Beruflich Dokumente
Kultur Dokumente
Project Description
Project Name: Skyland Apartments Address: City: 138 Spingside Road Asheville County: Buncombe Zip: 28803 Block Group: 1
Is project in Qualified Census Tract or Difficult to Develop Area? No Political Jurisdiction: Jurisdiction Address: Jurisdiction City: Jurisdiction Phone: City of Asheville Last: Bellamy Title: Mayor P.O. Box 728 Asheville (828)259-5600 Zip: 28802
35.4895 -82.5331
Project Type: New Construction 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: Is this project a previously awarded tax credit development? If yes, what year were credits awarded?: 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 If yes, please describe:
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: 9 Persons with disabilities or homeless populations: the greater of 5 units or 10% of the total units. Number of Units: 7 Remarks: All 63 units are Type A Fully Handicapp Acessible units, 13 units are being designed with roll in showers to accommodate the needs of persons in wheel chairs. 7 units will be set aside for persons who are homeless or persons with disabilities.
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: Volunteers of America of the Carolinas P. O. Box 1447 (246 Stoneridge Drive Suite 103) Columbia First: Pepper (803)753-0220 (803)331-4012 (803)779-1657 pselkins@voacarolinas.org State: NC Zip: 29202-1447 Last: Schales-Elkins Title: President/CEO
NOTE: Email Address above will be used for communication between NCHFA and Applicant.
Site Description
Total Site Acreage: 3.01 Total Buildable Acreage: 3.01 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? Yes If yes, please describe: There are two old houses and a barn on the site that will have to be demolished. VOA National Services has contracted with Froehling & Robinson Inc, to do a Phase 1 and inspection of the houses for asbestos. VOANS has budgeted $50,000 to address any abestos that may be found in the housing. Based on a visual inspection of the houses by Scott Redinger they appear to have been built in the 70's and no outward evidence of asbestos containg material was observed by Mr. Redinger with the possible exception of the sprayed ceilings
Are existing buildings on the site currently occupied? Yes If yes: (a) Briefly describe the situation: There are two houses on the site leased on a month to month basis. The seller has notified the tenants of the option on the property and the houses will be vacated prior to closing on the purchase of the land. VOAC and VOANS have provided the occupants of the houses the HUD notices for tenants that may be displaced. If the project receives an allocation of credits VOAC will assist the tenants in accordance with the rules of the Uniform Relocation Act.
(b) Will tenant displacement be temporary? No (c) Will tenant displacement be permanent? Yes 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:
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 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:
Purchase Price:
(c) Enter the current expiration date of the option/contract to purchase: 9/30/2007 (D) Enter Purchase Price: 925,000
Zoning
Present zoning classification of the site: RM-16 Conditional Use 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:
Ownership Entity
Owner Name: Skyland Apartments Asheville, LLC Address: City: 1660 Duke Street Alexandria State: VA Zip: 22314-3427 (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? Is the applicant requesting that the Agency treat the application as CHDO sponsored?
Yes No
List all general partners, members,and principals. Specify nonprofit corporate general partners or members. Click [Add] to add additional partners, members, and principals.
Org:
VOA Skyland Apartments Asheville, Inc. Last Name: Sheridan Function: Managing Member
First Name: Patrick Address: City: Phone: EMail: 1660 Duke Street Alexandria (703)341-5000 psheridan@voa.org
Zip: 22314-3427
Org:
Volunteers of America of the Carolinas, Inc. Last Name: Schales-Elkins Function: Member
First Name: Pepper Address: City: Phone: EMail: P.O. Box 1447 Columbia (803)779-6465 pselkins@voacarolinas.org
Zip: 29202-1447
Unit Mix
The Median Income for Buncombe county is $50,800. Low Income Units Type Gdn Apt Gdn Apt Gdn Apt Gdn Apt Gdn Apt Gdn Apt # BRs Net Sq.Ft. 1 1 1 2 2 2 731 731 731 972 972 972 Total # Units 12 10 15 4 6 16 # Units 2 2 2 2 3 2 Monthly Rent 304 398 481 355 450 550 Electric Utility Allowance 74 74 74 99 99 99 Gas Mandatory Serv. Fees 0 0 0 0 0 0 Other Trash **Total Housing Exp. 378 472 555 454 549 649
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............... 63 13 27763 63 Gross Monthly Rental Income 27763
Units 13
Separate community building - Sq. Ft. (Floor Area): Community space within residential bulding(s) - Sq. Ft. (Floor Area): 4,852 Elevators - Number of Elevators: 1 Square Footage Information Gross Floor Square Footage: 72,704
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.
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 1 1 2 2 2 12 10 15 4 6 16
% 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
63
Note: This number should match the total number of low income units in the Unit Mix section.
Funding Sources
NonAmortizing* Rate (%) 7.25 2.00 2.00 Term (Years) 18 20 20 Amort. Period (Years) 30 20 20 Annual Debt Service 37,812
Source Bank Loan RPP Loan Local Gov. Loan - Specify: City of Asheville RD 515 Loan RD 538 Loan - Specify: AHP Loan Other Loan 1 - Specify: City of Asheville 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**
164,077
0.00
15
15
1,344,472
30
30
4,835,081
8,250,804
* "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. 903 Remarks concerning project funding sources: (Please be sure to include the name of the funding source(s)) VOAC has received approval from the City of Asheville for a $445,269 Housing Trust Fund Loan which is an interest only payment based on 2% simple interest. The $164,077 HOME LOna which is a principal only payment paid back over 15 years.
Loans with Variable Amortization Please fill in the annual debt service as applicable for the first 20 years of the project life.
RPP Loan Year: Amt: Year: Amt: 1 11020 11 6885 2 11044 12 5808 3 10988 13 4578 4 10845 14 3185 5 10611 15 1621 6 10277 16 10812 7 9838 17 8871 8 9287 18 6726 9 8616 19 4364 10 7818 20 1772
Local Gov. Loan - City of Asheville Year: Amt: Year: Amt: 1 8905 11 8905 2 8905 12 8905 3 8905 13 8905 4 8905 14 8905 5 8905 15 8905 6 8905 16 8905 7 8905 17 8905 8 8905 18 8905 9 8905 19 8905 10 8905 20 8905
Other Loan 1 - City of Asheville Year: Amt: Year: Amt: 1 10938 11 10938 2 10938 12 10938 3 10938 13 10938 4 10938 14 10938 5 10938 15 10938 6 10938 16 0 7 10938 17 0 8 10938 18 0 9 10938 19 0 10 10938 20 0
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 8 Contractor Overhead 9 Contractor Profit 10 Construction Contingency 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 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 (0.58% 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 44 45 Other Basis Expense Demo two houses and asbestos abatement Other Basis Expense (Energy Analysis) Other Non-basis Expense (Other Syndication Costs) Other Non-basis Expense (specify) 3,000 382,338 22,500 16,500 2,200 38,990 17,500 2,500 1,500 40,950 142,640 70,000 60,826 661,500 50,000 18,900 10,000 15,000 18,900 646,500 70,000 17,500 22,500 16,500 10,000 15,000 98,336 10,500 5,000 15,000 4,200 15,000 98,336 10,500 5,000 15,000 4,200 278,691 98,471 295,412 159,523 160,308 14,000 35,700 5,686,954 8,500 22,802 190,000 8,500 22,802 95,000 278,691 98,471 295,412 159,523 160,308 14,000 35,700 4,114,016 4,114,016 530,833 500,000 TOTAL COST Eligible Basis 30% PV 70% PV
43 Rent-up Expense
SUBTOTAL (lines 38 through 45) 46 Rent up Reserve 47 Operating Reserve 48 49 Other Reserve (specify) Other Reserve (specify)
50 DEVELOPMENT COST (lines 1-49) 51 Less Federal Financing 52 Less Disproportionate Standard 53 Less Nonqualified Nonrecourse Financing 54 Less Historic Tax Credit (residential) 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 60 Tax Credit Rate 61 Federal Tax Credits at Estimated Rate 62 Federal Tax Credits at 8.5% or 3.75% Max Federal Tax Credits (With Energy Star - Lesser of $8,500 per unit or 63 $800,000, w/o - Lesser of $8,000 per unit or $800,000) 64 Federal Tax Credits Requested 65 Land Cost 66 TOTAL REPLACEMENT COST FEDERAL TAX CREDITS IF AWARDED Comments:
7,325,804
6,722,359
0 6,722,359 100.00% 6,722,359 6,722,359 541,149 571,400 535,500 0 925,000 8,250,804 535,500 0 100% 0 100.00% 0 3.45 0 0 6,722,359 100% 6,722,359 100.00% 6,722,359 8.05 541,149 571,400
Total Replacement Cost per unit: Federal Tax Credits (line 62) per unit:
111,108 9,070
HANDICAPPED ACCESSIBILITY PROVISIONS In accordance with both state and federal accesibility requirements, all of the units will be provided with limited handicapped-accesible features, and will have the ability to be easily adapted for full accessibilty compliance, when the need arises. Ten (10%) or eight (8) of these units will be constructed as fully accessible for persons with mobility impairments. Of the 8 units, two (2) of the units will be equipped with devices that will enable a resident, with visual or hearing impairments, to live independently. When a resident becomes in need of the extra features that an accessible unit contains, these can easily be provided for them within their current unit. Residents will not have to leave their unit and move to another when they need these added features. Two of the eight units will have roll in showers. All eight units for persons with mobilitiy impairments include the following features: -A kitchen sink installed at 34" in height with clear knee-space below -A 30" wide work surface installed at 34" in height with clear knee-space below -The pipes below the sink are insulated to prevent injury to the resident's knees -Fully compliant grab bars installed in the bathroom at the toilet -Fully compliant grab bars installed at the bathtub(blocking is being provided during construction at all grab bar and accessory locations to facilitate adaption) -An adjustable, hand-held shower faucet and shower head -A wall mounted lavatory at 34" in height, with clear knee space and insulated pipes -A medicine cabinet and "peephole" int he front door, installed at lower heights to accomodate a resident in a wheel chair Construction (check all that apply): Brick Vinyl Wood HardiPlank Balconies/Patios Sunrooms Front Porches
Have you built other tax credit developments that use the same building design as this project? No If yes, please provide name and address:
Site Amenities: Walking Trails/Loop Gazebo/Arbor Flag Pole Patio w/seating area Covered Drop off at Entry Bike racks Exercise room Reading room/ Library Game/Craft room Resident Computer Center TV Room Beauty Salon Dining Room w/tables Storage for residents Onsite Activities: Health and related programs such as visiting nurses/professionals for blood pressure testing, diabetes screening, hearing testing, etc. Exercise classes. Health care education programs. Socialization activities such as bingo, holiday parties, card clubs, dancing, coffee hours, arts and crafts, music programs, etc. Spiritual growth activities such as ecumenical worship services, Bible study. General education programs such as financial planning, medicare updates, fire safety,
Landscaping Plans: Extensive landscaping is planned including efforts to save any specimen trees, integrating the lanscaping with a walking trail and gazebo and providing annuals for color and variety.
Interior Apartment Amenities: Emergency Pull cords Lever handles rather than door knobs Hand rails in the halls Front controls on stove for safety Larger U-shaped hardware that is easier to grab Range Hood Dishwasher Refrigerator (frost free) Storage interior/exterior Ceiling fans Walk-in closets Carpet/ Vinyl flooring Central Air Heat Pump Do you plan to submit additional market data (market study, etc.) that you want considered? No If yes, please make sure to include the additional information in your pre-application packet.
Similarity of scale and aesthetics/architecture between project and surroundings. Our project will be a single 3-story building surrounded by a 2-story apartment project, a "2-story" school, condominium townhouses and single family homes that are 1- and 2- stories. The brick/siding architecture with a pitched roof will blend in well with this community. Our proposed
elderly development is an ideal transition use between the single family homes across the street and the school that is located behind and next to our site.
For each applicable neighborhood feature, enter distance from project in miles. 1.5 .8 Grocery Store Mall/Strip Center Outdoor Athletic Fields Day Care/After School .1 1.5 .7 .7 .7 .7 .2 .7 Schools 7 1.5 .8 .8 Community/Senior Center 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 .8 Convenience Store Basketball/Tennis Courts Public Parks Gas Station Library Fitness/Nature Trails Public Swimming Pools .8 .8 2.3 1.5 .5 .7
Other facilities or services: Volunteers of America has an existing housing presence in Asheville, including two apartment complexes off Hendersonville Hwy and within 3 to 5 miles of this proposed site. One of those is a senior community of 49 units that was built in 1997. We work together with the local senior providers to offer services on site at the existing property, Laurel Wood, and will expand that relationship to include Park View at Skyland.
Development Team
Provide contact information for development team members below: Management Agent Company: Volunteers of America of the Carolinas Address: City: Phone 246 Stoneridge Drive Columbia (803)779-6465 State: SC Zip: 29202-1447 Email: pselkins@voacarolinas.org Last: Schales-Elkins
Reinhardt Architecture 1125 E. Morehead Street, Suite 108 Charlotte (704)376-9473 State: NC Zip: 28204 Email: rick@reinhardtarchitecture.com Last: Reinhardt
Blanco Tackaberry Combs & Matamoros PO Box 25008 Winston-Salem (336)761-1250 State: NC Zip: 27114-5008 Email: dlm@btmclaw.com Last: McKenney
National Affordable Housing Trust 301 1/2 N. First Street Sandpoint (208)265-4988 State: ID Zip: 83864 Email: dpaskoff@naht.org Last: Paskoff
Consultant/Application Preparer (if different from developer) Company: Scott A. Redinger Inc. Address: City: Phone 4553 Technology Drive, Suite 3, Box5 Wilmington (910)793-2850 State: NC Zip: 28405 Email: saredinger@aol.com Last: Redinger
Identity of Interest? General Contractor Company: Weaver Cooke Construction Address: City: Phone 7900 McCloud Road Greensboro (336)378-7900 State: NC Zip: 27409 Email: dgeorge@weavercooke.com Last: George
1,250
16,600 8,500
Miscellaneous Taxes, Licenses and Permits Property and Liability Insurance (Hazard) Fidelity Bond Insurance Workmen's Compensation Health Insurance and Other Employee Benefits Other Insurance: 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 1,000 18,900 18,900 234,114 180,985 63 2,872 1,100 3,420 150 63,699 21,000
1,000
234,114 78,977
68,675
10,302 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. 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".
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: 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 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.