Download - Fairview Manor App

8/6/2019 Fairview Manor App

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

roject Description

oject Name: Fairview Manor

dress: West Old Road

ty: Lillington County: Harnett Zip:

ensus Tract: 707 Block Group: 1

project in Qualified Census Tract or Difficult to Develop Area? No

olitical Jurisdiction: Town of Lillington

risdiction CEO Name:First:Glenn Last:McFadden

Title: Mayor

risdiction Address: 106 West Front Street

risdiction City: Lillington Zip:

risdiction Phone:

e Latitude:

e Longitude:

oject Type: New Construction

this project a previously awarded tax credit development? No

If yes, what is the project number: Is this a request for supplementalcredits?

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

ll the project include a Community Service Facility under IRS Revenue Ruling 2003-77?o

ttps://www.nchfa.org/Rental/RTCApp/(S(zamf3rmuh...F102BA55A3&SNID=85440A19A03C4F61A59C3D8889277070 (1 of 29)9/16/2008 1:43:00 PM

27546

27546

(910)893-2654

35.399

-78.816


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If yes, please describe:

rget Population:Elderly (55)

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:


2

4


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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: Fred G. Mills

dress: Post Office Box 6171

ty: Raleigh State: NC Zip:

ontact: First: Fred Last:Mills Title:

lephone:

Phone:

x:

mail Address:

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


27628-6171

(919)755-9155

(919)755-2245

[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? No

If no, please explain:

This site sits directly behind Fairview Pointe Apartments, a family deal that is under construction now. If the

elderly project we are applying gets an award, we will extend the road to the elderly property.

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:


3.10 3.10


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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/contract fopurchase 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:


11/15/2008

106,750


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oning

esent zoning classification of the site:MF

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: Fairview Manor, LLC

dress: Post Office Box 6171

y: Raleigh State:NC Zip:

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

ote: Do not submit social security numbers for individuals.

tity Type: Limited Liability Company

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: Fairview Manor, LLC

st Name: Fred Last Name: Mills Function: Principalddress: Post Office Box 6171

ty: Raleigh State: NC Zip: 27628-6171

one: Fax:

Mail: Nonprofit: No


27628-6171

(919)755-9155 (919)755-2245

[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.

ttps://www.nchfa.org/Rental/RTCApp/(S(zamf3rmu...102BA55A3&SNID=85440A19A03C4F61A59C3D8889277070 (10 of 29)9/16/2008 1:43:00 PM

2,820

1

39,580

38,539
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.


4 40

4 40

4 50

4 50

8 60

8 60

32


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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 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))

t Mortgage - CICCAR


330,000 6.00 30 30 23,742

640,000

0.00 20 20

553,078 0 30 30 0

2,273,341

3,796,419

80


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d Mortgage - NCHFA - RPPd Mortgage - NCHFA - State Tax Credit Loanquity - ESIC

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


9863 9910 9919 9885 9808 9682 9506 9275 8986 8636

8220 7734 7174 6535 5812 5001 4095 3090 1979 757


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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


295,000 295,000

1,930,000 1,930,000

133,500 133,500

47,170 47,170

141,510 141,510

76,415 76,415

57,733 57,733

6,192 6,192

12,800 12,800

2,700,320

10,000 10,000

14,400 14,400

109,214 84,892

10,000 10,000

107,072 107,072

10,000 10,000

6,000 6,000

8,000 8,000

4,300 4,300

7,100

5,000


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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


291,086

13,500 13,500

5,000 5,000

2,200

20,061

9,000 9,000

5,000

10,000

22,400

87,161

25,000 25,000

336,000 336,000

Other Basis Expense (s

Other Basis Expense (s

10,000

Off-site improvements 155,000

Other Non-basis Expen

526,000

9,600

75,502

Other Reserve (specify)

Other Reserve (specify)

3,689,669 0 3,343,484

0

3,343,484 0 3,343,484

100.00% 100% 100%

3,343,484 0 3,343,484

100.00% 100.00%

3,343,484 0 3,343,484


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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:81,987


3.40 8.50

284,196 0 284,196

300,914 0 300,914

0

106,750

3,796,419

300,914


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arket Study Information

ase provide a detailed description of the proposed project:

e proposed project is a 32 unit elderly (55+) project with one (1) building that will contain communityaces and an elevator. The project will provide four (4) fully accessible units, including two (2) with roll-inowers. We believe the site is a wonderful location for an elderly project as it is conveniently located within5 miles of essential ammenities.

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 buildings will be accented with shingle siding.

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

If yes, please provide name and address:

Sandhill Manor, 801 Harkey Road, Sanford, North Carolina 27330

Rollinwood Manor, 1932 Rollinwood Drive, Rocky Mount, North Carolina 27801

e Amenities:

e site amenities include outdoor sitting areas, a multi-purpose room, a resident computer center, tenantorage areas, a covered drive-thru at the entry, covered patio with seating, garden plots and a continuousalking trail around the property. In addition, there will be covered picnic area with grills.

site Activities:

esidents may use the multi-purpose room for meetings, classes, and other activities. They may also enjoye walking trail, covered patio seating area, outdoor sitting areas, and garden plots located outside theilding. There will also be a resident computer center as well as tenant storage areas.

ndscaping Plans:



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is apartment project will be attractively landscaped with plants and trees native to the area such asgwoods, azaleas, pines, and wax myrtle. Trees will be planted in order to create a pleasant, shadedtural area. A picnic area will also be located on the site where the residents may enjoy outdoor meals.

arden spots will allow the residents to plant vegetables and flowers. We may also use some trees (ex.aulownia) to act as screening between the adjacent properties.

erior Apartment Amenities:

erior amenities will include a range, hood, dishwasher, disposal, frost-free refrigerator, storage, washer/

yer hookups, mini-blinds and ceiling fans in each bedroom and the living room.

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 direction of real estate is on the upward trend. The site is adjacent to a new 50 unit family tax credit

eal, Fairview Pointe Apartments. A new subdivision of single family homes is underway across West Oldoad.

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 surrounding land uses include multi-family units, single familymes and raw land, as well as a church and a new elementary school nearby. As a result of the existing

nd uses, the project is well-suited for the area. The site is well located with amenities such as a groceryore, community senior center, pharmacy, basic health care, medical offices, banks, a convenient store,staurants, video rental store, public library and post office all being located within 1.5 miles of the site. Theoject will be developed on a 3.1 acre site that will be subdivided out from an existing 21.5 acre tract ofcant land. The current owners plan to build and sell "patio homes" to 55+ homeowners.

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. We anticipate the entrance of the project to be off of a new road that will be

ilt as a result of the 50 unit family project. Because the road is so new and will only service tenants living ine 50 unit family project and this 32 unit elderly project, we believe the controls that are in place arefficient. The Town of Lillington recently installed a new 8" sewer line a the front of West Old Road whichl allow adequate capacity for this project.

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 on-site negative features.



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

he adjacent properties to the project consist of a single family home, multi-family housing and raw land.he project will be a good fit for the neighborhood and will be complimentary to the existing surroundings.

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

Grocery StoreCommunity/Senior

Center

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:

ARTS Of Harnett County provides Dial-A-Ride, a pay as you go transporation service for all Harnettounty residents.

ere is swim club that residents can join located in Lillington, but there are not public swimming facilities inof Harnett County.


91.2

1 11.0

5 .54

1.3

9

0

7

49


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evelopment Team

ovide contact information for development team members below:

nagement Agent

ompany: United Property Management, PLLC

dress: 1048 Washington Street


one Email:

ontact Name: First: Fred Last: Mills

chitect

ompany: Jones Architecture, PLLC

dress: 5306 Six Forks Road, Suite 221


one Email:

ontact Name: First: Wayne Last: Jones

orney

ompany: Pryzwansky Law Firm

dress: 5 West Hargett Street, Suite 910


one Email:

ontact Name: First: David Last: Pryzwansky

estor

ompany: Enterprise Community Investment, Inc.

dress: 10227 Wincopin Circle

ty: Columbia State: MD Zip:

one Email:

ontact Name: First: Steve Last: Smith

nsultant/Application Preparer (if different from developer)

ompany:

dress: 106 Muir Woods Drive

ty: Cary State: NC Zip:

one Email:

ontact Name: First: Cathy Last: Connors


27605

(919)755-9155 [email protected]

27609


27601


21044-3400


27513



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neral Contractor Identity of Interest?

ompany: Mills Construction Co. of S.C., Inc.

dress: 1048 Washington Street


one Email:

ontact Name: First: Fred Last: Mills, Jr.


27605



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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


750

2,500

14,400

15,000

500

4,000

2,500

1,000

40,650

6,000

6,000

6,000

18,000

750

750

1,000

1,200

1,000


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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


1,500

1,500

2,500

2,500

2,500

3,500

18,700

18,000

2,500

8,000

150

1,500

Unemployment - State350

30,500

0

8,000

8,000


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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


115,850

89,850

32

2,808


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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)