Wheeler Brook Apartments

8/6/2019 Wheeler Brook Apartments

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

roject Description

oject Name: Wheeler Brook Apartments

ddress: Instersection of Lake Wheeler Road and Lineberry Road

ty: Raleigh County: Wake Zip:

ensus Tract: 523.02 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? Yes

olitical Jurisdiction: Raleigh, NC

risdiction CEO Name: First:Charles Last:Meeker Title: Mayor

risdiction Address: Avery C. Upchurch Government Complex, 222 W. Hargett St

risdiction City: Raleigh Zip:

risdiction Phone:

te Latitude:

te Longitude:

oject Type: New Construction

Is this project a previously awarded tax creditdevelopment?

w Construction/Adaptive Reuse:his project a follow-on (Phase II, etc) to a previously-awarded tax credit development project? No

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

ehab:

umber of residents holding Section 8uchers:

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

es a community revitalization plan exist? No

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

ttps://www.nchfa.org/Rental/RTCApp/(S(5owlwmnj...100C1A94E&SNID=09FC2FAD4E4641A49BE88DA11C0DC130 (1 of 21)4/8/2009 3:47:38 PM

27603

27602

(919)996-3050

35.7470

-78.6752


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ll the project include a Community Service Facility under IRS Revenue Ruling 2003-77?o

If yes, please describe:

rget Population:Family

ll the project be receiving project based federal rental assistance? No

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



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pplicant Information

icate below an individual or a validly existing entity (a corporation, nonprofit, limited partnership or LLC) as the official applicant. UAP Section III(C)(5) only this individual or entity will be able to make decisions with regard to this application. If awarded the applica

st become part of the ownership entity. The applicant will execute the signature page for this application.

pplicant Name: Douglas NC, LLC

ddress: P.O. Box 160, 709 N. Main St.

ty: Aynor State: SC Zip:

ontact: First: David Last:Douglas Title:Managing Member

elephone:

t Phone:

ax:

mail Address:

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


29511

(919)662-0122

(919)741-9328

(919)662-0124

[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:

A home that is currently on the site will be demolished prior to the purchase of the land by Sellers.

e existing buildings on the site currently occupied? No

If yes:(a) Briefly describe the situation:

(b) Will tenant displacement be temporary?(c) Will tenant displacement be permanent?

he site directly accessed by an existing, paved, publicly maintained road? Yes

If no, please explain:

any portion of the site located inside the 100 year floodplain? No

If yes:(a) Describe placement of project buildings in relation to this area:


7.29 7.29


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



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te Control

es the owner have fee simple ownership of the property (site/buildings)?No

If yes provide:

Purchase Date: Purchase Price:

If no:

(a) Does the owner/principal or ownership entity have valid option/contract to purchase the property?Yes

(b) Does an identity of interest (direct or indirect) exist between the owner/principal or ownership entity with the option/contractpurchase of the property and the seller of the property?NoIf yes, specify the relationship:

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

(D) Enter Purchase Price:


1/31/2010

1,900,000


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oning

esent zoning classification of the site:R-10

multifamily use permitted?Yes

e variances, special or conditional use permits or any other item requiring a public hearing needed to develop this proposal?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: Wheeler Brook, LLC (to be formed)

dress: P.O. Box 160, 709 N. Main St.

y: Aynor State:SC Zip:

deral Tax ID Number of Ownership Entity: (If assigned)

ote: Do not submit social security numbers for individuals.

ntity Type: Limited Liability Company

ntity Status: To Be Formed

the applicant requesting that the Agency treat the application as Non-Profit sponsored? No

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

st all general partners, members,and principals. Specify nonprofit corporate general partners or members.ick [Add] to add additional partners, members, and principals.

Org: Douglas NC, LLC

rst Name: David Last Name: Douglas Function: Managing Member

ddress: P.O. Box 160, 709 N. Main St.

ty: Aynor State: SC Zip: 29511

hone: Fax:

Mail: Nonprofit: No


29511

(843)358-1052 (843)358-1069

[email protected]


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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):

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.


72 8 49184

72 8 49184

4 2

1,766

87,520

72,640

8

8

8
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.


3 30

2 50

3 60

11 30

12 50

17 60

4 30

5 50

15 60

72


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ank Loan-To be determined

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

PP Loan

ear:mt:

1 2 3 4 5 6 7 8 9 10

ear:mt:

11 12 13 14 15 16 17 18 19 20


7402 8978 10508 11987 13412 14780 16087 17328 18501 19600

20621 21560 22412 23173 23836 24397 24850 25190 25410 25505


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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


600,000 450,000

4,312,800 4,312,800

220,000 220,000

294,768 294,768

104,151 104,151

312,454 312,454

235,767 235,767

72,000 72,000

15,000 15,000

45,000 45,000

6,211,940

7,000 7,000

91,011 91,011

151,908 151,908

13,000 13,000

300,000 300,000

15,000 15,000

6,000 6,000

14,000 14,000

4,300 4,300

96,623


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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)


5,000

703,842

57,000 57,000

2,300

42,248

15,000 15,000

5,000

1,000

50,400

172,948

40,000 40,000

756,000 756,000

30,000 30,000

Other Basis Expense (s 15,000 15,000

Other Basis Expense (s 50,000 50,000

15,000

Other Non-basis Expen 15,000

Other Non-basis Expen 11,000

932,000

32,400

384,889

Other Reserve (specify)

Other Reserve (specify)

8,438,019 0 7,627,159

0

7,627,159 0 7,627,159

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 unit59,900


7,627,159 0 7,627,159

130.00% 130.00%

9,915,307 0 9,915,307

3.50 9.00

892,378 0 892,378

0

1,900,000

10,338,019

892,378


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arket Study Information

ease provide a detailed description of the proposed project:

e are proposing to build a 72-unit family development. While the majority of the nation sees a slowing ofe economy and business, the Research Triangle area continues to see growth around the area. Withntinued expansion of the population comes a still growing need for new affordable housing. The site is

cated in close proximity to grocery stores, commercial facilities, restaurants, and entertainment. The site isso close to North Carolina State University, the Farmers Market, and downtown Raleigh. It also lies close

one of the main thoroughfares through Raleigh, I-40, allowing for ease of transportation to and from thecation of the development.

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:

ve you built other tax credit developments that use the same building design as this project?No

If yes, please provide name and address:

e Amenities:

undry, online high-speed internet computer room, community room, picnic and grill areas, playgroundd tot lot, outdoor sitting areas (minimum of 3 areas) and a gazebo.

site Activities:

e will work closely with local human service agencies to provide educational, social and healtheservation programs for the families living at this development. We plan to invite local service providersd case managers to come on site and provide educational workshops for our residents. Residents willve access to the internet and computers in our computer center. Management will supply refreshments

r educational and other functions and coordinate services with the residents.



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ndscaping Plans:

ur landscaping plan will be creative as we hope to incorporate many different kinds of evergreens andciduous species trees and shrubbery around the buildings. Specific flowering type trees will also belized to accent color, beauty, and texture, as will colorful perennials and accent flower beds. We will alsolize, to the best of our ability, drought resistant plantings in order to minimize the use of water.

erior Apartment Amenities:

anges, range hoods, dishwashers, refrigerators (frost-free), Energy Star appliances, interior storageeas, mini-blinds, pantry, ceiling fans, walk in closets, carpet and washers and dryers hook-ups.

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

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.

his area of Raleigh continues to grow and expand and with it the need for well built, safe and affordable

ousing. The site is close to shopping, retail, commercial and medical services, as well as to the Farmersarket, NC State University, NC State's Centennial Campus and Business Park, and downtown Raleigh. Italso close to many parks such as Carolina Pines, Lake Johnson Park, Kids Together Park, Yates Mill,

nd new housing developments, including Renaissance Park at the corner of Tryon Road and Highway 70nd Bailey's Landing on Tryon Rd, and the Meadows at Avent Ferry and Tryon. The surrounding propertiesre a mix of commercial and residential. There is also a relatively new assisted living center close to theroperty. While there are other nice rental units within the area, these properties serve other targetopulations, such as seniors and special need tenants (Lennox Chase) and there is another very niceomplex (Village Green) serving college students. There is also a brick row-house/duplex community that isot a rental complex, but individually owned townhomes. The neighborhood as a whole is growing andere are many single-family neighborhoods close by. As Raleigh continues to grow, so does the need forore affordable high quality rental units.

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, distributioncilities, 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 pattern is residential in character with a mixsingle family as well as multi-family close by. The site is not isolated as it is located close to manyrvices, shopping, and other amenities. There are no negative effects of industrial or incompatible uses

ose to the site as it is located in a largely residential area. The site has one existing home that will be tornwn by the Sellers and the overall topography of the site is flat to rolling which should facilitate thenstruction of the project.

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 traffic controls and there is no burden on the public

cilities for this project. Mass transit is available in Raleigh and a public bus stop is located less than onelf a mile from the site at the shopping center and there is another stop .4 miles in the other direction.

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).

here are no negative features on the site that will impede the construction or adversely affect the future

nants.



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

he proposed community will fit in nicely with the surrounding area. The design of our buildings will fit inesthetically and actually enhance the existing community. We will work very closely with the City to designur product and develop our site plan.

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

Grocery Store Community/Senior Center

Mall/Strip Center Hospital

Outdoor Athletic

eldsPharmacy

Day Care/After

choolBasic Health Care

Schools Public Transportation

Stop

Convenience Store Public Parks

Gas Station Library

her facilities or services:

ee map located in the Map/Directions section of the Application to show proximity to services/amenities.e site is also close to the Farmer's Market, NC State University, Centennial Campus, and downtown

aleigh. DHHS, Division of Medical Assistance and Smart Start programs are all located on the Dorthea Dixosptial Campus which is very close to the site. There is a major WakeMed Hospital up Tryon Road at

daire Farm and there is an Urgent Care on Highway 70. This site is close to every amenity. There is aycleaners, nail salon, Vet, pharmacy/drugstore in the Food Lion Shopping Center.


3 .2

3 3

2.3

25.7

.3

3 .2

3 3


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reliminary App Checklist

e following enclosures must be submitted along with your signed preliminary application. Some enclosures are required only undetain conditions. Please check each applicable item to indicate that you understand the enclosure requirements and will enclose threct supporting documentation with your application.

Fee PaymentCheck in the amount of $5,450.00 made payable to North Carolina Housing Finance Agency.

Tab A - Preliminary ApplicationPrinted, signed copy of preliminary application generated from online system.

B - Map/Driving InstructionsA local map clearly identifying the location of the Site and detailed directions to the Site. Current City or County maps are prefe

internet maps and directions are not acceptable. Applicant must also provide a map identifying the amenities listed in section(A)(1)(b)(ii) of the QAP and their proximity to the site.

Applicant must provide a sign and boundary markers to clearly identify the road frontage of the site. The sign identifying the sitshould read SITE with a minimum size of 11x17.

C - Community Revitalization Plan

Applicant should provide a map identifying the subject site within the Plan area (if applicable).D - Evidence of Site ControlProvide valid option/contract or warranty deed and plot plan.

E - Site Plans/Scope of WorkPreliminary site plan, floor plans and elevations for all projects, interior and exterior photographs and detailed scope of work foAdaptive Reuse and Rehab projects. Site and floor plans should be no larger than 11x17 and must be produced by a licensedarchitect or engineer.

F - Information Package for Market AnalystsThis section must include copies of items required in Tabs A, B, E and G (site and floor plans should be no larger than 11x17) can include any additional market information such as preliminary market studies the applicant would like to provide to theAnalysts.

G - Rent Roll (Rehabs only)

Provide the current rent roll for the property and indicate which units (if any) are receiving rental assistance.H - Documentation for Basis BoostApplicant should provide an appraisal and/or standard geological survey to support a request for the basis boost (if applicable)

Documents

Wheeler Brook Apartments