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Project Description
Project Name: The Village Address: City: tbd Town Center Drive Locust County: Stanly Block Group: 1 Zip: 28097
Is project in Qualified Census Tract or Difficult to Develop Area? No Political Jurisdiction: Jurisdiction Address: Jurisdiction City: Jurisdiction Phone: CIty of Locust Last: Greene Title: Mayor P.O. Box 190 Locust (704)888-5260 Zip: 28097-0190
35.2798 -80.4068
Project Type: New Construction New Construction/Adaptive Reuse: Is this project a follow-on (Phase II, etc) to a previously-awarded tax credit development project? No If yes, list names of previous phase(s): Rehab: Is this project a previously awarded tax credit development? If yes, what year were credits awarded?: Number of residents holding Section 8 vouchers: Will the project meet Energy Star standards as defined in Appendix B? No Does a community revitalization plan exist? 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:
Target Population: Family Will the project be receiving project based federal rental assistance? No If yes, provide the subsidy source: and number of units:
Indicate 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 and state codes.)
Number of Units: 3 Persons with disabilities or homeless populations: the greater of 5 units or 10% of the total units. Number of Units: 3 Remarks:
Applicant Information
Indicate below an individual or a validly existing entity (a corporation, nonprofit, limited partnership or LLC) as the official applicant. Under QAP Section III(C)(5) only this individual or entity will be able to make decisions with regard to this application. If awarded the applicant must become part of the ownership entity. The applicant will execute the signature page for this application. Applicant Name: Address: City: Contact: Telephone: Alt Phone: Fax: Email Address: Wynnefield Properties, Inc. P.O. Box 395 Jamestown First: Craig (336)454-6134 (336)906-1854 (336)454-6190 patty.ray@wynnefieldproperties.com State: NC Zip: 27282 Last: Stone Title: President
NOTE: Email Address above will be used for communication between NCHFA and Applicant.
Site Description
Total Site Acreage: 2.2 Total Buildable Acreage: 2.2 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
Are 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? Is the site directly accessed by an existing, paved, publicly maintained road? Yes If no, please explain:
Is 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:
(b) Describe flood mitigation if the project will have improvements within the 100 year floodplain:
Site Control
Does the owner have fee simple ownership of the property (site/buildings)? No If yes provide: Purchase Date: 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/contract for purchase of the property and the seller of the property? No If yes, specify the relationship:
Purchase Price:
(c) Enter the current expiration date of the option/contract to purchase: 10/31/2007 (D) Enter Purchase Price: 1,015,000
Zoning
Present zoning classification of the site: NBD - Neighborhood District Is multifamily use permitted? Yes Are 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 for obtaining them:
Are there any existing conditions of historical significance located on the project site that will require State Historic Preservation office review? No If yes, describe below:
Are there any existing conditions of environmental significance located on the project site? No If yes, describe below:
Ownership Entity
Owner Name: The Village, LLC Address: City: P.O. Box 395 Jamestown State: NC Zip: 27282 (If assigned)
Note: Do not submit social security numbers for individuals. Entity Type: Limited Liability Company Entity Status: To Be Formed Is the applicant requesting that the Agency treat the application as Non-Profit sponsored? Is the applicant requesting that the Agency treat the application as CHDO sponsored?
No No
List all general partners, members,and principals. Specify nonprofit corporate general partners or members. Click [Add] to add additional partners, members, and principals.
Org:
First Name: Craig Address: City: Phone: EMail: P.O. Box 395 Jamestown (336)454-6134
State: NC
Zip: 27282
craig@wynnefieldproperties.com
Unit Mix
The Median Income for Stanly county is $50,500. Low Income Units Type Gdn Apt Gdn Apt Gdn Apt Gdn Apt Gdn Apt Gdn Apt Gdn Apt Gdn Apt Gdn Apt # BRs Net Sq.Ft. 1 1 1 2 2 2 3 3 3 1002 1002 1002 1002 1002 1002 1150 1150 1150 Total # Units 3 3 4 7 10 7 4 6 4 # Units 1 1 1 1 0 0 1 1 0 Monthly Rent 275 370 465 330 445 560 370 500 590 Electric Utility Allowance 90 90 90 112 112 112 151 151 151 Gas Mandatory Serv. Fees 0 0 0 0 0 0 0 0 0 Other Trash **Total Housing Exp. 365 460 555 442 557 672 521 651 741
Water/Sewer
Employee Units (will add to Low Income Unit total) Type # BRs Net Sq.Ft. Total # Units # Units Monthly Rent Electric Utility Allowance Gas Other Mandatory Serv. Fees **Total Housing Exp.
Water/Sewer
Market Rate Units Type # BRs Net Sq.Ft. Total # Units # Units Monthly Rent Utility Allowance Gas Other Mandatory Serv. Fees **Total Housing Exp.
Water/Sewer
Electric
Statistics All Units Low Income....... Market Rate....... Totals............... 48 6 21315 48 Gross Monthly Rental Income 21315
Units 6
Separate community building - Sq. Ft. (Floor Area): 1,192 Community space within residential bulding(s) - Sq. Ft. (Floor Area): Elevators - Number of Elevators:
Notes ** 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.
Targeting
Specify Low Income Unit Targeting in table below. List each applicable targeting combination in a separate row below. Click [Add] to create another row. Click "X" (at the left of each row) to delete a row. Add as many rows as needed.
# BRs 1 1 1 2 2 2 3 3 3 3 3 4 7 10 7 4 6 4
Units targeted at 40 targeted at 50 targeted at 60 targeted at 40 targeted at 50 targeted at 60 targeted at 40 targeted at 50 targeted at 60
% percent of median income affordable to/occupied by percent of median income affordable to/occupied by percent of median income affordable to/occupied by percent of median income affordable to/occupied by percent of median income affordable to/occupied by percent of median income affordable to/occupied by percent of median income affordable to/occupied by percent of median income affordable to/occupied by percent of median income affordable to/occupied by
48
Note: This number should match the total number of low income units in the Unit Mix section.
Funding Sources
NonAmortizing* Rate (%) 8.00 2.00 Term (Years) 30 20 Amort. Period (Years) 30 20 Annual Debt Service 41,453
Source Bank Loan RPP Loan Local Gov. Loan - Specify: RD 515 Loan RD 538 Loan - Specify: AHP Loan Other Loan 1 - Specify: Other Loan 2 - Specify: Other Loan 3 - Specify: Tax Exempt Bonds State Tax Credit(Loan) State Tax Credit(Direct Refund) Equity: Federal LIHTC Non-Repayable Grant Equity: Historic Tax Credits Deferred Developer Fees Owner Investment Other - Specify: Total Sources**
909,182
30
30
3,256,591
5,596,562
* "Non-amortizing" indicates that the loan does not have a fixed annual debt service. For these items, you must fill in 20-year debt service below. ** Total Sources must equal total replacement cost in Project Development Cost (PDC) section. Estimated pricing on sale of Federal Tax Credits: $0. 89 Remarks concerning project funding sources: (Please be sure to include the name of the funding source(s)) The RPP loan will have a balloon payment of 785,783 at the end of the 20 year term.
Loans with Variable Amortization Please fill in the annual debt service as applicable for the first 20 years of the project life.
RPP Loan Year: Amt: Year: Amt: 1 19599 11 20334 2 19944 12 19987 3 20240 13 19543 4 20484 14 18993 5 20670 15 18332 6 20795 16 17552 7 20854 17 16645 8 20843 18 15604 9 20756 19 14421 10 20588 20 13069
Development Costs
Item Cost Element 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 8 Contractor Overhead 9 Contractor Profit 10 Construction Contingency 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 29 Title and Recording SUBTOTAL (lines 14 through 29) 30 Real Estate Attorney 31 Other Attorney's Fees 32 Tax Credit Application Fees (Preliminary and Full) 33 Tax Credit Allocation Fee (0.58% of line 59, minimum $7,500) 34 Cost Certification / Accounting Fees 35 Tax Opinion 36 Organizational (Partnership) 37 Tax Credit Monitoring Fee SUBTOTAL (lines 30 through 37) 38 Furnishings and Equipment 39 Relocation Expense 40 Developer's Fee 41 42 44 45 Other Basis Expense (specify) Other Basis Expense (specify) 14,400 Other Non-basis Expense (specify) Other Non-basis Expense (specify) 504,000 504,000 2,500 208,335 20,000 15,000 2,200 26,366 8,500 1,000 1,000 31,200 105,266 38,000 38,000 8,500 20,000 15,000 8,500 8,000 2,500 4,200 8,500 8,000 2,500 4,200 7,500 7,500 2,751,813 117,600 184,165 65,072 195,215 105,416 118,294 12,000 5,000 3,754,575 6,000 18,451 150,684 6,000 18,451 150,684 2,751,813 117,600 184,165 65,072 195,215 105,416 118,294 12,000 5,000 200,000 200,000 TOTAL COST Eligible Basis 30% PV 70% PV
43 Rent-up Expense
SUBTOTAL (lines 38 through 45) 46 Rent up Reserve 47 Operating Reserve 48 49 Other Reserve (specify) Other Reserve (specify)
50 DEVELOPMENT COST (lines 1-49) 51 Less Federal Financing 52 Less Disproportionate Standard 53 Less Nonqualified Nonrecourse Financing 54 Less Historic Tax Credit (residential) 55 TOTAL ELIGIBLE BASIS 56 Applicable Fraction (percentage of LI Units) 57 Basis Before Boost 58 Boost for QCT/DDA (if applicable, enter 130%) 59 TOTAL QUALIFIED BASIS 60 Tax Credit Rate 61 Federal Tax Credits at Estimated Rate 62 Federal Tax Credits at 8.5% or 3.75% Max Federal Tax Credits (With Energy Star - Lesser of $8,500 per unit or 63 $800,000, w/o - Lesser of $8,000 per unit or $800,000) 64 Federal Tax Credits Requested 65 Land Cost 66 TOTAL REPLACEMENT COST FEDERAL TAX CREDITS IF AWARDED Comments:
4,746,562
4,545,910
0 4,545,910 100.00% 4,545,910 4,545,910 365,945 386,402 384,000 365,946 850,000 5,596,562 384,000 365,946 0 100% 0 100.00% 0 3.45 0 0 4,545,910 100% 4,545,910 100.00% 4,545,910 8.05 365,945 386,402
Total Replacement Cost per unit: Federal Tax Credits (line 62) per unit:
96,345 8,050
Construction (check all that apply): Brick Vinyl Wood HardiPlank Balconies/Patios Sunrooms Front Porches
Please see the attached community design requirements from Duany Plater-Zyberk & Company for more detail on the The Village.
Have you built other tax credit developments that use the same building design as this project? No If yes, please provide name and address:
Site Amenities: The site has more than 15 site amenities within the Town Centre. All of our residents will have access to all the sites parks, walking trails, community parks and playground. By purchasing this site our residents then have access to all of the surrounding Town Centre amenities.
Onsite Activities: Additional community activities such as holiday parties, National Night Out annual cookout and education/informative meetings will be scheduled in the community room. The Town Centre will have additional activities in the park such as concerts, picnics, etc.
Landscaping Plans: Extensive landscaping will be throughout the Town Centre and will compliment The Village community.
The following interior apartment amenities will be included in each unit: Range, hood, dishwasher, refrigerator (frost-free), storage interior/exterior, W/D hookups, miniblinds, walk-in closets, carpet, vinyl, central air and heat pumps.
Do 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.
Similarity of scale and aesthetics/architecture between project and surroundings. All of the buildings are designed to architecturally compliment each other
For each applicable neighborhood feature, enter distance from project in miles. .5 .5 .5 Grocery Store Mall/Strip Center Outdoor Athletic Fields .5 5 .5 Community/Senior Center Hospital Pharmacy
.5 1 .5 .5 1.5 .5 .5 .5 .5 1.5
.5 .5
Basic Health Care Medical Offices Bank/Credit Union Restaurants Professional Services Movie Theater
Public Transportation Stop .5 Convenience Store Basketball/Tennis Courts Public Parks Gas Station Library Fitness/Nature Trails Public Swimming Pools .5 .75 .65 .5 .5
Development Team
Provide contact information for development team members below: Management Agent Company: Wynnefield Properties, Inc. Address: City: Phone P.O. Box 395 Jamestown (336)454-6134 State: NC Zip: 27282 Email: craig@wynnefieldproperties.com Last: Stone
FMK Architects 220 North Tryon Street, Suite 400 Charlotte (704)375-9950 State: NC Zip: 28202 Email: amcguire@fmkarchitects.com Last: McGuire
Blanco Tackabery Combs & Matamoros 110 South Stratford Road Winston Salem (336)293-9013 State: NC Zip: 27104 Email: ram@btcmlaw.com Last: Matamoros
Raymond James 880 Carillon Parkway St. Petersburg (800)438-8088 State: FL Zip: 33716 Email: craig.descalzi@raymondjames.c Last: Descalzi
Consultant/Application Preparer (if different from developer) Company: Wynnefield Development II, Inc. Address: City: Phone P.O. Box 395 Jamestown (336)454-6134 State: NC Zip: 27282 Email: craig@wynnefieldproperties.com Last: Stone
Identity of Interest? General Contractor Company: Wynnefield Properties, Inc. Address: City: Phone P.O. Box 395 Jamestown (336)454-6134 State: NC Zip: 27282 Email: craig@wynnefieldproperties.com Last: Stone
500
3,000 53,120
8,095 5,700
Miscellaneous Taxes, Licenses and Permits Property and Liability Insurance (Hazard) Fidelity Bond Insurance Workmen's Compensation Health Insurance and Other Employee Benefits Other Insurance: SUBTOTAL Supportive Service Expenses Service Coordinator Service Supplies Tenant Association Funds Other Expenses (specify): SUBTOTAL Reserves Replacement Reserves SUBTOTAL TOTAL OPERATING EXPENSES ADJUSTED TOTAL OPERATING EXPENSES (Does not include taxes, reserves and resident support services) * TOTAL UNITS (from total units in the Unit Mix section) PER UNIT PER YEAR 1,152 12,000 12,000 170,919 130,817 48 2,725 45,550 13,800 300
1,152
170,919 70,212
61,052
9,160 1.15
* Net Rental Income escalated at annual rate of 3% and expenses escalated at a rate of 4% after the first year.
Calculations:
1. "Net Rental/Other Income" comes from 1st-year cash flow, then it is escalated by 3% per year. 2. "Total Operating Expenses" comes from 1st-year cash flow, then it is escalated by 4% per year. 3. "Debt Service" is the sum of "regular/amortized loan debt service + non-amortizing annual service" as entered by user from Funding Sources section. 4. "Net Cash Flow" is "Net Rental/Other Income" minus "Total Operating Expenses" minus "Debt Service". 5. "Debt Coverage Ratio" is ("Net Rental/Other Income" minus "Total Operating Expenses") divided by "Debt Service".
Minimum Set-Asides
MINIMUM REQUIRED SET ASIDES (No Points Awarded): 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: No Tax 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: No Tax 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: Moderate Income County: At least twenty-five percent (25%) of qualified units will be affordable to and occupied by households with incomes at or below forty percent (40%) of county median income.
At least fifty percent (50%) of qualified units will be affordable to households with incomes at or below fifty percent (50%) of county median income. At least fifty percent (50%) of qualified units will be affordable to and occupied by households with incomes at or below fifty percent (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 fifty percent (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.