Beruflich Dokumente
Kultur Dokumente
Project Description
Project Name: Southview Villas Address: City: Dunrobin Drive Hope Mills County: Cumberland Zip: 28348 Block Group: 4
Is project in Qualified Census Tract or Difficult to Develop Area? No Political Jurisdiction: Jurisdiction Address: Jurisdiction City: Jurisdiction Phone: Cumberland County Last: Martin Title: County Manager P.O. Box 1829 Fayetteville (910)678-7723 Zip: 28302
34.9528 -78.9304
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: Family 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: the greater of 5 units or 10% of the total units. Number of Units: 7 Remarks:
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: United Developers, Inc. P. O. Drawer 42208 Fayetteville First: Murray (910)485-6600 (910)485-6600 (910)483-4274 sbutler@dugginssmith.com State: NC Zip: 28309 Last: Duggins Title:
NOTE: Email Address above will be used for communication between NCHFA and Applicant.
Site Description
Total Site Acreage: 5.25 Total Buildable Acreage: 5.25 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
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:
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? Yes If yes, specify the relationship: Buyer and Seller share common stockholders
Purchase Price:
(c) Enter the current expiration date of the option/contract to purchase: 11/15/2007 (D) Enter Purchase Price: 352,000
Zoning
Present zoning classification of the site: R5A 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? 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 site consist of 5.25 acres. 3.11 acres are located in the Town of Hope Mills and are zoned R5A. The remaining 2.14 acres was annexed into Hope Mills on April 16, 2007. As a formality, a public hearing will be held on May 14 to complete the R5A zoning on the 2.14 acres. Final Commissioner approval is scheduled for May 21, 2007.
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: Southview Villas Associates Limited Partnership Address: City: P.O. Drawer 42208 Fayetteville State: NC Zip: 28309 (If assigned)
Note: Do not submit social security numbers for individuals. Entity Type: Limited Partnership 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?
No 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:
First Name: Murray Address: City: Phone: EMail: P.O. Drawer 42208 Fayetteville (910)485-6600 kelly@dugginssmith.com
Zip: 28309
Org:
First Name: James Address: City: Phone: EMail: P.O. Drawer 42208 Fayetteville (910)485-6600 kelly@dugginssmith.com
Zip: 28309
Org:
First Name: Wade Address: City: Phone: EMail: P.O. Drawer 42208 Fayetteville (910)485-6600 Kelly@dugginssmith.com
Zip: 28309
Org:
Duggins Family Limited Partnership Last Name: Duggins Function: General Partner
First Name: Murray Address: City: Phone: P.O. Drawer 42208 Fayetteville (910)485-6600
Zip: 28309
EMail:
Kelly@Dugginssmith.com
Nonprofit: No
Unit Mix
The Median Income for Cumberland county is $47,600. 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 3 985 985 985 1249 1249 1249 Total # Units 12 18 18 4 6 6 # Units 0 0 6 0 0 2 Monthly Rent 330 420 440 380 475 495 Electric Utility Allowance 95 95 95 111 111 111 Gas Mandatory Serv. Fees 0 0 0 0 0 0 Other Trash **Total Housing Exp. 425 515 535 491 586 606
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............... 64 8 26780 64 Gross Monthly Rental Income 26780
Units 8
Separate community building - Sq. Ft. (Floor Area): 1,246 Community space within residential bulding(s) - Sq. Ft. (Floor Area): Elevators - Number of Elevators: Square Footage Information Gross Floor Square Footage: 72,048
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 2 2 2 3 3 3 12 18 18 4 6 6
% 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
64
Note: This number should match the total number of low income units in the Unit Mix section.
Funding Sources
NonAmortizing* Rate (%) 7.25 Term (Years) 20 Amort. Period (Years) 30 Annual Debt Service 40,030
Source Bank Loan RPP Loan Local Gov. Loan - Specify: Cumberland County 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 489,000
400,000
2.00
20
30
17,741
1,071,000
30
30
3,896,000
5,856,000
* "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. 93 Remarks concerning project funding sources: (Please be sure to include the name of the funding source(s))
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 (specify) Other Basis Expense (specify) Other Non-basis Expense (specify) Other Non-basis Expense (specify) 670,000 670,000 31,200 117,680 7,000 7,000 2,200 30,580 8,700 8,700 600 69,900 45,000 45,000 4,900 4,500 2,500 4,200 4,500 2,500 4,200 700 2,500 700 2,500 50,000 50,000 4,472,000 222,000 74,000 225,000 120,000 80,000 222,000 74,000 225,000 120,000 80,000 3,326,000 3,326,000 425,000 425,000 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:
5,504,000
5,267,100
0 5,267,100 100.00% 5,267,100 5,267,100 424,001 447,703 544,000 0 352,000 5,856,000 447,703 0 100% 0 100.00% 0 3.45 0 0 5,267,100 100% 5,267,100 100.00% 5,267,100 8.05 424,001 447,703
Total Replacement Cost per unit: Federal Tax Credits (line 62) per unit:
83,345 6,995
Have you built other tax credit developments that use the same building design as this project? Yes If yes, please provide name and address: Golfview Apartments 4131 Fescue Court Hope Mills, NC Crosswinds Green I & II 3415 Town Street Hope Mills, NC Longview Apartments 117 Longview Drive Fayetteville, NC Blanton Green I & II 1024 Lauren McNeill Loop Fayetteville, NC Rosehill West Apartments 1945 James Hamner Way Fayetteville, NC Raeford Green Apartments 300 Southern Avenue Raeford, NC Woodgreen I & II Apartments 200 Bradford Drive Aberdeen, NC Southview Green Apartments 3143 Round Grove Place Hope Mills, NC Palmer Green Apartments I 380 West Palmer Avenue Raeford, NC
Bunce Green Apartments Distinct Circle Fayetteville, NC Riverview Green Apartments Riverview Court Roanoke Rapids, NC Eastside Green Apartments 715 Duggins Way Fayetteville, NC Legion Crossing Apartments Ireland Drive Hope Mills, NC Tokay Green Apartments United Drive Fayetteville, NC Palmer Green II Apartments West Palmer Avenue Raeford, NC Blanton Green III Apartments 1024 Lauren McNeill Loop Fayetteville, NC(under construction) Site Amenities: The site will include a resident computer center, playground area, covered picnic area, sitting areas, tot lot, gazebo and covered patio with seating.
Interior Apartment Amenities: Apartments will be furnished with a range with hood, disposal, refrigerator (frost free), dishwasher, storage, W/D hookups, miniblinds, pantry, ceiling fans, carpet, vinyl, VCT, and central heat and air.The living rooms will be equipped with data connection ports.
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.
SURROUNDING LAND USES AND AMENITIES Suitability of surrounding development. Land use pattern is residential in character (single and multifamily housing) with a balance of other uses (particularly retail and amenities). Effect of industrial, large-scale institutional or other incompatible uses, including but not limited to: 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, and sites with environmental concerns (such as odors or pollution). Amount and character of vacant, undeveloped land. The area surrounding the site is a mix of single family homes, market rate apartments and townhomes. A high school and middle school are located beside the site and retirement facility is located across the street. SITE SUITABILITY Adequate traffic controls (stop lights, speed limits, turn lanes, etc.). Burden on public facilities (particularly roads). Access to mass transit (if applicable). Visibility of buildings and/or location of project sign(s) in relation to traffic corridors. Elk Road (the main road serving Dunrobin Drive) is adequate to serve the site. A portion of the road has been widened to accomodate turn lanes. Access to I95 is located approximately two miles from the site. 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). There are no environmental issues or negative features.
Similarity of scale and aesthetics/architecture between project and surroundings. The two story buildings will have brick and vinyl. The design will be consistent with other architecture in the neighborhood and will be complimentary to the other structures. The site layout will promote a slow and controlled traffic flow.
For each applicable neighborhood feature, enter distance from project in miles. 2 2 .3 Grocery Store Mall/Strip Center Outdoor Athletic Fields 1.5 4 1.5 Community/Senior Center Hospital Pharmacy
1.5 1.5
Basic Health Care Medical Offices Bank/Credit Union Restaurants Professional Services Movie Theater Video Rental Public Safety (Fire/Police) Post Office
Public Transportation Stop 1.5 Convenience Store Basketball/Tennis Courts Public Parks Gas Station Library Fitness/Nature Trails Public Swimming Pools 1.5 1.5 3.5 2 2 1.25
Development Team
Provide contact information for development team members below: Management Agent Company: United Management II Address: City: Phone P.O. Box 42208 Fayetteville (910)221-6600 State: NC Zip: 28309 Email: tamibelanger@unitedmgtii.com Last: Belanger
Moore Riley Architects, P.A. P.O. Box 17652 Raleigh (919)782-6472 State: NC Zip: 27619 Email: mrarch@intrex.net Last: Riley
Tuggle, Duggins, and Meschan, P.A. P.O. Box 2888 Greensboro (336)271-5216 State: NC Zip: 27402 Email: bburgin@tuggleduggins.com Last: Burgin
Raymond James Tax Credit Funds, Inc. 880 Carillon Parkway St. Petersburg (800)438-8088 State: FL Zip: 33716 Email: Craig.Descalzi@raymondjames Last: Descalzi
Consultant/Application Preparer (if different from developer) Company: N/A Address: City: Phone Contact Name: First: State: Email: Last: Zip:
Identity of Interest? General Contractor Company: United Developers Address: City: Phone P.O. Drawer 42208 Fayetteville (910)485-6600 State: NC Zip: 28309 Email: dlljd@aol.com Last: Smith
1,000 66,000
7,500 3,000
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
66,000 4,000
218,900 82,755
57,771
24,984 1.432
* 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.