Swanzy Ridge

8/6/2019 Swanzy Ridge

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

roject Description

oject Name: Swanzy Ridge Apartments

ddress: East Swanzy Street near Hill Street Intersection

ty: Elizabethtown County: Bladen Zip:

ensus Tract: 9504 Block Group: 1

project in Qualified Census Tract or Difficult to Develop Area? Yes

e you requesting the basis boost under section II(E)(4) of the QAP?

olitical Jurisdiction: Town of Elizabethtown

risdiction CEO Name:First:Sylvia Last:Campbell

Title: Mayor

risdiction Address: 805 West Broad Street

risdiction City: Elizabethtown 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(tmrmch45b...D3297DE910&SNID=B14F449FBFCA4B279FB2902CB2957E82 (1 of 21)4/8/2009 1:57:52 PM

28337

28337

(910)862-6385

35.7810

-78.6366


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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: Ilex Properties, LLC

ddress: 1049 Sunset Meadows Drive

ty: Apex State: NC Zip:

ontact: First: Holly Last:Smith Title:Managing Member

elephone:

t Phone:

ax:

mail Address:

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


27523

(919)363-1677

(919)673-5547

(919)363-1727

[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:


5.38 5.38


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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:


4/13/2010

118,360


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oning

esent zoning classification of the site:R-10

multifamily use permitted?Yes

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?Yes

If yes, specify permit or variance required and date obtained. If no, describe permits/variances required and schedule forobtaining them:

On December 5, 2008, the Elizabethtown Planning Board unanimously approved a Special Use Permit toallow for more than one multifamily building on the lot. On January 5, 2009, the Town Council re-affirmedthe Planning Board's decision, with no public opposition, and the Special Use Permit, for 48 units, wasgranted.

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: Swanzy Ridge Apts, LLC

dress: 1049 Sunset Meadows Drive

y: Apex 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: Ilex Swanzy, LLC

rst Name: Holly Last Name: Smith Function: Managing Member

ddress: 1049 Sunset Meadows Drive

ty: Apex State: NC Zip: 27523

hone: Fax:

Mail: Nonprofit: No


27523

(919)363-1677 (919)363-1727

[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(tmrmch45...3297DE910&SNID=B14F449FBFCA4B279FB2902CB2957E82 (10 of 21)4/8/2009 1:57:52 PM

45,949

43,865

6

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






tal Low Income Units:

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


7 50

8 50

5 50

9 60

12 60

7 60

48


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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))


2,126,173 0 30 30 0

3,843,798

250,000

6,219,971

68


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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


720,000 720,000

2,784,000 2,784,000

100,000 100,000

216,240 216,240

76,405 76,405

305,619 305,619

210,113 210,113

108,000 108,000

14,400 14,400

40,000 40,000

4,574,777

5,200 5,200

23,250 23,250

184,900 184,900

6,500 6,500

72,000 72,000

12,000 12,000

8,500 8,500

9,000 9,000

5,500 5,500


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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)


12,500

339,350

32,500 28,500

6,500 6,500

2,300

43,941

12,000 12,000

33,600

130,841

30,000 30,000

504,000 504,000

30,000 30,000

Other Basis Expense (s 6,000 6,000

Other Basis Expense (s

37,000

Other Non-basis Expen 345,000

Other Non-basis Expen

952,000

14,400

90,243

Other Reserve (specify)

Other Reserve (specify)

6,101,611 0 5,518,627

0

5,518,627 0 5,518,627

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 unit58,000


5,518,627 0 5,518,627

100.00% 130.00%

7,174,215 0 7,174,215

3.50 9.00

645,679 0 645,679

0

118,360

6,219,971

645,679


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arket Study Information

ease provide a detailed description of the proposed project:

wanzy Ridge Apartments will be situated on a 5.3 acre, heavily wooded, irregularly-shaped tract, a fewocks east of downtown Elizabethtown. Swanzy Street intersects, to the west,with Poplar St, a/k/a SR 701,e major north/south thoroughfare through Elizabethtown, where most of the Town's retail and services areailable. These include, BO's Grocery Store, 2 pharmacies, fast food restaurants,Peebles Dept Store,

amily Dollar,the PO, Movie Gallery,hardware store, doctors offices, county courthouse,etc.

djacent and west of the site is the Town's water pump station,and to the west of that are two existing rentalmplexes for seniors. A row of 10 single family homes on large lots, all occupied and well-maintained, linee site's eastern boundary. About 100 feet off-site from the rear boundary lies a stream, so the vacantrcels to the rear will likely remain undeveloped.

wanzy Ridge's location within a quiet residential neighborhood, with all the conveniences of nearbyghway access (SR 701 & Business 87)and in-town amenities, will ensure a fast lease up, and continuedgh occupancy of its apartment homes.espite job losses reported across NC and Nation, local employment remains steady. The DOT call centerplanning on increases in personnel, and just recently, the Town announced the expansion of Dynaparorporation, which is investing $1.5 million in its plant facilities, as well as hiring an additional 79 skilledorkers.

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:

Energy-star rated appliances, insulation, windows, etc, will be utilized for energy star certification. High-quality vinyl siding,wrapped fascia, windows, porch railings, soffits and shakes, and other vinyl accents, willadd architectural interest to the elevations. Building exteriors will include 50%+ brick veneer, at varying wallheights, horizontal boarding, gables of different sizes, and various roof pitches. Roof shingles will be 25-year, antifungal, architectural style.

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

If yes, please provide name and address:

Kenn Boisseau's client built the design for a tax credit project in Boiling Springs, SC. The proposed designis similar to that of Dry Creek Apartments, a 2008-approved tax credit development to be built in Lillington,NC.

e Amenities:

te amenities will include a covered picnic area, picnic tables and grills, outdoor seating around theayground and tot lot, all of which will be connected to the parking areas & clubhouse by sidewalk. Theveway will be "curvy" to improve the view through the complex, and slow down internal traffic. Theisting, mature decidous & conifer trees along the boundaries of the site, especially to the rear, will beved, to provide privacy and a wooded "preserve" for the residents to enjoy. A 6' or 8' fence, depending one site topo upon clearing, will be installed between our residential buildings and the existing single familymes to the east.

site Activities:



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e clubhouse will include an exercise room with machines and free weights; a kitchen area withfrigerator, sink & microwave; a computer and media room with high speed internet access; a laundryom with exterior, 24/7 access; and a manager's office accessible from both inside, and outside, theubhouse. The large meeting area, centrally located, will accomodate seminars, resident parties, games,afts, and activties relating to the supportive services program. Outside seating will be provided to the rearthe clubhouse via an 8'covered patio.

ndscaping Plans:

addition to saving perimeter trees and preserving the wooded area along the rear of the property, for thesidents' enjoyment, foundation plantings, consisting of evergreens and perennial flowering trees andshes will be planted. Deciduous trees will be planted in all tree islands and near the playground toovide shade. The complex entrance, and lighted sign, will be accented with crepe myrtles and annualwers. The clubhouse area, and surrounding the playground/tot lot, will be sodded and irrigated.

erior Apartment Amenities:

typical apartment will include VCT tiling at the ingress/egress points, kitchen, and bathrooms, with plushrpeting elsewhere. The kitchen will include oak cabinetry, integral backsplashes with counters, and GE,

ack appliances. Ceiling fans will be in the living and bedrooms, and mini-blinds will be included on allndows. THIS PROJECT WILL BE BUILT IN COMPLIANCE WITH ENERGY STAR REQUIREMENTS

OR INSULATION,HIGH PERFORMANCE WINDOWS, TIGHT CONSTRUCTION & DUCTS, EFFICIENTEATING AND COOLING EQUIPMENT, AND EFFICIENT LIGHTING AND APPLIANCES.

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 subject site is "infill", within a quiet, residential neighborhood, consisting primarily of 20+ year old, brick,

ngle family homes, well-maintained and owner-occupied, on large lots. The neighborhood is stable, anduiet, with minimal traffic on East Swanzy Street. To the west of the subject site, on E.Swanzy Street, are

wo, 15 - 30 year old USDA rental projects for seniors, which are full. Rental townhouses (8), builtpproximately 2 years ago, are located to the north (off E. Broad Street/Bus 87), and are conventionally-nanced, and purportedly 100% occupied. There are no other multifamily complexes in the neighborhood.

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 land use pattern is definitely residential, and built-out. There areo, water lift stations on either side of E. Swanzy Street, but they do not generate noise, steam, or odors.ere are no railroad tracks, wastewater treatment facilities, swamps,junkyards, factories, landfills, towers,

etlands, transmission lines, or any other negative influences or issues of environmental concern.

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. There is minimal traffic on East Swanzy Street. Adequate traffic lights & turn

nes, on SR 701 & Bus 87, encourage drivers to use these thoroughfares, and not cut through theighborhood, to gain faster access. E. Swanzy Street's capacity will not be exceeded with full occupancy of

wanzy Ridge. The neighborhood design is a grid pattern, with stop signs at each corner, slowing downaffic. The speed limit is currently 35 mph on Swanzy Street, but will be petitioned to reduce to 25 mph and/add a speed hump, which will be financed with the CDBG being requested. Also included in the CDBG is

nding to extend the sidewalk, curb, and gutter, from its current terminus, to Swanzy Ridge's entrance. Thisl encourage residents to walk to the retail stores and services on Poplar and Broad Streets, instead ofving.

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).

ONE noted. My civil engineer & general contractor both walked the site and did not see any potentialroblems with development of Swanzy Ridge.



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

ecause the site slopes front to back, the two-story residential buildings will not tower over the backyards ofe single family homes along the site's eastern perimeter. A fence is planned along that border, as well, toaintain the existing homes' privacy. The one-story clubhouse, at the front of the complex, is compatibleith the existing single family homes in the neighborhood.

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:

though Elizabethtown does not have a public transportation system, the Bladen Area Rural Transportationystem, which offers the elderly and disabled rides through Bladen County at reduced prices, is availableom E-Town's senior center, .3 miles from Swanzy Ridge. As you can see above, all of the primarystinations are within 1/2 mile of the subject site.


3 .3

3 .5

4.3

4.3

3 0

3 .5

3 .3


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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)

Swanzy Ridge

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