spring chase app

8/6/2019 Spring Chase App

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

roject Description

oject Name: Springchase Apartments

dress: 1010 Turnpike Rd

ty: Laurinburg County: Scotland Zip:

ensus Tract: 101 Block Group: 6

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

olitical Jurisdiction: City of Laurinburg

risdiction CEO Name:First:Matthew Last:Block

Title: Mayor

risdiction Address: PO Box 249

risdiction City: Laurinburg Zip:

risdiction Phone:

e Latitude:

e Longitude:

oject Type: Rehab

this project a previously awarded tax credit development? No

If yes, what is the project number: Is this a request for supplementalcredits?

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: 11

l the project meet Energy Star standards as defined in Appendix B? No

es a community revitalization plan exist? Yes

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

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

ttps://www.nchfa.org/Rental/RTCApp/(S(hzkvtu24o...2D454605BB&SNID=5B73904A117941CF80BA0F7EFB31E1EE (1 of 29)9/16/2008 3:28:53 PM

28352

28353

(910)276-8324

34.4548

-79.2932


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If yes, please describe:

rget Population:Family

ll the project be receiving project based federal rental assistance? Yes

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

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:

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

Number of Units:

Remarks: Projects with rental assistance are required to target five units as the minimum. A plan will be developedwith the local lead agency to devise a Targeting Plan to be certified by the N.C. Department of HealthServices.


24

0

5


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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. UndeP Section III(C)(5) only this individual or entity will be able to make decisions with regard to this application. If awarded the applicant

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

pplicant Name: Hawkeye, Inc.

dress: 809 22nd Avenue

ty: Tuscaloosa State: AL Zip:

ontact: First: David Last:Morrow Title:President

lephone:

Phone:

x:

mail Address:

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


35401

(205)759-5781

(205)799-1638

(205)391-0031

[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? No

If yes, please describe:

e existing buildings on the site currently occupied? Yes

If yes:(a) Briefly describe the situation:

Relocation assistance for moving of the furnishings to vacant units on site and back to the renovated unitswill be done by maintenance person or third party movers under the direction of the Management Agent.

Any costs not waived or otherwise incurred will be borne by the operations of the project and if those fundsare insufficient, by the Owner and/or Developer. The residents will not incurr any costs in the event ofrelocation.

(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:


6 6


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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 fopurchase of the property and the seller of the property?YesIf yes, specify the relationship:

The principal of the general partner of the seller is the same principal as the general partner of the buyer.

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

(D) Enter Purchase Price:


01/09/2009

1,619,999


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oning

esent zoning classification of the site:R-20 Residential

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 for obta

them:

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

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: Laurinburg II Housing, L.P.


y: Tuscaloosa State:AL Zip:

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

ote: Do not submit social security numbers for individuals.

tity Type: Limited Partnership

tity Status: To Be Formed

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

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.ck [Add] to add additional partners, members, and principals.

Org: Hawkeye, Inc.

st Name: David Last Name: Morrow Function: Managing General Partnerdress: 809 22nd Avenue

ty: Tuscaloosa State: AL Zip: 35041

one: Fax:

Mail: Nonprofit: No

Org: Hawkeye, Inc.

st Name: David Last Name: Morrow Function: Principal


ty: Tuscaloosa State: AL Zip: 35401

one: Fax:

Mail: Nonprofit: No


35401

26-1720293

(205)759-5781 (205)391-0031

[email protected]

(205)759-5781 (205)391-0031

[email protected]


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nit Mix

e Median Income for Scotland county is $48,100.

w Income Units

Type # BRs Net Sq.Ft.Total

# Units#Units

MonthlyRent

UtilityAllowance

MandatoryServ. Fees

**TotalHousing Exp.

Gdn Apt 1

Twn Hse 2

Twn Hse 2

Utilities included in rents: Water/Sewer Electric Gas Other

mployee Units (will add to Low Income Unit total)

Type # BRs Net Sq.Ft.Total

# Units#Units

MonthlyRent

UtilityAllowance

MandatoryServ. Fees

**TotalHousing Exp.

Twn Hse 2

Utilities included in rents: Water/Sewer Electric Gas Other

rket Rate Units

ype # BRs Net Sq.Ft.Total

# Units#Units

MonthlyRent

UtilityAllowance

MandatoryServ. Fees

**TotalHousing Exp.

ti li ties included in rents: Water/Sewer Electric Gas Other

atistics

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):


720 20 2 456 86 0 542

951 16 0 481 115 0 596

951 3 0 481 115 0 596

951 1 0 0 0 0 0

40 2 18259

40 2 18259

7 2

1,144


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Elevators - Number of Elevators:

uare Footage Information

oss Floor Square Footage:

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

tes

Please refer to the Income Limits and Maximum Housing Expense Table to ensure that Total Monthly Tenant Expenses for low inc

units are within established thresholds.

ttps://www.nchfa.org/Rental/RTCApp/(S(hzkvtu24...D454605BB&SNID=5B73904A117941CF80BA0F7EFB31E1EE (10 of 29)9/16/2008 3:28:53 PM

36,095

35,044
http://www.nchfa.com/lib/html/rental/Median%20Income%20Charts/income_limits.htmhttp://www.nchfa.com/lib/html/rental/Median%20Income%20Charts/income_limits.htm


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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] to cother 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/occupied by

tal Low Income Units:

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


3 60

16 50

20 60

39


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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 debt serbelow.

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

timated 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))

ural Development will provide long-term financing through the assumption of the existing


1,266,127 1.00 40 50 32,189

909,418 0 30 30 0

1,729,575

0

3,905,120

75


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debtness to the new owner. Tax credit equity will come from Regions Bank, and a state tax creditan from the North Carolina Housing Finance Agency loan is proposed.



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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 3% lines 2-9, Rehabs 6%)

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

29 Title and Recording


1,519,999 1,519,999

0 0

1,120,760 1,120,760

0 0

67,246 67,246

23,760 23,760

95,040 95,040

78,408 78,408

32,255 32,250

9,300 9,300

12,000 12,000

2,958,768

15,700 15,700

33,092 33,092

152,704 125,400

21,311 21,311

2,068 2,068

9,500 9,500

5,000 5,000

4,000 4,000

4,300 4,300

10,000


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60 Tax Credit Rate

61 Federal Tax Credits at Estimated Rate

62 Federal Tax Credits at 9.00% or 3.75% (maximum $1,000,000)

63 Federal Tax Credits Requested

64 Land Cost

65 TOTAL REPLACEMENT COST

FEDERAL TAX CREDITS IF AWARDED

Comments:

Total Replacement Cost per unit:34,630


3.40 8.50

230,633 51,952 178,681

246,492 57,300 189,192

246,492 57,300 189,192

100,000

3,905,120

246,492


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arket Study Information

ase provide a detailed description of the proposed project:

ere are seven existing residential buildings on the site and an existing office building. The many uses willclude a facility for recreation, parties and a computer center for children and parents to use for homework,search, learning and job searching. The renovation of this proposed project will allow for the buildings tobrought to ADA standards for full enjoyment of those with disabilities, provide quality services for those

need, and extend the useful life of an aging property with no funds to do much of the neededprovements. The renovations will include replacing the roofs with 30 year architectural style shingles,

vering high maintenance wood siding with vinyl siding

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:

staggard roof lines and townhouse/apartment offsets

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:

e amenities will include a newly renovated playground, a resident computer center, a covered picnic areath tables and grills, outdoor sitting area with benches, a tot lot and a gazebo.

site Activities:

nsite activities will consist of resident involvement with activities advertised through the monthly newslettercluding movie night and game night in the community room, holiday parties, and potluck dinnersoughout the year, neighborhood watch, and computer learning aids in the community building.

ndscaping Plans:



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e existing landscaping will be re-worked to include taking up old overgrown shrubs, putting new shrubsd new sod in areas needed, lining a row of white crepe myrtles facing the road, extra flowers and annualsound the site sign and the office area.

erior Apartment Amenities:

erior apartment amenities include a stove, refrigerator with icemaker, dishwasher, microwave, telephone

cks, carpet, internet access and cable outlets.

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.

his area is an established residential area convenient to all the services in the city of Laurinburg. The

conomic health of this area has remained steady. The projects buildings have been held together fairlyell considering the high maintenance exterior which has drained the replacement reserve funds and theroperties high needs such as covering the wood siding with low maintenance vinyl siding,better insulation,ew appliances, new HVAC and new flooring, to name a few.

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, distributioncilities, 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 areas consist of residential neighbors as well asher multi-family developments. No other adjacent adverse land uses may affect the property in the futuree to the surrounding residential and multi-family developments already in place. There are no major

dustrial or other incapatible uses nearby. There are no existing negative land uses known which wouldtract from the overall site. Retail shopping is convenient to the property as well as medical facility,creation, education and other daily needs of the residents.

TE SUITABILITY

equate 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 located off Turnpike Road which connects to Hwy. 74. The

operty is visible from Turnpike Road and since the road is already established, there is not an additonal

rden on the road as traffic pattern has already been established due to this property being exhistingusing with no additional traffic anticipated.

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).

here are no on-site negative barriers such as flood areas, wetlands, or rock which would impede projectonstruction since there are already existing buildings on site. All residential buildings have beenonstructed and would not require removing any barriers. Also, there are no on-site negative features, suchs transmission lines, ravines, etc. which would affect future tenants.

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

he aesthetics and architecture of the buidings are compatible with the surrounding houses and the scale ofher residential housing in the vicinty.



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

Grocery StoreCommunity/Senior

Center

Mall/Strip Center Hospital

Outdoor Athletic Fields Pharmacy

Day Care/After School Basic Health Care

Schools

Public Transportation

op

Convenience Store

Public Parks

Gas Station

Library

her facilities or services:

ere is a community services building within 315 feet of the property. The Scotland County Museum is justound the corner. Local transportation picks up on the property and will take residents to a desiredstination.


6.3

2 2.4

5 1.3

5 .6

7

6

42

5

42

5


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evelopment Team

ovide contact information for development team members below:

nagement Agent

ompany: Morrow Realty Company, Inc.



one Email:

ontact Name: First: David Last: Morrow

chitect

ompany: Boisseau Design Group

dress: 8304 Meadow Ridge Court

ty: Raleigh State: NC Zip:

one Email:

ontact Name: First: Kenn Last: Boisseau

orney

ompany: David Pryzwansky

dress: 5 West Hargett Street, Suite 910

ty: Raleigh State: NC Zip:

one Email:

ontact Name: First: David Last: Pryzwansky

estor

ompany: Regions Bank

dress: 2222 9th Street


one Email:

ontact Name: First: Chuck Last: Bracknell

nsultant/Application Preparer (if different from developer)

ompany:

dress:

ty: State: Zip:

one Email:

ontact Name: First: Last:


35401

(205)759-5781 [email protected]

27615


27601


35401



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neral Contractor Identity of Interest?

ompany: Empire Construction

dress: 3600 Henson Rd

ty: Knoxville State: TN Zip:

one Email:

ontact Name: First: Rick Last: Cherverton


37921



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rojected Operating Costs

Project Operations (Year One)

Administrative Expenses

Advertising

Office Salaries

Office Supplies

Office or Model Apartment Rent

Management Fee

Manager or Superintendent Salaries

Manager or Superintendent Rent Free Unit

Legal Expenses (Project)

Auditing Expenses (Project)

Bookkeeping Fees/Accounting Services

Telephone and Answering Service

Bad Debts

Other Administrative Expenses (specify):

SUBTOTAL

Utilities Expense

Fuel Oil

Electricity (Light and Misc. Power)

Water

Gas

Sewer

SUBTOTAL

Operating and Maintenance Expenses

Janitor and Cleaning Payroll

Janitor and Cleaning Supplies

Janitor and Cleaning Contract

Exterminating Payroll/Contract

Exterminating Supplies

Garbage and Trash Removal

Security Payroll/Contract

Grounds Payroll


700

16,700

1,800

22,932

1,000

3,055

1,600

Training1,800

49,587

7,300

7,818

8,232

23,350

1,000

3,442


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Grounds Supplies

Grounds Contract

Repairs Payroll

Repairs Material

Repairs Contract

Elevator Maintenance/Contract

Heating/Cooling Repairs and Maintenance

Swimming Pool Maintenance/Contract

Snow Removal

Decorating Payroll/Contract

Decorating Supplies

Other (specify):

Miscellaneous Operating & Maintenance Expenses

SUBTOTAL

Taxes and Insurance

Real Estate Taxes

Payroll Taxes (FICA)

Miscellaneous Taxes, Licenses and Permits

Property and Liability Insurance (Hazard)

Fidelity Bond Insurance

Workmen's Compensation

Health Insurance and Other Employee Benefits

Other Insurance:

SUBTOTAL

Supportive Service Expenses

Service Coordinator

Service Supplies

Tenant Association Funds

Other Expenses (specify):

SUBTOTAL

Reserves

Replacement Reserves

SUBTOTAL


1,397

3,000

18,850

2,700

3,000

2,850

Program Maintenance400

278

36,917

21,411

3,166

11,500

210

1,640

8,475

46,402

0

13,300

13,300


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TOTAL OPERATING EXPENSES

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

TOTAL UNITS

(from total units in the Unit Mix section)

PER UNIT PER YEAR


169,556

134,845

40

3,371


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2. "Total Operating Expenses" comes from 1st-year cash flow, then it is escalated by 4% per year.3. "Debt Service" is the sum of "regular/amortized loan debt service + non-amortizing annual service" as entered by user from

Funding Sources section.4. "Net Cash Flow" is "Net Rental/Other Income" minus "Total Operating Expenses" minus "Debt Service".5. "Debt Coverage Ratio" is ("Net Rental/Other Income" minus "Total Operating Expenses") divided by "Debt Service".



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inimum Set-Asides

NIMUM REQUIRED SET ASIDES (No Points Awarded):

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: NCredit 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: NCredit 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:Low Income County:

At least forty percent (40%) of qualified units will be affordable to households with incomes at or below fifty percent (50%) of comedian income.At least forty percent (40%) of qualified units will be affordable to and occupied by households with incomes at or below fifty pe(50%) of county median income.

Tax Exempt BondsThreshold 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 per(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 per(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 per(40%) of county median income.



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ull Application Checklist

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

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 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)

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

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

I Documentation from utility company or local PHA to support estimated utility costs

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

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

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

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

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

O Evidence of Permanent Loan Commitment and other sources of funds ( i.e. Equity letter, AHP, RD and local governmentfunds). For Rehabs with existing loans provide 1) copies of loan documents, 2) current loan balances from existing lenderreserve balances, 3) letter from lender that outlines assumption requirements.

P 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.

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

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

spring chase app

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