Sara Place

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

roject Description

oject Name: Sara Place

ddress: 1909 Vance Street

ty: Reidsville County: Rockingham Zip:

ensus Tract: 415 Block Group: 1

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 Reidsville

risdiction CEO Name:First:James Last:Festerman

Title: Mayor

risdiction Address: 230 W. Morehead Street

risdiction City: Reidsville 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(m0iau255...5DB24B44F&SNID=BCDC32A0A09B4395B7A39C31EFBC0880 (1 of 21)4/8/2009 1:44:36 PM

27320

27320

(336)349-1090

36.352834

-79.689841

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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:Elderly (55)

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: Beacon Management Corporation

ddress: 408 Battleground Avenue

ty: Greensboro State: NC Zip:

ontact: First: George Last:Carr Title:President

elephone:

t Phone:

ax:

mail Address:

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


27401

(336)282-6000

(336)337-5001

(336)545-9004

[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:


7.42 7.42

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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:


09/30/2009

202,300

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oning

esent zoning classification of the site:R-12

multifamily use permitted?Yes

e 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 forobtaining them:

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: Sara Place Limited Partnership

dress: 408 Battleground Avenue

y: Greensboro State:NC Zip:

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

ote: Do not submit social security numbers for individuals.

ntity Type: Limited Partnership

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: Beacon Management Corporation

rst Name: George Last Name: Carr Function: Managing General Partner


ty: Greensboro State: NC Zip: 27401

hone: Fax:

Mail: Nonprofit: No

Org: Carr-Theismann, LLC

rst Name: George Last Name: Carr Function: General Partner

ddress: 408 Battleground Avenuety: Greensboro State: NC Zip: 27401

hone: Fax:

Mail: Nonprofit: No

Org: Carr-Smith, LLC

rst Name: George Last Name: Carr Function: General Partner


ty: Greensboro State: NC Zip: 27401

hone: Fax:

Mail: Nonprofit: No


27401

(336)282-6000 (336)545-9004

[email protected]

(336)282-6000 (336)545-9004

[email protected]

(336)282-6000 (336)545-9004

[email protected]

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nit Mix

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

w Income Units

Type # BRs Net Sq.Ft.Total

# Units#Units

MonthlyRent

UtilityAllowance

MandatoryServ. Fees

**TotalHousing Exp.

Gdn Apt 1

Gdn Apt 1

Gdn Apt 2

Gdn Apt 2

Utilities included in rents: Water/Sewer Electric Gas Other

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):


700 20 2 389 55 0 444

700 20 2 478 55 0 533

900 8 1 464 70 0 534

900 8 1 571 70 0 641

56 6 25620

56 6 25620

10 1

2,696

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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.


49,899

46,232

6

6

0
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.


22 50

22 60

6 50

6 60

56

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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))


553,320 7.00 25 30 44,175

558,264 2.00 20 20

1,379,414 0 30 30 0

4,394,003

6,885,001

71

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arolina Bank, Branch Banking & Trust, CICCAR or RichmacPP LoanCHFA State Tax Credit Loanyndicator will be The Richman Group or equivalent

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


15755 15066 14308 13475 12567 11578 10505 9346 8095 6750

5307 3761 2107 12263 10382 8380 6253 3995 4457 1921

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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 unit55,000


6,270,066 0 6,270,066

100.00% 110.00%

6,897,073 0 6,897,073

3.50 9.00

620,737 0 620,737

0

202,300

6,885,001

620,737

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arket Study Information

ease provide a detailed description of the proposed project:

ara Place will offer 56 single story residential units developed in 10 traditionally styled buildings inaftsman style architecture. There will be a substantial amount of brick used on each apartment while alsolizing vinyl or hardiplank for the exteriors. Each unit will be provided with range, refrigerator, dishwasher,ating and air conditioning equipment and laundry hook-ups. A beautiful, well designed 2600 square footmmunity building will be near the entrance of the property which will house the manager's office and offer

door/ outdoor sitting areas, multi-purpose room, resident computer center and laundry facilities.

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?Yes

If yes, please provide name and address:

Churchview Place2302 Old Chapman StreetGreensboro, NC 27403

(just starting construction)

Rankin King Farm3216 Summit AvenueGreensboro, NC 27405(85% completion of construction)

e Amenities:

s cited above, Sara Place will have an attractive Community Building with onsite manager's office, indoor/tdoor sitting areas, a multi-purpose recreational room, computer center and coin operated laundry

cilities.

site Activities:

variety of resident service programs will be conducted by our staff at Sara Place. The multi-purposecreational room will be an ideal area for these activities which would include, Holiday parties, socials,ucational programs and many other events that our residents might want to take part in. Beacon employsull-time resident service coordinator who is dedicated to providing these services at our properties.


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ndscaping Plans:

xtensive landscaping will be done and kept up on the property to allow our residents full enjoyment of theirrroundings.

erior Apartment Amenities:partment interiors will include range, hood, dishwasher, refrigerator, exterior storage, washer/dryer hook-s, ceiling fans, carpeting, vinyl flooring 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.

he 7.42 acre tract is located in a predominately residential neighborhood in Reidsville, NC with close

roximity to commerce. The site is located just off of Vance Street, allowing for easy access to a variety ofervices and major thruways. The town of Reidsville offers a quiet residential atmosphere.

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. Land use pattern is substantially residential in character withartments and single family homes surrounding the subject property. However Sara Place will enjoy thenvenience of a variety of commercial activity and highways in close propinquity.

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. The property is well located with no known adverse conditions. Commerciald other services are accessible via pedestrian traffic and automobiles. Sara Place enjoys convenient

gress and egress from Vance Street.

egree of on-site negative features and physical barriers that will impede project construction or adversely

ect 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).

ear of the property falls slightly below grade and therefore a pump station would be required. Please seepographical information enclosed in application.

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

ara Place is being developed with a handsome Craftsman style architecture which is compatible with theurrounding residential areas and fits well with the town itself.

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

choolBasic Health Care

SchoolsPublic Transportation

Stop

Convenience Store Public Parks

Gas Station Library

her facilities or services:

ank - .3ublic Golf Course - 2.6hurches - .2estaurants - .2entist - 1.0orage Facilities - .4epartment Store - .7


3 2.

.7 1.3

.2

.4

.4

3 1.1

3 1.5

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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)

Sara Place

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