Campbell Terrace Family Rental Phase I

8/6/2019 Campbell Terrace Family Rental Phase I

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

roject Description

oject Name: Campbell Terrace Family Rental Phase I

ddress: 500 Campbell Terrace

ty: Fayetteville County: Cumberland Zip:

ensus Tract: 2 Block Group: 2

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: City of Fayetteville

risdiction CEO Name:First:Dale Last:Iman

Title: City Manager

risdiction Address: 433 Hay Street

risdiction City: Fayetteville 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? Yes

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

ttps://www.nchfa.org/Rental/RTCApp/(S(hqv0ln45ff...C244E934086&SNID=9D193415E6084262BB3514695D645E95 (1 of 23)4/8/2009 3:48:57 PM

28301

28301

(910)433-1990

35.043664

-78.872747


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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? Yes

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


28


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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: TCG United, LLC (TCG Development Services/United Developers)

ddress: 2939 Breezewood Avenue Suite 201

ty: Fayetteville State: NC Zip:

ontact: First: Murray Last:Duggins Title:Development Partner

elephone:

t Phone:

ax:

mail Address:

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


28303

(910)485-6600

(910)483-4274

[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? Yes

If yes, please describe:

Demolition of buildings will be the responsibility of the Fayetteville Metropolitan Housing Authority and is notpart of this application.

e existing buildings on the site currently occupied? Yes

If yes:(a) Briefly describe the situation:

It will be the responsibility of the Fayetteville Housing Authority to relocate current residents.

(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:


9.87 9.87


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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?YesIf yes, specify the relationship:

Fayetteville Metropolitan Housing Authority (Seller) will be a limited partner of the owner.

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

(D) Enter Purchase Price:


10/31/2009

0


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oning

esent zoning classification of the site:R5

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: Campbell Terrace Family Rental Phase I Associates Limiited Partnership

dress: 2939 Breezewood Avenue Suite 201

y: Fayetteville 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: Campbell Terrace Family Rental Phase I/TCG United, LLC

rst Name: Murray Last Name: Duggins Function: Managing General Partner


ty: Fayetteville State: NC Zip: 28303

hone: Fax:

Mail: Nonprofit: No

Org: TCG Development Services, LLC

rst Name: Peter Last Name: Behringer Function: Principal

ddress: 8484 Georgia Avenue Suite 620ty: Silver Spring State: MD Zip: 28309

hone: Fax:

Mail: Nonprofit: No

Org: United Developers, Inc

rst Name: Murray Last Name: Duggins Function: Principal



hone: Fax:

Mail: Nonprofit: No

Org: TCG United, LLC

rst Name: Murray Last Name: Duggins Function: Limited Partner




28303

(910)485-6600 (910)483-4274

[email protected]

(301)563-5562 (301)563-6160

[email protected]

(910)485-6600 (910)483-4274

[email protected]


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hone: Fax:

Mail: Nonprofit: No

Org: Fayetteville Metropolitan Housing Authority, NC

rst Name: Dawn Last Name: Driggers Function: Limited Partner

ddress: 1000 Ramsey Street

ty: Fayetteville State: NC Zip: 28301hone: Fax:

Mail: Nonprofit: Yes


(910)485-6600 (910)483-4274

[email protected]

(910)483-3648 (910)483-4129

[email protected]


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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:

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:

tesPlease 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.


16 3

1,500

134,476

126,252

12

12

12
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.


30 35

21 50

30 60

16 35

7 50

8 60

112


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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:City HOME Funds

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:City/County/PWC Grant

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))


350,000 2.00 20 30 15,524

0 0 30 30 0

9,343,543

2,097,000

11,790,543

748


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order to maintain the required 1.15 ratio for 20 years, $89,000 from cash flow will be placed in aserve account in years 1-15.This money will be redistributed as income in years 16-20.

ee attached proforma.



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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


975,000 975,000

6,700,000 6,700,000

243,475 243,475

475,109 475,109

167,872 167,872

503,615 503,615

271,951 271,951

185,000 185,000

92,000 92,000

9,614,022

69,000 69,000

301,491 301,491

32,323 32,323

0 0

12,000 12,000

7,500 7,500

6,000 6,000

4,300 4,300


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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)


23,614

456,228

128,490 128,490

2,300

89,400

12,500 12,500

78,400

311,090

25,000 25,000

800,000 800,000

Other Basis Expense -S 61,000 61,000

Other Basis Expense - 18,275 18,275

Other Non-basis Expen 116,000

Other Non-basis Expen

1,020,275

33,600

224,600

Other Reserve ACC Aff 130,728

Other Reserve (specify)

11,790,543 0 11,091,901

0

11,091,901 0 11,091,901

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:

We are requesting $1,250,000 in federal tax credits.

Project Development Cost per unit59,821


11,091,901 0 11,091,901

100.00% 130.00%

14,419,471 0 14,419,471

3.50 9.00

1,297,752 0 1,297,752

1,250,000 1,250,000

0

11,790,543

1,297,752


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arket Study Information

ease provide a detailed description of the proposed project:

ampbell Terrace Family Rental Phase I will be 112 units that will replace the existing Campbell Terraceomplex. Campbell Terrace Phase I will be located on 9.87 in the City of Fayetteville approximately 1/2le from the downtown area. The project is part of the Old Wilimington Revitalization Plan which received a0 million 2007 Hope VI award.

e project will consists of 112 family units located in 16 buildings with a separate office/communityilding. The buildings will be constructed to to meet Energy Star Certification. The buildings will be a mix ofo-story garden apartments and two-story townhomes. One building will be three-stories.

e rent structure has been made very affordable. The units will target those at 35%, 50%, 60% of theedian income.

e surrounding area is mainly residential with some vacant undeveloped land. Many services are locatedar the site including schools, churches, daycare and shopping.

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:

Box Bays

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

Blanton Green Apartments I, II, III1024 Lauren McNeill LoopFayetteville, NC 28303

Bunce Green Apartments1430 Distinct CircleFayetteville, NC 28314

Crosswinds I, II3514 Town StreetHope Millls, NC 28348

Eastside I, II708 Duggins WayFayetteville, NC 28301

Golfview Apartments4131 Fescue CourtHope Mills, NC 28348

Legion Crossings3600 Ireland DriveHope Mills, NC 28348

Longview Green



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117 Longview DriveFayetteville, NC 28311

Newberry Green-under construction

Palmer Green I, II380 W. Palmer AvenueRaeford, NC 28376

Raeford Green300 W. Southern Avenue

Raeford, NC 28376

Riverview Green507 Riverview CourtRoanoke Rapids, NC 27870

Rosehill West1945 James Hamner WayFayetteville, NC 28311

Southview Green Apartments3143 Round Grove PlaceHope Mills, NC 28348

Southview Villas3315 Gibbon DriveHope Mills, NC 28348

Tokay Green1928 United DriveFayetteville, NC 28301

Wallstreet Green970 Wolfpack CourtSumter, SC 29150

Woodgreen I, II

200 Bradford AvenueAberdeen, NC 28315

e Amenities:

e site will consist of a communtiy building that will include community room, laundry services, computernter, postal facility, management office and maintenance room. The site will also include a playgroundea, covered pinic area, sitting areas, tot-lot and gazebo. Plans call for creating new street patterns atampbell Terrace to better incorporate the site into the neighborhood.

site Activities:

e development will staff an on-site Support Service Coordinator.

ndscaping Plans:

very effort will be made to preserve as many mature trees as possible. The new plantings will be aboveerage with an irrigation system.



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erior Apartment Amenities:

partment amenities will include range with hood, garbage disposal, dishwasher, frost free refrigerator, W/Dokups, mini-blinds, ceiling fans, carpet, vinyl, VCT, storage/pantry, and HVAC. The living room and alldrooms will be equipped with telephone jacks and a cable connection. All appliances will meet Energy

ar requirements. All units will be sprinkler fit.

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.

ampbell Avenue Phase I will replace the existing Campbell Terrace public housing project. Applications

ave been submitted for an additional family complex consisting of 184 new units and two senior complexesonsisting of 108 new units. These three projects are located on sites within .2 miles of Campbell Terracehase I. Future plans call for the addition of new single family homes in the area. The community

evitalization plan also calls for a new school, medical facility, daycare and community resource center ine area.

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 Campbell Terrace site is surrounded mainly by multi and singlemily residences.

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 are adequate stop signs and speed limits for the roads within theighborhood. Campbell Avenue is off of Old Wilmington Road which is a main traffic corridor through thewntown area and leads to US 301.

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, large

ulders, 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).

emolition of buildings are not part of this application. The site will be vacant and cleared beforeonstruction starts.

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

he buildings will be designed to reflect the historic nature of the downtown area such as the Transportationuseum building, the Cape Fear and Yadkin Valley station, Liberty Point and Bow Street Commons. The

ne three-story building will be part of a four building roundabout. The additional three three-story buildingsre part of Phase II.

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

Grocery Store Community/Senior Center


.2 .6


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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:

re Station .1 milesestuarants .9 milese public transportation stop is actually at the entrance to Campbell Terrace.


.2 1.3

1.4

.61.3

.1

.7 .1

.7 1.1


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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)

Documents

Campbell Terrace Family Rental Phase I