Asheboro Summit

8/6/2019 Asheboro Summit

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

roject Description

oject Name: Asheboro Summit

ddress: 156 E. Academy Street

ty: Asheboro County: Randolph Zip:

ensus Tract: 302.01 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? No

olitical Jurisdiction: City of Asheboro

risdiction CEO Name:First:David Last:Jarrell

Title: Mayor

risdiction Address: 146 N. Church Street

risdiction City: Asheboro Zip:

risdiction Phone:

te Latitude:

te Longitude:

oject Type: Rehab

Is this project a previously awarded tax credit development?No

w Construction/Adaptive Reuse: his project a follow-on (Phase II, etc) to a previously-awarded tax credit development project?

If yes, list names of previous phase(s):

ehab:

umber of residents holding Section 8 vouchers: 99

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? Yes

ttps://www.nchfa.org/Rental/RTCApp/(S(cdhqhfmiy...2CD60F8CE6&SNID=24125FBD95784876B0FF6F2B73DA7888 (1 of 21)4/8/2009 1:51:49 PM

27203

27203

(336)626-1201

35.42

-79.49



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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? Yes

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


99



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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: Ambling Development Partners, LLC

ddress: 7000 Central Parkway, Suite 1100

ty: Atlanta State: GA Zip:

ontact: First: Eddy Last:Benoit Title:

elephone:

t Phone:

ax:

mail Address:

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


30328

(678)320-3827

(678)320-3781

(770)804-0209

[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? Yes

If yes:(a) Briefly describe the situation:

The current occupancy level at Asheboro Summit is 95%. The property is used strictly for affordable

housing for elderly. During the proposed preservation and renovation, we will not displace any residentswhich gives the residents the least amount of inconvenience. The residents will also be informed of whatscope and schedule of renovations are taking place in their units. A Resident Service Coordinator (RSC) ison staff who handles all questions, concerns, and notifications. Before construction starts, we send outbrochures, conduct town hall meetings on-site, and disburse notices to all residents. These tools help theresidents get familiar with the process and manage their expectations.

(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? 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:


2 2



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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)?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/contractpurchase 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:


11/30/2004 3,315,000



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oning

esent zoning classification of the site:B2

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: Asheboro Affordable Housing, L.L.C.

dress: 3060 Peachtree Road, Suite 900

y: Atlanta State:GA 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: Already Formed

the applicant requesting that the Agency treat the application as Non-Profit sponsored? Yes

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: RHA/Affordable Housing II, Inc.

rst Name: Chase Last Name: Northcutt Function: Managing Member

ddress: 3060 Peachtree Road, Suite 900

ty: Atlanta State: GA Zip: 30305

hone: Fax:

Mail: Nonprofit: Yes


30305

75-3141041

(404)364-2900 (404)364-2901

[email protected]



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nit Mix

e Median Income for Randolph county is $58,500.

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 Waste Removal

mployee Units (will add to Low Income Unit total)

Type # BRs Net Sq.Ft.Total

# Units#Units

MonthlyRent

UtilityAllowance

MandatoryServ. Fees

**TotalHousing Exp.

Gdn Apt 2

Utilities included in rents: Water/Sewer Electric Gas Other Waste Removal

rket Rate Units

ype # BRs Net Sq.Ft.

Total

# Units

#

Units

Monthly

Rent

Utility

Allowance

Mandatory

Serv. Fees

**Total

Housing 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):


530 71 3 594 53 0 647

530 10 0 609 53 0 662

750 16 2 692 70 0 762

750 2 0 711 70 0 781

750 2 0 0 0 0 0

101 5 60758

101 5 60758

1 6



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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.


2,500

2

57,180

59,680

6

12

11

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

http://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




tal Low Income Units:

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


10 60

71 60

2 60

16 60

99



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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))


3,380,405 7.35 18 30 279,481

2,061,361 0 30 30 0

4,492,859

372,179

10,306,804

74





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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


3,758,688 3,758,688

50,000 30,000

3,008,990 3,008,990

183,539 183,539

61,180 61,180

183,539 183,539

206,235 206,235

120,000 120,000

30,000 30,000

84,670 84,670

7,686,841

42,255 42,255

269,561 168,148

3,990 3,990

25,000 25,000

7,500 7,500

6,500 6,500

7,500 7,500

42,255



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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)


36,074

440,635

60,000 45,000

30,000

2,300

56,433

25,000 25,000

6,500

69,300

249,533

75,000 75,000

150,000 150,000

800,000 800,000

Bridge Loan Interest & 102,225 59,438

Bank Inspector & Buildi 19,981 19,981

15,000

Permanent Closing Fee 10,000

Other Non-basis Expen

1,172,206

23,480

309,924

Tax & Insurance Reser 22,108

Other Reserve (specify)

9,904,727 3,758,688 5,343,465

0

9,102,153 3,758,688 5,343,465

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:

Total Replacement Cost per unit 102,048


9,102,153 3,758,688 5,343,465

100.00% 100.00%

9,102,153 3,758,688 5,343,465

3.50 9.00

621,863 131,554 480,912

0

402,077

10,306,804

621,863



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arket Study Information

ease provide a detailed description of the proposed project:

sheboro Summit is a proposed rehabilitation of an existing elderly (55 and older) apartment complex built1979 located on 2 acres at 156 E. Academy Street Asheboro, NC 27203. The project is located inwntown Asheboro.

is existing project, Asheboro Summit, consists of one (1) 6 story high-rise apartment building containinge hundred and one 101 residential units comprised of eighty-one (81) one-bedroom elderly units that are0 square feet, twenty (20) two-bedroom units that are 750 square feet. The property has two 2 bedroomn-revenue employee units. It has a leasing office plus a laundry room available to all residents. Theilding foundation is reinforced concrete on spread footings. The exterior walls are structural concrete. Theof is flat with a rubber membrane. Unit interiors are a mixture of wood frame and sheetrock and concrete.oors are covered with padded carpeting except the vinyl kitchen and the bathrooms floors. Each unit isuipped with a refrigerator, range and air conditioning. There is a trash shoot located on each floor fornvenient trash disposal. All appliances use electric power.

e proposed renovations include concrete and sidewalk repair, seal coat and re-stripe the parking lot andves, replace the roof with a new flat rubber membrane and 1 inch insulation, replace all windows,grade both elevators, install a new security system, upgrade kitchen, replace cabinets, and replace allisting packaged terminal heat pump units. The units with unsatisfactory appliances, interior paint, carpet,

nyl, and plumbing will be replaced. The renovations will also modify six units for handicapped accessibility

d four units for hearing and sight impaired. The units will be modified according to code.

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:

Structural Concrete

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

If yes, please provide name and address:

Huntsville Summit111 Walker AvenueHuntsville, AL 35801

Savannah Summit

135 Hampstead AvenueSavannah, GA 31405

Greenville Summit201 W. Washington StreetGreenville, SC 29601

Bon Air2101 Walton WayAugusta, GA 30904

Richmond Summit744 Broad Street




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Augusta, GA 30901

e Amenities:

ommunity Room, Resident Computer Center with High Speed Internet Access, Fitness Center, Exerciseoom, Vending Area

site Activities:

anagement staff host a number of different activities for the residents. There are pot luck dinners onolidays, church groups, and bingo.

ndscaping Plans:

professional landscape architect will be engaged. Improvements will be made to enhance the existingndscape, including reseeding erosion areas, strengthening existing retaining walls, and installing angation system.

erior Apartment Amenities:

ange, Hood, Refrigerator, Storage Interior/Exterior, Washer Dryer Hookup, Mini Blinds, Ceiling Fans,arpet, Vinyl, Ceramic Tile, Central Air/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 town of Asheboro received its original charter from the State Legislature on Christmas Day 1796. As of

009, Asheboro has a population of 23,046 and a land area of 15.4 square miles. The median householdcome is $28,927 and the average price of a single family home is around $102,500. 49.2 percent of theopulation in Asheboro rent, so there is a need for rental properties. This property was built in 1979 and isneed of rehabilitation.

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. Asheboro Summit is located a couple of blocks from Salisbury Street,

hich is the main thoroughfare in Asheboro. This location offers a wide variety of developments, from singlemily homes to retail and commercial, as well as a wide variety of services to the residents. Grocery stores,anks, Gas Stations, Pharmacies, Post Office, Restaurants, etc. are all located less than a mile away frome property.

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. Asheboro Summit is accessible two blocks off Salisbury Street. There isequate signage to direct patrons to the property.

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 on-site features or physical barriers such as power lines, flood hazards, boulders, ravines, etc.xist on or near the property.

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

here are similarities between Asheboro Summit and the surrounding area, whether it be residential,ommercial or industrial. The area is growing and we are proposing to improve and preserve the affordableousing in this area.

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:

ost Office - 0.7, Video Rental - 0.7, Public Safety - 0.1, Restaurants - 1, Medical Offices - 0.1, Bank/Creditnion - 0.2


.7 0.2

.7 1

.40.5

0.1

.1

.1 0.3



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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 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 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 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 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 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) 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 Boost Applicant should provide an appraisal and/or standard geological survey to support a request for the basis boost (if applicable)

Documents

Asheboro Summit