Curlin Commons

8/6/2019 Curlin Commons

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

New Construction/Adaptive Reuse:

Is this project a follow-on (Phase II, etc) to a previously-awarded tax credit development project?

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

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

Does a community revitalization plan exist?

Target Population: Elderly (55)

Will the project be receiving project based federal rental assistance?

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

Indicate below any additional targeting for special populations proposed for this project:

Print Preview - Full Application

Tax Credits, RPP Loans, and/or Tax Exempt Bond Loans

Project Description

Project Name: Curlin Commons

Address: TBD Overhead Bridge Road

City: Mooresville County: Iredell Zip: 28115

Census Tract: 613 Block Group: 5

No

Political Jurisdiction: Town of Mooresville

Jurisdiction CEO Name: First: Last:James Justice Title: Town ManagerJurisdiction Address: PO Box 878

Jurisdiction City: Mooresville Zip: 28115

Jurisdiction Phone: (704)662-3186

Site Latitude: 35.60988

Site Longitude: -80.8019

Project Type: New Construction

No

Rehab:

Is this project a previously awarded tax credit development?

If yes, what year were credits awarded?:

Number of residents holding Section 8 vouchers:

Yes

No

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

Will the project include a Community Service Facility under IRS Revenue Ruling 2003-77? No

If yes, please describe:

No

Mobility impaired handicapped: 5% of units comply with QAP Section IV(F)(3) (in addition to the units required by other federal andstate codes.)


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Number of Units: 3

Persons with disabilities or homeless populations: the greater of 5 units or 10% of the total units.

Number of Units: 4

Remarks:


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Indicate below an individual or a validly existing entity (a corporation, nonprofit, limited partnership or LLC) as the official applicant. UnderQAP Section III(C)(5) only this individual or entity will be able to make decisions with regard to this application. If awarded the applicantmust become part of the ownership entity. The applicant will execute the signature page for this application.

Applicant Information

Applicant Name: The Affordable Housing Group

Address: 1300 Baxter Street, Suite 215

City: State: NC Zip:Charlotte 28204

Contact: First: Last: Title:Kathy Stilwell Director of Real Estate Development

Telephone: (704)968-7202

Alt Phone:

Fax: (704)376-8709

Email Address: [email protected]

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


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Total Site Acreage: Total Buildable Acreage:

If buildable acreage is less than total acreage, please explain:

Identify utilities and services currently available (and with adequate capacity) for this site:

Storm Sewer Water Sanitary Sewer Electric

Is the demolition of any buildings required or planned?

If yes, please describe:

Are existing buildings on the site currently occupied?

If yes:(a) Briefly describe the situation:

(b) Will tenant displacement be temporary?

(c) Will tenant displacement be permanent?

Is the site directly accessed by an existing, paved, publicly maintained road?

If no, please explain:

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

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

Site Description

10.03 9

A total of 18.1 acres are available, with 10.5 +/- acres to be subdivided from the main parcel forCurlin Commons to comply with zoning maximum of 4 units per acre. A dry creekbed and PublicService gas line will be crossed to access the building site to the rear of the property.

No

No

Yes

No


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

If yes provide:

Purchase Date: Purchase Price:

If no:

Site Control

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?If yes, specify the relationship:

Yes

The lessor is the Catholic Diocese of Charlotte which is the parent non-profit of the Catholic Dioceseof Charlotte Housing Corporation

(c) Enter the current expiration date of the option/contract to purchase: 8/31/2007

(D) Enter Purchase Price: 0


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Present zoning classification of the site:

Is multifamily use permitted?

Are variances, special or conditional use permits or any other item requiring a public hearing needed to develop this proposal?

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 for obtainingthem:

Are there any existing conditions of historical significance located on the project site that will require State Historic Preservation office

review?

If yes, describe below:

Are there any existing conditions of environmental significance located on the project site?

If yes, describe below:

Zoning

R20A and HB

Yes

No

No

No


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Ownership Entity

Owner Name: Curlin Commons LLC


City: State: NC Zip:Charlotte 28204

Federal Tax ID Number of Ownership Entity: (If assigned)20-8564011

Note: Do not submit social security numbers for individuals.

Entity Type: Limited Liability Company

Entity Status: Already Formed

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

Is the applicant requesting that the Agency treat the application as CHDO sponsored? No

List all general partners, members,and principals. Specify nonprofit corporate general partners ormembers. Click [Add] to add additional partners, members, and principals.

Org: The Affordable Housing Group of North Carolina, Inc.

First Name: Kathy Last Name: Stilwell Function: Managing Member


City: Charlotte State: NC Zip: 28204

Phone: (704)968-7202 Fax: (704)376-8709

EMail: kstilwell@affordablehousinggroup Nonprofit: Yes

Org: Catholic Diocese of Charlotte Housing Corporation

First Name: Gerry Last Name: Carter Function: Member

Address: 1123 S. Church Street

City: Charlotte State: NC Zip: 28203

Phone: (704)370-3250 Fax: (704)370-3377

EMail: [email protected] Nonprofit: Yes


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Notes

** 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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Specify Low Income Unit Targeting in table below. List each applicable targeting combination in a separate row below. Click [Add] tocreate another row. Click "X" (at the left of each row) to delete a row. Add as many rows as needed.

Total Low Income Units:

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

Targeting

# BRs Units %

1 7 targeted at 30 percent of median income affordable to/occupied by






40


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

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

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

Funding Sources

Source AmountNon-

Amortizing*Rate(%)

Term(Years)

Amort.Period(Years)

AnnualDebt

Service

Bank Loan 440,000 2.00 20 20

RPP Loan

Local Gov. Loan - Specify:

RD 515 Loan

RD 538 Loan - Specify:

AHP Loan 160,000 2.00 20 30 7,096

Other Loan 1 - Specify:

Other Loan 2 - Specify:FHLB - Grant

500,000 2.00 20 30

Other Loan 3 - Specify:

Tax Exempt Bonds

State Tax Credit(Loan) 456,793 0 30 30 0

State Tax Credit(Direct Refund)

Equity: Federal LIHTC 3,059,694

Non-Repayable Grant

Equity: Historic Tax Credits

Deferred Developer Fees 3,079

Owner Investment 225,000 Other - Specify:

Total Sources** 4,844,566

* "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.

90

Perm mortgage loan from Diocese at 2% with variable payments based on cash flow. FHLBfunding awarded through RBC Centura as the Member bank. Catholic Diocese of Charlotteequity contribution of $225,000 for Chapel and upgrades.


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Bank Loan

Year:Amt:

1

32000

2

32000

3

31750

4

31500

5

31000

6

30750

7

30250

8

29500

9

29000

10

28500

Year:Amt:

11

27500

12

26500

13

25500

14

24500

15

23500

16

22000

17

20500

18

19000

19

17000

20

14750

Other Loan 2 - FHLB - Grant

Year:Amt:

1

0

2

0

3

0

4

0

5

0

6

0

7

0

8

0

9

0

10

0

Year:Amt:

11

0

12

0

13

0

14

0

15

0

16

0

17

0

18

0

19

0

20

0


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Development Costs

Item Cost Element TOTAL COSTEligible Basis

30% PV 70% PV

1 Purchase of Building(s) (Rehab / Adaptive Reuse only) 0

2 Demolition (Rehab / Adaptive Reuse only) 0 0

3 On-site Improvements 448,000 448,0004 Rehabilitation 0 0

5 Construction of New Building(s) 2,200,000 2,200,000

6 Accessory Building(s) 175,000 175,000

7 General Requirements 169,380 169,380

8 Contractor Overhead 59,848 59,848

9 Contractor Profit 239,390 239,390

10 Construction Contingency 98,749 98,749

11 Architect's Fee - Design (11 + 12 = max 3% lines 2-10) 65,600 65,600

12 Architect's Fee - Inspection 16,400 16,400

13 Engineering Costs 37,000 37,000

SUBTOTAL (lines 1 through 13) 3,509,367

14 Construction Insurance (prorate) 18,000 14,40015 Construction Loan Orig. Fee (prorate) 35,000 28,000

16 Construction Loan Interest (prorate) 244,125 183,094

17 Construction Loan Credit Enhancement (prorate) 0 0

18 Construction Period Taxes (prorate) 3,584 2,867

19 Water, Sewer and Impact Fees 300,000 300,000

20 Survey 16,500 16,500

21 Property Appraisal 5,500 5,500

22 Environmental Report 2,500 2,500

23 Market Study 4,200 4,200

24 Bond Costs 0

25 Bond Issuance Costs 0

26 Placement Fee 027 Permanent Loan Origination Fee 6,000

28 Permanent Loan Credit Enhancement 0

29 Title and Recording 10,000

SUBTOTAL (lines 14 through 29) 645,409

30 Real Estate Attorney 35,000 35,000

31 Other Attorney's Fees 10,000 5,000

32 Tax Credit Application Fees (Preliminary and Full) 2,200

33 Tax Credit Allocation Fee (0.58% of line 59, minimum $7,500) 26,494

34 Cost Certification / Accounting Fees 13,500 13,500

35 Tax Opinion 3,000

36 Organizational (Partnership) 2,500

37 Tax Credit Monitoring Fee 22,000SUBTOTAL (lines 30 through 37) 114,694

38 Furnishings and Equipment 28,000 28,000

39 Relocation Expense 0 0

40 Developer's Fee 420,000 420,000

41 Other Basis Expense (specify) 0 0

42 Other Basis Expense (specify) 0 0

43 Rent-up Expense 20,000

44 Other Non-basis Expense (specify) 0

45 Other Non-basis Expense (specify) 0


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Comments:

SUBTOTAL (lines 38 through 45) 468,000

46 Rent up Reserve 12,000

47 Operating Reserve 95,096

48 Other Reserve (specify)

49 Other Reserve (specify)

50 DEVELOPMENT COST (lines 1-49) 4,844,566 0 4,567,928

51 Less Federal Financing52 Less Disproportionate Standard

53 Less Nonqualified Nonrecourse Financing

54 Less Historic Tax Credit (residential) 0

55 TOTAL ELIGIBLE BASIS 4,567,928 0 4,567,928

56 Applicable Fraction (percentage of LI Units) 100.00% 100% 100%

57 Basis Before Boost 4,567,928 0 4,567,928

58 Boost for QCT/DDA (if applicable, enter 130%) 100.00% 100.00%

59 TOTAL QUALIFIED BASIS 4,567,928 0 4,567,928

60 Tax Credit Rate 3.45 8.10

61 Federal Tax Credits at Estimated Rate 370,002 0 370,002

62 Federal Tax Credits at 8.5% or 3.75% 388,273 0 388,273

63 Max Federal Tax Credits (With Energy Star - Lesser of $8,500 per unit or$800,000, w/o - Lesser of $8,000 per unit or $800,000) 340,000

64 Federal Tax Credits Requested 340,000 340,000

65 Land Cost 0

66 TOTAL REPLACEMENT COST 4,844,566

FEDERAL TAX CREDITS IF AWARDED 340,000

Total Replacement Cost per unit: 110,937

Federal Tax Credits (line 62) per unit: 9,707


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Please provide a detailed description of the proposed project:

Construction (check all that apply):

Brick Vinyl Wood HardiPlank Balconies/Patios Sunrooms Front Porches

Front Gables or Dormers Wide Banding or Vertical/Horizontal Siding

Other:

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

If yes, please provide name and address:

Site Amenities:

Onsite Activities:

Landscaping Plans:

Interior Apartment Amenities:

Market Study Information

Curlin Commons is proposed as a single building containing 40 apartments on two floors. There willbe an elevator and core of amenities at the entry to the building and smaller sitting areas adjacent tolaundry facilities. The building design creates two interior courtyards for resident use - one in aformal design with sidewalks, benches and gardens - the second is a less formal area with shadetrees and lawns. The site is located adjacent to an active church and very nice single family homes.The property is located in a quiet residential area, but is less than a mile from a variety of shopping,support services, recreation and restaurants in the quickly developing Mooresville community.

No

Exterior amenities include covered porch, patio, covered entry portico, landscaped courtyard,sidewalks. Interior amenities include chapel, manager office, library/computer center, multipurposearea with kitchen, parlor with sitting area and TV, sitting areas adjacent to main entry, two laundryfacilities per floor, resident bulk storage closets.

Catholic Social Services will be active and will coordinate a variety of activities. Services shall beestablished to meet the identified needs of the residents. Examples of such could include seniorexcercise classes, health screenings, movie night, covered dish dinners, game night, day trips, etc.

Property will include foundation plantings with special detail on interior courtyard spaces withlighting, sidewalks/paths, outdoor sitting area. Larger courtyard will include shade trees and lawnareas.


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Do you plan to submit additional market data (market study, etc.) that you want considered?

If yes, please make sure to include the additional information in your pre-application packet.

Apartments are spacious with large kitchens with pantry, and bathrooms with linen closets. Eachunit entry is recessed to provide privacy and sense of personal space. Bedrooms are large withwalk-in closets and double windows in the master. In addition to linen, pantry and walkin closets,each unit also includes two additional storage spaces within the unit and bulk item storage in aseperate area on the same floor. All units will include emergency pull stations in the bathroom andmaster bedroom and grab bar in the tub area.

No


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Briefly describe your site in each of the following categories:

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

Applicant's Site Evaluation

NEIGHBORHOOD CHARACTERISTICS

Trend and direction of real estate development and area economic health. Physical condition ofbuildings and improvements. Concentration of affordable housing.Mooresville is a community experiencing tremendous growth as a popular waterfront bedroomcommunity of Charlotte. Real estate development is booming and opportunitites to obtain buildablesites at a reasonable cost are becoming scarce.

SURROUNDING LAND USES AND AMENITIES

Suitability of surrounding development. Land use pattern is residential in character (single andmultifamily housing) with a balance of other uses (particularly retail and amenities). Effect ofindustrial, large-scale institutional or other incompatible uses, including but not limited to: wastewatertreatment facilities, high traffic corridors, junkyards, prisons, landfills, large swamps, distributionfacilities, frequently used railroad tracks, power transmission lines and towers, factories or similar

operations, sources of excessive noise, and sites with environmental concerns (such as odors orpollution). Amount and character of vacant, undeveloped land.The neighborhood surrounding Curlin Commons is a mix of middle to upper middle class singlefamily homes, new and existing highway commercial including retail and services, and a limitedamount of light industrial. Undeveloped land includes the balance of the Diocese owned site andheavily wooded land to the rear of the proposed development.

SITE SUITABILITY

Adequate traffic controls (stop lights, speed limits, turn lanes, etc.). Burden on public facilities(particularly roads). Access to mass transit (if applicable). Visibility of buildings and/or location ofproject sign(s) in relation to traffic corridors.Highway 150 is a main artery into Mooresville, and the entrance to Curlin Commons will be on theless traveled Overhead Bridge Road - both roads are in good condition and able to handle additionaltraffic. Curlin Commons will be situated to the rear of the 18 acre parcel, but will be visible fromHighway 150 and Overhead Bridge Road. Project signage will be located at the entrance offOverhead Bridge Road and should be visible from Highway 150.

Degree of on-site negative features and physical barriers that will impede project construction oradversely affect future tenants; for example: power transmission lines and towers, flood hazards,steep slopes, large boulders, ravines, year-round streams, wetlands, and other similar features (foradaptive re-use projects- suitability for residential use and difficulties posed by the building(s), suchas limited parking, environmental problems or the need for excessive demolition).The project site is heavily wooded and contains a dry creekbed that will require a small culvert tocross. Topography slopes from the rear of the property toward the creekbed near the front of thelarger site creating excellent drainage away from the buildling and allows for the facility to be locatedon position of prominance on the site. A gas pipeline easement on the property can be easilycrossed and development located away from the easement.

Similarity of scale and aesthetics/architecture between project and surroundings.The facility is planned as a two story congregate facility. The adjacent church school facility is two

stories as are many of the homes located in the subdivision across the street. The scale of thebuilding is visually minimized from the street by creating a smaller front facade that widens as itextends back which also creates the usable courtyards between the wings.

Grocery Store.8 Community/Senior Center12.6

Mall/Strip Center.8 Hospital3


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Other facilities or services:

Outdoor Athletic Fields1.5 Pharmacy.1

Day Care/After School.1 Basic Health Care.1

Schools1.5 Medical Offices.1

Public Transportation Stop2.4 Bank/Credit Union.8

Convenience Store.3 Restaurants.1

Basketball/Tennis Courts2.8 Professional Services1

Public Parks.6 Movie Theater1.5

Gas Station.3 Video Rental2.4

Library3 Public Safety (Fire/Police)2.0

Fitness/Nature Trails2.8 Post Office2.4

Public Swimming Pools7.2


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Project Operations (Year One)

Projected Operating Costs

Administrative Expenses

Advertising 2,000

Office Salaries

Office Supplies 2,500

Office or Model Apartment Rent

Management Fee 18,972

Manager or Superintendent Salaries 17,000

Manager or Superintendent Rent Free Unit

Legal Expenses (Project) 2,000

Auditing Expenses (Project) 3,500

Bookkeeping Fees/Accounting Services

Telephone and Answering Service 3,000

Bad Debts

Other Administrative Expenses (specify):

training/mileage2,500

SUBTOTAL 51,472

Utilities Expense

Fuel Oil

Electricity (Light and Misc. Power) 8,000

Water 8,000

Gas

Sewer 5,000

SUBTOTAL 21,000

Operating and Maintenance Expenses

Janitor and Cleaning Payroll

Janitor and Cleaning Supplies 500

Janitor and Cleaning Contract 1,000

Exterminating Payroll/Contract 924

Exterminating SuppliesGarbage and Trash Removal 2,000

Security Payroll/Contract

Grounds Payroll

Grounds Supplies 2,800

Grounds Contract 6,000

Repairs Payroll 10,000

Repairs Material 1,500

Repairs Contract 3,000

Elevator Maintenance/Contract 1,200

Heating/Cooling Repairs and Maintenance 1,000

Swimming Pool Maintenance/Contract

Snow RemovalDecorating Payroll/Contract 2,000

Decorating Supplies 1,000

Other (specify):

Miscellaneous Operating & Maintenance Expenses

SUBTOTAL 32,924

Taxes and Insurance

Real Estate Taxes 21,000

Payroll Taxes (FICA) 2,430


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Miscellaneous Taxes, Licenses and Permits

Property and Liability Insurance (Hazard) 11,000

Fidelity Bond Insurance 70

Workmen's Compensation 1,200

Health Insurance and Other Employee Benefits

Other Insurance:

SUBTOTAL 35,700Supportive Service Expenses

Service Coordinator

Service Supplies

Tenant Association Funds

Other Expenses (specify):

SUBTOTAL 0

Reserves

Replacement Reserves 10,000

SUBTOTAL 10,000

TOTAL OPERATING EXPENSES 151,096

ADJUSTED TOTAL OPERATING EXPENSES(Does not include taxes, reserves and resident support services) * 120,096

TOTAL UNITS(from total units in the Unit Mix section)

40

PER UNIT PER YEAR 3,002


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MINIMUM REQUIRED SET ASIDES (No Points Awarded):

Minimum Set-Asides

Select one of the following two options:

20% of the units are rent restricted and occupied by households with incomes at or below 50% of the median income (Note: NoTax Credit Eligible Units in the the project can exceed 50% of median income)

40% of the units are rent restricted and occupied by households with incomes at or below 60% of the median income (Note: NoTax Credit Eligible Units in the the project can exceed 60% of median income)

If requesting RPP funds:

40% of the units are occupied by households with incomes at or below 50% of median income.

State Tax Credit and QAP Targeting Points:

High Income county:

At least twenty-five percent (25%) of qualified units will be affordable to households with incomes at or below thirty percent (30%)of county median income.

At least twenty-five percent (25%) of qualified units will be affordable to and occupied by households with incomes at or belowthirty percent (30%) of county median income.

At least fifty percent (50%) of qualified units will be affordable to households with incomes at or below forty percent (40%) ofcounty median income.

At least fifty percent (50%) of qualified units will be affordable to and occupied by households with incomes at or below fortypercent (40%) of county median income.

Tax Exempt Bonds

Threshold requirement (select one):

At least ten percent (10%) of qualified units will be affordable to and occupied by households with incomes at or below fifty percent(50%) of county median income.

At least five percent (5%) of qualified units will be affordable to and occupied by households with incomes at or below forty percent(40%) of county median income.

Eligible for targeting points (select one):

At least twenty percent (20%) of qualified units will be affordable to and occupied by households with incomes at or below fiftypercent (50%) of county median income.

At least ten percent(10%) of qualified units will be affordable to and occupied by households with incomes at or below forty percent(40%) of county median income.


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PLEASE indicate which of the following exhibits are attached to your application. Others may be required as noted.

Full Application Checklist

A Nonprofit Organization Documentation or For-profit Corporation Documentation

B Current Financial Statements/Principals and Owners (signed copies)

C Ownership Entity Agreement, Development Agreement or any other agreements governing development services

D Management Agent Agreement

E Owner and Management Experience & Management Questionnaire (Appendix C)

F Letters from State Housing Agencies or designated monitoring agent verifying out of state experience

G Completed IRS Form 8821 (Appendix I)

H Local Government Letter or Letter from Certified Engineer or Land Surveyor Confirming Floodplain Designation with Mapshowing all flood zones (original on letterhead, no fax or photocopies)

I Local Government Letter Confirming Zoning including any pending notices or hearings (original on letterhead, no fax orphotocopies)

J Letters from Local Utility Providers regarding availability and capacity (original on letterhead, no fax or photocopies)

K Documentation from utility company or local PHA to support estimated utility costs

L Appraisal (required for land costs greater than $15,000 and for all Adaptive Re-use and Rehab projects)

M Site plan, floor plans and elevations for all projects. Scope of work for Adaptive Re-use and Rehab projects. (Full Size, 24 x36 inches)

N Hazard and structural inspection and termite reports (Adaptive Re-use and Rehab projects only)

O Copy of certificate of occupancy or proof of placed-in-service date (Rehabs Only)

P Proposed Relocation Plan including relocation budget and copies of notices. Required for all Rehabs and any projectsinvolving existing occupants of any dwellings to be rehabbed or demolished.

Q Evidence of Permanent Loan Commitment and other sources of funds ( i.e. Equity letter, AHP, RD and local governmentfunds). For Rehabs with existing loans provide 1) copies of loan documents, 2) current loan balances from existing lenderswith reserve balances, 3) letter from lender that outlines assumption requirements.

R Local Housing Authority Agreement and Project Based Rental Assistance Letter, if applicable (Sample letters provided inAppendix I). For projects with existing PBRA contracts, provide a copy of the current contract and bank statement or otherdocumentation verifying reserve balances and annual reserve contribution requirements.

S Statement regarding terms of Deferred Developer Fee. If a nonprofit is involved, a resolution from their board approvingdeferral of fee is required.

T Inducement Resolution (Tax-Exempt Bond Financed Projects only)

Documents

Curlin Commons