Magnolia Pointe
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Transcript of Magnolia Pointe
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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: Magnolia Pointe
Address: Intersection of Danube Lane and Hebron Road
City: Durham County: Durham Zip: 27704
Census Tract: 17.09 Block Group:
Yes
No
Political Jurisdiction: City of Durham
Jurisdiction CEO Name: First: Last:William Bell Title: Mayor
Jurisdiction Address: Office of the Mayor, 101 City Hall Plaza
Jurisdiction City: Durham Zip: 27701
Jurisdiction Phone: (919)560-4333
Site Latitude:
Site Longitude:
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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:
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Applicant Information
Applicant Name: The NRP Group,LLC
Address: 8601 Six Forks Road, Suite 400
City: State: NC Zip:Raleigh 27615
Contact: First: Last: Title:Jannice Ashley Project Manager
Telephone: (919)882-2135
Alt Phone: (919)882-2133
Fax: (919)882-2137
Email Address: [email protected]
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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
28.2 14.4
Due to required buffers, storm water management and open space requirements.
Note: The proposed development will utilize approximately 23 acres of the site (10.9 developable
acreage). Residual land is available for future residential development.
No
No
Yes
No
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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
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: 12/31/2004
(D) Enter Purchase Price: 2,100,000
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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
PDR 4.99
Yes
No
No
No
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[email protected] 56-2223008
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** 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.
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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 9 targeted at 40 percent of median income.
1 39 targeted at 60 percent of median income.
2 96 targeted at 60 percent of median income.
3 36 targeted at 60 percent of median income.
180
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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))
Funding Sources
Source AmountNon-
Amortizing*Rate(%)
Term(Years)
Amort.Period(Years)
AnnualDebt
Service
Bank Loan
RPP LoanLocal 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 11,800,000 6.00 40 40 779,102
State Tax Credit(Loan) 0 30 30 0
State Tax Credit(Direct Refund)
Equity: Federal LIHTC 5,610,025
Non-Repayable Grant
Equity: Historic Tax Credits
Deferred Developer Fees 409,113
Owner Investment 100
Other - Specify:
Total Sources** 17,819,238
* "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.
85
GMAC-Construction and PermanentCAHEC-Equity
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Development Costs
Item Cost Element TOTAL COSTEligible Basis
30% PV 70% PV
1 Purchase of Buildings (Rehab) 0
2 Demoli tion
3 On-site Improvements 1,400,000 1,400,000
4 Rehabilitation
5 Construction of New Building(s) 8,200,000 8,200,000
6 Accessory Building(s) 552,350 552,350
7 General Requirements 609,141 609,141
8 Contractor Overhead 215,230 215,230
9 Contractor Profit 645,689 645,689
10 Construction Contingency 348,672 348,672
11 Architect's Fee - Design 200,000 200,000
12 Architect's Fee - Inspection 26,500 26,500
SUBTOTAL (lines 1 through 12) 12,197,582
13 Construction Insurance (prorate) 25,000 25,000
14 Construction Loan Orig. Fee (prorate)
15 Construction Loan Interest (prorate) 608,043 608,043
16 Construction Loan Credit Enhancement (prorate)
17 Construction Period Taxes (prorate) 15,000 15,000
18 Water, Sewer and Impact Fees 362,714 362,714
19 Survey 25,000 25,000
20 Property Appraisal 7,000 7,000
21 Environmental Report 2,000 2,000
22 Market Study 5,500 5,500
23 Bond Costs (specify) 477,900
24 Cost of Issuance 286,650
25 Placement Fee
26 Permanent Loan Origination Fee
27 Permanent Loan Credit Enhancement
28 Title and Recording 25,000
SUBTOTAL (lines 13 through 28) 1,839,807
29 Real Estate Attorney 60,000 60,000
30 Other Attorney's Fees 5,000
31 Tax Credit App Fees 49,280 49,280
32 Cost Certification 5,000 5,000
33 Tax Opinion 1,998
34 Organizational (Partnership) 3,500
35 Tax Credit Monitoring Fee 76,500
SUBTOTAL (lines 29 through 35) 201,278
36 Furnishings and Equipment 100,000 100,000
37 Relocation Expenses
38 Developer's Fee (max 15% lines 2-36, less 8 & 9) 1,347,055 1,347,055
39 Other Basis Expense: meters, borings, permits 168,566 168,566
40 Other Basis Expense (specify)
41 Rent-up Expenses
42 Other Non-basis Expense (specify)
43 Other Non-basis Expense (specify)
SUBTOTAL (lines 36 through 43) 1,615,621
44 Rent up Reserve
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Comments:
45 Operating Reserve 464,950
46 Other Reserve (specify)
47 Other Reserve (specify)
48 DEVELOPMENT COST (lines 1-47) 16,319,238 14,977,740 0
49 Less Federal Financing
50 Less Disproportionate Standard
51 Less Nonqualified Nonrecourse Financing
52 Less Historic Tax Credit (residential) 0
53 TOTAL ELIGIBLE BASIS 14,977,740 14,977,740 0
54 Applicable Fraction (percentage of LI Units) 100.00% 100% 100%
55 Basis Before Boost 14,977,740 14,977,740 0
56 Boost for QCT/DDA (if applicable, enter 130%) 130.00% 130.00%
57 TOTAL QUALIFIED BASIS 19,471,062 19,471,062 0
58 Tax Credit Rate 3.39% 0.00%
59 Federal Tax Credits at Estimated Rate 660,069 660,069 0
60 Federal Tax Credits at 8.5% or 3.75% 730,164 730,164 0
61 Federal Tax Credits Requested 729,813 729,813
62 Land Cost 1,500,000
63 TOTAL REPLACEMENT COST 17,819,238
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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
Other:
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 (check all that apply):
Onsite Activities:
Market Study Information
Magnolia Pointe will be a 180 unit, bond financed development for families. The development willconsist of 9, three-story buildings and a clubhouse. There will be 48, 1 bedroom/1 bath units, 96, twobedroom/2 bath units, and 36, three bedroom/2 bath units. Five percent(5%) of the units [nine 1bedroom units] will be targeted to households at 40% and below of the area median income and theremainder will be targeted to households at 60% of ami and below. The proposed rents for the 40%
units are approximately $50 below the 2003 maximum allowable rents for Durham County. Theproposed rents for the 60% units are between $120-170 below the maximum allowable rents.
Magnolia Pointe will be part of the Villages of Independence a planned unit development. The firstmajor phase of this PUD is already under construction and will consist of a mix of 220 single-familyhouses and townhomes ranging in prices from $109,000 to $250,000. Completion is expected byJuly 2004. The second phase of the PUD, of which the proposed development will be a part, is justunderway now and has been approved for a total of 690 units (200 single-family houses, 239townhouses, and up to 256 multi-family units or "cluster" homes. Overall, the development is locatedin a N. Durham neighborhood that has an ideal mix of residential and commercial retail/service uses.The area is clearly one of strong developmental growth with a number of new shopping centers(Independence Park-with a Lowes home improvement store, super Walmart, fast food restaurantsand fine dining), a new medical park (affiliated with Duke Medical), new single-family and townhomesubdivisions (with price ranges from the low-$100,000's to $250,000+)all less than a half a mile fromthe project site. An older shopping plaza, Oxford Commons, with a Walmart is also less than half amile from the site. Durham Regional Hospital and Sprint are both located just over a half a mile fromthe site allowing for excellent employment opportunities.
The buildings will have an arts and crafts architectural style with such features as shingle accents,brackets, and hipped roofs with gables. Additionally, all units will have 9' high ceilings with crownmolding and built-in bookshelves.
As noted below, the basic building style and unit design of this project will be very similar to ourproject Falls Pointe at the Park completed in June 2002. Pictures are included in the market analystpacket.
Yes
Falls Pointe at the Park100 Cascade Falls Lane (off corner of S. Alston Ave. and Alexander Dr.)Durham, NC919-806-5400
Community Bldg - Sq Ft: 3,391 Community Room - Sq Ft: 2,549 Garages - Number: 20
Laundry Rm Screened Porch Resident Computer Center Exam Rm Reading Rm/Library
Game/Craft Rm Exercise Rm TV Rm Beauty Salon Vending Rm
Chapel/Prayer Rm Picnic Area Onsite Leasing Office Onsite Mgr Onsite Maint. Person
Irrigated Lawns Security Gate Car Care Area Storage Units Gazebos
Walking Trails Garden Spots Basketball/Tennis Court Playground Ball Field
Pool Fitness Stations Horseshoe Pit Shuffleboard Covered Drive Thru
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Landscaping Plans:
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.
The site manager will be expected to play an active role in ensuring that social activities (such asholiday parties, movie nights and other regular events) occur on-site. Additionally, the manager willbe familiar with service providers in the area and will work to connect residents in need of suchservices to these providers.
Landscaping will be extensively utilized to beautify the development's green areas and to blend thedevelopment into its environment. Parking lots and drives will be lined with shade trees and plantmaterials will compliment the natural fauna. Ample open space (including a 10 acre tree/naturepreserve area)will be maintained to allow for such amenities as a gazebo, walking trail and gardenplots.
Range Hood Dishwasher Disposal Refrigerator (frost free) Storage interior/exterior
W/D Hookups Mini-blinds Pantry Ceiling fans Walk-in closets
No
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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.Magnolia Pointe will be part of the Villages of Independence a planned unit development. The firstmajor phase of this PUD is already under construction (on Danube Lane across from Ben FranklinSt.) and will consist of a mix of 220 single-family houses and townhomes ranging in prices from$109,000 to $250,000. Completion is expected by July 2004. The second phase of the PUD, ofwhich the proposed development will be a part, is just underway now and has been approved for atotal of 690 units (200 single-family houses, 239 townhouses, and up to 256 multi-family units or"cluster" homes.(see PUD plan with map section)
The area is clearly one of strong developmental growth with a number of new shopping centers, anew medical park (affiliated with Duke Medical), and as noted, new single-family and townhomesubdivisions (with price ranges from the low-$100,000's to $250,000+)all less than a half a mile fromthe project site. Summer Meadows which is across from the site on Hebron Rd. will consist ofapproximately 400 homes and further east on Hebron DR Horton and Torrey Homes are building250 townhomes.
The proposed development will be located less than a mile from several tax credit properties which
are on E.Carver Street [Carver Pond {family}, Carver Place {elderly} and Preiss Steele Place{elderly}]. All of these tax credit developments were built prior to 1997, are in good to excellentcondition, and have good occupancy. According to a NCHFA market study done last year, the familydevelopment, Carver Pond had a vacancy of less than 5%. The existence of this other affordablehousing will not negatively impact the proposed development since there is a healthy balance in theneighborhood between this type of housing and higher end single-family, townhomes and marketrate apartments.
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 andtowers, factories or similar operations, sources of excessive noise, and sites with environmentalconcerns (such as odors or pollution).As noted, Magnolia Pointe will be located within a planned unit development therefore, thesurrounding land use is primarily residential. The proposed development is also located in a N.
Durham neighborhood which has an ideal mix of residential and commercial retail/service uses. Anew shopping center, Independence Park is less than a half a mile from the site and has a Loweshome improvement store, a super Walmart, several fast food restaurants, fine dining establishmentsand banks. The new Independence medical park (affiliated with Duke Medical) is also less than ahalf a mile from the site and has over 1,000,000 square feet of hospital off-site surgical, medical anddiagnostic offices. As noted there are many new single-family and townhome subdivisionssurrounding the proposed site(with price ranges from the low-$100,000's to $250,000+)all less thana half a mile from the project site. An older shopping plaza, Oxford Commons, with a Walmart, FoodLion, video store, clothing stores, and Dollar General is also less than half a mile from the site alongN. Roxboro Road. Durham Regional Hospital and Sprint are both located just over a half a mile fromthe site on N. Roxboro Road allowing for excellent employment opportunities.
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).The capacity of the road has been deemed to be adequate for the planned unit development of
which Magnolia Pointe will be a part. As noted, the City of Durham has approved the master pudplan for up to 690 residential units. Some road improvements along Danube and Hebron will berequired as part of this approved plan. For example, Magnolia Pointe will be required to build adeceleration lane into the development on Danube. As shown in the site plan, there will be twomeans of ingress/egress into the development one onto Hebron Avenue and one onto DanubeLane. Several public transit (bus stops) are located less than a half a mile from the site on E. CarverSt.
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 negative site features that will impede the development of this site. An intermittant
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For each applicable neighborhood feature, enter distance from project in miles.
Other facilities or services:
stream does exist on the lower (southern portion of the site). However, this portion of the site will notbe developed and will serve as a nature/tree preserve in order to meet the City of Durham's OpenSpace requirement.
Similarity of scale and aesthetics/architecture between project and surroundings.The proposed development, though part of a PUD, will be located on its own separate parcel and
therefore, will not be directly next to the one and two story single-family homes. The owners of thePUD have reviewed the proposed elevations for Magnolia Pointe and feel the design is quitecompatible with and complimentary to the other residences to be built in the PUD.
Grocery Store0.5 Community/Senior Center0.3
Mall/Strip Center0.5 Hospital0.8
Outdoor Athletic Fields0.5 Pharmacy0.5
Day Care/After School1 Basic Health Care0.3
Schools2 Medical Offices0.3
Public Transportation Stop0.8 Bank/Credit Union0.5
Convenience Store0.5 Restaurants0.5
Basketball/Tennis Courts2 Professional Services0.3
Public Parks2 Movie Theater1
Gas Station0.5 Video Rental1
Library3 Public Safety (Fire/Police)3
Fitness/Nature Trails0 Post Office1
Public Swimming Pools0
The proposed development will have its own pool and fitness/nature trails.
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DevelopmentList 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:
ManagementList 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 or
state agency?
Has any owner, principal, or management agent been involved in a bankruptcy, an adverse fair housing settlement, an adverse civil rights
settlement, 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 subsidized
project?
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 carryover
agreement 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 or
received a letter of non-compliance from the Agency?
Project Team Experience
North Carolina Other States
Projects: 3 26
Units: 430 1,529
North Carolina Other States
Projects: 3 7
Units: 430 513
No
No
No
No
No
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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: $ 11,800,000
RD 515 Financing: $
Hope VI Financing: $
Other: $
If Other, specify the type of Federal subsidy:
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Project Operations (Year One)
Projected Operating Costs
Administrative Expenses
Advertising 12,600
Office Salaries 49,920
Office Supplies 3,600
Office or Model Apartment Rent
Management Fee 75,927
Manager or Superintendent Salaries 42,200
Manager or Superintendent Rent Free Unit
Legal Expenses (Project) 5,200
Auditing Expenses (Project) 6,600
Bookkeeping Fees/Accounting Services
Telephone and Answering Service 4,200
Bad Debts
Other Administrative Expenses (specify):
SUBTOTAL 200,247
Utilities ExpenseFuel Oil
Electricity (Light and Misc. Power) 34,200
Water 26,400
Gas
Sewer 15,900
SUBTOTAL 76,500
Operating and Maintenance Expenses
Janitor and Cleaning Payroll
Janitor and Cleaning Supplies 800
Janitor and Cleaning Contract 12,600
Exterminating Payroll/Contract 5,700
Exterminating Supplies
Garbage and Trash Removal 7,700
Security Payroll/Contract
Grounds Payroll 10,400
Grounds Supplies
Grounds Contract 33,300
Repairs Payroll 29,120
Repairs Material 1,200
Repairs Contract 1,200
Elevator Maintenance/Contract
Heating/Cooling Repairs and Maintenance 1,200
Swimming Pool Maintenance/Contract 1,400
Snow Removal
Decorating Payroll/Contract 1,200
Decorating Supplies 1,000
Other (specify):
Miscellaneous Operating & Maintenance Expenses
SUBTOTAL 106,820
Taxes and Insurance
Real Estate Taxes 117,720
Payroll Taxes (FICA) 21,146
Miscellaneous Taxes, Licenses and Permits
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Property and Liability Insurance (Hazard) 36,000
Fidelity Bond Insurance
Workmen's Compensation 5,114
Health Insurance and Other Employee Benefits 7,200
Other Insurance:
SUBTOTAL 187,180
Supportive Service Expenses
Service Coordinator
Service Supplies
Tenant Association Funds
Other Expenses (specify):
SUBTOTAL 0
Reserves
Replacement Reserves 45,000
SUBTOTAL 45,000
TOTAL OPERATING EXPENSES 615,747
ADJUSTED TOTAL OPERATING EXPENSES(Does not include taxes, reserves and resident support services) *
453,027
TOTAL UNITS(from total units in the Unit Mix section) 180
PER UNIT PER YEAR 2,516
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Design Features
ITEM DESCRIPTION
Foundation/Slab Components 4" Monolithic Slab w/1" Perimeter Insulation
Primary Windows Make: Model:Alside Performance SEries 0100 Type/Construction: Vinyl-Low E Double Pane Insulated
Exterior DoorsType: Frames:
Insulated FiberglassSix Panel
Wood Jamb w/latch anddeadbolt
Siding Type: Grade/Thickness:Vinyl .044 or better
Warranty: 10 year Warranty
Exterior Trim Brick, Vinyl Siding and Alumininum
Shingles
Type: Weight:
Asphalt/Fiberglass
Composite 235 Warranty: 25 Year Material, 10 Year Antifungal
Sprinkler System As required by the Code and NFPA 13R
Cabinets MDF, Thermofoil Coated, Raised Panel Door
Heat Pump SEER: Make:11.00 Lennox or Equivalent
Model:
HP-29 Series Sized forApt.
Air Conditioner SEER: Make:11.00 Lennox or Equivalent
Model:
HP-20 Series Sized forApt.
Other Heat Systems SEER: Make:
Model:
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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 205,000 205,000 410,000
Backfill-slab, Crawl 0
Slab-concrete/Rebar/Gravel 205,000 205,000 410,000
Waterproofing 0
Masonry Foundation 0
Brick Veneer 276,750 92,250 369,000
Steel/Structure/Rails 32,800 32,800 65,600
Framing/Lumber/Nails 524,800 787,200 1,312,000
Trusses 150,880 226,320 377,200
Crane Rental 0
Windows/Grilles/Screen 51,250 153,750 205,000Exterior Doors 16,400 49,200 65,600
Roofing 92,250 92,250 184,500
Fencing 0
Vinyl Siding/Trim/Box 188,600 188,600 377,200
Gutters/Shutters 9,840 22,960 32,800
Insulation 49,200 73,800 123,000
Drywall 487,900 209,100 697,000
Interior Doors 0 225,500 225,500
Int. & Final/Stair/Trim/Shelves 164,000 0 164,000
Cabinets & Tops 0 266,500 266,500
Painting 156,825 52,275 209,100
Marble - Tub/Shwr/Tops 0
Plumbing 408,360 272,240 680,600
Electrical 393,600 262,400 656,000
Heating/Air Conditioning 369,000 246,000 615,000
Floor Covering and Underlayment 106,600 159,900 266,500
Wall Paper 0
Mailboxes/Special Features/Signage 3,280 13,120 16,400
Gypcrete 20,500 61,500 82,000
Blinds/Shades/Art Work 4,100 16,400 20,500
Light Fixtures/Fans 65,600 65,600
Sprinkler System 0
Security Alarm 0
Hardwood Floors 0
Elevator 0
Ceramic Tiles 0
Acoustical Ceilings 0
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Remarks:
Mirror/Shower Door/Encls. 3,280 13,120 16,400
Hardware/Bath Access. 8,200 32,800 41,000
Appliances 10,250 194,750 205,000
Playground Equipment 0
Interior Clean 16,400 16,400
Exterior Clean/Dumpster Rental 24,600 24,600
Other 1 (specify in Remarks) 0
Other 2 (specify in Remarks) 0
Total Cost 3,979,665 4,220,335 8,200,000
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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 289,342
Job Site Office/Trailer Rental 18,274
Office Supplies 12,183
Security/Watchman 15,229
Project Signage 7,310
Tools and Equipment 7,310
Gas, Oil, and Maintenance 6,091
Temporary Water, Electric, and Telephone 70,660
Storage/Hauling
Driveway Access Permit
Porta-John Rental/Dumping 60,914Builders Risk Insurance
Re-inspection Fees
Extra Plans and Specifications 9,137
Miscellaneous, Casual Labor 30,457
Equipment Rental 12,183
Other 1 (specify in Remarks) 24,366
Other 2 (specify in Remarks) 45,685
Total Cost 609,141
Other 1: Job TravelOther 2: Field Staking
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This is a detailed breakdown of the Site Improvements cost element you summarized in the Development Costs table (On-siteImprovements). The total should match that roll-up value.
Remarks:
Costs - Improvements
ITEM TOTAL
Subsurface Exploration/Perk Testing/Site Engineering
Clearing/Grading/Final Grading/Excess and Borrow 116,200
Demolition
Earthwork/Excavation/Aerating 161,000
Soil Treatment 14,000
Pile Foundations
Caissons
Shoring/Bracing
Site Drainage
Site Utilities/Site Lighting 434,000
Paving and Surfacing/Curb and Gutter 336,000Walkways 98,000
Site Signage 14,000
Parking Lot Painting 7,000
Dumpster Pads/Fencing 9,800
Fencing/Gates 7,000
Landscaping/Topsoil 203,000
Rock and Hardpan Excavation
Site Supervision Personnel
Other (specify in Remarks)
Total Cost 1,400,000
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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 236,000
Credit Enhancement 153,400
Underwriter Discount
Capital Interest Fund
Other 1 (specify in Remarks) 88,500
Other 2 (specify in Remarks)
Total Cost 477,900
Other: Placement Fee
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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 51,150
Issuer Counsel 15,000
Credit Enhancement/LOC Counsel 15,000
Underwriter Counsel 0
Developer's Counsel 60,000
Rating Agency Fee 15,000
Printing 3,500
Trustee Fee 5,000
Trustee Counsel 2,500
Issuer's Fee 118,000
Other 1 (specify in Remarks) 1,500Other 2 (specify in Remarks)
Other 3 (specify in Remarks)
Total Cost 286,650
Other: Cash Flow, Prep and Printing
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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:
High Income county:
At least twenty-five percent (25%) of qualified units will be affordable to households with incomes at or below thirty percent (30%) ofcounty median income.
At least twenty-five percent (25%) of qualified units will be affordable to and occupied by households with incomes at or below thirtypercent (30%) of county median income.
At least fifty percent (50%) of qualified units will be affordable to households with incomes at or below forty percent (40%) of countymedian income.
At least fifty percent (50%) of qualified units will be affordable to and occupied by households with incomes at or below forty percent(40%) 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.
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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.
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