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Is project in Qualified Census Tract & Difficult to Develop area?
Does a community revitalization plan exist?
Print Preview - Final Application
Tax Credits, RPP Loans, and/or Tax Exempt Bond Loans
Project Name and Location
Project Name: HHG II Family Apartments
Address: 920 Mock Street
City: Winston-Salem County: Forsyth Zip: 27127
Census Tract: 8.02 Block Group:
Yes
Yes
Political Jurisdiction: 12th Congressional District
Jurisdiction CEO Name: First: Last:Allen Joines Title: Mayor
Jurisdiction Address: P. O. Box 2511
Jurisdiction City: Winston-Salem Zip: 27102
Jurisdiction Phone: (336)727-2058
Site Latitude: 36.100
Site Longitude: -80.244
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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 be receiving project based federal rental assistance?
If yes, provide the subsidy source:If yes, provide the subsidy source: HUD and number of units:and number of units:
Target Population: Family
Indicate below any additional targeting for special populations proposed for this project:
Project Description
Project Type:* New Construction Rehab Adaptive Reuse
No
Yes
5656
Mobility impaired handicapped: 5% of units comply with QAP Section IV(F)(3) (in addition to the units required by other federaland state codes.)
Persons with disabilities or homeless populations: the greater of 5 units or 10% of the total units
Remarks: The ownership entity has entered into an MOU with CenterPoint Human Services of Winston-Salemto act as "Lead Agency" in the provision of services to the disabled/homeless. CenterPoint currentlyhas an MOU with the Housing Authority of the City of Winston-Salem to provide services for publichousing residents. A targeting plan has been completed and has been submitted to the North
Carolina Department of Health and Human Services for review and certification for 6 set-aside units.The owner entity has also secured a commitment for project-based Section 8 Housing ChoiceVouchers and has agreed to set aside 6 of those vouchers for the targeted population.
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Applicant Information
Applicant Name: Eagan Partners, LLC
Address: 1415 Old Mill Circle
City: State: NC Zip:Winston-Salem 27103
Contact: First: Last: Title:Gaye Morgan Member
Telephone: (336)765-0424
Alt Phone: (336)765-6551
Fax: (336)765-3831
Email Address: gmorgan@cmc-nc.com
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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
4.746 4.746
Yes
The seller of the land, The Housing Authority of the City of Winston-Salem will demolish all buildingson the tax credit site prior to purchase of the property (estimated to be 10-31-04) and anticipatesdemolition of the entire Happy Hill Gardens public housing project to be completed by December 31,2004.
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 vaild 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
Forsyth Economic Ventures, Inc., a member of HHG II, LLC is a non-profit corporation establishedby the seller of the land, The Housing Authority of the City of Winston-Salem.
(c) Enter the current expiration date of the option/contract to purchase: 12/31/2004
(D) Enter Purchase Price: 140,000
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Present zoning classification of the site:
Is mutifamily 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
RM-18
Yes
No
No
No
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behringer@tcgdevelopment.com 52-2143055
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Square Footage Information
Notes
Low Income....... 56 3 26195
Market Rate.......
Totals............... 56 3 26195
Proposed number of residential buildings: 9 Maximum number of stories in buildings: 2
Project Includes:Separate community building -- Sq. Ft. (Floor Area):Sq. Ft. (Floor Area): 2,2562,256
Community space within residential bulding(s) -- Sq. Ft. (Floor Area):Sq. Ft. (Floor Area):
Elevators -- Number of Elevators:Number of Elevators:
Gross Floor Square Footage: 70,490
Total Net Sq. Ft. (All Heated Areas): 62,422
** Please refer to the Income Limits and Maximum Housing Expense Table to ensure that Total Monthly Tenant Expenses for low incomeunits 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] to createanother 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 2 targeted at 30 percent of median income.
1 6 targeted at 60 percent of median income.
2 7 targeted at 30 percent of median income.
2 21 targeted at 60 percent of median income.
3 5 targeted at 30 percent of median income.
3 15 targeted at 60 percent of median income.
56
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Other Loan 1 - 1st Mortgage - HAWS
Year:Amt:
1
32999
2
32841
3
32631
4
32368
5
32048
6
31665
7
31218
8
30702
9
30111
10
29443
Year:Amt:
11
28692
12
27853
13
26920
14
25889
15
24754
16
23507
17
22144
18
20658
19
19040
20
17285
Other Loan 2 - 2nd Mortgage - HAWS
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 Buildings (Rehab) 0
2 Demoli tion
3 On-site Improvements 450,000 450,000
4 Rehabilitation
5 Construction of New Building(s) 3,010,590 3,010,590
6 Accessory Building(s)
7 General Requirements 207,635 207,635
8 Contractor Overhead 73,365 73,365
9 Contractor Profit 293,458 293,458
10 Construction Contingency 121,051 121,051
11 Architect's Fee - Design 93,350 93,350
12 Architect's Fee - Inspection 28,920 28,920
SUBTOTAL (lines 1 through 12) 4,278,369
13 Construction Insurance (prorate) 15,000 15,000
14 Construction Loan Orig. Fee (prorate) 23,000 23,000
15 Construction Loan Interest (prorate) 93,917 93,917
16 Construction Loan Credit Enhancement (prorate) 3,600 3,600
17 Construction Period Taxes (prorate) 5,600 5,600
18 Water, Sewer and Impact Fees 14,000 14,000
19 Survey 60,000 60,000
20 Property Appraisal 7,500 7,500
21 Environmental Report 5,600 5,600
22 Market Study 4,000 4,000
23 Bond Costs (specify)
24 Cost of Issuance
25 Placement Fee
26 Permanent Loan Origination Fee
27 Permanent Loan Credit Enhancement
28 Title and Recording 5,600
SUBTOTAL (lines 13 through 28) 237,817
29 Real Estate Attorney 25,000 25,000
30 Other Attorney's Fees 40,000 40,000
31 Tax Credit App Fees 32,247 32,247
32 Cost Certification and Accounting Fees 11,989 11,989
33 Tax Opinion 1,500
34 Organizational (Partnership) 600
35 Tax Credit Monitoring Fee 29,400
SUBTOTAL (lines 29 through 35) 140,736
36 Furnishings and Equipment 35,000 35,000
37 Relocation Expenses
38 Developer's Fee (max 15% lines 2-36, less 8 & 9) 647,715 647,715
39 Other Basis Expense (specify)
40 Other Basis Expense (specify)
41 Rent-up Expenses 56,455
42 Soft Cost Contingency 35,000
43 Other Non-basis Expense (specify)
SUBTOTAL (lines 36 through 43) 774,170
44 Rent up Reserve 16,800
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Comments:
45 Operating Reserve 131,345
46 ACC Subsidy Reserve 137,760
47 Other Reserve (specify)
48 DEVELOPMENT COST (lines 1-47) 5,716,997 0 5,302,537
49 Less Federal Financing 840,000
50 Less Disproportionate Standard
51 Less Nonqualified Nonrecourse Financing
52 Less Historic Tax Credit (residential) 0
53 TOTAL ELIGIBLE BASIS 4,462,537 0 4,462,537
54 Applicable Fraction (percentage of LI Units) 100.00% 100% 100%
55 Basis Before Boost 4,462,537 0 4,462,537
56 Boost for QCT/DDA (if applicable, enter 130%) 130.00% 130.00%
57 TOTAL QUALIFIED BASIS 5,801,298 0 5,801,298
58 Tax Credit Rate 0.00% 7.91%
59 Federal Tax Credits at Estimated Rate 458,882 0 458,882
60 Federal Tax Credits at 8.5% or 3.75% 493,110 0 493,110
61 Federal Tax Credits Requested 0
62 Land Cost 140,000
63 TOTAL REPLACEMENT COST 5,856,997
Line 16 is construction lender's inspection fees.Line 19 includes civil engineering costs.
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Please provide a detailed description of the proposed project:
Construction (check all that apply):
Market Study Information
HHG II - Family Apartments is part of the first phase of the HOPE VI Revitalization of the 40 acreHappy Hill Gardens public housing community. The projected cost of this revitalization is estimatedto over $70,000,000. Also included in Phase I is a proposed 100 unit senior tax credit developmentto be built adjacent to the family tax credit site as well as a single family subdivision of 20 newhomes. The neighborhood is an established working class and primarily residential area.
Neighborhood assets include a large public park, a recreation center (Sims Recreation Center), anelementary school (Diggs Elementary) and numerous churches. The existing Happy Hill Gardensincludes a community resource center on site that houses community and supportive services,neighborhood network/after-school programs and adult educational programs such as GED classesprovided by the Housing Authority of the City of Winston-Salem. It is anticipated that the resourcecenter will be renovated and maintained as a neighborhood community center which is located inclose proximity to the proposed family site. There is also a small convenience store owned by theHousing Authority that is located in the middle of the public housing development.
The Revitalization Plan calls for the razing of 488 severely distressed public housing units andreplacing with 445 new single-family detached homes, townhouses, apartments and senior units thatblend with the City's adjacent Old Salem Historic District.
Happy Hill Gardens was the first public housing development built in Forsyth County in 1951 and islocated within the greater Happy Hill neighborhood, the oldest African-American neighborhood in theCity of Winston-Salem. Formerly called New Liberia, the Happy Hill neighborhood grew out of acommunity of African-American former slaves who bought land from the Moravian Church after the
Civil War. This redevelopment effort, which has the strong support of the city, county, private sector,residents and the neighboring community, will complement major on-going revitalization of the"Southeast Gateway" and downtown areas of the City.
The property is located just south of Winston-Salem's downtown business district and is in closeproximity to Old Salem, a nationally known tourist attraction; Salem Academy and Salem College,two prestigious private schools; North Carolina School of the Arts, Winston-Salem State University,and Triad Research Park, a biotechnical research park expected to expand to 180 acres within thenext 10 to 15 years. The property also is in close proximity to several established single-familyneighborhoods with strong neighborhood associations such as West Salem, Washington Park andSunnyside.
HHG II - Family Apartments will include the construction of 56 one, two and three bedroom gardenapartment units in 9 two-story buildings on 4.746 acres. All 56 units will be tax credit qualified with28 being set-aside and reserved for former PHA residents of Happy Hill Gardens. These 28 units willreceive operating rental subsidies from The Housing Authority of Winston-Salem ("HAWS"). Theremaining 28 units will also have access to rental subsidy through a commitment for project-based
Section 8 housing choice vouchers.
Relocation of existing residents is currently underway and it is anticipated that all residents currentlyliving on the site will be relocated by August, 2004. Upon completion of the relocation plan,demolition of the existing buildings, roads and utilities on the site will commence. It is anticipatedthat demolition will be completed on the site by November, 2004.
All the units planned for the tax credit site are spacious with open/flowing floorplans. Each unit willhave a patio or balcony, exterior storage, walk-in closets, carpet, washer/dryer connections, pantry,dishwasher, disposal, stove with self-cleaning oven, frost-free refrigerator with icemaker and 12 seerheat pump. The units have been designed to exceed the minimum square footage requirements ofthe tax credit program and to enhance energy efficiency. The square footage for the 8 onebedroom/1 bath garden units range from 782 to 837 square feet; the 8 two bedroom/1 bath gardenunit from 966 to 1056 square feet; the 20 two bedroom/1.5 bath townhouse units are 1033 squarefeet; and the 20 three bedroom/2 bath units from 1206 to 1291 square feet.
The 2,256 square foot Community & Leasing Center planned for the tax credit site includes acomputer learning lab, a resident business center, conference room/library, central laundry, vendingarea, kitchenette, public restrooms, covered porches and large multi-purpose activity room with TV,craft and game areas to be utilized for after-school and summer youth programs and other resident-related activities. In addition the Center provides offices for fulltime onsite management, leasing andmaintenance personnel. Other amenities include a playground, tot lot, volleyball court, horseshoepit, and picnic area with grill.
The property is on the city bus line and is in close proximity to schools and services. With regard tomarketing, the 28 PHA units have already been pre-assigned to the temporarily relocated formerresidents of Happy Hill Gardens. In that the Housing Authority currently has over 2400 persons ontheir waiting list awaiting housing, we anticipate pre-leasing all remaining units prior to completion.
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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 (check all that apply):
Onsite Activities:
Landscaping Plans:
Interior Apartment Amenities (check all that apply):
Vinyl clad windows, vinyl shake siding, metal insulated doors with viewfinder and deadbolt locks.
No
Community Bldg - Sq Ft: 2,256 Community Room - Sq Ft: Garages - Number:
Laundry Rm Screened Porch Resident Computer Center Exam Rm Reading Rm/Library
Game/Craft Rm Exercise Rm TV Rm Beauty Salon Vending Rm
Chapel/Prayer Rm Picnic Area Onsite Leasing Office Onsite Mgr Onsite Maint. Person
Irrigated Lawns Security Gate Car Care Area Storage Units Gazebos
Walking Trails Garden Spots Basketball/Tennis Court Playground Ball Field
Pool Fitness Stations Horseshoe Pit Shuffleboard Covered Drive Thru
The Housing Authority of the City of Winston-Salem will be primarily responsible for the coordinationof the social services and recreational activities for the residents of the community. After school andsummer activities are planned for the children ages 5 to 15 years old who reside in the property aswell as other organized recreational and educational opportunities for the youth of the community.Programs for adults, such as parenting workshops, educational seminars, employment and job skillscounseling, credit counseling and computer classes will be available in addition to social activities.
The Community Center will be furnished with computers/printers with internet access for thecomputer lab and learning center, board games, puzzles and books for the library/conference room,and television/vcr/dvd, arts & crafts tables and games for the multi-purpose activity room. There willbe a kitchenette for pot luck dinners, holiday gatherings and resident council meetings. A businesscenter is also available to residents who need the use of a fax machine, copier or small officeequipment such as mail scales, paper hole punchers, etc. Within close proximity to the proposedsite and within the Happy Hill neighborhood is a Day Care Center and on the Happy Hill Gardenssite is a Community Center (old Daycare Center) that HAWS intends to renovate to provide a "One-
Stop Shop" for community and supportive services, recreational and educational programs for theresidents of the entire community.
The developer's landscape architect will provide a detailed planting schedule for the building/sitewith the full application. Throughout the property 40+ year old oak trees line and provide a canopyover the streets of the neighborhood. Every precaution will be taken to protect and maintain thesetrees. It is our intent to supplement additional plantings on the site to the already existing maturetrees that can hopefully be retained.
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Flooring: Carpet Vinyl Wood Wood Parquet Ceramic Tile Other
Heating/Cooling: Central Air Gas Heat Heat Pump Electric Pump
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.
Range Hood Dishwasher Disposal Refrigerator (frost free) Storage interior/exterior
W/D Hookups Mini-blinds Pantry Ceiling fans Walk-in closets
Yes
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Briefly describe your site in each of the following categories:
Applicant's Site Evaluation
NEIGHBORHOOD CHARACTERISTICS
Physical condition of buildings and improvements. Trend and direction of real estate developmentrelative to the project. Area economic health (degree of decline or investment). Concentration of
affordable housing.The physical condition of many of the buildings and improvements adjacent to the project site ispoor. However, the public housing units to the north will be demolished in and replaced with mixedincome renter and owner-occupied single-family detached and townhouse units, starting in July2004 which will reduce density and low-income rental housing concentration.. In addition,improvements have been made to some of the commercial structures on Waughtown Street to thesouth of the project site. The significant public and private investment that is occurring and inprocess in the general area as discussed below, along with the HOPE VI transformation of HappyHill Gardens, will contribute to further improvement of the commercial structures on WaughtownStreet and to facilitate the growth potential of the Waughtown corridor.
The physical conditions in the general area surrounding the project site are mixed. The institutions inthe area, including Old Salem, Salem College and North Carolina School of the Arts are in verygood to excellent condition, while some of the commercial and residential areas have moderate topoor conditions. Physical conditions and the economic health of the area is in transition at this time.Dramatic improvements are occurring and will continue due to significant recent investments andnumerous planned projects including:
In the northern portion of the Happy Hill neighborhood north of the project site, the communityorganizations with assistance from the City of Winston-Salem are acquiring lots for new single-familyhome construction. Six new homes have been constructed and up to 50 additional homes areplanned for which $400,000 of a currently committed and contracted $600,000 has been disbursedand an additional $425,000 has been committed by the City of Winston-Salem.
Just south of the project site, the North Carolina School of the Arts is using more than $40 million instate university bond funds to acquire vacant sites and buildings for their campus expansion.
Northwest of the project site, Old Salem, one of North Carolinas premier tourist attractions, hasinvested millions of dollars, building a new pedestrian bridge, a new visitors center, and a newMoravian Archives Building and restoring or recreating a number of historic buildings.
One of the most exciting redevelopment projects in the area is Southeast Gateway Village, a mixeduse project with retail, office and residential uses. The Village is being developed on Salem Avenueat the new Southeast Gateway traffic circle, less than mile west of the project site, by a private
developer in cooperation with the City of Winston-Salem. The area universities, including Winston-Salem State University, North Carolina School of the Arts, and Salem College have committed tosupporting a joint bookstore on the site as an anchor. Construction should begin in the summer of2004, with opening to coincide with traffic circle opening in early fall of 2005. Current local publicinvestment of City funds in the area totals $1,428,750.
The Happy Hill neighborhood has a very high concentration of affordable housing in both the publichousing development, Happy Hill Gardens, and in the predominantly single-family area in thenorthern portion of the neighborhood. The HOPE VI redevelopment project will transform the publichousing development into a mixed income community, bringing higher incomes into the area andsubstantially reducing both the low-income and low-income rental housing concentration in the area.The City and non-profit redevelopment efforts in the northern portion of the Happy Hill neighborhoodwill also raise income levels, bringing in new homeowners and increasing residents commitment tothe neighborhood. The Southeast Gateway Village project will include upper middle income housing.
Suitability of surrounding development. Land use pattern is primarily residential (single andmultifamily housing) with a balance of other uses (particularly retail and amenities). Amount andcharacter of vacant, undeveloped land. Effect of industrial, large-scale institutional or otherincompatible uses: wastewater treatment facilities, high traffic corridors, junkyards, prisions, landfills,large swamps, distribution facilities, frequently used railroad tracks, power transmission lines andtowers, factories or similar operations, sources of excessive noise, and sites with environmentalconcerns (such as odors or pollution).The land use pattern in the immediate project area, the Happy Hill neighborhood, is predominantlyresidential, with a commercial strip adjacent to the south along Waughtown Street.
Land use in the general project area, the Southeast Gateway area, is predominantly institutional andincludes Old Salem, Salem Academy & College, North Carolina School of the Arts, and two largepublic parks. Winston-Salem State University, the Piedmont Triad Research Park, and downtownWinston-Salem are located approximately 1 mile from the project site. The location of the project site
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is ideal to provide high quality mixed income housing for staff, faculty and students of thesurrounding institutions, as well as downtown office and research park workers.
The area is well served by public and institutional services. Schools, parks, recreational amenitiesand community centers are located within mile, a comfortable walking distance, of the proposedsite. The sites proximity to recreational amenities is particularly outstanding. Happy Hill Park islocated across the street from the project site. Along with its adjacent sister park, Central Park,Happy Hill Park offers athletic fields, tennis courts, a swimming pool and a playground. The 4.5 mileSalem Creek Greenway runs through the Parks, safely linking pedestrians and bicyclists to retailopportunities, Winston-Salem State University and 4 other City parks, including the 2,500 acreSalem Lake Park.
While there are some retail/commercial services, such as gas stations, convenience stores,restaurants and a credit union within mile of the project site, the area is generally lacking in retail,medical and professional services. Fortunately, the road and mass transit systems provide fairlyeasy access to such uses, which are abundantly located within 2 miles of the project site. (SeeNeighborhood Features Map attached.) Construction of Southeast Gateway Village projected for2005 will increase the supply of good and services available in close proximity to the project site.
The incompatible uses in the project area include: power transmission lines adjacent to the site andunattractive commercial uses to the south on Waughtown Street. The project has been designed toorient to the north, away from these uses. Near the project site there is a stream with steepovergrown slopes, and extensive floodplain area northwest of the project site in Happy Hill Park. Thepower lines and the existing condition of the stream area have an indirect negative visual impact onthe site. The Happy Hill Gardens HOPE VI Master Plan shows the stream area to be cleaned andrestored to serve as a green space amenity for the area, as the floodplain in Happy Hill Parkcurrently does.
SITE SUITABILITY
Adequacy of street(s) and/or access road(s) serving the proposed project and traffic controls (lights,stop signs, turning lanes). Access to mass transit (if applicable).While the streets providing access to the site are currently adequate, improvements to roads in thegeneral area are underway.
The project site is on Mock Street which can be accessed from either the east or the west. Theaccess from the west via Alder and Waughtown is considered the primary access.
Construction of the Southeast Gateway Traffic Circle is now underway approximately mile west ofthe project site at the intersection of Waughtown Street, Main Street, and Salem Avenue. Thepurpose of the traffic circle is to improve traffic flow in the area and to provide as central focal pointfor area institutions, including Old Salem, Salem Academy & College, North Carolina School of theArts, and Winston-Salem State University, as well as a gateway into downtown Winston-Salem. The$8.6 million North Carolina Department of Transportation project includes a slight realignment of
Alder Street at its intersection with Waughtown Street, near the project site. The Traffic Circleproject, including the Alder Street intersection work, will be completed in the summer of 2005.
The site is well served by mass transit buses of Winston-Salem Transit Authority. Route #3 travelsimmediately adjacent to the project site on Mock Street, taking passengers to Winston-Salem StateUniversity, East Winston, downtown, and the Transit Center for transfers. Route #29 travels alongWaughtown Street with a stop less than mile from the project site, taking passengers to southeastWinston-Salem, Old Salem, and downtown. Both of these routes provide evening service.
The streets within the Happy Hill Gardens community are in good condition but some demolition isrequired to improve road and land use patterns. The City of Winston-Salem has committed$1,000,000 to assist in the public infrastructure improvements needed for the overall revitalization.
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.Although there are some negative features adjacent to and in the general area of the project, thereare none on site. Existing residential buildings will be demolished to construct the proposed project,but demolition is not excessive and no environmental problems are anticipated. The number of off-street parking spaces to be provided is generous and significantly exceed local zoning requirements.
Similarity of scale and aesthetics/architecture between project and surroundings.The scale and design of the multifamily project will be residential in character and be compatiblewith surrounding residential uses. The development will include 56 garden and townhouse styleapartments in a neo-traditional neighborhood style. Buildings will front on the street and include
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For each applicable neighborhood feature, enter distance from project in miles.
Other facilities or services:
porches/decks. Parking will be located to the rear, behind the buildings. Sidewalks and recreationareas will be provided throughout the development to encourage interaction and enhancewalkability. The architectural features of the buildings will reflect the history of the neighborhood andof Old Salem, which is less than a quarter mile northwest of the project site, across Salem Creek.
Grocery Store1.2 Community/Senior Center.01
Mall/Strip Center1.2 Hospital1.75
Outdoor Athletic Fields.2 Pharmacy1.25
Day Care/After School.01 Basic Health Care1.5
Schools.25 Medical Offices1.5
Public Transportation Stop.01 Bank/Credit Union.5
Convenience Store.01 Restaurants.5
Basketball/Tennis Courts.3 Professional Services.75
Public Parks.01 Movie Theater1.4
Gas Station.2 Video Rental1.25
Library.01 Public Safety (Fire/Police)1.2
Fitness/Nature Trails.3 Post Office1.4
Public Swimming Pools.25
City Hall is 1.1 miles, Piedmont Triad Research Park is 1.2 miles, Central Downtown, Courthouseand Social Services is 1.3 miles, NC School of the Arts is .2 miles, Old Salem is .2 miles, SalemCollege and Salem Academy are .4 miles and Winston-Salem State University is .9 miles from thesite.
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DevelopmentList number low-income/tax credit housing projects and units developed, operated, and maintained in compliance by the principal(s) betweenDecember 1, 1996 and January 1, 2003:
ManagementList number of low-income housing tax credit units managed in the past 10 years:
Has any owner, principal, or management agent been debarred or received a limited denial participation in the past 10 years by any federal or
state agency?
Has any owner, principal, or management agent been involved in a bankruptcy, an adverse fair housing settlement, an adverse civil rights
settlement, or an adverse federal or state government proceeding and settlement in the past 10 years?
Has any owner or principal been in a mortgage default or delinquency of three months or more within the last 5 years on a FHA-insuredproject, a Rural Development funded rental project, a tax-exempt funded mortgage, a tax credit project, or any other publicly subsidized
project?
Has any owner or principal been involved within the last 10 years in a project which previously received an allocation of tax credits but failed tomeet compliance standards of the tax credit allocation, including return of a reservation of tax credits to the Agency after the carryover
agreement has been signed?
Has any owner or principal had a Form 8823 filed with the IRS for noncompliance on a project using low-income housing tax credits or
received a letter of non-compliance from the Agency?
Project Team Experience
North Carolina Other States
Projects: 6 3
Units: 483 164
North Carolina Other States
Projects: 63
Units: 3,497
No
No
No
No
Yes
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Financing Commitments
Does the project have a firm commitment for construction financing? Yes
Does the project have a letter of intent for private permenant financing? No
Does the project have a firm commitment for government financing? Yes
Does the project have a letter of intent from an investor? Yes
Is any portion of the eligible basis of new contruction or rehabilitation financed with federal subsidies other than CDBG funds or fundsfrom the HOME program? Yes
If yes, indicate the type and amount below:
Tax Exempt Financing: $
RD 515 Financing: $
Hope VI Financing: $ 840,000
Other: $
If Other, specify the type of Federal subsidy:
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Project Operations (Year One)
Projected Operating Costs
Administrative Expenses
Advertising 1,200
Office Salaries 5,645
Office Supplies 2,300
Office or Model Apartment Rent
Management Fee 25,536
Manager or Superintendent Salaries 24,000
Manager or Superintendent Rent Free Unit
Legal Expenses (Project) 600
Auditing Expenses (Project) 3,500
Bookkeeping Fees/Accounting Services 550
Telephone and Answering Service 3,000
Bad Debts
Other Administrative Expenses (specify):
Training, Mileage, Key Holder, Credit & Criminal Checks3,200
SUBTOTAL 69,531
Utilities ExpenseFuel Oil
Electricity (Light and Misc. Power) 7,200
Water 3,800
Gas
Sewer 3,800
SUBTOTAL 14,800
Operating and Maintenance Expenses
Janitor and Cleaning Payroll 2,400
Janitor and Cleaning Supplies 750
Janitor and Cleaning Contract 1,000
Exterminating Payroll/Contract 900
Exterminating Supplies
Garbage and Trash Removal 1,600
Security Payroll/Contract 10,000
Grounds Payroll 1,200
Grounds Supplies 2,400
Grounds Contract 8,400
Repairs Payroll 24,000
Repairs Material 1,200
Repairs Contract 1,800
Elevator Maintenance/Contract
Heating/Cooling Repairs and Maintenance 1,500
Swimming Pool Maintenance/Contract
Snow Removal
Decorating Payroll/Contract 4,200
Decorating Supplies 1,200
Other (specify):
Miscellaneous Operating & Maintenance Expenses 1,200
SUBTOTAL 63,750
Taxes and Insurance
Real Estate Taxes 24,755
Payroll Taxes (FICA) 4,800
Miscellaneous Taxes, Licenses and Permits
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Property and Liability Insurance (Hazard) 16,800
Fidelity Bond Insurance 250
Workmen's Compensation 600
Health Insurance and Other Employee Benefits 6,000
Other Insurance:
SUBTOTAL 53,205
Supportive Service Expenses
Service Coordinator 12,000
Service Supplies 1,200
Tenant Association Funds 1,200
Other Expenses (specify):
SUBTOTAL 14,400
Reserves
Replacement Reserves 14,000
SUBTOTAL 14,000
TOTAL OPERATING EXPENSES 229,686
ADJUSTED TOTAL OPERATING EXPENSES(Does not include taxes, reserves and resident support services) *
176,531
TOTAL UNITS(from total units in the Unit Mix section) 56
PER UNIT PER YEAR 3,152
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Design Features
ITEM DESCRIPTION
Foundation/Slab Components 4" slab on grade
Primary Windows Make: Model:Moss 1738 Type/Construction: vinyl therman break
Exterior Doors Type: Frames:insulated steel metal
Siding Type: Grade/Thickness:Reynolds .44
Warranty: life time
Exterior Trim PVC & Aluminum coil stock
Shingles Type: Weight:Owen Corning 225
Warranty: 25 year
Sprinkler System NFPA BR
Cabinets KCI 300 (NKCA) Certified cabinet
Heat Pump SEER: Make:12 Carrier
Model: 38BYC024
Air Conditioner SEER: Make:12 Carrier
Model: 38BYC024
Other Heat Systems SEER: Make:
Model:
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This is a detailed breakdown of rehabilitation or construction costs you summarized in the Development Costs table (Rehabilitation andConstruction of New Building(s)). The total should match those roll-up values.
Costs - Construction
ITEM LABOR MATERIAL TOTAL
Concrete Footings 6,323 15,480 21,803
Backfill-slab, Crawl 11,213 1,246 12,459
Slab-concrete/Rebar/Gravel 42,048 98,113 140,161
Waterproofing 5,918 5,917 11,835
Masonry Foundation 13,518 5,793 19,311
Brick Veneer 34,262 34,261 68,523
Steel/Structure/Rails 6,229 0 6,229
Framing/Lumber/Nails 261,635 485,893 747,528
Trusses 0 128,949 128,949
Crane Rental 6,229 0 6,229
Windows/Grilles/Screen 27,254 81,760 109,014Exterior Doors 2,180 19,623 21,803
Roofing 32,704 32,705 65,409
Fencing 0 0 0
Vinyl Siding/Trim/Box 32,704 60,737 93,441
Gutters/Shutters 2,180 13,393 15,573
Insulation 6,890 42,323 49,213
Drywall 109,015 109,014 218,029
Interior Doors 1,180 22,413 23,593
Int. & Final/Stair/Trim/Shelves 45,786 47,655 93,441
Cabinets & Tops 8,285 110,074 118,359
Painting 73,195 4,672 77,867
Marble - Tub/Shwr/Tops 748 17,941 18,689
Plumbing 47,343 201,833 249,176
Electrical 41,550 101,726 143,276
Heating/Air Conditioning 33,639 106,523 140,162
Floor Covering and Underlayment 25,416 80,484 105,900
Wall Paper 0 0 0
Mailboxes/Special Features/Signage 1,869 7,475 9,344
Gypcrete 10,092 23,547 33,639
Blinds/Shades/Art Work 2,180 19,623 21,803
Light Fixtures/Fans 0 37,376 37,376
Sprinkler System 0 0 0
Security Alarm 0 0 0
Hardwood Floors 3,115 3,114 6,229
Elevator 0 0 0
Ceramic Tiles 2,492 623 3,115
Acoustical Ceilings 0 0 0
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Remarks:
Mirror/Shower Door/Encls. 1,807 16,259 18,066
Hardware/Bath Access. 1,184 10,652 11,836
Appliances 5,451 103,564 109,015
Playground Equipment 0 10,590 10,590
Interior Clean 14,016 1,557 15,573
Exterior Clean/Dumpster Rental 23,827 4,205 28,032
Other 1 (specify in Remarks) 0 0 0
Other 2 (specify in Remarks) 0 0 0
Total Cost 943,477 2,067,113 3,010,590
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This is a detailed breakdown of the General Requirements cost element you summarized in the Development Costs table (GeneralRequirements). The total should match that roll-up value.
Remarks:
Costs - General
ITEM TOTAL
Supervision 93,935
Job Site Office/Trailer Rental 18,500
Office Supplies 2,650
Security/Watchman
Project Signage 7,000
Tools and Equipment 1,850
Gas, Oil, and Maintenance 3,025
Temporary Water, Electric, and Telephone 6,000
Storage/Hauling 6,800
Driveway Access Permit
Porta-John Rental/Dumping 25,545Builders Risk Insurance 9,000
Re-inspection Fees 550
Extra Plans and Specifications 1,780
Miscellaneous, Casual Labor 19,000
Equipment Rental 12,000
Other 1 (specify in Remarks)
Other 2 (specify in Remarks)
Total Cost 207,635
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This is a detailed breakdown of the Site Improvements cost element you summarized in the Development Costs table (On-siteImprovements). The total should match that roll-up value.
Remarks:
Costs - Improvements
ITEM TOTAL
Subsurface Exploration/Perk Testing/Site Engineering 22,000
Clearing/Grading/Final Grading/Excess and Borrow 98,000
Demolition
Earthwork/Excavation/Aerating
Soil Treatment 12,900
Pile Foundations
Caissons
Shoring/Bracing 59,000
Site Drainage 38,500
Site Utilities/Site Lighting 48,500
Paving and Surfacing/Curb and Gutter 89,000Walkways 21,000
Site Signage 12,000
Parking Lot Painting 2,650
Dumpster Pads/Fencing 8,900
Fencing/Gates
Landscaping/Topsoil 18,000
Rock and Hardpan Excavation
Site Supervision Personnel 19,550
Other (specify in Remarks)
Total Cost 450,000
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This is a detailed breakdown of the Bond Costs cost element you summarized in the Development Costs table (Bond Costs). The totalshould match that roll-up value.
Remarks:
Costs - Bond Costs
ITEM TOTAL
Letter of Credit Fee
Credit Enhancement
Underwriter Discount
Capital Interest Fund
Other 1 (specify in Remarks)
Other 2 (specify in Remarks)
Total Cost 0
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This is a detailed breakdown of the Bond Issuance cost element you summarized in the Development Costs table (Cost of Issuance). Thetotal should match that roll-up value.
Remarks:
Costs - Bond Issuance
ITEM TOTAL
Bond Counsel
Issuer Counsel
Credit Enhancement/LOC Counsel
Underwriter Counsel
Developer's Counsel
Rating Agency Fee
Printing
Trustee Fee
Trustee Counsel
Issuer's Fee
Other 1 (specify in Remarks)Other 2 (specify in Remarks)
Other 3 (specify in Remarks)
Total Cost 0
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MINIMUM REQUIRED SET ASIDES (No Points Awarded):
Minimum Set-Asides
Select one of the following two options:
20% of the qualified units are rent restricted and occupied by households with incomes at or below 50% of the median income (Note:No Tax Credit Eligble Units in the the project can exceed 50% of median income)
40% of the qualified units are rent restricted and occupied by households with incomes at or below 60% of the median income (Note:No Tax Credit Eligble Units in the the project can exceed 60% of median income)
If requesting RPP funds:
40% of the qualified unit 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%) ofcounty median income.
At least twenty-five percent (25%) of qualified units will be affordable to and occupied by households with incomes at or below thirtypercent (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%) of countymedian income.
At least fifty percent (50%) of qualified units will be affordable to and occupied by households with incomes at or below forty percent(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 mortgage subsidy 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.
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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
C Ownership Entity Agreement, Development Agreement or any other agreements governing development services
D Management Agent Agreement
E Development and manager multi-family experience & Management Questionnaire (Appendix C)
F Letters from State Housing Agencies or designated monitoring agent verifying Out of State Management Experience
G Completed IRS Form 8821 (Appendix I)
H Letters from Local Utility Providers (original on letterhead, no fax or photocopies)
I Local Government Letter or Letter from Certified Engineer or Land Surveyor Confirming Floodplain Designation with Mapshowing 100 year and 500 year floodplain (original on letterhead, no fax or photocopies)
J Local Government Letter Confirming Zoning (original on letterhead, no fax or photocopies)
K Copy of certificate of occupancy or proof of placed-in-service date (Rehabs Only)
L Site plan, floor plans and elevations
M Hazard and structural inspection and termite reports (Renovation projects only)
N Anticipated budget demonstrating how the project would meet the 10% test by November 14th.
O Evidence of Architect's Errors and Omissions insurance (or equivalent).
P Description of acquisition for existing/occupied projects or for projects with occupied buildings to be demolished.
Q Description of proposed Relocation Plan & Relocation Budget, Etc. If any relocation is anticipated, reference Appendix F.
R Targeting Plan and supporting documentation (Required for all projects)
S Local Housing Authority Agreement (Reference Model in Appendix I)
T Appraisal (for land costs greater than $5,000 and for buildings in rehab projects)
U Evidence of Permanent Loan Commitment, other sources of funds, and project-based subsidies.
V Statement regarding terms of Deferred Developer Fee and, if nonprofit, resolution of Board approving fee.
W Inducement Resolution (Tax-Exempt Bond Financed Projects only)
X Documentation to support estimated utility costs.
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