Pittsboro Village Apartments - Phase II

8/6/2019 Pittsboro Village Apartments - Phase II

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

roject Description

oject Name: Pittsboro Village Apartments - Phase II

ddress: 400 Honeysuckle Road

ty: Pittsboro County: Chatham Zip:

ensus Tract: 0208.00 Block Group: 1025

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: Town of Pittsboro

risdiction CEO Name:First:Randolph Last:Voller

Title: Mayor

risdiction Address: P.O. Box 759

risdiction City: Pittsboro Zip:

risdiction Phone:

te Latitude:

te Longitude:

oject Type: Rehab

Is this project a previously awarded tax credit development?Yes

w Construction/Adaptive Reuse:his project a follow-on (Phase II, etc) to a previously-awarded tax credit development project?

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

ehab:

umber of residents holding Section 8 vouchers: 25

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(1u5ved45j...5E062EE4B6&SNID=CE07B727CCC14940982313815A7CD8E3 (1 of 21)4/8/2009 3:43:20 PM

27312

27312

(919)542-4621

35.7261

-79.1862


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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: Evergreen Construction Company

ddress: 7706 Six Forks Road

ty: Raleigh State: NC Zip:

ontact: First: Tim Last:Morgan Title:Vice President

elephone:

t Phone:

ax:

mail Address:

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


27615

(919)848-2041

(919)630-3383

(919)848-0455

[email protected]


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te Description

tal Site Acreage: Total Buildable Acreage:

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

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? Yes

If yes:(a) Briefly describe the situation:

The (40) existing units at Pittsboro Village Phase II will require temporary displacement while their unit is

being renovated. Management will prepare a few vacant units for the residents to rotate through as theirunit undergoes rehab.

(b) Will tenant displacement be temporary? Yes(c) Will tenant displacement be permanent? No

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:


4.0 4.0


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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?YesIf yes, specify the relationship:

Lyle D. Gardner is the general partner for the existing ownership entity. He will also serve as the managingmember of the new ownership entity.

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

(D) Enter Purchase Price:


12/31/2009

51,307


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oning

esent zoning classification of the site:R-12

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:



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wnership Entity

wner Name: Pittsboro Village Development Associates, LLC

dress: 7706 Six Forks Road

y: Raleigh State:NC 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: Pittsboro Village Development Associates, LLC

rst Name: Lyle Last Name: Gardner Function: Managing Member

ddress: 7706 Six Forks Road

ty: Raleigh State: NC Zip: 27615

hone: Fax:

Mail: Nonprofit: No

Org: Pittsboro Village Development Associates, LLC

rst Name: Timothy Last Name: Morgan Function: Member

ddress: 7706 Six Forks Roadty: Raleigh State: NC Zip: 27615

hone: Fax:

Mail: Nonprofit: No


27615

(919)848-2041 (919)848-0455

[email protected]

(919)848-2041 (919)848-0455

[email protected]


9/21


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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.


39,954

35,959

4

4

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


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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))


1,023,414 6.35 30 30 76,417

485,000 2.00 20 20

316,636 0 30 30 0

1,592,106

100

3,417,256

73


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oject will assume existing bank loan.

AHEC is the proposed sydicator for the credits.

ease note that the current annual debt service is $91,838 versus what is calculated above.

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


1500 1500 2000 2500 3000 3500 3500 3500 3500 4000

4000 4000 4000 4000 4000 4000 4000 3500 3000 2500


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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


1,273,414 1,273,414

125,000 125,000

850,000 850,000

55,000 55,000

61,800 61,800

21,836 21,836

65,508 65,508

245,256 245,256

15,000 15,000

9,750 9,750

10,000 10,000

2,732,564

7,500 7,500

55,000 55,000

10,000 10,000

5,000 5,000

3,000 3,000

4,300 4,300


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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)


2,500

87,300

9,000 9,000

5,000 5,000

2,300

19,631

5,000 5,000

5,000

28,000

73,931

330,000 330,000

Other Basis Expense (s

Other Basis Expense (s

Other Non-basis Expen

Other Non-basis Expen

330,000

12,154

130,000

Other Reserve (specify)

Other Reserve (specify)

3,365,949 1,273,414 1,892,950

0

3,166,364 1,273,414 1,892,950

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:

Total Replacement Cost per unit85,431


3,166,364 1,273,414 1,892,950

100.00% 100.00%

3,166,364 1,273,414 1,892,950

3.50 9.00

218,119 44,569 170,366

170,366 170,366

51,307

3,417,256

218,119


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arket Study Information

ease provide a detailed description of the proposed project:

e are proposing to renovate the exisitng (40) unit community of Pittsboro Village Apartments, Phase IInsisting of (12) one bedroom , one bath units and (28) two bedroom, one and a half bath units. Bothrden and townhouse style units will be available. A new office/community/laundry building will benstructed. Units will be available to persons at or below 30%, 50% and 60% of the area median income.addition, 10% of the units will be targeted to persons 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:

30 Year Dimensional Shingles

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

If yes, please provide name and address:

Pittsboro Village Apartments Phase I (28 Units Recently Renovated)400 Honeysuckle RoadPittsboro, NC 27312

e Amenities:

ayground with separate tot lot, covered picnic area with tables and a grill, gazebo, laundry facility,mmunity building with resident computer center, outdoor sitting areas with benches.

site Activities:



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ndscaping Plans:

e front of each building will have landscaped beds either replaced or newly installed. Trees will beanted and dispersed throughout the property.

erior Apartment Amenities:

all-to-wall carpet, VCT in kitchen and bath areas, ceiling fans, range, range hood, frost free refrigerator,shwasher, washer/dryer connections, mini-blinds, phone and cable ready.

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 physical condition of the homes in the vicinity are fair to good. There is a relatively new senior center

ithin .8 miles along with the community college campus. I would characterize this area as stable with more the growth occuring back towards the new US 64 Bypass.

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 land use pattern is primarily residential in character. There is

ngle family housing just before our site, as well as along Honeysuckle Road and there is an assisted livingcility that abuts the property. There are a few medical and county offices nearby, along with the seniornter and the community college.

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. There are adequate traffic controls already in existence. Old Hwy 87 servescess to Honeysuckle Road and is more than adequate for the number of residents and homeowners living Honeysuckle Road.

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).

one exist.

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

he architecture of the rehab as well as the newly constructed units will blend in nicely with theurroundings and will be very similar to the recently completed renovations in Phase I.

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



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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:

estaurants - .6ee vicinity map for locations of the amenities in relation to the site.


.5 .4

.0 22.0

51.0

.0.2

8

4 .5

6 .8


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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

Pittsboro Village Apartments - Phase II