Macon Landing

8/6/2019 Macon Landing

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

roject Description

oject Name: Macon Landing

ddress: Pauline Avenue

ty: Franklin County: Macon Zip:

ensus Tract: 9703 Block Group: 5

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

e you requesting the basis boost under section II(E)(4) of the QAP? No

olitical Jurisdiction: City of Franklin

risdiction CEO Name:First:Joe Last:Collins

Title: Mayor

risdiction Address: 188 West Main Street

risdiction City: Franklin Zip:

risdiction Phone:

te Latitude:

te 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):

ehab:

umber of residents holding Section 8uchers:

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

es a community revitalization plan exist? No

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

ttps://www.nchfa.org/Rental/RTCApp/(S(x5uu4x45...1AB1D803A&SNID=CE3FB195BE7A4B5EBEC8BB7EEC11561F (1 of 21)4/8/2009 2:05:43 PM

28734

28734

(828)524-2516

35.1673

-83.3822


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

If yes, please describe:

rget Population:Family

ll the project be receiving project based federal rental assistance? No

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



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

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

pplicant Name: Blue 22 Development LLC

ddress: 812 Berkeley Street

ty: Durham State: NC Zip:

ontact: First: Andy Last:Rosen Title:Managing Member

elephone:

t Phone:

ax:

mail Address:

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


27705

(919)622-2293

(919)286-6070

[email protected]


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te Description

tal 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? No

If 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? 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:


10.49 10.49


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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/contractpurchase of the property and the seller of the property?NoIf yes, specify the relationship:

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

(D) Enter Purchase Price:


11/30/2009

625,000


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oning

esent zoning classification of the site:R-1 (single family) & R-2 (multifamily)

multifamily use permitted?Yes

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

If yes, have the hearings been completed and permits been obtained?No

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

Public hearing required as developer is seeking a PRD (Planned Residential Development) rezoning whichallows relief on fees.

Public hearing and planning commission meeting scheduled for Jan 20

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?No

If yes, describe below:



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wnership Entity

wner Name: Macon Landing LP

dress: 8484 Georgia Avenue

y: Silver Spring State:MD Zip:

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

ote: Do not submit social security numbers for individuals.

ntity Type: Limited Liability Company

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

Org: TCG Franklin LLC (c/o TCG Development Services LLC

rst Name: Peter Last Name: Behringer Function: Principal

ddress: 8484 Georgia Avenue, Suite 620

ty: Silver Spring State: MD Zip: 20910

hone: Fax:

Mail: Nonprofit: No

Org: Blue 22 Franklin LLC (c/o Blue 22 Development LLC)

rst Name: Andy Last Name: Rosen Function: Managing Member

ddress: 812 Berkeley Streetty: Durham State: NC Zip: 27705

hone: Fax:

Mail: Nonprofit: No


20910

(301)563-5562 (301)563-5560

[email protected]

(919)622-2293 (919)286-6070

[email protected]


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nit Mix

e Median Income for Macon county is $51,300.

w Income Units

Type # BRs Net Sq.Ft.Total

# Units#Units

MonthlyRent

UtilityAllowance

MandatoryServ. Fees

**TotalHousing Exp.

Gdn Apt 2

Gdn Apt 2

Gdn Apt 3

Gdn Apt 3

Utilities included in rents: Water/Sewer Electric Gas Other

mployee Units (will add to Low Income Unit total)

ype # BRs Net Sq.Ft.Total

# Units#Units

MonthlyRent

UtilityAllowance

MandatoryServ. Fees

**TotalHousing Exp.

tilities 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.

tilities 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):


961 13 3 440 100 0 540

961 19 2 535 100 0 635

1167 13 3 490 130 0 620

1167 19 2 550 130 0 680

64 10 32705

64 10 32705

8 2

1,235


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Elevators - Number of Elevators:

quare Footage Information

oss Floor Square Footage:

otal 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 state 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 low

income units are within established thresholds.


79,392

74,208

0

8

0
http://www.nchfa.com/Rental/Mincomelimits.aspxhttp://www.nchfa.com/Rental/Mincomelimits.aspx


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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] ate 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




tal Low Income Units:

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


13 50

19 60

13 50

19 60

64


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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 debtservice below.

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

stimated 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))


1,357,159 7.00 18 30 108,351

2,104,028 0 30 30 0

4,544,247

8,005,434

72


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ebt/equity provider has not been confirmed as yet but proforma has been sent to RBC, CAHEC andhers.

evelopment also located in low income county and eligible for 30% state tax credit loan.



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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 5% lines 2-9, Rehabs 10%)

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


700,000 700,000

3,808,000 3,808,000

250,000 250,000

285,480 285,480

100,870 100,870

403,478 403,478

277,391 277,391

85,000 85,000

89,757 89,757

5,999,976

50,000 50,000

14,552 14,552

175,000 175,000

32,000

5,000

4,000 4,000

6,000 6,000

4,500 4,500


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29 Title and Recording


30 Real Estate Attorney

31 Other Attorney's Fees

32 Tax Credit Application Fees (Preliminary and Full)

33 Tax Credit Allocation Fee (0.62% of line 60, minimum $7,500)

34 Cost Certification / Accounting Fees

35 Tax Opinion

36 Organizational (Partnership)

37 Tax Credit Monitoring Fee


38 Furnishings and Equipment

39 Relocation Expense

40 Developer's Fee

41 Additional Contigency (greater of $500/unit or $30,000)

42

43

44 Rent-up Expense

45

46


47 Rent up Reserve

48 Operating Reserve

49

50

51 DEVELOPMENT COST (lines 1-49)

52 Less Federally Funded Grant

53 Less Disproportionate Standard

54 Less Nonqualified Nonrecourse Financing

55 Less Historic Tax Credit

56 TOTAL ELIGIBLE BASIS

57 Applicable Fraction (percentage of LI Units)


12,000

303,052

40,000 35,000

15,000 9,000

2,300

43,483

5,000 5,000

6,000

3,500

44,800

160,083

8,400 8,400

672,000 672,000

30,000 30,000

Other Basis Expense (s

Other Basis Expense (s

15,000

Other Non-basis Expen

Other Non-basis Expen

725,400

19,200

172,723

Other Reserve (specify)

Other Reserve (specify)

7,380,434 0 7,013,428

0

7,013,428 0 7,013,428

100.00% 100% 100%


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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:

Project Development Cost per unit59,500


7,013,428 0 7,013,428

100.00% 100.00%

7,013,428 0 7,013,428

3.50 9.00

631,209 0 631,209

0

625,000

8,005,434

631,209


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arket Study Information

ease provide a detailed description of the proposed project:

acon Landing is a 64 (32-2br and 32-3br) unit family development targeting families at 50% and 60% ofea median income in Franklin. The property will consist of eight residential buildings. Each of the buildingsl be unique in their design and there will be a large community building which will also provide amenities

r the residents. There has not been a tax credit development in Macon County for over seven years ande need has grown due to growth in high income areas such as Brevard and the Highlands.

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:

The buildings will have 3-4 different types of roof lines with contrasting colors.

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 site has beautiful long-range mountain views that include Wayah Bald, a treeless high altitude openea in Nantahala Forest which is a prominent local landmark. The buildings will be sited in a manner toke full advantage of these views. A tot lot will also be included for the children and in full view of theanagement office.

site Activities:

arge community building will house a multi-purpose room for resident activites. There will also be anice, laundry facilities and computer lab. A screened porch will also provide a pleasant environment for thesidents.



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ndscaping Plans:

ue to the site's spectacular views a village green will be designed which will allow residents ample openace to enjoy the scenery. A centrally located gazebo will also provide a gathering spot for residents as

ell. The plantings will include some species native to western NC.

erior Apartment Amenities:

all to wall carpeting, walk-in closets, new Energy-Star appliances, disposal, range w/exhause fan, ceilingns, washer/dryer hookups and microwave ovens.

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.

he subject property is situated in an established small in-town neighborhood of well kept single family

omes of a median price range. Pysical condition of homes and improvements in the immediate vicinity isood. There is one other affordable housing development nearby, Holly Haven Apartments, funded in 2002hich has consistently had strong occupancy rates.

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 pattern is residential in character. The present zoning is1 single family homes and R-2 multifamily units. The location of the property is within a mile of the centertown and within an easy distance to shopping, schools, health care and hospital. There is not any nearby

dustrial development that would have a negative impact on the neighborhood. Nothing of an environmentalture, objectional or incompatible situation exists that would adversely affect the property. The otherjacent vacant, undeveloped land is a 33-acre tract zoned residential that has access from another part of

wn.

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. The site is located in a quiet neighborhood served by good road access fromo directions that connect to main city streets. The amount of additional traffic credated would not be arden to the neighborhood or other public facilities. There is 196 ft of paved road frontage on the property

at provides plenty of level acess directly from Pauline Avenue.

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 features or physical barriers that would impede construction of the project.he topography is level to gently rolling which is rare in the western part of the state. A small stream on oneoundary is not in a plan or wetland siutation. No electric transmission lines cross the property. Electricervice is along Pauline Ave. at the street entrance.



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

he propersed buildings will be two story construction and should blend well with the surrounding properties.

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

Grocery Store Community/Senior Center

Mall/Strip Center Hospital

Outdoor Athletic

eldsPharmacy

Day Care/After

choolBasic Health Care

Schools Public Transportation

Stop

Convenience Store Public Parks

Gas Station Library

her facilities or services:

ublic transportation is available by appointment from the Macon County Transit System.


.5 2.0

.5 2.2

.11.5

.41.5

.6

.0 2.1

.0 2.0


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reliminary App Checklist

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

Fee PaymentCheck in the amount of $5,450.00 made payable to North Carolina Housing Finance Agency.

Tab A - Preliminary ApplicationPrinted, signed copy of preliminary application generated from online system.

B - Map/Driving InstructionsA local map clearly identifying the location of the Site and detailed directions to the Site. Current City or County maps are prefe

internet maps and directions are not acceptable. Applicant must also provide a map identifying the amenities listed in section(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 sitshould 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 ControlProvide valid option/contract or warranty deed and plot plan.

E - Site Plans/Scope of WorkPreliminary site plan, floor plans and elevations for all projects, interior and exterior photographs and detailed scope of work foAdaptive 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 AnalystsThis section must include copies of items required in Tabs A, B, E and G (site and floor plans should be no larger than 11x17) can 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 BoostApplicant should provide an appraisal and/or standard geological survey to support a request for the basis boost (if applicable)

Macon Landing

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