Krefeld Drive Apartments

8/6/2019 Krefeld Drive Apartments

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

oject Description

oject Name: Krefeld Drive Apartmentsddress: 2500 Margaret Wallace Road

ty: Charlotte County: Mecklenburg Zip:

nsus Tract: 57 Block Group: 11

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

e you requesting the basis boost under section II(E)(4) of the QAP? Yes

litical Jurisdiction: City of Charlotte

risdiction CEO Name: First:Patrick Last:McCrory Title: Mayor

risdiction Address: 600 E. Fourth St.

risdiction City: Charlotte Zip:

risdiction Phone:

e Latitude:

e Longitude:

oject Type: New Construction

Is this project a previously awarded tax creditdevelopment?

w Construction/Adaptive Reuse: his project a follow-on (Phase II, etc) to a previously-awarded tax credit development project? No

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

hab:

umber of residents holding Section 8uchers:

ll the project meet Energy Star standards as defined in Appendix B? Yes

es a community revitalization plan exist? Yes

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

ttps://www.nchfa.org/Rental/RTCApp/(S(mafdhj45s...D4D544E449&SNID=EBA7613B55B74EFEB458E64EFC4C3775 (1 of 21)4/8/2009 2:02:22 PM

28105

28202

(704)336-2241

35.16318

-80.73404


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

If yes, please describe:

get Population:Familyill the project be receiving project based federal rental assistance? Yes

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


10


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

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

pplicant Name: Charlotte Housing Authorityddress: 1301 South Boulevard

ty: Charlotte State: NC Zip:

ontact: First: J. Last:Daniels Title:Development Officer

lephone:

t Phone:

x:

mail Address:

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


28203

(704)336-5240

(704)336-7767

[email protected]


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te Description

al Site Acreage: Total Buildable Acreage:

If buildable acreage is less than total acreage, please explain:The total acreage of the site 9.6 acres. A portion of the site is located within a 100-year floodplain with thepresence of McAlpine Creek, a small tributary. Per city and county code, a 100' buffer exists to protect this"greenway" area and prohibit any type of permanent development within the buffer. Therefore, only a

portion of the site is buildable.

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? YesIf yes, please describe:A single-family, residential dwelling currently sits on the site with a small barn. These vacant, structures willrequire demolition during sitework.

e existing buildings on the site currently occupied? NoIf yes:(a) Briefly describe the situation:

(b) Will tenant displacement be temporary?(c) Will tenant displacement be permanent?

he site directly accessed by an existing, paved, publicly maintained road? YesIf no, please explain:

ny portion of the site located inside the 100 year floodplain? YesIf yes:(a) Describe placement of project buildings in relation to this area:


9.60 7.10


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The site has a large topography change. The residential buildings will be located near the highestelevations of site. The residential buildings, at the rear of the site, will be bounded by retaining walls withvarying heights of twenty to thirty-five feet.

(b) Describe flood mitigation if the project will have improvements within the 100 year floodplain:

The site will not have any improvements within the 100-year floodplain. McAlpine Creek, a small tributary, isthe northwestern boundary of the site. Per city and county code, a 100' buffer exists to preserve the"greenway" that exists along the creek. Consequently, construction within the 100' buffer is prohibited.



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te Control

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

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?(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:

(D) Enter Purchase Price:


11/21/2009 900,000


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oning

sent zoning classification of the site:R-12MF (CD)

multifamily use permitted?Yes

e variances, special or conditional use permits or any other item requiring a public hearing needed to develop this proposal?NoIf yes, have the hearings been completed and permits been obtained?

If yes, specify permit or variance required and date obtained. If no, describe permits/variances required and schedule forobtaining them:

e there any existing conditions of historical significance located on the project site that will require State Historic Preservation officeiew?No

If yes, describe below:

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

McAlpine Creek, a small tributary stream, creates the northwest boundary of the site. As a condition ofzoning, the present owners and/or assigns are required to convey the area nearest the stream known asthe "floodway" which is located entirely within the floodplain. This "floodway" is to be conveyed andincorporated in the Mecklenburg County Greeway System. This system of greenways consists of vegetatednatural buffers that improve water quality, reduce the impacts of flooding, and provide wildlife habitat.Greenway trails provide recreation, transportation, fitness, and economic benefits for all to enjoy. There are33 miles of developed and 147 miles of undeveloped greenways in Meckenburg County.



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wnership Entity

wner Name: To Be Determineddress: 1301 South Boulevard

y: Charlotte State:NC Zip:

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

te: Do not submit social security numbers for individuals.tity Type: Limited Partnershiptity Status: To Be Formedthe applicant requesting that the Agency treat the application as Non-Profit sponsored? Yesthe applicant requesting that the Agency treat the application as CHDO sponsored? Not all general partners, members,and principals. Specify nonprofit corporate general partners or members.ck [Add] to add additional partners, members, and principals.

Org: Charlotte Housing Authorityrst Name: Charles Last Name: Woodyard Function: Principalddress: 1301 South Boulevardty: Charlotte State: NC Zip: 28203

one: Fax:

Mail: Nonprofit: No

Org: Horizon Development Properties, Inc.rst Name: Charles Last Name: Woodyard Function: Principal

ddress: 1301 South Boulevardty: Charlotte State: NC Zip: 28203

one: Fax:

Mail: Nonprofit: Yes


28203

(704)336-5221 (704)336-7767

[email protected]

(704)336-5221 (704)336-7767

[email protected]


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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):

Elevators - Number of Elevators:

uare Footage Information

oss Floor Square Footage:

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

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

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

Number of Units:

Number of Units Required:

Persons with disabilities or homeless populations.

Number of Units:

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


4 4

1,460

2,696

102,189

97,693

10

10

10
http://www.nchfa.com/Rental/Mincomelimits.aspxhttp://www.nchfa.com/Rental/Mincomelimits.aspx


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rgeting

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

BRs Units %

targeted at percent of median income affordable to/occupied by









al Low Income Units:

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


2 50

27 50

33 50

8 30

10 30

10 30

1 60

6 60

3 60

100


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unding Sources

Source AmountNon-

Amortizing*Rate(%)

Term(Years)

Amort.Period(Years)

AnnualDebt

Service

Bank Loan

RPP LoanLocal Gov. Loan - Specify:Charlotte HTF

RD 515 Loan

RD 538 Loan - Specify:

AHP Loan

Other Loan 1 - Specify:CHA-MTW

Other Loan 2 - Specify:

Other Loan 3 - Specify:

Tax Exempt Bonds

State Tax Credit(Loan)

State Tax Credit(Direct Refund)

Equity: Federal LIHTC

Non-Repayable Grant

Equity: Historic Tax Credits

Deferred Developer Fees

Owner Investment

Other - Specify:

Total Sources**

"Non-amortizing" indicates that the loan does not have a fixed annual debt service. For these items, you must fill in 20-year debtservice below.Total Sources must equal total replacement cost in Project Development Cost (PDC) section.

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

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


2,250,000 7.50 30 30 188,788

1,000,000 2.00 30 30

1,002,684 2.00 30 30

1,153,050 0 30 30 0

7,770,000

13,175,734

74


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BC Centura Conventional Loan, City of Charlotte Housing Trust Fund, Charlotte Housing AuthorityTW Funds, Federal LIHTC, State Tax Credit Loan

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

cal Gov. Loan - Charlotte HTF

ar:mt:

1 2 3 4 5 6 7 8 9 10

ar:mt:

11 12 13 14 15 16 17 18 19 20

her Loan 1 - CHA-MTW

ar:mt:

1 2 3 4 5 6 7 8 9 10

ar:mt:

11 12 13 14 15 16 17 18 19 20


20000 20000 20000 20000 20000 20000 20000 20000 20000 20000

20000 20000 20000 20000 20000 20000 20000 20000 20000 20000

19233 19233 19233 19233 19233 19233 19233 19233 19233 19233

19233 19233 19233 19233 19233 19233 19233 19233 19233 19233


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58 Basis Before Boost

59 Basis Boost of up to 130%

60 TOTAL QUALIFIED BASIS

61 Tax Credit Rate

62 Federal Tax Credits (maximum $1,300,000)

63 Federal Tax Credits Requested (if less than line 62)64 Land Cost

65 TOTAL REPLACEMENT COST

FEDERAL TAX CREDITS IF AWARDED

Comments:Due to the extreme topography of site, $1.17MM has been budgeted for sitework which will includeretaining walls ranging in height from twenty to thirty-five feet.

Project Development Cost per unit 71,000


11,530,500 0 11,530,500

100.00% 130.00%

14,989,650 0 14,989,650

3.50 9.00

1,349,069 0 1,349,069

1,050,000 1,050,0001,071,716

13,175,734

1,300,000


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arket Study Information

ase provide a detailed description of the proposed project:efeld Drive Apartments ("Krefeld") will be a LEED-certified, "family", residential rental community locatedthe city of Charlotte. This community will serve residents at or below 30% and 50% AMI.

is community will have 100, rental units in four buildings on 9.59 acres. The project is comprised of threed four story building elements with walk-up through-breezeways and exterior corridors. The four-storyements are a result of site grading issues and are designed to take advantage of these conditions.

e buildings are designed with a modern Dutch flavor with consideration given to green building design masonry veneer base with hardi type siding and panels at the body. Some elements contain largerrtions of masonry while being sympathetic to the design ideals.

e roof is a standard sloped flat roofing system with varying parapets and protrusions to work innjunction with the design elements and to break up the length and mass of the buildings. As well, color ising used to help to break up the repetitiveness of the masses without changing unit type or layout to do

dividual unit entries at ground level as well as community areas within the project support communitynnectivity while presenting the idea of place.

e proposed LEED certification will: lower operating costs, reduce waste sent to landfills, conserve energyd water, provided healthier and safer environments for residents, reduce harmful greenhouse gasmissions and ultimately demonstrate CHA's commitment to environmental stewardship and socialsponsibility.

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:

In pursuit of LEED certification, a vast array of construction materials and construction methods/techniqueswill be employed at the site.

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

e Amenities:efeld Drive Apartments are located near the intersection of Independence Boulevard(US 74) and Krefeldive. This site is well-located in a commercial and residential area. Most essential amenities such as:hools (elementary/day-care), public transportation, parks and retail shopping (pharmacy, grocers, gas



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tions, convenience store) are located within a 1/4 mile (walking distance) of the site.

n-site amenities will include a clubhouse with resident computer center with high-speed internet access.e clubhouse will overlook look a 700 SF pool with an outdoor kitchen. A laundry facility and fully-uipped, fitness center "'bookends" the pool and clubhouse building. The site will also include aayground, raised garden plots, covered picnic area and several outdoor seating areas.

site Activities:n-site activities will occur in the leasing/clubhouse. Property management will coordinate a host of on-site,cial activities to encourage residents to interact with one another. The clubhouse will include a small,arming kitchen and a larger gathering space. The leasing office/clubhouse will also contain the residentmputer center with high-speed internet access.

e Charlotte Housing Authority (CHA) will provide a variety of support services appropriate for its residentsough CHA's "Moving Forward" program. The Moving Forward program is a federal demonstration

ogram that focus on service provision to promote self-sufficiency and quality of life. These services mayclude: organized health activities such as exercise classes, on-site healthcare and computer literacy.her services will be designed to address the specific, expressed needs of the residents.

ndscaping Plans:is site is 9.6 acres and contains mature and old-growth trees as well as clear areas. The site will haveigated lawns landscaped using indigenous plants and ground cover that are low-maintenance and do notquire constant watering. The landscaping plan will employ water convservation techniques and include aater quality BMP. The buildings have been organically-incorporated into the site taking advantage of theisting greenspace, topography and vegetation. Raised-bed community gardens are placed strategically ine site overlooking the greenway corridor. The site plan also contemplates a pedestrian connection to theecklenburg County greenway system that boasts natural and undisturbed areas along McAlpine Creek.

erior Apartment Amenities:erior apartment amenities will include:acious floor plansall-to-wall carpeting in living areasnyl flooring in entry, kitchen and bathroom areasll kitchen with Energy Star appliances: refrigerators, oven/range, dishwasher and garbage disposalntral air and heatalk-in closetasher/Dryer connectionsini-blinds

you plan to submit additional market data (market study, etc.) that you want considered? YesIf 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 site is located within an established neighborhood with continual residential and commercial growth.he physical condition of the buildings are good due to the stabilized nature of the area. This site is alsocated within the city of Charlotte Locational Policy's Green Zone which prevents saturation and

oncentration of affordable housing. Designation of this green area represents a concurrent need andlowance for affordable housing.

URROUNDING LAND USES AND AMENITIES

nd use pattern is residential in character (single and multifamily housing). Extent that the location isolated. Effect of industrial, large-scale institutional or other incompatible uses, including but not limited to:astewater treatment facilities, high traffic corridors, junkyards, prisons, landfills, large swamps, distribution

cilities, frequently used railroad tracks, power transmission lines and towers, factories or similar operations,urces of excessive noise, and sites with environmental concerns (such as odors or pollution). Amount andaracter of vacant, undeveloped land. The land use patterns in this neighborhood has a mix of uses thatrves the need of the entire neighborhood which includes commercial, multifamily, single-family andstitutional/religious uses. The land uses immediately adjacent to the site are residential and commercial inaracter. A Car Max dealership borders the southwest boundary of the site and single-family residencesrder the northwest boundary of site and the McAlpine Creek serves as a natural and undisturbed boundarytween the land uses. A church sits on the opposite intersection of Krefeld Drive and Margaret Wallace

oad. The market-rate apartment community is located directly east of the site.TE SUITABILITY

dequate traffic safety controls (i.e. stop lights, speed limits, turn lanes). Burden on public facilitiesarticularly roads). Access to mass transit (if applicable). Visibility of buildings and/or location of project sign

in relation to traffic corridors. With its location on the corner of Krefeld Drive and Margaret Wallace Road,e site has several hundred feet of frontage on both thoroughfares. This frontage on two streets (controlleda one-way stop sign on Krefeld) will allow residents flexible access to the major, commmercial

oroughfare - Independence Boulevard (US 74) which will eleviate any possible congestion on any onerticular street. This section of Independence Boulevard has three different public bus routes (CATS): 14,X and 62X. This community will be visible from Independence Boulevard.

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).

McAlpine Creek which borders the site will be an amenity to the community due the Mecklenburg County'sarks and Recreation - Greeway System. Upon completion, this community will have direct pedestrian

onnectivity to the greeway which will include future improved trails connecting to the nearby McAlpineoyce Park and Greenway. This system of greenways are vegetated natural buffers that improve wateruality, reduce the impacts of flooding, and provide wildlife habitat. Greenway trails provide recreation,ansportation, fitness, and economic benefits for all to enjoy. There are 33 miles of developed and 147iles of undeveloped greenways in Meckenburg County. These greenway will have paved trails with

edestrian bridges and benches along the corridors.



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milarity of scale and aesthetics/architecture between project and surroundings.he scale and aesthetics blends well with the adjacent and neighborhood surroundings. A "Car Max"ealership, large church, single-family dwellings and Pheasant Knoll Townhomes (a 3-4 story multifamilyommunity) surround the proposed development. This wide range of uses and architectural styles in theorridor and area allow for diverse development themes.

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

Grocery Store Community/Senior Center

Mall/Strip Center Hospital

Outdoor Athleticelds

Pharmacy

Day Care/Afterhool

Basic Health Care

Schools Public TransportationStop

Convenience Store Public Parks

Gas Station Library

her facilities or services:


30 2.82

20 2.96

.880.30

.10 1.15

.80 0.22

47 0.20

47 1.45


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eliminary App Checklist

e following enclosures must be submitted along with your signed preliminary application. Some enclosures are required only undertain conditions. Please check each applicable item to indicate that you understand the enclosure requirements and will enclose therect supporting documentation with your application.

Fee Payment Check in the amount of $5,450.00 made payable to North Carolina Housing Finance Agency.Tab A - Preliminary Application Printed, signed copy of preliminary application generated from online system.B - Map/Driving Instructions A local map clearly identifying the location of the Site and detailed directions to the Site. Current City or County maps are preferred

internet maps and directions are not acceptable. Applicant must also provide a map identifying the amenities listed in section IV(A)(1)(b)(ii) of the QAP and their proximity to the site.

Applicant must provide a sign and boundary markers to clearly identify the road frontage of the site. The sign identifying the siteshould read SITE with a minimum size of 11x17.C - Community Revitalization Plan

Applicant should provide a map identifying the subject site within the Plan area (if applicable).D - Evidence of Site Control Provide valid option/contract or warranty deed and plot plan.E - Site Plans/Scope of Work Preliminary site plan, floor plans and elevations for all projects, interior and exterior photographs and detailed scope of work forAdaptive Reuse and Rehab projects. Site and floor plans should be no larger than 11x17 and must be produced by a licensedarchitect or engineer.F - Information Package for Market Analysts This section must include copies of items required in Tabs A, B, E and G (site and floor plans should be no larger than 11x17) andcan include any additional market information such as preliminary market studies the applicant would like to provide to theAnalysts.G - Rent Roll (Rehabs only)

Provide the current rent roll for the property and indicate which units (if any) are receiving rental assistance.H - Documentation for Basis Boost Applicant should provide an appraisal and/or standard geological survey to support a request for the basis boost (if applicable).

Krefeld Drive Apartments

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