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Print Preview - PreliminaryApplication Tax Credits, RPP Loans, and/or Tax Exempt Bond Loans
oject Description
oject Name: Church Meadowsddress: tbd Corporation Street
ty: Wilkesboro County: Wilkes Zip:
nsus Tract: 9611 Block Group: 74020
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: Wilkesboro
risdiction CEO Name: First:Mike Last:Inscore Title: Mayor
risdiction Address: 203 West Main Street
risdiction City: Wilkesboro 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? Yes
ill the project use steel and concrete construction and have at least 4 stories? No
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28697
28697
(336)838-3951
36.138867
-81.162434
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ill the project include a Community Service Facility under IRS Revenue Ruling 2003-77? Yesyes, please describe: A small free standing facility with administration, community and maintenance staging
space.
get Population:Elderly (55)ill 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. 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: Northwestern Housing Enterprises,Incorporatedddress: P. O. Box 1673
ty: Boone State: NC Zip:
ontact: First: Edward Last:Fowler Title:Vice President
lephone:
t Phone:
x:
mail Address:
OTE: Email Address above will be used for communication between NCHFA and Applicant.
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28607
(828)264-6683
(828)964-2744
(828)264-0160
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te Description
al 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? NoIf yes, please describe:
e existing buildings on the site currently occupied? NoIf 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? 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:
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6.00 6.00
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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/contract for
purchase 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:
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11/19/2009
325,000
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oning
sent zoning classification of the site:B-2
multifamily use permitted?No
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:1/20/09 rezoning request to Town of Wilkesboro1/27/09 rezoning request & recommendation by Planning Board2/10/09 rezoning request hearing by Town Board3/10/09 rezoning request approval by Town Board
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:
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wnership Entity
wner Name: Blue Ridge Housing of Wilkesboro, LLCdress: P. O. Box 2510
y: Boone 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? Yest all general partners, members,and principals. Specify nonprofit corporate general partners or members.ck [Add] to add additional partners, members, and principals.
Org: Northwestern Housing Enterprises, Incorporatedrst Name: Edward Last Name: Fowler Function: Managing Memberddress: P. O. Box 1673ty: Boone State: NC Zip: 28607
one: Fax:
Mail: Nonprofit: Yes
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28607
(828)264-6683 (828)264-0160
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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.
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48,759
40,493
10
6
5
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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
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.
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30 50
18 50
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:
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))
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1,200,000 0.00 20 30 40,000
1,289,118 0 30 30 0
3,392,417
38,165
5,919,700
70
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f explanatory
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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
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410,000 410,000
3,216,000 3,216,000
120,000 120,000
187,300 187,300
74,920 74,920
262,220 262,220
175,000 175,000
85,400 85,400
20,000 20,000
16,000 16,000
4,566,840
14,500 14,500
19,600 19,600
160,000 160,000
4,000 4,000
57,600 57,600
10,000 10,000
8,500 8,500
5,850 5,850
5,000 5,000
10,000
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29 Title and Recording
SUBTOTAL (lines 14 through 29)
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
SUBTOTAL (lines 30 through 37)
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
SUBTOTAL (lines 38 through 45)
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)
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12,000
307,050
30,000 30,000
22,000 22,000
2,300
34,41019,500 19,500
2,500
33,600
144,310
26,000 26,000
420,000 420,000
30,000 30,000
Other Basis Expense (s
Other Basis Expense (s
12,000
Other Non-basis Expen
Other Non-basis Expen
488,000
16,500
72,000
Other Reserve (specify)
Other Reserve (specify)
5,594,700 0 5,399,390
0
5,399,390 0 5,399,390
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 unit 67,000
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5,399,390 0 5,399,390
100.00% 100.00%
5,399,390 0 5,399,390
3.50 9.00
485,945 0 485,945
0325,000
5,919,700
485,945
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arket Study Information
ase provide a detailed description of the proposed project:clustered enclave of 48 dwelling units in single story duplex new construction with craftsman styletailing and meeting Energy Star efficiency standards to be built directly adjoining a stable residentialighborhood. 100% of the dwelling units will be made affordable to individuals and households at or below% AMI.
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:
Property exteriors will be a combination of simulated stone, vinyl and other low maintenance materials.Staggered placement of buildings addressing the street and varied roof scapes will increase desirability.
ve you built other tax credit developments that use the same building design as this project?YesIf yes, please provide name and address:Similar to FOREST HILLS - Burnsville, NC - but subject is lower density - duplex as opposed to quad.Applicant has also developed and occupied predominantly duplex LIHTC campuses at: OAK GROVEVILLAGE, Jefferson, NC; HIGHLAND VILLAGE, Sparta, NC; and WHITE LAUREL, Boone, NC. Subject
property site improvements costs will be for more economically accomplished than at these other lowdensity developments.
e Amenities:e development will include paved streets, concrete curbs and sidewalks and decorative area lighting.sidents will enjoy a picnic area, raised bed vegetable and flower gardens and a walking trail through the
oods with direct access to the town center business district.
site Activities:sident association members will self determine regular on-site activities for recreation, health and safety.e Wilkes County Transportation Authority will provide regular van service for personal needs and for a full
nge of human services.
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ndscaping Plans:undation plantings with mulched pods of trees and shrubs accented with placed large stones will grace
e grounds. Concrete sidewalks and decorative area lighting will contribute to accessibility, safety andractiveness.
erior Apartment Amenities:ch home will feature 1 or 2 bedrooms and 1 bath with wide hallways, ceiling fans, front covered porchesback screened sunrooms. Standard size washer/dryer hookups and Energy Star kitchen appliances willntribute to liveability.
you plan to submit additional market data (market study, etc.) that you want considered? YesIf 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.strong and stable single family homeownership neighborhood borders subject property and provides
aved public street access from the west. The homes are modest but attractive and well kept. A new fireation has been built within 1/4 mile of subject property by the Town of Wilkesboro in preparation forvitilization of the downtown and continuing growth of these surrounding neighborhoods.
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 is residential, some retail and commercialong with wooded vacant land. The site is walking distance northeasterly to downtown Wilkesboro and adestrian trail for resident access is proposed. There are no industrial nor incompatable uses in the vicinty.e vacant land surrounding subject property is a 115.9 acre tract purchased by Wilkes County in the 1990's
r future expansion of government and human services facilities.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 signin relation to traffic corridors. The site is accessed directly by Corporation Street, a residential tertiary
eder street from South Cherry Street, a major secondary corridor to the west which connects primary
ghways to downtown Wilkesboro. Corporation and Cherry Streets are adequate for proposed use, however,orporation Street is proposed for widening and for the installation of concrete sidewalks and curb and gutterthe near future by the Town of Wilkesboro.
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 site is entirely a cleared open pasture with a broad level crown down its center. The building sites allope away at the rear toward existing utilities and toward the property boundaries. Controlled crawl spaceonstruction of the buildings will significantly minimize site grading expenses. Perimeter storm water controlatures will eliminate any and all off-site erosion.
milarity of scale and aesthetics/architecture between project and surroundings.raftsman cottage features and single story construction will provide a compliment to and will have aositive effect on values for surrounding residential properties. Low density duplex designs are compatableith and will appear similar in size to surrounding single family homes.
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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:mily Life Center for human services 0.50
ilkes County Courthouse 0.50S Post Office 0.30
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10 0.60
5 2.00
.401.50
.50 0.60
.50 0.25
30 0.40
30 1.80
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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).
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