live oak apartments

8/6/2019 Live Oak Apartments

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Is project in Qualified Census Tract or Difficult to Develop area?

Does a community revitalization plan exist?

Print Preview - Full Application

Tax Credits, RPP Loans, and/or Tax Exempt Bond Loans

Project Name and Location

Project Name: Live Oak Apartments

Address: Corner of Savings Place & Fariview Road

City: Charlotte County: Mecklenburg Zip: 28209

Census Tract: 29.03 Block Group: 2

No

No

Political Jurisdiction: City of CharlotteJurisdiction CEO Name: First: Last:Patrick McCrory Title: Mayor

Jurisdiction Address: 600 E. Fourth Street

Jurisdiction City: Charlotrte Zip: 28202

Jurisdiction Phone: (704)336-2241

Site Latitude: 35.7810

Site Longitude: -78.6366


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Is this project a follow-on (Phase II, etc) to a previously-awarded tax credit development project?

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

Will the project be receiving project based federal rental assistance?

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

Target Population: Family

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

Project Description

Project Type:* New Construction Rehab Adaptive Reuse

No

Yes

3636

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

Number of Units:

Persons with disabilities or homeless populations: the greater of 5 units or 10% of the total units.

Number of Units: 1818Remarks: Eighteen units will be accessable to individuls with disabilities

Will the project use steel and concrete construction and have at least 4 stories?

Will the project include a Community Service Facility under Section 42(d)(4)(c)(iii) of the code?

Yes

No

If yes, please describe:


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Applicant Information

Applicant Name: Banc of America Community Development Corporation

Address: 101 South Tryon Street - 18th Floor

City: State: NC Zip:Charlotte 28255

Contact: First: Last: Title:Miles Vaughn SVP

Telephone: (704)388-4325

Alt Phone: (704)236-1929

Fax: (704)683-9204

Email Address: [email protected]

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


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Total Site Acreage: Total Buildable Acreage:

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

Is the demolition of any buildings required or planned?

If yes, please describe:

Are existing buildings on the site currently occupied?

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?

If no, please explain:

Is any portion of the site located inside the 100 year floodplain?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 Description

3 3

Yes

The existing 32 units will be demolished prior to site development.

Yes

There are currently 32 dwelling units on the site. The Charlotte Housing Authority is in the process ofrelocating the families living in the units and all relocation activity is being conducted in accordanceto the Uniform Relocation regulatory requirements. One relocation is completed, the existingbuildings will be demolished. The existing tenents will have the opportunity to relocate back to thedeveloped site.

Yes

Yes

Yes

No


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Present zoning classification of the site:

Is mutifamily use permitted?

Are variances, special or conditional use permits or any other item requiring a public hearing needed to develop this proposal?

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 for obtainingthem:

Are there any existing conditions of historical significance located on the project site that will require State Historic Preservation office

review?

If yes, describe below:

Are there any existing conditions of environmental significance located on the project site?

If yes, describe below:

Zoning

MUDD-CD

Yes

Yes

Yes

A public hearing and City Council approval has occured and was required in order to rezone the siteto MUDD-CD.

No

No


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Ownership Entity

Owner Name: Live Oak Apartments, LLC

Address: 101 South Tryon Street - 18th Floor

City: State: NC Zip:Charlotte 28255

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

Entity Type: Limited Liability Company

Entity Status: Already Formed

Is the applicant requesting that the Agency treat the application as Non-Profit sponsored? No

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

Is the applicant requesting that the Agency treat the application as a Hope VI project? Yes

Does the ownership entity include a public housing authority (PHA) or a related entity of thePHA as a partner, member, or principal?

Yes

List all general partners, members,and principals. Specify nonprofit corporate general partners ormembers. Click [Add] to add additional partners, members, and principals.

Org: Banc of America Community Development Corporation

First Name: Miles Last Name: Vaughn Function: Managing Member

Address: 101 South Tryon Street

City: Charlotte State: NC Zip: 28255

Phone: (704)388-4325 Fax: (704)683-9204

EMail: [email protected] Nonprofit: No

Org: Charlotte Housing Authority

First Name: Charles Last Name: Woodyard Function: Member

Address: 1301 South Blvd.

City: Charlotte State: NC Zip: 28236

Phone: (704)336-8349 Fax: (704)336-5237

EMail: [email protected] Nonprofit: Yes


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

Total Low Income Units:

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

Targeting

# BRs Units %

1 1 targeted at 50 percent of median income affordable to



36


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

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

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

Funding Sources

Source AmountNon-

Amortizing*Rate(%)

Term(Years)

Amort.Period(Years)

AnnualDebt

Service

Bank Loan 0

RPP Loan 0

Local Gov. Loan - Specify:Housing Trust Fund

1,100,000 2.00 20 20

RD 515 Loan 0

RD 538 Loan - Specify:0

AHP Loan 0

Other Loan 1 - Specify:HOPE VI

1,968,000 2.00 20 20

Other Loan 2 - Specify:0

Other Loan 3 - Specify: 0

Tax Exempt Bonds 18,900,250 6.50 40 40 1,327,833

State Tax Credit(Loan) 0 0 30 30 0

State Tax Credit(Direct Refund) 0

Equity: Federal LIHTC 1,629,711

Non-Repayable Grant 0

Equity: Historic Tax Credits 0

Deferred Developer Fees 867,873

Owner Investment 1,436,668 Other - Specify:GIC Income/Retail Site Sale

800,000

Total Sources** 26,702,502

* "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.

98

The Housing Trust Fund loan is a deferred loan with all debt service payments deferrd up to20 years.


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Local Gov. Loan - Housing Trust Fund

Year:Amt:

1

22000

2

22000

3

22000

4

22000

5

22000

6

22000

7

22000

8

22000

9

22000

10

22000

Year:Amt:

11

22000

12

22000

13

22000

14

22000

15

22000

16

22000

17

22000

18

22000

19

22000

20

22000

Other Loan 1 - HOPE VI

Year:Amt:

1

39360

2

39360

3

39360

4

39360

5

39360

6

39360

7

39360

8

39360

9

39360

10

39360

Year:Amt:

11

39360

12

39360

13

39360

14

39360

15

39360

16

39360

17

39360

18

39360

19

39360

20

39360


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Briefly describe your site in each of the following categories:

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

Applicant's Site Evaluation

NEIGHBORHOOD CHARACTERISTICS

Trend and direction of real estate development and area economic health. Physical condition ofbuildings and improvements. Concentration of affordable housing.The site is in southeast Charlotte next to Philips Place, an affluent community located in SouthCharlotte which serves as a national model for mixed-use development. It is located approximately 5miles from downtown Charlotte and is near such community services as a YMCA, Regional hospital,and library.

The site is across the street from SouthPark Mall, the largest mall in the Six-County area (seeExhibit D). SouthPark Mall has over 1.4 million square feet of space and has been rapidly expandingsince 2002. Four full-service restaurants have opened on the perimeter of the mall in the last threeyears including Mortons and The Cheesecake Factory. Piedmont Town Center is just west of thesite and is a 19-acre site being developed into two office buildings containing 397,000 square feetand two mixed-use buildings containing six floors of condominiums.

SURROUNDING LAND USES AND AMENITIES

Suitability of surrounding development. Land use pattern is residential in character (single andmultifamily housing) with a balance of other uses (particularly retail and amenities). Effect ofindustrial, large-scale institutional or other incompatible uses, including but not limited to: wastewatertreatment facilities, high traffic corridors, junkyards, prisons, landfills, large swamps, distributionfacilities, frequently used railroad tracks, power transmission lines and towers, factories or similaroperations, sources of excessive noise, and sites with environmental concerns (such as odors orpollution). Amount and character of vacant, undeveloped land.The site is located in an area with a fine balance of retail, office, and residential uses. Immediatelyadjacent to the site are high-end residential condominiums, townhomes, and rental communities.There are no incompatible uses adjacent to the site nor within distance to render a negative impacton the site.

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 ofproject sign(s) in relation to traffic corridors.The site is adjacent to a major east/west thoroughfare which provides direct access to InterstateHighway 77. While there are currently traffic signals around the site, the development team hasagreed to incur the costs of street improvements such as adding turn lanes, incorporating trafficsignals, and street median redesign to minimize the sites impact on traffic patterns.

Degree of on-site negative features and physical barriers that will impede project construction oradversely 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 (foradaptive re-use projects- suitability for residential use and difficulties posed by the building(s), suchas limited parking, environmental problems or the need for excessive demolition).There are no known on-site challenges that would pose a site development problem. The sitestopography is conducive for development and the availability of utilities will limit the extent of siteimprovements.

Similarity of scale and aesthetics/architecture between project and surroundings.The development team has worked vigilantly with the surrounding communities, Planningdepartment, and other stakeholders to insure design and use compatibility with the surroundingneighborhoods. Building height, exterior features, and site buffers all reflect strong collaboration.

Grocery Store1 Community/Senior Center.25


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DevelopmentList number low-income/tax credit housing projects and units developed, operated, and maintained in compliance by the principal(s)between December 1, 1998 and January 1, 2005 :

ManagementList number of low-income housing tax credit units managed in the past 10 years:

Has any owner, principal, or management agent been debarred or received a limited denial participation in the past 10 years by any federal

or state agency?

Has any owner, principal, or management agent been involved in a bankruptcy, an adverse fair housing settlement, an adverse civil rights

settlement, or an adverse federal or state government proceeding and settlement in the past 10 years?

Has any owner or principal been in a mortgage default or delinquency of three months or more within the last 5 years on a FHA-insuredproject, a Rural Development funded rental project, a tax-exempt funded mortgage, a tax credit project, or any other publicly subsidized

project?

Has any owner or principal been involved within the last 10 years in a project which previously received an allocation of tax credits butfailed to meet compliance standards of the tax credit allocation, including return of a reservation of tax credits to the Agency after the

carryover agreement has been signed?

Has any owner or principal had a Form 8823 filed with the IRS for noncompliance on a project using low-income housing tax credits or

received a letter of non-compliance from the Agency?

Does any owner, principal or management agent have any outstanding flags in HUDs national 2530 National Participation system?

If yes, please specify

Has any owner, principal or management agent been involved in any project awarded tax credits in 2002 or earlier for which either the

permanent financing or equity investment has not closed?


Has any owner, principal or management agent been involved in any project awarded tax credits in 2002 or earlier for which the final cost

certification requirements have not been met by December 22, 2005?


Has any owner, principal or management agent been involved in any project awarded tax credits after 2000 where there has been a

change in general partners or managing members during the last five years that the Agency did not approve in writing beforehand?If yes, please specify

Project Team Experience

North Carolina Other States

Projects: 2 27

Units: 269 3,753

North Carolina Other States

Projects: 1 11

Units: 76 1,528

No

No

No

No

Yes

No

No

No

No


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Project Operations (Year One)

Projected Operating Costs

Administrative Expenses

Advertising 21,240

Office Salaries 39,200

Office Supplies 7,080

Office or Model Apartment Rent 0

Management Fee 65,313

Manager or Superintendent Salaries 50,000

Manager or Superintendent Rent Free Unit 0

Legal Expenses (Project) 7,080

Auditing Expenses (Project) 0

Bookkeeping Fees/Accounting Services 3,540

Telephone and Answering Service 19,470

Bad Debts 0

Other Administrative Expenses (specify):10,620

SUBTOTAL 223,543

Utilities Expense

Fuel Oil 0

Electricity (Light and Misc. Power) 34,200

Water 10,500

Gas 0

Sewer 12,500

SUBTOTAL 57,200

Operating and Maintenance Expenses

Janitor and Cleaning Payroll 33,280

Janitor and Cleaning Supplies 5,600

Janitor and Cleaning Contract 9,500

Exterminating Payroll/Contract 2,700

Exterminating Supplies 0Garbage and Trash Removal 6,300

Security Payroll/Contract 24,500

Grounds Payroll 0

Grounds Supplies 3,400

Grounds Contract 11,820

Repairs Payroll 46,600

Repairs Material 9,500

Repairs Contract 4,000

Elevator Maintenance/Contract 22,450

Heating/Cooling Repairs and Maintenance 4,400

Swimming Pool Maintenance/Contract 0

Snow Removal 0Decorating Payroll/Contract 13,600

Decorating Supplies 0

Other (specify):

Exterior Repair Materials5,800

Miscellaneous Operating & Maintenance Expenses 7,500

SUBTOTAL 210,950

Taxes and Insurance

Real Estate Taxes 154,875

Payroll Taxes (FICA) 21,411


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Miscellaneous Taxes, Licenses and Permits 107,970

Property and Liability Insurance (Hazard) 0

Fidelity Bond Insurance 0

Workmen's Compensation 2,741

Health Insurance and Other Employee Benefits 16,800

Other Insurance:0

SUBTOTAL 303,797Supportive Service Expenses

Service Coordinator 0

Service Supplies 1,062

Tenant Association Funds 0

Other Expenses (specify):0

SUBTOTAL 1,062

Reserves

Replacement Reserves 0

SUBTOTAL 0

TOTAL OPERATING EXPENSES 796,552

ADJUSTED TOTAL OPERATING EXPENSES(Does not include taxes, reserves and resident support services) * 640,615

TOTAL UNITS(from total units in the Unit Mix section)

176

PER UNIT PER YEAR 3,639


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MINIMUM REQUIRED SET ASIDES (No Points Awarded):

Minimum Set-Asides

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: NoTax 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: NoTax 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:

High Income county:

At least twenty-five percent (25%) of qualified units will be affordable to households with incomes at or below thirty percent (30%)of county median income.

At least twenty-five percent (25%) of qualified units will be affordable to and occupied by households with incomes at or belowthirty percent (30%) of county median income.

At least fifty percent (50%) of qualified units will be affordable to households with incomes at or below forty percent (40%) ofcounty median income.

At least fifty percent (50%) of qualified units will be affordable to and occupied by households with incomes at or below fortypercent (40%) 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 fiftypercent (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.


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PLEASE indicate which of the following exhibits are attached to your application. Others may be required as noted.

Full Application Checklist

A Nonprofit Organization Documentation or For-profit Corporation Documentation

B Current Financial Statements/Principals and Owners (signed copies)

C Ownership Entity Agreement, Development Agreement or any other agreements governing development services

D Management Agent Agreement

E Owner and Management Experience & Management Questionnaire (Appendix C)

F Letters from State Housing Agencies or designated monitoring agent verifying out of state experience

G Completed IRS Form 8821 (Appendix I)

H Local Government Letter or Letter from Certified Engineer or Land Surveyor Confirming Floodplain Designation with Mapshowing all flood zones (original on letterhead, no fax or photocopies)

I Local Government Letter Confirming Zoning including any pending notices or hearings (original on letterhead, no fax orphotocopies)

J Letters from Local Utility Providers regarding availability and capacity (original on letterhead, no fax or photocopies)

K Documentation to support estimated utility costs

L Appraisal (required for land costs greater than $15,000 and for all Adaptive Re-use and Rehab projects)

M Site plan, floor plans and elevations for all projects. Scope of work for Adaptive Re-use and Rehab projects. (Full Size, 24 x36 inches)

N Hazard and structural inspection and termite reports (Adaptive Re-use and Rehab projects only)

O Copy of certificate of occupancy or proof of placed-in-service date (Rehabs Only)

P Proposed Relocation Plan including relocation budget and copies of notices. Required for all Rehabs and any projectsinvolving existing occupants of any dwellings to be rehabbed or demolished.

Q Evidence of Permanent Loan Commitment and other sources of funds ( i.e. AHP, RD and local government funds). ForRehabs with existing loans provide 1) copies of loan documents, 2) current loan balances from existing lenders with reservebalances, 3) letter from lender that outlines assumption requirements.

R Local Housing Authority Agreement and Project Based Rental Assistance Letter, if applicable (Sample letters provided inAppendix I). For projects with existing PBRA contracts, provide a copy of the current contract and bank statement or otherdocumentation verifying reserve balances and annual reserve contribution requirements.

S Statement regarding terms of Deferred Developer Fee. If a nonprofit is involved, a resolution from their board approvingdeferral of fee is required.

T Inducement Resolution (Tax-Exempt Bond Financed Projects only)

U Anticipated budget demonstrating how the project will meet the 10% test

live oak apartments

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