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Project Description
Project Name: Rowan Pointe Address: City: Willhaven Drive (between N. Mocksville & Boxwood Village Drive) Mocksville County: Davie Block Group: 1 Zip: 27028
Is project in Qualified Census Tract or Difficult to Develop Area? No Political Jurisdiction: Jurisdiction Address: Jurisdiction City: Jurisdiction Phone: Town of Mocksville Last: Slate Title: Mayor 171 Clement Street Mocksville (336)751-2259 Zip: 27028
35.5417 -80.3453
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? No 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: 6 Remarks: The project intends to serve persons with disabilities.
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: Landmark Asset Services, Inc. 406 East Fourth Street Winston-Salem First: Bill (336)714-8920 (336)722-9871 (336)722-3603 devadmin@landmarkdevelopment.biz State: NC Zip: 27101 Last: Scantland Title: VP & Managing Member
NOTE: Email Address above will be used for communication between NCHFA and Applicant.
Site Description
Total Site Acreage: 8.96 Total Buildable Acreage: 8.96 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
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? Yes If yes, specify the relationship: IOI no longer exists. Using this box for clarification. NRP Properties LLC has entered into a contract with Carolina Palms of Mocksville, LLC to purchase the property for this development. NRP Properties LLC will assign its interest in this contract to Rowan Pointe LLC once the application receives funding and the entity is formed.
Purchase Price:
(c) Enter the current expiration date of the option/contract to purchase: 8/2/2007 (D) Enter Purchase Price: 705,000
Zoning
Present zoning classification of the site: TND (Traditional Neighborhood Development District) 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: Rowan Pointe, LLC Address: City: 406 East Fourth Street Winston-Salem State: NC Zip: 27101 (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?
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:
Landmark Asset Services, Inc. Last Name: Scantland Function: Managing Member
First Name: Bill Address: City: Phone: EMail: 406 East Fourth Street Winston-Salem (336)714-8920
State: NC
Zip: 27101
devadmin@landmarkdevelopment
Org:
First Name: Jim Address: City: Phone: EMail: 406 East Fourth Street Winston-Salem (336)714-8911
Zip: 27101
jim@landmarkdevelopment.biz
Org:
First Name: Hollis Address: City: Phone: EMail: 426 East Fourth Street Winston-Salem (336)714-8929
Zip: 27101
hollis@landmarkdevelopment.biz
Unit Mix
The Median Income for Davie county is $58,200. Low Income Units Type Gdn Apt Gdn Apt Gdn Apt Gdn Apt Gdn Apt Gdn Apt # BRs Net Sq.Ft. 1 2 3 1 2 3 669 916 1114 669 916 1114 Total # Units 6 12 12 6 12 12 # Units 2 2 2 0 0 0 Monthly Rent 375 475 575 495 613 715 Electric Utility Allowance 74 82 96 74 82 96 Gas Mandatory Serv. Fees 0 0 0 0 0 0 Other Trash **Total Housing Exp. 449 557 671 569 695 811
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 # 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............... 60 6 33756 60 Gross Monthly Rental Income 33756
Units 6
Separate community building - Sq. Ft. (Floor Area): 1,992 Community space within residential bulding(s) - Sq. Ft. (Floor Area): Elevators - Number of Elevators: Square Footage Information Gross Floor Square Footage: 64,998
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.
# BRs 1 2 3 1 2 3 6 12 12 6 12 12
% percent of median income affordable to/occupied by percent of median income affordable to/occupied by percent of median income affordable to/occupied by percent of median income affordable to/occupied by percent of median income affordable to/occupied by percent of median income affordable to/occupied by
60
Note: This number should match the total number of low income units in the Unit Mix section.
Funding Sources
NonAmortizing* Rate (%) 7.00 Term (Years) 30 Amort. Period (Years) 30 Annual Debt Service 148,499
Source Bank Loan RPP Loan 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) 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 1,860,047
1,293,176
30
30
4,415,558
7,568,781
* "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. 94 Remarks concerning project funding sources: (Please be sure to include the name of the funding source(s))
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) 24,951 Other Non-basis Expense (specify) Other Non-basis Expense (specify) 630,000 630,000 15,000 408,800 30,000 10,000 2,200 37,502 7,800 3,000 3,000 33,000 126,502 72,000 72,000 7,800 30,000 10,000 3,360,079 100,000 258,000 94,500 283,600 153,100 100,000 20,000 28,000 5,397,279 10,000 60,000 250,000 30,000 12,000 9,600 8,000 6,000 4,000 4,200 10,000 60,000 175,000 30,000 12,000 9,600 8,000 6,000 4,000 4,200 3,360,079 100,000 258,000 94,500 283,600 153,100 100,000 20,000 28,000 1,000,000 1,000,000 TOTAL COST Eligible Basis 30% PV 70% PV
43 Rent-up Expense
SUBTOTAL (lines 38 through 45) 46 Rent up Reserve 47 Operating Reserve 48 49 Other Reserve (specify) Other Reserve (specify)
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:
6,863,781
6,465,879
0 6,465,879 100.00% 6,465,879 6,465,879 520,503 549,599 480,000 480,000 705,000 7,568,781 480,000 480,000 0 100% 0 100.00% 0 3.45 0 0 6,465,879 100% 6,465,879 100.00% 6,465,879 8.05 520,503 549,599
Total Replacement Cost per unit: Federal Tax Credits (line 62) per unit:
110,832 9,160
The community building will contain both a porch at the main entrance and the rear of the building. The porch on the front of the building is meant to welcome residents and visitors to the site. The rear porch will be located off the great room and provide an area for residents to socialize and congregate at the tables and chairs contained in this area.
Have you built other tax credit developments that use the same building design as this project? Yes If yes, please provide name and address: Spaulding Woods & Spaulding Woods II, Marion NC. Berea Heights, Greenville SC. Please visit our website, www.landmarkdevelopment.biz for more infomrmation.
Site Amenities: The site has been designed with families in mind in terms of amenities provided within the community building and outdoors on site. The community building is located in clear view near the front entrance of the development. The community building will contain a club room with comfortable furniture. Off the club room will be a porch area with tables and chairs where residents can enjoy the outdoors while socializing. The main building area will also contain a kitchen with refrigerator, microwave, sink and cabinetry/counter space, useful for a variety of social gatherings. The main leasing and site manager office will also be housed in the community building, giving the residents easy access to the property management staff and allowing the management staff clear views of people entering the development. In addition to these amenities, the community building will also contain a resident computer room, well-equipped exercise room and common laundry area off the main building. All of these amenities were selected to benefit busy families with hectic schedules. Finally, this building will also contain handicapped bathrooms and a maintenance area. The handicapped bathrooms are strategically placed near the exercise room and the maintenance room is discretely placed adjacent to the laundry room, off of the main building area. The exterior site amenities are also suited for family convenience. A playground will be available for the children living on the site. For additional recreational activity, there will be a swimming pool
located adjacent to the community building. When not utilizing the pool or play equipment, families can also enjoy the covered picnic area with grills and tables. In addition to ample parking, the site will have accessible walks linking the buildings, as well as common and parking areas. At least three outdoor sitting areas with benches will be disbursed throughout the site. Overall, the site will be beautifully landscaped and will include attractive, well-placed signage with lighting, a well-designed entry way and strategically positioned lighting near the parking areas and amenities. Finally, there will be a mail kiosk located near the community building with easy access to parking. A refuse collection area will be appropriately screened with fencing and landscaping. Onsite Activities: The site manager will be expected to play an active role in ensuring that a variety of social activities and supportive services are offered on-site.
Landscaping Plans: Landscaping will be extensively utilized to beautify the developments green areas and to blend the development into the existing environment. Parking lots and drives will be lined with shade trees and plant materials will complement the natural fauna. Ample open space will be maintained to allow for such amenities as the seating areas, playground and picnic areas. In addition to their beautification of the site, trees and other plant materials will also serve as screening from surrounding uses and to allow privacy on the site.
Interior Apartment Amenities: Units will be equipped with modern, efficient amenities. All kitchens will have ample counter space and cabinetry, including a pantry. Mini blinds will be provided for all windows. Each master bedroom will have a walk-in closet and second and/or third bedrooms will have a walk-in closet or a reach-in closet offering generous clothes storage. The arrangement of each unit is consistent with current lifestyles. Two and three bedroom units offer two full bathrooms which exceeds the minimum requirement established by NCHFA. Another modern amenity is high-speed internet access which will be wired to each unit separate from cable/telephone and will be supported from a project-wide network or equivalent. Units will also offer the convenience of wash/dryer hookups. The temperature can be controlled centrally by the units air conditioning/heating system. Overall, the residents should also benefit from lower utility bills as each unit will be equipped with Energy Star Appliances. 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.
utilities and infrastructure. The site will not be affected by such negative features as transmission lines, towers, flood hazards or year round wetlands.
Similarity of scale and aesthetics/architecture between project and surroundings. This project is situated within a mixed use planned unit development. It is the premier community in Mocksville and is referred to as the Boxwood area. A residential developer, Turnberry Boxwood, is building 100 new town homes and patio homes adjoining this property within the PUD. Other buildings and offices within this PUD include physicians, and investment banking firm, real estate offices, insurance agents, a bank and a bakery. There are strict architectural standards that have been put in place to ensure the development is similar in scale and aesthetics by the master association.
For each applicable neighborhood feature, enter distance from project in miles. 0.446 0.641 22.32 1.74 1.05 1.5 1.41 1.54 7.65 1.47 1.4 18.24 12.66 Grocery Store Mall/Strip Center Outdoor Athletic Fields Day Care/After School Schools 1.47 0.777 0.363 4.01 8.26 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 0.181 Convenience Store Basketball/Tennis Courts Public Parks Gas Station Library Fitness/Nature Trails Public Swimming Pools 1.39 3.33 2.6 3.22 1.51 0.497
Development Team
Provide contact information for development team members below: Management Agent Company: Landmark Property Management Company Address: City: Phone 406 East Fourth Street Winston-Salem (336)714-8939 State: NC Zip: 27101-4112 Email: devadmin@landmarkdevelopme Last: Maas
PDI Architecture 117 North Fork Drive Anderson (864)224-5800 State: NC Zip: 29621 Email: pdia@bellsouth.net Last: Iannelli
Blanco Tackabery Combs & Matamoros, P.A. PO Drawer 25008 Winston-Salem (336)293-9045 State: NC Zip: 27104-5008 Email: dlm@btcmlaw.com Last: McKenney
Community Affordable Housing Equity Corporation (CAHEC) 7700 Falls of Neuse Road, Suite 200 Raleigh (919)788-1810 State: NC Zip: 27615 Email: gmayo@cahec.com Last: Mayo
Consultant/Application Preparer (if different from developer) Company: Landmark Asset Services, Inc. Address: City: Phone 406 East Fourth Street Winston-Salem (336)714-8920 State: NC Zip: 27101-4112 Email: devadmin@landmarkdevelopme Last: Scantland
Identity of Interest? General Contractor Company: Rehab Builders, Inc. Address: City: Phone 401 East Fourth Street, Suite 201 Winston-Salem (336)722-6132 State: NC Zip: 27101-4112 Email: ed@rehabbuilders.com Last: Lipsky
1,000
69,491
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 0 15,000 15,000 219,000 184,500 60 3,075 38,769 12,125 50 1,497
219,000 171,109
148,499
22,610 1.152
* 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: 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.
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.