Escolar Documentos
Profissional Documentos
Cultura Documentos
Project Description
Project Name: Brookridge Address: City: 3900, 3908, 3916 and 3930 Durham Drive Raleigh County: Wake Block Group: 1 Zip: 27603
Is project in Qualified Census Tract or Difficult to Develop Area? Yes Political Jurisdiction: Jurisdiction Address: Jurisdiction City: Jurisdiction Phone: Raleigh Extraterritorial Jurisdiction (ETJ) Last: Meeker Title: Mayor PO Box 590 Raleigh (919)890-4168 Zip: 27602
35.7276 -78.6449
Project Type: New Construction New Construction/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): Rehab: Is this project a previously awarded tax credit development? If yes, what year were credits awarded?: Number of residents holding Section 8 vouchers: Will the project meet Energy Star standards as defined in Appendix B? Yes Does a community revitalization plan exist? No Will the project use steel and concrete construction and have at least 4 stories? No Will the project include a Community Service Facility under IRS Revenue Ruling 2003-77? No If yes, please describe:
Target Population: Family Will the project be receiving project based federal rental assistance? No If yes, provide the subsidy source: and number of units:
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.)
Number of Units: 3 Persons with disabilities or homeless populations: the greater of 5 units or 10% of the total units. Number of Units: 5 Remarks: Five units will be reserved for individuals with a disability. Rents for these units will be affordable for households with extremely low incomes. The residents in these units will mostly likely be referred through a local lead agency, Wake County Human Services, that will continue to provide follow-up services to these residents and contact their referral agencies as needed. These 5 units will be part of a Special Populations Targeting Plan and will receive Key Program rental assistance.
Applicant Information
Indicate below an individual or a validly existing entity (a corporation, nonprofit, limited partnership or LLC) as the official applicant. Under QAP Section III(C)(5) only this individual or entity will be able to make decisions with regard to this application. If awarded the applicant must become part of the ownership entity. The applicant will execute the signature page for this application. Applicant Name: Address: City: Contact: Telephone: Alt Phone: Fax: Email Address: (919)832-2206 gregg@dhic.org DHIC, Inc. 113 South Wilmington Street Raleigh First: Gregg (919)832-4345 State: NC Zip: 27601 Last: Warren Title: Executive Director
NOTE: Email Address above will be used for communication between NCHFA and Applicant.
Site Description
Total Site Acreage: 4.99 Total Buildable Acreage: 2.23 If buildable acreage is less than total acreage, please explain: A portion of the site is protected from development by a Neuse River Buffer.
Identify utilities and services currently available (and with adequate capacity) for this site: Storm Sewer Water Sanitary Sewer Electric
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:
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 valid option/contract to purchase the property? Yes (b) Does an identity of interest (direct or indirect) exist between the owner/principal or ownership entity with the option/contract for purchase of the property and the seller of the property? No If yes, specify the relationship:
Purchase Price:
(c) Enter the current expiration date of the option/contract to purchase: 7/31/2007 (D) Enter Purchase Price: 475,000
Zoning
Present zoning classification of the site: R-10 Is multifamily 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? No If yes, describe below:
Are there any existing conditions of environmental significance located on the project site? No If yes, describe below:
Ownership Entity
Owner Name: Brookridge Housing, LLC Address: City: 113 South Wilmington Street Raleigh State: NC Zip: 27601 (If assigned)
Note: Do not submit social security numbers for individuals. Entity Type: Limited Liability Company Entity Status: To Be Formed Is the applicant requesting that the Agency treat the application as Non-Profit sponsored? 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:
Brookridge Affordable Housing, Inc. Last Name: Warren Function: Managing Member
113 South Wilmington Street Raleigh (919)832-4345 gregg@dhic.org State: NC Zip: 27601
Org:
113 South Wilmington Street Raleigh (919)832-4345 gregg@dhic.org State: NC Fax: (919)832-2206 Nonprofit: Yes Zip: 27601
Unit Mix
The Median Income for Wake county is $71,600. Low Income Units Type Gdn Apt Gdn Apt Gdn Apt Gdn Apt # BRs Net Sq.Ft. EFF EFF EFF EFF 450 450 450 450 Total # Units 10 20 5 5 # Units 1 2 1 2 Monthly Rent 445 415 376 354 Electric Utility Allowance 0 0 0 0 Gas Mandatory Serv. Fees 0 0 0 0 Other trash removal **Total Housing Exp. 445 415 376 354
Water/Sewer
Employee Units (will add to Low Income Unit total) Type Gdn Apt # BRs Net Sq.Ft. 2 990 Total # Units 1 # Units 1 Monthly Rent 0 Electric Utility Allowance 0 Gas Other Mandatory Serv. Fees 0 **Total Housing Exp. 0
Water/Sewer
Market Rate Units Type # BRs Net Sq.Ft. Total # Units # Units Monthly Rent Utility Allowance Gas Other Mandatory Serv. Fees **Total Housing Exp.
Water/Sewer
Electric
Statistics All Units Low Income....... Market Rate....... Totals............... 41 7 16400 41 Gross Monthly Rental Income 16400
Units 7
Separate community building - Sq. Ft. (Floor Area): Community space within residential bulding(s) - Sq. Ft. (Floor Area): 5,382 Elevators - Number of Elevators: 1 Square Footage Information Gross Floor Square Footage: 35,624
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.
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.
% percent of median income affordable to/occupied by percent of median income affordable to/occupied by percent of median income affordable to/occupied by
40
Note: This number should match the total number of low income units in the Unit Mix section.
Funding Sources
NonAmortizing* Rate (%) Term (Years) Amort. Period (Years) Annual Debt Service
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
303,594 900,000
20.00 2.00
20 30
20 30
600,000
2.00
20
20
386,574
30
30
2,962,220
5,152,388
* "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. 85 Remarks concerning project funding sources: (Please be sure to include the name of the funding source(s)) The project has no annual debt service. However, according to the projections ("Projected Cash Flow" page), the project shows negative net cash flow starting in year 6. As illustrated in the "Development Cost" page we have included a $350,000 special operating reserve/sinking fund in our budget to cover projected operating shortfalls for the first 20 years. The assumptions behind this sinking fund are based on conversations with the proposed equity provider and DHIC's experience with Lennox Chase.
Loans with Variable Amortization Please fill in the annual debt service as applicable for the first 20 years of the project life.
Development Costs
Item Cost Element 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 8 Contractor Overhead 9 Contractor Profit 10 Construction Contingency 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 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 (0.58% of line 59, 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 42 44 45 Other Basis Expense (specify) Other Basis Expense (specify) Other Non-basis Expense (specify) Other Non-basis Expense (specify) TOTAL COST 0 0 384,056 0 2,019,384 0 144,206 48,069 203,812 83,986 70,000 16,450 30,000 2,999,963 23,575 38,000 110,000 0 10,000 100,000 15,000 6,000 6,500 4,200 0 0 0 9,000 0 13,000 335,275 35,000 15,000 2,200 26,000 12,000 0 10,000 26,650 126,850 60,000 0 430,500 0 0 20,000 0 0 0 0 0 0 0 60,000 0 430,500 0 0 0 12,000 0 0 35,000 15,000 0 0 0 0 0 0 0 0 0 0 23,575 38,000 110,000 0 10,000 100,000 15,000 6,000 6,500 4,200 Eligible Basis 30% PV 70% PV 0 0 0 0 0 0 0 0 0 0 0 0 0 0 384,056 0 2,019,384 0 144,206 48,069 203,812 83,986 70,000 16,450 30,000
43 Rent-up Expense
SUBTOTAL (lines 38 through 45) 46 Rent up Reserve 47 Operating Reserve 48 49 Other Reserve (special reserve/sinking fund) Other Reserve (specify)
510,500 32,800 87,000 585,000 0 4,677,388 0 0 0 0 3,865,738 100.00% 3,865,738 3,865,738 311,191 328,587 348,500 0 475,000 5,152,388 328,587 0 100% 0 100.00% 0 3.45 0 0 0 0 0 0 3,865,738 0 0 0 0 3,865,738 100% 3,865,738 100.00% 3,865,738 8.05 311,191 328,587
50 DEVELOPMENT COST (lines 1-49) 51 Less Federal Financing 52 Less Disproportionate Standard 53 Less Nonqualified Nonrecourse Financing 54 Less Historic Tax Credit (residential) 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 60 Tax Credit Rate 61 Federal Tax Credits at Estimated Rate 62 Federal Tax Credits at 8.5% or 3.75% Max Federal Tax Credits (With Energy Star - Lesser of $8,500 per unit or 63 $800,000, w/o - Lesser of $8,000 per unit or $800,000) 64 Federal Tax Credits Requested 65 Land Cost 66 TOTAL REPLACEMENT COST FEDERAL TAX CREDITS IF AWARDED Comments:
Total Replacement Cost per unit: Federal Tax Credits (line 62) per unit:
94,453 8,014
There will be a resource center stocked with pamphlets, flyers and other pertinent community resources and activities so that residents are able to access and explore available resources and information on their own time.
Have you built other tax credit developments that use the same building design as this project? Yes If yes, please provide name and address: Lennox Chase 2534 Lake Wheeler Road Raleigh * is very similar but not identical
Site Amenities: Site amenities will include a fitness/exercise room, a TV lounge, a screened porch and a private room for confidential meetings. There will also be a main community room with a adjacent spacious kitchen for community gatherings and social events. A covered sitting area, outdoor grills and benches will be available for use by residents.
Onsite Activities:
Landscaping Plans: One of the main features of the site is its natural woods, and a significant portion of this forest will be preserved. In addition, landscaping features will be added, with an emphasis on the the side of the building that fronts Durham Drive.
Interior amenities in each apartment will include a small kitchen that features a frost-free refrigerator and range with hood, as well as mini-blinds.
Do 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.
SURROUNDING LAND USES AND AMENITIES Suitability of surrounding development. Land use pattern is residential in character (single and multifamily housing) with a balance of other uses (particularly retail and amenities). Effect of industrial, large-scale institutional or other incompatible uses, including but not limited to: wastewater treatment facilities, high traffic corridors, junkyards, prisons, 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). Amount and character of vacant, undeveloped land. The property sits in a small, quiet single-family residential neighborhood that occupies the south end of Durham Drive. The neighborhood is nestled in the midst of an area that also includes commercial and light industrial uses, as well as some parcels of undeveloped land. The commercial and light industrial area is quiet and is not incompatible with residential use. The fact that the site is heavily wooded, and tree conservation plans will preserve much of this forest, will create an additional buffer between the site and the nearby commercial and light industrial properties. Finally, a wide variety of retail and services are located nearby. SITE SUITABILITY Adequate traffic controls (stop lights, speed limits, turn lanes, etc.). Burden on public facilities (particularly roads). Access to mass transit (if applicable). Visibility of buildings and/or location of project sign(s) in relation to traffic corridors. The site is located on a side street where traffic flow is limited and well controlled. However, Durham Drive has easy access to major thoroughfares like US 70, S. Wilmington St./401 and Tryon Rd. Furthermore, there are multiple public bus stops close to the site, including stops for both Raleigh's Capital Area Transit and the regional Triangle Transit Authority within one-quarter mile. 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 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 no major negative features or barriers on the site. A portion of the middle of the site is protected by a Neuse River Buffer. This buffer does not impede construction plans and will provide a pleasant forested backdrop to the building. There is some slope to the site, which makes it wellsuited for a two/three-story split building design.
Similarity of scale and aesthetics/architecture between project and surroundings. The building will have a street presence that fits in well with the residential neighborhood on Durham Drive. The side of the building that fronts Durham Drive will be set back slightly from the street, in order to help it better fit in with nearby residences. Also, the architectural design of the building will help it fit into a single-family residential area. Landscaping on the edge of the property will also help it blend in and will create a pleasing aesthetic.
For each applicable neighborhood feature, enter distance from project in miles.
0.7 0.6 1.6 2.4 1.1 0.25 0.5 1.6 1.6 0.5 1.9 1.9 1.6
Grocery Store Mall/Strip Center Outdoor Athletic Fields Day Care/After School Schools
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 0.4 Convenience Store Basketball/Tennis Courts Public Parks Gas Station Library Fitness/Nature Trails Public Swimming Pools 0.2 0.2 0.8 0.4 1.9 3.3
Development Team
Provide contact information for development team members below: Management Agent Company: Community Management Corporation Address: City: Phone 3801 Wake Forest Road, Suite 220 Raleigh (919)981-0060 State: NC Zip: 27609 Email: pwells@cmc-nc.com Last: Wells
Cline Design Associates, PA 125 N. Harrington Street Raleigh (919)833-6413 State: NC Zip: 27603 Email: audreyk@clinedesignassoc.com Last: Krenitsky
York Law, PLLC 4400 Silas Creek Parkway, Suite 106 Winston-Salem (336)765-8278 State: NC Zip: 27104 Email: matt.york@yorklaw.com Last: York
Enterprise Community Partners 10227 Wincopin Circle, Suite 800 Columbia (410)772-2675 State: MD Zip: 21044 Email: kcrawford@enterprisecommunit Last: Crawford
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 2411-B Walters Street Greensboro (336)545-1410 State: NC Zip: 27408 Email: rick@southerngeneralinc.com Last: Laughlin
300 4,413 1,475 0 16,604 19,833 0 800 4,500 275 4,581 1,500 1,500 55,781 0 27,000 2,300 0 2,000 31,300 0 3,256 1,364 365 0 2,200 0 0 3,975 5,933 15,600 37 290 2,373 600 0 0 1,500 68
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 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
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)
182,860 8,613
8,613
* 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".
Minimum Set-Asides
MINIMUM 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: No Tax Credit Eligible Units in the the project can exceed 50% of median income) 40% of the units are rent restricted and occupied by households with incomes at or below 60% of the median income (Note: No Tax Credit Eligible Units in the the project can exceed 60% of median income) If requesting RPP funds: 40% of the units are occupied by households with incomes at or below 50% of median income.
State Tax Credit and QAP Targeting Points: 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 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 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.