Johnson Ridge Apartment Homes

8/6/2019 Johnson Ridge Apartment Homes

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

roject Description

oject Name: Johnson Ridge Apartment Homes

ddress: 0 Claremont Dr.

ty: Elkin County: Surry Zip:

ensus Tract: 990900 Block Group: 4044

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

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

olitical Jurisdiction: Town of Surry

risdiction CEO Name:First:Lestine Last:Hutchens

Title: Mayor

risdiction Address: PO Box 857

risdiction City: Elkin Zip:

risdiction Phone:

te Latitude:

te Longitude:

oject Type: New Construction

Is this project a previously awarded tax creditdevelopment?

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? Yes

es a community revitalization plan exist? No

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

ttps://www.nchfa.org/Rental/RTCApp/(S(pwkkpw55...1CFFD89DE&SNID=AE3967FD422B423791A32369BFDC7410 (1 of 21)4/14/2009 2:00:14 PM

28621

28621

(336)835-9800

36.264639

-80.850261


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

If yes, please describe:

rget Population:Family

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

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



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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. UAP Section III(C)(5) only this individual or entity will be able to make decisions with regard to this application. If awarded the applica

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

pplicant Name: United Equities VI

ddress: PO Box 6171

ty: Raleigh State: NC Zip:

ontact: First: Julie Last:Graw Title:developer

elephone:

t Phone:

ax:

mail Address:

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


27628

(919)755-9155

(919)621-9356

(919)755-2245

[email protected]


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te Description

tal 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? No

If yes, please describe:

e 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?

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:


5.0 5.0


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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/contractpurchase 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:


11/30/2009

300,000


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oning

esent zoning classification of the site:R-20 and MA

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 forobtaining them:

rezoning necessary, public hearing, planning commission review/reccommendation and town council mustapprove. Process takes 60 days. Planning staff and elected officials have indicated their support forrezoning request.

e there any existing conditions of historical significance located on the project site that will require State Historic Preservation officeiew?No

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: Johnson Ridge Apartment Homes, LLC

dress: PO Box 6171

y: Raleigh State:NC Zip:

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

ote: Do not submit social security numbers for individuals.

ntity Type: Limited Liability Company

ntity 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.ick [Add] to add additional partners, members, and principals.

Org: Johnson Ridge Apartment Homes, LLC

rst Name: Fred Last Name: Mills Function: Managing Member

ddress: PO Box 6171

ty: Raleigh State: NC Zip: 27628

hone: Fax:

Mail: Nonprofit: No


27628

(919)755-9155 (919)755-2245

[email protected]


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nit Mix

e Median Income for Surry county is $51,300.

w Income Units

Type # BRs Net Sq.Ft.Total

# Units#Units

MonthlyRent

UtilityAllowance

MandatoryServ. Fees

**TotalHousing Exp.

Gdn Apt 2

Gdn Apt 3

Gdn Apt 2

Gdn Apt 3

Utilities included in rents: Water/Sewer Electric Gas Other trash collection

mployee Units (will add to Low Income Unit total)

ype # BRs Net Sq.Ft.Total

# Units#Units

MonthlyRent

UtilityAllowance

MandatoryServ. Fees

**TotalHousing Exp.

tilities included in rents: Water/Sewer Electric Gas Other

rket Rate Units

ype # BRs Net Sq.Ft.Total

# Units#Units

MonthlyRent

UtilityAllowance

MandatoryServ. Fees

**TotalHousing Exp.

tilities included in rents: Water/Sewer Electric Gas Other

atistics

AllUnits

Units

Gross MonthlyRental Income

Low Income.......

Market Rate.......

Totals...............

oposed number of residential buildings: Maximum number of stories in buildings:

oject Includes:Separate community building - Sq. Ft. (Floor Area):

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


982 12 3 450 68 0 518

1201 8 1 519 76 0 595

982 20 1 479 68 0 547

1201 10 0 529 76 0 605

50 5 24422

50 5 24422

6 2

1,874


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Elevators - Number of Elevators:

quare Footage Information

oss Floor Square Footage:

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

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 state codes.)

Number of Units:

Number of Units Required:

Persons with disabilities or homeless populations.

Number of Units:

tes

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.

ttps://www.nchfa.org/Rental/RTCApp/(S(pwkkpw5...CFFD89DE&SNID=AE3967FD422B423791A32369BFDC7410 (10 of 21)4/14/2009 2:00:14 PM

60,911

55,990

5

6

5
http://www.nchfa.com/Rental/Mincomelimits.aspxhttp://www.nchfa.com/Rental/Mincomelimits.aspx


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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] ate another 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

targeted at percent of median income affordable to/occupied by

targeted at percent of median income affordable to

targeted at percent of median income affordable to

tal Low Income Units:

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


12 50

8 50

20 60

10 60

50


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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:



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 debtservice below.

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

stimated 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))


251,083 6.50 30 30 19,044

586,576 2.00 20 20 35,609

1,490,169 0 30 30 0

2,950,240

250,000

5,528,068

66


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DBG - Town of Elkin - grant not loan.



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58 Basis Before Boost

59 Basis Boost of up to 130%

60 TOTAL QUALIFIED BASIS

61 Tax Credit Rate

62 Federal Tax Credits (maximum $1,300,000)

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

64 Land Cost

65 TOTAL REPLACEMENT COST

FEDERAL TAX CREDITS IF AWARDED

Comments:

Project Development Cost per unit60,000


4,967,230 0 4,967,230

100.00% 100.00%

4,967,230 0 4,967,230

3.50 9.00

447,051 0 447,051

0

300,000

5,528,068

447,051


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arket Study Information

ease provide a detailed description of the proposed project:

e project is located in Elkin, in Surry Co. (a low income foothills community) 50 units are proposed: 12;2drm.and 8;3 bedrm. units will be leased by residents earning 50%AMI or less. 20;2 bedrm. and 10;3drm. units will lease to residents earning 60%AMI or less. 6 units will be fully accessible units.mediately to the North is a single family residence and a church. Across the street to the East is an

derly project, a residence and a daycare facility. To the south is a vacant lot with two medical offices and a

ngle family residence. To the west is a single family residence.e site is located within 1.3 miles of two shopping centers, three drug stores, a daycare, a Lowe's Homeprovement, numerous restaurants and retail shops including a 2008 WalMart, three gas stations, aspital (undergoing a 48 million dollar expansion) and many, many doctors offices. These facilities providenvenience and, most importantly, many employment opportunities. Elkin schools are located in downtownkin. Elkin is always one of the top performing schools and in 2008 achieved the rank of #1 in graduationte.e Elkin recreation facility is a model for small towns. The walking tracks, baseball fields, tennis courts,

ayground equipment, in-door basketball courts, swimming pool and fitness center are all in fantasticndition.e area around this project is one of the few areas in nortwest North Carolina that continues to prosper inr current economic condition. Elkin is successful because it is the hub of business and healthcare foruthern Surry County, Alleghany County, southern Wilkes County, and northern Yadkin County.

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:

Vinyl shakes

ve you built other tax credit developments that use the same building design as this project?Yes

If yes, please provide name and address:

(completed in the Fall of 2008)Fairview PointeWest Old St.Lillington, NC

e Amenities:

utdoor sitting areas w benches, multi-purpose room, residential computer center, covered picnic area wbles and grill, playground, tot lot and gazebo.



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site Activities:

esidents may utilize the multi-purpose room for classes, homework/tutoring and special events. Thevered picnic area, playground, tot lot and outdoor sitting areas offer the opportunity to play and socializer kids and adults alike.

ndscaping Plans:

n effort will be made to preserve larger specimen trees outside the building footprint and paved parkingeas. trees and plantings will be drought-resistant and native to western NC. a variety of plantings will beustered together for maximum appeal and will be used to screen HVAC units, soften building lines andturalize parking areas.

erior Apartment Amenities:

ach resident's apartment will have a range, dishwasher, frost-free refigerator, washer/dryer connections,ge closets, storage, carpet, vinyl, central air and heat pump. All units will be Energy Star compliant.

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.

he site is situated in the center of the fastest growing area in the region. Within 1 mile, new retail and

estaurants have been constructed in the past year. The new buildings include McDonalds (.4), Murphyxpress (.4), Walgreens (.6), Lowe's Home Improvement (.3), WalMart (.9), Shoe Show (.9), and Dollarree (.9). Many others were constructed within the past 5 years. There are also several sites that areurrently being graded for other commercial needs.here is much medical activity within a mile going in the opposite direction. There are three new medicalarks and the hospital recently began a 48 million dollar expansion. These new facilities are providing manyew jobs for eligible families.here are two multi-family facilities in the immediate area. One project is Maple Ridge Apartments (.1). It issubsidized elderly facility. The other is Parkwood Place (.3). It is the areas most affluent retirement facility.ayberry Learning Center (.1) is a new daycare business that opened two years ago. They recently

cquired more land and rezoned the property to expand the daycare facility.ll but two of the residential properties are in great condition. Of the two remaining, one would beemolished on the site that we are proposing and the other is on a tract of land that is currently being

arketed. That tract is situated between the site that we are proposing and a church facility. We spoke withe Town and feel secure that the next use of the tract will be complimentary to the existing residential andedical arts community.

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. The land use pattern is residential and medical arts. There are no

compatable land uses in the immediate vicinity. There are several tracts of land currently being marketed.e believe that the future development will be residential and medical arts. This conclusion is drawn based

the goals of the Town as well as the traffic flow. Most traffic is routed around this site by the Elkin by-pass.e vast majority of the remaining traffic is for the purpose of residential, medical or daycare. It is thereforeely to remain residential and medical arts in character.

TE SUITABILITY

dequate 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 sign in relation to traffic corridors. Adequate safety controls and speed limits exist on Johnson Ridge Rd. Somethe apartment buildings will be visible from Johnson Ridge Rd. The lighted project sign will border onhnson Ridge Rd.

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, large

ulders, 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 that will impede project construction or adversely affect tenants.



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

uilding will be two stories with vinyl siding and brick. The buildings are in scale and of similar materials ase buildings in the surrounding area.

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

Grocery Store Community/Senior Center

Mall/Strip Center Hospital

Outdoor Athletic

eldsPharmacy

Day Care/After

choolBasic Health Care

Schools Public Transportation

Stop

Convenience Store Public Parks

Gas Station Library

her facilities or services:

thin 1.3 miles of the facility - Three pharmacy chains, a shopping center anchored by a grocery store andg Lots, a shopping center anchored by WalMart, Lowe's Home Improvement, 3 gas station/convenienceores, several fast food restaurants, and a local restaurant.


.0 1.7

9 .5

.7.6

.3

.2 0

3 1.7

2.2


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reliminary App Checklist

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

Fee PaymentCheck in the amount of $5,450.00 made payable to North Carolina Housing Finance Agency.

Tab A - Preliminary ApplicationPrinted, signed copy of preliminary application generated from online system.

B - Map/Driving InstructionsA local map clearly identifying the location of the Site and detailed directions to the Site. Current City or County maps are prefe

internet maps and directions are not acceptable. Applicant must also provide a map identifying the amenities listed in section(A)(1)(b)(ii) of the QAP and their proximity to the site.

Applicant must provide a sign and boundary markers to clearly identify the road frontage of the site. The sign identifying the sitshould read SITE with a minimum size of 11x17.

C - Community Revitalization Plan

Applicant should provide a map identifying the subject site within the Plan area (if applicable).D - Evidence of Site ControlProvide valid option/contract or warranty deed and plot plan.

E - Site Plans/Scope of WorkPreliminary site plan, floor plans and elevations for all projects, interior and exterior photographs and detailed scope of work foAdaptive Reuse and Rehab projects. Site and floor plans should be no larger than 11x17 and must be produced by a licensedarchitect or engineer.

F - Information Package for Market AnalystsThis section must include copies of items required in Tabs A, B, E and G (site and floor plans should be no larger than 11x17) can include any additional market information such as preliminary market studies the applicant would like to provide to theAnalysts.

G - Rent Roll (Rehabs only)

Provide the current rent roll for the property and indicate which units (if any) are receiving rental assistance.H - Documentation for Basis BoostApplicant should provide an appraisal and/or standard geological survey to support a request for the basis boost (if applicable)

Johnson Ridge Apartment Homes

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