:

e community building will have a large open room for resident meetings and TV Watching. This room willrve as the location for support services programs coordinated with local agencies. Outdoor activities willclude the playground and tot lot at the rear of the clubhouse where activities can be supervised from thearby bench with surrounding shade plantings. The picnic shelter and gazebo will be located away from

e clubhouse offering an alternative area for gathering.

ndscaping Plans:

ndscaping will include planting areas at the entrance sign and at building foundations. Plant speces thatquire minimum watering will be selected. Shade trees and ornamental plantings will be located around therking areas and near playground and picnic shelter.

erior Apartment Amenities:

units will include a washer-dryer hook-up. Other amenities in units include: dishwasher, disposal, ceilingns, mini-blinds, walk-in closets and pantry. Units will be constructed to meet Energy Star requirements,oviding additional comfort and utility savings to residents.

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.



19/21

rint - APP09-0046

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.

his site lies at the Northern edge of Fuquay-Varina and only 1.5 miles South of a newly developed

hopping area for Holly Springs. The site will offer easy access to both communities, which have beenome of the fastest growing in NC. Being between the two provides increased shopping and employmentpportunities. The adjacent Spring Hill subdivision has attractive homes priced in the $200,000 range.here is no concentration of affordable housing.

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. Land use is very consistent with multi-family. The site is between lowensity commercial along Hwy 55 and the single family homes to the rear.

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 entrance to the property will be off of Lightwater Road which serves only

e subdivision to the rear. Access to Hwy. 55 can be accomplished from Lightwater Road or the signaledersection with Wade Nash Road. Buildings will have good visibility, but be set far enough away from theain road to provide adequate buffer.

egree of on-site negative features and physical barriers that will impede project construction or adversely

ect future tenants; for example: power transmission lines and towers, flood hazards, steep slopes, largeulders, 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).

he site has an electric easement separating it from the single family homes. There is also a pump stationcated on Wade Nash Road, adjacent to the site but building elevations will be above this and landscapingnd screening will be provided to buffer this. Wetlands have been delineated to the rear of the site and alluildings are held approximately 100' away from this.

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

arden apartments with attractive architectural details will fit well as a higher intensity use at the entrance the Spring Hill property. All residential building fronts will be two- story, consistent with the single family

omes nearby.

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



20/21

rint - APP09-0046

Grocery Store Community/Senior Center

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:


.25 3.8

.66 9.8

.121.66

563.51

.84

37 2.12

37 2.75


21/21

rint - APP09-0046

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

Green Stone at Light Water