Spring Lake App

8/6/2019 Spring Lake App

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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:

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

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

Number of Units:

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

Number of Units:

Remarks:

ttps://www.nchfa.org/Rental/RTCApp/(S(gsmvkz4...B02A0FA3&SNID=32F45395C638483C88ABEB17C4A0FCDA (2 of 31)9/16/2008 10:16:54 AM

3

5


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

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

pplicant Name: United Developers, Inc.

dress: P.O. Drawer 42208

ty: Fayetteville State: NC Zip:

ontact: First: Murray Last:Duggins Title:

lephone:

Phone:

x:

mail Address:

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


28309

(910)485-6600

(910)485-6600

(910)483-4274

[email protected]


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te Description

al 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:


4.12 4.12


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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)?Yes

If yes provide:

Purchase Date: Purchase Price:

If no:(a) Does the owner/principal or ownership entity have valid option/contract to purchase the property?

(b) Does an identity of interest (direct or indirect) exist between the owner/principal or ownership entity with the option/contract fopurchase of the property and the seller of the property?If yes, specify the relationship:

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

(D) Enter Purchase Price:


4/30/2000 225,000


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oning

esent zoning classification of the site:R5A Residential

multifamily use permitted?Yes

e variances, special or conditional use permits or any other item requiring a public hearing needed to develop this proposal?No

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 obta

them:

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

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: Spring Lake Green Limited Partnership


y: Fayetteville State:NC Zip:

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

ote: Do not submit social security numbers for individuals.

tity Type: Limited Partnership

tity 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.ck [Add] to add additional partners, members, and principals.

Org: Spring Lake Green/Duggins LLC

st Name: Murray Last Name: Duggins Function: Principaldress: P.O. Drawer 42208

ty: Fayetteville State: NC Zip: 28309

one: Fax:

Mail: Nonprofit: No


st Name: James Last Name: Smith Function: Principal



one: Fax:

Mail: Nonprofit: No


st Name: Wade Last Name: Duggins Function: Principal



one: Fax:

Mail: Nonprofit: No

Org: Duggins Family Limited Partnership

st Name: Murray Last Name: Duggins Function: General Partner



one: Fax:


28309

(910)485-6600 (910)483-4274

[email protected]

(910)485-6600 (910)483-4274

[email protected]

(910)485-6600 (910)483-4274

[email protected]

(910)485-6600 (910)483-4274


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Mail: Nonprofit: No


[email protected]


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

Elevators - Number of Elevators:

uare Footage Information

oss Floor Square Footage:

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

tes

Please refer to the Income Limits and Maximum Housing Expense Table to ensure that Total Monthly Tenant Expenses for low inc

units are within established thresholds.


50,448

49,318
http://www.nchfa.com/lib/html/rental/Median%20Income%20Charts/income_limits.htmhttp://www.nchfa.com/lib/html/rental/Median%20Income%20Charts/income_limits.htm


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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] to cother 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.


8 40

14 50

14 60

4 40

4 50

4 60

48


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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:Cumberland County

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 debt serbelow.

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

timated 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))


300,000 2.00 20 20 18,212

588,873 0 30 30 0

3,839,110

4,727,983

81


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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 3% lines 2-9, Rehabs 6%)

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

29 Title and Recording


306,000 306,000

2,730,000 2,730,000

181,000 181,000

63,000 63,000

192,000 192,000

98,000 98,000

75,000 75,000

3,645,000

10,000 10,000

52,310 52,310

500 500

8,400 8,400

6,000 6,000

2,500 2,500

4,300 4,300

2,000


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30 Real Estate Attorney

31 Other Attorney's Fees

32 Tax Credit Application Fees (Preliminary and Full)

33 Tax Credit Allocation Fee (0.60% of line 59, 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

42

43 Rent-up Expense

44

45


46 Rent up Reserve

47 Operating Reserve

48

49

50 DEVELOPMENT COST (lines 1-49)

51 Less Federal Financing

52 Less Disproportionate Standard

53 Less Nonqualified Nonrecourse Financing

54 Less Historic Tax Credit

55 TOTAL ELIGIBLE BASIS

56 Applicable Fraction (percentage of LI Units)

57 Basis Before Boost

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

59 TOTAL QUALIFIED BASIS


86,010

50,000 50,000

2,200

33,567

8,500 8,500

33,600

127,867

12,000 12,000

504,000 504,000

Other Basis Expense (s

Other Basis Expense (s

Other Non-basis Expen

Other Non-basis Expen

516,000

28,800

99,306

Other Reserve (specify)

Other Reserve (specify)

4,502,983 0 4,303,510

0

4,303,510 0 4,303,510

100.00% 100% 100%

4,303,510 0 4,303,510

130.00% 130.00%

5,594,563 0 5,594,563


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60 Tax Credit Rate

61 Federal Tax Credits at Estimated Rate

62 Federal Tax Credits at 9.00% or 3.75% (maximum $1,000,000)

63 Federal Tax Credits Requested

64 Land Cost

65 TOTAL REPLACEMENT COST

FEDERAL TAX CREDITS IF AWARDED

Comments:

Total Replacement Cost per unit:74,375


3.40 8.50

475,538 0 475,538

503,511 0 503,511

0

225,000

4,727,983

503,511


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arket Study Information

ase provide a detailed description of the proposed project:

pring Lake Green Apartments will be located on 4.12 acres in Spring Lake in northern Cumberlandounty. It will be a family project located in 5 two story buildings with a seperate office/community building.e project will have two and three bedroom units. The rent structure has been made very affordablegeting those at 40%, 50%, and 60% of the median income. However, all of the units are affordable at% of the median income.

e project will be constructed to meet Energy Star certification.

e area surrounding the site is a mixure of single family and multi family housing. The proposed projectl fit well into the neighborhood.

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:

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

If yes, please provide name and address:

Golfview Apartments4131 Fescue CourtHope Mills, NC

Crosswinds Green I & II3415 Town StreetHope Mills, NC

Longview Apartments117 Longview DriveFayetteville, NC

Blanton Green I, II, & III1024 Lauren McNeill LoopFayetteville, NC

Rosehill West Apartments1945 James Hamner WayFayetteville, NC

Raeford Green Apartments300 Southern AvenueRaeford, NC

Woodgreen I & II Apartments200 Bradford DriveAberdeen, NC

Southview Green Apartments3143 Round Grove Place



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Hope Mills, NC

Palmer Green Apartments I & II380 West Palmer AvenueRaeford, NC

Bunce Green Apartments1430 Distinct CircleFayetteville, NC

Riverview Green Apartments

507 Riverview CourtRoanoke Rapids, NC

Eastside Green Apartments715 Duggins WayFayetteville, NC

Legion Crossing Apartments3608 Ireland DriveHope Mills, NC

Tokay Green Apartments1928 United DriveFayetteville, NC

Cleveland Green ApartmentsOff Bratton Drive ExtensionGarner, NC (Under Construction)

Southview VillasDunrobin DriveHope Mills, NC (Under Construction)

Eastside Green II ApartmentsDuggins WayFayetteville, NC (Under Construction)

e Amenities:

e site will include a resident computer center, playground area, covered picnic area, sitting areas, tot lot,zebo, and covered patio with seating.

site Activities:

pport Services Coordinator on site.

ndscaping Plans:

bove average landscaping with irrigation system.



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erior Apartment Amenities:

partments will be furnished with a range with hood, disposal, refrigerator (frost free), dishwasher, storage,/D hookups, miniblinds, pantry, ceiling fans, carpet, vinyl, VCT, and central heat and air. The living roomsl be equipped with data connection ports.appliances will meed Energy Star requirements.

buildings will be equipped with sprinklers.

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.

resently the the neighborhood is a mix of well maintained single family homes and apartments. The area is

rowing as evidenced by the conventional apartment complex near the site that has been built within thest year. Also, Spring Lake's commercial development is expanding. There are numerous new stores andstaurants along NC 87. Spring Lake will continue to grow with the proposed increase of troops and civilian

mployees with BRAC.here are no tax credit apartment complexes in Spring Lake.

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, distributioncilities, 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 homes surrounding the site are primarily single familysidences. There is one other apartment complex, however, the entire street is residential.

TE SUITABILITY

equate 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 signin relation to traffic corridors. Odell Road is a dead end however, where it turns off from NC 87, there is affic light and adequate traffic control. The speed limit on Odell Road is 25 mph.

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, environmental

oblems or the need for excessive demolition).one.

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

he site will be complimentary to the other apartment complex in the neighborhood. Spring Lake Green wille an asset to the neighborhood.

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

Grocery StoreCommunity/Senior

Center


4.8


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Mall/Strip Center Hospital

Outdoor Athletic Fields Pharmacy

Day Care/After School Basic Health Care

Schools

Public Transportation

op

Convenience Store

Public Parks

Gas Station

Library

her facilities or services:

mily Resource Center .1e Department .8

olice Department .8chnical Community College .1

ank.4ere are multiple dining options including ethnic selections and fast food within 1 mile of the site.

hurch .5ost Office 1.5ental Office .6


4 5.2

3 .4

6 1.5

6

8

8

8


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evelopment Team

ovide contact information for development team members below:

nagement Agent

ompany: United Management II

dress: P.O. Box 42208


one Email:

ontact Name: First: Tami Last: Belanger

chitect

ompany: Moore Riley Architects, P.A.


ty: Raleigh State: NC Zip:

one Email:

ontact Name: First: Matt Last: Riley

orney

ompany: Tuggle, Duggins, and Meschan, P.A.


ty: Greensboro State: NC Zip:

one Email:

ontact Name: First: Bill Last: Burgin

estor

ompany: Raymond James Tax Credit Funds

dress: 880 Carillon Parkway

ty: St. Petersburg State: FL Zip:

one Email:

ontact Name: First: Craig Last: Descalzi

nsultant/Application Preparer (if different from developer)

ompany: N/A

dress:

ty: State: Zip:

one Email:

ontact Name: First: Last:


28309

(910)221-6600 [email protected]

27619


27402


33716



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neral Contractor Identity of Interest?

ompany: United Developers, Inc.



one Email:

ontact Name: First: Jim Last: Smith


28309



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rojected Operating Costs

Project Operations (Year One)

Administrative Expenses

Advertising

Office Salaries

Office Supplies

Office or Model Apartment Rent

Management Fee

Manager or Superintendent Salaries

Manager or Superintendent Rent Free Unit

Legal Expenses (Project)

Auditing Expenses (Project)

Bookkeeping Fees/Accounting Services

Telephone and Answering Service

Bad Debts

Other Administrative Expenses (specify):

SUBTOTAL

Utilities Expense

Fuel Oil

Electricity (Light and Misc. Power)

Water

Gas

Sewer

SUBTOTAL

Operating and Maintenance Expenses

Janitor and Cleaning Payroll

Janitor and Cleaning Supplies

Janitor and Cleaning Contract

Exterminating Payroll/Contract

Exterminating Supplies

Garbage and Trash Removal

Security Payroll/Contract

Grounds Payroll


3,000

6,000

3,000

24,000

10,000

3,000

4,000

4,000

57,000

5,000

4,000

1,000

10,000

3,000

2,000

3,000

5,000

2,000


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Grounds Supplies

Grounds Contract

Repairs Payroll

Repairs Material

Repairs Contract

Elevator Maintenance/Contract

Heating/Cooling Repairs and Maintenance

Swimming Pool Maintenance/Contract

Snow Removal

Decorating Payroll/Contract

Decorating Supplies

Other (specify):

Miscellaneous Operating & Maintenance Expenses

SUBTOTAL

Taxes and Insurance

Real Estate Taxes

Payroll Taxes (FICA)

Miscellaneous Taxes, Licenses and Permits

Property and Liability Insurance (Hazard)

Fidelity Bond Insurance

Workmen's Compensation

Health Insurance and Other Employee Benefits

Other Insurance:

SUBTOTAL

Supportive Service Expenses

Service Coordinator

Service Supplies

Tenant Association Funds

Other Expenses (specify):

SUBTOTAL

Reserves

Replacement Reserves

SUBTOTAL


15,000

3,000

3,250

2,400

5,000

1,000

500

45,150

30,000

4,000

15,000

1,000

2,250

52,250

4,000

4,000

12,000

12,000


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TOTAL OPERATING EXPENSES

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

TOTAL UNITS

(from total units in the Unit Mix section)

PER UNIT PER YEAR


180,400

134,400

48

2,800


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2. "Total Operating Expenses" comes from 1st-year cash flow, then it is escalated by 4% per year.3. "Debt Service" is the sum of "regular/amortized loan debt service + non-amortizing annual service" as entered by user from

Funding Sources section.4. "Net Cash Flow" is "Net Rental/Other Income" minus "Total Operating Expenses" minus "Debt Service".5. "Debt Coverage Ratio" is ("Net Rental/Other Income" minus "Total Operating Expenses") divided by "Debt Service".



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inimum Set-Asides

NIMUM REQUIRED SET ASIDES (No Points Awarded):

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: NCredit 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: NCredit 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 percent (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 comedian income.

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

Tax Exempt BondsThreshold 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 per(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 per(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 per(40%) of county median income.



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ull Application Checklist

PLEASE indicate which of the following exhibits are attached to your application. Others may be required as noted.

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 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)

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

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

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

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

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

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

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

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

O 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 lenderreserve balances, 3) letter from lender that outlines assumption requirements.

P 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.

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

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

Spring Lake App

Documents

Transcript of Spring Lake App