Pine Ridge

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

roject Description

oject Name: Pine Ridge Apartments

ddress: Hoke Loop Road

ty: Fayetteville County: Cumberland Zip:

ensus Tract: 3306 Block Group: 3306

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? Yes

olitical Jurisdiction: City of Fayetteville

risdiction CEO Name:First:Anthony Last:Chavonne

Title: Mayor

risdiction Address: 433 Hay Street

risdiction City: Fayetteville 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(klwagr55z...B493BA2204&SNID=0D95D153B19E4872BC2BC52EAB533514 (1 of 21)4/8/2009 1:52:24 PM

28314

28301

(910)433-1992

35.0376

-79.08365

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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: SNW, LLP

ddress: 972 Trinity Road

ty: Raleigh State: NC Zip:

ontact: First: Stephanie Last:Norris Title:Partner

elephone:

t Phone:

ax:

mail Address:

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


27607

(919)854-7990

(919)669-1079

(919)854-7925

[email protected]

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te Description

tal Site Acreage: Total Buildable Acreage:

If buildable acreage is less than total acreage, please explain:

The western side of the property contains 100-Year Floodplain and a Sanitary Sewer Easement. Therefore,the buildings and parking area will be located uphill from the floodplain and easement.

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? No

If no, please explain:

Hoke Loop Road is an NCDOT maintained street. However, a private drive approximately 350 LF in lengthwill be constructed from Hoke Loop Road to the main portion of the site where the buildings will be located.

any portion of the site located inside the 100 year floodplain? Yes

If yes:(a) Describe placement of project buildings in relation to this area:


6.01 5.50

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The floodplain is at the back of the site on the western side of the property. All of the buildings and parkingarea will be approximately 10 LF above the 100-Year Floodplain elevation.

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

There are no buildings or parking areas planned in the 100-Year Floodplain. Therefore, no flood mitigationwill be necessary. The only impact to the floodplain will be a sanitary sewer connection to the existing sewertrunk line along Rockfish Creek.


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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:


11/19/2009

420,000

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oning

esent zoning classification of the site:AR - Agriculture

multifamily use permitted?No

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:

The current property owner filed the Rezoning Petition with the City of Fayetteville Planning Department onJanuary 5, 2009. The public hearing for the Rezoning is scheduled for February 2009.

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: Pine Ridge Apartments, LLC

dress: 972 Trinity Road

y: Raleigh State:NC 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: SNW, LLP

rst Name: Oscar Last Name: Norris Function: Managing Member

ddress: P.O. Box 1249

ty: Carolina Beach State: NC Zip: 28428

hone: Fax:

Mail: Nonprofit: No

Org: SNW, LLP

rst Name: Joan Last Name: Norris Function: Member

ddress: P.O. Box 1249ty: Carolina Beach State: NC Zip: 28428

hone: Fax:

Mail: Nonprofit: No

Org: SNW, LLP

rst Name: Stephanie Last Name: Norris Function: Member

ddress: 972 Trinity Road

ty: Raleigh State: NC Zip: 27607

hone: Fax:

Mail: Nonprofit: No


27607

(910)791-3354 (910)791-3294

[email protected]

(910)791-3354 (910)791-3294

[email protected]

(919)854-7990 (919)854-7925

[email protected]

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Community space within residential bulding(s) - Sq. Ft. (Floor Area):

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.


62,642

52,390

3

6

6
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


targeted at percent of median income affordable to

targeted at percent of median income affordable to



tal Low Income Units:

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


4 40

10 40

4 50

10 50

8 60

20 60

56

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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))


214,528 2.00 20 20

1,476,246 0 30 30 0

4,649,711

6,340,485

70

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ate Tax Loan amount is based on a 30% Boost to the Total Qualified Basis. Equity amount is alsoased on the 30% Boost. Tax Credit pricing is based on information provided by CAHEC on 12/4/08.ease check the RPP Loan payment amounts, as I am not confident that the payments accuratelyflect a minimum 1.15 debt coverage ratio for the entire loan term.

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

PP Loan

ear:mt:

1 2 3 4 5 6 7 8 9 10

ear:mt:

11 12 13 14 15 16 17 18 19 20


20000 20000 20000 20000 18000 18000 15000 15000 15000 10000

10000 10000 10000 5000 5000 5000 5000 3000 2500 2250

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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:

Based on Preliminary Appraisal provided by Swayne Hamlet (see Tab G of the Application Package), weare requesting a 30% Boost to Item 60 (Total Qualified Basis). The Federal Tax Credits requested(664,311) reflect the 30% Boost and were used in the Equity calculation.

Project Development Cost per unit59,800


5,677,872 0 5,677,872

100.00% 100.00%

5,677,872 0 5,677,872

3.50 9.00

511,008 0 511,008

0

420,000

6,340,485

511,008

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arket Study Information

ease provide a detailed description of the proposed project:

ne Ridge involves the construction of 56 apartments for Families and consists of 16 one-bedroom and 40o-bedroom units. 14 units will be affordable to Families earning incomes equal or less than 40% AMI. Apy of the Preliminary Market Assessment prepared by John Wall & Associates is provided.

e site is located on a beautiful, heavily forested property which has sewer and water service currentlyailable to it. This area of Cumberland County has undergone significant growth over the past severalars and is continuing due to the Base Realignment at Fort Bragg.

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 exterior and interior design and colors will be coordinated to compliment the current architectural styleand neighborhood.

ve you built other tax credit developments that use the same building design as this project?Yes

If yes, please provide name and address:

Maple Ridge Ph 1 & 3 - FayettevilleCovey Run - Whiteville

e Amenities:

ayground, Picnic Areas with Grills, Sitting Areas with Benches, Bike Racks, Gazebo, Reading Area andbrary, Game and Craft Area, Resident Computer Center, Screened Porch, Flag Pole, Community Laundry

site Activities:


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ndscaping Plans:

e existing vegetation will be preserved as much as possible during the construction of the project.oundation plantings (shrubs and bushes) will be provided at each building. Various new trees will beanted around the buildings and parking areas. The area around the project sign will also contain variousrubs and bushes. A Landscape Plan is included with the enclosed Preliminary Plans for the project.

erior Apartment Amenities:

ange with Hood, Refrigerator, Dishwasher, Interior and Exterior Storage, Washer and Dryer hookups, Mini-nds, Ceiling Fans, Padded Carpet and Vinyl Flooring, Central Heat and Air. (All appliances shall be

nergy Star Certified)

you plan to submit additional market data (market study, etc.) that you want considered? Yes

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 market area in Fayetteville continues to remain very stable, as compared to other areas of the state,

hich is due in large part to the increased personnel at the Fort Bragg Military Base. The longterm trendsnticipate continued growth and economic viability for the area. The general area surrounding the property,both Cumberland and Hoke counties, has been central to the growth in this region.

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 current land uses adjacent to the property are vacant, wooded toe south and west; agricultural to the east; and single-family residences to the north. There are nocompatible or offensive land uses near the site. Since the larger parcel that includes the Pine Ridge siterrently has water and sewer service, additional development in the area adjacent to the proposed project isticipated within the next 3 to 5 years. Aerial maps of the existing development in the surrounding area haveen provided in Tab B (Driving Instructions) for your reference.

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 Pine Ridge project is located off of Hoke Loop Road, an NCDOT

aintained arterial. A 350 LF private drive will connect the site to Hoke Loop Road. NCDOT may require thenstruction of a turnlane for the project with the Driveway Permit. The access to Hoke Loop Road will beproximately 1200 LF north of US 401/Raeford Road, which is a major connector to the surrounding aread services.

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 negative features that will impact the development or the longterm viability of the project. Thexisting grade of the property where the buildings and parking are proposed has a moderate slope. Theoodplain area is on the western side of the property, downhill from the proposed improvements. Theoodplain will provide a vegetative buffer from the surrounding development.


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

he two-story design of the buildings will be consistent with the single-family homes in the nearbyubdivisions. The proposed design, style and materials of the buildings, in conjunction with the proposedndcsaping, will enhance the appeal of the neighborhood.

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:

nclosed in Tab B are aerial photos that provide a birds-eye-view from the Pine Ridge site to therrounding area, neighborhoods, and services. The close proximity of US 401, Cliffdale Road, and Skibo

oad puts Pine Ridge within minutes of a variety of medical, service, and employment hubs.


.8 6.5

.0 11.0

.01.5

.50.2

.0

.2 5.0

.2 5.8

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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)

Pine Ridge

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