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Application
Tax Credits, RPP Loans, and/or Tax Exempt Bond Loans

Project Description
Project Name: Pittsboro Village Apartments - Phase II
Address: 400 Honeysuckle Road

City: Pittsboro County: Chatham Zip: 27312

Census Tract: 0208.00 Block Group: 1025

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


Are you requesting the basis boost under section II(E)(4) of the QAP? No

Political Jurisdiction: Town of Pittsboro


First:Randolph Last:
Jurisdiction CEO Name: Title: Mayor
Voller
Jurisdiction Address: P.O. Box 759

Jurisdiction City: Pittsboro Zip: 27312

Jurisdiction Phone: (919)542-4621

Site Latitude: 35.7261

Site Longitude: -79.1862

Project Type: Rehab

Is this project a previously awarded tax credit development?


Yes

New Construction/Adaptive Reuse:


Is this project a follow-on (Phase II, etc) to a previously-awarded tax credit development project?

If yes, list names of previous phase(s):


Rehab:
Number of residents holding Section 8 vouchers: 25

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

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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:

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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: Evergreen Construction Company
Address: 7706 Six Forks Road

City: Raleigh State: NC Zip: 27615


Contact: First: Tim Last:Morgan Title:Vice President

Telephone: (919)848-2041

Alt Phone: (919)630-3383

Fax: (919)848-0455

Email Address: tim@spectrum-evergreen.com


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

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Site Description

Total Site Acreage: 4.0 Total Buildable Acreage: 4.0


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? No


If yes, please describe:

Are existing buildings on the site currently occupied? Yes


If yes:
(a) Briefly describe the situation:
The (40) existing units at Pittsboro Village Phase II will require temporary displacement while their unit is
being renovated. Management will prepare a few vacant units for the residents to rotate through as their
unit undergoes rehab.

(b) Will tenant displacement be temporary? Yes


(c) Will tenant displacement be permanent? No

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:

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(b) Describe flood mitigation if the project will have improvements within the 100 year floodplain:

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Site Control
Does 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 for
purchase of the property and the seller of the property?Yes
If yes, specify the relationship:
Lyle D. Gardner is the general partner for the existing ownership entity. He will also serve as the managing
member of the new ownership entity.

(c) Enter the current expiration date of the option/contract to purchase: 12/31/2009

(D) Enter Purchase Price: 51,307

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Zoning
Present zoning classification of the site:R-12

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:

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Ownership Entity

Owner Name: Pittsboro Village Development Associates, LLC


Address: 7706 Six Forks Road
City: Raleigh State:NC Zip: 27615

Federal Tax ID Number of Ownership Entity: (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? No
Is the applicant requesting that the Agency treat the application as CHDO sponsored? No
List all general partners, members,and principals. Specify nonprofit corporate general partners or members.
Click [Add] to add additional partners, members, and principals.

Org: Pittsboro Village Development Associates, LLC


First Name: Lyle Last Name: Gardner Function: Managing Member
Address: 7706 Six Forks Road
City: Raleigh State: NC Zip: 27615

Phone: (919)848-2041 Fax: (919)848-0455

EMail: lyledgardner@aol.com Nonprofit: No

Org: Pittsboro Village Development Associates, LLC


First Name: Timothy Last Name: Morgan Function: Member
Address: 7706 Six Forks Road
City: Raleigh State: NC Zip: 27615

Phone: (919)848-2041 Fax: (919)848-0455

EMail: tim@spectrum-evergreen.com Nonprofit: No

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Unit Mix
The Median Income for Chatham county is $71,300.

Low Income Units

Total # Monthly Utility Mandatory **Total


Type # BRs Net Sq.Ft. # Units Units Rent Allowance Serv. Fees Housing Exp.

Gdn Apt 1 750 3 2 330 69 0 399

Twn Hse 2 927 7 0 390 86 0 476

Gdn Apt 1 750 1 0 595 69 0 664

Twn Hse 2 927 5 0 695 86 0 781

Gdn Apt 1 750 8 2 595 69 0 664

Twn Hse 2 927 16 0 695 86 0 781

Utilities included in rents: Water/Sewer Electric Gas Other Trash

Employee Units (will add to Low Income Unit total)

Total # Monthly Utility Mandatory **Total


Type # BRs Net Sq.Ft. # Units Units Rent Allowance Serv. Fees Housing Exp.

Utilities included in rents: Water/Sewer Electric Gas Other

Market Rate Units

Total # Monthly Utility Mandatory **Total


Type # BRs Net Sq.Ft. # Units Units Rent Allowance Serv. Fees Housing Exp.

Utilities included in rents: Water/Sewer Electric Gas Other

Statistics

All Gross Monthly


Units Units Rental Income

Low Income....... 40 4 23670

Market Rate.......

Totals............... 40 4 23670

Proposed number of residential buildings: 8 Maximum number of stories in buildings: 2

Project Includes:
Separate community building - Sq. Ft. (Floor Area): 1,003

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

Elevators - Number of Elevators:

Square Footage Information

Gross Floor Square Footage: 39,954

Total Net Sq. Ft. (All Heated Areas): 35,959

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: 4

Number of Units Required: 4

Persons with disabilities or homeless populations.

Number of Units: 5

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.

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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 Units %

1 3 targeted at 30 percent of median income affordable to/occupied by

2 7 targeted at 30 percent of median income affordable to/occupied by

1 1 targeted at 50 percent of median income affordable to/occupied by

2 5 targeted at 50 percent of median income affordable to/occupied by

1 8 targeted at 60 percent of median income affordable to

2 16 targeted at 60 percent of median income affordable to

Total Low Income Units: 40

Note: This number should match the total number of low income units in the Unit Mix section.

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Funding Sources

Amort. Annual
Non- Rate Term Period Debt
Source Amount Amortizing* (%) (Years) (Years) Service

Bank Loan 1,023,414 6.35 30 30 76,417

RPP Loan 485,000 ✔ 2.00 20 20

Local Gov. Loan - Specify:

RD 515 Loan

RD 538 Loan - Specify:

AHP Loan

Other Loan 1 - Specify:

Other Loan 2 - Specify:

Other Loan 3 - Specify:

Tax Exempt Bonds

State Tax Credit(Loan) 316,636 0 30 30 0

State Tax Credit(Direct Refund)

Equity: Federal LIHTC 1,592,106

Non-Repayable Grant

Equity: Historic Tax Credits

Deferred Developer Fees

Owner Investment 100

Other - Specify:

Total Sources** 3,417,256

* "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. 73

Remarks concerning project funding sources:


(Please be sure to include the name of the funding source(s))

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Project will assume existing bank loan.

CAHEC is the proposed sydicator for the credits.

Please note that the current annual debt service is $91,838 versus what is calculated above.

Loans with Variable Amortization


Please fill in the annual debt service as applicable for the first 20 years of the project life.

RPP Loan

1 2 3 4 5 6 7 8 9 10
Year:
Amt: 1500 1500 2000 2500 3000 3500 3500 3500 3500 4000
11 12 13 14 15 16 17 18 19 20
Year:
Amt: 4000 4000 4000 4000 4000 4000 4000 3500 3000 2500

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Development Costs
Eligible Basis
Item Cost Element TOTAL COST
30% PV 70% PV
1 Purchase of Building(s) (Rehab / Adaptive Reuse only) 1,273,414 1,273,414

2 Demolition (Rehab / Adaptive Reuse only)

3 On-site Improvements 125,000 125,000

4 Rehabilitation 850,000 850,000

5 Construction of New Building(s)

6 Accessory Building(s) 55,000 55,000

7 General Requirements (max 6% lines 2-6) 61,800 61,800

8 Contractor Overhead (max 2% lines 2-7) 21,836 21,836

9 Contractor Profit (max 8% lines 2-7; 6% if Identity of Interest) 65,508 65,508

10 Construction Contingency (max 5% lines 2-9, Rehabs 10%) 245,256 245,256

11 Architect's Fee - Design (11 + 12 = max 3% lines 2-10) 15,000 15,000

12 Architect's Fee - Inspection 9,750 9,750

13 Engineering Costs 10,000 10,000

SUBTOTAL (lines 1 through 13) 2,732,564

14 Construction Insurance (prorate)

15 Construction Loan Orig. Fee (prorate) 7,500 7,500

16 Construction Loan Interest (prorate) 55,000 55,000

17 Construction Loan Credit Enhancement (prorate)

18 Construction Period Taxes (prorate)

19 Water, Sewer and Impact Fees

20 Survey 10,000 10,000

21 Property Appraisal 5,000 5,000

22 Environmental Report 3,000 3,000

23 Market Study 4,300 4,300

24 Bond Costs

25 Bond Issuance Costs

26 Placement Fee

27 Permanent Loan Origination Fee

28 Permanent Loan Credit Enhancement

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29 Title and Recording 2,500

SUBTOTAL (lines 14 through 29) 87,300

30 Real Estate Attorney 9,000 9,000

31 Other Attorney's Fees 5,000 5,000

32 Tax Credit Application Fees (Preliminary and Full) 2,300

33 Tax Credit Allocation Fee (0.62% of line 60, minimum $7,500) 19,631

34 Cost Certification / Accounting Fees 5,000 5,000

35 Tax Opinion

36 Organizational (Partnership) 5,000

37 Tax Credit Monitoring Fee 28,000

SUBTOTAL (lines 30 through 37) 73,931

38 Furnishings and Equipment

39 Relocation Expense

40 Developer's Fee 330,000 330,000

41 Additional Contigency (greater of $500/unit or $30,000)

42 Other Basis Expense (specify)

43 Other Basis Expense (specify)

44 Rent-up Expense

45 Other Non-basis Expense (specify)

46 Other Non-basis Expense (specify)

SUBTOTAL (lines 38 through 45) 330,000

47 Rent up Reserve 12,154

48 Operating Reserve 130,000

49 Other Reserve (specify)

50 Other Reserve (specify)

51 DEVELOPMENT COST (lines 1-49) 3,365,949 1,273,414 1,892,950

52 Less Federally Funded Grant

53 Less Disproportionate Standard

54 Less Nonqualified Nonrecourse Financing

55 Less Historic Tax Credit 0

56 TOTAL ELIGIBLE BASIS 3,166,364 1,273,414 1,892,950

57 Applicable Fraction (percentage of LI Units) 100.00% 100% 100%

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58 Basis Before Boost 3,166,364 1,273,414 1,892,950

59 Basis Boost of up to 130% 100.00% 100.00%

60 TOTAL QUALIFIED BASIS 3,166,364 1,273,414 1,892,950

61 Tax Credit Rate 3.50 9.00

62 Federal Tax Credits (maximum $1,300,000) 218,119 44,569 170,366

63 Federal Tax Credits Requested (if less than line 62) 170,366 170,366

64 Land Cost 51,307

65 TOTAL REPLACEMENT COST 3,417,256

FEDERAL TAX CREDITS IF AWARDED 218,119

Comments:

Total Replacement Cost per unit 85,431

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Market Study Information


Please provide a detailed description of the proposed project:
We are proposing to renovate the exisitng (40) unit community of Pittsboro Village Apartments, Phase II
consisting of (12) one bedroom , one bath units and (28) two bedroom, one and a half bath units. Both
garden and townhouse style units will be available. A new office/community/laundry building will be
constructed. Units will be available to persons at or below 30%, 50% and 60% of the area median income.
In addition, 10% of the units will be targeted to persons with disabilities.

Construction (check all that apply):

Brick Vinyl Wood HardiPlank Balconies/Patios Sunrooms Front Porches

Front Gables or Dormers Wide Banding or Vertical/Horizontal Siding

Other:
30 Year Dimensional Shingles

Have you built other tax credit developments that use the same building design as this project?Yes
If yes, please provide name and address:
Pittsboro Village Apartments Phase I (28 Units Recently Renovated)
400 Honeysuckle Road
Pittsboro, NC 27312

Site Amenities:
Playground with separate tot lot, covered picnic area with tables and a grill, gazebo, laundry facility,
community building with resident computer center, outdoor sitting areas with benches.

Onsite Activities:

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Landscaping Plans:
The front of each building will have landscaped beds either replaced or newly installed. Trees will be
planted and dispersed throughout the property.

Interior Apartment Amenities:


Wall-to-wall carpet, VCT in kitchen and bath areas, ceiling fans, range, range hood, frost free refrigerator,
dishwasher, washer/dryer connections, mini-blinds, phone and cable ready.

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.

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Applicant's Site Evaluation


Briefly describe your site in each of the following categories:

NEIGHBORHOOD CHARACTERISTICS

Trend and direction of real estate development and area economic health. Physical condition of buildings and
improvements in the immediate vicinity. Concentration of affordable housing.
The physical condition of the homes in the vicinity are fair to good. There is a relatively new senior center
within .8 miles along with the community college campus. I would characterize this area as stable with more
of the growth occuring back towards the new US 64 Bypass.

SURROUNDING LAND USES AND AMENITIES

Land use pattern is residential in character (single and multifamily housing). Extent that the location is
isolated. 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 land use pattern is primarily residential in character. There is
single family housing just before our site, as well as along Honeysuckle Road and there is an assisted living
facility that abuts the property. There are a few medical and county offices nearby, along with the senior
center and the community college.
SITE SUITABILITY

Adequate traffic safety controls (i.e. stop lights, speed limits, turn lanes). 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. There are adequate traffic controls already in existence. Old Hwy 87 serves
access to Honeysuckle Road and is more than adequate for the number of residents and homeowners living
on Honeysuckle Road.
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).
None exist.

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


The architecture of the rehab as well as the newly constructed units will blend in nicely with the
surroundings and will be very similar to the recently completed renovations in Phase I.

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

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1.5 Grocery Store .4 Community/Senior Center

1.0 Mall/Strip Center 22.0 Hospital

.5 Outdoor Athletic 1.0 Pharmacy


Fields

1.0 Day Care/After .2 Basic Health Care


School

.8 Public Transportation
Schools
Stop

.4 Convenience Store .5 Public Parks

.6 Gas Station .8 Library

Other facilities or services:


Restaurants - .6
See vicinity map for locations of the amenities in relation to the site.

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Preliminary App Checklist

The following enclosures must be submitted along with your signed preliminary application. Some enclosures are required only under
certain conditions. Please check each applicable item to indicate that you understand the enclosure requirements and will enclose the
correct supporting documentation with your application.

Fee Payment
Check in the amount of $5,450.00 made payable to North Carolina Housing Finance Agency.
Tab A - Preliminary Application
Printed, signed copy of preliminary application generated from online system.
B - Map/Driving Instructions
A local map clearly identifying the location of the Site and detailed directions to the Site. Current City or County maps are preferred
– internet maps and directions are not acceptable. Applicant must also provide a map identifying the amenities listed in section IV
(A)(1)(b)(ii) of the QAP and their proximity to the site.

Applicant must provide a sign and boundary markers to clearly identify the road frontage of the site. The sign identifying the site
should read “SITE” with a minimum size of 11x17.
C - Community Revitalization Plan
Applicant should provide a map identifying the subject site within the Plan area (if applicable).
D - Evidence of Site Control
Provide valid option/contract or warranty deed and plot plan.
E - Site Plans/Scope of Work
Preliminary site plan, floor plans and elevations for all projects, interior and exterior photographs and detailed scope of work for
Adaptive Reuse and Rehab projects. Site and floor plans should be no larger than 11x17 and must be produced by a licensed
architect or engineer.
F - Information Package for Market Analysts
This section must include copies of items required in Tabs A, B, E and G (site and floor plans should be no larger than 11x17) and
can include any additional market information such as preliminary market studies the applicant would like to provide to the
Analysts.
G - Rent Roll (Rehabs only)
Provide the current rent roll for the property and indicate which units (if any) are receiving rental assistance.
H - Documentation for Basis Boost
Applicant should provide an appraisal and/or standard geological survey to support a request for the basis boost (if applicable).

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