Savanna Woods

8/6/2019 Savanna Woods

http://slidepdf.com/reader/full/savanna-woods 1/23

rint - APP09-0011

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

oject Description

oject Name: Savanna Woods Apartmentsddress: 3124 Leaside Lane

ty: Charlotte County: Mecklenburg Zip:

nsus Tract: 33 Block Group: 1

roject 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

litical Jurisdiction: City of Charlotte, North Carolina

risdiction CEO Name: First:Patrick Last:McCrory Title: Mayor

risdiction Address: 600 East 4th Street

risdiction City: Charlotte Zip:

risdiction Phone:

e Latitude:

e 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):

hab:

umber of residents holding Section 8uchers:

ll the project meet Energy Star standards as defined in Appendix B? Yes

es a community revitalization plan exist? No

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

ttps://www.nchfa.org/Rental/RTCApp/(S(vnz2li45j...3866CF1ABB&SNID=8AC3AF68511849DDB25B03EDF943D274 (1 of 23)4/8/2009 1:19:43 PM

28209

28202

(704)336-2214

35.1881

-80.8566



rint - APP09-0011

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

If yes, please describe:

get Population:Familyill the project be receiving project based federal rental assistance? Yes

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


61



rint - APP09-0011

pplicant Information

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

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

pplicant Name: Charlotte Housing Authorityddress: 1301 South Boulevard

ty: Charlotte State: NC Zip:

ontact: First: Frank Last:Narron Title:Director

lephone:

t Phone:

x:

mail Address:

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


28203

(704)336-4227

(704)907-8165

(704)336-7767

[email protected]



rint - APP09-0011

te Description

al Site Acreage: Total Buildable Acreage:

If buildable acreage is less than total acreage, please explain:Only reduced by setbacks and side and back yards.

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? YesIf yes, please describe:This project includes the demolition of 49 public housing units and the new construction of 117 units (49 ofwhich will again be public housing).

e existing buildings on the site currently occupied? YesIf yes:(a) Briefly describe the situation:CHA would provide for relocation of the current residents to other CHA operated properties (or they can

choose to accept a Section 8 tenant based voucher). Tenants will have an opportunity to return after projectcompletion - they will have to comply with site specific selection criteria.

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

he site directly accessed by an existing, paved, publicly maintained road? YesIf no, please explain:

ny portion of the site located inside the 100 year floodplain? NoIf yes:(a) Describe placement of project buildings in relation to this area:


12.482 12



rint - APP09-0011

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




rint - APP09-0011

te Control

es the owner have fee simple ownership of the property (site/buildings)?Yes

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?(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?If yes, specify the relationship:

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

(D) Enter Purchase Price:


03/25/1980 265,500



rint - APP09-0011

oning

sent zoning classification of the site:R-15MF(CD)

multifamily use permitted?Yes

e variances, special or conditional use permits or any other item requiring a public hearing needed to develop this proposal?YesIf 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:Development would require rezoning to R-22. Rezoning application was filed in October, 2008. CommunityMeetings and Open House forum occured in December. Zoning Hearing to take place in Jan. 2009.

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?NoIf yes, describe below:




rint - APP09-0011

wnership Entity

wner Name: Savanna Woods LLCdress: 1301 South Boulevard

y: Charlotte State:NC Zip:

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

te: Do not submit social security numbers for individuals.tity Type: Limited Liability Companytity Status: To Be Formedthe applicant requesting that the Agency treat the application as Non-Profit sponsored? Yesthe applicant requesting that the Agency treat the application as CHDO sponsored? Not all general partners, members,and principals. Specify nonprofit corporate general partners or members.ck [Add] to add additional partners, members, and principals.

Org: Charlotte Housing Authorityrst Name: Charles Last Name: Woodyard Function: Principalddress: 1301 South Boulevardty: Charlotte State: NC Zip: 28203

one: Fax:

Mail: Nonprofit: No

Org: Horizon Development Properties, Inc.rst Name: Charles Last Name: Woodyard Function: Principal

ddress: 1301 South Boulevardty: Charlotte State: NC Zip: 28203

one: Fax:

Mail: Nonprofit: Yes


28203

(704)336-5221 (704)336-7767

[email protected]

(704)336-5221 (704)336-7767

[email protected]



rint - APP09-0011

AllUnits

UnitsGross 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):

Elevators - Number of Elevators:

uare Footage Information

oss Floor Square Footage:

tal 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 andstate 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 lowincome units are within established thresholds.


107 12 62067

10 0 9640

117 12 71707

3 3

2,500

125,392

119,939

12

12

12

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

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



rint - APP09-0011

rgeting

ecify Low Income Unit Targeting in table below. List each applicable targeting combination in a separate row below. Click [Add] toate 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






al Low Income Units:

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


9 30

15 30

25 30

15 60

20 60

23 60

107



rint - APP09-0011

unding Sources

Source AmountNon-

Amortizing*Rate(%)

Term(Years)

Amort.Period(Years)

AnnualDebt

Service

Bank Loan

RPP LoanLocal Gov. Loan - Specify:Charlotte Housing Trust Fund

RD 515 Loan

RD 538 Loan - Specify:

AHP Loan

Other Loan 1 - Specify:Charlotte Housing Authority

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

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

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


1,900,000 7.00 30 30 151,689

1,000,000 2.00 30 30

2,496,184 2.00 30 30

1,222,443 0 30 30 0

8,141,472

14,760,099

74



rint - APP09-0011

harlotte Housing Trust Fund - 2% interest onlyharlotte Housing Authority - 2% interest only (payments subject to available cash flow)

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

cal Gov. Loan - Charlotte Housing Trust Fund

ar:mt:

1 2 3 4 5 6 7 8 9 10

ar:mt:

11 12 13 14 15 16 17 18 19 20

her Loan 1 - Charlotte Housing Authority

ar:mt:

1 2 3 4 5 6 7 8 9 10

ar:mt:

11 12 13 14 15 16 17 18 19 20


20000 20000 20000 20000 20000 20000 20000 20000 20000 20000

20000 20000 20000 20000 20000 20000 20000 20000 20000 20000

49070 49984 49984 49984 49984 49984 49984 49984 49984 49984

49984 49984 49984 49984 49984 49984 49984 49984 49984 49984



rint - APP09-0011

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


392,000

500,000 500,000

9,437,798 9,437,798

578,268 578,268

192,756 192,756

578,268 578,268

462,000 462,000

225,000 225,000

50,000 50,000

75,000 75,000

12,491,090

35,000 18,000

19,000 8,000

153,690 45,000

85,000 45,000

25,000

12,500 12,500

7,500 7,500

5,000 5,000

7,500 7,500

10,000

19,000



rint - APP09-0011

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)


379,190

50,000 50,000

77,000 77,000

2,300

75,79112,767 16,500

30,000

25,000

64,350

337,208

80,000 75,000

71,250 71,250

800,000 800,000

30,000 30,000

Other Basis Expense (s

Other Basis Expense (s

Other Non-basis Expen

Other Non-basis Expen

981,250

336,000

Other Reserve (specify) 48,000

Other Reserve (specify) 187,361

14,760,099 0 13,367,340

0

13,367,340 0 13,367,340

91.45% 91.45% 91.45%



rint - APP09-0011

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 unit 80,665


12,224,432 0 12,224,432

100.00% 100.00%

12,224,432 0 12,224,432

3.50 9.00

1,100,199 0 1,100,199

0

14,760,099

1,100,199



rint - APP09-0011

arket Study Information

ase provide a detailed description of the proposed project:is project represents the redevelopment of obsolete public housing into a mixed income development thatll be connected to the larger community. It will be a more dense development that will be more consistentth other development in the area and will have a more urban streetscape. The community will appeal to aoss section of the community and will be a much more valuable and contributory asset to the community.

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:

A total of 117 rental units in three buildings is the first phase of a rental community on 12.5 acres. Thebuildings are comprised of two and three story building elements with walk-up through-breezeways andexterior corridors. The two story building elements are located to break down the scale of each building atthe most public locations. The buildings are designed with an "Arts and Crafts" flavor - masonry / stoneveneer base with hardi type siding at the body and hardi shakes at the upper level. Certain two storycomponents are entirely masonry / stone verneer at key locations. The roof shapes are simple tocompliment the architectural style, but are broken with large accent corners over exterior balconies andhave bracketed eaves within a heavy frieze detail. Individual unit entires at the ground level supportcommunity connectivity.

Exterior Specifications:

A. Masonry / Stone

1. Owens Corning Cultured Stone – Weather Edge Ledgestone – Fox Valley – CSV-2022 on 2 layers of

Tyvek Home Wrap or approved equal.B. Siding

1. James Hardie – Hardie Plank Lap Siding – smooth w/ 6” exposure on Tyvek Home Wrap or approvedequal.

2. James Hardie – Hardie Shingle Straight Edge Notched Panel–on Tyvek Home Wrap or approved equal.

3. James Hardie – Hardie Panel – smooth on Tyvek Home Wrap or approved equal.

C. Trim

1. James Hardie – Hardie Trim – 5/4 and 4/4 smooth boards on Tyvek Home Wrap or approved equal.

D. Roof and Soffits

1. Roof - GAF – Timberline 40 on asphalt roofing paper or approved equal2. Soffits - James Hardie – Hardie Soffit – Non-Vented and Vented smooth3. Gutter – Seamless aluminum gutters and downspouts

E. Window and Doors

1. Windows – Vinyl -SiverLine 2200 Single Hung – beige - w/ LoE glass2. Doors – Fiberglass – Therma-Tru Smooth-Star Tru-Defense door system w/ Duraframe and FlushGlazing

F. Railings




rint - APP09-0011

1. Vinyl Railings at all deck and stairway railings.

ve you built other tax credit developments that use the same building design as this project?NoIf yes, please provide name and address:

e Amenities:ayground, Covered Picnic Area, Courtyard with seating areas, covered picnic area with two tables and all, outdoor seating areas through out the site, resident raised bed garden area with hose bib. Stand alonemmunity building/club house with central mail kiosk.

e site is directly adjacent to a neighborhood park that has playgrounds, tennis courts and open ball fields.

ature trees to the rear of the site and along the public street. The site is well situated within the urbanbric and is within walking distance to churches, YWCA, parks and schools.

site Activities:e free standing community building will include program space for the YWCA to operate an after-school

ogram. The space is intended to be "permanently" outfitted for the Y program and / or other similar uses.ayground for children with areas for parents to watch and participate raised bed garden plots forstainable and healthy exercise and diets, urban courtyard for passive recreation, numerous sidewalksth opportunities to stop and recreate throughout the site and connected to the public sidewalk system for

alking and aerobic health, picnic and outdoor grilling area recreation. A walk to the park next door affordsany opportunities to increase physical health and fitness, and offers families numerous options forcreating with their children.

ndscaping Plans:uildings and grounds will be aesthetically landscaped with sustainable plant material that is drought

erant to this area; native plants will be incorporated in the plant design where feasible. Trees will beanted adjacent to parking lots and buildings to provide shade and reduce heat island effects from thisvelopment. The site will also have landscaped rain gardens for storm water pollution control. In addition,e site will preserve numerous mature trees; an arborist will be employed to aid in ensuring their health andngevity during construction.

erior Apartment Amenities:Floor

Vinylanuf: Armstrong or equalesc: vinyl sheet flooringnish options: yescation: foyer, kitchen, dining, bathrooms, W&D closet, and mech closets

Carpetanuf: N/Aesc: Developer’s Palette w/ 6lb. rebound padolor options: yescation: living room, bedrooms and bedroom closets

Base

Woodanuf: East Coast Mouldings or equal




rint - APP09-0011

Lighting

yer: surface mtdtchen: surface mtdning room: pendanting room: switched outlet provided and pre wire for ceiling fan

aster bedroom: switched outlet provided and pre wire for ceiling fandroom: switched outlet provided and pre wire for ceiling fandroom walk-in closet: surface mounted fixture

throom: vanity light and fan / light comboll: surface mtd

MISC.

full width vanity mirrorsmedicine cabinet included in each bathroom – Nutone or equalvinyl coated wire shelving in closetsToilet accessories are included.Window blinds/shades included.

you plan to submit additional market data (market study, etc.) that you want considered? NoIf yes, please make sure to include the additional information in your pre-application packet.




rint - APP09-0011

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).he current 49 units and office would be demolished to provide for the development of the new and

mproved mixed income project. There is currently a drainage ditch that meanders through the project. Thean is to pipe it except in areas where it would intersect with water detention and water quality features.he Army Corp of Engineers has issued a Notification of Jurisdictional Determination confirming that theree no wetlands present.

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

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

Grocery Store Community/Senior Center

Mall/Strip Center Hospital

Outdoor Athleticelds

Pharmacy

Day Care/Afterhool

Basic Health Care

Schools Public TransportationStop

Convenience Store Public Parks

Gas Station Library

her facilities or services:


8 .23

8 1.47

.0 .8

17 .74

13 0.1

65 0.0

65 1.18



rint - APP09-0011

eliminary App Checklist

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

Fee Payment Check in the amount of $5,450.00 made payable to North Carolina Housing Finance Agency.Tab A - Preliminary Application Printed, signed copy of preliminary application generated from online system.B - Map/Driving Instructions A local map clearly identifying the location of the Site and detailed directions to the Site. Current City or County maps are preferred

– internet maps and directions are not acceptable. Applicant must also provide a map identifying the amenities listed in section IV(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 siteshould 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 Control Provide valid option/contract or warranty deed and plot plan.E - Site Plans/Scope of Work Preliminary site plan, floor plans and elevations for all projects, interior and exterior photographs and detailed scope of work forAdaptive 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 Analysts This section must include copies of items required in Tabs A, B, E and G (site and floor plans should be no larger than 11x17) andcan 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 Boost Applicant should provide an appraisal and/or standard geological survey to support a request for the basis boost (if applicable).

Savanna Woods

Documents

Transcript of Savanna Woods