rosedale phase ii
TRANSCRIPT
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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 (RHS/HUD)
Will the project be receiving project based federal rental assistance?
If yes, provide the subsidy source:If yes, provide the subsidy source: RD 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: Rosedale Phase II
Address: 121 Holly Lane
City: Forest City County: Rutherford Zip: 28043
Census Tract: 9608 Block Group: 2004
Yes
Political Jurisdiction: Town of Forest City
Jurisdiction CEO Name: First: Last:James Gibson Title: MayorJurisdiction Address: 128 N. Powell Street
Jurisdiction City: Forest City Zip: 28043
Jurisdiction Phone: (828)248-5202
Site Latitude: 35.33
Site Longitude: -81.87
Project Type: Rehab
Rehab:
Is this project a previously awarded tax credit development? No
If yes, what year were credits awarded?:
Number of residents holding Section 8 vouchers: 0
No
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:
Yes
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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: 2
Persons with disabilities or homeless populations: the greater of 5 units or 10% of the total units.
Number of Units: 5
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: Southland Partners LLC
Address: 131 Matthews Station Street, Suite 2-F
City: State: NC Zip:Matthews 28105
Contact: First: Last: Title:Tom Honeycutt
Telephone: (704)321-1526
Alt Phone:
Fax: (704)321-1562
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
3.5 3.5
No
Yes
This is a fully occupied Rural Development elderly property in need of rehab. No relocation ordemolition will be required in order to complete the rehab.
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:
No
(c) Enter the current expiration date of the option/contract to purchase: 11/15/2007
(D) Enter Purchase Price: 300,000
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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
MF
Yes
No
No
No
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EMail: [email protected] Nonprofit: No
Org: Timothy L. Gunderman
First Name: Tim Last Name: Gunderman Function: Principal
Address: 2021 Cross Beam Drive
City: Charlotte State: NC Zip: 28217
Phone: (704)357-6000 Fax: (704)357-1881
EMail: [email protected] Nonprofit: No
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The Median Income for Rutherford county is $47,100.
Low Income Units
Employee Units (will add to Low Income Unit total)
Market Rate Units
Statistics
Square Footage Information
Notes
Unit Mix
Type # BRs Net Sq.Ft.Total
# Units#Units
MonthlyRent
UtilityAllowance
MandatoryServ. Fees
**TotalHousing Exp.
Gdn Apt 1 600 10 2 415 95 0 510
Gdn Apt 1 600 14 0 415 95 0 510
Utilities included in rents: Water/Sewer Electric Gas Other trash pickup
Type # BRs Net Sq.Ft.Total
# Units#Units
MonthlyRent
UtilityAllowance
MandatoryServ. Fees
**TotalHousing Exp.
Utilities included in rents: Water/Sewer Electric Gas Other
Type # BRs Net Sq.Ft.Total
# Units#Units
MonthlyRent
UtilityAllowance
MandatoryServ. Fees
**TotalHousing Exp.
Utilities included in rents: Water/Sewer Electric Gas Other
AllUnits
Units
Gross MonthlyRental Income
Low Income....... 24 2 9960
Market Rate.......
Totals............... 24 2 9960
Proposed number of residential buildings: 6 Maximum number of stories in buildings: 1
Project Includes:Separate community building -- Sq. Ft. (Floor Area):Sq. Ft. (Floor Area):
Community space within residential bulding(s) -- Sq. Ft. (Floor Area):Sq. Ft. (Floor Area): 1,0001,000
Elevators -- Number of Elevators:Number of Elevators:
Gross Floor Square Footage: 15,400
Total Net Sq. Ft. (All Heated Areas): 14,630
** 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 10 targeted at 50 percent of median income affordable to/occupied by
1 14 targeted at 60 percent of median income affordable to/occupied by
24
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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))
Funding Sources
Source AmountNon-
Amortizing*Rate(%)
Term(Years)
Amort.Period(Years)
AnnualDebt
Service
Bank Loan 0
RPP Loan 0
Local Gov. Loan - Specify:0
RD 515 Loan 320,000 1.00 30 50 8,135
RD 538 Loan - Specify:0
AHP Loan 0
Other Loan 1 - Specify:0
Other Loan 2 - Specify:0
Other Loan 3 - Specify: 0
Tax Exempt Bonds 0
State Tax Credit(Loan) 198,396 0 30 30 0
State Tax Credit(Direct Refund) 0
Equity: Federal LIHTC 1,374,499
Non-Repayable Grant 0
Equity: Historic Tax Credits 0
Deferred Developer Fees 0
Owner Investment 0 Other - Specify:
0
Total Sources** 1,892,895
* "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.
85
the RD 515 amount shown is the approximate mortgage balance. The actual annual paymentto be assumed is greater than that calculated by the spreadsheet. Tax credit pricing is set atthe agencies published minimum even though we have a current pricing slightly more. Wefeel, and the market indicates that the pricing may continue downward from the pricing wehave currently, hence our use of the agencies minimum.
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Comments:
SUBTOTAL (lines 38 through 45) 270,000
46 Rent up Reserve 7,200
47 Operating Reserve
48 Other Reserve (specify)
49 Other Reserve (specify)
50 DEVELOPMENT COST (lines 1-49) 1,848,895 256,000 1,545,362
51 Less Federal Financing52 Less Disproportionate Standard
53 Less Nonqualified Nonrecourse Financing
54 Less Historic Tax Credit (residential) 0
55 TOTAL ELIGIBLE BASIS 1,801,362 256,000 1,545,362
56 Applicable Fraction (percentage of LI Units) 100.00% 100% 100%
57 Basis Before Boost 1,801,362 256,000 1,545,362
58 Boost for QCT/DDA (if applicable, enter 130%) 130.00% 130.00%
59 TOTAL QUALIFIED BASIS 2,341,770 332,800 2,008,970
60 Tax Credit Rate 3.48 8.05
61 Federal Tax Credits at Estimated Rate 173,303 11,581 161,722
62 Federal Tax Credits at 8.5% or 3.75% 183,242 12,480 170,762
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) 192,000
64 Federal Tax Credits Requested 161,722 0 161,722
65 Land Cost 44,000
66 TOTAL REPLACEMENT COST 1,892,895
FEDERAL TAX CREDITS IF AWARDED 183,242
Please note that the total credits requested is well below $250,000 and that there is no developmentfee claimed on the acquisition.
Total Replacement Cost per unit: 76,737
Federal Tax Credits (line 62) per unit: 7,635
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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
Rosedale II is an existing 24 unit elderly development financed by USDA Rural Development with 24units of rental assistance. It is fully occupied at this time and in need of rehabilitation.
No
gazebo, expanded community room with tv viewing and space for activities,on site office,
Those generally associated with an elderly site are to be expanded based on the increased spaceavailable in the community room.
The existing landscaping will be clean up, additions made where needed, pruning, seeding and newbedding as needed. A gazebo will be added and a new site sign.
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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.
new and updated light fixtures and plumbing, new cabinets, vanities and countertops, floor coveringreplacement, new door hardware, some new appliances, new HVAC at 13 seer, new mini blinds,new emergency alarms
Yes
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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.Forest City is a stable rural town not far from the I40 corridor undergoing growth after a period oftime recovering from major changes in the areas employment base. Rosedale II is an establisheddevelopment for the elderly needing rehabilitation in order to maintain its viability and continue toprovide affordable housing for the elderly in the community.
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 surrounding property is primarily single family residential with an adjacent multifamily site. Thereare no incopatible or detrimental uses in the area.
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.This is not a high traffic community so no such problems exist. Adequate traffic constrols are inplace.
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), such
as limited parking, environmental problems or the need for excessive demolition).There are no negative features or physical barriers.
Similarity of scale and aesthetics/architecture between project and surroundings.The development blends well with it's surroundings.
Grocery Store1.5 Community/Senior Center
Mall/Strip Center1.25 Hospital
Outdoor Athletic Fields Pharmacy1.5
Day Care/After School Basic Health Care2.5
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Other facilities or services:
Schools.75 Medical Offices2.5
Public Transportation Stop Bank/Credit Union1.5
Convenience Store1.25 Restaurants1
Basketball/Tennis Courts Professional Services1
Public Parks2 Movie Theater
Gas Station1.25 Video Rental
Library4 Public Safety (Fire/Police)2
Fitness/Nature Trails Post Office2
Public Swimming Pools
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Project Operations (Year One)
Projected Operating Costs
Administrative Expenses
Advertising 864
Office Salaries
Office Supplies 500
Office or Model Apartment Rent
Management Fee 12,096
Manager or Superintendent Salaries 6,796
Manager or Superintendent Rent Free Unit
Legal Expenses (Project) 72
Auditing Expenses (Project) 4,000
Bookkeeping Fees/Accounting Services
Telephone and Answering Service 800
Bad Debts
Other Administrative Expenses (specify):
SUBTOTAL 25,128
Utilities Expense
Fuel Oil
Electricity (Light and Misc. Power) 5,650
Water 360
Gas
Sewer 320
SUBTOTAL 6,330
Operating and Maintenance Expenses
Janitor and Cleaning Payroll 600
Janitor and Cleaning Supplies 300
Janitor and Cleaning Contract
Exterminating Payroll/Contract 600
Exterminating SuppliesGarbage and Trash Removal 1,440
Security Payroll/Contract
Grounds Payroll
Grounds Supplies 2,000
Grounds Contract 5,184
Repairs Payroll 9,164
Repairs Material 2,500
Repairs Contract
Elevator Maintenance/Contract
Heating/Cooling Repairs and Maintenance 1,500
Swimming Pool Maintenance/Contract
Snow Removal 1,000Decorating Payroll/Contract 1,000
Decorating Supplies 2,000
Other (specify):
Miscellaneous Operating & Maintenance Expenses
SUBTOTAL 27,288
Taxes and Insurance
Real Estate Taxes 13,815
Payroll Taxes (FICA) 2,015
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Miscellaneous Taxes, Licenses and Permits 300
Property and Liability Insurance (Hazard) 6,136
Fidelity Bond Insurance 300
Workmen's Compensation
Health Insurance and Other Employee Benefits
Other Insurance:
SUBTOTAL 22,566Supportive Service Expenses
Service Coordinator
Service Supplies
Tenant Association Funds
Other Expenses (specify):
SUBTOTAL 0
Reserves
Replacement Reserves 6,002
SUBTOTAL 6,002
TOTAL OPERATING EXPENSES 87,314
ADJUSTED TOTAL OPERATING EXPENSES(Does not include taxes, reserves and resident support services) * 67,497
TOTAL UNITS(from total units in the Unit Mix section)
24
PER UNIT PER YEAR 2,812
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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:
Low Income County:
At least forty percent (40%) of qualified units will be affordable to households with incomes at or below fifty percent (50%) ofcounty median income.
At least forty percent (40%) of qualified units will be affordable to and occupied by households with incomes at or below fiftypercent (50%) 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)