Beruflich Dokumente
Kultur Dokumente
Project Description
Project Name: Chapel Ridge Manor Address: City: Terminnus of Old Towne Rd. Roanoke Rapids County: Halifax Zip: 27870 Block Group: 6
Is project in Qualified Census Tract or Difficult to Develop Area? No Political Jurisdiction: Jurisdiction CEO Name: Jurisdiction Address: Jurisdiction City: Jurisdiction Phone: City of Roanoke Rapids First:Drewery Last: Beale 1040 Roanoke Ave. Roanoke Rapids Zip: 27870 Title: mayor
(252)533-2800
36.42874 -77.66202
Project Type: New Construction Is this project a previously awarded tax credit development? No If yes, what is the project number: Is this a request for supplemental credits? New Construction/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): Rehab: Number of residents holding Section 8 vouchers:
Will the project meet Energy Star standards as defined in Appendix B? Yes Does a community revitalization plan exist? No Will the project use steel and concrete construction and have at least 4 stories? No Will the project include a Community Service Facility under IRS Revenue Ruling 2003-77? No
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Target Population:Elderly (55) Will the project be receiving project based federal rental assistance? No If yes, provide the subsidy source: and number of units: 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.) Number of Units: 4 Persons with disabilities or homeless populations: 10% of the total units.
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Applicant Information
Indicate below an individual or a validly existing entity (a corporation, nonprofit, limited partnership or LLC) as the official applicant. Under QAP Section III(C)(5) only this individual or entity will be able to make decisions with regard to this application. If awarded the applicant must become part of the ownership entity. The applicant will execute the signature page for this application. Applicant Name: Address: City: Contact: Telephone: Alt Phone: Fax: Email Address: Stuart LeGrand PO Box 6171 Raleigh State: NC Zip: 27628 First: Julie Last:Graw Title:developer
(919)755-9155
(919)755-2245 julieg@millsconstructionco.com
NOTE: Email Address above will be used for communication between NCHFA and Applicant.
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Site Description
Total Site Acreage: 4.3 Total Buildable Acreage: 4.3
Identify utilities and services currently available (and with adequate capacity) for this site: Storm Sewer Water Sanitary Sewer Electric
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:
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(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: 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/contract for purchase of the property and the seller of the property?No If yes, specify the relationship:
(c) Enter the current expiration date of the option/contract to purchase: 10/31/2008 (D) Enter Purchase Price: 301,000
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Zoning
Present zoning classification of the site: R-3 Is multifamily use permitted?Yes Are 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 for obtaining them:
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: Address: City: Chapel Ridge Manor, LLC PO Box 6171 Raleigh State:NC Zip: 27628
244-64-7461
(If assigned)
Note: Do not submit social security numbers for individuals. Entity Type: Limited Liability Company Entity Status: To Be Formed Is the applicant requesting that the Agency treat the application as Non-Profit sponsored? No Is the applicant requesting that the Agency treat the application as CHDO sponsored? No List all general partners, members,and principals. Specify nonprofit corporate general partners or members. Click [Add] to add additional partners, members, and principals.
Chapel Ridge Manor, LLC Last Name: LeGrand State: NC Function: Managing Member Zip: 27628 PO Box 6171 Raleigh
(919)755-9155 julieg@millsconstructionco.com
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Unit Mix
The Median Income for Halifax county is $48,100. Low Income Units Type # BRs Net Sq.Ft. Total # Units # Units Monthly Rent Utility Allowance Mandatory Serv. Fees **Total Housing Exp.
Gdn Apt 1 Gdn Apt 2 Gdn Apt 1 Gdn Apt 2 Gdn Apt 1 Gdn Apt 2
2 2 8 4 14 6
1 0 1 1 1 0
68 80 68 80 68 80
Gas
0 0 0 0 0 0
Other trash collection
Water/Sewer
Employee Units (will add to Low Income Unit total) Total # Monthly Utility Mandatory **Total Type # BRs Net Sq.Ft. # Units Units Rent Allowance Serv. Fees Housing Exp. Utilities included in rents: Water/Sewer Electric Gas Other
Market Rate Units Total # Monthly Utility Mandatory **Total Type # BRs Net Sq.Ft. # Units Units Rent Allowance Serv. Fees Housing Exp. Utilities included in rents: Water/Sewer Electric Gas Other
Statistics All Units Low Income....... Market Rate....... Totals............... Gross Monthly Rental Income
Units
36
14446
36
14446
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2,407
Elevators - Number of Elevators: 1 Square Footage Information Gross Floor Square Footage:
41,447
Notes ** 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 1 2 1 2 1 2
Units
% targeted at 40 targeted at 40 targeted at 50 targeted at 50 targeted at 60 targeted at 60 percent of median income affordable to/occupied by percent of median income affordable to/occupied by percent of median income affordable to/occupied by percent of median income affordable to/occupied by percent of median income affordable to/occupied by percent of median income affordable to/occupied by
2 2 8 4 14 6
36
Note: This number should match the total number of low income units in the Unit Mix section.
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Funding Sources
NonAmortizing* 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: CDBG: grant, not loan requested Total Sources**
Amount
613,800
2.00
20
20
886,524
30
30
2,428,589 145,000
4,073,913
* "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. 80 Remarks concerning project funding sources: (Please be sure to include the name of the funding source(s)) 1st Mortgage - NCHFA - RPP
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2nd Mortgage - NCHFA - State Tax Credit Loan Equity - ESIC CDBG - Grant,not loan from City of Roanoke Rapids
Loans with Variable Amortization Please fill in the annual debt service as applicable for the first 20 years of the project life.
24636
11
24198
12
23701
13
23139
14
22510
15
21809
16
21032
17
20174
18
19231
19
18198
20
17069
15839
14503
13055
11487
9795
7969
6005
3893
1626
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Development Costs
Item Cost Element 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 3% lines 2-9, Rehabs 6%) 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 29 Title and Recording TOTAL COST Eligible Basis 30% PV 70% PV
259,000 0 2,180,000 0 146,340 51,707 155,120 83,765 55,733 6,192 14,400 2,952,257 12,000 15,500 127,077 0 12,000 21,753 15,000 5,000 8,000 4,300 0 0 0 0 0 4,000
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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 (0.60% of line 59, 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 42
224,630 13,500 10,000 2,200 21,431 10,000 5,000 5,000 25,200 92,331 20,000 0 378,000 0 20,000 0 378,000 0 10,000 13,500 10,000
43 Rent-up Expense 44 45
14,925
50 DEVELOPMENT COST (lines 1-49) 51 Less Federal Financing 52 Less Disproportionate Standard 53 Less Nonqualified Nonrecourse Financing 54 Less Historic Tax Credit 55 TOTAL ELIGIBLE BASIS 56 Applicable Fraction (percentage of LI Units) 57 Basis Before Boost 58 Boost for QCT/DDA (if applicable, enter 130%) 59 TOTAL QUALIFIED BASIS
0 3,571,810 100.00% 3,571,810 0 100% 0 100.00% 3,571,810 0 3,571,810 100% 3,571,810 100.00% 3,571,810
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60 Tax Credit Rate 61 Federal Tax Credits at Estimated Rate 62 Federal Tax Credits at 9.00% or 3.75% (maximum $1,000,000) 63 Federal Tax Credits Requested 64 Land Cost 65 TOTAL REPLACEMENT COST FEDERAL TAX CREDITS IF AWARDED Comments:
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Have you built other tax credit developments that use the same building design as this project?Yes If yes, please provide name and address: Rollinwood Manor 1932 Rollinwood Dr. Rocky Mount, NC 27801 Sandhill Manor 801 Harkey Rd. Sanford, NC 27801 Sandhill Manor 801 Harkey Rd. Sanford, NC 27330 Site Amenities: Indoor/outdoor sitting areas, multi-purpose room, resident computer center,individual, interior,tenant storage, covered drive thru at entry, covered patio w seating, covered picnic area w tables and grill, garden plots, gazebo and walking trail
Onsite Activities: Residents may utilize the multi-purpose room for classes, crafts, parties, and special events. The covered
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drop off is a considerate convenience for the elderly, protecting them from adverse weather as they leave or wait for a vehicle. Residents will delight in growing plants in raised garden plots. Indoor/outdoor sitting areas will encourage residents to socialize and make friends. Residents can also enjoy a cookout at the covered picnic area w tables and grill. Landscaping Plans: Larger specimen trees outside the building footprint and paved areas will be preserved. Trees and plantings will be drought-resistant and native to northeastern NC. A variety of plantings will be clustered together for maximum appeal and will be used to screen HVAC units, soften building lines and naturalize parking areas.
Interior Apartment Amenities: Each resident's apartment will have a range, dishwasher, frost-free refigerator, large closets, washer/dryer connections, carpet, vinyl, central air and heat pump and indivdual, interior storage units.
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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Similarity of scale and aesthetics/architecture between project and surroundings. Chapel Ridge Manor is planned as a two-story, elevatored building of brick and vinyl --predominant materials in the present built environment.
For each applicable neighborhood feature, enter distance from project in miles.
Grocery Store Mall/Strip Center Outdoor Athletic Fields Day Care/After School Schools Public Transportation
2.4
Center
Community/Senior
Stop
Other facilities or services: Cinema, banks, Sears, Blockbuster, Shoe Shoe,organic food store, rent-a-center, restaurants within 1 mile of the site. Roanoke valley rescue Squad, fire Station II and Crowley's fitness center are 1.5 miles from the site.
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Development Team
Provide contact information for development team members below:
Management Agent Company: Address: City: Phone Contact Name: United Property Management, LLC Post Office Box 6171 Raleigh State: NC Zip: 27628-6171 Email: casey@millsconstructionco.com Last: Patton
(919)755-9155
First: Casey
Architect Company: Address: City: Phone Contact Name: Jones Architecture 5306 Six Forks Rd., Suite 221 Raleigh State: NC Zip: 27609 Email: wayne@wjonesarchitecture.com Last: Jones
(919)510-8186
First: Wayne
Attorney Company: Address: City: Phone Contact Name: The Pryzwansky Law Firm 5 West Hargett St., Suite 221 Raleigh State: NC Zip: 27601 Email: david@pryzlaw.com Last: Pryzwansky
(919)828-8668
First: David
Investor Company: Address: City: Phone Contact Name: Enterprise Social Investment Corporation 10227 Wincopin Circle, Suite 810 Columbia State: MD Zip: 21044 Email: ssmith@enterprisecommunity.com Last: Smith
(410)964-0552
First: Steve
Consultant/Application Preparer (if different from developer) Company: Address: City: Phone Contact Name: First: State: Email: Last: Zip:
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Identity of Interest?
Mills Construction Co., Inc. Post Office Box 6171 Raleigh State: NC Zip: 27628-6171 Email: fmillsjr@millsconstructionco.com Last: Mills, Jr.
(919)755-9155
First: Fred
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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
43,100
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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 Property and Liability Insurance (Hazard) Fidelity Bond Insurance Workmen's Compensation Health Insurance and Other Employee Benefits Other Insurance:
0 22,004
0 0
9,000 9,000
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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
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173,352
1,400 1,200 175,952 12,317 163,635 135,304 28,331 24,636 3,695 1.15
* 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.
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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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Minimum Set-Asides
MINIMUM REQUIRED SET ASIDES (No Points Awarded): Select one of the following two options: 20% of the units are rent restricted and occupied by households with incomes at or below 50% of the median income (Note: No Tax Credit Eligible Units in the the project can exceed 50% of median income) 40% of the units are rent restricted and occupied by households with incomes at or below 60% of the median income (Note: No Tax Credit Eligible Units in the the project can exceed 60% of median income) If requesting RPP funds: 40% of the units are occupied by households with incomes at or below 50% of median income. State Tax Credit and QAP Targeting Points: Low Income County: At least forty percent (40%) of qualified units will be affordable to households with incomes at or below fifty percent (50%) of county median income. At least forty percent (40%) 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 targeting 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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A Nonprofit Organization Documentation or For-profit Corporation Documentation B Current Financial Statements/Principals and Owners (signed copies) C Ownership Entity Agreement, Development Agreement or any other agreements governing development services D Management Agent Agreement E Owner and Management Experience & Management Questionnaire (Appendix C) F Local Government Letter or Letter from Certified Engineer or Land Surveyor Confirming Floodplain Designation with Map showing all flood zones (original on letterhead, no fax or photocopies) G Local Government Letter Confirming Zoning including any pending notices or hearings (original on letterhead, no fax or photocopies) H Letters from Local Utility Providers regarding availability and capacity (original on letterhead, no fax or photocopies) I Documentation from utility company or local PHA to support estimated utility costs J Appraisal (required for land costs greater than $15,000 and for all Adaptive Re-use and Rehab projects) K Site plan, floor plans and elevations for all projects. Scope of work for Adaptive Re-use and Rehab projects. (Full Size, 24 x 36 inches) L Hazard and structural inspection and termite reports (Adaptive Re-use and Rehab projects only) M Copy of certificate of occupancy or proof of placed-in-service date (Rehabs Only) N Proposed Relocation Plan including relocation budget and copies of notices. Required for all Rehabs and any projects involving existing occupants of any dwellings to be rehabbed or demolished. O Evidence of Permanent Loan Commitment and other sources of funds ( i.e. Equity letter, AHP, RD and local government funds). For Rehabs with existing loans provide 1) copies of loan documents, 2) current loan balances from existing lenders with reserve balances, 3) letter from lender that outlines assumption requirements. P Local Housing Authority Agreement and Project Based Rental Assistance Letter, if applicable (Sample letters provided in Appendix I). For projects with existing PBRA contracts, provide a copy of the current contract and bank statement or other documentation verifying reserve balances and annual reserve contribution requirements. Q Statement regarding terms of Deferred Developer Fee. If a nonprofit is involved, a resolution from their board approving deferral of fee is required. R Inducement Resolution (Tax-Exempt Bond Financed Projects only)