church meadows

8/6/2019 Church Meadows

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

oject Description

oject Name: Church Meadowsddress: tbd Corporation Street

ty: Wilkesboro County: Wilkes Zip:

nsus Tract: 9611 Block Group: 74020

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

e you requesting the basis boost under section II(E)(4) of the QAP? No

litical Jurisdiction: Wilkesboro

risdiction CEO Name: First:Mike Last:Inscore Title: Mayor

risdiction Address: 203 West Main Street

risdiction City: Wilkesboro Zip:

risdiction Phone:

e Latitude:

e 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):

hab:

umber of residents holding Section 8uchers:

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

es a community revitalization plan exist? Yes

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

ttps://www.nchfa.org/Rental/RTCApp/(S(ifbmow452...0DA40F3A06&SNID=4FEE48965313403EBADFD0BF6127436C (1 of 21)4/8/2009 2:05:05 PM

28697

28697

(336)838-3951

36.138867

-81.162434


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ill the project include a Community Service Facility under IRS Revenue Ruling 2003-77? Yesyes, please describe: A small free standing facility with administration, community and maintenance staging

space.

get Population:Elderly (55)ill 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. UnderAP Section III(C)(5) only this individual or entity will be able to make decisions with regard to this application. If awarded the applicant

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

pplicant Name: Northwestern Housing Enterprises,Incorporatedddress: P. O. Box 1673

ty: Boone State: NC Zip:

ontact: First: Edward Last:Fowler Title:Vice President

lephone:

t Phone:

x:

mail Address:

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


28607

(828)264-6683

(828)964-2744

(828)264-0160

[email protected]


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te Description

al 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? NoIf yes, please describe:

e existing buildings on the site currently occupied? NoIf 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? YesIf no, please explain:

ny portion of the site located inside the 100 year floodplain? NoIf yes:(a) Describe placement of project buildings in relation to this area:


6.00 6.00


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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/contract for

purchase 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:


11/19/2009

325,000


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oning

sent zoning classification of the site:B-2

multifamily use permitted?No

e variances, special or conditional use permits or any other item requiring a public hearing needed to develop this proposal?YesIf 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:1/20/09 rezoning request to Town of Wilkesboro1/27/09 rezoning request & recommendation by Planning Board2/10/09 rezoning request hearing by Town Board3/10/09 rezoning request approval by Town Board

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?NoIf yes, describe below:



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wnership Entity

wner Name: Blue Ridge Housing of Wilkesboro, LLCdress: P. O. Box 2510

y: Boone State:NC Zip:

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

te: Do not submit social security numbers for individuals.tity Type: Limited Liability Companytity Status: To Be Formedthe applicant requesting that the Agency treat the application as Non-Profit sponsored? Yesthe applicant requesting that the Agency treat the application as CHDO sponsored? Yest all general partners, members,and principals. Specify nonprofit corporate general partners or members.ck [Add] to add additional partners, members, and principals.

Org: Northwestern Housing Enterprises, Incorporatedrst Name: Edward Last Name: Fowler Function: Managing Memberddress: P. O. Box 1673ty: Boone State: NC Zip: 28607

one: Fax:

Mail: Nonprofit: Yes


28607

(828)264-6683 (828)264-0160

[email protected]


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oss Floor Square Footage:

tal 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 andstate 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 lowincome units are within established thresholds.

ttps://www.nchfa.org/Rental/RTCApp/(S(ifbmow45...DA40F3A06&SNID=4FEE48965313403EBADFD0BF6127436C (10 of 21)4/8/2009 2:05:05 PM

48,759

40,493

10

6

5
http://www.nchfa.com/Rental/Mincomelimits.aspxhttp://www.nchfa.com/Rental/Mincomelimits.aspx


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rgeting

ecify Low Income Unit Targeting in table below. List each applicable targeting combination in a separate row below. Click [Add] toate 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

targeted at percent of median income affordable to/occupied by

al Low Income Units:

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


30 50

18 50

48


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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.

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

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


1,200,000 0.00 20 30 40,000

1,289,118 0 30 30 0

3,392,417

38,165

5,919,700

70


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f explanatory



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evelopment Costs

Item Cost Element TOTAL COSTEligible Basis

30% PV 70% PV

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 5% lines 2-9, Rehabs 10%)

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


410,000 410,000

3,216,000 3,216,000

120,000 120,000

187,300 187,300

74,920 74,920

262,220 262,220

175,000 175,000

85,400 85,400

20,000 20,000

16,000 16,000

4,566,840

14,500 14,500

19,600 19,600

160,000 160,000

4,000 4,000

57,600 57,600

10,000 10,000

8,500 8,500

5,850 5,850

5,000 5,000

10,000


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29 Title and Recording


30 Real Estate Attorney

31 Other Attorney's Fees

32 Tax Credit Application Fees (Preliminary and Full)

33 Tax Credit Allocation Fee (0.62% of line 60, minimum $7,500)34 Cost Certification / Accounting Fees

35 Tax Opinion

36 Organizational (Partnership)

37 Tax Credit Monitoring Fee


38 Furnishings and Equipment

39 Relocation Expense

40 Developer's Fee

41 Additional Contigency (greater of $500/unit or $30,000)

42

43

44 Rent-up Expense

45

46


47 Rent up Reserve

48 Operating Reserve

49

50

51 DEVELOPMENT COST (lines 1-49)

52 Less Federally Funded Grant

53 Less Disproportionate Standard

54 Less Nonqualified Nonrecourse Financing

55 Less Historic Tax Credit

56 TOTAL ELIGIBLE BASIS

57 Applicable Fraction (percentage of LI Units)


12,000

307,050

30,000 30,000

22,000 22,000

2,300

34,41019,500 19,500

2,500

33,600

144,310

26,000 26,000

420,000 420,000

30,000 30,000

Other Basis Expense (s

Other Basis Expense (s

12,000

Other Non-basis Expen

Other Non-basis Expen

488,000

16,500

72,000

Other Reserve (specify)

Other Reserve (specify)

5,594,700 0 5,399,390

0

5,399,390 0 5,399,390

100.00% 100% 100%


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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 unit 67,000


5,399,390 0 5,399,390

100.00% 100.00%

5,399,390 0 5,399,390

3.50 9.00

485,945 0 485,945

0325,000

5,919,700

485,945


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arket Study Information

ase provide a detailed description of the proposed project:clustered enclave of 48 dwelling units in single story duplex new construction with craftsman styletailing and meeting Energy Star efficiency standards to be built directly adjoining a stable residentialighborhood. 100% of the dwelling units will be made affordable to individuals and households at or below% AMI.

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:

Property exteriors will be a combination of simulated stone, vinyl and other low maintenance materials.Staggered placement of buildings addressing the street and varied roof scapes will increase desirability.

ve you built other tax credit developments that use the same building design as this project?YesIf yes, please provide name and address:Similar to FOREST HILLS - Burnsville, NC - but subject is lower density - duplex as opposed to quad.Applicant has also developed and occupied predominantly duplex LIHTC campuses at: OAK GROVEVILLAGE, Jefferson, NC; HIGHLAND VILLAGE, Sparta, NC; and WHITE LAUREL, Boone, NC. Subject

property site improvements costs will be for more economically accomplished than at these other lowdensity developments.

e Amenities:e development will include paved streets, concrete curbs and sidewalks and decorative area lighting.sidents will enjoy a picnic area, raised bed vegetable and flower gardens and a walking trail through the

oods with direct access to the town center business district.

site Activities:sident association members will self determine regular on-site activities for recreation, health and safety.e Wilkes County Transportation Authority will provide regular van service for personal needs and for a full

nge of human services.



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ndscaping Plans:undation plantings with mulched pods of trees and shrubs accented with placed large stones will grace

e grounds. Concrete sidewalks and decorative area lighting will contribute to accessibility, safety andractiveness.

erior Apartment Amenities:ch home will feature 1 or 2 bedrooms and 1 bath with wide hallways, ceiling fans, front covered porchesback screened sunrooms. Standard size washer/dryer hookups and Energy Star kitchen appliances willntribute to liveability.

you plan to submit additional market data (market study, etc.) that you want considered? YesIf 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.strong and stable single family homeownership neighborhood borders subject property and provides

aved public street access from the west. The homes are modest but attractive and well kept. A new fireation has been built within 1/4 mile of subject property by the Town of Wilkesboro in preparation forvitilization of the downtown and continuing growth of these surrounding neighborhoods.

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. The surrounding land use is residential, some retail and commercialong with wooded vacant land. The site is walking distance northeasterly to downtown Wilkesboro and adestrian trail for resident access is proposed. There are no industrial nor incompatable uses in the vicinty.e vacant land surrounding subject property is a 115.9 acre tract purchased by Wilkes County in the 1990's

r future expansion of government and human services facilities.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 signin relation to traffic corridors. The site is accessed directly by Corporation Street, a residential tertiary

eder street from South Cherry Street, a major secondary corridor to the west which connects primary

ghways to downtown Wilkesboro. Corporation and Cherry Streets are adequate for proposed use, however,orporation Street is proposed for widening and for the installation of concrete sidewalks and curb and gutterthe near future by the Town of Wilkesboro.

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).he site is entirely a cleared open pasture with a broad level crown down its center. The building sites allope away at the rear toward existing utilities and toward the property boundaries. Controlled crawl spaceonstruction of the buildings will significantly minimize site grading expenses. Perimeter storm water controlatures will eliminate any and all off-site erosion.

milarity of scale and aesthetics/architecture between project and surroundings.raftsman cottage features and single story construction will provide a compliment to and will have aositive effect on values for surrounding residential properties. Low density duplex designs are compatableith and will appear similar in size to surrounding single family homes.



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

Grocery Store Community/Senior Center

Mall/Strip Center Hospital

Outdoor Athleticelds

Pharmacy

Day Care/Afterhool

Basic Health Care

Schools Public TransportationStop

Convenience Store Public Parks

Gas Station Library

her facilities or services:mily Life Center for human services 0.50

ilkes County Courthouse 0.50S Post Office 0.30


10 0.60

5 2.00

.401.50

.50 0.60

.50 0.25

30 0.40

30 1.80


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eliminary App Checklist

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

Fee Payment Check in the amount of $5,450.00 made payable to North Carolina Housing Finance Agency.Tab A - Preliminary Application Printed, signed copy of preliminary application generated from online system.B - Map/Driving Instructions A local map clearly identifying the location of the Site and detailed directions to the Site. Current City or County maps are preferred

internet maps and directions are not acceptable. Applicant must also provide a map identifying the amenities listed in section IV(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 siteshould 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 Control Provide valid option/contract or warranty deed and plot plan.E - Site Plans/Scope of Work Preliminary site plan, floor plans and elevations for all projects, interior and exterior photographs and detailed scope of work forAdaptive 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 Analysts This section must include copies of items required in Tabs A, B, E and G (site and floor plans should be no larger than 11x17) andcan 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 Boost Applicant should provide an appraisal and/or standard geological survey to support a request for the basis boost (if applicable).

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