Raleigh Gardens

8/6/2019 Raleigh Gardens

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

roject Description

oject Name: Raleigh Gardens

ddress: 6145-A St. Giles Rd.

ty: Raleigh County: Wake Zip:

ensus Tract: 525.01 Block Group: 2

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: City of Raleigh

risdiction CEO Name:First:Charles Last:Meeker

Title: Mayor

risdiction Address: PO Box 590

risdiction City: Raleigh Zip:

risdiction Phone:

te Latitude:

te Longitude:

oject Type: Rehab

Is this project a previously awarded tax credit development?No

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: 125

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(ecegw545t...D5F4D17F8E&SNID=2BBB9350C14C455FA07E21A942BEBF06 (1 of 22)4/8/2009 1:51:08 PM

27612

27602

(919)890-3050

35.771

-78.638


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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? Yes

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


125


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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: Ashton Raleigh, LP

ddress: 7000 Central Parkway, NE, Suite 1100

ty: Atlanta State: GA Zip:

ontact: First: Eddy Last:Benoit Title:

elephone:

t Phone:

ax:

mail Address:

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


30328

(678)320-3827

(678)320-3781

(770)804-0209

[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 current occupancy level at Raleigh Gardens is 89%. The property is used strictly for affordable housing

for families. During the proposed preservation and renovation, we will not displace any residents. This givesthe residents the least amount of inconvenience. The residents will also be informed of what scope andschedule of renovations are taking place in their units. A Resident Service Coordinator (RSC) is on staff andhandles all questions, concerns, and notifications. Before construction starts, we send out brochures,conduct town hall meetings on-site, and disburse notice to all residents. These tools help the residents getfamiliar with the process and manage their expectation.

It should also be noted that the current owner has sent letters to each resident informing his potential planto opt out of the project based section 8 HAP contract. See attached letter.

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

he site directly accessed by an existing, paved, publicly maintained road? YesIf no, please explain:

any portion of the site located inside the 100 year floodplain? No


15.874 15.874


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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:



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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:


3/31/2010

4,300,000


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oning

esent zoning classification of the site:R-10

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: Ashton Raleigh, LP

dress: 7000 Central Parkway, Suite 1100

y: Atlanta State:GA 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: 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: ADP Raleigh GP, LLC

rst Name: Eddy Last Name: Benoit Function: Managing General Partner

ddress: 7000 Central Parkway, Suite 1100

ty: Atlanta State: GA Zip: 30328

hone: Fax:

Mail: Nonprofit: No


30328

20-4048583

(678)320-3827 (770)804-0209

[email protected]


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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.

ttps://www.nchfa.org/Rental/RTCApp/(S(ecegw545...5F4D17F8E&SNID=2BBB9350C14C455FA07E21A942BEBF06 (10 of 22)4/8/2009 1:51:08 PM

2,189

111,393

115,018

7

14

13
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




tal Low Income Units:

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


30 60

46 60

24 60

25 60

125


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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:Profits During Construction

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))


4,707,836 7.15 18 30 381,565

1,090,459 0 30 30 0

4,733,542

372,757

0

10,904,594

74


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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


3,890,000 3,890,000

50,000 30,000

3,321,578 3,321,578

202,295 202,295

67,432 67,432

202,295 202,295

227,616 227,616

137,500 137,500

31,250 31,250

84,670 84,670

8,214,636

0 0

47,078 47,078

370,260 229,025

0 0

25,000 25,000

7,500 7,500

6,500 6,500

7,500 7,500

47,078


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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)


38,166

549,082

60,000 45,000

30,000

2,300

59,184

25,000 25,000

6,500

87,500

270,484

60,000 60,000

12,500 12,500

800,000 800,000

Bridge Loan Fee and Br 108,398 65,631

Building Permits and Ba 20,495 20,495

5,000

Tax Credit Admin Fees 0

Perm Loan Closing Fee 10,000

1,016,393

32,114

388,379

Tax and Insurance Escr 23,506

Other Reserve (specify)

10,494,594 3,890,000 5,655,865

0

9,545,865 3,890,000 5,655,865

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 unit86,544


9,545,865 3,890,000 5,655,865

100.00% 100.00%

9,545,865 3,890,000 5,655,865

3.50 9.00

654,903 136,150 509,028

0

410,000

10,904,594

654,903


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arket Study Information

ease provide a detailed description of the proposed project:

shton Raleigh, LP is a proposed rehabilitation of an existing complex located on 15.874 acres at 6145-A. Giles Road, Raleigh NC 27612.

is existing project, Raleigh Gardens Apartments, consists of fourteen (14) garden style apartmentildings containing 125 residential units comprised of thirty (30) one bedroom units that range between4 and 561 square feet, forty six (46) two bedroom units that are 799 square feet, twenty four (24) threedroom units that are 1142 square feet, and twenty-five (25) four bedroom units that are 1232 square feet.e property has a leasing office onsite and one employee unit.

e building foundation is reinforced concrete on spread footings. The exterior walls are wood frame withck veneer. The sloped roofs are covered with asphalt shingles. Unit interiors are wood frame with paintedeetrock walls. Floors are covered with padded carpeting except the vinyl kitchen and the bathrooms.

ach unit is equipped with a refrigerator, range, washer, and dryer connection, and central heat and airnditioning. There are trash dumpsters located close to the buildings for convenient trash disposal.

e proposed rehabilitation will be extremely extensive and will raise the quality of living for our residentsemendously. The proposed rehab includes roof replacement on all 14 buildings and the parking lot will get overlay as well as being resealed and striped. Drainage issues will be addressed with any other

ndscaping upgrades we will be performing. To increase safety on the property we will be adding new site

hting plus a fence surrounding the property. Decorative gables and shutters will be added to give theoperty a new, fresh appeal and the wood siding will be encased with concrete siding. Proposed changesincrease energy efficiency include replacing all windows with double pane windows, ventilation, andergy efficient HVAC units. All of these changes, plus new entry doors for every unit will make Raleigh

ardens look brand new.

side the units we will be replacing all cabinets, countertops and sinks. The HVAC systems will begraded to a 13 seer system. In addition, all residents will enjoy new dishwashers, microwaves, and

sposals which are new amenities we are providing for our residents. Every unit will also receive newrpeting and floor coverings.

addition to interior and exterior upgrades, we have budgeted a new community building that will be 1436uare feet. This new community building will be the same construction as the rest of the property so thate property remains uniform. The new community building will have a laundry room, computer center,ading room, exercise room, and space for resident activities. We are very excited about this because theoperty does not currently have any type of community space nor do they have a laundry facility. We willso be constructing a new outdoor activity area for the residents which will include a covered pavilion, aly equipped picnic area, and a tot lot for the children. Additional site lighting will be added for safety.

stly, a minimum of five percent of the units will be renovated to meet applicable handicap requirementsd two percent for sight and hearing impaired. Supportive services and amenities will be added tompliment the property.

th all of the upgrades and construction of a new community center and outdoor activity area we believes will greatly improve the property, but most importantly greatly improve the quality of living for oursidents and provide long term affordable housing to the City of Raleigh for many years.

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:



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

If yes, please provide name and address:

Athens Gardens Apartments435 Coleridge Court

Athens, GA 30605

Clark Garden Apartments110 Carriage CourtAthens, GA 30605

Fayetteville Gardens2927 Gordon WayFayetteville, NC 28303

Salem Garden Apartments7 Salem Garden DriveWinston-Salem, NC 27107

Riverside Gardens575 Baxter AvenueMacon, GA 31201

Waynesboro Gardens803 Davis RoadWaynesboro, GA 30830

Merrimac Village1000 Merrimac Drive, Extension 51Fitzgerald, GA 31750-8054

Bridgecreek173 Bowens Mill Hwy.

#CBLFitzgerald, GA 31750

Calhoun Gardens110 Richardson Road, #2ACalhoun, GA 30701

Phoenix Place1401 Phoenix StreetGreenwood, SC 29646

Seneca Gardens819 Laing CourtSeneca, SC 29678

Mauldin Gardens330 Miller RoadMauldin, SC 29662

e Amenities:

ommunity Building, Resident Computer Center, High Speed Internet Access, Playground, Fitness Station,ot Lot, Exercise Room, Picnic Area with Tables and Grills, Vending Area, Reading Room, and Library



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site Activities:

e office provides after school programs for the children.

ndscaping Plans:

professional landscape architect will be engaged. Improvements will be made to enhance the existingndscape, including reseeding erosion areas and strenthening existing retaining walls.

erior Apartment Amenities:

ange, Hood, Refrigerator, Storage Interior/Exterior, Washer/Dryer Hookup, Mini Blinds, Ceiling Fans,arpet, Vinyl, Ceramic Tile, Central Air/Heat Pump

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.

aleigh is the capital of North Carolina with a population nearing 320,000. It has and always will be a

ourishing city. If you include the entire Raleigh/Durham/Chapel Hill area the population expandsemedously to 1.2 million, making Raleigh one of the largest and most successful cities in North Carolina.

ccording 2000 Cencus the city of Raleigh's population was around 276,000 which represents a largecrease over the past five years. Also, since 2000 the average price of a new single family home has risenom $131,000 to $137,000.

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. Raleigh Gardens is located one block off of Glenwood Ave., one ofe major streets in Raleigh. The land surrounding the property is utilized by multifamily housing, singlemily dwellings, and commercial space. Crabtree Valley Mall is located less than a mile from the propertyd offers a wide variety of off-site services and amenities. The services include everything from department

ores to vision care. The area also has two other strip malls that have many restaurants and specialtyores. All basic services, such as Hospitals or Medical Centers, Banking Institutions, Grocery Stores, Gasations, Post Office, Library and Schools are located within two miles of the property. With all of the servicesrrounding the area it makes it a very populated location but it does not get bogged down with heavy traffic.ere are no negative off-site characteristics near the property.

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. Raleigh Gardens is accessible one block off a major road (Glenwood

venue). There is adequate signage to direct residents and visitors to the property. There is a city bus stop ate entrance of the property.

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).

o negative on-site features or physical barriers such as power lines, flood hazards, boulders, ravines, etc.xist on or near the property.



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

here are similarities between Raleigh Gardens and the surrounding properties, whether it be residential,ommercial, or institutional. There are three apartment communities adjacent to Raleigh Gardens. This areagrowing and we are proposing to improve and preserve the affordable housing in this area.

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:


.01.6

5

5 .1

3 2.0

5 .5


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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

Raleigh Gardens