Randall Place

8/6/2019 Randall Place

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

New Construction/Adaptive Reuse:

Is this project a follow-on (Phase II, etc) to a previously-awarded tax credit development project?

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

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

Does a community revitalization plan exist?

Target Population: Family

Will the project be receiving project based federal rental assistance?

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

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

Print Preview - Full Application

Tax Credits, RPP Loans, and/or Tax Exempt Bond Loans

Project Description

Project Name: Randall Place

Address: Randall Lane

City: Goldsboro County: Wayne Zip: 27533

Census Tract: 13 Block Group: 1

No

Political Jurisdiction: City of Goldsboro

Jurisdiction CEO Name: First: Last:Al King Title: MayorJurisdiction Address: PO Drawer A

Jurisdiction City: Goldsboro Zip: 27533-9701

Jurisdiction Phone: (919)580-4330

Site Latitude: 35.382962

Site Longitude: -77.91310

Project Type: New Construction

Yes

Ashebrooke Apartments Phase I

Rehab:

Is this project a previously awarded tax credit development?

If yes, what year were credits awarded?:

Number of residents holding Section 8 vouchers:

No

No

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

Will the project include a Community Service Facility under IRS Revenue Ruling 2003-77? No

If yes, please describe:

No

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: 4

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

Number of Units: 5

Remarks:



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

Applicant Information

Applicant Name: The Banks Law Firm, P.A.

Address: 4819 Emperor Blvd., Suite 110

City: State: NC Zip:Durham 27703

Contact: First: Last: Title:Jim Yamin

Telephone: (919)281-9169

Alt Phone: (919)474-9137

Fax: (919)474-9537

Email Address: [email protected]

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



Total Site Acreage: Total Buildable Acreage:

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

Identify utilities and services currently available (and with adequate capacity) for this site:

Storm Sewer Water Sanitary Sewer Electric

Is the demolition of any buildings required or planned?

If yes, please describe:

Are existing buildings on the site currently occupied?

If yes:(a) Briefly describe the situation:

(b) Will tenant displacement be temporary?

(c) Will tenant displacement be permanent?

Is the site directly accessed by an existing, paved, publicly maintained road?

If no, please explain:

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

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

Site Description

5.8 5.8

No

No

Yes

Yes

There will be some construction within this area.



Clean fill will be brought in to raise the elevation of the buildable areas to appropriate levels.



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 valid option/contract to purchase the property? Yes

(b) Does an identity of interest (direct or indirect) exist between the owner/principal or ownership entity with the option/contract for

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

Yes

The seller John Bell is also a proposed member of the ownership entity.

(c) Enter the current expiration date of the option/contract to purchase: 7/31/2007

(D) Enter Purchase Price: 193,000



Present zoning classification of the site:

Is multifamily use permitted?

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

If yes, have the hearings been completed and permits been obtained?If yes, specify permit or variance required and date obtained. If no, describe permits/variances required and schedule for obtainingthem:

Are there any existing conditions of historical significance located on the project site that will require State Historic Preservation office

review?

If yes, describe below:

Are there any existing conditions of environmental significance located on the project site?

If yes, describe below:

Zoning

R-12

Yes

No

No

No



Ownership Entity

Owner Name: Randall Place LLC


City: State: NC Zip:Durham 27703

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

Note: Do not submit social security numbers for individuals.

Entity Type: Limited Liability Company

Entity Status: To Be Formed

Is the applicant requesting that the Agency treat the application as Non-Profit sponsored? No

Is the applicant requesting that the Agency treat the application as CHDO sponsored? No

List all general partners, members,and principals. Specify nonprofit corporate general partners ormembers. Click [Add] to add additional partners, members, and principals.

Org: The Banks Law Firm, P.A.

First Name: Sherrod Last Name: Banks Function: Managing Member


City: Durham State: NC Zip: 27703

Phone: (919)281-9169 Fax: (919)474-9537

EMail: [email protected] Nonprofit: No

Org: NA

First Name: John Last Name: Bell Function: Member

Address: 1204 E. Ash St.

City: Goldsboro State: NC Zip: 27530

Phone: (919)734-4321 Fax: (919)734-1840

EMail: [email protected] Nonprofit: No



Square Footage Information

Notes

Separate community building -- Sq. Ft. (Floor Area):Sq. Ft. (Floor Area): 1,8441,844

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

Elevators -- Number of Elevators:Number of Elevators:

Gross Floor Square Footage: 49,312

Total Net Sq. Ft. (All Heated Areas): 46,336

** 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.



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

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

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

Funding Sources

Source AmountNon-

Amortizing*Rate(%)

Term(Years)

Amort.Period(Years)

AnnualDebt

Service

Bank Loan

RPP Loan 779,136 2.00 20 20

Local Gov. Loan - Specify:

RD 515 Loan

RD 538 Loan - Specify:

AHP Loan

Other Loan 1 - Specify:



Tax Exempt Bonds

State Tax Credit(Loan) 791,994 0 30 30 0

State Tax Credit(Direct Refund)

Equity: Federal LIHTC 2,773,089

Non-Repayable Grant

Equity: Historic Tax Credits

Deferred Developer Fees

Owner Investment

Other - Specify:

Total Sources** 4,344,219

* "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.

87



RPP Loan

Year:Amt:

1

34904

2

34643

3

34322

4

33937

5

33483

6

32957

7

32354

8

31670

9

30898

10

30035

Year:Amt:

11

29074

12

28009

13

26836

14

25546

15

24135

16

22593

17

20915

18

19092

19

17117

20

14980



Development 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 550,000 550,0004 Rehabilitation

5 Construction of New Building(s) 2,160,000 2,160,000

6 Accessory Building(s)

7 General Requirements 216,800 216,800

8 Contractor Overhead 58,536 58,536

9 Contractor Profit 175,608 175,608

10 Construction Contingency 94,828 94,828

11 Architect's Fee - Design (11 + 12 = max 3% lines 2-10) 33,000 33,000

12 Architect's Fee - Inspection 7,000 7,000

13 Engineering Costs 35,000 35,000

SUBTOTAL (lines 1 through 13) 3,330,772

14 Construction Insurance (prorate)15 Construction Loan Orig. Fee (prorate) 10,000 10,000

16 Construction Loan Interest (prorate) 78,000 78,000

17 Construction Loan Credit Enhancement (prorate)

18 Construction Period Taxes (prorate) 1,000 1,000

19 Water, Sewer and Impact Fees

20 Survey 10,000 10,000

21 Property Appraisal 7,500 7,500

22 Environmental Report 2,500 2,500

23 Market Study 4,200 4,200

24 Bond Costs

25 Bond Issuance Costs

26 Placement Fee27 Permanent Loan Origination Fee

28 Permanent Loan Credit Enhancement

29 Title and Recording 10,000

SUBTOTAL (lines 14 through 29) 123,200

30 Real Estate Attorney 10,000 10,000

31 Other Attorney's Fees 6,000 6,000

32 Tax Credit Application Fees (Preliminary and Full) 2,200

33 Tax Credit Allocation Fee (0.58% of line 59, minimum $7,500) 22,968

34 Cost Certification / Accounting Fees 10,000 10,000

35 Tax Opinion

36 Organizational (Partnership)

37 Tax Credit Monitoring Fee 26,000SUBTOTAL (lines 30 through 37) 77,168

38 Furnishings and Equipment 70,000 70,000

39 Relocation Expense

40 Developer's Fee 420,000 420,000

41 Other Basis Expense (specify)

42 Other Basis Expense (specify)

43 Rent-up Expense 25,000

44 Other Non-basis Expense (specify)

45 Other Non-basis Expense (specify)



Comments:

SUBTOTAL (lines 38 through 45) 515,000

46 Rent up Reserve 12,000

47 Operating Reserve 93,079

48 Other Reserve (specify)

49 Other Reserve (specify)

50 DEVELOPMENT COST (lines 1-49) 4,151,219 0 3,959,972

51 Less Federal Financing52 Less Disproportionate Standard

53 Less Nonqualified Nonrecourse Financing

54 Less Historic Tax Credit (residential) 0

55 TOTAL ELIGIBLE BASIS 3,959,972 0 3,959,972

56 Applicable Fraction (percentage of LI Units) 100.00% 100% 100%

57 Basis Before Boost 3,959,972 0 3,959,972

58 Boost for QCT/DDA (if applicable, enter 130%) 100.00% 100.00%

59 TOTAL QUALIFIED BASIS 3,959,972 0 3,959,972

60 Tax Credit Rate 3.45 8.05

61 Federal Tax Credits at Estimated Rate 318,777 0 318,777

62 Federal Tax Credits at 8.5% or 3.75% 336,597 0 336,597

63 Max Federal Tax Credits (With Energy Star - Lesser of $8,500 per unit or$800,000, w/o - Lesser of $8,000 per unit or $800,000) 320,000

64 Federal Tax Credits Requested 318,777 318,777

65 Land Cost 193,000

66 TOTAL REPLACEMENT COST 4,344,219

FEDERAL TAX CREDITS IF AWARDED 320,000

Development costs exceed QAP guidelines based upon the experience with Ashebrooke Apts.Having just placed that project in service last December, their costs offer a unique precedent forwhat we might expect to encounter right next door.

Their per unit site costs were $18,270, while we are only budgeting $13,750. Their per square foothard construction costs were $44 and we are proposing $43.80.

Total Replacement Cost per unit: 101,154

Federal Tax Credits (line 62) per unit: 8,415



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:

Onsite Activities:

Landscaping Plans:

Market Study Information

The proposed project is a forty (40) unit family rental community off Randall Lane in Goldsboro.Ashebrooke Apartments will consist of 1, 2, and 3 bedroom apartments. There will be a separateoffice/community/laundry building, and a playground for the residents use. The development willincorporate both garden and townhouse style apartments. The site’s close proximity to shopping,schools and a grocery store make it a desirable location. The proposed development is also locatedin the area of Goldsboro that is experiencing growth. The units will be targeted to households at 40-60% AMI. In addition, 10% of the units will be targeted to the mobility impaired.

As an indication of the attractiveness of the site and strength of the market, as of 1/10/07, theproperty management company has already approved 13 households to move in starting Monday1/15/05 and is finalizing the verification process for an additional 11 others. After having received theCertificate of Occupancy on 12/28/06, the first Ashebrooke phase is nearly 50% rented up within thefirst 2 weeks, in spite of the time of year when applications are typically quite slow.

30 Year Dimensional Roof Shingles

Yes

- Ashebrooke Apartments Phase I, Randall Lane, Goldsboro NC- White Oak Manor Apartments, 41 Manor Lane, Swansboro, NC 28584- Ridgewood Apartments, 1018 Wait Ave., Wake Forest, NC 27857- Park Place Apartments, 107 Luxury Lane, Knightdale, NC 27545

Community RoomComputer CenterLaundry RoomPicnic AreaPlaygroundOutdoor sitting area with benchesGazeboTot lot

Residents will have full use of the computer center located in the community building. Periodictraining courses will be conducted on computer hardware and software. Periodic homeownership

counseling courses will also be conducted for those interested in pursuing homeownership.

Each building will have landscaped plantings in front of each apartment, in mulch beds. Trees willalso be planted in front of and around the building and common areas where existing trees may notbe, or cannot be saved.



Interior Apartment Amenities:

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.

Range with hoodFrost-free RefrigeratorSome interior/exterior storage spaceWasher/Dryer hook-upsMini BlindsCarpetingVinyl kitchen and bathroomsCentral Air Conditioning and Heat Pump

No



Briefly describe your site in each of the following categories:

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

Applicant's Site Evaluation

NEIGHBORHOOD CHARACTERISTICS

Trend and direction of real estate development and area economic health. Physical condition ofbuildings and improvements. Concentration of affordable housing.(See attached Site Evaluation Narrative Supplement)

SURROUNDING LAND USES AND AMENITIES

Suitability of surrounding development. Land use pattern is residential in character (single andmultifamily housing) with a balance of other uses (particularly retail and amenities). Effect ofindustrial, large-scale institutional or other incompatible uses, including but not limited to: wastewatertreatment facilities, high traffic corridors, junkyards, prisons, landfills, large swamps, distributionfacilities, frequently used railroad tracks, power transmission lines and towers, factories or similar

operations, sources of excessive noise, and sites with environmental concerns (such as odors orpollution). Amount and character of vacant, undeveloped land.The site is exclusively surrounded by residential development, notably the high-end single-familyMaplewood subdivision contiguous to the north and the very attractive Ravenwood subdivisioncontiguous to the east and south. Existing natural buffers will be maintained to screen the leastattractive adjoining properties to the south and west. The site is midway between a brand new FoodLion on New Hope Rd. and a very heavy concentration of retail and services all along Berkeley Blvd.

SITE SUITABILITY

Adequate traffic controls (stop lights, speed limits, turn lanes, etc.). Burden on public facilities(particularly roads). Access to mass transit (if applicable). Visibility of buildings and/or location ofproject sign(s) in relation to traffic corridors.The site is at the end of quiet Randall Lane, which offers the advantage on not being a “passthrough” street. Traffic will then turn onto Sanborn Lane before intersecting with Central Heights Rd.,a relatively low traffic road that will be widened to 3 lanes. Further, our site can be accessed viaThoroughfare Road from the south, intersecting Central Heights Road almost across the street from

Sanborn Lane. There will be a public transportation stop at Sanborn and Central Heights Rd.

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 simply are no on-site negative features and physical barriers that will impede projectconstruction or adversely affect future tenants.

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

As a second phase development, the proposed project is completely similar in scale andaesthetics/architecture with the surroundings.

Grocery Store0.6 Community/Senior Center0.8



Other facilities or services:

Mall/Strip Center0.6 Hospital2.6

Outdoor Athletic Fields0.4 Pharmacy0.6

Day Care/After School0.8 Basic Health Care0.4

Schools0.3 Medical Offices0.4

Public Transportation Stop0.2 Bank/Credit Union1.0

Convenience Store0.7 Restaurants0.8

Basketball/Tennis Courts1.3 Professional Services0.6

Public Parks0.5 Movie Theater2.2

Gas Station1.1 Video Rental1.1

Library1.6 Public Safety (Fire/Police)1.9

Fitness/Nature Trails1.3 Post Office1.8

Public Swimming Pools2.8



Project Operations (Year One)

Projected Operating Costs

Administrative Expenses

Advertising 3,000

Office Salaries

Office Supplies

Office or Model Apartment Rent

Management Fee 13,215

Manager or Superintendent Salaries 18,000

Manager or Superintendent Rent Free Unit

Legal Expenses (Project) 500

Auditing Expenses (Project) 4,100

Bookkeeping Fees/Accounting Services

Telephone and Answering Service 2,500

Bad Debts

Other Administrative Expenses (specify):

postage, mileage500

SUBTOTAL 41,815

Utilities Expense

Fuel Oil

Electricity (Light and Misc. Power) 7,500

Water 1,200

Gas

Sewer 750

SUBTOTAL 9,450

Operating and Maintenance Expenses

Janitor and Cleaning Payroll

Janitor and Cleaning Supplies

Janitor and Cleaning Contract

Exterminating Payroll/Contract 3,000

Exterminating SuppliesGarbage and Trash Removal 1,100

Security Payroll/Contract

Grounds Payroll

Grounds Supplies 2,000

Grounds Contract 7,000

Repairs Payroll 18,000

Repairs Material 3,500

Repairs Contract 3,500

Elevator Maintenance/Contract

Heating/Cooling Repairs and Maintenance

Swimming Pool Maintenance/Contract

Snow RemovalDecorating Payroll/Contract 3,000

Decorating Supplies 3,000

Other (specify):

turnover painting, cleaning500

Miscellaneous Operating & Maintenance Expenses 200

SUBTOTAL 44,800

Taxes and Insurance

Real Estate Taxes 31,280

Payroll Taxes (FICA) 3,000



Miscellaneous Taxes, Licenses and Permits 250

Property and Liability Insurance (Hazard) 6,000

Fidelity Bond Insurance 50

Workmen's Compensation 1,800

Health Insurance and Other Employee Benefits 2,000

Other Insurance:

SUBTOTAL 44,380Supportive Service Expenses

Service Coordinator

Service Supplies

Tenant Association Funds

Other Expenses (specify):

SUBTOTAL 0

Reserves

Replacement Reserves 10,000

SUBTOTAL 10,000

TOTAL OPERATING EXPENSES 150,445

ADJUSTED TOTAL OPERATING EXPENSES (Does not include taxes, reserves and resident support services) * 109,165

TOTAL UNITS(from total units in the Unit Mix section)

40

PER UNIT PER YEAR 2,729



MINIMUM REQUIRED SET ASIDES (No Points Awarded):

Minimum Set-Asides

Select one of the following two options:

20% of the units are rent restricted and occupied by households with incomes at or below 50% of the median income (Note: NoTax Credit Eligible Units in the the project can exceed 50% of median income)

40% of the units are rent restricted and occupied by households with incomes at or below 60% of the median income (Note: NoTax Credit Eligible Units in the the project can exceed 60% of median income)

If requesting RPP funds:

40% of the units are occupied by households with incomes at or below 50% of median income.

State Tax Credit and QAP Targeting Points:

Moderate Income County:

At least twenty-five percent (25%) of qualified units will be affordable to and occupied by households with incomes at or below fortypercent (40%) of county median income.

At least fifty percent (50%) of qualified units will be affordable to households with incomes at or below fifty percent (50%) of countymedian income.

At least fifty percent (50%) of qualified units will be affordable to and occupied by households with incomes at or below fifty percent(50%) of county median income.

Tax Exempt Bonds

Threshold requirement (select one):

At least ten percent (10%) of qualified units will be affordable to and occupied by households with incomes at or below fifty percent(50%) of county median income.

At least five percent (5%) of qualified units will be affordable to and occupied by households with incomes at or below forty percent(40%) of county median income.

Eligible for targeting points (select one):

At least twenty percent (20%) of qualified units will be affordable to and occupied by households with incomes at or below fiftypercent (50%) of county median income.

At least ten percent(10%) of qualified units will be affordable to and occupied by households with incomes at or below forty percent(40%) of county median income.



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 (signed copies)

C Ownership Entity Agreement, Development Agreement or any other agreements governing development services

D Management Agent Agreement

E Owner and Management Experience & Management Questionnaire (Appendix C)

F Letters from State Housing Agencies or designated monitoring agent verifying out of state experience

G Completed IRS Form 8821 (Appendix I)

H Local Government Letter or Letter from Certified Engineer or Land Surveyor Confirming Floodplain Designation with Mapshowing all flood zones (original on letterhead, no fax or photocopies)

I Local Government Letter Confirming Zoning including any pending notices or hearings (original on letterhead, no fax orphotocopies)

J Letters from Local Utility Providers regarding availability and capacity (original on letterhead, no fax or photocopies)

K Documentation from utility company or local PHA to support estimated utility costs

L Appraisal (required for land costs greater than $15,000 and for all Adaptive Re-use and Rehab projects)

M Site plan, floor plans and elevations for all projects. Scope of work for Adaptive Re-use and Rehab projects. (Full Size, 24 x36 inches)

N Hazard and structural inspection and termite reports (Adaptive Re-use and Rehab projects only)

O Copy of certificate of occupancy or proof of placed-in-service date (Rehabs Only)

P Proposed Relocation Plan including relocation budget and copies of notices. Required for all Rehabs and any projectsinvolving existing occupants of any dwellings to be rehabbed or demolished.

Q Evidence of Permanent Loan Commitment and other sources of funds ( i.e. Equity letter, AHP, RD and local governmentfunds). For Rehabs with existing loans provide 1) copies of loan documents, 2) current loan balances from existing lenderswith reserve balances, 3) letter from lender that outlines assumption requirements.

R Local Housing Authority Agreement and Project Based Rental Assistance Letter, if applicable (Sample letters provided inAppendix I). For projects with existing PBRA contracts, provide a copy of the current contract and bank statement or otherdocumentation verifying reserve balances and annual reserve contribution requirements.

S Statement regarding terms of Deferred Developer Fee. If a nonprofit is involved, a resolution from their board approvingdeferral of fee is required.

T Inducement Resolution (Tax-Exempt Bond Financed Projects only)

Randall Place

Documents

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