laurel spring - a congregate care community

8/6/2019 Laurel Spring - A Congregate Care Community

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

roject Description

oject Name: Laurel Spring - A Congregate Care Community

ddress: 3814 Blue Ridge Road

ty: Raleigh County: Wake Zip:

ensus Tract: 525.04 Block Group: 2024

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: City of Raleigh

risdiction CEO Name:First:Charles Last:Meeker

Title: Mayor

risdiction Address: 222 W. Hargett Street Suite 209

risdiction City: Raleigh 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(bhptgn55s...38CB97F839&SNID=A2DFDAA213FC4333933F20323FD0AD4D (1 of 21)4/8/2009 3:42:28 PM

27612

27601

(919)890-3050

35.8312

-78.6845


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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:Elderly (55)

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: Evergreen Construction Company

ddress: 7706 Six Forks Road

ty: Raleigh State: NC Zip:

ontact: First: Tim Last:Morgan Title:Vice President

elephone:

t Phone:

ax:

mail Address:

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


27615

(919)848-2041

(919)630-3383

(919)848-0455

[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 a single family home on the site that will need to be removed.

e existing buildings on the site currently occupied? Yes

If yes:(a) Briefly describe the situation:

The home is occupied by a renter on a month to month lease.

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

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:


4.27 4.27


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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:


08/30/2009

1,295,000


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oning

esent zoning classification of the site:R-6

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?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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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(bhptgn55...8CB97F839&SNID=A2DFDAA213FC4333933F20323FD0AD4D (10 of 21)4/8/2009 3:42:28 PM

17,597

1

61,283

59,223

6

6

5
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




targeted at percent of median income affordable to

targeted at percent of median income affordable to

tal Low Income Units:

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


6 30

6 30

4 50

4 50

14 60

14 60

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:WCHS

RD 515 Loan

RD 538 Loan - Specify:

AHP Loan

Other Loan 1 - Specify:City of Raleigh

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))


510,000 6.50 30 40 35,830

435,000 2.00 20 20

160,000 2.00 30 30

800,000 2.00 30 30

543,910 0 30 30 0

4,645,071

100

7,094,081

73


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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


700,000 700,000

3,050,000 3,050,000

225,000 225,000

79,500 79,500

238,500 238,500

214,650 214,650

77,500 77,500

11,250 11,250

62,000 62,000

4,658,400

8,900 8,900

145,000 95,000

3,500 3,500

48,000 48,000

10,000 10,000

5,000 5,000

3,000 3,000

4,300 4,300

18,900


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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)


6,000

252,600

9,000 9,000

5,000 5,000

2,300

43,839

5,000 5,000

5,000

33,600

103,739

50,000 50,000

534,000 534,000

Other Basis Expense (s

Other Basis Expense (s

20,942

Costs associated with l 20,000

Other Non-basis Expen

624,942

14,400

145,000

Other Reserve (specify)

Other Reserve (specify)

5,799,081 0 5,439,100

0

5,439,100 0 5,439,100

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 unit63,542


5,439,100 0 5,439,100

100.00% 130.00%

7,070,830 0 7,070,830

3.50 9.00

636,375 0 636,375

636,375 636,375

1,295,000

7,094,081

636,375


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arket Study Information

ease provide a detailed description of the proposed project:

e are proposing to construct a forty-eight (48) unit rental community on Blue Ridge Road. The project willnsist of (24) one bedroom, one bath units and (24) two bedroom, one bath units for persons 55 years ofe and older. The design of the building is such that all units are fully accessible. The building is served bye elevator and the entrances are secured with a call panel entry system. All exterior doors are self lockingth all residential units opening into an interior hallway. There will be multiple common areas for the

sidents use including a computer center, exercise room and more. We will have units set aside forrsons at 30%, 50% and 60% of the area median income. In addition, 10% of the units will be targeted tosabled persons.

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:

30 Year Dimensional Shingles

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:

esident computer center, covered drive thru, lobby and sitting areas, community room with full kitchen, TV/unge, exercise room and additional storage for each unit.

site Activities:

nsite activities will consist of resident association sponsored bingo, Bible studies, monthly birthdaylebrations and holiday gatherings. Residents will have access to computer and exercise equipment.



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ndscaping Plans:

e building will have landscaped beds around the perimeter. Trees will also be planted and dispersedound the property.

erior Apartment Amenities:

ange, range hood, frost free refrigerator, washer/dryer connections, pantry, walk-in closets, wall to wallrpet, VCT in kitchen and bath areas, central air and heat pump, mini-blinds, cable and phone ready.

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.



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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.

he trend for real estate development along Blue Ridge Road is positive. It has experienced alot of new

evelopment to include all types of residential use, office/commerical use, medical use and retail. There areo affordable housing developments in the area.

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 uses include all types of residential use, from

ngle family to townhouse to multi-family. Other uses include medical, office and retail. There are noensive uses in the area.

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. Blue Ridge Road has several stop lights, a speed limit of 35 miles per hourd access to mass transit with a bus stop very close to the site. NCDOT will require us to widen our portionBlue Ridge Road along our property to allow for greater ingress and egress.

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).

he existing topographic conditions of this site are an 11% slope down from west (Blue Ridge Road) to theast, or front to back of site. To accommodate the steep topography, a building was designed to minimizerading. The building will be a 2/4 floor split providing a 21 foot drop from the ground floor entry on the front the building to the ground floor entry on the rear of the building. This building design will allow for

equired parking to be distributed in the front and rear of the building with slopes to meet accessibilityequirements.

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

here are a variety of architectural designs along Blue Ridge Road due to the varied residential andommercial uses so I feel our design will fit fine with the surroundings.

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



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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:


.5 1.0

.0 1.5

.01.5

1.5

.0.5

.0 .1

.0 2.5


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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)

laurel spring - a congregate care community

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