Heritage at Wake Senior

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Print Preview - Final Application

Tax Credits, RPP Loans, and/or Tax Exempt Bond Loans
Resources Requested
Check all that apply: Federal Low Income Housing Tax Credit State Low Income Housing Tax Credit Tax Exempt Bonds Rental Production Program (RPP) Loan Requested RPP Loan Amount: RPP Loan Product Requested:
https://www.nchfa.org/Rental/RTCApp/(ljapowr55w0yr055fvk4xgvj)/site/PrintApp.aspx?I... 1/14/2005
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Project Name and Location

Project Name: Heritage at Wake Forest Senior Apartments Address: City: Rogers Road Wake Forest County: Wake Zip: 27588
Census Tract: 542.01
Block Group: 1 Block 1024
Is project in Qualified Census Tract & Difficult to Develop area: No Political Jurisdiction: Jurisdiction Address: Jurisdiction City: Jurisdiction Phone: Town of Wake Forest Last: Jones Title: Mayor 401 Elm Avenue Wake Forest (704)554-6190 Zip: 27587
Jurisdiction CEO Name: First: Vivian
Site Latitude: Site Longitude:
35.9520 -78.5187
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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 federal rental assistance? No If yes, provide the subsidy source: and number of units:
Target Population: Elderly (55) 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 other federal and state requirements) Persons with disabilities or homeless populations: the greater of 5 units or 10% of the total units Remarks: A total of 5 one-bedroom and 7 two-bedroom units will be constructed for occupancy priority for seniors with disabilities. An agreement with the Raleigh Housing Authority (attached) outlines the process by which disabled seniors with housing support will be referred to Heritage. A separate agreement with Resources for Seniors, Inc. of Raleigh, as the lead agency, (also attached) details the services to be provided to all residents of Heritage, and in particular to disabled residents, and the estimated cost of those services. One of the one-bedroom and two of the two-bedroom units (included in the total of twelve units referenced above) will also be designed for seniors with hearing and sight disabilities.
Proposed number of residential buildings: 17 Types of Units:* Project Includes:
Maximum number of stories in buildings: 1
Townhouse
Duplex
Garden Apartment
Detached Single-Family
Separate community building - Sq. Ft. (Floor Area): 4,000 Community space within residential bulding(s) - Sq. Ft. (Floor Area): Elevators - Number of Elevators: Square Footage Information Gross Floor Square Footage: 101,500
Total Net Sq. Ft. (All Heated Areas): 101,500
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Applicant Information
Applicant Name: Address: City: Contact: Telephone: First Centrum, LLC 21400 Ridgetop Circle, Suite 250 Sterling First: Weshinskey (703)406-3471 State: VA Zip: 20166 Last: Mark Title: President
Alt Phone:
Fax:
(703)406-3474
Email Address:
weshinskeym@firstcentrum.com
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Site Description
Total Site Acreage: 13.62 Total Buildable Acreage: 13.62 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? No If yes: (a) Briefly describe the situation:
(b) Will tenant displacement be temporary? (c) Will tenant displacement be permanent? Is the site in a distressed neighborhood? No If yes, does a community revitalization plan exist? Is the site directly accessed by an existing, paved, publicly maintained road? No If no, please explain: An affiliate of the Seller, the Ammons Development Company, has entered into a contract with the Purchaser to construct a 26 foot wide road within a 60 foot wide public right-of-way. The road will extend 250 feet from existing Rogers Road, which is the main entrance into Heritage, to the site, and 150 feet into the site. Ammons Development will also construct sanitary sewer and water mains to the site. The installation of public improvements by the Seller is a condition of the Purchase and Sale Agreement. Ammons has the obligation to finish these improvements prior to land closing. Electric will be brought to the site from Rogers Road by Wake Electric Corporation. 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 is in the East Region and 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: 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: 12/31/2003 (D) Enter Purchase Price: 1,009,600
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Zoning
Present zoning classification of the site: MF (Multi-Family) 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? Yes If yes, have the hearings been completed and permits been obtained? Yes If yes, specify permit or variance required and date obtained. If no, describe permits/variances required and schedule for obtaining them: A Special Use Permit is required to develop this property. The Special Use Permit was approved by the Town Council in June 2003.
Is a public hearing of any kind required in the future for you to fully develop this property? Yes If yes, describe the nature of the hearing and when you expect the hearing will be held: Please see above response.
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: Centrum - Heritage Limited Partnership Address: City: 21400 Ridgetop Circle, Suite 250 Sterling State: VA Zip: 20166 46-0513679 (If assigned) (If Not Assigned)
Federal Tax ID Number of Ownership Entity: Federal Tax ID Number of Managing GP or Member:
Entity Type: Limited Partnership 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?
No 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:
CP Heritage, LLC Last Name: Weshinskey Function: Managing General Partner
First Name: Mark Address: City: Phone: EMail:
21400 Ridgetop Circle, Suite 250 Sterling (703)406-3471 weshinskeym@firstcentrum.com State: VA Zip: 20166
Fax: (703)406-3474 Nonprofit: No TaxID 46-0513673
Org:
Individual Principal Last Name: Runquist Function: Principal
First Name: Thomas Address: City: Phone: EMail:
21400 Ridgetop Circle, Suite 250 Sterling (703)406-3471 runquistt@firstcentrum.com State: VA Zip: 20166
Fax: (703)406-3474 Nonprofit: No TaxID 376-46-1182
Org:
Individual Principal Last Name: Weshinskey Function: Principal
Fax: (703)406-3474 Nonprofit: No TaxID 352-36-9108
Org:
First Centrum, LLC Last Name: Weshinskey Function: Corp Principal
21400 Ridgetop Circle, Suite 250 Sterling (703)406-3471 State: VA Zip: 20166
Fax: (703)406-3474 Nonprofit: No TaxID
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weshinskeym@firstcentrum.com
54-1791190
Org:
Third Centrum of Virginia, Inc. Last Name: Weshinskey Function: Corp Principal
Fax: (703)406-3474 Nonprofit: No TaxID 54-2022195
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Unit Mix
List each applicable unit mix combination in a separate row below. Click [Add] to create another row. Click "X" (at the left of each row) to delete a row. Low Income Units Type Gdn Apt Gdn Apt Gdn Apt Gdn Apt # BRs Net Sq.Ft. 1 1 2 2 616 616 802 802 Total # Units 2 18 10 90 # Units 0 0 0 0 Monthly Rent 531 649 658 795 Electric Utility Allowance 137 137 144 144 Gas Other Trash Removal Mandatory Serv. Fees **Total Housing Exp. 668 786 802 939
Utilites included in rents:
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.
Utilites included in rents:
Water/Sewer
Electric
Statistics All Units Low Income....... Market Rate....... Totals............... 120 0 90874 120 Gross Monthly Rental Income 90874
Units 0
Notes * ** Paint-to-Paint Square Footage 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 1 1 2 2 2 18 10 90
Units targeted at 50 targeted at 60 targeted at 50 targeted at 60
% percent of median income. percent of median income. percent of median income. percent of median income.
Total Low Income Units:
120
Note: This number should match the total number of low income units in the Unit Mix section.
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Funding Sources
NonAmortizing* Rate (%) Term (Years) Amort. Period (Years) Annual Debt Service
Source Bank Loan RPP Loan Local Gov. Loan - Specify: RD Loan AHP Loan Other Loan 1 - Specify: Other Loan 2 - Specify: Other Loan 3 - Specify: Tax Exempt Bonds State Tax Credit(Loan) State Tax Credit(Direct Refund) Equity: Federal LIHTC Non-Repayable Grant Equity: Historic Tax Credits Deferred Developer Fees Owner Investment Other - Specify: Total Sources**
Amount
8,075,000
5.577 0
30 30
30 30
554,877 0
2,188,494
359,738
10,623,232
* "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. 78 Remarks concerning project funding sources: (Please be sure to include the name of the funding source(s))
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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)-Bond counsel, trustee, rating agt; printing/mailing 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/Accounting Fees (specify)-Contractor's cost cert. 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 Other Basis Expense 102,000 Other Non-basis Expense (specify) Other Non-basis Expense (specify) SUBTOTAL (lines 36 through 43) 44 Rent up Reserve 913,125 781,125 781,125 35,000 51,000 152,265 30,000 30,000 0 80,760 40,000 1,662,088 28,500 5,000 26,265 6,500 6,500 5,000 26,265 6,500 304,575 107,617 322,850 174,339 250,000 20,000 6,423,631 75,000 0 392,800 232,710 15,000 380,000 8,000 4,500 4,500 5,500 143,830 279,488 75,000 0 338,892 232,710 15,000 380,000 8,000 4,500 4,500 5,500 304,575 107,617 322,850 174,339 250,000 20,000 3,994,250 3,994,250 1,250,000 1,158,000 TOTAL COST Eligible Basis 30% PV 70% PV 0
41 Rent-up Expenses
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45 Operating Reserve 46 47 Other Reserve - Reserve for Subsidy of Disabled Units Other Reserve (specify)
312,523 150,000
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 Times Applicable Fraction 55 TOTAL QUALIFIED BASIS 56 Tax Credit Rate 57 FEDERAL TAX CREDITS at Estimated Rate 57a FEDERAL TAX CREDITS at 8.5% or 3.75% 58 FEDERAL TAX CREDITS REQUESTED 59 STATE TAX CREDITS 60 Land Cost 61 TOTAL REPLACEMENT COST
9,613,632
8,251,123
0 8,251,123 100.00% 8,251,123 278,062 309,417 277,896 1,009,600 10,623,232 8,251,123 100% 8,251,123 3.37% 278,062 309,417 277,896 0 100% 0 0.00% 0 0
Comments: We have included "Line 39 - Other Basis Expense" items in the calculation of the Developer Fee.
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Market Study Information

Please provide a detailed description of the proposed project: The Heritage at Wake Forest Senior Apartments will consist of 120 one and two bedroom apartment units grouped in single-story buildings with direct entries for residents. The community will also include a 4,000 square foot resident community center located at the front of the site. There will be a total of 20 one-bedroom and 100 two-bedroom units in the community. The subject property consists of 13.62 acres of gently sloping terrain located 250 feet south of Rogers Road, which is the main entrance into the Heritage planned community in Wake Forest. Heritage is an 1,100 acre mixed-use community that includes a variety of residential, commercial, retail and office uses along with an 18 hole golf course and swim and tennis club. Each residential building will feature an exterior of brick and HardiPlank siding with a 6 in 12 pitch roof. Every unit will feature a covered front entry and rear concrete patio. Each unit will feature an open kitchen design with oven, range with front controls, frost-free refrigerator, garbage disposal and dishwasher. Sufficient space for a dining area allowing for the use of a four-seat dining room table will be provided. Each unit will have a side-by-side washer and dryer provided. The ceilings of each living room will be vaulted with ceiling fans provided. The bathrooms will have heat lamps as an independent heat source. Pantry closets will be provided in the kitchen and bathroom. A coat closet will be located adjacent to the entrance. Each unit will have emergency pull cords in the bedrooms and bathrooms, wired to exterior visual and audible devices. Central air conditioning and heat will be provided by individual heat pumps. Individual electric water heaters will provide hot water to each unit. Parking will be generous, with one parking space per unit plus 20 additional guest spaces adjacent to the community building. The professionally decorated community building will feature a variety of facilities including a large community room with bistro kitchen, billiards/games room, crafts room, wellness center, hair salon, laundry room, and exercise room. There will also be two management offices, men's and women's restrooms and a maintenance office. The community building will be surrounded on three sides by a wide covered veranda furnished with comfortable seating for residents. Common area amenities will include walking trails, a gazebo, raised resident garden area and artificial putting green. 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
Each building will be wrapped in brick veneer (approximately 40% of the exterior siding) around the entire building. The elevations will feature gables over the individual entries to break up the elevations. Buildings will also be "jogged" back and forth to create visual relief. Shutters will be provided on all buildings. The clubhouse will be in the tradional southern style with columns, shutters and a wide veranda.
Have you built other tax credit developments that use the same building design as this project? Yes If yes, please provide name and address: Augusta Spring II 1730 Sibley Road Augusta, GA 30909 Charlotte Spring 4825 Spring Trace Charlotte, NC Dunlop Farms 1000 Dunlop Place Colonial Heights, VA Site Amenities (check all that apply):
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Community Bldg - Sq Ft: 4,000 Laundry Rm Game/Craft Rm Chapel/Prayer Rm Irrigated Lawns Walking Trails Pool Screened Porch Exercise Rm Picnic Area Security Gate Garden Spots Fitness Stations
Community Room - Sq Ft: Resident Computer Center TV Rm Onsite Leasing Office Car Care Area Basketball/Tennis Court Horseshoe Pit
Garages - Number: Exam Rm Beauty Salon Onsite Mgr Storage Units Playground Shuffleboard Reading Rm/Library Vending Rm Onsite Maint. Person Gazebos Ball Field Covered Drive Thru
Onsite Activities: Optional meals served in the community room, resident trips, dinners, games and dances, wellness screening, medication education services program, organization of resident association to direct resident activities and establishment of a food panty with shelf-staple items for purchase by residents. A 20 hour per week Service Coordinator will direct these and many other resident activities. The coordination of activities is expected to be supplemented by contractual arrangements with non-profit organizations to provide local networking with free and low-cost service and activities providers. Landscaping Plans: The site will be professionally landscaped using shrubs and trees around each building. The area around the clubhouse will be irrigated. An attractive lighted entry sign with seasonal landscaping will be located at the main vehicular entrance. All downspouts will be tied into the storm drain system. A storm water infiltration pond will be located on site and will be surrounded by attractive white vinyl fencing. An artifical surfaced putting green will be located adjacent to the community building and the gazebo.
Interior Apartment Amenities (check all that apply): Range W/D Hookups Hood Mini-blinds Dishwasher Pantry Disposal Ceiling fans Refrigerator (frost free) Walk-in closets Side-byside washers and dryers in Other each unit Storage interior/exterior
Flooring:
Carpet
Vinyl Central Air
Wood Gas Heat
Wood Parquet Heat Pump
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.
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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). The physical condition of buildings in the neighborhood is acceptable, with a combination of commercial, retail and single-family uses. New construction abounds with new homes, retail and light commercial.
Suitability of surrounding development. Land use pattern is primarily residential with a balance of other uses, including non-competing multifamily and single family units, relevant amenities, shopping and services. Adjacent uses are compatible with the proposed development with a balance of other land uses including single family and multi-family residential, community recreation, golf course, swim and tennis club, schools, churches, grocery, pharmacy, medical offices and other retail shopping and services. A new neighborhood shopping center located less than mile east of the site will include a Harris Teeter grocery store, a CVS pharmacy and a variety of in-line retail tenants.
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 site is located 250 feet south of Rogers Road, which serves as the principal vehicular entrance into the Heritage PUD. The developer of Heritage will extend a public road from Rogers Road into the subject property prior to settlement.
Amount and character of vacant, undeveloped land. Effect of industrial, large-scale institutional or other incompatible uses: 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). The site is located in the Heritage planned community, which consists of 1,065 acres and at buildout will feature 1,400 homes, a 120,000 square foot retail center, business park and three schools. Heritage of Wake Forest opened in 2001. There is new commercial, residential and retail development within mile of our proposed site. Undeveloped land zoned for all of these uses is available with Heritage. Heritage incorporates a championship golf course, swim and tennis club, a variety of retail, office, schools and numerous parks and greenways. A CSX railroad line is located to the rear of the site (not part of the site to be acquired). According to CSX, traffic on this line averages one train per day in each direction. The site plan shows the residential buildings set well away from these tracks. In addition, a buffer of mature pine trees shields the tracks visually, and will be augmented by evergreen tree plantings as part of this project's landscaping plan. 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
Similarity of scale and aesthetics/architecture between project and surroundings.
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Residential and multi-family residential buildings in Heritage are governed by the same architectural standards that apply to our project. No vinyl or aluminum siding may be used in Heritage. The subject project will consist of brick and Hardiboard siding with shutters and 6/12 pitch roofs. This architectural look complements the existing residential and commercial product within Heritage.
Concentration of affordable housing (housing credit, project-based rental assistance, public housing). There are no other competitive publicly assisted rental developments within mile of the proposed development.
Availability of Supportive Services (if applicable):
For each applicable neighborhood feature, enter distance from project in miles. 1.2 1.2 .5 Grocery Store Mall/Strip Center Outdoor Athletic Fields Day Care/After School .5 5.5 .75 .5 .5 .75 1.5 .5 1.75 Schools 1 2 1 1 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 1.2 Convenience Store Basketball/Tennis Courts Public Parks Gas Station Library Fitness/Nature Trails Public Swimming Pools 1.5 1 1.5 1 1 1
Other facilities or services: A new 120,000 square foot Harris Teeter anchored shopping center with a CVS pharmacy is under construction and scheduled to open in the fall of 2003. This facility is located 2,500 feet east of the subject property on Rogers Road.
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Development Team
Provide contact information for development team members below: Management Agent Company: CENTRUM MANAGEMENT, LLC Address: City: Phone 21400 RIDGETOP CIRCLE, SUITE 260 STERLING (703)433-9231 State: VA Zip: 20166 Email: couchr@firstcentrum.com Last: COUCH
Contact Name: First: ROBERT
Architect Company: Address: City: Phone
Archon Associates Incorporated 21400 RIDGETOP CIRCLE, SUITE 250 STERLING (703)406-3471 State: VA Zip: 20166 Email: valgem@firstcentrum.com Last: VALGE
Contact Name: First: MADIS
Attorney Company: Address: City: Phone
Nelson Mullins Riley & Scarborough, LLP 4140 Park Lake Avenue, Suite 200 RALEIGH (919)877-3813 State: NC Zip: 27612 Email: ellinger@nmrs.com Last: ELLINGER
Contact Name: First: SUSAN
Investor Company: Address: City: Phone
SunAmerica Affordable Housing Partners, Inc. 1526 EAST PARHAM ROAD RICHMOND (804)261-6100 State: VA Zip: 23228 Email: gbaker@sunamerica.com Last: BAKER
Contact Name: First: GEORGE
Consultant/Application Preparer (if different from developer) Company: Address: City: Phone Contact Name: First: State: Email: Last: Zip:
Identity of Interest? General Contractor Company: APTCO EAST, LLC Address: City: Phone 21400 Ridgetop Circle, Suite 250 STERLING (703)406-3471 State: VA Zip: 20166 Email: finneyfrockp@firstcentrum.com Last: FINNEYFROCK
Contact Name: First: PAUL
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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: 2 200 122 7,763
Management List number of low-income housing tax credit units managed in the past 10 years: North Carolina Other States Projects: Units: 0 0 28 3,072
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? Yes
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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: $ 8076000 RD 515 Financing: Hope VI Financing: Other: $ $ $ Yes Yes No Yes Yes
If Other, specify the type of Federal subsidy:
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Projected Operating Costs

Project Operations (Year One) Administrative Expenses Advertising Other Administrative Expense (specify): 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 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 72,150 63,000 6,000 6,000 12,000 1,950 1,000 643 13,988 43,200 2,000 4,000 500 5,500 40,834 38,000
12,000
17,680 12,000
4,750 135,264
12,580 765
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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 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
7,564 30,000 2,250 14,906
117,720 6,000
7,500 13,500 30,000 30,000 382,622 276,122 120 2,301
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Projected Cash Flow Year One

OPERATING INCOME Gross rental income (from Unit Mix - Total Monthly Rent) Stores and Commercial Laundry and Vending Other (specify): 7,200 1,090,488
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)
1,097,688 76,838 1,020,850
382,622 638,228
554,877
83,351 1.15
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 2 3 4 5 6 7 8 9 10
1,020,850 1,051,476 1,083,020 1,115,511 1,148,976 1,183,445 1,218,948 1,255,516 1,293,181 1,331,976 382,622 554,877 83,351 1.15 11 397,927 554,877 98,672 1.178 12 413,844 554,877 114,299 1.206 13 430,398 554,877 130,236 1.235 14 447,614 554,877 146,485 1.264 15 465,519 554,877 163,049 1.294 16 484,140 554,877 179,931 1.324 17 503,506 554,877 197,133 1.355 18 523,646 554,877 214,658 1.387 19 544,592 554,877 232,507 1.419 20
1,371,935 1,413,093 1,455,486 1,499,151 1,544,126 1,590,450 1,638,164 1,687,309 1,737,928 1,790,066 566,376 554,877 250,682 1.452 589,031 554,877 269,185 1.485 612,592 554,877 288,017 1.519 637,096 554,877 307,178 1.554 662,580 554,877 326,669 1.589 689,083 554,877 346,490 1.624 716,646 554,877 366,641 1.661 745,312 554,877 387,120 1.698 775,124 554,877 407,927 1.735 806,129 554,877 429,060 1.773
* 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".
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Design Features
ITEM Foundation/Slab Components Primary Windows DESCRIPTION Concrete Slab on Grade Make: Superseal Model: 1100 Series or Equal
Type/Construction: Vinyl Single Hung Hollow Metal 9 Panel Type: Door Hardi Plank Beaded Smooth Siding, 8 1/4" Wide with Hard Shingle Staggard Type: Edge Panel Siding
Exterior Doors
Frames: Hollow Metal
Siding
Grade/Thickness: 1/4-5/16"
Warranty: 50 Year Limited, Transferable Product Warranty Exterior Trim 7/16" Hardi Trim Planks, Rustic Grain 225 lbs. Per Weight: Square
Shingles
Type: Certainteed Warranty: 25 Year
Sprinkler System Cabinets
Per Local Code Mid Continent Cabinets or Equal, KCMA Approved-Raised Panel with Brass "U" Shape Pulls Combined 11.0 SEER Average with Other Heat SEER: Systems Model: 38 AYC
Heat Pump
Make: Carrier
Air Conditioner
SEER: Model:
Make:
Other Heat Systems
SEER: Model: 24 MBX
Make: 1st Company
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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 LABOR 45,000 13,000 60,000 0 0 65,000 0 314,670 40,000 0 6,000 5,000 32,000 0 65,000 4,000 7,000 140,000 3,000 50,000 15,000 50,400 0 210,000 120,000 195,000 30,000 2,500 1,000 0 800 15,000 0 5,000 0 0 0 0 MATERIAL 100,000 2,000 180,000 0 0 120,000 0 408,000 155,000 0 40,000 30,000 70,000 0 145,000 10,000 58,000 200,000 24,500 60,000 103,500 20,000 0 170,000 140,000 185,000 85,000 2,500 8,000 0 4,000 50,000 0 6,500 0 0 0 0 TOTAL 145,000 15,000 240,000 0 0 185,000 0 722,670 195,000 0 46,000 35,000 102,000 0 210,000 14,000 65,000 340,000 27,500 110,000 118,500 70,400 0 380,000 260,000 380,000 115,000 5,000 9,000 0 4,800 65,000 0 11,500 0 0 0 0
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Mirror/Shower Door/Encls. Hardware/Bath Access. Appliances Playground Equipment Interior Clean Exterior Clean/Dumpster Other 1 (specify in Remarks) Other 2 (specify in Remarks) Total Cost Remarks:
480 1,000 4,000 0 11,500 0 0 0 1,511,350
2,400 3,000 100,000 0 500 0 0 0 2,482,900
2,880 4,000 104,000 0 12,000 0 0 0 3,994,250
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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 Impact Fees Office Supplies Security/Watchman Water and Sewer Connection Fees Project Signage Tools and Equipment Gas, Oil, and Maintenance Cleanup/Dumpster Rental 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: Builders Risk Insurance to be paid by Owner. 304,575 TOTAL 145,000 4,500 0 4,000 0 41,275 1,000 10,000 8,000 24,000 26,000 1,000 0 2,800 0 0 5,000 22,000 10,000
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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 Dumpsite Pads/Fencing Fencing/Gates Landscaping/Topsoil Waterproofing/De-Watering Operation of Construction Equipment/Fuel/Oil Crane Rental Rock and Hardpan Excavation Site Supervision Personnel Other (specify in Remarks) Total Cost Remarks: Mechanical, electrical, plumbing and structural engineering TOTAL 145,000 168,000 0 170,000 24,100 0 0 0 115,000 175,000 185,000 45,000 2,500 3,200 9,200 0 130,000 0 0 0 0 0 78,000 1,250,000
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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: Other 1 - Underwriter Expenses 143,830 2,500 80,760 TOTAL 60,570
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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 Other 1 (specify in Remarks) Other 2 (specify in Remarks) Other 3 (specify in Remarks) Total Cost Remarks: Other 1 - NCHFA Allocation Fee Other 2 - Issuer Fee Other 3 - Fiscal Agent expenses 24,228 80,760 500 279,488 60,000 22,500 30,000 20,000 3,000 3,500 TOTAL 35,000
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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. 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 forty 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 county median income. At least fifty percent (50%) of qualified units will be affordable to and occupied by households with incomes at or below fifty percent (50%) of county median income. Low Income County: At least forty percent (40%) of qualified units will be affordable to households with incomes at or below fifty percent (50%) of county median income. At least forty percent (40%) of qualified units will be affordable to and occupied by households with incomes at or below fifty percent (50%) 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.
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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 Permitted zoning letter (including conditional and special use) I Site plan, floor plans and elevations
J Hazard and structural inspection and termite reports (Renovation projects only) K Description of any existing conditions of historical significance. L Description of environmental significance. M Anticipated budget demonstrating how the project would meet the 10% test by November 14th. N Evidence of Architect's Errors and Omissions insurance (or equivalent). O Description of acquisition for existing/occupied projects or for projects with occupied buildings to be demolished. P Description of proposed Relocation Plan & Relocation Budget, Etc. If any relocation is anticipated, reference Appendix F. Q Targeting Plan and supporting documentation (Required for projects targeted to Special Populations) R Local Housing Authority Agreement (Reference Model in Appendix I) S Appraisal (for land costs greater than $5,000 and for buildings in rehab projects) T Evidence of Permanent Loan Commitment, other sources of funds, and project-based subsidies. U Statement regarding terms of Deferred Developer Fee and, if nonprofit, resolution of Board approving fee. V Inducement Resolution (Tax-Exempt Bond Financed Projects only) W Documentation to support estimated utility costs.

Heritage at Wake Senior

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Print Preview - Final Application

Project Name and Location

Census Tract: 542.01

Block Group: 1 Block 1024

Jurisdiction CEO Name: First: Vivian

Site Latitude: Site Longitude:

Proposed number of residential buildings: 17 Types of Units:* Project Includes:

Maximum number of stories in buildings: 1

Total Net Sq. Ft. (All Heated Areas): 101,500

Is the demolition of any buildings required or planned? No If yes, please describe:

CP Heritage, LLC Last Name: Weshinskey Function: Managing General Partner

First Name: Mark Address: City: Phone: EMail:

Fax: (703)406-3474 Nonprofit: No TaxID 46-0513673

Individual Principal Last Name: Runquist Function: Principal

First Name: Thomas Address: City: Phone: EMail:

Fax: (703)406-3474 Nonprofit: No TaxID 376-46-1182

Individual Principal Last Name: Weshinskey Function: Principal

First Name: Mark Address: City: Phone: EMail:

Fax: (703)406-3474 Nonprofit: No TaxID 352-36-9108

First Centrum, LLC Last Name: Weshinskey Function: Corp Principal

First Name: Mark Address: City: Phone: EMail:

Fax: (703)406-3474 Nonprofit: No TaxID

First Name: Mark Address: City: Phone: EMail:

Fax: (703)406-3474 Nonprofit: No TaxID 54-2022195

Utilites included in rents:

Utilites included in rents:

Units targeted at 50 targeted at 60 targeted at 50 targeted at 60

Total Low Income Units:

Market Study Information

Front Gables or Dormers Other:

Wide Banding or Vertical/Horizontal Siding

Vinyl Central Air

Wood Gas Heat

Wood Parquet Heat Pump

Ceramic Tile Electric Pump

Applicant's Site Evaluation

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

Availability of Supportive Services (if applicable):

Contact Name: First: ROBERT

Architect Company: Address: City: Phone

Contact Name: First: MADIS

Attorney Company: Address: City: Phone

Contact Name: First: SUSAN

Investor Company: Address: City: Phone

Contact Name: First: GEORGE

Contact Name: First: PAUL

Project Team Experience

If Other, specify the type of Federal subsidy:

Projected Operating Costs

7,564 30,000 2,250 14,906

7,500 13,500 30,000 30,000 382,622 276,122 120 2,301

Projected Cash Flow Year One

1,097,688 76,838 1,020,850

20-Year Cash Flow

Frames: Hollow Metal

Type: Certainteed Warranty: 25 Year

Sprinkler System Cabinets

Other Heat Systems

SEER: Model: 24 MBX

Make: 1st Company

480 1,000 4,000 0 11,500 0 0 0 1,511,350

2,400 3,000 100,000 0 500 0 0 0 2,482,900