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  • 8/6/2019 Fairview Pointe


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

    New Construction/Adaptive Reuse: 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 meet Energy Star standards as defined in Appendix B?

    Does a community revitalization plan exist?

    Target Population: Family

    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:

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

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

    Project Description

    Project Name: Fairview Pointe

    Address: West Old Road

    City: Lillington County: Harnett Zip: 27546

    Census Tract: 707 Block Group: 1


    Political Jurisdiction: Town of Lillington

    Jurisdiction CEO Name: First: Last:Glenn McFadden Title: MayorJurisdiction Address: 106 West Front Street

    Jurisdiction City: Lillington Zip: 27546

    Jurisdiction Phone: (910)893-2654

    Site Latitude: 35.399

    Site Longitude: -78.816

    Project Type: New Construction



    Is this project a previously awarded tax credit development?

    If yes, what year were credits awarded?:

    Number of residents holding Section 8 vouchers:



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

    Will the project include a Community Service Facility under IRS Revenue Ruling 2003-77? NoIf yes, please describe:


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

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    Number of Units: 3

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

    Number of Units: 5


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    Indicate below an individual or a validly existing entity (a corporation, nonprofit, limited partnership or LLC) as the official applicant. UnderQAP Section III(C)(5) only this individual or entity will be able to make decisions with regard to this application. If awarded the applicantmust become part of the ownership entity. The applicant will execute the signature page for this application.

    Applicant Information

    Applicant Name: United Equities VI

    Address: Post Office Box 6171

    City: State: NC Zip:Raleigh 27628-6171

    Contact: First: Last: Title:Cathy Connors Dir. of Dev.

    Telephone: (919)755-9155

    Alt Phone: (919)621-9372

    Fax: (919)755-1618

    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

    5.0 5.0





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

    If yes provide:Purchase Date: Purchase Price:

    If no:

    Site Control


    (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 for

    purchase of the property and the seller of the property?If yes, specify the relationship:


    (c) Enter the current expiration date of the option/contract to purchase: 10/31/2007

    (D) Enter Purchase Price: 200,000

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    Present zoning classification of the site:

    Is multifamily 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 officereview?

    If yes, describe below:

    Are there any existing conditions of environmental significance located on the project site?If yes, describe below:







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    Ownership Entity

    Owner Name: Fairview Pointe Apartments, LLCAddress: Post Office Box 6171

    City: State: NC Zip:Raleigh 27628-6171

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

    Note: Do not submit social security numbers for individuals.Entity Type: Limited Liability CompanyEntity Status: To Be FormedIs the applicant requesting that the Agency treat the application as Non-Profit sponsored? NoIs the applicant requesting that the Agency treat the application as CHDO sponsored? NoList all general partners, members,and principals. Specify nonprofit corporate general partners ormembers. Click [Add] to add additional partners, members, and principals.

    Org: Fairview Pointe Apartments, LLC

    First Name: Fred Last Name: Mills Function: Managing Member

    Address: Post Office Box 6171City: Raleigh State: NC Zip: 27628-6171

    Phone: (919)755-9155 Fax: (919)755-1618

    EMail: [email protected] Nonprofit: No

    Org: Fairview Pointe Apartments, LLC

    First Name: Stuart Last Name: LeGrand Function: Member

    Address: Post Office Box 727

    City: Shelby State: NC Zip: 28151

    Phone: (704)418-0138 Fax: (704)482-4743

    EMail: [email protected] Nonprofit: No

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

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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.


    # BRs Units %2 8 targeted at 40 percent of median income affordable to/occupied by

    3 5 targeted at 40 percent of median income affordable to/occupied by

    2 8 targeted at 50 percent of median income affordable to/occupied by

    3 5 targeted at 50 percent of median income affordable to/occupied by

    2 18 targeted at 60 percent of median income affordable to/occupied by

    3 6 targeted at 60 percent of median income affordable to/occupied by


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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-






    Bank Loan

    RPP Loan 1,000,000 2.00 20 20

    Local Gov. Loan - Specify:

    RD 515 Loan

    RD 538 Loan - Specify:

    AHP Loan

    Other Loan 1 - Specify:

    Other Loan 2 - Specify:

    Other Loan 3 - Specify:

    Tax Exempt Bonds

    State Tax Credit(Loan) 962,378 0 30 30 0

    State Tax Credit(Direct Refund)

    Equity: Federal LIHTC 3,320,436 Non-Repayable Grant

    Equity: Historic Tax Credits

    Deferred Developer Fees

    Owner Investment

    Other - Specify:

    Total Sources** 5,282,814

    * "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.


    NCHFA - RPP loanNCHFA - State Tax Credit LoanESIC - Equity

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    RPP Loan























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    Development Costs

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

    1 Purchase of Building(s) (Rehab / Adaptive Reuse only)2 Demolition (Rehab / Adaptive Reuse only)

    3 On-site Improvements 300,000 300,0004 Rehabilitation5 Construction of New Building(s) 2,935,800 2,935,8006 Accessory Building(s)7 General Requirements 195,348 195,3488 Contractor Overhead 69,023 69,0239 Contractor Profit 207,069 207,069

    10 Construction Contingency 111,817 111,81711 Architect's Fee - Design (11 + 12 = max 3% lines 2-10) 58,500 58,50012 Architect's Fee - Inspection 6,500 6,50013 Engineering Costs 20,000 20,000

    SUBTOTAL (lines 1 through 13) 3,904,057

    14 Construction Insurance (prorate) 15,000 15,00015 Construction Loan Orig. Fee (prorate) 11,550 11,55016 Construction Loan Interest (prorate) 115,254 70,29117 Construction Loan Credit Enhancement (prorate)18 Construction Period Taxes (prorate) 7,500 7,50019 Water, Sewer and Impact Fees 197,794 197,79420 Survey 10,000 10,00021 Property Appraisal 6,000 6,00022 Environmental Report 8,000 8,00023 Market Study 4,200 4,20024 Bond Costs25 Bond Issuance Costs

    26 Placement Fee27 Permanent Loan Origination Fee28 Permanent Loan Credit Enhancement29 Title and Recording 5,000

    SUBTOTAL (lines 14 through 29) 380,29830 Real Estate Attorney 13,500 13,50031 Other Attorney's Fees 5,000 5,00032 Tax Credit Application Fees (Preliminary and Full) 2,20033 Tax Credit Allocation Fee (0.58% of line 59, minimum $7,500) 27,90934 Cost Certification / Accounting Fees 9,000 9,00035 Tax Opinion 5,00036 Organizational (Partnership) 10,000

    37 Tax Credit Monitoring Fee 32,500SUBTOTAL (lines 30 through 37) 105,109

    38 Furnishings and Equipment 10,000 10,00039 Relocation Expense40 Developer's Fee 525,000 525,000

    41 Other Basis Expense (specify) Energy Star Testing 15,000 15,000

    42 Other Basis Expense (specify)

    43 Rent-up Expense 8,000

    44 Other Non-basis Expense (specify)

    45 Other Non-basis Expense (specify)

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    SUBTOTAL (lines 38 through 45) 558,00046 Rent up Reserve 15,00047 Operating Reserve 120,350

    48 Other Reserve (specify)

    49 Other Reserve (specify)

    50 DEVELOPMENT COST (lines 1-49) 5,082,814 0 4,811,892

    51 Less Federal Financing52 Less Disproportionate Standard53 Less Nonqualified Nonrecourse Financing54 Less Historic Tax Credit (residential) 055 TOTAL ELIGIBLE BASIS 4,811,892 0 4,811,89256 Applicable Fraction (percentage of LI Units) 100.00% 100% 100%57 Basis Before Boost 4,811,892 0 4,811,89258 Boost for QCT/DDA (if applicable, enter 130%) 100.00% 100.00%59 TOTAL QUALIFIED BASIS 4,811,892 0 4,811,89260 Tax Credit Rate 3.45 8.0561 Federal Tax Credits at Estimated Rate 387,357 0 387,35762 Federal Tax Credits at 8.5% or 3.75% 409,010 0 409,010

    63 Max Federal Tax Credits (With Energy Star - Lesser of $8,500 per unit or$800,000, w/o - Lesser of $8,000 per unit or $800,000) 425,00064 Federal Tax Credits Requested 387,357 387,35765 Land Cost 200,00066 TOTAL REPLACEMENT COST 5,282,814


    Total Replacement Cost per unit: 94,993Federal Tax Credits (line 62) per unit: 8,180

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    Please provide a detailed description of the proposed project:

    Construction (check all that apply):

    Brick Vinyl Wood HardiPlank Balconies/Patios Sunrooms Front Porches

    Front Gables or Dormers Wide Banding or Vertical/Horizontal Siding


    Have you built other tax credit developments that use the same building design as this project?If yes, please provide name and address:

    Site Amenities:

    Onsite Activities:

    Landscaping Plans:

    Interior Apartment Amenities:

    Market Study Information

    The proposed project is a 50 unit family project comprised of a mixture of 34 2-BR units and 16 3-BR units spread throughout six (6) two-story buildings and a single-story community/office building.The project will provide six (6) fully accessible units, including three (3) with roll-in showers. Webelieve the site is in a fantastic location across the street from the very new Lillington-ShawtownElementary School.

    The buildings will be accented with shingle siding.


    Site amenities will include a playground, resident computer center, covered picnic area with tablesand grills, sitting areas, a gazebo and a tot lot.

    Residents will have access to a community room to host meetings, classes, birthday parties, etc.The residents will also be able to enjoy a computer center for research, homework or just surfing theWorld Wide Web.

    Fairview Pointe Apartments will be attractively landscaped with plants and trees native to the area,such as pines, dogwoods and azaleas. We may also use some trees (ex. Paulownia) to act asscreening between the adjacent properties.

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    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.

    Interior amenities will include a range, hood, dishwasher, disposal, frost-free refrigerator, storage,washer/dryer hookups, linen closet in bathroom, mini-blinds and ceiling fan.


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    Briefly describe your site in each of the following categories:

    Applicant's Site Evaluation


    Trend and direction of real estate development and area economic health. Physical condition ofbuildings and improvements. Concentration of affordable housing.The direction of real estate around the site is on an upward trend. The site is adjacent to existingwell-maintained single family home and multi-family homes, and across the street from the newShawtown-Lillington Elementary School. A new single family subdivsion is planned across Old WestRoad from the site, and another single family subdivision is under construction .3 miles from the siteon Old Highway 421.


    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 similar

    operations, sources of excessive noise, and sites with environmental concerns (such as odors orpollution). Amount and character of vacant, undeveloped land.The surrounding land uses include multi-family units, single family homes and raw land, as well as achurch and new elementary school nearby. As a result of the existing land uses, the project is well-suited for the area. The site is well located with amenities such as a grocery store, community seniorcenter, pharmacy, basic health care, medical offices, schools, banks, convenience store,restaurants, video rental store, public library and post office all being located within 1.5 miles. Theproject will be developed on a 5.0 acre site that will be subdivided from a 27 acre tract. We areconsidering an elderly project on another approximately 5 acres in the future. On the remaining 17acres, the owners plan to build and sell patio homes to 55+ homeowners. The only negativefeature near this site is a vacant house that faces West Old Road. The vacant house is not adjacentto the property we propose to develop, but is in the area. The vacant house is part of the 27 acretract and will be demolished by the property owners.


    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.We anticipate the entrance to the project to be located off of Old West Road. We do not anticipatethe project to cause any burden on the road and believe it is adequate to support the project. TheTown of Lillington recently installed a new 8" sewer line at the front of our property which will allowsustantial capacity for the project. The project will be visible to traffic on West Old Road which willenhance the marketing efforts of the project.

    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 on-site negative features.

    Similarity of scale and aesthetics/architecture between project and surroundings.The adjacent properties to the project consist of a single family home, multi-family housing, and rawland. The project will be a good fit for the neighborhood and will be complimentary to the existingsurroundings.

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

    Other facilities or services:

    Grocery Store.9 Community/Senior Center1.2

    Mall/Strip Center1.1 Hospital11.0

    Outdoor Athletic Fields1.5 Pharmacy.54

    Day Care/After School.1 Basic Health Care1.3

    Schools.1 Medical Offices1.2

    Public Transportation Stop Bank/Credit Union.78

    Convenience Store.39 Restaurants.71

    Basketball/Tennis Courts2.0 Professional Services1.1

    Public Parks2.0 Movie Theater19.0

    Gas Station.7 Video Rental1.1

    Library1.49 Public Safety (Fire/Police)1.1

    Fitness/Nature Trails6.53 Post Office1.2

    Public Swimming Pools

    HARTS of Harnett County provides Dial-A-Ride, a pay as you go transportation service for allHarnett County residents.

    There is a swim club that residents can join located in Lillington, but there are no public swimmingfacilities in all of Harnett County.

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    Project Operations (Year One)

    Projected Operating Costs

    Administrative ExpensesAdvertising 2,500Office SalariesOffice Supplies 5,000Office or Model Apartment RentManagement Fee 22,500Manager or Superintendent Salaries 25,000Manager or Superintendent Rent Free UnitLegal Expenses (Project) 1,000Auditing Expenses (Project) 4,000Bookkeeping Fees/Accounting Services 4,000Telephone and Answering Service 2,000Bad DebtsOther Administrative Expenses (specify):

    SUBTOTAL 66,000Utilities ExpenseFuel OilElectricity (Light and Misc. Power) 8,500Water 8,500GasSewer 8,500SUBTOTAL 25,500Operating and Maintenance ExpensesJanitor and Cleaning Payroll 1,500Janitor and Cleaning Supplies 1,500Janitor and Cleaning ContractExterminating Payroll/Contract 3,000

    Exterminating SuppliesGarbage and Trash Removal 1,200Security Payroll/ContractGrounds PayrollGrounds Supplies 2,000Grounds Contract 2,000Repairs Payroll 19,500Repairs Material 3,500Repairs Contract 3,500Elevator Maintenance/ContractHeating/Cooling Repairs and MaintenanceSwimming Pool Maintenance/Contract

    Snow RemovalDecorating Payroll/ContractDecorating Supplies 6,000Other (specify):

    Miscellaneous Operating & Maintenance ExpensesSUBTOTAL 43,700Taxes and InsuranceReal Estate Taxes 28,000Payroll Taxes (FICA) 4,000

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    Miscellaneous Taxes, Licenses and PermitsProperty and Liability Insurance (Hazard) 12,500Fidelity Bond InsuranceWorkmen's Compensation 150Health Insurance and Other Employee Benefits 5,000Other Insurance:Unemployment - State & Federal 350

    SUBTOTAL 50,000Supportive Service ExpensesService CoordinatorService SuppliesTenant Association FundsOther Expenses (specify):

    SUBTOTAL 0ReservesReplacement Reserves 12,500SUBTOTAL 12,500


    ADJUSTED TOTAL OPERATING EXPENSES (Does not include taxes, reserves and resident support services) * 157,200TOTAL UNITS(from total units in the Unit Mix section) 50


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    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:

    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 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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