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Project Description
Project Name: Windchase Apartments Address: City: 701 East Littleton Rd. Roanoke Rapids County: Halifax Block Group: 3 Zip: 27870
Is project in Qualified Census Tract or Difficult to Develop Area? No Political Jurisdiction: Jurisdiction Address: Jurisdiction City: Jurisdiction Phone: City of Roanoke Rapids Last: Beale Title: Mayor 1040 Roanoke Avenue Roanoke Rapids (252)533-2800 Zip: 27870
36.4379 -77.6545
Project Type: Rehab 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: Is this project a previously awarded tax credit development? No If yes, what year were credits awarded?: Number of residents holding Section 8 vouchers: 14 Will the project meet Energy Star standards as defined in Appendix B? No Does a community revitalization plan exist? Yes 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: 0 Persons with disabilities or homeless populations: the greater of 5 units or 10% of the total units. Number of Units: 6 Remarks: 10% of the units or a total of 6 units will be targeted to persons with disabilities who qualify for Key Program rental assistance. A plan will be developed with the local lead agency to devise a Targeting Plan to be certified by the N.C. Department of Health and Human Services (DHHS).
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: Hawkeye, Inc. 809 22nd Avenue Tuscaloosa First: David (205)759-5781 (205)799-1638 (205)391-0031 davidm@morrowrealty.com State: AL Zip: 35401 Last: Morrow Title: President
NOTE: Email Address above will be used for communication between NCHFA and Applicant.
Site Description
Total Site Acreage: 3.68 Total Buildable Acreage: 3.68 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? Yes If yes: (a) Briefly describe the situation: Relocation assistance for moving of the funishings of the residents to vacant executive model units onsite and back to the renovated units will be done by third party movers under the direction of the Management Agent. Any costs not waived or otherwise incurred will be borne by the operations of the project and if those funds are insufficient by the Owner and/or Developer. The residents will not incurr any costs in the event of relocation.
(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:
(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: The principal of the general partner of the seller is the principal of the general partner of the buyer
Purchase Price:
(c) Enter the current expiration date of the option/contract to purchase: 01/04/2008 (D) Enter Purchase Price: 1,670,000
Zoning
Present zoning classification of the site: R-3 (Multiple Family) 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: Roanoke Rapids II Housing, L.P. Address: City: 809 22nd Avenue Tuscaloosa State: AL Zip: 35401 20-8982759 (If assigned)
Note: Do not submit social security numbers for individuals. 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:
First Name: David Address: City: Phone: EMail: 809 22nd Avenue Tuscaloosa (205)759-5781 davidm@morrowrealty.com
State: AL
Zip: 35401
Org:
First Name: David Address: City: Phone: EMail: 809 22nd Avenue Tuscaloosa (205)759-5781 davidm@morrowrealty.com
State: AL
Zip: 35401
Unit Mix
The Median Income for Halifax county is $47,100. Low Income Units Type Gdn Apt Gdn Apt # BRs Net Sq.Ft. 1 2 666 771 Total # Units 10 32 # Units 1 2 Monthly Rent 387 407 Electric Utility Allowance 87 100 Gas Other Mandatory Serv. Fees 0 0 **Total Housing Exp. 474 507
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............... 42 3 16894 42 Gross Monthly Rental Income 16894
Units 3
Separate community building - Sq. Ft. (Floor Area): 684 Community space within residential bulding(s) - Sq. Ft. (Floor Area): 638 Elevators - Number of Elevators: Square Footage Information Gross Floor Square Footage: 33,618
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 2 10 15 17
% percent of median income affordable to/occupied by percent of median income affordable to/occupied by percent of median income affordable to
42
Note: This number should match the total number of low income units in the Unit Mix section.
Funding Sources
NonAmortizing* Rate (%) Term (Years) Amort. Period (Years) Annual Debt Service
Source Bank Loan RPP Loan Local Gov. Loan - Specify: 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
1,423,014
1.00
40
50
36,177
778,084
30
30
2,013,519
4,214,617
* "Non-amortizing" indicates that the loan does not have a fixed annual debt service. For these items, you must fill in 20-year debt service below. ** Total Sources must equal total replacement cost in Project Development Cost (PDC) section. Estimated pricing on sale of Federal Tax Credits: $0. 85 Remarks concerning project funding sources: (Please be sure to include the name of the funding source(s)) Rural Development will provide long-term financing through the assumption of the existing indebtness to the new owner, tax credit equity will come from the Raymond James Tax Credit Fund, and a state tax credit loan from the North Carolina Housing Finance Agency loan is proposed.
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) lender inspections Other Basis Expense (specify) capital needs assessment Other Non-basis Expense (specify) Other Non-basis Expense (specify) 19,334 157,104 8,000 23,000 2,200 22,122 7,500 1,500 2,500 23,100 89,922 27,500 50,400 441,000 7,500 4,500 5,000 66,150 27,500 50,400 374,850 7,500 4,500 7,500 8,000 23,000 24,700 2,068 8,500 5,000 4,000 4,000 24,700 2,068 8,500 5,000 4,000 4,000 84,000 1,147,222 0 74,000 78,300 27,600 110,600 83,011 31,500 10,500 10,000 3,106,733 15,700 11,652 62,150 15,700 11,652 62,150 84,000 1,147,222 0 74,000 78,300 27,600 110,600 83,011 31,500 10,500 10,000 TOTAL COST 1,450,000 Eligible Basis 30% PV 70% PV 1,450,000
43 Rent-up Expense
SUBTOTAL (lines 38 through 45) 46 Rent up Reserve 47 Operating Reserve 48 49 Other Reserve (specify) Replacement Reserve 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: The town or Roanoke Rapids operates under the 2006 IBC building code
3,994,617
1,524,150
2,289,753
0 3,813,903 100.00% 3,813,903 3,813,903 236,908 251,784 336,000 251,784 220,000 4,214,617 251,784 57,155 194,629 1,524,150 100% 1,524,150 100.00% 1,524,150 3.45 52,583 57,155 2,289,753 100% 2,289,753 100.00% 2,289,753 8.05 184,325 194,629
Total Replacement Cost per unit: Federal Tax Credits (line 62) per unit:
92,562 5,995
Have you built other tax credit developments that use the same building design as this project? No If yes, please provide name and address:
Site Amenities: Site amenities will include security cameras, a newly renovated playground, a resident computer center, a covered picnic area with tables and grills, outdoor sitting area with benches, a tot lot, and a gazebo
Onsite Activities: Onsite activities will consist of resident involvement with activities advertised through the monthly newsletter including movie night and game night in the community room, holiday parties and potluck dinners throughout the year, neighborhood watch, and computer learning aids in the commmunity building.
Landscaping Plans: The existing landscaping will be reworked to include taking up old overgrown shrubs, putting new shrubs and new sod in areas needed, lining a row of white crepe mirtles leading up to the property from the road, and extra flowers and annuals around the site sign and the office.
Interior Apartment Amenities: Interior apartment amenities include a stove, refrigerator with icemaker, dishwasher, microwave, cable, telephone, carpet, internet access
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.
Similarity of scale and aesthetics/architecture between project and surroundings. The aesthetics and architecture of the buildings are very nice with the banded arched breezeways and covered balconies. The project fits very well with the surroundings.
For each applicable neighborhood feature, enter distance from project in miles. 1 1 2.9 1.1 1.1 Grocery Store Mall/Strip Center Outdoor Athletic Fields Day Care/After School Schools 1.6 .4 .5 1 .7 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 .5 .5 5 1.6 .7 2 2.2 5 Convenience Store Basketball/Tennis Courts Public Parks Gas Station Library Fitness/Nature Trails Public Swimming Pools .8 .3 .6 .7 2 1.6
Other facilities or services: Mental Health Association of North Carolina and C.W. Couseling Services are both mental health providers and they are within 2.5 miles of the site.
Development Team
Provide contact information for development team members below: Management Agent Company: Landura Investment Company, Inc. Address: City: Phone P.O. Box 25088 Winston-Salem (336)760-8100 State: NC Zip: 27114 Email: bogburn@landura.com Last: Ogburn
Boisseau Design Group / Architects P.A. 8304 Meadow Ridge Court Raleigh (919)847-5860 State: NC Zip: 27615 Email: kbdgken@aol.com Last: Boisseau
Tanner and Guin Capital Park Center 2711 University Blvd. Tuscaloosa (205)633-0205 State: AL Zip: 35403 Email: jguin@tannerguin.com Last: Guin
Raymond James Tax Credit Fund 880 Carillon Pkwy St. Petersburg (800)438-8088 State: FL Zip: 33716 Email: craigdescalzi@raymondjames.c Last: Descalzi
Consultant/Application Preparer (if different from developer) Company: Address: City: Phone Contact Name: First: State: Email: Last: Zip:
Identity of Interest? General Contractor Company: Harold K. Jordan and Co., Inc. Address: City: Phone 1086 Classic Road Suite 201 Apex (919)303-3652 State: NC Zip: 27539 Email: hjordan@hkjconstruction.com Last: Jordan
700 0 1,475
2,966 46,661
4,500 375
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 14,687 14,687 152,135 112,748 42 2,684 680 1,770 11,932
41,982 0
152,135 42,076
36,177
5,899 1.163
* 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: 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 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.