The Cottages

Embed Size (px)

Citation preview

  • 8/6/2019 The Cottages

    1/23

    rint - APP09-0053

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

    roject Description

    oject Name: The Cottages

    ddress: 111 & 132 Mock Circle, 400 blk Jetton Street,and Bradford Park Dr.

    ty: Davidson County: Mecklenburg Zip:

    ensus Tract: 64.01 Block Group: 1017

    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 Davidson

    risdiction CEO Name:First:John Last:Woods

    Title: Mayor

    risdiction Address: P. O. Box 579

    risdiction City: Davidson 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? Yes

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

    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? Yes

    ll the project use steel and concrete construction and have at least 4 stories? No

    ttps://www.nchfa.org/Rental/RTCApp/(S(pke5gy554...B4118023C5&SNID=54A6CF96DF67418D9B28BFF493C62453 (1 of 23)4/14/2009 1:05:14 PM

    28036

    28036

    (704)892-7591

    35.2959

    -80.5112

  • 8/6/2019 The Cottages

    2/23

    rint - APP09-0053

    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:

    ttps://www.nchfa.org/Rental/RTCApp/(S(pke5gy554...B4118023C5&SNID=54A6CF96DF67418D9B28BFF493C62453 (2 of 23)4/14/2009 1:05:14 PM

  • 8/6/2019 The Cottages

    3/23

    rint - APP09-0053

    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: The Affordable Housing Group of North Carolina, Inc.

    ddress: 1300 Baxter Street, Suite 215

    ty: Charlotte State: NC Zip:

    ontact: First: Kathy Last:Stilwell Title:Deputy Dir.

    elephone:

    t Phone:

    ax:

    mail Address:

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

    ttps://www.nchfa.org/Rental/RTCApp/(S(pke5gy554...B4118023C5&SNID=54A6CF96DF67418D9B28BFF493C62453 (3 of 23)4/14/2009 1:05:14 PM

    28204

    (704)968-7202

    (704)342-3316

    (704)376-8709

    [email protected]

  • 8/6/2019 The Cottages

    4/23

    rint - APP09-0053

    te Description

    tal Site Acreage: Total Buildable Acreage:

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

    The Cottages is a scattered site development located on 4 sites in the Town of Davidson. Mock Circleincludes .55 acres on one site and there is a slight encroachment into an adjacent parcel. The adjacentparcel is owned by the Davidson Housing Coalition and the parcels will be modified to correct the

    encroachment.

    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? Yes

    If yes, please describe:

    A single home is located on the 132 Mock Circle parcel and will be demolished.

    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:

    ttps://www.nchfa.org/Rental/RTCApp/(S(pke5gy554...B4118023C5&SNID=54A6CF96DF67418D9B28BFF493C62453 (4 of 23)4/14/2009 1:05:14 PM

    3.51 3.50

  • 8/6/2019 The Cottages

    5/23

    rint - APP09-0053

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

    ttps://www.nchfa.org/Rental/RTCApp/(S(pke5gy554...B4118023C5&SNID=54A6CF96DF67418D9B28BFF493C62453 (5 of 23)4/14/2009 1:05:14 PM

  • 8/6/2019 The Cottages

    6/23

    rint - APP09-0053

    te Control

    es the owner have fee simple ownership of the property (site/buildings)?Yes

    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?

    (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?If yes, specify the relationship:

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

    (D) Enter Purchase Price:

    ttps://www.nchfa.org/Rental/RTCApp/(S(pke5gy554...B4118023C5&SNID=54A6CF96DF67418D9B28BFF493C62453 (6 of 23)4/14/2009 1:05:14 PM

    2/23/2004 90,000

  • 8/6/2019 The Cottages

    7/23

    rint - APP09-0053

    oning

    esent zoning classification of the site:Mock Circle-Village Infill, Bailey Springs-Rural Village, Jetton-Lakeshore Planning

    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:

    ttps://www.nchfa.org/Rental/RTCApp/(S(pke5gy554...B4118023C5&SNID=54A6CF96DF67418D9B28BFF493C62453 (7 of 23)4/14/2009 1:05:14 PM

  • 8/6/2019 The Cottages

    8/23

    rint - APP09-0053

    wnership Entity

    wner Name: The Cottages LLC

    dress: 1300 Baxter Street, Suite 215

    y: Charlotte 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? Yes

    the applicant requesting that the Agency treat the application as CHDO sponsored? Yes

    st all general partners, members,and principals. Specify nonprofit corporate general partners or members.ick [Add] to add additional partners, members, and principals.

    Org: The Cottages Housing of Davidson Inc.

    rst Name: Kathy Last Name: Stilwell Function: Managing Member

    ddress: 1300 Baxter Street, Suite 215

    ty: Charlotte State: NC Zip: 28204

    hone: Fax:

    Mail: Nonprofit: No

    Org: Davidson Housing Coalition

    rst Name: Marcia Last Name: Webster Function: Member

    ddress: P. O. Box 854ty: Davidson State: NC Zip: 28036

    hone: Fax:

    Mail: Nonprofit: Yes

    Org: The Affordable Housing Group of North Carolina, Inc.

    rst Name: Paul Last Name: Woollard Function: Member

    ddress: 1300 Baxter Street, Suite 215

    ty: Charlotte State: NC Zip: 28204

    hone: Fax:

    Mail: Nonprofit: Yes

    ttps://www.nchfa.org/Rental/RTCApp/(S(pke5gy554...B4118023C5&SNID=54A6CF96DF67418D9B28BFF493C62453 (8 of 23)4/14/2009 1:05:14 PM

    28204

    (704)968-7202 (704)376-8709

    [email protected]

    (704)892-4486 (704)892-4197

    [email protected]

    (704)607-9791 (704)376-8709

    pwoollard@affordablehousinggroup.

  • 8/6/2019 The Cottages

    9/23

  • 8/6/2019 The Cottages

    10/23

    rint - APP09-0053

    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):

    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:

    tesPlease 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(pke5gy554...B4118023C5&SNID=54A6CF96DF67418D9B28BFF493C62453 (10 of 23)4/14/2009 1:05:14 PM

    12 2

    1,400

    47,518

    41,346

    6

    6

    5

    http://www.nchfa.com/Rental/Mincomelimits.aspxhttp://www.nchfa.com/Rental/Mincomelimits.aspx
  • 8/6/2019 The Cottages

    11/23

    rint - APP09-0053

    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

    targeted at percent of median income affordable to/occupied by

    targeted at percent of median income affordable to/occupied by

    targeted at percent of median income affordable to/occupied by

    targeted at percent of median income affordable to/occupied by

    targeted at percent of median income affordable to/occupied by

    targeted at percent of median income affordable to/occupied by

    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.

    ttps://www.nchfa.org/Rental/RTCApp/(S(pke5gy554...B4118023C5&SNID=54A6CF96DF67418D9B28BFF493C62453 (11 of 23)4/14/2009 1:05:14 PM

    1 30

    6 30

    4 30

    1 50

    7 50

    6 50

    9 60

    7 60

    41

  • 8/6/2019 The Cottages

    12/23

    rint - APP09-0053

    unding Sources

    Source AmountNon-

    Amortizing*Rate(%)

    Term(Years)

    Amort.Period(Years)

    AnnualDebt

    Service

    Bank Loan

    RPP Loan

    Local Gov. Loan - Specify:HOME

    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)

    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))

    ttps://www.nchfa.org/Rental/RTCApp/(S(pke5gy554...B4118023C5&SNID=54A6CF96DF67418D9B28BFF493C62453 (12 of 23)4/14/2009 1:05:14 PM

    595,000 8.00 20 30 52,391

    615,000 0.00 20 20

    100,000 0.00 20 20

    475,000 2.00 20 20

    585,354 0 30 30 0

    3,898,066

    1,709

    6,270,129

    74

  • 8/6/2019 The Cottages

    13/23

  • 8/6/2019 The Cottages

    14/23

    rint - APP09-0053

    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

    ttps://www.nchfa.org/Rental/RTCApp/(S(pke5gy554...B4118023C5&SNID=54A6CF96DF67418D9B28BFF493C62453 (14 of 23)4/14/2009 1:05:14 PM

    211,625 211,625

    3,600,000 3,600,000

    140,000 140,000

    237,098 237,098

    83,774 83,774

    335,098 335,098

    138,228 138,228

    110,000 110,000

    30,000 30,000

    39,400 39,400

    4,925,223

    18,000 14,440

    84,000 67,200

    258,720 206,976

    3,584 2,867

    14,072 14,072

    20,000 20,000

    10,000 10,000

    21,000 21,000

    4,300 4,300

    13,675

  • 8/6/2019 The Cottages

    15/23

    rint - APP09-0053

    29 Title and Recording

    SUBTOTAL (lines 14 through 29)

    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

    SUBTOTAL (lines 30 through 37)

    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

    SUBTOTAL (lines 38 through 45)

    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)

    ttps://www.nchfa.org/Rental/RTCApp/(S(pke5gy554...B4118023C5&SNID=54A6CF96DF67418D9B28BFF493C62453 (15 of 23)4/14/2009 1:05:14 PM

    12,000

    459,351

    55,000 55,000

    15,000 7,500

    2,300

    36,292

    16,500 16,500

    3,000

    2,500

    28,700

    159,292

    28,000 28,000

    430,500 430,500

    30,000 30,000

    Other Basis Expense (s

    Other Basis Expense (s

    20,500

    Other Non-basis Expen

    Other Non-basis Expen

    509,000

    12,300

    113,963

    Other Reserve (specify)

    Other Reserve (specify)

    6,179,129 0 5,853,578

    0

    5,853,578 0 5,853,578

    100.00% 100% 100%

  • 8/6/2019 The Cottages

    16/23

    rint - APP09-0053

    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 unit87,805

    ttps://www.nchfa.org/Rental/RTCApp/(S(pke5gy554...B4118023C5&SNID=54A6CF96DF67418D9B28BFF493C62453 (16 of 23)4/14/2009 1:05:14 PM

    5,853,578 0 5,853,578

    100.00% 100.00%

    5,853,578 0 5,853,578

    3.50 9.00

    526,822 0 526,822

    0

    91,000

    6,270,129

    526,822

  • 8/6/2019 The Cottages

    17/23

    rint - APP09-0053

    arket Study Information

    ease provide a detailed description of the proposed project:

    e Cottages is a scattered site development located in two neighborhoods in Davidson. The units will bearly identical in design to The Bungalows tax credit project located on Jetton Street. The units aresigned in triplex units to feel like single family homes in the neighborhood.

    cattered site development is the most realistic method of developing affordable housing in Davidson. Theown has an Ordinance which requires 12.5% of all housing units in new developments be affordable.any developers choose to donate land to the Town for development of the affordable units. Two of thercels in this proposed scattered site development have been donated to the Town (or if directed by the

    own sites are donated directly to Davidson Housing Coalition). This has resulted in small parcels of landing available, but considered individually, it would be cost prohibitive for these sites to be developed,

    aintained, managed and kept affordable.

    tton/Mock Circle:e Jetton site is contiguous to the existing Bungalows apartments, developed by Affordable Housingoup and Davidson Housing Coalition. Due to the Town of Davidsons inclusionary zoning ordinance, the

    ark at Davidson project, which is adjacent to the proposed, new rental units , was required to provide 6ordable units, or 12.5% of the developments unit count. The Town negotiated the donation of landitable for construction of those 6 units to Davidson Housing Coalition. In addition, the Town required the

    ark at Davidson to build a rain garden, plant street trees and install sewer taps for the site in preparation

    r 2 Bungalow-style triplexes. The proposed design is identical to the Bungalows, has the same architectd will blend in seamlessly to the neighborhood. Residents on this site will have full access to themmunity room and amenities located at The Bungalows and the Bailey Springs site.

    ock sites:any of the small parcels in Westside Davidson have become very attractive to outside developers, whove acquired the properties only for investment purchases, with the ultimate goal of demolition anddevelopment, removing the property from the Davidson affordable stock.0 Mock Road and 132 Mock Circle were purchased by Davidson Housing Coalition (DHC) in an effort tootect the small parcels for eventual affordable housing units to be developed. DHC has ownership ofme of the surrounding properties and has revitalized the neighborhood with the construction of new,ordable rental units. The inclusion of the proposed apartments will architecturally blend in to the existingeas.

    1 Mock Circle is a parcel that was included in the donation of land to Davidson Housing Coalition byavidson College in 2001. The remaining parcels have been developed as affordable rental units, and thedition of a Bungalow-style triplex will be compatible with the existing neighborhood structures. Residents the Mock Circle sites will have full access to the community room and amenities located at The

    ungalows and the Bailey Springs stie.

    ailey Springs:

    e Bailey Springs neighborhood is a newly constructed area in Davidsons eastside. The projectsclusionary zoning ordinance requirement of affordable housing is 24 units, representing 12.5% of theojects total unit count. The Town of Davidson negotiated the donation of 2.24 acres to the Town, on which Bungalow-style units are proposed. The Davidson Board of Commissioners voted, on January 6, 2009,donate the property to Davidson Housing Coalition, contingent on tax credit funding, and only for the

    nstruction of affordable units.

    e Bailey Springs site will include a community space and amenities for the residents. The space willclude laundry facilities, on-site manager (same management firm as The Bungalows), computer center,eetings space with community kitchen, playground and picnic area.

    nstruction (check all that apply):

    Brick Vinyl Wood HardiPlank Balconies/Patios Sunrooms Front Porches

    Front Gables or Dormers Wide Banding or Vertical/Horizontal Siding

    ttps://www.nchfa.org/Rental/RTCApp/(S(pke5gy554...B4118023C5&SNID=54A6CF96DF67418D9B28BFF493C62453 (17 of 23)4/14/2009 1:05:14 PM

  • 8/6/2019 The Cottages

    18/23

    rint - APP09-0053

    Other:

    Multiple colors, materials, and design features will be utilized to break up the faade and roof lines of thebuilding. Column styles will vary between buildings.

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

    If yes, please provide name and address:

    The Bungalows, Jetton Street, Davidson, NC

    e Amenities:ub house will include community space for resident meetings and activities, on-site manager's office,sident computer center, screened porch and covered porch, community kitchen, laundry facilities (Energyar Certified), mail boxes, and exercise room.

    e site will include parking near each unit, a playground and picnic shelter for resident use. Units located Jetton Street and Mock Circle will be given full access to the community building and amenities at The

    ungalows.

    site Activities:

    e residents of The Cottages will have access to tenant counseling, homeownership counseling anducation provided by the Davidson Housing Coalition. A Resident Council will be established. The Councill be assisted to implement a Neighborhood Watch Program and to evaluate other programs that would

    eet the needs of the residents. Typical activities could include social gatherings, pot luck dinners, movieght, game night, etc.

    ndscaping Plans:

    generous landscape allowance will be used to provide foundation plantings and lawns to soften theade and provide green space. Plantings will include drought tolerant and NC native species and treesat will mature to provide shade and privacy. Planting will be coordinated with benches and playground soblic areas will have areas of shade as the trees mature.

    erior Apartment Amenities:

    apartments will include large closets, a pantry, and dining area. Large open living areas and bedroomsth adequate wall space for furniture. Orientation of windows provide abundant amounts of natural lightingthe bedrooms and living spaces.

    units will be Energy Star Certified for energy efficiency. Energy Star rated refrigerators and dishwashers.

    door air quality will be improved through measures including kitchen and bath fans that exhaust to theterior, use of low VOC paints and primers, and a tight envelope for the building's exterior.ivate entrances to units with porches and stoops help create definable space for each unit while

    ttps://www.nchfa.org/Rental/RTCApp/(S(pke5gy554...B4118023C5&SNID=54A6CF96DF67418D9B28BFF493C62453 (18 of 23)4/14/2009 1:05:14 PM

  • 8/6/2019 The Cottages

    19/23

    rint - APP09-0053

    couraging interaction among neighbors.

    you plan to submit additional market data (market study, etc.) that you want considered? Yes

    If yes, please make sure to include the additional information in your pre-application packet.

    ttps://www.nchfa.org/Rental/RTCApp/(S(pke5gy554...B4118023C5&SNID=54A6CF96DF67418D9B28BFF493C62453 (19 of 23)4/14/2009 1:05:14 PM

  • 8/6/2019 The Cottages

    20/23

    rint - APP09-0053

    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.

    etton/Mock Circle sites: Real estate development trends in the immediate neighborhood focus on

    ehabilitation of lower-income single-family homes, and new construction of multi-family rental units.ocated in Westside Davidson, there have been significant neighborhood rehabilitation efforts, specificallyith the development of rental units by Davidson Housing Coalition. There is an on-going effort to maintainfordability while upgrading the housing stock in the neighborhood. The area immediately adjacent to the

    eighborhood has seen dramatic development of middle to upper end retail and residential development.

    ailey Springs site : Real estate development in the immediate vicinity is new, with 2-story single-familyomes, walking/biking trails and proposed recreational fields. All buildings and improvements are inxcellent condition. There is no affordable housing. The land for these units is being donated by the Town assure affordable housing in this neighborhood is in compliance with the zoning ordinance and per the

    pproved master plan.

    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, distributioncilities, 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. Jetton/Mock Circle sites : Land use pattern is primarily residentialth support service facilities. The Ada Jenkins Center is located across Mock Circle from the site andovides a wide array of programs and services for the residents of the neighborhood. The Davidson Housingoalition offices are across the street from the proposed Mock Circle site. The location is well connected withshort walk to services, retail and downtown. There are no incompatibile uses or environmental concerns.ailey Springs site : The land use pattern is residential, and is not isolated. There are no industrial orcompatible uses. The site is near a power line easement but is surrounded by other residential units and

    creational open space. The appraised value of the site at $615,000 indicates that the lines are not deemedbe incompatible. There is undeveloped land, as this site is located in a newly constructed master plannedvelopment of Davidson. The Cottages site is in compliance with the Bailey Springs Communitys

    clusionary zoning requirement and is being donated to DHC for the project by the Town of Davidson forordable rental units per the Town's approved Master Plan.

    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. Jetton/Mock Circle sites : Speed limits are set at 25 mph and there areequate stop lights and signs. Access to public transportation is available less than 1/4 mile away at the

    da Jenkins Center. The site location on Jetton and on Mock Cirlce across from the Ada Jenkins Centerovides excellent visibility. Bailey Springs site : The units will not be a burden on public facilities as they are

    poved as part of the Master Plan for the development. Speed limits in the immediate neighborhood are set25 mph. There are no negative features and visibility is excellent as the site is in the middle of the newvelopment area.

    ttps://www.nchfa.org/Rental/RTCApp/(S(pke5gy554...B4118023C5&SNID=54A6CF96DF67418D9B28BFF493C62453 (20 of 23)4/14/2009 1:05:14 PM

  • 8/6/2019 The Cottages

    21/23

    rint - APP09-0053

    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).

    etton/Mock Circle sites : There are no negative features associated with these sites. Jetton is immediatelydjacent to The Bungalows and new residential development.

    ailey Springs site : There are power transmission lines near the site, however the appraised value of615,000 indicates no negative consequences of the lines. The site is fully prepared including roads,

    arking and utility connections.

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

    he Town of Davidson, through its strict architectural guidelines and required approval of the Planningoard and Town Board of commissioners, ensures that all new construction is compatible with the overallommunitys appearance.

    etton/Mock Circle sites : Surrounding buildings are both small single-family and 2-story, multi-familywellings. The Bungalows style rentals will blend into the existing, older neighborhood that already includesnumber of Bungalow/Cottage style infill units.

    ailey Springs site : The Bungalow style triplexes will blend into the newly constructed 2-story single-family

    eighborhood and are called for in the approved Master Plan for the 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

    chool Basic Health Care

    SchoolsPublic Transportation

    Stop

    Convenience Store Public Parks

    Gas Station Library

    her facilities or services:

    e distances above are for the Jetton/Mock Circle sites. The distances from Bailey Springs are includedlow.

    ocery Store Food Lion (20125 North Main St., Cornelius, NC 28031) 2.9 miles

    all/Strip Center Northcross Commons Shopping Center (approx. 9700 Sam Furr Rd, Huntersville, NC078), 4.2 miles

    utdoor Athletic Fields Bailey Road Park (11536 Bailey Road, Cornelius, NC 28031) 1.2 miles

    ay Care/After School Lake Norman Learning Ctr Inc. (21106 Catawba Ave., Cornelius, NC 28031) 3.1les

    chools Bailey Middle School (11900 Bailey Road, Cornelius, NC 28031) 0.9 miles

    onvenience Store Cashions Quick Stop (19925 S Main St, Cornelius, NC) 2.7 miles

    ttps://www.nchfa.org/Rental/RTCApp/(S(pke5gy554...B4118023C5&SNID=54A6CF96DF67418D9B28BFF493C62453 (21 of 23)4/14/2009 1:05:14 PM

    5 .3

    5 4.5

    3.7

    3.5

    8.3

    3 .6

    3 .7

  • 8/6/2019 The Cottages

    22/23

    rint - APP09-0053

    as Station Cashions Quick Stop (19925 S Main St, Cornelius, NC), - 2.7 miles

    ommunity/Senior Center Lake Norman YMCA (21300 Davidson St., Cornelius, NC 28031), - 3.7 miles

    ospital Presbyterian Hospital Huntersville (Exit 23-- 10030 Gilead Rd., Huntersville, NC 28078) 6.5les

    harmacy Rite Aid (21500 Catawba Ave, Cornelius, NC), - 2.7 miles

    asic Health Care Medicus Health Care (16507 Northcross Dr Ste B., Huntersville, NC 28078) 5.3 miles

    ublic Transportation Stop Cornelius Town Hall Park & Ride (21445 Catawba Ave., Cornelius, NC 28031)2.8 miles

    ublic Parks Bailey Road Park (11536 Bailey Road, Cornelius, NC 28031) 1.2 miles

    brary Cornelius Public Library (21105 Catawba Ave., Cornelius, NC 28031) 3.1 miles

    ttps://www.nchfa.org/Rental/RTCApp/(S(pke5gy554...B4118023C5&SNID=54A6CF96DF67418D9B28BFF493C62453 (22 of 23)4/14/2009 1:05:14 PM

  • 8/6/2019 The Cottages

    23/23

    rint - APP09-0053

    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)