Carlton Place

Print - APP04-0152
Page 1 of 34
Print Preview - Final Application

Tax Credits, RPP Loans, and/or Tax Exempt Bond Loans
Project Name and Location

Project Name: Carlton Place Address: City: block bounded by East, Bloodworth, Davie & Cabarrus Streets Raleigh County: Wake Block Group: 1090 Zip: 27601
Census Tract: 501.0
Is project in Qualified Census Tract & Difficult to Develop area? Yes Does a community revitalization plan exist? Yes Political Jurisdiction: Jurisdiction Address: Jurisdiction City: Jurisdiction Phone: CIty of Raleigh Last: Meeker Title: Mayor PO Box 590 Raleigh (919)890-3050 Zip: 27602
Jurisdiction CEO Name: First: Charles
Site Latitude: Site Longitude:
35.7747 -78.6328
https://www.nchfa.org/Rental/RTCApp/(drrne0ju0u1kiq555cwyiw55)/site/PrintApp.aspx?... 1/14/2005
Print - APP04-0152
Page 2 of 34
Project Description
Project Type:* New Construction Rehab Adaptive Reuse
Is this project a follow-on (Phase II, etc) to a previously-awarded tax credit development project? No If yes, list names of previous phase(s): Will the project be receiving project based federal rental assistance? No If yes, provide the subsidy source: and number of units:
Target Population: Family Indicate 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 and state codes.) Persons with disabilities or homeless populations: the greater of 5 units or 10% of the total units Remarks: Wake County Human Services will be the local lead agency for the special populations units.
Print - APP04-0152
Page 3 of 34
Applicant Information
Applicant Name: Address: City: Contact: Telephone: DHIC, Inc. 113 S. Wilmington Street Raleigh First: Natalie (919)832-4345 State: NC Zip: 27601 Last: Connell Title: Vice President
Alt Phone:
Fax:
(919)832-2206
Email Address:
natalie@dhic.org
Print - APP04-0152
Page 4 of 34
Site Description
Total Site Acreage: 2.07 Total Buildable Acreage: 2.07 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? Yes If yes, please describe: The City of Raleigh has acquired the remaining existing buildings on the site and will demolish them before selling the property to Carlton Place Development, LLC.
Are 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? Is the site directly accessed by an existing, paved, publicly maintained road? Yes If no, please explain:
Is 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:
(b) Describe flood mitigation if the project will have improvements within the 100 year floodplain:
Print - APP04-0152
Page 5 of 34
Print - APP04-0152
Page 6 of 34
Site Control
Does the owner have fee simple ownership of the property (site/buildings)? No If yes provide: Purchase Date: If no: (a) Does the owner/principal or ownership entity have vaild 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? No If yes, specify the relationship:
Purchase Price:
(c) Enter the current expiration date of the option/contract to purchase: 9/30/2004 (D) Enter Purchase Price: 625,000
Print - APP04-0152
Page 7 of 34
Zoning
PDD Master Plan & Downtown Housing Overlay Present zoning classification of the site: Disctrict Is mutifamily use permitted? Yes Are 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 obtaining them:
Are there any existing conditions of historical significance located on the project site that will require State Historic Preservation office review? Yes If yes, describe below: The site is located adjacent to the East Raleigh-South Park National Historic District and all plans must be reviewed by the City of Raleigh Historic Preservation Office.
Are there any existing conditions of environmental significance located on the project site? No If yes, describe below:
Print - APP04-0152
Page 8 of 34
Ownership Entity
Owner Name: Carlton Place Development, LLC Address: City: 113 S. Wilmington Street Raleigh State: NC Zip: 27601 80-0086448 80-0086447 (If assigned) (If Not Assigned)
Federal Tax ID Number of Ownership Entity: Federal Tax ID Number of Managing GP or Member:
Entity Type: Limited Liability Company Entity Status: Already Formed Is the applicant requesting that the Agency treat the application as Non-Profit sponsored? Is the applicant requesting that the Agency treat the application as CHDO sponsored?
Yes Yes
List all general partners, members,and principals. Specify nonprofit corporate general partners or members. Click [Add] to add additional partners, members, and principals.
Org:
Carlton Place, Inc. Last Name: Warren Function: Managing Member
First Name: Gregg Address: City: Phone: EMail:
113 S. Wilmington Street Raleigh (919)832-4345 gregg@dhic.org State: NC Zip: 27601
Fax: (919)832-2206 Nonprofit: No TaxID 80-0086447
Org:
DHIC, Inc. Last Name: Warren Function: Corp Member
First Name: Gregg Address: City: Phone: EMail:
113 S. Wilmington Street Raleigh (919)832-4345 gregg@dhic.org State: NC Zip: 27601
Fax: (919)832-2206 Nonprofit: Yes TaxID 56-1085131
Print - APP04-0152
Page 9 of 34
Unit Mix
The Median Income for Wake county is $71,300. Low Income Units Type Gdn Apt Gdn Apt Gdn Apt Gdn Apt Twn Hse Gdn Apt Gdn Apt Gdn Apt Gdn Apt Gdn Apt Gdn Apt Total # BRs Net Sq.Ft. # Units 1 1 1 2 2 2 3 3 1 2 3 786 786 858 1039 1270 1039 1216 1216 786 1039 1216 14 5 7 18 3 2 6 1 3 4 1 # Units 0 1 0 3 0 1 1 1 1 0 0 Monthly Rent 550 106 570 600 600 158 670 162 340 395 455 Electric Utility Allowance 60 60 60 82 82 82 96 96 60 82 82 Gas Other Mandatory Serv. Fees **Total Housing Exp. 610 166 630 682 682 240 766 258 400 477 537
Utilites included in rents:
Water/Sewer
Employee Units (will add to Low Income Unit total) Type # BRs Net Sq.Ft. Total # Units # Units Monthly Rent Electric Utility Allowance Gas Other Mandatory Serv. Fees **Total Housing Exp.
Water/Sewer
Market Rate Units Type Gdn Apt Gdn Apt Gdn Apt Total # BRs Net Sq.Ft. # Units 1 1 2 786 858 1039 1270 1216 2 5 6 1 2 # Units 0 0 0 0 0 Monthly Rent 600 625 700 700 850 Electric Utility Allowance 60 60 82 82 96 Gas Other Mandatory Serv. Fees **Total Housing Exp. 660 685 782 782 946
Twn Hse 2 Gdn Apt 3
Water/Sewer
Statistics All Units Low Income....... Market Rate....... Totals............... 64 16 80 Gross Monthly Rental Income 32373 10925 43298
Units 8 0 8
Print - APP04-0152
Page 10 of 34
Proposed number of residential buildings: 5 Project Includes:
Maximum number of stories in buildings: 3
Separate community building - Sq. Ft. (Floor Area): Community space within residential bulding(s) - Sq. Ft. (Floor Area): 2,232 Elevators - Number of Elevators: Square Footage Information Gross Floor Square Footage: 106,359
Total Net Sq. Ft. (All Heated Areas): 91,553
Notes ** 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.
Print - APP04-0152
Page 11 of 34
Targeting
Specify Low Income Unit Targeting in table below. List each applicable targeting combination in a separate row below. Click [Add] to create another row. Click "X" (at the left of each row) to delete a row. Add as many rows as needed.
# BRs 3 1 1 2 2 2 3 3 3 12 9 8 3 18 6 1 5 2
Units targeted at 60 targeted at 50 targeted at 30 targeted at 60 targeted at 50 targeted at 30 targeted at 60 targeted at 50 targeted at 30
% percent of median income. percent of median income. percent of median income. percent of median income. percent of median income. percent of median income. percent of median income. percent of median income. percent of median income.
Total Low Income Units:
64
Note: This number should match the total number of low income units in the Unit Mix section.
Print - APP04-0152
Page 12 of 34
Funding Sources
NonAmortizing* Rate (%) 7.25 Term (Years) 30 Amort. Period (Years) 30 Annual Debt Service 99,870
Source Bank Loan RPP Loan Local Gov. Loan - Specify: City of Raleigh RD 515 Loan RD 538 Loan - Specify: AHP Loan Other Loan 1 - Specify: Wake County 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**
Amount 1,220,000
1,000,000
2.00
30
30
478,987 250,000
1.00 2.00
20 20
20 20
706,418
30
30
4,469,766
267,479
8,392,650
* "Non-amortizing" indicates that the loan does not have a fixed annual debt service. For these items, you must fill in 20-year debt service below. ** Total Sources must equal total replacement cost in Project Development Cost (PDC) section. Estimated pricing on sale of Federal Tax Credits: $0. 80 Remarks concerning project funding sources: (Please be sure to include the name of the funding source(s)) AHP funds have been awarded. Raleigh City Council approved the loan and a commitment letter has been issued. The Wake County commitment letter will be issued in June.
Loans with Variable Amortization Please fill in the annual debt service as applicable for the first 20 years of the project life.
Print - APP04-0152
Page 13 of 34
Local Gov. Loan - City of Raleigh Year: Amt: Year: Amt: 1 37500 11 37500 2 37500 12 37500 3 37500 13 37500 4 37500 14 37500 5 37500 15 37500 6 37500 16 37500 7 37500 17 37500 8 37500 18 37500 9 37500 19 37500 10 37500 20 37500
AHP Loan Year: Amt: Year: Amt: 1 0 11 0 2 0 12 0 3 0 13 0 4 0 14 0 5 0 15 0 6 0 16 0 7 0 17 0 8 0 18 0 9 0 19 0 10 0 20 0
Other Loan 1 - Wake County Year: Amt: Year: Amt: 1 12000 11 12000 2 12000 12 12000 3 12000 13 12000 4 12000 14 12000 5 12000 15 12000 6 12000 16 12000 7 12000 17 12000 8 12000 18 12000 9 12000 19 12000 10 12000 20 12000
Print - APP04-0152
Page 14 of 34
Development Costs
Item Cost Element 1 Purchase of Buildings (Rehab) 2 Demolition 3 On-site Improvements 4 Rehabilitation 5 Construction of New Building(s) 6 Accessory Building(s) 7 General Requirements 8 Contractor Overhead 9 Contractor Profit 10 Construction Contingency 11 Architect's Fee - Design 12 Architect's Fee - Inspection SUBTOTAL (lines 1 through 12) 13 Construction Insurance (prorate) 14 Construction Loan Orig. Fee (prorate) 15 Construction Loan Interest (prorate) 16 Construction Loan Credit Enhancement (prorate) 17 Construction Period Taxes (prorate) 18 Water, Sewer and Impact Fees 19 Survey 20 Property Appraisal 21 Environmental Report 22 Market Study 23 Bond Costs (specify) 24 Cost of Issuance 25 Placement Fee 26 Permanent Loan Origination Fee 27 Permanent Loan Credit Enhancement 28 Title and Recording SUBTOTAL (lines 13 through 28) 29 Real Estate Attorney 30 Other Attorney's Fees 31 Tax Credit App Fees 32 Cost Certification 33 Tax Opinion 34 Organizational (Partnership) 35 Tax Credit Monitoring Fee SUBTOTAL (lines 29 through 35) 36 Furnishings and Equipment 37 Relocation Expenses 38 Developer's Fee (max 15% lines 2-36, less 8 & 9) 39 40 42 43 Other Basis Expense (COMMERCIAL SPACE) Other Basis Expense (specify) 30,000 50,000 Other Non-basis Expense (off-site improvmnts) Other Non-basis Expense (specify) SUBTOTAL (lines 36 through 43) 44 Rent up Reserve 1,055,000 50,000 740,000 200,000 740,000 100,000 10,000 48,000 162,814 35,000 35,000 12,000 386,180 35,000 20,000 38,814 11,000 35,000 1,500 38,814 11,000 34,400 19,780 116,000 12,000 8,000 35,000 4,000 19,780 116,000 12,000 8,000 35,000 4,000 4,080,252 80,000 286,815 101,341 405,365 167,213 120,000 24,000 5,884,986 20,000 30,000 95,000 20,000 30,000 95,000 4,080,252 80,000 286,815 101,341 405,365 167,213 120,000 24,000 620,000 226,400 TOTAL COST Eligible Basis 30% PV 70% PV 0
41 Rent-up Expenses
Print - APP04-0152
Page 15 of 34
45 Operating Reserve 46 47 Other Reserve (specify) Other Reserve (specify)
228,670
48 DEVELOPMENT COST (lines 1-47) 49 Less Federal Financing 50 Less Disproportionate Standard 51 Less Nonqualified Nonrecourse Financing 52 Less Historic Tax Credit (residential) 53 TOTAL ELIGIBLE BASIS 54 Applicable Fraction (percentage of LI Units) 55 Basis Before Boost 56 Boost for QCT/DDA (if applicable, enter 130%) 57 TOTAL QUALIFIED BASIS 58 Tax Credit Rate 59 Federal Tax Credits at Estimated Rate 60 Federal Tax Credits at 8.5% or 3.75% 61 Federal Tax Credits Requested 62 Land Cost 63 TOTAL REPLACEMENT COST
7,767,650
6,792,480
0 6,792,480 80.00% 5,433,984 7,064,179 558,776 600,455 603,313 625,000 8,392,650 0 80% 0 130.00% 0 0.00% 0 0 6,792,480 80% 5,433,984 130.00% 7,064,179 7.91% 558,776 600,455 603,313
Comments: We believe that there are unique downtown circumstance that drive up costs and request that Chart B in the QAP be used to assess this project. Please see Exhibit Y for supporting information.
Print - APP04-0152
Page 16 of 34
Market Study Information

Please provide a detailed description of the proposed project: DHIC recognizes that Carlton Place is located in a key location in Downtown Raleigh and is committed to develop a mixed-use project that will serve as a bridge between existing residential neighborhoods in Southeast Raleigh and the downtown area. We anticipate that we will have a diverse community of people living at Carlton Place. Everybody agrees that we need more housing in Downtown Raleigh. All of the recent developments announced or under construction are upper-end condominiums. Apartment dwellers tend to be younger and often quite likely to enjoy the clubs, nightlife and restaurants that our downtown offers. Carlton Place will offer an option for those not ready to purchase a home or who may choose the mobility that apartment living provides. It will also offer an affordable housing alternative in Downtown Raleigh, which may be more difficult to do in the future in light of escalating land prices. Our proposed income targeting includes market rate units, along with units at 30%, 50% and 60% of the area median income. Currently, the maximum single-person household income for tax credit apartments is almost $30,000 per year. We at DHIC believe that there are many workers downtown whose incomes fall below this level and that it makes sense to offer a housing option within walking distance to downtown and our main transit hubs. Construction (check all that apply): Brick Vinyl Wood HardiPlank Balconies/Patios Sunrooms Front Porches
Front Gables or Dormers Other:
Wide Banding or Vertical/Horizontal Siding
DHIC and its design team are committed to work with neighborhood residents, city staff and other stakeholders to ensure that Carlton Place will be have a signature design that reflects positively on the entire neighborhood. Our design program calls for 5 different buildings with different exterior treatments for each block face. To the maximum extent possible, ground floor apartments will have private entrances facing the street although, because of accessibility requirements, each apartment will have alternative entrances through enclosed and secure group entrances. Not only will exterior treatments vary across the development, but there will be a variety of roof patterns including a mix of flat and pitched roofs. Buildings 4 and 5 will be connected on the second and third floors with a pedestrian walkway through the buildings to the plaza area on the interior of the block. These same buildings will house office and commercial space on East Davie. All apartments in the complex will be one-story flats with the exception of Building 5, which will contain flats on the first floor and two-story apartments or townhouse styles on the second and third floor. The interior of the site will contain 80 parking spaces, 36 of which will be contained under Building 2 in an enclosed parking area. On street parking will be available to commercial visitors and residents.
Have you built other tax credit developments that use the same building design as this project? No If yes, please provide name and address:
Site Amenities (check all that apply): Community Bldg - Sq Ft: Laundry Rm Game/Craft Rm Chapel/Prayer Rm Irrigated Lawns Screened Porch Exercise Rm Picnic Area Security Gate Community Room - Sq Ft: 2,232 Resident Computer Center TV Rm Onsite Leasing Office Car Care Area Garages - Number: 12 Exam Rm Beauty Salon Onsite Mgr Storage Units Reading Rm/Library Vending Rm Onsite Maint. Person Gazebos
Print - APP04-0152
Page 17 of 34
Walking Trails Pool Onsite Activities:
Garden Spots Fitness Stations
Basketball/Tennis Court Horseshoe Pit
Playground Shuffleboard
Ball Field Covered Drive Thru
Landscaping Plans:
Interior Apartment Amenities (check all that apply): Range W/D Hookups Flooring: Carpet Hood Mini-blinds Vinyl Central Air Dishwasher Pantry Wood Gas Heat Disposal Ceiling fans Wood Parquet Heat Pump Refrigerator (frost free) Walk-in closets Other Storage interior/exterior
Ceramic Tile Electric Pump
Heating/Cooling:
Do 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.
Print - APP04-0152
Page 18 of 34
Applicant's Site Evaluation

Briefly describe your site in each of the following categories: NEIGHBORHOOD CHARACTERISTICS Physical condition of buildings and improvements. Trend and direction of real estate development relative to the project. Area economic health (degree of decline or investment). Concentration of affordable housing. Carlton Place is located two blocks east of Downtown Raleigh in a residential neighborhood that has been the primary focus of the City of Raleighs redevelopment efforts over the past 15 years. Since 1987, over 200 new homes have been built within a half-mile radius of the planned development. While most of these homes were sold to first-time homebuyers, many of these new homeowners have a wide range of incomes. In addition to new housing construction, the City has acquired a number of deteriorated existing homes, renovated these properties and sold them to first-time homebuyers. During the last 5 years, the City of Raleigh has expended $4 million on acquisition, relocation and demolition in the neighborhood. For example, directly to the east of the Carlton Place property is a vacant warehouse complex that the City acquired in March 2003 for $854,000. The City is currently completing a study to determine whether this property should be renovated into a use compatible with Carlton Place or demolished and redeveloped. There are two public housing developments proximate to the site. Eastwood Court is just two blocks away and is well maintained and presents no negative influences on the neighborhood. Chavis Heights, Raleighs oldest public housing complex, is south east of the site and is scheduled for demolition and redevelopment by the Raleigh Housing Authority. Two blocks to the west of the site is the $100 million Progress Energy Plaza II complex that will include residential condominiums and office space. By any measure, the trend and direction of this neighborhood is upward. Suitability of surrounding development. Land use pattern is primarily residential (single and multifamily housing) with a balance of other uses (particularly retail and amenities). Amount and character of vacant, undeveloped land. Effect of industrial, large-scale institutional or other incompatible uses: wastewater treatment facilities, high traffic corridors, junkyards, prisions, landfills, large swamps, distribution facilities, 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 or pollution). The Downtown East neighborhood where Carlton Place is located is predominantly residential with supporting uses such as schools and parks. Residents will have access a wide range of amenities. Downtown Raleigh is an easy walk to offices, restaurants, banks, pharmacies, health care facilities and educational and entertainment opportunities. The Chavis Way greenway is one block to the east and Chavis Park is just three blocks away. The park includes a swimming pool, picnic areas, basketball and tennis courts, a track and a carousel for the enjoyment of young and old alike. Downtown Raleigh will offer residents of Carlton Place a range of entertainment, cultural and educational opportunities. The BTI Center for the Performing Arts, Artspace, Exploris Museum and Imax movie theater, the City Museum, the NC Museum of History and the NC Museum of Natural Sciences are all within walking distance of the site. Carlton Place is adjacent to Museums Magnet Middle School and Shaw University, Ligon Middle School, Hunter Elementary School and the Exploris Charter Middle School are all within a half-mile radius of the site. SITE SUITABILITY Adequacy of street(s) and/or access road(s) serving the proposed project and traffic controls (lights, stop signs, turning lanes). Access to mass transit (if applicable). The existing streets are adequate to serve the development and on-street parking is allowed for the benefit of residents of Carlton Place. The property will also provide on-site parking for 80 cars and 24 of these spaces will be underground. A bus stop is just one block away on East Martin Street and the main Capital Area Transit Transfer Facility just off of Moore Square.
Degree of on-site negative features and physical barriers that will impede project construction or adversely 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. For
Print - APP04-0152
Page 19 of 34
adaptive re-use projects- suitability for residential use and difficulties posed by the building(s), such as limited parking, environmental problems or the need for excessive demolition. There are two structures that are located on the site owned by the City of Raleigh. The City is responsible for demolishing both properties and relocating the commercial tenants prior to selling the site. Development of the property is constrained by a drainage easement that runs through the property on a north-south axis. The site plan that has been developed avoids placing buildings on this easement. The City and DHIC have done extensive environmental testing on the site and have determined that the site will secure appropriate approvals from state regulatory agencies after modest remediation.
Similarity of scale and aesthetics/architecture between project and surroundings. As property values increase in neighborhoods adjacent to the City of Raleigh, denser, more urban forms of development will occur. The Carlton Place development plan calls for two- and three-story buildings with first floor office and retail space on East Davie Street. The office and retail space will offer an option to small business owners that have been displaced through neighborhood redevelopment efforts. This basic plan is consistent with a development plan and special zoning conditions that the City prepared with neighborhood residents several years ago. The facades of each building will vary and relate to the surrounding uses. On South Bloodworth Street, the buildings will be two stories in height and have ground floor entrances for most of the apartments. Moving to East Davie Street, the form of the buildings will be more contemporary reflecting the design approach taken at the Museums Middle Magnet School. For each applicable neighborhood feature, enter distance from project in miles. 1.3 0.4 0.3 0.1 0.1 0.1 0.3 0.3 0.3 0.8 0.4 0.1 0.3 Grocery Store Mall/Strip Center Outdoor Athletic Fields Day Care/After School Schools 0.3 3.0 0.4 0.1 0.1 Community/Senior Center Hospital Pharmacy Basic Health Care Medical Offices Bank/Credit Union Restaurants Professional Services Movie Theater Video Rental Public Safety (Fire/Police) Post Office
Public Transportation Stop 0.3 Convenience Store Basketball/Tennis Courts Public Parks Gas Station Library Fitness/Nature Trails Public Swimming Pools 0.1 0.1 0.4 1.5 0.3 0.4
Other facilities or services: BTI Performing Arts Center-0.5 Shaw University-0.4 ArtSpace-0.2 Public transportation transfer station-0.5 Amtrak station-0.7 State & local government services & offices-0.5 to 1.0 Exploris Children's Museum-0.4 NC Museums of History & Natural Sciences-0.8
Print - APP04-0152
Page 20 of 34
Development Team
Provide contact information for development team members below: Management Agent Company: Community Management Corporation Address: City: Phone PO Box 17489 Raleigh (919)981-0060 State: NC Zip: 27619 Email: pwells@cmc-nc.com Last: Wells
Contact Name: First: Pat
Architect Company: Address: City: Phone
JDavis Architects, PA 510 Glenwood Avenue, Suite 201 Raleigh (919)835-1500 State: NC Zip: 27603 Email: jeffd@jdavisarchitects.com Last: Davis
Contact Name: First: Jeff
Attorney Company: Address: City: Phone
The Law Office of Andrew Foster, PLLC 201 West Main Street, Suite 202D Durham (919)619-3308 State: NC Zip: 27701 Email: Last: Foster
Contact Name: First: Andrew
Investor Company: Address: City: Phone
Apollo Housing Capital 6525 Morrison Blvd., Suite 505 Charlotte (704)366-0250 State: NC Zip: 28211 Email: rvest@apollohousing.com Last: Vest
Contact Name: First: Rob
Consultant/Application Preparer (if different from developer) Company: Address: City: Phone Contact Name: First: State: Email: Last: Zip:
Identity of Interest? General Contractor Company: Southern General, Inc. Address: City: Phone PO Box 10372 Greensboro (336)545-1410 State: NC Zip: 27404 Email: paul@southerngeneralinc.com Last: Reiser
Contact Name: First: Paul
Print - APP04-0152
Page 21 of 34
Project Team Experience

Development List number low-income/tax credit housing projects and units developed, operated, and maintained in compliance by the principal(s) between December 1, 1996 and January 1, 2003: North Carolina Other States Projects: Units: 12 438 0 0
Management List number of low-income housing tax credit units managed in the past 10 years: North Carolina Other States Projects: Units: 49 2,614 0 0
Has any owner, principal, or management agent been debarred or received a limited denial participation in the past 10 years by any federal or state agency? No Has any owner, principal, or management agent been involved in a bankruptcy, an adverse fair housing settlement, an adverse civil rights settlement, or an adverse federal or state government proceeding and settlement in the past 10 years? No Has any owner or principal been in a mortgage default or delinquency of three months or more within the last 5 years on a FHA-insured project, a Rural Development funded rental project, a tax-exempt funded mortgage, a tax credit project, or any other publicly subsidized project? No Has any owner or principal been involved within the last 10 years in a project which previously received an allocation of tax credits but failed to meet compliance standards of the tax credit allocation, including return of a reservation of tax credits to the Agency after the carryover agreement has been signed? No Has any owner or principal had a Form 8823 filed with the IRS for noncompliance on a project using low-income housing tax credits or received a letter of non-compliance from the Agency? No
Print - APP04-0152
Page 22 of 34
Financing Commitments
Does the project have a firm commitment for construction financing? Does the project have a letter of intent for private permenant financing? Does the project have a firm commitment for government financing? Does the project have a letter of intent from an investor? Is any portion of the eligible basis of new contruction or rehabilitation financed with federal subsidies other than CDBG funds or funds from the HOME program? If yes, indicate the type and amount below: Tax Exempt Financing: $ RD 515 Financing: Hope VI Financing: Other: $ $ $ No Yes Yes Yes No
If Other, specify the type of Federal subsidy:
Print - APP04-0152
Page 23 of 34
Projected 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): mileage, training, other admin 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 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): COMMERCIAL SPACE EXPENSES Miscellaneous Operating & Maintenance Expenses SUBTOTAL Taxes and Insurance Real Estate Taxes Payroll Taxes (FICA) Miscellaneous Taxes, Licenses and Permits
2,000 8,621 2,400 0 29,142 32,000 0 1,000 4,200 490 3,600 0 3,300 86,753 0 14,900 11,746 0 10,600 37,246 2,400 1,200 2,200 1,500 0 7,200 0 2,400 2,200 10,000 18,000 2,000 4,000 0 2,400 0 0 4,500 750 10,000 600 71,350 45,890 5,464 0
Print - APP04-0152
Page 24 of 34
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): Local Lead Agency SUBTOTAL Reserves Replacement Reserves SUBTOTAL 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
20,000 66 1,200 10,000
82,620 1,200 4,800
4,000 10,000 20,000 20,000 307,969 232,079 80 2,900
Print - APP04-0152
Page 25 of 34
Projected Cash Flow Year One

OPERATING INCOME Gross rental income (from Unit Mix - Total Monthly Rent) Stores and Commercial Laundry and Vending Other (specify): application fees & late charges Total Gross Income Potential at 100% Occupancy Seven Percent Vacancy Allowance NET RENTAL/OTHER INCOME TOTAL OPERATING EXPENSES (from Projected Operating Costs) NET OPERATING INCOME DEBT SERVICE (from Funding Sources Loans) NET CASH FLOW DEBT COVERAGE RATIO (Must not be less than 1.15) 2,000 500 522,076 36,545 485,531 519,576
307,969 177,562
149,370
28,192 1.189
20-Year Cash Flow

Year Net Rental/Other Income* Total Operating Expenses* Debt Service Net Cash Flow Debt Coverage Ratio Year Net Rental/Other Income* Total Operating Expenses* Debt Service Net Cash Flow Debt Coverage Ratio 1 485,531 307,969 149,370 28,192 1.189 11 652,514 455,870 149,370 47,274 1.316 2 500,097 320,288 149,370 30,439 1.204 12 672,089 474,105 149,370 48,614 1.325 3 515,100 333,100 149,370 32,630 1.218 13 692,252 493,069 149,370 49,813 1.333 4 530,553 346,424 149,370 34,759 1.233 14 713,020 512,792 149,370 50,858 1.34 5 546,470 360,281 149,370 36,819 1.246 15 734,411 533,304 149,370 51,737 1.346 6 562,864 374,692 149,370 38,802 1.26 16 756,443 554,636 149,370 52,437 1.351 7 579,750 389,680 149,370 40,700 1.272 17 779,136 576,821 149,370 52,945 1.354 8 597,143 405,267 149,370 42,506 1.285 18 802,510 599,894 149,370 53,246 1.356 9 615,057 421,478 149,370 44,209 1.296 19 826,585 623,890 149,370 53,325 1.357 10 633,509 438,337 149,370 45,802 1.307 20 851,383 648,846 149,370 53,167 1.356
* Net Rental Income escalated at annual rate of 3% and expenses escalated at a rate of 4% after the first year.
Calculations:
1. "Net Rental/Other Income" comes from 1st-year cash flow, then it is escalated by 3% per year. 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".
Print - APP04-0152
Page 26 of 34
Design Features
ITEM Foundation/Slab Components Primary Windows DESCRIPTION post tension slab on grade Make: Silverline Model: 2900 series
Type/Construction: vinyl w/ insulated glass Exterior Doors Siding Type: metal insulated Type: hardi-panel, vinyl, brick Frames: wood Grade/Thickness: 1/4"; .044"
Warranty: 50 years on hardi-panel; lifetime limited on vinyl Exterior Trim Shingles Miratec Type: fiberglass;antifungal Weight: 240 lbs.
Warranty: 25 years; will also have EPDM membrane roof or equal Sprinkler System Cabinets Heat Pump NFPA 13R Grandview Products " Entree Maple" or equivalent SEER: 11 SEER Model: varies w/ unit size Air Conditioner SEER: Model: Other Heat Systems SEER: Model: Make: Make: Make: Carrier or equal
Print - APP04-0152
Page 27 of 34
Costs - Construction
This is a detailed breakdown of rehabilitation or construction costs you summarized in the Development Costs table (Rehabilitation and Construction of New Building(s)). The total should match those roll-up values. ITEM Concrete Footings Backfill-slab, Crawl Slab-concrete/Rebar/Gravel Waterproofing Masonry Foundation Brick Veneer Steel/Structure/Rails Framing/Lumber/Nails Trusses Crane Rental Windows/Grilles/Screen Exterior Doors Roofing Fencing Vinyl Siding/Trim/Box Gutters/Shutters Insulation Drywall Interior Doors Int. & Final/Stair/Trim/Shelves Cabinets & Tops Painting Marble - Tub/Shwr/Tops Plumbing Electrical Heating/Air Conditioning Floor Covering and Underlayment Wall Paper Mailboxes/Special Features/Signage Gypcrete Blinds/Shades/Art Work Light Fixtures/Fans Sprinkler System Security Alarm Hardwood Floors Elevator Ceramic Tiles Acoustical Ceilings 33,156 370 11,231 542 7,036 27,497 7,208 32,354 56,456 110,196 115,355 52,343 19,900 204,650 282,421 223,148 84,835 51,162 16,851 79,886 20,174 1,559 7,163 170,017 19,382 8,832 43,999 144,829 51,151 39,356 106,580 53,257 50,736 222,975 15,044 263,684 124,795 33,485 545,314 78,637 8,426 41,031 140,622 112,927 67,893 151,116 LABOR 7,773 MATERIAL 17,301 TOTAL 25,074 0 219,009 0 0 347,770 48,529 808,998 78,637 8,426 41,031 140,622 163,663 0 39,556 10,391 51,162 314,846 51,151 90,518 123,431 133,143 0 314,846 397,776 275,491 104,735 0 7,406 38,728 7,750 32,354 89,612 0 0 0 0 0
Print - APP04-0152
Page 28 of 34
Mirror/Shower Door/Encls. Hardware/Bath Access. Appliances Playground Equipment Interior Clean Exterior Clean/Dumpster Rental Other 1 (specify in Remarks) Other 2 (specify in Remarks) Total Cost Remarks: 1,339,729 2,740,523 15,894 5,825 30,580 63,298
0 36,405 63,298 0 15,894 0 0 0 4,080,252
Costs for accessory building/community space are included in these numbers. In addition to the above numbers, the development budget also includes $200,000 for commercial space.
Print - APP04-0152
Page 29 of 34
Costs - General
This is a detailed breakdown of the General Requirements cost element you summarized in the Development Costs table (General Requirements). The total should match that roll-up value. ITEM Supervision Job Site Office/Trailer Rental Office Supplies Security/Watchman Project Signage Tools and Equipment Gas, Oil, and Maintenance Temporary Water, Electric, and Telephone Storage/Hauling Driveway Access Permit Porta-John Rental/Dumping Builders Risk Insurance Re-inspection Fees Extra Plans and Specifications Miscellaneous, Casual Labor Equipment Rental Other 1 (specify in Remarks) Other 2 (specify in Remarks) Total Cost Remarks: Other 1 is project specific insurance Other 2 is clean-up/dumpster rental 2,174 60,622 18,551 21,230 20,582 286,815 1,884 3,019 10,870 12,319 25,605 4,469 TOTAL 102,591 2,174 725
Print - APP04-0152
Page 30 of 34
Costs - Improvements
This is a detailed breakdown of the Site Improvements cost element you summarized in the Development Costs table (On-site Improvements). The total should match that roll-up value. ITEM Subsurface Exploration/Perk Testing/Site Engineering Clearing/Grading/Final Grading/Excess and Borrow Demolition Earthwork/Excavation/Aerating Soil Treatment Pile Foundations Caissons Shoring/Bracing Site Drainage Site Utilities/Site Lighting Paving and Surfacing/Curb and Gutter Walkways Site Signage Parking Lot Painting Dumpster Pads/Fencing Fencing/Gates Landscaping/Topsoil Rock and Hardpan Excavation Site Supervision Personnel Other (specify in Remarks) Total Cost Remarks: Other is field engineering layout and staking. 32,030 24,906 620,000 136,989 41,097 93,401 60,553 59,341 6,227 4,359 14,275 89,665 6,658 TOTAL 6,227 44,272
Print - APP04-0152
Page 31 of 34
Costs - Bond Costs

This is a detailed breakdown of the Bond Costs cost element you summarized in the Development Costs table (Bond Costs). The total should match that roll-up value. ITEM Letter of Credit Fee Credit Enhancement Underwriter Discount Capital Interest Fund Other 1 (specify in Remarks) Other 2 (specify in Remarks) Total Cost Remarks: 0 TOTAL
Print - APP04-0152
Page 32 of 34
Costs - Bond Issuance

This is a detailed breakdown of the Bond Issuance cost element you summarized in the Development Costs table (Cost of Issuance). The total should match that roll-up value. ITEM Bond Counsel Issuer Counsel Credit Enhancement/LOC Counsel Underwriter Counsel Developer's Counsel Rating Agency Fee Printing Trustee Fee Trustee Counsel Issuer's Fee Other 1 (specify in Remarks) Other 2 (specify in Remarks) Other 3 (specify in Remarks) Total Cost Remarks: 0 TOTAL
Print - APP04-0152
Page 33 of 34
Minimum Set-Asides
MINIMUM REQUIRED SET ASIDES (No Points Awarded): Select one of the following two options: 20% of the qualified units are rent restricted and occupied by households with incomes at or below 50% of the median income (Note: No Tax Credit Eligble Units in the the project can exceed 50% of median income) 40% of the qualified units are rent restricted and occupied by households with incomes at or below 60% of the median income (Note: No Tax Credit Eligble Units in the the project can exceed 60% of median income) If requesting RPP funds: 40% of the qualified unit are occupied by households with incomes at or below 50% of median income.
State Tax Credit and QAP Targeting Points: High Income county: At least twenty-five percent (25%) of qualified units will be affordable to households with incomes at or below thirty percent (30%) of county median income. At least twenty-five percent (25%) of qualified units will be affordable to and occupied by households with incomes at or below thirty percent (30%) of county median income.
At least fifty percent (50%) of qualified units will be affordable to households with incomes at or below forty percent (40%) of county median income. At least fifty percent (50%) of qualified units will be affordable to and occupied by households with incomes at or below forty percent (40%) 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 mortgage subsidy points (select one): At least twenty percent (20%) 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 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.
Print - APP04-0152
Page 34 of 34
Full 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 C Ownership Entity Agreement, Development Agreement or any other agreements governing development services D Management Agent Agreement E Development and manager multi-family experience & Management Questionnaire (Appendix C) F Letters from State Housing Agencies or designated monitoring agent verifying Out of State Management Experience G Completed IRS Form 8821 (Appendix I) H Letters from Local Utility Providers (original on letterhead, no fax or photocopies) I Local Government Letter or Letter from Certified Engineer or Land Surveyor Confirming Floodplain Designation with Map showing 100 year and 500 year floodplain (original on letterhead, no fax or photocopies)
J Local Government Letter Confirming Zoning (original on letterhead, no fax or photocopies) K Copy of certificate of occupancy or proof of placed-in-service date (Rehabs Only) L Site plan, floor plans and elevations M Hazard and structural inspection and termite reports (Renovation projects only) N Anticipated budget demonstrating how the project would meet the 10% test by November 14th. O Evidence of Architect's Errors and Omissions insurance (or equivalent). P Description of acquisition for existing/occupied projects or for projects with occupied buildings to be demolished. Q Description of proposed Relocation Plan & Relocation Budget, Etc. If any relocation is anticipated, reference Appendix F. R Targeting Plan and supporting documentation (Required for all projects) S Local Housing Authority Agreement (Reference Model in Appendix I) T Appraisal (for land costs greater than $5,000 and for buildings in rehab projects) U Evidence of Permanent Loan Commitment, other sources of funds, and project-based subsidies. V Statement regarding terms of Deferred Developer Fee and, if nonprofit, resolution of Board approving fee. W Inducement Resolution (Tax-Exempt Bond Financed Projects only) X Documentation to support estimated utility costs.

Carlton Place

Enviado por

Dados do documento

Descrição original:

Direitos autorais

Formatos disponíveis

Compartilhar este documento

Compartilhar ou incorporar documento

Opções de compartilhamento

Você considera este documento útil?

Este conteúdo é inapropriado?

Direitos autorais:

Formatos disponíveis

Carlton Place

Enviado por

Direitos autorais:

Formatos disponíveis

Print - APP04-0152

Print Preview - Final Application

Project Name and Location

Census Tract: 501.0

Jurisdiction CEO Name: First: Charles

Site Latitude: Site Longitude:

Carlton Place, Inc. Last Name: Warren Function: Managing Member

First Name: Gregg Address: City: Phone: EMail:

113 S. Wilmington Street Raleigh (919)832-4345 gregg@dhic.org State: NC Zip: 27601

Fax: (919)832-2206 Nonprofit: No TaxID 80-0086447

DHIC, Inc. Last Name: Warren Function: Corp Member

First Name: Gregg Address: City: Phone: EMail:

113 S. Wilmington Street Raleigh (919)832-4345 gregg@dhic.org State: NC Zip: 27601

Fax: (919)832-2206 Nonprofit: Yes TaxID 56-1085131

Utilites included in rents:

Utilites included in rents:

Twn Hse 2 Gdn Apt 3

Utilites included in rents:

Proposed number of residential buildings: 5 Project Includes:

Maximum number of stories in buildings: 3

Total Net Sq. Ft. (All Heated Areas): 91,553

Total Low Income Units:

AHP Loan Year: Amt: Year: Amt: 1 0 11 0 2 0 12 0 3 0 13 0 4 0 14 0 5 0 15 0 6 0 16 0 7 0 17 0 8 0 18 0 9 0 19 0 10 0 20 0

45 Operating Reserve 46 47 Other Reserve (specify) Other Reserve (specify)

Market Study Information

Front Gables or Dormers Other:

Wide Banding or Vertical/Horizontal Siding

Walking Trails Pool Onsite Activities:

Garden Spots Fitness Stations

Basketball/Tennis Court Horseshoe Pit

Ball Field Covered Drive Thru

Ceramic Tile Electric Pump

Applicant's Site Evaluation

Contact Name: First: Pat

Architect Company: Address: City: Phone

Contact Name: First: Jeff

Attorney Company: Address: City: Phone

Contact Name: First: Andrew

Investor Company: Address: City: Phone

Contact Name: First: Rob

Contact Name: First: Paul

Project Team Experience

If Other, specify the type of Federal subsidy:

Projected Operating Costs

20,000 66 1,200 10,000

82,620 1,200 4,800

4,000 10,000 20,000 20,000 307,969 232,079 80 2,900

Projected Cash Flow Year One

20-Year Cash Flow

0 36,405 63,298 0 15,894 0 0 0 4,080,252

Costs - Bond Costs

Costs - Bond Issuance

Full Application Checklist

Você também pode gostar