Orchard Creek Apartments

8/6/2019 Orchard Creek Apartments

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

roject Description

oject Name: Orchard Creek Apartments

ddress: Clemonsville Rd and Spach Dr.

ty: Winston-Salem County: Forsyth Zip:

ensus Tract: 20.02 Block Group: 2

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? Yes

olitical Jurisdiction: City of Winston-Salem, NC

risdiction CEO Name:First:Allen Last:Joines

Title: Mayor

risdiction Address: 101 North Main St., City Hall

risdiction City: Winston-Salem 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(3qqkerv4u...08B5B96861&SNID=D148E4BE2D244813B8B0C52B979D10B6 (1 of 21)4/14/2009 1:57:36 PM

27127

27102

(336)727-2058

36.0416

-80.2557


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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: Bradley NC 2008, LLC

ddress: 115 Red Wolf Trail

ty: Myrtle Beach State: SC Zip:

ontact: First: Brad Last:Queener Title:Managing Member

elephone:

t Phone:

ax:

mail Address:

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


29579

(843)358-4886

(843)222-6483

(843)358-5085

[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:


8.5 8.5


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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:


01/30/2010

625,000


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oning

esent zoning classification of the site:RS-9

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:

The propery will have to be re-zoned for multi-family and the first city meeting is Febuary 4th. The processwill be complete before the Tier 2 application deadline in May.

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: Orchard Creek, LLC (to be formed)

dress: 115 Red Wolf Trail

y: Myrtle Beach State:SC 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: Bradley NC 2008, LLC

rst Name: Brad Last Name: Queener Function: Managing Member

ddress: 115 Red Wolf Trail

ty: Myrtle Beach State: SC Zip: 29579

hone: Fax:

Mail: Nonprofit: No


29579

(843)358-4886 (843)358-5085

[email protected]


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

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(3qqkerv4...8B5B96861&SNID=D148E4BE2D244813B8B0C52B979D10B6 (10 of 21)4/14/2009 1:57:36 PM

82,643

78,260

8

8

8
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






tal Low Income Units:

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


8 30

7 50

17 60

8 30

10 50

14 60

64


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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))


1,017,574 8.00 20 30 89,599

960,000 2.00 20 20

714,828 0 30 30 0

5,853,859

8,546,261

70


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ank Loan-to be determinedHTC Equity Investor-to be determined

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


37174 37576 37923 38211 38437 38597 38688 38707 38650 38514

38293 37985 37584 37087 36489 35784 34969 34038 32986 31807


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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 5% lines 2-9, Rehabs 10%)

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


950,000 712,500

3,833,600 3,833,600

220,000 220,000

287,016 287,016

101,412 101,412

304,237 304,237

227,851 227,551

83,200 83,200

15,000 15,000

60,000 60,000

6,082,316

7,000 7,000

75,332 75,332

143,420 143,420

13,000 13,000

250,000 250,000

15,000 15,000

6,000 6,000

14,000 14,000

4,800 4,800

42,738


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29 Title and Recording


30 Real Estate Attorney

31 Other Attorney's Fees

32 Tax Credit Application Fees (Preliminary and Full)

33 Tax Credit Allocation Fee (0.62% of line 60, minimum $7,500)

34 Cost Certification / Accounting Fees

35 Tax Opinion

36 Organizational (Partnership)

37 Tax Credit Monitoring Fee


38 Furnishings and Equipment

39 Relocation Expense

40 Developer's Fee

41 Additional Contigency (greater of $500/unit or $30,000)

42

43

44 Rent-up Expense

45

46


47 Rent up Reserve

48 Operating Reserve

49

50

51 DEVELOPMENT COST (lines 1-49)

52 Less Federally Funded Grant

53 Less Disproportionate Standard

54 Less Nonqualified Nonrecourse Financing

55 Less Historic Tax Credit

56 TOTAL ELIGIBLE BASIS

57 Applicable Fraction (percentage of LI Units)


5,000

576,290

15,000

42,000 42,000

2,300

39,887

15,000 15,000

5,000

1,000

44,800

164,987

40,000 40,000

672,000 672,000

30,000 30,000

Other Basis Expense (s 15,000 15,000

Other Basis Expense (s

15,000

Other Non-basis Expen 15,000

Other Non-basis Expen 11,000

798,000

25,600

274,068

Other Reserve (specify)

Other Reserve (specify)

7,921,261 0 7,187,068

0

7,187,068 0 7,187,068

100.00% 100% 100%


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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 unit59,900


7,187,068 0 7,187,068

130.00% 130.00%

9,343,188 0 9,343,188

3.50 9.00

840,887 0 840,887

0

625,000

8,546,261

840,887


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arket Study Information

ease provide a detailed description of the proposed project:

e are proposing to build a 64 unit family development in the City of Winston-Salem. The community willrve a growing population in the area that will benefit from well built, safe, affordable housing. Thevelopment will encompass our best efforts in order to provide the people of Winston-Salem affordableusing units that live up to high standards of the surrounding area.

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:

undry, community room, online computer stations, picnic and grill areas, playground and tot lot, outdoorting areas (minimum of 3 areas) and a gazebo.

site Activities:

ur management company will make its best efforts to work with local human service agencies to provideucational, social and health preservation programs for the families living at this community. Local serviceoviders will be invited to the site to help establish educational workshops for our residents that coveralth, safety and employment issues that will benefit our residents. Residents will also have full access to

gh-speed internet access in our community room. Management will also organize community activities inder to make sure the residents get to know their neighbors and feel as they are living in a close knitmmunity.



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ndscaping Plans:

ndscaping is an integral part of the success of a development and we will use our best efforts in orderake the site look as attractive as possible. Using natural buffers, evergreen trees and flowering plants, thendscaping plan will highlight the areas local vegetation. We will also be conscience of using droughtsistant plants where possible in order to conserve water.

erior Apartment Amenities:

anges, range hoods, dishwashers, refrigerators (frost-free), interior storage areas, mini-blinds, a pantry,iling fans, walk in closets, carpet and washer and dryer hook-ups.

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.

his area of Winston-Salem continues to grow and expand and with it the need for well built, safe and

fordable housing. The site is close to shopping, retail, commercial and medical services. The surroundingroperties are a mix of commercial and residential. The neighborhood as a whole is growing and there areany single-family neighborhoods close by. Fiddlers Glen, which is a very nice single-family neighborhoodadjacent to the site. As Winston-Salem continues to grow, so does the need for more affordable high

uality rental units.

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, distribution

cilities, 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 surrounding land use pattern is commercial/residential with multi-mily and single family close by. The site is owned by a church and located near the church, a daycare, andar many public services and amenities that will benefit the tenants, and therefore, not isolated. There are negative effects of industrial or incompatible uses close to the site.

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 traffic controls exist to handle increased traffic from thevelopment and capacity for water and sewer and other public facilities exist for this project. Mass transit isailable in Winston-Salem and a public bus station is located approximately 1 mile from the site. The

velopment and its main sign will be easily visible from the main throughofares.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).

o negative features on the site exist that will impede the construction of the project or adversely affect theture tenants.

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

he proposed community will blend well with the scale and architectural design of the surrounding landses. We will be working closely with the City and invite comments during our site planning in order to makeure that our development fits well within the City's vision for the area as well as enhances the overallesthetics of the neighborhood. We are planning on designing a community that has the feel of a townhomeevelopment with private individual entrances rather than typical garden style apartment buildings withreezeways in order to better blend with the surrounding high quality residential neighborhoods. While morexpensive, we feel as though this will not only benefit our residents but provide a community in which

Winston-Salem is proud.

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



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Grocery Store Community/Senior Center

Mall/Strip Center Hospital

Outdoor Athletic

eldsPharmacy

Day Care/After

chool

Basic Health Care

SchoolsPublic Transportation

Stop

Convenience Store Public Parks

Gas Station Library

her facilities or services:

ee map located in the Map/Directions section of the Application to show proximity to services/amenities.e site is very close to Peters Creek Parkway/150 and Hwy 52, with easy access to everything. Also, while

e site is not close to a hospital, there are many urgent care centers and doctors offices close by.


2 .2

2 5

3.2

2.8

3.3

4 .3

4 1.4


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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)

Orchard Creek Apartments

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Transcript of Orchard Creek Apartments