hilltop terrace

8/6/2019 Hilltop Terrace

http://slidepdf.com/reader/full/hilltop-terrace 1/21

rint - APP09-0131

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

roject Description

oject Name: Hilltop Terrace

ddress: 111 N. Carolina Avenue

ty: Lexington County: Davidson Zip:

ensus Tract: 615 Block Group: 2013

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? No

olitical Jurisdiction: City of Lexington

risdiction CEO Name:First:John Last:Gray

Title: City Manager

risdiction Address: 28 West Center Street

risdiction City: Lexington Zip:

risdiction Phone:

te Latitude:

te Longitude:

oject Type: Rehab

Is this project a previously awarded tax credit development?Yes

w Construction/Adaptive Reuse: his project a follow-on (Phase II, etc) to a previously-awarded tax credit development project?

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

ehab:

umber of residents holding Section 8 vouchers: 12

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(5m4bap55y...AC2B3F9A16&SNID=799423144C454C63845D3DD4A48CB23D (1 of 21)4/8/2009 3:44:18 PM

27292

27292

(336)248-3910

35.811241

-80.252644



rint - APP09-0131

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

If yes, please describe:

rget Population:Elderly (62)

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

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




rint - APP09-0131

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: Community Housing Partners Corporation

ddress: 100 W. Franklin St., Suite 300

ty: Richmond State: VA Zip:

ontact: First: Kathryn Last:Talley Title:Rev.

elephone:

t Phone:

ax:

mail Address:

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


23220

(804)343-7201

(804)240-3754

(804)343-7208

[email protected]



rint - APP09-0131

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? No

If yes, please describe:

e existing buildings on the site currently occupied? Yes

If yes:(a) Briefly describe the situation:

Existing tenants should all qualify to live in a LIHTC project, and they will be moved around the building

temporarily to allow for the renovation of the building.

(b) Will tenant displacement be temporary? Yes(c) Will tenant displacement be permanent? No

he site directly accessed by an existing, paved, publicly maintained road? Yes

If no, please explain:

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:


4.66 4.66



rint - APP09-0131

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




rint - APP09-0131

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?YesIf yes, specify the relationship:

CHPC is the Sole and Managing Member of each

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

(D) Enter Purchase Price:


12/31/2009

653,105



rint - APP09-0131

oning

esent zoning classification of the site:Residential TN

multifamily use permitted?Yes

e 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 forobtaining them:

e there any existing conditions of historical significance located on the project site that will require State Historic Preservation officeiew?Yes

If yes, describe below:The building was originally the Lexington Memorial Hospital and has been on the NC Dept. of HistoricResources list for placement on the National and State Register of Historic Resources. We are pursuingthat designation in order to secure historic tax credits for the project.

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

If yes, describe below:




rint - APP09-0131

wnership Entity

wner Name: Lexington - Hilltop Terrace Apartments, LLC

dress: 930 Cambria St., NE

y: Christiansburg State:VA 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: To Be 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? Yes

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

Org: Community Housing Partners Corporation

rst Name: Jeff Last Name: Reed Function: Managing Member

ddress: 930 Cambria St., NE

ty: Christiansburg State: VA Zip: 24073

hone: Fax:

Mail: Nonprofit: Yes


24073

(540)352-2002 (540)382-1935

[email protected]



rint - APP09-0131

AllUnits

Units

Gross MonthlyRental Income

Low Income.......

Market Rate.......

Totals...............

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.

ttps://www.nchfa.org/Rental/RTCApp/(S(5m4bap55...C2B3F9A16&SNID=799423144C454C63845D3DD4A48CB23D (10 of 21)4/8/2009 3:44:18 PM

59 6 24518

59 6 24518

1 4

959

1

44,748

42,927

6

6

6

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

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



rint - APP09-0131

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 %

FF targeted at percent of median income affordable to

FF targeted at percent of median income affordable to/occupied by

FF targeted at percent of median income affordable to

FF targeted at percent of median income affordable to/occupied by

targeted at percent of median income affordable to

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.


13 40

4 60

9 40

4 60

7 40

2 60

10 40

5 60

1 60

2 40

2 60

59



rint - APP09-0131

unding Sources

Source AmountNon-

Amortizing*Rate(%)

Term(Years)

Amort.Period(Years)

AnnualDebt

Service

Bank Loan

RPP Loan

Local Gov. Loan - Specify:City of Lexington

RD 515 Loan

RD 538 Loan - Specify:

AHP Loan

Other Loan 1 - Specify:CHPC

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**

"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))


0

800,000 1.00 20 20

295,000 1.00 20 20

0

0

0

571,491 3.00 20 20

0

0

0

855,727 0 30 30 0

0

2,537,687

0

1,203,676

0

100

0

6,263,681

72



rint - APP09-0131

HPC LOAN is soft debt and is paid out of cash flow as it is available.

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

PP 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

ocal Gov. Loan - City of Lexington

ear:mt:

1 2 3 4 5 6 7 8 9 10

ear:mt:

11 12 13 14 15 16 17 18 19 20

her Loan 1 - CHPC

ear:mt:

1 2 3 4 5 6 7 8 9 10

ear:mt:

11 12 13 14 15 16 17 18 19 20


73 73 73 73 73 73 73 73 73 73

73 73 73 73 73 73 73 73 73 73

0 0 0 0 0 0 0 0 0 0

0 0 0 0 0 0 0 0 0 0



rint - APP09-0131

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


593,105 593,105

104,701 104,701

189,213 178,588

2,548,244 2,548,244

0

0

174,860 174,860

58,287 58,287

174,860 174,860

100,000 100,000

85,821 85,821

17,164 17,164

30,000 30,000

4,076,255

3,000 3,000

8,500 8,500

100,000 25,000

0

1,513 1,513

0

14,390 14,390

3,500 3,500

13,000 13,000

9,300 9,300

0

0

0

0

0



rint - APP09-0131

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:

Rental Assistance Fund is needed because over 80% of existing residents are at or below 30% AMI. Forthe 40% rents we will be offering assistance per resident per month such that residents will only incur a $20increase in rent that they pay and for the 60% units residents in efficiencies will incur a $75 increase in whatthey pay each month and for those in 1BR and 2BR 60% units residents will incur a $125 increase in whatthey pay each month(unless the residents have housing choice or other vouchers - which in fact should be

the case in those units.) Fund has been sized assuming that an average of 10 residents will have vouchers(as has historically been the case.)

Total Replacement Cost per unit 106,164


4,281,937 593,105 3,688,832

100.00% 100.00%

4,281,937 593,105 3,688,832

3.50 9.00

354,236 20,759 331,995

0

60,000

6,263,681

354,236



rint - APP09-0131

arket Study Information

ease provide a detailed description of the proposed project:

ltop Terrace was an early LIHTC project that completed its compliance period in 2008. The building wasginally the community hospital. It is now in need of substantial rehabilitation. Already the chiller and

moke detectors have been replaced, and bids are out now to replace the entire roof. Then mold will bemediated. Once we actually begin the LIHTC rehab, we will replace all the HVAC units inside as well asplacing all the Qwest plumbing throughout. A sprinkler system and new annunciator panel will be

stalled. Sheetrock ceilings will be installed throughout. All kitchen and bath cabinets, sinks, and faucetsl be replaced. Tubs/showers will be replaced as needed. Low-flow toilets and shower heads will bestalled throughout. New ranges and Energy Star refrigerators will be installed. All physically handicappedits will have roll-in showers. There will be two units designed especially for sight and hearing impairedsidents. The number of units will be reduced from 64 to 59 so as to allow for a community room withmputer corner and library corner, a TV room because most residents don't have sets, lobby seatingeas, to provide five instead of two 2BR units, and to provide six instead of three physically handicappedits.

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:

This project is a rehab of an existing building which was originally a hospital and most recently was a LIHTCproject. Orignal construction was steel, concrete, block, and brick. New construction on the interior isprimarily wood.

ve you built other tax credit developments that use the same building design as this project?No

If yes, please provide name and address:

e Amenities:

alking trail; benches; covered patio; uncovered patio; raised gardening beds; bird feeding and watering

ation outside. Community Room, computer corner, library corner, TV Room, Exercise Room, laundry, andice.

site Activities:

ontly potluck dinner and weekly Bible study




rint - APP09-0131

ndscaping Plans:

emove as much asphalt as possible and replace with grass and trees and flower beds. Install exteriormenities as described above.

erior Apartment Amenities:

ew HVAC and plumbing; sheetrock ceiling; sprinkler system; new kitchen and bath cabinets and sinks anducets; new low flow toilets and shower heads; new tubs/showers as needed; new carpet and vct.

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.




rint - APP09-0131

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.

eighborhood is stable area with a mix of modest and middle income homes and offices in good condition.

cross Carolina Ave. is some undeveloped woodland. City has been hard hit by plant closings over the last-7 years, making this property's ability to serve very low income residents critical.

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. Hilltop Terrace is surrounded by single family residences and someice buildings, all in good condition. Across Carolina Ave. is a stand of undeveloped woodland. Theoperty is in the City of Lexington. No industrial, large-scale institutional or other incompatible uses nearby.

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. Will be putting stop signs at the property's drives as they approach the publiceet. Existing access to the property is fine. New sign was installed roughly one year ago, with excellent

asing results, thus indicating the project's good location.

egree of on-site negative features and physical barriers that will impede project construction or adversely

ect 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).

o on-site negatives.

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

roperty was originally the hospital for Lexington and surrounding areas and the building has been a fixturethe community for over 50 years.

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




rint - APP09-0131

Grocery Store Community/Senior Center

Mall/Strip Center Hospital

Outdoor Athletic

eldsPharmacy

Day Care/After

choolBasic Health Care

SchoolsPublic Transportation

Stop

Convenience Store Public Parks

Gas Station Library

her facilities or services:

one


4

3

31

3

1

.3

1

hilltop terrace

Documents