Covey Run App

8/6/2019 Covey Run App

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

roject Description

oject Name: Covey Run Apartments

dress: Jordan Lane

ty: Whiteville County: Columbus Zip:

ensus Tract: 9909 Block Group: 1

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

olitical Jurisdiction: City of Whiteville

risdiction CEO Name:First:Dial Last:Gray

Title: Mayor

risdiction Address: 317 S. Madison Street (P.O.Box 607)

risdiction City: Whiteville Zip:

risdiction Phone:

e Latitude:

e Longitude:

oject Type: New Construction

this project a previously awarded tax credit development? No

If yes, what is the project number: Is this a request for supplementalcredits?

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

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

ttps://www.nchfa.org/Rental/RTCApp/(S(zlzyey45y...B9BB3E993C&SNID=525BFBBCEE7A4A9581C121532B719981 (1 of 29)9/15/2008 3:33:52 PM

28472

28472

(910)642-8046

34.440

-78.693



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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:

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 andstate codes.)

Number of Units:

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

Number of Units:

Remarks: Three (3) mobility impaired handicap units planned to meet the QAP requirement and an additional three (3)units planned for a total of six (6) units (10% of the units).


3

5



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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. UndeP Section III(C)(5) only this individual or entity will be able to make decisions with regard to this application. If awarded the applicant

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

pplicant Name: SNW, LLP

dress: 972 Trinity Road

ty: Raleigh State: NC Zip:

ontact: First: Stephanie Last:Norris Title:Partner

lephone:

Phone:

x:

mail Address:

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


27607

(919)854-7990

(919)669-1079

(919)854-7925

[email protected]



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te Description

al 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? No

If yes, please describe:

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? No

If no, please explain:

Jordan Lane will need to be extended approximately 275 LF to the proposed project entrance. The cost for

this extension is included in the Development Cost Spreadsheet as Line Item 44.

any portion of the site located inside the 100 year floodplain? Yes

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

A small portion of the southwest corner of the property is located within the FEMA 100-YR Floodplain.


5.5 5.5



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However, the proposed buildings, playground and parking area are all located outside of the 100-YR and500-YR Floodplain. Therefore, the floodplain will have no effect on the development of the project.

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

No improvements are within the 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/contract fopurchase 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:


3/15/2009

178,750



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oning

esent zoning classification of the site:R-6 Multi-Family

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 for obta

them:

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

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: Covey Run Apartments, LLC


y: Raleigh State:NC Zip:

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

ote: Do not submit social security numbers for individuals.

tity Type: Limited Liability Company

tity 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.ck [Add] to add additional partners, members, and principals.

Org: SNW, LLP

st Name: Oscar Last Name: Norris Function: Managing Memberdress: P.O. Box 1249

ty: Carolina Beach State: NC Zip: 28428

one: Fax:

Mail: Nonprofit: No

Org: SNW, LLP

st Name: Stephanie Last Name: Norris Function: Member


ty: Raleigh State: NC Zip: 27609

one: Fax:

Mail: Nonprofit: No

Org: SNW, LLP

st Name: Joan Last Name: Norris Function: Member

dress: P.O. Box 1249

ty: Carolina Beach State: NC Zip: 28428

one: Fax:

Mail: Nonprofit: No


27607

(910)458-7178 (800)852-3037

[email protected]

(919)854-7990 (919)854-7925

[email protected]

(910)458-7178 (800)852-3037

[email protected]





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Community space within residential bulding(s) - Sq. Ft. (Floor Area):

Elevators - Number of Elevators:

uare Footage Information

oss Floor Square Footage:

tal Net Sq. Ft. (All Heated Areas):

tes

Please refer to the Income Limits and Maximum Housing Expense Table to ensure that Total Monthly Tenant Expenses for low inc

units are within established thresholds.

ttps://www.nchfa.org/Rental/RTCApp/(S(zlzyey45...9BB3E993C&SNID=525BFBBCEE7A4A9581C121532B719981 (10 of 29)9/15/2008 3:33:52 PM

52,658

45,490

http://www.nchfa.com/lib/html/rental/Median%20Income%20Charts/income_limits.htm

http://www.nchfa.com/lib/html/rental/Median%20Income%20Charts/income_limits.htm



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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] to cother 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

targeted at percent of median income affordable to/occupied by

targeted at percent of median income affordable to




tal Low Income Units:

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


3 40

10 40

3 50

10 50

6 60

16 60

48



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unding Sources

Source AmountNon-

Amortizing*Rate(%)

Term(Years)

Amort.Period(Years)

AnnualDebt

Service

Bank Loan

RPP Loan

Local Gov. Loan - Specify:

RD 515 Loan

RD 538 Loan - Specify:

AHP Loan

Other Loan 1 - 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**

"Non-amortizing" indicates that the loan does not have a fixed annual debt service. For these items, you must fill in 20-year debt serbelow.

Total Sources must equal total replacement cost in Project Development Cost (PDC) section.

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

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

ased on State Tax Credit assumptions for a Low Income County and Federal Tax Credit Equity no


0

0

0

0

0

0

0

0

0

0

1,390,997 0 30 30 0

0

3,874,937

0

0

0

0

0

5,265,934

75



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bt service is required. Per NCHFA, used a Tax Credit Rate of 7.94% to estimate Federal Taxedits at 490,129. Equity was calculated using a pricing of $0.7325. Raymond James has providedetter of interest with respect to the Federal Tax Credits at an estimated tax credit price of $0.75.

ou will notice that Item 63 of the Development Costs indicates a request for tax credits based on5% on the chance that the tax credit pricing may be lower than $0.73 at the time tax credits areocated.




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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 3% lines 2-9, Rehabs 6%)

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


0

0 0

450,000 450,000

2,827,825 2,825,325

196,520 196,520

69,437 69,437

208,461 208,461

112,567 112,567

50,000 50,000

10,000 10,000

30,000 30,000

3,954,810

500 500

15,000 15,000

105,000 105,000

500 500

25,000 25,000

7,500 7,500

7,200 7,200

5,100 5,100

3,000

10,000



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30 Real Estate Attorney

31 Other Attorney's Fees

32 Tax Credit Application Fees (Preliminary and Full)

33 Tax Credit Allocation Fee (0.60% of line 59, 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

42

43 Rent-up Expense

44

45


46 Rent up Reserve

47 Operating Reserve

48

49

50 DEVELOPMENT COST (lines 1-49)

51 Less Federal Financing

52 Less Disproportionate Standard

53 Less Nonqualified Nonrecourse Financing

54 Less Historic Tax Credit

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


178,800

10,000 10,000

20,000 20,000

2,200

36,474

15,000 15,000

2,500

500

33,600

120,274

9,000 9,000

504,000 504,000

Other Basis Expense (s

Other Basis Expense (s

20,200

Offsite - Sewer, Road & 200,000

Review Fees & Permit

733,200

14,400

85,700

Other Reserve (specify)

Other Reserve (specify)

5,087,184 0 4,676,110

0

4,676,110 0 4,676,110

100.00% 100% 100%

4,676,110 0 4,676,110

130.00% 130.00%

6,078,943 0 6,078,943



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60 Tax Credit Rate

61 Federal Tax Credits at Estimated Rate

62 Federal Tax Credits at 9.00% or 3.75% (maximum $1,000,000)

63 Federal Tax Credits Requested

64 Land Cost

65 TOTAL REPLACEMENT COST

FEDERAL TAX CREDITS IF AWARDED

Comments:

Item #19-Water, Sewer and Impact Fees are not applicable. The City of Whiteville does not charge impactfees for development. See letter provided with the Preliminary Application from City of Whiteville Director ofPlanning.

Total Replacement Cost per unit: 80,517


3.40 8.50

516,710 0 516,710

547,105 0 547,105

547,105 547,105

178,750

5,265,934

547,105



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arket Study Information

ase provide a detailed description of the proposed project:

onstruction of 48 apartments for families consisting of 12 one-bedroom units and 36 two-bedroom units.units will be affordable to families earning incomes equal or less than 40% AMI. A copy of the

eliminary Market Assessment prepared by John Wall & Associates was provided with the Preliminarypplication. The Market Feasibility Study and Amendment prepared by Novagradac concluded the unitunt and mix can be supported in the Columbus County market.

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:

Exterior materials used will complement the existing multifamily and single family units in the neighborhood.Exterior and interior colors designed to complement the building style and blend and improve the general

neighborhood appearence.

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

If yes, please provide name and address:

Hampton Place Apts, Whiteville, NCRaintree Apts, Rose Hill, NCMaple Ridge Apts, Fayetteville, NC

e Amenities:

ayground, Picinic Area with Grills, Sitting Areas, Bike Racks, Gazebo/Arbor, Garden Plot, Reading Area,reened Porch in Community Area, Resident Computer Center, Community Laundry Area, Game/Craftea, Flag Pole

site Activities:

ndscaping Plans:




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e site is a former farm with little or no existing trees. However, the site will be landscaped with trees andrubs. A Landscape Plan is included in the enclosed Preliminary Plans, which illustrates the proposed

antings throughout the project.

erior Apartment Amenities:

ange, Hood, Refrigerator (frost free), Dishwasher, Storage (interior & exterior), W/D hookups, Mini-blinds,

eiling Fans, Carpet & Vinyl flooring, Central Air, Heat Pump

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.




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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.

Whiteville in general continues to experience residential and commercial growth. Modest population

creases are expected between 2007 and 2010 which wil l create an increased demand for the apartments.he neighborhood remains stable and in general attractive for families. Limited multi-family (Knights Covend Hampton Place) are in the immediate neighborhood. Other affordable housing choices are in the area,ut not adjacent to the proposed site.

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. Land use patterns in the neighborhood are a mix of single family,ultifamily, light commercial, retail/service and vacant land. The location is not considered isolated. It is partan existing residential/commerical neighborhood, a few blocks from a main highway (Jefferson Street and

S 74/76/701) and a short distance from downtown. There is no apparent negative influences from traffic,dustiral, noise or other environmental concerns that would impact the site. Vacant land in the neighborhoodthe site is anticipated to be developed into single family residential units.

TE SUITABILITY

equate 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 signin relation to traffic corridors. The site is suitable with respect to traffic; it is linked to main traffic arteries

d has appropriate stop signs, speed limits, etc for the neighborhood density. The project is not considered

dden or hard to find for prospective tenants.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).

he site is flat with no negative barriers that would impede the proposed construction.

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

he project proposed is similar in design, scale and asethetics to the existing Hampton Place Apartments,nd will complement the surroundings.

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




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Grocery StoreCommunity/Senior

Center

Mall/Strip Center Hospital

Outdoor Athletic Fields Pharmacy

Day Care/After School Basic Health Care

Schools

Public Transportation

op

Convenience Store

Public Parks

Gas Station

Library

her facilities or services:

ost Office 1.0, Courthouse 1.0, City Hall 1.0, Police/Fire Dept 1.0, Walmart/Belk Dept Store 3.3,gewood Elementary 0.6, Whiteville High School 1.5,


35

3 0.75

25 0.35

0.5

6

5

25

5

5



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evelopment Team

ovide contact information for development team members below:

nagement Agent

ompany: Norco Management Co., Inc.

dress: PO Box 15025

ty: Wilmington State: NC Zip:

one Email:

ontact Name: First: Joan Last: Norris

chitect

ompany: Moore Riley Architects, P.A.

dress: 5630 Six Forks Road, Suite 102


one Email:

ontact Name: First: Matt Last: Riley

orney

ompany: Smith Moore Law

dress: 2800 Two Hannover Square


one Email:

ontact Name: First: Matt Last: Cunningham

estor

ompany: Raymond James Tax Credit Funds, Inc.

dress: 880 Carillon Parkway

ty: St. Petersburg State: FL Zip:

one Email:

ontact Name: First: Craig Last: Descalzi

nsultant/Application Preparer (if different from developer)

ompany: TLW Corporation

dress: PO Box 292

ty: Lillington State: NC Zip:

one Email:

ontact Name: First: Terry Last: Wade


28408

(910)791-3294 [email protected]

27609


27601

(919)755-8703 Matt.Cunningham@smithmoorela

33716

(800)438-8088 Craig.Descalzi@RaymondJames.

27546




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neral Contractor Identity of Interest?

ompany: N&F Investors, Inc.

dress: 301 Rivage Promenade

ty: Wilmington State: NC Zip:

one Email:

ontact Name: First: Kenneth Last: Norris


28412




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rojected Operating Costs

Project Operations (Year One)

Administrative Expenses

Advertising

Office Salaries

Office Supplies

Office or Model Apartment Rent

Management Fee

Manager or Superintendent Salaries

Manager or Superintendent Rent Free Unit

Legal Expenses (Project)

Auditing Expenses (Project)

Bookkeeping Fees/Accounting Services

Telephone and Answering Service

Bad Debts

Other Administrative Expenses (specify):

SUBTOTAL

Utilities Expense

Fuel Oil

Electricity (Light and Misc. Power)

Water

Gas

Sewer

SUBTOTAL

Operating and Maintenance Expenses

Janitor and Cleaning Payroll

Janitor and Cleaning Supplies

Janitor and Cleaning Contract

Exterminating Payroll/Contract

Exterminating Supplies

Garbage and Trash Removal

Security Payroll/Contract

Grounds Payroll


1,000

0

2,000

0

30,000

11,000

0

1,500

5,000

0

1,200

0

training1,700

53,400

0

5,000

3,000

0

0

8,000

2,400

1,200

0

3,900

0

2,800

1,000

0





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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


171,400

134,400

48

2,800





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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".




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inimum Set-Asides

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

Tax Exempt BondsThreshold 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 per(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 per(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 per(40%) of county median income.




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ull Application Checklist

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

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 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)

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

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

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

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

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

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

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

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

O 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 lenderreserve balances, 3) letter from lender that outlines assumption requirements.

P 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.

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

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

Documents

Covey Run App