Harris Ridge Apartments

8/6/2019 Harris Ridge Apartments

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

roject Description

oject Name: Harris Ridge Apartments

ddress: 8105 Idlewild Road

ty: Charlotte County: Mecklenburg Zip:

ensus Tract: 0019.11 Block Group: 1004

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: City of Charlotte

risdiction CEO Name:First:Curt Last:Walton

Title: City Manager

risdiction Address: 600 East Fourth Street

risdiction City: Charlotte 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(hx3smb45ko...7FE2B3576B2&SNID=60E2EB63F91546F4B4A81696F30373D2 (1 of 21)4/8/2009 2:46:50 PM

28227

28202

(704)336-2241

35.1840

-80.7281


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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:



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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: Greenway Development Company, LLC

ddress: 140 East Main Street, Suite 410

ty: Rock Hill State: SC Zip:

ontact: First: Bradley Last:Parker Title:Managing Member

elephone:

t Phone:

ax:

mail Address:

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


29730

(803)366-1200

(803)322-1599

(803)366-1270

[email protected]


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te Description

tal Site Acreage: Total Buildable Acreage:

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

The buildable acreage is less than the site acreage due to standard set-back and buffer requirements.

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:


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



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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:


12/31/2009

510,000


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oning

esent zoning classification of the site:R-4

multifamily use permitted?No

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:

Zoning to be obtained by April, 2009.

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:



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wnership Entity

wner Name: Greenway Development Company, LLC

dress: 140 East Main Street, Suite 410

y: Rock Hill State:SC 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: Already 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: Greenway Development Company, LLC

rst Name: Bradley Last Name: Parker Function: Managing Member

ddress: 140 East Main Street, Suite 410

ty: Rock Hill State: SC Zip: 29730

hone: Fax:

Mail: Nonprofit: No

Org: Greenway Development Company, LLC

rst Name: Ingram Last Name: Walters Function: Managing Member

ddress: 2500 West Roosevelt Boulevardty: Monroe State: NC Zip: 28110

hone: Fax:

Mail: Nonprofit: No


29730

20-3949130

(803)366-1200 (803)366-1270

[email protected]

(704)292-7447 (704)292-7387

[email protected]


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nit Mix

e Median Income for Mecklenburg county is $66,500.

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

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):


1107 42 3 699 82 0 781

1107 18 3 349 82 0 431

1289 21 3 799 102 0 901

1289 3 1 399 102 0 501

84 10 53616

84 10 53616

5 3

1,734


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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(hx3smb45k...FE2B3576B2&SNID=60E2EB63F91546F4B4A81696F30373D2 (10 of 21)4/8/2009 2:46:50 PM

108,675

93,356

5

10

5
http://www.nchfa.com/Rental/Mincomelimits.aspxhttp://www.nchfa.com/Rental/Mincomelimits.aspx


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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.


42 60

18 30

21 60

3 30

84


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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))


2,800,000 7.50 30 30 234,936

923,910 0 30 30 0

6,485,196

125,187

100

10,334,393

60


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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


1,040,000 995,000

5,039,580 5,039,580

270,000 270,000

380,975 380,975

134,611 134,611

403,833 403,833

225,000 225,000

150,000 150,000

15,000 15,000

60,000 60,000

7,718,999

5,000 5,000

58,000 58,000

148,296 148,296

10,000 10,000

364,000 364,000

15,000 15,000

7,000 7,000

2,500 2,500

4,300 4,300

44,000


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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)


38,000

696,096

75,000 75,000

1,000 1,000

2,300

74,000

15,000 15,000

1,000

1,000

63,000

232,300

20,000 20,000

800,000 800,000

30,000 30,000

Other Basis Expense - 10,000 10,000

Other Basis Expense (s

Other Non-basis Expen

Other Non-basis Expen

860,000

29,400

287,598

Other Reserve (specify)

Other Reserve (specify)

9,824,393 0 9,239,095

0

9,239,095 0 9,239,095

100.00% 100% 100%


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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:

The owner has to pay a 2% fee to the broker in addition to the $500,000 purchase price. Therefore, the landcost is $510,000. This is stipulated in the purchase agreement included in the application.

Project Development Cost per unit59,995


9,239,095 0 9,239,095

100.00% 130.00%

12,010,824 0 12,010,824

3.50 9.00

1,080,974 0 1,080,974

0

510,000

10,334,393

1,080,974


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arket Study Information

ease provide a detailed description of the proposed project:

arris Ridge will be a 84 unit family development located in Charlotte, NC. The development will have 60, 2droom/ 2 bath units (1107 nsf) and 24, 3 bedroom/ 2 bath units (1289 nsf). There will be 5 residentialildings on the site. All buildings will be 3 stories. Two buildings will have 24 units, and the three otherildings will have 12 units each. The clubhouse community center will be designed specially for familiesd will feature a 24 hour computer center, fitness center, and laundry room via key card access.

e site is ideal for families as it is around a 0.5 mile to a mile from everyday services. The Food Lion,ubway restaurant, Cirle K gas station, and the pharmacy are all in walking distance. The local and expresss stops are adjacent to the subject site.

wenty-five percent(21 units) will be targeted to households at 30% of area median income and the rest ofe units will be targeted at 60% and below the AMI. All the proposed rents are well below the maximumowable rent levels. Additionaly,10% of the units will be targeted to persons with with disabilities.

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?No

If yes, please provide name and address:

e Amenities:

e site will have a clubhouse with a community room, kitchen, 24 hour fitness center, 24 hour business

nter with high speed internet access and 24hour laundry room. On-site amentities will include, but will not limited to, playground, tot lot, and covered picnic area with table/grills.

site Activities:

e commuinty manger will be expected to play an active role to ensure that a variety of social activitiesd supportive services are offered on site. Additionally, the manager will work to link residents in need with

her commuinty service providers.



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ndscaping Plans:

ndscaping will be extensively utilized to beautify the developmet's green areas to blend the developmento the existing neighborhood. Parking lots and drives will be lined with shade trees and the plant materialsl compliment the natural fauna.

erior Apartment Amenities:

units will have built-in computer desks, range, hood, washer and dryer hook-ups, mini blinds,shwasher, pantry, disposal, high speed internet access, ceiling fans, refrigerator with ice-maker, largealk-in closets and plenty of interior and exterior storage. Each unit will have vinyl and carpet flooring.ating and cooling will be provided by a heat pump and central air conditioning.

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.



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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 surrounding area is an established neighborhood of detached single-family homes, which are primarily

wner occupied. There is a shortage of affordable rental housing in the vicinity. City of Charlotteeighborhood Development has identified income targeted housing as a priority for this area. The economicealth of the area is in great shape because of the close proximity of uptown Charlotte. There is not aoncentratration of affordable housing in the neighborhood.

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. A neighborhood shopping center with grocery anchor is across theeet from the site. The two other corners include a convenience store / gas station and a drug store.

everal churches and child care centers are in easy walking distance. The site is within the service area of aighborhood park, a recreation center, a greenway that gives pedestrian accesses to a district park. Offices

r primary care physicians, dentists, a YMCA, county social service branch offices are near. The site isrved by two bus lines of Charlotte Area Transit, and is close the Eastland Mall Transit Center, which servesa bus route hub for East Charlotte. There are three elementary schools, a middle school, and a high

hool within close proximity. There is a nice mixture of single-family neighborhoods, multifamily housing,d retail in the area. The Food Lion, Subway restaurant, Circle K gas station, and the pharmacy are all in

alking distance to the site. There are no industrial or other incompatiable uses in the area.

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 adequately served by NC Highway 24, W.T. Harris Blvd, and byewild Road. A lighted intersection of Idlewild Rd and Piney Grove Drive is on the corner of the property.te was previously considered for multifamily. Current infrastructure is adequate to serve the site and theoposed residents. The express bus stop and the local bus stop are adjacent to the property. There is a stopht at the intersection of Idlewild Road and WT Harris Boulevard.

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, 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 topo of the site is reasonable, and there is no indications of problems with wetlands, streams, andater quality buffers.



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

he proposed structure design will make a positive contribution and be very compatiable with theurrounding neighborhood.

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

Grocery Store Community/Senior Center

Mall/Strip Center Hospital

Outdoor Athletic

eldsPharmacy

Day Care/After

choolBasic Health Care

Schools Public Transportation

Stop

Convenience Store Public Parks

Gas Station Library

her facilities or services:

ublic Bus Stop is adjacent to the subject site.


.12

.59 2.74

.60.18

221.2

.76 0.05

.18 0.6

.18 1.1


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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

Harris Ridge Apartments