Eno Haven App

8/6/2019 Eno Haven App

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Print Preview - FinalApplicationTax Credits, RPP Loans, and/or Tax Exempt Bond Loans

roject Description

oject Name: Eno Haven

dress: Hwy 70 Business and Hwy 86

ty: Hillsborough County: Orange Zip:

ensus Tract: 110 Block Group: 2

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

olitical Jurisdiction: Town of Hillsborough

risdiction CEO Name:First:Tom Last:Stevens

Title: Mayor

risdiction Address: 101 E. Orange St.

risdiction City: Hillsborough Zip:

risdiction Phone:

e Latitude:

e Longitude:

oject Type: New Construction

this project a previously awarded tax credit development? No

If yes, what is the project number: Is this a request for supplementalcredits?

w Construction/Adaptive Reuse:his project a follow-on (Phase II, etc) to a previously-awarded tax credit development project? No

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

ehab:

umber of residents holding Section 8uchers:

l the project meet Energy Star standards as defined in Appendix B? No

es a community revitalization plan exist? No

ll the project use steel and concrete construction and have at least 4 stories? No

ll the project include a Community Service Facility under IRS Revenue Ruling 2003-77?o

ttps://www.nchfa.org/Rental/RTCApp/(S(szsed1f4...BAB1306AC&SNID=8FC2A6E3AC1341A48C7B2DBAC89719FA (1 of 29)9/16/2008 3:10:00 PM

27278

27278

(919)732-1270

36.06439

-79.08181


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If yes, please describe:

rget Population:Elderly (55)

ll the project be receiving project based federal rental assistance? No

If yes, provide the subsidy source: and number of units:

icate 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 andstate codes.)

Number of Units:

Persons with disabilities or homeless populations: 10% of the total units.

Number of Units:

Remarks:


8

8


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pplicant Information

icate below an individual or a validly existing entity (a corporation, nonprofit, limited partnership or LLC) as the official applicant. UndeP Section III(C)(5) only this individual or entity will be able to make decisions with regard to this application. If awarded the applicant

come part of the ownership entity. The applicant will execute the signature page for this application.

pplicant Name: The Banks Law Firm, P.A.

dress: 4819 Emperor Blvd., Suite 110

ty: Durham State: NC Zip:

ontact: First: Jim Last:Yamin Title:Development Consultant

lephone:

Phone:

x:

mail Address:

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


27703

(919)281-9169

(919)810-0371

(919)474-9537

[email protected]


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te Description

al Site Acreage: Total Buildable Acreage:

If buildable acreage is less than total acreage, please explain:

ntify utilities and services currently available (and with adequate capacity) for this site:

Storm Sewer Water Sanitary Sewer Electric

he demolition of any buildings required or planned? Yes

If yes, please describe:

A house on the property will need to be moved or demolished.

e existing buildings on the site currently occupied? Yes

If yes:(a) Briefly describe the situation:

The tenant there is on a 12-month lease that ended at the end of February 2008, at which time the leasereverted to month-to-month. The owner has agreed to offer the tenant a 90-day notice to vacate. The

applicant has offered the tenant a $300 relocation fee.

(b) Will tenant displacement be temporary? No(c) Will tenant displacement be permanent? Yes

he site directly accessed by an existing, paved, publicly maintained road? Yes

If no, please explain:

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:


11 11


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



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te Control

es 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 fopurchase of the property and the seller of the property?NoIf yes, specify the relationship:

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

(D) Enter Purchase Price:


12/30/2000

1,000,000


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oning

esent zoning classification of the site:O-1

multifamily use permitted?No

e 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?No

If yes, specify permit or variance required and date obtained. If no, describe permits/variances required and schedule for obta

them:A joint Planning Board/Board of Town Commissioners will convene in a public hearing April 7, 2008 toconsider the rezoning application. Planning Board will meet to make their decision May 15th and the TownBoard will meet to make their decision June 9th. Scott Farmer has allowed a waiver for this final decision.

e there any existing conditions of historical significance located on the project site that will require State Historic Preservation office re

If yes, describe below:

e there any existing conditions of environmental significance located on the project site?No

If yes, describe below:



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wnership Entity

wner Name: TBLF Eno Haven LLC

dress: c/o The Banks Law Firm, 4819 Emperor Blvd., Suite 110

y: Durham State:NC Zip:

deral Tax ID Number of Ownership Entity: (If assigned)

ote: Do not submit social security numbers for individuals.

tity Type: Limited Liability Company

tity Status: To Be Formed

the applicant requesting that the Agency treat the application as Non-Profit sponsored? No

the applicant requesting that the Agency treat the application as CHDO sponsored? No

st all general partners, members,and principals. Specify nonprofit corporate general partners or members.ck [Add] to add additional partners, members, and principals.

Org: The Banks Law Firm, PA

st Name: Sherrod Last Name: Banks Function: Managing Memberddress: 4819 Emperor Blvd., Suite 110

ty: Durham State: NC Zip: 27703

one: Fax:

Mail: Nonprofit: No


27703

(919)474-9137 (919)474-9537

[email protected]


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

Elevators - Number of Elevators:

uare Footage Information

oss Floor Square Footage:

tal Net Sq. Ft. (All Heated Areas):

tes

Please refer to the Income Limits and Maximum Housing Expense Table to ensure that Total Monthly Tenant Expenses for low inc

units are within established thresholds.

ttps://www.nchfa.org/Rental/RTCApp/(S(szsed1f...AB1306AC&SNID=8FC2A6E3AC1341A48C7B2DBAC89719FA (10 of 29)9/16/2008 3:10:00 PM

4,908

1

88,738

88,538
http://www.nchfa.com/lib/html/rental/Median%20Income%20Charts/income_limits.htmhttp://www.nchfa.com/lib/html/rental/Median%20Income%20Charts/income_limits.htm


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argeting

ecify Low Income Unit Targeting in table below. List each applicable targeting combination in a separate row below. Click [Add] to cother row. Click "X" (at the left of each row) to delete a row. Add as many rows as needed.

BRs Units %

targeted at percent of median income affordable to/occupied by






tal Low Income Units:

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


12 30

7 50

25 60

7 30

5 50

20 60

76


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unding Sources

Source AmountNon-

Amortizing*Rate(%)

Term(Years)

Amort.Period(Years)

AnnualDebt

Service

Bank Loan

RPP Loan

Local Gov. Loan - Specify:

RD 515 Loan

RD 538 Loan - Specify:

AHP Loan

Other Loan 1 - Specify:Orange County Bond Loan

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**

"Non-amortizing" indicates that the loan does not have a fixed annual debt service. For these items, you must fill in 20-year debt serbelow.

Total Sources must equal total replacement cost in Project Development Cost (PDC) section.

timated pricing on sale of Federal Tax Credits: $0.

emarks concerning project funding sources:ease be sure to include the name of the funding source(s))


1,700,000 6.25 30 30 125,606

500,000

2.00 20 20

1,000,000 0.00 20 20

422,903 0 30 30 0

5,195,712

8,818,615

83


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ans with Variable Amortizationease fill in the annual debt service as applicable for the first 20 years of the project life.

PP Loan

ear:mt:

1 2 3 4 5 6 7 8 9 10

ear:mt:

11 12 13 14 15 16 17 18 19 20

her Loan 1 - Orange County Bond Loan

ear:mt:

1 2 3 4 5 6 7 8 9 10

ear:mt:

11 12 13 14 15 16 17 18 19 20


20882 22428 23910 25322 26658 27911 29072 30134 31089 31927

32641 33219 33652 33928 34037 33966 33702 33232 32542 31617

0 0 0 0 0 0 0 0 0 0

0 0 0 0 0 0 0 0 0 0


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evelopment Costs

Item Cost Element TOTAL COSTEligible Basis

30% PV 70% PV

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 (max 6% lines 2-6)

8 Contractor Overhead (max 2% lines 2-7)

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

10 Construction Contingency (max 3% lines 2-9, Rehabs 6%)

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


820,000 820,000

4,000,000 4,000,000

289,000 289,000

102,000 102,000

408,500 408,500

168,500 168,500

142,600 142,600

30,000 30,000

50,000 50,000

6,010,600

50,000 50,000

210,000 210,000

65,000 65,000

107,920 107,920

30,000 30,000

6,000 6,000

4,000 4,000

4,300 4,300

34,500

5,000


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60 Tax Credit Rate

61 Federal Tax Credits at Estimated Rate

62 Federal Tax Credits at 9.00% or 3.75% (maximum $1,000,000)

63 Federal Tax Credits Requested

64 Land Cost

65 TOTAL REPLACEMENT COST

FEDERAL TAX CREDITS IF AWARDED

Comments:

Total Replacement Cost per unit:76,158


3.40 8.50

626,052 0 626,052

662,879 0 662,879

593,703 593,703

1,000,000

8,818,615

662,879


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arket Study Information

ase provide a detailed description of the proposed project:

e proposed Eno Haven is one 2-story building that includes 90 units, 53 one-bedroom units and 37 two-droom units. These units are constructed to meed the needs of residents who may have physical as wellmental challenges. Each unit is equipped with a pantry, walk-in closets and exterior stroage space. The

e's proximity to different elder services in the Meadowlands area makes offers exceptional convenienceth etarget population.

nstruction (check all that apply):

Brick Vinyl Wood HardiPlank Balconies/Patios Sunrooms Front Porches

Front Gables or Dormers Wide Banding or Vertical/Horizontal Siding

Other:

ve you built other tax credit developments that use the same building design as this project?No

If yes, please provide name and address:

e Amenities:

door or Outdoor Sitting Areas, Multi-Purpose Room, Resident Computer Center, Tenant Storage Areas,overed Drive-Thru at Entry and Garden Plots

site Activities:

esidents will have full use of the computer center located in the community building. Periodic trainingurses will be conducted on computer hardware and software. The owners will also contract with theange County Council on Aging to ofer specialized support services.

ndscaping Plans:



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e site will be landscaped with natural as well as planted greenery. As many acres as possible will beeserved during construction in order to offer a beautiful natural surrounding to the residents as well asrving as a buffer to offer privacy to the residents. Small shrubs and mulch will be planted around theilding perimeter. Addiitona landscaping will be provided by the resident as they sow and nurture theovided garden spots on the property.

erior Apartment Amenities:

ange with hood

ost-free Refrigeratorome interior/exterior storage spaceasher/Dryer hook-upsni Blinds

arpetingnyl kitchen and bathroomsentral Air Conditioning and Heat Pump

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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pplicant's Site Evaluation

efly describe your site in each of the following categories:

EIGHBORHOOD CHARACTERISTICS

end and direction of real estate development and area economic health. Physical condition of buildings andprovements in the immediate vicinity. Concentration of affordable housing.

llsborough is experiencing rapid economic expansion and Eno Haven is well placed to take full advantage

this trend. The NC Department of Transportation is considering various alignments for the imminentalignment of the Elizabeth Brady Road bypass project, which will extend Hwy 86, from its presenttersection with Hwy 70A, north to connect with US Hwy 70 bypass running on the north side of town. Thisll bring accompanying upgraded conditions for new development. The Central Orange Senior Center is

ompleting construction of a 30,000 sq. ft. addition to the Triangle Sportsplex within the adjacenteadowlands complex. The seller of the Eno Haven site is maintaining ownership of the half of the parcelat fronts onto Hwy 86 and he plans to develop that site with a mix of retail, office and lodging. There is a

mall new subdivision of new custom homes under construction named Riverbend on Hwy 70A just about5 miles west of the entrance to the site. There is an ample amount of new economic development in theowntown vicinity, just over a mile away from the site. The enclosed map from the Town Planningepartment locates and describes these developments. There is no affordable housing in the vicinity.

URROUNDING LAND USES AND AMENITIES

nd use pattern is residential in character (single and multifamily housing). Extent that the location isolated. Effect of industrial, large-scale institutional or other incompatible uses, including but not limited to:astewater treatment facilities, high traffic corridors, junkyards, prisons, landfills, large swamps, distributioncilities, frequently used railroad tracks, power transmission lines and towers, factories or similar operations,urces of excessive noise, and sites with environmental concerns (such as odors or pollution). Amount andaracter of vacant, undeveloped land. Land use surrounding the Eno Haven site is a broad, complementaryx of residential, educational, institutional and recreational. The most practical feature will be the connectionthe Meadowlands complex. The owner will build a connecting road via the Duke Hospice property that willovide very easy access to all the facilities in the Meadowlands. These include a new 30,000 sq. ft. additionthe Triangle Sportsplex that will house the expanded Central Orange Senior Center. In addition there areedical and dental offices and a charter school. A new major commercial complex anchored by a Superalmart and Home Depot is less than a mile away south on Hwy 86.

TE SUITABILITY

equate traffic safety controls (i.e. stop lights, speed limits, turn lanes). Burden on public facilitiesarticularly roads). Access to mass transit (if applicable). Visibility of buildings and/or location of project signin relation to traffic corridors. The owners will be constructing a required turn lane at the entrance to Hwy

A. The Durham Area Transit Authority (DATA) runs a public bus route through the Meadowlands complexwhich the project will be physically connected. There will be excellent visibility of the project from both HwyA as well as Hwy 86. The sloping site is thick with mature hardwoods that will offer attractive ambience to

e site to the extent that they can be preserved.

egree of on-site negative features and physical barriers that will impede project construction or adverselyect future tenants; for example: power transmission lines and towers, flood hazards, steep slopes, largeulders, ravines, year-round streams, wetlands, and other similar features (for adaptive re-use projects-itability for residential use and difficulties posed by the building(s), such as limited parking, environmentaloblems or the need for excessive demolition).

here are no on-site negative features and physical barriers that will impede project construction ordversely affect future tenants.



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

he proposed project will be fully in keeping with the scale and aesthetics/architecture between project andurroundings. The owner is continuing discussions with the land seller/developer of the parcel fronting Hwy6 in an effort to achieve a smuch as possible aesthetic/architectural sumilarities with his proposedevelopment activity.

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

Grocery StoreCommunity/Senior

Center

Mall/Strip Center Hospital

Outdoor Athletic Fields Pharmacy

Day Care/After School Basic Health Care

Schools

Public Transportation

op

Convenience Store

Public Parks

Gas Station

Library

her facilities or services:


90.2

9 5

1 0.9

2 0.2

1

1

5

1

5

2


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evelopment Team

ovide contact information for development team members below:

nagement Agent

ompany: Community Management Co.

dress: PO Box 25168

ty: Winston-Salem State: NC Zip:

one Email:

ontact Name: First: Gaye Last: morgan

chitect

ompany: Tise-Kiester Architects

dress: 119 E. Franklin St. Suite 300

ty: Chapel Hill State: NC Zip:

one Email:

ontact Name: First: Don Last: Tise

orney

ompany: The Banks Law Firm PA

dress: 4819 Emperor Blvd. Suite 110

ty: Durham State: NC Zip:

one Email:

ontact Name: First: Tanya Last: Locklair

estor

ompany: TBD

dress: TBD

ty: TBD State: NC Zip:

one Email:

ontact Name: First: Last:

nsultant/Application Preparer (if different from developer)

ompany:

dress:

ty: State: Zip:

one Email:



27114-5168

(336)765-0424 [email protected]

27514


27703


99999

(999)999-9999


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neral Contractor Identity of Interest?

ompany: TBD

dress: TBD

ty: TBD State: NC Zip:

one Email:



99999

(999)999-9999


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rojected Operating Costs

Project Operations (Year One)

Administrative Expenses

Advertising

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


2,400

2,400

35,566

20,000

900

4,000

6,000

5,400

1,000

77,666

11,200

9,000

7,000

27,200

7,200

800

1,500

1,200

9,000

1,800


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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

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


2,500

10,000

25,000

1,200

800

3,600

1,500

5,000

71,100

60,000

6,500

22,000

300

800

8,000

97,600

10,000

dedicated transportation13,650

23,650

19,000

19,000


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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


316,216

213,566

76

2,810


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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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inimum Set-Asides

NIMUM 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: NCredit 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: NCredit Eligible Units in the the project can exceed 60% of median income)

If requesting RPP funds:40% of the units are occupied by households with incomes at or below 50% of median income.

State Tax Credit and QAP Targeting Points:High Income county:

At least twenty-five percent (25%) of qualified units will be affordable to households with incomes at or below thirty percent (30county median income.At least twenty-five percent (25%) of qualified units will be affordable to and occupied by households with incomes at or below 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 comedian income.At least fifty percent (50%) of qualified units will be affordable to and occupied by households with incomes at or below forty pe(40%) of county median income.

Tax Exempt BondsThreshold 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 per(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 per(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 fiftypercent (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 per(40%) of county median income.



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Eno Haven App

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Transcript of Eno Haven App