Austin's Ridge

8/6/2019 Austin's Ridge

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

Does a community revitalization plan exist?

Print Preview - Final Application

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

Project Name and Location

Project Name: Austin's Ridge

Address: #TBD Saunders Boulevard

City: Southern Pines County: Moore Zip: 28387

Census Tract: Block Group:

No

No

Political Jurisdiction: Town of Southern Pines

Jurisdiction CEO Name: First: Last:Frank Quis Title: Mayor

Jurisdiction Address: 125 SE Broad Street

Jurisdiction City: Southern Pines Zip: 28387

Jurisdiction Phone: (910)692-7021

Site Latitude:

Site Longitude:

of 34Print - APP04-0109

1/14/2005https://www.nchfa.org/Rental/RTCApp/(cnfvm045khxodm45meo55p45)/site/PrintApp.asp...



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: 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

No

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

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

Remarks:





Applicant Information

Applicant Name: Southland Partners LLC

Address: 131 Matthews Station Street, Suite 2-F

City: State: NC Zip:Matthews 28105

Contact: First: Last: Title:Tom Honeycutt Member Manager

Telephone: (704)321-1526

Alt Phone:

Fax: (704)321-1562

Email Address: [email protected]





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

9.679 9.679

No

No

Yes

No





Does the owner have fee simple ownership of the property (site/buildings)?

If yes provide:Purchase Date: Purchase Price:

If no:

Site Control

No

(a) Does the owner/principal or ownership entity have vaild 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?If yes, specify the relationship:

No

(c) Enter the current expiration date of the option/contract to purchase: 10/31/2004

(D) Enter Purchase Price: 495,000





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

RM-2

Yes

No

No

No





[email protected] 240-86-7030

Org: Timothy L. Gunderman

First Name: Tim Last Name: Gunderman Function: Member

Address: 2021 Cross Beam Drive

City: Charlotte State: NC Zip: 28217

Phone: (704)357-6000 Fax: (704)357-1881

EMail: [email protected] Nonprofit: No TaxID 105-40-1626





** Please refer to the Income Limits and Maximum Housing Expense Table to ensure that Total Monthly Tenant Expenses for low incomeunits are within established thresholds.





Specify Low Income Unit Targeting in table below. List each applicable targeting combination in a separate row below. Click [Add] to createanother 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 4 targeted at 50 percent of median income.






60





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))

Funding Sources

Source AmountNon-

Amortizing*Rate(%)

Term(Years)

Amort.Period(Years)

AnnualDebt

Service

Bank Loan 0

RPP Loan 0Local Gov. Loan - Specify:

0

RD 515 Loan 0

RD 538 Loan - Specify:American Capital Resource, Inc. 1,500,000 6.25 38 38 103,429

AHP Loan 0

Other Loan 1 - Specify:0

Other Loan 2 - Specify:0

Other Loan 3 - Specify:

0

Tax Exempt Bonds 0

State Tax Credit(Loan) 799,689 0 30 30 0

State Tax Credit(Direct Refund) 0 Equity: Federal LIHTC 2,691,022 Non-Repayable Grant 0 Equity: Historic Tax Credits 0 Deferred Developer Fees 69,738 Owner Investment 0

Other - Specify:n/a 0 Total Sources** 5,060,449

* "Non-amortizing" indicates that the loan does not have a fixed annual debt service. For these items, you must fill in 20-year debt servicebelow.

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

79





Development Costs

Item Cost Element TOTAL COST Eligible Basis30% PV 70% PV

1 Purchase of Buildings (Rehab) 0 02 Demolition 0 03 On-site Improvements 550,000 550,0004 Rehabilitation 0 05 Construction of New Building(s) 2,202,369 2,202,3696 Accessory Building(s) 0 07 General Requirements 165,115 165,1158 Contractor Overhead 58,341 58,3419 Contractor Profit 233,363 233,363

10 Construction Contingency 96,276 96,27611 Architect's Fee - Design 69,200 69,20012 Architect's Fee - Inspection 15,300 15,300

SUBTOTAL (lines 1 through 12) 3,389,96413 Construction Insurance (prorate) 0 014 Construction Loan Orig. Fee (prorate) 61,798 61,79815 Construction Loan Interest (prorate) 179,987 179,98716 Construction Loan Credit Enhancement (prorate) 0 017 Construction Period Taxes (prorate) 2,000 2,00018 Water, Sewer and Impact Fees 43,500 43,50019 Survey 14,000 14,00020 Property Appraisal 7,000 7,00021 Environmental Report 2,500 2,50022 Market Study 4,000 4,000

23 Bond Costs (specify) 0

24 Cost of Issuance 025 Placement Fee 026 Permanent Loan Origination Fee 80,40027 Permanent Loan Credit Enhancement 028 Title and Recording 0

SUBTOTAL (lines 13 through 28) 395,18529 Real Estate Attorney 23,000 23,00030 Other Attorney's Fees 0 031 Tax Credit App Fees 24,475 24,475

32 Cost Certification/Accounting Fees (specify) 0 0

33 Tax Opinion 2,00034 Organizational (Partnership) 035 Tax Credit Monitoring Fee 21,000

SUBTOTAL (lines 29 through 35) 70,47536 Furnishings and Equipment 15,000 15,00037 Relocation Expenses 0 038 Developer's Fee (max 15% lines 2-36, less 8 & 9) 536,000 536,000

39 Cost Certification 3,600 3,600

40 Other Basis Expense (specify) 0 0

41 Rent-up Expenses 0

42 Other Non-basis Expense (specify) offsite costs 25,000

43 Other Non-basis Expense (specify) 0

SUBTOTAL (lines 36 through 43) 579,60044 Rent up Reserve 18,000





Comments:

45 Operating Reserve 157,225

46 Other Reserve (specify) 0

47 Targeting Plan Trust Account Deposti 0

48 DEVELOPMENT COST (lines 1-47) 4,610,449 0 4,306,82449 Less Federal Financing 0 050 Less Disproportionate Standard 0 051 Less Nonqualified Nonrecourse Financing 0 0

52 Less Historic Tax Credit (residential) 0 053 TOTAL ELIGIBLE BASIS 4,306,824 0 4,306,82454 Applicable Fraction (percentage of LI Units) 100.00% 100% 100%55 Basis Before Boost 4,306,824 0 4,306,82456 Boost for QCT/DDA (if applicable, enter 130%) 100.00% 100.00%57 TOTAL QUALIFIED BASIS 4,306,824 0 4,306,82458 Tax Credit Rate 0.00% 7.91%59 Federal Tax Credits at Estimated Rate 340,669 0 340,66960 Federal Tax Credits at 8.5% or 3.75% 366,080 0 366,08061 Federal Tax Credits Requested 341,702 0 341,70262 Land Cost 450,00063 TOTAL REPLACEMENT COST 5,060,449





Interior Apartment Amenities (check all that apply):

Flooring: Carpet Vinyl Wood Wood Parquet Ceramic Tile Other

Heating/Cooling: Central Air Gas Heat Heat Pump Electric Pump

Do you plan to submit additional market data (market study, etc.) that you want considered?If yes, please make sure to include the additional information in your pre-application packet.

Range Hood Dishwasher Disposal Refrigerator (frost free) Storage interior/exterior

W/D Hookups Mini-blinds Pantry Ceiling fans Walk-in closets

Yes





Briefly describe your site in each of the following categories:

Applicant's Site Evaluation

NEIGHBORHOOD CHARACTERISTICS

Physical condition of buildings and improvements. Trend and direction of real estate developmentrelative to the project. Area economic health (degree of decline or investment). Concentration of

affordable housing.The site borders residential single and multi-family on all sides accept on southeast end whichborders a railroad track. The residential in the surrounding area ranges from almost new to mucholder and is in very repair. New development in the surrounding area is steady (note the recentsingle and multi family development down the street from the site to strong at the highway down thestreet from the site. We are unaware of any affordable housing in the immediate area. Some islocated across HW 1 from our site in a seperate market area segment. However, HW 1 creates arather substantial physical barrier thereby distinguishing our location from other affordable and taxcredit units. A new site was approve 2 to 3 miles from our location last year which should not impactour situation since we would be under construction for most of 2005 and only beginning rent up infall or winter of 2005.

Suitability of surrounding development. Land use pattern is primarily residential (single andmultifamily housing) with a balance of other uses (particularly retail and amenities). Amount andcharacter of vacant, undeveloped land. Effect of industrial, large-scale institutional or otherincompatible uses: wastewater treatment facilities, high traffic corridors, junkyards, prisions, landfills,large swamps, distribution facilities, frequently used railroad tracks, power transmission lines and

towers, factories or similar operations, sources of excessive noise, and sites with environmentalconcerns (such as odors or pollution).The existing land use pattern on Saunders Blvd. is single and multifamily with businesses along theHW corrider. Few, if any, large tracts of vacant land remain in the immediate area which aren'tzoned for residential use. No other non-compatible uses are present with the exception of therailroad which we plan to buffer using excess dirt and fill and landscaping.

SITE SUITABILITY

Adequacy of street(s) and/or access road(s) serving the proposed project and traffic controls (lights,stop signs, turning lanes). Access to mass transit (if applicable).Street adequacy is good with the street currently designed to handle the existing residential whichwe will not over tax. Signals, turning lanes are adequate at HW 1. Character of the street design,

etc., is in keeping with that throughout residential areas in Southern Pines. Mass transit isunavailable at this time.

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.The only so-called "negative" feature in our view, or the one needing some attention, is the railroadwhich is a central feature to both Southern Pines and Aberdeen. We are providing added setbackand landscape buffering from this feature which is obviously not viewed in the area as negative tothe community, but rather as an asset.

Similarity of scale and aesthetics/architecture between project and surroundings.Single and two story structures are common in the area. Our architecture is designed to blend and fitwell with the existing community.





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

Other facilities or services:

Grocery Store.5 Community/Senior Center

Mall/Strip Center.5 Hospital5

Outdoor Athletic Fields1.5 Pharmacy1

Day Care/After School1 Basic Health Care.5

Schools1.5 Medical Offices.5Public Transportation Stop Bank/Credit Union.5

Convenience Store.25 Restaurants.5

Basketball/Tennis Courts Professional Services.5

Public Parks Movie Theater1

Gas Station.25 Video Rental1

Library1 Public Safety (Fire/Police)1

Fitness/Nature Trails Post Office1

Public Swimming Pools

This site is well located for convenience to all services and facilities in the SouthernPines/Pinehurst/Aberdeen area.





Development List number low-income/tax credit housing projects and units developed, operated, and maintained in compliance by the principal(s) betweenDecember 1, 1996 and January 1, 2003:

Management List 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 orstate agency?

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

Has any owner or principal been involved within the last 10 years in a project which previously received an allocation of tax credits but failed tomeet compliance standards of the tax credit allocation, including return of a reservation of tax credits to the Agency after the carryoveragreement 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 orreceived a letter of non-compliance from the Agency?

Project Team Experience

North Carolina Other States

Projects: 17 16

Units: 475 626

North Carolina Other States

Projects: 49 63

Units: 1,462 2,009

No

No

No

No

Yes





Financing Commitments

Does the project have a firm commitment for construction financing? Yes

Does the project have a letter of intent for private permenant financing? Yes

Does the project have a firm commitment for government financing? Yes

Does the project have a letter of intent from an investor? Yes

Is any portion of the eligible basis of new contruction or rehabilitation financed with federal subsidies other than CDBG funds or fundsfrom the HOME program? Yes

If yes, indicate the type and amount below:

Tax Exempt Financing: $

RD 515 Financing: $

Hope VI Financing: $

Other: $ 1,500,000

If Other, specify the type of Federal subsidy:This loan has an RD 538 Guarantee with interest credit on thefirst $1,500,000





Project Operations (Year One)

Projected Operating Costs

Administrative ExpensesAdvertising 5,760Office Salaries 0Office Supplies 4,000

Office or Model Apartment Rent 0Management Fee 25,920Manager or Superintendent Salaries 13,480Manager or Superintendent Rent Free Unit 6,960Legal Expenses (Project) 216Auditing Expenses (Project) 3,800Bookkeeping Fees/Accounting Services 0Telephone and Answering Service 2,000Bad Debts 0Other Administrative Expenses (specify):

0

SUBTOTAL 62,136

Utilities ExpenseFuel Oil 0Electricity (Light and Misc. Power) 7,500Water 5,500Gas 0Sewer 4,280SUBTOTAL 17,280Operating and Maintenance ExpensesJanitor and Cleaning Payroll 0Janitor and Cleaning Supplies 350Janitor and Cleaning Contract 750Exterminating Payroll/Contract 1,200Exterminating Supplies 0Garbage and Trash Removal 5,400Security Payroll/Contract 0Grounds Payroll 0Grounds Supplies 0Grounds Contract 15,840Repairs Payroll 17,500Repairs Material 4,500Repairs Contract 0Elevator Maintenance/Contract 0Heating/Cooling Repairs and Maintenance 4,500Swimming Pool Maintenance/Contract 0Snow Removal 0Decorating Payroll/Contract 0Decorating Supplies 0Other (specify):

0

Miscellaneous Operating & Maintenance Expenses 0SUBTOTAL 50,040Taxes and InsuranceReal Estate Taxes 44,964Payroll Taxes (FICA) 3,200Miscellaneous Taxes, Licenses and Permits 300





Design Features

ITEM DESCRIPTION

Foundation/Slab Components monolithic turn down slab on grade

Primary Windows Make: Model:Alenco or equal thermal break frame andsash

Type/Construction: vinyl

Exterior Doors Type: Frames:1 3/4" 6 panelinsulated metal wood

Siding Type: Grade/Thickness:vinyl .044

Warranty: limited lifetime

Exterior Trim wood with pre finished aluminum wrap and pre finished aluminum columns

Shingles Type: Weight:anti fungal 3 tab 225# Warranty: 25 years

Sprinkler System per NC building code

Cabinets "mesa" by Marsh or equal

Heat Pump SEER: Make:11.0 seer Carrier or equal

Model:

Air Conditioner SEER: Make:see heat pump

Model:

Other Heat Systems SEER: Make:n/a

Model:





This is a detailed breakdown of rehabilitation or construction costs you summarized in the Development Costs table (Rehabilitation andConstruction of New Building(s)). The total should match those roll-up values.

Costs - Construction

ITEM LABOR MATERIAL TOTAL

Concrete Footings 0 0

Backfill-slab, Crawl 0 0

Slab-concrete/Rebar/Gravel 172,450 172,450

Waterproofing 3,600 3,600

Masonry Foundation 0 0

Brick Veneer 60,000 60,000

Steel/Structure/Rails 0 0

Framing/Lumber/Nails 340,000 340,000

Trusses 85,000 85,000

Crane Rental 0 0

Windows/Grilles/Screen 43,000 43,000Exterior Doors 20,000 20,000

Roofing 36,000 36,000

Fencing 0 0

Vinyl Siding/Trim/Box 148,000 148,000

Gutters/Shutters 9,000 9,000

Insulation 49,000 49,000

Drywall 198,000 198,000

Interior Doors 0 0

Int. & Final/Stair/Trim/Shelves 71,000 71,000

Cabinets & Tops 97,000 97,000Painting 77,000 77,000

Marble - Tub/Shwr/Tops 0 0

Plumbing 212,000 212,000

Electrical 160,000 160,000

Heating/Air Conditioning 183,000 183,000

Floor Covering and Underlayment 70,000 70,000

Wall Paper 0 0

Mailboxes/Special Features/Signage 4,100 4,100

Gypcrete 23,000 23,000

Blinds/Shades/Art Work 8,000 8,000

Light Fixtures/Fans 0 0

Sprinkler System 51,000 51,000

Security Alarm 0 0

Hardwood Floors 0 0

Elevator 0 0

Ceramic Tiles 0 0

Acoustical Ceilings 0 0





This is a detailed breakdown of the General Requirements cost element you summarized in the Development Costs table (GeneralRequirements). The total should match that roll-up value.

Remarks:

Costs - General

ITEM TOTAL

Supervision 92,000

Job Site Office/Trailer Rental 1,800

Office Supplies 1,500

Security/Watchman 0

Project Signage 300

Tools and Equipment 3,500

Gas, Oil, and Maintenance 5,200

Temporary Water, Electric, and Telephone 7,000

Storage/Hauling 2,800

Driveway Access Permit 0

Porta-John Rental/Dumping 2,192Builders Risk Insurance 9,873

Re-inspection Fees 250

Extra Plans and Specifications 500

Miscellaneous, Casual Labor 13,200

Equipment Rental 10,000

Other 1 (specify in Remarks) 15,000

Other 2 (specify in Remarks)

Total Cost 165,115

Other 1 - Cleanup/Dumpster Rental





This is a detailed breakdown of the Bond Costs cost element you summarized in the Development Costs table (Bond Costs). The totalshould match that roll-up value.

Remarks:

Costs - Bond Costs

ITEM TOTAL

Letter of Credit Fee 0

Credit Enhancement 0

Underwriter Discount 0

Capital Interest Fund 0

Other 1 (specify in Remarks) 0


Total Cost 0





This is a detailed breakdown of the Bond Issuance cost element you summarized in the Development Costs table (Cost of Issuance). Thetotal should match that roll-up value.

Remarks:

Costs - Bond Issuance

ITEM TOTAL

Bond Counsel 0

Issuer Counsel 0

Credit Enhancement/LOC Counsel 0

Underwriter Counsel 0

Developer's Counsel 0

Rating Agency Fee 0

Printing 0

Trustee Fee 0

Trustee Counsel 0

Issuer's Fee 0

Other 1 (specify in Remarks) 0Other 2 (specify in Remarks) 0


Total Cost 0





MINIMUM REQUIRED SET ASIDES (No Points Awarded):

Minimum Set-Asides

Select one of the following two options:

20% of the qualified units are rent restricted and occupied by households with incomes at or below 50% of the median income (Note:No Tax Credit Eligble Units in the the project can exceed 50% of median income)

40% of the qualified units are rent restricted and occupied by households with incomes at or below 60% of the median income (Note:No Tax Credit Eligble Units in the the project can exceed 60% of median income)

If requesting RPP funds:

40% of the qualified unit are occupied by households with incomes at or below 50% of median income.

State Tax Credit and QAP Targeting Points:

Moderate Income County:

At least twenty-five percent (25%) of qualified units will be affordable to and occupied by households with incomes at or below fortypercent (40%) of county median income.

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

At least fifty percent (50%) of qualified units will be affordable to and occupied by households with incomes at or below fifty percent(50%) 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 mortgage subsidy points (select one):

At least twenty percent (20%) 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 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.





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

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

D Management Agent Agreement

E Development and manager multi-family experience & Management Questionnaire (Appendix C)

F Letters from State Housing Agencies or designated monitoring agent verifying Out of State Management Experience

G Completed IRS Form 8821 (Appendix I)

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

I Local Government Letter or Letter from Certified Engineer or Land Surveyor Confirming Floodplain Designation with Mapshowing 100 year and 500 year floodplain (original on letterhead, no fax or photocopies)

J Local Government Letter Confirming Zoning (original on letterhead, no fax or photocopies)

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

L Site plan, floor plans and elevations

M Hazard and structural inspection and termite reports (Renovation projects only)

N Anticipated budget demonstrating how the project would meet the 10% test by November 14th.

O Evidence of Architect's Errors and Omissions insurance (or equivalent).

P Description of acquisition for existing/occupied projects or for projects with occupied buildings to be demolished.

Q Description of proposed Relocation Plan & Relocation Budget, Etc. If any relocation is anticipated, reference Appendix F.

R Targeting Plan and supporting documentation (Required for all projects)

S Local Housing Authority Agreement (Reference Model in Appendix I)

T Appraisal (for land costs greater than $5,000 and for buildings in rehab projects)

U Evidence of Permanent Loan Commitment, other sources of funds, and project-based subsidies.

V Statement regarding terms of Deferred Developer Fee and, if nonprofit, resolution of Board approving fee.

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

X Documentation to support estimated utility costs.


Austin's Ridge

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