Castle Glen

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Print Preview - Final Application

Tax Credits, RPP Loans, and/or Tax Exempt Bond Loans
Project Name and Location

Project Name: Castle Glen Address: City: W. Chatham Street Newport County: Carteret Zip: 28570 Block Group:
Census Tract: 9707.0
Is project in Qualified Census Tract & Difficult to Develop area? No Does a community revitalization plan exist? No Political Jurisdiction: Jurisdiction Address: Jurisdiction City: Jurisdiction Phone: Town of Newport/ 3rd Congressional District Last: Garner Title: Mayor 200 Howard Blvd Newport (252)223-4749 Zip: 28750
Jurisdiction CEO Name: First: Derryl
Site Latitude: Site Longitude:
34.786 -76.859
https://www.nchfa.org/Rental/RTCApp/(uc354vvxnj5oysqznn5wqffi)/site/PrintApp.aspx?I... 1/14/2005
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Project Description
Project Type:* New Construction Rehab Adaptive Reuse
Is this project a follow-on (Phase II, etc) to a previously-awarded tax credit development project? No If yes, list names of previous phase(s): Will the project be receiving project based federal rental assistance? No If yes, provide the subsidy source: and number of units:
Target Population: Family Indicate 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 and state codes.) Persons with disabilities or homeless populations: the greater of 5 units or 10% of the total units Remarks: ECCDI will target a minimum of 4 units for mobility impaired handicapped. All units will be on the ground floor conveniently located to access and handicapped parking spaces. ECCDI will also target 4 units for persons with disabilities and the homeless. A complete targeting plan accompanies this application.
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Applicant Information
Applicant Name: Address: City: Contact: Telephone: East Carolina Community Development Inc. (Managing Member) 315 Turner Street Beaufort First: Keith (252)504-3996 State: NC Zip: 28516 Last: Walker Title: CEO & President
Alt Phone:
(252)504-2424
Fax:
(252)504-2248
Email Address:
eccdi@bizec.rr.com
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Site Description
Total Site Acreage: 4.24 Total Buildable Acreage: 4.24 If buildable acreage is less than total acreage, please explain:
Identify utilities and services currently available (and with adequate capacity) for this site: Storm Sewer Water Sanitary Sewer Electric
Is the demolition of any buildings required or planned? No If yes, please describe:
Are 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? Is the site directly accessed by an existing, paved, publicly maintained road? Yes If no, please explain:
Is 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:
(b) Describe flood mitigation if the project will have improvements within the 100 year floodplain:
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Site Control
Does the owner have fee simple ownership of the property (site/buildings)? No If yes provide: Purchase Date: If no: (a) Does the owner/principal or ownership entity have vaild 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/contract for purchase of the property and the seller of the property? No If yes, specify the relationship:
Purchase Price:
(c) Enter the current expiration date of the option/contract to purchase: 12/15/2004 (D) Enter Purchase Price: 227,000
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Zoning
Present zoning classification of the site: Planned Unit Development (PUD) Is mutifamily use permitted? No Are 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 for obtaining them: The property is located in an area zoned (PUD) Planned Unit Development. The portion of the PUD under consideration is approved for a "Neighborhood Business" and Storage. The property will require a Zoning Amendment to the PUD. ECCDI is currently working with Bob Chambers, the Zoning Administrator for the Town of Newport to complete this process. An initial planning meeting took place on April 26th to discuss re-zoning. A public hearing is scheduled for June 1st, 2004.
Are there any existing conditions of historical significance located on the project site that will require State Historic Preservation office review? No If yes, describe below:
Are there any existing conditions of environmental significance located on the project site? No If yes, describe below:
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Ownership Entity
Owner Name: Castle Glen LLC Address: City: 315 Turner Street Beaufort State: NC Zip: 28516 (If assigned) 56-1909969 (If Not Assigned)
Federal Tax ID Number of Ownership Entity: Federal Tax ID Number of Managing GP or Member:
Entity Type: Limited Liability Company Entity Status: Already Formed Is the applicant requesting that the Agency treat the application as Non-Profit sponsored? Is the applicant requesting that the Agency treat the application as CHDO sponsored?
Yes Yes
List all general partners, members,and principals. Specify nonprofit corporate general partners or members. Click [Add] to add additional partners, members, and principals.
Org:
East Carolina Community Development Inc. Last Name: Keith Function: Managing Member
First Name: Walker Address: City: Phone: EMail: 315 Turner Street Beaufort (252)504-3996 eccdi@bizec.rr.com
State: NC
Zip: 28516
Fax: (252)504-2248 Nonprofit: Yes TaxID 56-1909969
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Unit Mix
The Median Income for Carteret county is $52,400. Low Income Units Type Gdn Apt Gdn Apt Gdn Apt Gdn Apt Gdn Apt Gdn Apt # BRs Net Sq.Ft. 2 2 2 3 3 3 956 956 956 1195 1195 1195 Total # Units 4 6 6 4 6 6 # Units 0 1 1 0 1 1 Monthly Rent 368 455 573 422 548 593 Electric Utility Allowance 70 70 70 85 85 85 Gas Mandatory Serv. Fees 0 0 0 0 0 0 Other Trash Collection **Total Housing Exp. 438 525 643 507 633 678
Utilites included in rents:
Water/Sewer
Employee Units (will add to Low Income Unit total) Type # BRs Net Sq.Ft. Total # Units # Units Monthly Rent Electric Utility Allowance Gas Other Mandatory Serv. Fees **Total Housing Exp.
Water/Sewer
Market Rate Units Type # BRs Net Sq.Ft. Total # Units # Units Monthly Rent Utility Allowance Gas Other Mandatory Serv. Fees **Total Housing Exp.
Water/Sewer
Electric
Statistics All Units Low Income....... Market Rate....... Totals............... 32 4 16174 32 Gross Monthly Rental Income 16174
Units 4
Proposed number of residential buildings: 2 Project Includes:
Maximum number of stories in buildings: 2
Separate community building - Sq. Ft. (Floor Area): 2,402 Community space within residential bulding(s) - Sq. Ft. (Floor Area): Elevators - Number of Elevators: Square Footage Information Gross Floor Square Footage: 46,606
Total Net Sq. Ft. (All Heated Areas): 36,702
Notes
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**
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.
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Targeting
Specify Low Income Unit Targeting in table below. List each applicable targeting combination in a separate row below. Click [Add] to create another row. Click "X" (at the left of each row) to delete a row. Add as many rows as needed.
# BRs 2 2 2 3 3 3 4 6 6 4 6 6
Units targeted at 40 targeted at 50 targeted at 60 targeted at 40 targeted at 50 targeted at 60
% percent of median income. percent of median income. percent of median income. percent of median income. percent of median income. percent of median income.
Total Low Income Units:
32
Note: This number should match the total number of low income units in the Unit Mix section.
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Funding Sources
NonAmortizing* 0 313,437 2.00 20 20 Rate (%) Term (Years) Amort. Period (Years) Annual Debt Service
Source Bank Loan RPP Loan Local Gov. Loan - Specify: 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**
Amount
469,696
2.00
20
20
28,513
460,639
30
30
1,538,730
2,782,502
* "Non-amortizing" indicates that the loan does not have a fixed annual debt service. For these items, you must fill in 20-year debt service below. ** Total Sources must equal total replacement cost in Project Development Cost (PDC) section. Estimated pricing on sale of Federal Tax Credits: $0. 793 Remarks concerning project funding sources: (Please be sure to include the name of the funding source(s)) ECCDI has received notice that Castle Glen is to be awarded a FHLBA Affordable Housing Program subsidized loan in the amount of $469,696.00. The loan terms is 20 years and the interest rate is 2%
Loans with Variable Amortization Please fill in the annual debt service as applicable for the first 20 years of the project life.
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RPP Loan Year: Amt: Year: Amt: 1 20613 11 19935 2 20776 12 19516 3 20896 13 19015 4 20971 14 18429 5 20998 15 17751 6 20972 16 16975 7 20892 17 16096 8 20751 18 15108 9 20548 19 14004 10 20277 20 12800
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Development Costs
Item Cost Element 1 Purchase of Buildings (Rehab) 2 Demolition 3 On-site Improvements 4 Rehabilitation 5 Construction of New Building(s) 6 Accessory Building(s) 7 General Requirements 8 Contractor Overhead 9 Contractor Profit 10 Construction Contingency 11 Architect's Fee - Design 12 Architect's Fee - Inspection SUBTOTAL (lines 1 through 12) 13 Construction Insurance (prorate) 14 Construction Loan Orig. Fee (prorate) 15 Construction Loan Interest (prorate) 16 Construction Loan Credit Enhancement (prorate) 17 Construction Period Taxes (prorate) 18 Water, Sewer and Impact Fees 19 Survey 20 Property Appraisal 21 Environmental Report 22 Market Study 23 Bond Costs (specify) 24 Cost of Issuance 25 Placement Fee 26 Permanent Loan Origination Fee 27 Permanent Loan Credit Enhancement 28 Title and Recording SUBTOTAL (lines 13 through 28) 29 Real Estate Attorney 30 Other Attorney's Fees 31 Tax Credit App Fees 32 Cost Certification/Accounting 33 Tax Opinion 34 Organizational (Partnership) 35 Tax Credit Monitoring Fee SUBTOTAL (lines 29 through 35) 36 Furnishings and Equipment 37 Relocation Expenses 38 Developer's Fee (max 15% lines 2-36, less 8 & 9) 39 40 42 43 Bank Inspections/Permits/soft cost cont Engineering/Boring/testing 8,000 Other Non-basis Expense (specify) Other Non-basis Expense (specify) SUBTOTAL (lines 36 through 43) 44 Rent up Reserve 292,000 9,600 4,000 187,200 25,000 9,000 14,837 12,000 2,500 2,000 19,200 84,537 14,000 0 270,000 14,000 0 270,000 25,000 9,000 14,837 12,000 TOTAL COST 0 0 150,000 0 1,351,158 80,000 94,800 33,323 99,969 54,277 23,000 8,000 1,894,527 5,000 10,000 65,000 0 2,200 85,500 4,000 5,000 2,500 4,000 5,000 10,000 65,000 0 1,760 85,500 4,000 5,000 2,500 4,000 150,000 0 1,351,158 80,000 94,800 33,323 99,969 54,277 23,000 8,000 Eligible Basis 30% PV 70% PV 0
41 Rent-up Expenses
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45 Operating Reserve 46 47 Other Reserve (specify) Other Reserve (specify)
87,638
48 DEVELOPMENT COST (lines 1-47) 49 Less Federal Financing 50 Less Disproportionate Standard 51 Less Nonqualified Nonrecourse Financing 52 Less Historic Tax Credit (residential) 53 TOTAL ELIGIBLE BASIS 54 Applicable Fraction (percentage of LI Units) 55 Basis Before Boost 56 Boost for QCT/DDA (if applicable, enter 130%) 57 TOTAL QUALIFIED BASIS 58 Tax Credit Rate 59 Federal Tax Credits at Estimated Rate 60 Federal Tax Credits at 8.5% or 3.75% 61 Federal Tax Credits Requested 62 Land Cost 63 TOTAL REPLACEMENT COST
2,555,502
2,422,124
0 2,422,124 100.00% 2,422,124 2,422,124 191,590 205,880 195,190 227,000 2,782,502 0 100% 0 100.00% 0 0.00% 0 0 2,422,124 100% 2,422,124 100.00% 2,422,124 7.91% 191,590 205,880 195,190
Comments: disallowed line items 39 and 40 as the costs are part of the genereal requirements section. Raised line item 7( Gen requirements) to 6%. lowered line item 32.
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Market Study Information

Please provide a detailed description of the proposed project: Castle Glen involves the construction of a 32 unit family project in Newport, North Carolina, an economically diverse, hurricane impacted rural community. Newport is located approximately 6 miles south of Havelock, 6 miles North of Morehead City and 40 miles east of Jacksonville. Unit mix will include two and three bedroom apartments in two two-story residential buildings and be targeted to very low and low-income families. The project will adhere to North Carolina Housing Finance Agency design guidelines. The project will be similar to the successful ECCDI development Elm Green apartments, also in Newport and behind the Castle Glen site, however whereas Elm Green has 48 apartments, Castle Glen will have 32. The chosen design is aesthetically pleasing, presents as a market rate project, and does not match traditional expectations of a housing development for very low-income clientele. Consisting of two two-story buildings with 16 units in each building, the wood framed buildings will feature brick and vinyl siding exteriors. Additional construction characteristics will include broken rooflines, front gables, and wide band vertical/horizontal siding. Castle Glen will look appropriate in its neighborhood and broader community. Laundry hookups will be in every unit, especially important, as many resident households will include children. Other unit specific amenities will include patio or balcony, a fully equipped kitchen with refrigerator, and oven/range with hood, a dishwasher, a garbage disposal, a pantry, washer/dryer hook ups, mini blinds, walk-in closets, ceiling fans, central heat and air, additional storage, wall to wall carpeting in all living areas and vinyl flooring in the kitchen and bathrooms. Castle Glen will have a 1900+ square foot community building. The community building will include two offices, one for the property manager and one for the supportive services manager. A catering kitchen opens to the main multipurpose room. Food service capability in conjunction with meeting and activity space will make the Community Center become a focal point for Castle Glen residents, not just the location of offices for the developments staff. The proposed Castle Glen development is part of a small planned unit development (PUD) located in Northeast Newport, off of Chatham Street. The development will compare with Elm Green apartments, a family tax credit property developed by ECCDI, which is currently 100% occupied and maintains a waiting list. The site offers good access to local services. The intersection of Chatham Street and US Highway 70 is two miles north of the site. The Courtesy Town Square shopping Center is located at the intersection of US Hwy 70 and Howard Boulevard, within approximately 4 miles of the site. The site is within approximately 1 mile of the Post Office, Town Hall, Library, Community Park and other services on Howard Boulevard. With the exception of Elm Green, other affordable family rental stock in the area is fairly old and not well maintained. More than 25% of rental units are mobile homes. A low vacancy rate for existing affordable rental property indicates a real demand for quality affordable rental units. A 2000 HUD estimate of the number of very low income households in Carteret County living in rental units that are overcrowded, lack total kitchens or plumbing facilities, or are unaffordable, was 1395 households. Existing demand will increase further with the projected activities of the east coast air stations. Cherry Point MCAS, the nations largest Marine Corps air station is within 15 minutes drive of the site. It is likely that either two or four squadrons of F/A-18 E/F Super Hornets will be deployed to MCAS Cherry Point, impacting the military and civilian population needing affordable housing. Castle Glen will be competitive with or exceed markets standards in kitchen amenities, unit amenities, dcor and location and will offer a community room with catering kitchen, a playground, gazebos, walking trails, picnic areas, ball fields and garden spots. The developer is proposing the inclusion of two tennis courts in the development. These courts will be available to residents of Castle Glen and also other neighborhood residents according to demand. Castle Glen will offer competitive rents, new construction, an attractive location and unmatched amenities. Construction (check all that apply): Brick Vinyl Wood HardiPlank Balconies/Patios Sunrooms Front Porches
Front Gables or Dormers Other:
Wide Banding or Vertical/Horizontal Siding
The designs prepared by Arthur Cogswell exceed the North Carolina Housing Finance Agency guidelines. The project design will be similar to that of Elm Green located to the rear of the Castle Glen site. - The Elm Green project is aesthetically pleasing and looks like a market rate project, not a project that provides housing for very low income clientele; - The two story design is particularly suitable for use in a non-urban community such as Newport,
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where citizens are not accustomed to vertical living in three or more stories; - The design is compatible with the use of horizontal siding, the type of trim and other design characteristics of the recent developments nearby. The design characteristics ensure Castle Glen fits in with the neighborhood; - The design has proven cost effective and the floor plans are livable. - Project amenities include washer/dryer connections, patios and balconies, abundant kitchen counter, kitchen cabinet and pantry cabinet space, good counter space in bathrooms for personal hygiene items, generous closet space throughout, including linen and coat closets in every apartment - There will be a community building with a computer room, game and craft room, on site laundry facility and leasing office. Have you built other tax credit developments that use the same building design as this project? Yes If yes, please provide name and address: 1) Elm Green Apartments 100 Elm Green Loop Drive Newport, NC 28570 2) Phoenix Park Apartments Phoenix Park Drive Jacksonville, NC 28546
Site Amenities (check all that apply): Community Bldg - Sq Ft: 2,402 Laundry Rm Game/Craft Rm Chapel/Prayer Rm Irrigated Lawns Walking Trails Pool Screened Porch Exercise Rm Picnic Area Security Gate Garden Spots Fitness Stations Community Room - Sq Ft: Resident Computer Center TV Rm Onsite Leasing Office Car Care Area Basketball/Tennis Court Horseshoe Pit Garages - Number: Exam Rm Beauty Salon Onsite Mgr Storage Units Playground Shuffleboard Reading Rm/Library Vending Rm Onsite Maint. Person Gazebos Ball Field Covered Drive Thru
Onsite Activities: A comprehensive supportive services plan will be in place at Castle Glen for the benefit of residents. A supportive services representative/community resource coordinator will work in conjunction with the on-site manager to organize events and facilitate community focused functions and activities. These are likely to include: Parenting workshops geared towards forming stronger families and a stronger community Self-sufficiency and budgeting workshops. Homework hour and after school programs for school aged children with tutoring and drug prevention components. Art and craft classes providing alternative activities for individual expression. Homeownership education and financial literacy classes leading to goal oriented economic selfsufficiency and financial awareness Preventative health screening including blood pressure screenings Community events providing positive forums for families to interact and develop a sense of community Referrals to local agencies to provide special populations with assistance to live independently. Mediation and advocacy support and training to provide residents with skills to advocate for the needs of their families. Landscaping Plans: A generous landscaping budget has been included in project development cost. Castle Glen will have a well thought out layout with many tasteful landscaping features to complement the developments design and neighboring properties. Features will include: Generous amounts of foundation plantings Walking trails around the property to be used for exercise or leisure The project will have a landscaped and elegantly signed entrance to give all those who visit a good first impression Large trees will be planted throughout the project and will offer residents shade and privacy as the project matures. Interior Apartment Amenities (check all that apply): Range Hood Dishwasher Disposal Refrigerator (frost free) Storage interior/exterior
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W/D Hookups Flooring: Carpet
Mini-blinds Vinyl Central Air
Pantry Wood Gas Heat
Ceiling fans Wood Parquet Heat Pump
Walk-in closets Other
Ceramic Tile Electric Pump
Heating/Cooling:
Do 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.
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Applicant's Site Evaluation

Briefly describe your site in each of the following categories: NEIGHBORHOOD CHARACTERISTICS Physical condition of buildings and improvements. Trend and direction of real estate development relative to the project. Area economic health (degree of decline or investment). Concentration of affordable housing. Several distinct small towns blend together to form the community around Morehead City, commonly called the "Crystal Coast". Newport is one such town. The towns are surrounded by farmlands and the Croatan National Forest, giving a wide diversity of lifestyles and recreation. The oceanfront is geared toward family recreation and tourism with all types of water sports, fishing, and marine activities. Further inland, there is a strong military influence with Camp LeJeune and Cherry Point nearby. Newport has seen a growth of more than 33% in its population base in the last decade. The town is experiencing considerable growth in both its business and residential population, attributable largely to its convenient location - centrally placed between Morehead City and Beaufort to the east or Havelock and MCAS Cherry Point to the West. Much new construction is taking place and many of Newport's older homes are being renovated. Census data indicates that less than half of households own their own home. The extremely strong rental market that exists throughout the Newport area supports this data. Suitability of surrounding development. Land use pattern is primarily residential (single and multifamily housing) with a balance of other uses (particularly retail and amenities). Amount and character of vacant, undeveloped land. Effect of industrial, large-scale institutional or other incompatible uses: wastewater treatment facilities, high traffic corridors, junkyards, prisions, landfills, large swamps, distribution facilities, frequently used railroad tracks, power transmission lines and towers, factories or similar operations, sources of excessive noise, and sites with environmental concerns (such as odors or pollution). The proposed Castle Glen apartments rental development is in the northern portion of the Town of Newport. The site of the proposed development is in a predominantly residential area off of Chatham Street, less than two miles from US highway 70. The site is located in a quiet area with a mix of single-family homes, senior housing, condominiums and a multi-family development, making the characteristics of the neighborhood ideal for a development such as this. Immediately east of the site are the Kings Mill senior apartments and the Elm Green family apartments, to the south are New Bern Street and the Courtyard West Condominiums. Elm Green is a LIHTC family development constructed in 1999, and Kings Mill is a LIHTC senior development constructed in 2002. Courtyard West is a new condominium development located across New Bern Street to the south and a new single-family home subdivision is located further east along New Bern Street. Less than one mile from the site, at the corner of Chatham and Market streets, are several local retailers, including Red and White Grocery, CM Hill Hardware and Video Show Place. Newports two primary retail areas are the downtown district along Howard Boulevard and the intersection of US Highway 70 and Howard Boulevard, and at the Courtesy Town Square retail center along US Highway 70. This has a Food Lion, dominos Pizza, Dry-cleaners, H&R Block, Video City, Classic Cuts and China Garden. Just South of Courtesy Town Square is the Ocean Way Plaza and Newport River Shoppes. Newport is only five miles from the commercial and retail hub of Carteret County, centered at the northern edge of Morehead City. There is easy access from the site to major retailers, restaurants, financial institutions, health services and other facilities. The nearest hospital to the site is The Naval Hospital at MCAS Cherry Point, located approximately six miles away in Havelock. The hospital offers comprehensive medical services to active and retired military personnel and their dependents, as well as critical emergency care to all local residents. Carteret County General Hospital, located in Morehead City, about 6 miles south of the site, is a 114 bed acute care facility that serves the county and surrounding area. Locally the Newport Family Practice and Pharmacy, as well as the Newport Dental Clinic are located in the downtown Newport vicinity. A new VA clinic opened this month in Morehead City offering primary care to vaterans and dependents. The Carteret County Area Transportation System (CCATS) is a countywide transportation service serving the citizens and visitors of Carteret County. Currently CCATS offers two types of service: CCATS Paratransit Services. This service is available to agency-sponsored passengers for human-services related transportation. Agencies served by CCATS include Carteret County Department of Social Services, Coastal Community Action, Leon Mann Enrichment Center, Station Club Enterprises, Atlantic House, Carteret County Health Department, and others. CCATS Community Transit. This service is available to the general public and is a fare-based service operated on a space-available basis in cooperation with CCATS Paratransit service Carteret Community College, located about 5 miles away in Morehead City, is one of 59 institutions comprising the N.C. Community College System. The college offers a wide-range of educational, technical and vocational programs. High schools in Newport are Croatan High, the Gramercy
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Christian School and the White Oak Church of God Academy. Primary and middle schools are Newport Elementary, Broad Creek Middle School, Newport Middle and Bogue Sound Elementary. SITE SUITABILITY Adequacy of street(s) and/or access road(s) serving the proposed project and traffic controls (lights, stop signs, turning lanes). Access to mass transit (if applicable). Several key transportation routes located near the site make the location convenient for many households from both inside and outside of the immediate area. US Highway 70 is located within two miles of the site providing access north to Havelock and New Bern and south to Morehead City and other coastal areas. US Highway 70 is a four-lane highway that runs southeast through Raleigh, terminating in the Township of Atlantic in the easternmost part of the county. US Highway 70 is one of the major traffic arteries through the Eastern North Carolina. The site also has easy access to state Highway 24, located just south of the site, the main east west coastal route connecting Newport to Swansboro, Jacksonville and Wilmington. The site offers accessible ingress and egress to the Town of Newport and surrounding areas without being negatively impacted by traffic volume and noise - only local traffic passes the site while Highway 70 is within 2 miles. Degree of on-site negative features and physical barriers that will impede project construction or adversely affect future tenants; for example: power transmission lines and towers, flood hazards, steep slopes, large boulders, ravines, year-round streams, wetlands, and other similar features. For adaptive re-use projects- suitability for residential use and difficulties posed by the building(s), such as limited parking, environmental problems or the need for excessive demolition. This site is integrated into an existing residential area, which is likely to expand as the Town of Newports growth continues. On the site there are no overhead power lines, no known flood hazards or other land uses nearby that would degrade the quality of life for residents at the proposed project. There are no known physical barriers to the proposed development on this site. There are no known on-site negative features and physical barriers that will impede project construction or adversely affect future tenants. There are no known industrial, large-scale institutional or other incompatible uses. The site does not have, nor is it close to or in any way effected by wastewater treatment facilities, high traffic corridors, junkyards, prisons, landfills, large swamps, distribution facilities, frequently used railroad tracks, power transmission lines and towers, factories or similar operations, sources of excessive noise, or environmental concerns (such as odors or pollution). Similarity of scale and aesthetics/architecture between project and surroundings. The Castle Glen development will be the newest apartment complex of its size and scale in this development corridor of the Town of Newport but it will mirror and complement the Elm Green Apartments, being a scaled down version of that development. The chosen design is aesthetically pleasing and presents as a market rate project, and does not match traditional expectations of a housing development for very low-income clientele. The twostory design is particularly suitable for use in a non-urban community such as Newport, North Carolina where citizens are not accustomed to vertical living in three or more stories. The proposed design is compatible with the use of horizontal siding, the type of trim and other design characteristics of the recent developments throughout the Town of Newport. Castle Glen will look appropriate in its neighborhood and within its broader surroundings. The wood framed buildings will feature brick and vinyl siding exteriors. Additional construction characteristics will include broken rooflines, front gables, and wide band or vertical/horizontal siding. The proposed buildings will be compatible with recently developed housing communities in Newport and will be more attractive than the majority of older existing rental stock. As ECCDIs Elm Green development and Phoenix Park in Jacksonville have proven, the design complements attractive sites rather than detracts from them. Historically the design is perceived as market rate and the attractiveness of the design has been very well received. Furthermore, as more new residential construction is taking place in eastern North Carolina, conventional development controls such as setback and minimum lot size requirements are resulting in developers building up to make optimum use of a site and meet demand for increased floor area. New construction is predominantly of two or more stories, or, depending on proximity to water, of pile construction. A two-story development at the proposed site will not appear incongruous with the surroundings. For each applicable neighborhood feature, enter distance from project in miles. 0.5 Grocery Store 6.0 Community/Senior Center
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0.5 0.5 1.0 1.0 4.0 0.5 1.0 1.0 1.0 5.0 1.0 6
Mall/Strip Center Outdoor Athletic Fields Day Care/After School Schools
6.0 2.0 1.0 1.0
Hospital Pharmacy Basic Health Care Medical Offices Bank/Credit Union Restaurants Professional Services Movie Theater Video Rental Public Safety (Fire/Police) Post Office
Public Transportation Stop 2.0 Convenience Store Basketball/Tennis Courts Public Parks Gas Station Library Fitness/Nature Trails Public Swimming Pools 0.5 0.5 5.0 0.5 0.5 1.0
Other facilities or services: Supportive services will be provided to the estimated 32 families living at Castle Glen. Targeted populations will include those living with disabilities, victims of domestic violence and the homeless. A collaborative approach will be taken to the provision of supportive services, not only collaborating with a multitude of local community organizations and agencies to help provide services and meet the changing needs of individuals and the community as a whole, but also with the residents themselves who are best able to discern their own needs. ECCDI already has the benefit of existing relationships with many area service providers partnering to meet the needs of its Elm Green residents ( ECCDI's multi family development located in Newport). Lessons learned through matching resident requirements with services provided at Elm Green will allow Castle Glen to avoid many of the start-up or teething problems a supportive services program at a new development might otherwise encounter. ECCDIs goals in providing supportive services to the residents of Castle Glen will include: 1) To promote self-sufficiency and economic independence 2) To build community, affording residents a sense of ownership and pride in their neighborhood 3) To enhance the quality of life for the residents through such actions as providing educational information and opportunities, health screenings, community building and cultural enrichment activities. There will be a supportive services representative/community resource coordinator responsible for carrying out the goals of the supportive services. The community resource coordinator will be available at the Castle Glen Community Center with hours to suit the needs of the residents, including evening and weekend hours as needed. The community resource coordinator will work in conjunction with the on-site manager to ensure the activities of the managing agent and those of supportive services providers complement each other.
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Development Team
Provide contact information for development team members below: Management Agent Company: Community Management Corporation Address: City: Phone 1415 Old Mill Circle Winston Salem (336)765-0424 State: NC Zip: 27114 Email: gmorgan@cmc-nc.com Last: Morgan
Contact Name: First: Gaye
Architect Company: Address: City: Phone
Arthur Cogswell, Architect & Planner 619 Greenwood Road Chapel Hill (919)942-5196 State: NC Zip: 27514 Email: acogswell@mindspring.com Last: Cogswell
Contact Name: First: Arthur
Attorney Company: Address: City: Phone
Nelson, Mullins Riley & Scarborough L.L.P. 4140 Parklake Avenue, Suite 200 Raleigh (919)877-3800 State: NC Zip: 27612 Email: susan.ellinger@nmrs.com Last: Ellinger
Contact Name: First: Susan
Investor Company: Address: City: Phone
MMA Financial, LLC 101 Arch Street Boston (617)439-3911 State: MA Zip: 02110-1106 Email: tdiciero@mmafin.com Last: DiCiero
Contact Name: First: Anthony
Consultant/Application Preparer (if different from developer) Company: Address: City: Phone Contact Name: First: State: Email: Last: Zip:
Identity of Interest? General Contractor Company: Harold K. Jordan & Co. Inc Address: City: Phone 1086 Classic Road, Suite 201 Apex (919)303-3652 State: NC Zip: 27502 Email: hjordan@hkjconstruction.com Last: Jordan
Contact Name: First: Harold
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Project Team Experience

Development List number low-income/tax credit housing projects and units developed, operated, and maintained in compliance by the principal(s) between December 1, 1996 and January 1, 2003: North Carolina Other States Projects: Units: 6 272 0 0
Management List number of low-income housing tax credit units managed in the past 10 years: North Carolina Other States Projects: Units: 49 2,614 0 0
Has any owner, principal, or management agent been debarred or received a limited denial participation in the past 10 years by any federal or state agency? No Has any owner, principal, or management agent been involved in a bankruptcy, an adverse fair housing settlement, an adverse civil rights settlement, or an adverse federal or state government proceeding and settlement in the past 10 years? No Has any owner or principal been in a mortgage default or delinquency of three months or more within the last 5 years on a FHA-insured project, a Rural Development funded rental project, a tax-exempt funded mortgage, a tax credit project, or any other publicly subsidized project? No Has any owner or principal been involved within the last 10 years in a project which previously received an allocation of tax credits but failed to meet compliance standards of the tax credit allocation, including return of a reservation of tax credits to the Agency after the carryover agreement has been signed? No Has any owner or principal had a Form 8823 filed with the IRS for noncompliance on a project using low-income housing tax credits or received a letter of non-compliance from the Agency? No
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Financing Commitments
Does the project have a firm commitment for construction financing? Does the project have a letter of intent for private permenant financing? Does the project have a firm commitment for government financing? Does the project have a letter of intent from an investor? Is any portion of the eligible basis of new contruction or rehabilitation financed with federal subsidies other than CDBG funds or funds from the HOME program? If yes, indicate the type and amount below: Tax Exempt Financing: $ RD 515 Financing: Hope VI Financing: Other: $ $ $ No Yes No Yes No
If Other, specify the type of Federal subsidy:
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Projected Operating Costs

Project Operations (Year One) Administrative Expenses Advertising Office Salaries Office Supplies Office or Model Apartment Rent Management Fee Manager or Superintendent Salaries Manager or Superintendent Rent Free Unit Legal Expenses (Project) Auditing Expenses (Project) Bookkeeping Fees/Accounting Services Telephone and Answering Service Bad Debts Other Administrative Expenses (specify): Miscel admin, e.g. credit reports, computer supplies SUBTOTAL Utilities Expense Fuel Oil Electricity (Light and Misc. Power) Water Gas Sewer SUBTOTAL Operating and Maintenance Expenses Janitor and Cleaning Payroll Janitor and Cleaning Supplies Janitor and Cleaning Contract Exterminating Payroll/Contract Exterminating Supplies Garbage and Trash Removal Security Payroll/Contract Grounds Payroll Grounds Supplies Grounds Contract Repairs Payroll Repairs Material Repairs Contract Elevator Maintenance/Contract Heating/Cooling Repairs and Maintenance Swimming Pool Maintenance/Contract Snow Removal Decorating Payroll/Contract Decorating Supplies Other (specify): Miscellaneous Operating & Maintenance Expenses SUBTOTAL Taxes and Insurance Real Estate Taxes Payroll Taxes (FICA) Miscellaneous Taxes, Licenses and Permits 22,500 13,231 1,594 2,200 500 500 5,000 17,500 1,200 5,000 13,824 15,000
800 3,000 600
1,900 41,324
7,500 5,000
300 3,250 800 200 4,000 600 840 960 6,750 1,500 100
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Property and Liability Insurance (Hazard) Fidelity Bond Insurance Workmen's Compensation Health Insurance and Other Employee Benefits Other Insurance: EUL, Earthquake, Computer SUBTOTAL Supportive Service Expenses Service Coordinator Service Supplies Tenant Association Funds Other Expenses (specify): SUBTOTAL Reserves Replacement Reserves SUBTOTAL TOTAL OPERATING EXPENSES ADJUSTED TOTAL OPERATING EXPENSES (Does not include taxes, reserves and resident support services) * TOTAL UNITS (from total units in the Unit Mix section) PER UNIT PER YEAR
14,839 48 860
2,253 32,825 3,500 500
4,000 8,000 8,000 126,149 100,918 32 3,153
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Projected Cash Flow Year One

OPERATING INCOME Gross rental income (from Unit Mix - Total Monthly Rent) Stores and Commercial Laundry and Vending Other (specify): 2,304 194,088
Total Gross Income Potential at 100% Occupancy Seven Percent Vacancy Allowance NET RENTAL/OTHER INCOME TOTAL OPERATING EXPENSES (from Projected Operating Costs) NET OPERATING INCOME DEBT SERVICE (from Funding Sources Loans) NET CASH FLOW DEBT COVERAGE RATIO (Must not be less than 1.15)
196,392 13,747 182,645
126,149 56,496
49,126
7,370 1.15
20-Year Cash Flow

Year Net Rental/Other Income* Total Operating Expenses* Debt Service Net Cash Flow Debt Coverage Ratio Year Net Rental/Other Income* Total Operating Expenses* Debt Service Net Cash Flow Debt Coverage Ratio 1 182,645 126,149 49,126 7,370 1.15 11 245,459 186,732 48,448 10,279 1.212 2 188,124 131,195 49,289 7,640 1.155 12 252,823 194,201 48,029 10,593 1.221 3 193,768 136,443 49,409 7,916 1.16 13 260,408 201,969 47,528 10,911 1.23 4 199,581 141,901 49,484 8,196 1.166 14 268,220 210,048 46,942 11,230 1.239 5 205,568 147,577 49,511 8,480 1.171 15 276,267 218,450 46,264 11,553 1.25 6 211,735 153,480 49,485 8,770 1.177 16 284,555 227,188 45,488 11,879 1.261 7 218,087 159,619 49,405 9,063 1.183 17 293,092 236,276 44,609 12,207 1.274 8 224,630 166,004 49,264 9,362 1.19 18 301,885 245,727 43,621 12,537 1.287 9 231,369 172,644 49,061 9,664 1.197 19 310,942 255,556 42,517 12,869 1.303 10 238,310 179,550 48,790 9,970 1.204 20 320,270 265,778 41,313 13,179 1.319
* Net Rental Income escalated at annual rate of 3% and expenses escalated at a rate of 4% after the first year.
Calculations:
1. "Net Rental/Other Income" comes from 1st-year cash flow, then it is escalated by 3% per year. 2. "Total Operating Expenses" comes from 1st-year cash flow, then it is escalated by 4% per year. 3. "Debt Service" is the sum of "regular/amortized loan debt service + non-amortizing annual service" as entered by user from Funding Sources section. 4. "Net Cash Flow" is "Net Rental/Other Income" minus "Total Operating Expenses" minus "Debt Service". 5. "Debt Coverage Ratio" is ("Net Rental/Other Income" minus "Total Operating Expenses") divided by "Debt Service".
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Design Features
ITEM Foundation/Slab Components Primary Windows DESCRIPTION Post-tensioned slab, 3000 PSI MIX CODE 3308 Make: GEN.ALUM Model: 2100 Series
Type/Construction: ALUMINUM VINYL GLASS 6 PANEL STEEL Type: 24GA Type: HARDI PLANK Warranty: 50 YR Exterior Trim Shingles KOAT #1 PRE PRIMED P.T. Type: GAF TIMBERLINE Warranty: 30 YR Sprinkler System Cabinets Heat Pump NFPA 13R RESIDENTIAL NORMAC 800 CAMELOT WHITE PVC SEER: 12 SEER VARIES TO SIZE OF Model: UNIT Air Conditioner SEER: 12 SEER VARIES TO SIZE OF Model: UNIT Other Heat Systems SEER: 12 SEER VARIES TO SUIT ENVIRONMENT (Community Building, Laundry Facilities, Model: Maintenance) Make: GOODMAN Make: GOODMAN Make: GOODMAN Weight: 225 lbs
Exterior Doors
Frames: WOOD Grade/Thickness: 5/16
Siding
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Costs - Construction
This is a detailed breakdown of rehabilitation or construction costs you summarized in the Development Costs table (Rehabilitation and Construction of New Building(s)). The total should match those roll-up values. ITEM Concrete Footings Backfill-slab, Crawl Slab-concrete/Rebar/Gravel Waterproofing Masonry Foundation Brick Veneer Steel/Structure/Rails Framing/Lumber/Nails Trusses Crane Rental Windows/Grilles/Screen Exterior Doors Roofing Fencing Vinyl Siding/Trim/Box Gutters/Shutters Insulation Drywall Interior Doors Int. & Final/Stair/Trim/Shelves Cabinets & Tops Painting Marble - Tub/Shwr/Tops Plumbing Electrical Heating/Air Conditioning Floor Covering and Underlayment Wall Paper Mailboxes/Special Features/Signage Gypcrete Blinds/Shades/Art Work Light Fixtures/Fans Sprinkler System Security Alarm Hardwood Floors Elevator Ceramic Tiles Acoustical Ceilings 45,250 41,312 40,000 20,137 45,250 41,313 40,000 20,138 21,600 16,336 21,600 16,336 50,241 50,242 58,526 58,527 15,000 14,341 12,216 15,000 14,342 12,216 179,651 179,651 39,035 24,696 22,236 24,000 39,035 24,695 22,236 24,000 LABOR MATERIAL TOTAL 0 0 78,070 49,391 44,472 48,000 0 359,302 0 0 30,000 28,683 24,432 0 117,053 0 0 100,483 0 0 43,200 32,672 0 90,500 82,625 80,000 40,275 0 0 0 0 0 0 0 0 0 0 0
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Mirror/Shower Door/Encls. Hardware/Bath Access. Appliances Playground Equipment Interior Clean Exterior Clean/Dumpster Rental Other 1 (specify in Remarks) Other 2 (specify in Remarks) Total Cost Remarks: Other 1: Landscaping Other 2: Tennis Courts (Two) 9,600 20,000 671,577 9,600 20,000 679,581 14,400 3,000 14,400 11,000
0 0 28,800 14,000 0 0 19,200 40,000 1,351,158
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Costs - General
This is a detailed breakdown of the General Requirements cost element you summarized in the Development Costs table (General Requirements). The total should match that roll-up value. ITEM Supervision Job Site Office/Trailer Rental Office Supplies Security/Watchman Project Signage Tools and Equipment Gas, Oil, and Maintenance Temporary Water, Electric, and Telephone Storage/Hauling Driveway Access Permit Porta-John Rental/Dumping Builders Risk Insurance Re-inspection Fees Extra Plans and Specifications Miscellaneous, Casual Labor Equipment Rental Other 1 (specify in Remarks) Other 2 (specify in Remarks) Total Cost Remarks: eng. fees/permits etc 94,800 8,030 5,000 9,800 2,400 5,000 8,058 TOTAL 40,422 5,000 500 8,090 1,000 1,500
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Costs - Improvements
This is a detailed breakdown of the Site Improvements cost element you summarized in the Development Costs table (On-site Improvements). The total should match that roll-up value. ITEM Subsurface Exploration/Perk Testing/Site Engineering Clearing/Grading/Final Grading/Excess and Borrow Demolition Earthwork/Excavation/Aerating Soil Treatment Pile Foundations Caissons Shoring/Bracing Site Drainage Site Utilities/Site Lighting Paving and Surfacing/Curb and Gutter Walkways Site Signage Parking Lot Painting Dumpster Pads/Fencing Fencing/Gates Landscaping/Topsoil Rock and Hardpan Excavation Site Supervision Personnel Other (specify in Remarks) Total Cost Remarks: 150,000 10,476 18,000 8,000 7,000 11,000 18,200 16,034 TOTAL 10,400 50,890
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Costs - Bond Costs

This is a detailed breakdown of the Bond Costs cost element you summarized in the Development Costs table (Bond Costs). The total should match that roll-up value. ITEM Letter of Credit Fee Credit Enhancement Underwriter Discount Capital Interest Fund Other 1 (specify in Remarks) Other 2 (specify in Remarks) Total Cost Remarks: TOTAL 0 0 0 0 0 0 0
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Costs - Bond Issuance

This is a detailed breakdown of the Bond Issuance cost element you summarized in the Development Costs table (Cost of Issuance). The total should match that roll-up value. ITEM Bond Counsel Issuer Counsel Credit Enhancement/LOC Counsel Underwriter Counsel Developer's Counsel Rating Agency Fee Printing Trustee Fee Trustee Counsel Issuer's Fee Other 1 (specify in Remarks) Other 2 (specify in Remarks) Other 3 (specify in Remarks) Total Cost Remarks: 0 TOTAL 0 0 0 0 0 0 0 0 0 0
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Minimum Set-Asides
MINIMUM REQUIRED SET ASIDES (No Points Awarded): Select one of the following two options: 20% of the qualified units are rent restricted and occupied by households with incomes at or below 50% of the median income (Note: No Tax Credit Eligble Units in the the project can exceed 50% of median income) 40% of the qualified units are rent restricted and occupied by households with incomes at or below 60% of the median income (Note: No Tax Credit Eligble Units in the the project can exceed 60% of median income) If requesting RPP funds: 40% of the qualified unit are occupied by households with incomes at or below 50% of median income.
State Tax Credit and QAP Targeting Points: Moderate Income County: At least twenty-five percent (25%) of qualified units will be affordable to and occupied by households with incomes at or below forty percent (40%) of county median income.
At least fifty percent (50%) of qualified units will be affordable to households with incomes at or below fifty percent (50%) of county median income. At least fifty percent (50%) of qualified units will be affordable to and occupied by households with incomes at or below fifty percent (50%) of county median income.
Tax Exempt Bonds Threshold requirement (select one): At least ten percent (10%) of qualified units will be affordable to and occupied by households with incomes at or below fifty percent (50%) of county median income. At least five percent (5%) of qualified units will be affordable to and occupied by households with incomes at or below forty percent (40%) of county median income. Eligible for mortgage subsidy points (select one): At least twenty percent (20%) of qualified units will be affordable to and occupied by households with incomes at or below fifty percent (50%) of county median income. At least ten percent(10%) of qualified units will be affordable to and occupied by households with incomes at or below forty percent (40%) of county median income.
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Full Application Checklist

PLEASE indicate which of the following exhibits are attached to your application. Others may be required as noted. A Nonprofit Organization Documentation or For-profit Corporation Documentation B Current Financial Statements/Principals and Owners C Ownership Entity Agreement, Development Agreement or any other agreements governing development services D Management Agent Agreement E Development and manager multi-family experience & Management Questionnaire (Appendix C) F Letters from State Housing Agencies or designated monitoring agent verifying Out of State Management Experience G Completed IRS Form 8821 (Appendix I) H Letters from Local Utility Providers (original on letterhead, no fax or photocopies) I Local Government Letter or Letter from Certified Engineer or Land Surveyor Confirming Floodplain Designation with Map showing 100 year and 500 year floodplain (original on letterhead, no fax or photocopies)
J Local Government Letter Confirming Zoning (original on letterhead, no fax or photocopies) K Copy of certificate of occupancy or proof of placed-in-service date (Rehabs Only) L Site plan, floor plans and elevations M Hazard and structural inspection and termite reports (Renovation projects only) N Anticipated budget demonstrating how the project would meet the 10% test by November 14th. O Evidence of Architect's Errors and Omissions insurance (or equivalent). P Description of acquisition for existing/occupied projects or for projects with occupied buildings to be demolished. Q Description of proposed Relocation Plan & Relocation Budget, Etc. If any relocation is anticipated, reference Appendix F. R Targeting Plan and supporting documentation (Required for all projects) S Local Housing Authority Agreement (Reference Model in Appendix I) T Appraisal (for land costs greater than $5,000 and for buildings in rehab projects) U Evidence of Permanent Loan Commitment, other sources of funds, and project-based subsidies. V Statement regarding terms of Deferred Developer Fee and, if nonprofit, resolution of Board approving fee. W Inducement Resolution (Tax-Exempt Bond Financed Projects only) X Documentation to support estimated utility costs.

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Project Name and Location

Census Tract: 9707.0

Jurisdiction CEO Name: First: Derryl

Site Latitude: Site Longitude:

Is the demolition of any buildings required or planned? No If yes, please describe:

Fax: (252)504-2248 Nonprofit: Yes TaxID 56-1909969

Utilites included in rents:

Utilites included in rents:

Utilites included in rents:

Proposed number of residential buildings: 2 Project Includes:

Maximum number of stories in buildings: 2

Total Net Sq. Ft. (All Heated Areas): 36,702

Units targeted at 40 targeted at 50 targeted at 60 targeted at 40 targeted at 50 targeted at 60

Total Low Income Units:

45 Operating Reserve 46 47 Other Reserve (specify) Other Reserve (specify)

Market Study Information

Front Gables or Dormers Other:

Wide Banding or Vertical/Horizontal Siding

W/D Hookups Flooring: Carpet

Mini-blinds Vinyl Central Air

Pantry Wood Gas Heat

Ceiling fans Wood Parquet Heat Pump

Walk-in closets Other

Ceramic Tile Electric Pump

Applicant's Site Evaluation

Mall/Strip Center Outdoor Athletic Fields Day Care/After School Schools

6.0 2.0 1.0 1.0

Contact Name: First: Gaye

Architect Company: Address: City: Phone

Contact Name: First: Arthur

Attorney Company: Address: City: Phone

Contact Name: First: Susan

Investor Company: Address: City: Phone

Contact Name: First: Anthony

Contact Name: First: Harold

Project Team Experience

If Other, specify the type of Federal subsidy:

Projected Operating Costs

800 3,000 600

2,253 32,825 3,500 500

4,000 8,000 8,000 126,149 100,918 32 3,153

Projected Cash Flow Year One

196,392 13,747 182,645

20-Year Cash Flow

Frames: WOOD Grade/Thickness: 5/16

0 0 28,800 14,000 0 0 19,200 40,000 1,351,158

Costs - Bond Costs

Costs - Bond Issuance

Full Application Checklist

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