bellemont oaks

8/6/2019 Bellemont Oaks

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

roject Description

oject Name: Bellemont Oaks

ddress: Lowes Drive (SE corner of intersection of US 15-501 & US 64 by-pass)

ty: Pittsboro County: Chatham Zip:

ensus Tract: 208 Block Group: 1

project in Qualified Census Tract or Difficult to Develop Area? No

e you requesting the basis boost under section II(E)(4) of the QAP? Yes

olitical Jurisdiction: Town of Pittsboro

risdiction CEO Name:First:William Last:Terry

Title: Town Manager

risdiction Address: 635 East Street

risdiction City: Pittsboro Zip:

risdiction Phone:

te Latitude:

te Longitude:

oject Type: New Construction

Is this project a previously awarded tax creditdevelopment?

w Construction/Adaptive Reuse:his project a follow-on (Phase II, etc) to a previously-awarded tax credit development project? No

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

ehab:

umber of residents holding Section 8uchers:

l the project meet Energy Star standards as defined in Appendix B? Yes

es a community revitalization plan exist? No

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

ttps://www.nchfa.org/Rental/RTCApp/(S(x0knsd45...42C157911&SNID=AA2CBFFE05A04F9085BB86AC9B8B6896 (1 of 21)4/14/2009 2:01:42 PM

27312

27312

(919)542-4621

35.7451

-79.1644


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ll the project include a Community Service Facility under IRS Revenue Ruling 2003-77?o

If yes, please describe:

rget Population:Family

ll the project be receiving project based federal rental assistance? No

If yes, provide the subsidy source: and number of units:



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pplicant Information

icate below an individual or a validly existing entity (a corporation, nonprofit, limited partnership or LLC) as the official applicant. UAP Section III(C)(5) only this individual or entity will be able to make decisions with regard to this application. If awarded the applica

st become part of the ownership entity. The applicant will execute the signature page for this application.

pplicant Name: NCHF Affordable Housing Corp.

ddress: 8 West Third Street, Suite 565

ty: Winston-Salem State: NC Zip:

ontact: First: John Last:Nichols Title:Executive Director

elephone:

t Phone:

ax:

mail Address:

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


27101

(336)725-3568

(336)765-3909

[email protected]


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te Description

tal Site Acreage: Total Buildable Acreage:

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

ntify utilities and services currently available (and with adequate capacity) for this site:

Storm Sewer Water Sanitary Sewer Electric

he demolition of any buildings required or planned? Yes

If yes, please describe:

There is no required demolition. This note applies to the water and sanitary sewer availability noted above.The seller of the site is required to extend the road and all utilities to the site. Cost to extend will be theresponsibility of the seller. Regarding capacity, the Town of Pittsboro currently has a moratorium onapproval of new major subdivisions and PUDs due to problems with the existing processing plant. TheTown has addressed this with the planned construction of a new facility and will be upgrading existingfacilities in order to solve their immediate concerns. As part of an agreement with developers to fund thecost of the upgrades, there will be capacity available to those developers. Bellemont Oaks will be coveredby the capacity created by the upgrades.

e existing buildings on the site currently occupied? No

If yes:(a) Briefly describe the situation:

(b) Will tenant displacement be temporary?(c) Will tenant displacement be permanent?

he site directly accessed by an existing, paved, publicly maintained road? No

If no, please explain:

The site will be accessed by the extension of Lowes Drive into the Bellemont Pointe PUD. The seller will beresponsible for completion of the road, which will be dedicated as a public road.

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:


6.46 6.46


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



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te Control

es 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/contractpurchase of the property and the seller of the property?NoIf yes, specify the relationship:

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

(D) Enter Purchase Price:


12/31/2009

648,000


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oning

esent zoning classification of the site:MUPD

multifamily use permitted?Yes

e 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 forobtaining them:

The site is located within the Bellemont Pointe PUD. The zoning is mixed use planned development(MUPD) and included in the MUPD is a multi-family component. The Bellemont Oaks site is located withinthe MUPD site plan on the area designated for multi-family use. The site will require site plan approval andwill need to be parceled out of the larger multi-family area, however, from a land use designation, multi-family is designated for this area. The availability of sewer capacity is currently governing the ability tosubdivide the tract and a discussion of the sewer capacity is addressed in the site description section of thispreliminary application.

e there any existing conditions of historical significance located on the project site that will require State Historic Preservation officeiew?No

If yes, describe below:

e there any existing conditions of environmental significance located on the project site?No

If yes, describe below:



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wnership Entity

wner Name: Bellemont Oaks, LLC

dress: 9349 WaterStone Boulevard

y: Cincinnati State:OH Zip:

deral Tax ID Number of Ownership Entity: (If assigned)

ote: Do not submit social security numbers for individuals.

ntity Type: Limited Liability Company

ntity Status: Already Formed

the applicant requesting that the Agency treat the application as Non-Profit sponsored? Yes

the applicant requesting that the Agency treat the application as CHDO sponsored? No

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

Org: Miller-Valentine Apartments III LLC (to-be-formed subsidiary of)

rst Name: Brian Last Name: McGeady Function: Managing Member

ddress: 9349 WaterStone Boulevard

ty: Cincinnati State: OH Zip: 45249

hone: Fax:

Mail: Nonprofit: No

Org: NCHF Affordable Housing Corp. (to-be-formed subsidiary of)

rst Name: John Last Name: Nichols Function: Member

ddress: 8 West Third Street, Suite 565ty: Winston-Salem State: NC Zip: 27101

hone: Fax:

Mail: Nonprofit: Yes


45249

26-2453972

(513)588-1000 (937)913-5452

[email protected]

(336)725-3568 (336)765-3909

[email protected]


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oposed number of residential buildings: Maximum number of stories in buildings:

oject Includes:Separate community building - Sq. Ft. (Floor Area):

Community space within residential bulding(s) - Sq. Ft. (Floor Area):

Elevators - Number of Elevators:

quare Footage Information

oss Floor Square Footage:

otal Net Sq. Ft. (All Heated Areas):

icate below any additional targeting for special populations proposed for this project:

Mobility impaired handicapped: 5% of units comply with QAP Section IV(F)(3) (in addition to the units required by other federal

state codes.)

Number of Units:

Number of Units Required:

Persons with disabilities or homeless populations.

Number of Units:

tes

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.


9 2

1,611

91,995

72,448

72

8

8
http://www.nchfa.com/Rental/Mincomelimits.aspxhttp://www.nchfa.com/Rental/Mincomelimits.aspx


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argeting

ecify Low Income Unit Targeting in table below. List each applicable targeting combination in a separate row below. Click [Add] ate another row. Click "X" (at the left of each row) to delete a row. Add as many rows as needed.

BRs Units %

targeted at percent of median income affordable to/occupied by









tal Low Income Units:

te: This number should match the total number of low income units in the Unit Mix section.


2 30

3 50

3 60

10 30

14 50

16 60

6 30

9 50

9 60

72


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unding Sources

Source AmountNon-

Amortizing*Rate(%)

Term(Years)

Amort.Period(Years)

AnnualDebt

Service

Bank Loan

RPP Loan

Local Gov. Loan - Specify:

RD 515 Loan

RD 538 Loan - Specify:

AHP Loan

Other Loan 1 - Specify:



Tax Exempt Bonds

State Tax Credit(Loan)

State Tax Credit(Direct Refund)

Equity: Federal LIHTC

Non-Repayable Grant

Equity: Historic Tax Credits

Deferred Developer Fees

Owner Investment

Other - Specify:

Total Sources**

"Non-amortizing" indicates that the loan does not have a fixed annual debt service. For these items, you must fill in 20-year debtservice below.

Total Sources must equal total replacement cost in Project Development Cost (PDC) section.

stimated pricing on sale of Federal Tax Credits: $0.

emarks concerning project funding sources:ease be sure to include the name of the funding source(s))


1,445,000 7.50 18 30 121,244

432,000 0.00 30 30

1,156,990 0 30 30 0

7,281,746

73,699

10,389,435

70


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Federal Home Loan Bank (FHLB) award was received December 2007. The intention of the FHLBward is to enter into a 4-party agreement between the FHLB, Member Bank, NCHF Affordableousing Corp. (Non-profit) and the Limited Liability Company (Owner). The awarded funds will flowthe Member Bank, who will, in turn, grant the funds to the Non-profit. A promissory note will be

ayable from the Owner to both the Non-profit and the Member Bank. The payment(s) on theomissory note, if made, will be from available cash flow only. The balance of the loan is projectedbe paid off with a balloon payment at the end of the loan's term or upon refinancing. The note and

ortgage will be structured as a zero percent interest loan with a 30-year term from the sponsor toe owner.

ans with Variable Amortizationease fill in the annual debt service as applicable for the first 20 years of the project life.

HP Loan

ear:mt:

1 2 3 4 5 6 7 8 9 10

ear:mt:

11 12 13 14 15 16 17 18 19 20


0 0 0 0 0 0 0 0 0 0

0 0 0 0 0 0 0 0 0 0


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58 Basis Before Boost

59 Basis Boost of up to 130%

60 TOTAL QUALIFIED BASIS

61 Tax Credit Rate

62 Federal Tax Credits (maximum $1,300,000)

63 Federal Tax Credits Requested (if less than line 62)

64 Land Cost

65 TOTAL REPLACEMENT COST

FEDERAL TAX CREDITS IF AWARDED

Comments:

Project Development Cost per unit59,999


9,255,918 0 9,255,918

110.00% 125.00%

11,569,898 0 11,569,898

3.50 9.00

1,041,291 0 1,041,291

0

648,000

10,389,435

1,041,291


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arket Study Information

ease provide a detailed description of the proposed project:

ellemont Oaks will be a 72 unit garden apartment community serving the needs for affordable housing inttsboro, NC. The Town of Pittsboro is feeling the pressures from growth in the Triangle region, andedictions are for the town population to grow significantly in the next several years. Master plannedmmunities including Powell Place and Briar Chapel will bring several thousand new residents to the area.

ew retail is under development and proposed on both Highway 15-501 and Highway 64. Much of this

owth is in upscale residential serving the employment centers of the Research Triangle Park andniversity of North Carolina, leaving the affordable rental market largely unaddressed.

ellemont Oaks seeks to fill that need with a mix of one, two and three bedroom units broken down as (8) 1-R, (40) 3-BR and (24) 3-BR. The mix will accommodate single individuals as well as a large number of 3-R units for families. Income targeting will range between 30-60% of Area Median Income also covering aoad range of affordable needs.

e site is located just South of the intersection of Hwy. 15-501 and the Hwy. 64 Bypass. Being located ats intersection provides quick access to growing Cary/Apex as well as Chapel Hill. The site is part of

ellemont Station PUD, which includes retail, office and both attached and single family homes. Thempleted portions of Bellemont Station include a Lowes Home Improvement store, restaurant, McDonaldsd CVS Pharmacy. Planned are additional office, motel, daycare and grocery. The apartment site within

ellemont Station is located just off the main entrance to the residential portion of the PUD and an office

mponent will buffer the apartments from the Lowes store. Townhomes are planned opposite theellemont Oaks entrance and additional apartment land is adjoining the East side of the site. The rearorth) side of the site slopes to a stream buffer providing generous screening along the rear. Across 15-1 is Powell Place, where many single family homes have been constructed as well as a bank, andnstruction is underway for office and retail. There is also a community park to be located there.

uilding/Unit Designs:

uildings will be two-story with eight units per building. Three bedroom units will be accessed from eachd, creating a more private entrance for larger units. Each unit has a porch/balcony with outside storageea. Siding in the gable areas will be contrasting color and texture to provide architectural interest indition to the brick accents.

nits will have open designs, creating flow between the kitchen, dining and living areas. All units will includeasher-dryer hook-ups. Amenities in units include: dishwasher, disposal, ceiling fans, mini-blinds, walk-inosets and pantry. Units will be constructed to meet Energy Star standards providing residents addedmfort and utility savings.

te amenities include a playground, tot lot, covered picnic area, seating areas with benches and gazebo.e community building will have an open area for meetings and TV watching, kitchenette and computer

om as well as an attached laundry.

nstruction (check all that apply):

Brick Vinyl Wood HardiPlank Balconies/Patios Sunrooms Front Porches

Front Gables or Dormers Wide Banding or Vertical/Horizontal Siding

Other:



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

If yes, please provide name and address:

Pinecrest Apartments-3605 Martins Trail Circle, Walkertown, NCSherwood Glen-2006 Oakbrook Court, Reidsville, NC

e Amenities:

te amenities will include a playground, tot lot, covered picnic area, seating areas and a gazebo. Ammunity walking trail will run along the Western and Southern borders of the site although this is a PUD

menity and will not be in the scope of work for Bellemont Oaks.

site Activities:

e community building will have an open area for meetings and TV watching, a kitchenette and computer

om and attached laundry. Outdoor activities will occur at the common area behind the clubhouse. Here,e playground, tot lot, covered picnic, gazebo and seating areas are centrally located and provide easycess and supervision. The meeting/activity room in the clubhouse will serve for support servicesograms coordinated with local agencies. These services will include employment and homeownershipograms.

ndscaping Plans:

ndscaping will include planting beds at the entrance sign and at the building foundations. Shade treesd ornamental plantings will be incorporated around parking areas and in the central common area,ecifically at the picnic and play areas.

erior Apartment Amenities:

menities in units include: dishwashers, disposal, ceiling fans, mini-blinds, walk-in closets, washer/dryerok ups, and a pantry cabinet. Units will be constructed to meet Energy Star requirements, providingditional comfort and utility savings to residents.

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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pplicant's Site Evaluation

efly describe your site in each of the following categories:

EIGHBORHOOD CHARACTERISTICS

end and direction of real estate development and area economic health. Physical condition of buildings andprovements in the immediate vicinity. Concentration of affordable housing.

ittsboro is experiencing significant population growth attributed largely to the easy access to job centers in

hapel Hill and the Research Triangle Park. The site is in a newly developing PUD and will be surroundedy a mix of new construction. Other properties in the neighborhood include smaller single family homes andusinesses. The site is just South of the intersection of Hwy 15-501 and Hwy 64 bypass with proposals forew office and retail nearby. The recent improvements of 15-501 to a four-lane road to Chapel Hill hasparked increased residential and retail development all along the corridor. There is little existing affordableousing in the area and it is not close to the site.

URROUNDING LAND USES AND AMENITIES

nd use pattern is residential in character (single and multifamily housing). Extent that the location isolated. Effect of industrial, large-scale institutional or other incompatible uses, including but not limited to:astewater treatment facilities, high traffic corridors, junkyards, prisons, landfills, large swamps, distribution

cilities, frequently used railroad tracks, power transmission lines and towers, factories or similar operations,urces of excessive noise, and sites with environmental concerns (such as odors or pollution). Amount andaracter of vacant, undeveloped land. Site use is consistent with the PUD mixed-use elements. The site will located off the main highway but will be in the front of the residential area and will have high visibility from

e main drive into the PUD. The Lowes Home Improvement store fronting the highway does generategnificant traffic, however, this would have limited effects on commuter trip times and promotes visibility ofe PUD entrance. The proximity to 15-501 and Hwy 64 provides easy access to the job centers and noisencerns should be mitigated by the required buffer separating them from the site.

TE SUITABILITY

dequate traffic safety controls (i.e. stop lights, speed limits, turn lanes). Burden on public facilitiesarticularly roads). Access to mass transit (if applicable). Visibility of buildings and/or location of project sign in relation to traffic corridors. Site access will be from the main access road serving the Bellemont Station

UD. This will limit traffic in front of the site to the residential uses within the PUD. The intersection of Lowesive and 15-501 is signalized to provide controlled access to the main road. Turn lanes and signals haveen designed to provide for trips generated by the PUD at completion and are adequate for residential

affic. Mass transit is not currently available in Pittsboro. With the site location in the front of the residentialea, office and retail development in the PUD will provide buffering from main road. Site should be visible

om the traffic signals.

egree of on-site negative features and physical barriers that will impede project construction or adverselyect future tenants; for example: power transmission lines and towers, flood hazards, steep slopes, largeulders, ravines, year-round streams, wetlands, and other similar features (for adaptive re-use projects-itability for residential use and difficulties posed by the building(s), such as limited parking, environmentaloblems or the need for excessive demolition).

ite is a portion of the larger area designated for apartments within the PUD. The larger site does have araw running through it and the Bellemont Oaks site plan has been designed to avoid the steeper portions

the slope. Noting that fill will be required to provide a level site, the purchase contract requires landowner provide adequate fill for balancing the site. Site does border a stream buffer, however, this serves to

rovide additional screening from surrounding uses.



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

uilding will be two-story construction that will fit with the single family and town homes to be built on theemainder of the residential land in the PUD. PUD incorporates the accepted concept of transitioning fromgher intensity of uses near the main corridor to lower intensity uses away from main roads. The apartmentnd is well positioned between these areas.

r each applicable neighborhood feature, enter distance from project in miles.

Grocery Store Community/Senior Center

Mall/Strip Center Hospital

Outdoor Athletic

eldsPharmacy

Day Care/After

choolBasic Health Care

Schools Public Transportation

Stop

Convenience Store Public Parks

Gas Station Library

her facilities or services:


.7 5.9

.7 14.6

81.7

.01.7

8

.7 2.5

.8 1.9


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reliminary App Checklist

e following enclosures must be submitted along with your signed preliminary application. Some enclosures are required only undetain conditions. Please check each applicable item to indicate that you understand the enclosure requirements and will enclose threct supporting documentation with your application.

Fee PaymentCheck in the amount of $5,450.00 made payable to North Carolina Housing Finance Agency.

Tab A - Preliminary ApplicationPrinted, signed copy of preliminary application generated from online system.

B - Map/Driving InstructionsA local map clearly identifying the location of the Site and detailed directions to the Site. Current City or County maps are prefe

internet maps and directions are not acceptable. Applicant must also provide a map identifying the amenities listed in section(A)(1)(b)(ii) of the QAP and their proximity to the site.

Applicant must provide a sign and boundary markers to clearly identify the road frontage of the site. The sign identifying the sitshould read SITE with a minimum size of 11x17.

C - Community Revitalization Plan

Applicant should provide a map identifying the subject site within the Plan area (if applicable).D - Evidence of Site ControlProvide valid option/contract or warranty deed and plot plan.

E - Site Plans/Scope of WorkPreliminary site plan, floor plans and elevations for all projects, interior and exterior photographs and detailed scope of work foAdaptive Reuse and Rehab projects. Site and floor plans should be no larger than 11x17 and must be produced by a licensedarchitect or engineer.

F - Information Package for Market AnalystsThis section must include copies of items required in Tabs A, B, E and G (site and floor plans should be no larger than 11x17) can include any additional market information such as preliminary market studies the applicant would like to provide to theAnalysts.

G - Rent Roll (Rehabs only)

Provide the current rent roll for the property and indicate which units (if any) are receiving rental assistance.H - Documentation for Basis BoostApplicant should provide an appraisal and/or standard geological survey to support a request for the basis boost (if applicable)

bellemont oaks

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