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Transcript of Swanzy Ridge
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Print Preview - PreliminaryApplicationTax Credits, RPP Loans, and/or Tax Exempt Bond Loans
roject Description
oject Name: Swanzy Ridge Apartments
ddress: East Swanzy Street near Hill Street Intersection
ty: Elizabethtown County: Bladen Zip:
ensus Tract: 9504 Block Group: 1
project in Qualified Census Tract or Difficult to Develop Area? Yes
e you requesting the basis boost under section II(E)(4) of the QAP?
olitical Jurisdiction: Town of Elizabethtown
risdiction CEO Name:First:Sylvia Last:Campbell
Title: Mayor
risdiction Address: 805 West Broad Street
risdiction City: Elizabethtown 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
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28337
28337
(910)862-6385
35.7810
-78.6366
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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: Ilex Properties, LLC
ddress: 1049 Sunset Meadows Drive
ty: Apex State: NC Zip:
ontact: First: Holly Last:Smith Title:Managing Member
elephone:
t Phone:
ax:
mail Address:
OTE: Email Address above will be used for communication between NCHFA and Applicant.
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27523
(919)363-1677
(919)673-5547
(919)363-1727
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te Description
tal Site Acreage: Total Buildable Acreage:
If buildable acreage is less than total acreage, please explain:
ntify utilities and services currently available (and with adequate capacity) for this site:
Storm Sewer Water Sanitary Sewer Electric
he demolition of any buildings required or planned? No
If yes, please describe:
e existing buildings on the site currently occupied? No
If yes:(a) Briefly describe the situation:
(b) Will tenant displacement be temporary?(c) Will tenant displacement be permanent?
he site directly accessed by an existing, paved, publicly maintained road? Yes
If no, please explain:
any portion of the site located inside the 100 year floodplain? No
If yes:(a) Describe placement of project buildings in relation to this area:
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5.38 5.38
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(b) Describe flood mitigation if the project will have improvements within the 100 year floodplain:
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te Control
es the owner have fee simple ownership of the property (site/buildings)?No
If yes provide:
Purchase Date: Purchase Price:
If no:
(a) Does the owner/principal or ownership entity have valid option/contract to purchase the property?Yes
(b) Does an identity of interest (direct or indirect) exist between the owner/principal or ownership entity with the option/contractpurchase of the property and the seller of the property?NoIf yes, specify the relationship:
(c) Enter the current expiration date of the option/contract to purchase:
(D) Enter Purchase Price:
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4/13/2010
118,360
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oning
esent zoning classification of the site:R-10
multifamily use permitted?Yes
e variances, special or conditional use permits or any other item requiring a public hearing needed to develop this proposal?Yes
If yes, have the hearings been completed and permits been obtained?Yes
If yes, specify permit or variance required and date obtained. If no, describe permits/variances required and schedule forobtaining them:
On December 5, 2008, the Elizabethtown Planning Board unanimously approved a Special Use Permit toallow for more than one multifamily building on the lot. On January 5, 2009, the Town Council re-affirmedthe Planning Board's decision, with no public opposition, and the Special Use Permit, for 48 units, wasgranted.
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: Swanzy Ridge Apts, LLC
dress: 1049 Sunset Meadows Drive
y: Apex 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: Ilex Swanzy, LLC
rst Name: Holly Last Name: Smith Function: Managing Member
ddress: 1049 Sunset Meadows Drive
ty: Apex State: NC Zip: 27523
hone: Fax:
Mail: Nonprofit: No
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27523
(919)363-1677 (919)363-1727
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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.
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45,949
43,865
6
6
5
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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/occupied by
targeted at percent of median income affordable to/occupied by
targeted at percent of median income affordable to/occupied by
targeted at percent of median income affordable to/occupied by
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.
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7 50
8 50
5 50
9 60
12 60
7 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:
RD 515 Loan
RD 538 Loan - Specify:
AHP Loan
Other Loan 1 - Specify:
Other Loan 2 - Specify:
Other Loan 3 - 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))
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2,126,173 0 30 30 0
3,843,798
250,000
6,219,971
68
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evelopment Costs
Item Cost Element TOTAL COSTEligible Basis
30% PV 70% PV
1 Purchase of Building(s) (Rehab / Adaptive Reuse only)
2 Demolition (Rehab / Adaptive Reuse only)
3 On-site Improvements
4 Rehabilitation
5 Construction of New Building(s)
6 Accessory Building(s)
7 General Requirements (max 6% lines 2-6)
8 Contractor Overhead (max 2% lines 2-7)
9 Contractor Profit (max 8% lines 2-7; 6% if Identity of Interest)
10 Construction Contingency (max 5% lines 2-9, Rehabs 10%)
11 Architect's Fee - Design (11 + 12 = max 3% lines 2-10)
12 Architect's Fee - Inspection
13 Engineering Costs
SUBTOTAL (lines 1 through 13)
14 Construction Insurance (prorate)
15 Construction Loan Orig. Fee (prorate)
16 Construction Loan Interest (prorate)
17 Construction Loan Credit Enhancement (prorate)
18 Construction Period Taxes (prorate)
19 Water, Sewer and Impact Fees
20 Survey
21 Property Appraisal
22 Environmental Report
23 Market Study
24 Bond Costs
25 Bond Issuance Costs
26 Placement Fee
27 Permanent Loan Origination Fee
28 Permanent Loan Credit Enhancement
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720,000 720,000
2,784,000 2,784,000
100,000 100,000
216,240 216,240
76,405 76,405
305,619 305,619
210,113 210,113
108,000 108,000
14,400 14,400
40,000 40,000
4,574,777
5,200 5,200
23,250 23,250
184,900 184,900
6,500 6,500
72,000 72,000
12,000 12,000
8,500 8,500
9,000 9,000
5,500 5,500
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29 Title and Recording
SUBTOTAL (lines 14 through 29)
30 Real Estate Attorney
31 Other Attorney's Fees
32 Tax Credit Application Fees (Preliminary and Full)
33 Tax Credit Allocation Fee (0.62% of line 60, minimum $7,500)
34 Cost Certification / Accounting Fees
35 Tax Opinion
36 Organizational (Partnership)
37 Tax Credit Monitoring Fee
SUBTOTAL (lines 30 through 37)
38 Furnishings and Equipment
39 Relocation Expense
40 Developer's Fee
41 Additional Contigency (greater of $500/unit or $30,000)
42
43
44 Rent-up Expense
45
46
SUBTOTAL (lines 38 through 45)
47 Rent up Reserve
48 Operating Reserve
49
50
51 DEVELOPMENT COST (lines 1-49)
52 Less Federally Funded Grant
53 Less Disproportionate Standard
54 Less Nonqualified Nonrecourse Financing
55 Less Historic Tax Credit
56 TOTAL ELIGIBLE BASIS
57 Applicable Fraction (percentage of LI Units)
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12,500
339,350
32,500 28,500
6,500 6,500
2,300
43,941
12,000 12,000
33,600
130,841
30,000 30,000
504,000 504,000
30,000 30,000
Other Basis Expense (s 6,000 6,000
Other Basis Expense (s
37,000
Other Non-basis Expen 345,000
Other Non-basis Expen
952,000
14,400
90,243
Other Reserve (specify)
Other Reserve (specify)
6,101,611 0 5,518,627
0
5,518,627 0 5,518,627
100.00% 100% 100%
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58 Basis Before Boost
59 Basis Boost of up to 130%
60 TOTAL QUALIFIED BASIS
61 Tax Credit Rate
62 Federal Tax Credits (maximum $1,300,000)
63 Federal Tax Credits Requested (if less than line 62)
64 Land Cost
65 TOTAL REPLACEMENT COST
FEDERAL TAX CREDITS IF AWARDED
Comments:
Project Development Cost per unit58,000
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5,518,627 0 5,518,627
100.00% 130.00%
7,174,215 0 7,174,215
3.50 9.00
645,679 0 645,679
0
118,360
6,219,971
645,679
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arket Study Information
ease provide a detailed description of the proposed project:
wanzy Ridge Apartments will be situated on a 5.3 acre, heavily wooded, irregularly-shaped tract, a fewocks east of downtown Elizabethtown. Swanzy Street intersects, to the west,with Poplar St, a/k/a SR 701,e major north/south thoroughfare through Elizabethtown, where most of the Town's retail and services areailable. These include, BO's Grocery Store, 2 pharmacies, fast food restaurants,Peebles Dept Store,
amily Dollar,the PO, Movie Gallery,hardware store, doctors offices, county courthouse,etc.
djacent and west of the site is the Town's water pump station,and to the west of that are two existing rentalmplexes for seniors. A row of 10 single family homes on large lots, all occupied and well-maintained, linee site's eastern boundary. About 100 feet off-site from the rear boundary lies a stream, so the vacantrcels to the rear will likely remain undeveloped.
wanzy Ridge's location within a quiet residential neighborhood, with all the conveniences of nearbyghway access (SR 701 & Business 87)and in-town amenities, will ensure a fast lease up, and continuedgh occupancy of its apartment homes.espite job losses reported across NC and Nation, local employment remains steady. The DOT call centerplanning on increases in personnel, and just recently, the Town announced the expansion of Dynaparorporation, which is investing $1.5 million in its plant facilities, as well as hiring an additional 79 skilledorkers.
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:
Energy-star rated appliances, insulation, windows, etc, will be utilized for energy star certification. High-quality vinyl siding,wrapped fascia, windows, porch railings, soffits and shakes, and other vinyl accents, willadd architectural interest to the elevations. Building exteriors will include 50%+ brick veneer, at varying wallheights, horizontal boarding, gables of different sizes, and various roof pitches. Roof shingles will be 25-year, antifungal, architectural style.
ve you built other tax credit developments that use the same building design as this project?Yes
If yes, please provide name and address:
Kenn Boisseau's client built the design for a tax credit project in Boiling Springs, SC. The proposed designis similar to that of Dry Creek Apartments, a 2008-approved tax credit development to be built in Lillington,NC.
e Amenities:
te amenities will include a covered picnic area, picnic tables and grills, outdoor seating around theayground and tot lot, all of which will be connected to the parking areas & clubhouse by sidewalk. Theveway will be "curvy" to improve the view through the complex, and slow down internal traffic. Theisting, mature decidous & conifer trees along the boundaries of the site, especially to the rear, will beved, to provide privacy and a wooded "preserve" for the residents to enjoy. A 6' or 8' fence, depending one site topo upon clearing, will be installed between our residential buildings and the existing single familymes to the east.
site Activities:
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e clubhouse will include an exercise room with machines and free weights; a kitchen area withfrigerator, sink & microwave; a computer and media room with high speed internet access; a laundryom with exterior, 24/7 access; and a manager's office accessible from both inside, and outside, theubhouse. The large meeting area, centrally located, will accomodate seminars, resident parties, games,afts, and activties relating to the supportive services program. Outside seating will be provided to the rearthe clubhouse via an 8'covered patio.
ndscaping Plans:
addition to saving perimeter trees and preserving the wooded area along the rear of the property, for thesidents' enjoyment, foundation plantings, consisting of evergreens and perennial flowering trees andshes will be planted. Deciduous trees will be planted in all tree islands and near the playground toovide shade. The complex entrance, and lighted sign, will be accented with crepe myrtles and annualwers. The clubhouse area, and surrounding the playground/tot lot, will be sodded and irrigated.
erior Apartment Amenities:
typical apartment will include VCT tiling at the ingress/egress points, kitchen, and bathrooms, with plushrpeting elsewhere. The kitchen will include oak cabinetry, integral backsplashes with counters, and GE,
ack appliances. Ceiling fans will be in the living and bedrooms, and mini-blinds will be included on allndows. THIS PROJECT WILL BE BUILT IN COMPLIANCE WITH ENERGY STAR REQUIREMENTS
OR INSULATION,HIGH PERFORMANCE WINDOWS, TIGHT CONSTRUCTION & DUCTS, EFFICIENTEATING AND COOLING EQUIPMENT, AND EFFICIENT LIGHTING AND APPLIANCES.
you plan to submit additional market data (market study, etc.) that you want considered? No
If yes, please make sure to include the additional information in your pre-application packet.
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pplicant's Site Evaluation
efly describe your site in each of the following categories:
EIGHBORHOOD CHARACTERISTICS
end and direction of real estate development and area economic health. Physical condition of buildings andprovements in the immediate vicinity. Concentration of affordable housing.
he subject site is "infill", within a quiet, residential neighborhood, consisting primarily of 20+ year old, brick,
ngle family homes, well-maintained and owner-occupied, on large lots. The neighborhood is stable, anduiet, with minimal traffic on East Swanzy Street. To the west of the subject site, on E.Swanzy Street, are
wo, 15 - 30 year old USDA rental projects for seniors, which are full. Rental townhouses (8), builtpproximately 2 years ago, are located to the north (off E. Broad Street/Bus 87), and are conventionally-nanced, and purportedly 100% occupied. There are no other multifamily complexes in the neighborhood.
URROUNDING LAND USES AND AMENITIES
nd use pattern is residential in character (single and multifamily housing). Extent that the location isolated. Effect of industrial, large-scale institutional or other incompatible uses, including but not limited to:astewater treatment facilities, high traffic corridors, junkyards, prisons, landfills, large swamps, distribution
cilities, frequently used railroad tracks, power transmission lines and towers, factories or similar operations,urces of excessive noise, and sites with environmental concerns (such as odors or pollution). Amount andaracter of vacant, undeveloped land. The land use pattern is definitely residential, and built-out. There areo, water lift stations on either side of E. Swanzy Street, but they do not generate noise, steam, or odors.ere are no railroad tracks, wastewater treatment facilities, swamps,junkyards, factories, landfills, towers,
etlands, transmission lines, or any other negative influences or issues of environmental concern.
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. There is minimal traffic on East Swanzy Street. Adequate traffic lights & turn
nes, on SR 701 & Bus 87, encourage drivers to use these thoroughfares, and not cut through theighborhood, to gain faster access. E. Swanzy Street's capacity will not be exceeded with full occupancy of
wanzy Ridge. The neighborhood design is a grid pattern, with stop signs at each corner, slowing downaffic. The speed limit is currently 35 mph on Swanzy Street, but will be petitioned to reduce to 25 mph and/add a speed hump, which will be financed with the CDBG being requested. Also included in the CDBG is
nding to extend the sidewalk, curb, and gutter, from its current terminus, to Swanzy Ridge's entrance. Thisl encourage residents to walk to the retail stores and services on Poplar and Broad Streets, instead ofving.
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).
ONE noted. My civil engineer & general contractor both walked the site and did not see any potentialroblems with development of Swanzy Ridge.
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milarity of scale and aesthetics/architecture between project and surroundings.
ecause the site slopes front to back, the two-story residential buildings will not tower over the backyards ofe single family homes along the site's eastern perimeter. A fence is planned along that border, as well, toaintain the existing homes' privacy. The one-story clubhouse, at the front of the complex, is compatibleith the existing single family homes in 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:
though Elizabethtown does not have a public transportation system, the Bladen Area Rural Transportationystem, which offers the elderly and disabled rides through Bladen County at reduced prices, is availableom E-Town's senior center, .3 miles from Swanzy Ridge. As you can see above, all of the primarystinations are within 1/2 mile of the subject site.
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3 .3
3 .5
4.3
4.3
3 0
3 .5
3 .3
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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)